Cohen & Steers REIT and Preferred Income Fund, Inc.

N-CSRS 1 d88699dncsrs.htm COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC. Cohen & Steers REIT and Preferred Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21326

Cohen & Steers REIT and Preferred and Income Fund, Inc.

(Exact name of Registrant as specified in charter)

1166 Avenue of the Americas, 30^th Floor, New York, NY 10036

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30^th Floor

New York, New York 10036

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 832-3232

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Item 1. Reports to Stockholders.

(a)

Cohen & Steers REIT and Preferred and Income Fund, Inc.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2025. The total returns for the Cohen & Steers REIT and Preferred and Income Fund, Inc. (the Fund) and its comparative benchmarks were:


	Six Months Ended June 30, 2025
Cohen & Steers REIT and Preferred and Income Fund:
Net Asset Value Total Return^(a)		4.59	%
Market Price Total Return^(a)		13.19	%
FTSE Nareit All Equity REITs Index^(b)		1.80	%
ICE BofA Fixed Rate Preferred Securities Index^(b)		1.01	%
Blended Benchmark—50% FTSE Nareit All Equity REITs Index/50% ICE BofA Fixed Rate Preferred Securities Index^(b)		1.42	%
S&P 500 Index^(b)		6.20	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

Managed Distribution Policy

The Fund, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (SEC) and with approval of its Board of Directors (the Board), adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). The Plan gives the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $0.136 per share on a monthly basis.

^(a)	As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.

^(b)

The FTSE Nareit All Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

The Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Consolidated Financial Highlights table.

The Plan provides that the Board may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.

Market Review

Real estate stocks had a modestly positive total return in the six months ended June 30, 2025, although they trailed broader equities. The period was characterized by heightened uncertainty around economic growth and inflation. President Trump initiated a trade war, announcing higher-than-anticipated tariffs in early April. The news initially weighed on financial markets, but subsequent statements from the Trump administration and trade partners’ willingness to reach compromises led to price rebounds.

Bond yields, though volatile, moved lower as inflation concerns diminished. Although the U.S. Federal Reserve held its key lending rate steady throughout the period, it signaled that cuts were possible later in 2025. The European Central Bank steadily cut its main refinancing rate—from around 3% at the start of the year to 2.15%—due to declining inflation, slower growth in the region and uncertainty from U.S. tariffs.

Despite a shifting macro backdrop, commercial real estate fundamentals remained generally healthy, with steady demand and limited new supply in most property sectors.

Fund Performance

The Fund had a positive total return in the period and outperformed its blended benchmark on both a NAV and market price basis.

Returns varied widely by property type. Telecommunications was a top performer, with the typically interest-rate sensitive sector aided by a decline in bond yields. An improving leasing outlook for cell tower owners further supported performance. Health care landlords also outperformed, lifted on strong results from companies with senior housing businesses. The Fund’s overweight in telecommunication contributed positively to relative return, as did stock selection in health care, where an overweight in senior housing specialist Welltower had a sizable gain.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

Industrial REITs, which are among the companies most directly impacted by tariffs and any potential slowdown in trade, had a slight decline. Bellwether industrial landlord Prologis reported solid earnings but decided not to raise its outlook, citing a delay in decision activity from prospective tenants and lower-than-usual leasing volume. Stock selection in industrial hindered performance, due in part to an overweight in cold storage operator Americold Realty Trust, which fell as the company cut its earnings outlook amid volume concerns.

Retail landlords had mixed returns. Shopping centers and regional malls declined as retail sales faltered in the second half of the period, with May retail sales coming in weaker than consensus expectations. Free-standing retail companies, which tend to be rate-sensitive due to having long leases, advanced amid the decline in bond yields. The Fund’s underweight in free standing detracted from performance, while an underweight in shopping centers contributed.

Data center REITs struggled, reflecting weakness in shares of Equinix, which issued a soft five-year revenue outlook relative to expectations. Still, the company noted strong data center fundamentals and an expanding potential customer base. Stock selection in the sector helped relative performance due to an underweight in Equinix.

Elsewhere of note in the Fund’s equity allocation, stock selection among specialty REITs hindered performance, due primarily to an overweight in Iron Mountain. The information and data storage company underperformed amid concerns that the U.S. government, under the new administration, may digitize some of its recordkeeping.

Preferred securities had a positive total return in the period against a mostly supportive interest-rate environment. Within the group, the banking sector performed well against the backdrop of positive industry fundamentals and strong balance sheets. Banks’ asset quality remained in good shape. Security selection in banking contributed to relative performance; top contributors included out-of-benchmark issues from European banks that had sizable gains.

As with banks, the insurance industry’s cash flows and asset quality remained healthy. However, issues in the sector modestly underperformed preferreds as a whole. The Fund’s security selection in insurance aided relative performance.

Factors that detracted from relative performance in the Fund’s preferred allocation included an overweight in telecommunication services. The sector fell in the period despite the decline in bond yields. An underweight in the finance sector hindered performance as well.

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 to the Fund’s performance for the six months ended June 30, 2025.

Impact of Derivatives on Fund Performance

In connection with its use of leverage, the Fund pays interest on a portion of 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

Cohen & Steers REIT and Preferred and Income Fund, Inc.

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 did not have a material effect on the Fund’s total return for the six months ended June 30, 2025.

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 six months ended June 30, 2025.

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 six months ended June 30, 2025.

The Fund also used forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency forwards detracted from the Fund’s total return for the six months ended June 30, 2025.

Sincerely,




JASON YABLON Portfolio Manager		ELAINE ZAHARIS-NIKAS Portfolio Manager


MATHEW KIRSCHNER Portfolio Manager		JERRY DOROST Portfolio Manager



ROBERT KASTOFF 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 performance of any investment.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended June 30, 2025


	1 Year			5 Years			10 Years			Since Inception^(a)
Fund at NAV		11.38	%		8.57	%		8.54	%		9.08	%
Fund at Market Price		20.51	%		12.44	%		11.05	%		9.20	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

^(a)	Commencement of investment operations was June 27, 2003.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

Our Leverage Strategy

(Unaudited)

Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of June 30, 2025, leverage represented 31% of the Fund’s managed assets.

Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2028 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.

Leverage Facts^(a)(b)


Leverage (as a % of managed assets)		31%
% Variable Rate Financing		19%
Variable Rate		5.2%
% Fixed Rate Financing^(c)		81%
Weighted Average Rate on Fixed Financing^(d)		1.6%
Weighted Average Term on Fixed Financing^(d)		1.9 years
Weighted Average Cost of All Financing		2.3%

The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

^(a)	Data as of June 30, 2025. Information is subject to change.

^(b)	See Note 9 in Notes to Consolidated Financial Statements.

^(c)	Represents fixed payer interest rate swap contracts on variable rate borrowing.

^(d)

The Fund entered into a forward-starting interest rate swap contracts with interest receipts and payments commencing on September 15, 2025 (effective date). The current weighted average rate on fixed financing does not include the forward-starting interest rate swaps and will change when their terms become effective. The weighted average term on fixed financing includes the maturities of the forward-starting interest rate swaps.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

June 30, 2025

Top Ten Holdings^(a)

(Unaudited)


Security	Value		% of Managed Assets

Welltower, Inc.	$	79,761,734		5.4
American Tower Corp.		65,361,361		4.5
Digital Realty Trust, Inc.		51,869,451		3.5
Prologis, Inc.		48,151,478		3.3
Invitation Homes, Inc.		40,287,059		2.8
Crown Castle, Inc.		37,229,558		2.5
Sun Communities, Inc.		29,423,219		2.0
Equinix, Inc.		27,179,619		1.9
SBA Communications Corp., Class A		26,982,881		1.8
Extra Space Storage, Inc.		26,212,473		1.8

^(a)

Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Consolidated Schedule of Investments for additional details on such other positions.

Sector Breakdown^(b)

(Based on Managed Assets)

(Unaudited)

LOGO

^(b)	Excludes derivative instruments.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)


		Shares		Value
COMMON STOCK—REAL ESTATE	70.1%
APARTMENT	4.1%
Essex Property Trust, Inc.^(a)			65,009	$	18,423,550
Mid-America Apartment Communities, Inc.			53,719		7,950,949
UDR, Inc.^(a)			372,937		15,227,018

					41,601,517

DATA CENTERS	7.8%
Digital Realty Trust, Inc.^(a)(b)			297,536		51,869,451
Equinix, Inc.^(a)(b)			34,168		27,179,619

					79,049,070

FREE STANDING	3.2%
Agree Realty Corp.^(a)			103,313		7,548,048
NETSTREIT Corp.^(a)			410,377		6,947,682
Realty Income Corp.^(a)			311,924		17,969,942

					32,465,672

GAMING	1.0%
VICI Properties, Inc., Class A			313,982		10,235,813

HEALTH CARE	10.1%
Healthcare Realty Trust, Inc., Class A			1,215,621		19,279,749
Omega Healthcare Investors, Inc.^(a)(b)			109,233		4,003,390
Welltower, Inc.^(c)			518,843		79,761,734

					103,044,873

HOTEL	2.2%
Host Hotels & Resorts, Inc.^(a)(c)			1,444,121		22,181,699

INDUSTRIALS	5.7%
Americold Realty Trust, Inc.			439,305		7,305,642
Lineage, Inc.^(d)			61,115		2,659,703
Prologis, Inc.^(a)(c)			458,062		48,151,478

					58,116,823

MANUFACTURED HOME	3.2%
Equity LifeStyle Properties, Inc.^(a)			46,411		2,862,166
Sun Communities, Inc.^(a)			232,613		29,423,219

					32,285,385

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
OFFICE	1.5%
BXP, Inc.^(a)			115,890	$	7,819,098
Highwoods Properties, Inc.^(a)			188,322		5,854,931
Hudson Pacific Properties, Inc.^(e)(f)			610,539		1,672,877

					15,346,906

REGIONAL MALL	1.9%
Simon Property Group, Inc.^(a)			122,820		19,744,543

SELF STORAGE	4.6%
Extra Space Storage, Inc.^(a)			177,784		26,212,473
Public Storage^(a)(c)			71,086		20,858,054

					47,070,527

SHOPPING CENTER	2.1%
Kimco Realty Corp.^(a)			1,016,648		21,369,941

SINGLE FAMILY HOMES	4.0%
Invitation Homes, Inc.^(a)			1,228,264		40,287,059

SPECIALTY	3.7%
Iron Mountain, Inc.^(a)			224,374		23,014,041
Lamar Advertising Co., Class A^(a)			121,058		14,691,599

					37,705,640

TELECOMMUNICATIONS	12.7%
American Tower Corp.^(a)			295,726		65,361,361
Crown Castle, Inc.^(a)(b)			362,402		37,229,558
SBA Communications Corp., Class A^(a)(b)			114,899		26,982,881

					129,573,800

TIMBERLAND	2.3%
Rayonier, Inc.^(a)			294,405		6,529,903
Weyerhaeuser Co.^(a)(b)			645,989		16,595,457

					23,125,360

TOTAL COMMON STOCK (Identified cost—$529,740,060)					713,204,628

PREFERRED SECURITIES—EXCHANGE-TRADED	11.1%
BANKING	4.3%
Bank of America Corp., 4.25%, Series QQ^(a)(g)			221,886		3,838,628
Bank of America Corp., 4.375%, Series NN^(g)			25,000		449,000

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
Bank of America Corp., 4.75%, Series SS^(a)(g)			91,608	$	1,782,692
Bank of America Corp., 5.00%, Series LL^(a)(g)			109,172		2,217,283
Bank of America Corp., 5.375%, Series KK^(a)(g)			133,113		2,904,526
Bank of America Corp., 6.00%, Series GG^(a)(g)			137,567		3,422,667
Brookfield Finance, Inc., 4.625%, due 10/16/80, Series 50 (Canada)^(a)			77,880		1,196,237
Federal Agricultural Mortgage Corp., 4.875%, Series G^(a)(g)			93,596		1,708,127
JPMorgan Chase & Co., 4.55%, Series JJ^(g)			34,195		653,466
JPMorgan Chase & Co., 5.75%, Series DD^(a)(g)			29,951		735,896
M&T Bank Corp., 7.50%, Series J^(a)(g)			153,200		4,013,840
Regions Financial Corp., 5.70% to 5/15/29, Series C^(a)(g)(h)			67,200		1,604,064
U.S. Bancorp, 4.00%, Series M^(g)			59,019		950,796
Wells Fargo & Co., 4.25%, Series DD^(a)(g)			201,775		3,480,619
Wells Fargo & Co., 4.375%, Series CC^(a)(g)			232,850		4,088,846
Wells Fargo & Co., 4.70%, Series AA^(a)(g)			202,352		3,810,288
Wells Fargo & Co., 4.75%, Series Z^(a)(g)			233,485		4,445,554
Wells Fargo & Co., 5.625%, Series Y^(a)(g)			87,479		2,028,638

					43,331,167

BROKERAGE	1.6%
Morgan Stanley, 4.25%, Series O^(a)(g)			90,749		1,562,698
Morgan Stanley, 5.85%, Series K^(a)(g)			120,613		2,822,344
Morgan Stanley, 6.375%, Series I^(a)(g)			179,679		4,456,039
Morgan Stanley, 6.50%, Series P^(a)(g)			20,220		520,261
Morgan Stanley, 6.625%, Series Q^(a)(g)			261,324		6,755,225

					16,116,567

CONSUMER STAPLE PRODUCTS	0.3%
CHS, Inc., 7.10%, Series 2^(a)(g)			110,595		2,715,107

FINANCE	0.7%
Affiliated Managers Group, Inc., 6.75%, due 3/30/64^(a)			70,138		1,631,410
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53^(a)(h)			80,059		2,083,936
KKR & Co., Inc., 6.875%, due 6/1/65, Series T			63,541		1,634,275
TPG Operating Group II LP, 6.95%, due 3/15/64^(a)			89,828		2,266,360

					7,615,981

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
INDUSTRIALS	0.3%
LXP Industrial Trust, 6.50%, Series C^(a)(g)			76,536	$	3,544,382

INSURANCE	2.0%
Allstate Corp., 7.375%, Series J^(a)(g)			27,335		713,170
Arch Capital Group Ltd., 4.55%, Series G^(a)(g)			95,994		1,609,819
Assurant, Inc., 5.25%, due 1/15/61^(a)			31,954		685,413
Athene Holding Ltd., 4.875%, Series D^(a)(g)			86,858		1,485,272
Athene Holding Ltd., 6.35% to 6/30/29, Series A^(a)(g)(h)			118,320		2,859,795
Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64^(a)(h)			98,556		2,454,045
Athene Holding Ltd., 7.75% to 12/30/27, Series E^(a)(g)(h)			85,591		2,190,274
Corebridge Financial, Inc., 6.375%, due 12/15/64			47,222		1,086,106
Equitable Holdings, Inc., 4.30%, Series C^(g)			39,419		672,094
Equitable Holdings, Inc., 5.25%, Series A^(a)(g)			69,831		1,426,647
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53^(a)			78,867		2,033,191
Lincoln National Corp., 9.00%, Series D^(g)			81,699		2,174,010
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)^(a)(g)			39,843		619,559

					20,009,395

REGIONAL MALL	0.0%
Brookfield Property Partners LP, 5.75%, Series A^(g)			17,120		222,560

TELECOMMUNICATION SERVICES	0.7%
AT&T, Inc., 4.75%, Series C^(g)			70,607		1,348,594
AT&T, Inc., 5.00%, Series A^(g)			81,345		1,639,102
Telephone & Data Systems, Inc., 6.00%, Series VV^(g)			42,128		745,665
U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70			30,877		633,596
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70			38,100		781,431
U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69			91,121		2,153,189

					7,301,577

UTILITIES	1.2%
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)^(a)(g)			78,000		1,228,500
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)^(a)(g)			60,941		985,416
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)^(a)			58,890		933,996

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value
Brookfield Infrastructure Partners LP, 5.125%, Series 13 (Canada)^(g)			84,096	$	1,406,926
NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U^(a)			140,400		3,508,596
SCE Trust VII, 7.50%, Series M^(a)(g)			112,868		2,507,927
SCE Trust VIII, 6.95%, Series N^(a)(g)			57,048		1,221,968

					11,793,329

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED (Identified cost—$117,885,845)					112,650,065


		Principal Amount*
PREFERRED SECURITIES—OVER-THE-COUNTER	59.6%
BANKING	34.3%
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)^(g)(h)(i)(j)		EUR	2,200,000		2,783,917
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)^(h)			1,630,000		1,694,833
AIB Group PLC, 7.125% to 10/30/29 (Ireland)^(g)(h)(i)(j)		EUR	2,000,000		2,495,156
Ally Financial, Inc., 4.70% to 5/15/28, Series C^(a)(b)(g)(h)			5,500,000		4,946,414
Alpha Services & Holdings SA, 11.875% to 2/8/28 (Greece)(g)^(h)(i)(j)		EUR	600,000		830,356
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)^(g)(h)(i)			2,400,000		2,654,626
Banco BPM SpA, 6.25% to 5/27/30 (Italy)^(g)(h)(i)(j)		EUR	1,200,000		1,437,464
Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)^(g)(h)(i)(j)		EUR	2,400,000		2,900,543
Banco Santander SA, 6.00% to 1/2/31 (Spain)^(g)(h)(i)(j)		EUR	2,000,000		2,369,271
Banco Santander SA, 8.00% to 2/1/34 (Spain)^{(a)(b)(g)(h)(i)}			5,000,000		5,294,370
Banco Santander SA, 9.625% to 11/21/28 (Spain)^(a)(g)(h)(i)			2,200,000		2,434,227
Banco Santander SA, 9.625% to 5/21/33 (Spain)^{(a)(b)(g)(h)(i)}			4,800,000		5,609,866
Bank of America Corp., 5.875% to 3/15/28, Series FF^(a)(g)(h)			2,916,000		2,969,704

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value
Bank of America Corp., 6.125% to 4/27/27, Series TT^(a)(b)(g)(h)		3,442,000	$	3,506,232
Bank of America Corp., 6.625% to 5/1/30, Series OO^(g)(h)		5,690,000		5,907,091
Bank of Ireland Group PLC, 6.375% to 3/10/30 (Ireland)^(g)(h)(i)(j)	EUR	800,000		965,354
Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)^(a)(h)		2,200,000		2,221,751
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)^(a)(h)		1,800,000		1,913,330
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)^(a)(h)		3,200,000		3,403,901
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)^(g)(h)		700,000		754,250
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)^(a)(g)(h)(i)		1,600,000		1,602,610
Barclays PLC, 7.625% to 3/15/35 (United Kingdom)^{(a)(b)(g)(h)(i)}		2,800,000		2,819,020
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)^(a)(g)(h)(i)		2,100,000		2,207,997
Barclays PLC, 8.375% to 9/15/31 (United Kingdom)^(g)(h)(i)(j)	GBP	2,600,000		3,684,677
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)^(g)(h)(i)(j)	GBP	2,300,000		3,330,859
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)^(g)(h)(i)	GBP	1,400,000		2,070,777
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)^{(a)(b)(g)(h)(i)}		6,300,000		7,013,210
BNP Paribas SA, 4.625% to 1/12/27 (France)^{(a)(g)(h)(i)(k)}		600,000		584,270
BNP Paribas SA, 4.625% to 2/25/31 (France)^{(a)(g)(h)(i)(k)}		4,126,000		3,680,911
BNP Paribas SA, 7.375% to 9/10/34 (France)^{(a)(g)(h)(i)(k)}		800,000		814,447
BNP Paribas SA, 7.75% to 8/16/29 (France)^{(a)(b)(g)(h)(i)(k)}		6,800,000		7,169,070
BNP Paribas SA, 8.00% to 8/22/31 (France)^(g)(h)(i)(k)		3,200,000		3,391,590
BNP Paribas SA, 8.50% to 8/14/28 (France)^{(a)(g)(h)(i)(k)}		6,800,000		7,207,789

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value
BNP Paribas SA, 9.25% to 11/17/27 (France)^{(a)(b)(g)(h)(i)(k)}		3,800,000	$	4,080,938
CaixaBank SA, 6.25% to 7/24/32 (Spain)^(g)(h)(i)(j)	EUR	1,800,000		2,173,319
CaixaBank SA, 7.50% to 1/16/30 (Spain)^(g)(h)(i)(j)	EUR	1,200,000		1,554,011
Charles Schwab Corp., 4.00% to 6/1/26, Series I^(a)(b)(g)(h)		6,754,000		6,661,011
Charles Schwab Corp., 4.00% to 12/1/30, Series H^(a)(b)(g)(h)		7,817,000		7,261,283
Citigroup Capital III, 7.625%, due 12/1/36^(a)		4,700,000		5,249,191
Citigroup, Inc., 3.875% to 2/18/26, Series X^(a)(b)(g)(h)		1,599,000		1,580,984
Citigroup, Inc., 4.15% to 11/15/26, Series Y^(a)(b)(g)(h)		1,256,000		1,225,108
Citigroup, Inc., 6.25% to 8/15/26, Series T^(a)(g)(h)		2,414,000		2,443,622
Citigroup, Inc., 6.95% to 2/15/30, Series FF^(a)(b)(g)(h)		10,945,000		11,205,700
Citigroup, Inc., 7.00% to 8/15/34, Series DD^(a)(b)(g)(h)		4,425,000		4,662,472
Citigroup, Inc., 7.625% to 11/15/28, Series AA^(a)(b)(g)(h)		4,228,000		4,460,083
CoBank ACB, 6.25% to 10/1/26, Series I^(c)(g)(h)		4,334,000		4,352,298
CoBank ACB, 6.45% to 10/1/27, Series K^(g)(h)		2,740,000		2,774,519
CoBank ACB, 7.125% to 1/1/30, Series M^(g)(h)		2,000,000		2,048,444
Commerzbank AG, 7.50% to 10/9/30 (Germany)^(g)(h)(i)(j)		2,400,000		2,445,948
Cooperatieve Rabobank UA, 6.50% (Netherlands)^(g)(j)	EUR	2,780,950		3,737,844
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)^(g)(h)(i)(j)	GBP	1,600,000		2,305,656
Credit Suisse Group AG, 5.25%, Claim (Switzerland)^{(e)(g)(i)(k)(l)}		1,200,000		93,000
Credit Suisse Group AG, 6.375%, Claim (Switzerland)^{(e)(g)(i)(k)(l)}		1,200,000		93,000
Credit Suisse Group AG, 7.50%, Claim (Switzerland)^{(e)(g)(i)(k)(l)}		1,000,000		77,500
Deutsche Bank AG, 7.375% to 10/30/31 (Germany)^(g)(h)(i)(j)	EUR	2,600,000		3,192,318
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)^(g)(h)(i)(j)	EUR	2,800,000		3,527,321
Erste Group Bank AG, 6.375% to 4/15/32 (Austria)^(g)(h)(i)(j)	EUR	1,400,000		1,664,624

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*			Value
Erste Group Bank AG, 7.00% to 4/15/31 (Austria)^(g)(h)(i)(j)	EUR	1,400,000		$	1,747,048
Eurobank Ergasias Services & Holdings SA, 6.625% to 6/4/31 (Greece)^(g)(h)(i)(j)	EUR	2,200,000			2,611,324
Farm Credit Bank of Texas, 7.75% to 6/15/29^(g)(h)		1,655,000			1,725,337
First Horizon Bank, 5.322% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)^(a)(g)(k)(m)		2,800	^†		2,072,000
Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U^(a)(g)(h)		2,951,000			2,896,342
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)^(g)(h)(i)		1,000,000			1,001,489
HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom)^(a)		2,100,000			2,254,681
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)^(a)(g)(h)(i)		1,700,000			1,715,091
HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)^(g)(h)(i)		1,400,000			1,420,275
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)^{(a)(b)(g)(h)(i)}		1,600,000			1,678,050
Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G^(a)(g)(h)		2,743,000			2,720,997
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F^(a)(g)(h)		4,061,000			4,135,707
ING Groep NV, 4.875% to 5/16/29 (Netherlands)^(g)(h)(i)(j)		3,030,000			2,846,590
ING Groep NV, 5.75% to 11/16/26 (Netherlands)^(g)(h)(i)		2,200,000			2,189,743
ING Groep NV, 7.25% to 11/16/34 (Netherlands)^(g)(h)(i)(j)		3,200,000			3,258,000
ING Groep NV, 7.50% to 5/16/28 (Netherlands)^(g)(h)(i)(j)		1,800,000			1,860,300
ING Groep NV, 8.00% to 5/16/30 (Netherlands)^(g)(h)(i)(j)		4,800,000			5,109,468
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)^(g)(h)(i)(j)	EUR	1,400,000			1,769,724
JPMorgan Chase & Co., 6.50% to 4/1/30, Series OO^(a)(g)(h)		1,720,000			1,780,671
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN^(a)(b)(g)(h)		6,094,000			6,447,574

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value
Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)^(g)(h)(i)(j)		1,800,000	$	1,796,778
Lloyds Banking Group PLC, 6.75% to 9/27/31 (United Kingdom)^{(a)(b)(g)(h)(i)}		1,200,000		1,177,176
Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)^(g)(h)(i)		GBP 2,200,000		3,037,986
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)^(g)(h)(i)		2,200,000		2,325,629
M&T Bank Corp., 3.50% to 9/1/26, Series I^(g)(h)		861,000		833,643
Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom)^(g)(h)(i)(j)		GBP 2,000,000		2,813,932
NatWest Group PLC, 7.50% to 2/28/32 (United Kingdom)^(g)(h)(i)		GBP 1,000,000		1,364,005
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)^(a)(g)(h)(i)		700,000		704,395
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)^(g)(h)(i)		1,200,000		1,297,385
Nordea Bank Abp, 6.625% to 3/26/26 (Finland)^{(a)(g)(h)(i)(k)}		1,470,000		1,482,127
Piraeus Financial Holdings SA, 6.75% to 12/30/30 (Greece)^(g)(h)(i)(j)		EUR 1,600,000		1,895,059
Piraeus Financial Holdings SA, 8.75% to 6/16/26 (Greece)^(g)(h)(i)(j)		EUR 1,300,000		1,590,949
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U^(a)(b)(g)(h)		4,401,000		4,455,586
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V^(a)(b)(g)(h)		3,973,000		4,057,977
PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W^(a)(b)(g)(h)		4,647,000		4,789,789
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)^(h)		3,400,000		3,411,016
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)^(g)(h)(i)(j)		1,200,000		1,224,519
Societe Generale SA, 5.375% to 11/18/30 (France)^{(a)(g)(h)(i)(k)}		2,600,000		2,384,925
Societe Generale SA, 6.75% to 4/6/28 (France)^(g)(h)(i)(k)		800,000		790,085
Societe Generale SA, 8.125% to 11/21/29 (France)^{(a)(g)(h)(i)(k)}		3,000,000		3,068,664

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value
Societe Generale SA, 9.375% to 11/22/27 (France)^{(a)(b)(g)(h)(i)(k)}			5,200,000	$	5,531,339
Societe Generale SA, 10.00% to 11/14/28 (France)^{(a)(g)(h)(i)(k)}			3,200,000		3,500,301
Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)^{(a)(g)(h)(i)(k)}			3,800,000		3,964,088
State Street Corp., 6.70% to 3/15/29, Series I^(a)(b)(g)(h)			3,784,000		3,961,061
State Street Corp., 6.70% to 9/15/29, Series J^(a)(g)(h)			3,180,000		3,333,489
Swedbank AB, 7.75% to 3/17/30 (Sweden)^(g)(h)(i)(j)			2,800,000		2,937,956
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)^(h)			1,400,000		1,440,256
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)^(a)(b)(h)			5,600,000		5,862,679
Truist Financial Corp., 5.10% to 3/1/30, Series Q^(a)(g)(h)			3,278,000		3,250,741
Truist Financial Corp., 5.125% to 12/15/27, Series M^(a)(b)(g)(h)			2,460,000		2,442,692
UBS Group AG, 4.875% to 2/12/27 (Switzerland)^{(a)(g)(h)(i)(k)}			2,200,000		2,145,319
UBS Group AG, 6.85% to 9/10/29 (Switzerland)^{(a)(b)(g)(h)(i)(k)}			3,800,000		3,826,178
UBS Group AG, 9.25% to 11/13/28 (Switzerland)^{(a)(b)(g)(h)(i)(k)}			5,800,000		6,345,049
UBS Group AG, 9.25% to 11/13/33 (Switzerland)^{(a)(b)(g)(h)(i)(k)}			6,000,000		6,953,466
UniCredit SpA, 6.50% to 12/3/31 (Italy)^(g)(h)(i)(j)			EUR 1,600,000		1,987,203
Wells Fargo & Co., 3.90% to 3/15/26, Series BB^(g)(h)			148,000		146,576
Wells Fargo & Co., 5.95%, due 12/15/36^(a)(b)			2,969,000		3,047,742
Wells Fargo & Co., 6.85% to 9/15/29^(a)(b)(g)(h)			5,380,000		5,666,808
Wells Fargo & Co., 7.625% to 9/15/28^(a)(b)(g)(h)			5,080,000		5,468,859

					349,093,915

BROKERAGE	1.2%
Goldman Sachs Capital I, 6.345%, due 2/15/34^(a)			2,301,000		2,390,865
Goldman Sachs Group, Inc., 6.85% to 2/10/30^(g)(h)			1,401,000		1,449,318
Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W^(a)(g)(h)			1,321,000		1,406,051

See accompanying notes to consolidated financial statements.

Cohen & Steers REIT and Preferred and Income Fund, Inc.

SEC Form N-CSRS filed by Cohen & Steers REIT and Preferred and Income Fund Inc.