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

NEW YORK, Nov. 26, 2025 — Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) disclosed the composition of its November 28 distribution and the cumulative distributions paid year‑to‑date. The fund, which follows a managed distribution policy approved under SEC exemptive relief, aims to provide investors with a predictable monthly cash flow while preserving long‑term total‑return potential.

Implemented in March 2015, the managed distribution policy allows the board to declare a fixed per‑share distribution each month. This structure gives the fund flexibility to realize capital gains throughout the year and pass them on to shareholders on a regular basis. The board retains the authority to amend, suspend or terminate the policy, a move that could influence the fund’s market price.

Monthly payouts may consist of long‑term capital gains, short‑term capital gains, net investment income and return of capital. Return of capital is not taxed as income; instead, it reduces the investor’s cost basis in the fund. Distributions derived from the fund’s master limited partnership (MLP) holdings are similarly broken down into net investment income and return of capital. The actual composition of each distribution fluctuates with portfolio adjustments and market dynamics.

Investors receive a notice on cohenandsteers.com and by mail when the distribution is declared. Final tax characteristics are reported on Form 1099‑DIV after the calendar year ends, because the exact tax treatment cannot be locked in until year‑end accounting is complete.

Below are the estimated per‑share amounts for the November 2025 distribution and the year‑to‑date totals as of November 30, 2025.

Investors should not infer the fund’s performance from the headline distribution amount. Because the fund often distributes more than its current net income and capital gains, a portion of the payment may be a return of capital, effectively returning part of the original investment rather than earned income. The figures presented are preliminary estimates and are not intended for tax reporting; final amounts will be reflected on the Form 1099‑DIV issued after the fiscal year closes.

*A Form 1099‑DIV will be mailed to shareholders for the calendar year, detailing the tax‑reportable portions of each distribution.

Performance metrics for fiscal 2025 (January 1 – October 31) are as follows. The year‑to‑date cumulative total return measures NAV appreciation plus reinvested distributions, while the cumulative distribution rate reflects the proportion of distributions relative to NAV as of October 31. The five‑year average annual total return and the current annualized distribution rate provide a longer‑term perspective.

From a business perspective, the fund’s reliance on MLPs and other infrastructure assets introduces sector‑specific risks, such as regulatory changes affecting pipeline tariffs or energy‑transition policies that could impact cash‑flow stability. Technically, the managed distribution framework leverages a “distribution buffer” that smooths payouts during periods of volatile earnings, but it can also mask underlying earnings weakness if capital returns grow disproportionately.

Analysts monitoring the fund’s NAV trend note that while the 13.48 % YTD total return outperforms many traditional fixed‑income benchmarks, the return‑of‑capital component of the November payout signals that the fund is still drawing on its capital base to meet its distribution target. Investors seeking pure income may need to reassess the sustainability of the 7.31 % annualized distribution rate in a rising‑interest‑rate environment.

Potential investors should review the fund’s prospectus, recent periodic reports and SEC filings, and consult with a financial adviser before making an allocation. The fund’s forms and additional disclosures are available through the SEC’s EDGAR database.

The information herein is not intended for tax preparation. Shareholders will receive a Form 1099‑DIV for the calendar year indicating how to report the distributions on their federal income tax returns.

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

Forward‑Looking Statements – This release may contain forward‑looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. The company does not undertake any obligation to update these statements.