NEW YORK, Dec. 19, 2016 /PRNewswire/ -- The Board of
Directors of the Cohen & Steers Select Preferred and Income Fund, Inc. (NYSE: PSF) (the "Fund") has declared a
year-end capital gain distribution, as summarized in the chart below. In addition to the regular monthly dividend, this year-end
capital gain distribution is being paid to allow the Fund to meet its 2016 distribution requirement for federal excise tax
purposes. A substantial portion of the total distribution will be taxable to shareholders in 2016.
Declaration Date
|
Ex-Date
|
Record Date
|
Payable Date
|
Long-Term Capital Gain Distribution Per Share
|
Dec. 19, 2016
|
Dec. 28, 2016
|
Dec. 30, 2016
|
Jan. 17, 2017
|
$0.382
|
The Fund's Board of Directors has also announced that the Fund has implemented a managed distribution policy in accordance
with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the
Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The
policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on
a regular monthly basis to shareholders. 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.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or
return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net
investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is
not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. The amount of monthly
distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to record-date
shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax
characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final
tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the
calendar year.
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. All amounts are expressed per common share.
DISTRIBUTION ESTIMATES
|
December 2016
|
YEAR-TO-DATE (YTD)
December 30, 2016*
|
Source
|
Per Share Amount
|
% of Current Distribution
|
Per Share Amount
|
% of 2016 Distributions
|
Net Investment Income
|
$0.0000
|
0.00%
|
$1.7750
|
72.57%
|
Net Realized Short-Term Capital Gains
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Net Realized Long-Term Capital Gains
|
$0.3820
|
100.00%
|
$0.6710
|
27.43%
|
Return of Capital (or other Capital Source)
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Total Current Distribution
|
$0.3820
|
100.00%
|
$2.4460
|
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 2016 (January 1, 2016 through
November 30, 2016) 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 2016. In addition, the Fund's Average
Annual Total Return for the five-year period ending November 30, 2016 is set forth below.
Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution
Rate for 2016. 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.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2016 to November 30, 2016
|
Year-to-date Cumulative Total Return1
|
5.50%
|
Cumulative Distribution Rate2
|
9.31%
|
|
Five-year period ending November 30, 2016
|
Average Annual Total Return3
|
13.12%
|
Current Annualized Distribution Rate4
|
7.86%
|
|
|
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, 2016 through November 30, 2016) measured on the dollar value of distributions in the year-to-date period as a
percentage of the Fund's NAV as of November 30, 2016.
|
3.
|
Average Annual Total Return represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ending November 30, 2016. 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 based on the current regular
monthly distribution rate of $0.172 per share annualized as a percentage of the Fund's NAV as of November 30, 2016. The
Current Annualized Distribution Rate does not include the long-term capital gain distribution of $0.382 per
share.
|
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.
Website: http://cohenandsteers.com/
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets,
including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred
securities and other income solutions. Founded in 1986, the firm is headquartered in New York
City, with offices in London, Hong Kong, Tokyo and Seattle.
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SOURCE Cohen & Steers