Effective January 1, 2010, Cohen & Steers Select Utility Fund, Inc. changed its name to Cohen & Steers Infrastructure Fund, Inc., its benchmark to the UBS Global 50/50 Infrastructure & Utilities Index and its mandate to invest at least 80% of its managed assets in securities issued by infrastructure companies, as a result of a change to the Fund’s investment objective approved by stockholders on November 24, 2009.
Objective
The Fund's objective is to achieve total return, with an emphasis on income. Under normal market conditions, the Fund will invest at least 80% of its managed assets in securities issued by infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications companies and other infrastructure companies.
Portfolio Highlight & General Information
12/31/09
Symbol
UTF
# of Holdings
150
Total Net Assets
$1.2 Billion
NAV per share
$17.39
Distribution Yield*
6.02%
Fund Expense Ratio**
1.04%
Quarterly Distribution Per Share with ****
$0.24
Common Share Expense Ratio***
1.68%
*Based on December 31, 2009 market price and current annualized distribution rate. **Ratio of expenses to average daily managed assets (net of expense reduction) ***Ratio of expenses to average daily net assets applicable to common shares (net of expense reduction)
Ratios do not reflect dividend payments to preferred shareholders.
****Declared December 15, 2009 and payable December 31, 2009.
As portfolio and market conditions change, future distributions
may also change.
†Distributions are subject to recharacterization for tax purposes after the end of the fiscal year. The Fund is currently paying distributions in excess of its net investment income, which may result in a return of capital
Average Annual Returns
As of: 12/31/2009
UTF Mkt Price
Price UTF NAV
S&P 1500 Utilities
S&P 500
Q4:09
16.77%
13.25%
7.60%
6.04%
1 Year
67.09%
42.04%
12.80%
26.45%
3 Year
-3.73%
-5.76%
-1.25%
-5.63%
5 Year
4.54%
3.81%
6.14%
0.42%
Since Inception (3/30/04)
4.44%
6.87%
8.35%
1.88%
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
* Effective January 1, 2010, Cohen & Steers Select Utility Fund, Inc. changed its name to Cohen & Steers Infrastructure Fund, Inc., its benchmark to the UBS Global 50/50 Infrastructure & Utilities Index and its mandate to invest at least 80% of its managed assets in securities issued by infrastructure companies, as a result of a change to the Fund’s investment objective approved by stockholders on November 24, 2009.
Portfolio Managers
Robert S. Becker
William F. Scapell
Top 10 Holdings
as of 12/31/09
Name
Sector
% of Net Assets
American Tower Corp.
Communications Infrastructure
3.0
Scottish & Southern Energy
Electric
2.7
East Japan Railway Co.
Railways
2.4
SES SA
Communications Infrastructure
2.4
Terna SpA
Electric
2.3
Fortum OYJ
Electric
2.1
CLP Holdings Ltd.
Electric
2.0
Atlantia SpA
Toll Roads
2.0
Vinci SA
Toll Roads
2.0
Snam Rete Gas
Gas Distribution
1.9
Distributions are subject to recharacterization for tax purposes after the end of the fiscal year. The Fund is currently paying distributions in excess of its net investment income, which may result in a return of capital. Absent this, the yield would have been lower.
The Fund's portfolio holdings are subject to change without notice.
The mention of specific securities is not a recommendation or solicitation
for any person to buy, sell or hold any particular security.
The fund may pay distributions in excess of the fund's net investment company taxable income and this excess would be a tax-free return of capital distributed from the fund's assets. Distributions of capital decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make these distributions, the fund may have to sell portfolio securities at a less than opportune time.
Cohen & Steers Select Utility Fund
The Cohen & Steers Select Utility Fund's objective is to achieve a high level of after-tax total return through investment in utility securities. Cohen & Steers Select Utility Fund, in pursuing total return, equally emphasizes both current income, consisting primarily of tax-advantaged dividend income, and capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its managed assets in a portfolio of common stocks, preferred stocks and other equity securities issued by utility companies and 20% of its managed assets to preferred securities and other fixed income securities issued by any type of company. Click here to contact us about Cohen & Steers Select Utility Fund
