EX-99.13(C) 4 d931205dex9913c.htm NOTIFICATION OF SOURCES OF DISTRIBUTION Notification of Sources of Distribution

EXHIBIT 13(c)

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the “Fund”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of January 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.172    January 14, 2020    January 15, 2020    January 31, 2020

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. All amounts are expressed per common share.

 

                     
     
DISTRIBUTION ESTIMATES    January 2020   

YEAR-TO-DATE (YTD)

January 31, 2020*

         
Source   

Per Share

Amount

    % of Current
Distribution		   

Per Share

Amount

    % of 2020
Distributions

Net Investment Income

    $0.1080    62.79%    $0.1080    62.79%

Net Realized Short-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Net Realized Long-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Return of Capital (or other Capital Source)

    $0.0640    37.21%    $0.0640    37.21%

Total Current Distribution

    $0.1720    100.00%    $0.1720    100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2019 (January 1, 2019 through December 31, 2019) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending December 31, 2019 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2019 to December 31, 2019
Year-to-date Cumulative Total Return1    23.59%        
Cumulative Distribution Rate2      0.63%        
      
Five-year period ending December 31, 2019
Average Annual Total Return3      8.77%        

Current Annualized Distribution Rate4

      7.55%        

 

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through January 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of December 31, 2019.

 

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending December 31, 2019. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of December 31, 2019.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

EXHIBIT 13(c)

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the “Fund”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of February 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.172    February 11, 2020    February 12, 2020    February 28, 2020

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. All amounts are expressed per common share.

 

                     
     
DISTRIBUTION ESTIMATES    February 2020   

YEAR-TO-DATE (YTD)

February 29, 2020*

         
Source   

Per Share

Amount

    % of Current
Distribution		   

Per Share

Amount

    % of 2020
Distributions

Net Investment Income

    $0.1317    76.57%    $0.2298    66.80%

Net Realized Short-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Net Realized Long-Term Capital Gains

    $0.0403    23.43%    $0.1142    33.20%

Return of Capital (or other Capital Source)

    $0.0000    0.00%    $0.0000    0.00%

Total Current Distribution

    $0.1720    100.00%    $0.3440    100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through January 31, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending January 31, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to January 31, 2020
Year-to-date Cumulative Total Return1      1.99%        
Cumulative Distribution Rate2      1.24%        
      
Five-year period ending January 31, 2020
Average Annual Total Return3      8.83%        

Current Annualized Distribution Rate4

      7.45%        

 

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through February 29, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of January 31, 2020.

 

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending January 31, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of January 31, 2020.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

EXHIBIT 13(c)

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the “Fund”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of March 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution

   

Ex-Dividend Date

   

Record Date

   

Payable Date

$0.172    March 17, 2020    March 18, 2020    March 31, 2020

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. All amounts are expressed per common share.

 

                     
     
DISTRIBUTION ESTIMATES    March 2020   

YEAR-TO-DATE (YTD)

March 31, 2020*

         
Source   

Per Share

Amount

    % of Current
Distribution		   

Per Share

Amount

    % of 2020
Distributions

Net Investment Income

    $0.1236    71.86%    $0.3598    69.73%

Net Realized Short-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Net Realized Long-Term Capital Gains

    $0.0484    28.14%    $0.1562    30.27%

Return of Capital (or other Capital Source)

    $0.0000    0.00%    $0.0000    0.00%

Total Current Distribution

    $0.1720    100.00%    $0.5160    100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through February 29, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending February 29, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to February 29, 2020
Year-to-date Cumulative Total Return1     -1.24%        
Cumulative Distribution Rate2      1.93%        
      
Five-year period ending February 29, 2020
Average Annual Total Return3      7.82%        

Current Annualized Distribution Rate4

      7.74%        

 

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through March 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of February 29, 2020.

 

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending February 29, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of February 29, 2020.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

EXHIBIT 13(c)

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the “Fund”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of April 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution    Ex-Dividend Date    Record Date    Payable Date
$0.172    April 14, 2020    April 15, 2020    April 30, 2020

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. All amounts are expressed per common share.

 

                     
     
DISTRIBUTION ESTIMATES    April 2020   

YEAR-TO-DATE (YTD)

April 30, 2020*

         
Source   

Per Share

Amount

    % of Current
Distribution		   

Per Share

Amount

    % of 2020
Distributions

Net Investment Income

    $0.0880    51.16%    $0.4492    65.29%

Net Realized Short-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Net Realized Long-Term Capital Gains

    $0.0000    0.00%    $0.0434    6.31%

Return of Capital (or other Capital Source)  

    $0.0840    48.84%    $0.1954    28.40%

Total Current Distribution

    $0.1720    100.00%    $0.6880    100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through March 31, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending March 31, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

number of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Fund Performance and Distribution Rate Information:

 

   Year-to-date January 1, 2020 to March 31, 2020
   Year-to-date Cumulative Total Return1    -21.64%        
            Cumulative Distribution Rate2       3.28%        
         
   Five-year period ending March 31, 2020
   Average Annual Total Return3       2.75%        
  

Current Annualized Distribution Rate4

       9.83%        

 

  1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

  2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through April 30, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of March 31, 2020.

 

  3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending March 31, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

  4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of March 31, 2020.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

 

280 Park Avenue, New York, NY 10017-1216    Tel: 212.832.3232    Fax: 212-832-3622

EXHIBIT 13(c)

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the “Fund”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of May 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution    Ex-Dividend Date    Record Date    Payable Date
$0.172    May 12, 2020    May 13, 2020    May 29, 2020

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. All amounts are expressed per common share.

 

                     
     
DISTRIBUTION ESTIMATES    May 2020   

YEAR-TO-DATE (YTD)

May 31, 2020*

         
Source   

Per Share

Amount

    % of Current
Distribution		   

Per Share

Amount

    % of 2020
Distributions

Net Investment Income

    $0.1536    89.30%    $0.6137    71.36%

Net Realized Short-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Net Realized Long-Term Capital Gains

    $0.0000    0.00%    $0.0434    5.05%

Return of Capital (or other Capital Source)

    $0.0184    10.70%    $0.2029    23.59%

Total Current Distribution

    $0.1720    100.00%    $0.8600    100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through April 30, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending April 30, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to April 30, 2020
Year-to-date Cumulative Total Return1     -12.27%        
Cumulative Distribution Rate2        3.68%        
      
Five-year period ending April 30, 2020
Average Annual Total Return3        5.03%        

Current Annualized Distribution Rate4

        8.84%        

 

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through May 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of April 30, 2020.

 

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending April 30, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of April 30, 2020.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

EXHIBIT 13(c)

Notification of Sources of Distribution

Pursuant to Section 19(a) of the Investment Company Act of 1940

Cohen & Steers Select Preferred and Income Fund, Inc. (PSF)

Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the “Fund”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders. This policy will give the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis.

The Board of Directors of the Fund declared a monthly distribution per share for the month of June 2020. Please review the following information and important disclosures set forth below.

 

Amount of Distribution    Ex-Dividend Date    Record Date    Payable Date
$0.172    June 16, 2020    June 17, 2020    June 30, 2020

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated in the table. All amounts are expressed per common share.

 

                     
     
DISTRIBUTION ESTIMATES    June 2020   

YEAR-TO-DATE (YTD)

June 30, 2020*

         
Source   

Per Share

Amount

    % of Current
Distribution		   

Per Share

Amount

    % of 2020
Distributions

Net Investment Income

    $0.1186    68.95%    $0.7276    70.50%

Net Realized Short-Term Capital Gains

    $0.0000    0.00%    $0.0000    0.00%

Net Realized Long-Term Capital Gains

    $0.0000    0.00%    $0.0434    4.21%

Return of Capital (or other Capital Source)

    $0.0534    31.05%    $0.2610    25.29%

Total Current Distribution

    $0.1720    100.00%    $1.0320    100.00%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund’s Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through May 31, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund’s Cumulative Distribution Rate for 2020. In addition, the Fund’s Average Annual Total Return for the five-year period ending May 31, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund’s Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund’s net asset value per share (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

 

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622

Fund Performance and Distribution Rate Information:

 

Year-to-date January 1, 2020 to May 31, 2020
Year-to-date Cumulative Total Return1    -9.85%        
Cumulative Distribution Rate2    4.33%        
      
Five-year period ending May 31, 2020
Average Annual Total Return3    5.64%        

Current Annualized Distribution Rate4

    8.67%        

 

1.

Year-to-date Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

 

2.

Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2020 through June 30, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of May 31, 2020.

 

3.

Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending May 31, 2020. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

 

4.

The Current Annualized Distribution Rate is the current fiscal period’s distribution rate annualized as a percentage of the Fund’s NAV as of May 31, 2020.

This Fund has a managed distribution policy that seeks to deliver the Fund’s long term total return potential through regular monthly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Shareholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund’s assets and will constitute a return of the shareholder’s capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of the Fund. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund’s shares.

Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report fund distributions for federal income tax purposes.

 

280 Park Avenue, New York, NY 10017-1216     Tel: 212.832.3232     Fax: 212-832-3622