CNS AR22 Digital - Flipbook - Page 97
Performance notes
Data quoted represents past performance, which is no guarantee of
future results. 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 document will be
realized. The views and opinions in the preceding document are as of
the date of publication and are subject to change without notice. This
material represents an assessment of the market environment at a
specific point in time and should not be relied upon as investment
advice, does not constitute a recommendation to buy or sell a
security or other investment and is not intended to predict or depict
performance of any investment. This material is not being provided in
a fiduciary capacity and is not intended to recommend any investment
policy or investment strategy or take into account the specific objectives
or circumstances of any investor. We consider the information in this
document 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.
Cohen & Steers does not provide investment, tax or legal advice. Please
consult with your investment, tax or legal adviser regarding your
individual circumstances prior to investing.
Strategy performance. Outperformance is determined by annualized
investment performance of all accounts in each investment strategy
measured gross of fees and net of withholding taxes in comparison to
the performance of each account’s reference benchmark measured net
of withholding taxes, where applicable.
Morningstar. ©2022 Morningstar, Inc. All Rights Reserved. The
information contained herein: (1) is proprietary to Morningstar and/or
its content providers; (2) may not be copied or distributed; and (3) is not
warranted to be accurate, complete, or timely. Neither Morningstar nor
its content providers are responsible for any damages or losses arising
from any use of this information. Morningstar calculates its ratings
based on a risk-adjusted return measure that accounts for variation in
a fund’s monthly performance (including the effects of sales charges,
loads, and redemption fees), placing more emphasis on downward
variations and rewarding consistent performance. The top 10% of funds
in each category receive five stars, the next 22.5% receive four stars,
the next 35% receive three stars, the next 22.5% receive two stars and
the bottom 10% receive one star. Past performance is no guarantee
of future results. Based on independent rating by Morningstar, Inc., of
investment performance of each Cohen & Steers-sponsored open-end
U.S.-registered mutual fund for all share classes for the overall period
at December 31, 2022. Overall Morningstar rating is a weighted average
based on the 3-year, 5-year and 10-year Morningstar rating. Each
share class is counted as a fraction of one fund within this scale and
rated separately, which may cause slight variations in the distribution
percentages. This is not investment advice and may not be construed
as sales or marketing material for any financial product or service
sponsored or provided by Cohen & Steers.
Please consider the investment objectives, risks, charges and expenses
of any Cohen & Steers U.S.-registered open-end mutual 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.
Risks of investing in real estate securities. The 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.
Risks of investing in global infrastructure securities. Infrastructure
issuers may be subject to regulation by various governmental
authorities and may also be affected by governmental regulation of
rates charged to customers, operational or other mishaps, tariffs, and
changes in tax laws, regulatory policies, and accounting standards.
Risks of investing in foreign 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 small- and medium-sized
companies, which may be more susceptible to price volatility and may
be less liquid than larger companies.
Risks of investing in MLP securities. An investment in MLPs
involves risks that differ from a similar investment in equity
securities, such as common stock, of a corporation. Holders of
equity securities issued by MLPs have the rights typically afforded to
limited partners in a limited partnership. As compared to common
shareholders of a corporation, holders of such equity securities
have more limited control and limited rights to vote on matters
affecting the partnership. There are certain tax risks associated with
an investment in MLPs, including the risk that an MLP could lose its
tax status as a partnership. Additionally, conflicts of interest may
exist among common unit holders, subordinated unit holders and
the general partner or managing member of an MLP; for example,
a conflict may arise as a result of incentive distribution payments.
Risks of investing in the energy sector. A downturn in the energy
sector of the economy could have a larger impact on a strategy
concentrated in the energy sector than on a strategy that does not
concentrate in the sector. In addition, there are several specific risks
