For example: "This has led to a reduction in/of the severity of poverty."
I tend to think "a reduction in" refers more to intensity and number, whereas "a reduction of" emphasizes the action.
As in:
1) "The President called for a reduction of troops in the region." (Emphasis on what he wants the Pentagon to do.)
2) "The President is working toward a reduction in HIV cases." (Emphasis on fewer cases.)
1 and 2 are very similar, but there is a subtle difference. At least, to me. I can't find the grammar rules regarding whether or not there's a difference in these prepositions in this context. Maybe they're interchangeable?