Cohen & Steers Realty Shares

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1 The U.S. real estate market, as represented by the FTSE NAREIT Equity REIT Index, had a 0.9% total return in the three months ended September 30, 2017 (in U.S. dollars), bringing the year-to-date return to 3.7%. Investment Review U.S. REITs reported solid earnings growth in the third quarter amid strengthening demand, reasonable levels of new supply and continued low financing costs. Yet real estate securities once again lagged the broader rally in U.S. equities, underperforming the S&P 500 for the fifth straight quarter. As a result, earnings multiples for real estate companies remained near the lower end of their five-year range, whereas multiples for broad equities expanded to near their cycle high. Concerns over rising interest rates appeared partly to blame, even though the Federal Reserve remained accommodative. The central bank's intentions for further interest-rate hikes and balance-sheet reductions were in line with expectations, consistent with subdued inflation along with continued economic expansion and job growth. Investor sentiment has also been affected by the continued struggles of brick-and-mortar retail. However, other property sectors, such as data centers, industrial warehouses and cell towers continued to benefit from the growth of e-commerce, underscoring the varying prospects for individual sectors. Bounce in Retail Despite Fundamental Challenges After suffering major declines over the past year, many U.S. shopping center REITs and a few mall owners experienced modest gains in the third quarter. Amazon's acquisition of Whole Foods, announced in June and made official in August, sparked an initial decline in many shopping centers amid increased competition concerns. However, the group rebounded and ended the quarter higher with a 3.4% return, as Amazon's entry into the grocery space suggests that there is a role for high-quality real estate even in a world where e- commerce takes share. Negative headlines continued to confront retail landlords as tenants continued to rationalize stores in response to the rise of e-commerce. The overall regional mall sector extended its losses ( 2.6% total return in the index). Three major mall tenants Gap, Foot Locker and L Brands (parent company of Victoria's Secret and Bath & Body Works) all reported weakness in their core mall operations. This prompted Gap to focus more on its off-mall concepts, Old Navy and Athleta, while Foot Locker opted to close hundreds of its U.S. mall locations. L Brands did not change its brick-and-mortar retail strategy, and this remained a concern to investors. While most retailers remain willing to pay for trophy locations, lower-tier properties are having a harder time replacing tenants. There have also been almost no buyers for lowerquality assets, as banks and private equity firms have Index Performance (US$) FTSE NAREIT Equity REIT Index Q % YTD 3.67% 1 Year 0.67% 3 Year 9.85% 5 Year 9.69% 10 Year 5.83% 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. Index Characteristics FTSE NAREIT Equity REIT Index Premium to NAV 6.7% Premium to DDM 10.7% Dividend Yield 4.0% Price/Cash Flow (2017E) 18.2x Cash Flow Growth (2017E vs. 2016) 4.1% Cash Flow Growth (2018E vs. 2017E) 6.0% 5-Year Cash Flow Growth 4.8% Total Market Capitalization $882.6B Weighted Average Market Cap. $15.6B Number of Holdings 159 Source: Cohen & Steers. Characteristics are market capitalization-weighted averages of estimates for companies in the FTSE NAREIT Equity REIT Index and are subject to change over time. cohenandsteers.com

2 generally lost interest in financing properties that may not be operational much longer. We believe a significant amount of lower quality U.S. malls will close over the next 3-5 years. That could be good news for the remaining malls, although it could take significant capital to transform current spaces into desirable destinations, potentially impairing cash flow growth for years. Data Centers Ride Secular Tailwinds Data centers (5.2%) continued to deliver strong returns and have been a top-performing sector this year, with several secular trends continuing to drive strong cash flow growth. Corporations are increasingly moving to the cloud and outsourcing their IT infrastructure, which is creating a growing need for data storage, bandwidth and computing power. E- commerce sales in the second quarter have grown at four times the pace of total retail sales. Video streaming also continues to drive data center demand, with more than 80% of total consumer internet traffic today being composed of video content. Impact From Hurricanes Harvey and Irma Successive hurricanes and historic flooding in the U.S. Gulf Coast caused devastating losses of life and significant damage to properties and infrastructure. However, most commercial properties owned by REITs had relatively little damage and companies typically carry insurance that covers weather-related damage and lost rental income due to business interruptions. In Houston and parts of Florida, apartments and self-storage experienced significant levels of new demand in two days from displaced residents and businesses, increasing occupancy rates to nearly 100% in the aftermath. While landlords offered short-term leases, the increased occupancy is not expected to be short lived as it could take more than a year for many homes to be rebuilt. Hotel occupancies also increased amid an influx of insurance adjusters and other hurricane-related activities. Manufactured homes and some single family rental REITs were modestly affected, with some residents unable to return to damaged properties. Other Sector Highlights The industrial sector (6.5%) was the top performer in the quarter. As part of the logistics supply chain, industrial REITs have increasingly benefited from the growth of e- commerce, particularly those companies that own warehouses close to densely populated areas. Demand for such space has continued to surge as retailers seek to meet faster delivery times demanded by online purchasers. Single family homes (0.8%) benefited from the announced merger between Invitation Homes and Starwood Waypoint Homes, which sent both stocks higher. The combined company will have 82,000 homes in its rental portfolio. Office landlords ( 0.6%) experienced modest losses, as a combination of mixed earnings results and concerns over slowing fundamentals in certain geographies weighed on the sector. The apartment sector ( 0.7%), which has outperformed the broader REIT market year to date, was partly weighed down by a number of student housing landlords reporting underwhelming results. The health care sector ( 5.4%) was weighed down by supply concerns in the assisted living space and lingering worries that the reimbursement environment may become less favorable. Fund Performance Our overweight in data centers contributed to performance, mainly due to our overweights in Dupont Fabros, CyrusOne and Equinix. Our significant underweight in health care also contributed to performance, but it was partly offset by stock selection in the sector, due to our overweight in HCP. The company underperformed after it reduced guidance in light of challenges faced by one of its major tenants, Brookdale Senior Living. Our out-of-index allocation in cell towers, particularly Crown Castle International, further benefited performance, as it modestly outperformed amid expectations of greater customer spending for the remainder of the year. Stock selection in apartments detracted from performance, hindered by our overweight in American Campus Communities, which underperformed following the release of its third quarter update. Stock selection in the specialty sector (2.5% total return in the index) also detracted from performance, due largely to not owning Iron Mountain, which reported better-than-expected earnings, despite secular challenges. Our underweight allocation to the free standing sector (7.9%) further detracted from performance, as we did not own Spirit Realty Capital and Realty Income Corporation. Investment Outlook We believe the overall REIT market continues to look favorable. In general, we anticipate that the demand for commercial real estate will outstrip new supply across most sectors, driving rents and cash flows in the coming months, although supply is accelerating in some areas. We also see the potential for positive earnings surprises for the remainder of the year, given the generally conservative guidance cohenandsteers.com

3 companies have recently provided. We look for interest rates to rise moderately this year in response to faster growth and an uptick in inflation. However, we expect the process of rate hikes and shrinking of the Federal Reserve's balance sheet to be gradual. Provided the U.S. economy continues to grow, we believe the uptick in yields should not have an adverse impact on real estate. Such an operating environment, coupled with attractive valuations, could draw increasingly favorable attention to an asset class that has widely underperformed the S&P 500 over the past year. Offices, residential and data centers appear attractive. In light of current valuations and expected growth rates, we are allocated to sectors that we believe are best positioned to drive cash flow growth, such as offices, urban apartments, single family homes and manufactured homes. While offices in certain geographies experienced what appears to be slowing job growth, absorption and rent growth, our checks indicate that future demand could remain strong. We also remain overweight data centers given our view of the sector's robust growth profile and relative valuations. However, we recently reduced our data center allocation due to the group's strong performance, which resulted in somewhat less-attractive valuations. Retail landlords and health care face continued headwinds. We remain underweight retail sectors due to e-commerce retail growth and continued obsolescence of department stores that could drive a longer-term deterioration in net operating income for property owners. In retail, we are focused on companies with high-quality properties in desirable locations that should continue to attract tenants. We also believe the health care sector is likely to remain challenged, with only modest growth prospects for the coming year. cohenandsteers.com

4 Index Sector Total Returns Sector Q YTD 2017 Data Centers 5.15 % % Industrial 6.52 % % Manufactured Home % % Specialty 2.50 % % Single Family Homes 0.75 % % Health Care % 6.43 % Apartment % 5.29 % Office % 2.39 % Hotel 2.80 % 1.71 % Diversified 1.24 % 0.94 % Free Standing 7.89 % 0.48 % Self Storage 4.68 % 0.45 % Regional Mall % % Shopping Center 3.37 % % 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 September 30, 2017, Dupont Fabros, CyrusOne, Equinix, Welltower, Ventas, Crown Castle International, American Campus Communities, Iron Mountain, Spirit Realty and Realty Income Corporation accounted for 0.0%, 1.2%, 5.2%, 0.0%, 0.0%, 3.6%, 2.9%, 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 NAREIT Equity REIT Index contains all tax-qualified REITs except timber and infrastructure REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. 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 IR86_F_Q317

5 Factsheet September 30, 2017 The investment objective of the Fund is to achieve total return through investment in real estate securities. Real estate securities include common stocks, preferred stocks and other equity securities of any market capitalization issued by real estate companies, including real estate investment trusts (REITs) and similar REIT-like entities. General Information CUSIP Symbol CSRSX NAV per Share $66.08 Total Net Assets $4.6 Billion Number of Holdings 50 Dividend Frequency Quarterly Expense Ratio Gross (1) 0.96% Load or 12b-1 Fee None (1) As disclosed in the May 1, 2017 prospectus. Portfolio Managers Managing Years of Fund Since Experience Tom Bohjalian, CFA Jon Cheigh Jason Yablon Total Returns FTSE NAREIT Equity Fund REIT Index S&P 500 Index QTD -0.03% 0.94% 4.48% YTD 4.00% 3.67% 14.24% 1 Year 0.24% 0.67% 18.61% 3 Year 9.76% 9.85% 10.81% 5 Year 9.57% 9.69% 14.23% 10 Year 5.98% 5.83% 7.44% Since Inception (7/2/91) 11.76% 11.12% 9.73% Since inception for FTSE NAREIT Equity REIT is calculated from nearest month-end. 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. Sector Diversification 20% Apartment 17% Office 11% Data Centers 7% Health Care 7% Regional Mall 6% Hotel 6% Shopping Center 6% Other 5% Specialty 5% Self Storage 4% Industrial 4% Infrastructure Portfolio weights are subject to change without notice. Due to rounding, values might not add up to 100%. Other includes Manufactured Home, Cash and Single Family Homes. Geographic Diversification 5% New England 10% Mid Atlantic 22% South Atlantic 16% Southwest Central 3% Southeast Central 4% Mountain 25% Pacific 4% Northwest Central 11% Northeast Central Portfolio weights are subject to change without notice. Due to rounding, values might not add up to 100%. cohenandsteers.com

6 Factsheet September 30, 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. The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate due to its policy of concentration in the securities of real estate companies. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive and environmental conditions. 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 Ten Holdings Name Sector % of Market Value Simon Property Group Inc. Regional Mall 5.2% Equinix Inc. Data Centers 5.2% UDR Inc. Apartment 5.1% Digital Realty Trust Inc. Data Centers 4.2% Prologis Inc. Industrial 4.0% Crown Castle International Corp. Infrastructure 3.6% HCP Inc. Health Care 3.3% Essex Property Trust Inc. Apartment 3.2% Healthcare Trust of America Health Care 3.1% Apartment Investment & Management Co. Apartment 3.1% 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 NAREIT Equity REIT Index contains all tax-qualified REITs except timber and infrastructure REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. 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. cohenandsteers.com OFS6 Q317