NEW YORK, March 9, 2015 /PRNewswire/ -- The Board of Directors of the Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) (the "Fund") declared a first quarter 2015 distribution of $0.400 per share, an increase of $0.030 per share from the fourth quarter of 2014. The ex-dividend, record and payable dates are summarized below:
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Ex-Dividend
Date
|
Record
Date
|
Payable
Date
|
|
March 18, 2015
|
March 20, 2015
|
March 31, 2015
|
The Fund's Board of Directors announced that the Fund will be implementing a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. This policy will give the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular quarterly 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 quarterly 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 quarterly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each quarterly 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.
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DISTRIBUTION ESTIMATES
|
March 2015
|
YEAR-TO-DATE (YTD)
March 31, 2015*
|
|
Source
|
Per Share Amount
|
% of Current Distribution
|
Per Share Amount
|
% of 2015 Distributions
|
|
Net Investment Income
|
$0.0907
|
22.67%
|
$0.0907
|
22.67%
|
|
Net Realized Short-Term Capital Gains
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
|
Net Realized Long-Term Capital Gains
|
$0.3093
|
77.33%
|
$0.3093
|
77.33%
|
|
Return of Capital (or other Capital Source)
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
|
Total Current Distribution
|
$0.4000
|
100.00%
|
$0.4000
|
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 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 2015 (January 1, 2015 through February 28, 2015) 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 2015. Moreover, the Fund's Average Annual Total Return for the five-year period ending February 28, 2015 is set forth below. Shareholders should also note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2015. In addition, the performance and distribution rate information disclosed in the table below 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, 2015 to February 28, 2015
|
|
Year-to-date Cumulative Total Return1
|
2.56%
|
|
Cumulative Distribution Rate2
|
1.51%
|
|
|
Five-year period ending February 28, 2015
|
|
Average Annual Total Return3
|
18.06%
|
|
Current Annualized Distribution Rate4
|
6.05%
|
|
|
|
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, 2015 through February 28, 2015) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of February 28, 2015.
|
|
|
3.
|
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ending February 28, 2015. 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 February 28, 2015.
|
|
Shareholders should not use the information provided 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.
More information is available at cohenandsteers.com.
//Website: http://cohenandsteers.com/
Symbol: NYSE: CNS
About Cohen & Steers. Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities, along with preferred securities and other income solutions. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.
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SOURCE Cohen & Steers