About Cohen & Steers

Cohen & Steers, Inc. (CNS), together with its wholly-owned subsidiaries, operates as an investment manager focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks and preferred securities. The company also manages alternative investment strategies for qualified investors, such as hedged real estate securities portfolios and private real estate strategies. The company serves institutional and individual investors around the world. Account Types The company manages three types of accounts: institutional accounts, open-end mutual funds, and closed-end mutual funds. Institutional Accounts The 106 institutional accounts for which the company is the investment adviser represent portfolios of securities the company manages for institutional clients. It manages the assets in each institutional account in a manner modified to the investment preferences of that individual client as defined within each client's individual investment advisory agreement. Subadvisory assets, which may be sold to retail investors, are included in its institutional account assets. Subadvisory assets represent accounts for which the company has been named as a subadviser by the investment adviser to that account. As subadviser, the company has responsibility for managing the portfolio's investments, while the investment adviser oversees its performance as subadviser. Open-End Mutual Funds The 14 open-end mutual funds for which the company is the investment adviser offer and issue new shares continuously as funds are invested and redeem shares when funds are withdrawn. The share price for purchases and redemptions of each of the open-end mutual funds is determined by each fund's net asset value, which is calculated at the end of each business day. The net asset value per share is the value of a fund's assets less liabilities, divided by the fund's total shares outstanding. Closed-End Mutual Funds The nine closed-end mutual funds for which the company is the investment adviser are registered investment companies that have issued a fixed number of shares through public offerings. These shares are listed on the New York Stock Exchange and cannot be redeemed by their shareholders. The trading price of the shares of a closed-end mutual fund is determined by supply and demand in the marketplace, which means the shares may trade at a premium or discount to the net asset value of the funds. Portfolio Consulting and Other Services The company provides services in connection with model-based strategies (MBS) accounts. As portfolio consultant for a number of MBS accounts, the company constructs portfolios of securities that fulfill the investment objective of the mandate and supply models on a regular basis. The company maintains two proprietary indices, Cohen & Steers Realty Majors Index (RMP) and Cohen & Steers Global Realty Majors Index (GRM). RMP is the basis for the iShares Cohen & Steers Realty Majors Index Fund (ICF) sponsored by BlackRock Institutional Trust Company, N.A. GRM is the basis for Cohen & Steers Global Realty Majors Fund (GRI) sponsored by ALPS Fund Services, Inc. and Claymore Global Real Estate ETF (CGR) sponsored by Claymore Investments, Inc. As portfolio consultant, the company provides several services in connection with investment products, such as unit investment trusts (UITs). The company also provides ongoing portfolio monitoring services related to the portfolio. Finally, the company provides a license to certain firms to use its name in connection with certain of their investment products. Regulation The company’s business is subject to extensive regulation in the United States at both the federal and state level, as well as by self regulatory organizations (each, a SRO). The U.S. Securities and Exchange Commission (SEC) is responsible for enforcing the U.S. federal securities laws and serves as a supervisory body for all federally registered investment advisers, as well as for national securities exchanges and associations. Cohen & Steers Capital Management, Inc. is registered as an investment adviser with the SEC and is subject to the requirements and regulations of the U.S. Investment Advisers Act of 1940 (the Advisers Act). The company’s trading and investment activities for client accounts are regulated under the Securities Exchange Act of 1934, as amended (the Exchange Act), as well as the rules of various U.S. and non-U.S. securities exchanges and SROs, including laws governing trading on inside information, market manipulation and technical trading requirements (e.g., volume limitations, reporting obligations) and market regulation policies in the United States and worldwide. History Cohen & Steers, Inc., a Delaware corporation, was founded in 1986.