SUMMARY

We rate Cohen&Steers Infrastructure Fund at A+. This overall rating indicates it is among the top 10% of all closed end mutual funds in its peer group. Positive factors that influence this rating include a well above average total return and low price volatility. The fund invests approximately 77% of its assets in stocks and may be considered for investors seeking a Sector - Utilities strategy.

POSITIVES AND RISKS

Total return ranks very high in comparison with peers over the last three years. The Cohen&Steers Infrastructure Fund has returned an annual rate of 8.99% since inception. More recently, the fund has generated a total return of 5.96% in the last five years, 20.72% in the last three years, and 26.91% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 48% of them. It has also outpaced 94% of its competitors on a three year basis and 94% of them over the last year for the period ending 3/31/2013. On a year to date basis, UTF has returned 12.27%.

Downside risk has been below average. UTF has a draw down risk of -15.38%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 18.6%. This fund has experienced a high level of volatility in its monthly performance over the last 36 months. As of 3/31/2013, the fund was trading at a price of $20.69, which is 0.2% below its 52-week high of $20.73 and 6.5% above its 52-week low of $19.42.

High expense ratio hinders performance. On total assets of $1.77 billion, UTF maintains a high expense ratio compared to its Sector - Utilities peers of 2.06% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As UTF is a closed end fund, it has no front end or back end load.

Manager tenure and performance record are net positives. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Cohen&Steers Infrastructure Fund has been managed by Robert S. Becker for the last 9 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 74% of other fund managers.