Index Definitions. All returns and investment characteristics discussed in this report are based on the indexes below. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. Global real estate/REITs: FTSE EPRA/NAREIT Developed Real Estate Index (net) is an unmanaged market-capitalizationweighted total-return index, which consists of publicly traded equity REITs and listed property companies from developed markets. Global stocks: MSCI World Index consists of a wide selection of stocks traded in 24 developed countries. It is weighted for market capitalization and is considered an important benchmark of the state of global stock markets.
The views and opinions in the preceding commentary are as of the date of publication and are subject to change without notice. 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 is not being provided in a fiduciary capacity, and represents an assessment of the market environment at a specific point in time, should not be relied upon as investment or tax advice and is not intended to predict or depict performance of any investment, nor may it be construed as investment advice for any product or service sponsored by Cohen & Steers, Inc. or any of its affiliates or agents. We consider the information in this commentary 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. Investors should consult their own advisors with respect to their individual circumstances. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security and should not be relied upon as investment advice. For a complete list of holdings of any Cohen & Steers fund, please visit cohenandsteers.com. No representation or warranty is made as to the efficacy of any particular strategy or fund or the actual returns that may be achieved.
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Risks of Investing in Real Estate Securities. Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small and medium-sized companies, which may be more susceptible to price volatility and be less liquid than larger companies.
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