Morningstar, Inc. Commentaries
Apr 29, 2014
Click here to access CEF Update: A Merger and an Unusual Rights Offering
Cohen & Steers announced last week that shareholders of Cohen & Steers Dividend Majors (DVM) and Cohen & Steers Total Return Realty (RFI) approved a consolidation of the two funds. The firm expects the reorganization to take place by June 2014, with RFI as the surviving fund. Both funds are relatively small, with RFI containing $128 million in net assets and DVM containing $215 million in net assets. Considering that neither fund uses leverage nor has a substantial balance of undistributed net investment income, the merger should be relatively straightforward.