Real Assets Fund

The investment objectives of the Fund are to achieve attractive total returns over the long-term and to maximize real returns during inflationary environments by investing in "real assets".

Outperformance in inflationary periods

Real assets’ positive inflation sensitivity may help mitigate the potentially damaging effects of accelerating inflation on a portfolio concentrated in stocks and bonds

Diversification potential

Distinct performance drivers generally result in differentiated behaviors from broad equities and fixed income

Historically strong returns with less volatility

Real assets may improve risk-adjusted portfolio returns without sacrificing the potential for equity-like returns over full market cycles

Real Assets Fund

Total Net Assets

$865.52 M

YTD Returns

1.52%

SEC Yield

1.76%

Distribution Yield

2.28%

No. of Holdings

274

Gross Expense Ratio

1.34%

Net Expense Ratio

1.16%

Inception Date

1/31/12

(At 3/31/24)

Top Holdings

December 31, 2023

DOWNLOAD HOLDING DATA

Name	Sectors	% of Market Value
Gold 100 Oz Futr Aug24	Commodities	4.3%
Spdr Gold Minishares Trust	Gold	2.8%
Wti Crude Future Mar24	Commodities	2.8%
Brent Crude Futr Mar24	Commodities	2.7%
Prologis Inc.	Global Real Estate Securities	1.8%
American Tower Corporation	Global Real Estate Securities	1.7%
Welltower Inc.	Global Real Estate Securities	1.6%
Lme Pri Alum Futr Mar24	Commodities	1.4%
Natural Gas Futr Mar24	Commodities	1.4%
Copper Future Jul24	Commodities	1.3%

The mention of specific investments is not a recommendation or solicitation to buy, sell or hold any particular security, swap or futures investment. Holdings are subject to change without notice.

PORTFOLIO MANAGERS

Jon Cheigh

Chief Investment Officer

29 years of experience

Jason A. Yablon

Head of Listed Real Estate

25 years of experience

Vince Childers, CFA

Head of Real Assets Multi-Strategy

24 years of experience

Ben Ross

Head of Commodities

31 years of experience

Nick Koutsoftas

Portfolio Manager, Commodities

30 years of experience

Benjamin Morton

Head of Global Infrastructure

26 years of experience

Jeffrey Palma

Head of Multi-Asset Solutions

28 years of experience

Tyler Rosenlicht

Portfolio Manager, Global Infrastructure

14 years of experience

Morningstar rating

March 31, 2024

Name	Category	Funds in category
Overall	Global Allocation	356
Three year	Global Allocation	356
Five year	Global Allocation	338
Ten year	Global Allocation	244

Based on risk-adjusted returns.

LITERATURE

Fact Sheet Commentary Complete Holdings Q1 Holdings Q3 Holdings

Reducing Sales Charges Annual Report Semiannual Report Summary Prospectus Prospectus

Section 19 Notice Statement of Additional Information XBRL Sign Up for E-Delivery

Total Returns (A Share Class)

Calculated quarterly

As of March 31, 2024

Period	Excluding Sales Charge	Including Sales Charge	Blended Benchmark	MSCI World Index (Net)
YTD	1.52%	-3.05%	1.01%	8.88%
QTD	1.52%	-3.05%	1.01%	8.88%
1 Year	5.24%	0.50%	4.48%	25.11%
3 Year	5.92%	4.31%	5.02%	8.60%
5 Year	5.83%	4.86%	4.82%	12.07%
10 Year	2.73%	2.25%	2.75%	9.39%
Since Inception (1/31/12)	2.40%	2.01%	2.71%	10.77%

Share classes have different investment minimums, expense structures and sales charges, which are detailed in the Fund prospectus.

Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Periods greater than 12 months are annualized. Returns are historical and include change in share price and reinvestment of all distributions.

An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Index comparisons have limitations as volatility and other characteristics may differ from a particular investment. For index definitions, please visit www.cohenandsteers.com/indexdefinitions.

Gross Expense Ratio: 1.46% Net Expense Ratio: 1.16% The Net Expense Ratio reflects a contractual commitment by the Fund’s investment advisor to waive its fees and/or reimburse expenses through June 30, 2023. Absent such arrangements, returns would have been lower. Please see the prospectus for details.

View: Sector Diversification Geographic Diversification

Sector Diversification

As of December 31, 2023

Sector	% of Fund	% of Benchmark	% Underweight/Overweight
Global Real Estate Securities	25.36%	27.5%	-2.14%
Commodities	24.4%	27.5%	-3.1%
Global Listed Infrastructure	17.35%	15%	+2.35%
Global Natural Resource Equities	16.68%	15%	+1.68%
Short Duration Credit	11.13%	10%	+1.13%
Gold	4%	5%	-1%
Cash & Other Investments	1.09%	-	+1.09%

Gold

% of Fund

% of Benchmark

% Underweight/Overweight

-1%

Cash & Other Investments

% of Fund

1.09%

% of Benchmark

% Underweight/Overweight

+1.09%

Geographic Diversification

As of December 31, 2023

Sector	% of Fund	% of Benchmark	% Underweight/Overweight
United States	49.22%	36.4%	12.82%
Global Commodity	24.4%	32.5%	-8.1%
Canada	5.84%	5.55%	0.29%
United Kingdom	3.76%	3.34%	0.42%
Japan	3.68%	3.4%	0.28%
Australia	3.52%	3.71%	-0.19%
France	2.82%	2.32%	0.5%
Brazil	1.28%	1.03%	0.25%
Hong Kong	1.25%	1.13%	0.12%
Netherlands	1.14%	1.19%	-0.05%
Germany	1.08%	0.89%	0.19%
Spain	0.89%	0.95%	-0.06%
Singapore	0.82%	0.99%	-0.17%
Norway	0.59%	0.21%	0.38%
Belgium	0.39%	0.37%	0.02%
Italy	0.34%	0.58%	-0.24%
China	0.34%	0.69%	-0.35%
Sweden	0.32%	0.87%	-0.55%
Mexico	0.31%	0.24%	0.07%
India	0.29%	0.02%	0.27%
Switzerland	0.22%	0.8%	-0.58%
Finland	0.18%	0.78%	-0.6%
Chile	0.13%	0.07%	0.06%
Portugal	0.12%	-	0.12%
South Africa	0.1%	0.3%	-0.2%
Philippines	0.09%	-	0.09%

Portugal

% of Fund

0.12%

% of Benchmark

% Underweight/Overweight

0.12%

South Africa

% of Fund

0.1%

% of Benchmark

0.3%

% Underweight/Overweight

-0.2%

Philippines

% of Fund

0.09%

% of Benchmark

% Underweight/Overweight

0.09%

Portfolio weights are subject to change without notice. Due to rounding, values might not add up to 100%. The mention of specific securities is not a recommendation or solicitation to buy, sell or hold any particular security.

Distribution Information

This fund intends to make semi-annual distributions.

Pay Date	Record Date	Ex-Dividend Date	Type	Class	Amount/Share
12/7/23	12/6/23	12/7/23	Regular	A	$0.121
			Regular	C	$0.09
			Regular	I	$0.142
			Regular	R	$0.118
			Regular	Z	$0.142
6/30/23	6/29/23	6/30/23	Regular	A	$0.107
			Regular	C	$0.074
			Regular	I	$0.125
			Regular	R	$0.097
			Regular	Z	$0.125
12/8/22	12/7/22	12/8/22	Regular	A	$0.19
			Regular	C	$0.159
			Regular	I	$0.21
			Regular	R	$0.185
			Regular	Z	$0.21
6/30/22	6/29/22	6/30/22	Regular	A	$0.077
			Regular	C	$0.059
			Regular	I	$0.091
			Regular	R	$0.055
			Regular	Z	$0.091
12/9/21	12/8/21	12/9/21	Regular	A	$0.917
			Regular	C	$0.884
			Regular	I	$0.935
			Regular	R	$0.907
			Regular	Z	$0.935
6/30/21	6/29/21	6/30/21	Regular	A	$0.044
			Regular	C	$0.01
			Regular	I	$0.06
			Regular	R	$0.036
			Regular	Z	$0.06
12/10/20	12/9/20	12/10/20	Regular	A	$0.058
			Regular	C	$0.025
			Regular	I	$0.074
			Regular	R	$0.052
			Regular	Z	$0.074
6/30/20	6/29/20	6/30/20	Regular	A	$0.066
			Regular	C	$0.04
			Regular	I	$0.082
			Regular	R	$0.062
			Regular	Z	$0.082
12/4/19	12/3/19	12/4/19	Regular	A	$0.149
			Regular	C	$0.117
			Regular	I	$0.165
			Regular	R	$0.142
			Regular	Z	$0.165
6/28/19	6/27/19	6/28/19	Regular	A	$0.087
			Regular	C	$0.056
			Regular	I	$0.103
			Regular	R	$0.08
			Regular	Z	$0.103
12/6/18	12/4/18	12/6/18	Regular	A	$0.069
			Regular	C	$0.043
			Regular	I	$0.088
			Regular	R	$0.066
			Regular	Z	$0.088
6/29/18	6/28/18	6/29/18	Regular	A	$0.062
			Regular	C	$0.035
			Regular	I	$0.081
			Regular	R	$0.058
			Regular	Z	$0.081
12/6/17	12/5/17	12/6/17	Regular	A	$0.077
			Regular	C	$0.042
			Regular	I	$0.09
			Regular	R	$0.057
			Regular	Z	$0.09
6/30/17	6/29/17	6/30/17	Regular	A	$0.059
			Regular	C	$0.023
			Regular	I	$0.071
			Regular	R	$0.055
			Regular	Z	$0.071
12/8/16	12/7/16	12/8/16	Regular	A	$0.163
			Regular	C	$0.134
			Regular	I	$0.179
			Regular	R	$0.153
			Regular	Z	$0.179
6/30/16	6/29/16	6/30/16	Regular	A	$0.055
			Regular	C	$0.025
			Regular	I	$0.068
			Regular	R	$0
			Regular	Z	$0.068

Pay Date	Record Date	Ex-Dividend Date
12/7/23	12/6/23	12/7/23
Type Regular	Class A	Amount/Share 0.121

Type Regular	Class C	Amount/Share 0.09

Type Regular	Class I	Amount/Share 0.142

Type Regular	Class R	Amount/Share 0.118

Type Regular	Class Z	Amount/Share 0.142
6/30/23	6/29/23	6/30/23
Type Regular	Class A	Amount/Share 0.107

Type Regular	Class C	Amount/Share 0.074

Type Regular	Class I	Amount/Share 0.125

Type Regular	Class R	Amount/Share 0.097

Type Regular	Class Z	Amount/Share 0.125
12/8/22	12/7/22	12/8/22
Type Regular	Class A	Amount/Share 0.19

Type Regular	Class C	Amount/Share 0.159

Type Regular	Class I	Amount/Share 0.21

Type Regular	Class R	Amount/Share 0.185

Type Regular	Class Z	Amount/Share 0.21
6/30/22	6/29/22	6/30/22
Type Regular	Class A	Amount/Share 0.077

Type Regular	Class C	Amount/Share 0.059

Type Regular	Class I	Amount/Share 0.091

Type Regular	Class R	Amount/Share 0.055

Type Regular	Class Z	Amount/Share 0.091
12/9/21	12/8/21	12/9/21
Type Regular	Class A	Amount/Share 0.917

Type Regular	Class C	Amount/Share 0.884

Type Regular	Class I	Amount/Share 0.935

Type Regular	Class R	Amount/Share 0.907

Type Regular	Class Z	Amount/Share 0.935
6/30/21	6/29/21	6/30/21
Type Regular	Class A	Amount/Share 0.044

Type Regular	Class C	Amount/Share 0.01

Type Regular	Class I	Amount/Share 0.06

Type Regular	Class R	Amount/Share 0.036

Type Regular	Class Z	Amount/Share 0.06
12/10/20	12/9/20	12/10/20
Type Regular	Class A	Amount/Share 0.058

Type Regular	Class C	Amount/Share 0.025

Type Regular	Class I	Amount/Share 0.074

Type Regular	Class R	Amount/Share 0.052

Type Regular	Class Z	Amount/Share 0.074
6/30/20	6/29/20	6/30/20
Type Regular	Class A	Amount/Share 0.066

Type Regular	Class C	Amount/Share 0.04

Type Regular	Class I	Amount/Share 0.082

Type Regular	Class R	Amount/Share 0.062

Type Regular	Class Z	Amount/Share 0.082
12/4/19	12/3/19	12/4/19
Type Regular	Class A	Amount/Share 0.149

Type Regular	Class C	Amount/Share 0.117

Type Regular	Class I	Amount/Share 0.165

Type Regular	Class R	Amount/Share 0.142

Type Regular	Class Z	Amount/Share 0.165
6/28/19	6/27/19	6/28/19
Type Regular	Class A	Amount/Share 0.087

Type Regular	Class C	Amount/Share 0.056

Type Regular	Class I	Amount/Share 0.103

Type Regular	Class R	Amount/Share 0.08

Type Regular	Class Z	Amount/Share 0.103
12/6/18	12/4/18	12/6/18
Type Regular	Class A	Amount/Share 0.069

Type Regular	Class C	Amount/Share 0.043

Type Regular	Class I	Amount/Share 0.088

Type Regular	Class R	Amount/Share 0.066

Type Regular	Class Z	Amount/Share 0.088
6/29/18	6/28/18	6/29/18
Type Regular	Class A	Amount/Share 0.062

Type Regular	Class C	Amount/Share 0.035

Type Regular	Class I	Amount/Share 0.081

Type Regular	Class R	Amount/Share 0.058

Type Regular	Class Z	Amount/Share 0.081
12/6/17	12/5/17	12/6/17
Type Regular	Class A	Amount/Share 0.077

Type Regular	Class C	Amount/Share 0.042

Type Regular	Class I	Amount/Share 0.09

Type Regular	Class R	Amount/Share 0.057

Type Regular	Class Z	Amount/Share 0.09
6/30/17	6/29/17	6/30/17
Type Regular	Class A	Amount/Share 0.059

Type Regular	Class C	Amount/Share 0.023

Type Regular	Class I	Amount/Share 0.071

Type Regular	Class R	Amount/Share 0.055

Type Regular	Class Z	Amount/Share 0.071
12/8/16	12/7/16	12/8/16
Type Regular	Class A	Amount/Share 0.163

Type Regular	Class C	Amount/Share 0.134

Type Regular	Class I	Amount/Share 0.179

Type Regular	Class R	Amount/Share 0.153

Type Regular	Class Z	Amount/Share 0.179
6/30/16	6/29/16	6/30/16
Type Regular	Class A	Amount/Share 0.055

Type Regular	Class C	Amount/Share 0.025

Type Regular	Class I	Amount/Share 0.068

Type Regular	Class R	Amount/Share 0

Type Regular	Class Z	Amount/Share 0.068

Tax Center

Dividend Calendar

Estimated Sources of Distribution

Pay Date	Class	Per Share Distribution	Net Investment Income	Return Of Capital	Long Term Gain	Short Term Gain
12/7/23	A	$0.121	$0.112	$0.009	$0	$0
12/7/23	C	$0.09	$0.081	$0.009	$0	$0
12/7/23	I	$0.142	$0.133	$0.009	$0	$0
12/7/23	R	$0.118	$0.109	$0.009	$0	$0
12/7/23	Z	$0.142	$0.133	$0.009	$0	$0
6/30/23	A	$0.107	$0.099	$0.008	$0	$0
6/30/23	C	$0.074	$0.066	$0.008	$0	$0
6/30/23	I	$0.125	$0.117	$0.008	$0	$0
6/30/23	R	$0.097	$0.089	$0.008	$0	$0
6/30/23	Z	$0.125	$0.117	$0.008	$0	$0
12/8/22	A	$0.19	$0.179	$0.011	$0	$0
12/8/22	C	$0.159	$0.148	$0.011	$0	$0
12/8/22	I	$0.21	$0.199	$0.011	$0	$0
12/8/22	R	$0.185	$0.174	$0.011	$0	$0
12/8/22	Z	$0.21	$0.199	$0.011	$0	$0
6/30/22	A	$0.077	$0.046	$0.007	$0.012	$0.012
6/30/22	C	$0.059	$0.028	$0.007	$0.012	$0.012
6/30/22	I	$0.091	$0.06	$0.007	$0.012	$0.012
6/30/22	R	$0.055	$0.024	$0.007	$0.012	$0.012
6/30/22	Z	$0.091	$0.06	$0.007	$0.012	$0.012
12/9/21	A	$0.917	$0.741	$0.007	$0.069	$0.1
12/9/21	C	$0.884	$0.708	$0.007	$0.069	$0.1
12/9/21	I	$0.935	$0.759	$0.007	$0.069	$0.1
12/9/21	R	$0.907	$0.731	$0.007	$0.069	$0.1
12/9/21	Z	$0.935	$0.759	$0.007	$0.069	$0.1
6/30/21	A	$0.044	$0.036	$0.008	$0	$0
6/30/21	C	$0.01	$0.002	$0.008	$0	$0
6/30/21	I	$0.06	$0.052	$0.008	$0	$0
6/30/21	R	$0.036	$0.028	$0.008	$0	$0
6/30/21	Z	$0.06	$0.052	$0.008	$0	$0
12/10/20	A	$0.058	$0.053	$0.005	$0	$0
12/10/20	C	$0.025	$0.02	$0.005	$0	$0
12/10/20	I	$0.074	$0.069	$0.005	$0	$0
12/10/20	R	$0.052	$0.047	$0.005	$0	$0
12/10/20	Z	$0.074	$0.069	$0.005	$0	$0
6/30/20	A	$0.066	$0.06	$0.006	$0	$0
6/30/20	C	$0.04	$0.034	$0.006	$0	$0
6/30/20	I	$0.082	$0.076	$0.006	$0	$0
6/30/20	R	$0.062	$0.056	$0.006	$0	$0
6/30/20	Z	$0.082	$0.076	$0.006	$0	$0
12/4/19	A	$0.149	$0.138	$0.011	$0	$0
12/4/19	C	$0.117	$0.106	$0.011	$0	$0
12/4/19	I	$0.165	$0.154	$0.011	$0	$0
12/4/19	R	$0.142	$0.131	$0.011	$0	$0
12/4/19	Z	$0.165	$0.154	$0.011	$0	$0
6/28/19	A	$0.087	$0.075	$0.012	$0	$0
6/28/19	C	$0.056	$0.044	$0.012	$0	$0
6/28/19	I	$0.103	$0.091	$0.012	$0	$0
6/28/19	R	$0.08	$0.068	$0.012	$0	$0
6/28/19	Z	$0.103	$0.091	$0.012	$0	$0
12/6/18	A	$0.069	$0.061	$0.008	$0	$0
12/6/18	C	$0.043	$0.035	$0.008	$0	$0
12/6/18	I	$0.088	$0.08	$0.008	$0	$0
12/6/18	R	$0.066	$0.058	$0.008	$0	$0
12/6/18	Z	$0.088	$0.08	$0.008	$0	$0
6/29/18	A	$0.062	$0.056	$0.006	$0	$0
6/29/18	C	$0.035	$0.029	$0.006	$0	$0
6/29/18	I	$0.081	$0.075	$0.006	$0	$0
6/29/18	R	$0.058	$0.052	$0.006	$0	$0
6/29/18	Z	$0.081	$0.075	$0.006	$0	$0
12/6/17	A	$0.077	$0.068	$0.009	$0	$0
12/6/17	C	$0.042	$0.033	$0.009	$0	$0
12/6/17	I	$0.09	$0.081	$0.009	$0	$0
12/6/17	R	$0.057	$0.048	$0.009	$0	$0
12/6/17	Z	$0.09	$0.081	$0.009	$0	$0
6/30/17	A	$0.059	$0.05	$0.009	$0	$0
6/30/17	C	$0.023	$0.014	$0.009	$0	$0
6/30/17	I	$0.071	$0.062	$0.009	$0	$0
6/30/17	R	$0.055	$0.046	$0.009	$0	$0
6/30/17	Z	$0.071	$0.062	$0.009	$0	$0
12/8/16	A	$0.163	$0.154	$0.009	$0	$0
12/8/16	C	$0.134	$0.125	$0.009	$0	$0
12/8/16	I	$0.179	$0.17	$0.009	$0	$0
12/8/16	R	$0.153	$0.144	$0.009	$0	$0
12/8/16	Z	$0.179	$0.17	$0.009	$0	$0
6/30/16	A	$0.055	$0.047	$0.008	$0	$0
6/30/16	C	$0.025	$0.017	$0.008	$0	$0
6/30/16	I	$0.068	$0.06	$0.008	$0	$0
6/30/16	R	$0	$0	$0	$0	$0
6/30/16	Z	$0.068	$0.06	$0.008	$0	$0

Per Share Distribution

Net Investment Income

Return Of Capital

Long Term Gain

Short Term Gain

Pay Date

6/30/16

Class

Per Share Distribution

0.068

Net Investment Income

0.06

Return Of Capital

0.008

Long Term Gain

Short Term Gain

Tax Center

Dividend Calendar

Estimates Only - Do Not Use for Tax Reporting Purposes This table provides estimates of the Fund's distribution sources at the time of payment and should not be relied upon or used for tax planning or tax reporting purposes. A return of capital occurs when a portion of the money that you invested is paid back to you and should not be confused with “yield” or “income”. Income as determined under federal income tax regulations differs from GAAP. As a result, distributions are subject to recharacterization for federal income tax purposes. Therefore the actual composition of the distributions noted above may change substantially by year-end and, to the extent these changes do occur, they will have the effect of reducing the net investment income component of fund distributions and correspondingly increasing the capital gains and/or return of capital components. The final determination of the source and tax characteristics of all distributions will be made after year-end and reported to you on Form 1099-DIV and these final amounts may vary significantly from the estimates provided above. Form 1099-DIV, which is mailed after the close of the calendar year, will specify how the distributions paid by the Fund during the year should be characterized and reported on your tax return (e.g. ordinary income, return of capital and capital gain).

Risks

Risks of Investing in Real Assets Securities
Investing involves risk, including possible loss of principal. A real assets strategy is subject to the risk that its asset allocations may not achieve the desired risk return characteristic, underperform other similar investment strategies or cause an investor to lose money. Risks of investing in REITs are similar to those associated with direct investments in real estate securities, including (i) property values may fall due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities, including market risk, credit risk, counterparty risk, leverage risk and liquidity risk and can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. Securities of natural resource companies may be affected by events occurring in nature, inflationary pressures and international politics. Global infrastructure securities may be subject to regulation by various governmental authorities, such as rates charged to customers, operational or other mishaps, tariffs and changes in tax laws, regulatory policies and accounting standards. Foreign securities involve special risks, including currency fluctuation and lower liquidity.

Futures Trading Is Volatile, Highly Leveraged and May Be Illiquid. Investments in commodity futures contracts and options on commodity futures contracts have a high degree of price variability and are subject to rapid and substantial price changes. Such investments could incur significant losses. There can be no assurance that the options strategy will be successful. The use of options on commodity futures contracts is to enhance risk-adjusted total returns. The use of options, however, may not provide any, or only partial, protection for market declines. The return performance of the commodity futures contracts may not parallel the performance of the commodities or indexes that serve as the basis for the options it buys or sells; this basis risk may reduce overall returns.

Total Net Assets