avatar Cohen & Steers Reit and Preferred Income Fund, Inc. Finance, Insurance, And Real Estate

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    Cohen & Steers SICAV Unaudited Semi-Annual Report For the period ended 30 June 2020 R.C.S. Luxembourg B89486


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    COHEN & STEERS SICAV TABLE OF CONTENTS Page Management and Administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Investment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Report of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Statement of Operations and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 Statistical Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 Copies of the semi-annual report and accounts to 30 June 2020 may be obtained from the registered office of the Company at 49, Avenue J.F. Kennedy, L-1855 Luxembourg. The Articles of Incorporation of the Company have been lodged at the offices of the Chief Registrar of the District Court of Luxembourg (Greffier en chef du Tribunal d’Arrondissement de et à Luxembourg) where they are available for inspection and copies can be obtained upon request. The Net Asset Value of each of the Sub-Funds is quoted in the Bloomberg, Financial Express, ICE Data Services, Lipper, Morningstar Europe, Reuters, SIX Financial Information, Allfunds Bank S.A. and also in ACOLIN Fund Services AG. The issue and redemption prices are available from the registered office or from Cohen & Steers UK Limited, 50, Pall Mall, 7th Floor, London, SW1Y 5JH, United Kingdom. No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the most recent semi-annual report if published thereafter. The mention of specific securities is not a recommendation to buy, sell, or hold the securities. The information contained in this report is historical, does not constitute investment advice, and is not necessarily indicative of future performance. For investors in Switzerland The state of the origin of the Fund is Luxembourg. The Representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, and the Paying Agent is Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich. The prospectus, the key investor information documents, the articles of association, the list of purchases and sales, as well as the annual and semi-annual reports may be obtained free of charge from the representative. This document is not marketing material. For investors in Germany The offering of the Shares of the Diversified Real Assets Fund, European Real Estate Securities Fund and Global Listed Infrastructure Fund have not been notified to the German Financial Services Supervisory Authority in accordance with section 310 of the German Investment Code (Kapitalanlagegesetzbuch – KAGB). Shares in these sub-funds must not be offered to investors in the Federal Republic of Germany. 1


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    COHEN & STEERS SICAV MANAGEMENT AND ADMINISTRATION Registered Office 49, Avenue J.F. Kennedy L-1855 Luxembourg Board of Directors Adam Derechin, Chief Operating Officer, Cohen & Steers, Inc. Francis C. Poli, General Counsel and Secretary, Cohen & Steers, Inc. Mark Smith-Lyons, Chief Operating Officer, Cohen & Steers UK Limited Management Company Davy Global Fund Management Limited Davy House 49 Dawson Street Dublin 2 Ireland Investment Managers Cohen & Steers UK Limited 50 Pall Mall, 7th Floor London SW1Y 5JH United Kingdom Cohen & Steers Capital Management, Inc. 280 Park Avenue New York, New York 10017 USA Depositary, Domiciliary, Administration Agent, Registrar and Transfer Agent, Paying Agent Brown Brothers Harriman (Luxembourg) S.C.A. (until 31 January 2020) 80, route d’Esch L-1470 Luxembourg State Street Bank International GmbH, Luxembourg Branch (from 1 February 2020) 49, Avenue J.F. Kennedy L-1855 Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg Legal Advisor Arendt & Medernach S.A. 41A, Avenue JF Kennedy L-2082 Luxembourg 2


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    COHEN & STEERS SICAV INVESTMENT OBJECTIVES AND POLICIES The purpose of Cohen & Steers SICAV (the “Company”) is to provide investors with an opportunity for investment in a professionally managed collective investment vehicle in order to seek optimum return from the capital invested consistent with the Investment Manager’s determination of risk. European Real Estate Securities Fund (Sub-Fund) The European Real Estate Securities Fund’s investment objective is total return, the components of which are current income and capital appreciation, measured in Euro, through investment in the equity securities of companies in the European real estate industry (“European Real Estate Securities”) provided that such securities may be considered as transferable securities (as defined in the Company’s Prospectus). The Sub-Fund seeks to achieve its investment objective by investing primarily in the securities of companies operating in those European countries which are, or may become, members of the “Eurozone” (members from time to time of the European Union which have adopted euro as their currency), as well as Denmark, Norway, Sweden, Switzerland and the United Kingdom. Investments may also be made, to a limited extent, in equity securities of companies located in the smaller and emerging markets of Europe (as defined by the MSCI Emerging Markets Index). Investments may also be made from time to time in non-European countries whose business is conducted primarily in Europe. Global Real Estate Securities Fund (Sub-Fund) The Global Real Estate Securities Fund’s investment objective is total return, the components of which are current income and capital appreciation, measured in USD. The Sub-Fund seeks to achieve this objective by investing at least 50% of its net assets in a portfolio of transferable equity securities (common stocks and preferred stocks) of companies that are engaged principally in the real estate industry throughout the world. These securities are either listed or dealt on a regulated market (as defined in the Company’s Prospectus). The Sub-Fund invests in real estate equity securities of companies domiciled primarily in developed countries and may invest up to 15% of its net assets in real estate equity securities of companies domiciled in emerging market countries (as defined by the MSCI Emerging Markets Index). Global Listed Infrastructure Fund (Sub-Fund) The Global Listed Infrastructure Fund’s investment objective is total return, the components of which are current income and capital appreciation, measured in USD. The Sub-Fund seeks to achieve this objective by investing at least 80% of its net assets in common stock and other equity securities issued by infrastructure companies worldwide, which consist of utilities, pipelines, toll roads, airports, railroads, marine ports, telecommunications companies and other infrastructure companies. The Sub-Fund invests in securities of companies domiciled primarily in developed countries and may invest up to 15% of its net assets in securities of companies domiciled in emerging market countries (as defined by the MSCI Emerging Markets Index). 3


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    COHEN & STEERS SICAV INVESTMENT OBJECTIVES AND POLICIES (CONTINUED) Global Preferred Securities Fund (Sub-Fund) The Global Preferred Securities Fund’s investment objective is total return, the components of which are high current income and capital appreciation, measured in USD. The Sub-Fund seeks to achieve this objective by investing at least 80% of its net assets in a portfolio of preferred and debt securities issued by companies worldwide, 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, closed-end or exchange-traded funds that invest primarily in preferred and debt securities. The Sub-Fund invests no more than 50% of its net assets in CoCos. Diversified Real Assets Fund (Sub-Fund) The Diversified Real Assets Fund’s investment objective is to achieve total return over the long term and to maximize real returns during inflationary environments. “Real returns” are defined as total returns adjusted for the effects of inflation. The Sub-Fund pursues this objective through investments offering exposure to “real assets”, which are defined as (i) real estate, infrastructure, natural resources, commodities, and gold and other precious metals; (ii) companies that own or derive a significant portion of their value from such real assets or the production thereof; and (iii) other assets expected to perform well during periods of high inflation. Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by allocating at least 80% of its net assets to investments worldwide in or providing exposure to, if investments therein are not permitted, the following real asset classes: (i) real estate companies, including real estate investment trusts (“REITs”); (ii) natural resource companies; (iii) infrastructure companies; (iv) commodities; and (v) gold and other precious metals. Risk Management The Company employs the standard commitment approach to comply with the CSSF Circular 11/512 which requires each undertakings for collective investment in transferable securities (UCITS) to calculate its global risk exposure. 4


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 European Real Estate Securities Fund We would like to share with you our report for the six months ended 30 June 2020. The total returns, including reinvestment of all dividends and distributions, for the Cohen & Steers SICAV European Real Estate Securities Fund and the comparative benchmark were: Cohen & Steers SICAV European Real Estate Securities Fund — Class I (EUR) ... (14.00)% FTSE EPRA Nareit Developed Europe Real Estate Index (Net) ............................... (21.48)% Market Review European real estate securities declined in the first half of 2020 along with stocks broadly, falling sharply in the first quarter as the spread of COVID-19 led to widespread economic and social shutdowns. Real estate securities partly recovered in the second quarter, with markets responding positively to massive and unprecedented fiscal and monetary relief and stimulus policies and as economies began to slowly reopen. The listed real estate market was also supported by mostly intact earnings and dividends, and encouraging rent collection data outside of retail and hotel landlords and certain office companies. Returns were broadly negative by country, with most markets posting double-digit declines. Performance was somewhat more varied by property type. Retail and hotel owners, which were especially hindered by virus concerns, had the largest declines. Apartments had a gain as demand was resilient in certain markets. Industrial companies also advanced, aided by a significant increase in demand for e-commerce–related services amid a surge in purchasing from home. The more defensive health care sector declined but held up relatively well. Fund Performance The Fund had a negative total return in the period but outperformed its benchmark. Real estate securities in the U.K. were broadly pressured as COVID-19 concerns dampened an already weak economy struggling with Brexit uncertainty. Stock selection in the market contributed positively to the Fund’s relative return, as it did not own certain retail and office companies that were among the poorest performers. In addition, the Fund was overweight companies with defensive or structural growth characteristics that held up relatively well, including health care landlord Assura and industrial owner Segro. The Netherlands was a notable underperformer due to weakness in retail property owners. Shopping center owner Unibail- Rodamco-Westfield, which accounts for nearly all of the Netherlands’ weight in the index, fell more than 60% in the period on disappointing demand in its Europe and U.S. properties. The Fund’s significant underweight in the company helped relative performance. Germany outperformed with a slightly positive return, aided by gains in residential companies amid strong demand and limited new supply. Favorable stock selection in the market aided the Fund’s performance, led by overweights in apartment owners LEG Immobilien and Deutsche Wohnen, which advanced, and an out-of-index position in logistics company VIB Vermoegen, which declined but outperformed. Stock selection in Sweden and France further helped relative performance. 5


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) European Real Estate Securities Fund (continued) Switzerland held up relatively well, reflecting its perceived status as a safe haven in a period of elevated global economic uncertainty. The Fund did not invest in the market during the period, which detracted from performance. The non-allocation was based on our view of unattractive relative stock price valuations and real estate returns with limited longer-term rental growth prospects. Stock selection in Belgium also hindered performance, although the effect was largely countered by the benefit of an overweight in the country, which declined but outperformed the index by a wide margin. 6


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Global Real Estate Securities Fund We would like to share with you our report for the six months ended 30 June 2020. The total returns, including reinvestment of all dividends and distributions, for the Cohen & Steers SICAV Global Real Estate Securities Fund and the comparative benchmark were: Cohen & Steers SICAV Global Real Estate Securities Fund — Class I (USD) ......... (17.75)% FTSE EPRA Nareit Developed Real Estate Index (Net) ............................................ (21.33)% Market Review Global real estate securities declined in the first half of 2020 along with stocks broadly, falling sharply in the first quarter as the spread of COVID-19 led to widespread economic and social shutdowns. Real estate securities partly recovered in the second quarter, with markets responding positively to massive and unprecedented fiscal and monetary relief and stimulus policies and as economies began to slowly reopen. The listed real estate market was also supported by mostly intact earnings and dividends, and encouraging rent collection data outside of retail and hotel landlords and certain office companies. Returns were broadly negative by region, with North America, Europe and Asia Pacific all declining about 20% for the six-month period. Performance was more varied when separated by property type. Retail and hotel owners, which were especially hindered by virus concerns, had the largest declines. Apartment and self storage landlords outperformed with relatively modest declines as demand was fairly resilient. Data centers and industrial companies had gains, aided by a significant increase in demand for e-commerce–related services amid a surge in working and purchasing from home. Fund Performance The Fund had a negative total return in the period but outperformed its benchmark. The U.S. performed in line with the broader real estate market, with sizable declines in retail and hotel sectors and gains in data center and industrial companies. As seen elsewhere, investor sentiment alternated between optimism and pessimism, generally triggered by COVID-19 trends and changing expectations for future economic growth. Stock selection in the U.S. aided the Fund’s relative performance, with leading contributions from data center, self storage and health care holdings. Real estate securities in the U.K. were broadly pressured as virus concerns dampened an already weak economy struggling with Brexit uncertainty. Stock selection in the market contributed positively to the Fund’s relative return, as it did not own certain retail and office companies that were among the poorest performers. In addition, the Fund was overweight companies with defensive or structural growth characteristics that held up relatively well, including health care landlord Assura and industrial owner Segro. The Netherlands was a notable underperformer due to weakness in retail property owners. Shopping center owner Unibail- Rodamco-Westfield, which accounts for nearly all of the Netherlands’ weight in the index, fell more than 60% in the period on disappointing demand in its Europe and U.S. properties. The Fund’s non-investment in the company helped relative performance. Similarly, the Fund avoided retail landlords in Australia that had sizable declines. 7


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Global Real Estate Securities Fund (continued) Germany outperformed with a slightly positive return, aided by gains in residential companies amid strong demand and limited new supply. Favorable stock selection in the market aided the Fund’s performance, led by overweights in apartment owners LEG Immobilien and Deutsche Wohnen, which both advanced. Hong Kong outperformed the index but saw wide swings in returns amid policy uncertainty. Stocks plunged in May 2020 when the Chinese government unexpectedly imposed a new national security law in Hong Kong, bypassing local legislative authorities and sparking concerns of renewed civil unrest. However, the market rebounded in June as there was no major escalation in either social unrest or capital outflows. Stock selection in Hong Kong helped performance, in part due to an overweight in mall owner Hang Lung Properties, which rose on optimism about the company’s ties to reaccelerating consumption in China. The Fund’s out-of-index allocation to China itself further aided performance, as did stock selection in Singapore. Canada modestly underperformed in the period, with the resources-rich country hindered by a sharp downturn in crude oil prices. Stock selection detracted from the Fund’s performance, due mainly to an overweight in Boardwalk Real Estate Trust, which owns apartments in the heart of Canada’s oil producing region. The stock had a significant decline on concerns regarding the impact of lower oil demand on employment. Switzerland held up relatively well, reflecting its perceived status as a safe haven in a period of elevated global economic uncertainty. The Fund did not invest in the market during the period, which detracted from performance. The non-allocation was based on our view of unattractive valuations and limited longer-term growth prospects among Swiss companies. 8


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Global Listed Infrastructure Fund We would like to share with you our report for the six months ended 30 June 2020. The total returns, including reinvestment of all dividends and distributions, for the Cohen & Steers SICAV Global Listed Infrastructure Fund and the comparative benchmark were: Cohen & Steers SICAV Global Listed Infrastructure Fund — Class I (USD) .......... (9.84)% FTSE Global Core Infrastructure 50/50 Net Tax Index ............................................ (13.30)% Market Review Amid global upheaval from COVID-19, the typically defensive behavior of global listed infrastructure broke down in the six months ended June 2020. Infrastructure stocks began the year on solid footing, with share prices buoyed by increasing signs of stabilization amid widespread central bank easing efforts. Investors were also encouraged by a positive manufacturing outlook and progress on U.S.–China trade talks. However, markets were turned upside-down in February as virus cases spread globally. Economic shutdowns directly impacted many infrastructure subsectors, compounding concerns that without sufficient fiscal and monetary policy actions, the drop in economic activity could lead to a liquidity-driven credit crisis. Unemployment surged, while other data pointed to considerable economic damage worldwide. Markets staged a sharp recovery beginning in March as central banks cut interest rates, introduced or expanded asset purchases and employed other policies to provide liquidity and support functioning credit markets. Additionally, governments globally introduced massive relief packages, many amounting to 10% or more of their annual economic output. The policy responses came faster and more forcefully than in 2008. However, positive returns in the second quarter were not enough to overcome the declines in the first quarter. Fund Performance The Fund had a negative total return in the period but outperformed its benchmark. Amid broad market declines, the communications sector advanced strongly amid accelerating capital spending on wireless infrastructure. The sector benefited from an already healthy growth outlook that was bolstered by the likely persistence of remote work and education activity. The Fund’s overweight allocation and security selection in communications contributed to relative performance, including a beneficial out-of-benchmark allocation to data centers, which are seeing strong demand tied to increased data traffic. Utilities were relatively insulated from the pandemic-related economic fallout, and water and electric companies outperformed infrastructure as a whole. The portfolio’s security selection in electric utilities and gas distribution aided relative performance. Notable contributors included overweight or out-of-index positions in companies focused on renewable energy. An overweight allocation in water companies also contributed to performance, although this was partially offset by unfavorable security selection in the sector. 9


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Global Listed Infrastructure Fund (continued) Transportation sectors declined on the uncertain growth outlook. Travel restrictions and reduced trade particularly impacted airports, though toll roads, marine and railways were also affected. In some instances, transportation infrastructure companies were further hindered by emergency government policies to help relieve burdens on struggling consumers. For instance, certain airports had to contend with reduced or suspended landing and/or parking fees, while some toll road charges were likewise provisionally suspended. Security selection and an underweight allocation in toll roads contributed to the Fund’s relative performance, as did stock selection in marine ports and airports. The portfolio’s overweight and security selection in railways detracted, due largely to overweight positions in certain passenger rail companies in Japan and Europe. Midstream energy declined materially as the abrupt halt to economic activity resulted in an unprecedented collapse in oil demand. The oil price decline that resulted was exacerbated by the breakdown of the supply discipline of the Organization of the Petroleum Exporting Countries and its allies, which added to an already oversupplied market. Counterparty credit risk and the potential for contract renegotiations between midstream companies and their upstream counterparties weighed heavily on the sector until oil prices began to recover as economies reopened. Security selection in midstream energy detracted from the Fund’s relative performance, mainly stemming from the timing of allocations in a liquified natural gas exporter and a volumetrically sensitive gathering & processing company. 10


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Global Preferred Securities Fund We would like to share with you our report for the six months ended 30 June 2020. The total returns, including reinvestment of all dividends and distributions, for the Cohen & Steers SICAV Global Preferred Securities Fund and the comparative bench- mark were: Cohen & Steers SICAV Global Preferred Securities Fund — Class IX (USD) .......... (0.77)% Blended Benchmark: Preferred SICAV Benchmark .................................................. (0.15)% Market Review Returns for preferred securities were modestly negative for the six-months ending June 30, 2020, in what was a volatile period for credit and equity markets. Preferreds and other credit-sensitive fixed income segments initially rose on signs of accelerating growth and an easing of trade tensions between the U.S. and China. However, the economic shock from efforts to combat COVID-19 drove credit spreads sharply wider in February and March, resulting in steep losses for preferreds and other credit securities. Equity markets registered double-digit declines. As the pandemic spread beyond China’s borders into communities around the world, markets reacted powerfully to stay-at- home orders that forced many businesses to close. In the U.S., mass layoffs led to unemployment levels not seen since the Great Depression nearly a century ago. Global financial markets broadly retreated on the uncertain outlook and worries that, without sufficient fiscal and monetary policy actions, the halt to economic activity could lead to a liquidity-driven credit crisis. Markets began a strong rebound in late March in response to highly supportive fiscal and monetary measures introduced by governments and central banks around the globe at a pace and size that eclipsed programs initiated following the financial crisis. Investors grew more optimistic as countries began to relax stay-at-home orders and as economic indicators began to improve. Credit spreads narrowed significantly, and low rates further supported spreads via keen investor interest in income securities. However, except for the highest quality issues, positive returns in the second quarter were not enough to overcome declines in the first quarter. The recovery in credit markets was fueled in part by the Federal Reserve and European Central Bank buying bonds including corporates which provided liquidity to the market and helped to remove tail-risk for investors. The programs helped to renew investor confidence and sparked a wave of new debt issuance, allowing companies to repair balance sheets by refinancing debt at low rates. Fund Performance The Fund had a negative total return in the period and underperformed its blended benchmark. At its worst point in March, markets appeared to be pricing in a banking crisis, and banking preferreds declined nearly as much as bank common equities. Those concerns occurred despite banks having exercised much stricter lending standards since the 2008 global financial crisis, and with bank capital approximately three times greater than a decade ago. Since 2008, banks have been required to maintain more capital protection for risky assets, which has changed business models, generally reducing capital market risks and making earnings more stable. The Fund’s security selection in the banking 11


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Global Preferred Securities Fund (continued) sector detracted from relative performance. This included out-of-index allocations to certain contingent capital securities from European banks that underperformed in part due to concerns the issuers could be forced to suspend preferred distributions. But despite substantial increases in banks’ loan-loss provisions this year, most banks remained profitable in the first quarter, and regulatory capital ratios remained well above minimums. Also, while European bank regulators recommended that banks not pay common dividends or buy back stock, they repeatedly stated that preferred payments should be treated differently than common equity dividends. The insurance sector, another large issuer of preferreds, proved to be largely buffered from the economic fallout from the pandemic. Property & casualty insurance policies typically include virus exclusion clauses, for instance. The portfolio’s underweight allocation and security selection in the insurance sector detracted from relative performance, due in part to our avoidance of certain very high-quality securities from Japan-based companies that outperformed. Returns for issues from utilities were largely in-line with the benchmark. While companies experienced reduced sales from commercial and industrial customers during the shutdown, these were partially recouped from increased residential usage amid work-from-home policies. The portfolio’s security selection in the utility sector aided relative performance, although this was partially offset by the timing of our allocations in the sector. Pipeline preferreds underperformed amid a sharp decline in oil prices resulting from a price war among oil exporters and substantially reduced energy demand due to travel restrictions. The twin shocks raised concerns about midstream asset throughput volumes, cash flows and contract counterparty risk. Those concerns largely abated as prices for crude oil rebounded as the Organization of the Petroleum Exporting Countries and its partners agreed to historic production cuts and as energy demand picked up as economies reopened. The portfolio’s security selection in the pipeline sector contributed to relative performance. We had a preference for high-quality securities from Canadian companies, which remained fundamentally sound throughout the year, with longer-term contracts, regulated returns and more limited competition than their U.S. counterparts. 12


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Diversified Real Assets Fund We would like to share with you our report for the six months ended 30 June 2020. The total returns, including reinvestment of all dividends and distributions, for the Cohen & Steers SICAV Diversified Real Assets Fund and the comparative benchmark were: Cohen & Steers SICAV Diversified Real Assets Fund — Class FX (USD) ................. (13.55)% SICAV Real Assets Blended Benchmark..................................................................... (14.34)% Market Review Real assets retreated in the first half of the year, a period of extreme volatility. The coronavirus pandemic-driven recession that took effect in the first quarter of 2020 led to sharp declines in financial markets including real assets as a group. The social impact of COVID-19 brought many public activities to a halt around the world and with that an unprecedented economic shut down. Though real assets rallied to deliver positive returns across all categories in the second quarter in response to massive and unprecedented stimulus and relief policies, they only partly recovered earlier declines. By period end, many European and Asian countries appeared to have contained the pandemic’s first wave, but the U.S. in June took a step backwards as cases spiked in parts of the country. Fund Performance The Fund had a negative total return for the period but outperformed its blended benchmark. The semiannual period saw all our targeted asset classes retreat except for short duration fixed income and gold. The natural resource equities sector fell nearly 20%, hindered in part by weakness in certain mining companies, although they partly recovered late in the period amid rising iron ore prices supported by strong infrastructure demand from China. The energy sector initially plunged due to rising supply and falling demand, but later had a boost from the reconstitution of the OPEC+ accord and an agreement to reduce global oil supplies. Petroleum prices experienced their largest monthly gain in modern history in percentage terms in May, after hitting record lows in April, but had a negative return for the six months. Our overweight in natural resources detracted from relative performance, as did stock selection in the group, in part due to our non-allocation to paper products and packaging companies; these generally defensive stocks outperformed the index over the six-month period. Stock selection in the energy sector also hindered performance. Global listed infrastructure also had a negative return but held up relatively well. Stock selection in the asset class aided relative performance, in part due to positive absolute and relative performance in the communications sector. We favored the sector’s strong relative growth outlook, supported by remote communication and activity trends. Our stock selection in electric utilities also contributed to performance. Transportation infrastructure toll roads, airports and railways which had been heavily impacted by the economic shutdown, largely underperformed despite some late-period anticipation of a recovery in activity. Our stock selection in these sectors was relatively favorable as a group. Global real estate securities had a negative return for the period. Stocks recouped a portion of their losses from earlier in the year, supported by mostly intact earnings and dividends. Investors were encouraged by data that showed that real estate securities in most property sectors collected more than 90% of rents in April - a trend that extended into June - with hotels, retail and certain office companies being notable exceptions. U.K. Industrial companies continued to benefit from increasing 13


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    COHEN & STEERS SICAV REPORT OF THE BOARD OF DIRECTORS for the six months ended 30 June 2020 (continued) Diversified Real Assets Fund (continued) demand from e-commerce related tenants. Our stock selection in Europe contributed, led by outperformance in the U.K. and the Netherlands as well as Germany, which saw strength in apartment companies. In the Netherlands, our non-allocation to retail REIT Unibail-Rodamco-Westfield aided performance, as it shares fell 60% on disappointing sales in its Europe and U.S. properties. The Fund’s underweight in commodities helped performance. Though commodity prices benefitted from second-quarter optimism about the economic restart, the sector underperformed in the semiannual period, with broad-based declines in the agribusiness, industrial metals and energy sectors. Precious metals ended the period higher, however, aided by global monetary easing. 14


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    COHEN & STEERS SICAV STATEMENT OF NET ASSETS as at 30 June 2020 European Real Estate Global Real Estate Global Listed Securities Fund Securities Fund Infrastructure Fund € $ $ ASSETS Investments at market value (note 2a)........................................ 67,256,977 33,024,066 6,464,113 Cash at bank and cash equivalents .............................................. 1,041 16,910 10,504 Receivable for investment securities sold ..................................... 363,499 359,345 62 Dividends receivable (net of withholding tax) (note 2d) ............ 222,765 125,231 19,455 Deferred formation expenses (note 2g) ....................................... — — 1,912 Receivable from Investment Manager (note 6)........................... 27,522 348,315 139,875 Investment interest receivable ...................................................... — 43 7 Other receivables ........................................................................... — 350,944 — Total Assets .................................................................................... 67,871,804 34,224,854 6,635,928 LIABILITIES Bank overdraft .............................................................................. — — — Unrealised depreciation on forward foreign exchange contracts (note 2h & 8) ................................................................................ — — — Payable for investment securities purchased ............................... 260,689 — — Accrued expenses and other payables........................................... 360,491 270,410 107,307 Total Liabilities ............................................................................. 621,180 270,410 107,307 TOTAL NET ASSETS ...................................................................... 67,250,624 33,954,444 6,528,621 The accompanying notes form an integral part of these financial statements. 15


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    COHEN & STEERS SICAV STATEMENT OF NET ASSETS as at 30 June 2020 (continued) Global Preferred Diversified Real Securities Fund Assets Fund Combined $ $ € ASSETS Investments at market value (note 2a)........................................ 205,686,012 28,418,969 310,851,468 Cash at bank and cash equivalents .............................................. — 52,641 72,318 Receivable for investment securities sold ..................................... 2,140,028 66,112 2,647,741 Dividends receivable (net of withholding tax) (note 2d) ............ 172,077 60,973 559,083 Deferred formation expenses (note 2g) ....................................... 33,739 24,489 53,546 Receivable from Investment Manager (note 6)........................... 1,117,630 285,861 1,711,786 Investment interest receivable ...................................................... 1,718,399 41,191 1,566,701 Other receivables ........................................................................... — — 312,464 Total Assets .................................................................................... 210,867,885 28,950,236 317,775,107 LIABILITIES Bank overdraft .............................................................................. 1,285,858 — 1,144,868 Unrealised depreciation on forward foreign exchange contracts (note 2h & 8) ................................................................................ 47,005 — 41,851 Payable for investment securities purchased ............................... — 61,501 315,447 Accrued expenses and other payables........................................... 746,339 187,149 1,527,926 Total Liabilities ............................................................................. 2,079,202 248,650 3,030,092 TOTAL NET ASSETS ...................................................................... 208,788,683 28,701,586 314,745,015 The accompanying notes form an integral part of these financial statements. 16


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    COHEN & STEERS SICAV STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the period ended 30 June 2020 European Real Estate Global Real Estate Global Listed Securities Fund Securities Fund Infrastructure Fund € $ $ INCOME Dividends (net of withholding tax) (note 2d) .................................... 843,671 491,053 77,625 Interest (note 2d) ................................................................................. — 1,734 715 843,671 492,787 78,340 EXPENSES Management fee (note 5) .................................................................... 235,265 193,478 28,328 Domiciliary, administrative and transfer agency fees (note 7) .......... 61,487 88,127 61,787 Professional fees ................................................................................... 38,311 60,963 6,037 Sundry expenses ................................................................................... 51,676 50,427 9,928 "Taxe d’abonnement" (note 3) .......................................................... 5,863 3,599 318 Formation expenses (note 2g) ............................................................ — — 4,017 Transaction fees (note 2f).................................................................... 101,117 27,243 3,398 Depositary fees (note 7) ....................................................................... 10,767 8,823 3,020 504,486 432,660 116,833 Expenses reimbursed (note 6)............................................................. (42,467) (164,652) (73,444) 462,019 268,008 43,389 Net investment income ........................................................................ 381,652 224,779 34,951 Net realised gain/(loss) on sale of investments (note 2c) .................. (66,112) (2,867,121) 119,891 Net realised gain/(loss) on foreign currencies ................................... (365,330) (162,390) (77,794) Net investment income and Net realised gain/(loss) for the period .. (49,790) (2,804,732) 77,048 Net change in unrealised appreciation/(depreciation) on investments ..................................................................................... (11,382,456) (5,442,310) (788,634) Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts ............................................................ — — — Net change in unrealised appreciation/(depreciation) on foreign currencies ........................................................................................ (5,123) (2,748) (688) Increase/(decrease) in net assets as a result of operations ................. (11,437,369) (8,249,790) (712,274) Net subscriptions/(redemptions) on share transactions .................... (6,177,484) (3,987,659) — Distribution paid to shareholders (note 4 & 10) ................................ (129,834) (61,753) (18,337) Currency translation adjustment ........................................................ — — — Total change in net assets .................................................................... (17,744,687) (12,299,202) (730,611) Net assets at the beginning of the period ............................................ 84,995,311 46,253,646 7,259,232 NET ASSETS AT THE END OF THE PERIOD ....................................... 67,250,624 33,954,444 6,528,621 The accompanying notes form an integral part of these financial statements. 17


  • Page 20

    COHEN & STEERS SICAV STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the period ended 30 June 2020 (continued) Global Preferred Diversified Real Securities Fund Assets Fund Combined $ $ € INCOME Dividends (net of withholding tax) (note 2d) .................................... 1,553,622 270,943 2,974,502 Interest (note 2d) ................................................................................. 3,450,562 44,384 3,113,916 5,004,184 315,327 6,088,418 EXPENSES Management fee (note 5) .................................................................... 346,204 62,984 797,072 Domiciliary, administrative and transfer agency fees (note 7) .......... 189,350 91,770 445,259 Professional fees ................................................................................... 233,066 25,118 327,840 Sundry expenses ................................................................................... 148,694 8,426 245,306 "Taxe d’abonnement" (note 3) .......................................................... 49,992 6,706 59,832 Formation expenses (note 2g) ............................................................ 8,994 4,188 15,313 Transaction fees (note 2f).................................................................... 40,785 33,549 194,582 Depositary fees (note 7) ....................................................................... 22,609 13,442 53,410 1,039,694 246,183 2,138,614 Expenses reimbursed (note 6)............................................................. (603,349) (135,654) (912,430) 436,345 110,529 1,226,184 Net investment income ........................................................................ 4,567,839 204,798 4,862,234 Net realised gain/(loss) on sale of investments (note 2c) .................. (383,561) (1,921,544) (4,564,474) Net realised gain/(loss) on foreign currencies ................................... 865,813 (126,503) 79,068 Net investment income and Net realised gain/(loss) for the period .. 5,050,091 (1,843,249) 376,828 Net change in unrealised appreciation/(depreciation) on investments ..................................................................................... (7,205,669) (2,440,978) (25,519,117) Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts ............................................................ (1,146,702) — (1,020,970) Net change in unrealised appreciation/(depreciation) on foreign currencies ........................................................................................ 3,283 (1,071) (6,213) Increase/(decrease) in net assets as a result of operations ................. (3,298,997) (4,285,298) (26,169,472) Net subscriptions/(redemptions) on share transactions .................... 30,474,402 2,572,369 19,695,384 Distribution paid to shareholders (note 4 & 10) ................................ (35,598) — (232,837) Currency translation adjustment ........................................................ — — (136,931) Total change in net assets .................................................................... 27,139,807 (1,712,929) (6,843,856) Net assets at the beginning of the period ............................................ 181,648,876 30,414,515 321,588,871 NET ASSETS AT THE END OF THE PERIOD ....................................... 208,788,683 28,701,586 314,745,015 The accompanying notes form an integral part of these financial statements. 18


  • Page 21

    COHEN & STEERS SICAV STATISTICAL INFORMATION TOTAL NET ASSETS 30 June 2020 31 December 2019 31 December 2018 European Real Estate Securities Fund ................................................... € 67,250,624 € 84,995,311 € 127,892,496 - Class A (EUR) ....................................................................................... € 147,156 € 346,080 € 249,701 - Class AX (EUR) ..................................................................................... € 401,368 € 355,801 € 240,308 - Class CX (EUR)1 ................................................................................... € 60,540 € N/A € N/A - Class I (EUR) ........................................................................................ € 21,781,559 € 23,689,588 € 17,853,569 - Class IX (EUR) ...................................................................................... € 24,892,978 € 29,546,164 € 22,203,651 - Class KX (EUR) ..................................................................................... € 7,225,443 € 13,921,760 € 69,153,518 - Class L (EUR) ....................................................................................... € 6,916,912 € 9,454,097 € 9,056,417 - Class LX (EUR) ..................................................................................... € 5,824,667 € 7,681,821 € 9,135,332 Global Real Estate Securities Fund......................................................... $ 33,954,444 $ 46,253,646 $ 45,987,784 - Class A (USD) ........................................................................................ $ 1,792,366 $ 2,501,321 $ 2,222,865 - Class AX (USD) ..................................................................................... $ 7,730,161 $ 10,698,568 $ 11,975,359 - Class I (USD) ........................................................................................ $ 1,731,335 $ 5,220,379 $ 6,728,768 - Class IX (CHF) ...................................................................................... ₣ 11,072,209 ₣ 13,757,121 ₣ 1,211,732 - Class IX (USD) ...................................................................................... $ 11,015,489 $ 13,626,537 $ 23,831,605 Global Listed Infrastructure Fund .......................................................... $ 6,528,621 $ 7,259,232 $ 5,850,600 - Class F (USD) ........................................................................................ $ 18,540 $ 20,583 $ N/A - Class I (USD) ........................................................................................ $ 3,169,807 $ 3,533,970 $ 2,872,590 - Class IX (USD) ...................................................................................... $ 3,340,275 $ 3,704,679 $ 2,978,010 Global Preferred Securities Fund ............................................................ $ 208,788,683 $ 181,648,876 $ 129,323,590 - Class F (GBP hedge) ............................................................................. £ 863,915 £ 910,287 £ 642,667 - Class FX (EUR hedge) .......................................................................... € 17,951,787 € 29,077,875 € 15,566,031 - Class FX (JPY hedge) ............................................................................ ¥ 20,178,139,080 ¥ 16,000,381,644 ¥ 10,764,083,884 - Class FX (USD)2 .................................................................................... $ 2,723 $ N/A $ N/A - Class I (USD) ........................................................................................ $ 298,237 $ 152,750 $ N/A - Class IX (USD) ...................................................................................... $ 214,480 $ 418,824 $ 2,530,605 - Class LX (EUR hedge)2 ......................................................................... € 2,449 € N/A € N/A - Class LX (USD)2 .................................................................................... $ 2,720 $ N/A $ N/A - Class V (USD)3 ...................................................................................... $ 1,997 $ N/A $ N/A - Class VX (USD)3 .................................................................................... $ 1,997 $ N/A $ N/A Diversified Real Assets Fund.................................................................... $ 28,701,586 $ 30,414,515 $ 9,219,751 - Class FX (CHF) ...................................................................................... ₣ 9,058 ₣ 10,708 ₣ 9,244 - Class FX (EUR) ..................................................................................... € 9,769 € 11,307 € 9,414 - Class FX (GBP) ..................................................................................... £ 15,631,545 £ 14,761,537 £ 9,633 - Class FX (USD) ..................................................................................... $ 9,366,708 $ 10,835,420 $ 9,187,344 1 Launched 17 March 2020 2 Launched 30 March 2020 3 Launched 25 June 2020 The accompanying notes form an integral part of these financial statements. 19


  • Page 22

    COHEN & STEERS SICAV STATISTICAL INFORMATION (continued) NET ASSET VALUE PER SHARE 30 June 2020 31 December 2019 31 December 2018 European Real Estate Securities Fund ....................................................................... - Class A (EUR) ........................................................................................................... € 24.41 € 28.49 € 21.83 - Class AX (EUR) ......................................................................................................... € 26.93 € 31.40 € 23.70 - Class CX (EUR)1 ....................................................................................................... € 12.11 € N/A € N/A - Class I (EUR) ............................................................................................................ € 28.29 € 33.01 € 25.21 - Class IX (EUR).......................................................................................................... € 41.20 € 47.90 € 35.90 - Class KX (EUR) ......................................................................................................... € 20.35 € 23.64 € 17.68 - Class L (EUR) ........................................................................................................... € 16.98 € 19.82 € 15.20 - Class LX (EUR) ......................................................................................................... € 19.52 € 22.69 € 17.00 Global Real Estate Securities Fund............................................................................. - Class A (USD)............................................................................................................ $ 16.65 $ 20.38 $ 16.66 - Class AX (USD) ......................................................................................................... $ 19.68 $ 24.00 $ 19.36 - Class I (USD) ............................................................................................................ $ 8.04 $ 9.88 $ 8.07 - Class IX (CHF) .......................................................................................................... ₣ 9.34 ₣ 11.60 ₣ 9.47 - Class IX (USD) .......................................................................................................... $ 14.37 $ 17.47 $ 14.00 Global Listed Infrastructure Fund .............................................................................. - Class F (USD)............................................................................................................ $ 9.27 $ 10.29 $ N/A - Class I (USD) ............................................................................................................ $ 12.68 $ 14.14 $ 11.49 - Class IX (USD) .......................................................................................................... $ 13.36 $ 14.82 $ 11.91 Global Preferred Securities Fund ................................................................................ - Class F (GBP hedge) ................................................................................................. £ 10.20 £ 10.74 £ 9.59 - Class FX (EUR hedge) .............................................................................................. € 11.05 € 11.28 € 9.73 - Class FX (JPY hedge) ................................................................................................ ¥ 10,952.51 ¥ 11,160.86 ¥ 9,618.31 - Class FX (USD)2 ........................................................................................................ $ 11.21 $ N/A $ N/A - Class I (USD) ............................................................................................................ $ 9.94 $ 10.18 $ N/A - Class IX (USD) .......................................................................................................... $ 10.89 $ 10.98 $ 10.12 - Class LX (EUR hedge)2 ............................................................................................. € 11.15 € N/A € N/A - Class LX (USD)2 ........................................................................................................ $ 11.19 $ N/A $ N/A - Class V (USD)3 .......................................................................................................... $ 9.98 $ N/A $ N/A - Class VX (USD)3 ........................................................................................................ $ 9.98 $ N/A $ N/A Diversified Real Assets Fund........................................................................................ - Class FX (CHF).......................................................................................................... ₣ 9.06 ₣ 10.71 ₣ 9.24 - Class FX (EUR) ......................................................................................................... € 9.77 € 11.31 € 9.41 - Class FX (GBP) ......................................................................................................... £ 10.12 £ 10.92 £ 9.63 - Class FX (USD) ......................................................................................................... $ 9.40 $ 10.87 $ 9.22 1 Launched 17 March 2020 2 Launched 30 March 2020 3 Launched 25 June 2020 The accompanying notes form an integral part of these financial statements. 20


  • Page 23

    COHEN & STEERS SICAV STATISTICAL INFORMATION (continued) SHARES OUTSTANDING 30 June 2020 31 December 2019 31 December 2018 European Real Estate Securities Fund ....................................................................... - Class A (EUR) ........................................................................................................... 6,029 12,148 11,438 - Class AX (EUR) ......................................................................................................... 14,902 11,330 10,139 - Class CX (EUR)1 ....................................................................................................... 5,000 N/A N/A - Class I (EUR) ............................................................................................................ 770,002 717,583 708,124 - Class IX (EUR).......................................................................................................... 604,233 616,798 618,461 - Class KX (EUR) ......................................................................................................... 354,982 588,819 3,910,372 - Class L (EUR) ........................................................................................................... 407,463 477,080 595,914 - Class LX (EUR) ......................................................................................................... 298,390 338,607 537,448 Global Real Estate Securities Fund............................................................................. - Class A (USD)............................................................................................................ 107,650 122,743 133,434 - Class AX (USD) ......................................................................................................... 392,839 445,737 618,562 - Class I (USD) ............................................................................................................ 215,307 528,483 833,555 - Class IX (CHF) .......................................................................................................... 1,185,564 1,185,564 128,000 - Class IX (USD) .......................................................................................................... 766,637 780,025 1,702,299 Global Listed Infrastructure Fund .............................................................................. - Class F (USD)............................................................................................................ 2,000 2,000 N/A - Class I (USD) ............................................................................................................ 250,000 250,000 250,000 - Class IX (USD) .......................................................................................................... 250,000 250,000 250,000 Global Preferred Securities Fund ................................................................................ - Class F (GBP hedge) ................................................................................................. 84,724 84,724 67,004 - Class FX (EUR hedge) .............................................................................................. 1,624,170 2,578,640 1,599,849 - Class FX (JPY hedge) ................................................................................................ 1,842,330 1,433,616 1,119,124 - Class FX (USD)2 ........................................................................................................ 243 N/A N/A - Class I (USD) ............................................................................................................ 30,000 15,000 N/A - Class IX (USD) .......................................................................................................... 19,694 38,160 250,000 - Class LX (EUR hedge)2 ............................................................................................. 220 N/A N/A - Class LX (USD)2 ........................................................................................................ 243 N/A N/A - Class V (USD)3 .......................................................................................................... 200 N/A N/A - Class VX (USD)3 ........................................................................................................ 200 N/A N/A Diversified Real Assets Fund........................................................................................ - Class FX (CHF).......................................................................................................... 1,000 1,000 1,000 - Class FX (EUR) ......................................................................................................... 1,000 1,000 1,000 - Class FX (GBP) ......................................................................................................... 1,544,230 1,351,570 1,000 - Class FX (USD) ......................................................................................................... 996,540 996,540 996,540 1 Launched 17 March 2020 2 Launched 30 March 2020 3 Launched 25 June 2020 The accompanying notes form an integral part of these financial statements. 21


  • Page 24

    COHEN & STEERS SICAV STATISTICAL INFORMATION (continued) TOTAL EXPENSE RATIO Period ended 30 June 20201 European Real Estate Securities Fund ............................................................................................................................................................................ - Class A (EUR) ................................................................................................................................................................................................................ 1.75% - Class AX (EUR).............................................................................................................................................................................................................. 1.75% - Class CX (EUR)2 ............................................................................................................................................................................................................ 1.00% - Class I (EUR) ................................................................................................................................................................................................................ 1.05% - Class IX (EUR) .............................................................................................................................................................................................................. 1.05% - Class KX (EUR) ............................................................................................................................................................................................................. 0.85% - Class L (EUR) ................................................................................................................................................................................................................ 0.97% - Class LX (EUR).............................................................................................................................................................................................................. 0.97% Global Real Estate Securities Fund ................................................................................................................................................................................. - Class A (USD) ................................................................................................................................................................................................................ 1.70% - Class AX (USD) .............................................................................................................................................................................................................. 1.70% - Class I (USD) ................................................................................................................................................................................................................. 1.05% - Class IX (CHF) ............................................................................................................................................................................................................... 1.05% - Class IX (USD) .............................................................................................................................................................................................................. 1.05% Global Listed Infrastructure Fund ................................................................................................................................................................................... - Class F (USD) ................................................................................................................................................................................................................ 0.55% - Class I (USD) ................................................................................................................................................................................................................. 1.20% - Class IX (USD) .............................................................................................................................................................................................................. 1.20% Global Preferred Securities Fund .................................................................................................................................................................................... - Class F (GBP hedge) ..................................................................................................................................................................................................... 0.40% - Class FX (EUR hedge) ................................................................................................................................................................................................... 0.40% - Class FX (JPY hedge) ..................................................................................................................................................................................................... 0.40% - Class FX (USD)3 ............................................................................................................................................................................................................ 0.40% - Class I (USD) ................................................................................................................................................................................................................. 0.50% - Class IX (USD) .............................................................................................................................................................................................................. 0.50% - Class LX (EUR hedge)3 ................................................................................................................................................................................................. 0.90% - Class LX (USD)3 ............................................................................................................................................................................................................ 0.90% - Class V (USD)4 ............................................................................................................................................................................................................... 1.89% - Class VX (USD)4 ............................................................................................................................................................................................................ 1.89% Diversified Real Assets Fund ............................................................................................................................................................................................ - Class FX (CHF) .............................................................................................................................................................................................................. 0.55% - Class FX (EUR).............................................................................................................................................................................................................. 0.55% - Class FX (GBP) .............................................................................................................................................................................................................. 0.55% - Class FX (USD) .............................................................................................................................................................................................................. 0.55% 1 The total expense ratio (TER) was calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes” of the Swiss Funds & Asset Management Association (SFAMA). 2 Launched 17 March 2020 3 Launched 30 March 2020 4 Launched 25 June 2020 The accompanying notes form an integral part of these financial statements. 22


  • Page 25

    COHEN & STEERS SICAV European Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 Number of Value Net Assets Description Shares € % Transferable securities admitted to an official exchange listing or traded on other regulated markets Common Stocks AUSTRIA CA Immobilien Anlagen, AG 38,500 1,141,525 1.70 1,141,525 1.70 BELGIUM Aedifica REIT, SA 20,484 1,993,093 2.96 Cofinimmo REIT, SA 18,143 2,220,704 3.30 Warehouses De Pauw REIT, CVA 46,174 1,122,028 1.67 5,335,825 7.93 FINLAND Kojamo OYJ 27,937 525,216 0.78 525,216 0.78 FRANCE ARGAN REIT, SA 20,259 1,649,083 2.45 Covivio REIT 26,295 1,696,027 2.52 Gecina REIT, SA 20,147 2,216,170 3.30 Klepierre REIT, SA 185,886 3,296,688 4.90 Unibail-Rodamco-Westfield REIT 33,788 1,694,806 2.52 10,552,774 15.69 GERMANY Alstria Office REIT, AG 76,843 1,018,938 1.52 Deutsche Wohnen SE 163,094 6,515,605 9.69 Instone Real Estate Group, AG 64,485 1,244,561 1.85 LEG Immobilien, AG 48,582 5,489,766 8.16 VIB Vermoegen, AG 77,257 2,105,253 3.13 Vonovia SE 120,929 6,600,305 9.81 22,974,428 34.16 The accompanying notes form an integral part of these financial statements. 23


  • Page 26

    COHEN & STEERS SICAV European Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares € % IRELAND State Street EUR Liquidity LVNAV Fund 167 165,679 0.25 165,679 0.25 ISRAEL Amot Investments Ltd. 153,050 617,765 0.92 617,765 0.92 NETHERLANDS NSI NV REIT 18,961 653,206 0.97 653,206 0.97 NORWAY Entra ASA 121,172 1,373,316 2.04 1,373,316 2.04 SWEDEN Castellum AB 187,368 3,116,534 4.63 Catena AB 32,323 1,133,653 1.69 Fastighets AB Balder 77,704 2,636,917 3.92 Wihlborgs Fastigheter AB 67,228 979,767 1.46 7,866,871 11.70 UNITED KINGDOM Assura REIT, Plc. 1,959,832 1,692,501 2.52 Big Yellow Group REIT, Plc. 44,219 488,408 0.73 Derwent London REIT, Plc. 28,312 864,630 1.29 Grainger Plc. 654,155 2,058,197 3.06 LondonMetric Property REIT, Plc. 1,321,818 3,062,460 4.55 Safestore Holdings REIT, Plc. 179,444 1,433,197 2.13 The accompanying notes form an integral part of these financial statements. 24


  • Page 27

    COHEN & STEERS SICAV European Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares € % UNITED KINGDOM (continued) Segro REIT, Plc. 505,275 4,974,978 7.40 UNITE Group REIT, Plc. 142,731 1,476,001 2.19 16,050,372 23.87 Total Common Stocks 67,256,977 100.01 Total transferable securities admitted to an official exchange listing or traded on other regulated markets (Cost € 64,007,057) 67,256,977 100.01 Other assets less liabilities (6,353) (0.01) Total Net Assets 67,250,624 100.00 The accompanying notes form an integral part of these financial statements. 25


  • Page 28

    COHEN & STEERS SICAV Global Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 Number of Value Net Assets Description Shares $ % Transferable securities admitted to an official exchange listing or traded on other regulated markets Common Stocks AUSTRALIA Charter Hall Group REIT 62,791 418,914 1.23 Goodman Group REIT 21,837 223,266 0.66 Mirvac Group REIT 419,823 627,235 1.85 1,269,415 3.74 AUSTRIA CA Immobilien Anlagen, AG 4,417 147,092 0.43 147,092 0.43 BELGIUM Aedifica REIT, SA 2,845 310,909 0.92 Warehouses De Pauw REIT, CVA 7,388 201,637 0.59 512,546 1.51 CANADA Allied Properties REIT 9,723 292,404 0.86 Boardwalk REIT 9,735 212,355 0.63 504,759 1.49 FRANCE ARGAN REIT, SA 2,090 191,077 0.56 Covivio REIT 2,769 200,595 0.59 Gecina REIT, SA 1,462 180,625 0.53 Klepierre REIT, SA 20,042 399,218 1.18 971,515 2.86 GERMANY Alstria Office REIT, AG 10,827 161,246 0.48 Deutsche Wohnen SE 14,239 638,902 1.88 Instone Real Estate Group, AG 8,214 178,053 0.52 The accompanying notes form an integral part of these financial statements. 26


  • Page 29

    COHEN & STEERS SICAV Global Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % GERMANY (continued) LEG Immobilien, AG 3,770 478,473 1.41 Vonovia SE 10,228 626,992 1.85 2,083,666 6.14 HONG KONG China Resources Land Ltd. 76,000 287,803 0.85 ESR Cayman Ltd. 140,400 331,868 0.97 Hang Lung Properties Ltd. 201,000 476,148 1.40 Link REIT 39,800 325,314 0.96 New World Development Co. Ltd. 119,500 567,399 1.67 Sun Hung Kai Properties Ltd. 51,000 651,117 1.92 2,639,649 7.77 JAPAN Activia Properties REIT, Inc. 101 347,792 1.03 Daiwa House Investment REIT, Corp. 146 343,736 1.01 GLP J-REIT 266 385,865 1.14 Mitsubishi Estate Co. Ltd. 46,500 690,701 2.04 Mitsui Fudosan Co. Ltd. 36,600 647,798 1.91 Nippon Building Fund REIT, Inc. 65 369,931 1.09 NIPPON Investment REIT, Corp. 126 405,265 1.19 Nomura Real Estate Master Fund REIT, Inc. 338 405,406 1.19 Tokyu Fudosan Holdings Corp. 27,854 130,124 0.38 United Urban Investment REIT, Corp. 311 333,816 0.98 4,060,434 11.96 NORWAY Entra ASA 9,734 123,908 0.36 123,908 0.36 SINGAPORE CapitaLand Commercial Trust REIT 141,300 171,174 0.50 City Developments Ltd. 59,500 359,120 1.06 The accompanying notes form an integral part of these financial statements. 27


  • Page 30

    COHEN & STEERS SICAV Global Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % SINGAPORE (continued) Keppel DC REIT 226,600 412,576 1.22 Parkway Life REIT 156,500 374,689 1.10 1,317,559 3.88 SWEDEN Castellum AB 14,113 263,654 0.78 Catena AB 3,145 123,887 0.36 Fastighets AB Balder 6,549 249,612 0.74 637,153 1.88 UNITED KINGDOM Assura REIT, Plc. 208,101 201,847 0.59 LondonMetric Property REIT, Plc. 57,257 148,992 0.44 Safestore Holdings REIT, Plc. 23,604 211,739 0.62 Segro REIT, Plc. 46,342 512,479 1.51 UNITE Group REIT, Plc. 10,094 117,238 0.35 1,192,295 3.51 UNITED STATES Agree Realty REIT, Corp. 9,789 643,235 1.89 American Tower REIT, Corp. 1,041 269,140 0.79 Americold Realty Trust REIT 10,781 391,350 1.15 Boston Properties REIT, Inc. 1,185 107,100 0.32 Boyd Gaming Corp. 12,413 259,432 0.76 CyrusOne REIT, Inc. 3,474 252,733 0.74 Duke Realty REIT, Corp. 18,315 648,168 1.91 Equinix REIT, Inc. 1,406 987,434 2.91 Essex Property Trust REIT, Inc. 4,693 1,075,495 3.17 Extra Space Storage REIT, Inc. 4,428 409,014 1.20 Healthpeak Properties REIT, Inc. 27,601 760,684 2.24 Hilton Worldwide Holdings, Inc. 3,368 247,380 0.73 Invitation Homes REIT, Inc. 33,093 911,050 2.68 Kilroy Realty REIT, Corp. 6,798 399,043 1.18 The accompanying notes form an integral part of these financial statements. 28


  • Page 31

    COHEN & STEERS SICAV Global Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % UNITED STATES (continued) Kimco Realty REIT, Corp. 53,908 692,179 2.04 Medical Properties Trust REIT, Inc. 29,738 559,074 1.65 Omega Healthcare Investors REIT, Inc. 8,396 249,613 0.73 Prologis REIT, Inc. 22,291 2,080,419 6.13 Public Storage REIT 8,470 1,625,308 4.79 Simon Property Group REIT, Inc. 13,062 893,179 2.63 UDR REIT, Inc. 21,060 787,223 2.32 Ventas REIT, Inc. 32,909 1,205,128 3.55 VICI Properties REIT, Inc. 45,625 921,169 2.71 Welltower REIT, Inc. 22,212 1,149,471 3.39 17,524,021 51.61 Total Common Stocks 32,984,012 97.14 The accompanying notes form an integral part of these financial statements. 29


  • Page 32

    COHEN & STEERS SICAV Global Real Estate Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % UNITED STATES (continued) Short-Term Investment Fund IRELAND State Street USD Liquidity LVNAV Fund 40,054 40,054 0.12 40,054 0.12 Total Short-Term Investment Fund 40,054 0.12 Total transferable securities admitted to an official exchange listing or traded on other regulated markets (Cost $ 34,435,391) 33,024,066 97.26 Other Transferable Securities Common Stocks AUSTRALIA BGP Holdings Plc.* 2,628,490 - - - - Total Common Stocks - - Total other transferable securities (Cost $ -) - - Other assets less liabilities 930,378 2.74 Total Net Assets 33,954,444 100.00 * Illiquid security which is fair valued by the Board of Directors The accompanying notes form an integral part of these financial statements. 30


  • Page 33

    COHEN & STEERS SICAV Global Listed Infrastructure Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 Number of Value Net Assets Description Shares $ % Transferable securities admitted to an official exchange listing or traded on other regulated markets Common Stocks AUSTRALIA Sydney Airport 7,680 29,981 0.46 Transurban Group 38,084 370,500 5.67 400,481 6.13 BELGIUM Elia Group, SA 428 46,436 0.71 46,436 0.71 BRAZIL Cia de Saneamento do Parana 12,591 72,256 1.11 Neoenergia, SA 18,916 65,869 1.01 138,125 2.12 CANADA Canadian National Railway Co. 1,529 134,837 2.06 Enbridge, Inc. 4,668 141,480 2.17 Hydro One Ltd. 5,615 105,250 1.61 Pembina Pipeline Corp. 2,981 74,284 1.14 TC Energy Corp. 1,759 74,906 1.15 530,757 8.13 CHINA ENN Energy Holdings Ltd. 9,973 112,206 1.72 GDS Holdings Ltd. 530 42,220 0.64 Zhejiang Expressway Co. Ltd. 118,000 83,432 1.28 237,858 3.64 DENMARK Orsted 576 66,437 1.02 66,437 1.02 The accompanying notes form an integral part of these financial statements. 31


  • Page 34

    COHEN & STEERS SICAV Global Listed Infrastructure Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % FRANCE Vinci, SA 1,334 122,859 1.88 122,859 1.88 HONG KONG Guangdong Investment Ltd. 69,810 119,796 1.84 Power Assets Holdings Ltd. 9,000 48,946 0.75 168,742 2.59 ITALY Atlantia SpA 4,790 76,932 1.18 Enel SpA 4,397 37,918 0.58 Snam SpA 11,735 57,123 0.87 171,973 2.63 JAPAN Tokyo Gas Co. Ltd. 4,500 107,615 1.65 West Japan Railway Co. 900 50,437 0.77 158,052 2.42 MEXICO Grupo Aeroportuario del Centro Norte SAB de CV 12,650 58,484 0.89 Infraestructura Energetica Nova SAB de CV 10,444 29,881 0.46 88,365 1.35 NETHERLANDS Koninklijke Vopak NV 1,456 76,990 1.18 76,990 1.18 NEW ZEALAND Auckland International Airport Ltd. 14,400 60,904 0.93 60,904 0.93 The accompanying notes form an integral part of these financial statements. 32


  • Page 35

    COHEN & STEERS SICAV Global Listed Infrastructure Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % SPAIN Aena SME, SA 1,117 148,916 2.28 Cellnex Telecom, SA 1,808 110,143 1.69 259,059 3.97 THAILAND Airports of Thailand Plc. 85,600 167,558 2.57 167,558 2.57 UNITED KINGDOM Pennon Group Plc. 6,916 95,623 1.47 95,623 1.47 UNITED STATES Alliant Energy Corp. 5,035 240,874 3.69 American Tower REIT, Corp. 1,359 351,356 5.38 American Water Works Co., Inc. 1,689 217,307 3.33 CenterPoint Energy, Inc. 2,957 55,207 0.85 CMS Energy Corp. 2,280 133,198 2.04 Crown Castle International REIT, Corp. 1,186 198,477 3.04 CyrusOne REIT, Inc. 927 67,439 1.03 Duke Energy Corp. 2,304 184,067 2.82 Edison International 1,688 91,675 1.40 Evergy, Inc. 2,131 126,347 1.94 Kinder Morgan, Inc. 9,480 143,812 2.20 NextEra Energy, Inc. 2,005 481,541 7.38 Norfolk Southern Corp. 919 161,349 2.47 NorthWestern Corp. 2,222 121,143 1.86 ONEOK, Inc. 1,311 43,551 0.67 Pinnacle West Capital Corp. 1,222 89,560 1.37 PNM Resources, Inc. 2,040 78,418 1.20 Public Service Enterprise Group, Inc. 2,692 132,339 2.03 SBA Communications REIT, Corp. 782 232,973 3.57 Union Pacific Corp. 1,225 207,111 3.17 The accompanying notes form an integral part of these financial statements. 33


  • Page 36

    COHEN & STEERS SICAV Global Listed Infrastructure Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares $ % UNITED STATES (continued) Williams Cos, Inc. 2,282 43,404 0.66 Xcel Energy, Inc. 2,876 179,750 2.75 3,580,898 54.85 Total Common Stocks 6,371,117 97.59 Short-Term Investment Fund IRELAND State Street USD Liquidity LVNAV Fund 92,996 92,996 1.42 92,996 1.42 Total Short-Term Investment Fund 92,996 1.42 Total transferable securities admitted to an official exchange listing or traded on other regulated markets (Cost $ 5,791,864) 6,464,113 99.01 Other assets less liabilities 64,508 0.99 Total Net Assets 6,528,621 100.00 The accompanying notes form an integral part of these financial statements. 34


  • Page 37

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 Number of Value Net Assets Description Shares Coupon Maturity Date $ % Transferable securities admitted to an official exchange listing or traded on other regulated markets Bonds AUSTRALIA Australia & New Zealand Banking Group Ltd.1,2 400,000 6.750 12/31/2049 444,086 0.21 BHP Billiton Finance USA Ltd. 2,600,000 6.750 10/19/2075 3,001,037 1.44 QBE Insurance Group Ltd. 450,000 6.750 12/02/2044 497,360 0.24 QBE Insurance Group Ltd. 1,200,000 5.875 06/17/2046 1,281,372 0.61 QBE Insurance Group Ltd.1 600,000 5.875 12/31/2049 621,000 0.30 5,844,855 2.80 BERMUDA Arch Capital Group Ltd.1,3 43,984 5.250 12/31/2049 1,053,857 0.50 Arch Capital Group Ltd.1,3 34,846 5.450 12/31/2049 853,379 0.41 Athene Holding Ltd.1,3 23,556 6.350 12/31/2049 574,295 0.27 Athene Holding Ltd.1,3 32,418 6.375 12/31/2049 818,554 0.39 Axis Capital Holdings Ltd.1,3 25,000 5.500 12/31/2049 588,500 0.28 Brookfield Property Partners, L.P.1,3 22,347 5.750 12/31/2049 370,066 0.18 Brookfield Property Partners, L.P.1,3 55,387 6.500 12/31/2049 1,012,474 0.48 Enstar Group Ltd.1,3 38,500 7.000 12/31/2049 932,470 0.45 PartnerRe Ltd.1,3 28,679 5.875 12/31/2049 706,077 0.34 PartnerRe Ltd.1,3 4,777 6.500 12/31/2049 121,575 0.06 PartnerRe Ltd.1,3 15,095 7.250 12/31/2049 390,810 0.19 RenaissanceRe Holdings Ltd.1,3 30,405 5.750 12/31/2049 787,185 0.38 8,209,242 3.93 CANADA Algonquin Power & Utilities Corp.3 38,861 6.875 10/17/2078 1,020,101 0.49 Algonquin Power & Utilities Corp.3 26,580 6.200 07/01/2079 695,333 0.33 Bank of Nova Scotia1 950,000 4.900 12/31/2049 950,594 0.45 Emera, Inc. 3,010,000 6.750 06/15/2076 3,260,597 1.56 Enbridge, Inc. 1,870,000 6.000 01/15/2077 1,848,693 0.89 The accompanying notes form an integral part of these financial statements. 35


  • Page 38

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % CANADA (continued) Enbridge, Inc. 1,158,000 6.250 03/01/2078 1,142,651 0.55 Enbridge, Inc.3 23,193 6.375 04/15/2078 563,590 0.27 Transcanada Trust 849,000 5.625 05/20/2075 832,886 0.40 Transcanada Trust 2,400,000 5.875 08/15/2076 2,540,020 1.22 Transcanada Trust 3,090,000 5.500 09/15/2079 3,087,667 1.48 15,942,132 7.64 FINLAND Nordea Bank Abp1,2 600,000 6.625 12/31/2049 640,941 0.31 640,941 0.31 FRANCE AXA, SA 830,000 8.600 12/15/2030 1,206,418 0.58 AXA, SA1 1,508,000 6.379 12/31/2049 1,939,838 0.93 BNP Paribas, SA1,2 1,000,000 4.500 12/31/2049 876,875 0.42 BNP Paribas, SA1,2 645,000 6.625 12/31/2049 660,319 0.32 BNP Paribas, SA1,2 800,000 6.750 12/31/2049 814,248 0.39 BNP Paribas, SA1,2 400,000 7.000 12/31/2049 434,574 0.21 BNP Paribas, SA1 1,000,000 7.195 12/31/2049 1,081,082 0.52 BNP Paribas, SA1,2 1,100,000 7.375 12/31/2049 1,206,640 0.58 BNP Paribas, SA1,2 1,000,000 7.625 12/31/2049 1,015,625 0.49 CNP Assurances 100,000 2.500 06/30/2051 111,579 0.05 Credit Agricole, SA1,2 500,000 6.875 12/31/2049 515,973 0.25 Credit Agricole, SA1,2 1,400,000 7.875 12/31/2049 1,524,117 0.73 Credit Agricole, SA1,2 1,200,000 8.125 12/31/2049 1,374,750 0.66 Electricite de France, SA1 400,000 3.000 12/31/2049 429,908 0.20 Electricite de France, SA1 400,000 5.375 12/31/2049 485,818 0.23 Electricite de France, SA1 675,000 5.625 12/31/2049 698,250 0.33 La Mondiale, SAM 800,000 5.875 01/26/2047 864,000 0.41 Societe Generale, SA1,2 1,200,000 6.750 12/31/2049 1,194,978 0.57 Societe Generale, SA1,2 800,000 7.375 12/31/2049 808,736 0.39 The accompanying notes form an integral part of these financial statements. 36


  • Page 39

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % FRANCE (continued) Societe Generale, SA1,2 800,000 7.875 12/31/2049 840,252 0.40 Societe Generale, SA1,2 600,000 8.000 12/31/2049 669,289 0.32 18,753,269 8.98 GERMANY Commerzbank, AG1 1,000,000 6.125 12/31/2049 1,072,230 0.51 1,072,230 0.51 HONG KONG Bank of China Hong Kong Ltd.1 2,600,000 5.900 12/31/2049 2,778,516 1.33 2,778,516 1.33 IRELAND Bank of Ireland Group Plc.1,2 600,000 7.500 12/31/2049 708,471 0.34 Beazley Insurance DAC 700,000 5.500 09/10/2029 733,600 0.35 1,442,071 0.69 ITALY Banco BPM SpA1,2 400,000 6.125 12/31/2049 343,122 0.16 Enel SpA 1,700,000 8.750 09/24/2073 1,937,082 0.93 Intesa Sanpaolo SpA1,2 400,000 6.250 12/31/2049 450,900 0.22 Intesa Sanpaolo SpA1,2 400,000 7.700 12/31/2049 399,669 0.19 UniCredit SpA 200,000 5.459 06/30/2035 201,965 0.10 UniCredit SpA1,2 300,000 7.500 12/31/2049 353,540 0.17 UniCredit SpA1,2 400,000 8.000 12/31/2049 402,750 0.19 4,089,028 1.96 JAPAN Dai-ichi Life Insurance Co. Ltd.1 750,000 4.000 12/31/2049 795,626 0.38 Dai-ichi Life Insurance Co. Ltd.1 1,300,000 5.100 12/31/2049 1,434,153 0.69 Fukoku Mutual Life Insurance Co.1 1,612,000 6.500 12/31/2049 1,801,410 0.86 Meiji Yasuda Life Insurance Co. 1,150,000 5.200 10/20/2045 1,302,021 0.62 Meiji Yasuda Life Insurance Co. 500,000 5.100 04/26/2048 582,970 0.28 Mitsui Sumitomo Insurance Co. Ltd.1 1,400,000 4.950 12/31/2049 1,604,141 0.77 The accompanying notes form an integral part of these financial statements. 37


  • Page 40

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % JAPAN (continued) Mitsui Sumitomo Insurance Co. Ltd. 400,000 7.000 03/15/2072 433,698 0.21 Nippon Life Insurance Co. 1,400,000 5.100 10/16/2044 1,559,231 0.75 Nippon Life Insurance Co. 325,000 4.700 01/20/2046 359,692 0.17 Nippon Life Insurance Co. 600,000 3.400 01/23/2050 622,520 0.30 Sompo Japan Insurance, Inc. 1,350,000 5.325 03/28/2073 1,455,037 0.70 Sumitomo Life Insurance Co. 875,000 6.500 09/20/2073 990,076 0.47 12,940,575 6.20 JERSEY HSBC Capital Funding Dollar 1, L.P.1 1,200,000 10.176 12/31/2049 1,896,978 0.91 1,896,978 0.91 LUXEMBOURG Swiss Re Finance Luxembourg, SA 600,000 5.000 04/02/2049 675,150 0.32 675,150 0.32 NETHERLANDS Achmea BV1,2 800,000 4.625 12/31/2049 876,641 0.42 Aegon NV1,2 400,000 5.625 12/31/2049 486,596 0.23 ING Groep NV1,2 600,000 5.750 12/31/2049 596,001 0.28 ING Groep NV1,2 600,000 6.500 12/31/2049 615,510 0.29 ING Groep NV1,2 800,000 6.875 12/31/2049 829,248 0.40 Stichting AK Rabobank Certificaten1 742,575 0.000 12/31/2049 890,016 0.43 VIVAT NV1 1,000,000 6.250 12/31/2049 998,750 0.48 5,292,762 2.53 NORWAY DNB Bank ASA1,2 800,000 6.500 12/31/2049 824,000 0.39 824,000 0.39 SOUTH KOREA Hanwha Life Insurance Co. Ltd.1 600,000 4.700 12/31/2049 596,968 0.29 596,968 0.29 The accompanying notes form an integral part of these financial statements. 38


  • Page 41

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % SPAIN Abanca Corp Bancaria, SA1,2 400,000 7.500 12/31/2049 410,015 0.20 Banco Bilbao Vizcaya Argentaria, SA1,2 400,000 6.125 12/31/2049 364,826 0.17 Banco Bilbao Vizcaya Argentaria, SA1,2 1,000,000 6.500 12/31/2049 971,271 0.47 Banco Santander, SA1,2 400,000 7.500 12/31/2049 417,804 0.20 2,163,916 1.04 SWEDEN Skandinaviska Enskilda Banken AB1,2 400,000 5.125 12/31/2049 389,347 0.19 Svenska Handelsbanken AB1,2 600,000 6.250 12/31/2049 633,348 0.30 1,022,695 0.49 SWITZERLAND Credit Suisse Group, AG1,2 1,000,000 6.375 12/31/2049 1,016,335 0.49 Credit Suisse Group, AG1,2 1,200,000 7.125 12/31/2049 1,237,128 0.59 Credit Suisse Group, AG1,2 1,100,000 7.250 12/31/2049 1,131,015 0.54 Credit Suisse Group, AG1,2 800,000 7.500 12/31/2049 863,936 0.41 Credit Suisse Group, AG1,2 1,900,000 7.500 12/31/2049 1,975,249 0.95 UBS Group, AG1,2 1,200,000 6.875 12/31/2049 1,264,500 0.61 UBS Group, AG1,2 1,200,000 7.000 12/31/2049 1,247,334 0.60 UBS Group, AG1,2 800,000 7.125 12/31/2049 817,707 0.39 9,553,204 4.58 UNITED KINGDOM Barclays Plc.1,2 600,000 7.125 12/31/2049 735,059 0.35 Barclays Plc.1,2 1,000,000 7.875 12/31/2049 1,019,240 0.49 Barclays Plc.1,2 400,000 8.000 12/31/2049 414,710 0.20 BP Capital Markets Plc.1 300,000 4.250 12/31/2049 374,152 0.18 BP Capital Markets Plc.1 740,000 4.375 12/31/2049 752,950 0.36 BP Capital Markets Plc.1 2,640,000 4.875 12/31/2049 2,732,400 1.31 HSBC Holdings Plc.1,3 89,373 6.200 12/31/2049 2,274,543 1.09 HSBC Holdings Plc.1,2 800,000 6.375 12/31/2049 821,838 0.39 HSBC Holdings Plc.1,2 600,000 6.500 12/31/2049 616,239 0.29 HSBC Holdings Plc.1,2 800,000 6.875 12/31/2049 811,855 0.39 The accompanying notes form an integral part of these financial statements. 39


  • Page 42

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % UNITED KINGDOM (continued) Legal & General Group Plc. 400,000 3.750 11/26/2049 486,235 0.23 Legal & General Group Plc.1 700,000 5.625 12/31/2049 855,860 0.41 Lloyds Banking Group Plc.1 350,000 6.657 12/31/2049 395,691 0.19 Lloyds Banking Group Plc.1,2 1,000,000 7.500 12/31/2049 1,039,520 0.50 Lloyds Banking Group Plc.1,2 400,000 7.500 12/31/2049 415,260 0.20 M&G Plc. 400,000 5.625 10/20/2051 535,210 0.26 Phoenix Group Holdings Plc.1,2 400,000 5.625 12/31/2049 387,884 0.18 Prudential Plc.1,3 18,059 6.500 12/31/2049 472,423 0.23 Royal Bank of Scotland Group Plc.1 902,000 7.648 12/31/2049 1,306,745 0.63 Royal Bank of Scotland Group Plc.1,2 800,000 8.000 12/31/2049 884,864 0.42 Royal Bank of Scotland Group Plc.1,2 800,000 8.625 12/31/2049 833,576 0.40 Standard Chartered Plc.1,2 800,000 7.500 12/31/2049 829,196 0.40 Standard Chartered Plc.1,2 800,000 7.750 12/31/2049 835,392 0.40 Vodafone Group Plc. 1,610,000 7.000 04/04/2079 1,888,466 0.90 21,719,308 10.40 UNITED STATES AEGON Funding Co. LLC3 74,785 5.100 12/15/2049 1,718,559 0.82 Affiliated Managers Group, Inc.3 102,000 5.875 03/30/2059 2,736,660 1.31 American Financial Group, Inc.3 12,000 5.625 06/01/2060 316,200 0.15 American International Group, Inc. 968,000 5.750 04/01/2048 1,000,592 0.48 American International Group, Inc. 2,535,000 8.175 05/15/2058 3,240,540 1.55 Apollo Management Holdings, L.P. 951,000 4.950 01/14/2050 855,750 0.41 Assurant, Inc. 1,134,000 7.000 03/27/2048 1,165,439 0.56 AT&T, Inc.3 22,000 5.350 11/01/2066 570,460 0.27 AT&T, Inc.3 57,703 5.625 08/01/2067 1,530,861 0.73 AXIS Specialty Finance LLC 1,360,000 4.900 01/15/2040 1,278,901 0.61 Bank of America Corp. 1,175,000 8.050 06/15/2027 1,432,171 0.69 Brighthouse Financial, Inc. 1,110,000 4.700 06/22/2047 1,017,137 0.49 Citigroup Capital III 760,000 7.625 12/01/2036 1,043,591 0.50 Citigroup Capital XIII3 40,000 7.130 10/30/2040 1,060,000 0.51 CMS Energy Corp. 1,634,000 4.750 06/01/2050 1,669,304 0.80 The accompanying notes form an integral part of these financial statements. 40


  • Page 43

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % UNITED STATES (continued) CMS Energy Corp.3 50,469 5.625 03/15/2078 1,282,922 0.61 CMS Energy Corp.3 43,147 5.875 10/15/2078 1,103,700 0.53 CMS Energy Corp.3 108,555 5.875 03/01/2079 2,845,226 1.36 Corestates Capital III 515,000 0.962 02/15/2027 446,079 0.21 Diversified Healthcare Trust3 34,984 5.625 08/01/2042 615,019 0.29 Dresdner Funding Trust I 1,120,000 8.151 06/30/2031 1,543,553 0.74 DTE Energy Co.3 40,425 5.250 12/01/2062 1,013,050 0.49 DTE Energy Co.3 25,087 5.375 06/01/2076 630,938 0.30 DTE Energy Co.3 41,615 5.250 12/01/2077 1,045,369 0.50 Duke Energy Corp.3 21,210 5.125 01/15/2073 540,431 0.26 Entergy Arkansas LLC3 24,365 4.875 09/01/2066 611,805 0.29 Enterprise Products Operating LLC 451,000 5.250 08/16/2077 422,472 0.20 General Electric Co. 1,000,000 4.250 05/01/2040 985,188 0.47 Georgia Power Co.3 15,233 5.000 10/01/2077 391,031 0.19 GMAC Capital Trust I3 46,743 6.178 02/15/2040 1,047,978 0.50 Hartford Financial Services Group, Inc.3 18,700 7.875 04/15/2042 497,794 0.24 Hartford Financial Services Group, Inc. 650,000 2.517 02/12/2047 501,634 0.24 Integrys Holding, Inc.3 113,419 6.000 08/01/2073 2,892,184 1.39 JPMorgan Chase & Co. 771,000 8.750 09/01/2030 1,122,803 0.54 KeyCorp Capital I 475,000 1.036 07/01/2028 409,453 0.20 Legg Mason, Inc.3 43,000 5.450 09/15/2056 1,066,400 0.51 Liberty Mutual Group, Inc. 320,000 7.800 03/15/2037 384,136 0.18 Liberty Mutual Group, Inc. 900,000 3.625 05/23/2059 977,993 0.47 MetLife Capital Trust IV 2,220,000 7.875 12/15/2037 2,816,214 1.35 MetLife, Inc. 1,000,000 6.400 12/15/2036 1,182,852 0.57 MetLife, Inc. 1,350,000 9.250 04/08/2038 1,874,563 0.90 MetLife, Inc. 1,499,000 10.750 08/01/2039 2,315,891 1.11 Nationwide Mutual Insurance Co. 175,000 9.375 08/15/2039 281,827 0.13 NextEra Energy Capital Holdings, Inc.3 63,350 5.125 11/15/2072 1,605,922 0.77 NextEra Energy Capital Holdings, Inc.3 71,800 5.000 01/15/2073 1,813,668 0.87 NextEra Energy Capital Holdings, Inc.3 25,000 5.250 06/01/2076 633,000 0.30 The accompanying notes form an integral part of these financial statements. 41


  • Page 44

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % UNITED STATES (continued) NextEra Energy Capital Holdings, Inc.3 40,615 5.650 03/01/2079 1,087,264 0.52 NextEra Energy Capital Holdings, Inc. 1,480,000 5.650 05/01/2079 1,617,177 0.77 PPL Capital Funding, Inc.3 15,000 5.900 04/30/2073 381,600 0.18 Prudential Financial, Inc. 717,000 5.875 09/15/2042 764,394 0.37 Prudential Financial, Inc. 2,929,000 5.625 06/15/2043 3,121,435 1.49 Prudential Financial, Inc. 500,000 5.200 03/15/2044 510,772 0.24 Prudential Financial, Inc. 1,002,000 5.375 05/15/2045 1,060,885 0.51 Prudential Financial, Inc.3 28,644 5.750 12/15/2052 722,402 0.35 Prudential Financial, Inc.3 45,157 5.700 03/15/2053 1,139,311 0.55 Prudential Financial, Inc.3 47,130 5.625 08/15/2058 1,244,232 0.60 RBS Capital Trust II1 220,000 6.425 12/31/2049 322,533 0.15 Reinsurance Group of America, Inc.3 30,000 5.750 06/15/2056 728,700 0.35 Sempra Energy3 82,082 5.750 07/01/2079 2,098,837 1.01 South Jersey Industries, Inc.3 72,300 5.625 09/16/2079 1,783,641 0.85 Southern Co.3 37,700 6.250 10/15/2075 962,481 0.46 Southern Co.3 43,000 5.250 10/01/2076 1,078,010 0.52 Southern Co.3 67,762 5.250 12/01/2077 1,708,280 0.82 Southern Co.3 133,200 4.950 01/30/2080 3,343,320 1.60 Truist Bank 365,000 0.963 03/15/2028 312,873 0.15 Unum Group3 20,937 6.250 06/15/2058 518,191 0.25 Voya Financial, Inc. 1,542,000 5.650 05/15/2053 1,556,256 0.75 Wachovia Capital Trust II 450,000 1.719 01/15/2027 392,312 0.19 Wells Fargo & Co. 297,000 7.950 11/15/2029 391,894 0.19 Wells Fargo & Co. 2,098,000 5.950 12/15/2036 2,530,497 1.21 WR Berkley Corp.3 17,642 5.750 06/01/2056 438,404 0.21 WR Berkley Corp.3 15,655 5.100 12/30/2059 374,468 0.18 85,727,429 41.06 Total Bonds 201,185,269 96.36 The accompanying notes form an integral part of these financial statements. 42


  • Page 45

    COHEN & STEERS SICAV Global Preferred Securities Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % UNITED STATES (continued) Short-Term Investment Fund IRELAND State Street USD Liquidity LVNAV Fund 3,891,623 3,891,623 1.86 3,891,623 1.86 Total Short-Term Investment Fund 3,891,623 1.86 Total transferable securities admitted to an official exchange listing or traded on other regulated markets (Cost $ 202,311,105) 205,076,892 98.22 Other Transferable Securities Bonds UNITED STATES Nationwide Building Society1 315,000 10.250 12/31/2049 609,120 0.29 609,120 0.29 Total Bonds 609,120 0.29 Total other transferable securities (Cost $ 670,020) 609,120 0.29 Other assets less liabilities 3,102,671 1.51 Total Net Assets 208,788,683 100.00 1 Perpetual maturity. 2 Contingent Capital security (CoCo). CoCos are preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. 3 Preferred securities. The accompanying notes form an integral part of these financial statements. 43


  • Page 46

    COHEN & STEERS SICAV Diversified Real Assets Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 Number of Value Net Assets Description Shares Coupon Maturity Date $ % Transferable securities admitted to an official exchange listing or traded on other regulated markets Bonds JAPAN Dai-ichi Life Insurance Co. Ltd.1 108,000 7.250 12/31/2049 114,297 0.40 Mitsui Sumitomo Insurance Co. Ltd. 175,000 7.000 03/15/2072 189,743 0.66 304,040 1.06 UNITED KINGDOM Vodafone Group Plc. 5,000 2.166 01/16/2024 4,979 0.02 4,979 0.02 UNITED STATES Alexandria Real Estate Equities, Inc. 50,000 3.900 06/15/2023 54,130 0.19 Alexandria Real Estate Equities, Inc. 43,000 4.000 01/15/2024 47,578 0.16 AT&T, Inc. 95,000 3.000 06/30/2022 99,249 0.35 AT&T, Inc. 105,000 3.400 05/15/2025 115,528 0.40 AT&T, Inc. 28,000 2.300 06/01/2027 28,954 0.10 Brandywine Operating Partnership, L.P. 55,000 3.950 02/15/2023 56,685 0.20 Citigroup, Inc.1 110,000 6.125 12/31/2049 108,372 0.38 CMS Energy Corp. 160,000 5.050 03/15/2022 168,752 0.59 Corporate Office Properties, L.P. 75,000 3.700 06/15/2021 76,243 0.26 Corporate Office Properties, L.P. 100,000 3.600 05/15/2023 101,833 0.35 Corporate Office Properties, L.P. 32,000 5.250 02/15/2024 34,307 0.12 CubeSmart, L.P. 35,000 4.800 07/15/2022 36,964 0.13 CubeSmart, L.P. 70,000 4.375 12/15/2023 76,493 0.27 CubeSmart, L.P. 70,000 3.125 09/01/2026 74,553 0.26 Digital Realty Trust, L.P. 30,000 3.625 10/01/2022 31,686 0.11 Diversified Healthcare Trust 75,000 6.750 12/15/2021 75,864 0.26 Dominion Energy, Inc. 175,000 3.071 08/15/2024 188,101 0.65 DTE Energy Co. 55,000 2.529 10/01/2024 57,621 0.20 Duke Realty, L.P. 50,000 3.625 04/15/2023 53,151 0.18 East Ohio Gas Co. 100,000 1.300 06/15/2025 100,667 0.35 The accompanying notes form an integral part of these financial statements. 44


  • Page 47

    COHEN & STEERS SICAV Diversified Real Assets Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % UNITED STATES (continued) Equinix, Inc. 89,000 5.875 01/15/2026 93,869 0.33 Farm Credit Bank of Texas1,2 50 10.000 12/31/2049 50,500 0.18 General Motors Financial Co., Inc. 8,000 2.861 01/14/2022 7,949 0.03 GMAC Capital Trust I2 1,274 6.178 02/15/2040 28,563 0.10 Goldman Sachs Group, Inc.1 40,000 4.370 12/31/2049 37,068 0.13 Healthpeak Properties, Inc. 150,000 4.200 03/01/2024 163,639 0.57 Highwoods Realty, L.P. 85,000 3.200 06/15/2021 86,324 0.30 Highwoods Realty, L.P. 50,000 3.625 01/15/2023 51,909 0.18 Kilroy Realty, L.P. 180,000 3.800 01/15/2023 186,050 0.65 Kimco Realty Corp. 29,000 3.125 06/01/2023 29,591 0.10 Morgan Stanley1 46,000 5.550 12/31/2049 42,283 0.15 National Retail Properties, Inc. 15,000 3.900 06/15/2024 15,980 0.05 NextEra Energy Capital Holdings, Inc. 175,000 2.750 05/01/2025 189,300 0.66 PNC Financial Services Group, Inc.1,2 3,778 6.125 12/31/2049 99,362 0.35 PNC Financial Services Group, Inc.1 58,000 6.750 12/31/2049 57,574 0.20 Post Apartment Homes, L.P. 25,000 3.375 12/01/2022 26,090 0.09 Progress Energy, Inc. 50,000 3.150 04/01/2022 51,926 0.18 Prudential Financial, Inc. 54,000 5.875 09/15/2042 57,569 0.20 Prudential Financial, Inc. 75,000 5.625 06/15/2043 79,928 0.28 Realty Income Corp. 45,000 4.650 08/01/2023 49,711 0.17 Regency Centers Corp. 85,000 3.750 11/15/2022 88,597 0.31 Simon Property Group, L.P. 40,000 2.625 06/15/2022 41,134 0.14 SL Green Operating Partnership, L.P. 55,000 3.250 10/15/2022 54,794 0.19 US Bancorp1,2 3,100 6.500 12/31/2049 80,848 0.28 Verizon Communications, Inc. 123,000 3.450 03/15/2021 125,450 0.44 Verizon Communications, Inc. 100,000 3.376 02/15/2025 111,049 0.39 Verizon Communications, Inc. 6,000 1.492 05/15/2025 6,077 0.02 WEC Energy Group, Inc. 123,000 3.100 03/08/2022 128,132 0.45 Weingarten Realty Investors 25,000 3.375 10/15/2022 25,533 0.09 Weingarten Realty Investors 25,000 3.500 04/15/2023 25,680 0.09 Welltower, Inc. 10,000 3.950 09/01/2023 10,778 0.04 The accompanying notes form an integral part of these financial statements. 45


  • Page 48

    COHEN & STEERS SICAV Diversified Real Assets Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % UNITED STATES (continued) Welltower, Inc. 105,000 4.500 01/15/2024 115,130 0.40 Welltower, Inc. 37,000 3.625 03/15/2024 39,552 0.14 WP Carey, Inc. 45,000 4.600 04/01/2024 47,959 0.17 3,892,629 13.56 Total Bonds 4,201,648 14.64 Close Ended Funds IRELAND iShares Diversified Commodity Swap UCITS ETF 476,300 1,936,874 6.75 iShares Physical Gold ETC 32,175 1,122,425 3.91 L&G Longer Dated All Commodities UCITS ETF 115,606 1,399,700 4.88 Wisdomtree Enhanced Commodity UCITS ETF 151,610 1,373,776 4.78 5,832,775 20.32 Total Close Ended Funds 5,832,775 20.32 Common Stocks AUSTRALIA BHP Group Plc. 15,760 322,163 1.12 Charter Hall Group REIT 14,017 93,515 0.33 Fortescue Metals Group Ltd. 10,560 100,697 0.35 Goodman Group REIT 4,875 49,843 0.17 Mirvac Group REIT 93,719 140,021 0.49 Newcrest Mining Ltd. 1,526 33,127 0.12 Transurban Group 14,721 143,213 0.50 882,579 3.08 The accompanying notes form an integral part of these financial statements. 46


  • Page 49

    COHEN & STEERS SICAV Diversified Real Assets Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % AUSTRIA CA Immobilien Anlagen, AG 964 32,102 0.11 32,102 0.11 BELGIUM Aedifica REIT, SA 628 68,629 0.24 Elia Group, SA 1,041 112,945 0.39 Warehouses De Pauw REIT, CVA 1,663 45,387 0.16 226,961 0.79 BRAZIL Vale, SA 10,205 105,213 0.37 105,213 0.37 CANADA Agnico Eagle Mines Ltd. 1,174 74,931 0.26 Allied Properties REIT 2,171 65,289 0.23 Barrick Gold Corp. 6,794 183,030 0.64 Boardwalk REIT 2,225 48,535 0.17 Canadian National Railway Co. 279 24,604 0.08 Enbridge, Inc. 12,087 366,337 1.28 Franco-Nevada Corp. 240 33,419 0.12 Hydro One Ltd. 4,329 81,145 0.28 Kirkland Lake Gold Ltd. 1,799 73,836 0.26 Lundin Mining Corp. 6,371 34,054 0.12 Maple Leaf Foods, Inc. 1,527 31,964 0.11 Nutrien Ltd. 3,531 113,345 0.39 Pembina Pipeline Corp. 3,835 95,565 0.33 Suncor Energy, Inc. 3,235 54,368 0.19 TC Energy Corp. 2,581 109,910 0.38 Wheaton Precious Metals Corp. 780 34,359 0.12 1,424,691 4.96 The accompanying notes form an integral part of these financial statements. 47


  • Page 50

    COHEN & STEERS SICAV Diversified Real Assets Fund SCHEDULE OF INVESTMENTS as at 30 June 2020 (continued) Number of Value Net Assets Description Shares Coupon Maturity Date $ % CHINA ENN Energy Holdings Ltd. 9,500 106,884 0.37 GDS Holdings Ltd. 358 28,518 0.10 Zhejiang Expressway Co. Ltd. 78,000 55,151 0.19 190,553 0.66 DENMARK Orsted 410 47,290 0.16 47,290 0.16 FINLAND Neste OYJ 1,267 49,536 0.17 49,536 0.17 FRANCE ARGAN REIT, SA 479 43,792 0.15 Covivio REIT 626 45,350 0.16 Eiffage, SA 335 30,627 0.11 Gecina REIT, SA 321 39,658 0.14 Getlink SE 1,394 20,103 0.07 Klepierre REIT, SA 4,476 89,158 0.31 TOTAL, SA 10,513 401,166 1.40 Vinci, SA 3,311 304,938 1.06 974,792 3.40 GERMANY Alstria Office REIT, AG 2,276 33,896 0.12 Deutsche Wohnen SE 3,180 142,686 0.49 Instone Real Estate Group, AG 1,835 39,777 0.14 LEG Immobilien, AG 842 106,863 0.37 Vonovia SE 2,284 140,013 0.49 463,235 1.61 HONG KONG China Resources Land Ltd. 18,000 68,164 0.24 The accompanying notes form an integral part of these financial statements. 48

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