PSF - Cohen & Steers Select Preferred & Income Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Aug 12, 2026

   Morgan Stanley sold down below 5% and stopped reporting.

   Original document →

2. May 5, 2025

   Morgan Stanley raised its stake to 6.3% (from 5.3%), as a passive investor.

   Original document →

3. Nov 6, 2024

   Morgan Stanley now owns 5.3%, as a passive investor.

   Original document →

About this fund

• Run by Cohen & Steers Capital Management, Inc. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $263 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 33% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.1% a year in management fees; 3.8% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 14 funds we follow that invest in preferred shares, 8 charge a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.51 a share. $1.49 of that was income; $0.02 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $22.11. The shares traded at $20.28, about 8.3% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 5.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $1.51 in the fiscal year ended Dec 31, 2025; $1.51 in the year ended Dec 31, 2024; $1.57 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.02 in the year ended Dec 31, 2025; $0.11 in the year ended Dec 31, 2024; $0.24 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.76% a year in the fiscal year ended Dec 31, 2025; 4.28% a year in the year ended Dec 31, 2024; 4.57% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $266 million at Dec 31, 2025; $259 million at Dec 31, 2024; $245 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 33% on top of its own money at Dec 31, 2025; 33% at Dec 31, 2024; 35% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 12 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +10.5%, counting payouts; the holdings +10.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +12.8%, counting payouts; the holdings +14.1%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +9.7%, counting payouts; the holdings +8%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -24.6%, counting payouts; the holdings -14.9%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +4.2%, counting payouts; the holdings +6%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +7.5%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $10,800 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +7.6%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 9 funds that invest in preferred shares with a fiscal year ending within six months of this one, 6 reported a higher share return for that year and 2 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (88%), the rest preferred shares. About 45% issued in the U.S.

1. Citigroup - 4.7%
2. UBS Group AG - 4.7%
3. Goldman Sachs Group Inc/The - 2.8%
4. HSBC Holdings PLC - 2%
5. Bank of America - 1.5%
6. BNP Paribas SA - 1.5%
7. Enbridge - 1.4%
8. Royal Bank of Canada - 1.4%
9. Venture Global Lng - 1.3%
10. Barclays PLC - 1.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →