CNS

SEC Filing Summary: Form 13F-HR

Business Context and Reporting Period

Reporting Manager: Cohen & Steers Capital Management Inc.
Reporting Period: Quarter ended September 30, 2008.
Filing Date: November 14, 2008.
Report Type: 13F Combination Report (includes holdings reported by other managers).
Other Included Managers: Cohen & Steers Europe SA; Frank Russell Company.

Key Financial Metrics

Total Portfolio Value: $14,632,361,000 (approx. $14.63 billion).
Total Number of Holdings: 360 entries.
Primary Investment Focus: The portfolio is heavily concentrated in Real Estate Investment Trusts (REITs), Closed-End Funds (CEFs), and high-yield equity securities. Significant positions include Host Hotels & Resorts ($369.6M), Vornado Realty Trust ($799.9M), and Simon Property Group ($1.0B).

Material Changes and Portfolio Composition

Top Holdings by Value:

• Simon Property Group: $1,001,536,000
• Vornado Realty Trust: $799,943,000
• Host Hotels & Resorts: $369,626,000
• Equity Residential: $412,062,000
• Health Care REIT Inc: $336,958,000

Asset Class Breakdown: The filing indicates a dominant allocation to real estate equities and income-oriented closed-end funds (e.g., BlackRock, Eaton Vance, and Nuveen series). There are no derivatives (puts/calls) reported in the "Put/Call" columns for the listed positions.

Guidance, Outlook, and Risks

Management Commentary: Not applicable. Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the heavy concentration in real estate and financial sectors as of September 2008 implies significant exposure to the credit market conditions prevalent at that time.
Unusual Items: The report is a "Combination Report," meaning a portion of the holdings is reported by other managers (Frank Russell Company and Cohen & Steers Europe SA).

Investor Verification Checklist

• Verify the total aggregate value of $14.63 billion against the firm's total assets under management (AUM) to determine if this represents the full portfolio or a specific segment.
• Confirm the specific allocation percentages between REITs, Closed-End Funds, and common equities to assess sector concentration risk.
• Review the "Other Included Managers" section to understand the scope of the reported holdings versus those managed by affiliates.
• Note that this filing reflects positions as of September 30, 2008, and does not reflect subsequent market movements or trading activity in Q4 2008.