Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 66

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 66
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 other debt instruments in a company’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than 
 more senior debt instruments.                                                                                                                                                                                                                     |

| • |     | Interest Rate Risk. Interest rate risk is the risk that preferred securities will decline in                                                                                                                                                             
 value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall, and therefore the Fund may underperform during periods of rising interest rates. The Fund may be subject to 
 a greater risk of rising interest rates than would normally be the case due to the current period of historically low rates and the effect of government monetary policy initiatives and resulting market reaction to those initiatives. Preferred       
 securities without maturities or with longer periods before maturity may be more sensitive to interest rate changes.                                                                                                                                     |

| • |     | Prepayment and Extension Risk. Prepayment risk is the risk that changes in interest rates,                                                                                                                                                            
 credit spreads or other factors will result in the call (repayment) of a preferred security more quickly than expected, such that the Fund may have to invest the proceeds in lower yielding securities, or that expectations of such early call will 
 negatively impact the market price of the security. Extension risk is the risk that changes in the interest rates or credit spreads may result in diminishing call expectations, which can cause prices to fall.                                      |

| • |     | Floating-Rate and                                                                                                                                                                                                                                        
 Fixed-to-Floating-Rate Securities Risk. The market value of floating-rate securities is a reflection of discounted expected cash flows based on expectations for                                                                                         
 future interest rate resets. The market value of such securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. This risk 
 may also be present with respect to fixed-to-floating-rate securities in which the Fund may invest. A secondary risk associated with declining interest rates is the risk                                                                                
 that income earned by the Fund on floating-rate and fixed-to-floating-rate securities will decline due to lower coupon payments on floating-rate securities.                                                                                             |

| • |     | Call, Reinvestment and Income Risk. During periods of declining interest rates, an issuer may                                                                                                                                                           
 be able to exercise an option to redeem its issue at par earlier than scheduled which is generally known as call risk. Recent regulatory changes may increase call risk with respect to certain types of preferred securities. If this occurs, the Fund