An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Contingent Capital Securities represented by ICE BofA Contingent Capital Index through December 31, 2016 and Bloomberg Barclays Developed Market USD Contingent Capital Index for periods thereafter. The ICE BofA Contingent Capital Index tracks the performance of US dollar denominated investment grade and below investment grade contingent capital debt publicly issued in the US domestic and eurobond markets, with a remaining term to final maturity of at least one month and at least 18 months to maturity at point of issuance. The Barclays Developed Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers. The ICE BofA Corporate Master Index tracks the performance of USD-denominated investment-grade corporate debt publicly issued in the U.S. domestic market. The ICE BofA Fixed-Rate Preferred Securities Index tracks the performance of fixed-rate USD-denominated preferred securities issued in the U.S. domestic market.
The ICE BofA Municipal Master Index tracks the performance of USD-denominated investment-grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. The ICE BofA U.S. High Yield Master II Index tracks the performance of USD-denominated below-investment-grade corporate debt publicly issued in the U.S. domestic market. The 10-year Treasury is a debt obligation issued by the U.S. Treasury that has a term of more than one year, but not more than 10 years.
Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding commentary are for informational purposes and reflect prevailing conditions and our judgment as of this date, which are subject to change without notice. The information presented above does not reflect the performance of any fund or account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected above. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any market forecast made in this commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an oﬀer for a particular security. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.
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