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The Collaborative International Dictionary of English v.0.48:

Reef \Reef\, v. t. [imp. & p. p. Reefed (r[=e]ft); p. pr. & vb. n. Reefing.] (Naut.) To reduce the extent of (as a sail) by rolling or folding a certain portion of it and making it fast to the yard or spar. --Totten. [1913 Webster] To reef the paddles, to move the floats of a paddle wheel toward its center so that they will not dip so deeply. [1913 Webster]