Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 82

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 82
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 allocate investments among the accounts managed by the investment manager and its affiliates in a fair and equitable manner. The Fund depends to a significant extent on the investment manager’s access to the investment professionals and senior management of the investment manager and the information and deal flow generated by the investment manager’s investment professionals and senior management during the normal course of their investment and portfolio management activities. The senior management and the investment professionals of the investment manager source, evaluate, analyze and monitor the Fund’s investments. The Fund’s future success will depend on the continued service of the senior management team and investment professionals of the investment manager.

The investment manager will not cause the Fund to engage in certain negotiated investments alongside affiliates unless the Fund has received an order granting an exemption from Section 17 of the 1940 Act or unless such investments are not prohibited by Section 17(d) of the Investment Company Act or interpretations of Section 17(d) as expressed in SEC no-actionletters or other available guidance. A private real estate investment may be owned by multiple Cohen & Steers funds, including the Fund. The investment manager believes that having multiple funds invest in a single private real estate investment may result in economies of scale for shareholders as expenses will be shared across a larger asset base. However, investing alongside other Cohen & Steers funds involves certain risks. Although any funds investing in the same private real estate investment will have similar investment strategies with respect to private real estate investments and therefore are likely to be aligned with respect to their acquisition, holding and disposition of the investment, it is possible that the strategies of one fund might change to the extent that it no longer wishes to invest in the investment. In such a case, its ability to dispose of its interest in the private real estate investment will be limited. Similarly, it is

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

possible that the other fund owners of the investment may wish to dispose of their interest in the investment, potentially necessitating a sale of the investment at a time or price that the Fund believes is disadvantageous.

Real Estate Joint Venture Risk. The Fund through a REIT Subsidiary may enter into real estate joint ventures with third parties to make investments. The Fund may also make investments in partnerships or other co-ownershiparrangements or participations. Such investments may involve risks not otherwise present with other methods of investment, including, for instance, the following risks and conflicts of interest:

| • |     | the real estate joint venture