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Today we had press releases related to many of the CNS closed end funds. Many of these funds are distressed right now due to a couple of factors.

1) Primarily invested in the REIT sector

2) employ leverage, and recent failures in the AMPS market is increasing the cost of this leverage.

http://www.cohenandsteers.com/downloads/AMPS_Market_Update_21508.pdf

Today's announcements imply that CNS will not be making dividend cuts on its funds in the near future - though the possibility exists that a portion of these payouts may end up being 'return on capital' (we'll find out at the end of the year).

I own this, but it would likely be better to be on the sideline waiting on better prices. This will be a great stock to own sometime - just probably not now and when will be tough to gauge.

Zz
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