0001275617falseThe example above should not be considered a representation of future expenses. Actual expenses may be higher or lower. The example assumes that the estimated Other Expenses set forth in the Annual Expenses table is accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.If Common Shares are sold to or through underwriters, a prospectus or prospectus supplement will set forth any applicable sales commission and the estimated offering expenses borne by the Fund.Stockholders participating in the Fund’s Reinvestment Plan generally do not incur any additional fees. You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan.The Investment Manager’s fee is accrued daily, paid monthly, at an annual rate of 0.85% of the Fund’s average daily Managed Assets. Consequently, since the Fund has borrowings outstanding, the investment management fees and other expenses as a percentage of net assets attributable to common shares are higher than if the Fund did not utilize a leveraged capital structure. Assumes borrowings from financial institution representing 30% of Managed Assets. The actual amount of interest expense borne by the Fund may significantly vary over time. Interest expense is required to be treated as an expense of the Fund for accounting purposes.Other Expenses shown in the table are based upon those incurred during the Fund’s current year ended December 31, 2023. The Fund and the Investment Manager have entered into an administration agreement (the Administration Agreement) and the Fund and State Street have entered into a co-administration agreement (the Co-Administration Agreement). Other Expenses include amounts paid to the Investment Manager under the Administration Agreement, which requires the Fund to pay the Investment Manager an amount equal to, on an annual basis, 0.06% of the Fund’s average daily Managed Assets, and amounts paid to State Street under the Co-Administration Agreement. 0001275617 2023-01-01 2023-12-31 0001275617 2023-12-31 0001275617 cik0001275617:BelowInvestmentGradeAndUnratedSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:ContingentCapitalSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:ForeignNonUSandEmergingMarketSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:ForeignCurrencyAndCurrencyHedgingRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:WarrantsAndRightsRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:OptionsRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:SpecialPurposeAcquisitionCompaniesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:DerivativesAndHedgingTransactionsRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:RegulatoryRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:OtherInvestmentCompaniesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:InterestsRateRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:ConvertibleSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:MlpsAndEnergyInvestmentsRisksMember 2023-01-01 2023-12-31 0001275617 cik0001275617:EnergySectorRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:InterestRateRiskToMlpsAndEnergyInvestmentsMember 2023-01-01 2023-12-31 0001275617 cik0001275617:IndustrySpecificRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:PortfolioTurnoverRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:AntiTakeoverProvisionsMember 2023-01-01 2023-12-31 0001275617 cik0001275617:GeopoliticalRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:RegulationAndGovernmentInterventionRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:CyberSecurityRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:LoansOfPortfolioSecuritiesMember 2023-01-01 2023-12-31 0001275617 cik0001275617:TaxRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:ActiveManagementRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:PotentialConflictsOfInterestRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:DependenceOnKeyPersonnelRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:InvestmentRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:MarketRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:InfrastructureCompaniesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:CommonStockRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:ConcentrationInInfrastructureCompaniesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:PreferredSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:DebtSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:RestrictedAndIlliquidSecuritiesRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:LeverageRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:InflationRiskMember 2023-01-01 2023-12-31 0001275617 cik0001275617:RisksOfSecuritiesLinkedToTheRealEstateMarketMember 2023-01-01 2023-12-31 0001275617 cik0001275617:SpecialRisksToHoldersOfCommonSharesMember 2023-01-01 2023-12-31 0001275617 cik0001275617:CommonSharesMember 2023-01-01 2023-12-31 0001275617 cik0001275617:CommonSharesMember 2022-01-01 2022-03-31 0001275617 cik0001275617:CommonSharesMember 2022-04-01 2022-06-30 0001275617 cik0001275617:CommonSharesMember 2022-07-01 2022-09-30 0001275617 cik0001275617:CommonSharesMember 2022-10-01 2022-12-31 0001275617 cik0001275617:CommonSharesMember 2023-01-01 2023-03-31 0001275617 cik0001275617:CommonSharesMember 2023-04-01 2023-06-30 0001275617 cik0001275617:CommonSharesMember 2023-07-01 2023-09-30 0001275617 cik0001275617:CommonSharesMember 2023-10-01 2023-12-31 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 
811-21485          
Cohen & Steers Infrastructure Fund, Inc.
 
(Exact name of Registrant as specified in charter)
1166 Avenue of the Americas, 30
th
Floor, New York, NY 10036
 
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30
th
Floor
New York, New York 10036
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 
(212)
832-3232        
Date of fiscal year end: 
December 31        
Date of reporting period: 
December 31, 2023        
 
 
 

Item 1. Reports to Stockholders.
 
 
 

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To Our Shareholders:
We would like to share with you our report for the year ended December 31, 2023. The total returns for Cohen & Steers Infrastructure Fund, Inc. (the Fund) and its comparative benchmarks were:
 
    
Six Months Ended
December 31, 2023
   
Year Ended
December 31, 2023
 
Cohen & Steers Infrastructure Fund at Net Asset Value
(a)
  
 
2.41
 
 
2.08
Cohen & Steers Infrastructure Fund at Market Value
(a)
  
 
–6.06
 
 
–3.77
Blended Benchmark—80% FTSE Global Core Infrastructure 50/50 Net Tax Index / 20% ICE BofA Fixed Rate Preferred Securities Index
(b)
  
 
2.70
 
 
3.88
S&P 500 Index
(b)
  
 
8.04
 
 
26.29
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.
Managed Distribution Policy
The Fund, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (SEC) and with approval of its Board of Directors (the Board), adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). The Plan gives the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $0.155 per share on a monthly basis.
 
 
(a)
 
As a
closed-end
investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.
(b)
 
The FTSE Global Core Infrastructure 50/50 Net Tax Index is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities and is net of dividend withholding taxes. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites, and telecommunication towers. The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.
 
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The Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a 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.
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Financial Highlights table.
The Plan provides that the Board may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.
Market Review
Global infrastructure stocks were little changed in the 12 months ending December 31, 2023. After sharp relative outperformance in 2022, listed infrastructure’s 2023 performance stood in contrast to the broader equity market, which rose on the strength of just a few sectors, led by technology (which rallied sharply on optimism surrounding advancements in generative artificial intelligence). As a result, listed infrastructure’s valuations moved below their historical average premium relative to the broad equity market.
Global economic growth generally exceeded expectations in 2023, and worries about an impending recession faded. Bond yields rose sharply through most of the period as the U.S. Federal Reserve and other central banks continued to raise interest rates in an effort to contain inflation, although interest rates declined sharply in late 2023 on signs of moderating inflation and more dovish monetary policy. The yield on the 10-year U.S. Treasury retreated to 3.9% by year end, about where it stood at the start of 2023 after peaking near 5.0% in October.
Fund Performance
The Fund had a positive total return in the period based on NAV but underperformed its blended benchmark (the Fund declined based on market price).
The communications sector was weighed down by concern over interest rates and several U.S.-based tower companies reporting mixed guidance. The Fund’s security selection in communications aided relative returns. This included an overweight position in Cellnex Telecom, which rallied sharply on takeover speculation as well as optimism about new management. An out-of-index position in data center company Digital Realty Trust also outperformed amid expectations of strong growth related to artificial intelligence applications.
Electric and water utilities lagged as investors generally favored more growth-oriented sectors. The Fund’s stock selection in electric utilities helped relative performance. Contributors included the portfolio’s underweight positions or non-investments in several large-capitalization U.S. utilities that declined in the period. Additionally, the Fund had no investment in Adani Transmission, which fell materially due to a high-profile short seller report in January targeting the company’s parent conglomerate. Stock selection in water utilities hindered relative returns.
 
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The gas distribution sector posted a flat return overall, with performance driven mainly by company-specific news rather than any overarching trend. The Fund’s stock selection in the gas distribution sector hindered relative returns, including an overweight in ENN Energy Holdings, which underperformed in part due to concerns surrounding new gas customer connections in China.
Passenger transportation–related sectors, including airports and toll roads, generated healthy returns on improved global growth expectations and continued pent-up demand from the Covid pandemic. The Fund’s underweight and security selection in airports detracted from relative performance, due in part to our underweight in Spain’s AENA, which benefited from increased international tourist volumes. Security selection in toll roads detracted from relative performance, largely from having no investment in a Latin American toll road company that rose meaningfully on the improved economic outlook.
In the railways sector, passenger rail and freight rail operators offered mixed volumes. The Fund’s security selection in railways detracted from relative performance, partially due to having no allocation to Brazil-based Rumo, which benefited from increased global demand for commodities and better-than-expected local inflation data.
Midstream energy fundamentals remained solid as the macroeconomic backdrop appeared likely to support energy throughput volumes. Stock selection in midstream aided performance, in part due to our out-of-index position in Plains All American Pipeline, which had a sizable gain.
Fixed income investments, including preferred securities, generally outperformed infrastructure stocks in the year. The Fund’s underweight and security selection in fixed income hindered its performance compared with the blended benchmark.
Impact of Leverage on Fund Performance
The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), detracted from the Fund’s performance for the 12-month period ended December 31, 2023.
Impact of Foreign Currency on Fund Performance
The currency impact of the Fund’s investments in foreign securities contributed to absolute performance during the period. Although the Fund reports its NAV and pays dividends in U.S. dollars, the Fund’s investments denominated in foreign currencies are subject to foreign currency risk. Overall, other currencies appreciated against the U.S. dollar. Consequently, changes in the exchange rates between foreign currencies and the U.S. dollar were a tailwind for absolute returns.
Impact of Derivatives on Fund Performance
The Fund engaged in the buying and selling of single stock options with the intention of enhancing total returns and reducing overall volatility. These contracts contributed to the Fund’s total return for the 12-month period ended December 31, 2023.
 
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In connection with its use of leverage, the Fund pays interest on its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. The Fund’s use of swaps contributed to the Fund’s total return for the 12-month period ended December 31, 2023.
Sincerely,
 
LOGO
    
LOGO
B
EN
M
ORTON
    
W
ILLIAM
F. S
CAPELL
Portfolio Manager
    
Portfolio Manager
 
LOGO
    
LOGO
E
LAINE
Z
AHARIS
-N
IKAS
    
T
YLER
S. R
OSENLICHT
Portfolio Manager
    
Portfolio Manager
 
LOGO
T
HUY
Q
UYNH
D
ANG
Portfolio Manager
The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.
 
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Visit Cohen & Steers online at cohenandsteers.com
For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.
Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.
 
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Performance Review (Unaudited)
Growth of a $10,000 Investment
 
LOGO
Average Annual Total Returns—For Period Ended December 31, 2023
 
     
1
Year
    
5
Years
    
10
Years
    
Since
Inception
(c)
 
Fund at NAV
  
 
2.08
  
 
8.65
  
 
7.92
  
 
9.29
Fund at Market Value
  
 
-3.77
  
 
9.45
  
 
8.51
  
 
8.62
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 sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance graph and table do not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
 
(a)
The Linked Blended Benchmark is represented by the performance of 80% UBS Global Infrastructure & Utilities 50/50 Index Net (UBS 50/50) / 20% ICE BofA Fixed Rate Preferred Securities Index through March 31, 2015 and 80% FTSE Global Core Infrastructure 50/50 Net Tax Index (FTSE 50/50) / 20% ICE BofA Fixed Rate Preferred Securities Index thereafter. The benchmark was replaced on March 31, 2015 because UBS retired the UBS 50/50. The UBS 50/50 tracked a 50% exposure to the global developed market utilities sector and a 50% exposure to the global developed market infrastructure sector. The index was a free-float market-capitalization weighted index and reconstituted
 
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Performance Review (Unaudited)—(Continued)
 
 
annually with quarterly rebalances and was net of dividend withholding taxes. The FTSE 50/50 is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities and is net of dividend withholding taxes. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites and telecommunication towers. The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.
 
(b)
The comparative indexes are not adjusted to reflect expenses or other fees that the U.S. Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. The Fund’s performance assumes the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan.
 
(c)
 
Commencement of investment operations is March 30, 2004.
Market and Net Asset Value Information
The following table, presented in conformance with annual reporting requirements for the Fund that has filed a registration statement pursuant to General Instruction A.2 of Form
N-2
(“Short Form
N-2”),
sets forth, for each of the quarters indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share.
 
    
Common Share
      
Common Share
      
Premium/
(Discount) as a
Percentage of
 
    
Market Price
      
Net Asset Value
      
Net Asset Value
 
For the Quarter Ended
  
High
      
Low
      
High
      
Low
      
High
    
Low
 
December 31, 2023
  
$
22.38
 
    
$
18.36
 
    
$
22.94
 
    
$
19.47
 
    
 
0.58
  
 
(7.17
)% 
September 30, 2023
  
$
23.70
 
    
$
19.58
 
    
$
23.91
 
    
$
20.51
 
    
 
2.70
  
 
(6.11
)% 
June 30, 2023
  
$
23.99
 
    
$
20.97
 
    
$
24.28
 
    
$
22.43
 
    
 
1.20
  
 
(6.55
)% 
March 31, 2023
  
$
26.02
 
    
$
22.27
 
    
$
25.70
 
    
$
22.32
 
    
 
4.14
  
 
(2.32
)% 
December 31, 2022
  
$
25.32
 
    
$
21.14
 
    
$
25.38
 
    
$
21.22
 
    
 
2.36
  
 
(3.90
)% 
September 30, 2022
  
$
28.19
 
    
$
23.24
 
    
$
27.97
 
    
$
22.52
 
    
 
4.00
  
 
(2.90
)% 
June 30, 2022
  
$
29.35
 
    
$
22.99
 
    
$
29.13
 
    
$
24.15
 
    
 
3.67
  
 
(5.09
)% 
March 31, 2022
  
$
28.96
 
    
$
25.40
 
    
$
28.78
 
    
$
25.56
 
    
 
3.15
  
 
(3.78
)% 
The following information is presented in conformance with annual reporting requirements for funds that have filed a registration statement pursuant to General Instruction A.2 of Form
N-2
(“Short Form
N-2”).
The Fund does not believe that there are any material unresolved written comments, received 180 days or more before December 31, 2023 from the Staff of the SEC regarding any of the Fund’s periodic or current reports under the Securities Exchange Act of 1934 of the Investment Company Act of 1940, or its registration statement.
 
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Performance Review (Unaudited)—(Continued)
 
Summary of Fund Expenses
The following table is intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our common shares as a percentage of net assets attributable to common shares. The table reflects the use of leverage in the form of borrowings in an amount equal to 30% of the Fund’s total managed assets.
 
Stockholder Transaction Expenses
  
Sales Load (as a percentage of offering price)
  
 
(1)
 
Offering Expenses Borne by the Fund (as a percentage of
offering price)
  
 
(1)
 
Dividend Reinvestment Fees
  
 
None
(2)
 
    
Percentage of Net
Assets Attributable
to Common Shares
 
Annual Expenses (as a percentage of net assets attributable to common shares)
  
Management Fees
  
 
1.22
%
(3)
 
Interest Payments on Borrowed Funds
  
 
2.58
%
(4)
 
Other Expenses
  
 
0.17
%
(5)
 
Total Annual Expenses
  
 
3.97
 
(1)
 
If Common Shares are sold to or through underwriters, a prospectus or prospectus supplement will set forth any applicable sales commission and the estimated offering expenses borne by the Fund.
(2)
 
Stockholders participating in the Fund’s Reinvestment Plan generally do not incur any additional fees. You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan.
(3)
 
The Investment Manager’s fee is accrued daily, paid monthly, at an annual rate of 0.85% of the Fund’s average daily Managed Assets. Consequently, since the Fund has borrowings outstanding, the investment management fees and other expenses as a percentage of net assets attributable to common shares are higher than if the Fund did not utilize a leveraged capital structure.
(4)
 
Assumes borrowings from financial institution representing 30% of Managed Assets. The actual amount of interest expense borne by the Fund may significantly vary over time. Interest expense is required to be treated as an expense of the Fund for accounting purposes.
(5)
 
Other Expenses shown in the table are based upon those incurred during the Fund’s current year ended December 31, 2023. The Fund and the Investment Manager have entered into an administration agreement (the Administration Agreement) and the Fund and State Street have entered into a
co-administration
agreement (the
Co-Administration
Agreement). Other Expenses include amounts paid to the Investment Manager under the Administration Agreement, which requires the Fund to pay the Investment Manager an amount equal to, on an annual basis, 0.06% of the Fund’s average daily Managed Assets, and amounts paid to State Street under the
Co-Administration
Agreement.
 
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Performance Review (Unaudited)—(Continued)
 
Example
*
The following example illustrates the expenses (including the maximum sales commission
(1)
of 1.00% on common shares) that you would pay on each $1,000 investment in our common shares, assuming (1) total net annual expenses of 3.97% in years 1 through 10, (2) a 5% annual return and (3) that all dividends and distributions are reinvested at net asset value.
 
1 Year
  
3 Years
    
5 Years
    
10 Years
50
  
130
    
212
    
424
 
*
 
The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower. The example assumes that the estimated Other Expenses set forth in the Annual Expenses table is accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
(1)
 
Notwithstanding this assumption, in actuality, these fees will be indirectly borne by all holders of Common Shares.
 
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Our Leverage Strategy
(Unaudited)
Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of December 31, 2023, leverage represented 30% of the Fund’s managed assets.
Through a combination of variable and fixed rate financing, the Fund has locked in interest rates on a significant portion of this additional capital through 2027 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.
Leverage Facts
(a)(b)
 
Leverage (as a % of managed assets)
  
  30%
% Variable Rate Financing
  
  15%
Variable Rate
  
 6.3%
% Fixed Rate Financing
(c)
  
  85%
Weighted Average Rate on Fixed Financing
  
 1.8%
Weighted Average Term on Fixed Financing
  
 2.5 years
The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
 
(a)
 
Data as of December 31, 2023. Information is subject to change.
(b)
 
See Note 7 in Notes to Financial Statements.
(c)
 
Represents fixed payer interest rate swap contracts on variable rate borrowing.
 
10

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
December 31, 2023
Top Ten Holdings
(a)
(Unaudited)
 
Security
  
Value
      
% of
Managed
Assets
 
American Tower Corp.
  
$
139,649,102
 
    
 
4.4
 
NextEra Energy, Inc.
  
 
124,175,702
 
    
 
3.9
 
Southern Co.
  
 
113,052,583
 
    
 
3.6
 
Transurban Group
  
 
97,499,957
 
    
 
3.1
 
PPL Corp.
  
 
96,660,659
 
    
 
3.1
 
National Grid PLC
  
 
93,896,180
 
    
 
3.0
 
TC Energy Corp.
  
 
91,421,703
 
    
 
2.9
 
CenterPoint Energy, Inc.
  
 
71,643,018
 
    
 
2.3
 
Union Pacific Corp.
  
 
70,259,110
 
    
 
2.2
 
Enbridge, Inc.
  
 
66,357,088
 
    
 
2.1
 
 
(a)
 
Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.
Country Breakdown
(b)
(Based on Managed Assets)
(Unaudited)
 
LOGO
 
 
(b)
Excludes derivative instruments.
 
11

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS
December 31, 2023
 
           
Shares/Units
    
Value
 
C
OMMON
S
TOCK
  
 
118.4%
 
     
A
USTRALIA
  
 
8.3%
 
     
R
AILWAYS
  
 
1.0%
 
     
Aurizon Holdings Ltd.
 
  
 
8,589,984
 
  
$
22,243,851
 
        
 
 
 
T
OLL
R
OADS
  
 
7.3%
 
     
Atlas Arteria Ltd.
(a)
 
  
 
16,278,382
 
  
 
64,116,986
 
Transurban Group
(a)(b)
 
  
 
10,435,973
 
  
 
97,499,957
 
        
 
 
 
        
 
161,616,943
 
        
 
 
 
T
OTAL
A
USTRALIA
 
     
 
183,860,794
 
        
 
 
 
B
RAZIL
  
 
2.1%
 
     
M
ARINE
P
ORTS
  
 
0.7%
 
     
Santos Brasil Participacoes SA
 
  
 
8,336,994
 
  
 
16,081,529
 
        
 
 
 
T
OLL
R
OADS
  
 
1.4%
 
     
CCR SA
 
  
 
10,300,010
 
  
 
30,067,140
 
        
 
 
 
T
OTAL
B
RAZIL
 
     
 
46,148,669
 
        
 
 
 
C
ANADA
  
 
10.5%
 
     
D
IVERSIFIED
  
 
0.2%
 
     
Tidewater Renewables Ltd.
(c)
 
  
 
789,442
 
  
 
4,807,967
 
        
 
 
 
G
AS
D
ISTRIBUTION
  
 
0.9%
 
     
AltaGas Ltd.
 
  
 
888,181
 
  
 
18,647,746
 
        
 
 
 
M
IDSTREAM
  
 
8.5%
 
     
Enbridge, Inc.
(b)
 
  
 
1,843,322
 
  
 
66,357,088
 
Keyera Corp.
 
  
 
748,046
 
  
 
18,082,271
 
Pembina Pipeline Corp.
 
  
 
327,150
 
  
 
11,110,336
 
TC Energy Corp.
 
  
 
2,340,385
 
  
 
91,421,703
 
        
 
 
 
     
 
186,971,398
 
        
 
 
 
R
AILWAYS
  
 
0.9%
 
     
Canadian National Railway Co.
 
  
 
164,490
 
  
 
20,675,302
 
        
 
 
 
T
OTAL
C
ANADA
 
     
 
231,102,413
 
        
 
 
 
C
HINA
  
 
2.6%
 
     
G
AS
D
ISTRIBUTION
  
 
1.4%
 
     
ENN Energy Holdings Ltd., (H shares)
 
  
 
4,079,921
 
  
 
30,043,601
 
        
 
 
 
M
ARINE
P
ORTS
  
 
0.6%
 
     
China Merchants Port Holdings Co. Ltd., (H shares)
 
  
 
5,016,000
 
  
 
6,834,890
 
COSCO SHIPPING Ports Ltd., (H shares)
 
  
 
8,580,000
 
  
 
6,197,247
 
        
 
 
 
     
 
13,032,137
 
        
 
 
 
 
See accompanying notes to financial statements.
 
12

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Shares/Units
    
Value
 
T
OLL
R
OADS
  
 
0.6%
 
     
Jiangsu Expressway Co. Ltd., (H shares)
 
  
 
15,514,000
 
  
$
13,947,401
 
        
 
 
 
T
OTAL
C
HINA
 
     
 
57,023,139
 
        
 
 
 
F
RANCE
  
 
2.2%
 
     
E
LECTRIC
  
 
1.5%
 
     
Engie SA
 
  
 
1,794,411
 
  
 
31,532,608
 
        
 
 
 
R
AILWAYS
  
 
0.7%
 
     
Getlink SE
 
  
 
870,072
 
  
 
15,910,949
 
        
 
 
 
T
OTAL
F
RANCE
 
     
 
47,443,557
 
        
 
 
 
H
ONG
K
ONG
  
 
2.0%
 
     
E
LECTRIC
        
Power Assets Holdings Ltd.
 
  
 
7,771,500
 
  
 
45,035,586
 
        
 
 
 
I
NDIA
  
 
3.5%
 
     
E
LECTRIC
        
NTPC Ltd.
 
  
 
5,253,915
 
  
 
19,604,219
 
Power Grid Corp. of India Ltd.
 
  
 
20,022,011
 
  
 
56,940,216
 
        
 
 
 
        
 
76,544,435
 
        
 
 
 
I
TALY
  
 
1.0%
 
     
E
LECTRIC
        
Enel SpA
 
  
 
3,009,729
 
  
 
22,361,036
 
        
 
 
 
J
APAN
  
 
2.1%
 
     
A
IRPORTS
  
 
1.0%
 
     
Japan Airport Terminal Co. Ltd.
(b)
 
  
 
492,900
 
  
 
21,712,070
 
        
 
 
 
E
LECTRIC
  
 
0.1%
 
     
Chubu Electric Power Co., Inc.
 
  
 
234,600
 
  
 
3,030,666
 
        
 
 
 
G
AS
D
ISTRIBUTION
  
 
1.0%
 
     
Tokyo Gas Co. Ltd.
 
  
 
967,600
 
  
 
22,220,488
 
        
 
 
 
T
OTAL
J
APAN
 
     
 
46,963,224
 
        
 
 
 
M
EXICO
  
 
3.4%
 
     
A
IRPORTS
 
     
Grupo Aeroportuario del Centro Norte SAB de CV
 
  
 
1,523,926
 
  
 
16,116,947
 
Grupo Aeroportuario del Pacifico SAB de CV, Class B
 
  
 
3,394,388
 
  
 
59,538,217
 
        
 
 
 
        
 
75,655,164
 
        
 
 
 
N
EW
Z
EALAND
  
 
1.7%
 
     
A
IRPORTS
 
     
Auckland International Airport Ltd.
(b)
 
  
 
6,665,359
 
  
 
37,078,860
 
        
 
 
 
 
See accompanying notes to financial statements.
 
13

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Shares/Units
    
Value
 
P
HILIPPINES
  
 
0.4%
 
     
M
ARINE
P
ORTS
        
International Container Terminal Services, Inc.
 
  
 
1,795,530
 
  
$
8,002,470
 
        
 
 
 
S
PAIN
  
 
3.3%
 
     
A
IRPORTS
  
 
1.9%
 
     
Aena SME SA
(d)
 
  
 
234,282
 
  
 
42,442,110
 
        
 
 
 
C
OMMUNICATIONS
  
 
1.4%
 
     
Cellnex Telecom SA
(d)
 
  
 
746,977
 
  
 
29,406,141
 
        
 
 
 
T
OTAL
S
PAIN
 
     
 
71,848,251
 
        
 
 
 
T
HAILAND
  
 
1.5%
 
     
A
IRPORTS
 
     
Airports of Thailand PCL
 
  
 
18,795,100
 
  
 
32,901,405
 
        
 
 
 
U
NITED
K
INGDOM
  
 
5.0%
 
     
E
LECTRIC
  
 
4.3%
 
     
National Grid PLC
 
  
 
6,962,597
 
  
 
93,896,180
 
        
 
 
 
W
ATER
  
 
0.7%
 
     
Pennon Group PLC
 
  
 
1,667,274
 
  
 
15,970,811
 
        
 
 
 
T
OTAL
U
NITED
K
INGDOM
        
 
109,866,991
 
        
 
 
 
U
NITED
S
TATES
  
 
68.8%
 
     
C
OMMUNICATIONS
  
 
10.4%
 
     
American Tower Corp.
(b)(e)
 
  
 
646,883
 
  
 
139,649,102
 
Crown Castle, Inc.
(b)(e)
 
  
 
535,724
 
  
 
61,710,048
 
SBA Communications Corp., Class A
(b)(e)
 
  
 
108,244
 
  
 
27,460,420
 
        
 
 
 
        
 
228,819,570
 
        
 
 
 
D
IVERSIFIED
  
 
0.1%
 
     
Benson Hill, Inc.
(b)(c)(e)
 
  
 
962,500
 
  
 
167,282
 
Stem, Inc.
(b)(c)(e)
 
  
 
637,750
 
  
 
2,474,470
 
        
 
 
 
        
 
2,641,752
 
        
 
 
 
E
LECTRIC
  
 
36.4%
 
     
Alliant Energy Corp.
(b)(e)
 
  
 
1,214,745
 
  
 
62,316,418
 
CenterPoint Energy, Inc.
(b)(e)(f)
 
  
 
2,507,631
 
  
 
71,643,018
 
CMS Energy Corp.
(b)(e)
 
  
 
1,033,080
 
  
 
59,990,956
 
Consolidated Edison, Inc.
(b)
 
  
 
286,608
 
  
 
26,072,730
 
Dominion Energy, Inc.
(b)(e)
 
  
 
1,393,830
 
  
 
65,510,010
 
Duke Energy Corp.
(b)(e)
 
  
 
268,601
 
  
 
26,065,041
 
Entergy Corp.
(b)(e)
 
  
 
406,948
 
  
 
41,179,068
 
Evergy, Inc.
(b)(e)
 
  
 
566,779
 
  
 
29,585,864
 
 
See accompanying notes to financial statements.
 
14

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Shares/Units
    
Value
 
FirstEnergy Corp.
(b)(e)
 
  
 
790,581
 
  
$
28,982,699
 
Net Power, Inc.
(b)(c)(e)
 
  
 
731,336
 
  
 
7,386,494
 
NextEra Energy, Inc.
(b)(e)
 
  
 
2,044,381
 
  
 
124,175,702
 
PPL Corp.
(b)(e)(f)
 
  
 
3,566,814
 
  
 
96,660,659
 
Public Service Enterprise Group, Inc.
(b)(e)(f)
 
  
 
828,787
 
  
 
50,680,325
 
Southern Co.
(b)
 
  
 
1,612,273
 
  
 
113,052,583
 
        
 
 
 
        
 
803,301,567
 
        
 
 
 
G
AS
D
ISTRIBUTION
  
 
5.7%
 
     
NiSource, Inc.
(b)
 
  
 
2,453,332
 
  
 
65,135,965
 
Sempra
(b)(e)
 
  
 
827,532
 
  
 
61,841,466
 
        
 
 
 
        
 
126,977,431
 
        
 
 
 
M
IDSTREAM
  
 
10.5%
 
     
Cheniere Energy, Inc.
(b)(e)(f)
 
  
 
294,762
 
  
 
50,318,821
 
DT Midstream, Inc.
(b)(e)
 
  
 
334,958
 
  
 
18,355,698
 
Energy Transfer LP
(b)
 
  
 
1,606,191
 
  
 
22,165,436
 
Hess Midstream LP, Class A
(b)
 
  
 
469,791
 
  
 
14,859,489
 
Kinder Morgan, Inc.
(b)(e)
 
  
 
1,374,354
 
  
 
24,243,605
 
Kinetik Holdings, Inc.
(b)(e)
 
  
 
634,229
 
  
 
21,183,249
 
MPLX LP
(b)(e)
 
  
 
514,959
 
  
 
18,909,294
 
ONEOK, Inc.
(b)(e)
 
  
 
591,257
 
  
 
41,518,067
 
Plains All American Pipeline LP
(b)(e)
 
  
 
1,264,432
 
  
 
19,156,145
 
        
 
 
 
        
 
230,709,804
 
        
 
 
 
R
AILWAYS
  
 
5.4%
 
     
Norfolk Southern Corp.
(b)(e)
 
  
 
202,861
 
  
 
47,952,283
 
Union Pacific Corp.
(b)(e)(f)
 
  
 
286,048
 
  
 
70,259,110
 
        
 
 
 
        
 
118,211,393
 
        
 
 
 
W
ATER
  
 
0.3%
 
     
Essential Utilities, Inc.
(b)
 
  
 
168,103
 
  
 
6,278,647
 
        
 
 
 
T
OTAL
U
NITED
S
TATES
 
     
 
1,516,940,164
 
        
 
 
 
T
OTAL
C
OMMON
S
TOCK

(Identified cost—$2,171,840,452)
 
     
 
2,608,776,158
 
        
 
 
 
P
REFERRED
S
ECURITIES
—E
XCHANGE
-
TRADED
  
 
3.4%
 
     
B
ERMUDA
  
 
0.0%
 
     
I
NSURANCE
 
     
RenaissanceRe Holdings Ltd., 5.75%, Series F
(b)(g)
 
  
 
7,000
 
  
 
167,230
 
        
 
 
 
 
See accompanying notes to financial statements.
 
15

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Shares/Units
    
Value
 
C
ANADA
  
 
0.2%
 
  
U
TILITIES
     
Algonquin Power & Utilities Corp., 6.20% to 7/1/24,
due 7/1/79, Series
19-A
(b)(h)
 
  
 
89,073
 
  
$
2,149,332
 
Brookfield BRP Holdings Canada, Inc., 4.625%
(b)(g)
 
  
 
100,000
 
  
 
1,565,000
 
        
 
 
 
        
 
3,714,332
 
        
 
 
 
N
ETHERLANDS
  
 
0.0%
 
     
I
NSURANCE
     
AEGON Funding Co. LLC, 5.10%, due 12/15/49
(b)
 
  
 
65,287
 
  
 
1,419,339
 
        
 
 
 
U
NITED
S
TATES
  
 
3.2%
 
  
B
ANKING
  
 
0.8%
 
  
Bank of America Corp., 6.00%, Series GG
(b)
(e)(g)
 
  
 
184,373
 
  
 
4,576,138
 
Morgan Stanley, 6.375%, Series I
(b)(g)
 
  
 
118,969
 
  
 
2,945,672
 
Regions Financial Corp., 5.70% to 5/15/29, Series C
(b)(g)(h)
 
  
 
81,114
 
  
 
1,728,539
 
Wells Fargo & Co., 4.375%, Series CC
(b)(g)
 
  
 
58,968
 
  
 
1,086,191
 
Wells Fargo & Co., 4.70%, Series AA
(b)(g)
 
  
 
142,405
 
  
 
2,855,220
 
Wells Fargo & Co., 4.75%, Series Z
(b)(e)(g)
 
  
 
206,575
 
  
 
4,117,040
 
        
 
 
 
        
 
17,308,800
 
        
 
 
 
C
ONSUMER
D
ISCRETIONARY
P
RODUCTS
  
 
0.2%
 
  
Ford Motor Co., Senior Debt, 6.50%,
due 8/15/62
(b)
     
 
144,325
 
  
 
3,355,556
 
        
 
 
 
C
ONSUMER
S
TAPLE
P
RODUCTS
  
 
0.3%
 
  
CHS, Inc., 6.75% to 9/30/24, Series 3
(b)(g)(h)
     
 
137,935
 
  
 
3,397,339
 
CHS, Inc., 7.10% to 3/31/24, Series 2
(b)(g)(h)
     
 
135,283
 
  
 
3,378,017
 
        
 
 
 
        
 
6,775,356
 
        
 
 
 
F
INANCIAL
S
ERVICES
  
 
0.2%
 
     
Carlyle Finance LLC, 4.625%, due 5/15/61
(b)
     
 
70,000
 
  
 
1,441,300
 
Oaktree Capital Group LLC, 6.55%, Series B
(b)(g)
     
 
66,071
 
  
 
1,405,330
 
Oaktree Capital Group LLC, 6.625%, Series A
(b)(g)
     
 
100,000
 
  
 
2,165,000
 
        
 
 
 
        
 
5,011,630
 
        
 
 
 
I
NSURANCE
  
 
0.6%
 
     
Allstate Corp., 7.375%, Series J
(b)(g)
     
 
98,834
 
  
 
2,668,518
 
American International Group, Inc., 5.85%, Series A
(b)(g)
     
 
516
 
  
 
12,890
 
Arch Capital Group Ltd., 5.45%, Series F
(b)(e)(g)
     
 
80,000
 
  
 
1,905,600
 
Athene Holding Ltd., 4.875%,
Series D
(b)(g)
     
 
55,443
 
  
 
986,886
 
Athene Holding Ltd., 6.35% to 6/30/29,
Series A
(b)(g)(h)
     
 
115,223
 
  
 
2,590,213
 
 
See accompanying notes to financial statements.
 
16

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Shares/Units
    
Value
 
Enstar Group Ltd., 7.00% to 9/1/28, Series D
(b)(g)(h)
 
  
 
77,050
 
  
$
1,932,414
 
Equitable Holdings, Inc., 5.25%, Series A
(b)(g)
 
  
 
52,000
 
  
 
1,108,640
 
Voya Financial, Inc., 5.35% to 9/15/29, Series B
(b)(g)(h)
 
  
 
45,010
 
  
 
1,045,582
 
        
 
 
 
        
 
12,250,743
 
        
 
 
 
P
IPELINES
  
 
0.3%
 
     
Energy Transfer LP, 7.60% to 5/15/24, Series E
(b)(g)(h)
 
  
 
203,366
 
  
 
5,043,477
 
Energy Transfer LP, 10.364% to 1/29/24, Series D
(b)(g)(h)
 
  
 
89,991
 
  
 
2,276,772
 
        
 
 
 
        
 
7,320,249
 
        
 
 
 
T
ELECOMMUNICATIONS
  
 
0.2%
 
     
AT&T, Inc., 4.75%, Series C
(b)(g)
 
  
 
182,869
 
  
 
3,608,005
 
AT&T, Inc., 5.00%, Series A
(b)(g)
 
  
 
13,078
 
  
 
274,507
 
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70
(b)
 
  
 
94,315
 
  
 
1,656,172
 
        
 
 
 
        
 
5,538,684
 
        
 
 
 
U
TILITIES
  
 
0.6%
 
     
CMS Energy Corp., 5.875%, due 3/1/79
(b)
 
  
 
99,975
 
  
 
2,496,376
 
Duke Energy Corp., 5.75%, Series A
(b)(g)
 
  
 
71,350
 
  
 
1,740,940
 
NiSource, Inc., 6.50% to 3/15/24, Series B
(b)(g)(h)
 
  
 
40,519
 
  
 
1,011,354
 
Sempra, 5.75%, due 7/1/79
(b)
 
  
 
99,837
 
  
 
2,493,928
 
Southern Co., 4.95%, due 1/30/80, Series 2020
(b)
 
  
 
230,000
 
  
 
5,170,400
 
        
 
 
 
        
 
12,912,998
 
        
 
 
 
T
OTAL
U
NITED
S
TATES
 
     
 
70,474,016
 
        
 
 
 
T
OTAL
P
REFERRED
S
ECURITIES
—E
XCHANGE
-T
RADED
(Identified cost—$81,369,537)
 
     
 
75,774,917
 
        
 
 
 
           
Principal
Amount
        
P
REFERRED
S
ECURITIES
—O
VER
-
THE
-C
OUNTER
  
 
19.3%
 
  
A
USTRALIA
  
 
0.5%
 
  
B
ANKING
  
 
0.2%
 
  
Australia & New Zealand Banking Group Ltd., 6.75% to 6/15/26 (USD)
(b)(d)(g)(h)(i)
 
  
$
4,000,000
 
  
 
4,029,332
 
        
 
 
 
I
NSURANCE
  
 
0.3%
 
  
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (USD)
(h)(j)
 
  
 
1,800,000
 
  
 
1,766,960
 
 
See accompanying notes to financial statements.
 
17

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
    
Value
 
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (USD)
(h)(j)
 
  
$
5,155,000
 
  
$
5,150,854
 
        
 
 
 
        
 
6,917,814
 
        
 
 
 
T
OTAL
A
USTRALIA
 
  
 
10,947,146
 
        
 
 
 
C
ANADA
  
 
2.4%
 
  
B
ANKING
  
 
0.4%
 
  
Bank of Nova Scotia, 4.90% to 6/4/25 (USD)
(b)(g)(h)
 
  
 
1,840,000
 
  
 
1,762,080
 
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (USD)
(b)(h)
 
  
 
3,400,000
 
  
 
3,540,784
 
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (USD)
(b)(h)
 
  
 
3,200,000
 
  
 
3,338,525
 
        
 
 
 
        
 
8,641,389
 
        
 
 
 
P
IPELINES
  
 
1.7%
 
  
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series
20-A(USD)
(b)(h)
 
  
 
5,980,000
 
  
 
5,527,463
 
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series
16-A
(USD)
(b)(h)
 
  
 
4,155,000
 
  
 
3,951,528
 
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (USD)
(b)(h)
 
  
 
5,913,000
 
  
 
5,475,934
 
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (USD)
(b)(h)
 
  
 
3,985,000
 
  
 
3,928,623
 
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (USD)
(b)(h)
 
  
 
1,920,000
 
  
 
1,927,716
 
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (USD)
(b)(h)
 
  
 
2,620,000
 
  
 
2,709,937
 
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (USD)
(b)(h)
 
  
 
2,060,000
 
  
 
2,196,261
 
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (USD)
(b)(h)
 
  
 
5,008,000
 
  
 
4,290,507
 
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (USD)
(b)(h)
 
  
 
2,500,000
 
  
 
2,097,484
 
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series
16-A
(USD)
(b)(e)(h)
 
  
 
6,499,000
 
  
 
6,159,609
 
        
 
 
 
        
 
38,265,062
 
        
 
 
 
U
TILITIES
  
 
0.3%
 
  
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series
16-A
(USD)
(b)(e)(h)
 
  
 
7,268,000
 
  
 
7,144,222
 
        
 
 
 
T
OTAL
C
ANADA
 
     
 
54,050,673
 
        
 
 
 
 
See accompanying notes to financial statements.
 
18

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
    
Value
 
F
INLAND
  
 
0.1%
 
     
B
ANKING
     
Nordea Bank Abp, 6.625% to 3/26/26 (USD)
(b)(d)(g)(h)(i)
 
  
$
1,400,000
 
  
$
1,391,228
 
        
 
 
 
F
RANCE
  
 
1.7%
 
  
B
ANKING
  
 
1.6%
 
  
BNP Paribas SA, 6.625% to 3/25/24 (USD)
(b)(d)(g)(h)(i)
 
  
 
1,660,000
 
  
 
1,653,800
 
BNP Paribas SA, 7.00% to 8/16/28 (USD)
(b)(d)(g)(h)(i)
 
  
 
1,000,000
 
  
 
984,176
 
BNP Paribas SA, 7.375% to 8/19/25 (USD)
(b)(d)(g)(h)(i)
 
  
 
6,200,000
 
  
 
6,224,112
 
BNP Paribas SA, 7.75% to 8/16/29 (USD)
(b)(d)(g)(h)(i)
 
  
 
3,200,000
 
  
 
3,274,464
 
BNP Paribas SA, 9.25% to 11/17/27 (USD)
(b)(d)(g)(h)(i)
 
  
 
5,200,000
 
  
 
5,573,698
 
Credit Agricole SA, 6.875% to 9/23/24 (USD)
(b)(d)(g)(h)(i)
 
  
 
2,600,000
 
  
 
2,589,245
 
Credit Agricole SA, 7.875% to 1/23/24 (USD)
(b)(d)(g)(h)(i)
 
  
 
4,600,000
 
  
 
4,604,664
 
Credit Agricole SA, 8.125% to 12/23/25 (USD)
(b)(d)(g)(h)(i)
 
  
 
3,950,000
 
  
 
4,037,935
 
Societe Generale SA, 6.75% to 4/6/28 (USD)
(b)(d)(g)(h)(i)
 
  
 
3,400,000
 
  
 
3,044,999
 
Societe Generale SA, 8.00% to 9/29/25 (USD)
(b)(d)(g)(h)(i)
 
  
 
2,200,000
 
  
 
2,199,740
 
Societe Generale SA, 9.375% to 11/22/27 (USD)
(b)(d)(g)(h)(i)
 
  
 
2,400,000
 
  
 
2,516,683
 
        
 
 
 
        
 
36,703,516
 
        
 
 
 
I
NSURANCE
  
 
0.1%
 
     
CNP Assurances SACA, 4.875% to 10/7/30 (USD)
(g)(h)(i)(j)
 
  
 
2,200,000
 
  
 
1,731,149
 
        
 
 
 
T
OTAL
F
RANCE
 
     
 
38,434,665
 
        
 
 
 
I
TALY
  
 
0.2%
 
     
B
ANKING
        
Intesa Sanpaolo SpA, 7.70% to 9/17/25 (USD)
(b)(d)(g)(h)(i)
 
  
 
3,900,000
 
  
 
3,841,921
 
        
 
 
 
J
APAN
  
 
0.5%
 
     
I
NSURANCE
        
Dai-ichi
Life Insurance Co. Ltd., 5.10% to 10/28/24 (USD)
(b)(d)(g)(h)
 
  
 
2,000,000
 
  
 
1,985,240
 
Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25 (USD)
(g)(h)(j)
 
  
 
2,800,000
 
  
 
2,754,657
 
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44 (USD)
(b)(d)(h)
 
  
 
5,600,000
 
  
 
5,549,581
 
        
 
 
 
        
 
10,289,478
 
        
 
 
 
N
ETHERLANDS
  
 
0.6%
 
     
B
ANKING
  
 
0.5%
 
     
ING Groep NV, 5.75% to 11/16/26 (USD)
(b)(g)(h)(i)
 
  
 
5,000,000
 
  
 
4,671,844
 
ING Groep NV, 6.50% to 4/16/25 (USD)
(b)(g)(h)(i)
 
  
 
2,600,000
 
  
 
2,536,825
 
ING Groep NV, 6.75% to 4/16/24 (USD)
(g)(h)(i)(j)
 
  
 
2,400,000
 
  
 
2,391,473
 
        
 
 
 
        
 
9,600,142
 
        
 
 
 
 
See accompanying notes to financial statements.
 
19

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
    
Value
 
I
NSURANCE
  
 
0.1%
 
     
Aegon Ltd., 5.50% to 4/11/28, due 4/11/48 (USD)
(b)(h)
 
  
$
2,875,000
 
  
$
2,737,004
 
        
 
 
 
T
OTAL
N
ETHERLANDS
 
     
 
12,337,146
 
        
 
 
 
S
PAIN
  
 
0.2%
 
     
B
ANKING
        
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25,
Series 9 (USD)
(b)(g)(h)(i)
 
  
 
4,800,000
 
  
 
4,723,408
 
        
 
 
 
S
WITZERLAND
  
 
0.8%
 
     
B
ANKING
  
 
0.3%
 
     
Credit Suisse Group AG, 5.25%, Claim (USD)
(c)(d)(g)(i)(k)
 
  
 
1,600,000
 
  
 
176,000
 
Credit Suisse Group AG, 6.375%, Claim (USD)
(c)(d)(g)(i)(k)
 
  
 
2,000,000
 
  
 
220,000
 
Credit Suisse Group AG, 7.50%, Claim (USD)
(c)(d)(g)(i)(k)
 
  
 
600,000
 
  
 
66,000
 
UBS Group AG, 6.875% to 8/7/25 (USD)
(g)(h)(i)(j)
 
  
 
5,400,000
 
  
 
5,323,212
 
        
 
 
 
        
 
5,785,212
 
        
 
 
 
I
NSURANCE
  
 
0.5%
 
     
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52 (USD)
(h)(j)
 
  
 
3,700,000
 
  
 
3,607,940
 
Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48 (USD)
(h)(j)
 
  
 
5,800,000
 
  
 
5,607,150
 
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (USD)
(h)(j)
 
  
 
3,600,000
 
  
 
2,931,300
 
        
 
 
 
        
 
12,146,390
 
        
 
 
 
T
OTAL
S
WITZERLAND
 
     
 
17,931,602
 
        
 
 
 
U
NITED
K
INGDOM
  
 
2.8%
 
     
B
ANKING
  
 
1.7%
 
     
Barclays PLC, 8.00% to 6/15/24 (USD)
(b)(g)(h)(i)
 
  
 
5,000,000
 
  
 
4,978,122
 
Barclays PLC, 8.00% to 3/15/29 (USD)
(b)(g)(h)(i)
 
  
 
4,400,000
 
  
 
4,329,214
 
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2 (USD)
(b)(d)(g)(h)
 
  
 
7,566,000
 
  
 
9,623,332
 
HSBC Holdings PLC, 6.50% to 3/23/28 (USD)
(b)(g)(h)(i)
 
  
 
2,800,000
 
  
 
2,707,714
 
Lloyds Banking Group PLC, 7.50% to 6/27/24 (USD)
(b)(g)(h)(i)
 
  
 
4,534,000
 
  
 
4,494,814
 
Lloyds Banking Group PLC, 7.50% to 9/27/25 (USD)
(b)(g)(h)(i)
 
  
 
3,400,000
 
  
 
3,338,088
 
NatWest Group PLC, 6.00% to 12/29/25 (USD)
(b)(g)(h)(i)
 
  
 
2,000,000
 
  
 
1,938,617
 
NatWest Group PLC, 8.00% to 8/10/25 (USD)
(b)(e)(g)(h)(i)
 
  
 
6,000,000
 
  
 
6,025,530
 
        
 
 
 
        
 
37,435,431
 
        
 
 
 
 
See accompanying notes to financial statements.
 
20

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
   
Value
 
E
NERGY
  
 
0.3%
 
    
BP Capital Markets PLC, 4.375% to 6/22/25 (USD)
(b)(g)(h)
 
  
$
3,000,000
 
 
$
2,934,046
 
BP Capital Markets PLC, 4.875% to 3/22/30 (USD)
(b)(g)(h)
 
  
 
3,550,000
 
 
 
3,382,875
 
       
 
 
 
       
 
6,316,921
 
       
 
 
 
I
NSURANCE
  
 
0.3%
 
    
Beazley Insurance DAC, 5.50%, due 9/10/29 (USD)
(j)
 
  
 
2,600,000
 
 
 
2,359,152
 
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (USD)
(h)(j)
 
  
 
1,300,000
 
 
 
1,116,375
 
Phoenix Group Holdings PLC, 5.625% to 1/29/25 (USD)
(g)(h)(i)(j)
 
  
 
4,400,000
 
 
 
4,202,000
 
       
 
 
 
       
 
7,677,527
 
       
 
 
 
T
ELECOMMUNICATIONS
  
 
0.5%
 
    
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (USD)
(b)(h)
 
  
 
2,090,000
 
 
 
1,802,115
 
Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (USD)
(h)(j)
 
  
 
4,235,000
 
 
 
4,224,158
 
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (USD)
(b)(h)
 
  
 
4,500,000
 
 
 
4,650,768
 
       
 
 
 
       
 
10,677,041
 
       
 
 
 
T
OTAL
U
NITED
K
INGDOM
 
    
 
62,106,920
 
       
 
 
 
U
NITED
S
TATES
  
 
9.5%
 
    
B
ANKING
  
 
6.0%
 
    
AgriBank FCB, 6.875% to 1/1/24
(b)(g)(h)
 
  
 
37,000
† 
 
 
3,786,950
 
Bank of America Corp., 5.875% to 3/15/28, Series FF
(b)(g)(h)
 
  
 
2,682,000
 
 
 
2,570,995
 
Bank of America Corp., 6.10% to 3/17/25, Series AA
(b)(g)(h)
 
  
 
7,429,000
 
 
 
7,377,056
 
Bank of America Corp., 6.25% to 9/5/24, Series X
(b)
(g)(h)
 
  
 
7,423,000
 
 
 
7,373,187
 
Bank of America Corp., 6.30% to 3/10/26, Series DD
(b)(g)(h)
 
  
 
6,000,000
 
 
 
6,045,012
 
Bank of America Corp., 6.50% to 10/23/24, Series Z
(b)(g)(h)
 
  
 
6,806,000
 
 
 
6,790,030
 
Bank of New York Mellon Corp., 4.625% to 9/20/26, Series F
(b)(g)(h)
 
  
 
3,500,000
 
 
 
3,341,348
 
Charles Schwab Corp., 4.00% to 6/1/26, Series I
(b)(e)(g)(h)
 
  
 
6,983,000
 
 
 
6,164,098
 
Charles Schwab Corp., 5.375% to 6/1/25, Series G
(b)(g)(h)
 
  
 
2,936,000
 
 
 
2,902,587
 
Citigroup, Inc., 3.875% to 2/18/26, Series X
(b)(g)(h)
 
  
 
3,250,000
 
 
 
2,885,429
 
Citigroup, Inc., 4.15% to 11/15/26, Series Y
(b)(g)(h)
 
  
 
2,310,000
 
 
 
1,988,301
 
Citigroup, Inc., 5.00% to 9/12/24, Series U
(b)(g)(h)
 
  
 
4,704,000
 
 
 
4,577,912
 
Citigroup, Inc., 5.95% to 5/15/25, Series P
(b)(e)(g)(h)
 
  
 
6,000,000
 
 
 
5,880,345
 
Citigroup, Inc., 6.25% to 8/15/26, Series T
(b)(e)(g)(h)
 
  
 
7,850,000
 
 
 
7,767,555
 
 
See accompanying notes to financial statements.
 
21

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
   
Value
 
Citizens Financial Group, Inc., 5.65% to 10/6/25,
Series F
(b)(g)(h)
 
  
$
2,000,000
 
 
$
1,902,335
 
CoBank ACB, 6.25% to 10/1/26, Series I
(g)(h)
 
  
 
2,866,000
 
 
 
2,765,600
 
Dresdner Funding Trust I, 8.151%, due 6/30/31 (TruPS)
(b)(d)
 
  
 
2,500,000
 
 
 
2,771,875
 
Farm Credit Bank of Texas, 9.656% (3 Month USD Term SOFR + 4.01%)
(b)(d)(g)(l)
 
  
 
35,300
† 
 
 
3,525,587
 
First Horizon Bank, 6.518% (3 Month USD Term SOFR + 1.11%, Floor 3.75%)
(b)(d)(g)(l)
 
  
 
1,806
† 
 
 
1,121,978
 
Goldman Sachs Group, Inc., 3.65% to 8/10/26,
Series U
(b)(g)(h)
 
  
 
4,170,000
 
 
 
3,708,253
 
Goldman Sachs Group, Inc., 4.125% to 11/10/26,
Series V
(b)(g)(h)
 
  
 
1,000,000
 
 
 
891,801
 
Goldman Sachs Group, Inc., 5.30% to 11/10/26,
Series O
(b)(g)(h)
 
  
 
1,645,000
 
 
 
1,610,880
 
Goldman Sachs Group, Inc., 5.50% to 8/10/24,
Series Q
(b)(g)(h)
 
  
 
1,000,000
 
 
 
989,775
 
Huntington Bancshares, Inc., 4.45% to 10/15/27,
Series G
(b)(g)(h)
 
  
 
1,000,000
 
 
 
879,487
 
Huntington Bancshares, Inc., 5.625% to 7/15/30,
Series F
(b)(g)(h)
 
  
 
894,000
 
 
 
811,614
 
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FFF
(b)(g)(h)
 
  
 
1,043,000
 
 
 
1,024,634
 
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X
(b)(g)(h)
 
  
 
2,500,000
 
 
 
2,487,845
 
JPMorgan Chase & Co., 6.125% to 4/30/24,
Series U
(b)(g)(h)
 
  
 
1,436,000
 
 
 
1,426,798
 
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S
(b)(g)(h)
 
  
 
8,790,000
 
 
 
8,777,681
 
PNC Financial Services Group, Inc., 6.20% to 9/15/27,
Series V
(b)
(g)(h)
 
  
 
4,450,000
 
 
 
4,337,584
 
Truist Financial Corp., 5.10% to 3/1/30, Series Q
(b)(g)(h)
 
  
 
2,109,000
 
 
 
1,921,731
 
Truist Financial Corp., 5.125% to 12/15/27, Series M
(b)(g)(h)
 
  
 
500,000
 
 
 
422,602
 
U.S. Bancorp, 5.30% to 4/15/27, Series J
(b)(g)(h)
 
  
 
1,500,000
 
 
 
1,349,295
 
Wells Fargo & Co., 3.90% to 3/15/26, Series BB
(b)(g)(h)
 
  
 
7,400,000
 
 
 
6,841,904
 
Wells Fargo & Co., 5.875% to 6/15/25, Series U
(b)(g)(h)
 
  
 
7,521,000
 
 
 
7,461,407
 
Wells Fargo & Co., 5.95%, due 12/15/36
(b)
 
  
 
2,830,000
 
 
 
2,874,291
 
Wells Fargo & Co., 7.625% to 9/15/28
(b)(g)(h)
 
  
 
2,390,000
 
 
 
2,513,828
 
       
 
 
 
       
 
131,869,590
 
       
 
 
 
F
INANCIAL
S
ERVICES
  
 
0.3%
 
    
Discover Financial Services, 6.125% to 6/23/25,
Series D
(b)(g)(h)
 
  
 
7,200,000
 
 
 
6,974,780
 
       
 
 
 
 
See accompanying notes to financial statements.
 
22

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
    
Value
 
I
NSURANCE
  
 
1.7%
 
     
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48
(b)(h)
 
  
$
3,200,000
 
  
$
3,232,055
 
Corebridge Financial, Inc., 6.875% to 9/15/27, due
12/15/52
(b)(h)
 
  
 
7,170,000
 
  
 
7,155,363
 
Liberty Mutual Group, Inc., 7.80%, due 3/15/37
(b)(d)
 
  
 
1,680,000
 
  
 
1,685,335
 
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)
(b)(d)(e)
 
  
 
5,850,000
 
  
 
6,297,978
 
MetLife, Inc., 9.25%, due 4/8/38
(b)(d)
 
  
 
6,500,000
 
  
 
7,308,668
 
MetLife, Inc., 10.75%, due 8/1/39
(b)
 
  
 
1,000,000
 
  
 
1,339,758
 
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52
(b)(h)
 
  
 
1,600,000
 
  
 
1,507,593
 
Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44
(b)(e)(h)
 
  
 
3,000,000
 
  
 
2,989,755
 
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52
(b)(h)
 
  
 
4,500,000
 
  
 
4,489,584
 
Voya Financial, Inc., 7.748% to 9/15/28, Series A
(b)(g)(h)
 
  
 
1,310,000
 
  
 
1,360,435
 
        
 
 
 
        
 
37,366,524
 
        
 
 
 
P
IPELINES
  
 
0.1%
 
     
Energy Transfer LP, 7.125% to 5/15/30, Series G
(b)(g)(h)
 
  
 
1,857,000
 
  
 
1,715,828
 
        
 
 
 
U
TILITIES
  
 
1.4%
 
     
American Electric Power Co., Inc., 3.875% to 11/15/26,
due 2/15/62
(b)(h)
 
  
 
4,200,000
 
  
 
3,545,963
 
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50
(b)(h)
 
  
 
1,125,000
 
  
 
1,018,750
 
Dominion Energy, Inc., 4.35% to 1/15/27, Series C
(b)(g)(h)
 
  
 
8,000,000
 
  
 
7,133,723
 
Duke Energy Corp., 4.875% to 9/16/24
(b)(g)(h)
 
  
 
2,805,000
 
  
 
2,768,775
 
National Rural Utilities Cooperative Finance Corp., 7.125% to 6/15/28, due 9/15/53
(b)(h)
 
  
 
2,240,000
 
  
 
2,314,305
 
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29,
due 5/1/79
(b)(h)
 
  
 
3,438,000
 
  
 
3,243,239
 
Sempra, 4.125% to 1/1/27, due 4/1/52
(b)(h)
 
  
 
2,500,000
 
  
 
2,157,922
 
Sempra, 4.875% to 10/15/25
(b)(g)(h)
 
  
 
5,780,000
 
  
 
5,668,808
 
Southern Co., 4.00% to 10/15/25, due 1/15/51,
Series B
(b)(h)
 
  
 
3,000,000
 
  
 
2,858,124
 
        
 
 
 
        
 
30,709,609
 
        
 
 
 
T
OTAL
U
NITED
S
TATES
 
     
 
208,636,331
 
        
 
 
 
T
OTAL
P
REFERRED
S
ECURITIES
—O
VER
-
THE
-C
OUNTER

(Identified cost—$428,578,009)
 
     
 
424,690,518
 
        
 
 
 
 
See accompanying notes to financial statements.
 
23

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
           
Principal
Amount
    
Value
 
C
ORPORATE
B
ONDS
  
 
0.6%
 
  
I
TALY
  
 
0.0%
 
     
U
TILITIES
        
Enel Finance America LLC, 7.10%, due 10/14/27 (USD)
(b)(d)(e)
 
  
$
600,000
 
  
$
640,685
 
Enel Finance International NV, 7.50%, due 10/14/32 (USD)
(b)(d)
 
  
 
400,000
 
  
 
456,955
 
        
 
 
 
        
 
1,097,640
 
        
 
 
 
U
NITED
S
TATES
  
 
0.6%
 
  
R
EAL
E
STATE
  
 
0.2%
 
  
Spirit Realty LP, 3.40%, due 1/15/30(b)
     
 
3,060,000
 
  
 
2,789,391
 
VICI Properties LP/VICI Note Co., Inc., 5.75%,
due 2/1/27
(b)(d)(e)
 
  
 
1,700,000
 
  
 
1,706,345
 
        
 
 
 
        
 
4,495,736
 
        
 
 
 
U
TILITIES
  
 
0.4%
 
     
American Electric Power Co., Inc., 5.75%, due 11/1/27
(b)
 
  
 
1,015,000
 
  
 
1,050,300
 
Southern California Edison Co., 5.85%, due 11/1/27
(b)(e)
 
  
 
1,000,000
 
  
 
1,044,928
 
Southern Co., 5.113%, due 8/1/27
(b)(e)
 
  
 
6,000,000
 
  
 
6,085,746
 
        
 
 
 
        
 
8,180,974
 
        
 
 
 
T
OTAL
U
NITED
S
TATES
 
     
 
12,676,710
 
        
 
 
 
T
OTAL
C
ORPORATE
B
ONDS

(Identified cost—$13,435,474)
 
     
 
13,774,350
 
        
 
 
 
           
Shares
        
W
ARRANTS
  
 
0.0%
 
  
U
NITED
S
TATES
  
 
0.0%
 
  
Net Power, Inc., strike price $11.50, expires 3/12/26
(b)(c)
 
  
 
182,834
 
  
 
402,235
 
        
 
 
 
T
OTAL
W
ARRANTS

(Identified cost—$621,636)
 
     
 
402,235
 
        
 
 
 
S
HORT
-T
ERM
I
NVESTMENTS
  
 
0.5%
 
     
M
ONEY
M
ARKET
F
UNDS
        
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.31%
(m)
 
  
 
6,237,252
 
  
 
6,237,252
 
 
See accompanying notes to financial statements.
 
24

C
OHEN
& S
TEERS
I
NFRASTRUCTURE
F
UND
, I
NC
.
 
SCHEDULE OF INVESTMENTS—(Continued)
December 31, 2023
 
          
Shares
    
Value
 
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.32%
(m)
 
 
 
5,231,000
 
  
$
5,231,000
 
       
 
 
 
T
OTAL
S
HORT
-T
ERM
I
NVESTMENTS

(Identified cost—$11,468,252)
 
    
 
11,468,252
 
       
 
 
 
T
OTAL
I
NVESTMENTS
I
N
S
ECURITIES

(Identified cost—$2,707,313,360)
  
 
142.2%
 
    
 
3,134,886,430
 
W
RITTEN
O
PTION
C