Filed by
the Registrant ☒ Filed by a Party other than the Registrant ☐
☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
COMBINED PROXY STATEMENT
TABLE OF CONTENTS
COMBINED PROXY STATEMENT
COHEN & STEERS CLOSED-END OPPORTUNITY FUND, INC. (FOF)
COHEN & STEERS INFRASTRUCTURE FUND, INC. (UTF)
COHEN & STEERS LIMITED DURATION PREFERRED AND
INCOME FUND, INC. (LDP)
COHEN & STEERS QUALITY INCOME REALTY FUND, INC. (RQI)
COHEN & STEERS REIT AND PREFERRED AND
INCOME FUND, INC. (RNP)
COHEN & STEERS SELECT PREFERRED AND
INCOME FUND, INC. (PSF)
COHEN & STEERS TOTAL RETURN REALTY FUND, INC. (RFI)
COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND (PTA)
COHEN & STEERS REAL ESTATE OPPORTUNITIES AND
INCOME FUND (RLTY)
280 Park Avenue
New
York, New York 10017
(212) 832-3232
JOINT ANNUAL MEETING OF STOCKHOLDERS
To Be Held On April 26, 2023
INTRODUCTION
This Combined Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Boards of Directors, or, in the
case of PTA and RLTY, the Board of Trustees (collectively, the Boards), of the above listed entities, each a Maryland corporation except PTA and RLTY, each of which is a Maryland statutory trust (each a Fund, and
collectively, the Funds), to be exercised at the Joint Annual Meeting of Stockholders of the Funds, to be held at the offices of the Funds, 280 Park Avenue, 10th Floor, New York, New York 10017, on April 26, 2023 at 10:00 a.m.
(Eastern Time), and at any postponements or adjournments thereof (collectively, the Meeting). The Trustees and shareholders of PTA and RLTY are referred to herein as Directors and stockholders, respectively, and
such Funds common shares of beneficial interest are referred to herein as common stock.
In order to attend the Meeting
in person, stockholders must bring valid photo identification and, if you hold your shares through a broker, bank or other nominee, a legal proxy, which can be obtained from your broker, bank or other nominee. We note that obtaining a
legal proxy from the applicable nominee/record holder may take several days. The solicitation will be by mail and the cost (including printing and mailing this Combined Proxy Statement, Notice of Meeting and Proxy Card, as well as any necessary
supplementary solicitation) will be borne by each Fund. In addition to soliciting proxies by mail, each Funds officers or representatives of the Funds
1
investment manager may solicit proxies by telephone. The Notice of Meeting, Combined Proxy Statement and Proxy Card are being mailed to stockholders on or about March 14, 2023.
In accordance with each Funds bylaws, the presence in person or by proxy of the holders of record of a majority of the shares of each
Fund issued and outstanding and entitled to vote at the Meeting shall constitute a quorum for such Fund at the Meeting. If, however, a quorum shall not be present or represented at the Meeting or if fewer shares are present in person or by proxy
than is the minimum required to take action with respect to any proposal presented at the Meeting, the chair of the Meeting or the holders of a majority of the shares of each Fund present in person or by proxy (or a majority of votes cast if a
quorum is present) shall have the power to adjourn the Meeting from time to time, without notice other than announcement at the Meeting, until the requisite number of shares entitled to vote at the Meeting shall be present, to a date not more than
120 days after the record date. At any adjourned Meeting, if the relevant quorum is subsequently constituted, any business may be transacted which might have been transacted at the Meeting as originally called. For purposes of determining the
presence of a quorum for transacting business at the Meeting, abstentions and broker non-votes (that is, proxies from brokers or nominees indicating that they have not received instructions from
the beneficial owner or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary voting power), if any, will be treated as shares that are present but which have not been
voted. The election of each nominee requires a plurality of the votes cast at the Meeting, assuming a quorum is present. Abstentions and broker non-votes, if any, will count towards the presence of a quorum
but otherwise will have no effect on the election of any of the nominees for Director.
Although each Fund is a separate investment
company that holds an annual meeting of stockholders, the Funds proxy statements have been combined into this Combined Proxy Statement to reduce expenses to the Funds of soliciting proxies for the Meeting.
The Boards have fixed the close of business on February 15, 2023 as the record date for the determination of stockholders entitled to notice of and to
vote at the Meeting. The outstanding voting shares of each Fund as of the close of business on February 15, 2023 consisted of:
|
|
|
|
|
Fund |
|
Shares of Common Stock |
|
FOF |
|
|
27,431,644.0000 |
|
RQI |
|
|
134,431,441.0369 |
|
RNP |
|
|
47,744,531.3480 |
|
UTF |
|
|
95,942,415.6420 |
|
RFI |
|
|
26,477,435.0000 |
|
PSF |
|
|
12,026,622.0000 |
|
2
|
|
|
|
|
Fund |
|
Shares of Common Stock |
|
LDP |
|
|
29,079,221.0000 |
|
PTA |
|
|
55,273,457.0000 |
|
RLTY |
|
|
16,755,000.0000 |
|
Each share is entitled to one vote and each fractional share is entitled to a proportional fractional vote.
All properly authorized proxies received prior to the Meeting will be exercised at the Meeting in accordance with the instructions marked thereon or as otherwise provided therein and in the discretion of the proxy holder on any other matter that is
properly brought before the Meeting, or any postponement or adjournment thereof. Accordingly, unless instructions to the contrary are provided, properly authorized proxies will be voted FOR the election of each of the nominees for Director.
Any stockholder may revoke his or her proxy at any time prior to exercise thereof by giving written notice to the Secretary of the Fund(s) at its offices at 280 Park Avenue, New York, New York 10017, or by authorizing another proxy of a later date
or by personally casting his or her vote at the Meeting. Attendance at the Meeting without voting will not be sufficient to revoke a previously authorized proxy. Stockholders can vote only on matters affecting the Fund(s) in which they hold a share
as of the close of business on the record date. Because the proposals in the Notice of Joint Annual Meeting of Stockholders are separate for each Fund, it is essential that stockholders who own shares in multiple Funds complete, date, sign and
return (or authorize their proxy by telephone or internet in respect of) each Proxy Card they receive.
The solicitation will be primarily
by mail, and the cost of soliciting proxies for each Fund will be borne by such Fund. In addition to soliciting proxies by mail, each Funds officers or representatives of the Funds investment manager may solicit proxies by telephone. In
addition, the Funds have engaged Broadridge to assist in the solicitation of proxies for an aggregate fee of approximately $393,000, which includes processing, tabulation and mailing, and stockholder meeting fees, although the actual costs of the
solicitation may be higher. Any out-of-pocket expenses incurred in connection with the solicitation will be borne by the Fund incurring such expenses.
The most recent annual report of each Fund, including financial statements, has been previously mailed to that Funds stockholders. If
you have not received a report for any of the Funds in which you own shares or would like to receive an additional copy free of charge, please contact Dana A. DeVivo, Secretary of the Funds, at 280 Park Avenue, New York, New York 10017, (800) 330-7348, and it will be sent promptly by first-class mail.
3
PROPOSAL ONE
ELECTION OF DIRECTORS
For
each Fund, three individuals are nominated to be elected at the Meeting to serve as Directors (each a Director, and collectively, the Directors) for their respective terms and until their successors are duly elected and
qualify. The nominees for Director are Michael Clark, Dean A. Junkans and Ramona Rogers-Windsor, with each to hold office for a term to expire at the 2026 annual meeting of stockholders, and until their successors are duly elected and qualify. It is
the intention of the persons named in the enclosed proxy to vote in favor of each of the nominees. At the Meeting, the holders of each Funds common stock will have equal voting rights (i.e., one vote per share), and will vote as a
single class on the election of Messrs. Clark and Junkans and Ms. Rogers-Windsor. Each of Messrs. Clark and Junkans and Ms. Rogers-Windsor currently serves as a Director of each of the twenty-one
funds within the group of funds registered under the Investment Company Act of 1940, as amended (the Act), that are managed by Cohen & Steers Capital Management, Inc. (the Cohen & Steers Fund Complex).
Each Funds stockholders, with the exception of PTA and RLTY, initially elected their Board to staggered terms at the respective Annual
Meeting of Stockholders held on:
|
|
|
|
|
Funds |
|
Date of stockholder meeting electing Board of Directors to staggered terms |
|
FOF |
|
|
April 19, 2007 |
|
RQI |
|
|
April 24, 2003 |
|
RNP |
|
|
April 29, 2004 |
|
RFI |
|
|
April 27, 1994 |
|
UTF |
|
|
April 28, 2005 |
|
PSF |
|
|
April 28, 2011 |
|
LDP |
|
|
April 25, 2013 |
|
Under their respective Amended and Restated Declarations of Trust, the Trustees of each of RLTY and PTA
(referred to herein as Directors as noted above) were divided into three classes, having staggered terms, commencing on the first date in which the Fund had more than one shareholder (referred to herein as a stockholder as
noted above) of record, which was October 28, 2020 for PTA and February 24, 2022 for RLTY.
Accordingly, the term of office of
only a single class of Directors for each Fund will expire at the Meeting. As a result of this system, only those Directors in any one class may be changed in any one year, and it would require two years or more to change a majority of a Funds
Board. This system of electing Directors, which may be regarded as an anti-takeover provision, may have the effect of limiting the ability to
4
change the composition of a Funds Board and, thus, make it more difficult for each Funds stockholders to change a majority of the Directors.
Each Funds Board of Directors, as applicable, including the Independent Directors then serving, unanimously voted to nominate each of
the nominees. Each of the nominees has consented to continue serving as a Director. If a nominee becomes unable or, in the determination of the Boards, would be unable to serve, the proxies received will be voted FOR such substitute nominee,
if any, as the Boards may recommend.
Directors of the Funds, together with information as to their positions with the Funds, principal
occupations and other board memberships and affiliations for at least the past five years, are shown below.
|
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|
|
|
|
|
|
|
|
|
Name, Address and Year of Birth1 |
|
Position
Held
with Funds |
|
Principal Occupation(s) During At Least The
Past Five Years (Including Other Directorships Held) |
|
Length of
Time Served2 |
|
Term of Office3 |
|
|
Number of Funds Within Fund Complex Overseen by Director (Including the
Funds) |
|
Independent Directors
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael G. Clark |
|
1965 |
|
Director, Lead Independent Director |
|
CFA, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management from 2006 to 2011. |
|
Since 2011 |
|
|
2026 |
5 |
|
|
21 |
|
|
|
|
|
|
|
|
George Grossman |
|
1953 |
|
Director |
|
Attorney-at-Law. |
|
Since 1993 |
|
|
2024 |
|
|
|
21 |
|
|
|
|
|
|
|
|
Dean A. Junkans |
|
1959 |
|
Director |
|
CFA; Advisor to SigFig (a registered investment advisor) since July, 2018; 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 & Company from 2011 to 2014; former member and Chair, Claritas Advisory Committee at the CFA Institute from 2013 to 2015; former Adjunct Professor and
Executive-In-Residence, Bethel University, 2015 to 2022; former Board Member and Investment |
|
Since 2015 |
|
|
2026 |
5 |
|
|
21 |
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name, Address and Year of Birth1 |
|
Position
Held
with Funds |
|
Principal Occupation(s) During At Least The
Past Five Years (Including Other Directorships Held) |
|
Length of
Time Served2 |
|
Term of Office3 |
|
|
Number of Funds Within Fund Complex Overseen by Director (Including the
Funds) |
|
|
|
|
|
|
|
Committee member, Bethel University Foundation, 2010 to 2022; 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. |
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|
|
|
Gerald J. Maginnis |
|
1955 |
|
Director |
|
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 2012 to 2016; Member, Council of the American Institute of Certified Public Accountants (AICPA) from 2013 to 2017; Member, Board of Trustees of AICPA Foundation from 2015 to 2020; Board member and Audit
Committee Chairman of inTEST Corporation since 2020; Chairman of the Advisory Board of Centri Consulting LLC since 2022. |
|
Since 2015 |
|
|
2025 |
|
|
|
21 |
|
|
|
|
|
|
|
|
Jane F. Magpiong |
|
1960 |
|
Director |
|
President, Untap Potential since 2013; Senior Managing Director, TIAA-CREF, from 2011 to 2013; National Head of Wealth Management, TIAA-CREF, from 2008 to 2011; President, Bank of America |
|
Since 2015 |
|
|
2024 |
|
|
|
21 |
|
6
|
|
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|
|
|
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|
|
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|
|
|
|
|
Name, Address and Year of Birth1 |
|
Position
Held
with Funds |
|
Principal Occupation(s) During At Least The
Past Five Years (Including Other Directorships Held) |
|
Length of
Time Served2 |
|
Term of Office3 |
|
|
Number of Funds Within Fund Complex Overseen by Director (Including the
Funds) |
|
|
|
|
|
|
|
Private Bank from 2005 to 2008; Executive Vice President, Fleet Private Clients Group from 2003-2004. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daphne L. Richards |
|
1966 |
|
Director |
|
President and CIO of Ledge Harbor Management since 2016; Investment Committee Member of the Berkshire Taconic Community Foundation since 2015 and Member of the Advisory Board of Northeast Dutchess Fund since 2016; former
Independent Director of Cartica Management, LLC, 2015 to 2022; formerly worked at Bessemer Trust Company from 1999 to 2014; Frank Russell Company from 1996 to 1999, Union Bank of Switzerland from 1993 to 1996, Credit Suisse from 1990 to 1993 and
Hambros International Venture Capital Fund from 1988 to 1989. |
|
Since 2017 |
|
|
2025 |
|
|
|
21 |
|
|
|
|
|
|
|
|
Ramona Rogers-Windsor |
|
1960 |
|
Director |
|
CFA; Member, Capital Southwest Board of Directors since 2021; Member, Thomas Jefferson University Board of Trustees since 2020; Managing Director, Public Investments Department, Northwestern Mutual Investment Management Company,
LLC from 2012 to 2019; Member, Milwaukee Film, LLC Board of Directors from 2016 to 2019. |
|
Since 2021 |
|
|
2026 |
5 |
|
|
21 |
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name, Address and Year of Birth1 |
|
Position
Held
with Funds |
|
Principal Occupation(s) During At Least The
Past Five Years (Including Other Directorships Held) |
|
Length of
Time Served2 |
|
Term of Office3 |
|
|
Number of Funds Within Fund Complex Overseen by Director (Including the
Funds) |
|
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Interested Directors6 |
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Joseph M. Harvey |
|
1963 |
|
Director, Chair |
|
Chief Executive Officer of the Advisor and CNS since 2022. President of the Advisor since 2003 and CNS since 2004. Chief Investment Officer of CSCM from 2003 to 2019. Prior to that, Senior Vice President and Director of
Investment Research of CSCM. |
|
Since 2014 |
|
|
2025 |
|
|
|
21 |
|
|
|
|
|
|
|
|
Adam M. Derechin |
|
1964 |
|
Director |
|
Chief Operating Officer of CSCM since 2003 and CNS since 2004. President and Chief Executive Officer of the Funds from 2005 to 2021. |
|
Since 2021 |
|
|
2024 |
|
|
|
21 |
|
1 |
The address of each Director is c/o Cohen & Steers Funds, 280 Park Avenue, New York, NY 10017.
|
2 |
The length of time served represents the year in which the Director was first elected to any fund in the
Cohen & Steers Fund Complex. |
3 |
The Boards have adopted a mandatory retirement policy stating a Director must retire from a Board on December
31st of the year in which he or she turns 75 years of age. |
4 |
Independent Directors are not interested persons, as defined in the Act, of the Funds.
|
5 |
If elected at the Meeting. Each Director serves until the annual meeting in the year designated in the above
table and until his or her successor has been duly elected and qualifies, or until his or her death, resignation or removal as provided in the Funds bylaws and charters. |
6 |
Interested person, as defined in the Act, of each Fund (Interested Director) because of
the affiliation with Cohen & Steers Capital Management, Inc. (CSCM), each Funds investment manager (the Advisor), and its parent company, Cohen & Steers, Inc. (CNS). |
Additional information about each Independent Director follows (supplementing the information provided in the table above) that describes some
of the specific
8
experiences, qualifications, attributes or skills that he or she possesses which the Boards believe has prepared him or her to be an effective Director.
|
|
Michael G. Clark - In addition to his tenure as a Director of the Cohen & Steers funds,
Mr. Clark has served as the Cohen & Steers funds lead Independent Director since January 2018, acting as liaison between the Boards and the Independent Directors. Mr. Clark previously served as the Chair of the Boards
Nominating Committee from 2015 to 2022 and Dividend Committee from 2018 to 2022. Prior to becoming a Director of the Cohen & Steers funds, Mr. Clark served as President of the DWS family of funds and Managing Director of Deutsche Asset
Management for over five years. Prior to that, he held senior management positions at Merrill Lynch Investment Managers and Merrill Lynch Asset Management, and prior thereto, was an auditor at Merrill Lynch & Co. and
Deloitte & Touche. He has over 25 years of investment management and financial services industry experience and is a Certified Public Accountant and Chartered Financial Analyst charterholder. |
|
|
George Grossman - In addition to his tenure as a Director of the Cohen & Steers funds,
Mr. Grossman has practiced commercial and residential real estate law, real estate development, zoning and complex financing for over 30 years, managing his own law firm. Mr. Grossman previously served as the Chair of the Boards
Contracts Review Committee from 2004 to 2022, coordinating the information presented to the Boards in connection with the renewal of each Funds management contracts as well as interacting with the independent third-party service provider.
|
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|
Dean A. Junkans - In addition to his tenure as a Director of the Cohen & Steers funds,
Mr. Junkans has served as the Chair of the Boards Contracts Review Committee since January 1, 2023, and previously served as the Chair of the Boards Governance Committee from 2018 to 2022. Currently, Mr. Junkans also
serves as an advisor to SigFig (a registered investment advisor) since July 2018. Prior to becoming a Director of the Cohen & Steers funds, Mr. Junkans was 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 & Company from 2011 to 2014. He was a member and Chair of the Claritas Advisory Committee at the CFA Institute from 2013 to 2015, and was also a board
member and Investment Committee member of Bethel University Foundation from 2010 to 2022. He was a member of the Board of Governors of the University of Wisconsin Foundation, River Falls, from 1996 to 2004, and is a U.S. Army Veteran.
Mr. Junkans is also a Chartered Financial Analyst charterholder. |
|
|
Gerald J. Maginnis - In addition to his tenure as a Director of the Cohen & Steers funds,
Mr. Maginnis has served as Chair of the Boards Audit Committee since 2019. He has also served as a member of the Board of Directors and the Audit Committee Chair of inTEST Corporation since 2020. Prior to becoming a Director of the
Cohen & Steers funds, Mr. Maginnis was Partner in Charge of KPMGs |
9
|
Audit Practice in Pennsylvania from 2002 to 2008, and served as KPMGs Philadelphia Office Managing Partner from 2006 to 2015. He served as President of the Pennsylvania Institute of
Certified Public Accountants (PICPA) from 2014 to 2015, and was a member of the Council of the American Institute of Certified Public Accounts (AICPA) from 2013 to 2017. He was a member of the Board of Directors of PICPA from 2012 to 2016 and was a
member of the Board of Trustees of the AICPA Foundation from 2015 to 2020. He has previously served on the boards of several non-profit organizations. Mr. Maginnis holds a BS from St. Josephs
University and is a Certified Public Accountant. |
|
|
Jane F. Magpiong - In addition to her tenure as a Director of the Cohen & Steers funds,
Ms. Magpiong has served as Chair of the Boards Nominating Committee and the Boards Governance Committee since January 1, 2023. Prior to becoming a Director of the Cohen & Steers funds, Ms. Magpiong was Executive
Vice President of Fleet Private Clients Group from 2003 to 2004, President of Bank of America Private Bank from 2005 to 2008, National Head of Wealth Management at TIAA-CREF from 2008 to 2011, and Senior Managing Director of Leadership Development
at TIAA-CREF from 2011 to 2013. Ms. Magpiong has over 26 years of investment management experience, and has previously served on the boards of several charitable foundations. Ms. Magpiong holds a BA from the University of California
at Santa Barbara and a Masters in Management from the University of Redlands. |
|
|
Daphne L. Richards - In addition to her tenure as a Director of the Cohen & Steers funds,
Ms. Richards has served as Chair of the Boards Dividend Committee since January 1, 2023. Ms. Richards has been President and Chief Investment Officer of Ledge Harbor Management since 2016. She also has served as a member of the
Investment Committee of the Berkshire Taconic Community Foundation since 2015 and a member of the Advisory Board of the Northeast Dutchess Fund since 2016. Ms. Richards was formerly an Independent Director of Cartica Management, LLC from 2015
to 2022. Previously, Ms. Richards worked at Bessemer Trust from 1999 to 2014, Frank Russell Company from 1996 to 1999, Union Bank of Switzerland from 1993 to 1996, Credit Suisse from 1990 to 1993, and Hambros Venture Capital Fund from 1988 to
1989. |
|
|
Ramona Rogers-Windsor - In addition to serving as a Director of the Cohen & Steers funds,
Ms. Rogers-Windsor serves as a member of the Capital Southwest Board of Directors since 2021 and as a member of the Thomas Jefferson University Board of Trustees since December 2020. Previously, Ms. Rogers-Windsor spent over 23 years in
investment management with Northwestern Mutual Investment Company, LLC, most recently as Managing Director and Portfolio Manager. Prior to that, Ms. Rogers-Windsor served as a financial officer with Northwestern Mutual Life.
Ms. Rogers-Windsor has over 38 years of experience across multiple segments of the financial services industry and has previously served on the boards of several non-profit organizations.
Ms. Rogers-Windsor holds a BS in Accounting from Marquette University and is a Certified Public Accountant and Chartered Financial Analyst charterholder. |
10
The Boards believe that the significance of each Directors experience, qualifications,
attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the board level, with no single Director, or particular
factor, being indicative of board effectiveness. However, the Boards believe that each Director needs to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund
management, service providers and counsel, in order to exercise effective business judgment in the performance of his or her duties; the Boards believe that each of their members satisfies this standard. Experience relevant to having these abilities
may be achieved through a Directors educational background; business, professional training or practice (e.g., accountancy or law), public service or academic positions; experience from service as a board member (including the Boards of
the Funds) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life
experiences. The charter for each Boards Nominating Committee contains certain other specific requirements and factors considered by the Committee in identifying and selecting Director candidates (please see below for a discussion of certain
other requirements and factors).
To assist them in evaluating matters under federal and state law, the Directors are counseled by their
own independent legal counsel, who participates in Board meetings and interacts with the Advisor, and also may benefit from information provided by the Funds and the Advisors counsel; both Board and Fund counsel have significant
experience advising funds and fund boards. Each Board and its committees have the power to engage other experts as appropriate. Each Board evaluates its performance on an annual basis.
Board Composition and Leadership Structure. The Act requires that at least 40% of a Funds Directors be Independent Directors and,
as such, not affiliated with the Advisor. To rely on certain exemptive rules under the Act, a majority of a Funds Directors must be Independent Directors, and for certain important matters, such as the approval of investment advisory
agreements or certain transactions with affiliates, the Act or the rules thereunder require the approval of a majority of the Independent Directors. Currently, over 75% of each Funds Directors are Independent Directors. The Chair of each of
the Boards is an interested person of the Funds, and the Independent Directors have designated a lead Independent Director who chairs meetings or executive sessions of the Independent Directors, reviews and comments on Board meeting agendas,
represents the views of the Independent Directors to management and facilitates communication among the Independent Directors and their counsel. Each Board has determined that its leadership structure, in which the Independent Directors have
designated Michael G. Clark as lead Independent Director to function as described above, is appropriate in light of the services that the Advisor and its affiliates provide and potential conflicts of interest that could arise from these
relationships.
11
During each Funds most recent fiscal year (ended October 31, 2022 for PTA and
December 31, 2022 for all other Funds), each Board met the number of times indicated in the table below.
|
|
|
|
|
Fund |
|
Number of Board Meetings |
|
RFI |
|
|
14 |
|
RQI |
|
|
15 |
|
RNP |
|
|
15 |
|
UTF |
|
|
16 |
|
FOF |
|
|
14 |
|
PSF |
|
|
15 |
|
LDP |
|
|
15 |
|
PTA |
|
|
15 |
|
RLTY |
|
|
14 |
|
Each Director then in office attended at least 75% of the aggregate number of meetings of the Boards and the
Committees of which he or she was a member during the period in which he or she was a member. As a result of the COVID-19 crisis, a number of the Funds Board meetings were held by teleconference or video
conference. The Funds do not have policies with regard to the Directors attendance at annual stockholder meetings and none of the Directors attended any Funds 2022 annual meeting of stockholders. Each Fund maintains five standing Board
Committees: the Audit Committee, the Nominating Committee, the Contract Review Committee, the Governance Committee and the Dividend Committee (each, a Committee and collectively, the Committees). The Directors serving on each
Committee are all Independent Directors, and otherwise satisfy the applicable standards for independence of a committee member of an investment company issuer under the federal securities laws and under applicable listing standards of the New York
Stock Exchange. The members of the Audit Committee of each Fund are Ms. Rogers-Windsor and Messrs. Clark and Maginnis. The members of the Nominating Committee and the Contract Review Committee of each Fund are Mses. Magpiong, Richards and
Rogers-Windsor and Messrs. Clark, Grossman, Junkans and Maginnis. The members of the Governance Committee of each Fund are Mses. Magpiong and Richards and Messrs. Junkans and Grossman. The members of the Dividend Committee of each Fund are Mses.
Richards and Rogers-Windsor and Messrs. Junkans and Maginnis.
The Audit Committee of each Fund met four times during the fiscal year
(except for RLTYs Audit Committee, which met three times). Mr. Maginnis was appointed to serve as Audit Committee Chair effective January 1, 2019 for each Fund other than PTA and RLTY, for which Mr. Maginnis was appointed to
serve as Audit Committee Chair effective December 10, 2019 and December 7, 2021, respectively. Each Audit Committee operates pursuant to a written charter adopted by the applicable Board. A current copy of the Audit Committee charter is
available on the Advisors website at https://assets.cohenandsteers.com/assets/content/uploads/Audit_Committee_Charter_Updated_September_2019.pdf. The general purposes of each Audit Committee are to oversee the Funds accounting and
financial
12
reporting and processes and audits of the Funds financial statements; the integrity of the Funds financial statements; the Funds compliance with legal and regulatory
requirements that relate to the Funds accounting and financial reporting processes and financial statement audits; and the qualifications, independence and performance of the independent registered public accounting firm(s) engaged by the Fund
and the performance of the Funds independent audit function, if any.
The Nominating Committee of each Fund met one time during the
fiscal year. The Nominating Committee of each Fund operates pursuant to a written charter adopted by the applicable Board. A current copy of the Nominating Committee charter is available on the Advisors website at
https://www.cohenandsteers.com/assets/content/uploads/Nominating_Committee_Charter_Fds.pdf. The main functions of each Nominating Committee are to (i) identify individuals qualified to become Directors in the event that a position is vacated or
created, (ii) select the Director nominees for the next annual meeting of stockholders and (iii) set any necessary standards or qualifications for service on the applicable Board. Each Nominating Committee requires that Director candidates
have a college degree or equivalent business experience. Each Nominating Committee may take into account a wide variety of factors in considering Director candidates, including (but not limited to): (i) availability and commitment of a
candidate to attend meetings and perform his or her responsibilities on the Board, (ii) an assessment of the candidates ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively
with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties, (iii) educational background, (iv) business, professional training or practice (e.g.,
accountancy or law), public service or academic positions, (v) an assessment of the candidates character and integrity, (vi) experience from service as a board member (including the Boards of the Funds) or as an executive of
investment funds, public companies or significant private or not-for-profit entities or other organizations, (vii) whether or not the candidate has any
relationships that might impair his or her independence, such as any business, financial or family relationships with Cohen & Steers, Fund service providers or their affiliates and (viii) overall interplay of a candidates
experience, skill and knowledge with that of other Directors. In addition, although the Nominating Committee does not have a formal policy with regard to consideration of diversity in identifying Director candidates, the Nominating Committee may
consider whether a potential candidates qualities and attributes, including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to the Boards membership and collective attributes. Such
considerations will vary based on the Boards existing membership and other factors, such as the strength of a potential nominees overall qualifications relative to diversity considerations. The Nominating Committee may, but is not
required to, retain a third-party search firm at the Funds expense to identify potential candidates. The Nominating Committee will consider Director candidates recommended by stockholders, provided that any such stockholder recommendation is
submitted in writing to the Fund, to the attention of the Secretary, at the address of the principal executive offices of the Fund and further provided that such recommendation
13
includes all other information specified in the Nominating Committee charter and complies with the procedures set forth in Appendix A thereto. Pursuant to each Funds charter and bylaws, or
in the case of PTA and RLTY, the Declaration of Trust and bylaws, each Funds Board may elect a new Director to fill any vacancy on the Board. Any Director elected in this manner will serve for the full term of the directorship for which he or
she is elected and until his or her successor is duly elected and qualifies.
The Contract Review Committee of each Fund met two times
during the fiscal year (except for RLTYs Contract Review Committee, which did not meet because that Funds investment advisory agreement was not yet up for renewal). The Contract Review Committee of each Fund operates pursuant to a
written charter adopted by the applicable Board. The main functions of each Contract Review Committee are to make recommendations to the Board after reviewing advisory and other contracts that the Fund has with the Advisor and to select third
parties to provide evaluative reports and other information to the Board regarding the services provided by the Advisor.
The Governance
Committee of each Fund met five times during the fiscal year. The Governance Committee of each Fund operates pursuant to a written charter adopted by the applicable Board. The main function of each Governance Committee is to assist the Board in the
oversight of appropriate and effective governance of the Fund. The Governance Committee oversees, among other things, the structure and composition of the Board Committees, the size of the Board and the compensation of Independent Directors for
service on the Board and any Board Committee and the process for securing insurance coverage for the Board.
The Dividend Committee of
each Fund met two times during the fiscal year. The main function of each Dividend Committee is to assist the applicable Board in the oversight of the Funds process for determining distributions and to exercise the power to authorize
distributions delegated to it by the Board.
Boards Oversight Role in Management. The Boards role in management of each
Fund is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Funds, primarily the Advisor and its affiliates, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk,
issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, each Board, acting at its scheduled meetings, or the lead Independent Director, acting between Board meetings, regularly interacts with and
receives reports from senior personnel of service providers, including the Funds and the Advisors Chief Compliance Officer and portfolio management personnel. Each Boards Audit Committee meets during its scheduled meetings, and
between meetings, the Audit Committee chair maintains contact with the Funds independent registered public accounting firm and the Funds Treasurer and Chief Financial Officer. Each Board also receives periodic presentations from senior
personnel of the Advisor or its affiliates regarding risk management
14
generally, as well as periodic presentations regarding specific operational, compliance or investment areas such as business continuity, anti-money laundering, personal trading, valuation,
credit, investment research and securities lending. Each Board also receives reports from counsel to the Funds and the Advisor and the Boards own independent legal counsel regarding regulatory compliance and governance matters. Each
Boards oversight role does not make the Board a guarantor of the Funds investments or activities.
* * *
Audit Committee Report
The Audit
Committee of the Board of Directors or Board of Trustees of each Cohen & Steers Fund (a Fund and together, the Funds) has met with PricewaterhouseCoopers LLP, the Funds independent registered public accounting
firm, to discuss the scope of the audit engagement, review the Funds financial statements, and discuss the statements and audit results with management. Each Audit Committee discussed with PricewaterhouseCoopers LLP the matters required to be
discussed by the applicable requirements of the Public Company Accounting Oversight Board (PCAOB), received the written disclosures and the letter from PricewaterhouseCoopers LLP required by PCAOB Rule 3526 and discussed with
PricewaterhouseCoopers LLP its independence. Based on these reviews and discussions, each Audit Committee recommended to the Board of Directors or Board of Trustees, as applicable, that the audited financial statements of each Fund be included in
that Funds annual report to stockholders for the last fiscal year for filing with the Securities and Exchange Commission.
February 27, 2023
Submitted by the Audit Committee of each Funds Board of Directors or Board of Trustees, as applicable.
Michael G. Clark
Gerald J. Maginnis, Chair
Ramona Rogers-Windsor
* * *
15
As of January 31, 2023, the Directors and officers of each Fund as a group owned the
following number of shares of each Fund, which is less than 1% of the outstanding securities of such Fund.
|
|
|
|
|
Fund |
|
Aggregate Shares Held |
|
FOF |
|
|
44,488.23 |
|
PSF |
|
|
7,569.57 |
|
RFI |
|
|
3,986.91 |
|
RNP |
|
|
4,491.49 |
|
RQI |
|
|
40,881.62 |
|
UTF |
|
|
5,744.21 |
|
LDP |
|
|
1,208.00 |
|
PTA |
|
|
22,065.78 |
|
RLTY |
|
|
4,068.00 |
|
To the knowledge of each Fund no person owned of record or owned beneficially more than 5% of each Funds
common stock outstanding as of that date, except as listed below:
FOF
|
|
|
|
|
|
|
|
|
|
|
|
|
Name and Address of Beneficial Owner |
|
Amount of Beneficial Ownership as Reported in Schedule 13G |
|
|
Percent of Fund as Reported in Schedule 13G |
|
|
Date of Reporting of >5% ownership |
|
Morgan Stanley |
|
|
1,514,786 |
|
|
|
5.5 |
% |
|
|
12/30/2022 |
|
Morgan Stanley Smith Barney LLC |
|
|
|
|
|
|
|
|
|
|
|
|
1585 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
New York, NY 10036 |
|
|
|
|
|
|
|
|
|
|
|
|
RFI
|
|
|
|
|
|
|
|
|
|
|
|
|
Name and Address of Beneficial Owner |
|
Amount of Beneficial Ownership as Reported in Schedule 13G |
|
|
Percent of Fund as Reported in Schedule 13G |
|
|
Date of Reporting of >5% ownership |
|
Morgan Stanley |
|
|
1,352,657 |
|
|
|
5.1 |
% |
|
|
12/30/2022 |
|
Morgan Stanley Smith Barney LLC |
|
|
|
|
|
|
|
|
|
|
|
|
1585 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
New York, NY 10036 |
|
|
|
|
|
|
|
|
|
|
|
|
16
PTA
|
|
|
|
|
|
|
|
|
|
|
|
|
Name and Address of Beneficial Owner |
|
Amount of Beneficial Ownership as Reported in Schedule 13G |
|
|
Percent of Fund as Reported in Schedule 13G |
|
|
Date of Reporting of >5% ownership |
|
Morgan Stanley |
|
|
3,242,033 |
|
|
|
5.9 |
% |
|
|
12/30/2022 |
|
Morgan Stanley Smith Barney LLC |
|
|
|
|
|
|
|
|
|
|
|
|
1585 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
New York, NY 10036 |
|
|
|
|
|
|
|
|
|
|
|
|
RLTY
|
|
|
|
|
|
|
|
|
|
|
|
|
Name and Address of Beneficial Owner |
|
Amount of Beneficial Ownership as Reported in Schedule 13G |
|
|
Percent of Fund as Reported in Schedule 13G |
|
|
Date of Reporting of >5% ownership |
|
Morgan Stanley |
|
|
939,524 |
|
|
|
5.6 |
% |
|
|
12/30/2022 |
|
1585 Broadway, New York, NY 10036 |
|
|
|
|
|
|
|
|
|
|
|
|
Parametric Portfolio Associates LLC |
|
|
|
|
|
|
|
|
|
|
|
|
800 Fifth Avenue, Suite 2800 |
|
|
|
|
|
|
|
|
|
|
|
|
Seattle, WA 98104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan Stanley |
|
|
860,025 |
|
|
|
5.1 |
% |
|
|
12/30/2022 |
|
Morgan Stanley Smith Barney LLC |
|
|
|
|
|
|
|
|
|
|
|
|
1585 Broadway |
|
|
|
|
|
|
|
|
|
|
|
|
New York, NY 10036 |
|
|
|
|
|
|
|
|
|
|
|
|
and that Cede & Co., a nominee for participants in the Depository Trust Company, held of record as of the close of
business on February 15, 2023:
|
|
|
|
|
|
|
|
|
Fund |
|
Shares of common stock |
|
|
Percentage of Funds outstanding common stock |
|
FOF |
|
|
27,427,993.00000 |
|
|
|
99.987 |
% |
RQI |
|
|
134,375,807.00000 |
|
|
|
99.959 |
% |
RNP |
|
|
47,712,861.00000 |
|
|
|
99.934 |
% |
UTF |
|
|
95,922,385.0000 |
|
|
|
99.979 |
% |
RFI |
|
|
26,388,915.00000 |
|
|
|
99.666 |
% |
PSF |
|
|
12,025,354.0000 |
|
|
|
99.989 |
% |
LDP |
|
|
29,079,218.0000 |
|
|
|
100.000 |
% |
PTA |
|
|
55,273,456.0000 |
|
|
|
100.000 |
% |
RLTY |
|
|
16,749,999.0000 |
|
|
|
99.970 |
% |
As of December 31, 2022, none of the Independent Directors nor any of their immediate family members
owned any securities in the Advisor or any person directly or indirectly controlling, controlled by or under common control with the Advisor.
17
The following table provides information concerning the dollar range of each Funds equity
securities owned by each Director and the aggregate dollar range of securities owned in the Cohen & Steers Fund Complex by each Director as of December 31, 2022.
A: None
B: $1 $10,000
C: $10,001 $50,000
D: $50,001 $100,000
E:
Over $100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOF |
|
|
PSF |
|
|
RQI |
|
|
RNP |
|
|
RFI |
|
|
UTF |
|
|
LDP |
|
|
PTA |
|
|
RLTY |
|
|
Aggregate Dollar Range of Equity Securities in the Cohen &
Steers Fund Complex |
|
Michael G. Clark |
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
B |
|
|
|
C |
|
|
|
C |
|
|
|
E |
|
Adam M. Derechin* |
|
|
E |
|
|
|
A |
|
|
|
E |
|
|
|
D |
|
|
|
C |
|
|
|
E |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
E |
|
George Grossman |
|
|
A |
|
|
|
A |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
E |
|
Dean Junkans |
|
|
A |
|
|
|
A |
|
|
|
C |
|
|
|
A |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
E |
|
Joseph M. Harvey* |
|
|
A |
|
|
|
A |
|
|
|
E |
|
|
|
A |
|
|
|
B |
|
|
|
A |
|
|
|
B |
|
|
|
A |
|
|
|
A |
|
|
|
E |
|
Gerald J. Maginnis |
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
C |
|
|
|
B |
|
|
|
B |
|
|
|
E |
|
Jane F. Magpiong |
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
C |
|
|
|
B |
|
|
|
C |
|
|
|
B |
|
|
|
E |
|
Daphne L. Richards |
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
A |
|
|
|
D |
|
|
|
A |
|
|
|
E |
|
Ramona Rogers-Windsor |
|
|
A |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
B |
|
|
|
D |
|
Compensation of Directors and Officers. The Independent Directors are paid by the Cohen & Steers Fund Complex an annual base
retainer of $185,000, paid quarterly, and a $10,000 per meeting fee per quarter ($40,000 annually). Prior to January 1, 2023, the Independent Directors were paid an annual base retainer of $173,500. Such fees are allocated over the
Cohen & Steers Fund Complex based on average net assets of each fund. Directors also are reimbursed their out-of-pocket expenses in connection with attendance
at Board and Committee meetings. The Audit Committee Chair is paid $30,000 per year in the aggregate for his or her service as Chair of the Audit Committees of the Cohen & Steers Fund Complex. The Contract Review Committee and Governance
Committee Chair are each paid $20,000 per year in the aggregate for their work in connection with the Cohen & Steers Fund Complex. The Chair of the Nominating Committee and the Chair of the Dividend Committee are not paid for serving
as Chair. The lead Independent Director is paid $65,000 per year in the aggregate for his or her service as lead Independent Director of the Cohen & Steers Fund Complex. Directors also may be paid additional compensation for services
related to the Boards or Committees, as approved by the Board of each Fund.
18
The following table sets forth the out-of-pocket expenses paid by each Fund to Directors for the calendar year ended December 31, 2022.
|
|
|
|
|
Fund |
|
Total out-of-pocket expenses
paid for the year ended December 31, 2022 |
|
FOF |
|
$ |
120 |
|
PSF |
|
$ |
101 |
|
RFI |
|
$ |
133 |
|
RNP |
|
$ |
422 |
|
RQI |
|
$ |
733 |
|
UTF |
|
$ |
940 |
|
LDP |
|
$ |
243 |
|
PTA |
|
$ |
456 |
|
RLTY |
|
$ |
100 |
|
The following table sets forth information regarding compensation of Directors by each Fund for the applicable
fiscal year end and by the Cohen & Steers Fund Complex for the calendar year ended December 31, 2022. Officers of the Funds, other than the Chief Compliance Officer, and Interested Directors do not receive any compensation from the
Funds or any other fund in the Cohen & Steers Fund Complex. The table also sets forth the compensation of the Chief Compliance Officer by each Fund for the calendar year ended December 31, 2022. In the column headed Total
Compensation to Directors by Cohen & Steers Fund Complex, the compensation paid to each Director represents the twenty-one funds that each Director oversaw in the Cohen & Steers Fund
Complex during 2022. The Directors do not receive any pension or retirement benefits from the Cohen & Steers Fund Complex.
19
Compensation Table
Year Ended December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTA+ |
|
|
FOF |
|
|
PSF |
|
|
RFI |
|
|
RNP |
|
|
RQI |
|
|
UTF |
|
|
LDP |
|
|
RLTY |
|
|
Total Paid to Directors by Cohen & Steers Fund Complex |
|
Interested Directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joseph M. Harvey, Director and Chair* |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
Adam M. Derechin, Director* |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael G. Clark, Director, Lead Independent Director, Dividend Committee Chair and Nominating
Committee Chair |
|
$ |
7,102 |
|
|
$ |
1,872 |
|
|
$ |
1,561 |
|
|
$ |
2,083 |
|
|
$ |
6,669 |
|
|
$ |
11,502 |
|
|
$ |
14,323 |
|
|
$ |
3,755 |
|
|
$ |
1,740 |
|
|
$ |
278,500 |
|
George Grossman, Director & Contract Review Committee Chair |
|
$ |
5,955 |
|
|
$ |
1,569 |
|
|
$ |
1,309 |
|
|
$ |
1,747 |
|
|
$ |
5,591 |
|
|
$ |
9,643 |
|
|
$ |
12,009 |
|
|
$ |
3,148 |
|
|
$ |
1,459 |
|
|
$ |
233,500 |
|
Dean Junkans, Director & Governance Committee Chair |
|
$ |
5,955 |
|
|
$ |
1,569 |
|
|
$ |
1,309 |
|
|
$ |
1,747 |
|
|
$ |
5,591 |
|
|
$ |
9,643 |
|
|
$ |
12,009 |
|
|
$ |
3,148 |
|
|
$ |
1,459 |
|
|
$ |
233,500 |
|
Gerald J Maginnis, Director & Audit Committee Chair |
|
$ |
6,210 |
|
|
$ |
1,636 |
|
|
$ |
1,365 |
|
|
$ |
1,822 |
|
|
$ |
5,831 |
|
|
$ |
10,056 |
|
|
$ |
12,523 |
|
|
$ |
3,283 |
|
|
$ |
1,521 |
|
|
$ |
243,500 |
|
Jane F. Magpiong, Director |
|
$ |
5,445 |
|
|
$ |
1,435 |
|
|
$ |
1,197 |
|
|
$ |
1,597 |
|
|
$ |
5,112 |
|
|
$ |
8,817 |
|
|
$ |
10,980 |
|
|
$ |
2,879 |
|
|
$ |
1,334 |
|
|
$ |
213,500 |
|
Daphne L. Richards, Director |
|
$ |
5,445 |
|
|
$ |
1,435 |
|
|
$ |
1,197 |
|
|
$ |
1,597 |
|
|
$ |
5,112 |
|
|
$ |
8,817 |
|
|
$ |
10,980 |
|
|
$ |
2,879 |
|
|
$ |
1,334 |
|
|
$ |
213,500 |
|
Ramona Rogers-Windsor, Director |
|
$ |
5,445 |
|
|
$ |
1,435 |
|
|
$ |
1,197 |
|
|
$ |
1,597 |
|
|
$ |
5,112 |
|
|
$ |
8,817 |
|
|
$ |
10,980 |
|
|
$ |
2,879 |
|
|
$ |
1,334 |
|
|
$ |
213,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Officers of the Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stephen Murphy, Chief Compliance Officer |
|
$ |
12,254 |
|
|
$ |
5,879 |
|
|
$ |
2,555 |
|
|
$ |
2,286 |
|
|
$ |
10,230 |
|
|
$ |
17,232 |
|
|
$ |
22,142 |
|
|
$ |
5,666 |
|
|
$ |
2,578 |
|
|
$ |
325,000 |
|
+ |
Amounts shown for PTA are as of the fiscal year ended October 31, 2022. |
20
Delinquent Section 16(a) Reports. Section 16(a) of the Securities
Exchange Act of 1934, as amended (the Exchange Act), and Section 30(h) of the Act, as applied to the Funds, require the Funds Directors, officers, the Advisor, certain affiliates of the Advisor, and persons who beneficially
own more than 10% of a class of the Funds outstanding securities to file reports of ownership of the Funds securities and changes in such ownership with the Securities and Exchange Commission (SEC). Those persons are required
by SEC regulations to furnish the relevant Fund(s) with copies of all filings. To each Funds knowledge, all such persons complied with all filing requirements under Section 16(a) of the Exchange Act and Section 30(h) of the Act
during the fiscal year ended October 31, 2022 for PTA and December 31, 2022 for all other Funds, except that one Form 4 was not timely filed on behalf of Jane F. Magpiong relating to one transaction in shares of RQI due to administrative
error.
Each Funds Board of Directors, as applicable, including the Independent Directors, recommends that the stockholders of
its Fund vote FOR the election of each nominee to serve as a Director of the Fund.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
For the fiscal year ended October 31, 2022 for PTA and December 31, 2022 for all other Funds, each Funds Audit Committee
selected PricewaterhouseCoopers LLP, an independent registered public accounting firm, to audit the accounts of the applicable Fund. Their selection was ratified and approved by the vote of a majority of the Directors of the applicable Fund,
including a majority of the Independent Directors, each of whom are independent as defined in the New York Stock Exchange listing standards. On December 13, 2022, the Audit Committee of PTA selected PricewaterhouseCoopers LLP as the
applicable Funds registered public accounting firm (auditor) for the fiscal year ending October 31, 2023 for PTA. On March 14, 2023, the Audit Committee of each Fund, other than PTA, will meet to consider the appointment
of PricewaterhouseCoopers LLP as the applicable Funds auditor for the fiscal year ending December 31, 2023. This Combined Proxy Statement will be updated if the Audit Committee of any Fund, other than PTA, does not select
PricewaterhouseCoopers LLP as the applicable Funds auditor for the year ending December 31, 2023. Each Audit Committee meets at least twice a year with representatives of the applicable Funds auditor to discuss the scope of the
auditors engagement and to review the financial statements of the applicable Funds and the results of its examination thereof. The auditor will not be at the Meeting but will be available to participate by telephone if needed.
21
Fees Paid to PricewaterhouseCoopers LLP
Unless otherwise indicated, the aggregate fees billed to the Funds for the last two fiscal years ended December 31 for professional
services rendered by PricewaterhouseCoopers LLP were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit Fees |
|
|
Audit- Related Fees |
|
|
Tax Fees |
|
|
All Other Fees |
|
Funds |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
FOF |
|
$ |
48,351 |
|
|
$ |
46,492 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
6,301 |
|
|
$ |
6,059 |
|
|
$ |
0 |
|
|
$ |
0 |
|
RQI |
|
$ |
59,401 |
|
|
$ |
47,501 |
|
|
$ |
11,000 |
|
|
$ |
0 |
|
|
$ |
18,300 |
|
|
$ |
5,865 |
|
|
$ |
0 |
|
|
$ |
0 |
|
RNP |
|
$ |
62,648 |
|
|
$ |
50,623 |
|
|
$ |
3,500 |
|
|
$ |
0 |
|
|
$ |
18,501 |
|
|
$ |
6,059 |
|
|
$ |
0 |
|
|
$ |
0 |
|
UTF |
|
$ |
52,648 |
|
|
$ |
50,623 |
|
|
$ |
2,500 |
|
|
$ |
2,500 |
|
|
$ |
23,083 |
|
|
$ |
22,195 |
|
|
$ |
0 |
|
|
$ |
0 |
|
PTA* |
|
$ |
46,028 |
|
|
$ |
44,258 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
6,301 |
|
|
$ |
6,059 |
|
|
$ |
0 |
|
|
$ |
0 |
|
RFI |
|
$ |
54,914 |
|
|
$ |
43,187 |
|
|
$ |
3,500 |
|
|
$ |
0 |
|
|
$ |
18,300 |
|
|
$ |
5,865 |
|
|
$ |
0 |
|
|
$ |
0 |
|
PSF |
|
$ |
46,346 |
|
|
$ |
44,564 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
6,301 |
|
|
$ |
6,059 |
|
|
$ |
0 |
|
|
$ |
0 |
|
LDP |
|
$ |
46,346 |
|
|
$ |
44,564 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
6,301 |
|
|
$ |
6,059 |
|
|
$ |
0 |
|
|
$ |
0 |
|
RLTY |
|
$ |
53,414 |
|
|
$ |
0 |
|
|
$ |
41,500 |
|
|
$ |
0 |
|
|
$ |
6,100 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
* |
Each fiscal year ended October 31. |
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 income and franchise tax amounts.
Aggregate fees billed by PricewaterhouseCoopers LLP for the last two fiscal
years for non-audit services provided to the Funds and the Advisor and any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Funds (collectively,
with the Advisor, Service Affiliates), where the engagement relates directly to the operations and financial reporting of the Funds and which were pre-approved by the Audit Committees, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Audit-Related Fees |
|
$ |
62,000 |
|
|
$ |
2,500 |
|
Tax Fees |
|
$ |
103,186 |
|
|
$ |
64,220 |
|
All Other Fees |
|
$ |
0 |
|
|
$ |
0 |
|
The Audit Committees are required to pre-approve audit and non-audit services performed for the Funds by their auditor. The Audit Committees also are required to pre-approve non-audit services
performed by the Funds auditor for any Service Affiliate if the engagement for services relates directly to the operations and financial reporting of a Fund.
The Audit Committees may delegate pre-approval authority to one or more of their members. The member
or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committees at their next scheduled meeting. The Audit Committees may not delegate their responsibility to pre-approve services to be performed by the Funds principal auditor to the Advisor.
22
None of the services described above were approved by the Audit Committees pursuant to paragraphs
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Unless
otherwise indicated, the aggregate fees billed by PricewaterhouseCoopers LLP for non-audit services rendered to the Funds and for non-audit services rendered to Service
Affiliates for the last two fiscal years ended December 31 were:
|
|
|
|
|
|
|
|
|
Fund |
|
2022 |
|
|
2021 |
|
FOF |
|
$ |
6,301 |
|
|
$ |
6,059 |
|
RQI |
|
$ |
18,300 |
|
|
$ |
5,865 |
|
RNP |
|
$ |
18,501 |
|
|
$ |
6,059 |
|
UTF |
|
$ |
23,083 |
|
|
$ |
22,195 |
|
PTA* |
|
$ |
6,301 |
|
|
$ |
6,059 |
|
RFI |
|
$ |
18,300 |
|
|
$ |
5,865 |
|
PSF |
|
$ |
6,301 |
|
|
$ |
6,059 |
|
LDP |
|
$ |
6,301 |
|
|
$ |
6,059 |
|
RLTY |
|
$ |
6,100 |
|
|
$ |
0 |
|
Service Affiliates |
|
$ |
0 |
|
|
$ |
0 |
|
|
* |
Each fiscal year ended October 31. |
There were no non-audit services that were rendered to Service Affiliates that were required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
CERTAIN INFORMATION REGARDING THE INVESTMENT MANAGER
The Funds have retained Cohen & Steers Capital Management, Inc., a New York corporation with offices at 280 Park Avenue, New York,
New York 10017, to serve as their investment manager and administrator under investment management agreements and administration agreements dated as follows:
|
|
|
|
|
Fund |
|
Date of Investment
Management Agreement |
|
Date of Administration
Agreement |
RQI |
|
May 25, 2002 |
|
May 25, 2002 |
RNP |
|
June 24, 2003 |
|
June 27, 2003 |
UTF |
|
March 25, 2004 |
|
March 25, 2004 |
RFI |
|
September 17, 1993 |
|
June 13, 2014 |
FOF |
|
One agreement appointing both advisor and administrator dated October 16, 2006 |
PSF |
|
September 15, 2010 |
|
September 15, 2010 |
LDP |
|
June 19, 2012 |
|
June 19, 2012 |
PTA |
|
December 10, 2019 |
|
February 27, 2020 |
RLTY |
|
January 4, 2022 |
|
January 19, 2022 |
23
The Advisor is a wholly-owned subsidiary of CNS, a publicly traded company listed on the New York
Stock Exchange.
State Street Bank and Trust Company, with offices at One Lincoln Street, Boston, Massachusetts 02111, serves as co-administrator for all of the Funds.
OFFICERS OF THE FUNDS
The principal officers of the Funds and their principal occupations during at least the past five years, as reported by them to the Funds, are
set forth below. The address of each of the Funds officers is c/o Cohen & Steers Funds, 280 Park Avenue, New York, New York 10017.
ALL FUNDS
Joseph
M. Harvey, Vice President and Chair of the Board (see Proposal One: Election of Directors, at page [ ] for biographical information).
Dana A. DeVivo, Secretary and Chief Legal Officer, born in 1981, joined the Advisor in 2013. She has been a Senior Vice President of the
Advisor since 2019. Prior to that, she was a Vice President of the Advisor from 2013 to 2018.
James Giallanza, President and Chief
Executive Officer, born in 1966, joined the Advisor in 2006. He has been an Executive Vice President since 2014. Prior to that, he was a Senior Vice President from 2006 to 2013.
Albert Laskaj, Treasurer and Chief Financial Officer, born in 1977, joined the Advisor in 2015. He has been a Senior Vice President of the
Advisor since 2019. Prior to that, he was a Vice President of the Advisor from 2015 through 2019. Prior to that, he was Director of Legg Mason & Co. from 2013 to 2015.
Stephen Murphy, Chief Compliance Officer and Vice President, born in 1966, joined the Advisor in 2019. He has been a Senior Vice President of
the Advisor since 2019. Prior to that, he was Vice President and Chief Compliance Officer of Weiss Multi-Strategy Advisers LLC from 2011 to 2019.
Ed Delk, Deputy Chief Compliance Officer and Vice President, born in 1968, joined the Advisor in 2021. Prior to that, he was the General
Counsel and Chief Compliance Officer of Advent Capital Management, LLC from 2012 to 2021.
FOF, UTF, RQI, RNP, RFI and RLTY
Yigal D. Jhirad, Vice President, born in 1964, joined the Advisor in 2007 as a Senior Vice President.
24
RFI, RQI, RNP and RLTY
Jason Yablon, Executive Vice President, born in 1979, joined the Advisor in 2004, and has been an Executive Vice President since 2022. Prior to
that, he was a Senior Vice President of the Advisor from 2014 through 2022.
PSF, RFI, RNP, RQI, LDP, UTF, PTA and RLTY
William F. Scapell, Vice President, born in 1967, joined the Advisor in 2003 and has been an Executive Vice President since 2014. Prior to
that, he was a Senior Vice President of the Advisor from 2003 through 2013.
PSF, LDP, PTA and RLTY
Elaine Zaharis-Nikas, Vice President, born in 1973, joined the Advisor in 2003 and has been a Senior Vice President since 2014. Prior to that,
she was a Vice President of the Advisor from 2005 through 2013.
RLTY
Jerry Dorost, Vice President, born in 1981, joined the Advisor in 2010 and has been a Senior Vice President since 2019. Prior to that, he was a
Vice President of the Advisor from 2012 through 2018.
FOF
Douglas Bond, Vice President, born in 1959, joined the Advisor in 2004 as an Executive Vice President.
UTF
Benjamin
Morton, Vice President, born in 1974, joined the Advisor in 2003 and has been an Executive Vice President since 2019. Prior to that, he was a Senior Vice President of the Advisor from 2010 to 2018, and Vice President from 2005 through 2009.
Tyler Rosenlicht, Vice President, born in 1985, joined the Advisor in 2012 and has been a Senior Vice President since 2018. Prior to that, he
was a Vice President of the Advisor from 2015 to 2017. Prior to joining the Advisor, he was an investment banking associate with Keefe, Bruyette & Woods.
Thuy Quynh Dang, Vice President, born in 1978, joined the Advisor in 2011 and has been Vice President of the Advisor since 2021.
25
RFI, RQI, RNP and RLTY
Mathew Kirschner, Vice President, born in 1979, joined the Advisor in 2004 and has been a Senior Vice President since 2019. Prior to that, he
was a Vice President of the Advisor from 2010.
SUBMISSION OF PROPOSALS FOR THE NEXT
ANNUAL MEETING OF STOCKHOLDERS
All proposals by stockholders of the Funds which are intended (and eligible) to be presented at the Funds next Annual Meeting of
Stockholders, to be held in 2024, must be received by the relevant Funds (addressed to the Fund(s), 280 Park Avenue, New York, New York 10017) for inclusion in that Funds proxy statement and proxy relating to that meeting no later than
November 15, 2023. Under the Funds current bylaws, any stockholder who desires to nominate individuals for election to the Board of Directors, or to bring a proposal of other business for consideration at the Funds 2024 Annual
Meeting of Stockholders without including such proposal of other business in the Funds proxy statement, must deliver written notice thereof to the Secretary of the relevant Fund (addressed to the Fund, 280 Park Avenue, New York, New York
10017) during the 30-day period from October 16, 2023 to 5:00 p.m. (Eastern Time) on November 15, 2023. All stockholder director nominations and proposals of other business must include the
information required by the applicable Funds bylaws.
STOCKHOLDER COMMUNICATIONS
Stockholders may send written communications to their Funds Board to the attention of the Board of Directors, as applicable, c/o
Cohen & Steers Funds, 280 Park Avenue, New York, New York 10017. Stockholder communications must be signed by the stockholder and identify the number of shares held by the stockholder. Each properly submitted stockholder communication shall
be provided to the Board at its next regularly scheduled meeting or, if such communication requires more immediate attention, it will be forwarded to the Directors promptly after receipt.
Voting Results
Each Fund will advise its
stockholders of the voting results of the matters voted upon at the Meeting in its next Semi-Annual Report to Stockholders.
Notice to Banks,
Broker/Dealers and Voting Trustees and their Nominees
Please advise the Funds whether other persons are the beneficial owners of Fund
shares for which proxies are being solicited from you, and, if so, the number of copies of the Combined Proxy Statement and other soliciting material you wish to receive in order to supply copies to the beneficial owners of Fund shares.
26