COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2024 (Unaudited)

 

                                                                       
              Shares      Value  

PREFERRED SECURITIES—EXCHANGE-TRADED

     21.7     

BANKING

     8.6     

Bank of America Corp., 4.125%, Series PP(a)(b)

 

       33,088      $ 664,407  

Bank of America Corp., 4.25%, Series QQ(a)(b)

 

    58,616        1,198,697  

Bank of America Corp., 4.375%, Series NN(a)(b)

 

    31,877        670,692  

Bank of America Corp., 5.00%, Series LL(a)(b)

 

    9,330        218,415  

Bank of America Corp., 5.375%, Series KK(a)(b)

 

    43,613        1,069,827  

Bank of America Corp., 5.875%, Series HH(a)(b)

 

    3,224        81,342  

Federal Agricultural Mortgage Corp., 4.875%, Series G(b)

 

    27,286        603,021  

JPMorgan Chase & Co., 4.20%, Series MM(a)(b)

 

    15,599        329,919  

JPMorgan Chase & Co., 4.55%, Series JJ(a)(b)

 

    17,160        387,301  

JPMorgan Chase & Co., 4.625%, Series LL(a)(b)

 

    15,878        363,606  

JPMorgan Chase & Co., 5.75%, Series DD(a)(b)

 

    21,620        546,554  

M&T Bank Corp., 7.50%, Series J(a)(b)

 

    74,586        2,089,154  

Morgan Stanley, 5.85%, Series K(a)(b)

 

    35,291        879,099  

Morgan Stanley, 6.375%, Series I(a)(b)

 

    66,456        1,682,001  

Morgan Stanley, 6.50%, Series P(a)(b)

 

    16,345        434,614  

Morgan Stanley, 6.625%, Series Q(a)(b)

 

    138,044        3,705,101  

Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(b)(c)

 

    35,091        856,571  

Truist Financial Corp., 4.75%, Series R(a)(b)

 

    20,152        435,888  

U.S. Bancorp, 4.00%, Series M(a)(b)

 

    50,675        1,000,831  

Wells Fargo & Co., 4.25%, Series DD(a)(b)

 

    42,687        865,266  

Wells Fargo & Co., 4.375%, Series CC(a)(b)

 

    39,087        811,446  

Wells Fargo & Co., 4.70%, Series AA(a)(b)

 

    53,643        1,160,298  

Wells Fargo & Co., 4.75%, Series Z(a)(b)

 

    86,847        1,883,711  

Wells Fargo & Co., 5.625%, Series Y(a)(b)

 

    37,197        928,809  
    

 

 

 
          22,866,570  
       

 

 

 

CONSUMER DISCRETIONARY PRODUCTS

     0.2     

Ford Motor Co., Senior Debt, 6.50%, due 8/15/62(a)

 

    22,478        573,414  
    

 

 

 

FINANCIAL SERVICES

     1.0     

Affiliated Managers Group, Inc., 5.875%, due 3/30/59(a)

 

    3,021        75,495  

Affiliated Managers Group, Inc., 6.75%, due 3/30/64(a)

 

    30,867        800,999  

Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(a)(c)

 

    25,020        681,294  

Carlyle Finance LLC, 4.625%, due 5/15/61(a)

 

    6,744        131,778  

TPG Operating Group II LP, 6.95%, due 3/15/64(a)

 

    39,715        1,044,504  
    

 

 

 
          2,734,070  
       

 

 

 

INDUSTRIAL SERVICES

     0.7     

WESCO International, Inc., 10.625% to 6/22/25, Series A(b)(c)

 

    71,827        1,856,728  
    

 

 

 

INSURANCE

     5.2     

AEGON Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands)(a)

 

    41,672        927,202  

Arch Capital Group Ltd., 4.55%, Series G(a)(b)

 

    64,738        1,323,245  

Arch Capital Group Ltd., 5.45%, Series F(a)(b)

 

    34,097        795,142  

Athene Holding Ltd., 4.875%, Series D(a)(b)

 

    70,627        1,370,164  

Athene Holding Ltd., 5.625%, Series B(a)(b)

 

    7,522        169,245  

Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b)(c)

 

    43,898        1,090,426  

Athene Holding Ltd., 6.375% to 6/30/25, Series C(a)(b)(c)

 

    5,654        141,011  

Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(a)(c)

 

    53,523        1,373,400  

Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b)(c)

 

    44,265        1,175,236  

Axis Capital Holdings Ltd., 5.50%, Series E(a)(b)

 

    29,013        661,787  


                                                                       
           Shares      Value  

Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(b)(c)

 

    17,744      $ 346,363  

Equitable Holdings, Inc., 4.30%, Series C(a)(b)

 

    13,924        280,986  

Equitable Holdings, Inc., 5.25%, Series A(a)(b)

 

    34,139        791,001  

F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53(a)

 

    37,387        1,016,553  

Lincoln National Corp., 9.00%, Series D(a)(b)

 

    18,520        523,560  

MetLife, Inc., 4.75%, Series F(a)(b)

 

    23,089        523,889  

Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52(a)(c)

 

    13,226        350,621  

RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)(b)

 

    34,699        643,319  

W.R. Berkley Corp., 4.125%, due 3/30/61(a)

 

    8,752        180,379  
    

 

 

 
          13,683,529  
       

 

 

 

PIPELINES

     0.2     

TC Energy Corp., 3.351% to 11/30/25, Series 11 (Canada)(a)(b)(c)

 

    26,957        406,612  
    

 

 

 

REAL ESTATE

     1.7     

CTO Realty Growth, Inc., 6.375%, Series A(b)

 

    21,968        516,907  

Public Storage, 4.10%, Series S(a)(b)

 

    34,003        677,340  

Public Storage, 4.70%, Series J(a)(b)

 

    44,889        1,008,656  

Public Storage, 4.75%, Series K(a)(b)

 

    34,590        790,035  

Regency Centers Corp., 5.875%, Series B(b)

 

    60,000        1,461,000  
    

 

 

 
          4,453,938  
       

 

 

 

TELECOMMUNICATIONS

     1.5     

AT&T, Inc., 4.75%, Series C(a)(b)

 

    48,527        1,019,552  

AT&T, Inc., 5.00%, Series A(a)(b)

 

    48,300        1,078,539  

AT&T, Inc., Senior Debt, 5.35%, due 11/1/66(a)

 

    19,185        471,375  

Telephone & Data Systems, Inc., 6.00%, Series VV(a)(b)

 

    14,918        289,260  

U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70(a)

 

    10,084        224,571  

U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(a)

 

    17,286        382,885  

U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69(a)

 

    26,813        630,642  
    

 

 

 
          4,096,824  
       

 

 

 

UTILITIES

     2.6     

Algonquin Power & Utilities Corp., 9.603% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada)(a)(d)

 

    22,887        594,833  

Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a)(b)

 

    25,091        436,583  

Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a)(b)

 

    34,274        630,299  

Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)(a)

 

    47,325        911,006  

Brookfield Infrastructure Partners LP, 5.125%, Series 13 (Canada)(a)(b)

 

    42,166        834,887  

SCE Trust VII, 7.50%, Series M (TruPS)(a)(b)

 

    78,949        2,113,465  

SCE Trust VIII, 6.95%, Series N(a)(b)

 

    50,530        1,349,151  
    

 

 

 
          6,870,224  
       

 

 

 

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$54,946,835)

 

       57,541,909  
    

 

 

 
           Principal
Amount*
        

PREFERRED SECURITIES—OVER-THE-COUNTER

     123.5     

BANKING

     73.3     

Abanca Corp. Bancaria SA, 10.625% to 7/14/28 (Spain)(b)(c)(e)(f)

 

  EUR  400,000        507,277  

ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)(b)(c)(e)(f)

 

  EUR  800,000        931,149  

AIB Group PLC, 7.125% to 10/30/29 (Ireland)(b)(c)(e)(f)

 

  EUR  1,400,000        1,627,603  

Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (Spain)(b)(c)(e)

 

    600,000        585,379  

Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(b)(c)(e)

 

    900,000        995,887  

 

2

 

 


                                                                       
               Principal
Amount*
     Value  

Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(b)(c)(e)(f)

      EUR  400,000      $ 495,664  

Banco Santander SA, 4.125% to 11/12/27 (Spain)(b)(c)(e)

      EUR  600,000        623,630  

Banco Santander SA, 4.75% to 11/12/26 (Spain)(b)(c)(e)

        1,200,000        1,145,375  

Banco Santander SA, 7.00% to 11/20/29 (Spain)(b)(c)(e)(f)

      EUR  800,000        924,415  

Banco Santander SA, 8.00% to 2/1/34 (Spain)(b)(c)(e)

        2,800,000        2,978,094  

Banco Santander SA, 9.625% to 11/21/28 (Spain)(b)(c)(e)

        1,200,000        1,336,562  

Banco Santander SA, 9.625% to 5/21/33 (Spain)(b)(c)(e)

        2,600,000        3,063,173  

Bank of America Corp., 4.375% to 1/27/27, Series RR(a)(b)(c)

        1,074,000        1,042,345  

Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(b)(c)

        1,235,000        1,254,727  

Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(b)(c)

        1,215,000        1,245,377  

Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(b)(c)

        662,000        676,958  

Bank of Montreal, 7.30% to 11/26/34, due 11/26/84
(Canada)(a)(c)

        1,340,000        1,415,078  

Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84
(Canada)(a)(c)

        1,000,000        1,073,858  

Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(a)(c)

        1,600,000        1,734,629  

Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(b)(c)

        880,000        939,400  

Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(b)(c)(e)

        600,000        598,728  

Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(b)(c)(e)

        1,400,000        1,477,827  

Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(b)(c)(e)(f)

      GBP  600,000        836,764  

Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(b)(c)(e)

      GBP  600,000        852,579  

Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(b)(c)(e)

        2,400,000        2,708,194  

BNP Paribas SA, 4.50% to 2/25/30 (France)(b)(c)(e)(g)

        1,400,000        1,210,895  

BNP Paribas SA, 4.625% to 1/12/27 (France)(b)(c)(e)(g)

        2,800,000        2,660,349  

BNP Paribas SA, 4.625% to 2/25/31 (France)(b)(c)(e)(g)

        3,075,000        2,685,540  

BNP Paribas SA, 7.00% to 8/16/28 (France)(b)(c)(e)(g)

        565,000        578,579  

BNP Paribas SA, 7.375% to 8/19/25 (France)(b)(c)(e)(g)

        600,000        606,889  

BNP Paribas SA, 7.375% to 9/10/34 (France)(b)(c)(e)(g)

        1,800,000        1,877,617  

BNP Paribas SA, 7.75% to 8/16/29 (France)(b)(c)(e)(g)

        2,000,000        2,111,882  

BNP Paribas SA, 8.50% to 8/14/28 (France)(b)(c)(e)(g)

        3,000,000        3,226,029  

BNP Paribas SA, 9.25% to 11/17/27 (France)(b)(c)(e)(g)

        1,600,000        1,752,102  

CaixaBank SA, 7.50% to 1/16/30 (Spain)(b)(c)(e)(f)

      EUR  600,000        714,685  

CaixaBank SA, 8.25% to 3/13/29 (Spain)(b)(c)(e)(f)

      EUR  1,200,000        1,456,113  

Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b)(c)

        3,653,000        3,508,483  

Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b)(c)

        3,668,000        3,284,848  

Charles Schwab Corp., 5.00% to 6/1/27, Series K(a)(b)(c)

        652,000        640,558  

Citigroup Capital III, 7.625%, due 12/1/36 (TruPS)(a)

        4,115,000        4,629,171  

Citigroup, Inc., 3.875% to 2/18/26, Series X(b)(c)

        1,823,000        1,759,153  

Citigroup, Inc., 6.25% to 8/15/26, Series T(b)(c)

        636,000        647,276  

Citigroup, Inc., 7.00% to 8/15/34, Series DD(b)(c)

        2,360,000        2,531,354  

Citigroup, Inc., 7.625% to 11/15/28, Series AA(b)(c)

        1,828,000        1,957,558  

CoBank ACB, 6.25% to 10/1/26, Series I(a)(b)(c)

        2,534,000        2,562,219  

CoBank ACB, 6.45% to 10/1/27, Series K(a)(b)(c)

        1,370,000        1,376,565  

Coventry Building Society, 8.75% to 6/11/29
(United Kingdom)(b)(c)(e)(f)

      GBP  800,000        1,105,936  

Credit Agricole SA, 4.75% to 3/23/29 (France)(a)(b)(c)(e)(g)

        600,000        555,788  

Credit Agricole SA, 8.125% to 12/23/25 (France)(a)(b)(c)(e)(g)

        450,000        463,444  

Credit Suisse Group AG, 6.375%, Claim
(Switzerland)(b)(e)(g)(h)(i)(j)

        3,000,000        292,500  

Deutsche Bank AG, 6.00% to 10/30/25, Series 2020
(Germany)(b)(c)(e)

        400,000        392,088  

Deutsche Bank AG, 8.125% to 10/30/29 (Germany)(b)(c)(e)(f)

      EUR  1,000,000        1,160,500  

Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(b)(c)(e)(f)

      EUR  400,000        487,866  

Erste Group Bank AG, 7.00% to 4/15/31 (Austria)(a)(b)(c)(e)(f)

      EUR  600,000        685,549  

Farm Credit Bank of Texas, 5.70% to 9/15/25,
Series 4(a)(b)(c)(g)

        1,441,000        1,450,574  

Farm Credit Bank of Texas, 7.75% to 6/15/29(a)(b)(c)

        839,000        868,506  

 

3

 

 


                                                                       
               Principal
Amount*
    Value  

First Horizon Bank, 6.416% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)(a)(b)(d)(g)

        1,537 †    $ 1,068,215  

Goldman Sachs Capital I, 6.345%, due 2/15/34 (TruPS)(a)

        624,000       673,788  

Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(b)(c)

        4,300,000       4,568,621  

HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30,
Series 2 (United Kingdom)(b)(c)(g)

        1,067,000       1,390,928  

HSBC Holdings PLC, 4.60% to 12/17/30
(United Kingdom)(a)(b)(c)(e)

        4,000,000       3,642,682  

HSBC Holdings PLC, 6.00% to 5/22/27
(United Kingdom)(a)(b)(c)(e)

        3,800,000       3,826,368  

HSBC Holdings PLC, 6.50% to 3/23/28
(United Kingdom)(a)(b)(c)(e)

        1,600,000       1,627,622  

HSBC Holdings PLC, 6.50%, due 9/15/37
(United Kingdom)(a)

        902,000       997,477  

HSBC Holdings PLC, 6.50%, due 9/15/37
(United Kingdom)(a)

        300,000       329,586  

HSBC Holdings PLC, 6.875% to 9/11/29
(United Kingdom)(a)(b)(c)(e)

        600,000       619,564  

HSBC Holdings PLC, 6.95% to 3/11/34
(United Kingdom)(a)(b)(c)(e)

        1,600,000       1,652,025  

HSBC Holdings PLC, 8.00% to 3/7/28
(United Kingdom)(a)(b)(c)(e)

        1,800,000       1,933,421  

Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(b)(c)

        779,000       744,987  

Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(b)(c)

        926,000       930,035  

ING Groep NV, 4.25% to 5/16/31, Series NC10
(Netherlands)(b)(c)(e)

        600,000       501,612  

ING Groep NV, 4.875% to 5/16/29 (Netherlands)(b)(c)(e)(f)

        2,200,000       2,041,690  

ING Groep NV, 5.75% to 11/16/26 (Netherlands)(b)(c)(e)

        1,800,000       1,787,108  

ING Groep NV, 7.25% to 11/16/34 (Netherlands)(b)(c)(e)(f)

        3,000,000       3,101,062  

ING Groep NV, 7.50% to 5/16/28 (Netherlands)(b)(c)(e)(f)

        800,000       834,349  

ING Groep NV, 8.00% to 5/16/30 (Netherlands)(b)(c)(e)(f)

        1,400,000       1,505,924  

Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)(b)(c)(e)(f)

      EUR  1,200,000       1,383,366  

Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(b)(c)(e)(g)

        800,000       801,024  

JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b)(c)

        3,162,000       3,398,489  

KBC Group NV, 6.25% to 9/17/31 (Belgium)(b)(c)(e)(f)

      EUR  1,000,000       1,117,905  

Lloyds Banking Group PLC, 6.75% to 9/27/31
(United Kingdom)(b)(c)(e)

        2,600,000       2,605,779  

Lloyds Banking Group PLC, 7.50% to 9/27/25
(United Kingdom)(b)(c)(e)

        1,800,000       1,820,957  

Lloyds Banking Group PLC, 8.50% to 9/27/27
(United Kingdom)(b)(c)(e)

      GBP  800,000       1,126,381  

M&T Bank Corp., 3.50% to 9/1/26, Series I(b)(c)

        178,000       158,469  

Nationwide Building Society, 5.75% to 6/20/27
(United Kingdom)(b)(c)(e)(f)

      GBP  600,000       775,866  

Nationwide Building Society, 7.50% to 12/20/30
(United Kingdom)(b)(c)(e)(f)

      GBP  600,000       806,682  

NatWest Group PLC, 4.60% to 6/28/31
(United Kingdom)(b)(c)(e)

        800,000       688,447  

NatWest Group PLC, 5.125% to 5/12/27
(United Kingdom)(b)(c)(e)

      GBP  1,000,000       1,280,755  

NatWest Group PLC, 6.00% to 12/29/25
(United Kingdom)(b)(c)(e)

        900,000       901,783  

NatWest Group PLC, 8.00% to 8/10/25
(United Kingdom)(b)(c)(e)

        800,000       813,134  

NatWest Group PLC, 8.125% to 11/10/33
(United Kingdom)(b)(c)(e)

        1,800,000       1,968,178  

Nordea Bank Abp, 6.625% to 3/26/26 (Finland)(a)(b)(c)(e)(g)

        800,000       811,764  

PNC Financial Services Group, Inc., 3.40% to 9/15/26, Series T(a)(b)(c)

        1,283,000       1,174,986  

PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b)(c)

        1,381,000       1,401,998  

PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b)(c)

        1,976,000       2,016,502  

PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(b)(c)

        2,084,000       2,121,495  

Regions Financial Corp., 5.75% to 6/15/25, Series D(b)(c)

        529,000       528,032  

Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a)(b)(c)(e)(f)

        200,000       204,362  

Societe Generale SA, 5.375% to 11/18/30 (France)(b)(c)(e)(g)

        1,400,000       1,203,958  

Societe Generale SA, 6.75% to 4/6/28 (France)(b)(c)(e)(g)

        1,160,000       1,108,133  

Societe Generale SA, 9.375% to 11/22/27 (France)(b)(c)(e)(g)

        2,800,000       2,948,518  

Societe Generale SA, 10.00% to 11/14/28 (France)(b)(c)(e)(g)

        2,800,000       3,016,541  

Standard Chartered PLC, 4.30% to 8/19/28
(United Kingdom)(b)(c)(e)(g)

        800,000       729,571  

Standard Chartered PLC, 4.75% to 1/14/31
(United Kingdom)(b)(c)(e)(g)

        1,200,000       1,044,749  

Standard Chartered PLC, 7.75% to 8/15/27
(United Kingdom)(b)(c)(e)(g)

        600,000       626,991  

Standard Chartered PLC, 7.875% to 3/8/30
(United Kingdom)(b)(c)(e)(g)

        1,200,000       1,276,073  

State Street Corp., 6.70% to 3/15/29, Series I(b)(c)

        1,775,000       1,843,314  

 

4

 

 


                                                                       
           Principal
Amount*
     Value  

State Street Corp., 6.70% to 9/15/29, Series J(b)(c)

 

    2,174,000      $ 2,256,182  

Stichting AK Rabobank Certificaten, 6.50% (Netherlands)(b)(f)

 

  EUR  1,878,150        2,384,822  

Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)(a)(b)(c)(e)(f)

 

    1,600,000        1,468,997  

Swedbank AB, 7.625% to 3/17/28 (Sweden)(b)(c)(e)(f)

 

    200,000        207,862  

Swedbank AB, 7.75% to 3/17/30 (Sweden)(b)(c)(e)(f)

 

    1,200,000        1,271,998  

Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(c)

 

    3,200,000        3,440,998  

Truist Financial Corp., 4.95% to 9/1/25, Series P(a)(b)(c)

 

    407,000        404,199  

Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(b)(c)

 

    1,450,000        1,431,545  

Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(b)(c)

 

    872,000        858,803  

UBS Group AG, 4.375% to 2/10/31 (Switzerland)(b)(c)(e)(g)

 

    3,200,000        2,794,214  

UBS Group AG, 4.875% to 2/12/27 (Switzerland)(b)(c)(e)(g)

 

    600,000        575,649  

UBS Group AG, 5.125% to 7/29/26 (Switzerland)(b)(c)(e)(f)

 

    400,000        393,345  

UBS Group AG, 6.85% to 9/10/29 (Switzerland)(b)(c)(e)(g)

 

    1,800,000        1,825,933  

UBS Group AG, 9.25% to 11/13/28 (Switzerland)(b)(c)(e)(g)

 

    2,200,000        2,437,822  

UBS Group AG, 9.25% to 11/13/33 (Switzerland)(b)(c)(e)(g)

 

    2,800,000        3,309,135  

UniCredit SpA, 6.50% to 12/3/31, Series EMTN (Italy)(b)(c)(e)(f)

 

  EUR  1,000,000        1,133,280  

U.S. Bancorp, 3.70% to 1/15/27, Series N(a)(b)(c)

 

    377,000        348,037  

U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(b)(c)

 

    1,000,000        994,773  

Virgin Money U.K. PLC, 8.25% to 6/17/27 (United Kingdom)(b)(c)(e)(f)

 

  GBP  800,000        1,098,091  

Wells Fargo & Co., 3.90% to 3/15/26, Series BB(b)(c)

 

    2,509,000        2,440,080  

Wells Fargo & Co., 5.95%, due 12/15/36(a)

 

    1,027,000        1,082,586  

Wells Fargo & Co., 6.85% to 9/15/29(b)(c)

 

    4,055,000        4,242,353  

Wells Fargo & Co., 7.625% to 9/15/28(b)(c)

 

    1,900,000        2,073,915  

Wells Fargo & Co., 7.95%, due 11/15/29, Series B(a)

 

    249,000        286,389  
    

 

 

 
          194,553,562  
       

 

 

 

CONSUMER DISCRETIONARY PRODUCTS

     0.2     

Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5
(Germany)(b)(c)(f)

 

  EUR  100,000        119,803  

Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)(b)(c)(f)

 

  EUR  200,000        250,910  
    

 

 

 
          370,713  
       

 

 

 

ENERGY

     0.9     

BP Capital Markets PLC, 4.875% to 3/22/30(a)(b)(c)

 

    953,000        945,641  

BP Capital Markets PLC, 6.45% to 12/1/33(a)(b)(c)

 

    1,425,000        1,502,567  
    

 

 

 
          2,448,208  
       

 

 

 

FINANCIAL SERVICES

     2.4     

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)(c)

 

    1,190,000        1,234,197  

Air Lease Corp., 6.00% to 9/24/29, Series D(b)(c)

 

    445,000        441,519  

Ally Financial, Inc., 4.70% to 5/15/26, Series B(b)(c)

 

    500,000        437,283  

Ally Financial, Inc., 4.70% to 5/15/28, Series C(b)(c)

 

    500,000        409,723  

American Express Co., 3.55% to 9/15/26, Series D(b)(c)

 

    1,833,000        1,741,679  

Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50(a)(c)(g)

 

    878,000        875,805  

ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(a)(c)(g)

 

    855,000        817,248  

Discover Financial Services, 6.125% to 6/23/25, Series D(b)(c)

 

    463,000        463,948  
    

 

 

 
          6,421,402  
       

 

 

 

INSURANCE

     14.4     

Aegon Ltd., 5.50% to 4/11/28, due 4/11/48 (Netherlands)(a)(c)

 

    600,000        600,931  

Aegon Ltd., 5.625% to 4/15/29 (Netherlands)(b)(c)(e)(f)

 

    EUR 600,000        659,524  

Allianz SE, 3.50% to 11/17/25 (Germany)(a)(b)(c)(e)(g)

 

    1,400,000        1,352,091  

Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(c)

 

    1,555,000        1,576,588  

AXA SA, 8.60%, due 12/15/30 (France)(a)

 

    525,000        643,599  

AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(a)(c)

 

    545,000        522,929  

 

5

 

 


                                                                       
              Principal
Amount*
     Value  

Corebridge Financial, Inc., 6.375% to 9/15/34, due 9/15/54(a)(c)

 

    1,005,000      $ 1,017,854  

Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(c)

 

    1,740,000        1,801,568  

Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(a)(c)

 

    1,205,000        1,125,317  

Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(a)(b)(c)

 

    900,000        893,704  

Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(c)(g)

 

    1,613,000        1,544,641  

Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(c)(g)

 

    1,300,000        1,360,232  

Hartford Financial Services Group, Inc., 7.505% (3 Month USD Term SOFR + 2.387%), due 2/12/47, Series ICON(a)(d)(g)

 

    1,400,000        1,298,930  

ILFC E-Capital Trust I, 6.565% (3 Month USD Term SOFR + 1.812%), due 12/21/65 (TruPS)(d)(g)

 

    693,000        549,408  

La Mondiale SAM, 6.75% to 1/17/34, Series EMTN (France)(a)(b)(c)(e)(f)

 

  EUR  1,000,000        1,118,845  

Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)(c)(f)

 

    1,000,000        951,938  

Lincoln National Corp., 9.25% to 12/1/27, Series C(b)(c)

 

    1,103,000        1,216,062  

Meiji Yasuda Life Insurance Co., 5.80% to 9/11/34, due 9/11/54 (Japan)(a)(c)(g)

 

    800,000        822,787  

MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(a)(g)

 

    2,678,000        2,985,983  

MetLife, Inc., 9.25%, due 4/8/38(a)(g)

 

    2,309,000        2,759,394  

Nippon Life Insurance Co., 5.95% to 4/16/34, due 4/16/54 (Japan)(a)(c)(g)

 

    900,000        940,232  

Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(c)

 

    1,312,000        1,361,957  

Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(a)(c)

 

    2,150,000        2,303,198  

Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(c)

 

    990,000        1,076,441  

QBE Insurance Group Ltd., 5.875% to 5/12/25 (Australia)(a)(b)(c)(g)

 

    1,400,000        1,395,692  

Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(b)(c)(e)(f)

 

    200,000        185,781  

Rothesay Life PLC, 5.00% to 10/13/31 (United Kingdom)(b)(c)(e)(f)

 

  GBP  200,000        218,028  

Rothesay Life PLC, 7.00% to 6/11/29, due 9/11/34 (United Kingdom)(a)(c)(f)

 

    800,000        847,466  

SBL Holdings, Inc., 6.50% to 11/13/26(b)(c)(g)

 

    1,322,000        1,140,570  

SBL Holdings, Inc., 7.00% to 5/13/25(b)(c)(g)

 

    866,000        782,366  

Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(a)(b)(c)(g)

 

    2,000,000        2,073,012  

Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (Switzerland)(a)(c)(f)

 

    1,266,000        1,113,843  
    

 

 

 
          38,240,911  
       

 

 

 

PIPELINES

     11.7     

Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)(c)

 

    275,000        267,925  

Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)(c)

 

    771,000        757,868  

Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)(c)

 

    1,724,000        1,728,470  

Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(c)

 

    1,970,000        1,971,594  

Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)(a)(c)

 

    1,340,000        1,408,210  

Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(c)

 

    698,000        720,809  

Enbridge, Inc., 7.375% to 12/15/29, due 3/15/55 (Canada)(a)(c)

 

    330,000        343,083  

Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(c)

 

    2,152,000        2,304,069  

Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(c)

 

    1,868,000        1,983,411  

Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(c)

 

    3,416,000        3,829,329  

Energy Transfer LP, 6.50% to 11/15/26, Series H(b)(c)

 

    1,370,000        1,370,148  

Energy Transfer LP, 6.625% to 2/15/28, Series B(b)(c)

 

    176,000        174,137  

Energy Transfer LP, 7.125% to 5/15/30, Series G(b)(c)

 

    1,933,000        1,979,440  

Enterprise Products Operating LLC, 8.343% (3 Month USD Term SOFR + 3.248%), due 8/16/77, Series D(a)(d)

 

    986,000        987,835  

South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(c)(g)

 

    1,220,000        1,282,799  

South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)(c)(g)

 

    1,195,000        1,239,288  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(c)

 

    2,817,000        2,730,882  

Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(c)

 

    1,931,000        1,877,217  

Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(c)

 

    3,172,000        3,157,205  

Venture Global LNG, Inc., 9.00% to 9/30/29(a)(b)(c)(g)

 

    1,000,000        1,014,394  
    

 

 

 
          31,128,113  
       

 

 

 

 

6

 

 


                                                                       
              Principal
Amount*
     Value  

REAL ESTATE

     1.0     

Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80 (Australia)(a)(c)(g)

 

    289,000      $ 287,382  

Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(a)(c)(g)

 

    1,200,000        1,184,189  

Unibail-Rodamco-Westfield SE, 7.25% to 7/3/28 (France)(b)(c)(f)

 

  EUR  900,000        1,092,820  
    

 

 

 
          2,564,391  
       

 

 

 

RETAIL & WHOLESALE—STAPLES

     0.7     

Land O’ Lakes, Inc., 7.00%(a)(b)(g)

 

    1,100,000        907,500  

Land O’ Lakes, Inc., 7.25%(a)(b)(g)

 

    1,190,000        1,006,737  
    

 

 

 
          1,914,237  
       

 

 

 

TELECOMMUNICATIONS

     0.3     

Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(b)(c)(f)

 

  EUR  700,000        833,355  
    

 

 

 

UTILITIES

     18.6     

AES Corp., 7.60% to 10/15/29, due 1/15/55(c)

 

    1,883,000        1,981,498  

Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(c)

 

    2,524,000        2,366,424  

AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada)(c)(g)

 

    1,350,000        1,382,243  

American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(c)

 

    1,481,000        1,404,136  

American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(c)

 

    1,780,000        1,898,653  

American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54(c)

 

    1,686,000        1,776,698  

CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(c)

 

    615,000        635,703  

CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(c)

 

    750,000        780,927  

CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50(c)

 

    1,100,000        961,952  

CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(c)

 

    992,000        958,325  

Dominion Energy, Inc., 4.35% to 1/15/27, Series C(b)(c)

 

    2,525,000        2,471,849  

Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(c)

 

    1,181,000        1,254,607  

Dominion Energy, Inc., 7.00% to 3/3/34, due 6/1/54, Series B(a)(c)

 

    2,295,000        2,511,480  

Duke Energy Corp., 6.45% to 6/3/34, due 9/1/54(a)(c)

 

    2,380,000        2,477,104  

Edison International, 5.375% to 3/15/26, Series A(b)(c)

 

    2,180,000        2,163,853  

Edison International, 7.875% to 3/15/29, due 6/15/54(c)

 

    860,000        905,515  

Electricite de France SA, 5.625% to 6/17/32, Series EMTN (France)(a)(b)(c)(f)

 

  EUR  600,000        678,183  

Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(c)

 

    1,900,000        1,918,088  

Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(c)

 

    1,860,000        1,933,171  

EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(c)(g)

 

    985,000        1,041,761  

NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82(a)(c)

 

    392,000        375,336  

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(c)

 

    538,000        536,316  

NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(c)

 

    2,132,000        2,241,802  

NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(a)(c)

 

    3,385,000        3,661,189  

NiSource, Inc., 6.375% to 12/31/34, due 3/31/55(c)

 

    1,249,000        1,275,484  

NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(c)

 

    547,000        566,440  

Sempra, 4.125% to 1/1/27, due 4/1/52(a)(c)

 

    2,252,000        2,152,483  

Sempra, 4.875% to 10/15/25(b)(c)

 

    671,000        665,475  

Sempra, 6.40% to 7/1/34, due 10/1/54(a)(c)

 

    1,905,000        1,913,348  

Sempra, 6.875% to 7/1/29, due 10/1/54(a)(c)

 

    2,595,000        2,696,332  

Southern Co., 3.75% to 6/15/26, due 9/15/51, Series 21-A(a)(c)

 

    1,064,000        1,031,702  

Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(a)(c)

 

    750,000        740,608  
    

 

 

 
          49,358,685  
       

 

 

 

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$312,479,008)

 

     327,833,577  
    

 

 

 

 

7

 

 


                                                              
              Shares      Value  

SHORT-TERM INVESTMENTS

     2.2     

MONEY MARKET FUNDS

       

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.95%(k)

 

    3,802,729      $ 3,802,729  

State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.94%(k)

 

    2,118,052        2,118,052  
    

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$5,920,781)

 

       5,920,781  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$373,346,624)

     147.4        391,296,267  

LIABILITIES IN EXCESS OF OTHER ASSETS

     (47.4        (125,862,111
  

 

 

      

 

 

 

NET ASSETS (Equivalent to $22.07 per share based on 12,028,187 shares of common stock outstanding)

     100.0      $ 265,434,156  
  

 

 

      

 

 

 

Centrally Cleared Interest Rate Swap Contracts

 

                                                                                                                                                                       
Notional
Amount
     Fixed
Rate
Payable
  Fixed
Payment
Frequency
   Floating
Rate
Receivable
(resets monthly)
  Floating
Payment
Frequency
   Maturity Date    Value      Upfront
Receipts
(Payments)
     Unrealized
Appreciation
(Depreciation)
 
  $ 30,000,000      0.548%   Monthly    4.944%(l)   Monthly    9/15/25    $ 1,031,131      $ 2,702      $ 1,033,833  
  39,000,000      1.181%   Monthly    4.944%(l)   Monthly    9/15/26      1,825,642        5,381        1,831,023  
  40,000,000      0.930%   Monthly    4.944%(l)   Monthly    9/15/27      2,891,295        6,434        2,897,729  
                                $ 5,748,068      $ 14,517      $ 5,762,585  
                                                       

The total amount of all interest rate swap contracts as presented in the table above is representative of the volume of activity for this derivative type during the period ended September 30, 2024.

 

8

 

 


Forward Foreign Currency Exchange Contracts

 

Counterparty   

Contracts

to Deliver

     In Exchange
For
     Settlement
Date
   Unrealized
Appreciation
(Depreciation)
 

Brown Brothers Harriman

   CAD      541,836      USD      402,379      10/2/24    $ 1,738  

Brown Brothers Harriman

   EUR      17,204,977      USD      19,069,480      10/2/24      (82,230

Brown Brothers Harriman

   EUR      3,944,310      USD      4,371,755      10/2/24      (18,851

Brown Brothers Harriman

   EUR      600,000      USD      661,548      10/2/24      (6,342

Brown Brothers Harriman

   EUR      339,950      USD      374,822      10/2/24      (3,593

Brown Brothers Harriman

   GBP      5,496,584      USD      7,224,490      10/2/24      (124,169

Brown Brothers Harriman

   GBP      611,715      USD      797,964      10/2/24      (19,869

Brown Brothers Harriman

   USD      401,036      CAD      541,836      10/2/24      (395

Brown Brothers Harriman

   USD       15,242,619      EUR       13,656,303      10/2/24      (41,113

Brown Brothers Harriman

   USD      5,072,177      EUR      4,544,310      10/2/24      (13,681

Brown Brothers Harriman

   USD      569,362      EUR      509,975      10/2/24      (1,683

Brown Brothers Harriman

   USD      521,562      EUR      468,310      10/2/24      (263

Brown Brothers Harriman

   USD      873,912      EUR      785,180      10/2/24      110  

Brown Brothers Harriman

   USD      486,633      EUR      438,505      10/2/24      1,489  

Brown Brothers Harriman

   USD      914,358      EUR      827,096      10/2/24      6,324  

Brown Brothers Harriman

   USD      948,637      EUR      859,558      10/2/24      8,180  

Brown Brothers Harriman

   USD      8,192,573      GBP      6,108,299      10/2/24      (26,081

Brown Brothers Harriman

   CAD      550,462      USD      407,714      11/4/24      370  

Brown Brothers Harriman

   EUR      4,593,391      USD      5,133,620      11/4/24      13,457  

Brown Brothers Harriman

   EUR      13,700,631      USD      15,311,962      11/4/24      40,137  

Brown Brothers Harriman

   GBP      6,133,765      USD      8,225,931      11/4/24      25,521  
                                      $   (240,944
                                           

Glossary of Portfolio Abbreviations

 

CAD    Canadian Dollar
EMTN    Euro Medium Term Note
EUR    Euro Currency
GBP    British Pound
ICON    Income Capital Obligation Note
OIS    Overnight Indexed Swap
SOFR    Secured Overnight Financing Rate
TruPS    Trust Preferred Securities
USD    United States Dollar

 

 

Note: Percentages indicated are based on the net assets of the Fund.

*

Amount denominated in U.S. dollars unless otherwise indicated.

Represents shares.

(a)

All or a portion of the security is pledged as collateral in connection with the Fund's revolving credit agreement. $179,302,052 in aggregate has been pledged as collateral.

(b)

Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

(c)

Security converts to floating rate after the indicated fixed–rate coupon period.

(d)

Variable rate. Rate shown is in effect at September 30, 2024.

(e)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $117,897,590 which represents 44.4% of the net assets of the Fund (29.9% of the managed assets of the Fund).

(f)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $38,733,618 which represents 14.6% of the net assets of the Fund, of which 0.9% are illiquid.

 

9

 

 


(g)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $76,486,090 which represents 28.8% of the net assets of the Fund, of which 0.0% are illiquid.

(h)

Non–income producing security.

(i)

Security is in default.

(j)

Security value is determined based on significant unobservable inputs (Level 3).

(k)

Rate quoted represents the annualized seven–day yield.

(l)

Based on USD-SOFR-OIS. Represents rates in effect at September 30, 2024.

 

                    

Country Summary

   % of
Managed
Assets
 

United States

     51.2  

United Kingdom

     11.2  

Canada

     10.8  

France

     7.5  

Spain

     4.0  

Netherlands

     3.9  

Switzerland

     3.2  

Japan

     1.0  

Germany

     1.0  

Italy

     0.8  

Sweden

     0.8  

Australia

     0.7  

Ireland

     0.7  

Other (includes short-term investments)

     3.2  
  

 

 

 
     100.0  
  

 

 

 

 

10

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options and total return swaps are valued based upon prices provided by a third-party pricing service or counterparty. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).

The Board of Directors has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgements and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

 

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

   

Level 1 — quoted prices in active markets for identical investments

   

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

   

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at value:

 

                                                                                   
     Quoted Prices in
Active Markets
for Identical
Investments
(Level 1)
     Other
Significant
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
    Total  

Preferred Securities—Exchange-Traded

   $ 57,541,909      $     $     $ 57,541,909  

Preferred Securities—Over-The-Counter:

         

Banking

            194,261,062       292,500 (a)      194,553,562  

Other Industries

            133,280,015             133,280,015  

Short-Term Investments

            5,920,781             5,920,781  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Investments in Securities(b)

   $ 57,541,909      $ 333,461,858     $ 292,500     $ 391,296,267  
  

 

 

    

 

 

   

 

 

   

 

 

 

Forward Foreign Currency Exchange Contracts

   $      $ 97,326     $     $ 97,326  

Interest Rate Swap Contracts

            5,762,585             5,762,585  
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Derivative Assets(b)

   $      $ 5,859,911     $     $ 5,859,911  
  

 

 

    

 

 

   

 

 

   

 

 

 

Forward Foreign Currency Exchange Contracts

   $      $ (338,270   $     $ (338,270
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Derivative Liabilities(b)

   $      $ (338,270   $     $ (338,270
  

 

 

    

 

 

   

 

 

   

 

 

 

 

(a)

Security has been fair valued by the Valuation Committee pursuant to the Fund’s fair value procedures and classified as a Level 3 security.

(b)

Portfolio holdings are disclosed individually on the Schedule of Investments.

Note 2. Derivative Investments

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as capital gains and losses.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

Over-the-Counter Total Return Swap Contracts: In a total return swap, one party receives a periodic payment equal to the total return of a specified security, basket of securities, index, or other reference asset for a specified period of time. In return, the other party receives a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the value of the swap are recorded as unrealized appreciation and depreciation. Periodic payments received or made are recorded as realized gains or losses. The Fund bears the risk of loss in the event of nonperformance by the swap counterparty. Risks may also arise from unanticipated movements in the value of exchange rates, interest rates, securities, index, or other reference asset.

At September 30, 2024, the Fund did not have any total return swap contracts outstanding.

 

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).

Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).

Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

The following summarizes the monthly average volume of the Fund’s total return swap contracts and forward foreign currency exchange contracts activity for the nine months ended September 30, 2024:

 

                                                       
     Total Return Swap
Contracts
     Forward Foreign
Currency Exchange
Contracts
 

Average Notional Amount(a)

   $ 7,734,923      $ 28,493,434  

 

(a)

Average notional amounts represent the average for all months in which the Fund had total return swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents five months for total return swap contracts and nine months for forward foreign currency exchange contracts.

 

 

 


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