<SEC-DOCUMENT>0001193125-11-314221.txt : 20111116
<SEC-HEADER>0001193125-11-314221.hdr.sgml : 20111116
<ACCEPTANCE-DATETIME>20111116153558
ACCESSION NUMBER:		0001193125-11-314221
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20111116
DATE AS OF CHANGE:		20111116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS TOTAL RETURN REALTY FUND INC
		CENTRAL INDEX KEY:			0000891290
		IRS NUMBER:				133680664
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13975
		FILM NUMBER:		111209974

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS OPPORTUNITY TRUST INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>d257250d40app.htm
<DESCRIPTION>COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
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<TITLE>&lt;![CDATA[Cohen &amp; Steers Total Return Realty Fund, Inc.]]&gt;</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">COHEN&nbsp;&amp; STEERS TOTAL RETURN REALTY FUND, INC. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">c/o Cohen&nbsp;&amp; Steers Capital Management, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">280 Park Avenue </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10017 </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">November&nbsp;16, 2011 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, NE </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Attn</U>:&nbsp;&nbsp;&nbsp;&nbsp;Division of Investment Management </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cohen&nbsp;&amp; Steers Total Return Realty Fund, Inc. (File No.&nbsp;811-07154) Request pursuant to Rule 19b-1(e) under the Investment Company Act of 1940, as
amended (the &#147;Act&#148;), to Make Additional Capital Gains Distributions </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cohen&nbsp;&amp; Steers Total Return Realty Fund, Inc., a Maryland corporation that is a registered closed-end management investment
company (the &#147;Fund&#148;), is filing this request pursuant to Rule 19b-1(e) under the Act. The Fund, because of the circumstances described below, proposes to&nbsp;reclassify (or for tax purposes, &#147;recharacterize&#148;) certain quarterly
distributions, or portions thereof (&#147;Ordinary Distributions&#148;), previously made or expected to be made to shareholders for the taxable year ending December&nbsp;31, 2011 (the &#147;2011 Taxable Year&#148;) as long-term capital gains, in
order that they may qualify as &#147;capital gain dividends&#148; within the meaning of Section&nbsp;852(b)(3)(C) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) (&#147;Capital Gain Dividends&#148;). After such
reclassification, the Fund may be deemed to have made distributions of Capital Gain Dividends in excess of the number allowed under Section&nbsp;19(b) of the Act and Rule 19b-1 thereunder. The Fund expects that the proposed characterization, in
whole or in part, of distributions as Capital Gain Dividends will be necessary for the Fund to comply with federal income tax rules concerning the treatment of distributions to shareholders. The facts and circumstances which will require these
reclassifications are as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Fund has outstanding common shares and has met the requirements to make the election
as a &#147;regulated investment company&#148; under Section&nbsp;851 of the Code. The Fund normally invests substantially all of its assets in real estate investment trusts (&#147;REITs&#148;) as defined in Section&nbsp;856 of the Code and other
real estate-related companies. The Fund&#146;s policy is to declare and pay distributions of its net investment income, if any, quarterly. The Fund also intends to distribute on at least an annual basis its net realized capital gains, if any,
whether from the sale of securities held by the Fund for not more than one year (<I>i.e.</I>, net short-term capital gains) or from net capital gain (i.e., net gains from the sale of securities held by the Fund for more than one year (&#147;net
long-term capital gains&#148;), as reduced by net short-term capital losses). Included in the Fund&#146;s net long-term capital gains, and thus net capital gain, are distributions received from REITs in which the Fund invests that are designated by
such REITs as capital gain dividends under Section&nbsp;857(b)(3)(C) of the Code. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 1 of 5
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Section&nbsp;19(b) of the Act provides that it shall be unlawful in
contravention of such rules, regulations or orders as the Securities and Exchange Commission (&#147;SEC&#148;) may prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company
to distribute long-term capital gains more often than once every twelve months. Rule 19b-1 under the Act provides, in essence, that a registered investment company which is a &#147;regulated investment company&#148; as defined in Section&nbsp;851 of
the Code may distribute more than one Capital Gain Dividend with respect to any one taxable year of the company only with respect to (i)&nbsp;one additional Capital Gain Dividend made in whole or in part to avoid excise tax under Section&nbsp;4982
of the Code pursuant to Rule 19b-1(f) under the Act, (ii)&nbsp;one supplemental Capital Gain Dividend pursuant to Section&nbsp;855 of the Code not in excess of 10% of the total amount distributed for that year pursuant to Rule 19b-1(a) under the
Act, and (iii)&nbsp;one or more additional distributions made pursuant to requests granted under Rule 19b-1(e) under the
Act.</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The quarterly distribution rate during the 2011 Taxable Year, through September&nbsp;30, 2011, is $0.22 per share, or approximately
$0.66 per share in the aggregate. The Fund currently estimates that the quarterly distribution rate during the 2011 Taxable Year, through December&nbsp;31, 2011, will continue to be $0.22 per share, or approximately $0.88 per share in the aggregate.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. The Fund currently estimates that it will distribute net capital gain, including REIT distributions designated as capital
gain dividends under Section&nbsp;857(b)(3) of the Code, of approximately $0.67 per share during the 2011 Taxable Year. The 2011 Taxable Year of the Fund will end on December&nbsp;31 and the tax characterization of distributions will be reported to
shareholders for the calendar year on Form 1099-DIV. However, because the Fund does not expect to know with certainty the portion of the distributions received from REITs that are designated as capital gain dividends until such amounts are reported
by the REITs to the Fund in early 2012, the Fund&#146;s estimate of its net capital gain for the 2011 Taxable Year may increase or decrease. Such adjustments may similarly require recharacterization affecting the number of distributions required to
be recharacterized in order to comply with the tax rules set forth below, and therefore the number of Capital Gain Dividends. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. Under Sections 301 and 316 of the Code, distributions made during a taxable year by a corporation (including a registered investment
company such as the Fund) to its shareholders with respect to its stock are taxable as a dividend to the extent of the corporation&#146;s current and accumulated earnings and profits for the taxable year. Furthermore, under
Section&nbsp;852(b)(3)(C), a regulated investment company such as the Fund is permitted to designate a portion of its distributions as a Capital Gain Dividend to the extent of its net capital gain as defined above. Included in the Fund&#146;s net
capital gain are distributions from REITs that are characterized as capital gain dividends under Section&nbsp;857(b)(3)(C) of the Code. Based on the current estimated amount of the Fund&#146;s current and accumulated earnings and profits, for the
2011 Taxable Year, the Fund expects that each distribution, will be treated as consisting in part ordinary dividends and in part capital gain dividends. Absent relief, the reclassifications required under Sections 301 and Section&nbsp;316 of the
Code might cause the Fund&#146;s distributions that occurred or are expected to occur throughout the 2011 Taxable Year to violate Section&nbsp;19(b) of the Act and Rule </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px;"><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Please note
that the Fund filed an application for permanent exemptive relief under Section&nbsp;19 of the Act and Rule 19b-1 thereunder on January&nbsp;3, 2005, which was amended April&nbsp;5, 2007 and July&nbsp;21, 2008. The SEC issued an order dated
August&nbsp;19, 2008 granting the relief requested. Due to extreme market volatility since 2008 and a change in the Fund&#146;s distribution policy to making quarterly distributions rather than monthly distributions, the Fund has not adopted a
managed dividend plan pursuant to such relief. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 2 of 5
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">19b-1 thereunder because the Fund will be considered to have made more than two
distributions of long-term capital gain. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To better illustrate, the following is an example of the application of the rules
described in the preceding paragraph. As stated, the Fund currently estimates for the 2011 Taxable Year that it will pay quarterly distributions of $0.22 per share, totalling approximately $0.88 per share. The Fund currently estimates that it will
distribute to its shareholders net capital gains (including distributions from REITs designated as capital gains under Section&nbsp;857(b)(3) of the Code) of $0.67 per share. Under Sections 301 and Sections 316 of the Code, the Fund is required to
characterize the amounts distributed during the 2011 Taxable Year as a dividend to the extent of its earnings and profits including net capital gains properly designated under Section&nbsp;852(b)(3)(C) of the Code. As a result, so that the Fund may
be considered to have distributed its net capital gain of $0.67 per share, approximately four of the quarterly dividends previously made or expected to be made would need to be reclassified, in whole or in part, as long-term capital gain
distributions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. As stated above, the Fund estimates that it will need to reclassify approximately $0.67 of the 2011
Ordinary Distributions as long-term capital gains. Although the Fund monitors the amount of long-term capital gains realized during the year, because of the unpredictability of market movements and the inability to precisely forecast the amount of
income paid by the REITs in which the Fund invests (which are themselves pooled vehicles that report the character of their income and gains to shareholders after the end of the calendar year) and that the REITs will designate as capital gain
dividends, the Fund will be unable to determine the amount of Capital Gain Dividends that will be required to be distributed to shareholders prior to the end of the 2011 Taxable Year and, therefore, the number of distributions of Capital Gain
Dividends that would be required. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the foregoing reasons, the Fund requests relief allowing it to reclassify such number
of Ordinary Distributions previously made or expected to be made as Capital Gain Dividends, as indicated above, as is necessary to distribute the proper amount of the Fund&#146;s net realized capital gains to avoid the imposition of a Fund-level
income or excise tax with respect to the 2011 Taxable Year. Pursuant to Rule 19b-1(e) under the Act, the Fund will deem this request granted unless the Commission denies the request as not being necessary or appropriate in the public interest or for
the protection of investors and notifies the Fund in writing of such denial within 15 days of the filing of this request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
undersigned officer of the Fund is authorized to file this request under Rule 19b-1(e) pursuant to the Fund&#146;s By-Laws and resolutions approved by the Board of Directors of the Fund by unanimous written consent and attached hereto as Exhibit A.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please contact me at 212-796-9361 or Michael Doherty of Ropes&nbsp;&amp; Gray LLP at 212-497-3612 with any questions
concerning this filing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[<I>The remainder of this page has been left blank intentionally.</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 3 of 5
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">State of New York</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">) </FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;ss:</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">County of New York</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">) </FONT></TD>
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</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned being duly sworn deposes and says that she has duly executed the attached request dated
November&nbsp;16, 2011 for and on behalf of the Cohen&nbsp;&amp; Steers Total Return Realty Fund, Inc. (the &#147;Fund&#148;); that she is the Assistant Secretary of such Fund; and that all action by shareholders, trustees and other bodies necessary
to authorize deponent to execute and file such instrument has been taken. Deponent further says that she is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of her knowledge,
information and belief. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Tina M. Payne</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tina M. Payne</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assistant Secretary</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subscribed and sworn to before me,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">a Notary Public, this 16th day of November, 2011.</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Sherri A. Jackson </FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notary Public</FONT></TD>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">My commission expires: April&nbsp;21, 2015 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Page 4 of 5
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit A </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>RESOLVED, </B>that each Corporation set forth above is hereby authorized to submit an Application, and any amendment that the officers of the Corporation upon advice of counsel deem necessary, to the
Securities and Exchange Commission, pursuant to Rule 19b-1(e) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), for an exemption from Section&nbsp;19(b) of the 1940 Act and Rule 19b-1 thereunder permitting the
Corporation named in such Application to make one or more additional long-term capital gains distributions to holders of the Corporation&#146;s common stock for the 2011 taxable year; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RESOLVED. </B>that the Chairman, the President, any Vice President or the Secretary or Assistant Secretary be, and each of them hereby
is, authorized to execute and cause to be filed each Application for exemption and any amendments thereto hereinabove authorized in such form as the officer executing the same approve, such execution thereof to be conclusive evidence of such
approval. </FONT></P>
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