(Source: PRNewswire)NEW YORK, June 30 /PRNewswire-FirstCall/ -- The boards of directors of Cohen & Steers REIT and Utility Income Fund, Inc. ("RTU") and Cohen & Steers Select Utility Fund, Inc. ("UTF") have approved a merger, subject to approval by each fund's shareholders, in which RTU would merge with and into UTF. Shareholders of RTU will become shareholders of UTF, and will not recognize a gain or loss for federal income tax purposes as a result of the merger.

The board of directors of UTF also authorized a proposal, which requires the approval of UTF's shareholders, to change the fund's investment objective to total return with an emphasis on income. If approved, the board has also authorized changing the fund's investment strategy to invest at least 80% of its managed assets in equity securities issued by infrastructure companies, including utilities, pipelines, toll roads, airports, railroads, ports, telecommunications companies and other infrastructure companies.

The board also has approved removal of UTF's 20% limit on investing in foreign securities, so that the fund can invest without limit in foreign securities, including securities of companies in emerging market countries, to the extent consistent with the fund's investment objective and other investment policies. The changes will broaden UTF's geographic investment universe and open up potentially higher-growth sub-sectors while maintaining similar investment characteristics.

In approving the merger, the directors considered, among other things, each fund's investment objectives, net asset value and stock price performance, income-generating strategy and expenses, and potential cost savings based on operational efficiencies. The merger of the funds will permit fund shareholders to pursue similar overall investment objectives in a larger fund with anticipated lower expenses.

Shareholders will be asked to vote on these changes at a special meeting to be held on October 22, 2009. The merger, if approved, is expected to occur in the fourth quarter of 2009. More information will be contained in the proxy materials RTU and UTF will mail to their shareholders.

Additional Information About the Proposed Merger and Where to Find It

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of either of the funds; nor is this press release intended to solicit a proxy from any shareholder of either of the funds.