Company: RNP
Filing Date: 2025-09-05
Form Type: N-CSRS
Source: 0001193125-25-196906
Chunk: 45

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-09-05
Form: N-CSRS
Chunk 45
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5, ranking the Fund four out of eight peers, three out of eight peers, three out of eight peers and six out of eight peers, respectively. The Board noted that, on a NAV basis, the Fund outperformed the relevant linked blended benchmark for the one-,three-, five- and ten-yearperiods ended March 31, 2025. The Board engaged in discussions with the Investment Manager regarding the contributors to and detractors from the Fund’s performance, as well as the impact of leverage on the Fund’s performance. The Board considered that the Fund’s dual focus on REITs and preferred securities is uncommon and as a result, the Peer Funds generally consisted of real-estate only or preferred-only funds, making it difficult to make quantitative comparisons of the Fund’s performance with that of the Peer Funds. The Board also considered supplemental information provided by the Investment Manager, including a narrative summary of various factors affecting performance and the Investment Manager’s performance in managing similarly managed funds and accounts. The Board determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Management Agreement.

(iii) Cost of the services to be provided and profits to be realized by the Investment Manager from the relationship with the Fund:The Board considered the contractual and actual management fees paid by the Fund as well as the Fund’s total expense ratios. As part of its analysis, the Board gave consideration to the fee and expense analyses provided by the independent data provider. The Board considered that the Fund’s actual management fee at managed and common asset levels were lower than the Peer Group medians, ranking two out of eight peers for each. The Board noted that the Fund’s total expense ratios including investment-related expenses at common and managed asset levels were lower than the Peer Group medians, ranking three out of eight peers for each. The Board also noted that the Fund’s total expense ratios excluding investment-related expenses at managed and common asset levels were lower than the Peer Group medians, ranking two out of eight peers for each. The Board considered the impact of leverage on the Fund’s fees and expenses at managed and common asset levels. In light of the considerations above, the Board concluded that the Fund’s current expense structure was satisfactory.

The Board also reviewed information regarding the profitability to the Investment Manager of its relationship with the Fund. The Board considered the level of the Investment Manager’s profits and whether the profits were reasonable for the Investment Manager. The Board took into consideration other benefits to be derived by the Investment Manager in connection with the Management Agreement, noting particularly the