Cohen & Steers REIT and Preferred and Income Fund, Inc. (RNP)

Cohen & Steers REIT and Preferred and Income Fund, Inc. is a diversified closed-end management investment company that trades on the New York Stock Exchange under the ticker RNP. It is managed by Cohen & Steers, a New York asset manager that specializes in real estate, infrastructure and income-oriented securities. Cohen & Steers was founded in 1986 and was one of the first investment firms to focus on real estate securities, and it is itself publicly traded.

The fund's main goal is high current income, with capital appreciation as a secondary aim. It invests mostly in a combination of common stocks of real estate investment trusts and preferred and other income securities, including those issued by banks, insurers and utilities, which gives it exposure to both property markets and interest-rate sensitive credit. The mix is managed actively, with the portfolio managers shifting weights between real estate stocks and preferred securities as market conditions change.

Like most closed-end funds, RNP has a fixed number of shares that trade on the exchange at prices that can sit above or below the fund's net asset value. It uses leverage through borrowings to increase income and pays a regular monthly distribution, which can include income, capital gains and return of capital. Because of the leverage and the interest-rate sensitivity of both REITs and preferred securities, the fund's share price and net asset value can move significantly when rates change.

The fund was originally called Cohen & Steers REIT and Preferred Income Fund and adopted its current name to reflect a broader mandate across preferred and other income securities. It remains one of several Cohen & Steers closed-end funds listed in the United States. Its shares continue to trade on the NYSE, where investors can buy and sell them like any other listed stock.