Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

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.

 

 

 

---