Cohen & Steers Infrastructure Fund, Inc. (UTF) Notification of Sources of Distribution Under Section 19(a)

Rhea-AI Summary

Cohen & Steers Infrastructure Fund (NYSE:UTF) announced the estimated sources of its distribution to be paid on December 31, 2025 and cumulative distributions year-to-date through Dec 31, 2025. The December 2025 distribution is estimated at $0.1550 per share, funded 100% by net realized long-term capital gains. Fiscal YTD distributions total $1.8600 per share comprised of net investment income $0.9198 (49.45%), short-term gains $0.1084 (5.83%), long-term gains $0.6819 (36.66%), and return of capital $0.1499 (8.06%). The Fund reports a YTD cumulative NAV total return of 17.97% (Jan 1–Nov 30, 2025) and a five-year average annual NAV total return of 9.54%. The Fund cautions distributions are estimates and final tax characterization will be shown on Form 1099-DIV.

Positive

• December distribution of $0.1550 per share
• YTD distributions total $1.8600 per share
• YTD net investment income of $0.9198 per share (49.45%)
• YTD net realized long-term gains of $0.6819 per share (36.66%)
• Year-to-date NAV cumulative total return 17.97%
• Five-year average annual NAV total return 9.54%

Negative

• December distribution funded 100% by long-term capital gains (no net investment income)
• Fund estimates it has distributed more than its income, implying return of capital
• Year-to-date return of capital of $0.1499 per share (8.06%)
• Current annualized distribution rate of 7.08% may reflect high payout versus NAV

Key Figures

Current distribution $0.1550 per share December 31, 2025 monthly distribution for UTF

YTD distributions $1.8600 per share Fiscal 2025 year-to-date distributions for UTF

YTD total return 17.97 % UTF NAV year-to-date cumulative total return through Nov 30, 2025

Cumulative distribution rate 7.08 % UTF cumulative distribution rate for fiscal 2025 (NAV basis)

5-year avg total return 9.54 % UTF average annual NAV total return, five-year period ending Nov 30, 2025

Current annualized distribution rate 7.08 % UTF current annualized distribution rate for 2025 (NAV basis)

YTD from net investment income 49.45 % Portion of UTF 2025 YTD distributions sourced from net investment income

YTD from long-term gains 36.66 % Portion of UTF 2025 YTD distributions from net realized long-term capital gains

Market Reality Check

$23.80 Last Close

Volume Volume 195,483 is 0.36x the 20-day average, indicating muted trading interest pre-announcement. low

Technical Shares at $62.99 are trading below the $72.89 200-day MA and 37.13% under the 52-week high.

Peers on Argus

CNS slipped 0.29% with light volume while key asset-management peers like AB (-0.48%), APAM (-0.67%), DNP (-0.50%), FHI (-0.43%) and HTGC (-1.17%) also traded lower, suggesting a modest sector-soft tone but no momentum-cluster signal.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	Capital gain distribution	Neutral	-0.3%	RQI declared a year-end long-term capital gain distribution with performance metrics.
Dec 08	AUM and flows update	Positive	+1.3%	CNS reported higher AUM of $91.9B driven by market appreciation despite net outflows.
Dec 08	Workplace recognition	Positive	-3.5%	CNS was named a Best Place to Work in Money Management for the sixth year.
Nov 26	Distribution source notice	Neutral	-0.8%	RFI disclosed estimated distribution sources and YTD NAV total return in a Section 19(a) notice.
Nov 26	Distribution source notice	Neutral	-0.8%	FOF outlined distribution composition, YTD NAV return and payout rates for investors.

Pattern Detected

Recent Cohen & Steers fund-related notices and AUM updates have generally produced modest, directionally aligned moves in CNS, with one notable negative divergence on an employer-recognition headline.

Recent Company History

Over the last few weeks, CNS-related news has focused on fund distribution policies and operating metrics. On Nov 26, Section 19(a) notices for RFI and FOF detailed distribution sources and NAV-based returns, followed by a UTF-like capital gain distribution announcement for RQI on Dec 16. Separately, CNS reported $91.9B in AUM and highlighted repeated “Best Place to Work” recognition. Today’s UTF notice continues the theme of detailed disclosure on distribution composition and NAV performance.

Market Pulse Summary

This announcement details UTF’s December $0.1550 distribution, fully sourced from long-term capital gains, and clarifies that $1.8600 has been paid year-to-date across income, gains and return of capital. It also discloses a NAV-based year-to-date total return of 17.97% and a five-year average annual return of 9.54%, alongside a 7.08% distribution rate. Investors should focus on future updates to the income vs. capital-gain mix and any changes to the managed distribution policy.

Key Terms

managed distribution policy financial

"In March 2015, the Fund implemented a managed distribution policy in accordance..."

A managed distribution policy is a company’s plan to pay regular cash to shareholders at a set rate by combining income, dividends and occasional return of capital. Think of it as a scheduled withdrawal from a household account: it can provide steady income for investors, but part of the payment may come from savings rather than ongoing earnings, so investors should watch how those payments are funded and whether they are sustainable over time.

return of capital financial

"The Fund's monthly distributions may include ... and/or return of capital for federal income tax..."

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

net asset value financial

"The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV)."

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

net investment income financial

"The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital..."

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

master limited partnerships financial

"In addition, distributions from the Fund's investments in MLPs are attributed to various sources..."

Master limited partnerships are businesses that combine the tax advantages of a partnership with shares that trade on public markets, letting everyday investors buy units and collect regular cash distributions. They often operate in industries with steady, fee-like revenue (for example pipelines), so they can act like owning a rental that pays you income; investors care because MLPs are mainly used for predictable cash returns but can be sensitive to commodity prices and interest rates.

Form 1099-DIV regulatory

"Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV..."

Form 1099-DIV is a U.S. tax document brokers, mutual funds and other financial institutions send to investors showing dividends and other distributions paid during the year. Investors use it like an annual receipt to report taxable income — including regular dividends, dividends that may qualify for lower tax rates, and capital gains distributions — so it directly affects tax liability and helps reconcile brokerage records with a tax return.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 18, 2025 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) (the "Fund") with information regarding the sources of the distribution to be paid on December 31, 2025 and cumulative distributions paid fiscal year-to-date.

In March 2015, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. This policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.

The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in MLPs are attributed to various sources, including net investment income and return of capital. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES	December 2025		YEAR-TO-DATE (YTD) December 31, 2025*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2025 Distributions
Net Investment Income	$0.0000	0.00 %	$0.9198	49.45 %
Net Realized Short-Term Capital Gains	$0.0000	0.00 %	$0.1084	5.83 %
Net Realized Long-Term Capital Gains	$0.1550	100.00 %	$0.6819	36.66 %
Return of Capital (or other Capital Source)	$0.0000	0.00 %	$0.1499	8.06 %
Total Current Distribution	$0.1550	100.00 %	$1.8600	100.00 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund's Year-to-date Cumulative Total Return for fiscal year 2025 (January 1, 2025 through November 30, 2025) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2025. In addition, the Fund's Average Annual Total Return for the five-year period ending November 30, 2025 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2025. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Fund Performance and Distribution Rate Information:

Year-to-date January 1, 2025 to November 30, 2025
Year-to-date Cumulative Total Return1	17.97 %
Cumulative Distribution Rate2	7.08 %
Five-year period ending November 30, 2025
Average Annual Total Return3	9.54 %
Current Annualized Distribution Rate4	7.08 %

1.	Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2.	Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2025 through December 31, 2025) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of November 30, 2025.
3.	Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending November 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4.	The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of November 30, 2025.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Website: https://www.cohenandsteers.com
Symbol: (NYSE: CNS)

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SOURCE Cohen & Steers, Inc.

FAQ

What is the Cohen & Steers Infrastructure Fund (UTF) distribution for December 31, 2025?

The estimated December 31, 2025 distribution is $0.1550 per share, paid 100% from net realized long-term capital gains.

How much has Cohen & Steers Infrastructure Fund (UTF) paid in distributions year-to-date 2025?

Fiscal year-to-date through Dec 31, 2025 the Fund has distributed $1.8600 per share in total distributions.

What are the sources of UTF's YTD 2025 distributions and their percentages?

YTD sources: Net investment income $0.9198 (49.45%), short-term gains $0.1084 (5.83%), long-term gains $0.6819 (36.66%), return of capital $0.1499 (8.06%).

Will the December 2025 distribution from UTF be taxable as income?

The December 2025 distribution is estimated as long-term capital gains; final tax treatment will be reported on your Form 1099-DIV after year-end.

What is UTF's year-to-date NAV performance for 2025?

UTF's year-to-date cumulative NAV total return (Jan 1–Nov 30, 2025) is 17.97%.

What is UTF's current annualized distribution rate for 2025 and how is it presented?

The current annualized distribution rate is reported as 7.08%, calculated against the Fund's NAV as of November 30, 2025.

Why might a portion of UTF's distributions be labeled return of capital in 2025?

The Fund estimates it has distributed more than its income and realized gains, so a portion may be classified as return of capital, which reduces shareholder tax basis.