NEW YORK, July 27, 2012 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: [ CNS ]) announced today the initial public offering of Cohen & Steers Limited Duration Preferred and Income Fund, Inc. (the "Fund"). The Fund raised approximately $662.5 million in proceeds (before deduction of the sales load and offering expenses and exclusive of the underwriters' overallotment) in the initial public offering of 26,500,000 common shares at $25 per share. The Fund has granted the underwriters an option to purchase additional common shares at the public offering price less the sales load within 45 days of the date of prospectus, solely to cover overallotments, if any. Assuming full exercise of the underwriters' overallotment option, which may or may not occur, overall sales totaled approximately $752 million. The Fund's common shares began trading today on the New York Stock Exchange under the symbol "LDP."

The Fund's primary investment objective is high current income. The Fund's secondary investment objective is capital appreciation. The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies. The Fund seeks to reduce the risk of rising interest rates by maintaining, under normal market conditions, a portfolio duration, excluding the effects of leverage, of six years or less.

Cohen & Steers Capital Management, Inc. is a wholly owned subsidiary of Cohen & Steers, Inc., a publicly traded company whose common stock is listed on the New York Stock Exchange under the symbol "CNS." Cohen & Steers managed approximately $4.9 billion in Preferred Securities as of June 30, 2012.

BofA Merrill Lynch, Citigroup Global Markets, Inc. and Morgan Stanley & Co. LLC acted as the lead underwriters in connection with this offering.

Syndicate co-managers included: Barclays Capital Inc., Stifel, Nicolaus & Company, Incorporated, Deutsche Bank Securities Inc., J.J.B Hilliard, W.L. Lyons, LLC, Ladenburg Thalmann & Co. Inc., Maxim Group LLC and Wunderlich Securities, Inc.

As with any investment, the price of the Fund's common shares will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value.

The Fund may employ leverage in an amount up to 33-1/3%.

For a discussion of the risk factors for this Fund, see the section entitled "Principal Risks of the Fund" in the Fund's prospectus relating to its initial public offering, and other risks described in documents subsequently filed by the Fund from time to time with the Securities and Exchange Commission. An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For a copy of the prospectus, which contains this and other information about the Fund, call 1-800-330-7348. Please read the prospectus carefully before investing.

There is no assurance that the Fund will meet its investment objectives. You could lose some or all of your investment.

About Cohen & Steers

Founded in 1986, Cohen & Steers is a leading global investment management firm focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors through a broad range of investment vehicles. Please visit [ www.cohenandsteers.com ]

SOURCE Cohen & Steers, Inc.; Cohen & Steers Limited Duration Preferred and Income Fund

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Cohen amp;; Steers Limited Duration Preferred and Income Fund Raises $662.5 Million

Cohen & Steers Limited Duration Preferred and Income Fund Raises $662.5 Million