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The Cohen & Steers Active Commodities Fund (the “Fund”) is a sub-fund of the
Cohen & Steers Funds ICAV, a qualifying investor alternative investment fund
registered in Ireland. In general, shares of the Fund (“Shares”) may only be
offered and sold to “qualifying investors”, as such term is defined by the
Central Bank of Ireland (“Qualifying Investors”), and only in certain
jurisdictions. In particular, Shares may not be offered or sold, directly or
indirectly to investors in the United States, except as explicitly noted in the
Fund’s prospectus and supplement, or in the European Union other than in
Ireland, the United Kingdom, the Netherlands, and Luxembourg. By clicking below,
you confirm that you are a Qualifying Investor located in a jurisdiction where
Shares may be offered or sold.

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Insights > May 2022

LOWERING DURATION WITHIN PREFERRED SECURITIES

MANY PREFERREDS HAVE FEATURES THAT REDUCE INTEREST-RATE SENSITIVITY, POTENTIALLY
HELPING TO PRESERVE CAPITAL IN PERIODS OF RISING RATES WHILE ALSO GENERATING
ATTRACTIVE INCOME.

Download report

KEY TAKEAWAYS:

* Preferred securities may help address the challenges of income investing.
* Reset structures can lower duration and help preserve capital.
* Preferreds offer an attractive balance of risk and return potential.

ADDRESSING THE THREE CHALLENGES OF INCOME INVESTING

In recent years, investors have contended with the dual challenges of finding
income in a historically low-interest-rate environment and protecting that
income from taxes.

Today, investors are facing another challenge: preserving capital in a climate
of rising interest rates. The stimulus- and vaccine-driven reopening has led to
improving economic activity, but inflation has surprised to the upside. As a
result, the Federal Reserve has begun to wind down its bond purchasing program
and is poised to raise interest rates to combat inflation.

We believe low-duration preferred securities offer a potential solution to
address these challenges by providing materially higher income than other
high-quality, low-duration fixed income categories.

To continue reading, download the report.

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* 1

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Index definitions / important disclosures

An investor cannot invest directly in an index and index performance does not
reflect the deduction of any fees, expenses or taxes.

Fixed-rate preferreds: ICE BofA Core Fixed Rate Preferred Securities Index
tracks the performance of fixed-rate U.S. dollar-denominated preferred
securities issued in the U.S. domestic market. Floating-rate preferreds: ICE
BofA U.S. IG Institutional Capital Securities Index is a subset of the ICE BofA
U.S. Corporate Index, including all fixed-to-floating rate, perpetual callable
and capital securities. Low-duration corporate bonds: (1-5 Year) ICE BofA
Corporate Master Index (Credit quality: A-) tracks the performance of U.S.
dollar-denominated investment-grade corporate debt (with maturities of 1-5
years) publicly issued in the U.S. domestic market. Corporate bonds are taxed at
100% ordinary income. Low-duration high yield bonds: Bloomberg Barclays U.S.
Corporate High Yield ba/b 1-5 Year Index, which is a subset of Bloomberg
Barclays U.S. Corporate High Yield Index including all securities with a
remaining term to final maturity less than 5 years. High yield bonds are taxed
at 100% ordinary income. Low-duration preferred securities: ICE BofA 8%
Constrained Developed Markets Low Duration Capital Securities Custom Index
(Credit quality: BBB-) tracks the performance of select U.S. dollar-denominated
fixed and floating-rate preferred, corporate and contingent capital securities,
with a remaining term to final maturity of one year or more, but less than five
years. Preferred Securities after-tax calculations assume preferred securities
income is taxed at the respective qualified dividend rate and marginal tax rate
on a 65/35 blended basis. Low-duration municipal bonds: (1-5 Year) ICE BofA
Municipal Master Index (Credit quality: AA-) tracks the performance of U.S.
dollar-denominated investment-grade tax-exempt debt (with maturities of 1-5
years) publicly issued by U.S. states and territories, and their political
subdivisions, in the U.S. domestic market. Municipal bonds’ income is exempt
from federal taxation. 5-year U.S. Treasuries: The 5-year Treasury note is a
debt obligation issued by the United States government that matures in 5 years.
Treasury bonds are fully taxable at the federal level at the taxable interest
income rate of 37%. 10-year U.S. Treasuries: 10-year Treasuries are represented
by the ICE BofA U.S. Treasury Index, which tracks the performance of U.S.
dollar-denominated sovereign debt publicly issued by the U.S. government in its
domestic market.

Data quoted represents past performance, which is no guarantee of future
results. This material is for informational purposes, and reflects prevailing
conditions and our judgment as of this date, which are subject to change. There
is no guarantee that any market forecast set forth in this presentation will be
realized. 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 presentation to be accurate, but we do not represent that it
is complete or should be relied upon as the sole source of appropriateness for
investment. Please consult with your investment, tax or legal professional
regarding your individual circumstances prior to investing.

Risks of investing in preferred securities. There are special risks associated
with investing in the Fund. All investments involve risks, including loss of
capital, and there is no guarantee that investment objectives will be met. In
general, the risks of investing in preferred securities are similar to those of
investing in bonds, including credit risk and interest-rate risk. As nearly all
preferred securities have issuer call options, call risk and reinvestment risk
are also important considerations. In addition, investors face equity-like
risks, such as deferral or omission of distributions, subordination to bonds and
other more senior debt, and higher corporate governance risks with limited
voting rights. An investment in the Fund is subject to investment risk,
including the possible loss of the entire principal amount that you invest. The
value of these securities, like other investments, may move up or down,
sometimes rapidly and unpredictably.

The Fund may invest in below-investment-grade securities and unrated securities
judged to be below investment grade by the Advisor. Below-investment grade
securities or equivalent unrated securities generally involve greater volatility
of price and risk of loss of income and principal, and may be more susceptible
to real or perceived adverse economic and competitive industry conditions than
higher-grade securities. The Funds’ benchmarks do not contain
below-investment-grade securities.

Contingent capital securities (sometimes referred to as “CoCos”) are debt or
preferred securities with loss absorption characteristics built into the terms
of the security, for example a mandatory conversion into common stock of the
issuer under certain circumstances, such as the issuer’s capital ratio falling
below a certain level. Since the common stock of the issuer may not pay a
dividend, investors in these instruments could experience a reduced income rate,
potentially to zero, and conversion would deepen the subordination of the
investor, hence worsening the investor’s standing in a bankruptcy. Some CoCos
provide for a reduction in the value or principal amount of the security under
such circumstances. In addition, most CoCos are considered to be high yield or
“junk” securities and are therefore subject to the risks of investing in
below-investment-grade securities.

Duration is a mathematical calculation of the average life of a fixed-income or
preferred security that serves as a measure of the security’s price risk to
changes in interest rates (or yields). Securities with longer durations tend to
be more sensitive to interest-rate (or yield) changes than securities with
shorter durations. Duration differs from maturity in that it considers potential
changes to interest rates, and a security’s coupon payments, yield, price and
par value and call features, in addition to the amount of time until the
security matures. Various techniques may be used to shorten or lengthen the
Fund’s duration. The duration of a security will be expected to change over time
with changes in market factors and time to maturity.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE | NOT INSURED BY ANY
GOVERNMENT AGENCY.

Cohen & Steers Capital Management, Inc. (Cohen & Steers) is a registered
investment advisory firm that provides investment management services to
corporate retirement, public and union retirement plans, endowments, foundations
and mutual funds.

Cohen & Steers U.S. registered open-end funds are distributed by Cohen & Steers
Securities, LLC, and are available only to U.S. residents.

2051835

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