Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
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Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 56
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 its investment objective and decrease returns to shareholders. There is no guarantee that the Fund’s investments will be able to obtain mortgage loans on attractive terms or at all. In certain limited cases, property level debt may be recourse to the Fund. The Fund’s private real estate investments may also include direct or indirect interests in companies or properties with highly leveraged capital structures. The cumulative effect of the use of leverage by the Fund or the real estate investments in which the Fund invests could result in substantial losses, exceeding those that would have been incurred had leverage not been employed. Because of the leveraged nature of the Fund’s private real estate investments, the Fund’s economic exposure to these investments may be greater than the percentage of the Fund’s total assets invested in such investments.

Under normal market conditions, at least 40%, but no more than 60%, of the Fund’s total assets will be invested in preferred securities. Preferred securities may pay fixed or floating dividends to investors and have “preference’’ over common stock in the payment of dividends and the liquidation of a company’s assets. This means that a company must pay dividends on preferred stock before paying dividends on its common stock. Preferred stockholders usually have no right to vote for corporate directors or on other matters. Such securities may include, but are not limited to, traditional preferred securities; hybrid-preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating-rate, fixed-to-floating-rate, and fixed-to-fixed preferred securities; convertible securities; and CoCos. The Fund may also invest up to 10% of its total assets in preferred securities issued by REITs. The Fund may invest in both OTC and exchange-traded preferred securities. The Fund may invest in both taxable securities (i.e., securities that may pay dividends that are not eligible for the corporate dividends received deduction (DRD) for corporations or for treatment as qualified dividend income (QDI) for individuals) and tax-advantaged preferred securities (i.e., securities that may pay dividends eligible for the DRD for corporations or for treatment as QDI for individuals).

The Fund also may invest without limit in preferred or other debt securities that at the time of investment are rated below investment grade. These below investment grade quality securities are commonly referred to as “junk bonds’’ and are regarded as having predominantly speculative characteristics with respect to the payment of interest and repayment of principal. A security will be considered to be investment grade if it is rated as such by one nationally recognized statistical rating

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