Since the inception of our firm in 1986, Cohen & Steers has recognized the importance of dividends. We maintain a strategic focus on some of the highest yielding equity sectors, specializing in global real estate securities, preferred securities, utilities, value equities and other high-dividend paying common stocks. Our passionate belief that dividends provide an important part of an investment's total return and overall diversification has been the foundation for our portfolio strategies. We believe the significant growth in our assets under management over the past two decades reflects the growing demand for dividend-paying equity investments. The Firm at a Glance Established in 1986 $25.5 billion in assets under management (as of 9/30/06) New York City headquarters Offices in New York, Seattle, Brussels, London and Hong Kong NYSE listed company: CNS

We have assembled an experienced team of investment professionals. These investment professionals, distinguished by their breadth of experience and depth of industry knowledge, have diverse backgrounds ranging from traditional securities analysis to hands-on industry experience. Our analysts specialize by industry sector, developing a detailed knowledge of each company's senior management, assets, financial condition, business plan and corporate governance.

Our investment portfolios are available through a range of open-end and closed-end funds, as well as separate accounts. Research and active portfolio management remain the cornerstones of our business, backed by our commitment to delivering superior performance and providing each client with the highest level of service. Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers fund carefully before investing. A prospectus containing this and other information can be viewed by clicking here or may be obtained by calling 800-330-7348. Please read the prospectus carefully before investing.  Cohen & Steers Securities, LLC, distributor.