CNS AR24 Digital - Book - Page 40
Investment Performance as of December 31, 2024
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(1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment
performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of
the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy
is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment
performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance
does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy
for actual investment performance. The performance of the specified reference benchmark for each account and investment model is
measured net of withholding taxes, where applicable. 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.
(2) © 2025 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, 2024. 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.
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