Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 4

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 4
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 preferreds aided relative performance. This was partly due to out-of-benchmark investment in a Canadian issuer that outperformed on an improving credit profile following the sale of its renewable energy business.

Impact of Leverage on Fund Performance

The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), contributed significantly to the Fund’s performance for the 12 months ended December 31, 2024.

Impact of Derivatives on Fund Performance

In connection with its use of leverage, the Fund pays interest on its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. The Fund’s use of interest rate swaps contributed to the Fund’s total return for the 12 months ended December 31, 2024.

The Fund engaged in the buying and selling of single stock options with the intention of enhancing current income. These contracts did not have a material impact on the Fund’s total return for the 12 months ended December 31, 2024.

3

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

The Fund used total return swaps with the intention of managing credit risk. The total return swaps did not have a material impact on the Fund’s total return for the 12 months ended December 31, 2024.

The Fund also used forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency forwards did not have a material effect on the Fund’s total return for the 12 months ended December 31, 2024.

Sincerely,

| JASON YABLON      
 Portfolio Manager |     | ELAINE ZAHARIS-NIKAS 
 Portfolio Manager    |
| MATHEW KIRSCHNER  
 Portfolio Manager |     | JERRY DOROST         
 Portfolio Manager    |

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict