Cohen & Steers UK Limited

Item 5: Fees and Compensation (See Appendix B for Cohen &
Steers Standard Fee Schedules)
Institutional Separate Accounts
For institutional separate account advisory and subadvisory services (hereinafter referred to as “Institutional
Accounts”), Cohen & Steers charges fees based on contractually specified percentages applied to the assets of
each client’s portfolio. In certain circumstances, Cohen & Steers may also receive a performance-based fee. An
account's assets upon which fees are assessed may include positions that are "fair valued" by Cohen & Steers
based upon the firm’s internal written procedures when market quotations are not readily available. Cohen &
Steers also receives compensation for other products and services, as described below. Cash balances, even if
managed by a client’s custodian or invested in third party investment funds, are considered account assets for
purposes of determining management fees, unless otherwise stated in the client’s agreement. Subject to the
applicable client agreement, an Institutional Account client will bear any legal expenses related to certain types
of transactions in their account.

Registered Funds
Cohen & Steers provides investment advisory and administrative services to Cohen & Steers U.S. registered open-
end fund, exchange traded fund (“ETF”) and closed-end fund investment companies and sponsors regulated
collective investment vehicles registered outside the U.S. (collectively the “Funds” or “Cohen & Steers Funds”). In
connection with these services, Cohen & Steers receives fees as described in the Funds' offering documents filed

with the applicable regulator. Fees are typically assessed on a Fund's assets with different fee levels for different
share classes.

The Funds may invest in other investment companies including open-end funds, closed-end funds, exchange-
traded funds and other types of collective investment vehicles as allowed under the relevant Fund governing
documents. When Cohen & Steers invests a Fund’s assets in such securities, unless otherwise agreed and where
permitted by law, the investor will bear its proportionate share of fees and expenses as an indirect investor in the
vehicle in addition to any investment advisory fees charged by the Funds and any commissions, transaction costs
or sales charges that apply in making the investment. Cohen & Steers will not cause a Fund to invest in another
Cohen & Steers Fund to the extent such investment would cause an investor to pay Cohen & Steers a
management fee for both its direct and indirect investment in each Cohen & Steers Fund.

Private Funds
Cohen & Steers serves as the advisor to unregistered privately offered collective investment vehicles such as U.S.
limited partnerships and similar non-U.S. funds (“Private Funds”). Such Private Funds are available to investors only
in accordance with the suitability requirements set forth in their respective offering memoranda and in compliance
with laws applicable to the offering of such Private Funds. For its services, Cohen & Steers typically receives an
asset-based fee, and, in certain circumstances, will also receive a performance-based allocation or fee
(“performance-based fee”).

Cohen & Steers compensates a sub-advisor for providing investment advice and other services to the firm, an
open-end Private Fund and related entities, and servicing investors as described in a sub-advisory agreement.
Asset-based fees and performance-based fees, as may be applicable, will be allocated among Cohen & Steers and
the subadvisor as described in the sub-advisory agreement. The sub-advisor’s compensation is paid out of the
management fee Cohen & Steers receives as advisor to the private fund. Cohen & Steers or the sub-advisor may
be awarded a larger share of the management fee for acting as the primary servicing party for an investor. Cohen
& Steers does not receive compensation from sub-advisors for retaining services.

Cohen & Steers generally waives asset-based fees and performance-based fees for Private Fund investors who are
employees of Cohen & Steers (and the firm may do the same for former employees) and, pursuant to a side letter
or other arrangement, may waive or reduce asset-based fees and performance-based fees for certain other
Private Fund investors, including but not limited to those who are otherwise related to Cohen & Steers and its
directors, managers, members, officers, and employees (collectively, the “Cohen & Steers Group”). Cohen & Steers
provides investment advice to the Private Funds and when serving in that capacity does not provide investment
advice to the underlying investors in each Private Fund.

Non-Traded REIT
Cohen & Steers serves as the advisor to Cohen & Steers Income Opportunities REIT, Inc. (the “Non-Traded REIT”),
a “perpetual life” real estate investment trust, which is not listed or traded on a public stock exchange or other
securities market. The Non-Traded REIT is available to investors only in accordance with the suitability and other
requirements set forth in the Non-Traded REIT’s registration statement and other offering documents
(collectively, the “Offering Documents”) and in compliance with laws applicable to its offerings of shares. In
accordance with the advisory agreement, and as described in more detail within the terms of the Offering
Documents, Cohen & Steers earns an asset-based management fee from the Non-Traded REIT, and a
performance-based fee if the Non-Traded REIT exceeds certain performance thresholds. In certain circumstances,
a member of the Cohen & Steers Group will also receive an allocation of the performance-based fee in
connection with the Non-Traded REIT. Fees paid by the Non-Traded REIT are assessed based on the net asset
value of the Non-Traded REIT and may differ depending on the asset level in a particular share class issued by
the Non-Traded REIT. The fees paid by the Non-Traded REIT may be paid, at the election of Cohen & Steers in
...

Item 7: Types of Clients
Institutional Clients

Cohen & Steers serves a wide range of institutional clients, including endowments and foundations, corporate and
public defined benefit and defined contribution plans, insurance companies, Taft- Hartley plans, sovereign wealth
funds, collective investment trusts and registered and unregistered pooled investment vehicles such as mutual
funds, closed-end funds, exchange traded funds, interval funds and private funds or their investment managers.
Institutional Account minimums vary by strategy and are generally $20 million or greater. The minimums are
comparable values for markets that use non-U.S. dollar currencies. Limits may be waived at the firm’s discretion.

Cohen & Steers Sponsored Funds

Investors in Cohen & Steers Funds include institutions, clients of registered investment advisors and broker-dealers,
and individuals. Cohen & Steers’ U.S. registered open-end and closed-end investment companies (during the initial
offering), Non-Traded REIT, and Private Funds are distributed in the U.S. by Cohen & Steers Securities, LLC, an
affiliate of Cohen & Steers, and an SEC registered broker-dealer and FINRA member. Cohen & Steers’ ETFs are
distributed in the U.S. by Foreside Fund Services, LLC, an SEC registered broker-dealer and FINRA member. Cohen &
Steers and Foreside Fund Services, LLC are unaffiliated. Cohen &Steers’ non-U.S. Funds are distributed by Cohen &
Steers UK Limited. The Funds, Non-Traded REIT, and Private Funds may impose minimum initial investment and
subsequent minimum investment amounts as stated in their offering documents.

Managed Account Programs

Typically, the SMA Program Sponsor and/or the Participant’s financial representative will assist the SMA Program
Participant with choosing one or more investment advisors or sub-advisors from the investment advisors that are
offered under the SMA Program (based on the client’s investment mandate). SMA Programs vary by strategy and
have investment minimums which are generally $100,000 or greater, subject to modification at the discretion of
the SMA Program Sponsor and/or Cohen & Steers.

As a provider of advisory services under an SMA Program, Cohen & Steers is generally not responsible for
determining whether a particular SMA Program, Cohen & Steers’ investment style or a specific Cohen & Steers
strategy is suitable or advisable for any particular Participant. Such determinations are generally the responsibility of
the SMA Program Sponsor and/or the Participant’s financial representative, who is responsible for ascertaining the
financial circumstances, investment objectives, and investment restrictions applicable to each Participant through

information provided by the Participants, often through a client questionnaire or profile and discussions with the
Participant.

Cohen & Steers is entitled to rely on such information provided by the SMA Program Sponsor and/or the
Participant’s financial representative and does not determine whether a particular SMA Program is suitable or
advisable for any Participant. A Participant may select Cohen & Steers from among the investment advisors that the
SMA Program Sponsor presents to the Participant. Participants are encouraged to consult their own financial
representatives and legal and tax professionals on an initial and ongoing basis in connection with selecting and
engaging the services of an investment advisor for a particular strategy and participating in an SMA Program. In the
course of providing services to SMA Program Participants advised by a Participant’s financial representative, Cohen
& Steers generally relies on information or directions communicated by the financial representative acting with
apparent authority on behalf of the financial representative’s client. Cohen & Steers reserves the right, in its sole
discretion, to reject for any reason any Participant referred to it.

UMA Portfolio Program Participants are clients of the UMA Program Sponsor; they are not clients of Cohen &
Steers. The UMA Program Sponsor or other manager is typically responsible for applying any client-imposed
restrictions, and Cohen & Steers does not customize model portfolios to the needs of UMA Portfolio Program
Participants or account types. The UMA Program Sponsor retains full discretion to accept, modify or reject a
model portfolio provided by Cohen & Steers and, in most cases, executes any securities transactions for the
Participant. The UMA Program Sponsor bears the responsibility to determine whether an investment is or
continues to be appropriate for the Participant.