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.