Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Cohen & Steers Realty Shares L  CSRSX Release date as of 2019-10-31. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2019-10-31 Out of 224 Real Estate Funds Morningstar® Style Box™ What is this? As of 2019-09-30 Total Fund Assets ($ Mil) 4,331.09 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks total return through investment in real estate securities. Under normal market conditions, the fund invests at least 80% of its total assets in common stocks and other equity securities issued by real estate companies. It may invest up to 20% of its total assets in securities of foreign issuers which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). The fund is non-diversified.

Morningstar Category: Real Estate Real estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.

Performance Growth of $10,000 (from 2009-01-01 to 2019-10-31) Investment: Cohen & Steers Realty Shares L Benchmark 1: MSCI ACWI NR USD Benchmark 2: S&P United States REIT TR USD Category: Real Estate This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment 34.30 30.15 11.81 9.73 13.92 11.95 MSCI ACWI NR USD 19.38 12.59 11.33 7.08 8.81 --- S&P United States REIT TR USD 27.25 22.57 9.59 8.12 13.56 --- Category 28.58 23.52 9.59 7.76 12.83 10.92 Morningstar Rating --- --- --- # of compared Real Estate funds covered (3 yrs : out of 224 funds) (5 yrs : out of 200 funds) (10 yrs : out of 137 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 0.94% Prospectus Net Expense Ratio 0.88% Maximum Sales Charge --- The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % ExpenseRatio Contractual 2021-06-30 0.06

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 97.7 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 2.3 Other 0.0 Data through 2019-09-30 Morningstar Equity Sectors % of Stocks Cyclical 100.00 Basic Materials 0.00 Consumer Cyclical 1.09 Financial Services 0.00 Real Estate 98.91 Sensitive 0.00 Communication Services 0.00 Energy 0.00 Industrials 0.00 Technology 0.00 Defensive 0.00 Consumer Defensive 0.00 Healthcare 0.00 Utilities 0.00 Data through 2019-09-30 Holding Status Total Number of Stock Holdings 43 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 48.31 Turnover % (as of 2018-12-31) 63.00 30 Day SEC Yield % 1.36 Top Holdings Sector P/E % of Net Assets Equinix Inc 129.87 6.52 American Tower Corp 54.35 6.01 UDR Inc 94.34 6.01 Welltower Inc 102.04 5.89 Essex Property Trust Inc 45.05 4.77 SBA Communications Corp --- 4.55 Crown Castle International Corp 117.65 4.13 Prologis Inc 19.16 3.63 VICI Properties Inc Ordinary Shares 107.53 3.55 Invitation Homes Inc --- 3.25 Data through 2019-09-30

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Nondiversification, Active Management, Market/Market Volatility, Equity Securities, Other, Preferred Stocks, Underlying Fund/Fund of Funds, Regulation/Government Intervention, Shareholder Activity, Small Cap, Mid-Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 1991-07-02 Portfolio Manager(s) Thomas N. Bohjalian   (2012-05-31) Thomas Bohjalian, CFA, Executive Vice President, is a portfolio manager for the firm’s real estate securities portfolios and oversees the research process for U.S. real estate securities. Prior to joining Cohen & Steers in 2002, Mr. Bohjalian was a vice president and REIT analyst for five years at AEW Capital Management. Mr. Bohjalian holds both a BS and an MBA from Northeastern University. He is based in New York. John Y. Cheigh   (2007-10-17) Jon Y. Cheigh joined Cohen & Steers in 2005 and currently serves as Executive Vice President and head of the global real estate investment team. Prior to joining Cohen & Steers in 2005, Mr. Cheigh was a vice president and senior REIT analyst for two years at Security Capital Research & Management. Previously, he was a vice president of real estate acquisitions at InterPark and an acquisitions associate at Urban Growth Property Trust, two privately held REITs. Mr. Cheigh holds a BA cum laude from Williams College and an MBA from the University of Chicago. Jason Yablon   (2013-05-01) Jason A. Yablon, Senior Vice President, is a U.S. and Global Portfolio Manager. Prior to joining Cohen & Steers in 2004, Mr. Yablon was a sell-side analyst at Morgan Stanley for four years, focusing most recently on apartment and health care REITs. Mr. Yablon has a BA from the University of Pennsylvania. He is based in New York. Investment Advisor(s) Cohen & Steers Capital Management, Inc. Issuer Cohen & Steers

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