UTF - Cohen & Steers Infrastructure Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Sept 22, 2025

   The fund offered holders the right to buy more shares, until Oct 16, 2025.

   Original document →

2. Sept 10, 2025

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Cohen & Steers Capital Management, Inc. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $3.13 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 28% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -16.3%; at +10%, about +12.3%. As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs: 1.2% a year in management fees; 3.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in utilities and infrastructure, 5 charge a lower management fee and 8 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $44 in the first year and about $377 over 10 years, assuming the holdings return 5% a year. As of Dec 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.86 a share. $0.82 of that was income; $1.04 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $25.60. The shares traded at $24.11, about 5.8% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 8.9% below to 6.1% above. As of Dec 31, 2025, from the fund's annual report. Original document →
• How the holdings did: up 8.6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2004.

How this has changed

• Payouts per share: $1.86 in the fiscal year ended Dec 31, 2025; $1.86 in the year ended Dec 31, 2024; $1.86 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Dec 31, 2025; none in the year ended Dec 31, 2024; $0.31 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.43% a year in the fiscal year ended Dec 31, 2025; 3.86% a year in the year ended Dec 31, 2024; 3.97% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $2.86 billion at Dec 31, 2025; $2.3 billion at Dec 31, 2024; $2.2 billion at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 30% on top of its own money at Dec 31, 2025; 29% at Dec 31, 2024; 30% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 113 million shares at Dec 31, 2025, up 17.8% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +8.1%, counting payouts; the holdings +15.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +22.4%, counting payouts; the holdings +12.8%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned -3.8%, counting payouts; the holdings +2.1%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -9.5%, counting payouts; the holdings -7.4%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +18.3%, counting payouts; the holdings +23.1%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +36.2%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $13,600 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +10.1%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in utilities and infrastructure with a fiscal year ending within six months of this one, 8 reported a higher share return for that year and 1 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (81%), the rest bonds and preferred shares. About 56% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. NextEra Energy - 6.6%
2. TC Energy - 6.4%
3. NiSource - 4.3%
4. Csx - 4.3%
5. Enbridge - 3.2%
6. Duke Energy - 3%
7. Union Pacific - 2.9%
8. Alliant Energy - 2.9%
9. American Tower - 2.9%
10. Ppl - 2.4%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →