First-Quarter 2009 Distributions Declared

NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- The board of directors of each Cohen & Steers (NYSE: CNS) closed-end fund announced today a change to a quarterly distribution payment schedule from the previous monthly schedule and declared first-quarter 2009 distributions for the funds listed below. The remaining 2009 quarterly distributions are expected to be declared next June, September and December. As portfolio and market conditions change, future distributions may also change. The move to quarterly distributions has been made to reduce fund expenses and improve administrative efficiency.

The new distribution rates reflect recent market conditions, including lower asset values, reduced net investment income and the effects of deleveraging in certain funds. The funds intend to pay the 2009 quarterly distributions at a rate based on each fund's estimated net investment income during the year.

Each fund's final monthly distribution is payable on December 31, 2008 to shareholders of record as of December 15, 2008, as previously announced on September 17, 2008. The ex-dividend date was December 11, 2008.

First-quarter 2009 distributions are payable on March 31, 2009 to shareholders of record on March 13, 2009. The ex-dividend date is March 11, 2009.