Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 67

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 67
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 may be forced to reinvest in lower yielding securities. This is known as reinvestment risk. Preferred securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem      
 preferred securities if the issuer can refinance the preferred securities at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer, or in the event of regulatory changes affecting the capital treatment 
 of a security. Another risk associated with a declining interest rate environment is that the income from the Fund’s portfolio may decline over time when the Fund invests the proceeds from new share sales at market rates that are below the         
 portfolio’s current earnings rate.                                                                                                                                                                                                                      |

63

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

| • |     | Liquidity Risk. Certain preferred securities may be substantially less liquid than many other                                                                                                                                                            
 securities, such as common stocks or U.S. government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying 
 the securities on its books.                                                                                                                                                                                                                             |

| • |     | Limited Voting Rights Risk. Generally, traditional preferred securities offer no voting rights                                                                                                                                                     
 with respect to the issuer unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board of directors. Generally, once all 
 the arrearages have been paid, the preferred security holders no longer have voting rights. Hybrid-preferred security holders generally have no voting rights.                                                                                     |

| • |     | Special Redemption Rights. In certain varying circumstances, an issuer of preferred securities                                                                                                                                                      
 may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities laws. As with call provisions, a redemption by the 
 issuer may have a negative impact on the return of the security held by the Fund. See “Call, Reinvestment and Income Risk” above and “Regulatory Risk” below.                                                                                       |

| • |     | New Types of Securities. From time to time, preferred securities, including hybrid-preferred                                                                                                                                                             
 securities and contingent capital securities, have been, and may in the future be, offered having features other than those described herein. The Fund reserves