Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 63

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 63
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 related to leverage. Of course, these numbers are merely estimates,

60

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

used for illustration. Actual interest, or payment rates may vary frequently and may be significantly higher or lower than the rate estimated above.

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%,0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Fund. The table assumes leverage in an aggregate amount equal to 31% of the Fund’s managed assets. See “Leverage Risk” below.

| Assumed Portfolio Total Return |     |   -10 | % |     |   -5 | % |     |    0 | % |     |   5 | % |     |   10 | % |
| Common Share Total Return      |     | -16.8 | % |     | -9.6 | % |     | -2.3 | % |     | 4.9 | % |     | 12.2 | % |

Common share total return is comprised of two elements–the net investment income of the Fund after paying expenses, including interest expenses on the Fund’s Borrowings as described above and dividend payments on any preferred shares issued by the Fund and gain and losses on the value of the securities the Fund owns. As required by the rules of the SEC, the table assumes the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those securities.

Principal Risks of the Fund

The Fund is a diversified, closed-endmanagement investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives.

Risk of Market Price Discount from Net Asset Value.Shares of closed-endinvestment companies frequently trade at a discount from their net asset value (NAV). This characteristic is a risk