Cohen & Steers Select Preferred and Income Fund Declares Initial Monthly Distribution and Announces January 6, 2011 Conference Call

Dec 22, 2010, 17:34 ET from Cohen & Steers, Inc. from ,Cohen & Steers Select Preferred and Income Fund, Inc.

NEW YORK, Dec. 22, 2010 /PRNewswire-FirstCall/ -- The board of directors of Cohen & Steers Select Preferred and Income Fund, Inc. announced the fund's first distribution of $0.172 per common share. This payment reflects an annualized distribution rate of 8.256%, based on the $25.00 per share IPO price. The ex-dividend, record and payable dates are December 29, 2010, December 31, 2010 and January 31, 2011, respectively.(1)

The fund began trading on the NYSE on November 24, 2010 under the ticker PSF.

Portfolio Manager Conference Call Scheduled for January 6

Please join portfolio manager William Scapell for an update on the market for preferred securities and a review of the fund's strategy. The fund's primary investment objective is high current income, with a secondary objective of capital appreciation, which it seeks to achieve by investing primarily in securities of U.S. and non-U.S. preferred and other income securities.


January 6 at 4:15 pm ET

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January 7 at 1 pm ET

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(1) A portion of the fund's first distribution will be taxable to shareholders in 2010. The taxable composition and amount of the fund's first distribution will be provided on Form 1099-DIV, which will be mailed to record-date shareholders in the beginning of 2011. The amount and composition of the fund's distributions will be disclosed monthly at; however, this information may change after each calendar year end, when the final tax characteristics of all fund distributions can be determined with certainty.  Final tax characteristics of the fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of each calendar year. The fund expects to pay monthly cash distributions at a level rate, which may be adjusted from time to time based on its projected performance. At times, to maintain a stable level of distributions, the fund may pay out more than its net investment income.

The amount of monthly distributions may vary over time depending on a number of factors, including changes in portfolio and market conditions. The fund's distributions reflect net investment income, and may also include net realized capital gains and/or return of capital. Return of capital includes distributions paid by a fund in excess of its net investment income, and such excess is distributed from the fund's assets.

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Symbol: NYSE: CNS

About Cohen & Steers. Cohen & Steers is a manager of portfolios specializing in U.S. and international real estate securities, large cap value stocks, listed infrastructure and utilities, and preferred securities. The company also manages alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies for qualified investors. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.

SOURCE Cohen & Steers, Inc.; Cohen & Steers Select Preferred and Income Fund, Inc.