<PAGE>
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COHEN & STEERS EQUITY INCOME FUND, INC.
October 20, 1999
To Our Shareholders:
We are pleased to submit to you our report for Cohen & Steers Equity Income
Fund for the quarter and nine months ended September 30, 1999. The net asset
values per share at that date were $9.51, $9.43, and $9.42 for Class A,
Class B, and Class C shares, respectively. Class I shares had a net asset value
of $9.51. In addition, a regular quarterly dividend of $0.17 per share was
declared for shareholders of record on September 23, 1999 and paid on
September 24, 1999 to all four classes of shares.
INVESTMENT REVIEW
For the three months ended September 30, 1999, Cohen & Steers Equity Income
Fund had a total return, based on income and change in net asset value, of
- -8.2% for Class A shares. Class B and C shares returned -8.4% and -8.3%
respectively, for the quarter. Class I shares returned -8.3% for the quarter.
This performance compared to the Fund's benchmark, the NAREIT Equity REIT Index
return of -8.0%. The Fund's total return for the nine months ended
September 30, 1999 was -2.8% for Class A shares, surpassing the NAREIT Equity
REIT Index return of -3.6%. Class B shares returned -3.2%, Class C shares
- -3.2% and Class I shares -2.7%. Fund performance information does not take
into account sales loads or contingent deferred sales charges, if any. We will
continue to strive for improved performance based on the Fund's emphasis
companies with above-average current income, consistent earnings growth, and
attractive relative valuation levels.
The past two years have been perhaps the most challenging ever for REIT
investors. Unlike the case with previous bear markets, fundamentals seemingly
have not turned negative -- in fact it appears that fundamentals are more
positive today than at any time in nearly two decades. Vacancy rates are low,
property prices have recovered, the growing U.S. economy continues to support
strong demand for space, and there are only few signs of speculative new
construction. Yet, the shares of REITs are as cheap as ever, based on nearly
every popular valuation measure including price/cash flow multiple, dividend
yield and price in relation to asset value. These seemingly contradictory trends
raise some important questions that we would like to address in this report.
1. JUST WHERE ARE WE IN THE REAL ESTATE CYCLE?
It appears to many that we are at or near the peak of the real estate
cycle. Following the strong recovery of the 1990's, nearly every property type
in nearly every major market appears to be at equilibrium, meaning that supply
and demand for space are about equal. Rental rates, for most major property
types, are at a cyclical high, and property prices are generally close to
replacement cost. This makes new construction feasible. While some exceptions
certainly exist, direct buyers of property today can typically expect returns
that reflect little more than current net rental income plus growth which is
equal to the rate of inflation.
That the cycle is close to its peak may be the most obvious reason for the
market's low valuation of REITs. The strong recovery and sound fundamentals
indicate that the health of the real estate industry could not be better.
Indeed, if we are at a peak in the cycle, the next phase may well be a decline.
Such a decline could be the result of a surge in the supply of space in excess
of demand, a decrease in demand due to an economic slowdown, or a combination of
both. In such an environment, vacancy rates would likely rise, property values
would likely fall and REIT earnings would likely decline. Because the stock
market tends to value peak earnings at low multiples, the result has been the
REIT bear market.
2. IF THE REAL ESTATE CYCLE HAS PEAKED, HOW IS IT POSSIBLE TO MAKE MONEY IN
REITs?
While it may have become more difficult to earn above-average profits in
real estate, we believe that REITs may still reward investors from this point
forward due to several factors. First, based on current valuations, it appears
that
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1
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COHEN & STEERS EQUITY INCOME FUND, INC.
REITs already reflect any potential downside in the cycle. Because the capital
markets move in anticipation of events, rather than in reaction, we would not be
surprised to see REITs do better even in the face of flat or deteriorating
fundamentals. Such has indeed been the case in previous real estate cycles. As
shown in the following chart, there is a highly cyclical pattern to capital
raising in the REIT industry: more capital is raised when the stocks are
expensive, and less is raised when they are cheap. It is notable that following
the trough in the capital cycle, total returns from REITs have been exceptional.
We believe that we are currently at or near the trough of the current capital
raising cycle. While past performance is no guarantee of future results, under
this scenario there is a strong possibility that better returns lie ahead.
REIT EQUITY ISSUANCE AND INVESTMENT RETURNS
<TABLE>
<CAPTION>
12-Month
12-Month Total Return.
Total Equity NAREIT Equity
Date Issuance REIT Index
- ----- ------------ -------------
($ Billions)
<S> <C> <C>
3/90 $ 0.6 2.2%
6/90 0.5 -3.5
9/90 0.3 -20.5
12/90 0.3 -15.4
3/91 0.3 8.1
6/91 0.4 9.1
9/91 0.4 32.8
12/91 0.5 35.7
3/92 0.7 11.3
6/92 0.9 13.3
9/92 0.9 16.3
12/92 1.4 14.6
3/93 2.7 38.5
6/93 4.3 31.0
9/93 8.1 34.1
12/93 13.2 19.7
3/94 14.9 1.7
6/94 16.7 6.6
9/94 15.9 -4.5
12/94 11.1 3.2
3/95 8.9 -0.4
6/95 8.1 3.6
9/95 6.7 10.7
12/95 8.2 15.3
3/96 8.9 18.1
6/96 8.4 16.5
9/96 9.8 18.5
12/96 12.3 35.3
3/97 16.5 33.2
6/97 20.5 33.8
9/97 26.1 40.5
12/97 32.7 20.3
3/98 35.6 18.9
6/98 36.2 8.0
9/98 29.4 -13.5
12/98 21.5 -17.5
3/99 14.0 -21.1
6/99 8.5 -9.0
9/99 8.3 -6.5
12/99 6.2 0.0
</TABLE>
Sources: NAREIT, Cohen & Steers
Perhaps more important is that based on changes in the way real estate is
financed, it is our opinion that there may not be major downside to the cycle
from these levels. On the supply side, there continue to be rolling corrections
in markets where a surge in building has taken place, with financing and
construction almost spontaneously receding when hints of overbuilding surface.
Thus, barring a major economic dislocation which materially reduces the demand
for space, we believe that both real estate and REITs may continue to enjoy
stable fundamentals. Under these assumptions, it is our view that REITs would
provide an attractive dividend yield plus the potential for appreciation that we
feel should be in line with growth of earnings. We believe that companies that
meet our 'Realty Majors' criteria -- strong management, above average size and
scale, sound balance sheet and proprietary market position -- will achieve
growth substantially in excess of the average REIT.
3. WHAT PREVENTS REITs FROM GETTING CHEAPER? WHAT WILL MAKE THEM TURN AROUND?
There is nothing to prevent REITs from getting cheaper, just as there was
nothing to prevent them from getting as cheap as they currently are. However,
with most of the valuation parameters that investors have used in the past --
such as absolute and relative price/cash flow and dividend yield, and share
price to net asset value -- at or near
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2
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COHEN & STEERS EQUITY INCOME FUND, INC.
unprecedented levels, it is hard for us to envision a great deal more downside
risk. In many instances, REIT share prices have reached levels which have
already invited takeover or going-private transactions. We would expect to see a
growing amount of this activity if prices stay as low as they are today. Other
potential positive catalysts include rising inflation (because of real estate's
inflation hedge characteristic), a correction in the valuation of the broader
stock market (because of REITs' lack of correlation to other financial assets),
or a change in investment sentiment in favor of current income (due to the
superior current dividend yield of REITs). In any case, because it is nearly
impossible to predict exactly what will spark a move in any group, we believe it
is more constructive to focus on finding the companies with the strongest and
most reliable fundamentals, and own them at today's attractive valuations.
4. IF INTEREST RATES MOVE UP, HOW WILL THAT AFFECT REIT SHARE PRICES? WHAT IF
THE STOCK MARKET DECLINES?
Many investors believe that REITs are highly interest rate sensitive.
However, statistical evidence does not support this. Based on internal and third
party research, the primary driver of REIT share price performance is
expectations with respect to the health of real estate markets. Our analysis of
the seven REIT bear markets since 1972 indicates interest rates rose during four
REIT bear markets while they were flat-to-down in the other three.
Interestingly, in the strong recovery period for REIT share prices following
those bear markets, interest rates rose half of the time and fell half of the
time. Other studies have also shown a low correlation between REIT share price
performance and U.S. Government bond returns. We have found that this holds true
for REIT share price performance in relation to the broader stock market as
well. Correlation studies between REITs and the S&P 500, for example, show a low
and, over recent years, declining correlation. Again, the primary driver of REIT
share price performance appears to be the perception of the supply/demand
fundamentals for commercial real estate, often independent from other factors.
5. WHAT CAN REIT MANAGEMENT DO TO COUNTERACT THE PREVAILING NEGATIVE SENTIMENT?
Since mid-1998 several billion dollars of stock repurchases have been
announced by REITs, representing the largest potential equity shrinkage in
industry history. Whereas stock buybacks theoretically have the effect of
increasing earnings as well as asset value per share, based on recent
performance, this has not had a dramatic effect on share prices. Indeed, several
studies have shown that companies repurchasing their shares don't necessarily
outperform the averages. Unfortunately, share buybacks deplete the company's
financial resources -- just the opposite of what is needed in more challenging
times. Many companies are also examining a change in investment strategy,
ranging from the sale of assets and retirement of debt, to an increase in
investment using increased borrowing. We believe that the proper strategy is to
respect the market's assessment of the cost of capital, invest judiciously, and
maximize profits from properties currently owned. This also requires the
maintenance of a strong balance sheet in order to reduce the company's financial
risk and enable it to take advantage of future opportunities. In short, REIT
management should focus on increasing shareholder value through pursuing actions
they have control over -- share price is not one of them.
6. HOW WILL THE GROWTH OF THE INTERNET AFFECT REAL ESTATE MARKETS?
So far, the only tangible effect of the Internet on REITs has been the
diversion of capital away from REIT stocks and into Internet stocks. This,
however, is in the process of changing. Internet retailing is making many
inroads that will surely have an impact on some sectors of the shopping center
industry. Our view is that the apparel-oriented regional malls will be less
affected than centers that sell more commodity-like consumer products. There are
also changing patterns of distribution that are having an impact on warehouse
and industrial facilities: companies that have strong relationships with
manufacturers and Internet-based retailers are better positioned to benefit than
those that merely own ordinary space. Finally, office space usage is changing as
is the range of services that are required by and
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3
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COHEN & STEERS EQUITY INCOME FUND, INC.
can be offered to office tenants. High speed telecommunication and Internet
access, for example, is becoming a new profit center for office building owners.
7. IS THIS THE END OF REAL ESTATE SECURITIZATION?
We believe that real estate securitization remains in the early phase of a
long-term expansion. Our view is that the current low valuation level of REITs
is a cyclical issue, not a change in the secular dynamics driving real estate
finance. The benefits of securitization to both issuers and investors remain in
place. They include liquidity, real-time pricing, professional management,
improved disclosure and alignment of shareholder and management interests. The
real estate securities market also offers investors a means to create a real
estate portfolio best suited to their needs. Debt securitization continues to be
active, with over $60 billion of real estate debt securities expected to be
issued this year. Growth in real estate equity securitization has been modest
this year, reflective of difficult equity markets and a high cost of capital.
This decline in equity issuance, however, represents the public markets acting
as a governing influence on capital flows to real estate.
8. WHY OWN REITs ANYWAY?
Despite the under-performance of REITs relative to financial assets over
the past two years we believe there remain many benefits to owning REITs in a
diversified portfolio. Over the long-term, REITs have provided investors with
competitive returns, high current income and a low correlation to other assets.
In any particular period, there is an asset class or investment discipline that
is out of favor; this does not mean that the investment case has been
discredited. On the contrary, these tend to be the ideal times to make
investments. As always, a well-diversified portfolio should maintain exposure to
a variety of investments in order to balance risk and return.
As we have mentioned, REIT share prices today are at unprecedented low
valuation levels. While we believe that most REITs bottomed earlier in the year,
we recognize that we cannot make that statement with certainty; surely, recent
performance is testing our conviction. What we do feel certain about is that we
are nowhere near a top. As a result, we continue to believe that REITs are a far
better alternative to direct real estate, and a worthy constituent of any
diversified portfolio.
Sincerely,
<TABLE>
<S> <C>
MARTIN COHEN ROBERT H. STEERS
------------ ----------------
MARTIN COHEN ROBERT H. STEERS
President Chairman
</TABLE>
STEVEN R. BROWN
----------------
STEVEN R. BROWN
Senior Vice President
Cohen & Steers Capital Management, Inc.
Cohen & Steers is online at WWW.COHENANDSTEERS.COM. Visit our website for
daily NAVs, portfolio information, performance information, recent news
articles, literature and insights on the REIT market.
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4
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COHEN & STEERS EQUITY INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF DIVIDEND
SHARES VALUE YIELD*
--------- ----------- ------------
<S> <C> <C> <C> <C>
EQUITIES 95.38%
COMMON STOCK 84.61%
APARTMENT/RESIDENTIAL 5.52%
Apartment Investment & Management
Co. -- Class A............................... 16,900 $ 646,425 6.54%
Charles E. Smith Residential Realty............ 20,700 707,681 6.26
Colonial Properties Trust...................... 3,000 80,250 8.67
Home Properties of New York.................... 60,500 1,614,594 7.19
Summit Properties.............................. 33,100 659,931 8.38
-----------
3,708,881
-----------
DIVERSIFIED 1.27%
Anthracite Capital............................. 124,300 854,563 16.87
-----------
HEALTH CARE 14.44%
ElderTrust..................................... 67,200 520,800 18.84
Health Care Property Investors................. 105,400 2,766,750 10.67
Healthcare Realty Trust........................ 68,400 1,278,225 11.56
Nationwide Health Properties................... 168,100 2,794,663 10.83
Omega Healthcare Investors..................... 80,000 1,680,000 13.33
**Ventas......................................... 139,000 660,250 --
-----------
9,700,688
-----------
HOTEL 3.47%
FelCor Lodging Trust........................... 59,700 1,044,750 12.57
MeriStar Hospitality Corp...................... 84,200 1,284,050 13.25
-----------
2,328,800
-----------
INDUSTRIAL 7.37%
AMB Property Corp.............................. 17,800 377,138 6.61
First Industrial Realty Trust.................. 95,600 2,366,100 9.70
Pacific Gulf Properties........................ 110,600 2,205,087 8.63
-----------
4,948,325
-----------
OFFICE 24.18%
Arden Realty Group............................. 93,000 2,022,750 8.18
Brandywine Realty Trust........................ 155,200 2,522,000 9.60
CarrAmerica Realty Corp........................ 79,500 1,744,031 8.43
Crescent Real Estate Equities Co............... 141,900 2,554,200 12.22
Highwoods Properties........................... 107,800 2,789,325 8.58
Mack-Cali Realty Corp.......................... 104,500 2,801,906 8.65
SL Green Realty Corp........................... 88,000 1,804,000 6.83
-----------
16,238,212
-----------
OFFICE/INDUSTRIAL 5.21%
Liberty Property Trust......................... 101,400 2,300,513 9.17
Prime Group Realty Trust....................... 26,900 403,500 9.00
Reckson Associates Realty Corp. -- Class B..... 36,261 793,209 10.24
-----------
3,497,222
-----------
</TABLE>
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5
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COHEN & STEERS EQUITY INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF DIVIDEND
SHARES VALUE YIELD*
--------- ----------- ------------
<S> <C> <C> <C> <C>
SHOPPING CENTER 22.16%
COMMUNITY CENTER 10.95%
Developers Diversified Realty Trust............ 137,100 $ 1,919,400 10.00%
Pan Pacific Retail Properties.................. 100,400 1,713,075 9.38
Phillips International Realty Corp............. 154,600 2,434,950 9.59
Regency Realty Corp............................ 61,200 1,285,200 8.76
-----------
7,352,625
-----------
REGIONAL MALL 11.21%
General Growth Properties...................... 10,900 343,350 6.22
JP Realty...................................... 114,100 1,953,962 10.86
Macerich Co.................................... 55,800 1,290,375 8.39
Simon Property Group........................... 81,600 1,830,900 9.00
Taubman Centers................................ 127,300 1,463,950 8.35
Urban Shopping Centers......................... 22,300 646,700 7.72
-----------
7,529,237
-----------
TOTAL SHOPPING CENTER.......................... 14,881,862
-----------
SPECIALTY 0.99%
Entertainment Properties Trust................. 45,300 662,513 11.49
-----------
TOTAL COMMON STOCK (Identified
cost -- $66,220,078).................... 56,821,066
-----------
PREFERRED STOCK 10.77%
Apartment Investment & Management Co.,
9.00%, Series C.............................. 52,000 1,088,750 9.40
Apartment Investment & Management Co.,
9.375%, Series G............................. 62,400 1,411,800 10.34
Camden Property Trust, $2.25, Series A
(Convertible)................................ 56,600 1,365,475 9.33
Crown American Realty Trust, 11.00%,
Series A..................................... 9,800 404,250 13.33
Liberty Properties Trust, 8.80%,
Series A..................................... 25,700 568,612 9.94
Prime Retail, 8.50%, Series B
(Convertible)................................ 14,100 196,519 15.21
Reckson Associates Realty Corp.,
7.625%, Series A (Convertible)............... 49,900 1,007,356 9.46
SL Green Realty Corp., 8.00%, Series A
(Convertible)................................ 53,100 1,191,431 8.91
-----------
TOTAL PREFERRED STOCK (Identified
cost -- $6,930,662)..................... 7,234,193
-----------
TOTAL EQUITIES (Identified
cost -- $73,150,740).................... 64,055,259
-----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<S> <C> <C> <C>
COMMERCIAL PAPER % 3.48
Haliburton Corp., 5.35%, due 10/1/99........... $1,200,000 1,200,000
Leggett & Platt Corp., 5.35%,
due 10/1/99.................................. 1,137,000 1,137,000
-----------
TOTAL COMMERCIAL PAPER (Identified
cost -- $2,337,000)........................... 2,337,000
-----------
TOTAL INVESTMENTS (Identified
cost -- $75,487,740).......................... 98.86% 66,392,259
OTHER ASSETS IN EXCESS OF LIABILITIES........... 1.14% 762,887
-----------
NET ASSETS...................................... 100.00% $67,155,146
</TABLE>
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6
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COHEN & STEERS EQUITY INCOME FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<S> <C>
CLASS A
Net Assets..................................................... $28,505,318
-----------
Shares issued and outstanding ($0.001 par value common stock
outstanding)................................................. 2,996,969
-----------
Net asset value and redemption value per share'D'.............. $9.51
-----
-----
Maximum offering price per share ($9.51[div]0.955)'DD'......... $9.96
-----
-----
CLASS B
Net Assets..................................................... $14,016,754
-----------
Shares issued and outstanding ($0.001 par value common stock
outstanding)................................................. 1,486,385
-----------
Net asset value and redemption value per share'D'.............. $9.43
-----
-----
CLASS C
Net Assets..................................................... $21,738,171
-----------
Shares issued and outstanding ($0.001 par value common stock
outstanding)................................................. 2,308,030
-----------
Net asset value and redemption value per share'D'.............. $9.42
-----
-----
CLASS I
Net Assets..................................................... $ 2,894,903
-----------
Shares issued and outstanding ($0.001 par value common stock
outstanding)................................................. 304,443
-----------
Net asset value and redemption value per share'D'.............. $9.51
-----
-----
</TABLE>
- ------------------------
* Dividend yield is computed by dividing the security's current annual dividend
rate by the last sale price on the principal exchange, or market, on which
such security trades.
** Non-income producing security.
'D' Redemption price per share is equal to the net asset value per share less
any applicable contingent deferred sales charge.
'DD' On investments of $100,000 or more, the offering price is reduced.
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7
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COHEN & STEERS EQUITY INCOME FUND, INC.
FINANCIAL HIGHLIGHTS*
SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
NET ASSET VALUE
NET ASSETS PER SHARE
---------------------------------------------------- -------------------------------------
CLASS A CLASS B CLASS C CLASS I CLASS A CLASS B CLASS C CLASS I
----------- ----------- ----------- ---------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Beginning of period: 12/31/98...... $31,581,190 $10,114,434 $13,159,302 $ 283,166 $10.31 $10.27 $10.26 $10.28
----------- ----------- ----------- ---------- ------ ------ ------ ------
Net investment income.......... $ 1,618,606 $ 585,983 $ 874,245 $ 63,320 $ 0.54 $ 0.47 $ 0.46 $ 0.49
Net realized and unrealized
loss on investments.......... (2,575,779) (1,013,091) (1,914,931) (166,608) (0.83) (0.80) (0.79) (0.75)
Distributions from net
investment income............ (1,530,278) (649,972) (986,695) (69,718) (0.51) (0.51) (0.51) (0.51)
Capital stock transactions:
Sold....................... 8,964,889 6,244,793 13,292,953 2,948,178
Distributions reinvested... 481,314 49,632 94,014 15,626
Redeemed................... (10,034,624) (1,315,025) (2,780,717) (179,061)
----------- ----------- ----------- ---------- ------ ------ ------ ------
Net increase (decrease) in net
asset value...................... (3,075,872) 3,902,320 8,578,869 2,611,737 (0.80) (0.84) (0.84) (0.77)
----------- ----------- ----------- ---------- ------ ------ ------ ------
End of period: 9/30/99............. $28,505,318 $14,016,754 $21,738,171 $2,894,903 $ 9.51 $ 9.43 $ 9.42 $ 9.51
----------- ----------- ----------- ---------- ------ ------ ------ ------
----------- ----------- ----------- ---------- ------ ------ ------ ------
</TABLE>
- ------------------------
* Financial information included in this report has been taken from the records
of the Fund without examination by independent accountants.
AVERAGE ANNUAL TOTAL RETURNS -- CLASS A
(PERIODS ENDED SEPTEMBER 30, 1999) (UNAUDITED)
<TABLE>
<CAPTION>
ONE YEAR SINCE INCEPTION (9/2/97)
- --------------------------- ---------------------------
INCLUDING EXCLUDING INCLUDING EXCLUDING
SALES CHARGE SALES CHARGE SALES CHARGE SALES CHARGE
- ------------ ------------ ------------ ------------
<S> <C> <C> <C>
-9.06% -4.78% -4.50% -2.37%
</TABLE>
Returns on the Fund's other share classes will vary because of differing expense
ratios and sales charges.
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8
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COHEN & STEERS EQUITY INCOME FUND, INC.
OFFICERS AND DIRECTORS
Robert H. Steers
Director and Chairman
Martin Cohen
Director and President
Gregory C. Clark
Director
George Grossman
Director
Jeffrey H. Lynford
Director
Willard H. Smith, Jr.
Director
Elizabeth O. Reagan
Vice President
Adam Derechin
Vice President and Assistant Treasurer
Lawrence B. Stoller
Assistant Secretary
KEY INFORMATION
INVESTMENT ADVISER
Cohen & Steers Capital Management, Inc.
757 Third Avenue
New York, NY 10017
(212) 832-3232
SUB-ADMINISTRATOR AND TRANSFER AGENT
Chase Global Funds Services Co.
73 Tremont Street
Boston, MA 02108
(800) 437-9912
CUSTODIAN
The Chase Manhattan Bank
One Chase Manhattan Plaza
New York, NY 10081
LEGAL COUNSEL
Simpson Thacher & Bartlett
425 Lexington Avenue
New York, NY 10017
DISTRIBUTOR
Cohen & Steers Securities, Inc.
757 Third Avenue
New York, NY 10017
NASDAQ Symbol: Class A -- CSEIX
Website: www.cohenandsteers.com
Net asset value (NAV) can be found in the daily mutual fund listings in the
financial section of most major newspapers under Cohen & Steers.
This report is authorized for delivery only to
shareholders of Cohen & Steers Equity Income Fund, Inc.
unless accompanied or preceded by the delivery of a
currently effective prospectus setting forth details of
the Fund. Past performance, of course, is no guarantee of future results and
your investment may be worth more or less at the time you sell.
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9
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COHEN & STEERS
-----------------
EQUITY INCOME FUND
----------------------
QUARTERLY REPORT
SEPTEMBER 30, 1999
COHEN & STEERS
EQUITY INCOME SHARES
757 THIRD AVENUE
NEW YORK, NY 10017
STATEMENT OF DIFFERENCES
------------------------
The dagger symbol shall be expressed as................................... 'D'
The double dagger symbol shall be expressed as............................ 'DD'
The division sign shall be expressed as................................... [div]
