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Analysis of Cohen & Steers Infrastructure Fund's Monthly Distributions

Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) recently released an important notification to its shareholders about the sources of its upcoming distribution scheduled for May 30, 2025. This detailed report highlights the structure and implications of the Fund's declared distributions, enabling investors to comprehend its fiscal impact better.

Understanding the Distribution Policy

In March 2015, the Fund adopted a managed distribution policy that aligns with the exemptions provided by the Securities and Exchange Commission. This strategy is designed to enhance investors' opportunities for recognizing long-term capital gains on a regular basis, thereby promoting transparency and regularity in disbursements. Monthly distributions are typically declared at a fixed rate per common share, allowing a stable income flow to shareholders.

Changes in the market, alongside the Fund’s investment decisions, can impact how these monthly distributions evolve. For instance, while the policy aims for predictability, the Board of Directors retains the authority to alter or suspend the policy, which could influence market perceptions and the share price.

Distribution Breakdown

For the month of May 2025, the distribution is structured as follows:

• - Net Investment Income: $0.1505 (97.10% of Current Distribution)
• - Net Realized Short-Term Capital Gains: $0.0000 (0.00% of Current Distribution)
• - Net Realized Long-Term Capital Gains: $0.0045 (2.90% of Current Distribution)
• - Return of Capital: $0.0000 (0.00% of Current Distribution)

The total current distribution amounts to $0.1550 per share, while year-to-date distributions have totaled $0.7750, showcasing a mix of investment income and capital gains.

Tax Implications and Reporting

It's crucial to understand the tax character of these distributions. The taxable and non-taxable elements include:

• - Return of Capital: Non-taxable and reduces the tax basis for shareholders, implying that excess distributions over net investment income and realized capital gains affect shareholders' investment foundations rather than their immediate tax liabilities.
• - Form 1099-DIV: At the year’s end, investors will receive Form 1099-DIV, outlining how to categorically report these distributions, ensuring compliance with federal tax requirements.

Post-monthly distribution, detailed reports will be available at cohenandsteers.com, providing shareholders with timely updates on the evolving financial landscape of the Fund. However, changes to the distribution’s characteristics may arise as the fiscal year concludes, necessitating shareholders to remain informed about potential adjustments based on the actual capital gains realized.

Performance Overview

As of April 30, 2025, the following performance metrics were recorded:

• - Year-to-Date Cumulative Total Return: 5.84%
• - Cumulative Distribution Rate: 3.15%
• - Five-Year Average Annual Total Return: 10.20%
• - Current Annualized Distribution Rate: 7.55%

These figures present a picture of the Fund’s investment effectiveness, highlighting the interplay between distributions and share value. Shareholders should remain aware that these returns are contingent on market fluctuations and vary according to the pricing dynamics of UTF shares.

Investor Considerations

Before making investment decisions, prospective investors must consider the Fund's objectives, associated risks, charges, and expenses. It's advisable to review recent periodic reports and regulatory filings provided by Cohen & Steers. By understanding these factors, investors can make better-informed choices aligned with their financial goals.

In summary, the Cohen & Steers Infrastructure Fund continues to navigate market complexities through a structured distribution approach, enabling shareholders to reap benefits while being mindful of the varying implications of these distributions. Investors are encouraged to stay abreast of updates and consider the inherent risks tied to the Fund's operating environment.