Index Defnitions. An investor cannot invest directly in an index and index performance does not reﬂect the deduction of any fees, expenses or taxes.
The Cohen & Steers U.S. Realty Total Return Composite represents the investment performance records of fully discretionary U.S. Realty Total Return accounts, which invest in U.S. real estate securities, primarily REITs. The Dow Jones U.S. Real Estate Index is designed to track the performance of real estate investment trusts (REIT) and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies. FTSE NAREIT Equity REIT Index is an unmanaged, marketcapitalization-weighted index of all publicly traded U.S. REITs that invest predominantly in the equity ownership of real estate, not including timber or infrastructure. The MSCI U.S. REIT Index is a free-ﬂoat-adjusted market-capitalization-weighted index that is comprised of U.S. equity REITs excluding mortage REITs and specialized REITs.
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 above 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 specifc 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. 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.
Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. Registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information may be obtained by visiting cohenandsteers.com or by calling 800 330 7348. Please read the summary prospectus and prospectus carefully before investing. The mention of specifc securities is not a recommendation or solicitation to buy, hold or sell a particular security and should not be relied upon as investment advice.
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 diversifcation and sensitivity to certain economic factors such as interest rate changes and market recessions. The risks of investing in REITs are similar to those associated with direct investments in real estate securities. Foreign securities involve special risks, including currency ﬂuctuations, lower liquidity, political and economic uncertainties, and diﬀerences in accounting standards. Some international securities may represent smalland medium-sized companies, which may be more susceptible to price volatility and be less liquid than larger companies.
This commentary must be accompanied by the most recent Cohen & Steers fund fact sheet(s) and summary prospectus if used in connection with the sale of mutual fund shares.
Cohen & Steers Capital Management, Inc. (Cohen & Steers) is a registered investment advisory frm that provides investment management services to corporate retirement, public and union retirement plans, endowments, foundations and mutual funds.
Cohen & Steers U.S.-registered open-end funds are distributed by Cohen & Steers Securities, LLC, and are available only to U.S. residents.
Cohen & Steers UK Limited is authorized and regulated by the Financial Conduct Authority (FRN 458459). Cohen & Steers Japan, LLC is a registered fnancial instruments operator (investment advisory and agency business with the Financial Services Agency of Japan and the Kanto Local Finance Bureau No. 2857) and is a member of the Japan Investment Advisers Association.