Cohen & Steers Institutional Global Realty Shares

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1 The global real estate market, as represented by the FTSE EPRA/NAREIT Developed Real Estate Index, had a 10.4% total return in the year ended December 31, 2017 (in U.S. dollars, net of dividend withholding taxes). Investment Review Global real estate stocks had a solid gain in 2017, aided by a strengthening global economy and improving fundamentals across many property markets. However, real estate widely trailed global equities, restrained by relatively modest earnings acceleration compared to more cyclical sectors and a challenging environment for retail landlords. Momentum continued to shift toward non-u.s. markets. Europe and the Asia Pacific region significantly outperformed following a decade in which the U.S. was largely in the driver's seat within the global real estate market. Europe enjoyed the strongest economic acceleration of any developed economy after a prolonged period of anemic growth, driving demand for real estate space broadly across the continent. Many consumer and business sentiment indicators reached multi-year highs, pointing to continued acceleration. Yet inflation remained subdued, giving the European Central Bank the opportunity to avoid raising interest rates and allowing real estate to benefit from higher cash flows without the pressure of higher bond yields. A similar story played out in Asia, particularly Japan, where a Index Performance (US$) FTSE EPRA/NAREIT Developed Real Estate Index (Net) Q % 1 Year 10.36% 3 Year 4.44% 5 Year 6.32% 10 Year 3.28% Data quoted represents past performance, which is no guarantee of future results. This information is not representative of any Cohen & Steers account and no such account will seek to replicate an index. You cannot invest directly in an index and index performance does not reflect the deduction of fees, expenses or taxes. Periods greater than 12 months are annualized. stronger macro backdrop and continued monetary stimulus provided favorable conditions for real estate developers, particularly Tokyo office landlords. By contrast, U.S. REITs struggled despite a favorable economic backdrop, due largely to significant underperformance by retail property owners. E-commerce winners and losers. The pressures of e-commerce on brick-and-mortar retailers caused retailfocused landlords to underperform globally. The headwinds were most significant in the U.S., where the highest store closings since the recession prompted many tenants to vacate space and negotiate for lower rents on other properties. U.S. retail landlords came under significant selling pressure early in the year. Owners of high-quality malls largely recovered by year end, buoyed by bids to acquire GGP Properties and Westfield Properties as well as the likelihood that significant capital would be available to renovate properties to remain competitive. Lower-quality mall companies remained depressed, however, on the belief that they will find it difficult to replace vacating tenants, and the capital expenditures required to re-lease these boxes is likely to impact their cash flows negatively going forward. The same trends that hurt retail properties benefited other sectors. Owners of cell towers, data centers and industrial properties enjoyed substantial gains due to demand for faster Index Characteristics FTSE EPRA/NAREIT Developed Real Estate Index (Net) Premium to NAV 2.9% Premium or Discount to DDM 3.9% Dividend Yield 3.8% Price/Cash Flow (2017E) 18.5x Cash Flow Growth (2017E vs. 2016) 4.9% Cash Flow Growth (2018E vs. 2017E) 5.5% 5-Year Cash Flow Growth 4.4% Total Market Capitalization $1,748.8B Weighted Average Market Cap. $14.0B Number of Holdings 331 Source: Cohen & Steers. Characteristics are market capitalization-weighted averages of estimates for companies in the FTSE EPRA/NAREIT Developed Real Estate Index (Net) and are subject to change over time. cohenandsteers.com

2 mobile networks, more bandwidth and data storage, and faster delivery times. Growing mobile data and video traffic is forcing wireless carriers to improve their networks continuously and lease more space on towers. The continued adoption of cloud computing and digital media consumption are increasing the need for data storage and computing power. And the logistics of parcel deliveries is also structurally changing, creating the need for industrial warehouses located close to population centers so that goods can be rapidly and cheaply delivered to stores or directly to consumers. REITs big winners from U.S. tax reform. After much anticipation, the U.S. enacted sweeping tax cuts at the end of the year, adding fuel to an already healthy U.S. economy. Because REITs already pay little to no taxes, they are expected to see little direct benefit from a lower corporate tax rate. However, REITs gained added investor appeal due to a new 20% deduction on pass-through income. Combined with lower individual tax brackets, this reduced the effective top tax rate on REIT income distributions from about 40% to less than 30%. Additionally, lower taxes offered the prospect of a stronger business environment and increased consumer spending that could benefit overall demand for real estate. Country Highlights Hong Kong (39.7% total return 1 ) benefited from improving growth in mainland Chinese tourism and mainland companies taking up office space. In addition, residential property sales continued to surprise to the upside, despite restrictions designed to cool the market. Singapore (32.3%) experienced surprisingly strong performance considering the significant amount of new real estate supply coming online, with positive sentiment also driven by strong China growth and overall global trade activity. Offices performed well as take up accelerated after several years of weak supply/demand dynamics. Singapore developers also rose on the government's lifting of most house buying restrictions, which presaged a resumption of residential development operations. Germany's (28.9%) economic data, including employment, industrial production and business confidence, climbed to the highest level since the country's unification in 1990 and fueled broad-based gains for the country's commercial and residential property owners. Spain (25.0%) benefited from a significant improvement in the job market amid some of the strongest economic growth on the European continent. Reduced political tensions also aided stocks as the Spanish government disbanded the separatist Catalan regional authority amid scant protest. The U.K. (12.6%) continued to experience economic fallout from its decision to leave the EU, particularly in the form of reduced hiring in the London metro area, which hurt office and retail landlords. The declines in those sectors were more than compensated by a rebound in less-cyclical sectors, such as student housing, health care and e-commerce-focused industrial REITs, which experienced strong demand but had fallen to deep discounts. Canada (10.2%) rose on an improving economic outlook amid strengthening energy prices, which helped stabilize the resource-rich Alberta province after several years of contraction. However, cash flow growth for many REIT-owned properties remained subdued due to anemic demand growth and supply pressures in the secondary markets where most REITs are exposed. Australia (5.1%) was broadly positive, led by industrial property owner Goodman, which rose on the prospect of greater demand warehouse space from e-commerce growth. Certain office companies performed well amid improvements in Sydney's office fundamentals. Retail owner Westfield rose after agreeing to be acquired by Unibail-Rodamco, Europe's largest retail landlord. In the U.S. (3.9%), returns varied widely by property type, as noted above. Data centers (28.4% 2 ) continued to benefit from the outsourcing of IT infrastructure and the migration to cloud computing. Industrial landlords (20.6%) benefited from retailers seeking well-located warehouses to meet faster delivery times demanded by online customers. Shopping centers ( 11.4%) and regional malls ( 2.7%) were hindered by ongoing news of store closings and concerns regarding the expansion of e-commerce. Japan ( 5.0%) saw sizable gains for mid-cap developers, as an improving economy and a reviving manufacturing sector boosted business sentiment. However, those gains were not able to offset losses from J-REITs, which came under selling pressure due to outflows from domestic mutual funds on concerns of distribution cuts at the fund level. Fund Performance The Fund generated a positive total return and outperformed its benchmark for the year. Stock selection in the U.S. was an important contributor to relative performance, as we held an overweight position in data centers and were significantly cohenandsteers.com

3 underweight regional malls. An out-of-benchmark position in non-reit hotel owner Hilton also contributed, benefiting from increasing business travel and confidence on the prospect of lower corporate taxes. Stock selection in the U.K. also aided relative performance due to overweights in defensive sectors, including self storage, industrial and health care property owners. Generally, the portfolio also benefited from an overweight allocation to European markets, including Austria (38.4% total return in the index), Spain, Norway (40.4%) and Germany. A decision not to own Singapore detracted from relative performance. Stocks in the country gained on improving trade and economic data. However, employment growth has continued to stall and property fundamentals remain poor amid significant new supply and sluggish demand growth. The portfolio's underweight in Hong Kong also detracted. This included an underweight in Wharf Holdings, which outperformed after announcing plans to restructure, and we did not own New World Development, one of the more leveraged developers. Stock selection in Germany also detracted from relative performance, where we did not own Vonovia due to our view that its valuation was unattractive. Investment Outlook Over the past five years, global real estate securities have experienced generally strong cash flow growth but have widely trailed the stock market. As a result, REITs today are trading at earnings multiples near the low end of their five-year range while broad equity valuations are at cycle highs, representing attractive relative value, in our view. We believe commercial real estate should continue to see improving operating fundamentals in most global markets amid solid economic growth, steady job creation, reasonable new supply levels, and monetary conditions that should remain relatively accommodative even as stimulus is gradually withdrawn. We continue to have a positive view of the U.S. REIT market overall, although certain overseas property markets appear to have more runway for growth. Potential Opportunities U.S. office, residential and data centers. We anticipate that demand for commercial real estate in the U.S. will moderately outpace new supply across most sectors in the coming months, but cyclical and secular changes to some sectors will result in widely divergent operating results. West Coast central business district offices should continue to benefit from strong job creation and low speculative supply, while New York and other East Coast office markets are decelerating due to substantial supply and weaker demand. Residential sectors, including apartments, single family homes and manufactured homes are also benefitting from healthy demand, while supply remains in check. Data center growth prospects remain attractive, in our view, due to the structural growth in e-commerce and cloud computing, coupled with the high costs and technical requirements of building new space. Continental Europe. Property markets on the continent are likely to continue to benefit from strong economic activity in the region. We favor residential property owners in most markets, Spain and Germany in particular, but more recently Sweden's expensive housing market appears to be slowing after years of healthy gains. Economic growth is likely to remain robust in Spain, with office landlords being a primary beneficiary. Offices in France also appear attractive given the sector's strong fundamentals. U.K. less-cyclical sectors. In light of our relatively negative view of economic prospects for the U.K., we favor companies that we believe feature more defensive or structural growth characteristics and that will likely remain relatively insulated from an economic deceleration. These include logistics warehouses, student housing and health care landlords. Japan and Australia: select areas of opportunity. In Japan, we remain positive on developers given attractive valuations and solid fundamentals. We maintain our preference for certain J-REITs that offer the ability to deliver compelling dividend yields and/or earnings growth. In Australia, the Sydney office market is expected to experience net demand growth as new supply tapers off, boosting property occupancy and rental rates. We also favor logistics landlords, which are experiencing strong demand from the growth in e-commerce. Approaching With Caution U.S. retail, health care and industrial landlords. We remain moderately underweight the U.S. due to what we believe are more attractive opportunities elsewhere. We are most notably underweight retail in light of the secular headwinds facing the sector, as well as health care where we believe government reimbursement rate cuts, supply growth, operator pressures, and generally higher interest rates will continue to depress the sector. Secondary and some prime retail malls and shopping centers remain under pressure from the secular growth of e-commerce. We expect shopper traffic and ultimately tenant demand to steadily decline at poorly positioned locations, while the most attractive shopping destinations in each market will survive and perhaps even gain market share as others close. We also remain underweight industrial properties because valuations in these REITs have become excessive relative to growth. cohenandsteers.com

4 U.K. office and residential. We remain negative toward the London office, retail, and residential sectors due to the damaging effects of Brexit, e-commerce, and our negative macroeconomic outlook for the country. Rents in the office and residential sectors are expected to be pressured by additional supply coming to market and weakening demand because of Brexit. Singapore and Australian retail. While the Singapore economy is improving, with global trade boosting exports, valuations have become stretched and offer little upside. Suburban malls face growth challenges with supply accelerating and e- commerce penetration still low. We expect pressure on capital values over time, especially if the monetary backdrop tightens. In Australia, retail spending trends at traditional shopping centers are likely to weaken once Amazon which just launched its operations in the country disrupts the Australian market in the way it has in the U.S. Keeping Watch Hong Kong. Hong Kong interest rates are primarily influenced by the U.S., so a tighter Federal Reserve policy could weigh on real estate securities there. However, the flow-through of higher rates to residential mortgages is limited, as southbound capital inflows from mainland China are largely offsetting the outflow from global tightening concerns, and the economy is growing at a healthy pace, aided by stable domestic consumption and better external trade. The net effect is that consumption demand remains strong, and office fundamentals are supported by low vacancies and demand from Chinese companies, driving healthy development and leasing activity for landlords. (1) All country returns in this commentary are in local currencies. (2) All sector returns in this commentary are in USD. cohenandsteers.com

5 Index Performance by Country Q YTD 2017 Local USD Local USD Middle East - Africa -0.97% 0.77% 18.65% 31.53% Israel -0.97% 0.77% 18.65% 31.53% Europe 6.61% 7.70% 15.71% 29.16% Italy 6.29% 7.96% 46.72% 67.04% Austria 12.54% 14.31% 38.40% 57.56% Norway 13.96% 10.91% 40.42% 47.77% Germany 9.38% 11.09% 28.91% 46.74% Spain 0.89% 2.47% 24.98% 42.28% Ireland 1.57% 3.17% 23.88% 41.03% Finland 1.57% 3.17% 17.46% 33.72% France 9.89% 11.62% 14.84% 30.74% Sweden 3.48% 3.17% 15.92% 28.63% United Kingdom 8.20% 9.10% 12.63% 23.31% Belgium 0.39% 1.97% 7.32% 22.18% Switzerland 1.93% 1.21% 10.19% 14.93% Netherlands 2.60% 4.21% -1.06% 12.64% Asia Pacific 5.55% 5.60% 11.95% 16.08% Singapore 7.71% 9.45% 32.32% 43.04% Hong Kong 6.81% 6.72% 39.72% 38.67% Australia 7.85% 7.50% 5.12% 13.54% New Zealand 7.08% 5.34% 8.06% 10.21% Japan 2.72% 2.64% -4.98% -1.62% North America 1.83% 1.82% 4.23% 4.59% Canada 6.09% 5.90% 10.19% 17.94% United States 1.60% 1.60% 3.92% 3.92% Source: Cohen & Steers. Data quoted represents past performance, which is no guarantee of future results. This information is not representative of any Cohen & Steers account and no such account will seek to replicate an index. You cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes. As of December 31, 2017, Hilton, Wharf Holdings, New World Development and Vonovia accounted for 1.1%, 0.0%, 0.0% and 0.0% of the Fund, respectively. The mention of specific securities is not a recommendation or solicitation to buy, sell or hold any particular security and should not be relied upon as investment advice. Weights may vary over time and holdings are subject to change without notice. Data quoted represents past performance, which is no guarantee of future results. The FTSE EPRA/NAREIT Developed Real Estate Index - net is an unmanaged marketcapitalization-weighted total-return index, which consists of publicly traded equity REITs and listed property companies from developed markets and is net of dividend withholding taxes. The views and opinions in the preceding commentary are as of the date of publication and are subject to change. There is no guarantee that any market forecast in this report will be realized. This material 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 the performance of any investment. Please consider the investment objectives, risks, charges of any Cohen & Steers fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling Please read the summary prospectus and prospectus carefully before investing. Cohen & Steers open-end funds are distributed by Cohen & Steers Securities, LLC. This commentary is authorized for distribution only when preceded or accompanied by the current fact sheet for. cohenandsteers.com IR81_F_Q417

6 Factsheet December 31, 2017 The investment objective of the Fund is to achieve total return through investment in global real estate equity securities. Global real estate securities are common stocks and other equity securities issued by U.S. and non-u.s. real estate companies, including real estate investment trusts (REITs) and similar REIT-like entities. General Information CUSIP Symbol 19248K107 GRSIX NAV per Share $27.07 Total Net Assets $496.2 Million Inception Date August 10, 2006 Number of Holdings 78 Dividend Frequency Semi-Annual Expense Ratio Gross (1) 1.02% Expense Ratio Net (1) 1.00% (1) As disclosed in the May 1, 2017 prospectus, supplemented on December 12, Cohen & Steers Capital Management, Inc., the Fund's investment manager (the "Manager"), has contractually agreed to waive its fee and/or reimburse expenses so that the Fund's total annual operating expenses (excluding brokerage fees and commissions, taxes and, upon approval of the Board of Directors, extraordinary expenses) never exceed 1.00% of average daily net assets. Absent such arrangements, returns would have been lower. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund and the Manager and will terminate automatically in the event of termination of the investment management agreement between the Fund and the Manager. Portfolio Managers Managing Years of Fund Since Experience Jon Cheigh Luke Sullivan Charles McKinley Rogier Quirijns William Leung Total Returns FTSE EPRA/NAREIT Developed Fund Real Estate Index (Net) QTD 3.86% 3.60% 1 Year 12.93% 10.36% 3 Year 6.32% 4.44% 5 Year 7.38% 6.32% 10 Year 4.43% 3.28% Since Inception (8/10/06) 4.26% 3.88% Data quoted represents past performance, which is no guarantee of future results. Performance returns stated net of fees. There is no guarantee that any historical trend illustrated in this report will be repeated in the future, and there is no way to predict when such a trend will begin. There is no guarantee that any market forecast in this report will be realized. 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. Month-end performance information can be obtained by visiting our website at cohenandsteers.com. There is no guarantee that any investment objective will be achieved. An investor cannot invest directly in an index, and index performance does not reflect the deduction of fees, expenses or taxes. During certain periods presented above, the Advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would be lower. Sector Diversification 25% Diversified 19% Office 19% Residential 13% Retail 6% Industrial 5% Hotel 5% Self Storage 4% Health Care 3% Cash 2% Infrastructure Portfolio weights are subject to change without notice. Due to rounding, values might not add up to 100%. Geographic Diversification 48% United States 10% Japan 9% Hong Kong 6% United Kingdom 6% Australia 6% Other 4% Germany 4% Spain 3% Canada 3% Cash Portfolio weights are subject to change without notice. Due to rounding, values might not add up to 100%. cohenandsteers.com

7 cohenandsteers.com OFS8 Q417 Factsheet December 31, 2017 Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle. Risks. There are special risks associated with investing in the Fund. Since the Fund concentrates its assets in global real estate securities, an investment in the fund will be significantly impacted by the performance of the real estate markets. Risks of investing in REITs are similar to those associated with direct investments in real estate securities, including falling property values due to increasing vacancies, declining rents resulting from economic, legal, tax or political developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Special risks of investing in foreign securities include (i) currency fluctuations, (ii) lower liquidity, (iii) political and economic uncertainties, and (iv) differences in accounting standards. Certain foreign securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquid than larger companies. The Fund is classified as a "non-diversified" fund under the federal securities laws because it can invest in fewer individual companies than a diversified fund. However, the Fund must meet certain diversification requirements under the U.S. tax laws. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT INSURED BY ANY GOVERNMENT AGENCY Top Holdings by Region Name North America % of Market Value Realty Income Corporation 2.8% Extra Space Storage Inc. 2.7% AvalonBay Communities Inc. 2.6% Prologis Inc. 2.6% Simon Property Group Inc. 2.5% Asia Pacific Mitsui Fudosan Co. Ltd. 3.1% Sun Hung Kai Properties 3.1% Cheung Kong Property Holding 2.8% Dexus Property Group 2.7% Link REIT 1.9% Europe Merlin Properties Socimi SA 2.5% Deutsche Wohnen AG 2.5% Segro PLC 1.4% Gecina SA 1.4% Assura Group Ltd 1.0% The mention of specific securities is not a recommendation or solicitation to buy, sell or hold any particular security and should not be relied upon as investment advice. Weights may vary over time and holdings are subject to change without notice. Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A summary prospectus and prospectus containing this and other information may be obtained by visiting cohenandsteers.com or by calling Please read the summary prospectus and prospectus carefully before investing. Dividend income that the Fund receives from REITs will generally not be treated as qualified dividend income and therefore not be eligible for reduced rates of taxation. Distributions are subject to recharacterization for tax purposes. The final tax treatment of these distributions is reported on the 1099-DIV forms, which are mailed to shareholders after the close of each fiscal year. The FTSE EPRA/NAREIT Developed Real Estate Index - net is an unmanaged market-capitalization-weighted total-return index, which consists of publicly traded equity REITs and listed property companies from developed markets and is net of dividend withholding taxes. An investor cannot invest directly in an index, and index performance does not reflect the deduction of fees, expenses or taxes. Percentages may differ from data in the Fund's financial statements due to the effect of fair value pricing of foreign securities. The fund implements fair value pricing when the daily change in a specific U.S. market index exceeds a predetermined percentage. In the event fair value pricing is implemented on the first day of the period, the fund's return may diverge from the performance of its benchmark, which is not fair valued. This divergence is usually reduced on the day following the implementation of fair value pricing by the fund, as the value of the securities in the index that are held by the fund typically move closer to the fund's fair valued price when the market reopens. This fact sheet is provided for informational purposes and is not an offer to purchase or sell Fund shares. Cohen & Steers U.S. registered open-end funds are distributed by Cohen & Steers Securities, LLC, and are only available to U.S. residents.