<SEC-DOCUMENT>0001104659-17-015483.txt : 20170309
<SEC-HEADER>0001104659-17-015483.hdr.sgml : 20170309
<ACCEPTANCE-DATETIME>20170309155711
ACCESSION NUMBER:		0001104659-17-015483
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170309
DATE AS OF CHANGE:		20170309
EFFECTIVENESS DATE:		20170309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS REIT & PREFERRED INCOME FUND INC
		CENTRAL INDEX KEY:			0001224450
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21326
		FILM NUMBER:		17678247

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS REIT & PREFERRED BALANCED INCOME FUND INC
		DATE OF NAME CHANGE:	20030325
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a17-1558_1ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment   Company Act file number</font></p>    </td>
<td width="70%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21326</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen &amp;   Steers REIT and Preferred Income Fund, Inc.</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in charter)</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">280 Park Avenue,   New York, NY</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10017</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tina M. Payne<br>   Cohen &amp; Steers Capital Management, Inc.<br>   280 Park Avenue<br>   New York, New York 10017</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for service)</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s   telephone number, including area code:</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(212) 832-3232</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31, 2016</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><a name="PB_1_132007_7056"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Reports to Stockholders.</font></b></p>
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<div style="margin:0in 0in .0001pt;"><a name="PB_1_132055_5335"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">To Our Shareholders:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">We would like to share with you our report for the year ended December 31, 2016. The net asset value (NAV) at that date was $21.75 per common share. The Fund's common stock is traded on the New York Stock Exchange (NYSE) and its share price can differ from its NAV; at year end, the Fund's closing price on the NYSE was $19.12.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The total returns for the Fund and its comparative benchmarks were:</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="141" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Six Months Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="141" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers REIT and Preferred <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Income Fund at NAV<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;2.04</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8.43</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<td colspan="3" width="212" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers REIT and Preferred <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Income Fund at Market Value<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;3.30</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11.79</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">FTSE NAREIT Equity REIT Index<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;4.29</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8.52</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">BofA Merrill Lynch Fixed-Rate Preferred <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities Index<sup>b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;2.64</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.32</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Blended Benchmark&#151;50% FTSE NAREIT <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Equity REIT Index/50% BofA Merrill Lynch <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Fixed-Rate Preferred Securities Index<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#150;3.37</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5.63</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">S&amp;P 500 Index<sup>b</sup></font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7.82</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11.96</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund's returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund's dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund makes regular distributions at a level rate (the Policy). On September 15, 2016, the Board of Directors of the Fund approved a change in the frequency of dividends distributed to shareholders from quarterly to monthly effective October 1, 2016. Distributions paid by the Fund are </font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;As a closed-end investment company, the price of the Fund's NYSE-traded shares will be set by market forces and can deviate from the NAV per share of the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;The FTSE NAREIT Equity REIT Index contains all tax-qualified REITs except timber and infrastructure REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The BofA Merrill Lynch Fixed-Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&amp;P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. Benchmark returns are shown for comparative purposes only and may not be representative of the Fund's portfolio. The Fund's benchmarks do not include below-investment-grade securities.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund's investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund's assets. Distributions of capital decrease the Fund's total assets and, therefore, could have the effect of increasing the Fund's expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.</font></p>
<p style="margin:12pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Market Review</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The real estate securities market reached a major milestone in 2016 when, for the first time since the Global Industry Classification Standard (GICS) was created in 1999, a new sector classification was added to the major stock market indexes. The move elevated real estate to its own sector category, separate from the financials sector. The reclassification acknowledged that while property investment companies share certain similarities with other capital-intensive businesses, their cash-flow-oriented business models and ties to real estate market cycles have produced a distinctive risk-return profile. Investors had other reasons to cheer real estate as well, with the sector producing a favorable total return during the year.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The broad stock market got off to a difficult start early in the year as global growth slowed and interest rates declined to record lows on renewed deflation concerns. Real estate investment trusts (REITs) outperformed during this period as investors favored the stocks' predictable income generation and attractive yields.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Global economic fears subsided as the year progressed, however, as data generally improved. The amended growth outlook resulted in a rebound in interest rates and an increase in investors' risk appetite. REITs continued to advance as real estate market fundamentals strengthened, before surrendering some of their gains as expectations of a Federal Reserve interest rate hike grew.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Donald Trump's surprise victory in the November U.S. presidential election further lifted growth and inflation expectations, due to the anticipated impact of changes in fiscal and tax policies. The sharp rise in bond yields weighed on the returns of many higher yielding equities. During this time, the more cyclical real estate sectors&#151;such as hotels and industrial REITs&#151;produced favorable returns, while those considered to be more defensive&#151;like health care and free standing landlords&#151;generally declined.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Preferred securities delivered positive total returns in 2016 despite coming under pressure early in the year from widening credit spreads and late in the year from rising bond yields. Overall, strong income generation over the course of the year more than made up for price pressures. Preferreds were also supported by the ongoing improvements in the financial profiles of banks&#151;the largest issuers of preferreds.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In response to a tightening U.S. labor market and signs of firming inflation, the Federal Reserve raised its target interest rate by 0.25% in December to a range of 0.50% to 0.75%&#151;the central bank's only rate hike in 2016.</font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Fund Performance</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund had a positive total return for the year and outperformed its blended benchmark on both a NAV and market price basis. Our underweight and stock selection in the shopping center sector contributed to relative performance. The sector, with properties that are generally anchored by non-discretionary grocery stores and bargain-priced retailers, produced a positive total return but lagged the benchmark in the slow-growth environment that prevailed throughout the year.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Our underweight in health care property companies, which underperformed the broad real estate market, also aided relative performance. However, the effect was offset by relatively unfavorable stock selection in the sector. Companies with the most stable cash flows, such as owners of medical office buildings, generally performed quite well during the year, while those with skilled nursing care tenants underperformed amid concerns that regulatory issues could threaten tenants' profit margins.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Hotels rallied strongly, particularly in the second half of the year. Investors looked ahead to the end of the new supply cycle, anticipating that industry fundamentals would recover in 2017 along with the economy. However, our underweight in hotels, based on valuations, detracted from relative performance. Industrial landlords were another top-performing sector during the year, but our underweight due to generally high valuations hurt relative performance.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund's allocation to preferred securities had a positive absolute return and outperformed the broad preferreds universe as measured by the BofA Merrill Lynch Fixed-Rate Preferred Securities Index. Security selection was favorable in nearly all sectors, led by issues from utilities, banks and real estate companies.</font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Impact of Leverage on Fund Performance</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), significantly contributed to the Fund's performance for the 12-month period ended December 31, 2016.</font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Impact of Derivatives on Fund Performance</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund used derivatives in the form of options for hedging purposes, as well as forward foreign currency exchange contracts for managing currency risk on certain Fund positions denominated in foreign currencies. These contracts did not have a material effect on the Fund's total return for the 12-month period ended December 31, 2016.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Sincerely,</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><img src="j1715582_ba001.jpg">
</p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><img src="j1715582_ba002.jpg">
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">WILLIAM F. SCAPELL</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">THOMAS N. BOHJALIAN</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Manager</i></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Manager</i></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"> &nbsp;&nbsp;</font><img src="j1715582_ba003.jpg">
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&nbsp;&nbsp;JASON YABLON</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>&nbsp;&nbsp;Portfolio Manager</i></font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.</i></font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Visit Cohen &amp; Steers online at cohenandsteers.com</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">For more information about the Cohen &amp; Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Our website also provides comprehensive information about Cohen &amp; Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen &amp; Steers family of mutual funds invests in major real asset categories including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Our Leverage Strategy<BR>(Unaudited)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of December 31, 2016, leverage represented 25% of the Fund's managed assets.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Through a combination of variable and fixed rate financing, the Fund has locked in interest rates on a significant portion of this additional capital for periods expiring in 2017, 2018 and 2019<sup>a</sup> (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund's net asset value in both up and down markets. However, we believe that locking in portions of the Fund's leveraging costs for the various terms partially protects the Fund's expenses from an increase in short-term interest rates.</font></p>
<p style="margin:6pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Leverage Facts<sup>b,c</sup></font></p>
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<font face="Arial, Helvetica" style="font-size:10pt;">Leverage (as a % of managed assets)</font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">25</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">%</font><font face="Arial, Helvetica" style="font-size:10pt;"> F</font><font face="Arial, Helvetica" style="font-size:10pt;">ixed Rate</font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">85</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">%</font><font face="Arial, Helvetica" style="font-size:10pt;"> V</font><font face="Arial, Helvetica" style="font-size:10pt;">ariable Rate</font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Weighted Average Rate on Financing</font></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.9</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%<sup>a</sup></font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Weighted Average Term on Financing</font></td>
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&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;">4.4 </font><font face="Arial, Helvetica" style="font-size:10pt;">years<sup>a</sup></font></td>
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&nbsp;</td>
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</tr>
</table>

<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The net asset value of the Fund's shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;On February 24, 2015, the Fund amended its credit agreement to extend the fixed rate financing terms by three years expiring in 2020, 2021 and 2022. The weighted average rate on financing does not include the three year extension and will increase as the extended fixed-rate tranches become effective. The weighted average term on financing includes the three year extension.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;Data as of December 31, 2016. Information is subject to change.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>c</sup>&nbsp;&nbsp;See Note 7 in Notes to Financial Statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016<BR>Top Ten Holdings<sup>a</sup><BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Security</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">% of<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Managed<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Assets</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Simon Property Group</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">52,713,623</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3.8</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Prologis</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">36,187,387</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.6</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Vornado Realty Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">27,597,828</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2.0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equinix</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">26,990,889</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.9</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Extra Space Storage</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">26,106,425</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.9</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UDR</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,555,855</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.8</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Essex Property Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">22,694,790</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.6</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">General Electric Co., 5.00%, Series D</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,206,030</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.4</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SL Green Realty Corp.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,173,906</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.4</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brixmor Property Group</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,007,406</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.3</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other types of securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Sector Breakdown</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">(Based on Managed Assets)<BR>(Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><img src="j1715582_ba004.jpg" height="213 pt" width="479 pt">
</p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">COMMON STOCK&#151;REAL ESTATE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">61.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DIVERSIFIED</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.7%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Assets Trust<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">214,357</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,234,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gramercy Property Trust</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,278,801</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,739,393</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Vornado Realty Trust<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">264,423</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">27,597,828</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Washington REIT</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">318,761</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,420,297</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">58,992,018</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HEALTH CARE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.6%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HCP<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">577,909</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,175,455</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Healthcare Trust of America, Class A<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">549,593</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15,998,652</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Physicians Realty Trust<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">740,460</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,039,122</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Quality Care Properties<sup>a,b,c</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">132,075</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,047,163</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ventas</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">134,004</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,377,930</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">57,638,322</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HOTEL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Host Hotels &amp; Resorts<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">585,423</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,029,369</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Pebblebrook Hotel Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">219,895</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,541,876</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sunstone Hotel Investors<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">856,730</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13,065,133</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">30,636,378</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.5%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Prologis<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">685,497</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">36,187,387</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET LEASE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.1%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Four Corners Property Trust</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">214,456</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,400,637</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gaming and Leisure Properties</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">264,452</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,097,520</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Spirit Realty Capital<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,299,599</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,113,645</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">STORE Capital Corp.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">244,923</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,052,048</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">32,663,850</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">7.5%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Alexandria Real Estate Equities<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">140,068</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15,565,757</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Douglas Emmett<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">308,082</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,263,478</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Highwoods Properties</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">127,054</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,481,024</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hudson Pacific Properties</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">238,800</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,305,464</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Kilroy Realty Corp.<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">225,794</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">16,532,637</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SL Green Realty Corp.<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">178,279</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,173,906</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">77,322,266</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='7',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">RESIDENTIAL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">13.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">APARTMENT</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">12.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Campus Communities<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">356,572</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,746,589</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Apartment Investment &amp; Management Co.<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">312,095</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,184,718</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Colony Starwood Homes<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">472,561</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13,614,482</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Residential<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">263,580</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">16,964,009</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Essex Property Trust<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">97,612</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">22,694,790</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Mid-America Apartment Communities<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">167,228</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">16,374,966</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UDR<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">673,132</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,555,855</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">126,135,409</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MANUFACTURED HOME</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sun Communities<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">213,633</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">16,366,424</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL RESIDENTIAL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">142,501,833</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SELF STORAGE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">4.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CubeSmart<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">540,924</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,480,535</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Extra Space Storage<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">337,991</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">26,106,425</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Life Storage<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">43,843</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,738,054</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">44,325,014</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SHOPPING CENTERS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">8.9%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">COMMUNITY CENTER</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2.7%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brixmor Property Group<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">737,404</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,007,406</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Regency Centers Corp.<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">141,529</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,758,424</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">27,765,830</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REGIONAL MALL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">6.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">General Growth Properties<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">479,036</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,966,319</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Simon Property Group<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">296,694</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">52,713,623</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">64,679,942</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL SHOPPING CENTERS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">92,445,772</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SPECIALTY</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CyrusOne<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">163,314</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,305,035</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DuPont Fabros Technology<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">251,756</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,059,641</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equinix<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">75,518</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">26,990,889</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">QTS Realty Trust, Class A<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">305,320</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15,159,138</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">60,514,703</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL COMMON STOCK <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$447,706,872)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">633,227,543</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='8',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PREFERRED SECURITIES&#151;$25 PAR VALUE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">24.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">7.4%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Bank of America Corp., 6.20%, Series CC<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">134,575</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,389,944</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Bank of America Corp., 6.00%, Series EE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">200,473</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,991,778</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Bank of America Corp., 6.50%, Series Y<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">261,463</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,672,536</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BB&amp;T Corp., 5.625%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">65,175</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,583,101</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Citigroup, 6.875%, Series K<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">83,974</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,296,689</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Citigroup, 6.30%, Series S<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">139,006</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,516,852</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Farm Credit Bank of Texas, 6.75%, 144A<sup>a,d</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">63,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,567,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Fifth Third Bancorp, 6.625%, Series I<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">71,998</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,967,705</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">First Republic Bank, 5.50%, Series G<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">50,991</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,162,085</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">GMAC Capital Trust I, 6.691%, due 2/15/40, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series 2 (TruPS) (FRN)<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">324,847</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,251,114</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Huntington Bancshares, 6.25%, Series D<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">198,855</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,031,031</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JPMorgan Chase &amp; Co., 6.10%, Series AA<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">43,750</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,109,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JPMorgan Chase &amp; Co., 6.15%, Series BB<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">78,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,011,374</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JPMorgan Chase &amp; Co., 6.125%, Series Y</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">90,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,281,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">People's United Financial, 5.625%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">170,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,394,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Regions Financial Corp., 6.375%, Series B</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">209,686</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,562,970</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 6.00%, Series T</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">48,664</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,220,493</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 5.85%<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">220,206</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,557,999</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 6.625%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">46,774</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,267,575</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 6.00%, Series V</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">39,339</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">986,229</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 5.70%, Series W</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">117,835</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,785,619</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 5.50%, Series X</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">87,027</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,993,789</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Zions Bancorp, 7.90%, Series F<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">84,067</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,156,739</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,758,872</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Barclays Bank PLC, 8.125%, Series 5 <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">276,655</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,065,769</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">National Westminster Bank PLC, 7.763%, Series C <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">219,392</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,623,017</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,688,786</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='9',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ELECTRIC</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.5%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INTEGRATED ELECTRIC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.7%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DTE Energy Co., 5.375%, due 6/1/76, Series B</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">116,388</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,623,386</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Integrys Holdings, 6.00%, due 8/1/73</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">162,977</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,247,588</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,870,974</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REGULATED ELECTRIC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.8%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Southern Co./The, 6.25%, due 10/15/75</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">308,505</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,051,980</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL ELECTRIC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,922,954</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DIVERSIFIED FINANCIAL SERVICES</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.8%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">KKR &amp; Co. LP, 6.75%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">140,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,539,200</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">State Street Corp., 5.35%, Series G</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">146,525</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,666,055</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Stifel Financial Corp., 6.25%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">45,113</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,121,509</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,326,764</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INVESTMENT ADVISORY SERVICES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Management LP, 7.00%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">136,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,428,560</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INVESTMENT BANKER/BROKER</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.7%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Charles Schwab Corp./The, 5.95%, Series D</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">122,400</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,058,776</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Morgan Stanley, 6.875%<sup>a,b</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">282,674</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,643,505</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Morgan Stanley, 6.375%, Series I<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">254,338</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,544,117</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,246,398</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL FINANCIAL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">29,001,722</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS&#151;CHEMICALS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CHS, 6.75%<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">130,453</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,428,305</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CHS, 7.50%, Series 4</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">74,495</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,021,794</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CHS, 7.10%, Series II<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">193,453</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,128,439</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,578,538</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INSURANCE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.0%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIFE/HEALTH INSURANCE&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.1%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Aegon NV, 6.50% (Netherlands)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">41,743</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,050,254</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='10',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MULTI-LINE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Financial Group, 6.00%, due 11/15/55</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">99,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,475,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Financial Group, 6.25%, due 9/30/54</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">139,041</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,482,977</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hanover Insurance Group/The, 6.35%, due 3/30/53</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">78,400</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,960,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">WR Berkley Corp., 5.75%, due 6/1/56</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">139,375</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,188,900</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">WR Berkley Corp., 5.90%, due 3/1/56</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">112,600</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,701,274</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13,808,151</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MULTI-LINE&#151;FOREIGN</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PartnerRe Ltd., 6.50%, Series G (Bermuda)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">74,903</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,941,486</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REINSURANCE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Reinsurance Group of America, 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 6/15/56<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">138,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,626,640</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REINSURANCE&#151;FOREIGN</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.0%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Arch Capital Group Ltd., 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series E (Bermuda)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">155,700</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,289,941</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Aspen Insurance Holdings Ltd., 5.95% (Bermuda)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">106,758</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,702,045</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Aspen Insurance Holdings Ltd., 7.25% (Bermuda)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">52,801</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,342,201</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Endurance Speciality Holdings Ltd., 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series C (Bermuda)<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">137,701</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,519,638</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,853,825</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL INSURANCE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">31,280,356</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INTEGRATED TELECOMMUNICATIONS SERVICES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Qwest Corp., 6.50%, due 9/1/56<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">111,900</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,556,915</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Qwest Corp., 7.00%, due 4/1/52</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">55,429</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,369,096</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,926,011</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REAL ESTATE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">5.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DIVERSIFIED</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.7%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Coresite Realty Corp., 7.25%, Series A</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">79,200</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,002,176</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Lexington Realty Trust, 6.50%, Series C <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">($</font><font face="Arial, Helvetica" style="font-size:10pt;">50 </font><font face="Arial, Helvetica" style="font-size:10pt;">Par Value)<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,536</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,819,146</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NorthStar Realty Finance Corp., 8.50%, Series D</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">90,426</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,303,150</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">VEREIT, 6.70%, Series F<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">257,840</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,520,774</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo Real Estate Investment Corp., 6.375%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series A</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">102,536</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,580,831</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,226,077</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='11',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HOTEL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.5%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Hersha Hospitality Trust, 6.875%, Series C<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">134,345</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,263,240</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sunstone Hotel Investors, 6.95%, Series E</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">65,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,647,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,910,990</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gramercy Property Trust, 7.125%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">151,270</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,978,401</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Monmouth Real Estate Investment Corp., <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">7.875</font><font face="Arial, Helvetica" style="font-size:10pt;">%, Series B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">87,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,242,538</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">STAG Industrial, 6.875%, Series C</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">96,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,463,360</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,684,299</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Corporate Office Properties Trust, 7.375%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series L<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,520,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Government Properties Income Trust, 5.875%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 5/1/46</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">70,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,649,900</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,169,900</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">RESIDENTIAL</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MANUFACTURED HOME</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Lifestyle Properties, 6.75%, Series C</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">60,843</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,528,376</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SINGLE FAMILY</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">American Homes 4 Rent, 5.00%, Series A</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">79,685</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,197,713</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL RESIDENTIAL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,726,089</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SHOPPING CENTERS&#151;COMMUNITY CENTER</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.9%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cedar Realty Trust, 7.25%, Series B<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">219,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,332,650</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DDR Corp., 6.50%, Series J<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">60,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,470,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Saul Centers, 6.875%, Series C<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">84,140</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,114,438</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,917,088</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SPECIALTY</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Digital Realty Trust, 6.35%, Series I</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">140,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,508,400</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL REAL ESTATE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">51,142,843</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TECHNOLOGY&#151;SOFTWARE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">eBay, 6.00%, due 2/1/56</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">133,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,450,020</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='12',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UTILITIES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.4%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dominion Resources, 5.25%, due 7/30/76, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">115,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,553,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Entergy New Orleans, 5.50%, due 4/1/66</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">60,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,401,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NextEra Energy Capital Holdings, 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 6/1/76, Series K</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">116,605</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,574,638</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SCE Trust IV, 5.375%, Series J</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">125,870</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,106,472</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SCE Trust V, 5.45%, Series K<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">188,469</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,760,727</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,395,837</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL PREFERRED SECURITIES&#151;$25 PAR VALUE <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$242,888,597)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">248,145,939</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount/Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PREFERRED SECURITIES&#151;CAPITAL SECURITIES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">44.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">11.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Bank of America Corp., 6.30%, Series DD<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,704,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Bank of America Corp., 6.50%, Series Z<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,113,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,580,726</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Bank of New York Mellon Corp./The, 4.625%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series F</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,704,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,567,373</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Citigroup, 6.125%, Series R</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,806,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,980,218</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Citigroup, 6.25%, Series T</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,925,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,134,481</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Citigroup Capital III, 7.625%, due 12/1/36<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,502,224</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CoBank ACB, 6.25%, 144A<sup>a,d</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">33,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,362,908</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CoBank ACB, 6.125%, Series G<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">46,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,536,656</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">CoBank ACB, 6.25%, Series I</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,334,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,507,295</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Farm Credit Bank of Texas, 10.00%, Series I<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,185,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Goldman Sachs Capital I, 6.345%, due 2/15/34<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">939,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,118,768</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Goldman Sachs Group/The, 5.70%, Series L</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,520,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,585,646</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Huntington Bancshares, 8.50%, Series A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Convertible)<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,212</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,657,400</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JPMorgan Chase &amp; Co., 7.90%, Series I<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,404,250</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JPMorgan Chase &amp; Co., 6.75%, Series S<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,650,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,331,187</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">JPMorgan Chase &amp; Co., 5.30%, Series Z</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,557,650</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">M&amp;T Bank Corp., 5.125%, Series F</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,094,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,059,813</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PNC Financial Services Group, 6.75%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,275,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,683,812</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 7.98%, Series K<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,475,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,005,719</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='13',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount/Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo &amp; Co., 5.875%, Series U</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,270,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,539,561</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Wells Fargo Capital X, 5.95%, due 12/1/36</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,866,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">115,871,187</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BANKS&#151;FOREIGN</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">13.2%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Australia &amp; New Zealand Banking Group Ltd./<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">United Kingdom, 6.75%, 144A (Australia)<sup>d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,398,233</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Banco Bilbao Vizcaya Argentaria SA, 8.875% <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(EUR) (Spain)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,911,794</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Banco Bilbao Vizcaya Argentaria SA, 9.00% (Spain)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,600,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,717,645</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Banco Mercantil del Norte SA, 5.75%, due 10/4/31, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144</font><font face="Arial, Helvetica" style="font-size:10pt;">A (Mexico)<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,725,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Barclays PLC, 7.875% (United Kingdom)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,447,090</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Barclays PLC, 8.25% (United Kingdom)<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,320,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,554,740</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BNP Paribas, 7.195%, 144A (France)<sup>a,d</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,300,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,605,250</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">BNP Paribas SA, 7.625%, 144A (France)<sup>a,b,d</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,460,800</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Credit Agricole SA, 8.125%, 144A (France)<sup>a,d</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,300,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,710,479</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Credit Suisse Group AG, 7.50%, 144A (Switzerland)<sup>a,d</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,605,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,784,979</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">DNB Bank ASA, 6.50% (Norway)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,800,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,883,524</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dresdner Funding Trust I, 8.151%, due 6/30/31, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144</font><font face="Arial, Helvetica" style="font-size:10pt;">A (Germany)<sup>a,d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,835,906</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,615,696</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">HSBC Capital Funding LP, 10.176%, 144A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)<sup>a,d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,442,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,473,055</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">HSBC Holdings PLC, 6.875% (United Kingdom)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,800,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,076,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Lloyds Banking Group PLC, 7.50% <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,166,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,366,395</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Nationwide Building Society, 10.25% (GBP) <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,790,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,767,424</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Rabobank Nederland, 11.00%, 144A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Netherlands)<sup>a,d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,375,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13,411,694</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Royal Bank of Scotland Group PLC, 7.648% <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,241,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,571,547</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Royal Bank of Scotland Group PLC, 8.625% <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,544,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Societe Generale SA, 7.375%, 144A (France)<sup>d</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,203,444</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Standard Chartered PLC, 7.50%, 144A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(United Kingdom)<sup>d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,800,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,800,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Swedbank AB, 6.00% (Sweden)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,020,250</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UBS Group AG, 6.875% (Switzerland)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,040,184</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='14',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount/Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UBS Group AG, 7.00% (Switzerland)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,600,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,682,800</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UBS Group AG, 7.125% (Switzerland)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,091,311</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UBS Group AG, 7.125% (Switzerland)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,172,835</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">137,036,169</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ELECTRIC&#151;REGULATED ELECTRIC</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.2%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Southern Co./The, 5.50%, due 3/15/57, Series B</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,518,315</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL&#151;DIVERSIFIED FINANCIAL SERVICES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">National Rural Utilities Cooperative <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Finance Corp., 5.25%, due 4/20/46</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,390,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,450,647</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">State Street Corp., 5.25%, Series F</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,005,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,087,638</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,538,285</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">FOOD</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dairy Farmers of America, 7.875%, 144A<sup>d,e</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">40,100</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,194,211</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dairy Farmers of America, 7.875%, 144A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">($</font><font face="Arial, Helvetica" style="font-size:10pt;">100 </font><font face="Arial, Helvetica" style="font-size:10pt;">Par Value)<sup>d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">82,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,707,375</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,901,586</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INDUSTRIALS&#151;DIVERSIFIED MANUFACTURING</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.9%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">General Electric Co., 5.00%, Series D<sup>a,b</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,486,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19,206,030</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INSURANCE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">11.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIFE/HEALTH INSURANCE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">3.0%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MetLife, 5.25%, Series C</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,266,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,329,990</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">MetLife Capital Trust IV, 7.875%, due 12/15/37, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144</font><font face="Arial, Helvetica" style="font-size:10pt;">A<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,421,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MetLife Capital Trust X, 9.25%, due 4/8/38, 144A<sup>a,d</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,065,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,988,562</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Prudential Financial, 5.625%, due 6/15/43<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,464,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,842,560</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Voya Financial, 5.65%, due 5/15/53</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,300,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,254,625</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">30,836,737</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIFE/HEALTH INSURANCE&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">4.3%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dai-ichi Life Insurance Co. Ltd., 4.00%, 144A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Japan)<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,087,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dai-ichi Life Insurance Co. Ltd., 5.10%, 144A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Japan)<sup>a,d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,472,250</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Demeter BV (Swiss Re Ltd.), 5.625%, due 8/15/52 <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Netherlands)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,201,915</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='15',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount/Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Demeter BV (Swiss Re Ltd.), 5.75%, due 8/15/50 <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Netherlands)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,200,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,222,560</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">La Mondiale Vie, 7.625% (France)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,764,375</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Meiji Yasuda Life Insurance Co., 5.20%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 10/20/45, 144A (Japan)<sup>a,b,d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,350,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,615,151</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Nippon Life Insurance Co., 4.70%, due 1/20/46, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144</font><font face="Arial, Helvetica" style="font-size:10pt;">A (Japan)<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,037,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Sumitomo Life Insurance Co., 6.50%, due 9/20/73, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144</font><font face="Arial, Helvetica" style="font-size:10pt;">A (Japan)<sup>a,d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,800,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,256,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">44,656,751</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MULTI-LINE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Hartford Financial Services Group/The, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">8.125%, due 6/15/38</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,365,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,538,828</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MetLife, 10.75%, due 8/1/69<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,442,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,292,075</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,830,903</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MULTI-LINE&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">AXA SA, 6.463%, 144A (France)<sup>a,d</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,250,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,203,265</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ING Groep N.V., 6.875% (Netherlands)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,425,310</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,628,575</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PROPERTY CASUALTY</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.8%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Liberty Mutual Group, 7.80%, due 3/7/87, 144A<sup>a,d</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,150,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,061,625</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PROPERTY CASUALTY&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.9%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">QBE Insurance Group Ltd., 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 12/2/44 (Australia)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,003,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,330,164</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">QBE Insurance Group Ltd., 5.875%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 6/17/46, Series EMTN (Australia)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,800,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,827,042</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,157,206</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REINSURANCE&#151;FOREIGN</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Aquarius + Investments PLC, 8.25% (Ireland)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,389,790</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL INSURANCE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">113,561,587</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='16',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount/Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">INTEGRATED TELECOMMUNICATIONS SERVICES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.6%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Centaur Funding Corp., 9.08%, due 4/21/20, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">144A (Cayman Islands)<sup>a,d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,254</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,807,180</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Frontier Communications Corp., 8.875%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 9/15/20</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,200,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,351,250</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,158,430</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MATERIAL&#151;METALS &amp; MINING</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1.0%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">BHP Billiton Finance USA Ltd., 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 10/19/75, 144A (Australia)<sup>a,b,d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,800,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">PIPELINES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.7%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Transcanada Trust, 5.875%, due 8/15/76, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Series 16-A (Canada)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,002,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,299,585</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">REAL ESTATE&#151;DIVERSIFIED</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.4%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">QCP SNF West/Central/East/AL REIT LLC, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">8.125%, due 11/1/23, 144A<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">3,727,750</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">UTILITIES</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2.4%</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ELECTRIC UTILITIES</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">0.1%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NextEra Energy Capital Holdings, 7.30%, <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">due 9/1/67, Series D<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,038,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,039,557</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ELECTRIC UTILITIES&#151;FOREIGN</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2.3%</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Emera, 6.75%, due 6/15/76, Series 16-A <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Canada)<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">13,450,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,458,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Enel SpA, 8.75%, due 9/24/73, 144A (Italy)<sup>a,d</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,510,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,701,400</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="348" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,160,150</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL UTILITIES</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">25,199,707</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL PREFERRED SECURITIES&#151;CAPITAL SECURITIES <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$428,375,454)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="104" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">457,818,631</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='17',FILE='17-1558-2.ca',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="269" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">SHORT-TERM INVESTMENTS</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1.4%</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MONEY MARKET FUNDS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">State Street Institutional Treasury <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Money Market Fund, Premier Class, 0.40%<sup>f</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="79" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,800,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,800,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">TOTAL SHORT-TERM INVESTMENTS <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Identified cost&#151;$14,800,000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,800,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">TOTAL INVESTMENTS (Identified cost&#151;$1,133,770,923)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">130.9</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,353,992,113</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIABILITIES IN EXCESS OF OTHER ASSETS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(30.9</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(319,363,990</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="269" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS (Equivalent to $21.75 per share <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">based on 47,566,736 shares of common <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">stock outstanding)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">100.0</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,034,628,123</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note: Percentages indicated are based on the net assets of the Fund.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;All or a portion of the security is pledged as collateral in connection with the Fund's credit agreement. $716,737,980 in aggregate has been pledged as collateral.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;A portion of the security has been rehypothecated in connection with the Fund's credit agreement. $321,823,199 in aggregate has been rehypothecated.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>c</sup>&nbsp;&nbsp;Non-income producing security.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>d</sup>&nbsp;&nbsp;Resale is restricted to qualified institutional investors. Aggregate holdings amounting to $180,199,557 or 17.4% of the net assets of the Fund, of which 0.4% are illiquid.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>e</sup>&nbsp;&nbsp;Illiquid security. Aggregate holdings equal 0.4% of the net assets of the Fund.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>f</sup>&nbsp;&nbsp;Rate quoted represents the annualized seven-day yield of the fund.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Forward foreign currency exchange contracts outstanding at December 31, 2016 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Counterparty</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Contracts to<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Deliver</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">In Exchange<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">For</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Settlement<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Date</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Unrealized<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Appreciation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Depreciation)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="131" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brown Brothers Harriman</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">EUR</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,437,250</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">USD</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,781,172</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1/4/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">57,649</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brown Brothers Harriman</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">GBP</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,246,352</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">USD</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,811,981</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1/4/17</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">113,978</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="131" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brown Brothers Harriman</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">USD</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,716,743</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">GBP</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,246,352</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1/4/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(18,740</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brown Brothers Harriman</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">USD</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,733,798</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">EUR</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,437,250</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">1/4/17</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(10,274</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="131" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brown Brothers Harriman</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">EUR</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,616,130</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">USD</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,930,881</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2/2/17</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">10,316</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Brown Brothers Harriman</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">GBP</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,321,219</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">USD</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,813,899</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2/2/17</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,533</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="432" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">170,462</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The total amount of all forward foreign currency exchange contracts as presented in the table above, is representative of the volume of activity for this derivative type during the year ended December 31, 2016.</font></p>
<p style="margin:12pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Glossary of Portfolio Abbreviations</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">EUR &nbsp;&nbsp;Euro Currency</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">FRN &nbsp;&nbsp;Floating Rate Note</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">GBP &nbsp;&nbsp;Great British Pound</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">REIT &nbsp;&nbsp;Real Estate Investment Trust</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">TruPS &nbsp;&nbsp;Trust Preferred Securities</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">USD &nbsp;&nbsp;United States Dollar</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>19</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF ASSETS AND LIABILITIES</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">ASSETS:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investments in securities, at value<sup>a</sup> (Identified cost&#151;$1,133,770,923)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,353,992,113</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,973,670</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Receivable for:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends and interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,437,626</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment securities sold</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,399,978</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Unrealized appreciation on forward foreign currency exchange contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">199,476</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Other assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,621</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,387,007,484</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">LIABILITIES:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Unrealized depreciation on forward foreign currency exchange contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">29,014</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Payable for:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Credit agreement</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">350,000,000</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment securities purchased</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">991,940</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment management fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">752,574</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends declared</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">241,422</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Administration fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">63,252</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Interest expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">56,626</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Directors' fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">527</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Other liabilities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">244,006</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Liabilities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">352,379,361</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,034,628,123</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS consist of:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Paid-in capital</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">803,300,258</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Accumulated undistributed net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,634,064</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Accumulated undistributed net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,304,113</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">220,389,688</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,034,628,123</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">NET ASSET VALUE PER SHARE:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">($1,034,628,123 &divide; 47,566,736 shares outstanding)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">21.75</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MARKET PRICE PER SHARE</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">19.12</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">MARKET PRICE DISCOUNT TO NET ASSET VALUE PER SHARE</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(12.09</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Includes $321,823,199 which has been rehypothecated in connection with the Fund's credit agreement, as described in Note 7.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='20',FILE='17-1558-2.da',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF OPERATIONS</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">For the Year Ended December 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment Income:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividend income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">41,674,966</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Interest income (net of $2,305 of foreign withholding tax)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,487,978</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Rehypothecation income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">73,895</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Investment Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">66,236,839</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Expenses:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investment management fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,121,951</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Interest expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,761,821</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Administration fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">961,569</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Shareholder reporting expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">127,146</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Custodian fees and expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">122,081</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Professional fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">93,322</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Directors' fees and expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">75,929</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Line of credit fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">23,229</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Transfer agent fees and expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">22,698</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Miscellaneous</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,614</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">17,386,360</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Investment Income (Loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">48,850,479</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss):</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain (loss) on:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">43,598,497</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Written option contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(310,646</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign currency transactions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,345,820</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">45,633,671</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation (depreciation) on:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(18,417,880</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Written option contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(53,261</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign currency translations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">116,546</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation (depreciation)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(18,354,595</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">27,279,076</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Increase (Decrease) in Net Assets Resulting from Operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,129,555</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='21',FILE='17-1558-2.da',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF CHANGES IN NET ASSETS</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="198" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="149" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2015</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="504" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Change in Net Assets:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="504" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">From Operations:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net investment income (loss)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">48,850,479</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">43,164,825</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">45,633,671</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">59,242,895</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(depreciation)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(18,354,595</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(31,792,043</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase (decrease) in net assets <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,129,555</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">70,615,677</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="504" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends and Distributions to Shareholders from:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(46,173,805</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(70,488,885</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(24,320,098</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total dividends and distributions <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">to shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(70,493,903</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(70,488,885</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="504" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Capital Stock Transactions:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Increase (decrease) in net assets from <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Fund share transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(3,824,582</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total increase (decrease) in net assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5,635,652</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(3,697,790</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="504" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Assets:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Beginning of year</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,028,992,471</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,032,690,261</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="198" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">End of year<sup>a</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,034,628,123</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,028,992,471</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Includes accumulated undistributed net investment income of $2,634,064 and $1,769,977, respectively.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='22',FILE='17-1558-2.da',USER='105707',CD='Feb 28 04:16 2017' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF CASH FLOWS</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">For the Year Ended December 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="489" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Increase (Decrease) in Cash:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash Flows from Operating Activities:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net increase (decrease) in net assets resulting from operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,129,555</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Adjustments to reconcile net increase in net assets resulting from<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">operations to net cash provided by operating activities:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Purchases of long-term investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(634,649,983</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Proceeds from sales and maturities of long-term investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">671,907,245</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net purchases, sales and maturities of short-term investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(7,881,225</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net amortization of premium on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">634,188</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net non-cash dividends received</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(767,231</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net increase in dividends and interest receivable and other assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(1,656,601</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase in interest expense payable, accrued expenses and <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">other liabilities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">44,981</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Decrease in premiums received from written option contracts</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(72,629</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized depreciation on written option contracts</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">53,261</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized depreciation on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">18,417,880</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation on forward foreign currency <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">exchange contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(111,689</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(43,598,497</font></p></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash provided by operating activities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">78,449,255</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="489" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash Flows from Financing Activities:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends and Distributions paid</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(70,975,084</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Increase (decrease) in cash</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,474,171</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash at beginning of year (including foreign currency)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,499,499</font></p></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="354" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cash at end of year</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,973,670</font></p></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the year ended December 31, 2016, interest paid was $6,741,945.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the year ended December 31, 2016, as part of exchange offers from two of the Fund's investments, the Fund received shares of new securities valued at $23,159,428, resulting in a realized gain of $168,950.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following table includes selected data for a share outstanding throughout each year and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="220" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="476" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">For the Year Ended December 31,</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Per Share Operating Performance:</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2015</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2012</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net asset value, beginning of year</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21.63</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21.62</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">17.88</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">18.37</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">15.34</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="696" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Income (loss) from investment operations:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net investment income (loss)<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.03</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.91</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.96</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.83</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.95</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net realized and unrealized gain (loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.57</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.57</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.07</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>b</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.13</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)<sup>c</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3.28</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Total from investment operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.60</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.48</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">5.03</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.70</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.23</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="696" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Less dividends and distributions to <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">shareholders from:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.97</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.48</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.29</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.20</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.20</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net realized gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.51</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Total dividends and distributions to <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.48</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.48</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.29</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.20</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(1.20</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Anti-dilutive effect from the repurchase of shares</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.01</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.01</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#151;</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net increase (decrease) in net asset value</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.12</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">0.01</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3.74</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">(0.49</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3.03</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net asset value, end of year</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21.75</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21.63</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21.62</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">17.88</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">18.37</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Market value, end of year</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">19.12</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">18.44</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">18.99</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">15.70</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">16.99</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Total net asset value return<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">8.43</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">8.45</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">29.87</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.48</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">28.45</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Total market value return<sup>d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">11.79</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">5.26</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">29.91</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">&#150;0.80</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">28.79</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>24</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS&#151;(Continued)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="220" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="476" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">For the Year Ended December 31,</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ratios/Supplemental Data:</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2015</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">2012</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Net assets, end of year (in millions)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1,034.6</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1,029.0</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1,032.7</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">854.3</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">883.1</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Ratio of expenses to average daily net assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.65</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.67</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.71</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.82</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.63</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Ratio of expenses to average daily net assets <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(excluding interest expense)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.01</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.03</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.03</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.10</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.10</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Ratio of net investment income (loss) to average <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">daily net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.64</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.18</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.76</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">4.38</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">5.45</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Ratio of expenses to average daily managed <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">assets<sup>e</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.24</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.25</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.26</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.31</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">1.15</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Portfolio turnover rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">46</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">42</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">54</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">51</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">49</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="696" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Credit Agreement</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Asset coverage ratio for credit agreement</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">396</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">394</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">395</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">344</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">352</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="220" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Asset coverage per $1,000 for credit agreement</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3,956</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3,940</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3,951</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3,441</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">3,523</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

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<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>a</sup>&nbsp;&nbsp;Calculation based on average shares outstanding.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>b</sup>&nbsp;&nbsp;Includes gains resulting from class action litigation payments on securities owned in prior years. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $3.99 and the total return on a NAV basis would have been 29.58%.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>c</sup>&nbsp;&nbsp;Includes gains resulting from class action litigation payments on securities owned in prior years. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $(0.17) and the total return on a net asset value (NAV) basis would have been 4.33%.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>d</sup>&nbsp;&nbsp;Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund's NYSE market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><sup>e</sup>&nbsp;&nbsp;Average daily managed assets represent net assets plus the outstanding balance of the credit agreement.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>25</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 1. Organization and Significant Accounting Policies</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers REIT and Preferred Income Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on March 25, 2003 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, closed-end management investment company. The Fund's investment objective is high current income.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946&#151;Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Valuation:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Investments in securities that are listed on the NYSE are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter options are valued based upon prices provided by the respective counterparty. Forward contracts are valued daily at the prevailing forward exchange rate.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by Cohen &amp; Steers Capital Management, Inc. (the investment manager) to be over-the-counter, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>26</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The policies and procedures approved by the Fund's Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund's Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund's use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the </font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund's investments is summarized below.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 1&#151;quoted prices in active markets for identical investments</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 2&#151;other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 3&#151;significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The inputs or methodology used for valuing securities may or may not be an indication of the risk associated with investing in those securities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 as of December 31, 2016.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following is a summary of the inputs used as of December 31, 2016 in valuing the Fund's investments carried at value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="138" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="115" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Quoted Prices <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">in Active <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Markets for <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Identical <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Investments<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Significant <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Observable <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="127" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Significant <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Unobservable <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 3)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Common Stock</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">633,227,543</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">633,227,543</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="647" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">$</font><font face="Arial, Helvetica" style="font-size:10pt;">25 </font><font face="Arial, Helvetica" style="font-size:10pt;">Par Value:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Banks</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">76,758,872</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">70,191,122</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,567,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Electric-Integrated Electric</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6,870,974</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,623,386</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,247,588</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other Industries</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">164,516,093</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">164,516,093</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="647" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Capital Securities:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Banks</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">115,871,187</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,657,400</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">111,213,787</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Food</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">12,901,586</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8,707,375</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,194,211</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other Industries</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">329,045,858</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">329,045,858</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Short-Term Investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,800,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14,800,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total Investments<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,353,992,113</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">875,215,544</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">474,582,358</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,194,211</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='28',FILE='17-1558-2.fa',USER='105707',CD='Feb 28 04:16 2017' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="138" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="115" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Quoted Prices <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">in Active <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Markets for <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Identical <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Investments<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Significant <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Observable <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="127" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Significant <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Unobservable <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 3)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Forward foreign currency <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">exchange contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">199,476</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">199,476</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Appreciation in <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Other Financial <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Instruments<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">199,476</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">199,476</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Forward foreign currency <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">exchange contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(29,014</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(29,014</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Depreciation in <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Other Financial <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Instruments<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(29,014</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(29,014</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp; Portfolio holdings are disclosed individually on the Schedule of Investments.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp; Level 3 investments are valued by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated. A change in the significant unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="179" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Investments <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">in Securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities&#151;Capital <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities&#151;Banks</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities&#151;Capital <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Securities&#151;Food</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Balance as of December 31, 2015</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11,380,918</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="106" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,215,518</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="106" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">7,165,400</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Change in unrealized appreciation <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">149,949</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">321,138</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(171,189</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Sales</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(2,911,946</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(2,911,946</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Realized Gain (Loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">111,946</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">111,946</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Transfers out of Level 3<sup>a</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(4,536,656</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(4,536,656</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="106" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Balance as of December 31, 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="75" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,194,211</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="106" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="106" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">4,194,211</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The change in unrealized appreciation (depreciation) attributable to securities owned on December 31, 2016 which were valued using significant unobservable inputs (Level 3) amounted to $(171,189).</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Transfers from Level 3 to Level 2 are due to an increase in market activity (e.g. frequency of trades), which resulted in an increase in available market inputs to determine prices.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='29',FILE='17-1558-2.fa',USER='105707',CD='Feb 28 04:16 2017' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Security Transactions and Investment Income:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized over the life of the respective securities. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from REITs are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Options:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">At December 31, 2016, the Fund did not have any option contracts outstanding.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign Currency Translation:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>30</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency exchange contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Forward Foreign Currency Exchange Contracts:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on foreign currency translations. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on foreign currency transactions. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Dividends and Distributions to Shareholders:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund makes regular distributions pursuant to the Level Rate Plan. On September 15, 2016, the Board of Directors of the Fund approved a change in the frequency of dividends distributed to shareholders from quarterly to monthly effective October 1, 2016. Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared quarterly and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund in accordance with the Fund's Reinvestment Plan, unless the shareholder has elected to have them paid in cash. </font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended December 31, 2016, a significant  portion of the dividends have been reclassified to distributions from net realized gain.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>31</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Income Taxes:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> It is the policy of the Fund to continue to qualify as a regulated investment company, if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Fund's tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of December 31, 2016, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Investment Management Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The investment manager serves as the Fund's investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager provides the Fund with day-to-day investment decisions and generally manages the Fund's investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">For the services provided to the Fund, the investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 0.65% of the average daily managed assets of the Fund. Managed assets are equal to the net assets plus the amount of any borrowings, used for leverage, outstanding.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Administration Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily managed assets of the Fund up to $1 billion, 0.04% of the average daily managed assets of the Fund in excess of $1 billion and up to $1.5 billion and 0.02% of the average daily managed assets of the Fund in excess of $1.5 billion. For the year ended December 31, 2016, the Fund incurred $761,351 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Directors' and Officers' Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Certain directors and officers of the Fund are also directors, officers and/or employees of the investment manager. The Fund does not pay compensation to directors and officers affiliated with the investment manager except for the Chief Compliance Officer, who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $16,895 for the year ended December 31, 2016.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>32</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 3. Purchases and Sales of Securities</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Purchases and sales of securities, excluding short-term investments, for the year ended December 31, 2016, totaled $633,955,477 and $668,939,875, respectively.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Transactions in written option contracts during the year ended December 31, 2016, were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="293" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Premiums</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="293" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Written option contracts outstanding at December 31, 2015</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,614</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">72,629</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="293" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Option contracts written</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">21</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">223,325</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="293" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Option contracts expired</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(1,614</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(72,629</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="293" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Option contracts terminated in closing transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(21</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(223,325</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="293" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Written option contracts outstanding at December 31, 2016</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 4. Derivative Investments</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The following tables present the value of derivatives held at December 31, 2016 and the effect of derivatives held during the year ended December 31, 2016, along with the respective location in the financial statements. The volume of activity for written option contracts for the year ended December 31, 2016 is summarized in Note 3.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Statement of Assets and Liabilities</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="110" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="219" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="219" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Liabilities</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Derivatives</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Location</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Fair Value</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Location</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Fair Value</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="556" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign Exchange Risk:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="110" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Forward foreign <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">currency exchange <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">contracts<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Unrealized appreciation</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">199,476</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Unrealized depreciation</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">29,014</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting arrangement or another similar agreement.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="15" width="550" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Statement of Operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="107" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Derivatives</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Location</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Realized<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Gain (Loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Change in <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Unrealized<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Appreciation <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Depreciation)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="550" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Foreign Exchange Risk:</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="107" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Forward foreign <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">currency exchange<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="204" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">2,364,136</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">111,689</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="107" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Written option<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(383,275</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="550" bgcolor="#cceeff" align="left" valign="bottom" style="padding:10pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Equity Risk:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="107" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Written option <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">72,629</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(53,261</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 5. Income Tax Information</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The tax character of dividends and distributions paid was as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="165" valign="bottom" style="padding:4pt .7pt 3pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="208" align="center" valign="bottom" style="padding:4pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">2015</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ordinary income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">46,173,805</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">70,488,885</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Long-term capital gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">24,320,098</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Total dividends and distributions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">70,493,903</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">70,488,885</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2016, the tax-basis components of accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of securities held were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="211" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Cost for federal income tax purposes</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">1,133,977,152</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="211" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">229,097,153</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="211" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">(9,082,192</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="211" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Net unrealized appreciation (depreciation)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">220,014,961</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="211" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Undistributed long-term capital gains</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9,176,139</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:12pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the year ended December 31, 2016, the Fund utilized net capital loss carryforwards of $11,879,480.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2016, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities and certain fixed income securities and permanent book/tax differences primarily attributable to certain fixed income securities and foreign currency transactions. </font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">To reflect reclassifications arising from the permanent differences, paid-in capital was credited $1,165,723, accumulated undistributed net realized gain was credited $646,864 and accumulated undistributed net investment income was charged $1,812,587. Net assets were not affected by this reclassification.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 6. Capital Stock</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund is authorized to issue 100 million shares of common stock at a par value of $0.001 per share.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the years ended December 31, 2016 and December 31, 2015, the Fund did not issue shares of common stock for the reinvestment of dividends.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">On December 6, 2016, the Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management's discretion and subject to market conditions and investment considerations, of up to 10% of the Fund's common shares outstanding (Shares Repurchase Program) from January 1, 2017, through the fiscal year ended December 31, 2017.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">During the year ended December 31, 2016, the Fund did not effect any repurchases. During the year ended December 31, 2015, the Fund repurchased 203,031 Treasury shares of its common stock at an average price of $18.84 per share (including brokerage commissions) at a weighted average discount of 13.8%. These repurchases, which had a total cost of $3,824,582, resulted in an increase of $0.01 to the Fund's net asset value per share.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 7. Borrowings</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund has entered into an amended and restated credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Ltd. (BNPP) in which the Fund pays a monthly financing charge based on a combination of LIBOR-based variable and fixed rates. The commitment amount of the credit agreement is $350,000,000. The Fund also pays a fee of 0.55% per annum on the unused portion of the credit agreement. BNPP may not change certain terms of the credit agreement except upon 360 days' notice. Also, if the Fund violates certain conditions, the credit agreement may be terminated. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding (or more depending on the terms of the credit agreement) and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, necessitating the sale of portfolio securities at potentially inopportune times. The Fund may, upon prior written notice to BNPP, prepay all or a portion of the fixed and variable rate portions of the credit facility. The Fund may have to pay a breakage fee with respect to a prepayment of all or a portion of the fixed rate financing under the credit facility. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive </font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund will receive a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">On February 24, 2015, the Fund entered into an amendment to the credit agreement in order to extend the term length of the 5-year, 6-year and 7-year fixed rate tranches of the credit agreement by three years to 2020, 2021 and 2022, respectively. The new rates will increase and become effective upon maturity date of the current fixed rate tranches. In connection with the extension, the Fund paid an arrangement fee based on the aggregate fixed rate financing amount.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2016, the Fund had outstanding borrowings of $350,000,000 at a weighted average rate of 1.9%. During the year ended December 31, 2016, the Fund borrowed an average daily balance of $350,000,000 at a weighted average borrowing cost of 1.9%. As of December 31, 2016, the aggregate value of rehypothecated securities, which are reflected as part of investments in securities on the Statement of Assets and Liabilities, was $321,823,199. The value of the outstanding borrowings under the credit agreement exceeded the value of the rehypothecated securities at December 31, 2016. During the year ended December 31, 2016, the Fund earned $73,895 in fees from rehypothecated securities.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 8. Other Risks</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Common Stock Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> While common stocks have historically generated higher average returns than fixed income securities over the long-term, common stock has also experienced significantly more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Fund. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Real Estate Market Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Since the Fund concentrates its assets in companies engaged in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Risks of investing in real estate securities include falling property values due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and market recessions. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The risks of investing in REITs are similar to those associated with direct investments in real estate securities.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>REIT Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> In addition to the risks of securities linked to the real estate industry, REITs are subject to certain other risks related to their structure and focus. REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for pass-through of income under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Small- and Medium-Sized Companies Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Real estate companies in the industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. There may be less trading in a smaller company's stock, which means that buy and sell transactions in that stock could have a larger impact on the stock's price than is the case with larger company stocks. Smaller companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on a smaller company's stock price than is the case for a larger company. Further, smaller company stocks may perform differently in different cycles than larger company stocks. Accordingly, real estate company shares can, and at times will, perform differently than large company stocks.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Preferred Securities Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company's capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Credit and Below-Investment-Grade Securities Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Preferred securities may be rated below investment grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as "high-yield bonds" or "junk bonds," generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Liquidity Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase. The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, dealer inventories of certain securities, which provide an indication of the ability of dealers to engage in "market making," are at, or near, historic lows in relation to market size, which has the potential to increase price volatility in the fixed income markets in which the Fund invests. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund's ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign (Non-U.S.) Securities Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Risks of investing in foreign securities, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation, nationalization, confiscation, trade sanctions or embargoes or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. The securities and real estate markets of some emerging market countries have in the past experienced substantial market disruptions and may do so in the future.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign Currency Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund's investments in foreign securities will be subject to foreign currency risk, which means that the Fund's NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various investments that are designed to hedge the Fund's foreign currency risks, and such investments are subject to the risks described under "Derivatives and Hedging Transactions Risk" below.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Leverage Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The net asset value of the Fund's shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for the shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will </font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Derivatives and Hedging Transactions Risk: </i></font><font face="Arial, Helvetica" style="font-size:10pt;">The Fund's use of derivatives, including for the purpose of hedging interest rate or foreign currency risks, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, over-the-counter (OTC) trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Options Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Gains on options transactions depend on the investment manager's ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not engaged in such transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for certain options not traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading after the price has risen or fallen more than the maximum specified by the exchange.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Although the Fund may be able to offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to control its losses.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Regulatory Risk:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The U.S. Securities and Exchange Commission's (SEC) proposed rules governing the use of derivatives by registered investment companies, the Department of Labor's (DOL) final rule on conflicts of interest on fiduciary investment advice, as well as the SEC's final rules and amendments to modernize the reporting and disclosure (Modernization) could, among other things, restrict and/or increase the cost of the Fund's ability to engage in transactions and/or increase overall expenses of the Fund. In addition, Congress, various exchanges and regulatory and self-regulatory authorities domestic and foreign have undertaken reviews of options and futures trading in light of market volatility. Among the actions that have been taken or proposed to be taken are new limits and reporting requirements for speculative positions, new or more stringent daily price fluctuation limits for futures and options transactions, and increased margin requirements for various types of futures transactions. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect the instruments in which the Fund invests and its ability to execute its investment strategy.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 9. Other</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 10. New Accounting Guidance</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In August 2016, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update No. 2016-15, "</font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Statement of Cash Flows (Topic 230)</i></font><font face="Arial, Helvetica" style="font-size:10pt;">, a consensus of the FASB's Emerging Issues Task Force" (ASU 2016-15). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in ASU 2016-15 are: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions; and, separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In November 2016, the FASB issued a new Accounting Standards Update No. 2016-18, "</font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Statement of Cash Flows (Topic 230)</i></font><font face="Arial, Helvetica" style="font-size:10pt;">, Restricted Cash, a consensus of the FASB's Emerging Issues Task Force" (ASU 2016-18). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 do not provide a definition of restricted cash or restricted cash equivalents. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In October 2016, the SEC issued a new rule, </font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Investment Company Reporting Modernization</i></font><font face="Arial, Helvetica" style="font-size:10pt;">, which, among other provisions, amends Regulation S-X to require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Compliance with the rule is effective for financial statements filed with the SEC on or after August 1, 2017.</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Management is currently evaluating the impact the adoption of this guidance will have on the Fund's financial statements and does not expect any impact to the Fund's net assets or results of operations.</font></p>
<p style="margin:18pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Note 11. Subsequent Events</font></p>
<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Management has evaluated events and transactions occurring after December 31, 2016 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></p>
<p style="margin:18pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">To the Board of Directors and Shareholders of the<BR>Cohen &amp; Steers REIT and Preferred Income Fund, Inc.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of the Cohen &amp; Steers REIT and Preferred Income Fund, Inc. (the "Fund") as of  December 31, 2016, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</font></p>
<p style="margin:18pt 0pt 6pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">PricewaterhouseCoopers LLP<BR>New York, New York<BR>February 27, 2017</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">AVERAGE ANNUAL TOTAL RETURNS</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">(Periods ended December 31, 2016) (Unaudited)</font></p>
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<td colspan="15" width="434" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Based on Net Asset Value</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="434" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Based on Market Value</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">One Year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Five Years</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ten Years</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Since Inception<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(6/27/03)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">One Year</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Five Years</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;">Ten Years</font></p></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">Since Inception<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(6/27/03)</font></td>
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<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
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<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">8.43</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">15.43</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">6.16</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">9.85</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">11.79</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">14.32</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">5.14</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">8.44</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:6pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><i>The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement and/or from the issuance of preferred shares. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund's returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund's dividend reinvestment plan.</i></font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">TAX INFORMATION&#151;2016 (Unaudited)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Pursuant to the Jobs and Growth Relief Reconciliation Act of 2003, the Fund designates qualified dividend income of $28,811,299. Additionally, 35.39% of the ordinary dividends qualified for the dividends received deduction available to corporations. Also, the Fund designates a long-term capital gain distribution of $24,320,098 at the 20% maximum rate.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">REINVESTMENT PLAN</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund has a dividend reinvestment plan commonly referred to as an "opt-out" plan (the Plan). Each common shareholder who participates in the Plan will have all distributions of dividends and capital gains (Dividends) automatically reinvested in additional common shares by Computershare as agent (the Plan Agent). Shareholders who elect not to participate in the Plan will receive all Dividends in cash paid by check mailed directly to the shareholder of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent. Shareholders whose common shares are held in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Plan Agent serves as agent for the shareholders in administering the Plan. After the Fund declares a Dividend, the Plan Agent will, as agent for the shareholders, either: (i) receive the cash payment and use it to buy common shares in the open market, on the NYSE or elsewhere, for the participants' accounts or (ii) distribute newly issued common shares of the Fund on behalf of the participants.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Plan Agent will receive cash from the Fund with which to buy common shares in the open market if, on the Dividend payment date, the net asset value (NAV) per share exceeds the market price per share plus estimated brokerage commissions on that date. The Plan Agent will receive the Dividend in newly issued common shares of the Fund if, on the Dividend payment date, the market price per share plus estimated brokerage commissions equals or exceeds the NAV per share of the Fund on that date. The number of shares to be issued will be computed at a per share rate equal to the greater of (i) the NAV or (ii) 95% of the closing market price per share on the payment date.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">If the market price per share is less than the NAV on a Dividend payment date, the Plan Agent will have until the last business day before the next ex-dividend date for the common stock, but in no event more than 30 days after the Dividend payment date (as the case may be, the Purchase Period), to invest the Dividend amount in shares acquired in open market purchases. If at the close of business on any day during the Purchase Period on which NAV is calculated the NAV equals or is less than the market price per share plus estimated brokerage commissions, the Plan Agent will cease making open market purchases and the uninvested portion of such Dividends shall be filled through the issuance of new shares of common stock from the Fund at the price set forth in the immediately preceding paragraph.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Participants in the Plan may withdraw from the Plan upon notice to the Plan Agent. Such withdrawal will be effective immediately if received not less than ten days prior to a Dividend record date; otherwise, it will be effective for all subsequent Dividends. If any participant elects to have the Plan Agent sell all or part of his or her shares and remit the proceeds, the Plan Agent is authorized to deduct a $15.00 fee plus $0.10 per share brokerage commissions.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Plan Agent's fees for the handling of reinvestment of Dividends will be paid by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of Dividends. The automatic reinvestment of Dividends will not relieve participants of any income tax that may be payable or required to be withheld on such Dividends.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund reserves the right to amend or terminate the Plan. All correspondence concerning the Plan should be directed to the Plan Agent at 800-432-8224.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">OTHER INFORMATION</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the Securities and Exchange Commission's (the SEC) website at http://www.sec.gov. In addition, the Fund's proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov. In addition, the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's investment company taxable income and net realized gains. Distributions in excess of the Fund's investment company taxable income and net realized gains are a return of capital distributed from the Fund's assets. To the extent this occurs, the Fund's shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital decrease the Fund's total assets </font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">and, therefore, could have the effect of increasing the Fund's expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Notice is hereby given in accordance with Rule 23c-1 under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.</font></p>
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<p style="margin:0pt 0pt 3pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">MANAGEMENT OF THE FUND</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The business and affairs of the Fund are managed under the direction of the Board of Directors. The Board of Directors approves all significant agreements between the Fund and persons or companies furnishing services to it, including the Fund's agreements with its investment manager, administrator, co-administrator, custodian and transfer agent. The management of the Fund's day-to-day operations is delegated to its officers, the investment manager, administrator and co-administrator, subject always to the investment objective and policies of the Fund and to the general supervision of the Board of Directors.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The Board of Directors and officers of the Fund and their principal occupations during at least the past five years are set forth below. The statement of additional information (SAI) includes additional information about fund directors and is available, without charge, upon request by calling 800-330-7348.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Year of Birth<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">With Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">The Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Interested Directors</i><i><sup>4</sup></i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Robert H. Steers <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director, Chairman</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Chief Executive Officer of Cohen &amp; Steers Capital Management, Inc. (CSCM) and its parent, Cohen &amp; Steers, Inc. (CNS) since 2014. Prior to that, Co-Chairman and Co-Chief Executive Officer of CSCM since 2003 and CNS since 2004. Prior to that, Chairman of CSCM; Vice President of Cohen &amp; Steers Securities, LLC.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 1991</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Joseph M. Harvey <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1963</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">President and Chief Investment Officer of CSCM (since 2003) and President of CNS (since 2004). Prior to that, Senior Vice President and Director of Investment Research of CSCM.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2014</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
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<tr>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Year of Birth<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">With Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">The Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:10pt;"><i>Disinterested Directors</i></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" valign="bottom" style="padding:0pt .7pt 1pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Michael G. Clark <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1965</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">From 2006 to 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2011</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Bonnie Cohen <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1942</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Consultant. Board Member, DC Public Library Foundation since 2012, President since 2014; Board member, Telluride Mountain Film Festival since 2010; Trustee, H. Rubenstein Foundation since 1996; Trustee, District of Columbia Public Libraries from 2004 to 2014.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2001</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">George Grossman <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Attorney-at-law.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 1993</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>46</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Year of Birth<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">With Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">The Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Dean Junkans <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1959</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">C.F.A.; Adjunct Professor and Executive-In-Residence, Bethel University since 2015; Chief Investment Officer at Wells Fargo Private Bank from 2004 to 2014 and Chief Investment Officer of the Wealth, Brokerage and Retirement group at Wells Fargo &amp; Company from 2011 to 2014; Former member and Chair, Claritas Advisory Committee at the CFA Institute from 2013 to 2015; Board Member and Investment Committee member, Bethel University Foundation since 2010; Formerly, Corporate Executive Board Member of the National Chief Investment Officers Circle, 2010 to 2015; Formerly, Member of the Board of Governors of the University of Wisconsin Foundation, River Falls, 1996 to 2004; U.S. Army Veteran, Gulf War.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2015</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Richard E. Kroon <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1942</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Former member of Investment Committee, Monmouth University since 2004 to 2016; Former Director, Retired Chairman and Managing Partner of Sprout Group venture capital funds, then an affiliate of Donaldson, Lufkin and Jenrette Securities Corporation from 1981 to 2001. Formerly, Director of the National Venture Capital Association from 1997 to 2000, and Chairman for the year 2000.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2004</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>47</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Year of Birth<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">With Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">The Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Gerald J. Maginnis <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1955</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Philadelphia Office Managing Partner, KPMG LLP from 2006 to 2015; Partner in Charge, KPMG Pennsylvania Audit Practice from 2002 to 2008; President, Pennsylvania Institute of Certified Public Accountants (PICPA) from 2014 to 2015; member, PICPA Board of Directors from June 2012 to June 2016; member, Council of the American Institute of Certified Public Accountants (AICPA); member, Board of Trustees of AICPA Foundation.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2015</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Jane F. Magpiong <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1960</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">President, Untap Potential since 2013; Board Member, Crespi High School since 2014; Senior Managing Director, TIAA-CREF, from 2011 to 2013; National Head of Wealth Management, TIAA-CREF, from 2008 to 2011; and prior to that, President, Bank of America Private Bank from 2005 to 2008.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2015</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Richard J. Norman <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1943</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Private Investor. Member, Montgomery County, Maryland Department of Corrections Volunteer Corps. since 2010; Liaison for Business Leadership, Salvation Army World Service Organization (SAWSO) since 2010; Advisory Board Member, The Salvation Army since 1985; Prior thereto, Investment Representative of Morgan Stanley Dean Witter from 1966 to 2000.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2001</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><i>&nbsp;&nbsp;(table continued on next page)</i></font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>48</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Year of Birth<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">With Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">The Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Frank K. Ross <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1943</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Visiting Professor of Accounting and Director of the Center for Accounting Education at Howard University School of Business since 2004; Board member and member of Audit Committee (Chairman from 2007 to 2012) and Human Resources and Compensation Committee Member, Pepco Holdings, Inc. (electric utility) from 2004 to 2014; Formerly, Mid-Atlantic Area Managing Partner for Assurance Services at KPMG LLP and Managing Partner of its Washington, DC offices from 1995 to 2003.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2004</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="120" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">C. Edward Ward, Jr. <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1946</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Until Next Election of Directors</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="3004" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Member of The Board of Trustees of Manhattan College, Riverdale, New York from 2004 to 2014. Formerly, Director of closed-end fund management for the New York Stock Exchange (the NYSE) where he worked from 1979 to 2004.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="72" align="right" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:2pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2004</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</div>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>1</sup>&nbsp;&nbsp;The address for each director is 280 Park Avenue, New York, NY 10017.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>2</sup>&nbsp;&nbsp;On March 12, 2008, the Board of Directors adopted a mandatory retirement policy stating a Director must retire from the Board on December 31st of the year in which he or she turns 75 years of age.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>3</sup>&nbsp;&nbsp;The length of time served represents the year in which the Director was first elected or appointed to any fund in the Cohen &amp; Steers fund complex.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>4</sup>&nbsp;&nbsp;"Interested person", as defined in the 1940 Act, of the Fund because of affiliation with CSCM (Interested Directors).</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 4pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">The officers of the Fund (other than Messrs. Steers and Harvey, whose biographies are provided above), their address, their year of birth and their principal occupations for at least the past five years are set forth below.</font></p>
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<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Year of Birth<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">With Fund</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation During At Least the Past 5 Years</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Length <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="103" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Adam M. Derechin <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1964</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="170" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">President and Chief Executive Officer</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Chief Operating Officer of CSCM since 2003 and CNS since 2004.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2005</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">William F. Scapell <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1968</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1058" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2003.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2003</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Thomas N. Bohjalian <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1965</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="170" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Executive Vice President of CSCM since 2012. Prior to that, Senior Vice President of the CSCM since 2006.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2006</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Yigal D. Jhirad <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1964</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President of CSCM since 2007.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2007</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Tina M. Payne <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1974</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Secretary and Chief Legal Officer</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President and Associate General Counsel of CSCM since 2010.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2007</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">James Giallanza <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1966</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Chief Financial Officer</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Executive Vice President of CSCM since 2014. Prior to that, Senior Vice President of CSCM since 2006.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2006</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Albert Laskaj <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1977</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Treasurer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1058" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Vice President of CSCM since 2015. Prior to that, Director of Legg Mason &amp; Co. since 2013. Vice President of Legg Mason from 2008 to 2013 and Treasurer of certain mutual funds since 2010.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2015</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Lisa D. Phelan <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">1968</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Chief Compliance Officer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1058" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Executive Vice President of CSCM since 2015. Prior to that, Senior Vice President of CSCM since 2008. Chief Compliance Officer of CSCM, the Cohen &amp; Steers funds, Cohen &amp; Steers Asia Limited and CSSL since 2007, 2006, 2005 and 2004, respectively.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Since 2006</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>1</sup>&nbsp;&nbsp;The address of each officer is 280 Park Avenue, New York, NY 10017.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;"><sup>2</sup>&nbsp;&nbsp;Officers serve one-year terms. The length of time served represents the year in which the officer was first elected as an officer of any fund in the Cohen &amp; Steers fund complex. All of the officers listed above are officers of one or more of the other funds in the complex.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 18pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Privacy Policy</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Facts</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">What Does Cohen &amp; Steers Do With Your Personal Information?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Why?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">What?</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">The types of personal information we collect and share depend on the product or service you have with us. This information can include:<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Social Security number and account balances<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Transaction history and account transactions<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Purchase history and wire transfer instructions</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">How?</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Cohen &amp; Steers chooses to share; and whether you can limit this sharing.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Reasons we can share your personal information</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Does Cohen &amp; Steers<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">share?</font></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Can you limit this<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">sharing?</font></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our everyday business purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our marketing purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">to offer our products and services to you</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">For joint marketing with other financial companies&#151;</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates' everyday business purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">information about your transactions and experiences</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates' everyday business purposes&#151;<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">information about your creditworthiness</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates to market to you&#151;</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">For non-affiliates to market to you&#151;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">No</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">We don't share</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:18pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Questions?</font><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;</font><font face="Arial, Helvetica" style="font-size:9pt;">Call 800.330.7348</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>51</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 18pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Privacy Policy&#151;(Continued)</font></p>
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<td colspan="3" width="261" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Who we are</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Who is providing this notice?</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Cohen &amp; Steers Capital Management, Inc., Cohen &amp; Steers Asia Limited, Cohen &amp; Steers Japan, LLC, Cohen &amp; Steers UK Limited, Cohen &amp; Steers Securities, LLC, Cohen &amp; Steers Private Funds and Cohen &amp; Steers Open and Closed-End Funds (collectively, Cohen &amp; Steers).</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">What we do</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">How does Cohen &amp; Steers protect my personal information?</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">How does Cohen &amp; Steers collect my personal information?</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">We collect your personal information, for example, when you:<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Open an account or buy securities from us<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Provide account information or give us your contact information<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; Make deposits or withdrawals from your account<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">We also collect your personal information from other companies.</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Why can't I limit all sharing?</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Federal law gives you the right to limit only:<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; sharing for affiliates' everyday business purposes&#151;information about your creditworthiness<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; affiliates from using your information to market to you<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">&bull; sharing for non-affiliates to market to you<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">State law and individual companies may give you additional rights to limit sharing.</font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Definitions</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Affiliates</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Companies related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not share with affiliates.</i></font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Non-affiliates</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Companies not related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not share with non-affiliates.</i></font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Joint marketing</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">A formal agreement between non-affiliated financial companies that together market financial products or services to you.<BR></font><font face="Arial, Helvetica" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not jointly market.</i></font></td>
<td colspan="1">&nbsp;</td>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>52</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Cohen &amp; Steers Investment Solutions</i></b></font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REAL ASSETS FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX</font></p>
<p style="margin:1pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS <BR>INSTITUTIONAL GLOBAL REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for institutional investors seeking total return, investing primarily in global real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: GRSIX</font></p>
<p style="margin:6pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in global real estate equity securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in U.S. real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: CSRSX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REAL ESTATE SECURITIES FUND</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in U.S. real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSEIX, CSCIX, CSDIX, CIRRX, CSZIX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS INSTITUTIONAL REALTY SHARES</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: CSRIX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS INTERNATIONAL REALTY FUND</b></font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX</font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS <BR>ACTIVE COMMODITIES STRATEGY FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in a diversified portfolio of exchange-traded commodity future contracts and other commodity-related derivative instruments</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CDFAX, CDFCX, CDFIX, CDFRX, CDFZX</font></p>
<p style="margin:1pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL INFRASTRUCTURE FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in global infrastructure securities</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX</font></p>
<p style="margin:1pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS<BR>MLP &amp; ENERGY OPPORTUNITY FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS<BR>LOW DURATION PREFERRED AND INCOME FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: LPXAX, LPXCX, LPXIX, LPXRX, LPXZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS<BR>PREFERRED SECURITIES AND INCOME FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CPXAX, CPXCX, CPXIX, CPRRX, CPXZX</font></p>
<p style="margin:3pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS DIVIDEND VALUE FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks</font></p>
<p style="margin:0pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX</font></p>
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<p style="margin:0pt 0pt 0.100006pt 0pt;"><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by Cohen &amp; Steers Securities, LLC.</font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL REALTY MAJORS ETF</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of global real estate equity securities of companies in a specified index</font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: GRI</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by ALPS Distributors, Inc.</font></p>
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<p style="margin:0pt 0pt 1.5pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>ISHARES COHEN &amp; STEERS<BR>REALTY MAJORS INDEX FUND</b></font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of U.S. real estate equity securities of companies in a specified index</font></p>
<p style="margin:0pt 0pt 1.60001pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: ICF</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by SEI Investments Distribution Co.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><i>Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.</i></font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>53</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS REIT AND PREFERRED INCOME FUND, INC.</b></font></p>
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<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICERS AND DIRECTORS</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Robert H. Steers<BR>Director and Chairman</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Joseph M. Harvey<BR>Director and Vice President</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Michael G. Clark<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Bonnie Cohen<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">George Grossman<BR>Director</font></p>
<p style="margin:0pt 0pt 8pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Dean Junkans<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Richard E. Kroon<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Gerald J. Maginnis<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Jane F. Magpiong<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Richard J. Norman<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Frank K. Ross<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">C. Edward Ward, Jr.<BR>Director</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Adam M. Derechin<BR>President and Chief Executive Officer</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">William F. Scapell<BR>Vice President</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Thomas N. Bohjalian<BR>Vice President</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Yigal D. Jhirad<BR>Vice President</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Tina M. Payne<BR>Secretary and Chief Legal Officer</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">James Giallanza<BR>Chief Financial Officer</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Albert Laskaj<BR>Treasurer</font></p>
<p style="margin:0pt 0pt 4pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Lisa D. Phelan<BR>Chief Compliance Officer</font></p>
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<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">KEY INFORMATION</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Investment Manager</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Capital Management, Inc.<BR>280 Park Avenue<BR>New York, NY 10017<BR>(212) 832-3232</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Co-administrator and Custodian</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Transfer Agent</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Computershare<BR>480 Washington Boulevard<BR>Jersey City, NJ 07310<BR>(866) 227-0757</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Legal Counsel</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ropes &amp; Gray LLP<BR>1211 Avenue of the Americas<BR>New York, NY 10036</font></p>
<p style="margin:0pt 0pt 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">New York Stock Exchange Symbol: RNP</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Website: cohenandsteers.com</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">COHEN &amp; STEERS</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">REIT AND PREFERRED INCOME FUND</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">280 PARK AVENUE </font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;">NEW YORK, NY 10017</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:7pt;">RNPAR</font></p>
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<p style="margin:0pt 0pt 6.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Annual Report </b></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2016</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:34pt;">Cohen &amp; Steers REIT and Preferred Income Fund</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Code of Ethics.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant has adopted an Amended and Restated Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer.&#160; The Code of Ethics was in effect during the reporting period.&#160; The Registrant amended the Code of Ethics during the reporting period to expand on how covered officers should handle conflicts of interest.&#160; The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form&nbsp;N-CSR during the reporting period.&#160; A current copy of the Code of Ethics is available on the Registrant&#146;s website at https://www.cohenandsteers.com/assets/content/uploads/Code_of_Ethics_for_Principal_Executive_and_Principal_Financial_</font><font size="1" style="font-size:1.0pt;">  </font>Officers_of_the_Funds.pdf.&#160; Upon request, a copy of the Code of Ethics can be obtained free of charge by calling 800-330-7348 or writing to the Secretary of the Registrant, 280 Park Avenue, 10th floor, New York, NY 10017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. Audit Committee Financial Expert.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s board has determined that Michael G. Clark, Gerald J. Maginnis and Frank K. Ross, each a member of the board&#146;s audit committee, are each an &#147;audit committee financial expert&#148;.&#160; Mr.&nbsp;Clark, Mr.&nbsp;Maginnis and Mr.&nbsp;Ross are each &#147;independent,&#148; as such term is defined in Form&nbsp;N-CSR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4. Principal Accountant Fees and Services.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&#150; (d)&nbsp;Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant&#146;s principal accountant were as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;">
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<td width="56%" valign="bottom" style="padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Fees</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,300</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,300</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related   Fees</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Fees</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,600</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,600</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Other Fees</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax fees were billed in connection with tax compliance services, including the preparation and review of federal and state tax returns and the computation of corporate and franchise tax amounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)(1)&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s audit committee is required to pre-approve audit and non-audit services performed for the registrant by the principal accountant. The audit committee also is required to pre-approve non-audit services performed by the registrant&#146;s principal accountant for the registrant&#146;s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) </font>and/or to any entity controlling, controlled by or under common control with the registrant&#146;s investment advisor that provides ongoing services to the registrant, if the engagement for services relates directly to the operations and financial reporting of the registrant.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the board of directors of the registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting.&#160; The audit committee may not delegate its responsibility to pre-approve services to be performed by the registrant&#146;s principal accountant to the investment advisor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)(2)&#160;&#160;&#160;&#160;&#160; No services included in (b)&nbsp;&#151; (d)&nbsp;above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C)&nbsp;of Rule&nbsp;2-01 of Regulation S-X.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the fiscal years ended December&nbsp;31, 2016 and December&nbsp;31, 2015, the aggregate fees billed by the registrant&#146;s principal accountant for non-audit services rendered to the registrant and for non-audit services rendered to the registrant&#146;s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) </font>and/or to any entity controlling, controlled by or under common control with the registrant&#146;s investment advisor that provides ongoing services to the registrant were:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;">
<tr>
<td width="56%" valign="bottom" style="padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,600</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,600</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.68%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment   Advisor</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant&#146;s audit committee considered whether the provision of non-audit services that were rendered to the registrant&#146;s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) </font>and/or to any entity controlling, controlled by or under common control with the registrant&#146;s investment advisor that provides ongoing services to the registrant that were not required to be pre-approved pursuant to paragraph (c)(7)(ii)&nbsp;of Rule&nbsp;2-01 of Regulation S-X was compatible with maintaining the principal accountant&#146;s independence.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5. Audit Committee of Listed Registrants.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant has a separately-designated standing audit committee established in accordance with Section&nbsp;3(a)(58)(A)&nbsp;of the Securities Exchange Act of 1934.&#160; The members of the committee are Frank K. Ross (chairman), Michael G. Clark, Bonnie Cohen, George Grossman and Gerald J. Maginnis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6. Schedule of Investments.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Included in Item 1 above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant has delegated voting of proxies in respect of portfolio holdings to Cohen&nbsp;&amp; Steers Capital Management,&nbsp;Inc., in accordance with the policies and procedures set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COHEN&nbsp;&amp; STEERS CAPITAL MANAGEMENT,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT OF POLICIES AND PROCEDURES REGARDING THE VOTING OF SECURITIES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This statement sets forth the policies and procedures that Cohen&nbsp;&amp; Steers,&nbsp;Inc. and its affiliated advisors (&#147;Cohen&nbsp;&amp; Steers&#148;, &#147;we&#148; or &#147;us&#148;) follow in exercising voting rights with respect to securities held in its client portfolios.&#160; All proxy-voting rights that are exercised by Cohen&nbsp;&amp; Steers shall be subject to this Statement of Policy and Procedures.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>General Proxy Voting Guidelines</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:49.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Objectives</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting rights are an important component of corporate governance.&#160; Cohen&nbsp;&amp; Steers has three overall objectives in exercising voting rights:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Responsibility</u>. Cohen&nbsp;&amp; Steers shall seek to ensure that there is an effective means in place to hold companies accountable for their actions. While management must be accountable to its board, the board must be accountable to a company&#146;s shareholders.&#160; Although accountability can be promoted in a variety of ways, protecting shareholder voting rights may be among our most important tools.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rationalizing Management and Shareholder Concerns</u>.&#160; Cohen&nbsp;&amp; Steers seeks to ensure that the interests of a company&#146;s management and board are aligned with those of the company&#146;s shareholders.&#160; In this respect, compensation must be structured to reward the creation of shareholder value.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Shareholder Communication</u>.&#160; Since companies are owned by their shareholders, Cohen&nbsp;&amp; Steers seeks to ensure that management effectively communicates with its owners about the company&#146;s business operations and financial performance. It is only with effective communication that shareholders will be able to assess the performance of management and to make informed decisions on when to buy, sell or hold a company&#146;s securities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General Principles</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In exercising voting rights, Cohen&nbsp;&amp; Steers shall conduct itself in accordance with the general principles set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In exercising voting rights, Cohen&nbsp;&amp; Steers shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consistent with general fiduciary principles, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In exercising voting rights on behalf of clients, Cohen&nbsp;&amp; Steers shall conduct itself in the same manner as if Cohen&nbsp;&amp; Steers were the constructive owner of the securities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To the extent reasonably possible, Cohen&nbsp;&amp; Steers shall participate in each shareholder voting opportunity.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Voting rights shall not automatically be exercised in favor of management-supported proposals.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cohen&nbsp;&amp; Steers, and its officers and employees, shall never accept any item of value in consideration of a favorable proxy voting decision.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General Guidelines</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below are general guidelines that Cohen&nbsp;&amp; Steers shall follow in exercising proxy voting rights:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Prudence</u>.&#160; In making a proxy voting decision, Cohen&nbsp;&amp; Steers shall give appropriate consideration to all relevant facts and circumstances, including the value of the securities to be voted and the likely effect any vote may have on that value.&#160; Since voting rights must be exercised on the basis of an informed judgment, investigation shall be a critical initial step.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Third Party Views</u>.&#160; While Cohen&nbsp;&amp; Steers may consider the views of third parties, Cohen&nbsp;&amp; Steers shall never base a proxy voting decision solely on the opinion of a third party.&#160; Rather, decisions shall be based on a reasonable and good faith determination as to how best to maximize shareholder value.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Shareholder Value</u>.&#160; Just as the decision whether to purchase or sell a security is a matter of judgment, determining whether a specific proxy resolution will increase the market value of a security is a matter of judgment as to which informed parties may differ.&#160; In determining how a proxy vote may affect the economic value of a security, Cohen&nbsp;&amp; Steers shall consider both short-term and long-term views about a company&#146;s business and prospects, especially in light of our projected holding period on the stock (e.g., Cohen&nbsp;&amp; Steers may discount long-term views on a short-term holding).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Specific Guidelines</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Uncontested Director Elections</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on director nominees should be made on a case-by-case basis using a &#147;mosaic&#148; approach, where all factors are considered in director elections and where no single issue is deemed to be determinative.&#160; For example, a nominee&#146;s experience and business judgment may be critical to the long-term success of the portfolio company, notwithstanding the fact that he or she may serve on the board of more than four public companies. In evaluating nominees, we consider the following factors:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee attended less than 75 percent of the board and committee meetings without a valid excuse for the absences;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees and/or the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the board ignored a significant shareholder proposal that was approved by a majority of the votes cast in the previous year;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the board, without shareholder approval, to our knowledge instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee is the Chairman or CEO of a publicly-traded company who serves on more than two public boards;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee serves on more than four public company boards;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the nominee is an incumbent director, the length of tenure taking into account tenure limits recommended in local corporate governance codes(1);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee has a material related party transaction or is believed by us to have a material conflict of interest with the portfolio company;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee (or the overall board) in our view has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Material failures of governance, stewardship, risk oversight(2), or fiduciary responsibilities at the company</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee serves on the audit committee where there is evidence (such as audit reports or reports mandated under the Sarbanes Oxley Act) that there exists material weaknesses in the company&#146;s internal controls;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the nominee serves on the compensation committee if that director was present at the time of the grant of backdated options or options the pricing or the timing of which we believe</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; For example, in the UK, independent directors of publicly traded companies with tenure exceeding nine years are reclassified as non-independent unless the company can explain why they remain independent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; Examples of failure of risk oversight include, but are not limited to: bribery; large or serial fines from regulatory bodies; significant adverse legal judgments or settlements; hedging of company stock by the employees or directors of a company; or significant pledging of company stock in the aggregate by the officers and directors of a company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may have been manipulated to provide additional benefits to executives;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Failure to replace management as appropriate; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Egregious actions related to a director&#146;s service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Proxy Access</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We recognize the importance of shareholder access to the ballot process as a means to ensure that boards do not become self-perpetuating and self-serving.&#160; However, we are also aware that some proposals may promote certain interest groups and could be disruptive to the nomination process.&#160; We vote on a case-by-case basis considering the proxy access terms in light of a company&#146;s specific circumstances and we may support proxy access proposals when management and boards have displayed a lack of shareholder accountability.&#160; Director candidates nominated pursuant to proxy access will be considered in accordance with the contested election guidelines below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Proxy Contests</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Nominees in a Contested Election</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By definition, this type of board candidate or slate runs for the purpose of seeking a significant change in corporate policy or control.&#160; Therefore, the economic impact of the vote in favor of or in opposition to that director or slate must be analyzed using a higher standard such as is normally applied to changes in control.&#160; Criteria for evaluating director nominees as a group or individually should also include: the underlying reason why the new slate (or individual director) is being proposed; performance; compensation; corporate governance provisions and takeover activity; criminal activity; attendance at meetings; investment in the company; interlocking directorships; inside, outside and independent directors; number of other board seats; and other experience.&#160; It is impossible to have a general policy regarding director nominees in a contested election.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reimbursement of Proxy Solicitation Expenses</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decisions to provide full reimbursement for dissidents waging a proxy contest should be made on a case-by-case basis. In the absence of compelling reasons, Cohen&nbsp;&amp; Steers will generally not support such proposals.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Ratification of Auditors</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for proposals to ratify auditors, auditor remuneration and/or proposals authorizing the board to fix audit fees, unless:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.5pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an auditor has a financial interest in or association with the company, and is therefore not independent;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.5pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company&#146;s financial position;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.5pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the name of the proposed auditor and/or fees paid to the audit firm are not disclosed by the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">company in a timely manner prior to the meeting;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.5pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the auditors are being changed without explanation; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.5pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fees paid for non-audit related services are excessive and/or exceed limits set in local best practice recommendations or law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In circumstances where fees for non-audit services include fees related to significant one-time capital structure events; initial public offerings; bankruptcy emergence, and spinoffs; and the company makes public disclosure of the amount and nature of those fees, then such fees may be excluded from the non-audit fees considered in determining whether non-audit related fees are excessive.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote on a case-by-case basis on auditor rotation proposals.&#160; Criteria for evaluating the rotation proposal include, but are not limited to: tenure of the audit firm; establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; length of the rotation period advocated in the proposal; and any significant audit related issues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, we vote against auditor indemnification and limitation of liability; however we recognize there may be situations where indemnification and limitations on liability may be appropriate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Takeover Defenses</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While we recognize that a takeover attempt can be a significant distraction for the board and management to deal with, the simple fact is that the possibility of a corporate takeover keeps management focused on maximizing shareholder value.&#160; As a result, Cohen&nbsp;&amp; Steers opposes measures that are designed to prevent or obstruct corporate takeovers because they can entrench current management.&#160; The following are our guidelines on change of control issues:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Rights Plans</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We acknowledge that there are arguments for and against shareholder rights plans, also known as &#147;poison pills.&#148;&#160; Companies should put their case for rights plans to shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We review on a case-by-case basis management proposals to ratify a poison pill. We generally look for shareholder friendly features including a two- to three-year sunset provision, a permitted bid provision and a 20 percent or higher flip-in provision.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greenmail</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company&#146;s ability to make greenmail payments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unequal Voting Rights</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, we vote against dual-class recapitalizations as they offer an effective way for a firm to thwart hostile takeovers by concentrating voting power in the hands of management or other insiders.&#160; We support the one-share, one-vote principle for voting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Classified Boards</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote in favor of shareholder proposals to declassify a board of directors, although we acknowledge that a classified board may be in the long-term best interests of the shareholders of a company in certain situations, such as continuity of a strong board and management team or for certain types of companies.&#160; In voting on shareholder proposals to declassify a board of directors, we evaluate all facts and circumstances surrounding such proposal, including whether: (i)&nbsp;the current management and board have a track record of making good corporate or strategic decisions, (ii)&nbsp;the shareholder proposing the de-classification has an agenda in making such proposal that may be at odds with the long-term best interests of the shareholders of the company, or (iii)&nbsp;it would be in the best interests of the company to thwart a shareholder&#146;s attempt to control the board of directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Voting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Having the ability to cumulate our votes for the election of directors &#151; that is, cast more than one vote for a director about whom they feel strongly &#151; generally increases shareholders&#146; rights to effect change in the management of a corporation. However, we acknowledge that cumulative voting promotes special candidates who may not represent the interests of all, or even a majority, of shareholders.&#160; In voting on proposals to institute cumulative voting, we therefore evaluate all facts and circumstances surrounding such proposal and we generally vote against cumulative voting where the company has good corporate governance practices in place, including majority voting for board elections and de-classified boards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Call Special Meeting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen&nbsp;&amp; Steers votes on a case-by-case basis for shareholder proposals requesting companies to amend their governance documents (bylaws and/or charter) in order to allow shareholders to call special meetings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Act by Written Consent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote against proposals to allow or facilitate shareholder action by written consent.&#160; The requirement that all shareholders be given notice of a shareholders&#146; meeting and matters to be discussed therein seems to provide a reasonable protection of minority shareholder rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Alter the Size of the Board</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We generally </font>vote for proposals that seek to fix the size of the board and vote against proposals that give management the ability to alter the size of the board without shareholder approval. While we recognize the importance of such proposals, we are however also aware that these proposals are sometimes put forth in order to promote the agenda(s)&nbsp;of certain special interest groups and could be disruptive to the management of the company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Miscellaneous Board Provisions</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Committees</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boards should delegate key oversight functions, such as responsibility for audit, nominating and compensation issues, to independent committees. The chairman and members of any committee should be clearly identified in the annual report. Any committee should have the authority to engage independent advisors where appropriate at the company&#146;s expense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit, nominating and compensation committees should consist solely of non-employee directors, who are independent of management.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Chairman&#160; </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We review on a case-by-case basis proposals requiring that the chairman&#146;s position be filled by an independent director, taking into consideration the company&#146;s current board leadership and governance structure; company performance, and any other factors that may be applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Separate Chairman and CEO Role</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will generally vote for proposals looking to separate the CEO and Chairman roles.&#160; We do acknowledge, however, that under certain circumstances, it may be reasonable for the CEO and Chairman roles to be held by a single person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lead Directors and Executive Sessions</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In cases where the CEO and Chairman roles are combined or the Chairman is not independent, we will vote for the appointment of a lead independent&#160; director and for regular executive sessions (board meetings taking place without the CEO/Chairman present).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Majority of Independent Directors</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for proposals that call for the board to be composed of a majority of independent directors. We believe that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Committees</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for shareholder proposals requesting that the board&#146;s audit, compensation, and nominating committees consist exclusively of independent directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Ownership Requirements</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We support measures requiring senior executives to hold a minimum amount of stock in a company (often expressed as a percentage of annual compensation), which may include restricted stock or restricted stock units.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Officer Indemnification and Liability Protection </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally support indemnification provisions that are consistent with the local jurisdiction in which the company has been formed.&#160; We vote in favor of proposals providing indemnification for directors and officers with respect to acts conducted in the normal course of business.&#160; We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, the director or officer acted in good faith and in the best interests of the company and the director or officers&#146; </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">legal expenses are covered.&#160; We vote against proposals that would expand indemnification beyond coverage of legal expenses to coverage of acts, such as gross negligence, that are more serious violations of fiduciary obligations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Size</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote for proposals to limit the size of the board to 15 members or less.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Majority Vote Standard</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote for proposals asking for the board to initiate the appropriate process to amend the company&#146;s governance documents (charter or bylaws) to provide that director nominees shall be elected by the affirmative vote of the majority of votes cast at an annual meeting of shareholders..</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supermajority Vote Requirements</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally support proposals that seek to lower super-majority voting requirements</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosure of Board Nominees</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote against the election of directors at companies if the names of the director nominees are not disclosed in a timely manner prior to the meeting.&#160; However, we recognize that companies in certain emerging markets may have a legitimate reason for not disclosing nominee names. In such a rare case, if a company discloses a legitimate reason why such nominee names should not be disclosed, we may vote for the nominees even if nominee names are not disclosed in a timely manner.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosure of Board Compensation<br><br></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote against the election of directors at companies if the compensation paid to such directors is not disclosed in a timely manner prior to the meeting.&#160; However, we recognize that companies in certain emerging markets may have a legitimate reason for not disclosing such compensation information. In such a rare case, if a company discloses a legitimate reason why such compensation should not be disclosed, we may vote for the nominees even if compensation is not disclosed in a timely manner.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Miscellaneous Governance Provisions</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidential Voting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for shareholder proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also vote for management proposals to adopt confidential voting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bundled Proposals</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We review on a case-by-case basis bundled or &#147;conditioned&#148; proxy proposals. In the case of items that are conditioned upon each other, we examine the benefits and costs of the packaged items.&#160; In instances where the joint effect of the conditioned items is not in shareholders&#146; best interests, we vote against the proposals.&#160; If the combined effect is positive, we support such proposals. In the case of bundled director </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proposals, we will vote for the entire slate only if we would have otherwise voted for each director on an individual basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date/Location of Meeting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote against shareholder proposals to change the date or location of the shareholders&#146; meeting. No one site will meet the needs of all shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjourn Meeting if Votes are Insufficient.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Open-end requests for adjournment of a shareholder meeting generally will not be supported.&nbsp; However, where management specifically states the reason for requesting an adjournment and the requested adjournment is necessary to permit a proposal that would otherwise be supported under this policy to be carried out, the adjournment request will be supported.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosure of Shareholder Proponents</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Business</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen&nbsp;&amp; Steers will generally vote against proposals to approve other business where we cannot determine the exact nature of the proposal to be voted on.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Capital Structure</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Increase Additional Common Stock</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote for increases in authorized shares, provided that the increase is not greater than three times the number of shares outstanding and reserved for issuance (including shares reserved for stock-related plans and securities convertible into common stock, but not shares reserved for any poison pill plan).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes generally are cast in favor of proposals to authorize additional shares of stock except where the proposal:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>creates a blank check preferred stock; or</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>establishes classes of stock with superior voting rights.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Blank Check Preferred Stock</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes generally are cast in opposition to management proposals authorizing the creation of new classes of preferred stock with unspecific voting, conversion, distribution and other rights, and management proposals to increase the number of authorized blank check preferred shares.&#160; We may vote in favor of this type of proposal when we receive assurances to our reasonable satisfaction that (i)&nbsp;the preferred stock was authorized by the board for the use of legitimate capital formation purposes and not for anti-takeover purposes, and (ii)&nbsp;no preferred stock will be issued with voting power that is disproportionate to the economic interests of the preferred stock.&#160; These representations should be made either in the proxy statement or in a separate letter from the company to Cohen&nbsp;&amp; Steers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-emptive Rights</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that the governance and regulation of public equity markets allow for adequate shareholder protection against dilution.&#160; Further, we believe that companies should have more flexibility to issue shares without costly and time constraining rights offerings. As such, we do not believe that pre-emptive rights are necessary and as such, we generally vote for the issuance of equity shares without pre-emptive rights. On a limited basis, we will vote for shareholder pre-emptive rights where such pre-emptive rights are necessary, taking into account the best interests of the company&#146;s shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We acknowledge that international local practices typically call for shareholder pre-emptive rights when a company seeks authority to issue shares (e.g., UK authority for the issuance of only up to 5% of outstanding shares without pre-emptive rights).&#160; While we would prefer that companies be permitted to issue shares without pre-emptive rights, in deference to international local practices, we will approve issuance requests with pre-emptive rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dual Class&nbsp;Capitalizations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we vote against adoption of a dual or multiple class capitalization structure.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restructurings/Recapitalizations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis.&#160; In voting, we consider the following issues:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dilution&#151;how much will ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be?</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>change in control&#151;will the transaction result in a change in control of the company?</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>bankruptcy&#151;generally, approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Repurchase Programs</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boards may institute share repurchase or stock buy-back programs for a number of reasons. Cohen&nbsp;&amp; Steers will generally vote in favor of such programs where the repurchase would be in the long-term best interests of shareholders, and where the company is not thought to be able to use the cash in a more useful way.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Targeted Share Placements</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These shareholder proposals ask companies to seek stockholder approval before placing 10% or more of their voting stock with a single investor. The proposals are typically in reaction to the placement by various companies of a large block of their voting stock in an ESOP, parent capital fund or with a single friendly investor, with the aim of protecting themselves against a hostile tender offer. These proposals are voted on a case-by-case basis after reviewing the individual situation of the company receiving the proposal.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Executive and Director Compensation</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Compensation (&#147;Say on Pay&#148;)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes regarding shareholder &#147;say on pay&#148; are determined on a case-by-case basis.&#160; Generally, we believe that executive compensation should be tied to the long-term performance of the executive and the company both in absolute and relative to the peer group.&#160; We therefore monitor the compensation practices of portfolio companies to determine whether compensation to these executives is commensurate to the company&#146;s total shareholder return (TSR) (<i>i.e.</i>, we generally expect companies that pay their executives at the higher end of the pay range to also be performing commensurately well).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, pay elements that are not directly based on performance are generally evaluated on a case-by-case basis considering the context of a company&#146;s overall pay program and demonstrated pay-for-performance philosophy. The following list highlights certain negative pay practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Repricing or replacing of underwater stock options/SARS without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Excessive perquisites or tax gross-ups;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>New or extended agreements that provide for:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Change in Control (&#147;CIC&#148;) payments exceeding 3 times base salary and bonus;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CIC severance payments without involuntary job loss or substantial diminution of duties (&#147;single&#148; or &#147;modified single&#148; triggers);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CIC payments with excise tax gross-ups (including &#147;modified&#148; gross-ups).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, we generally vote for shareholder proposals that seek additional disclosure of executive and director pay information.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frequency of Advisory Vote on Executive Compensation (&#147;Say When on Pay&#148;)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote for annual advisory votes on compensation as we note that executive compensation is also evaluated on an annual basis by the company&#146;s compensation committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock-based Incentive Plans</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes with respect to compensation plans should be determined on a case-by-case basis depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated in three pillars:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Plan Cost:</b>&#160; The total estimated cost of the company&#146;s equity plans relative to industry/market cap peers, measured by the company&#146;s estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>SVT based only on new shares requested plus shares remaining for future grants.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Plan Features:</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Automatic single-triggered award vesting upon CIC;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Discretionary vesting authority;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liberal share recycling on various award types;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Minimum vesting period for grants made under the plan.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Grant Practices:</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The company&#146;s three year burn rate relative to its industry/market cap peers;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Vesting requirements in most recent CEO equity grants (3-year look-back);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The estimated duration of the plan based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The proportion of the CEO&#146;s most recent equity grants/awards subject to performance conditions;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the company maintains a claw-back policy;</p>
<p style="margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 51.6pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the company has established post exercise/vesting share-holding requirements.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will generally vote against the plan proposal if the combination of factors indicates that the plan is not, overall, in the shareholders&#146; interest, or if any of the following apply:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Awards may vest in connection with a liberal CIC;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The plan would permit repricing or cash buyout of underwater options without shareholder approval;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The plan is a vehicle for problematic pay practices or a pay-for-performance disconnect; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other plan features that are determined to have a significant negative impact on shareholder interests.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approval of Cash or Cash-and-Stock Bonus Plans</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for cash or cash-and-stock bonus plans to exempt the compensation from limits on deductibility under the provisions of Section&nbsp;162(m)&nbsp;of the Internal Revenue Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reload/Evergreen Features</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will generally vote against plans that enable the issuance of reload options and that provide an automatic share replenishment (&#147;evergreen&#148;) feature.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Golden Parachutes</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, the guidelines call for voting against &#147;golden parachute&#148; plans because they impede potential takeovers that shareholders should be free to consider. In particular, we oppose the use of employment contracts that result in cash grants of greater than three times annual compensation (salary and bonus) and generally withhold our votes at the next shareholder meeting for directors who to our knowledge approved golden parachutes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote on a case-by-case basis on proposals to approve the company&#146;s golden parachute compensation. Features that may lead to a vote against include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Potentially excessive severance payments (cash grants of greater than three times annual compensation (salary and bonus));</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agreements that include excessive excise tax gross-up provisions;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Single trigger payments that will happen immediately upon a change in control, including cash payment and such items as the acceleration of performance-based equity despite the failure to achieve performance measures;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Single-trigger vesting of equity based on a definition of change in control that requires only shareholder approval of the transaction (rather than consummation);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Recent amendments or other changes that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the case of a substantial gross-up from pre-existing/grandfathered contract: the element that triggered the gross-up (<i>i.e.</i>, option mega-grants at low point in stock price, unusual or outsized payments in cash or equity made or negotiated prior to the merger); or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The company&#146;s assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">401(k)&nbsp;Employee Benefit Plans</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for proposals to implement a 401(k)&nbsp;savings plan for employees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee Stock Purchase Plans</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We support employee stock purchase plans, although we generally believe the discounted purchase price should be at least 85% of the current market price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Option Expensing</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for shareholder proposals to expense fixed-price options.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vesting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that restricted stock awards normally should vest over at least a two-year period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Option Repricing</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock options generally should not be re-priced, and never should be re-priced without shareholder approval.&#160; In addition, companies should not issue new options, with a lower strike price, to make up for previously issued options that are substantially underwater.&#160; Cohen&nbsp;&amp; Steers will vote against the election of any slate of directors that, to its knowledge, has authorized a company to re-price or replace underwater options during the most recent year without shareholder approval.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Holding Periods</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally vote against all proposals requiring executives to hold the stock received upon option exercise for a specific period of time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transferable Stock Options</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a case-by-case basis proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including cost of proposal and alignment with shareholder interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recoup Bonuses</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We generally vote for shareholder proposals to recoup incentive bonuses or other incentive payments made to senior executives if it is later determined that fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of incentive compensation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Incorporation</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reincorporation Outside of the United States</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, we will vote against companies looking to reincorporate outside of the U.S.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting on State Takeover Statutes</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freezeout provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions, and disgorgement provisions). In voting on these shareholder proposals, we evaluate all facts and circumstances surrounding such proposal, including whether the shareholder proposing such measure has an agenda in making such proposal that may be at odds with the long-term best interests of the company or whether it would be in the best interests of the company to thwart a shareholder&#146;s attempt to control the board of directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting on Reincorporation Proposals</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals to change a company&#146;s state of incorporation are examined on a case-by-case basis. In making our decision, we review management&#146;s rationale for the proposal, changes to the charter/bylaws, and differences in the state laws governing the companies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Mergers and Corporate Restructurings</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mergers and Acquisitions</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on mergers and acquisitions should be considered on a case-by-case basis, taking into account factors including the following: anticipated financial and operating benefits; offer price (cost vs. premium); prospects of the combined companies; how the deal was negotiated; and changes in corporate governance and their impact on shareholder rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote against proposals that require a super-majority of shareholders to approve a merger or other significant business combination.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nonfinancial Effects of a Merger or Acquisition</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some companies have proposed a charter provision which specifies that the board of directors may examine the nonfinancial effect of a merger or acquisition on the company.&#160; This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others.&#160; We generally vote against proposals to adopt such charter provisions.&#160; We feel it is the directors&#146; fiduciary duty to base decisions solely on the financial interests of the shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Restructuring</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on corporate restructuring proposals, including minority squeezeouts, leveraged buyouts, &#147;going private&#148; proposals, spin-offs, liquidations, and asset sales, should be considered on a case-by-case basis In </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">evaluating these proposals and determining our votes, we are singularly focused on meeting our goal of maximizing long-term shareholder value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spin-offs</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on spin-offs should be considered on a case-by-case basis depending on the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Asset Sales</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on asset sales should be made on a case-by-case basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of diseconomies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on liquidations should be made on a case-by-case basis after reviewing management&#146;s efforts to pursue other alternatives, appraisal value of assets, and the compensation plan for executives managing the liquidation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appraisal Rights</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for proposals to restore, or provide shareholders with, rights of appraisal. Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions the right to demand a judicial review in order to determine a fair value for their shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changing Corporate Name</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We vote for changing the corporate name.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Shareholder Rights</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our position on the rights of shareholders is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders should be given the opportunity to exercise their rights. Notification of opportunities for the exercise of voting rights should be given in good time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders are entitled to submit questions to company management.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Minority shareholders should be protected as far as possible from the exercise of voting rights by majority shareholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders are entitled to hold company management as well as the legal person or legal entity accountable for any action caused by the company or company management for which the company, company management or legal entity should bear responsibility.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Environmental and Social Issues</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We recognize that the companies in which we invest can enhance shareholder value and long-term profitability by adopting policies and procedures that promote corporate social and environmental responsibility.&#160; </font>Because of the diverse nature of environmental and social shareholder proposals and the myriad ways companies deal with them, these proposals should be considered on a case-by-case basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All such proposals are scrutinized based on whether they contribute to the creation of shareholder value, are reasonable and relevant, and provide adequate disclosure of key issues to shareholders.&#160; When </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">evaluating social and environmental shareholder proposals, we consider the following factors (in the order of importance as set forth below):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The financial implications of the proposal, including whether adoption of the proposal is likely to have significant economic benefit for the company, such that shareholder value is enhanced or protected by the adoption of the proposal;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the issues presented are more appropriately/effectively dealt with through governmental or company-specific action, as many social and environmental issues are more properly the province of government and broad regulatory action;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the subject of the proposal is best left to the discretion of the board;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the company has already responded in some appropriate manner to the request embodied in the proposal;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the information requested concerns business issues that relate to a meaningful percentage of the company&#146;s business as measured by sales, assets, and earnings;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The degree to which the company&#146;s stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether implementation of the proposal&#146;s request would achieve the proposal&#146;s objectives;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether the requested information is available to shareholders either from the company or from a publicly available source; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Portfolio Managers of Closed-End Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information pertaining to the portfolio managers of the registrant, as of March&nbsp;9, 2017, is set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas N.   Bohjalian</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive vice president of C&amp;S since 2012.   Prior to that, senior vice president of C&amp;S since 2006.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Vice   President</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Portfolio   manager since 2006</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William F. Scapell</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive vice president of C&amp;S since 2014.   Prior to that, senior vice president of C&amp;S since 2003.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Vice   President</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Portfolio   manager since inception</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jason A. Yablon</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior vice president of C&amp;S since 2014. Prior   to that, vice president of C&amp;S since 2008.</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Vice   President</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Portfolio   manager since 2012</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&amp;S utilizes a team-based approach in managing the registrant. Mr.&nbsp;Scapell, Mr.&nbsp;Bohjalian and Mr.&nbsp;Yablon direct and supervise the execution of the registrant&#146;s investment strategy, and lead and guide the other members of the team.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each portfolio manager listed above manages other investment companies and/or investment vehicles and accounts in addition to the registrant. The following tables show, as of December&nbsp;31, 2016, the number of other accounts each portfolio manager managed in each of the listed categories and the total assets in the other accounts managed within each category.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of accounts</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas N. Bohjalian</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Registered investment companies</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,827,023,966</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Other pooled investment vehicles</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,249,535,716</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Other accounts</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,846,615,452</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of accounts</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William F. Scapell</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Registered investment companies</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,398,119,885</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Other pooled investment vehicles</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,813,578,925</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Other accounts</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,955,178,905</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of accounts</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jason A. Yablon</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Registered investment companies</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,289,412,131</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Other pooled investment vehicles</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">136,804,548</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>   Other accounts</p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,094,379,596</font></p>    </td>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Ownership.</font></u> The following table indicates the dollar range of securities of the registrant owned by the registrant&#146;s portfolio managers as of December&nbsp;31, 2016:</p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Securities&nbsp;Owned</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas N. Bohjalian</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William F. Scapell</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$10,000&#151;$50,000</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jason A. Yablon</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflicts of Interest.</font></u> It is possible that conflicts of interest may arise in connection with the portfolio manager&#146;s management of the registrant&#146;s investments on the one hand and the investments of other accounts or vehicles for which the portfolio managers are responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the registrant and the other accounts or vehicles he advises. In addition, due to differences in the investment strategies or restrictions among the registrant and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the registrant.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In some cases, another account managed by a portfolio manager may provide more revenue to the Advisor. While this may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities, the Advisor strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. In this regard, in the absence of specific account-related impediments (such as client-imposed restrictions or lack of available cash), it is the policy of the Advisor to allocate investment ideas pro rata to all accounts with the same primary investment objective.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, certain of the portfolio managers may from time to time manage one or more accounts on behalf of the Advisor and its affiliated companies (the &#147;CNS Accounts&#148;).&#160; Certain securities held and traded in the CNS Accounts also may be held and traded in one or more client accounts.&#160; It is the policy of the Advisor however not to put the interests of the CNS Accounts ahead of the interests of client accounts.&#160; The Advisor may aggregate orders of client accounts with those of the CNS Accounts; however, under no circumstances will preferential treatment be given to the CNS Accounts.&#160; For all orders involving the CNS Accounts, purchases or sales will be allocated prior to trade placement, and orders that are only partially filled will be allocated across all accounts in proportion to the shares each account, including the CNS Accounts, was designated to receive prior to trading.&#160; As a result, it is expected that the CNS Accounts will receive the same average price as other accounts included in the aggregated order.&#160; Shares will not be allocated or re-allocated to the CNS Accounts after trade execution or after the average price is known.&#160; In the event so few shares of an order are executed that a pro-rata allocation is not practical, a rotational system of allocation may be used; however, the CNS Accounts will never be part of that rotation or receive shares of a partially filled order other than on a pro-rata basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because certain CNS Accounts are managed with a cash management objective, it is possible that a security will be sold out of the CNS Accounts but continue to be held for one or more client accounts.&#160; In situations when this occurs, such security will remain in a client account only if the portfolio manager, acting in its reasonable judgment and consistent with its fiduciary duties, believes this is appropriate for, and consistent with the objectives and profile of, the client account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&amp;S Compensation Structure.</font></u> Compensation of C&amp;S&#146;s portfolio managers and other investment professionals has three primary components: (1)&nbsp;a base salary, (2)&nbsp;an annual cash bonus and (3)&nbsp;long-term stock-based compensation consisting generally of restricted stock units of C&amp;S&#146;s parent, CNS. C&amp;S&#146;s investment professionals, including the portfolio managers, also receive certain retirement, insurance and other benefits that are broadly available to all of its employees. Compensation of C&amp;S&#146;s investment professionals is reviewed primarily on an annual basis. Cash </p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect in the January&nbsp;following the fiscal year-end of CNS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Method to Determine Compensation</font></u><u>.</u> The Advisor compensates its portfolio managers based primarily on the total return performance of funds and accounts managed by the portfolio manager versus appropriate peer groups or benchmarks. C&amp;S uses a variety of benchmarks to evaluate each portfolio managers&#146; performance for compensation purposes, including the FTSE NAREIT Equity REIT Index, the BofA Merrill Lynch 1-5 Year US Corporate Index and other broad based indexes based on the asset classes managed by each portfolio manager.&#160; In evaluating the performance of a portfolio manager, primary emphasis is normally placed on one- and three-year performance, with secondary consideration of performance over longer periods of time.&#160; Performance is evaluated on a pre-tax and pre-expense basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds and accounts with a primary investment objective of high current income, consideration will also be given to the fund&#146;s and account&#146;s success in achieving this objective. For portfolio managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis. The Advisor has two funds or accounts with performance-based advisory fees. Portfolio managers are also evaluated on the basis of their success in managing their dedicated team of analysts. Base compensation for portfolio managers of the Advisor varies in line with the portfolio manager&#146;s seniority and position with the firm.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salaries, bonuses and stock-based compensation are also influenced by the operating performance of the Advisor and CNS.&#160; While the annual salaries of the Advisor&#146;s portfolio managers are fixed, cash bonuses and stock based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10. Submission of Matters to a Vote of Security Holders.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant&#146;s Board implemented after the registrant last provided disclosure in response to this Item.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11. Controls and Procedures.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;The registrant&#146;s principal executive officer and principal financial officer have concluded that the registrant&#146;s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form&nbsp;N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission&#146;s rules&nbsp;and forms, based upon such officers&#146; evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;There were no changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12. Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)&nbsp;Not Applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)&nbsp;Certifications of principal executive officer and principal financial officer as required by Rule&nbsp;30a-2(a)&nbsp;under the Investment Company Act of 1940.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)&nbsp;Not Applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Certifications of principal executive officer and principal financial officer as required by Rule&nbsp;30a- 2(b)&nbsp;under the Investment Company Act of 1940.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COHEN&nbsp;&amp; STEERS REIT AND PREFERRED INCOME   FUND,&nbsp;INC.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="91%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:91.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Adam M. Derechin</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="91%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:91.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:   President and Chief Executive Officer</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="96%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:96.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="96%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:96.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March&nbsp;9, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
<td width="42%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam M. Derechin</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Executive Officer</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Executive Officer)</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
<td width="42%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James Giallanza</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="85%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:85.84%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Financial Officer)</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="91%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:91.92%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="96%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:96.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="96%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:96.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: March&nbsp;9,   2017</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="PB_1_143310_7608"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.CERT
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<FILENAME>a17-1558_1ex99dcert.htm
<DESCRIPTION>EX-99.CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (a)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(a)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Adam M. Derechin, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund,&nbsp;Inc.;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March&nbsp;9, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (a)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(a)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, James Giallanza, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund,&nbsp;Inc.;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: March&nbsp;9, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>  </table>
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<DESCRIPTION>EX-99.906CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.906CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (b)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(b)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Report of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund,&nbsp;Inc. (the &#147;Company&#148;) on Form&nbsp;N-CSR as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),&nbsp;I, Adam M. Derechin, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as applicable; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March&nbsp;9, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;12 (b)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(b)&nbsp;CERTIFICATIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Report of Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund,&nbsp;Inc. (the &#147;Company&#148;) on Form&nbsp;N-CSR as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),&nbsp;I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934, as applicable; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March&nbsp;9, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
