NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- Cohen & Steers Capital Management, Inc., the investment advisor to each of the Cohen & Steers open- end mutual funds, announced projected short-term and long-term capital gain distributions for 2007 as follows:
Cohen & Steers Realty Shares, Inc. $0.97-$1.12 per share-short-term $10.15-$11.69 per share-long-term Cohen & Steers Realty Income Fund, Inc. $0.12-$0.15 per share-short-term $1.88-$2.30 per share-long-term Cohen & Steers Institutional Realty Shares, Inc. $0.94-$1.11 per share-short-term $4.95-$5.83 per share-long-term Cohen & Steers Utility Fund, Inc. $0.51-$0.69 per share-short-term $2.29-$3.12 per share-long-term
Cohen & Steers International Realty Fund, Inc.
$0.37-$0.46 per share-short-term
$0.22-$0.28 per share-long-term
Cohen & Steers Asia Pacific Realty Shares, Inc.
$0.56-$0.70 per share-short-term $0.02-$0.05 per share-long-term Cohen & Steers VIF Realty Fund, Inc. $0.29-$0.48 per share-long-term
Cohen & Steers Institutional Global Realty Shares, Inc., Cohen & Steers European Realty Shares, Inc. and Cohen & Steers Global Realty Shares, Inc. are not expected to declare capital gain distributions for 2007. Cohen & Steers Global Realty Shares, Inc. was formerly known as Cohen & Steers Realty Focus Fund, Inc.; a long-term capital gain distribution was paid to Realty Focus Fund shareholders on September 28, 2007, the effective date of the name change and new investment mandate. Cohen & Steers VIF Realty Fund, Inc. is not expected to declare a short-term capital gain distribution for 2007.
The funds are expected to pay capital gain distributions on December 31, 2007 to shareholders of record as of December 28, 2007, with an ex-dividend date of December 31, 2007. For updates on this and other fund information, please visit the Cohen & Steers Web site at cohenandsteers.com.
The projections identified above represent estimates and are subject to change based on portfolio, market and shareholder activity and tax adjustments. The statement that certain funds are not expected to pay capital gain distributions for 2007 is also a forecast and is subject to change. Actual capital gain distributions will appear on shareholders' 1099-DIV forms, which will be mailed in early 2008. Shareholders should keep in mind that some 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 2007 tax year.
Shareholders 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 fund after the distribution, in addition to any effect the market's performance had on the securities within the fund's portfolio on that day. All capital gain distributions are divided equally among share classes.
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 composition of a fund's distributions during a year may change substantially by year-end. If these changes occur, they may reduce the net investment income component of fund distributions and increase 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 Web site at 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."
