Cohen & Steers Closed-End Mutual Funds Announce Projected Capital Gain Distributions
November 29 2005 - 2:05PM
PR Newswire (US)
NEW YORK, Nov. 29 /PRNewswire-FirstCall/ -- Cohen & Steers
Capital Management, Inc., the investment adviser to each of the
closed-end Cohen & Steers mutual funds, announced projected
long-term capital gain distributions for 2005 as follows: Cohen
& Steers Total Return Realty Fund, Inc. (NYSE:RFI) $1.40 -
$1.75 per share Cohen & Steers Advantage Income Realty Fund,
Inc. (NYSE:RLF) $1.00 - $1.25 per share Cohen & Steers Quality
Income Realty Fund, Inc. (NYSE:RQI) $0.90 - $1.15 per share Cohen
& Steers Premium Income Realty Fund, Inc. (NYSE:RPF) $1.10 -
$1.35 per share Cohen & Steers REIT and Preferred Income Fund,
Inc. (NYSE:RNP) $0.95 - $1.20 per share Cohen & Steers REIT and
Utility Income Fund, Inc. (NYSE:RTU) $0.20 - $0.40 per share Cohen
& Steers Select Utility Fund, Inc. (NYSE:UTF) $0.00 - $0.05 per
share Cohen & Steers Dividend Majors Fund, Inc. (NYSE:DVM)
$0.00 - $0.05 per share Cohen & Steers Worldwide Realty Income
Fund, Inc. (NYSE:RWF) is not expected to declare long-term capital
gain distributions for 2005. It is expected that the funds will
declare and pay long-term capital gain distributions during the
second half of December. The numbers identified above represent
estimates and are subject to change based on portfolio, market and
shareholder activity and tax adjustments. The list of funds not
expected to pay long-term capital gain distributions is also a
projection and is subject to change. Actual capital gain
distributions will appear on shareholders' 1099-DIV forms, which
will be mailed in January 2005. Shareholders should keep in mind
that certain broker-dealers may distribute information on fund
capital gain distributions based on preliminary data and
subsequently distribute revised reports after the fund calculates
final distribution amounts for the 2005 taxable year. You should
also remember that the net asset value of a fund with a capital
gain distribution will decline on the "ex-dividend" date to reflect
the adjusted net asset value of the portfolio after the
distribution, in addition to any effect the market's performance
had on the securities within the fund's portfolio on that day.
Capital gain distributions do not affect the overall performance of
an investment in a fund. If you own funds in a retirement plan or
any type of IRA you will not owe any current taxes on those
distributions. Income may be subject to state and local taxes as
well as the alternative minimum tax. This information reflects
distribution activities at the fund level only. Certain of the
funds will own securities issued by REITs. A portion of the
dividends paid by REITs may be recharacterized for tax purposes
following year-end as capital gain and/or return of capital. To the
extent this occurs, distributions paid by the fund during the year
also will be reclassified to reflect these REIT
recharacterizations. Therefore the actual composition of a fund's
distributions during a year may change substantially by year-end
and, to the extent these changes do occur, they will have the
effect of reducing the net investment income component of fund
distributions and correspondingly increasing the capital gain
and/or return of capital components. You can find more information
regarding the tax character of fund distributions by visiting the
Cohen & Steers website at http://www.cohenandsteers.com/.
Shareholders will receive notification in a Form 1099-DIV of the
exact composition of all distributions for the year and the related
tax treatment. Cohen & Steers Capital Management, Inc. is a
wholly owned subsidiary of Cohen & Steers, Inc., a publicly
traded company whose common stock is listed on the New York Stock
Exchange under the symbol "CNS." DATASOURCE: Cohen & Steers
Capital Management CONTACT: Lawrence B. Stoller, executive vice
president and general counsel, +1-212-832-3232 Web site:
http://www.cohenandsteers.com/
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