Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 53

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 53
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 and Preferred and Income Fund, Inc. (the Fund) is a diversified, closed-endmanagement investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund’s primary investment objective is high current income. The Fund’s secondary objective is capital appreciation. The Fund’s investment objectives are considered fundamental and may not be changed without stockholder approval. The Fund’s policy of investing at least 80% of its total assets in common stocks issued by real estate investment trusts (REITs) and preferred securities may only be changed upon 60 days’ prior written notice to the Fund’s stockholders.

Investment Strategies

Under normal market conditions, the Fund seeks to achieve its objectives through a portfolio of income producing common stock issued by REITs and preferred and other debt securities. Under normal circumstances at least 80% of the Fund’s total assets will be invested in common stocks issued by REITs and preferred securities. The Fund’s investments in contingent capital securities (sometimes referred to as CoCos) and convertible preferred securities, which are types of hybrid preferred securities, are considered preferred securities for purposes of this 80% policy.

The investment manager adheres to a bottom-up, relative value investment process when selecting publicly traded real estate securities. To guide the portfolio construction process, the investment manager utilizes a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value (“NAV”), cash flow multiple/growth ratios and a dividend discount model (“DDM”). Analysts incorporate both quantitative and qualitative analysis in their NAV, cash flow, growth and DDM estimates. The company research process includes an evaluation of the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength, and corporate structure. Judgments with respect to risk control, geographic and property sector diversification, liquidity and other factors are considered along with the models’ output and drive the portfolio managers’ investment decisions.

In making investment decisions with respect to preferred securities and debt securities, the investment manager seeks to select what it believes are superior securities (i.e., securities the

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C OHEN& S TEERSREIT ANDP REFERRED ANDI NCOMEF UND, I NC.

investment manager views as undervalued on the basis of risk and return profiles). In making this determination, the investment manager evaluates the fundamental characteristics of an issuer, including an issuer’s creditworthiness, and also takes into account prevailing market factors. In analyzing credit quality, the investment manager considers