Cohen & Steers Select Preferred and Income Fund, Inc.

Cohen & Steers Select Preferred and Income Fund, Inc.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2025. The total returns for the Cohen & Steers Select Preferred and Income Fund, Inc. (the Fund) and its comparative benchmarks were:


	Six Months Ended June 30, 2025
Cohen & Steers Select Preferred and Income Fund:
Net Asset Value Total Return^(a)		4.00	%
Market Price Total Return^(a)		5.80	%
ICE BofA Fixed Rate Preferred Securities Index^(b)		1.01	%
Blended Benchmark—55% ICE BofA U.S. IG Institutional Capital Securities Index/20% ICE BofA Core Fixed Rate Preferred Securities Index/25% Bloomberg Developed Market USD Contingent Capital Index^(b)		3.35	%
ICE BofA U.S. All Capital Securities Index^(b)		2.43	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund expects to make regular monthly distributions at a level rate (the Policy). Distributions paid by the Fund are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. As a result of the Policy, the Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

^(a)	As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.

^(b)	For benchmark descriptions, see page 5.

Cohen & Steers Select Preferred and Income Fund, Inc.

Market Review

Preferred securities had a positive total return in the six months ended June 30, 2025. The yield on the 10-year U.S. Treasury note was somewhat volatile, declining from around 4.6% to 4.0% in the spring when recession concerns emerged following the President’s sweeping tariff initiative and subsequent retaliatory tariffs from U.S. trading partners. The benchmark bond yield later partially reversed, closing at 4.24% after President Trump announced a 90-day suspension of reciprocal tariffs to allow time for trade agreement negotiations, and as economic data was generally better than anticipated.

The Federal Reserve held its key lending rate steady throughout the period, given persistent inflation risks and stable labor market conditions. In contrast, the European Central Bank (ECB) steadily cut its main refinancing rate—from around 3% at the start of the year to 2.15%—due to declining inflation, slower growth in the region and uncertainty from U.S. tariffs.

Given the unresolved intermediate-term outlook for growth and inflation, credit spreads—which had contracted to historically tight levels in 2024—widened across the capital stack and quality spectrum. Subordination premiums (the credit spread differential between preferreds and senior debt) increased, and higher-quality securities outperformed their lower-quality counterparts. As a result, preferred securities collectively underperformed longer-term U.S. Treasuries, investment-grade bonds and high-yield debt.

Within the preferred market, contingent capital securities (CoCos), which are issued by financial companies outside the U.S., had the strongest returns, as the U.S. dollar fell to a three-year low and rates in Europe were lower. Non-CoCo over-the-counter securities—primarily comprising duration-lowering fixed-to-reset structures—also produced positive returns. In contrast, the exchange-traded $25 par market, dominated by fixed-rate perpetual issues, generated negative total returns in the period.

Fund Performance

The Fund had a positive total return in the period and outperformed its blended benchmark on both a NAV and market price basis.

European banks reported strong earnings, solidly beating expectations, with profitability and asset quality at multi-year highs. Robust capital positions, easing inflation, and the ECB’s rate cuts further supported performance. Additionally, fiscal stimulus measures under consideration by the EU, particularly those announced by Germany in late March, offer potential for improved future growth. Companies in the U.S. banking sector also reported solid results, and their asset quality generally remained sound. In our view, their healthy profitability and historically high capital may position them well to endure a potential economic deterioration. The Fund’s security selection and overweight allocation to non-U.S. bank preferreds contributed to relative performance, largely driven by out-of-benchmark investments in euro-denominated European bank CoCos that benefited from an improving interest rate backdrop and spread tightening. Security selection in the U.S. banking sector also contributed, largely due to having underweights or no investments in low-coupon $25 par securities that struggled amid rising bond yields on the long end of the yield curve.

Cohen & Steers Select Preferred and Income Fund, Inc.

The insurance industry maintained healthy cash flows and asset quality, yet issues in the sector modestly underperformed the broader preferreds market. The Fund’s security selection and underweight allocation in the insurance sector aided relative performance in the period. Contributors included out-of-index investments in several euro-denominated issues that outperformed, along with several new issues that were priced with attractive valuations.

The utilities sector experienced meaningful new issuance following credit ratings agency Moody’s 2024 methodology change. Companies replaced perpetual preferred stocks with hybrid preferreds featuring 30-year maturities. The securities gained favorable reception, as issuers have incentives to redeem the preferreds when coupons reset in 10 years. Despite the popularity of the new issues, returns in the utilities sector lagged the benchmark, partly due to potential liabilities for California utilities following devastating wildfires and uncertainty regarding the future size and replenishment of the state’s Wildfire Recovery Fund. The Fund’s security selection in the utilities sector contributed to relative performance, partly due to having underweight or no positions in securities from certain California issuers.

The pipeline and energy sectors outperformed, led by defensively structured over-the-counter issues from investment-grade-rated issuers. The Fund’s security selection in both sectors modestly detracted from relative returns. However, a favorable overweight allocation to the pipeline sector partially offset the negative selection effects.

Real estate underperformed, as wider credit spreads stemming from the anticipated effects of tariffs outweighed the supportive influence of falling bond yields on the economically sensitive sector. The Fund’s security selection in the sector aided relative performance, led by overweight investments in a pair of hybrid issues from shopping mall operator Unibail-Rodamco-Westfield, which reported improving leasing spreads and outlined a well-received capital allocation plan.

Impact of Leverage on Fund Performance

The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), contributed to the Fund’s performance for the six months ended June 30, 2025.

Impact of Derivatives on Fund Performance

In connection with its use of leverage, the Fund pays interest on its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. The use of interest rate swaps detracted from the Fund’s total return. The Fund also used interest rate swaps to lower the portfolio’s duration. The use of these swaps had no impact on the Fund’s total return.

The Fund used forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency forwards detracted significantly from the Fund’s total return.

Cohen & Steers Select Preferred and Income Fund, Inc.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended June 30, 2025


	1 Year			5 Years			10 Years			Since Inception^(a)
Fund at NAV		10.45	%		6.07	%		6.11	%		7.95	%
Fund at Market Price		9.70	%		4.03	%		6.56	%		7.11	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

^(a)	Commencement of investment operations was November 24, 2010.

Benchmark Descriptions

The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The ICE BofA U.S. IG Institutional Capital Securities Index tracks the performance of U.S. dollar-denominated investment-grade hybrid capital corporate and preferred securities publicly issued in the U.S. domestic market. The ICE BofA Core Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market, excluding $1,000 par securities. The Bloomberg Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The ICE BofA U.S. All Capital Securities Index tracks the performance of fixed rate, U.S. dollar-denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market.

Cohen & Steers Select Preferred and Income Fund, Inc.

Our Leverage Strategy

(Unaudited)

Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of June 30, 2025, leverage represented 33% of the Fund’s managed assets.

Through a combination of variable rate financing and interest rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2028 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.

Leverage Facts^(a)(b)


Leverage (as a % of managed assets)		33%
% Variable Rate Financing		16%
Variable Rate		5.2%
% Fixed Rate Financing^(c)		84%
Weighted Average Rate on Fixed Financing^(d)		1.5%
Weighted Average Term on Fixed Financing^(d)		2.1 years
Weighted Average Cost of All Financing		2.1%

The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

^(a)	Data as of June 30, 2025. Information is subject to change.

^(b)	See Note 7 in Notes to Financial Statements.

^(c)	Represents fixed payer interest rate swap contracts on variable rate borrowing.

^(d)

The Fund entered into forward-starting interest rate swap contracts with interest receipts and payments commencing on September 15, 2025 (effective date). The current weighted average rate on fixed financing does not include the forward-starting interest rate swaps and will change when their terms become effective. The weighted average term on fixed financing includes the maturities of the forward-starting interest rate swaps.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)


		Shares		Value

EXCHANGE-TRADED FUNDS—CORPORATE BONDS	0.3%
Vanguard Intermediate-Term Corporate Bond ETF^(a)			8,984	$	744,954

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$726,282)					744,954

PREFERRED SECURITIES—EXCHANGE-TRADED	16.7%
BANKING	6.6%
Bank of America Corp., 4.125%, Series PP^(a)(b)			22,513		382,271
Bank of America Corp., 4.25%, Series QQ^(a)(b)			42,994		743,796
Bank of America Corp., 4.375%, Series NN^(a)(b)			35,451		636,700
Bank of America Corp., 5.375%, Series KK^(a)(b)			22,999		501,838
Federal Agricultural Mortgage Corp., 4.875%, Series G^(b)			27,286		497,970
JPMorgan Chase & Co., 4.20%, Series MM^(a)(b)			40,615		727,415
JPMorgan Chase & Co., 4.55%, Series JJ^(a)(b)			20,457		390,933
M&T Bank Corp., 7.50%, Series J^(a)(b)			68,570		1,796,534
Morgan Stanley, 6.375%, Series I^(a)(b)			37,356		926,429
Morgan Stanley, 6.50%, Series P^(a)(b)			14,280		367,424
Morgan Stanley, 6.625%, Series Q^(a)(b)			128,936		3,332,996
Regions Financial Corp., 5.70% to 5/15/29, Series C^(a)(b)(c)			26,920		642,580
Truist Financial Corp., 4.75%, Series R^(a)(b)			26,524		502,895
U.S. Bancorp, 4.00%, Series M^(a)(b)			50,675		816,374
Wells Fargo & Co., 4.25%, Series DD^(a)(b)			29,861		515,102
Wells Fargo & Co., 4.375%, Series CC^(a)(b)			56,086		984,870
Wells Fargo & Co., 4.70%, Series AA^(a)(b)			64,419		1,213,010
Wells Fargo & Co., 4.75%, Series Z^(a)(b)			108,157		2,059,309

					17,038,446

FINANCIAL SERVICES	1.3%
Affiliated Managers Group, Inc., 5.875%, due 3/30/59^(a)			3,021		61,417
Affiliated Managers Group, Inc., 6.75%, due 3/30/64^(a)			30,867		717,966
Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53^(a)(c)			18,619		484,653
Carlyle Finance LLC, 4.625%, due 5/15/61^(a)			19,016		318,518
KKR & Co., Inc., 6.875%, due 6/1/65, Series T^(a)			34,619		890,401
TPG Operating Group II LP, 6.95%, due 3/15/64^(a)			38,549		972,591

					3,445,546

INSURANCE	3.9%
AEGON Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands)^(a)			35,748		697,801

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value

Arch Capital Group Ltd., 4.55%, Series G^(a)(b)			64,738	$	1,085,656
Arch Capital Group Ltd., 5.45%, Series F^(a)(b)			26,770		549,053
Athene Holding Ltd., 4.875%, Series D^(a)(b)			56,175		960,593
Athene Holding Ltd., 6.35% to 6/30/29, Series A^(a)(b)(c)			54,821		1,325,024
Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64^(a)(c)			37,149		925,010
Athene Holding Ltd., 7.75% to 12/30/27, Series E^(a)(b)(c)			34,555		884,262
Axis Capital Holdings Ltd., 5.50%, Series E^(a)(b)			20,396		404,657
Equitable Holdings, Inc., 4.30%, Series C^(a)(b)			13,924		237,404
Equitable Holdings, Inc., 5.25%, Series A^(a)(b)			24,724		505,111
F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53^(a)			35,500		915,190
Lincoln National Corp., 9.00%, Series D^(a)(b)			16,299		433,716
MetLife, Inc., 4.75%, Series F^(a)(b)			25,187		490,895
RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)^(b)			38,291		595,425

					10,009,797

REAL ESTATE	1.5%
CTO Realty Growth, Inc., 6.375%, Series A^(b)			21,968		442,216
Public Storage, 4.10%, Series S^(a)(b)			34,003		551,528
Public Storage, 4.625%, Series L^(a)(b)			33,707		615,490
Public Storage, 4.70%, Series J^(a)(b)			26,502		488,167
Public Storage, 4.75%, Series K^(a)(b)			25,879		489,631
Regency Centers Corp., 5.875%, Series B^(b)			60,000		1,347,600

					3,934,632

TELECOMMUNICATIONS	0.9%
AT&T, Inc., 5.00%, Series A^(a)(b)			24,832		500,365
Telephone & Data Systems, Inc., 6.00%, Series VV^(a)(b)			22,067		390,586
U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70			16,610		340,837
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70			17,894		367,006
U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69			26,813		633,591

					2,232,385

UTILITIES	2.5%
Algonquin Power & Utilities Corp., 8.487% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A (Canada)^(a)(d)			22,887		575,837
Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)^(a)(b)			25,091		395,183
Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)^(a)(b)			34,274		554,211
Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)^(a)			30,378		481,795

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Shares		Value

Brookfield Infrastructure Partners LP, 5.125%, Series 13 (Canada)^(a)(b)			32,166	$	538,137
NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U^(a)			41,859		1,046,057
SCE Trust VII, 7.50%, Series M^(a)(b)			70,570		1,568,065
SCE Trust VIII, 6.95%, Series N^(a)(b)			39,949		855,708
Southern Co., 6.50%, due 3/15/85^(a)			21,052		540,615

					6,555,608

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$45,402,352)					43,216,414


		Principal Amount*
PREFERRED SECURITIES—OVER-THE-COUNTER	129.9%
BANKING	77.4%
ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)^(b)(c)(e)(f)			EUR 1,000,000		1,265,417
AIB Group PLC, 6.00% to 7/14/31 (Ireland)^(b)(c)(e)(f)			EUR 400,000		469,080
AIB Group PLC, 7.125% to 10/30/29 (Ireland)^(b)(c)(e)(f)			EUR 800,000		998,062
Alpha Services & Holdings SA, 7.50% to 6/10/30 (Greece)^(b)(c)(e)(f)			EUR 800,000		1,003,530
Alpha Services & Holdings SA, 11.875% to 2/8/28 (Greece)^(b)(c)(e)(f)			EUR 300,000		415,178
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)^(b)(c)(e)			900,000		995,485
Banco BPM SpA, 6.25% to 5/27/30 (Italy)^(b)(c)(e)(f)			EUR 600,000		718,732
Banco de Sabadell SA, 6.50% to 5/20/31 (Spain)^(b)(c)(e)(f)			EUR 1,000,000		1,208,560
Banco Santander SA, 4.125% to 11/12/27 (Spain)^(b)(c)(e)			EUR 600,000		693,077
Banco Santander SA, 4.75% to 11/12/26, Series 0000 (Spain)^(b)(c)(e)			1,200,000		1,166,314
Banco Santander SA, 6.00% to 1/2/31 (Spain)^(b)(c)(e)(f)			EUR 1,200,000		1,421,563
Banco Santander SA, 8.00% to 2/1/34 (Spain)^(b)(c)(e)			1,000,000		1,058,874
Banco Santander SA, 9.625% to 11/21/28 (Spain)^(b)(c)(e)			1,200,000		1,327,760
Banco Santander SA, 9.625% to 5/21/33 (Spain)^(b)(c)(e)			2,600,000		3,038,677
Bank of America Corp., 5.518% to 10/25/34, due 10/25/35^(a)(c)			899,000		899,417

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value

Bank of America Corp., 5.875% to 3/15/28, Series FF^(a)(b)(c)		1,071,000	$	1,090,725
Bank of America Corp., 6.125% to 4/27/27, Series TT^(a)(b)(c)		550,000		560,264
Bank of America Corp., 6.625% to 5/1/30, Series OO^(a)(b)(c)		3,409,000		3,539,064
Bank of Ireland Group PLC, 6.125% to 3/18/32 (Ireland)^(b)(c)(e)(f)		EUR 400,000		464,701
Bank of Ireland Group PLC, 6.375% to 3/10/30 (Ireland)^(b)(c)(e)(f)		EUR 600,000		724,016
Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85 (Canada)^(a)(c)		1,200,000		1,211,864
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)^(a)(c)		800,000		850,369
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)^(a)(c)		1,600,000		1,701,950
Bankinter SA, 6.00% to 6/30/30 (Spain)^(b)(c)(e)(f)		EUR 400,000		472,829
Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)^(b)(c)		880,000		948,200
Barclays PLC, 6.125% to 12/15/25 (United Kingdom)^(b)(c)(e)		200,000		200,326
Barclays PLC, 7.625% to 3/15/35 (United Kingdom)^(b)(c)(e)		1,000,000		1,006,793
Barclays PLC, 8.00% to 3/15/29 (United Kingdom)^(b)(c)(e)		1,000,000		1,051,427
Barclays PLC, 8.375% to 9/15/31 (United Kingdom)^(b)(c)(e)(f)		GBP 1,400,000		1,984,057
Barclays PLC, 8.875% to 9/15/27 (United Kingdom)^(b)(c)(e)(f)		GBP 400,000		579,280
Barclays PLC, 9.25% to 9/15/28 (United Kingdom)^(b)(c)(e)		GBP 800,000		1,183,301
Barclays PLC, 9.625% to 12/15/29 (United Kingdom)^(a)(b)(c)(e)		3,800,000		4,230,190
BNP Paribas SA, 4.50% to 2/25/30 (France)^(b)(c)(e)(g)		1,400,000		1,250,177
BNP Paribas SA, 4.625% to 1/12/27 (France)^(b)(c)(e)(g)		200,000		194,757
BNP Paribas SA, 4.625% to 2/25/31 (France)^(b)(c)(e)(g)		3,275,000		2,921,712
BNP Paribas SA, 7.00% to 8/16/28 (France)^(b)(c)(e)(g)		565,000		577,392
BNP Paribas SA, 7.375% to 9/10/34 (France)^(b)(c)(e)(g)		400,000		407,224

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value

BNP Paribas SA, 7.75% to 8/16/29 (France)^(b)(c)(e)(g)		2,800,000	$	2,951,970
BNP Paribas SA, 8.00% to 8/22/31 (France)^(b)(c)(e)(g)		2,400,000		2,543,693
BNP Paribas SA, 8.50% to 8/14/28 (France)^(b)(c)(e)(g)		3,000,000		3,179,907
BNP Paribas SA, 9.25% to 11/17/27 (France)^(b)(c)(e)(g)		800,000		859,145
CaixaBank SA, 6.25% to 7/24/32 (Spain)^(b)(c)(e)(f)		EUR 1,600,000		1,931,839
CaixaBank SA, 7.50% to 1/16/30 (Spain)^(b)(c)(e)(f)		EUR 200,000		259,002
Charles Schwab Corp., 4.00% to 6/1/26, Series I^(a)(b)(c)		301,000		296,856
Charles Schwab Corp., 4.00% to 12/1/30, Series H^(a)(b)(c)		3,752,000		3,485,267
Citigroup Capital III, 7.625%, due 12/1/36^(a)		4,115,000		4,595,834
Citigroup, Inc., 6.25% to 8/15/26, Series T^(b)(c)		636,000		643,804
Citigroup, Inc., 6.95% to 2/15/30, Series FF^(a)(b)(c)		4,090,000		4,187,420
Citigroup, Inc., 7.00% to 8/15/34, Series DD^(b)(c)		1,861,000		1,960,872
Citigroup, Inc., 7.125% to 8/15/29, Series CC^(b)(c)		966,000		998,081
Citigroup, Inc., 7.625% to 11/15/28, Series AA^(b)(c)		1,658,000		1,749,011
CoBank ACB, 6.25% to 10/1/26, Series I^(a)(b)(c)		2,534,000		2,544,699
CoBank ACB, 6.45% to 10/1/27, Series K^(b)(c)		1,370,000		1,387,259
CoBank ACB, 7.125% to 1/1/30, Series M^(b)(c)		1,250,000		1,280,277
Commerzbank AG, 6.625% to 10/9/32 (Germany)^(b)(c)(e)(f)		EUR 400,000		480,604
Commerzbank AG, 7.50% to 10/9/30 (Germany)^(b)(c)(e)(f)		1,600,000		1,630,632
Cooperatieve Rabobank UA, 6.50% (Netherlands)^(b)(f)		EUR 1,633,150		2,195,099
Coventry Building Society, 8.75% to 6/11/29 (United Kingdom)^(b)(c)(e)(f)		GBP 1,200,000		1,729,242
Credit Suisse Group AG, 6.375%, Claim (Switzerland)^{(b)(e)(g)(h)(i)}		3,000,000		232,500
Deutsche Bank AG, 7.375% to 10/30/31 (Germany)^(b)(c)(e)(f)		EUR 1,000,000		1,227,814
Deutsche Bank AG, 8.125% to 10/30/29 (Germany)^(b)(c)(e)(f)		EUR 1,400,000		1,763,661
Erste Group Bank AG, 6.375% to 4/15/32 (Austria)^{(a)(b)(c)(e)(f)}		EUR 800,000		951,214
Erste Group Bank AG, 7.00% to 4/15/31 (Austria)^{(a)(b)(c)(e)(f)}		EUR 1,000,000		1,247,891
Eurobank Ergasias Services & Holdings SA, 6.625% to 6/4/31 (Greece)^(b)(c)(e)(f)		EUR 1,400,000		1,661,752
Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4^(b)(c)(g)		1,441,000		1,438,673

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*			Value

Farm Credit Bank of Texas, 7.75% to 6/15/29^(b)(c)		839,000		$	874,657
First Horizon Bank, 5.322% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)^(a)(b)(d)(g)		1,537	^†		1,137,380
Goldman Sachs Group, Inc., 6.85% to 2/10/30^(b)(c)		2,527,000			2,614,152
Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X^(a)(b)(c)		4,300,000			4,538,336
HSBC Holdings PLC, 4.60% to 12/17/30 (United Kingdom)^(a)(b)(c)(e)		1,300,000			1,187,618
HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)^(a)(b)(c)(e)		3,800,000			3,805,656
HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom)^(a)		1,402,000			1,505,268
HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)^(a)(b)(c)(e)		1,600,000			1,614,203
HSBC Holdings PLC, 6.875% to 9/11/29 (United Kingdom)^(a)(b)(c)(e)		800,000			811,586
HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)^(a)(b)(c)(e)		1,800,000			1,887,806
Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G^(b)(c)		479,000			475,158
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F^(b)(c)		926,000			943,035
ING Groep NV, 4.875% to 5/16/29 (Netherlands)^(b)(c)(e)(f)		2,200,000			2,066,831
ING Groep NV, 5.75% to 11/16/26 (Netherlands)^(b)(c)(e)		1,100,000			1,094,871
ING Groep NV, 7.25% to 11/16/34 (Netherlands)^(b)(c)(e)(f)		1,200,000			1,221,750
ING Groep NV, 7.50% to 5/16/28 (Netherlands)^(b)(c)(e)(f)		1,000,000			1,033,500
ING Groep NV, 8.00% to 5/16/30 (Netherlands)^(b)(c)(e)(f)		2,600,000			2,767,628
Intesa Sanpaolo SpA, 7.00% to 5/20/32 (Italy)^(b)(c)(e)(f)		EUR 1,200,000			1,516,906
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)^(b)(c)(e)(g)		200,000			200,869
JPMorgan Chase & Co., 6.50% to 4/1/30, Series OO^(a)(b)(c)		1,125,000			1,164,683
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN^(a)(b)(c)		2,278,000			2,410,170
Julius Baer Group Ltd., 6.875% to 6/9/27 (Switzerland)^(b)(c)(e)(f)		400,000			398,498

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value

Julius Baer Group Ltd., 7.50% to 8/19/30 (Switzerland)^(b)(c)(e)(f)		1,000,000	$	998,210
KBC Group NV, 6.25% to 9/17/31 (Belgium)^(b)(c)(e)(f)		EUR 200,000		242,333
Landesbank Baden-Wuerttemberg, 6.75% to 10/15/30 (Germany)^{(a)(b)(c)(e)(f)}		EUR 800,000		952,169
Lloyds Banking Group PLC, 6.75% to 9/27/31 (United Kingdom)^(b)(c)(e)		800,000		784,784
Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)^(b)(c)(e)		200,000		201,037
Lloyds Banking Group PLC, 7.50% to 6/27/30 (United Kingdom)^(a)(b)(c)(e)		GBP 1,200,000		1,657,083
Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)^(b)(c)(e)		400,000		422,842
Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)^(b)(c)(e)		GBP 800,000		1,153,712
M&T Bank Corp., 3.50% to 9/1/26, Series I^(b)(c)		178,000		172,344
Nationwide Building Society, 5.75% to 6/20/27 (United Kingdom)^(b)(c)(e)(f)		GBP 200,000		271,047
Nationwide Building Society, 7.875% to 12/20/31 (United Kingdom)^{(a)(b)(c)(e)(f)}		GBP 1,200,000		1,688,359
NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)^(b)(c)(e)		500,000		500,429
NatWest Group PLC, 7.50% to 2/28/32 (United Kingdom)^(a)(b)(c)(e)		GBP 600,000		818,403
NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)^(b)(c)(e)		200,000		201,256
NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)^(b)(c)(e)		2,400,000		2,594,770
Nordea Bank Abp, 6.625% to 3/26/26 (Finland)^{(a)(b)(c)(e)(g)}		300,000		302,475
Piraeus Financial Holdings SA, 6.75% to 12/30/30 (Greece)^(b)(c)(e)(f)		EUR 1,000,000		1,184,412
Piraeus Financial Holdings SA, 8.75% to 6/16/26 (Greece)^(b)(c)(e)(f)		EUR 500,000		611,904
PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U^(a)(b)(c)		1,381,000		1,398,129
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V^(a)(b)(c)		1,976,000		2,018,264

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value

PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W^(a)(b)(c)		1,545,000	$	1,592,473
Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)^(a)(c)		1,600,000		1,605,184
Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)^{(a)(b)(c)(e)(f)}		200,000		204,086
Societe Generale SA, 5.375% to 11/18/30 (France)^(b)(c)(e)(g)		2,200,000		2,018,013
Societe Generale SA, 6.75% to 4/6/28 (France)^(b)(c)(e)(g)		2,360,000		2,330,752
Societe Generale SA, 8.125% to 11/21/29 (France)^(b)(c)(e)(g)		1,600,000		1,636,621
Societe Generale SA, 8.50% to 3/25/34 (France)^(b)(c)(e)(g)		800,000		837,554
Societe Generale SA, 9.375% to 11/22/27 (France)^(b)(c)(e)(g)		2,200,000		2,340,182
Societe Generale SA, 10.00% to 11/14/28 (France)^(b)(c)(e)(g)		2,600,000		2,843,994
Standard Chartered PLC, 4.30% to 8/19/28 (United Kingdom)^(b)(c)(e)(g)		800,000		729,213
Standard Chartered PLC, 4.75% to 1/14/31 (United Kingdom)^(b)(c)(e)(g)		1,400,000		1,263,992
Standard Chartered PLC, 7.75% to 8/15/27 (United Kingdom)^(b)(c)(e)(g)		600,000		623,912
Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)^(b)(c)(e)(g)		1,200,000		1,251,817
State Street Corp., 6.70% to 3/15/29, Series I^(b)(c)		1,775,000		1,858,056
State Street Corp., 6.70% to 9/15/29, Series J^(b)(c)		1,661,000		1,741,171
Svenska Handelsbanken AB, 4.75% to 3/1/31 (Sweden)^{(a)(b)(c)(e)(f)}		1,400,000		1,288,950
Swedbank AB, 7.75% to 3/17/30 (Sweden)^{(a)(b)(c)(e)(f)}		1,400,000		1,468,978
Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)^(a)(c)		1,000,000		1,028,754
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)^(a)(c)		3,200,000		3,350,102
Truist Financial Corp., 5.10% to 3/1/30, Series Q^(a)(b)(c)		932,000		924,250
Truist Financial Corp., 5.125% to 12/15/27, Series M^(a)(b)(c)		872,000		865,865
UBS Group AG, 4.375% to 2/10/31 (Switzerland)^(b)(c)(e)(g)		2,000,000		1,772,654
UBS Group AG, 4.875% to 2/12/27 (Switzerland)^(b)(c)(e)(g)		600,000		585,087
UBS Group AG, 6.85% to 9/10/29 (Switzerland)^(b)(c)(e)(g)		2,000,000		2,013,778
UBS Group AG, 7.75% to 4/12/31 (Switzerland)^(b)(c)(e)(g)		3,000,000		3,165,789
UBS Group AG, 9.25% to 11/13/28 (Switzerland)^{(a)(b)(c)(e)(g)}		3,200,000		3,500,717
UBS Group AG, 9.25% to 11/13/33 (Switzerland)^{(a)(b)(c)(e)(g)}		3,800,000		4,403,862

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value

UniCredit SpA, 6.50% to 12/3/31 (Italy)^(b)(c)(e)(f)			EUR 800,000	$	993,601
Wells Fargo & Co., 3.90% to 3/15/26, Series BB^(b)(c)			148,000		146,576
Wells Fargo & Co., 5.95%, due 12/15/36^(a)			1,027,000		1,054,238
Wells Fargo & Co., 6.85% to 9/15/29^(b)(c)			2,250,000		2,369,947
Wells Fargo & Co., 7.625% to 9/15/28^(b)(c)			1,900,000		2,045,439
Wells Fargo & Co., 7.95%, due 11/15/29, Series B^(a)			249,000		279,451

					200,823,943

CONSUMER DISCRETIONARY PRODUCTS	0.4%
Volkswagen International Finance NV, 7.50% to 9/6/28, Series PNC5 (Germany)^(a)(b)(c)(f)			EUR 200,000		254,490
Volkswagen International Finance NV, 7.875% to 9/6/32 (Germany)^(a)(b)(c)(f)			EUR 500,000		667,293

					921,783

ENERGY	0.9%
BP Capital Markets PLC, 6.125% to 3/18/35^(a)(b)(c)			972,000		972,830
BP Capital Markets PLC, 6.45% to 12/1/33^(a)(b)(c)			1,250,000		1,280,949

					2,253,779

FINANCIAL SERVICES	2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% to 12/10/29, due 3/10/55 (Ireland)^(a)(c)			605,000		629,064
Air Lease Corp., 6.00% to 9/24/29, Series D^(b)(c)			445,000		436,264
Ally Financial, Inc., 4.70% to 5/15/26, Series B^(b)(c)			767,000		742,945
Ally Financial, Inc., 4.70% to 5/15/28, Series C^(b)(c)			1,065,000		957,806
ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51^(a)(c)(g)			555,000		543,478
ILFC E-Capital Trust I, 6.43% (3 Month USD Term SOFR + 1.812%), due 12/21/65^(d)(g)			693,000		581,177
Nomura Holdings, Inc., 7.00% to 7/15/30 (Japan)^(b)(c)(e)			1,700,000		1,723,802

					5,614,536

HEALTH CARE	1.3%
CVS Health Corp., 7.00% to 12/10/29, due 3/10/55^(c)			3,161,000		3,268,190

INSURANCE	15.3%
Allianz SE, 3.50% to 11/17/25 (Germany)^{(a)(b)(c)(e)(g)}			1,400,000		1,379,920
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48^(c)			1,555,000		1,586,212

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value

Athene Holding Ltd., 6.625% to 7/15/34, due 10/15/54^(a)(c)		496,000	$	489,503
Athora Netherlands NV, 6.75% to 5/18/31 (Netherlands)^(b)(c)(e)(f)		EUR 600,000		730,434
AXA SA, 5.75% to 6/2/30 (France)^{(a)(b)(c)(e)(f)}		EUR 1,300,000		1,571,840
AXA SA, 8.60%, due 12/15/30 (France)^(a)		525,000		622,506
Corebridge Financial, Inc., 6.375% to 9/15/34, due 9/15/54^(a)(c)		555,000		554,545
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52^(a)(c)		2,380,000		2,456,182
Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)^(a)(b)(c)(g)		1,200,000		1,213,889
Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42^(a)(c)		1,205,000		1,188,464
Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55^(a)(c)		970,000		995,575
Fidelis Insurance Holdings Ltd., 7.75% to 12/15/34, due 6/15/55 (United Kingdom)^(c)		400,000		413,685
Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51^(c)(g)		1,613,000		1,583,886
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54^(c)(g)		1,300,000		1,356,651
Hartford Insurance Group, Inc., 6.713% (3 Month USD Term SOFR + 2.387%), due 2/12/47, Series ICON^(a)(d)(g)		1,400,000		1,304,171
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (United Kingdom)^(c)(f)		400,000		382,037
Lincoln National Corp., 9.25% to 12/1/27, Series C^(b)(c)		1,103,000		1,204,341
Meiji Yasuda Life Insurance Co., 6.10% to 6/11/35, due 6/11/55 (Japan)^(a)(c)(g)		3,200,000		3,201,798
MetLife Capital Trust IV, 7.875%, due 12/15/37^(a)(g)		2,828,000		3,107,259
MetLife, Inc., 6.35% to 3/15/35, due 3/15/55, Series G^(a)(c)		330,000		339,463
MetLife, Inc., 9.25%, due 4/8/38^(a)(g)		2,309,000		2,744,574
Nippon Life Insurance Co., 6.50% to 4/30/35, due 4/30/55 (Japan)^(a)(c)(g)		2,600,000		2,693,434
Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54^(a)(c)		515,000		530,321
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53^(a)(c)		990,000		1,038,562

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value

Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55^(a)(c)			960,000	$	959,235
RLGH Finance Bermuda Ltd., 6.75%, due 7/2/35 (Bermuda)^(f)			900,000		908,122
Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)^(b)(c)(e)(f)			200,000		191,122
SBL Holdings, Inc., 6.50% to 11/13/26^(b)(c)(g)			1,472,000		1,353,046
SBL Holdings, Inc., 9.508% to 5/13/30^(b)(c)(g)			866,000		869,260
Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)^(a)(b)(c)(g)			800,000		788,217
Voya Financial, Inc., 7.758% to 9/15/28, Series A^(b)(c)			314,000		332,328
Zurich Finance Ireland II DAC, 6.25% to 5/22/35, due 11/22/55 (Ireland)^(a)(c)(f)			1,600,000		1,640,260

					39,730,842

PIPELINES	12.5%
Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series 2017-A (Canada)^(c)			715,000		710,317
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (Canada)^(c)			771,000		769,671
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (Canada)^(c)			900,000		901,017
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)^(c)			1,970,000		1,981,241
Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54 (Canada)^(a)(c)			1,340,000		1,379,990
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)^(c)			844,000		870,434
Enbridge, Inc., 7.375% to 12/15/29, due 3/15/55 (Canada)^(a)(c)			330,000		343,691
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)^(c)			2,152,000		2,274,690
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)^(c)			1,868,000		1,979,422
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)^(a)(c)			3,266,000		3,644,425
Energy Transfer LP, 6.50% to 11/15/26, Series H^(b)(c)			1,220,000		1,228,501
Energy Transfer LP, 6.625% to 2/15/28, Series B^(b)(c)			2,225,000		2,222,983
Energy Transfer LP, 7.125% to 5/15/30, Series G^(b)(c)			2,373,000		2,423,222
Enterprise Products Operating LLC, 7.573% (3 Month USD Term SOFR + 3.248%), due 8/16/77, Series D^(a)(d)			986,000		981,797
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)^(c)(g)			1,420,000		1,466,366

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value

South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55 (Canada)^(c)(g)			1,525,000	$	1,589,556
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)^(c)			2,007,000		1,994,732
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)^(c)			1,790,000		1,740,971
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)^(c)			1,958,000		1,965,982
Venture Global LNG, Inc., 9.00% to 9/30/29^(a)(b)(c)(g)			1,947,000		1,894,721

					32,363,729

REAL ESTATE	0.7%
Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)^(c)(g)			1,000,000		981,964
Unibail-Rodamco-Westfield SE, 4.875% to 7/4/30 (France)^(b)(c)(f)			EUR 800,000		946,985

					1,928,949

RETAIL & WHOLESALE—STAPLES	0.7%
Land O’ Lakes, Inc., 7.00%^(a)(b)(g)			1,100,000		922,625
Land O’ Lakes, Inc., 7.25%^(a)(b)(g)			1,190,000		1,029,004

					1,951,629

TELECOMMUNICATIONS	3.1%
Bell Canada, 6.875% to 6/15/30, due 9/15/55 (Canada)^(c)			1,630,000		1,674,847
Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)^(c)			2,350,000		2,389,472
Rogers Communications, Inc., 7.00% to 2/14/30, due 4/15/55 (Canada)^(c)			730,000		748,146
Rogers Communications, Inc., 7.125% to 2/14/35, due 4/15/55 (Canada)^(c)			480,000		486,775
TELUS Corp., 6.625% to 7/15/30, due 10/15/55 (Canada)^(c)			1,350,000		1,358,399
TELUS Corp., 7.00% to 7/15/35, due 10/15/55 (Canada)^(c)			1,280,000		1,291,765

					7,949,404

UTILITIES	15.4%
AES Corp., 6.95% to 4/15/30, due 7/15/55^(c)			940,000		919,328
AES Corp., 7.60% to 10/15/29, due 1/15/55^(c)			1,883,000		1,943,444
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)^(c)			2,524,000		2,464,103
AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54 (Canada)^(c)(g)			1,350,000		1,353,673

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


	Principal Amount*		Value

American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62^(c)		1,138,000	$	1,094,713
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54^(c)		1,324,000		1,383,761
American Electric Power Co., Inc., 7.05% to 9/15/29, due 12/15/54^(c)		1,606,000		1,672,209
Brookfield Infrastructure Finance ULC, 6.75% to 12/15/29, due 3/15/55 (Canada)^(a)(c)		171,000		172,065
CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B^(c)		385,000		399,269
CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A^(c)		1,100,000		1,154,032
CMS Energy Corp., 3.75% to 9/1/30, due 12/1/50^(c)		1,912,000		1,720,834
CMS Energy Corp., 6.50% to 3/1/35, due 6/1/55^(c)		1,200,000		1,205,872
Dominion Energy, Inc., 4.35% to 1/15/27, Series C^(b)(c)		1,427,000		1,404,787
Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55^(a)(c)		765,000		778,290
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A^(a)(c)		711,000		748,337
Edison International, 7.875% to 3/15/29, due 6/15/54^(c)		1,215,000		1,154,088
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)^(c)		580,000		585,089
Entergy Corp., 7.125% to 9/1/29, due 12/1/54^(a)(c)		1,805,000		1,872,067
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54^(c)		1,085,000		1,125,916
Evergy, Inc., 6.65% to 3/1/30, due 6/1/55^(a)(c)		1,085,000		1,104,242
Exelon Corp., 6.50% to 12/15/34, due 3/15/55^(a)(c)		370,000		376,622
NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82^(a)(c)		392,000		376,586
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79^(a)(c)		378,000		377,498
NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, due 8/15/55^(a)(c)		1,135,000		1,161,849
NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55^(a)(c)		2,140,000		2,192,859
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54^(a)(c)		1,647,000		1,701,282
NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54^(a)(c)		2,554,000		2,656,083
NiSource, Inc., 6.375% to 12/31/34, due 3/31/55^(c)		714,000		719,821
NiSource, Inc., 6.95% to 8/30/29, due 11/30/54^(c)		155,000		161,738

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)


		Principal Amount*		Value

Sempra, 4.125% to 1/1/27, due 4/1/52^(a)(c)			2,252,000	$	2,171,038
Sempra, 6.40% to 7/1/34, due 10/1/54^(a)(c)			2,112,000		2,010,258
Sempra, 6.875% to 7/1/29, due 10/1/54^(a)(c)			1,856,000		1,876,303

					40,038,056

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER (Identified cost—$322,835,156)					336,844,840

CORPORATE BONDS—INSURANCE	0.1%
SBL Holdings, Inc., 5.00%, due 2/18/31^(a)(g)			320,000		290,816

TOTAL CORPORATE BONDS (Identified cost—$292,836)					290,816


		Shares
SHORT-TERM INVESTMENTS	1.4%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25%^(j)			2,745,410		2,745,410
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.27%^(j)			951,245		951,245

TOTAL SHORT-TERM INVESTMENTS (Identified cost—$3,696,655)					3,696,655

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$372,953,281)	148.4%				384,793,679
LIABILITIES IN EXCESS OF OTHER ASSETS	(48.4)				(125,483,615	)

NET ASSETS	100.0%			$	259,310,064

Centrally Cleared Interest Rate Swap Contracts



Notional Amount		Fixed Rate Payable			Fixed Payment Frequency	Floating Rate Receivable (resets daily)	Floating Payment Frequency		Maturity Date	Value			Upfront Payments (Receipts)			Unrealized Appreciation (Depreciation)
	$30,000,000		0.548	%	Monthly	4.564%^(k)		Monthly	9/15/25	$	297,043		$	(588	)	$	297,631
	39,000,000		1.181	%	Monthly	4.564%^(k)		Monthly	9/15/26		1,288,236			(3,324	)		1,291,560
	40,000,000		0.930	%	Monthly	4.564%^(k)		Monthly	9/15/27		2,296,626			(4,806	)		2,301,432
	15,000,000		3.655	%	Monthly	USD-SOFR-OIS^(l)		Monthly	9/15/28		(164,887	)		—			(164,887	)
	15,000,000		3.588	%	Monthly	USD-SOFR-OIS^(l)		Monthly	9/15/28		(135,902	)		—			(135,902	)
	5,000,000		3.850	%	Monthly	4.450%^(k)		Monthly	6/1/35		(90,235	)		—			(90,235	)
										$3,490,881			$(8,718)			$3,499,599

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

Forward Foreign Currency Exchange Contracts



Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	EUR	15,657,860	USD	18,230,211		7/28/25	$	(245,655	)
Brown Brothers Harriman	EUR	10,136,147	USD	11,801,364		7/28/25		(159,026	)
Brown Brothers Harriman	EUR	800,000	USD	934,356		7/28/25		(9,623	)
Brown Brothers Harriman	EUR	400,000	USD	467,178		7/28/25		(4,811	)
Brown Brothers Harriman	GBP	4,658,692	USD	6,346,444		7/28/25		(49,044	)
Brown Brothers Harriman	GBP	3,418,468	USD	4,656,911		7/28/25		(35,988	)
Brown Brothers Harriman	USD	259,074	EUR	221,767		7/28/25		2,605
Brown Brothers Harriman	USD	507,653	EUR	432,792		7/28/25		3,031
							$	(498,511	)

Glossary of Portfolio Abbreviations


ETF		Exchange-Traded Fund
EUR		Euro Currency
GBP		British Pound
ICON		Income Capital Obligation Note
OIS		Overnight Indexed Swap
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Exchange-Traded Funds	$	744,954	$	—		$	—	$	744,954
Preferred Securities— Exchange-Traded		43,216,414		—			—		43,216,414
Preferred Securities— Over-the-Counter		—		336,844,840			—		336,844,840
Corporate Bonds		—		290,816			—		290,816
Short-Term Investments		—		3,696,655			—		3,696,655

Total Investments in Securities^(m)	$	43,961,368	$	340,832,311		$	—	$	384,793,679

Forward Foreign Currency Exchange Contracts	$	—	$	5,636		$	—	$	5,636
Interest Rate Swap Contracts		—		3,890,623			—		3,890,623

Total Derivative Assets^(m)	$	—	$	3,896,259		$	—	$	3,896,259

Forward Foreign Currency Exchange Contracts	$	—	$	(504,147	)	$	—	$	(504,147	)
Interest Rate Swap Contracts		—		(391,024	)		—		(391,024	)

Total Derivative Liabilities^(m)	$	—	$	(895,171	)	$	—	$	(895,171	)

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2025 (Unaudited)

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. $179,395,433 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 June 30, 2025.

^(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 $130,742,974 which represents 50.4% of the net assets of the Fund (33.7% 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 $53,005,500 which represents 20.4% of the net assets of the Fund, of which 0.0% are illiquid.

^(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 $81,765,296 which represents 31.5% of the net assets of the Fund, of which 0.9% are illiquid.

^(h)	Non–income producing security.

⁽ⁱ⁾	Security is in default.

^(j)	Rate quoted represents the annualized seven–day yield.

^(k)	Based on USD-SOFR-OIS. Represents rates in effect at June 30, 2025.

^(l)	Represents a forward–starting interest rate swap contract with interest receipts and payments commencing on September 15, 2025 (effective date).

^(m)	Portfolio holdings are disclosed individually on the Schedule of Investments.

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)


ASSETS:
Investments in securities, at value (Identified cost—$372,953,281)	$	384,793,679
Cash		14,924
Cash collateral pledged for interest rate swap contracts		2,054,325
Foreign currency, at value (Identified cost—$1,482,308)		1,494,756
Receivable for:
Dividends and interest		4,464,470
Investment securities sold		952,395
Unrealized appreciation on forward foreign currency exchange contracts		5,636
Other assets		20,640

Total Assets		393,800,825

LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		504,147
Payable for:
Credit agreement		129,000,000
Investment securities purchased		3,997,612
Interest expense		538,898
Investment management fees		222,025
Variation margin on interest rate swap contracts		51,971
Dividends and distributions declared		25,665
Administration fees		19,031
Other liabilities		131,412

Total Liabilities		134,490,761

NET ASSETS	$	259,310,064

NET ASSETS consist of:
Paid-in capital	$	285,410,172
Total distributable earnings/(accumulated loss)		(26,100,108	)

	$	259,310,064

NET ASSET VALUE PER SHARE:
($259,310,064 ÷ 12,028,187 shares outstanding)	$	21.56

MARKET PRICE PER SHARE	$	20.14

MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE		(6.59	)%

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2025 (Unaudited)


Investment Income:
Interest income	$	10,566,590
Dividend income (net of $500 of foreign withholding tax)		1,919,696

Total Investment Income		12,486,286

Expenses:
Interest expense		3,261,192
Investment management fees		1,336,322
Administration fees		146,293
Professional fees		50,951
Shareholder reporting expenses		32,417
Custodian fees and expenses		10,419
Transfer agent fees and expenses		9,905
Directors’ fees and expenses		5,771
Miscellaneous		19,633

Total Expenses		4,872,903

Net Investment Income (Loss)		7,613,383

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		1,902,792
Interest rate swap contracts		1,944,516
Forward foreign currency exchange contracts		(3,364,949	)
Foreign currency transactions		22,388

Net realized gain (loss)		504,747

Net change in unrealized appreciation (depreciation) on:
Investments in securities		4,658,970
Interest rate swap contracts		(2,731,569	)
Forward foreign currency exchange contracts		(647,196	)
Foreign currency translations		40,144

Net change in unrealized appreciation (depreciation)		1,320,349

Net Realized and Unrealized Gain (Loss)		1,825,096

Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,438,479

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)


	For the Six Months Ended June 30, 2025			For the Year Ended December 31, 2024
Change in Net Assets:
From Operations:
Net investment income (loss)	$	7,613,383		$	13,283,384
Net realized gain (loss)		504,747			9,952,793
Net change in unrealized appreciation (depreciation)		1,320,349			9,180,650

Net increase (decrease) in net assets resulting from operations		9,438,479			32,416,827

Distributions to shareholders		(9,093,309	)		(16,866,822	)
Tax return of capital to shareholders		—			(1,319,797	)

Total distributions		(9,093,309	)		(18,186,619	)

Total increase (decrease) in net assets		345,170			14,230,208
Net Assets:
Beginning of period		258,964,894			244,734,686

End of period	$	259,310,064		$	258,964,894

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2025 (Unaudited)


Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	9,438,479
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(103,099,180	)
Proceeds from sales and maturities of long-term investments		110,668,921
Net purchases, sales and maturities of short-term investments		(478,121	)
Net amortization of premium (accretion of discount) on investments in securities		184,283
Net (increase) decrease in dividends and interest receivable and other assets		(130,883	)
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities		(90,706	)
Net increase (decrease) in payable for variation margin on interest rate swap contracts		79,123
Net change in unrealized (appreciation) depreciation on investments in securities		(4,658,970	)
Net change in unrealized (appreciation) depreciation on forward foreign currency exchange contracts		647,196
Net realized (gain) loss on investments in securities		(1,902,792	)

Cash provided by (used for) operating activities		10,657,350

Cash Flows from Financing Activities:
Dividends and distributions paid		(9,092,750	)

Increase (decrease) in cash and restricted cash		1,564,600
Cash and restricted cash at beginning of period (including foreign currency)		1,999,405

Cash and restricted cash at end of period (including foreign currency)	$	3,564,005

Supplemental Disclosure of Cash Flow Information:

For the six months ended June 30, 2025, interest paid was $3,302,615.

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

FINANCIAL HIGHLIGHTS (Unaudited)

The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.


	For the Six Months Ended June 30, 2025			For the Year Ended December 31,
	For the Six Months Ended June 30, 2025			2024			2023			2022			2021			2020
Per Share Operating Data:

Net asset value, beginning of period		$21.53			$20.35			$20.48			$25.99			$26.81			$27.33

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.63			1.10			1.00			1.26			1.40			1.51
Net realized and unrealized gain (loss)		0.16			1.59			0.44			(5.15	)		0.21			(0.06	)

Total from investment operations		0.79			2.69			1.44			(3.89	)		1.61			1.45

Less dividends and distributions to shareholders from:

Net investment income		(0.76	)		(1.40	)		(1.33	)		(1.44	)		(1.39	)		(1.43	)
Net realized gain		—			—			—			(0.13	)		(1.04	)		(0.31	)
Tax return of capital		—			(0.11	)		(0.24	)		(0.05	)		—			(0.23	)

Total dividends and distributions to shareholders		(0.76	)		(1.51	)		(1.57	)		(1.62	)		(2.43	)		(1.97	)

Anti-dilutive effect from the issuance of reinvested shares		—			—			—			—			0.00	^(b)		0.00	^(b)

Net increase (decrease) in net asset value		0.03			1.18			(0.13	)		(5.51	)		(0.82	)		(0.52	)

Net asset value, end of period		$21.56			$21.53			$20.35			$20.48			$25.99			$26.81

Market price, end of period		$20.14			$19.77			$18.90			$18.72			$26.80			$28.10



Net asset value total return^(c)		4.00	%^(d)		14.05	%		7.99	%		-14.89	%		5.96	%		6.03	%

Market price total return^(c)		5.80	%^(d)		12.76	%		9.72	%		-24.56	%		4.24	%		-3.64	%



Ratios/Supplemental Data:

Net assets, end of period (in millions)		$259.3			$259.0			$244.7			$246.3			$312.5			$322.2

Ratios to average daily net assets:

Expenses		3.84	%^(e)		4.28	%		4.57	%		2.54	%		1.59	%		1.80	%

Expenses (excluding interest expense)		1.27	%^(e)		1.28	%		1.35	%		1.30	%		1.22	%		1.23	%

Net investment income (loss)		6.00	%^(e)		5.21	%		5.09	%		5.65	%		5.22	%		6.02	%

Portfolio turnover rate		28	%^(d)		61	%		57	%		59	%		57	%		65	%

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)


	For the Six Months Ended June 30, 2025			For the Year Ended December 31,
	For the Six Months Ended June 30, 2025			2024			2023			2022			2021			2020
Credit Agreement:

Asset coverage ratio for credit agreement		301	%		301	%		290	%		291	%		342	%		350	%

Asset coverage per $1,000 for credit agreement		$3,010			$3,007			$2,897			$2,909			$3,423			$3,498

Amount of loan outstanding (in millions)		$129.0			$129.0			$129.0			$129.0			$129.0			$129.0

^(a)	Calculation based on average shares outstanding.

^(b)	Amount is less than $0.005.

^(c)

Net asset value total return measures the change in net asset value per share over the period indicated. Market price total return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

^(d)	Not annualized.

^(e)	Annualized.

See accompanying notes to financial statements.

Cohen & Steers Select Preferred and Income Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Select Preferred and Income Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on August 16, 2010 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, closed-end management investment company. The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is capital appreciation.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Cohen & Steers Select Preferred and Income Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 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

Cohen & Steers Select Preferred and Income Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

•

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 levels associated with valuing the Fund’s investments as of June 30, 2025 are disclosed in the Fund’s Schedule of Investments.

Security Transactions and Investment Income: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from real estate investment trusts (REITs) are recorded as ordinary income, net realized capital gains or return of capital based on information reported by the REITs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts.

Cash: For the purposes of the Statement of Cash Flows, the Fund defines cash as cash, including foreign currency and restricted cash.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any) currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 Statement of Assets and Liabilities. 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.

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 on the Statement of Assets and Liabilities 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 in the Statement of Assets and Liabilities. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, in the Statement of Assets and Liabilities, and

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

amortized or accreted over the life of the swap and recorded as realized gain (loss) in the Statement of Operations. Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss) in the Statement of Operations.

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 Statement of Assets and Liabilities. 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.

Dividends and Distributions to Shareholders: The Fund makes regular monthly distributions pursuant to the Policy. Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are typically declared quarterly and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund in accordance with the Fund’s dividend reinvestment plan, unless the shareholder has elected to have them paid in cash.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the six months ended June 30, 2025, the investment manager considers it likely that a portion of the dividends will be reclassified to distributions from tax return of capital upon the final determination of the Fund’s taxable income after December 31, 2025, the Fund’s fiscal year end.

Distributions Subsequent to June 30, 2025: The following distributions have been declared by the Fund’s Board of Directors and are payable subsequent to the period end of this report.


Ex-Date/ Record Date	Payable Date	Amount
7/15/25	7/31/25	$0.126
8/12/25	8/29/25	$0.126
9/9/25	9/30/25	$0.126

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities are recorded net

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

of non-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of June 30, 2025, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates

Investment Management Fees: Cohen & Steers Capital Management, Inc. serves as the Fund’s investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager provides the Fund with day-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 0.70% of the average daily managed assets of the Fund. Managed assets are equal to the net assets plus the amount of any borrowings used for leverage outstanding.

Administration Fees: The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily managed assets of the Fund. For the six months ended June 30, 2025, the Fund incurred $114,542 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment manager. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer, who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $1,109 for the six months ended June 30, 2025.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2025, totaled $107,034,265 and $111,223,366, respectively.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 4. Derivative Investments

The following tables present the value of derivatives held at June 30, 2025 and the effect of derivatives held during the six months ended June 30, 2025, if any, along with the respective location in the financial statements.

Statement of Assets and Liabilities

Assets

Liabilities

Derivatives

Location

Fair Value

Location

Fair Value

Foreign Currency Exchange Risk:

Forward Foreign Currency Exchange Contracts^(a)

Unrealized appreciation

5,636

Unrealized depreciation

504,147

Interest Rate Risk:

Interest Rate Swap Contracts^(b)

—

Payable for variation
margin on interest rate swap contracts

3,499,599

^(c)

^(a)	Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement.

^(b)	Not subject to a master netting agreement or another similar arrangement.

^(c)	Amount represents the cumulative net appreciation (depreciation) on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities only reflects the current day variation margin payable to the broker.

Statement of Operations


Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Foreign Currency Exchange Risk:
Forward Foreign Currency Exchange Contracts	Net Realized and Unrealized Gain (Loss)	$	(3,364,949	)	$	(647,196	)
Interest Rate Risk:
Interest Rate Swap Contracts	Net Realized and Unrealized Gain (Loss)		1,944,516			(2,731,569	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The following summarizes the monthly average volume of the Fund’s interest rate swap contracts and forward foreign currency exchange contracts activity for the six months ended June 30, 2025:


	Interest Rate Swap Contracts		Forward Foreign Currency Exchange Contracts
Average Notional Amount^(a)	$	126,857,143	$	36,615,139

^(a)

Average notional amount represent the average for all months in which the Fund had interest rate swap contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents six months for interest rate swap contracts and forward foreign currency exchange contracts.

Note 5. Income Tax Information

As of June 30, 2025, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:


Cost of investments in securities for federal income tax purposes	$	372,953,281

Gross unrealized appreciation on investments	$	22,018,067
Gross unrealized depreciation on investments		(7,176,581	)

Net unrealized appreciation (depreciation) on investments	$	14,841,486

As of December 31, 2024, the Fund has a net capital loss carryforward of $41,617,948 which may be used to offset future capital gains. The loss is comprised of a short-term capital loss carryforward of $9,370,237 and a long-term capital loss carryforward of $32,247,711, which under current federal income tax rules, may offset capital gains recognized in any future period.

Note 6. Capital Stock

The Fund is authorized to issue 250 million shares of common stock at a par value of $0.001 per share.

During the six months ended June 30, 2025 and year ended December 31, 2024, the Fund did not issue shares of common stock for the reinvestment of dividends.

On December 10, 2024, the Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management’s discretion and subject to market conditions and investment considerations, of up to 10% of the Fund’s common shares outstanding (Share Repurchase Program) as of January 1, 2025 through December 31, 2025.

During the six months ended June 30, 2025 and year ended December 31, 2024, the Fund did not effect any repurchases.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 7. Borrowings

The Fund has entered into a $129,000,000 revolving credit agreement (the credit agreement) with State Street Bank and Trust Company (State Street). The Fund pays a monthly financing charge which is calculated based on the utilized portion of the credit agreement and a Secured Overnight Financing Rate (SOFR)-based rate. The Fund also pays a fee of 0.15% per annum for each day in which the aggregate loans outstanding under the credit agreement total less than 80% of the credit agreement amount of $129,000,000. The credit agreement has a 360-day evergreen provision whereby State Street may terminate this agreement upon 360 days’ notice, but the Fund may terminate on three business days’ notice to State Street. Securities held by the Fund are subject to a lien, granted to State Street, to the extent of the borrowing outstanding in connection with the Fund’s revolving credit agreement. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, necessitating the sale of portfolio securities at potentially inopportune times.

As of June 30, 2025, the Fund had outstanding borrowings of $129,000,000 at a rate of 5.2%. The carrying value of the borrowings approximates fair value. The borrowings are classified as Level 2 within the fair value hierarchy. During the six months ended June 30, 2025, the Fund borrowed an average daily balance of $129,000,000 at a weighted average borrowing cost of 5.1%.

Note 8. Other Risks

Market Price Discount from Net Asset Value Risk: Shares of closed-end investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the shares may trade at, above or below NAV.

Preferred Securities Risk: Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.

Contingent Capital Securities Risk: CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security, for example, a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer’s capital ratio falling below a certain level. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero, and conversion would deepen the subordination of the investor, hence worsening the investor’s standing in a bankruptcy. Some CoCos provide for a reduction in the value or principal amount of the security (potentially to zero) under such circumstances. In March 2023, a Swiss regulator required a write-down of outstanding CoCos to zero notwithstanding the fact that the equity shares continued to exist and have economic value. It is currently unclear whether regulators of issuers in other jurisdictions will take similar actions. Notwithstanding these risks, the Fund intends to continue to invest in CoCos issued by Swiss companies and by companies in other jurisdictions. In addition, most CoCos are considered to be high yield or “junk” securities and are therefore subject to the risks of investing in below-investment-grade securities. Finally, CoCo issuers can, at their discretion, suspend dividend distributions on their CoCo securities and are more likely to do so in response to negative economic conditions and/or government regulation. Omitted distributions are typically non-cumulative and will not be paid on a future date. Any omitted distribution may negatively impact the returns or distribution rate of the Fund.

Concentration Risk: Because the Fund invests at least 25% of its managed assets in the financials sector, it will be more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition. In addition, the Fund will also be subject to the risks of investing in the individual industries and securities that comprise the financials sector, including the bank, diversified financials, real estate (including REITs) and insurance industries. To the extent that the Fund focuses its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications, the Fund will be subject to the risks associated with these particular sectors and industries. These sectors and industries may be adversely affected by, among others, changes in government regulation, world events and economic conditions.

Credit and Below-Investment-Grade Securities Risk: Preferred securities may be rated below-investment-grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Liquidity Risk: Liquidity risk is the risk that particular investments of the Fund may become difficult to sell or purchase. The market for certain investments may become less liquid or illiquid due to adverse changes in the conditions of a particular issuer or due to adverse market or economic conditions. In addition, due to changes in market structure and regulation over the past several years, dealers tend to hold lower inventories of securities than they had in the past, which can limit the ability and willingness of these dealers to make markets and provide liquidity. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. Further, transactions in less liquid or illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

Foreign (Non-U.S.) and Emerging Market Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Currency and Currency Hedging Risk: Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various investments that are designed to hedge the Fund’s foreign currency risks, and such investments are subject to the risks described under “Derivatives and Hedging Transactions Risk” below.

Leverage Risk: The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for the shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. The use of leverage also results in the investment management fees payable to the investment manager being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Derivatives and Hedging Transactions Risk: The Fund’s use of derivatives, including for the purpose of hedging interest rate or foreign currency risks, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

Rule 144A Securities Risk: Rule 144A Securities are considered restricted securities because they are not registered for sale to the general public and may only be resold to certain qualified institutional buyers. Institutional markets for Rule 144A Securities that exist or may develop may provide both readily ascertainable values for such securities and the ability to promptly sell such securities. However, if there are an insufficient number of qualified institutional buyers interested in purchasing Rule 144A Securities held by the Fund, the Fund will be subject to liquidity risk and thus may not be able to sell the Rule 144A Securities at a desirable time or price.

Market Disruption and Geopolitical Risk: Geopolitical events, such as war (including ongoing conflicts in Ukraine and the Middle East), terrorist attacks, natural or environmental disasters (including hurricanes, wildfires, and flooding), country instability, public health emergencies (including epidemics and pandemics), market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, have led and may in the future lead to market volatility and may have long-lasting impacts on U.S. and global economies and financial markets. Supply chain disruptions or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, sectors, companies or industries. Events occurring in one region of the world may negatively impact industries and regions that are not otherwise directly impacted by the events. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

Russia’s military invasion of Ukraine significantly amplified already existing geopolitical tensions. The U.S. and many other countries have instituted various economic sanctions against Russia, Russian individuals and entities and Belarus. The extent and duration of the military action, sanctions imposed and other punitive actions taken (including any Russian retaliatory responses to such sanctions and actions), and resulting disruptions in Europe and globally cannot be predicted, but could be significant and have a severe adverse effect on the global economy, securities markets

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

and commodities markets globally, including through global supply chain disruptions, increased inflationary pressures and reduced economic activity.

Ongoing conflicts in the Middle East could have similar negative impacts. The possibility of a prolonged conflict, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets.

Systemic risk events in the financial sectors and/or resulting government actions can negatively impact investments held by the Fund. For example, issues with certain regional U.S. banks and other financial institutions in March 2023 raised economic concerns over disruption in the U.S. banking system. These risks also may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Fund interacts. There can be no certainty that any actions taken by the U.S. government to strengthen public confidence in the U.S. banking system or financial markets will be effective in mitigating the effects of financial institution failures on the economy and restoring or maintaining public confidence. In addition, raising the U.S. Government debt ceiling has become increasingly politicized. Any failure to increase the total amount that the U.S. Government is authorized to borrow could lead to a default on U.S. Government obligations. A default or a threat of default by the U.S. Government would be highly disruptive to the U.S. and global securities markets and could significantly reduce the value of the Fund’s investments.

The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

The rapid development and increasingly widespread use and regulation of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT (collectively, AI Technologies), may pose risks to the Fund. For instance, the rapid advanced development of AI Technologies and efforts to regulate or control its use and advancement may have significant positive or negative impacts on a wide range of different industries and the global economy. It is not possible to predict which companies, sectors, or economies may benefit or be disadvantaged by such developments, nor is it possible to determine the full extent of current or future risks related thereto.

Some political leaders around the world (including in the U.S. and certain European nations) have been and may be elected on protectionist platforms, raising questions about the future of global free trade. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments.

Regulatory Risk: Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.

Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques.

The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

Cybersecurity Risk: With the increased use of technologies such as the Internet and AI Technologies, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment manager), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment manager, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.

Each of the Fund and the investment manager may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund’s third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.

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(The following pages are unaudited)

REINVESTMENT PLAN

We urge shareholders who want to take advantage of this plan and whose shares are held in ‘Street Name’ to consult your broker as soon as possible to determine if you must change registration into your own name to participate.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 866-227-0757, (ii) on our website at cohenandsteers.com or (iii) on the U.S. Securities and Exchange Commission’s (SEC) website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling 866-227-0757 or (ii) on the SEC’s website at http://www.sec.gov.

Disclosures of the Fund’s complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. The Fund’s Form N-PORT is available (i) without charge, upon request, by calling 866-227-0757 or (ii) on the SEC’s website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. Distributions in excess of the Fund’s investment company taxable income and net realized gains are a return of capital distributed from the Fund’s assets. To the extent this occurs, the Fund’s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Notice is hereby given in accordance with Rule 23c-1 under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.

Changes to the Portfolio Management Team

Effective January 31, 2025, Robert Kastoff was added as a portfolio manager of the Fund.

Benchmark Change

The Board of Directors approved a change to the Fund’s blended benchmark at its March 11, 2025 meeting. Effective close of business June 30, 2025, the Fund’s blended benchmark was updated from 55% ICE BofA U.S. IG Institutional Capital Securities Index, 20% ICE BofA Core Fixed Rate Preferred Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index to the blended benchmark of 65% ICE U.S. Institutional Capital Securities Index, 10% ICE BofA Core Fixed Rate Preferred Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index.

Cohen & Steers Select Preferred and Income Fund, Inc.

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

The Board of Directors of the Fund (the Board), including a majority of the directors who are not parties to the Fund’s investment management agreement (the Management Agreement), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Management Agreement for its initial two year term and its continuation annually thereafter at a meeting of the Board called for the purpose of voting on the approval or continuation. The Management Agreement was discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 3, 2025, and at a meeting of the full Board held on June 17, 2025. The Independent Directors, in their capacity as the Contract Review Committee, also discussed the Management Agreement in executive sessions on June 16 and 17, 2025. At the meeting of the full Board on June 17, 2025, the Management Agreement was unanimously continued for a term ending June 30, 2026, by the Board, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Management Agreement, the Board reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds and, collectively with the Fund, the Peer Group) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment manager (the Investment Manager); and a memorandum from counsel to the Independent Directors outlining the legal duties of the Board. The Board also spoke directly with a representative of the independent data provider and met with investment management personnel. In addition, the Board considered information provided from time to time by the Investment Manager throughout the year at meetings of the Board, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund’s objective. The Board also considered information provided by the Investment Manager in response to a request for information submitted by counsel to the Independent Directors, on behalf of the Independent Directors, as well as information provided by the Investment Manager in response to a supplemental request. In particular, the Board considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Manager: The Board reviewed the services that the Investment Manager provides to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board regarding the Fund’s portfolio, providing individuals to serve as Fund officers, managing the Fund’s debt leverage level, and generally managing the Fund’s investments in accordance with the stated policies of the Fund. The Board also discussed with officers and portfolio managers of the Fund the types of transactions conducted on behalf of the Fund. Additionally, the Board took into account the services provided by the Investment Manager to its other funds and accounts, including those that have investment objectives and strategies similar to those of the Fund. The Board also considered the education, background and experience of the Investment Manager’s personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board further noted the Investment Manager’s ability to attract qualified and

Cohen & Steers Select Preferred and Income Fund, Inc.

experienced personnel. The Board also considered the administrative services provided by the Investment Manager, including compliance and accounting services. After consideration of the above factors, among others, the Board concluded that the nature, extent and quality of services provided by the Investment Manager are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Manager: The Board considered the investment performance of the Fund compared to Peer Funds and compared to a relevant benchmark and a relevant linked blended benchmark. The Board considered that, on a net asset value (NAV) basis, the Fund outperformed the Peer Group median for the three-year period, represented the Peer Group median for the ten-year period and underperformed the Peer Group medians for the one- and five-year periods ended March 31, 2025, ranking one out of five peers, three out of five peers, four out of five peers and four out of five peers, respectively. The Board also noted that, on a NAV basis, the Fund outperformed the relevant benchmark for the one-, three-, five- and ten-year periods ended March 31, 2025. The Board also noted, the Fund outperformed the relevant linked blended benchmark for the one-, five- and ten-year period and was in-line with the relevant linked blended benchmark for the three-year period ended March 31, 2025. The Board engaged in discussions with the Investment Manager regarding the contributors to and detractors from the Fund’s performance, as well as the impact of leverage on the Fund’s performance. The Board also considered supplemental information provided by the Investment Manager, including a narrative summary of various factors affecting performance and the Investment Manager’s performance in managing similarly managed funds and accounts. The Board determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Management Agreement.

(iii) Cost of the services to be provided and profits to be realized by the Investment Manager from the relationship with the Fund: The Board considered the contractual and actual management fees paid by the Fund as well as the Fund’s total expense ratios. As part of its analysis, the Board gave consideration to the fee and expense analyses provided by the independent data provider. The Board considered that the Fund’s actual management fee at managed asset levels was in-line with the Peer Group median and the actual management fee at common asset levels represented the Peer Group median, ranking four out of five peers and three out of five peers, respectively. The Board noted that the Fund’s total expense ratios including investment-related expenses at managed asset levels and at common asset levels were both lower than the Peer Group medians, ranking one out of five peers for each. The Board also noted that the Fund’s total expense ratio excluding investment-related expenses at managed asset levels was in-line with the Peer Group median and at common asset levels it represented the Peer Group median, ranking four out of five peers and three out of five peers, respectively. The Board considered the impact of leverage on the Fund’s fees and expenses at managed and common asset levels. In light of the considerations above, the Board concluded that the Fund’s current expense structure was satisfactory.

The Board also reviewed information regarding the profitability to the Investment Manager of its relationship with the Fund. The Board considered the level of the Investment Manager’s profits and whether the profits were reasonable for the Investment Manager. The Board took into consideration other benefits to be derived by the Investment Manager in connection with the Management Agreement, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Manager receives by

Cohen & Steers Select Preferred and Income Fund, Inc.

allocating the Fund’s brokerage transactions. The Board further considered that the Investment Manager continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board also considered the administrative services provided by the Investment Manager and the associated administration fee paid to the Investment Manager for such services under the Administration Agreement. The Board determined that the services received under the Administration Agreement are beneficial to the Fund. The Board concluded that the profits realized by the Investment Manager from its relationship with the Fund were reasonable and consistent with the Investment Manager’s fiduciary duties.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale: The Board noted that, as a closed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale. The Board determined that, given the Fund’s closed-end structure, there were no significant economies of scale that were not already being shared with shareholders. In considering economies of scale, the Board also noted, as discussed above in (iii), that the Investment Manager continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment management contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board compared the fees paid under the Management Agreement to those under other investment management contracts of other investment advisors managing Peer Funds. The Board also compared the services rendered and fees paid under the Management Agreement to fees paid, including the ranges of such fees, under the Investment Manager’s other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates, noting that the Investment Manager provides more services to the Fund than it does to institutional or subadvised accounts. The Board also considered the entrepreneurial risk and financial exposure assumed by the Investment Manager in developing and managing the Fund that the Investment Manager does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board determined that on a comparative basis the fees under the Management Agreement were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board, and each Director may have assigned different weights to the various factors. Rather, after weighing all of the considerations and conclusions discussed above, the Board, including the Independent Directors, unanimously approved the continuation of the Management Agreement.

Cohen & Steers Select Preferred and Income Fund, Inc.

Cohen & Steers Privacy Policy



Facts		What Does Cohen & Steers Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?

For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No

For our marketing purposes— to offer our products and services to you	Yes	No

For joint marketing with other financial companies—	No	We don’t share

For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share

For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share

For our affiliates to market to you—	No	We don’t share

For non-affiliates to market to you—	No	We don’t share



Questions? Call 866-227-0757

Cohen & Steers Select Preferred and Income Fund, Inc.

Cohen & Steers Privacy Policy—(Continued)



Who we are

Who is providing this notice?		Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers).

What we do

How does Cohen & Steers protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.

How does Cohen & Steers collect my personal information?		We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.

Why can’t I limit all sharing?		Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.

Non-affiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates.

Joint marketing		A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

Cohen & Steers Select Preferred and Income Fund, Inc.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS

REAL ESTATE SECURITIES FUND

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS

INSTITUTIONAL REALTY SHARES

•

Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

•

Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

•

Designed for investors seeking total return, investing primarily in global real estate equity securities

•

Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS

INTERNATIONAL REALTY FUND

•

Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities

•

Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

•

Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

•

Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

•

Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies

•

Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

•

Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies

•

Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX

COHEN & STEERS FUTURE OF ENERGY FUND

•

Designed for investors seeking total return, investing primarily in securities of traditional and alternative energy companies

•

Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS

GLOBAL INFRASTRUCTURE FUND

•

Designed for investors seeking total return, investing primarily in global infrastructure securities

•

Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

Cohen & Steers Select Preferred and Income Fund, Inc.

OFFICERS AND DIRECTORS

Joseph M. Harvey

Director and Chair

Adam M. Derechin

Director

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

Ramona Rogers-Windsor

Director

James Giallanza

President and Chief Executive Officer

Albert Laskaj

Treasurer and Chief Financial Officer

Dana A. DeVivo

Secretary and Chief Legal Officer

Stephen Murphy

Chief Compliance Officer

and Vice President

Elaine Zaharis-Nikas

Vice President

KEY INFORMATION

Investment Manager and Administrator

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30^th Floor

New York, NY 10036

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

Computershare

150 Royall Street

Canton, MA 02021

(866) 227-0757

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

New York Stock Exchange Symbol: PSF

Website: cohenandsteers.com

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)	Not applicable.

(b)	The Registrant has not had any change in the portfolio managers identified in response to paragraph (a)(1) of this item in the Registrant’s most recent annual report on Form N-CSR.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors implemented after the Registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)	There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a- 2(b) under the Investment Company Act of 1940.


Common Shares	Shares Voted For		Authority Withheld
To elect Directors:

Joseph M. Harvey		8,934,650		236,613
Gerald J. Maginnis		8,918,148		253,115
Daphne L. Richards		8,939,242		232,021



		By:		/s/ James Giallanza
				Name: James Giallanza
				Title: Principal Executive Officer (President and Chief Executive Officer)

		Date:		September 5, 2025



		By:		/s/ James Giallanza
				Name: James Giallanza
				Title: Principal Executive Officer (President and Chief Executive Officer)



		By:		/s/ Albert Laskaj
				Name: Albert Laskaj
				Title: Principal Financial Officer (Treasurer and Chief Financial Officer)

		Date:		September 5, 2025


Security	Value		% of Managed Assets
Citigroup Capital III, 7.625%, due 12/1/36	$	4,595,834		1.2
Goldman Sachs Group, Inc., 7.50%, Series X		4,538,336		1.2
UBS Group AG, 9.25% (Switzerland)		4,403,862		1.1
Barclays PLC, 9.625% (United Kingdom)		4,230,190		1.1
Citigroup, Inc., 6.95%, Series FF		4,187,420		1.1
HSBC Holdings PLC, 6.00% (United Kingdom)		3,805,656		1.0
Enbridge, Inc., 8.50%, due 1/15/84 (Canada)		3,644,425		0.9
Bank of America Corp., 6.625%, Series OO		3,539,064		0.9
UBS Group AG, 9.25% (Switzerland)		3,500,717		0.9
Charles Schwab Corp., 4.00%, Series H		3,485,267		0.9


Country Summary	% of Managed Assets
United States		46.5
Canada		12.5
United Kingdom		10.0
France		7.7
Switzerland		4.4
Spain		3.5
Netherlands		3.4
Japan		2.5
Germany		2.1
Ireland		1.3
Greece		1.2
Italy		0.9
Sweden		0.8
Austria		0.6
Other (includes short-term investments)		2.6

		100.0


Cash	$	14,924
Restricted cash		2,054,325
Foreign currency		1,494,756

Total cash and restricted cash shown on the Statement of Cash Flows	$	3,564,005