SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: 811-21326
Exact Name of Registrant
(as specified in charter): Cohen & Steers REIT and Preferred Income Fund, Inc.
Address of Principal Executive Office: 757 Third Avenue
New York, NY 10017
Name and address of agent for service: John E. McLean
757 Third Avenue
New York, NY 10017
Registrant telephone number, including area code: (212) 832-3232
Date of fiscal year end: December 31
Date of reporting period: March 31, 2005
Item 1. Schedule of Investments
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD(a)
---------- -------------- ------------
COMMON STOCK 83.36%(b)
DIVERSIFIED 6.75%
Capital Trust -- Class A............. 97,400 $ 3,231,732 6.63%
Colonial Properties Trust............ 300,000 11,523,000 7.03
Crescent Real Estate Equities Co..... 1,064,000 17,385,760 9.18
iStar Financial...................... 990,000 40,768,200 7.12
Vornado Realty Trust................. 239,100 16,562,457 4.39
--------------
89,471,149
--------------
HEALTH CARE 12.45%
Health Care Property Investors(c).... 2,819,500 66,173,665 7.08
Healthcare Realty Trust.............. 199,200 7,258,848 7.14
Health Care REIT..................... 1,745,600 55,859,200 7.50
Nationwide Health Properties......... 1,362,200 27,530,062 7.32
Ventas............................... 335,000 8,361,600 5.77
--------------
165,183,375
--------------
HOTEL 2.02%
Hospitality Properties Trust......... 545,200 22,015,176 7.13
Strategic Hotel Capital.............. 323,800 4,759,860 5.99
--------------
26,775,036
--------------
INDUSTRIAL 3.72%
First Industrial Realty Trust........ 1,303,400 49,307,622 7.35
--------------
MORTGAGE 2.53%
Newcastle Investment Corp............ 1,135,074 33,598,190 8.45
--------------
-------------------
(a) Dividend yield is computed by dividing the security's current annual
dividend rate by the last sale price on the principal exchange, or market,
on which such security trades.
(b) Percentages indicated are based on the net assets applicable to common
shares of the fund.
(c) 75,000 shares segregated as collateral for interest rate swap transactions.
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
OFFICE 24.37%
Arden Realty......................... 1,488,700 $ 50,392,495 5.97%
Brandywine Realty Trust.............. 787,800 22,373,520 6.20
CarrAmerica Realty Corp.............. 942,300 29,729,565 6.34
CRT Properties....................... 290,000 6,316,200 6.43
Equity Office Properties Trust....... 2,533,300 76,328,329 6.64
Highwoods Properties................. 910,200 24,411,564 6.34
HRPT Properties Trust................ 1,406,100 16,746,651 7.05
Mack-Cali Realty Corp................ 1,199,500 50,798,825 5.95
Maguire Properties................... 1,286,100 30,712,068 6.70
Prentiss Properties Trust............ 374,900 12,806,584 6.56
Reckson Associates Realty Corp....... 87,500 2,686,250 5.53
--------------
323,302,051
--------------
OFFICE/INDUSTRIAL 3.99%
Liberty Property Trust............... 1,143,300 44,645,865 6.25
Mission West Properties.............. 778,800 8,255,280 6.04
--------------
52,901,145
--------------
RESIDENTIAL -- APARTMENT 13.55%
AMLI Residential Properties Trust.... 590,400 16,171,056 7.01
Archstone-Smith Trust................ 1,941,500 66,224,565 5.04
Camden Property Trust................ 581,800 27,362,054 5.40
Education Realty Trust(a)............ 368,800 6,133,144 --
GMH Communities Trust................ 604,200 7,075,182 7.77
Gables Residential Trust............. 1,186,100 39,497,130 7.24
Mid-America Apartment Communities.... 349,000 12,738,500 6.41
Town & Country Trust................. 173,400 4,586,430 6.50
--------------
179,788,061
--------------
SELF STORAGE 1.08%
Sovran Self Storage.................. 222,200 8,805,786 6.11
U-Store-It Trust(a).................. 315,800 5,494,920 --
--------------
14,300,706
--------------
-------------
(a) Nonincome producing security.
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
SHOPPING CENTER 12.90%
COMMUNITY CENTER 8.24%
Cedar Shopping Centers............... 400,000 $ 5,696,000 6.32%
Heritage Property Investment Trust... 2,002,300 59,428,264 7.08
New Plan Excel Realty Trust.......... 1,340,500 33,659,955 6.57
Ramco-Gershenson Properties Trust.... 390,000 10,588,500 6.45
--------------
109,372,719
--------------
REGIONAL MALL 4.66%
Glimcher Realty Trust................ 2,121,600 50,281,920 8.11
Macerich Co.......................... 215,200 11,465,856 4.88
--------------
61,747,776
--------------
TOTAL SHOPPING CENTER................ 171,120,495
--------------
TOTAL COMMON STOCK
(Identified
cost -- $916,539,030)......... 1,105,747,830
--------------
PREFERRED SECURITIES -- $25 PAR VALUE 26.34%
AUTOMOTIVE 0.26%
DaimlerChrysler, 7.25% (CBTCS)....... 26,008 642,658 7.34
DaimlerChrysler, 7.50% (CBTCS)....... 38,800 956,032 7.61
Ford Motor Co., 8.00% (CORTS)........ 80,000 1,907,200 8.39
--------------
3,505,890
--------------
BANK 2.64%
ASBC Capital I, 7.625%, Series A
(TOPrS)........................... 75,500 1,978,100 7.28
Cobank ACB, 7.00%, 144A(a)........... 200,000 10,476,000 6.68
Colonial Capital Trust IV, 7.875%.... 390,000 10,062,000 7.63
Countrywide Capital IV, 6.75%........ 71,100 1,786,032 6.73
First Republic Bank, 6.70%........... 200,000 5,060,000 6.65
Fleet Capital Trust VIII, 7.20%
Series............................ 87,900 2,268,699 6.97
HSBC USA, Series F................... 96,000 2,400,000 3.85
Old Second Bancorp Capital Trust I,
7.80%............................. 90,000 949,050 7.50
--------------
34,979,881
--------------
------------------
(a) The fund prices this security at fair value using procedures approved by
the fund's board of directors.
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
BANK -- FOREIGN 1.35%
Abbey National PLC, 7.375%, Series
B................................. 105,700 $ 2,822,190 6.91%
Abbey National PLC, 7.375%, Series
C................................. 493,264 12,923,517 7.05
Northern Rock, 8.00%, Series......... 30,000 752,589 7.97
Royal Bank of Scotland Group, 7.25%,
Series H.......................... 55,600 1,411,684 7.14
--------------
17,909,980
--------------
ELECTRIC -- INTEGRATED 1.49%
DTE Energy Trust II, 7.50%, due
6/01/44, Series................... 55,200 1,457,280 7.10
Energy East Capital Trust I, 8.25%... 61,000 1,598,200 7.87
Enterprise Capital Trust, 7.44%...... 116,000 2,905,800 7.43
NVP Capital III, 7.75%, due 9/30/38,
Series............................ 81,900 2,037,672 7.79
NVP Capital I, 8.20%, due 3/31/37,
Series A (QUIPS).................. 2,600 64,688 8.24
Northern States Power Co., 8.00%,
Notes (PINES)..................... 41,700 1,116,309 7.47
PSEG Funding Trust II, 8.75%
Series............................ 199,900 5,481,258 7.98
Puget Sound Energy Capital Trust II,
8.40% (TOPrS)..................... 70,800 1,811,772 8.21
Southern California Edison, 7.23%,
due 4/30/07, Series M............. 12,300 1,241,378 7.16
Virginia Power Capital Trust II,
7.375%, (TruPS)................... 79,761 2,085,750 7.05
--------------
19,800,107
--------------
FINANCE 1.38%
MBNA Capital, 8.125%, Series D
(TruPS)........................... 234,100 5,971,891 7.96
MBNA Capital, 8.10%, Series E
(TOPrs)........................... 166,300 4,293,866 7.84
Merrill Lynch & Co., Series 1
(FRN)............................. 320,000 8,102,400 3.59
--------------
18,368,157
--------------
GAS -- DISTRIBUTION 3.57%
Dominion CNG Capital, 8.40%.......... 78,700 2,054,070 7.47
Laclede Capital Trust I, 7.70%
(TOPrS)........................... 56,300 1,517,285 7.14
Southern Union Co., 7.55%, Series
C................................. 1,040,000 27,778,400 7.07
Southwest Gas Capital Trust II,
7.70%............................. 600,000 15,960,000 7.26
--------------
47,309,755
--------------
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
INSURANCE 2.85%
LIFE/HEALTH INSURANCE 0.20%
Lincoln National Capital V, 7.65%,
Series E (TruPS).................. 63,700 $ 1,635,816 7.45%
Torchmark Capital Trust I, 7.75%..... 41,000 1,065,590 7.45
--------------
2,701,406
--------------
MULTI-LINE 0.79%
ING Groep NV, 7.05% Series........... 241,600 6,199,456 6.87
ING Groep NV, 7.20% Series........... 165,700 4,281,688 6.97
--------------
10,481,144
--------------
PROPERTY/CASUALTY 1.01%
ACE Ltd., 7.80%, Series C............ 389,300 10,125,693 7.50
St. Paul Capital Trust I, 7.60%
(TruPS)........................... 125,130 3,198,323 7.43
--------------
13,324,016
--------------
REINSURANCE 0.17%
Everest Re Capital Trust II, 6.20%,
Series B.......................... 100,000 2,291,000 6.77
--------------
REINSURANCE -- FOREIGN 0.68%
PartnerRe Ltd., 6.75%, Series C...... 206,500 5,162,500 6.75
PartnerRe Ltd., 7.90%, Series D...... 54,000 1,333,800 6.58
RenaissanceRE Holdings Ltd., 8.10%,
Series A.......................... 30,900 805,872 7.76
RenaissanceRE Holdings Ltd., 7.30%,
Series B.......................... 65,900 1,700,220 7.07
--------------
9,002,392
--------------
TOTAL INSURANCE...................... 37,799,958
--------------
MEDIA 1.73%
CABLE TELEVISION 0.91%
Shaw Communications, 8.50%, Series B
(COPrS)........................... 479,700 12,054,861 8.46
--------------
DIVERSIFIED SERVICES 0.82%
AOL Time Warner, 7.625%, Series A-1
(CABCO)........................... 112,600 2,989,530 7.18
Liberty Media Corp., 8.75% (CBTCS)... 198,500 5,051,825 8.60
Liberty Media Corp., 8.75% (PPLUS)... 108,745 2,787,134 8.53
--------------
10,828,489
--------------
TOTAL MEDIA.......................... 22,883,350
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
OIL -- EXPLORATION 1.19%
Nexen, 7.35%, due 11/1/43,
Series B.......................... 608,660 $ 15,800,814 7.08%
--------------
REAL ESTATE 7.75%
DIVERSIFIED 1.39%
iStar Financial, 7.875%, Series E.... 400,000 10,168,000 7.74
iStar Financial, 7.80%, Series F..... 243,600 6,297,060 7.54
iStar Financial, 7.65%, Series G..... 80,000 2,010,400 7.59
--------------
18,475,460
--------------
HEALTH CARE 0.60%
Health Care REIT, 7.875%, Series D... 100,000 2,505,000 7.86
Health Care REIT, 7.625%, Series F... 10,000 250,000 7.62
Omega Healthcare Investors, 8.375%,
Series D.......................... 200,000 5,200,000 8.05
--------------
7,955,000
--------------
HOTEL 0.18%
Innkeepers USA Trust, 8.00%,
Series C.......................... 93,500 2,346,850 7.97
--------------
OFFICE 1.91%
Cousins Properties, 7.75%, Series
A................................. 457,500 11,551,875 7.67
Kilroy Realty Corp, 7.80%, Series
E................................. 100,000 2,515,000 7.75
Maguire Properties, 7.625%, Series
A................................. 288,900 7,179,165 7.67
SL Green Realty Corp., 7.625%, Series
C................................. 100,000 2,535,000 7.55
SL Green Realty Corp., 7.875%, Series
D................................. 60,000 1,510,200 7.82
--------------
25,291,240
--------------
RESIDENTIAL -- APARTMENT 1.98%
Apartment Investment and Management
Co., 8.00%, Series T.............. 93,700 2,315,327 8.09
Apartment Investment and Management
Co., 8.00%, Series V.............. 101,000 2,519,950 8.02
Apartment Investment & Management
Co., 7.875%, Series Y............. 110,000 2,722,500 7.95
Associated Estates Realty Corp.,
8.70%, Series B................... 40,000 1,024,000 8.50
Mid-America Apartment Communities,
8.30%, Series H................... 690,600 17,748,420 8.07
--------------
26,330,197
--------------
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
SHOPPING CENTER 1.69%
COMMUNITY CENTER 0.30%
Developers Diversified Realty Corp.,
7.50%, Series I................... 47,800 $ 1,205,038 7.44%
Developers Diversified Realty Corp.,
8.00%, Series G................... 38,700 999,621 7.74
Saul Centers, 8.00%, Series A........ 69,400 1,759,984 7.89
--------------
3,964,643
--------------
REGIONAL MALL 1.39%
Glimcher Realty Trust, 8.75%, Series
F................................. 279,300 7,261,800 8.41
Glimcher Realty Trust, 8.125%, Series
G................................. 240,000 6,024,000 8.09
Mills Corp., 8.75%, Series E......... 197,600 5,161,312 8.37
--------------
18,447,112
--------------
TOTAL SHOPPING CENTER................ 22,411,755
--------------
TOTAL REAL ESTATE............... 102,810,502
--------------
TELECOMMUNICATION SERVICES 2.13%
Centaur Funding Corp., 9.08%(a)...... 13,908 17,851,210 7.07
Telephone & Data Systems, 7.60%,
Series A.......................... 197,800 5,059,724 7.43
United States Cellular Corp., 7.50%,
due 6/15/34, Series............... 201,500 5,275,270 7.16
Verizon South, 7.00%, Series F....... 3,300 84,018 6.87
--------------
28,270,222
--------------
TOTAL PREFERRED SECURITIES --$25
PAR VALUE (Identified
cost -- $343,899,156)......... 349,438,616
--------------
--------------
(a) The fund prices this security at fair value using procedures approved by the
fund's board of directors.
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
PREFERRED SECURITIES -- CAPITAL TRUST 34.12%
BANK 6.45%
AgFirst Farm Credit Bank, 7.30%,
due 10/14/49, 144A................ 29,100,000 $ 30,558,376 6.95%
Astoria Capital Trust I, 9.75%, due
11/1/29, Series B................. 13,500,000 16,140,600 8.15
BankBoston Capital Trust II, 7.75%,
due 12/15/26...................... 1,500,000 1,604,948 7.24
BT Preferred Capital Trust II,
7.875%, due 2/25/27............... 1,000,000 1,089,923 7.23
First Tennessee Bank, Series 144A.... 2,000 2,005,000 0.10
Great Western Financial Trust II,
8.206%, due 2/1/27, Series A...... 2,232,000 2,440,085 7.51
Roslyn Preferred Trust FRN, 4.78%,
due 4/1/32, 144A.................. 10,000,000 10,050,000 5.74
Roslyn Real Estate Asset Corp. FRN,
4.813%, due 9/30/08, Series D..... 100 10,075,000 6.15
Sky Financial Capital Trust I, 9.75%,
due 5/1/30, Series B.............. 3,000,000 3,554,100 7.88
Webster Capital Trust I, 9.36%, due
1/29/27, 144A..................... 7,300,000 8,079,669 8.46
--------------
85,597,701
--------------
BANK -- FOREIGN 7.86%
BNP Paribas Capital Trust V, 7.20%... 19,550,000 20,088,172 7.01
CA Preferred Fund Trust, 7.00%
(Eurobond)........................ 25,200,000 25,797,492 6.84
HBOS Capital Funding LP, 6.85%....... 23,000,000 23,464,830 6.71
HSBC Capital Funding LP, 10.176%..... 9,680,000 14,915,718 6.60
RBS Capital Trust B, 6.80%........... 19,700,000 20,032,733 6.69
--------------
104,298,945
--------------
ELECTRIC -- INTEGRATED 2.58%
Dominion Resources Capital Trust III,
8.40%, due 1/15/31................ 21,732,000 27,704,453 6.59
DPL Capital Trust, 8.125%, due
9/1/31............................ 3,000,000 3,472,260 7.02
Enterprise Capital Trust II, due
6/30/28, Series B................. 3,000,000 2,986,815 3.80
--------------
34,163,528
--------------
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
FINANCE 4.92%
CREDIT CARD 0.51%
MBNA Capital, 8.278%, due 12/1/26,
Series A.......................... 6,200,000 $ 6,760,127 7.59%
--------------
DIVERSIFIED FINANCIAL SERVICES 2.33%
Old Mutual Capital Funding, 8.00%,
due 5/29/49 (Eurobond)............ 29,950,000 30,946,826 7.74
--------------
INVESTMENT BANKER/BROKER 1.04%
Chase Capital I, 7.67%, due
12/1/06........................... 2,519,000 2,708,056 7.13
JPM Capital Trust I, 7.54%, due
1/15/27........................... 3,925,000 4,232,751 6.99
JPM Capital Trust II, 7.95%, due
2/27/07........................... 6,400,000 6,892,909 7.38
--------------
13,833,716
--------------
MORTGAGE LOAN/BROKER 1.04%
Countrywide Capital III, 8.05%, due
6/15/27, Series B (SKIS).......... 11,285,000 13,718,170 6.62
--------------
TOTAL FINANCE........................ 65,258,839
--------------
FOOD 1.61%
Dairy Farmers of America, 7.875%,
144A(a)........................... 135,000 13,708,170 7.76
Gruma S.A., 7.75%, due 12/29/49,
144A(a)........................... 8,000,000 7,658,152 8.10
--------------
21,366,322
--------------
INSURANCE 7.91%
LIFE/HEALTH 0.34%
AmerUS Capital, 8.85%, due 2/1/27,
Series A.......................... 4,000,000 4,463,040 7.93
--------------
MULTI-LINE 6.55%
AFC Capital Trust I, 8.207%, due
02/03/27, Series B................ 15,750,000 16,809,125 7.69
AXA, 7.10%, due 5/29/49 (Eurobond)... 26,500,000 27,306,925 6.89
GenAmerica Capital I, 8.525%, due
6/30/27........................... 14,000,000 15,471,806 7.71
USF&G Capital, 8.312%, due 7/1/46.... 3,845,000 4,588,696 6.96
Zurich Capital Trust I, 8.376%, due
6/1/37............................ 20,712,000 22,655,262 7.66
--------------
86,831,814
--------------
-----------
(a) The fund prices this security at fair value using procedures approved by
the fund's board of directors.
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
---------- -------------- -----
PROPERTY/CASUALTY 1.02%
W.R. Berkley Capital Trust, 8.197%,
due 12/15/45...................... 13,100,000 $ 13,583,744 7.91%
--------------
TOTAL INSURANCE...................... 104,878,598
--------------
OIL COMPANY -- EXPLORATION AND
PRODUCTION 0.83%
Pemex Project Funding Master Trust,
7.75%, due 9/29/49................ 11,000,000 10,932,229 7.80
--------------
PIPELINES 1.96%
K N Capital Trust I, 8.56%, due
4/15/27 (TruPS)................... 9,513,000 10,657,052 7.64
K N Capital Trust III, 7.63%, due
4/15/28 (TruPS)................... 13,330,000 15,395,710 6.61
--------------
26,052,762
--------------
TOTAL PREFERRED SECURITIES --
CAPITAL TRUST (Identified
cost -- $439,585,577)......... 452,548,924
--------------
PRINCIPAL
AMOUNT
-----------
CORPORATE BOND 8.39%
AUTOMOTIVE 1.81%
Ford Motor Co., 9.98%, due
2/15/47.......................... $13,400,000 14,763,919
General Motors Corp., 7.375%, due
5/23/48.......................... 11,377,000 9,173,082
--------------
23,937,001
--------------
CELLULAR TELECOMMUNICATIONS 0.08%
Rogers Wireless Communications,
8.00%, due 12/15/12, 144A........ 1,000,000 1,032,500
--------------
INSURANCE 1.98%
Liberty Mutual Insurance, 7.697%,
due 10/15/97..................... 16,730,000 17,894,977
Oil Casualty Insurance, 8.00%,
due 9/15/34, 144A................ 8,000,000 8,382,392
--------------
26,277,369
--------------
INVESTMENT BANKER/BROKER 1.33%
NBP Capital Trust III, 7.375%, due
10/29/49......................... 16,900,000 17,697,122
--------------
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
----------- --------------
MEDIA 0.82%
Liberty Media Corp., 8.25%, due
2/1/30............................. $ 7,250,000 $ 7,371,227
Rogers Cable, 8.75%, due 5/1/32....... 3,000,000 3,495,000
--------------
10,866,227
--------------
MEDICAL -- HOSPITALS 1.20%
Columbia/HCA, 7.50%, due 11/15/95..... 16,534,000 15,946,778
--------------
REAL ESTATE
0.39%
BF Saul Real Estate Investment Trust,
7.50%, due 3/1/14, 144A............ 5,000,000 5,212,500
--------------
TELEPHONE -- INTEGRATED 0.78%
Citizens Communications Co., 9.00%,
due 8/15/31........................ 9,925,000 10,371,625
--------------
TOTAL CORPORATE BOND
(Identified cost --
$112,185,205).................. 111,341,122
--------------
COMMERCIAL PAPER 0.14%
Prudential FDG Corp., 2.12%, due
04/01/05 (Identified cost --
$1,860,000)........................ 1,860,000 1,860,000
--------------
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
VALUE
--------------
TOTAL INVESTMENTS (Identified
cost -- $1,814,002,086)............................ 152.35% $2,020,936,492(a)
OTHER ASSETS IN EXCESS OF LIABILITIES................ 2.38% 31,524,609
LIQUIDATION VALUE OF AUCTION MARKET PREFERRED SHARES:
SERIES M7, SERIES T7, SERIES W7, SERIES F7
(Equivalent to $25,000 per share based on 3,280
shares outstanding per class), SERIES TH7
(Equivalent to $25,000 per share based on 5,480
shares outstanding), SERIES W28A, SERIES W28B,
SERIES W28C (Equivalent to $25,000 per share based
on 2,800 shares outstanding per class), AND
SERIES TH28 (Equivalent to $25,000 per share based
on 2,040 shares outstanding)....................... (54.73%) (726,000,000)
------ --------------
NET ASSETS APPLICABLE TO COMMON SHARES (Equivalent to
$27.49 per share based on 48,251,666 shares of
capital stock outstanding)......................... 100.00% $1,326,461,101
------ --------------
------ --------------
GLOSSARY OF PORTFOLIO ABBREVIATIONS
CABCO Corporate Asset Backed Corporation
CBTCS Corporate Backed Trust Certificates
COPrS Canadian Origin Preferred Securities
CORTS Corporate Backed Trust Securities
FRN Floating Rate Note
PINES Public Income Notes
PPLUS Preferred Plus Trust
QUIPS Quarterly Income Preferred Securities
SKIS Subordinated Capital Income Securities
TOPrS Trust Originated Preferred Securities
TruPS Trust Preferred Securities
-------------------
(a) At March 31, 2005, net unrealized appreciation was $206,934,406 based on
cost for federal income tax purposes of $1,814,002,086. This consisted of
aggregate gross unrealized appreciation on investments of $212,791,160
and aggregate gross unrealized depreciation on investments of $5,856,754.
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COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NOTE 1. INVESTMENTS IN INTEREST RATE SWAPS
The fund has entered into interest rate swap agreements with Merrill Lynch
Derivative Products AG, UBS AG, and Royal Bank of Canada. Under the agreements
the fund receives a floating rate and pays a respective fixed rate. The fund has
segregated 75,000 shares of Health Care Property Investors as collateral for the
interest rate swap transactions. Details of the swaps at March 31, 2005 are as
follows:
NOTIONAL FLOATING RATE(a) UNREALIZED
COUNTERPARTY AMOUNT FIXED RATE (RESET MONTHLY) TERMINATION DATE APPRECIATION
------------------------------- ----------- ---------- --------------- ------------------ --------------
Merrill Lynch Derivative
Products AG.................. $43,625,000 3.3200% 2.850% October 22, 2007 $ 964,517
Merrill Lynch Derivative
Products AG.................. $58,500,000 3.2075% 2.716% October 2, 2008 2,208,310
Merrill Lynch Derivative
Products AG.................. $20,000,000 3.4100% 2.800% January 13, 2009 693,852
Royal Bank of Canada........... $58,125,000 3.3980% 2.850% August 25, 2007 1,043,532
Royal Bank of Canada........... $43,250,000 3.4520% 2.820% September 16, 2008 1,247,229
UBS AG......................... $58,125,000 2.8325% 2.850% August 25, 2006 852,341
UBS AG......................... $58,125,000 3.9900% 1.840% August 25, 2009 1,080,059
UBS AG......................... $58,125,000 4.3975% 2.850% August 25, 2010 395,467
UBS AG......................... $58,125,000 4.5950% 2.850% August 25, 2011 57,768
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$8,543,075
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----------
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(a) Based on LIBOR (London Interbank Offered Rate). Represents rates in effect
at March 31, 2005.
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Item 2. Controls and Procedures
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) are effective based on their evaluation of these
disclosure controls and procedures required by Rule 30a-3(b) under the
Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under
the Securities Exchange Act as of a date within 90 days of the filing
of this report.
(b) During the last fiscal quarter, there were no changes in the
registrant's internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS REIT AND PREFERRED INCOME FUND, INC.
By: /s/ Robert H. Steers
--------------------------------
Name: Robert H. Steers
Title: Chairman
Date: May 27, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert H. Steers By: /s/ Martin Cohen
-------------------------------- ---------------------------------------
Name: Robert H. Steers Name: Martin Cohen
Title: Chairman, Secretary and Title: President, Treasurer
principal executive officer and principal financial officer
Date: May 27, 2005