Strategy. The Fund seeks to achieve high current income and capital appreciation through a diversified portfolio of income-producing equity, preferred and debt securities. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing primarily in U.S. and non-U.S. investments providing exposure to the following asset classes: (i) preferred and debt securities; (ii) real estate companies, including real estate investment trusts (REITs); and (iii) infrastructure companies. In addition to those aforementioned asset classes, the Fund may invest up to 15% of its assets in other types of investments, including but not limited to master limited partnerships (MLPs) and midstream energy companies, natural resource companies, renewable companies and digital infrastructure companies. The Fund may obtain investment exposure to any … Show more… The Fund seeks to achieve high current income and capital appreciation through a diversified portfolio of income-producing equity, preferred and debt securities. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing primarily in U.S. and non-U.S. investments providing exposure to the following asset classes: (i) preferred and debt securities; (ii) real estate companies, including real estate investment trusts (REITs); and (iii) infrastructure companies. In addition to those aforementioned asset classes, the Fund may invest up to 15% of its assets in other types of investments, including but not limited to master limited partnerships (MLPs) and midstream energy companies, natural resource companies, renewable companies and digital infrastructure companies. The Fund may obtain investment exposure to any of the above asset classes directly or indirectly, such as by investing in investment companies (such as open-end funds, closed-end funds, exchange-traded funds (ETFs) and other types of pooled investment funds) and derivatives. The Fund is actively managed by Cohen & Steers Capital Management, Inc., the Funds investment advisor (the Advisor). To pursue its goal, the Fund combines a top-down approach, focused on identifying relative value across multiple asset classes, with bottom-up security selection based on fundamental research concentrated at the sector-, industry-, and security-levels. P REFERRED AND D EBT S ECURITIES The Fund will invest in preferred and debt securities issued by U.S. and non-U.S. companies, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent capital securities (CoCos); and securities of other open-end funds, closed-end funds or ETFs that invest primarily in preferred and/or debt securities as described herein. The Fund may also invest in certain restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (the Securities Act) (referred to as Rule 144A Securities) and securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission (the SEC) pursuant to Regulation S under the Securities Act. The Fund will not seek to achieve specific environmental, social or governance (ESG) outcomes through its portfolio of investments, nor will it pursue an overall impact or sustainable investment strategy. However, the Advisor will incorporate consideration of relevant ESG factors into its investment decision-making. For example, although the Advisor does not generally exclude investments based on ESG factors alone, when considering an investment opportunity with material exposure to carbon emissions regulation, this risk may be considered as one factor in the Advisors holistic review process. The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. Although not required to do so, the Fund will generally seek to maintain a minimum weighted average senior debt rating of companies in which it invests of BBB-, which the Fund considers to be investment grade. Although a companys senior debt rating may be BBB-, an underlying security issued by such company in which the Fund invests may have a lower rating than BBB-. If the Fund cannot access a companys average senior debt rating, the Fund may look to the rating of the underlying security issued by such company. Below investment grade securities are also known as high yield or junk securities and are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. The maturities of debt securities in which the Fund will invest generally will be longer-term (ten years or more); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term debt securities. R EAL E STATE S ECURITIES /REIT S The Fund will gain exposure to real estate by investing in securities issued by U.S. and non-U.S. real estate companies, including REITs and similar REIT-like entities. Some investments in other asset classes have similar underlying characteristics which may cause the Funds real estate allocation range to be exceeded. A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in such real estate. REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders. Foreign REITs and REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment in their respective countries similar to that of U.S. REITs in their respective countries. The Fund retains the ability to invest in real estate companies of any market capitalization. Securities of real estate companies may include common stocks and other equity securities, preferred securities and debt securities (including convertible securities). The Fund may invest in real estate companies organized or located outside the U.S. or doing a substantial amount of business outside the U.S. The Fund considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S. The non-U.S. companies in which the Fund invests may include those domiciled in emerging market countries. The Fund may invest in real estate companies of any market capitalization, including small- and medium-sized companies ( e.g., companies with a market capitalization of $10 billion or less), and in any geographic region. The Fund may also invest in securities of foreign companies in the form of American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). The Fund may participate in the initial public offering (IPO) market of securities issued by real estate companies. I NFRASTRUCTURE C OMPANIES The Fund will invest in U.S. and non-U.S. common stocks and other equity securities, preferred securities and income securities issued by infrastructure companies. Infrastructure companies are companies that derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development or financing of assets used in connection with: the generation, production, transmission, sale or distribution of electric energy, natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or other energy sources; the distribution, purification and treatment of water; provision of communications services, including cable television, satellite, microwave, radio, telephone and other communications media; or the provision of transportation services, including toll roads, airports, railroads or marine ports. Infrastructure companies also include companies organized as MLPs and their affiliates, and the Fund may invest in these energy-related MLPs and their affiliates. The Fund may participate in the IPO market of securities issued by infrastructure companies. The Fund may invest in infrastructure companies of any market capitalization and in any geographic region. Some investments in other asset classes, such as MLPs and midstream energy companies, have similar underlying characteristics which may cause the Funds infrastructure allocation range to be exceeded. M ASTER L IMITED P ARTNERSHIPS (MLP S ) AND M IDSTREAM E NERGY C OMPANIES The Fund may invest in MLPs and midstream energy companies of any market capitalization. MLPs are energy-related master limited partnerships and limited liability companies that are publicly traded and treated as partnerships for U.S. federal income tax purposes. Direct investments in MLPs may take the form of debt or equity, including, without limitation, common units, preferred units and convertible subordinated units. MLPs are considered to be energy related if they own or otherwise engage in activities related to energy infrastructure in the U.S., such as assets related to exploration, development, mining, production, processing, refining, storage, gathering, distribution, marketing, and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. For purposes of the Funds investment policies, restrictions and limitations, MLPs may include affiliates of MLPs that are not treated as C corporations for U.S federal income tax purposes. Midstream energy companies include securities of companies other than MLPs that derive at least 50% of their revenues or operating income from the exploration, production, gathering, transportation, processing, storage, refining, distribution or marketing of natural gas, natural gas liquids (including propane), crude oil or refined petroleum products, coal or other energy sources. The Fund can also invest in securities of exchange-traded, open-end or closed-end funds that invest primarily in MLPs or their affiliates; and instruments that provide economic exposure to MLPs or midstream energy companies, including derivative instruments such as, among others, forward contracts, futures and options thereon, options and swaps. The Fund may participate in the IPO market of MLPs and securities issued by midstream energy companies. The Fund may invest up to 25% (or such higher amount as permitted by any applicable tax diversification rules) of its total assets directly in MLPs that are qualified publicly traded partnerships (QPTPs), which are treated as partnerships for U.S. federal income tax purposes and are defined more specifically in the provisions applicable to regulated investment companies (RICs). N ATURAL R ESOURCE E QUITY S ECURITIES The Fund will gain exposure to natural resource equity securities by investing in securities of U.S. and non- U.S. companies with substantial natural resource assets or whose business activities are related to natural resource assets. Such securities may include, for example, common stocks and other equity securities, preferred securities and debt securities, or other securities or instruments. Natural resources may include materials with economic value that are derived from natural sources, either directly or indirectly, such as precious metals ( e.g., gold, platinum, palladium or silver), non-precious metals ( e.g., copper, zinc or iron ore), fuels ( e.g., oil, natural gas or coal), minerals, timber and forestry products, food and agricultural products ( e.g., fertilizer), farm machinery and chemicals. Natural resource companies will primarily be involved in exploring for, mining, extracting, producing, processing, transporting, or otherwise developing or providing goods and services with respect to, a natural resource. Natural resource companies may also include companies which provide services to such companies ( e.g., equipment manufacturers). The Fund may invest in natural resource companies of any market capitalization and in any geographic region. The Fund may participate in the IPO market of securities issued by natural resource companies. Some investments in other asset classes have similar underlying characteristics which may cause the Funds natural resources allocation range to be exceeded. O THER I NVESTMENT C OMPANIES The Fund may invest in securities of other open- or closed-end investment companies, including ETFs, to the extent permitted by the Investment Company Act of 1940 (the 1940 Act). ETFs and many closed-end funds trade on a securities exchange and their shares may, at times, trade at a premium or discount to their NAV. Most ETFs hold a portfolio of common stocks or bonds designed to track the performance of a securities index, including industry, sector, country and region indexes, but an ETF may not replicate exactly the performance of the index it seeks to track for a number of reasons, including transaction costs incurred by the ETF. The Fund may also invest a portion of its assets in pooled investment vehicles (other than investment companies). As a stockholder in an investment company or other pooled vehicle, the Fund will bear its ratable share of that investment companys or vehicles expenses, and would remain subject to payment of the funds or vehicles advisory and administrative fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies or vehicles. In addition, the securities of other investment companies or pooled vehicles may be leveraged and will therefore be subject to leverage risks (in addition to other risks of the investment companys or pooled vehicles strategy). The Fund will also incur brokerage costs when purchasing and selling shares of ETFs and closed-end funds. R ENEWABLE C OMPANIES The Fund may invest in common stocks and other equity securities, preferred securities and income securities of U.S. and non-U.S. renewable companies. Renewable companies are owners or operators of clean assets, as well as those developing technologies, products, processes and services relating to more efficient or cleaner, use, storage, delivery, management, conservation or conversion of natural resources or products derived therefrom or the transition to cleaner and more efficient use of natural resources or products derived therefrom. This includes companies that generate significant exposure from any of the following, among others: generation and supply of clean energy, development and manufacturing of resource efficient materials, hardware and equipment, sustainable production and distribution of food and water, and protection of the environment. Specific types of renewable companies that the Fund may invest in, include but are not limited to, owners and operators of renewable energy production and storage facilities; electric grid operators; smart meter manufacturers; renewable energy material suppliers; sustainable transport manufacturers and developers; efficiency technology companies; sustainable food and agricultural producers; water utilities; pollution control companies; and recycling services. The Fund may invest in renewable companies of any market capitalization and in any geographic region. The Fund may also invest in securities of renewable companies in the form of ADRs, GDRs and EDRs. The Fund may participate in the IPO market of securities issued by renewable companies. Some investments in renewable companies have similar underlying characteristics of other asset classes, which may cause the Funds allocation range to such asset class to be exceeded. D IGITAL I NFRASTRUCTURE C OMPANIES The Fund may invest in common stocks and other equity securities, preferred securities and income securities of U.S. and non-U.S. digital infrastructure companies. Digital infrastructure companies are the owners, operators or manufacturers of physical assets and developers or providers of supply chain or software solutions that facilitate, and often enhance, the flow of information and payments between parties. These companies generally have meaningful exposure and cash flows tied to the following sub-sectors: Infrastructure Owners and operators of structures that house data storage, networking, and transmission assets, as well as assets involved in physical distribution. Such companies may include industrial REITs, tower REITs, data center REITs, telecommunications and internet services & infrastructure companies. Hardware Manufacturers of devices that capture data and facilitate secure connections between service providers and end users. Such companies may include networking, technology hardware, electronic equipment and semiconductors companies. Software Creators and operators of software applications that analyze, secure, process, and create insights from data or otherwise support related services. Such companies may include cloud computing, database management, internet and data security, payment processing and e-commerce companies. The Fund may invest in digital infrastructure companies of any market capitalization and in any geographic region. The Fund may also invest in securities of digital infrastructure companies in the form of ADRs, GDRs and EDRs. The Fund may participate in the IPO market of securities issued by digital infrastructure companies. Some investments in digital infrastructure companies have similar underlying characteristics of other asset classes, which may cause the Funds allocation range to such asset class to be exceeded. A DDITIONAL I NVESTMENTS The Fund is authorized to purchase, sell or enter into any derivative contract or option on a derivative contract, transaction or instrument, without limitation, including various interest rate transactions such as swaps, caps, floors or collars, and foreign currency transactions such as foreign currency forward contracts, futures contracts, options, swaps and other similar strategic transactions. The Funds primary use of derivative contracts will be to enter into interest rate and currency hedging transactions in order to reduce the interest rate and foreign currency risk inherent in the Funds investments, however the Fund may use derivatives for a variety of other purposes including as a substitute for purchasing or selling securities or to increase the Funds return as a non-hedging strategy that may be considered speculative. A SSET A LLOCATION When making allocation decisions, the Advisor conducts quantitative and qualitative analysis, aiming to optimize the balance between relative return potential and risk across asset classes. The goal of this process is to establish a target asset allocation for the Fund intended to meet its objective while maintaining a risk/return profile that is consistent with the Funds investment objectives. In choosing investments at the asset class level, the Advisor, through its specialized investment teams, follows an active fundamental approach focused on identifying what are believed to be securities or trading strategies possessing superior yield and risk-adjusted return profiles. For each asset class, the Advisor seeks to outperform a passive allocation to that asset class over a full market cycle. While the Fund is not constrained to allocate its investments among asset classes according to specific ranges, under normal circumstances the Advisor expects the Funds assets to be allocated to each asset class within the allocation ranges set forth in the table below. In addition, the Advisor has appointed a committee (the Asset Allocation Committee) consisting of a select group of the Advisors senior investment professionals, to periodically review the Funds asset allocation ranges and allocation targets. Actual allocations may vary at any time and may move and remain outside of these ranges for a variety of reasons, including, but not limited to, changes in investment outlook, market movements, cash flows into or out of the Fund and other factors. Asset Class (1) Allocation Range Preferred and Debt Securities 40-60% Real Estate Companies/REITs 10-30% Infrastructure Companies 20-40% (1) Certain investments may count towards more than one of the above asset class categories. For example, a preferred security issued by an infrastructure company may be counted in one or both of the Preferred and Debt Securities and Infrastructure Companies asset classes. Investments in pooled investment vehicles and derivatives may count towards any of the above categories, depending on the nature of the investment. In addition to those aforementioned asset classes, the Fund may invest up to 15% of its assets in other types of investments, including but not limited to MLPs and midstream energy companies, natural resource companies, renewable companies and digital infrastructure companies. The Fund may obtain investment exposure to any of the above asset classes directly or indirectly, such as by investing in investment companies (such as open-end funds, closed-end funds, ETFs and other types of pooled investment funds) and derivatives. Show less