COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

PREFERRED SECURITIES—EXCHANGE-TRADED

     18.4     

BANKING

     5.9     

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

 

    63,685      $ 1,067,361  

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

 

    56,950        970,997  

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

 

    50,773        894,113  

Bank of America Corp., 4.75%, Series SS(a)(b)

 

    27,424        525,992  

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

 

    28,900        618,171  

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

 

    27,286        506,974  

Morgan Stanley, 4.25%, Series O(a)(b)

 

    48,580        828,289  

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

 

    35,768        899,208  

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

 

    31,093        609,423  

Texas Capital Bancshares, Inc., 5.75%, Series B(a)(b)

 

    60,175        1,081,946  

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

 

    9,038        168,739  

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

 

    50,801        847,869  

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

 

    73,781        1,281,576  

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

 

    76,396        1,415,618  

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

 

    47,750        887,195  

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

 

    40,358        923,391  
       

 

 

 
          13,526,862  
       

 

 

 

CONSUMER STAPLE PRODUCTS

    
0.2

    

CHS, Inc., 6.75% to 9/30/24, Series 3(a)(c)

 

    20,897        523,052  
       

 

 

 

FINANCIAL SERVICES

     0.7     

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

 

    61,512        1,610,999  

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

       1,919        31,510  
       

 

 

 
       1,642,509  
       

 

 

 

INDUSTRIAL SERVICES

     1.5     

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

 

    130,111        3,436,232  
       

 

 

 

INSURANCE

     4.9     

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

 

    30,990        615,461  

Allstate Corp./The, 7.375%, Series J(a)(b)

 

    23,761        625,865  

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

 

    57,054        1,020,696  

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

 

    56,128        919,377  

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

 

    6,427        139,144  

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

 

    23,301        560,389  

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

 

    52,153        1,309,562  

Brighthouse Financial, Inc., 5.375%, Series C(a)(b)

 

    37,973        683,514  

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

 

    56,113        1,396,653  

 

1

 

 


                                                                       
                          Shares      Value  

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

 

    6,011      $ 90,826  

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

 

    16,202        319,179  

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

 

    34,325        910,642  

MetLife, Inc., 5.625%, Series E(a)(b)

 

    12,500        294,625  

Prudential Financial, Inc., 5.95%, due 9/1/62(b)

 

    10,620        259,447  

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

 

    33,255        869,286  

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

 

    34,863        540,376  

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

 

    36,226        603,163  
       

 

 

 
          11,158,205  
       

 

 

 

PIPELINES

     1.5     

Enbridge, Inc., 2.983% to 9/1/25, Series 15 (Canada)(a)(b)(c)

 

    36,891        368,028  

Energy Transfer LP, 7.60% to 5/15/24, Series E(a)(b)(c)

 

    70,970        1,733,797  

Energy Transfer LP, 10.364% to 10/30/23, Series D(a)(b)(c)

 

    43,726        1,123,758  

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

 

    26,957        296,909  
       

 

 

 
       3,522,492  
       

 

 

 

REAL ESTATE

     1.1     

Brookfield Property Partners LP, 5.75%, Series A(a)(b)

 

    36,050        459,277  

Brookfield Property Partners LP, 6.50%, Series A-1(a)

 

    48,409        678,210  

Regency Centers Corp., 5.875%, Series B(a)(d)

 

    60,000        1,433,400  
       

 

 

 
       2,570,887  
       

 

 

 

TELECOMMUNICATIONS

     0.8     

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

 

    24,571        540,316  

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

 

    22,412        305,924  

United States Cellular Corp., Senior Debt, 5.50%, due 3/1/70(b)

 

    16,414        270,174  

United States Cellular Corp., Senior Debt, 5.50%, due 6/1/70(b)

 

    10,815        176,393  

United States Cellular Corp., Senior Debt, 6.25%, due 9/1/69(b)

 

    23,860        433,059  
       

 

 

 
       1,725,866  
       

 

 

 

UTILITIES

     1.8     

Algonquin Power & Utilities Corp., 6.20% to  7/1/24, due 7/1/79, Series 19-A
(Canada)(b)(c)

 

    22,887        561,418  

Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 (Canada)(b)(c)

 

    22,121        565,634  

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

 

    25,091        367,834  

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

 

    34,274        512,054  

 

2

 

 


                                                                       
                           Shares      Value  

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

 

     47,325      $ 789,854  

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

 

     47,732        832,446  

CMS Energy Corp., 5.625%, due 3/15/78(b)

 

     17,739        397,886  
        

 

 

 
           4,027,126  
        

 

 

 

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$47,808,698)

 

        42,133,231  
        

 

 

 

 

                                                                       
                          Principal
Amount
        

PREFERRED SECURITIES—OVER-THE-COUNTER

     131.9     

BANKING

     83.0     

Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(a)(c)(e)(f)

 

  $ 1,200,000        1,135,372  

AIB Group PLC, 6.25% to 6/23/25 (Ireland)(a)(b)(c)(e)(f)

 

    1,600,000        1,611,555  

Australia & New Zealand Banking Group Ltd./United Kingdom, 6.75% to 6/15/26 (Australia)(a)(b)(c)(f)(g)

 

    400,000        387,117  

Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (Spain)(a)(c)(f)

 

    2,200,000        2,065,904  

Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(a)(b)(c)(e)(f)

 

    400,000        365,111  

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

 

    1,800,000        1,861,050  

Banco Mercantil del Norte SA/Grand Cayman, 6.625% to 1/24/32 (Mexico)(a)(c)(f)(g)

 

    400,000        314,100  

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

 

    1,037,000        871,649  

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

 

    1,235,000        1,121,888  

Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(b)(c)

 

    1,720,000        1,688,585  

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

 

    1,015,000        975,032  

Bank of America Corp., 6.25% to 9/5/24, Series X(a)(b)(c)

 

    1,637,000        1,614,627  

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

 

    662,000        652,791  

Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(b)(c)

 

    2,321,000        2,311,969  

Bank of America Corp., 8.05%, due 6/15/27, Series B(b)

 

    1,815,000        1,916,499  

Bank of Ireland Group PLC, 6.00% to 9/1/25 (Ireland)(a)(c)(e)(f)

 

    500,000        503,344  

Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(a)(c)(e)(f)

 

    1,010,000        1,051,463  

Bank of Nova Scotia/The, 4.90% to 6/4/25 (Canada)(a)(b)(c)

 

    1,380,000        1,265,620  

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

 

    1,200,000        1,199,785  

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

 

    1,310,000        1,251,086  

 

3

 

 


                                                                       
                         Principal
Amount
     Value  

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

   $ 2,000,000      $ 1,813,396  

Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(a)(c)(f)

     600,000        684,372  

Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(a)(c)(f)

     2,200,000        1,979,872  

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

     200,000        226,597  

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

     1,600,000        1,137,123  

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

     3,200,000        2,583,175  

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

     3,075,000        2,191,171  

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

     1,165,000        1,070,437  

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

     1,000,000        980,485  

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

     2,600,000        2,474,587  

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

     2,200,000        2,157,810  

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

     1,800,000        1,846,044  

CaixaBank SA, 5.875% to 10/9/27 (Spain)(a)(c)(e)(f)

     400,000        380,827  

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

     1,400,000        1,452,335  

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

     4,399,000        3,679,573  

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

     4,430,000        3,131,217  

Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(a)(b)(c)

     1,888,000        1,823,294  

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

     4,115,000        4,040,952  

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

     4,347,000        3,720,348  

Citigroup, Inc., 4.00% to 12/10/25, Series W(a)(c)

     650,000        570,213  

Citigroup, Inc., 5.00% to 9/12/24, Series U(a)(b)(c)

     893,000        846,716  

Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(c)

     2,700,000        2,579,556  

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

     1,280,000        1,234,892  

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

     2,429,000        2,375,810  

Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a)(b)(c)

     1,342,000        1,229,201  

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

     2,534,000        2,418,459  

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

     1,370,000        1,297,440  

Commerzbank AG, 7.00% to 4/9/25 (Germany)(a)(c)(e)(f)

     1,400,000        1,262,297  

Credit Agricole SA, 4.00% to 12/23/27 (France)(a)(b)(c)(e)(f)

     600,000        542,702  

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

     2,400,000        1,829,291  

Credit Agricole SA, 6.875% to 9/23/24 (France)(a)(b)(c)(f)(g)

     1,700,000        1,661,236  

Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)(a)(b)(c)(e)(f)

     1,300,000        1,353,825  

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

     1,250,000        1,244,681  

Credit Suisse Group AG, 5.25% to 2/11/27, Claim (Switzerland)(a)(c)(d)(f)(g)(h)

     1,400,000        133,000  

Credit Suisse Group AG, 6.375% to 8/21/26, Claim (Switzerland)(a)(c)(d)(f)(g)(h)

     3,200,000        304,000  

Credit Suisse Group AG, 7.25% to 9/12/25, Claim (Switzerland)(a)(c)(d)(f)(g)(h)

     600,000        57,000  

 

4

 

 


                                                                       
                         Principal
Amount
    Value  

Credit Suisse Group AG, 7.50%, Claim (Switzerland)(a)(d)(f)(g)(h)

   $ 1,000,000     $ 95,000  

Danske Bank A/S, 7.00% to 6/26/25 (Denmark)(a)(c)(e)(f)

     2,200,000       2,098,250  

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

     3,000,000       2,356,472  

Deutsche Bank AG, 7.50% to 4/30/25 (Germany)(a)(c)(f)

     400,000       351,142  

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

     1,600,000       1,678,186  

DNB Bank ASA, 4.875% to 11/12/24 (Norway)(a)(b)(c)(e)(f)

     1,000,000       950,976  

Dresdner Funding Trust I, 8.151%, due 6/30/31 (TruPS)(g)

     757,869       807,206  

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

     1,850,000       1,738,889  

Farm Credit Bank of Texas, 9.681% (3 Month US LIBOR + 4.01%)(a)(g)(i)

     9,779 †      979,122  

First Horizon Bank, 6.393% (3 Month US LIBOR + 1.11%, Floor 3.75%)(a)(b)(g)(i)

     1,537 †      1,027,735  

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

     1,007,000       990,538  

Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(a)(c)

     1,472,000       1,190,232  

Goldman Sachs Group, Inc./The, 7.50% to 2/10/29, Series W(a)(c)

     1,932,000       1,914,339  

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

     1,797,000       2,199,339  

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

     3,400,000       2,577,847  

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

     1,800,000       1,604,882  

HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a)(b)(c)(f)

     3,600,000       3,463,129  

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

     902,000       882,679  

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

     1,200,000       1,084,664  

HSBC Holdings PLC, 6.547% to 6/20/33, due 6/20/34 (United Kingdom)(b)(c)

     1,000,000       949,288  

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

     2,600,000       2,566,920  

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

     779,000       632,060  

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

     926,000       819,292  

ING Groep N.V., 4.25% to 5/16/31, Series NC10 (Netherlands)(a)(c)(f)

     1,400,000       906,075  

ING Groep N.V., 4.875% to 5/16/29 (Netherlands)(a)(c)(e)(f)

     2,400,000       1,811,885  

 

5

 

 


                                                                       
                         Principal
Amount
     Value  

ING Groep N.V., 5.75% to 11/16/26 (Netherlands)(a)(c)(f)

   $ 2,800,000      $ 2,481,909  

ING Groep N.V., 6.50% to 4/16/25 (Netherlands)(a)(c)(f)

     2,000,000        1,887,605  

ING Groep N.V., 6.75% to 4/16/24 (Netherlands)(a)(c)(e)(f)

     600,000        590,123  

ING Groep N.V., 7.50% to 5/16/28 (Netherlands)(a)(c)(e)(f)

     1,200,000        1,103,208  

Intesa Sanpaolo SpA, 5.875% to 9/1/31, Series EMTN (Italy)(a)(c)(e)(f)

     400,000        340,695  

Intesa Sanpaolo SpA, 6.375% to 3/30/28 (Italy)(a)(c)(e)(f)

     800,000        735,000  

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

     1,600,000        1,504,091  

Intesa Sanpaolo SpA, 8.248% to 11/21/32, due 11/21/33 (Italy)(b)(c)(g)

     800,000        806,954  

Intesa Sanpaolo SpA, 9.125% to 9/7/29 (Italy)(a)(c)(e)(f)

     1,000,000        1,070,466  

JPMorgan Chase & Co., 3.65% to 6/1/26, Series KK(a)(b)(c)

     1,385,000        1,212,343  

JPMorgan Chase & Co., 4.60% to 2/1/25, Series HH(a)(b)(c)

     161,000        151,016  

JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(b)(c)

     2,689,000        2,659,016  

JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a)(b)(c)

     328,000        326,106  

JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a)(b)(c)

     754,000        754,320  

JPMorgan Chase & Co., 8.884% (3 Month US Term SOFR + 3.51%), Series Q(a)(b)(i)

     499,000        500,577  

Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)(a)(b)(c)(e)(f)

     800,000        707,736  

Lloyds Banking Group PLC, 6.75% to 6/27/26 (United Kingdom)(a)(c)(f)

     600,000        552,360  

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

     2,200,000        2,060,908  

Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(a)(c)(f)

     1,200,000        1,078,760  

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

     178,000        125,622  

M&T Bank Corp., 5.125% to 11/1/26, Series F(a)(c)

     900,000        740,556  

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

     600,000        625,340  

Natwest Group PLC, 6.00% to 12/29/25 (United Kingdom)(a)(c)(f)

     2,000,000        1,840,321  

Natwest Group PLC, 8.00% to 8/10/25 (United Kingdom)(a)(c)(f)

     800,000        778,156  

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

     1,800,000        1,689,466  

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

     1,357,000        1,007,265  

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

     1,381,000        1,214,429  

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

     1,976,000        1,820,894  

 

6

 

 


                                                                       
                          Principal
Amount
     Value  

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

 

  $ 1,832,000      $ 1,574,997  

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

 

    529,000        503,230  

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

 

    200,000        189,701  

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

 

    1,600,000        1,144,920  

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

 

    1,560,000        1,269,734  

Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(a)(c)(e)(f)

 

    400,000        405,278  

Societe Generale SA, 8.00% to 9/29/25 (France)(a)(c)(f)(g)

 

    1,800,000        1,758,722  

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

 

    2,200,000        2,161,205  

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

 

    2,400,000        1,748,930  

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

 

    1,600,000        1,140,752  

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

 

    1,600,000        1,553,499  

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

 

    200,000        186,378  

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

 

    3,000,000        2,992,062  

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

 

    694,000        639,925  

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

 

    1,222,000        1,050,874  

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

 

    1,119,000        862,413  

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

 

    488,000        359,333  

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

 

    1,000,000        838,303  

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

 

    2,600,000        1,869,201  

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

 

    3,200,000        2,687,080  

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

 

    1,400,000        1,248,625  

UBS Group AG, 6.875% to 8/7/25 (Switzerland)(a)(c)(e)(f)

 

    2,200,000        2,082,067  

UBS Group AG, 7.00% to 2/19/25 (Switzerland)(a)(c)(e)(f)

 

    1,600,000        1,556,000  

UniCredit SpA, 8.00% to 6/3/24 (Italy)(a)(c)(e)(f)

 

    400,000        395,029  

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

 

    7,303,000        6,382,627  

Wells Fargo & Co., 5.875% to 6/15/25, Series U(a)(c)

 

    724,000        711,750  

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

 

    1,712,000        1,630,010  

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

 

    2,160,000        2,183,041  

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

 

    249,000        264,757  
       

 

 

 
       189,910,313  
       

 

 

 

ENERGY

     2.9     

BP Capital Markets PLC, 4.375% to 6/22/25 (United Kingdom)(a)(b)(c)

 

    2,170,000        2,074,825  

 

7

 

 


                                                                       
                          Principal
Amount
     Value  

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

 

  $ 5,112,000      $ 4,583,155  
       

 

 

 
          6,657,980  
       

 

 

 

FINANCIAL SERVICES

     2.0     

Aircastle Ltd., 5.25% to 6/15/26, Series A(a)(c)(g)

 

    620,000        490,635  

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

 

    1,178,000        740,604  

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

 

    1,621,000        1,291,109  

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

 

    878,000        791,546  

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

 

    1,075,000        817,390  

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

 

    400,000        385,466  
       

 

 

 
       4,516,750  
       

 

 

 

INSURANCE

     17.0     

Aegon NV, 5.50% to 4/11/28, due 4/11/48 (Netherlands)(b)(c)

 

    800,000        739,416  

Aegon NV, 5.625% to 4/15/29 (Netherlands)(a)(c)(e)(f)

 

    1,400,000        1,305,152  

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

 

    1,600,000        1,321,258  

Allianz SE, 6.35% to 3/6/33, due 9/6/53 (Germany)(b)(c)(g)

 

    1,000,000        967,918  

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

 

    1,555,000        1,511,793  

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

 

    525,000        612,836  

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

 

    545,000        439,952  

CNP Assurances, 4.875% to 10/7/30 (France)(a)(c)(e)(f)

 

    1,000,000        738,550  

CNP Assurances, 5.25% to 1/18/33, due 7/18/53, Series EMTN (France)(b)(c)(e)

 

    800,000        799,822  

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

 

    2,040,000        1,958,841  

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

 

    1,390,000        1,109,447  

Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(b)(c)

 

    1,770,000        1,545,246  

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

 

    1,150,000        1,085,210  

Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25 (Japan)(a)(b)(c)(e)

 

    1,020,000        989,910  

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

 

    1,613,000        1,170,433  

Hartford Financial Services Group, Inc./The, 7.751% (3 Month US Term SOFR + 2.390%), due 2/12/47, Series ICON(b)(g)(i)

 

    1,400,000        1,191,911  

 

8

 

 


                                                                       
                          Principal
Amount
     Value  

ILFC E-Capital Trust I, 7.209% (30 Year CMT + 1.55%), due 12/21/65 (TruPS)(g)(i)

 

  $ 693,000      $ 507,984  

La Mondiale SAM, 5.875% to 1/26/27, due 1/26/47 (France)(b)(c)(e)

 

    1,200,000        1,131,768  

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

 

    1,000,000        822,932  

Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51(c)(g)

 

    1,250,000        1,029,706  

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

 

    728,000        751,654  

Markel Group, Inc., 6.00% to 6/1/25(a)(c)

 

    690,000        666,934  

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

 

    2,878,000        2,984,276  

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

 

    2,609,000        2,934,079  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.875% to 11/23/31, due 5/23/42 (Germany)(b)(c)(g)

 

    600,000        581,156  

Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(a)(c)(e)(f)

 

    600,000        540,240  

Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(b)(c)

 

    1,410,000        1,217,781  

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

 

    1,785,000        1,638,378  

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

 

    840,000        814,107  

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

 

    1,800,000        1,715,483  

QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (Australia)(b)(c)(e)

 

    200,000        190,966  

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

 

    400,000        297,680  

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

 

    1,730,000        987,979  

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

 

    1,466,000        898,209  

Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49
(Switzerland)(b)(c)(g)

 

    800,000        752,348  

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

 

    1,166,000        893,920  
       

 

 

 
       38,845,275  
       

 

 

 

PIPELINES

     10.8     

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

 

    275,000        240,429  

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

 

    2,900,000        2,528,889  

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

 

    1,724,000        1,581,374  

 

9

 

 


                                                                       
                          Principal
Amount
     Value  

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

 

  $ 1,970,000      $ 1,761,410  

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

 

    998,000        951,561  

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

 

    2,152,000        2,060,232  

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

 

    2,070,000        2,031,617  

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

 

    2,815,000        2,794,634  

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

 

    1,250,000        1,151,688  

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

 

    1,623,000        1,403,361  

Enterprise Products Operating LLC, 8.619% (3 Month US Term SOFR + 3.250%), due 8/16/77, Series D(b)(i)

 

    986,000        975,669  

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

 

    3,007,000        2,480,250  

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

 

    1,548,000        1,269,012  

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

 

    3,857,000        3,526,393  
       

 

 

 
       24,756,519  
       

 

 

 

REAL ESTATE

     1.8     

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

 

    2,500,000        2,248,279  

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

 

    2,200,000        1,838,961  
       

 

 

 
          4,087,240  
       

 

 

 

RETAIL & WHOLESALE—STAPLES

     0.8     

Land O’ Lakes, Inc., 7.00%(a)(g)

 

    1,100,000        792,000  

Land O’ Lakes, Inc., 7.25%(a)(g)

 

    1,190,000        957,950  
       

 

 

 
          1,749,950  
       

 

 

 

TELECOMMUNICATIONS

     1.0     

Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(a)(c)(e)

 

    700,000        712,829  

Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(c)

 

    2,125,000        1,644,113  
       

 

 

 
          2,356,942  
       

 

 

 

UTILITIES

     12.6     

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

 

    2,524,000        2,060,266  

 

10

 

 


                                                                       
                         Principal
Amount
     Value  

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

   $ 1,481,000      $ 1,212,639  

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

     992,000        848,716  

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

     3,625,000        3,147,993  

Dominion Energy, Inc., 4.65% to 12/15/24, Series B(a)(c)

     660,000        607,438  

Edison International, 5.00% to 12/15/26, Series B(a)(c)

     2,346,000        2,010,933  

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

     2,320,000        2,052,543  

Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)(a)(b)(c)(e)

     1,000,000        1,078,548  

Electricite de France SA, 9.125% to 3/15/33 (France)(a)(b)(c)(g)

     1,000,000        1,044,236  

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

     5,189,000        5,000,718  

Enel SpA, 6.375% to 4/16/28, Series EMTN (Italy)(a)(b)(c)(e)

     400,000        428,141  

Enel SpA, 6.625% to 4/16/31, Series EMTN (Italy)(a)(b)(c)(e)

     500,000        533,574  

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

     392,000        333,789  

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

     678,000        627,720  

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

     2,150,000        1,742,701  

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

     3,770,000        3,581,448  

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

     2,040,000        1,784,382  

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

     750,000        695,612  
        

 

 

 
        28,791,397  
        

 

 

 

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$327,851,162)

        301,672,366  
        

 

 

 

 

                                                                       
                          Number
of Shares
        

SHORT-TERM INVESTMENTS

     3.2     

MONEY MARKET FUNDS

 

    

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.29%(j)

 

    4,514,132        4,514,132  

State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.29%(j)

 

    2,698,547        2,698,547  
       

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$7,212,679)

 

       7,212,679  
       

 

 

 

 

11

 

 


                                                                       
                      Number
of Shares
     Value  

TOTAL INVESTMENTS IN SECURITIES

(Identified cost—$382,872,539)

  

 

153.5

     $ 351,018,276  

LIABILITIES IN EXCESS OF OTHER ASSETS

     (53.5        (122,359,122
  

 

 

      

 

 

 

NET ASSETS (Equivalent to $19.01 per share based on 12,026,622 shares of common stock outstanding)

    
100.0

     $ 228,659,154  
  

 

 

      

 

 

 

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    5.424%(k)   Monthly    9/15/25   $  2,584,879   $  5,535    $  2,590,414
  39,000,000    1.181%   Monthly    5.424%(k)   Monthly    9/15/26       3,880,432       8,140        3,888,572
  40,000,000    0.930%   Monthly    5.424%(k)   Monthly    9/15/27       5,311,810       8,616        5,320,426
               $11,777,121   $22,291    $11,799,412

 

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, 2023.

Over-the-Counter Total Return Swap Contracts

 

Counterparty   Notional
Amount
 

Fixed

Payable

Rate

 

Fixed

Payment

Frequency

  Underlying Reference
Entity
  Position   Maturity
Date
  Value   Premiums
Paid
 

Unrealized

Appreciation

(Depreciation)

BNP Paribas          $3,086,011   0.25%   Monthly    BNPXCHY5 Index(l)   Short   5/15/24   $16,507   $    —   $16,507
BNP Paribas   EUR 2,781,832   0.30%   Monthly   BNPXCEX5 Index(m)   Short   5/15/24     16,827         —     16,827
              $33,334   $    —   $33,334

 

 

12

 

 


Forward Foreign Currency Exchange Contracts

 

                                                                                                                             
Counterparty   

Contracts
to Deliver

    

In Exchange

For

    

Settlement

Date

  

Unrealized

Appreciation

(Depreciation)

 

Brown Brothers Harriman

   EUR      1,000,000      USD      1,079,277      10/3/23    $ 22,027  

Brown Brothers Harriman

   EUR      4,248,869      USD      4,610,788      10/3/23      118,670  

Brown Brothers Harriman

   EUR      14,912,771      USD      16,183,041      10/3/23      416,512  

Brown Brothers Harriman

   GBP      1,277,736      USD      1,618,521      10/3/23      59,555  

Brown Brothers Harriman

   USD      16,364,311      EUR      15,460,491      10/3/23      (18,706

Brown Brothers Harriman

   USD      418,965      EUR      390,865      10/3/23      (5,723

Brown Brothers Harriman

   USD      314,664      EUR      293,099      10/3/23      (4,785

Brown Brothers Harriman

   USD      3,773,310      EUR      3,564,905      10/3/23      (4,313

Brown Brothers Harriman

   USD      475,360      EUR      452,280      10/3/23      2,814  

Brown Brothers Harriman

   USD      1,560,844      GBP      1,277,736      10/3/23      (1,878

Brown Brothers Harriman

   CAD      904,370      USD      668,201      10/4/23      2,357  

Brown Brothers Harriman

   USD      668,028      CAD      904,370      10/4/23      (2,184

Brown Brothers Harriman

   CAD      895,417      USD      661,630      11/2/23      2,113  

Brown Brothers Harriman

   EUR      3,491,395      USD      3,699,796      11/2/23      3,965  

Brown Brothers Harriman

   EUR        15,313,702      USD        16,227,777      11/2/23      17,391  

Brown Brothers Harriman

   GBP      1,269,025      USD      1,550,364      11/2/23      1,741  
                 

 

 

 
                  $         609,556  
                 

 

 

 

Glossary of Portfolio Abbreviations

 

CAD    Canadian Dollar
CMT    Constant Maturity Treasury
EMTN    Euro Medium Term Note
EUR    Euro Currency
GBP    British Pound
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.

Represents shares.

(a)

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

(b)

All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $ 177,706,833 in aggregate has been pledged as collateral.

 

13

 

 


(c)

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

(d)

Non-income producing security.

(e)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $39,985,453 which represents 17.5% of the net assets of the Fund, of which 0.0% are illiquid.

(f)

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 $104,852,852 which represents 45.9% of the net assets of the Fund (29.3% of the managed assets of the Fund).

(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 $72,576,839 which represents 31.7% of the net assets of the Fund, of which 1.1% are illiquid.

(h)

Security is in default.

(i)

Variable rate. Rate shown is in effect at September 30, 2023.

(j)

Rate quoted represents the annualized seven-day yield.

(k)

Based on USD-SOFR-OIS. Represents rates in effect at September 30, 2023.

(l)

The index intends to track the performance of the CDX.NA HY. The two constituent investments held within the index at September 30, 2023 were as follows:

 

                                                                                                                                                                       
Index Constituents   Receive    Frequency   Payment   Frequency  

Maturity

Date

 

Total

Weight

 

9/30/23

Price

 

9/30/23

Value

Credit Default Swap (CDS) — Markit CDX.NA.HY.41 Index

  5.00% per
anum
   Quarterly   Performance
of CDS
  Semiannually   12/20/28   99.59%   $100.77   $3,056,919

Cash

             0.41%     12,585

 

(m)

The index intends to track the performance of the iTraxx Crossover CDS. The two constituent investments held within the index at September 30, 2023 were as follows:

 

                                                                                                                                                                       
Index Constituents   Receive    Frequency   Payment   Frequency  

Maturity

Date

 

Total

Weight

 

9/30/23

Price

 

9/30/23

Value

Credit Default Swap (CDS) — MARKIT ITRX EUR XOVER Index

  5.00% per
anum
   Quarterly   Performance
of CDS
  Semiannually   12/20/28   100.64%   EUR 427.88   $2,976,850

Cash

             (0.64)%     (18,931)

 

14

 

 


                    

Country Summary

   % of
Managed
Assets
 

United States

     46.8  

United Kingdom

     11.9  

Canada

     10.6  

France

     9.3  

Switzerland

     3.4  

Netherlands

     3.2  

Germany

     2.4  

Spain

     2.2  

Australia

     1.8  

Italy

     1.6  

Ireland

     0.9  

Denmark

     0.6  

Finland

     0.5  

Other (includes short-term investments)

     4.8  
  

 

 

 
     100.0  
  

 

 

 

 

 

 


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 (including NASDAQ) 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 over-the-counter (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.

 

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 judgments 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.

 

   

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, 2023 in valuing the Fund’s investments carried at value:

 

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

                                                                                   
     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

   $ 42,133,231      $     $             —      $ 42,133,231  

Preferred Securities—Over-the-Counter

            301,672,366              301,672,366  

Short-Term Investments

            7,212,679              7,212,679  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Investments in Securities(a)

   $ 42,133,231      $ 308,885,045     $      $ 351,018,276  
  

 

 

    

 

 

   

 

 

    

 

 

 

Interest Rate Swap Contracts

   $      $ 11,581,088     $      $ 11,581,088  

Total Return Swap Contracts

            33,334              33,334  

Forward Foreign Currency Exchange Contracts

            647,145              647,145  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Derivative Assets(a)

   $      $ 12,261,567     $      $ 12,261,567  
  

 

 

    

 

 

   

 

 

    

 

 

 

Forward Foreign Currency Exchange Contracts

   $      $ (37,589   $      $ (37,589
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Derivative Liabilities(a)

   $      $ (37,589   $      $ (37,589
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(a)

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.

Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset

 

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

At September 30, 2023, the Fund did not have any option contracts outstanding.

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 gains and losses. 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.

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).

 

 

 


COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 volume of the Fund’s option contracts, total return swap contracts and forward foreign currency exchange contracts activity for the nine months ended September 30, 2023:

 

                                                                                   
     Purchased
Option
Contracts(a)(b)
     Total Return
Swap
Contracts(a)
     Forward
Foreign Currency
Exchange Contracts
 

Average Notional Amount

   $  3,211,173      $  5,010,228      $  21,514,733  

 

(a)

Average notional amounts represent the average for all months in which the Fund had option contracts and total return swap contracts outstanding. For purchased option contracts, this represents the period March 24, 2023 through March 30, 2023 and for total return swap contracts, this represents the period April 28, 2023 through September 30, 2023.

(b)

Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.

 

 

 


Cohen and Steers Select ... (NYSE:PSF)
Historical Stock Chart
Von Feb 2024 bis Mär 2024 Click Here for more Cohen and Steers Select ... Charts.
Cohen and Steers Select ... (NYSE:PSF)
Historical Stock Chart
Von Mär 2023 bis Mär 2024 Click Here for more Cohen and Steers Select ... Charts.