Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 6

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 6
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P REFERRED ANDI NCOMEF UND, I NC.

Performance Review (Unaudited)—(Continued)

| The FTSE Nareit Equity REITs Index contains all                                                                                                                                                                                                   
 tax-qualified real estate investment trusts (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 FTSE Nareit All Equity REITs Index contains all tax-qualified 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. ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. |

| (b) | The comparative indexes are not adjusted to reflect expenses or other fees that the U.S. Securities                                                                                                                                       
 and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund’s performance 
 assumes dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan.                                                                                                                        |

6

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

Our Leverage Strategy (Unaudited) 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, 2024, leverage represented 31% of the Fund’s managed assets. Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2027 (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 NAV 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. Leverage Facts (a)(b)

| Leverage (as a % of managed assets