N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number: 811-23097

Cohen & Steers Low Duration Preferred and Income Fund, Inc.

(Exact name of registrant as specified in charter)

280 Park Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Dana DeVivo

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, New York 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 832-3232

Date of fiscal year end: April 30

Date of reporting period: April 30, 2018

Item 1. Reports to Stockholders.

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

To Our Shareholders:

We would like to share with you our report for the year ended April 30, 2018. The total returns for the Fund and its comparative benchmarks were:

	Six Months Ended April 30, 2018			Year Ended April 30, 2018
Cohen & Steers Low Duration Preferred and Income Fund:
Class A		–0.23	%		2.90	%
Class C		–0.57	%		2.13	%
Class I		–0.06	%		3.25	%
Class R		–0.26	%		2.65	%
Class Z		–0.06	%		3.25	%
ICE BofAML 1-3 Year US Corporate Indexa		–0.40	%		0.65	%
Blended Benchmark—65% ICE BofAML 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofAML 1-5 Year US Corporate Indexa		–0.60	%		2.00	%
S&P 500 Indexa		3.82	%		13.27	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends

^a  The ICE BofAML 1-3 Year US Corporate Index (formerly known as the BofA Merrill Lynch 1-3 Year US Corporate Index) tracks the performance of U.S. dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market, with a remaining term to final maturity of less than three years. The Blended Benchmark consists of 65% ICE BofAML 8% Constrained Developed Markets Low Duration Capital Securities Custom Index (formerly known as the BofA Merrill Lynch 8% Constrained Developed Markets Low Duration Capital Securities Custom Index) and 35% ICE BofAML 1-5 Year US Corporate Index (formerly known as the BofA Merrill Lynch 1-5 Year US Corporate Index). The ICE BofAML 8% Constrained Developed Markets Low Duration Capital Securities Custom Index tracks the performance of select U.S. dollar-denominated fixed and floating-rate preferred, corporate and contingent capital securities, with a remaining term to final maturity of one year or more, but less than five years. The ICE BofAML 1-5 Year US Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market with a remaining term to final maturity of less than five years. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

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

and distributions at NAV. Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 2.00% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund makes regular monthly distributions at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Market Review

An improving economic outlook and rising investor confidence generally benefited preferred securities and other credit-sensitive investments in the 12-month period ended April 30, 2018, even as better growth and related inflation concerns put upward pressure on interest rates. The yield on the U.S. 10-year Treasury stayed in a relatively stable range into January, but then quickly rose, reaching 3% in April, its highest level in more than four years. While the increase in interest rates caused some late-period volatility in financial markets, preferred securities, including low-duration issues, held on to much of their earlier gains.

The U.S. Federal Reserve raised its benchmark interest rate by a quarter point in March 2018, to a range of 1.50% to 1.75%, the fourth such increase since early 2017. Officials continued to cite falling unemployment and the potential for wage inflation as grounds for action, although inflation data remained largely benign.

Bank preferreds, which account for the majority of the preferreds market, had broad gains. U.S. banks enjoyed strong earnings growth, benefiting from higher net interest margins as well as improved trading and investment banking income. Meanwhile, capital levels continued to build, and loan losses remained modest, while the amount of non-performing loans fell notably in some European countries, all contributing to stronger credit fundamentals.

Fund Performance

The Fund had a positive total return in the period and outperformed the ICE BofAML 1-3 Year US Corporate Index. This benchmark focuses on investment-grade corporate bonds with maturities of one to three years. The Fund’s primary objective is to provide high current income and its secondary objective is to provide capital preservation, which we believe is consistent with this benchmark over time.

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

The Fund also outperformed its blended benchmark, which includes low duration preferred securities as well as corporate bonds. As a general matter, given the Fund’s focus on capital preservation, we typically look to deliver an income rate similar to this blended benchmark, but with lower volatility.

Security selection in the banking sector aided the Fund’s relative performance compared with the blended benchmark, in part due to our overweight in contingent capital preferred securities (CoCos), a relatively new form of regulatory capital for banks that has been issued most extensively in Europe. CoCos were strong performers in the period, as demand for the group’s above-average income was firm amid improving economic conditions in Europe and an easing of regional political concerns. Security selection in the finance sector contributed as well.

Our decision to be underweight short-term investment-grade corporate bonds, which make up 35% of the Fund’s blended benchmark (and all of the ICE BofAML 1-3 Year US Corporate Index), also contributed positively to relative performance compared with the blended benchmark. Collectively those bonds had a relatively modest gain in the period, trailing the short-term preferred index that makes up the other 65% of the Fund’s blended benchmark.

The Fund seeks to diversify, reduce volatility and improve liquidity by investing in short-term corporate bonds in addition to preferred securities. Over the period, corporate bonds comprised roughly 20% of Fund assets and were primarily invested in the real estate, utility, auto and telecom sectors. The bond investments owned by the Fund generally performed in line with investment grade, short-term corporate bond indexes, but, as mentioned above, not as well as preferreds.

Impact of Derivatives on Fund Performance

The Fund used derivatives in the form of currency options for hedging purposes, as well as forward foreign currency exchange contracts for managing currency risk on certain Fund positions denominated in foreign currencies. The forward foreign currency exchange contracts detracted from the Fund’s total return during the 12-month period ended April 30, 2018, while the currency options did not have a material effect on the Fund’s total return for the period.

Sincerely,

WILLIAM F. SCAPELL Portfolio Manager	ELAINE ZAHARIS-NIKAS Portfolio Manager

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

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

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds invests in major real asset categories including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.

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

Performance Review (Unaudited)

Class A—Growth of a $10,000 Investment	Class C—Growth of a $10,000 Investment

Class I—Growth of a $100,000 Investment	Class R—Growth of a $10,000 Investment

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

Performance Review (Unaudited)—(Continued)

Class Z—Growth of a $10,000 Investment

Average Annual Total Returns—For Periods Ended April 30, 2018

	Class A Shares			Class C Shares			Class I Shares			Class R Shares			Class Z Shares
1 Year (with sales charge)		0.84	%a		1.13	%d		—			—			—
1 Year (without sales charge)		2.90	%		2.13	%		3.25	%		2.65	%		3.25	%
Since Inceptione (with sales charge)		3.04	%a		3.20	%		—			—			—
Since Inceptione (without sales charge)		3.90	%		3.20	%		4.25	%		3.71	%		4.24	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month end can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. The performance graphs and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the periods presented above, the investment advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower.

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

Performance Review (Unaudited)—(Continued)

The annualized gross and net expense ratios, respectively, for each class of shares as disclosed in the September 1, 2017 prospectus, were as follows: Class A—1.35% and 0.90%; Class C—2.00% and 1.55%; Class I—1.03% and 0.55%; Class R—1.50% and 1.05%; and Class Z—1.00% and 0.55%. Through June 30, 2019, the investment advisor has contractually agreed to waive its fee and/or reimburse expenses so the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 0.90% for Class A shares, 1.55% for Class C shares, 0.55% for Class I shares, 1.05% for Class R shares and 0.55% for Class Z shares. This contractual agreement can be amended at any time by agreement of the Fund and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund.

^a  Reflects a 2.00% front-end sales charge.

^b The comparative indexes are not adjusted to reflect expenses or other fees that the U.S. Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund’s performance assumes the reinvestment of all dividends and distributions at NAV. For more information, including charges and expenses, please read the prospectus carefully before you invest.

^c  The Blended Benchmark consists of 65% ICE BofAML 8% Constrained Developed Markets Low Duration Capital Securities Custom Index and 35% ICE BofAML 1-5 Year US Corporate Index.

^d  Reflects a contingent deferred sales charge of 1.00%.

^e Inception date of November 30, 2015.

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

Expense Example (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs including investment advisory fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2017—April 30, 2018.

Actual Expenses

The first line of the following table provides information about actual account values and expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

Expense Example (Unaudited)—(Continued)

	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Expenses Paid During Perioda November 1, 2017— April 30, 2018
Class A
Actual (–0.23% return)	$	1,000.00	$	997.70	$	4.16
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,020.63	$	4.21
Class C
Actual (–0.57% return)	$	1,000.00	$	994.30	$	7.66
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,017.11	$	7.75
Class I
Actual (–0.06% return)	$	1,000.00	$	999.40	$	2.73
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,022.07	$	2.76
Class R
Actual (–0.26% return)	$	1,000.00	$	997.40	$	5.20
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,019.59	$	5.26
Class Z
Actual (–0.06% return)	$	1,000.00	$	999.40	$	2.73
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,022.07	$	2.76

^a  Expenses are equal to the Fund’s Class A, Class C, Class I, Class R and Class Z annualized net expense ratios of 0.84%, 1.55%, 0.55%, 1.05% and 0.55%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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

April 30, 2018

Top Ten Holdings^a

(Unaudited)

Security	Value		% of Net Assets
Wells Fargo & Co., 5.895% to 6/15/18, Series K (FRN)	$	29,418,187		2.8
Centaur Funding Corp., 9.08%, due 4/21/20, 144A (Cayman Islands)		26,262,010		2.5
Citigroup, 6.125% to 11/15/20, Series R		26,185,545		2.5
General Electric Co., 5.00% to 1/21/21, Series D		24,143,876		2.3
Rabobank Nederland, 11.00% to 6/30/19, 144A (Netherlands)		22,840,031		2.2
GMAC Capital Trust I, 7.624%, due 2/15/40, Series 2 (TruPS) (FRN)		22,295,688		2.1
Morgan Stanley, 5.55% to 7/15/20, Series J		19,678,344		1.9
JPMorgan Chase & Co., 5.30% to 5/1/20, Series Z		16,996,650		1.6
PNC Financial Services Group, 6.75% to 8/1/21, Series O		16,276,680		1.6
SMFG Preferred Capital, 9.50%, to 7/25/18, 144A (Cayman Islands)		15,857,910		1.5

^a  Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other types of securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.

Sector Breakdown

(Based on Net Assets)

(Unaudited)

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

SCHEDULE OF INVESTMENTS

April 30, 2018

		Number of Shares		Value
PREFERRED SECURITIES—$25 PAR VALUE	4.8%
BANKS	3.2%
GMAC Capital Trust I, 7.624%, due 2/15/40, Series 2 (TruPS) (FRN) (3 Month US LIBOR + 5.785%)a			838,499	$	22,295,688
Valley National Bancorp, 5.50% to 9/30/22, Series Bb,c			111,375		2,847,859
Wells Fargo & Co., 8.00%, Series Jb			349,072		9,072,381
					34,215,928
BANKS—FOREIGN	0.7%
Deutsche Bank Contingent Capital Trust V, 8.05% (Germany)b			273,044		6,957,161
PIPELINES	0.9%
Enbridge, 6.375% to 4/15/23, due 4/15/78, Series B (Canada)c			240,775		6,079,569
Energy Transfer Partners LP, 7.375% to 5/15/23, Series Cb,c			81,275		2,031,469
NuStar Logistics LP, 9.082%, due 1/15/43, (FRN) (3 Month US LIBOR + 6.734%)a			47,268		1,191,153
					9,302,191
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$49,873,741)					50,475,280
		Principal Amount
PREFERRED SECURITIES—CAPITAL SECURITIES	68.3%
BANKS	17.7%
Bank of America Corp., 5.989% to 7/30/18, Series K (FRN) (3 Month US LIBOR + 3.63%)a,b		$	2,919,000		2,937,244
Bank of America Corp., 8.125% to 5/15/18, Series Mb,c			5,525,000		5,542,956
Bank of America Corp., 6.25% to 9/5/24, Series Xb,c			3,220,000		3,360,875
Bank of New York Mellon Corp./The, 4.95% to 6/20/20, Series Eb,c			2,380,000		2,430,575
BankBoston Capital Trust IV, 2.647%, due 6/8/28, (FRN) (3 Month US LIBOR + 0.60%)a			1,100,000		1,033,285
Capital One Financial Corp., 5.55% to 6/1/20, Series Eb,c			7,550,000		7,795,375
Citigroup, 5.95% to 8/15/20, Series Qb,c			11,950,000		12,375,719
Citigroup, 6.125% to 11/15/20, Series Rb,c			25,028,000		26,185,545

See accompanying notes to financial statements.

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount			Value
CoBank ACB, 6.25% to 10/1/22, Series Fb,c		$	24,400	†	$	2,586,400
CoBank ACB, 6.25% to 10/1/26, Series Ib,c			1,300,000			1,386,852
Farm Credit Bank of Texas, 6.75% to 9/15/23, 144Ab,c,d			8,000	†		862,416
Farm Credit Bank of Texas, 10.00%, Series Ib			6,050	†		7,139,000
Goldman Sachs Group/The, 5.70% to 5/10/19, Series Lb,c			13,139,000			13,451,051
Goldman Sachs Group/The, 5.375% to 5/10/20, Series Mb,c			5,150,000			5,272,313
JPMorgan Chase & Co., 5.829% to 7/30/18, Series I (FRN) (3 Month US LIBOR + 3.47%)a,b			12,155,000			12,261,356
JPMorgan Chase & Co., 5.30% to 5/1/20, Series Zb,c			16,500,000			16,996,650
PNC Financial Services Group, 6.75% to 8/1/21, Series Ob,c			15,071,000			16,276,680
SunTrust Banks, 5.05% to 6/15/22, Series Gb,c			2,500,000			2,472,000
SunTrust Capital III, 2.775%, due 3/15/28, (FRN) (3 Month US LIBOR + 0.650%)a			8,550,000			7,962,187
US Bancorp, 5.125% to 1/15/21, Series Ib,c			7,440,000			7,635,300
Wachovia Capital Trust II, 2.848%, due 1/15/27, (FRN) (3 Month US LIBOR + 0.50%)a			500,000			471,250
Wells Fargo & Co., 5.895% to 6/15/18, Series K (FRN) (3 Month US LIBOR + 3.77%)a,b			29,055,000			29,418,187
						185,853,216
BANKS—FOREIGN	20.4%
Banco Bilbao Vizcaya Argentaria SA, 6.75% to 2/18/20 (EUR) (Spain)b,c,e			2,600,000			3,393,753
Banco Bilbao Vizcaya Argentaria SA, 8.875% to 4/14/21 (EUR) (Spain)b,c,e			1,800,000			2,557,130
Banco Bilbao Vizcaya Argentaria SA, 9.00% to 5/9/18 (Spain)b,c			2,000,000			2,003,836
Banco de Sabadell SA, 6.125% to 11/23/22 (EUR) (Spain)b,c,e			1,600,000			2,038,482
Banco Santander SA, 5.25% to 9/29/23 (EUR) (Spain)b,c,e			3,400,000			4,358,984
Banco Santander SA, 6.75% to 4/25/22 (EUR) (Spain)b,c,e			1,400,000			1,920,989
Barclays Bank PLC, 14.00% to 6/15/19, Series RCI (GBP) (United Kingdom)b,c,e			3,100,000			4,792,396
Barclays PLC, 7.875% to 3/15/22 (United Kingdom)b,c,e			4,950,000			5,291,946

See accompanying notes to financial statements.

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

	Principal Amount		Value
Barclays PLC, 8.25% to 12/15/18 (United Kingdom)b,c	$	4,600,000	$	4,736,326
BNP Paribas SA, 7.375% to 8/19/25, 144A (France)b,c,d		1,000,000		1,091,250
BNP Paribas SA, 7.625% to 3/30/21, 144A (France)b,c,d		3,800,000		4,103,050
CaixaBank SA, 5.25% to 3/23/26 (EUR) (Spain)b,c,e		1,800,000		2,142,809
Credit Agricole SA, 6.625% to 9/23/19, 144A (France)b,c,d		4,800,000		4,926,326
Credit Agricole SA, 8.375% to 10/13/19, 144A (France)b,c,d		5,600,000		5,985,000
Credit Suisse Group AG, 7.125% to 7/29/22 (Switzerland)b,c,e		7,600,000		7,981,900
Danske Bank A/S, 6.125% to 3/28/24 (Denmark)b,c,e		2,400,000		2,436,000
DNB Bank ASA, 5.75% to 3/26/20 (Norway)b,c,e		5,400,000		5,481,432
DNB Bank ASA, 6.50% to 3/26/22 (Norway)b,c,e		3,300,000		3,461,370
HSBC Holdings PLC, 5.625% to 1/17/20 (United Kingdom)b,c		4,400,000		4,449,500
HSBC Holdings PLC, 6.25% to 3/23/23 (United Kingdom)b,c		5,800,000		5,887,058
HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)b,c		1,400,000		1,445,500
HSBC Holdings PLC, 6.875% to 6/1/21 (United Kingdom)b,c		10,500,000		11,156,250
ING Groep N.V., 6.875% to 4/16/22 (Netherlands)b,c		4,400,000		4,653,550
Intesa Sanpaolo SpA, 7.00% to 1/19/21, Series EMTN (EUR) (Italy)b,c,e		1,600,000		2,124,141
Itau Unibanco Holding SA, 6.50% to 3/19/23, 144A (Brazil)b,c,d		4,400,000		4,329,600
Itau Unibanco Holding SA/Cayman Island, 6.125% to 12/12/22, 144A (Brazil)b,c,d		4,000,000		3,913,800
Rabobank Nederland, 11.00% to 6/30/19, 144A (Netherlands)b,c,d		21,075,000		22,840,031
Royal Bank of Scotland Group PLC, 7.50% to 8/10/20 (United Kingdom)b,c		2,000,000		2,105,500
Royal Bank of Scotland Group PLC, 8.625% to 8/15/21 (United Kingdom)b,c		13,500,000		14,816,250
Skandinaviska Enskilda Banken AB, 5.75% to 5/13/20, Series EMTN (Sweden)b,c,e		9,000,000		9,111,942
SMFG Preferred Capital, 9.50% to 7/25/18, 144A (Cayman Islands)b,c,d		15,605,000		15,857,910

See accompanying notes to financial statements.

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount		Value
Societe Generale SA, 7.375% to 9/13/21, 144A (France)b,c,d		$	4,800,000	$	5,100,000
Societe Generale SA, 7.875% to 12/18/23, 144A (France)b,c,d			2,800,000		3,041,500
Societe Generale SA, 8.25% to 11/29/18, Series EMTN (France)b,c,e			2,200,000		2,262,374
Societe Generale SA, 8.875% to 6/16/18 (GBP) (France)b,c			100,000		138,710
Standard Chartered PLC, 6.50% to 4/2/20, 144A (United Kingdom)b,c,d			7,200,000		7,361,957
Standard Chartered PLC, 7.50% to 4/2/22, 144A (United Kingdom)b,c,d			4,400,000		4,658,500
Standard Chartered PLC, 7.75% to 4/2/23, 144A (United Kingdom)b,c,d			1,200,000		1,281,000
Swedbank AB, 5.50% to 3/17/20 (Sweden)b,c,e			3,200,000		3,236,000
Swedbank AB, 6.00% to 3/17/22 (Sweden)b,c			3,000,000		3,074,940
UBS Group AG, 6.875% to 3/22/21 (Switzerland)b,c,e			4,000,000		4,210,056
UBS Group AG, 7.125% to 8/10/21 (Switzerland)b,c,e			4,300,000		4,563,801
UBS Group AG, 7.125% to 2/19/20 (Switzerland)b,c,e			2,000,000		2,085,716
UniCredit SpA, 6.75% to 9/10/21, Series EMTN (EUR) (Italy)b,c,e			1,400,000		1,828,090
					214,236,655
ELECTRIC	1.7%
INTEGRATED ELECTRIC	0.4%
Dominion Energy, 2.50%, due 12/1/19			3,000,000		2,965,010
Southern California Edison Co., 6.25% to 2/1/22, Series Eb,c			1,000,000		1,062,500
					4,027,510
INTEGRATED ELECTRIC—FOREIGN	0.4%
Electricite de France SA, 5.25% to 1/29/23, 144A (France)b,c,d			4,050,000		4,075,960
REGULATED ELECTRIC	0.9%
Southern Co./The, 5.50% to 3/15/22, due 3/15/57, Series Bc			9,798,000		10,130,403
TOTAL ELECTRIC					18,233,873

See accompanying notes to financial statements.

14

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SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount			Value
FINANCIAL	4.5%
DIVERSIFIED FINANCIAL SERVICES	0.8%
Corestates Capital II, 2.998%, due 1/15/27, 144A (FRN) (3 Month US LIBOR + 0.65%)a,d		$	1,000,000		$	946,250
Corestates Capital III, 2.409%, due 2/15/27, 144A (TruPS) (FRN) (3 Month US LIBOR + 0.57%)a,d			3,200,000			3,028,000
State Street Corp., 5.25% to 9/15/20, Series Fb,c			4,175,000			4,300,250
						8,274,500
INVESTMENT BANKER/BROKER	3.7%
Charles Schwab Corp./The, 7.00% to 2/1/22b,c			11,650,000			12,873,250
Charles Schwab Corp./The, 4.625% to 3/1/22, Series Eb,c			6,600,000			6,623,100
Morgan Stanley, 5.55% to 7/15/20, Series Jb,c			19,175,000			19,678,344
						39,174,694
TOTAL FINANCIAL						47,449,194
FOOD	0.2%
Dairy Farmers of America, 7.875%, 144Ab,d,f			15,000	†		1,520,580
HEALTH CARE—PHARMACEUTICAL	1.4%
CVS Health Corp., 2.687%, due 3/9/20, (FRN) (3 Month US LIBOR + 0.63%)a			6,090,000			6,120,080
CVS Health Corp., 2.777%, due 3/9/21, (FRN) (3 Month US LIBOR + 0.72%)a			8,572,000			8,654,315
						14,774,395
INDUSTRIALS—DIVERSIFIED MANUFACTURING	2.3%
General Electric Co., 5.00% to 1/21/21, Series Db,c			24,357,000			24,143,876
INSURANCE	12.5%
LIFE/HEALTH INSURANCE	2.5%
MetLife, 5.25% to 6/15/20, Series Cb,c			10,440,000			10,695,780
Prudential Financial, 5.625% to 6/15/23, due 6/15/43c			4,894,000			5,114,230
Prudential Financial, 5.875% to 9/15/22, due 9/15/42c			3,770,000			4,015,050
Voya Financial, 5.65% to 5/15/23, due 5/15/53c			6,414,000			6,551,901
						26,376,961

See accompanying notes to financial statements.

15

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount		Value
LIFE/HEALTH INSURANCE—FOREIGN	4.0%
Aegon NV, 2.953%, (FRN) (10-year USISDA + 0.10%, Cap 8.50%) (Netherlands)a,b,e		$	150,000	$	132,375
CNP Assurances, 7.50% to 10/18/18 (France)b,c			3,500,000		3,555,248
Dai-ichi Life Insurance Co. Ltd., 7.25% to 7/25/21, 144A (Japan)b,c,d			13,365,000		14,650,980
Friends Life Holdings PLC, 7.875% to 11/8/18 (United Kingdom)b,c			2,361,000		2,415,893
Fukoku Mutual Life Insurance Co., 6.50% to 9/19/23 (Japan)b,c,e			1,300,000		1,443,000
Hanwha Life Insurance Co., Ltd., 4.70%, due 4/23/48, 144A (South Korea)c,d			6,400,000		6,364,807
La Mondiale Vie, 7.625% to 4/23/19 (France)b,c,e			5,750,000		5,939,031
Nippon Life Insurance Co., 5.00% to 10/18/22, due 10/18/42, 144A (Japan)c,d			2,200,000		2,278,650
Sumitomo Life Insurance Co., 6.50% to 9/20/23, due 9/20/73, 144A (Japan)c,d			5,000,000		5,512,500
					42,292,484
MULTI-LINE	1.4%
Hartford Financial Services Group/The, 8.125% to 6/15/18, due 6/15/68c			4,843,000		4,867,215
Hartford Financial Services Group/The, 3.964%, due 2/12/47, 144A, Series ICON (FRN) (3 Month US LIBOR + 2.125%)a,d			10,320,000		9,973,248
					14,840,463
MULTI-LINE—FOREIGN	0.6%
Aviva PLC, 6.625% to 6/3/21, due 6/3/41, Series EMTN (GBP) (United Kingdom)c,e			4,000,000		6,161,346
PROPERTY CASUALTY	0.9%
Liberty Mutual Group, 5.03%, due 3/15/37, 144A, (FRN) (3 Month US LIBOR + 2.905%)a,d			9,750,000		9,628,125
PROPERTY CASUALTY—FOREIGN	1.2%
Mitsui Sumitomo Insurance Co., Ltd., 7.00% to 3/15/22, due 3/15/72, 144A (Japan)c,d			5,681,000		6,276,085
VIVAT NV, 6.25% to 11/16/22 (Netherlands)b,c,e			5,600,000		5,715,074
					11,991,159

See accompanying notes to financial statements.

16

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount			Value
REINSURANCE—FOREIGN	1.9%
Aquarius + Investments PLC, 6.375% to 9/1/19, due 9/1/24 (Ireland)c,e		$	11,400,000		$	11,694,690
Aquarius + Investments PLC, 8.25% to 9/1/18, Series EMTN (Ireland)b,c,e			8,100,000			8,200,594
						19,895,284
TOTAL INSURANCE						131,185,822
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN	2.7%
Centaur Funding Corp., 9.08%, due 4/21/20, 144A (Cayman Islands)d			23,396	†		26,262,010
SoftBank Group Corp., 3.125%, due 9/19/25 (EUR) (Japan)e			400,000			448,588
SoftBank Group Corp., 6.25%, due 4/15/28 (Japan)e			1,047,000			1,017,974
						27,728,572
MATERIAL—METALS & MINING—FOREIGN	0.4%
BHP Billiton Finance USA Ltd., 6.25% to 10/19/20, due 10/19/75, 144A (Australia)c,d			4,200,000			4,424,994
MEDIA	0.1%
Viacom, 5.875% to 2/28/22, due 2/28/57c			600,000			606,510
PIPELINES	1.3%
Andeavor Logistics LP, 6.875% to 2/15/23, Series Ab,c			6,619,000			6,740,624
Buckeye Partners LP, 6.375% to 1/22/23, due 1/22/78c			2,000,000			1,958,173
Enterprise Products Operating LP, 6.066% to 6/22/18, due 8/1/66, Series A (FRN) (3 Month US LIBOR + 3.7075%)a			5,011,000			5,037,108
						13,735,905
REAL ESTATE	1.2%
DIVERSIFIED	0.6%
Select Income REIT, 3.60%, due 2/1/20			6,275,000			6,242,239
FINANCE	0.3%
AT Securities BV, 5.25% to 7/21/23 (Netherlands)b,c,e			3,250,000			3,163,875
HEALTH CARE	0.3%
Senior Housing Properties Trust, 6.75%, due 12/15/21			3,000,000			3,213,131
TOTAL REAL ESTATE						12,619,245

See accompanying notes to financial statements.

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount		Value
TECHNOLOGY	0.3%
eBay, 2.20%, due 8/1/19		$	3,000,000	$	2,979,203
UTILITIES	1.6%
ELECTRIC UTILITIES	0.4%
Mississippi Power Co, 2.942%, due 3/27/20, (FRN) (3 Month US LIBOR + 0.65%)a			4,420,000		4,421,431
ELECTRIC UTILITIES—FOREIGN	1.2%
Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (Italy)c,d			10,210,000		12,111,612
TOTAL UTILITIES					16,533,043
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$718,121,211)					716,025,083
CORPORATE BONDS	21.8%
BANKS	0.8%
Ally Financial, 4.125%, due 3/30/20			3,554,000		3,580,655
Goldman Sachs Group/The, 4.109%, due 10/28/27, Series GMTN (FRN) (3 Month US LIBOR + 1.75%)a			4,350,000		4,567,195
					8,147,850
BANKS—FOREIGN	0.1%
HSBC Holdings PLC, 2.65%, due 1/5/22 (United Kingdom)			1,000,000		971,076
ELECTRIC—INTEGRATED ELECTRIC	0.3%
Integrys Holding, 4.17%, due 11/1/20			2,746,000		2,805,294
FINANCIAL—DIVERSIFIED FINANCIAL SERVICES	4.7%
Caterpillar Financial Services Corp., 1.85%, due 9/4/20, Series GMTN			6,200,000		6,042,609
Daimler Finance North America LLC, 2.20%, due 5/5/20, 144Ad			5,750,000		5,640,527
Ford Motor Credit Co. LLC, 2.343%, due 11/2/20			4,150,000		4,047,507
Ford Motor Credit Co. LLC, 2.425%, due 6/12/20			2,200,000		2,158,833
Ford Motor Credit Co. LLC, 2.835%, due 4/5/21, (FRN) (3 Month US LIBOR + 0.81%)a			7,400,000		7,433,489
General Motors Financial Co, 3.612%, due 6/30/22, (FRN) (3 Month US LIBOR + 1.31%)a			4,461,000		4,550,802
General Motors Financial Co., 3.15%, due 1/15/20			4,500,000		4,497,459

See accompanying notes to financial statements.

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount		Value
General Motors Financial Co., 3.272%, due 4/13/20, (FRN) (3 Month US LIBOR + 0.93%)a		$	4,812,000	$	4,857,701
General Motors Financial Co., 3.311%, due 1/5/23, (FRN) (3 Month US LIBOR + 0.99%)a			8,000,000		8,046,807
General Motors Financial Co., 3.898%, due 1/14/22, (FRN) (3 Month US LIBOR + 1.55%)a			2,123,000		2,179,409
					49,455,143
INDUSTRIALS—DIVERSIFIED MANUFACTURING	0.4%
BMW US Capital LLC, 2.965%, due 4/6/22, (FRN) 144A (3 Month US LIBOR + 0.64%)a,d			4,125,000		4,157,892
INTEGRATED TELECOMMUNICATIONS SERVICES	1.4%
AT&T, 2.30%, due 3/11/19			5,000,000		4,990,480
Verizon Communications, 3.45%, due 3/15/21			9,420,000		9,489,845
					14,480,325
INTEGRATED TELECOMMUNICATIONS SERVICES—FOREIGN	0.3%
Telecom Italia Capital SA, 6.999%, due 6/4/18 (Italy)			3,300,000		3,318,876
REAL ESTATE	12.9%
DIVERSIFIED	1.8%
VEREIT, 3.00%, due 8/1/18, (Convertible)			12,200,000		12,200,610
WEA Finance LLC, 2.70%, due 9/17/19, 144Ad			6,610,000		6,566,955
					18,767,565
FINANCE	3.1%
CyrusOne LP/CyrusOne Finance Corp., 5.00%, due 3/15/24			10,575,000		10,627,875
iStar, 6.00%, due 4/1/22			5,500,000		5,513,750
iStar, 6.50%, due 7/1/21			5,750,000		5,865,000
Ventas Realty LP/Ventas Capital Corp., 2.70%, due 4/1/20			613,000		606,660
VEREIT Operating Partnership LP, 3.00%, due 2/6/19			6,000,000		6,001,374
VEREIT Operating Partnership LP, 4.125%, due 6/1/21			3,412,000		3,469,669
					32,084,328
HEALTH CARE	2.2%
HCP, 2.625%, due 2/1/20			8,145,000		8,050,142

See accompanying notes to financial statements.

19

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

		Principal Amount		Value
Healthcare Trust of America Holdings LP, 3.70%, due 4/15/23		$	6,765,000	$	6,685,793
Sabra Health Care LP/Sabra Capital Corp., 5.375%, due 6/1/23			3,885,000		3,933,563
Senior Housing Properties Trust, 3.25%, due 5/1/19			1,000,000		1,001,379
Senior Housing Properties Trust, 6.75%, due 4/15/20			2,000,000		2,075,119
Welltower, 4.95%, due 1/15/21			1,000,000		1,035,165
					22,781,161
OFFICE	1.6%
Boston Properties LP, 5.625%, due 11/15/20			3,786,000		3,990,651
Boston Properties LP, 5.875%, due 10/15/19			1,500,000		1,555,614
Corporate Office Properties LP, 3.70%, due 6/15/21			8,000,000		7,983,366
SL Green Operating Partnership LP, 3.25%, due 10/15/22			3,910,000		3,792,178
					17,321,809
RESIDENTIAL	0.5%
UDR, 3.70%, due 10/1/20			5,000,000		5,048,862
SHOPPING CENTERS—COMMUNITY CENTER	1.2%
Kimco Realty Corp., 6.875%, due 10/1/19			4,979,000		5,229,834
Weingarten Realty Investors, 3.50%, due 4/15/23			8,000,000		7,862,905
					13,092,739
SPECIALTY	2.5%
Digital Realty Trust LP, 5.875%, due 2/1/20			9,140,000		9,501,432
Digital Realty Trust LP, 5.25%, due 3/15/21			5,970,000		6,247,639
Digital Realty Trust LP, 3.40%, due 10/1/20			6,000,000		6,016,092
Equinix, 5.375%, due 4/1/23			4,190,000		4,326,175
					26,091,338
TOTAL REAL ESTATE					135,187,802
TELECOMMUNICATION—COMMUNICATIONS	0.5%
Vodafone Group PLC, 4.375%, due 3/16/21 (United Kingdom)			5,000,000		5,149,005
UTILITIES	0.4%
ELECTRIC UTILITIES	0.1%
Emera US Finance LP, 2.15%, due 6/15/19			1,000,000		989,559

See accompanying notes to financial statements.

20

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

			Principal Amount		Value
ELECTRIC UTILITIES—FOREIGN	0.3%
Enel Finance International NV, 2.875%, due 5/25/22, 144A (Netherlands)d			$	4,000,000	$	3,883,456
TOTAL UTILITIES						4,873,015
TOTAL CORPORATE BONDS (Identified cost—$230,945,601)						228,546,278
			Number of Shares
SHORT-TERM INVESTMENTS	3.1%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 1.59%g				32,645,355		32,645,355
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$32,645,355)						32,645,355
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$1,031,585,908)	98.0	%				1,027,691,996
OTHER ASSETS IN EXCESS OF LIABILITIES	2.0					20,782,775
NET ASSETS	100.0	%			$	1,048,474,771

Forward Foreign Currency Exchange Contracts

Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	GBP	8,066,874	USD	11,325,165		5/2/18	$	219,505
Brown Brothers Harriman	USD	11,091,629	GBP	8,066,874		5/2/18		14,031
Brown Brothers Harriman	EUR	17,342,264	USD	21,348,674		5/3/18		406,162
Brown Brothers Harriman	USD	20,942,865	EUR	17,342,264		5/3/18		(353	)
Brown Brothers Harriman	EUR	17,365,115	USD	21,016,825		6/4/18		(1,210	)
Brown Brothers Harriman	GBP	8,545,007	USD	11,765,278		6/4/18		(15,717	)
							$	622,418

The total amount of all forward foreign currency exchange contracts as presented in the table above is representative of the volume of activity for this derivative type during the year ended April 30, 2018.

See accompanying notes to financial statements.

21

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

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2018

Glossary of Portfolio Abbreviations

EUR	Euro Currency
FRN	Floating Rate Note
GBP	Great British Pound
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
TruPS	Trust Preferred Securities
USD	United States Dollar
USISDA	United States Dollar Intercontinental Exchange Swap Rate

Note: Percentages indicated are based on the net assets of the Fund.

^†  Represents shares.

^a  Variable rate. Rate shown is in effect at April 30, 2018.

^b  Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

^c  Security converts to floating rate after the indicated fixed-rate coupon period.

^d  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $212,654,971 or 20.3% of the net assets of the Fund, of which 0.1% are illiquid.

^e  Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $119,195,858 or 11.4% of the net assets of the Fund, of which 0.0% are illiquid.

^f  Security value is determined based on significant unobservable inputs (Level 3).

^g  Rate quoted represents the annualized seven-day yield of the fund.

See accompanying notes to financial statements.

22

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

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2018

ASSETS:
Investments in securities, at value (Identified cost—$1,031,585,908)	$	1,027,691,996
Cash		161,221
Foreign currency, at value (Identified cost—$28,609)		28,530
Receivable for:
Fund shares sold		14,425,631
Dividends and interest		12,908,848
Unrealized appreciation on forward foreign currency exchange contracts		639,698
Other assets		7,839
Total Assets		1,055,863,763
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		17,280
Payable for:
Investment securities purchased		4,053,713
Fund shares redeemed		1,359,165
Dividends declared		1,233,249
Investment advisory fees		306,197
Shareholder servicing fees		136,261
Administration fees		44,454
Distribution fees		5,677
Directors’ fees		4,572
Other liabilities		228,424
Total Liabilities		7,388,992
NET ASSETS	$	1,048,474,771
NET ASSETS consist of:
Paid-in capital	$	1,053,327,088
Dividends in excess of net investment income		(128,920	)
Accumulated net realized loss		(1,460,083	)
Net unrealized depreciation		(3,263,314	)
	$	1,048,474,771

See accompanying notes to financial statements.

23

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

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

April 30, 2018

CLASS A SHARES:
NET ASSETS	$	107,733,115
Shares issued and outstanding ($0.001 par value common stock outstanding)		10,774,183
Net asset value and redemption price per share	$	10.00
Maximum offering price per share ($10.00 ÷ 0.98)a	$	10.20
CLASS C SHARES:
NET ASSETS	$	33,012,292
Shares issued and outstanding ($0.001 par value common stock outstanding)		3,306,934
Net asset value and offering price per shareb	$	9.98
CLASS I SHARES:
NET ASSETS	$	907,167,642
Shares issued and outstanding ($0.001 par value common stock outstanding)		90,746,416
Net asset value, offering and redemption price per share	$	10.00
CLASS R SHARES:
NET ASSETS	$	544,214
Shares issued and outstanding ($0.001 par value common stock outstanding)		54,387
Net asset value, offering and redemption price per share	$	10.01
CLASS Z SHARES:
NET ASSETS	$	17,508
Shares issued and outstanding ($0.001 par value common stock outstanding)		1,751
Net asset value, offering and redemption price per share	$	10.00

^a On investments of $100,000 or more, the offering price is reduced.

^b Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1.00% on shares held for less than one year.

See accompanying notes to financial statements.

24

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

STATEMENT OF OPERATIONS

For the Year Ended April 30, 2018

Investment Income:
Interest income (net of $6,033 of foreign withholding tax)	$	23,818,450
Dividend income		4,667,324
Total Investment Income		28,485,774
Expenses:
Investment advisory fees		4,590,163
Distribution fees and service fees—Class A (See Note 2)		240,396
Distribution fees and service fees—Class C (See Note 2)		230,148
Distribution fees and service fees—Class R (See Note 2)		2,644
Administration fees		450,180
Shareholder servicing fees—Class I (See Note 2)		323,146
Registration and filing fees		274,086
Professional fees		94,601
Transfer agent fees and expenses		85,568
Shareholder reporting expenses		72,606
Directors’ fees and expenses		48,293
Custodian fees and expenses		28,575
Miscellaneous		24,389
Total Expenses		6,464,795
Reduction of Expenses (See Note 2)		(2,107,623	)
Net Expenses		4,357,172
Net Investment Income (Loss)		24,128,602
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		2,268,878
Written option contracts		29,904
Foreign currency transactions		48,026
Forward foreign currency exchange contracts		(2,012,298	)
Net realized gain (loss)		334,510
Net change in unrealized appreciation (depreciation) on:
Investments in securities		(8,821,302	)
Written option contracts		(29,454	)
Foreign currency translations		1,960
Forward foreign currency exchange contracts		808,394
Net change in unrealized appreciation (depreciation)		(8,040,402	)
Net Realized and Unrealized Gain (Loss)		(7,705,892	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,422,710

See accompanying notes to financial statements.

25

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

STATEMENT OF CHANGES IN NET ASSETS

	For the Year Ended April 30, 2018			For the Year Ended April 30, 2017
Change in Net Assets:
From Operations:
Net investment income (loss)	$	24,128,602		$	4,229,618
Net realized gain (loss)		334,510			208,403
Net change in unrealized appreciation (depreciation)		(8,040,402	)		4,616,889
Net increase (decrease) in net assets resulting from operations		16,422,710			9,054,910
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(3,615,989	)		(1,040,617	)
Class C		(869,912	)		(112,937	)
Class I		(28,786,891	)		(4,146,572	)
Class R		(19,675	)		(5,120	)
Class Z		(679	)		(408	)
Net realized gain:
Class A		(35,828	)		—
Class C		(10,472	)		—
Class I		(264,196	)		—
Class R		(115	)		—
Class Z		(7	)		—
Return of capital:
Class A		(4,087	)		—
Class C		(1,254	)		—
Class I		(34,424	)		—
Class R		(21	)		—
Class Z		(1	)		—
Total dividends and distributions to shareholders		(33,643,551	)		(5,305,654	)
Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		705,910,665			323,178,434
Total increase (decrease) in net assets		688,689,824			326,927,960
Net Assets:
Beginning of year		359,784,947			32,857,257
End of yeara	$	1,048,474,771		$	359,784,947

^a  Includes dividends in excess of net investment income of $128,920 and $125,347, respectively.

See accompanying notes to financial statements.

26

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

FINANCIAL HIGHLIGHTS

The following tables include selected data for a share outstanding throughout each period and other performance information derived from the financial statements. They should be read in conjunction with the financial statements and notes thereto.

	Class A
	For the Year Ended April 30,						For the Period November 30,  2015a through April 30, 2016
Per Share Operating Performance:	2018			2017
Net asset value, beginning of period	$	10.14		$	9.87		$	10.00
Income (loss) from investment operations:
Net investment income (loss)b		0.33			0.34			0.16
Net realized and unrealized gain (loss)		(0.04	)		0.30			(0.16	)
Total from investment operations		0.29			0.64			—
Less dividends and distributions to shareholders from:
Net investment income		(0.43	)		(0.37	)		(0.13	)
Net realized gain		(0.00	)c		—			—
Return of capital		(0.00	)c		—			—
Total dividends and distributions to shareholders		(0.43	)		(0.37	)		(0.13	)
Net increase (decrease) in net asset value		(0.14	)		0.27			(0.13	)
Net asset value, end of period	$	10.00		$	10.14		$	9.87
Total investment returnd,e		2.90	%		6.64	%		0.07	%f,g
Ratios/Supplemental Data:
Net assets, end of period (in millions)	$	107.7		$	61.1		$	3.2
Ratios to average daily net assets:
Expenses (before expense reduction)		1.09	%		1.35	%		2.16	%h
Expenses (net of expense reduction)		0.84	%		0.89	%		1.15	%h
Net investment income (loss) (before expense reduction)		2.97	%		2.90	%		2.94	%h
Net investment income (loss) (net of expense reduction)		3.22	%		3.36	%		3.95	%h
Portfolio turnover rate		34	%		52	%		40	%g

^a Commencement of operations.

^b Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d Does not reflect sales charges, which would reduce return.

^e Return assumes the reinvestment of all dividends and distributions at net asset value.

^f The April 30, 2016 net asset value reflects adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns that would be based upon the net asset value would differ from the net asset value and return reported on April 30, 2016.

^g Not annualized.

^h Annualized.

See accompanying notes to financial statements.

27

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

FINANCIAL HIGHLIGHTS—(Continued)

	Class C
	For the Year Ended April 30,						For the Period November 30, 2015a through April 30, 2016
Per Share Operating Performance:	2018			2017
Net asset value, beginning of period	$	10.13		$	9.87		$	10.00
Income (loss) from investment operations:
Net investment income (loss)b		0.25			0.26			0.12
Net realized and unrealized gain (loss)		(0.03	)		0.31			(0.15	)
Total from investment operations		0.22			0.57			(0.03	)
Less dividends and distributions to shareholders from:
Net investment income		(0.37	)		(0.31	)		(0.10	)
Net realized gain		(0.00	)c		—			—
Return of capital		(0.00	)c		—			—
Total dividends and distributions to shareholders		(0.37	)		(0.31	)		(0.10	)
Net increase (decrease) in net asset value		(0.15	)		0.26			(0.13	)
Net asset value, end of period	$	9.98		$	10.13		$	9.87
Total investment returnd,e		2.13	%		5.90	%		–0.25	%f
Ratios/Supplemental Data:
Net assets, end of period (in millions)	$	33.0		$	11.4		$	0.5
Ratios to average daily net assets:
Expenses (before expense reduction)		1.79	%		2.02	%		2.87	%g
Expenses (net of expense reduction)		1.54	%		1.55	%		1.80	%g
Net investment income (loss) (before expense reduction)		2.25	%		2.15	%		1.93	%g
Net investment income (loss) (net of expense reduction)		2.50	%		2.62	%		3.00	%g
Portfolio turnover rate		34	%		52	%		40	%f

^a Commencement of operations.

^b Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d Does not reflect sales charges, which would reduce return.

^e Return assumes the reinvestment of all dividends and distributions at net asset value.

^f Not annualized.

^g Annualized.

See accompanying notes to financial statements.

28

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

FINANCIAL HIGHLIGHTS—(Continued)

	Class I
	For the Year Ended April 30,						For the Period November 30,  2015a through April 30, 2016
Per Share Operating Performance:	2018			2017
Net asset value, beginning of period	$	10.14		$	9.88		$	10.00
Income (loss) from investment operations:
Net investment income (loss)b		0.35			0.37			0.16
Net realized and unrealized gain (loss)		(0.02	)		0.30			(0.14	)
Total from investment operations		0.33			0.67			0.02
Less dividends and distributions to shareholders from:
Net investment income		(0.47	)		(0.41	)		(0.14	)
Net realized gain		(0.00	)c		—			—
Return of capital		(0.00	)c		—			—
Total dividends and distributions to shareholders		(0.47	)		(0.41	)		(0.14	)
Net increase (decrease) in net asset value		(0.14	)		0.26			(0.12	)
Net asset value, end of period	$	10.00		$	10.14		$	9.88
Total investment returnd		3.25	%		6.89	%		0.17	%e
Ratios/Supplemental Data:
Net assets, end of period (in millions)	$	907.2		$	286.8		$	29.1
Ratios to average daily net assets:
Expenses (before expense reduction)		0.86	%		1.07	%		1.93	%f
Expenses (net of expense reduction)		0.55	%		0.58	%		0.80	%f
Net investment income (loss) (before expense reduction)		3.17	%		3.15	%		2.70	%f
Net investment income (loss) (net of expense reduction)		3.48	%		3.64	%		3.83	%f
Portfolio turnover rate		34	%		52	%		40	%e

^a  Commencement of operations.

^b  Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d  Return assumes the reinvestment of all dividends and distributions at net asset value.

^e  Not annualized.

^f  Annualized.

See accompanying notes to financial statements.

29

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

FINANCIAL HIGHLIGHTS—(Continued)

	Class R
	For the Year Ended April 30,						For the Period November 30, 2015a through April 30, 2016
Per Share Operating Performance:	2018			2017
Net asset value, beginning of period	$	10.15		$	9.88		$	10.00
Income (loss) from investment operations:
Net investment income (loss)b		0.31			0.29			0.13
Net realized and unrealized gain (loss)		(0.04	)		0.33			(0.14	)
Total from investment operations		0.27			0.62			(0.01	)
Less dividends and distributions to shareholders from:
Net investment income		(0.41	)		(0.35	)		(0.11	)
Net realized gain		(0.00	)c		—			—
Return of capital		(0.00	)c		—			—
Total dividends and distributions to shareholders		(0.41	)		(0.35	)		(0.11	)
Net increase (decrease) in net asset value		(0.14	)		0.27			(0.12	)
Net asset value, end of period	$	10.01		$	10.15		$	9.88
Total investment returnd		2.65	%		6.43	%		–0.06	%e
Ratios/Supplemental Data:
Net assets, end of period (in 000s)	$	544.2		$	589.4		$	9.9
Ratios to average daily net assets:
Expenses (before expense reduction)		1.30	%		1.54	%		2.45	%f
Expenses (net of expense reduction)		1.05	%		1.06	%		1.30	%f
Net investment income (loss) (before expense reduction)		2.82	%		2.43	%		2.09	%f
Net investment income (loss) (net of expense reduction)		3.07	%		2.91	%		3.24	%f
Portfolio turnover rate		34	%		52	%		40	%e

^a Commencement of operations.

^b Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d Return assumes the reinvestment of all dividends and distributions at net asset value.

^e Not annualized.

^f Annualized.

See accompanying notes to financial statements.

30

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

FINANCIAL HIGHLIGHTS—(Continued)

	Class Z
	For the Year Ended April 30,						For the Period November 30,  2015a through April 30, 2016
Per Share Operating Performance:	2018			2017
Net asset value, beginning of period	$	10.14		$	9.88		$	10.00
Income (loss) from investment operations:
Net investment income (loss)b		0.36			0.37			0.15
Net realized and unrealized gain (loss)		(0.03	)		0.30			(0.13	)
Total from investment operations		0.33			0.67			0.02
Less dividends and distributions to shareholders from:
Net investment income		(0.47	)		(0.41	)		(0.14	)
Net realized gain		(0.00	)c		—			—
Return of capital		(0.00	)c		—			—
Total dividends and distributions to shareholders		(0.47	)		(0.41	)		(0.14	)
Net increase (decrease) in net asset value		(0.14	)		0.26			(0.12	)
Net asset value, end of period	$	10.00		$	10.14		$	9.88
Total investment returnd		3.25	%		6.89	%		0.17	%e
Ratios/Supplemental Data:
Net assets, end of period (in 000s)	$	17.5		$	10.1		$	9.9
Ratios to average daily net assets:
Expenses (before expense reduction)		0.80	%		1.04	%		1.96	%f
Expenses (net of expense reduction)		0.55	%		0.62	%		0.80	%f
Net investment income (loss) (before expense reduction)		3.26	%		3.31	%		2.60	%f
Net investment income (loss) (net of expense reduction)		3.51	%		3.73	%		3.76	%f
Portfolio turnover rate		34	%		52	%		40	%e

^a Commencement of operations.

^b Calculation based on average shares outstanding.

^c  Amount is less than $0.005.

^d Return assumes the reinvestment of all dividends and distributions at net asset value.

^e Not annualized.

^f Annualized.

See accompanying notes to financial statements.

31

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

NOTES TO FINANCIAL STATEMENTS

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on September 2, 2015 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a non-diversified, open-end management investment company. The Fund’s investment objective is high current income. The authorized shares of the Fund are divided into seven classes designated Class A, C, F, I, R, T and Z shares. Each of the Fund’s shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares). Class F shares and Class T shares are currently not available for purchase.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic (ASC) 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary

32

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

Forward foreign currency contracts are valued daily at the prevailing forward exchange rate. OTC options are valued based upon prices provided by a third-party pricing service or counterparty.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value (NAV).

The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

33

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 investments as of April 30, 2018.

The following is a summary of the inputs used as of April 30, 2018 in valuing the Fund’s investments carried at value:

	Total			Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Preferred Securities—
$25 Par Value:
Pipelines	$	9,302,191		$	7,270,722	$	2,031,469		$	—
Other Industries		41,173,089			41,173,089		—			—
Preferred Securities—
Capital Securities:
Food		1,520,580			—		—			1,520,580
Other Industries		714,504,503			—		714,504,503			—
Corporate Bonds		228,546,278			—		228,546,278			—
Short-Term Investments		32,645,355			—		32,645,355			—
Total Investments in Securitiesa	$	1,027,691,996		$	48,443,811	$	977,727,605		$	1,520,580	b
Forward Foreign Currency
Exchange Contracts	$	639,698		$	—	$	639,698		$	—
Total Unrealized Appreciation in Other Financial Instrumentsa	$	639,698		$	—	$	639,698		$	—
Forward Foreign Currency
Exchange Contracts	$	(17,280	)	$	—	$	(17,280	)	$	—
Total Unrealized Depreciation in Other Financial Instrumentsa	$	(17,280	)	$	—	$	(17,280	)	$	—

^a  Portfolio holdings are disclosed individually on the Schedule of Investments.

34

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

^b  Level 3 investments are valued by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated. A change in the significant unobservable inputs could result in a signficantly lower or higher value in such Level 3 investments.

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Preferred Securities—Capital Securities—Food
Balance as of April 30, 2017	$	1,608,750
Purchases		—
Change in unrealized appreciation (depreciation)		(88,170	)
Balance as of April 30, 2018	$	1,520,580

The change in unrealized appreciation (depreciation) attributable to securities owned on April 30, 2018 which were valued using significant unobservable inputs (Level 3) amounted to $(88,170).

Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from Real Estate Investment Trusts (REITs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Options: The Fund may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the

35

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

underlying index, currency or security investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

At April 30, 2018, the Fund did not have any option contracts outstanding.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable

36

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund based on the net asset value per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended April 30, 2018, a portion of the dividends have been reclassified to distributions from return of capital.

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company, if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of April 30, 2018, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees: Cohen & Steers Capital Management, Inc. serves as the Fund’s investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at an annual rate of 0.65% of the average daily net assets of the Fund.

For the year ended April 30, 2018 and through June 30, 2019, the investment advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary

37

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

expenses) do not exceed 0.90% for Class A shares, 1.55% for Class C shares, 0.55% for Class I shares, 1.05% for Class R shares and 0.55% for Class Z shares. This contractual agreement may be amended or terminated at any time by agreement of the Fund’s Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the investment advisor and the Fund. For the year ended April 30, 2018, fees waived and/or expenses reimbursed totaled $2,107,623.

Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.05% of the average daily net assets of the Fund. For the year ended April 30, 2018, the Fund incurred $353,089 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Distribution and Service Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted a distribution and service plan (the plan) pursuant to Rule 12b-1 under the 1940 Act. The plan provides that the Fund will pay the distributor a monthly distribution fee, accrued daily and paid monthly, at an annual rate of up to 0.25%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares, respectively. In addition, also under the plan, the Fund may pay the distributor a monthly service fee, accrued daily and paid monthly, at an annual rate of up to 0.10% and 0.25% of the average daily net assets attributable to Class A and Class C shares, respectively. The amounts paid pursuant to the plan for Class A, Class C and Class R shares may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.

Shareholder Servicing Fees: For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund’s Class I shares. The distributor is responsible for paying qualified financial institutions for shareholder services.

Sales Charges and Contingent Deferred Sales Charges: There is a maximum initial sales charge of 2.00% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on purchases of $500,000 or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the year ended April 30, 2018, the Fund has been advised that the distributor received $21,708, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $90,865 and $9,565 of CDSC relating to redemptions of Class A and Class C shares. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the Distributor receiving amounts greater or less than the upfront commission paid by the Distributor to the financial intermediary.

Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to directors and officers affiliated with the investment advisor except for the Chief Compliance Officer, who received

38

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $8,373 for the year ended April 30, 2018.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the year ended April 30, 2018, totaled $903,668,867 and $230,848,484, respectively.

Note 4. Derivative Investments

The following tables present the value of derivatives held at April 30, 2018 and the effect of derivatives held during the year ended April 30, 2018, along with the respective location in the financial statements.

Statement of Assets and Liabilities

	Assets			Liabilities
Derivatives	Location	Fair Value		Location	Fair Value
Foreign Exchange Risk:
Forward foreign currency exchange contractsa	Unrealized appreciation	$	639,698	Unrealized depreciation	$	17,280

^a  Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting arrangement or another similar agreement.

Statement of Operations

Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Foreign Exchange Risk:
Forward foreign currency exchange contracts	Net Realized and Unrealized Gain (Loss)	$	(2,012,298	)	$	808,394
Written option contracts	Net Realized and Unrealized Gain (Loss)		29,904			(29,454	)

The following summarizes the volume of the Fund’s written option contracts activity during the year ended April 30, 2018:

	Written Option Contracts
Average Notional Amount	$	9,805,500	a
Ending Notional Amount		—

^a  Average for the period May 1, 2017 through May 9, 2017, which represents the period the Fund had option contracts outstanding. Amount represents number of contracts multiplied by notional contract size multiplied by the underlying price.

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 5. Income Tax Information

The tax character of dividends paid was as follows:

	For the Year Ended April 30, 2018		For the Year Ended April 30, 2017
Ordinary income	$	33,603,764	$	5,305,654
Return of capital		39,787		—
Total dividends	$	33,643,551	$	5,305,654

As of April 30, 2018, the tax-basis components of accumulated earnings and the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:

Cost of investments in securities for federal income tax purposes	$	1,031,694,694
Gross unrealized appreciation on investments	$	5,349,640
Gross unrealized depreciation on investments		(9,330,127	)
Net unrealized appreciation (depreciation) on investments	$	(3,980,487	)

As of April 30, 2018, the Fund incurred short-term capital losses of $438,077 and long-term capital losses of $433,754 after October 31, 2017, that it has elected to treat as arising in the following fiscal year.

During the year ended April 30, 2018, the Fund utilized net capital loss carryforwards of $318,201.

As of April 30, 2018, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities and certain fixed income securities and permanent book/tax differences primarily attributable to foreign currency transactions and certain fixed income securities. To reflect reclassifications arising from the permanent differences, paid-in capital was charged $5,661,290, accumulated net realized loss was charged $3,499,681 and dividends in excess of net investment income was credited $9,160,971. Net assets were not affected by this reclassification.

Note 6. Capital Stock

The Fund is authorized to issue 1.4 billion shares of capital stock, at a par value of $0.001 per share, classified in seven classes as follows: 200 million of Class A capital stock, 200 million of Class C capital stock, 200 million of Class F capital stock, 200 million of Class I capital stock, 200 million of Class R capital stock, 200 million of Class T capital stock and 200 million of Class Z capital stock. Class F shares and Class T shares are currently not available for purchase.

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. Transactions in Fund shares were as follows:

	For the Year Ended April 30, 2018						For the Year Ended April 30, 2017
	Shares			Amount			Shares			Amount
Class A:
Sold		8,650,536		$	88,070,751			6,196,261		$	62,142,675
Issued as reinvestment of dividends and distributions		243,512			2,468,064			92,735			930,103
Redeemed		(4,140,470	)		(42,086,225	)		(587,730	)		(5,905,416	)
Net increase (decrease)		4,753,578		$	48,452,590			5,701,266		$	57,167,362
Class C:
Sold		2,500,362		$	25,407,097			1,091,122		$	10,960,454
Issued as reinvestment of dividends and distributions		51,640			522,497			7,525			75,535
Redeemed		(366,022	)		(3,711,837	)		(32,407	)		(324,485	)
Net increase (decrease)		2,185,980		$	22,217,757			1,066,240		$	10,711,504
Class I:
Sold		77,133,262		$	783,771,343			30,640,529		$	308,006,523
Issued as reinvestment of dividends and distributions		1,805,138			18,283,985			260,862			2,622,179
Redeemed		(16,463,731	)		(166,780,946	)		(5,578,877	)		(55,903,184	)
Net increase (decrease)		62,474,669		$	635,274,382			25,322,514		$	254,725,518
Class R:
Sold		42,735		$	433,454			59,268		$	596,050
Issued as reinvestments of dividends and distributions		1,907			19,403			472			4,765
Redeemed		(48,346	)		(494,642	)		(2,649	)		(26,765	)
Net increase (decrease)		(3,704	)	$	(41,785	)		57,091		$	574,050

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

	For the Year Ended April 30, 2018						For the Year Ended April 30, 2017
	Shares			Amount			Shares		Amount
Class Z:
Sold		735		$	7,551			—	$	—
Issued as reinvestment of dividends and distributions		22			220			—		—
Redeemed		(6	)		(50	)		—		—
Net increase (decrease)		751		$	7,721			—	$	—

Note 7. Other Risks

Preferred Securities Risk: Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.

Risks associated with preferred securities differ from risks inherent with other investments. In particular, in the event of bankruptcy, a company’s preferred securities are senior to common stock but subordinated to all other types of corporate debt. Corporate bonds sit higher in the capital structure than preferred securities, and therefore in the event of bankruptcy, will be senior to the preferred securities.

Duration Risk: Duration is a mathematical calculation of the average life of a fixed-income or preferred security that serves as a measure of the security’s price risk to changes in interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes than securities with shorter durations. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Fund’s duration. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

Credit and Below Investment Grade Securities Risk: Preferred securities may be rated below investment-grade or may be unrated. Below-investment grade securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.

Concentration Risk: Because the Fund invests at least 25% of its net assets in the financials sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition. In addition, the Fund will also be subject to the risks of investing in the individual industries and securities that comprise the financials sector, including the bank, diversified financials, real estate (including REITs) and insurance industries. To the extent that the Fund focuses its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications, the Fund will be subject to the risks associated with these particular sectors and industries. These sectors and industries may be adversely affected by, among others, changes in government regulation, world events and economic conditions.

Liquidity Risk: Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase. The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, dealer inventories of certain securities, which provide an indication of the ability of dealers to engage in “market making,” are at, or near, historic lows in relation to market size, which has the potential to increase price volatility in the fixed income markets in which the Fund invests. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

Foreign (Non-U.S.) Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Contingent Capital Securities Risk: Contingent capital securities (sometimes referred to as “CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security, for example a mandatory conversion into common stock of the issuer under certain

43

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

circumstances, such as the issuer’s capital ratio falling below a certain level. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero, and conversion would deepen the subordination of the investor, hence worsening the investor’s standing in a bankruptcy. Some CoCos provide for a reduction in the value or principal amount of the security under such circumstances. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below investment-grade securities.

Geopolitical Risk: Occurrence of global events similar to those in recent years, such as war, terrorist attacks, natural disasters, country instability, infectious disease epidemics, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments. The decision of the United Kingdom (UK) to exit from the European Union following the June 2016 vote on the matter (referred to as Brexit) may cause uncertainty and thus adversely impact financial results of the Fund and the global financial markets. Growing tensions between the United States and other foreign powers, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the markets and the Fund. The strengthening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

Regulatory Risk: The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The U.S. Securities and Exchange Commission’s (SEC) final rules and amendments to modernize reporting and disclosure and to develop and implement a Liquidity Risk Management Program for open-end investment companies could, among other things, restrict and/or increase the cost of the Fund’s ability to engage in transactions, impact flows into the Fund and/or increase overall expenses of the Fund. In addition, Congress, various exchanges and regulatory and self-regulatory authorities, both domestic and foreign, have undertaken reviews of options and futures trading in light of market volatility. Among the actions that have been taken or proposed to be taken are new limits and reporting requirements for speculative positions, new or more stringent daily price fluctuation limits for futures and options transactions, and increased margin requirements for various types of futures transactions. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect the instruments in which the Fund invests and its ability to execute its investment strategy.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the United Kingdom’s (UK) Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains

44

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

NOTES TO FINANCIAL STATEMENTS—(Continued)

uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined.

This is not a complete list of the risks of investing in the Fund. For additional risks of investing in the Fund, please consult the Fund’s prospectus.

Note 8. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 9. New Accounting Guidance

In October 2016, the SEC adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was for periods ending after August 1, 2017. The adoption of these amendments required amended and additional disclosures reflected herein, but had no effect on the Fund’s net assets or results of operations.

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The adoption will have no effect on the Fund’s net assets or results of operations.

Note 10. Subsequent Events

Management has evaluated events and transactions occurring after April 30, 2018 through the date that the financial statements were issued, and had determined that no additional disclosure in the financial statements is required.

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Cohen & Steers Low Duration Preferred and Income Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the “Fund”) as of April 30, 2018, the related statement of operations for the year ended April 30, 2018, the statement of changes in net assets for each of the two years in the period ended April 30, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2018 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

June 20, 2018

We have served as the auditor of one or more investment companies in the Cohen & Steers family of mutual funds since 1991.

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

TAX INFORMATION—2018 (Unaudited)

Pursuant to the Jobs and Growth Relief Reconciliation Act of 2003, the Fund designates qualified dividend income of $26,850,526. Additionally, 34.83% of the ordinary dividends qualified for the dividends received deduction available to corporations. The Fund also designates a short-term capital gain distribution of $350,405.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the Securities and Exchange Commission’s (the SEC) website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov. In addition, the Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. Distributions in excess of the Fund’s investment company taxable income and net realized gains are a return of capital distributed from the Fund’s assets. To the extent this occurs, the Fund’s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Change in Board of Directors

On December 5, 2017, the Board of Directors voted to decrease the number of directors on the Fund’s Board of Directors from thirteen to ten, effective January 1, 2018. Directors Bonnie Cohen and Richard E. Kroon retired from the Board of Directors on December 31, 2017 pursuant to the Fund’s mandatory retirement policy. Director Richard Norman resigned from the Board of Directors effective December 31, 2017.

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

MANAGEMENT OF THE FUND

The business and affairs of the Fund are managed under the direction of the Board of Directors. The Board of Directors approves all significant agreements between the Fund and persons or companies furnishing services to it, including the Fund’s agreements with its investment advisor, administrator, co-administrator, custodian and transfer agent. The management of the Fund’s day-to-day operations is delegated to its officers, the investment advisor, administrator and co-administrator, subject always to the investment objective and policies of the Fund and to the general supervision of the Board of Directors.

The Board of Directors and officers of the Fund and their principal occupations during at least the past five years are set forth below. The statement of additional information (SAl) includes additional information about fund directors and is available, without charge, upon request by calling 800-330-7348.

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)		Length of Time Served3
Interested Directors4
Robert H. Steers Year of Birth: 1953	Director, Chairman	Until Next Election of Directors	Chief Executive Officer of Cohen & Steers Capital Management, Inc. (CSCM or the Advisor) and its parent, Cohen & Steers, Inc. (CNS) since 2014. Prior to that, Co-Chairman and Co-Chief Executive Officer of the Advisor since 2003 and CNS since 2004. Prior to that, Chairman of the Advisor; Vice President of Cohen & Steers Securities, LLC.		20	Since 1991
Joseph M. Harvey Year of Birth: 1963	Director	Until Next Election of Directors	President and Chief Investment Officer of the Advisor (since 2003) and President of CNS (since 2004). Prior to that, Senior Vice President and Director of Investment Research of CSCM.		20	Since 2014

(table continued on next page)

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

(table continued on previous page)

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)		Length of Time Served3
Disinterested Directors
Michael G. Clark Year of Birth: 1965	Director	Until Next Election of Directors	From 2006 to 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management.		20	Since 2011
Bonnie Cohen Year of Birth: 1942	Director	—5	Consultant. Board Member, DC Public Library Foundation since 2012, President since 2014; Board member, Telluride Mountain Film Festival since 2010; Trustee, H. Rubenstein Foundation since 1996; Trustee, District of Columbia Public Libraries from 2004 to 2014.		20	Since 2001
George Grossman Year of Birth: 1953	Director	Until Next Election of Directors	Attorney-at-law.		20	Since 1993

(table continued on next page)

49

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

(table continued on previous page)

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)	Length of Time Served3
Dean Junkans Year of Birth: 1959	Director	Until Next Election of Directors	C.F.A.; Adjunct Professor and Executive -In -Residence, Bethel University since 2015; Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014 and Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo & Company from 2011 to 2014; Former member and Chair, Claritas Advisory Committee at the CFA Institute from 2013 to 2015; Board Member and Investment Committee member, Bethel University Foundation since 2010; formerly Corporate Executive Board Member of the National Chief Investment Officers Circle, 2010 to 2015; formerly, Member of the Board of Governors of the University of Wisconsin Foundation, River Falls, 1996 to 2004; U.S. Army Veteran, Gulf War.	20	Since 2015
Richard E. Kroon Year of Birth: 1942	Director	—5	Former member of Investment Committee, Monmouth University from 2004 to 2016; Former Director, Retired Chairman and Managing Partner of Sprout Group venture capital funds, then an affiliate of Donaldson, Lufkin and Jenrette Securities Corporation from 1981 to 2001. Former Director of the National Venture Capital Association from 1997 to 2000, and Chairman for the year 2000.	20	Since 2004

(table continued on next page)

50

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

(table continued on previous page)

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)	Length of Time Served3
Gerald J. Maginnis Year of Birth: 1955	Director	Until Next Election of Directors	Philadelphia Office Managing Partner, KPMG LLP from 2006 to 2015; Partner in Charge, KPMG Pennsylvania Audit Practice from 2002 to 2008; President, Pennsylvania Institute of Certified Public Accountants (PICPA) from 2014 to 2015; member, PICPA Board of Directors from 2012 to 2016; member, Council of the American Institute of Certified Public Accountants (AICPA) from 2014 to 2017; member, Board of Trustees of AICPA Foundation since 2015.	20	Since 2015
Jane F. Magpiong Year of Birth: 1960	Director	Until Next Election of Directors	President, Untap Potential since 2013; Board Member, Crespi High School, from 2014 to 2017; Senior Managing Director, TIAA-CREF, from 2011 to 2013; National Head of Wealth Management, TIAA-CREF, from 2008 to 2011; and prior to that, President, Bank of America Private Bank from 2005 to 2008.	20	Since 2015

(table continued on next page)

51

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

(table continued on previous page)

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)	Length of Time Served3
Richard J. Norman Year of Birth: 1943	Director	—5	Private Investor. Member, Montgomery County, Maryland Department of Corrections Volunteer Corps. since 2010; Liaison for Business Leadership, Salvation Army World Service Organization (SAWSO) since 2010; Advisory Board Member, The Salvation Army since 1985; Prior thereto, Investment Representative of Morgan Stanley Dean Witter from 1966 to 2000.	20	Since 2001

(table continued on next page)

52

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

(table continued on previous page)

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)	Length of Time Served3
Daphne L. Richards Year of Birth: 1966	Director	Until Next Election of Directors	Independent Director of Cartica Management, LLC since 2015; Member of the Investment Committee of the Berkshire Taconic Community Foundation since 2015; Member of the Advisory Board of Northeast Dutchess Fund since 2016; Member of the 100 Women in Finance Global Association Board and Chair of its Advisory Council since 2012; President and CIO of Ledge Harbor Management since 2016; Previously, worked at Bessemer Trust Company from 1999 to 2014; Prior thereto, Ms. Richards held investment positions at Frank Russell Company from 1996 to1999, Union Bank of Switzerland from 1993 to 1996; Credit Suisse from 1990 to 1993; and Hambros International Venture Capital Fund from 1988 to 1989.	20	Since September 2017

(table continued on next page)

53

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

(table continued on previous page)

Name, Address and Year of Birth1	Position(s) Held With Fund	Term of Office2	Principal Occupation During At Least The Past 5 Years (Including Other Directorships Held)	Number of Funds Within Fund Complex Overseen by Director (Including the Fund)	Length of Time Served3
Frank K. Ross Year of Birth: 1943	Director	Until Next Election of Directors	Visiting Professor of Accounting and Director of the Center for Accounting Education at Howard University School of Business since 2004; Board member and member of Audit Committee (Chairman from 2007 to 2012) and Human Resources and Compensation Committee Member, Pepco Holdings, Inc. (electric utility) from 2004 to 2014; Formerly, Mid-Atlantic Area Managing Partner for Assurance Services at KPMG LLP and Managing Partner of its Washington, DC offices from 1995 to 2003.	20	Since 2004
C. Edward Ward, Jr. Year of Birth: 1946	Director	Until Next Election of Directors	Member of The Board of Trustees of Manhattan College, Riverdale, New York from 2004 to 2014. Formerly, Director of closed-end fund management for the NYSE where he worked from 1979 to 2004.	20	Since 2004

¹  The address for each director is 280 Park Avenue, New York, NY 10017.

²  On March 12, 2008, the Board of Directors adopted a mandatory retirement policy stating a Director must retire from the Board on December 31st of the year in which he or she turns 75 years of age.

³  The length of time served represents the year in which the Director was first elected or appointed to any fund in the Cohen & Steers fund complex.

⁴  “Interested person” as defined in the 1940 Act, of the Fund because of affiliation with CSCM (Interested Directors).

⁵  Bonnie Cohen and Richard E. Kroon retired from the Board of Directors on December 31, 2017 pursuant to the Fund’s mandatory retirement policy. Richard J. Norman resigned from the Board of Directors effective December 31, 2017.

54

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

The officers of the Fund (other than Messrs. Steers and Harvey, whose biographies are provided above), their address, their year of birth and their principal occupations for at least the past five years are set forth below.

Name, Address and Year of Birth1	Position(s) Held With Fund	Principal Occupation During At Least the Past 5 Years	Length of Time Served2
Adam M. Derechin 1964	President and Chief Executive Officer	Chief Operating Officer of CSCM since 2003 and CNS since 2004.	Since 2005
William F. Scapell 1968	Vice President	Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2003.	Since 2003
Elaine Zaharis-Nikas 1973	Vice President	Senior Vice President of CSCM since 2014. Prior to that, Vice President of CSCM since 2003.	Since 2015
Francis C. Poli 1962	Secretary and Chief Legal Officer	Executive Vice President, Secretary and General Counsel of CSCM and CNS since March 2007.	Since 2007
James Giallanza 1966	Chief Financial Officer	Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2006.	Since 2006
Albert Laskaj 1977	Treasurer	Vice President of CSCM since 2015. Prior to that, Director of Legg Mason & Co. since 2013. Vice President of Legg Mason from 2008 to 2013 and Treasurer of certain mutual funds since 2010.	Since 2015
Lisa D. Phelan 1968	Chief Compliance Officer	Executive Vice President of CSCM since 2015. Prior to that, Senior Vice President of CSCM since 2008. Chief Compliance Officer of CSCM, the Cohen & Steers funds, Cohen & Steers Asia Limited and CSSL since 2007, 2006, 2005 and 2004, respectively.	Since 2006

¹  The address of each officer is 280 Park Avenue, New York, NY 10017.

²  Officers serve one-year terms. The length of time served represents the year in which the officer was first elected as an officer of any fund in the Cohen & Steers fund complex. All of the officers listed above are officers of one or more of the other funds in the complex.

55

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

Cohen & Steers Privacy Policy

Facts	What Does Cohen & Steers Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies—	No	We don’t share
For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share
For our affiliates to market to you—	No	We don’t share
For non-affiliates to market to you—	No	We don’t share
Questions?     Call 800.330.7348

56

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

Cohen & Steers Privacy Policy—(Continued)

Who we are
Who is providing this notice?	Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan, LLC, Cohen & Steers UK Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open and Closed-End Funds (collectively, Cohen & Steers).
What we do
How does Cohen & Steers protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.
How does Cohen & Steers collect my personal information?	We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

57

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

Cohen & Steers Investment Solutions

COHEN & STEERS REAL ASSETS FUND

• Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

• Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS GLOBAL REALTY SHARES

• Designed for investors seeking total return, investing primarily in global real estate equity securities

• Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS REALTY SHARES

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbol: CSRSX

COHEN & STEERS REAL ESTATE SECURITIES FUND

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS INSTITUTIONAL REALTY SHARES

• Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

• Symbol: CSRIX

COHEN & STEERS INTERNATIONAL REALTY FUND

• Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities

• Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

• Designed for investors seeking total return, investing primarily in global infrastructure securities

• Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

COHEN & STEERS

MLP & ENERGY OPPORTUNITY FUND

• Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks

• Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

• Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies

• Symbols: LPXAX, LPXCX, LPXIX, LPXRX, LPXZX

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

• Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies

• Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS DIVIDEND VALUE FUND

• Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks

• Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX

Distributed by Cohen & Steers Securities, LLC.

COHEN & STEERS GLOBAL REALTY MAJORS ETF

• Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of global real estate equity securities of companies in a specified index

• Symbol: GRI

Distributed by ALPS Distributors, Inc.

ISHARES COHEN & STEERS

REALTY MAJORS INDEX FUND

• Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of U.S. real estate equity securities of companies in a specified index

• Symbol: ICF

Distributed by SEI Investments Distribution Co.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

58

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

OFFICERS AND DIRECTORS

Robert H. Steers

Director and Chairman

Joseph M. Harvey

Director and Vice President

Michael G. Clark

Director

Bonnie Cohen

Director

George Grossman

Director

Dean Junkans

Director

Richard E. Kroon

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Richard J. Norman

Director

Daphne L. Richards

Director

Frank K. Ross

Director

C. Edward Ward, Jr.

Director

Adam M. Derechin

President and Chief Executive Officer

William F. Scapell

Vice President

Elaine Zaharis-Nikas

Vice President

Francis C. Poli

Secretary and Chief Legal Officer

James Giallanza

Chief Financial Officer

Albert Laskaj

Treasurer

Lisa D. Phelan

Chief Compliance Officer

KEY INFORMATION

Investment Advisor

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, NY 10017

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

P.O. Box 219953

Kansas City, MO 64121-9953

(800) 437-9912

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Distributor

Cohen & Steers Securities, LLC

280 Park Avenue

New York, NY 10017

Nasdaq Symbol:	Class A—LPXAX
	Class C—LPXCX
	Class F—LPXFX*
	Class I—LPXIX
	Class R—LPXRX
	Class T—LPXTX*
	Class Z—LPXZX

Website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Low Duration Preferred and Income Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

* Class F and Class T shares are currently not available for purchase.

59

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

280 PARK AVENUE

NEW YORK, NY 10017

eDelivery AVAILABLE

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and prospectus online.

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Annual Report April 30, 2018

Cohen & Steers

Low Duration

Preferred and

Income Fund

LPXAXAR

Item 2. Code of Ethics.

The Registrant has adopted an Amended and Restated Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Code of Ethics was in effect during the reporting period. The Registrant has not amended the Code of Ethics as described in Form N-CSR during the reporting period. The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the reporting period. A current copy of the Code of Ethics is available on the Registrant’s website at https://www.cohenandsteers.com/assets/content/uploads/Code_of_Ethics_for_Principal_Executive_and_Principal_Financial_Officers_of_the_Funds.pdf. Upon request, a copy of the Code of Ethics can be made by calling 800-330-7348 or writing to the Secretary of the Registrant, 280 Park Avenue, 10th floor, New York, NY 10017.

Item 3. Audit Committee Financial Expert.

The registrant’s board has determined that Gerald J. Maginnis and Frank K. Ross qualify as audit committee financial experts based on their years of experience in the public accounting profession. The registrant’s board has determined that Michael G. Clark qualifies as an audit committee financial expert based on his years of experience in the public accounting profession and the investment management and financial services industry. Each of Messrs. Clark, Maginnis and Ross is a member of the board’s audit committee, and each is “independent” as such term is defined in Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years ended April 30, 2018 and April 30, 2017 for professional services rendered by the registrant’s principal accountant were as follows:

	2018	2017
Audit Fees	$42,200	$47,700
Audit-Related Fees	$0	$5,500
Tax Fees	$5,740	$6,600
All Other Fees	$0	$0

Tax fees were billed in connection with tax compliance services, including the preparation and review of federal and state tax returns.

(e)(1) The audit committee is required to pre-approve audit and non-audit services performed for the registrant by the principal accountant. The audit committee also is required to pre-approve non-audit services performed by the registrant’s principal accountant for the registrant’s investment advisor and any sub-advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the registrant’s investment advisor that provides ongoing services to the registrant, if the engagement for services relates directly to the operations and financial reporting of the registrant.

The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the board of directors of the registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee may not delegate its responsibility to pre-approve services to be performed by the registrant’s principal accountant to the investment advisor.

(e)(2) No services included in (b) – (d) above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal years ended April 30, 2018 and April 30, 2017, the aggregate fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant and for non-audit services rendered to the registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the registrant’s investment advisor that provides ongoing services to the registrant were:

	2018	2017
Registrant	$5,740	$6,600
Investment Advisor	$0	$0

(h) The registrant’s audit committee considered whether the provision of non-audit services that were rendered to the registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the registrant’s investment advisor that provides ongoing services to the registrant that were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X was compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not Applicable.

(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certifications of chief executive officer and chief financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

By:	/s/ Adam M. Derechin
	Name: Adam M. Derechin
	Title: President and Chief Executive Officer
Date: June 29, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Adam M. Derechin
	Name:  Adam M. Derechin
	Title:    President and Chief Executive Officer                   (Principal Executive Officer)

By:	/s/ James Giallanza
	Name:  James Giallanza
	Title:    Chief Financial Officer
	(Principal Financial Officer)
Date: June 29, 2018

EX-99.CERT

EX-99.CERT

EXHIBIT 13 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

I, Adam M. Derechin, certify that:

1. I have reviewed this report on Form N-CSR of Cohen & Steers Low Duration Preferred and Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 29, 2018

  /s/ Adam M. Derechin                    

  Adam M. Derechin

  Principal Executive Officer

EXHIBIT 13 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

I, James Giallanza, certify that:

1. I have reviewed this report on Form N-CSR of Cohen & Steers Low Duration Preferred and Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that

has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 29, 2018

/s/ James Giallanza

James Giallanza

Principal Financial Officer

EX-99.906CT

EX-99.906CERT

EXHIBIT 13 (b)

RULE 30a-2(b) CERTIFICATIONS

In connection with the Report of Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the “Company”) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Adam M. Derechin, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Adam M. Derechin

Adam M. Derechin

Principal Executive Officer

Date: June 29, 2018

EXHIBIT 13 (b)

RULE 30a-2(b) CERTIFICATIONS

In connection with the Report of Cohen & Steers Low Duration Preferred and Income Fund, Inc. (the “Company”) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James Giallanza

James Giallanza

Principal Financial Officer

Date: June 29, 2018