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Income Fund, Inc. Cohen & Steers Low Duration Preferred & Income Fund, Inc. Class A LPXAX This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430_zykQXZ7ALsJa">annual shareholder report</span> contains important information about Cohen &amp; Steers Low Duration Preferred &amp; Income Fund, Inc. (Fund) for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund by scanning the QR code or visiting <span id="xdx_90C_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zwtPavGfs5xG"><span style="text-decoration: underline">www.cohenandsteers.com/fund-literature</span></span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_z6CHzoeoj9bn">1-800-330-7348</span>. www.cohenandsteers.com/fund-literature 1-800-330-7348 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class name</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class A</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zaVWe1XdNGAy">$94</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--ExpenseRatioPct_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zKiSuVOBrUBb">0.91%</span></td> </tr></table></div> 94 0.0091 <div class="section-header"><strong>How did the Fund perform during the last year and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="text-align: left; margin-bottom: 8px"><p style="text-align: left">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%.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left"></p> <table style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr> <th style="border-bottom: black 1pt solid"><p style="text-align: left"><strong>Top contributors</strong></p></th> <th style="border-bottom: black 1pt solid"><p style="text-align: left"><strong>Top detractors</strong></p></th></tr> <tr> <td><p>Banking</p></td> <td><p>Total Return Swaps</p></td></tr> <tr> <td><p>Utilities</p></td> <td><p>Interest Rate Swaps</p></td></tr> <tr> <td><p>Insurance</p></td> <td><p></p></td></tr></table><p></p></div> Class A ICE BofA U.S. All Capital Securities Index ICE BofA 1-3 Year U.S. Corporate Index Blended Benchmark1 9800 10000 10000 10000 10440 10793 10171 10769 10743 11065 10237 10984 11148 11810 10660 11549 11239 12143 11072 11809 12341 13823 11483 13186 11830 12708 11014 12556 11688 12437 11200 12394 12759 13505 11683 13595 13663 14398 12506 14691 14656 15642 13048 15750 <img alt="Ad2 Performance Graph" src="g101180fp0099020-2_ar61.jpg" style="width: 348px; height: 225px"/> <div class="section-header"><strong>Average annual total returns (%)*<br/>(as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">1 Year</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">5 Years</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">10 Years</th></tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> With sales charge²</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_z2RCxc3cmegC">5.12%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165823Member_zmyvW6OCbAXS">3.08%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165823Member_zYNG9qaEH8yz">3.90%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Without sales charge</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165823Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zZHTwwCeUxD0">7.27%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165823Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_znI16t3231do">3.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165823Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zykTPOu3Y6HE">4.11%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA U.S. All Capital Securities Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassAICEBofAUSAllCapitalSecuritiesIndexMember_zIdK0Ei8MbDW">8.64%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassAICEBofAUSAllCapitalSecuritiesIndexMember_zsAIcbKPUTmB">2.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassAICEBofAUSAllCapitalSecuritiesIndexMember_zlcucgMv28T1">4.58%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA 1-3 Year U.S. Corporate Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_901_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassAICEBofA13YearUSCorporateIndexMember_zkOoYRkzWIkE">4.33%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassAICEBofA13YearUSCorporateIndexMember_zXWoOcJ2xSjN">2.59%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_903_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassAICEBofA13YearUSCorporateIndexMember_z9vM5gTEjuYc">2.70%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Blended Benchmark¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassABlendedBenchmarksup1supMember_z3AOPAxoHHBd">7.21%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassABlendedBenchmarksup1supMember_zkw8cUpoZBmn">3.62%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_903_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassABlendedBenchmarksup1supMember_zzE5v4cj2lzn">4.65%</span> </td> </tr></table></div> 0.0512 0.0308 0.0390 0.0727 0.0350 0.0411 0.0864 0.0250 0.0458 0.0433 0.0259 0.0270 0.0721 0.0362 0.0465 Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div class="section-header"><strong>Key fund statistics (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000165823Member_zytO6PECM8zv">$1,935,098,596</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of portfolio holdings (excluding derivatives)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000165823Member_zzhSX7FwLjkN">245</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio turnover rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zpnzRvGJmOn5">46%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Net advisory fees paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zbboBODlwlNG">$8,065,915</span></td> </tr> </table> </div> 1935098596 245 0.46 8065915 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Portfolio holdings (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div style="width: 32%; float: left; padding-right: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_985_eoef--LargestHoldingsTableTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zHYLHzDHNRZ1"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zgqmYTqTA8JG">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zSnEQ8MdxBNW">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zQhMLFjpvw2q">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zg2OJh3pyDBr">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zO8Sbpq9vVo4">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_z0jjaep76PMo">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zQyvx9cwnl9d">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zZ6ZhsIOeOPi">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_z5n8CRUOtmBp">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zbYSVJfoWOVQ">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> </div> <div style="width: 33%; float: left"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banking </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--BankingMember_zd3s1C22II6E">50.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--UtilitiesMember_z8Dnkop88EVD">16.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pipelines </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--PipelinesMember_z7CtcawEHtWc">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--InsuranceMember_zh9PnIhsxORS">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--RealEstateMember_zpA73b1OoEoH">6.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Telecommunications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--TelecommunicationsMember_zIJyIhXWonPV">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zP9YDlHOqHrr">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--HealthCareMember_zrRCmN9I6Zsb">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsMember_zVoxVC8i0HUZ">1.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--IndustrySectorAxis__custom--OtherincludesshortterminvestmentsMember_zIzWkzj300rO">2.3%</span></td> </tr> </table></div> </div> </div> <div style="width: 33%; float: left; padding-left: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Country diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> (%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--US_zhShyVmMao6O">51.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--CA_zyePyJolj1hj">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--GB_z7qhZPndchu6">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--FR_zAup1osIOiSR">7.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--CH_zObRvxro3LGA">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--ES_zrPfI0WCCQoe">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--JP_zSkZQzVzwAzL">2.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--DE_zcEHNMd1KHyr">1.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__country--NL_zCgNFLaLl26f">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__oef--GeographicRegionAxis__custom--OtherincludesshortterminvestmentsMember_zNAR96zSdAWq">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <p style="margin: 0; clear: both"> </p> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zgqmYTqTA8JG">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zSnEQ8MdxBNW">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zQhMLFjpvw2q">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zg2OJh3pyDBr">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zO8Sbpq9vVo4">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_z0jjaep76PMo">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zQyvx9cwnl9d">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zZ6ZhsIOeOPi">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_z5n8CRUOtmBp">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165823Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zbYSVJfoWOVQ">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.016 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.011 0.505 0.161 0.078 0.076 0.062 0.041 0.031 0.013 0.010 0.023 0.511 0.177 0.076 0.073 0.043 0.027 0.020 0.016 0.015 0.042 <div class="section-header"><strong>Planned material Fund changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90C_eoef--SummaryOfChngLegendTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zf3Ao3NZ2oqX">This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zqM4S308EeaM">1-800-330-7348</span>.</span></p><p><strong>How will the Fund change?</strong></p><p><strong>Fund name change</strong></p><p><span id="xdx_906_eoef--MaterialFundChngNameTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zHLFf8VbYSUF">On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_904_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zYMP0BwWuawD">August 28, 2026</span>.</span> There will be no changes to the Fund's investment policies, principal investment strategies or principal risks in connection with this change.</p></div> This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zqM4S308EeaM">1-800-330-7348</span>. 1-800-330-7348 On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_904_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165823Member_zYMP0BwWuawD">August 28, 2026</span>. 2026-08-28 Cohen & Steers Low Duration Preferred & Income Fund, Inc. Class C LPXCX This annual shareholder report contains important information about Cohen &amp; Steers Low Duration Preferred &amp; Income Fund, Inc. (Fund) for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund by scanning the QR code or visiting <span id="xdx_900_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zNeDyZdqsfTC"><span style="text-decoration: underline">www.cohenandsteers.com/fund-literature</span></span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zOhZeKaYYhJg">1-800-330-7348</span>. www.cohenandsteers.com/fund-literature 1-800-330-7348 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class name</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class C</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_z0rKftgXCRXL">$165</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zNPYn2B20EJX">1.60%</span></td> </tr></table></div> 165 0.0160 <div class="section-header"><strong>How did the Fund perform during the last year and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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%.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left"></p> <table style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr> <th style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><p><strong>Top contributors</strong></p></th> <th style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><p><strong>Top detractors</strong></p></th></tr> <tr> <td><p>Banking</p></td> <td><p>Total Return Swaps</p></td></tr> <tr> <td><p>Utilities</p></td> <td><p>Interest Rate Swaps</p></td></tr> <tr> <td><p>Insurance</p></td> <td><p></p></td></tr></table><p></p></div> Class C ICE BofA U.S. All Capital Securities Index ICE BofA 1-3 Year U.S. Corporate Index Blended Benchmark1 10000 10000 10000 10000 10590 10793 10171 10769 10816 11065 10237 10984 11148 11810 10660 11549 11161 12143 11072 11809 12171 13823 11483 13186 11584 12708 11014 12556 11366 12437 11200 12394 12308 13505 11683 13595 13091 14398 12506 14691 13961 15642 13048 15750 <img alt="Ad2 Performance Graph" src="g101180fp0099020-3_ar61.jpg" style="width: 348px; height: 225px"/> <div class="section-header"><strong>Average annual total returns (%)*<br/>(as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">1 Year</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">5 Years</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">10 Years</th></tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> With sales charge</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zX9lQk7lOfKp">5.65%</span>² </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_900_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165824Member_zymCf3DI9NZV">2.78%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165824Member_zY77zB05viYF">3.39%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Without sales charge</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90E_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165824Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zVJ6CvDOdgDk">6.65%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_903_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165824Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z71wX5wsb9Bx">2.78%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165824Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zXGGApnDbf3R">3.39%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA U.S. All Capital Securities Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90C_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCICEBofAUSAllCapitalSecuritiesIndexMember_zu4rFWKjXQVP">8.64%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_902_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCICEBofAUSAllCapitalSecuritiesIndexMember_zvkpo4yAFVqO">2.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCICEBofAUSAllCapitalSecuritiesIndexMember_z5dJsizbUM3l">4.58%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA 1-3 Year U.S. Corporate Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90A_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCICEBofA13YearUSCorporateIndexMember_zFIbyEDZUzKk">4.33%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_903_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCICEBofA13YearUSCorporateIndexMember_zvIbiroXSK9x">2.59%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_900_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCICEBofA13YearUSCorporateIndexMember_zxhsqoCUqouH">2.70%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Blended Benchmark¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCBlendedBenchmarksup1supMember_zAyFGFmUSfOJ">7.21%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCBlendedBenchmarksup1supMember_zB3vp6U6iyJm">3.62%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_900_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassCBlendedBenchmarksup1supMember_zt4myYAJVVKo">4.65%</span> </td> </tr></table></div> 0.0565 0.0278 0.0339 0.0665 0.0278 0.0339 0.0864 0.0250 0.0458 0.0433 0.0259 0.0270 0.0721 0.0362 0.0465 Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div class="section-header"><strong>Key fund statistics (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000165824Member_zTH64ZzogzUn">$1,935,098,596</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of portfolio holdings (excluding derivatives)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000165824Member_zWXxqSCMGtir">245</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio turnover rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zYLz6y7K5zoO">46%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Net advisory fees paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zx4xBbIAtDF1">$8,065,915</span></td> </tr> </table> </div> 1935098596 245 0.46 8065915 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Portfolio holdings (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div style="width: 32%; float: left; padding-right: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_988_eoef--LargestHoldingsTableTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zxTJYzxHCZKO"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zWTsSOkVvQWT">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zpPXjh8d9sra">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zhepOnJ2z7Uf">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zW7rZt8OPJxg">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zcCwQhitFYa2">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zKNW9mR7rJi9">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zdFHzO6LqrVG">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_z4NuePqalQKi">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_zkq2gLayFtrO">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zxESZ3cTeyU7">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> </div> <div style="width: 33%; float: left"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banking </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--BankingMember_zFK6RlO0O7e8">50.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--UtilitiesMember_ztWVw5rUK104">16.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pipelines </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--PipelinesMember_zfXJBMC5aMDl">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--InsuranceMember_zXOGBtC3VUb6">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--RealEstateMember_zlSJ6Xig5qoz">6.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Telecommunications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--TelecommunicationsMember_zgvDz6sXxNxb">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zqmd1h4zw7CO">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--HealthCareMember_zrdW2DnZz7kA">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsMember_zw9qFLiV0JDM">1.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--IndustrySectorAxis__custom--OtherincludesshortterminvestmentsMember_zuoGxIFRWqr7">2.3%</span></td> </tr> </table></div> </div> </div> <div style="width: 33%; float: left; padding-left: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Country diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> (%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--US_zWGFA3yRpd9Z">51.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--CA_zVpYkoVcOluq">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--GB_zCi0ByrXqtFO">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--FR_zOirS4EureUd">7.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--CH_zjTOHoIovft3">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--ES_zKU9bCwSmo3a">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--JP_zDAu9GVpi7rn">2.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--DE_zOCvEm3Pe84y">1.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__country--NL_zncd50XcFBO7">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__oef--GeographicRegionAxis__custom--OtherincludesshortterminvestmentsMember_z5rFuyUevvJT">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <p style="margin: 0; clear: both"> </p> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zWTsSOkVvQWT">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zpPXjh8d9sra">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zhepOnJ2z7Uf">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zW7rZt8OPJxg">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zcCwQhitFYa2">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zKNW9mR7rJi9">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zdFHzO6LqrVG">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_z4NuePqalQKi">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_zkq2gLayFtrO">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165824Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zxESZ3cTeyU7">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.016 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.011 0.505 0.161 0.078 0.076 0.062 0.041 0.031 0.013 0.010 0.023 0.511 0.177 0.076 0.073 0.043 0.027 0.020 0.016 0.015 0.042 <div class="section-header"><strong>Planned material Fund changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90E_eoef--SummaryOfChngLegendTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_z2edbD4ihvp4">This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90F_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zGj8PgL8gY1Q">1-800-330-7348</span>.</span></p><p><strong>How will the Fund change?</strong></p><p><strong>Fund name change</strong></p><p><span id="xdx_903_eoef--MaterialFundChngNameTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zudLLoKTwwaL">On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_90B_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zowWcY3Wqn9A">August 28, 2026</span>.</span> There will be no changes to the Fund's investment policies, principal investment strategies or principal risks in connection with this change.</p></div> This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90F_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zGj8PgL8gY1Q">1-800-330-7348</span>. 1-800-330-7348 On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_90B_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165824Member_zowWcY3Wqn9A">August 28, 2026</span>. 2026-08-28 Cohen & Steers Low Duration Preferred & Income Fund, Inc. Class F LPXFX This annual shareholder report contains important information about Cohen &amp; Steers Low Duration Preferred &amp; Income Fund, Inc. (Fund) for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund by scanning the QR code or visiting <span id="xdx_908_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zqdir0G5eGSj"><span style="text-decoration: underline">www.cohenandsteers.com/fund-literature</span></span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_z0pEkqRJWrXe">1-800-330-7348</span>. www.cohenandsteers.com/fund-literature 1-800-330-7348 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class name</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class F</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zq6EG6WGTSfU">$62</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zopBfB8VaC4m">0.60%</span></td> </tr></table></div> 62 0.0060 <div class="section-header"><strong>How did the Fund perform during the last year and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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%.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left"></p> <table style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr> <th style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><p><strong>Top contributors</strong></p></th> <th style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><p><strong>Top detractors</strong></p></th></tr> <tr> <td><p>Banking</p></td> <td><p>Total Return Swaps</p></td></tr> <tr> <td><p>Utilities</p></td> <td><p>Interest Rate Swaps</p></td></tr> <tr> <td><p>Insurance</p></td> <td><p></p></td></tr></table><p></p></div> Class F ICE BofA U.S. All Capital Securities Index ICE BofA 1-3 Year U.S. Corporate Index Blended Benchmark1 10000 10000 10000 10000 10809 11106 10233 10927 10387 10209 9815 10405 10287 9992 9981 10270 11272 10850 10411 11266 12106 11567 11145 12174 13027 12567 11627 13052 <img alt="Ad2 Performance Graph" src="g101180fp0099020-4_ar61.jpg" style="width: 348px; height: 225px"/> <div class="section-header"><strong>Average annual total returns (%)*<br/>(as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">1 Year</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">5 Years</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since inception<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_z3luIcprHlEC">6/3/20</span>) </th></tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Class F²</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000188973Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z9UM0ncV9hWI">7.60%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_902_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000188973Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zVYakx7nseuR">3.80%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_906_eoef--AvgAnnlRtrPct_c20200603__20260430__oef--ClassAxis__custom--C000188973Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zuAiLAaVOh7j">4.58%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA U.S. All Capital Securities Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFICEBofAUSAllCapitalSecuritiesIndexMember_z7nOL6qa67RH">8.64%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFICEBofAUSAllCapitalSecuritiesIndexMember_zfterHar33Mh">2.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20200603__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFICEBofAUSAllCapitalSecuritiesIndexMember_zBx5hd5jtJ6s">3.94%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA 1-3 Year U.S. Corporate Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFICEBofA13YearUSCorporateIndexMember_zZoldAv8q19Y">4.33%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFICEBofA13YearUSCorporateIndexMember_z3P1ieSoQL6C">2.59%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90D_eoef--AvgAnnlRtrPct_c20200603__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFICEBofA13YearUSCorporateIndexMember_z8q2QCTW64Kf">2.59%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blended Benchmark¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFBlendedBenchmarksup1supMember_zBKcTfqop6oe">7.21%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFBlendedBenchmarksup1supMember_zQOUbwpzbGtO">3.62%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20200603__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassFBlendedBenchmarksup1supMember_zLBk1oFzs1mG">4.61%</span> </td> </tr></table></div> 2020-06-03 0.0760 0.0380 0.0458 0.0864 0.0250 0.0394 0.0433 0.0259 0.0259 0.0721 0.0362 0.0461 Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div class="section-header"><strong>Key fund statistics (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000188973Member_zTzsoDYyPaYy">$1,935,098,596</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of portfolio holdings (excluding derivatives)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000188973Member_zVGnheosAwAy">245</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio turnover rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zD4J1lUO4Wkd">46%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Net advisory fees paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zfjvW19BsNHB">$8,065,915</span></td> </tr> </table> </div> 1935098596 245 0.46 8065915 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Portfolio holdings (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div style="width: 32%; float: left; padding-right: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_985_eoef--LargestHoldingsTableTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zADfuog7fln0"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zdEOpwq9jMSC">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zLoBWZytrFGF">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zNQJUgMsa33V">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zyKjUyRChO77">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_z3FPYs78MAHv">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zSV7fDkggrcO">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zajvkOVWdOTO">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zg11DR5FL4Vx">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_z5touw6wo9wk">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zah3Ex20OASP">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> </div> <div style="width: 33%; float: left"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banking </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--BankingMember_zRUJou2O3flj">50.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zmUoVn6V7Jpn">16.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pipelines </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--PipelinesMember_z5jKBO38s4on">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--InsuranceMember_zxp6g2MkoLuW">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--RealEstateMember_zjrLPo8XxK3x">6.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Telecommunications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--TelecommunicationsMember_z3UNkFMoWVsR">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zJHzOgyVi06I">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--HealthCareMember_zWqcwOoAcMUR">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsMember_zCuf1AsznpND">1.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--IndustrySectorAxis__custom--OtherincludesshortterminvestmentsMember_zO2lApufgEOD">2.3%</span></td> </tr> </table></div> </div> </div> <div style="width: 33%; float: left; padding-left: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Country diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> (%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--US_zC1xEM0zBsg9">51.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--CA_z8OmJVQNKGDa">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--GB_zoccgLoDmyGh">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--FR_zN9GekHlOgE8">7.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--CH_zmg2OKfhsitl">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--ES_zt5ZaXG7yvOh">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--JP_zviEbPlh6CYu">2.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--DE_zxX8XOuiFKlp">1.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__country--NL_zxBL9V6HnwB1">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__oef--GeographicRegionAxis__custom--OtherincludesshortterminvestmentsMember_zMe2oIRHOCyB">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <p style="margin: 0; clear: both"> </p> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zdEOpwq9jMSC">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zLoBWZytrFGF">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zNQJUgMsa33V">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zyKjUyRChO77">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_z3FPYs78MAHv">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zSV7fDkggrcO">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zajvkOVWdOTO">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zg11DR5FL4Vx">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_z5touw6wo9wk">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000188973Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zah3Ex20OASP">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.016 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.011 0.505 0.161 0.078 0.076 0.062 0.041 0.031 0.013 0.010 0.023 0.511 0.177 0.076 0.073 0.043 0.027 0.020 0.016 0.015 0.042 <div class="section-header"><strong>Planned material Fund changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_909_eoef--SummaryOfChngLegendTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zXbVKw9P0DEg">This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zGkYzKUmz0Ub">1-800-330-7348</span>.</span></p><p><strong>How will the Fund change?</strong></p><p><strong>Fund name change</strong></p><p><span id="xdx_90B_eoef--MaterialFundChngNameTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zOGUcQnrxVYk">On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zpRx52bVic2F">August 28, 2026</span>.</span> There will be no changes to the Fund's investment policies, principal investment strategies or principal risks in connection with this change.</p></div> This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zGkYzKUmz0Ub">1-800-330-7348</span>. 1-800-330-7348 On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000188973Member_zpRx52bVic2F">August 28, 2026</span>. 2026-08-28 Cohen & Steers Low Duration Preferred & Income Fund, Inc. Class I LPXIX This annual shareholder report contains important information about Cohen &amp; Steers Low Duration Preferred &amp; Income Fund, Inc. (Fund) for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund by scanning the QR code or visiting <span id="xdx_909_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zbKn9boxuSQU"><span style="text-decoration: underline">www.cohenandsteers.com/fund-literature</span></span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zlWZ44ISItb0">1-800-330-7348</span>. www.cohenandsteers.com/fund-literature 1-800-330-7348 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class name</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zOtZFkE8EIS2">$62</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zvl8Uy0KbQVf">0.60%</span></td> </tr></table></div> 62 0.0060 <div class="section-header"><strong>How did the Fund perform during the last year and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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%.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left"></p> <table style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr> <th style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><p><strong>Top contributors</strong></p></th> <th style="border-bottom: black 1pt solid; text-align: left; vertical-align: bottom"><p><strong>Top detractors</strong></p></th></tr> <tr> <td><p>Banking</p></td> <td><p>Total Return Swaps</p></td></tr> <tr> <td style="text-align: left; vertical-align: bottom"><p>Utilities</p></td> <td><p>Interest Rate Swaps</p></td></tr> <tr> <td><p>Insurance</p></td> <td><p></p></td></tr></table><p></p></div> Class I ICE BofA U.S. All Capital Securities Index ICE BofA 1-3 Year U.S. Corporate Index Blended Benchmark1 100000 100000 100000 100000 106893 107930 101713 107692 110369 110652 102371 109842 114810 118099 106602 115494 116164 121433 110719 118086 127883 138233 114828 131856 123015 127076 110137 125558 121843 124374 112002 123936 133348 135051 116831 135952 143219 143977 125060 146908 154267 156417 130478 157498 <img alt="Ad2 Performance Graph" src="g101180fp0099020-5_ar61.jpg" style="width: 348px; height: 225px"/> <div class="section-header"><strong>Average annual total returns (%)*<br/>(as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">1 Year</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">5 Years</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">10 Years</th></tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Class I²</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165825Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zXQ5h7sCrAkB">7.71%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165825Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zNcKp03mZuL7">3.82%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165825Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zkhlQauBJGmB">4.43%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA U.S. All Capital Securities Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIICEBofAUSAllCapitalSecuritiesIndexMember_zaiYcwVuYhhL">8.64%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIICEBofAUSAllCapitalSecuritiesIndexMember_zEuV8iyYKIoC">2.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIICEBofAUSAllCapitalSecuritiesIndexMember_z3DxdJrmmy6n">4.58%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA 1-3 Year U.S. Corporate Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_903_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIICEBofA13YearUSCorporateIndexMember_zDM9UBgQjzFb">4.33%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_904_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIICEBofA13YearUSCorporateIndexMember_z0zByOiei7Fh">2.59%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_909_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIICEBofA13YearUSCorporateIndexMember_z59MSiQ3wgYo">2.70%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blended Benchmark¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIBlendedBenchmarksup1supMember_zQ8S0YJ4ospf">7.21%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_906_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIBlendedBenchmarksup1supMember_zMAvxKHYud48">3.62%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassIBlendedBenchmarksup1supMember_z8ElhtMDYhEg">4.65%</span> </td> </tr></table></div> 0.0771 0.0382 0.0443 0.0864 0.0250 0.0458 0.0433 0.0259 0.0270 0.0721 0.0362 0.0465 Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div class="section-header"><strong>Key fund statistics (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000165825Member_zaUWPNJRGG1K">$1,935,098,596</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of portfolio holdings (excluding derivatives)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000165825Member_z8uEoPzJA8Mi">245</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio turnover rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zKQOfriNIXmC">46%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Net advisory fees paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zm4RubOnw45Q">$8,065,915</span></td> </tr> </table> </div> 1935098596 245 0.46 8065915 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Portfolio holdings (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div style="width: 32%; float: left; padding-right: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98E_eoef--LargestHoldingsTableTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_z4XtIa2n5mjL"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zahzIMgCvLue">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zWO1XpZsarGA">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zpnfdTv5EQCG">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zs5qopOhpEWg">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zKIikL0a3llv">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zVw3M7Ocn6jV">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zI44RZjNoMxq">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zKcsER4OPofZ">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_zULugZisZAzc">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zFQeu7XJbz3c">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> </div> <div style="width: 33%; float: left"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banking </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--BankingMember_zhFEKQWDJIKZ">50.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zTxmh7Pboi0a">16.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pipelines </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--PipelinesMember_zehO9A3beESz">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--InsuranceMember_zyfbSRj0MJPa">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--RealEstateMember_z3n7fHn6YcUc">6.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Telecommunications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--TelecommunicationsMember_z0NBU1oy9CnR">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zo9MwNXKMwiR">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--HealthCareMember_zjoSmEXyCXAh">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsMember_zRf8X3QpWJtS">1.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--IndustrySectorAxis__custom--OtherincludesshortterminvestmentsMember_zQHCofliCENo">2.3%</span></td> </tr> </table></div> </div> </div> <div style="width: 33%; float: left; padding-left: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Country diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> (%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--US_zvE26CrrkAFe">51.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--CA_z5xdYPiLyMEn">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--GB_zJQgUsUtkUxm">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--FR_zGbPx1D91xhG">7.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--CH_zhixv2bUtjbe">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--ES_zhUzgkOzH8pH">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--JP_zYmIru62aapf">2.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--DE_zvmGeZIPtgeC">1.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__country--NL_zrWP8UQiCH55">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__oef--GeographicRegionAxis__custom--OtherincludesshortterminvestmentsMember_zvIgcOjbPe5T">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <p style="margin: 0; clear: both"> </p> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zahzIMgCvLue">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zWO1XpZsarGA">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zpnfdTv5EQCG">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zs5qopOhpEWg">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zKIikL0a3llv">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zVw3M7Ocn6jV">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zI44RZjNoMxq">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zKcsER4OPofZ">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_zULugZisZAzc">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165825Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zFQeu7XJbz3c">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.016 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.011 0.505 0.161 0.078 0.076 0.062 0.041 0.031 0.013 0.010 0.023 0.511 0.177 0.076 0.073 0.043 0.027 0.020 0.016 0.015 0.042 <div class="section-header"><strong>Planned material Fund changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_902_eoef--SummaryOfChngLegendTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zf8G8Z3ZsaoJ">This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zVYaOquO3cTF">1-800-330-7348</span>.</span></p><p><strong>How will the Fund change?</strong></p><p><strong>Fund name change</strong></p><p><span id="xdx_903_eoef--MaterialFundChngNameTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_z2x4WKOqeowS">On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_90E_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zibsG2wyE7XI">August 28, 2026</span>.</span> There will be no changes to the Fund's investment policies, principal investment strategies or principal risks in connection with this change.</p></div> This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zVYaOquO3cTF">1-800-330-7348</span>. 1-800-330-7348 On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_90E_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165825Member_zibsG2wyE7XI">August 28, 2026</span>. 2026-08-28 Cohen & Steers Low Duration Preferred & Income Fund, Inc. Class R LPXRX This annual shareholder report contains important information about Cohen &amp; Steers Low Duration Preferred &amp; Income Fund, Inc. (Fund) for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund by scanning the QR code or visiting <span id="xdx_90B_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zRHt1eZaEnBP"><span style="text-decoration: underline">www.cohenandsteers.com/fund-literature</span></span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zjaLGuCUnG4m">1-800-330-7348</span>. www.cohenandsteers.com/fund-literature 1-800-330-7348 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class name</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class R</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_z45uopFAVTjd">$114</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpenseRatioPct_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_z9APvZF8IPAy">1.10%</span></td> </tr></table></div> 114 0.0110 <div class="section-header"><strong>How did the Fund perform during the last year and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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%.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left"></p> <table style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr> <th style="border-bottom: black 1pt solid"><p style="text-align: left"><strong>Top contributors</strong></p></th> <th style="border-bottom: black 1pt solid; text-align: left"><p><strong>Top detractors</strong></p></th></tr> <tr> <td><p>Banking</p></td> <td><p>Total Return Swaps</p></td></tr> <tr> <td><p>Utilities</p></td> <td><p>Interest Rate Swaps</p></td></tr> <tr> <td><p>Insurance</p></td> <td><p></p></td></tr></table><p></p></div> Class R ICE BofA U.S. All Capital Securities Index ICE BofA 1-3 Year U.S. Corporate Index Blended Benchmark1 10000 10000 10000 10000 10642 10793 10171 10769 10925 11065 10237 10984 11309 11810 10660 11549 11376 12143 11072 11809 12473 13823 11483 13186 11931 12708 11014 12556 11757 12437 11200 12394 12804 13505 11683 13595 13685 14398 12506 14691 14666 15642 13048 15750 <img alt="Ad2 Performance Graph" src="g101180fp0099020-6_ar61.jpg" style="width: 348px; height: 225px"/> <div class="section-header"><strong>Average annual total returns (%)*<br/>(as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">1 Year</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">5 Years</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">10 Years</th></tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Class R²</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165826Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zKlAbquNb5Xy">7.17%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90F_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165826Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zkwPqML36hzq">3.29%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_901_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165826Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z1lOeuOCH3Aj">3.90%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA U.S. All Capital Securities Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_903_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRICEBofAUSAllCapitalSecuritiesIndexMember_zPc2KMPoFhIP">8.64%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90E_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRICEBofAUSAllCapitalSecuritiesIndexMember_zPCc0xOINHvy">2.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRICEBofAUSAllCapitalSecuritiesIndexMember_zpqoyNUvhoZL">4.58%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA 1-3 Year U.S. Corporate Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_900_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRICEBofA13YearUSCorporateIndexMember_zKAXfcWVZBrF">4.33%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRICEBofA13YearUSCorporateIndexMember_zxvQmB23lnOA">2.59%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRICEBofA13YearUSCorporateIndexMember_zdH4dRrOOb3M">2.70%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blended Benchmark¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_901_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRBlendedBenchmarksup1supMember_zSDOHYaMTm4Y">7.21%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRBlendedBenchmarksup1supMember_zNKgZTnlv4Z8">3.62%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassRBlendedBenchmarksup1supMember_zR33dNqvErJN">4.65%</span> </td> </tr></table></div> 0.0717 0.0329 0.0390 0.0864 0.0250 0.0458 0.0433 0.0259 0.0270 0.0721 0.0362 0.0465 Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div class="section-header"><strong>Key fund statistics (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000165826Member_zmnFBYEv33zW">$1,935,098,596</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of portfolio holdings (excluding derivatives)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000165826Member_zr1GVJ22q1vf">245</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio turnover rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zsRW2eIqOtAs">46%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Net advisory fees paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zphsGRK2jjvw">$8,065,915</span></td> </tr> </table> </div> 1935098596 245 0.46 8065915 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Portfolio holdings (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div style="width: 32%; float: left; padding-right: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98E_eoef--LargestHoldingsTableTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zUXEKx5ywuNO"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_z18n4Vj55Yah">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zwPto9FVwTL6">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zwf0nvs1pZXV">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zZ3DY6uk7zjx">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zNaV47JeukyU">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zpq98nIumGOL">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zJo1bhE1R53W">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zfP9BO6Z0dAv">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_z4FczCQsnpv4">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_z2RXrWFZ8Z9l">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> </div> <div style="width: 33%; float: left"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banking </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--BankingMember_zLPDu3uuNDd1">50.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zkNN5vnerTRy">16.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pipelines </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--PipelinesMember_zi4Z0wyXJ7Y4">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--InsuranceMember_zWDSezT5puLh">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--RealEstateMember_zsWPwKIz8amv">6.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Telecommunications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--TelecommunicationsMember_zOnhoQkiOtY2">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zgooWtbSRIoA">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--HealthCareMember_z9GV6smsHC2g">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsMember_zF9gh9BvlfvR">1.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--IndustrySectorAxis__custom--OtherincludesshortterminvestmentsMember_zZpoZQpKBdor">2.3%</span></td> </tr> </table></div> </div> </div> <div style="width: 33%; float: left; padding-left: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Country diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> (%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--US_zk7NlezbjzWS">51.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--CA_zXaENvAAjO5v">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--GB_zOJZ3GRVNgNl">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--FR_zXMIdf8bLIfN">7.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--CH_zE7Y6AyB6MdU">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--ES_zfxt1N6awFy1">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--JP_zCKYmX7sTmSX">2.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--DE_zJw1SgOWsrnV">1.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__country--NL_zL9sfxrg3zwb">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__oef--GeographicRegionAxis__custom--OtherincludesshortterminvestmentsMember_zIqojRFRfGOd">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <p style="margin: 0; clear: both"> </p> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_z18n4Vj55Yah">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_zwPto9FVwTL6">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zwf0nvs1pZXV">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zZ3DY6uk7zjx">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zNaV47JeukyU">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zpq98nIumGOL">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zJo1bhE1R53W">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zfP9BO6Z0dAv">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_z4FczCQsnpv4">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165826Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_z2RXrWFZ8Z9l">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.016 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.011 0.505 0.161 0.078 0.076 0.062 0.041 0.031 0.013 0.010 0.023 0.511 0.177 0.076 0.073 0.043 0.027 0.020 0.016 0.015 0.042 <div class="section-header"><strong>Planned material Fund changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_907_eoef--SummaryOfChngLegendTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zfUUJKx4zeJq">This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90C_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zol1cfgz3zVa">1-800-330-7348</span>.</span></p><p><strong>How will the Fund change?</strong></p><p><strong>Fund name change</strong></p><p><span id="xdx_904_eoef--MaterialFundChngNameTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zuUnwJoF9MFs">On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_904_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_z9LCD0lD0AYn">August 28, 2026</span>.</span> There will be no changes to the Fund's investment policies, principal investment strategies or principal risks in connection with this change.</p></div> This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90C_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_zol1cfgz3zVa">1-800-330-7348</span>. 1-800-330-7348 On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_904_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165826Member_z9LCD0lD0AYn">August 28, 2026</span>. 2026-08-28 Cohen & Steers Low Duration Preferred & Income Fund, Inc. Class Z LPXZX This annual shareholder report contains important information about Cohen &amp; Steers Low Duration Preferred &amp; Income Fund, Inc. (Fund) for the period May 1, 2025 to April 30, 2026. You can find additional information about the Fund by scanning the QR code or visiting <span id="xdx_90D_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zqYX2CK4WG31"><span style="text-decoration: underline">www.cohenandsteers.com/fund-literature</span></span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zmoelK9Jq1o6">1-800-330-7348</span>. www.cohenandsteers.com/fund-literature 1-800-330-7348 <div class="section-header"><strong>What were the Fund costs for the last year?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>(based on a hypothetical $10,000 investment)</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class name</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs paid as a percentage of a $10,000 investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Z</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zh94IyPzVXF7">$62</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zREcIsL7JrWE">0.60%</span></td> </tr></table></div> 62 0.0060 <div class="section-header"><strong>How did the Fund perform during the last year and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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%.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left">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.</p><p style="text-align: left"></p> <table style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr> <th style="border-bottom: black 1pt solid"><p style="text-align: left"><strong>Top contributors</strong></p></th> <th style="border-bottom: black 1pt solid; text-align: left"><p><strong>Top detractors</strong></p></th></tr> <tr> <td><p>Banking</p></td> <td><p>Total Return Swaps</p></td></tr> <tr> <td><p>Utilities</p></td> <td><p>Interest Rate Swaps</p></td></tr> <tr> <td><p>Insurance</p></td> <td><p></p></td></tr></table><p></p></div> Class Z ICE BofA U.S. All Capital Securities Index ICE BofA 1-3 Year U.S. Corporate Index Blended Benchmark1 10000 10000 10000 10000 10689 10793 10171 10769 11037 11065 10237 10984 11481 11810 10660 11549 11617 12143 11072 11809 12789 13823 11483 13186 12289 12708 11014 12556 12158 12437 11200 12394 13309 13505 11683 13595 14296 14398 12506 14691 15401 15642 13048 15750 <img alt="Ad2 Performance Graph" src="g101180fp0099020-7_ar61.jpg" style="width: 348px; height: 225px"/> <div class="section-header"><strong>Average annual total returns (%)*<br/>(as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">1 Year</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">5 Years</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">10 Years</th></tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Class Z²</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--ClassAxis__custom--C000165827Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zKT1WI9iEbvA">7.73%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_905_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--ClassAxis__custom--C000165827Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zwHFYfukVnbt">3.79%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_906_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--ClassAxis__custom--C000165827Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_ze1Lr2hr0rZf">4.41%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA U.S. All Capital Securities Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZICEBofAUSAllCapitalSecuritiesIndexMember_zVMH6XklrueM">8.64%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_906_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZICEBofAUSAllCapitalSecuritiesIndexMember_zaBAoriqC2uA">2.50%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_907_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--BroadBasedIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZICEBofAUSAllCapitalSecuritiesIndexMember_zM7l41hXYtCc">4.58%</span> </td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ICE BofA 1-3 Year U.S. Corporate Index</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_901_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZICEBofA13YearUSCorporateIndexMember_zrD803RX8Qlb">4.33%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90E_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZICEBofA13YearUSCorporateIndexMember_zNksOfGNSqOY">2.59%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_90B_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZICEBofA13YearUSCorporateIndexMember_zrl2fwkt2y29">2.70%</span> </td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blended Benchmark¹</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_900_eoef--AvgAnnlRtrPct_c20250501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZBlendedBenchmarksup1supMember_zz49kjTy2pk3">7.21%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_906_eoef--AvgAnnlRtrPct_c20210501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZBlendedBenchmarksup1supMember_z3TclFHrOVrT">3.62%</span> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"> <span id="xdx_908_eoef--AvgAnnlRtrPct_c20160501__20260430__oef--AdditionalIndexAxis__custom--CohenampSteersLowDurationPreferredampIncomeFundIncClassZBlendedBenchmarksup1supMember_ze0vkCr2akkb">4.65%</span> </td> </tr></table></div> 0.0773 0.0379 0.0441 0.0864 0.0250 0.0458 0.0433 0.0259 0.0270 0.0721 0.0362 0.0465 Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div class="section-header"><strong>Key fund statistics (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000165827Member_zeU5DROPEW8o">$1,935,098,596</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of portfolio holdings (excluding derivatives)</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000165827Member_zaR0ff4dcHvj">245</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio turnover rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_znvCOqNToOx3">46%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Net advisory fees paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zOHvoIPWDpC9">$8,065,915</span></td> </tr> </table> </div> 1935098596 245 0.46 8065915 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Portfolio holdings (as of April 30, 2026)</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> </div> <div style="width: 32%; float: left; padding-right: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_987_eoef--LargestHoldingsTableTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zZAZwDJgfe57"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zHSt5pdlc0B2">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_ztOugZqmEPkU">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zvL8z048FOtd">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zqOH1ZHyMGkP">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_z9NAwbxwTQR7">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zkTJllviSOqM">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zYpPiUd7QWoC">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zatMCEOujGMu">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_zRMQrq0jsoo0">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zNua097qznaZ">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> </div> <div style="width: 33%; float: left"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Banking </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--BankingMember_zNMuFjXs3EnS">50.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zrmHo4uwnVIR">16.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Pipelines </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--PipelinesMember_zoWUfw9jtw4L">7.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Insurance </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--InsuranceMember_z4khEs27LpIf">7.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--RealEstateMember_z4nqRg3r4Xj5">6.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Telecommunications </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--TelecommunicationsMember_zCWWghLpo5B9">4.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financial Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_z1FcxD8c8aqw">3.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--HealthCareMember_zRYYgUWJByab">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary Products </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsMember_zUGOdVUSwDBN">1.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--IndustrySectorAxis__custom--OtherincludesshortterminvestmentsMember_z9y8oOw4WW9I">2.3%</span></td> </tr> </table></div> </div> </div> <div style="width: 33%; float: left; padding-left: 1%"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Country diversification^3,5</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> (%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United States </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--US_zl7TO3JtyUso">51.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Canada </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--CA_zZt09Xp012aJ">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> United Kingdom </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--GB_zywbhR0PtqDc">7.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> France </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--FR_zZtkPRrKp50y">7.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Switzerland </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--CH_zIFYOKIYIa7L">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Spain </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--ES_zdlo4cJ8IGCW">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Japan </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--JP_zZ7Bt21oGjIT">2.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Germany </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--DE_zwZ0LPdHdbLv">1.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Netherlands </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__country--NL_z3y0j9TlHdCS">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Other (includes short-term investments) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__oef--GeographicRegionAxis__custom--OtherincludesshortterminvestmentsMember_zzE5v8nTpEtF">4.2%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <p style="margin: 0; clear: both"> </p> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section-body" style="margin-bottom: 0"> <table style="border: #000000 0px none; margin: 0px 0; padding: 0; width: 100%; border-collapse: collapse; font-size: 8pt; break-inside: avoid; margin-top: 0; margin-bottom: 0"> <tr> <td></td> <td style="text-align: center; padding-right: 0.0625in"></td></tr></table></div> <div class="section-body graph" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Top ten holdings^3,4</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">(%)</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Truist Financial Corp., 6.669%, Series N </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--TruistFinancialCorp6669SeriesNMember_zHSt5pdlc0B2">1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 6.875%, Series GG </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc6875SeriesGGMember_ztOugZqmEPkU">1.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> UBS Group AG, 6.625%, (Switzerland) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--UBSGroupAG6625SwitzerlandMember_zvL8z048FOtd">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Royal Bank of Canada, 6.75%, due 8/24/85 <br/>     (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--RoyalBankofCanada675due82485brnbspnbspnbspnbspnbspCanadaMember_zqOH1ZHyMGkP">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Transcanada Trust, 5.875%, due 8/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--TranscanadaTrust5875due81576brnbspnbspnbspnbspnbspSeries16ACanadaMember_z9NAwbxwTQR7">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Enbridge, Inc., 8.25%, due 1/15/84, <br/>     Series NC5 (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--EnbridgeInc825due11584brnbspnbspnbspnbspnbspSeriesNC5CanadaMember_zkTJllviSOqM">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HSBC Holdings PLC, 7.05% (United Kingdom) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--HSBCHoldingsPLC705UnitedKingdomMember_zYpPiUd7QWoC">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc., 7.625%, Series AA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--CitigroupInc7625SeriesAAMember_zatMCEOujGMu">1.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> BNP Paribas SA, 8.00% (France) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--BNPParibasSA800FranceMember_zRMQrq0jsoo0">1.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Emera, Inc., 6.75%, due 6/15/76, <br/>     Series 16-A (Canada) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000165827Member__us-gaap--InvestmentTypeAxis__custom--EmeraInc675due61576brnbspnbspnbspnbspnbspSeries16ACanadaMember_zNua097qznaZ">1.1%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.016 0.014 0.013 0.013 0.013 0.012 0.012 0.012 0.011 0.011 0.505 0.161 0.078 0.076 0.062 0.041 0.031 0.013 0.010 0.023 0.511 0.177 0.076 0.073 0.043 0.027 0.020 0.016 0.015 0.042 <div class="section-header"><strong>Planned material Fund changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_903_eoef--SummaryOfChngLegendTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zE3K1EgvPkyY">This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zMtC6OOWk3L5">1-800-330-7348</span>.</span></p><p><strong>How will the Fund change?</strong></p><p><strong>Fund name change</strong></p><p><span id="xdx_908_eoef--MaterialFundChngNameTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zpJJDZ6G86LU">On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_90A_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zhmop6FuITYS">August 28, 2026</span>.</span> There will be no changes to the Fund's investment policies, principal investment strategies or principal risks in connection with this change.</p></div> This is a summary of certain upcoming material changes to the Fund. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zMtC6OOWk3L5">1-800-330-7348</span>. 1-800-330-7348 On June 16, 2026, the Fund's Board of Directors approved changing the Fund's name to "Cohen &amp; Steers Short Duration Preferred and Income Fund, Inc." effective <span id="xdx_90A_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000165827Member_zhmop6FuITYS">August 28, 2026</span>. 2026-08-28