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, 30th Floor, New York, New York 10036
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th 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: June 30, 2024
Item 1. Reports to Stockholders.
(a)
COHEN & STEERS INFRASTRUCTURE FUND, INC.
To Our Shareholders:
We would like to share with you our report for the six months ended June 30, 2024. The total returns for Cohen & Steers Infrastructure Fund, Inc. (the Fund) and its comparative benchmarks were:
|
|
|
|
|
| |
|
Six Months Ended
June 30, 2024 |
|
| Cohen & Steers Infrastructure Fund at Net Asset Value(a) |
|
|
3.09 |
% |
| Cohen & Steers Infrastructure Fund at Market Value(a) |
|
|
10.26 |
% |
| Blended Benchmark—80% FTSE Global Core Infrastructure 50/50 Net Tax Index / 20% ICE BofA Fixed Rate Preferred Securities Index(b) |
|
|
2.75 |
% |
| S&P 500 Index(b) |
|
|
15.29 |
% |
| MSCI World Index—net(b) |
|
|
11.75 |
% |
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. The MSCI World Index—net is a free-float-adjusted index that measures performance of large- and mid-capitalization companies representing developed market countries and is net of dividend withholding taxes. |
1
COHEN & STEERS INFRASTRUCTURE FUND, INC.
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 rose in the six months ending June 30, 2024 but underperformed the broader global equity market. Global equities recorded strong gains in the period, led by robust performance in the U.S., with several key indexes reaching record highs. The rapidly expanding growth of artificial intelligence (AI) applications provided a significant tailwind for select sectors. Generally healthy corporate earnings and encouraging macroeconomic data aided stocks. However, sticky inflation and the persistence of elevated interest rates weighed on certain sectors.
Fund Performance
The Fund had a positive total return in the period and outperformed its benchmark on both a market price and net asset value basis.
Marine ports were the top‑performing sector in the asset class for the period, benefiting from strong cargo volumes. Port operators focused on India notably outperformed, while several China-based companies struggled amid an uncertain economic outlook in the country. The Fund’s underweight allocation in marine ports detracted from relative performance.
Midstream energy posted strong returns supported by healthy earnings reports, share repurchases and dividends and expectations for increased natural gas demand. An overweight allocation in the sector contributed to relative performance.
Electric utilities and gas distribution companies rose on investor excitement around the potential for certain utilities to benefit from the increased electricity demand from data centers. The Fund’s security selection in electric utilities and gas distribution companies contributed to relative performance. Among electrics, contributors included an overweight position and an out‑of‑index investment in a pair of Indian companies that climbed materially on expectations for continued strong power demand in the country. Within gas distribution, stocks contributing to relative performance included an overweight in China-focused ENN Energy Holdings, which benefited from strong gas volumes and expectations of new connections to residential properties.
Among passenger transportation–related sectors, airports outperformed as post-pandemic passenger volumes continued to recover. However, the Fund’s security selection in airports hindered
2
COHEN & STEERS INFRASTRUCTURE FUND, INC.
relative performance, as an out‑of‑index investment in Japan Airport Terminal declined due to disappointing inbound international travel volumes and cost pressures. Elevated interest rates impeded the performance of toll roads, and the Fund’s security selection in the sector hindered relative returns, partly due to an overweight investment in Cia de Concessoes Rodoviaria, which declined amid macroeconomic concerns in Brazil.
Railways lagged as investors assessed how slowing growth might weigh on future earnings. The Fund’s underweight allocation in railways positively contributed to relative performance.
Water utilities struggled amid regulatory issues in the U.K. and U.S., and on higher bond yields, and the portfolio’s underweight in the sector aided relative performance. However, the positive effect of the underweight in water was partially offset by adverse security selection in the sector. Communications were the worst-performing sector, on concern about leasing activity and the persistence of high interest rates. The Fund’s security selection in the sector aided relative performance.
Preferred securities were the top‑performing fixed income category in the period. Interest rates rose and expectations on the magnitude of central bank rate cuts were reduced, which pressured U.S. Treasuries and intermediate- and longer-term investment-grade bonds. However, preferreds benefited from high yields and a narrowing of credit spreads. Preferreds also outperformed high-yield bonds, which had positive, though smaller, gains. The timing of the Fund’s allocations to preferred securities detracted from relative performance, but was partially offset by favorable security selection within preferreds.
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), contributed to the Fund’s performance for the six months ended June 30, 2024.
Impact of Foreign Currency on Fund Performance
The currency impact of the Fund’s investments in foreign securities detracted from 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, the U.S. dollar appreciated against other currencies. Consequently, changes in the exchange rates between foreign currencies and the U.S. dollar were a headwind 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 did not have a material impact on the Fund’s total return for the six months ended June 30, 2024.
In connection with its use of leverage, the Fund pays interest on a portion of 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 six months ended June 30, 2024.
3
COHEN & STEERS INFRASTRUCTURE FUND, INC.
Sincerely,
|
|
|
| |
|
|
|
|
| BEN MORTON |
|
ELAINE ZAHARIS-NIKAS |
| Portfolio Manager |
|
Portfolio Manager |
|
|
|
| |
|
|
|
|
| TYLER S. ROSENLICHT |
|
THUY QUYNH DANG |
| Portfolio Manager |
|
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.
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.
4
COHEN & STEERS INFRASTRUCTURE FUND, INC.
Performance Review (Unaudited)
Average Annual Total Returns—For Periods Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1 Year |
|
|
5 Years |
|
|
10 Years |
|
|
Since Inception(a) |
|
| Fund at NAV |
|
|
5.57 |
% |
|
|
4.55 |
% |
|
|
6.12 |
% |
|
|
9.21 |
% |
| Fund at Market Value |
|
|
3.58 |
% |
|
|
4.89 |
% |
|
|
7.36 |
% |
|
|
8.93 |
% |
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 table does not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
| (a) |
Commencement of investment operations was March 30, 2004. |
5
COHEN & STEERS INFRASTRUCTURE FUND, INC.
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 June 30, 2024, 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 |
|
6.0% |
| % Fixed Rate Financing(c) |
|
85% |
| Weighted Average Rate on Fixed Financing |
|
1.6% |
| Weighted Average Term on Fixed Financing |
|
2.0 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 June 30, 2024. 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. |
6
COHEN & STEERS INFRASTRUCTURE FUND, INC.
June 30, 2024
Top Ten Holdings(a)
(Unaudited)
|
|
|
|
|
|
|
|
|
| Security |
|
Value |
|
|
% of
Managed
Assets |
|
|
|
|
| NextEra Energy, Inc. |
|
$ |
127,343,571 |
|
|
|
4.1 |
|
| Southern Co. |
|
|
121,931,740 |
|
|
|
3.9 |
|
| American Tower Corp. |
|
|
121,026,820 |
|
|
|
3.9 |
|
| NiSource, Inc. |
|
|
99,413,428 |
|
|
|
3.2 |
|
| TC Energy Corp. (Canada) |
|
|
98,644,578 |
|
|
|
3.1 |
|
| PPL Corp. |
|
|
98,622,407 |
|
|
|
3.1 |
|
| Transurban Group (Australia) |
|
|
86,326,765 |
|
|
|
2.8 |
|
| National Grid PLC (United Kingdom) |
|
|
84,732,599 |
|
|
|
2.7 |
|
| Dominion Energy, Inc. |
|
|
83,006,735 |
|
|
|
2.6 |
|
| Duke Energy Corp. |
|
|
73,883,342 |
|
|
|
2.4 |
|
| (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)
| (b) |
Excludes derivative instruments. |
7
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
Value |
|
| COMMON STOCK |
|
|
115.5% |
|
|
|
|
|
|
|
|
|
| AUSTRALIA |
|
|
7.8% |
|
|
|
|
|
|
|
|
|
| RAILWAYS |
|
|
1.0% |
|
|
|
|
|
|
|
|
|
| Aurizon Holdings Ltd.(a) |
|
|
|
8,589,984 |
|
|
$ |
20,915,876 |
|
|
|
|
|
|
|
|
|
|
|
| TOLL ROADS |
|
|
6.8% |
|
|
|
|
|
|
|
|
|
| Atlas Arteria Ltd.(a)(b) |
|
|
|
18,295,481 |
|
|
|
62,367,102 |
|
| Transurban Group(a)(b) |
|
|
|
10,435,973 |
|
|
|
86,326,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148,693,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL AUSTRALIA |
|
|
|
|
|
|
|
169,609,743 |
|
|
|
|
|
|
|
|
|
|
|
| BRAZIL |
|
|
2.0% |
|
|
|
|
|
|
|
|
|
| MARINE PORTS |
|
|
1.0% |
|
|
|
|
|
|
|
|
|
| Santos Brasil Participacoes SA(a) |
|
|
|
9,408,003 |
|
|
|
22,972,620 |
|
|
|
|
|
|
|
|
|
|
|
| TOLL ROADS |
|
|
1.0% |
|
|
|
|
|
|
|
|
|
| CCR SA(a) |
|
|
|
10,300,010 |
|
|
|
21,447,222 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL BRAZIL |
|
|
|
|
|
|
|
44,419,842 |
|
|
|
|
|
|
|
|
|
|
|
| CANADA |
|
|
10.8% |
|
|
|
|
|
|
|
|
|
| DIVERSIFIED |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| Tidewater Renewables Ltd.(c) |
|
|
|
789,442 |
|
|
|
4,264,447 |
|
|
|
|
|
|
|
|
|
|
|
| GAS DISTRIBUTION |
|
|
0.9% |
|
|
|
|
|
|
|
|
|
| AltaGas Ltd. |
|
|
|
888,181 |
|
|
|
20,067,742 |
|
|
|
|
|
|
|
|
|
|
|
| MIDSTREAM |
|
|
9.1% |
|
|
|
|
|
|
|
|
|
| Enbridge, Inc. |
|
|
|
1,843,322 |
|
|
|
65,578,365 |
|
| Keyera Corp. |
|
|
|
748,046 |
|
|
|
20,718,148 |
|
| Pembina Pipeline Corp. |
|
|
|
327,150 |
|
|
|
12,138,543 |
|
| TC Energy Corp. |
|
|
|
2,602,212 |
|
|
|
98,644,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
197,079,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RAILWAYS |
|
|
0.6% |
|
|
|
|
|
|
|
|
|
| Canadian National Railway Co. |
|
|
|
113,718 |
|
|
|
13,437,851 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CANADA |
|
|
|
|
|
|
|
234,849,674 |
|
|
|
|
|
|
|
|
|
|
|
| CHINA |
|
|
1.8% |
|
|
|
|
|
|
|
|
|
| GAS DISTRIBUTION |
|
|
1.3% |
|
|
|
|
|
|
|
|
|
| ENN Energy Holdings Ltd., (H Shares)(a) |
|
|
|
3,372,121 |
|
|
|
27,787,757 |
|
|
|
|
|
|
|
|
|
|
|
| MARINE PORTS |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| China Merchants Port Holdings Co. Ltd., (H Shares)(a) |
|
|
|
7,242,000 |
|
|
|
10,776,220 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CHINA |
|
|
|
|
|
|
|
38,563,977 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
8
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
Value |
|
| FRANCE |
|
|
1.3% |
|
|
|
|
|
|
|
|
|
| ELECTRIC |
|
|
|
|
|
|
|
|
|
|
|
|
| Engie SA(a) |
|
|
|
1,971,863 |
|
|
$ |
28,160,421 |
|
|
|
|
|
|
|
|
|
|
|
| GREECE |
|
|
0.4% |
|
|
|
|
|
|
|
|
|
| AIRPORT |
|
|
|
|
|
|
|
|
|
|
|
|
| Athens International Airport SA |
|
|
|
1,058,181 |
|
|
|
8,896,087 |
|
|
|
|
|
|
|
|
|
|
|
| HONG KONG |
|
|
2.7% |
|
|
|
|
|
|
|
|
|
| ELECTRIC |
|
|
|
|
|
|
|
|
|
|
|
|
| CLP Holdings Ltd. |
|
|
|
1,568,500 |
|
|
|
12,674,058 |
|
| Power Assets Holdings Ltd.(a) |
|
|
|
8,487,000 |
|
|
|
45,917,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,592,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDIA |
|
|
3.3% |
|
|
|
|
|
|
|
|
|
| ELECTRIC |
|
|
|
|
|
|
|
|
|
|
|
|
| NTPC Ltd. |
|
|
|
3,829,856 |
|
|
|
17,429,835 |
|
| Power Grid Corp. of India Ltd. |
|
|
|
13,661,786 |
|
|
|
54,278,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,708,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ITALY |
|
|
1.2% |
|
|
|
|
|
|
|
|
|
| GAS DISTRIBUTION |
|
|
|
|
|
|
|
|
|
|
|
|
| Snam SpA |
|
|
|
5,816,041 |
|
|
|
25,730,726 |
|
|
|
|
|
|
|
|
|
|
|
| JAPAN |
|
|
2.5% |
|
|
|
|
|
|
|
|
|
| AIRPORT |
|
|
0.7% |
|
|
|
|
|
|
|
|
|
| Japan Airport Terminal Co. Ltd.(a) |
|
|
|
492,900 |
|
|
|
16,809,884 |
|
|
|
|
|
|
|
|
|
|
|
| ELECTRIC |
|
|
0.4% |
|
|
|
|
|
|
|
|
|
| Kansai Electric Power Co., Inc.(a) |
|
|
|
517,700 |
|
|
|
8,694,297 |
|
|
|
|
|
|
|
|
|
|
|
| GAS DISTRIBUTION |
|
|
1.4% |
|
|
|
|
|
|
|
|
|
| Osaka Gas Co. Ltd.(a) |
|
|
|
424,300 |
|
|
|
9,343,619 |
|
| Tokyo Gas Co. Ltd.(a) |
|
|
|
967,600 |
|
|
|
20,778,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,122,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL JAPAN |
|
|
|
|
|
|
|
55,626,332 |
|
|
|
|
|
|
|
|
|
|
|
| LUXEMBOURG |
|
|
1.0% |
|
|
|
|
|
|
|
|
|
| COMMUNICATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
| SES SA |
|
|
|
4,242,439 |
|
|
|
21,608,610 |
|
|
|
|
|
|
|
|
|
|
|
| MALAYSIA |
|
|
0.6% |
|
|
|
|
|
|
|
|
|
| MARINE PORTS |
|
|
|
|
|
|
|
|
|
|
|
|
| Westports Holdings Bhd. |
|
|
|
15,775,000 |
|
|
|
13,944,197 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
9
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
Value |
|
| MEXICO |
|
|
3.0% |
|
|
|
|
|
|
|
|
|
| AIRPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
| Grupo Aeroportuario del Centro Norte SAB de CV(a) |
|
|
|
1,523,926 |
|
|
$ |
12,931,922 |
|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B(a) |
|
|
|
3,394,388 |
|
|
|
53,345,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,277,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NETHERLANDS |
|
|
0.9% |
|
|
|
|
|
|
|
|
|
| MARINE PORTS |
|
|
|
|
|
|
|
|
|
|
|
|
| Koninklijke Vopak NV |
|
|
|
459,751 |
|
|
|
19,084,282 |
|
|
|
|
|
|
|
|
|
|
|
| NEW ZEALAND |
|
|
1.4% |
|
|
|
|
|
|
|
|
|
| AIRPORT |
|
|
|
|
|
|
|
|
|
|
|
|
| Auckland International Airport Ltd.(a) |
|
|
|
6,665,359 |
|
|
|
30,976,801 |
|
|
|
|
|
|
|
|
|
|
|
| PHILIPPINES |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| MARINE PORTS |
|
|
|
|
|
|
|
|
|
|
|
|
| International Container Terminal Services, Inc. |
|
|
|
1,795,530 |
|
|
|
10,716,381 |
|
|
|
|
|
|
|
|
|
|
|
| SPAIN |
|
|
2.2% |
|
|
|
|
|
|
|
|
|
| AIRPORT |
|
|
|
|
|
|
|
|
|
|
|
|
| Aena SME SA(a)(d) |
|
|
|
234,282 |
|
|
|
47,170,031 |
|
|
|
|
|
|
|
|
|
|
|
| THAILAND |
|
|
1.3% |
|
|
|
|
|
|
|
|
|
| AIRPORT |
|
|
|
|
|
|
|
|
|
|
|
|
| Airports of Thailand PCL |
|
|
|
18,795,100 |
|
|
|
29,193,288 |
|
|
|
|
|
|
|
|
|
|
|
| UNITED KINGDOM |
|
|
4.4% |
|
|
|
|
|
|
|
|
|
| ELECTRIC |
|
|
3.9% |
|
|
|
|
|
|
|
|
|
| National Grid PLC |
|
|
|
7,594,608 |
|
|
|
84,732,599 |
|
|
|
|
|
|
|
|
|
|
|
| WATER |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| Pennon Group PLC |
|
|
|
1,667,274 |
|
|
|
12,087,087 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UNITED KINGDOM |
|
|
|
|
|
|
|
96,819,686 |
|
|
|
|
|
|
|
|
|
|
|
| UNITED STATES |
|
|
66.4% |
|
|
|
|
|
|
|
|
|
| COMMUNICATIONS |
|
|
8.8% |
|
|
|
|
|
|
|
|
|
| American Tower Corp.(e) |
|
|
|
622,630 |
|
|
|
121,026,820 |
|
| Crown Castle, Inc.(a)(f) |
|
|
|
721,549 |
|
|
|
70,495,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
191,522,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DIVERSIFIED |
|
|
0.0% |
|
|
|
|
|
|
|
|
|
| Benson Hill, Inc.(c) |
|
|
|
962,500 |
|
|
|
146,685 |
|
| Stem, Inc.(a)(c)(f) |
|
|
|
637,750 |
|
|
|
707,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
854,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
10
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
Value |
|
| ELECTRIC |
|
|
35.2% |
|
|
|
|
|
|
|
|
|
| Alliant Energy Corp.(a)(f) |
|
|
|
945,688 |
|
|
$ |
48,135,519 |
|
| CenterPoint Energy, Inc.(a)(f) |
|
|
|
1,083,896 |
|
|
|
33,579,098 |
|
| Consolidated Edison, Inc.(a) |
|
|
|
228,427 |
|
|
|
20,425,942 |
|
| Dominion Energy, Inc.(a)(f) |
|
|
|
1,694,015 |
|
|
|
83,006,735 |
|
| Duke Energy Corp.(a)(f) |
|
|
|
737,138 |
|
|
|
73,883,342 |
|
| Edison International(a) |
|
|
|
473,641 |
|
|
|
34,012,160 |
|
| Entergy Corp.(a)(f) |
|
|
|
314,937 |
|
|
|
33,698,259 |
|
| Evergy, Inc.(a) |
|
|
|
474,479 |
|
|
|
25,133,153 |
|
| Net Power, Inc.(a)(c)(f) |
|
|
|
731,336 |
|
|
|
7,189,033 |
|
| NextEra Energy, Inc.(a)(f) |
|
|
|
1,798,384 |
|
|
|
127,343,571 |
|
| PPL Corp.(a)(f) |
|
|
|
3,566,814 |
|
|
|
98,622,407 |
|
| Public Service Enterprise Group, Inc.(a)(f) |
|
|
|
828,787 |
|
|
|
61,081,602 |
|
| Southern Co.(a) |
|
|
|
1,571,893 |
|
|
|
121,931,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
768,042,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAS DISTRIBUTION |
|
|
7.4% |
|
|
|
|
|
|
|
|
|
| NiSource, Inc.(a) |
|
|
|
3,450,657 |
|
|
|
99,413,428 |
|
| Sempra(a)(f) |
|
|
|
827,532 |
|
|
|
62,942,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,355,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MIDSTREAM |
|
|
10.1% |
|
|
|
|
|
|
|
|
|
| Cheniere Energy, Inc.(a) |
|
|
|
272,650 |
|
|
|
47,667,399 |
|
| DT Midstream, Inc.(a) |
|
|
|
185,842 |
|
|
|
13,200,357 |
|
| Energy Transfer LP(a)(f) |
|
|
|
1,606,191 |
|
|
|
26,052,418 |
|
| Hess Midstream LP, Class A(a)(f) |
|
|
|
278,347 |
|
|
|
10,142,965 |
|
| Kinder Morgan, Inc.(a) |
|
|
|
1,374,354 |
|
|
|
27,308,414 |
|
| Kinetik Holdings, Inc.(a)(e) |
|
|
|
634,229 |
|
|
|
26,282,450 |
|
| MPLX LP(a)(f) |
|
|
|
514,959 |
|
|
|
21,932,104 |
|
| ONEOK, Inc.(a)(f) |
|
|
|
315,143 |
|
|
|
25,699,912 |
|
| Plains All American Pipeline LP(a) |
|
|
|
1,264,432 |
|
|
|
22,582,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220,868,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RAILWAYS |
|
|
4.9% |
|
|
|
|
|
|
|
|
|
| Norfolk Southern Corp.(a)(e)(f) |
|
|
|
255,551 |
|
|
|
54,864,244 |
|
| Union Pacific Corp.(a) |
|
|
|
228,641 |
|
|
|
51,732,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106,596,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UNITED STATES |
|
|
|
|
|
|
|
1,450,240,148 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCK
(Identified cost—$2,134,888,658) |
|
|
|
|
|
|
|
2,522,187,948 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
11
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
Value |
|
| PREFERRED SECURITIES—EXCHANGE-TRADED |
|
|
3.9% |
|
|
|
|
|
|
|
|
|
| BERMUDA |
|
|
0.0% |
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
|
|
|
|
|
|
|
|
|
|
| RenaissanceRe Holdings Ltd., 5.75%, Series F(a)(g) |
|
|
|
7,000 |
|
|
$ |
161,700 |
|
|
|
|
|
|
|
|
|
|
|
| CANADA |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| Algonquin Power & Utilities Corp., 6.20% to 10/1/24, due 7/1/79, Series 19‑A(a)(h) |
|
|
|
89,073 |
|
|
|
2,242,858 |
|
| Brookfield BRP Holdings Canada, Inc., 4.625%(a)(g) |
|
|
|
100,000 |
|
|
|
1,549,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,791,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NETHERLANDS |
|
|
0.0% |
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
|
|
|
|
|
|
|
|
|
|
| AEGON Funding Co. LLC, 5.10%, due 12/15/49(a) |
|
|
|
65,287 |
|
|
|
1,356,011 |
|
|
|
|
|
|
|
|
|
|
|
| UNITED STATES |
|
|
3.7% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
1.1% |
|
|
|
|
|
|
|
|
|
| Bank of America Corp., 5.375%, Series KK(a)(g) |
|
|
|
61,831 |
|
|
|
1,435,097 |
|
| Bank of America Corp., 6.00%, Series GG(a)(f)(g) |
|
|
|
184,373 |
|
|
|
4,601,950 |
|
| JPMorgan Chase & Co., 5.75%, Series DD(a)(g) |
|
|
|
159,744 |
|
|
|
3,977,626 |
|
| Morgan Stanley, 6.375%, Series I(a)(g) |
|
|
|
118,969 |
|
|
|
2,980,173 |
|
| Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(g)(h) |
|
|
|
81,114 |
|
|
|
1,861,566 |
|
| Wells Fargo & Co., 4.375%, Series CC(a)(g) |
|
|
|
58,968 |
|
|
|
1,135,724 |
|
| Wells Fargo & Co., 4.70%, Series AA(a)(g) |
|
|
|
142,405 |
|
|
|
2,892,246 |
|
| Wells Fargo & Co., 4.75%, Series Z(a)(g) |
|
|
|
206,575 |
|
|
|
4,216,196 |
|
| Wells Fargo & Co., 5.625%, Series Y(a)(g) |
|
|
|
65,803 |
|
|
|
1,543,738 |
|
| Wells Fargo & Co., 7.50%, Series L (Convertible)(g) |
|
|
|
172 |
|
|
|
204,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,848,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY PRODUCTS |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| Ford Motor Co., Senior Debt, 6.50%, due 8/15/62(a) |
|
|
|
144,325 |
|
|
|
3,608,125 |
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER STAPLE PRODUCTS |
|
|
0.3% |
|
|
|
|
|
|
|
|
|
| CHS, Inc., 6.75%, Series 3(a)(g) |
|
|
|
137,935 |
|
|
|
3,460,789 |
|
| CHS, Inc., 7.10%, Series 2(a)(g) |
|
|
|
135,283 |
|
|
|
3,483,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,944,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIAL SERVICES |
|
|
0.3% |
|
|
|
|
|
|
|
|
|
| Affiliated Managers Group, Inc., 6.75%, due 3/30/64 |
|
|
|
32,128 |
|
|
|
818,621 |
|
| Brookfield Oaktree Holdings LLC, 6.55%, Series B(a)(g) |
|
|
|
66,071 |
|
|
|
1,410,616 |
|
See accompanying notes to financial statements.
12
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
Value |
|
| Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(g) |
|
|
|
100,000 |
|
|
$ |
2,172,000 |
|
| Carlyle Finance LLC, 4.625%, due 5/15/61(a) |
|
|
|
70,000 |
|
|
|
1,274,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,675,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
0.8% |
|
|
|
|
|
|
|
|
|
| Allstate Corp., 7.375%, Series J(a)(g) |
|
|
|
98,834 |
|
|
|
2,640,844 |
|
| Arch Capital Group Ltd., 5.45%, Series F(a)(g) |
|
|
|
80,000 |
|
|
|
1,792,000 |
|
| Athene Holding Ltd., 4.875%, Series D(a)(g) |
|
|
|
55,443 |
|
|
|
1,043,992 |
|
| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(g)(h) |
|
|
|
115,223 |
|
|
|
2,779,179 |
|
| Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(h) |
|
|
|
87,725 |
|
|
|
2,228,215 |
|
| Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(g)(h) |
|
|
|
77,050 |
|
|
|
1,930,102 |
|
| Equitable Holdings, Inc., 5.25%, Series A(a)(g) |
|
|
|
52,000 |
|
|
|
1,131,000 |
|
| MetLife, Inc., 5.625%, Series E(a)(g) |
|
|
|
86,560 |
|
|
|
2,114,661 |
|
| Voya Financial, Inc., 5.35% to 9/15/29, Series B(a)(g)(h) |
|
|
|
45,010 |
|
|
|
1,092,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,752,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TELECOMMUNICATIONS |
|
|
0.3% |
|
|
|
|
|
|
|
|
|
| AT&T, Inc., 4.75%, Series C(a)(f)(g) |
|
|
|
182,869 |
|
|
|
3,686,639 |
|
| AT&T, Inc., 5.00%, Series A(a)(f)(g) |
|
|
|
13,078 |
|
|
|
275,685 |
|
| U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(a) |
|
|
|
94,315 |
|
|
|
1,906,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,868,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
0.7% |
|
|
|
|
|
|
|
|
|
| CMS Energy Corp., 5.875%, due 10/15/78(a) |
|
|
|
63,498 |
|
|
|
1,531,572 |
|
| CMS Energy Corp., 5.875%, due 3/1/79(a) |
|
|
|
146,996 |
|
|
|
3,558,773 |
|
| Duke Energy Corp., 5.75%, Series A(a)(g) |
|
|
|
71,350 |
|
|
|
1,783,750 |
|
| SCE Trust VIII, 6.95%, Series N(g) |
|
|
|
38,033 |
|
|
|
978,970 |
|
| Sempra, 5.75%, due 7/1/79(a) |
|
|
|
150,675 |
|
|
|
3,518,261 |
|
| Southern Co., 4.95%, due 1/30/80, Series 2020(a)(f) |
|
|
|
230,000 |
|
|
|
5,076,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,447,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UNITED STATES |
|
|
|
|
|
|
|
80,145,199 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$90,492,337) |
|
|
|
|
|
|
|
85,454,768 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
13
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| PREFERRED SECURITIES—OVER‑THE‑COUNTER |
|
|
22.1% |
|
|
|
|
|
|
|
|
|
| AUSTRALIA |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| Australia & New Zealand Banking Group Ltd., 6.75% to 6/15/26(a)(d)(g)(h)(i) |
|
|
|
4,000,000 |
|
|
$ |
4,027,228 |
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
0.3% |
|
|
|
|
|
|
|
|
|
| QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN(a)(h)(j) |
|
|
|
1,800,000 |
|
|
|
1,784,365 |
|
| QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44(a)(h)(j) |
|
|
|
5,155,000 |
|
|
|
5,161,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,946,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL AUSTRALIA |
|
|
|
|
|
|
|
10,973,541 |
|
|
|
|
|
|
|
|
|
|
|
| CANADA |
|
|
2.8% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
0.6% |
|
|
|
|
|
|
|
|
|
| Bank of Nova Scotia, 4.90% to 6/4/25(a)(g)(h) |
|
|
|
1,840,000 |
|
|
|
1,808,261 |
|
| Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84(a)(h) |
|
|
|
3,200,000 |
|
|
|
3,312,541 |
|
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82(a)(h) |
|
|
|
3,400,000 |
|
|
|
3,570,466 |
|
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82(a)(h) |
|
|
|
3,200,000 |
|
|
|
3,324,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,015,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PIPELINES |
|
|
1.9% |
|
|
|
|
|
|
|
|
|
| Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80,
Series 20‑A(a)(f)(h) |
|
|
|
5,980,000 |
|
|
|
5,652,193 |
|
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77,
Series 16‑A(a)(h) |
|
|
|
4,155,000 |
|
|
|
4,042,628 |
|
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78(a)(f)(h) |
|
|
|
5,913,000 |
|
|
|
5,680,224 |
|
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83(a)(f)(h) |
|
|
|
3,985,000 |
|
|
|
3,998,848 |
|
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83(a)(h) |
|
|
|
1,920,000 |
|
|
|
1,967,491 |
|
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84,
Series NC5(a)(h) |
|
|
|
3,820,000 |
|
|
|
3,989,654 |
|
| Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84(a)(h) |
|
|
|
2,060,000 |
|
|
|
2,225,896 |
|
| Transcanada Trust, 5.50% to 9/15/29, due 9/15/79(a)(f)(h) |
|
|
|
5,008,000 |
|
|
|
4,614,767 |
|
| Transcanada Trust, 5.60% to 12/7/31, due 3/7/82(a)(h) |
|
|
|
2,500,000 |
|
|
|
2,269,535 |
|
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76,
Series 16‑A(a)(f)(h) |
|
|
|
6,499,000 |
|
|
|
6,376,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,818,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
14
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| UTILITIES |
|
|
0.3% |
|
|
|
|
|
|
|
|
|
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76,
Series 16‑A(a)(f)(h) |
|
|
|
7,268,000 |
|
|
$ |
7,240,332 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CANADA |
|
|
|
|
|
|
|
60,074,050 |
|
|
|
|
|
|
|
|
|
|
|
| FINLAND |
|
|
0.1% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
|
|
|
|
|
|
|
|
|
|
| Nordea Bank Abp, 6.625% to 3/26/26(a)(d)(g)(h)(i) |
|
|
|
1,400,000 |
|
|
|
1,392,870 |
|
|
|
|
|
|
|
|
|
|
|
| FRANCE |
|
|
1.7% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
|
|
|
|
|
|
|
|
|
|
| BNP Paribas SA, 7.00% to 8/16/28(a)(d)(g)(h)(i) |
|
|
|
1,000,000 |
|
|
|
987,500 |
|
| BNP Paribas SA, 7.375% to 8/19/25(a)(d)(f)(g)(h)(i) |
|
|
|
6,200,000 |
|
|
|
6,200,031 |
|
| BNP Paribas SA, 7.75% to 8/16/29(a)(d)(g)(h)(i) |
|
|
|
3,200,000 |
|
|
|
3,235,248 |
|
| BNP Paribas SA, 8.50% to 8/14/28(a)(d)(g)(h)(i) |
|
|
|
2,000,000 |
|
|
|
2,053,432 |
|
| BNP Paribas SA, 9.25% to 11/17/27(a)(d)(f)(g)(h)(i) |
|
|
|
7,200,000 |
|
|
|
7,652,419 |
|
| Credit Agricole SA, 8.125% to 12/23/25(a)(d)(g)(h)(i) |
|
|
|
3,950,000 |
|
|
|
4,013,768 |
|
| Societe Generale SA, 6.75% to 4/6/28(a)(d)(g)(h)(i) |
|
|
|
4,000,000 |
|
|
|
3,587,324 |
|
| Societe Generale SA, 8.00% to 9/29/25(a)(d)(g)(h)(i) |
|
|
|
2,200,000 |
|
|
|
2,198,834 |
|
| Societe Generale SA, 9.375% to 11/22/27(a)(d)(g)(h)(i) |
|
|
|
2,400,000 |
|
|
|
2,432,652 |
|
| Societe Generale SA, 10.00% to 11/14/28(a)(d)(g)(h)(i) |
|
|
|
5,000,000 |
|
|
|
5,199,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,561,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ITALY |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
|
|
|
|
|
|
|
|
|
|
| Intesa Sanpaolo SpA, 7.70% to 9/17/25(a)(d)(g)(h)(i) |
|
|
|
3,900,000 |
|
|
|
3,899,698 |
|
|
|
|
|
|
|
|
|
|
|
| JAPAN |
|
|
0.7% |
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
|
|
|
|
|
|
|
|
|
|
| Dai‑ichi Life Insurance Co. Ltd., 5.10% to 10/28/24(a)(d)(g)(h) |
|
|
|
2,000,000 |
|
|
|
1,997,666 |
|
| Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25(a)(g)(h)(j) |
|
|
|
2,800,000 |
|
|
|
2,766,120 |
|
| Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44(a)(d)(f)(h) |
|
|
|
5,600,000 |
|
|
|
5,593,552 |
|
| Sumitomo Life Insurance Co., 5.875% to 1/18/34(a)(d)(f)(g)(h) |
|
|
|
4,400,000 |
|
|
|
4,294,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,652,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
15
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| NETHERLANDS |
|
|
0.7% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
0.6% |
|
|
|
|
|
|
|
|
|
| ING Groep NV, 5.75% to 11/16/26(a)(f)(g)(h)(i) |
|
|
|
5,000,000 |
|
|
$ |
4,810,600 |
|
| ING Groep NV, 6.50% to 4/16/25(a)(g)(h)(i) |
|
|
|
2,600,000 |
|
|
|
2,579,917 |
|
| ING Groep NV, 8.00% to 5/16/30(g)(h)(i)(j) |
|
|
|
5,400,000 |
|
|
|
5,513,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,904,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
0.1% |
|
|
|
|
|
|
|
|
|
| Aegon Ltd., 5.50% to 4/11/28, due 4/11/48(a)(h) |
|
|
|
2,875,000 |
|
|
|
2,779,128 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL NETHERLANDS |
|
|
|
|
|
|
|
15,683,180 |
|
|
|
|
|
|
|
|
|
|
|
| SPAIN |
|
|
0.7% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25,
Series 9(a)(f)(g)(h)(i) |
|
|
|
1,800,000 |
|
|
|
1,791,565 |
|
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29(a)(g)(h)(i) |
|
|
|
4,000,000 |
|
|
|
4,267,264 |
|
| Banco Santander SA, 9.625% to 11/21/28(a)(g)(h)(i) |
|
|
|
4,400,000 |
|
|
|
4,723,660 |
|
| Banco Santander SA, 9.625% to 5/21/33(a)(g)(h)(i) |
|
|
|
3,800,000 |
|
|
|
4,221,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,004,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SWEDEN |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
|
|
|
|
|
|
|
|
|
|
| Swedbank AB, 7.75% to 3/17/30(g)(h)(i)(j) |
|
|
|
4,400,000 |
|
|
|
4,403,190 |
|
|
|
|
|
|
|
|
|
|
|
| SWITZERLAND |
|
|
1.4% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
0.9% |
|
|
|
|
|
|
|
|
|
| Credit Suisse Group AG, 5.25%, Claim(c)(d)(g)(i)(k)(l) |
|
|
|
1,600,000 |
|
|
|
144,000 |
|
| Credit Suisse Group AG, 6.375%, Claim(c)(d)(g)(i)(k)(l) |
|
|
|
2,000,000 |
|
|
|
180,000 |
|
| Credit Suisse Group AG, 7.50%, Claim(c)(d)(g)(i)(k)(l) |
|
|
|
600,000 |
|
|
|
54,000 |
|
| UBS Group AG, 6.875% to 8/7/25(a)(g)(h)(i)(j) |
|
|
|
5,400,000 |
|
|
|
5,365,589 |
|
| UBS Group AG, 9.25% to 11/13/28(a)(d)(f)(g)(h)(i) |
|
|
|
7,000,000 |
|
|
|
7,548,821 |
|
| UBS Group AG, 9.25% to 11/13/33(a)(d)(f)(g)(h)(i) |
|
|
|
5,200,000 |
|
|
|
5,836,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,128,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27,
due 8/15/52(a)(h)(j) |
|
|
|
3,700,000 |
|
|
|
3,650,651 |
|
| Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48(a)(h)(j) |
|
|
|
5,800,000 |
|
|
|
5,651,404 |
|
See accompanying notes to financial statements.
16
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN(h)(j) |
|
|
|
3,600,000 |
|
|
$ |
2,967,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,269,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SWITZERLAND |
|
|
|
|
|
|
|
31,398,653 |
|
|
|
|
|
|
|
|
|
|
|
| UNITED KINGDOM |
|
|
2.3% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
1.6% |
|
|
|
|
|
|
|
|
|
| Barclays PLC, 9.625% to 12/15/29(a)(f)(g)(h)(i) |
|
|
|
8,800,000 |
|
|
|
9,562,010 |
|
| HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2(a)(d)(f)(g)(h) |
|
|
|
7,566,000 |
|
|
|
9,173,964 |
|
| HSBC Holdings PLC, 6.00% to 5/22/27(g)(h)(i) |
|
|
|
2,600,000 |
|
|
|
2,517,056 |
|
| HSBC Holdings PLC, 6.50% to 3/23/28(a)(g)(h)(i) |
|
|
|
2,800,000 |
|
|
|
2,763,481 |
|
| Lloyds Banking Group PLC, 7.50% to 9/27/25(a)(g)(h)(i) |
|
|
|
3,400,000 |
|
|
|
3,407,271 |
|
| NatWest Group PLC, 6.00% to 12/29/25(a)(g)(h)(i) |
|
|
|
2,000,000 |
|
|
|
1,961,474 |
|
| NatWest Group PLC, 8.00% to 8/10/25(a)(f)(g)(h)(i) |
|
|
|
6,000,000 |
|
|
|
6,045,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,430,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| Beazley Insurance DAC, 5.50%, due 9/10/29(j) |
|
|
|
2,600,000 |
|
|
|
2,485,405 |
|
| Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41(a)(h)(j) |
|
|
|
1,300,000 |
|
|
|
1,178,538 |
|
| Phoenix Group Holdings PLC, 5.625% to 1/29/25(g)(h)(i)(j) |
|
|
|
1,232,000 |
|
|
|
1,220,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,884,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TELECOMMUNICATIONS |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81(a)(h) |
|
|
|
2,090,000 |
|
|
|
1,784,326 |
|
| Vodafone Group PLC, 6.25% to 7/29/24, due 10/3/78(a)(h)(j) |
|
|
|
4,235,000 |
|
|
|
4,231,125 |
|
| Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79(a)(f)(h) |
|
|
|
4,500,000 |
|
|
|
4,645,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,660,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UNITED KINGDOM |
|
|
|
|
|
|
|
50,975,919 |
|
|
|
|
|
|
|
|
|
|
|
| UNITED STATES |
|
|
10.8% |
|
|
|
|
|
|
|
|
|
| BANKING |
|
|
5.8% |
|
|
|
|
|
|
|
|
|
| Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(g)(h) |
|
|
|
2,682,000 |
|
|
|
2,670,645 |
|
| Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(f)(g)(h) |
|
|
|
7,429,000 |
|
|
|
7,425,917 |
|
| Bank of America Corp., 6.25% to 9/5/24, Series X(a)(f)(g)(h) |
|
|
|
7,423,000 |
|
|
|
7,410,767 |
|
| Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(f)(g)(h) |
|
|
|
6,000,000 |
|
|
|
6,035,094 |
|
| Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(f)(g)(h) |
|
|
|
6,806,000 |
|
|
|
6,808,307 |
|
See accompanying notes to financial statements.
17
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Principal
Amount* |
|
|
Value |
|
| Bank of New York Mellon Corp., 4.625% to 9/20/26, Series F(a)(g)(h) |
|
|
3,500,000 |
|
|
$ |
3,384,333 |
|
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(f)(g)(h) |
|
|
6,983,000 |
|
|
|
6,560,570 |
|
| Charles Schwab Corp., 5.375% to 6/1/25, Series G(a)(g)(h) |
|
|
2,936,000 |
|
|
|
2,910,383 |
|
| Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(g)(h) |
|
|
3,250,000 |
|
|
|
3,083,949 |
|
| Citigroup, Inc., 4.15% to 11/15/26, Series Y(a)(g)(h) |
|
|
2,310,000 |
|
|
|
2,161,873 |
|
| Citigroup, Inc., 5.00% to 9/12/24, Series U(a)(g)(h) |
|
|
3,504,000 |
|
|
|
3,490,068 |
|
| Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(f)(g)(h) |
|
|
5,569,000 |
|
|
|
5,539,573 |
|
| Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(f)(g)(h) |
|
|
7,850,000 |
|
|
|
7,864,141 |
|
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(g)(h) |
|
|
3,800,000 |
|
|
|
3,965,984 |
|
| Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a)(g)(h) |
|
|
2,000,000 |
|
|
|
1,944,507 |
|
| CoBank ACB, 6.25% to 10/1/26, Series I(g)(h) |
|
|
2,866,000 |
|
|
|
2,844,751 |
|
| Farm Credit Bank of Texas, 9.596% (3 Month USD Term SOFR +
4.01%)(a)(d)(g)(m) |
|
|
35,300 |
† |
|
|
3,547,650 |
|
| First Horizon Bank, 6.409% (3 Month USD Term SOFR + 1.112%,
Floor 3.75%)(a)(d)(g)(m) |
|
|
1,806 |
† |
|
|
1,210,020 |
|
| Goldman Sachs Group, Inc., 3.65% to 8/10/26,
Series U(a)(g)(h) |
|
|
4,170,000 |
|
|
|
3,888,092 |
|
| Goldman Sachs Group, Inc., 4.125% to 11/10/26,
Series V(a)(g)(h) |
|
|
1,000,000 |
|
|
|
936,501 |
|
| Goldman Sachs Group, Inc., 5.30% to 11/10/26,
Series O(a)(f)(g)(h) |
|
|
1,645,000 |
|
|
|
1,631,902 |
|
| Goldman Sachs Group, Inc., 5.50% to 8/10/24,
Series Q(a)(g)(h) |
|
|
1,000,000 |
|
|
|
997,211 |
|
| Goldman Sachs Group, Inc., 7.50% to 5/10/29,
Series X(g)(h) |
|
|
2,290,000 |
|
|
|
2,360,656 |
|
| Huntington Bancshares, Inc., 4.45% to 10/15/27,
Series G(a)(g)(h) |
|
|
1,000,000 |
|
|
|
912,846 |
|
| Huntington Bancshares, Inc., 5.625% to 7/15/30,
Series F(a)(g)(h) |
|
|
894,000 |
|
|
|
858,972 |
|
| JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(a)(g)(h) |
|
|
1,043,000 |
|
|
|
1,040,669 |
|
| JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(g)(h) |
|
|
2,500,000 |
|
|
|
2,503,995 |
|
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(g)(h) |
|
|
2,000,000 |
|
|
|
2,070,728 |
|
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(f)(g)(h) |
|
|
4,450,000 |
|
|
|
4,443,812 |
|
| Regions Financial Corp., 5.75% to 6/15/25, Series D(a)(g)(h) |
|
|
1,849,000 |
|
|
|
1,821,173 |
|
See accompanying notes to financial statements.
18
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| State Street Corp., 6.70% to 3/15/29, Series I(a)(g)(h) |
|
|
|
4,000,000 |
|
|
$ |
4,033,844 |
|
| Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(g)(h) |
|
|
|
2,109,000 |
|
|
|
1,980,031 |
|
| Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(g)(h) |
|
|
|
500,000 |
|
|
|
474,895 |
|
| U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(g)(h) |
|
|
|
1,500,000 |
|
|
|
1,458,299 |
|
| Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(f)(g)(h) |
|
|
|
7,400,000 |
|
|
|
7,085,877 |
|
| Wells Fargo & Co., 5.875% to 6/15/25, Series U(a)(g)(h) |
|
|
|
2,796,000 |
|
|
|
2,790,214 |
|
| Wells Fargo & Co., 5.95%, due 12/15/36(a) |
|
|
|
2,830,000 |
|
|
|
2,824,102 |
|
| Wells Fargo & Co., 7.625% to 9/15/28(a)(g)(h) |
|
|
|
3,390,000 |
|
|
|
3,618,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,590,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY |
|
|
0.1% |
|
|
|
|
|
|
|
|
|
| BP Capital Markets PLC, 4.375% to 6/22/25(g)(h) |
|
|
|
621,000 |
|
|
|
610,347 |
|
| BP Capital Markets PLC, 4.875% to 3/22/30(g)(h) |
|
|
|
2,550,000 |
|
|
|
2,412,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,022,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIAL SERVICES |
|
|
0.3% |
|
|
|
|
|
|
|
|
|
| Discover Financial Services, 6.125% to 6/23/25,
Series D(g)(h) |
|
|
|
5,566,000 |
|
|
|
5,520,207 |
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
2.0% |
|
|
|
|
|
|
|
|
|
| Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(a)(h) |
|
|
|
3,700,000 |
|
|
|
3,717,417 |
|
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(f)(h) |
|
|
|
7,170,000 |
|
|
|
7,239,793 |
|
| Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(d)(h) |
|
|
|
2,600,000 |
|
|
|
2,620,059 |
|
| Liberty Mutual Group, Inc., 7.80%, due 3/15/37(a)(d) |
|
|
|
1,680,000 |
|
|
|
1,786,704 |
|
| Lincoln National Corp., 9.25% to 12/1/27, Series C(g)(h) |
|
|
|
2,500,000 |
|
|
|
2,701,215 |
|
| MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(a)(d)(f) |
|
|
|
5,850,000 |
|
|
|
6,280,578 |
|
| MetLife, Inc., 9.25%, due 4/8/38(a)(d)(f) |
|
|
|
6,500,000 |
|
|
|
7,535,827 |
|
| MetLife, Inc., 10.75%, due 8/1/39(a) |
|
|
|
1,000,000 |
|
|
|
1,339,538 |
|
| Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(a)(h) |
|
|
|
1,600,000 |
|
|
|
1,488,773 |
|
| Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(f)(h) |
|
|
|
4,500,000 |
|
|
|
4,449,514 |
|
| Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(h) |
|
|
|
3,000,000 |
|
|
|
3,074,811 |
|
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(g)(h) |
|
|
|
1,310,000 |
|
|
|
1,364,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,598,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PIPELINES |
|
|
0.1% |
|
|
|
|
|
|
|
|
|
| Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(g)(h) |
|
|
|
3,357,000 |
|
|
|
3,333,635 |
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
19
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| UTILITIES |
|
|
2.5% |
|
|
|
|
|
|
|
|
|
| AES Corp., 7.60% to 10/15/29, due 1/15/55(h) |
|
|
|
2,000,000 |
|
|
$ |
2,025,790 |
|
| American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(a)(h) |
|
|
|
4,200,000 |
|
|
|
3,868,842 |
|
| American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(h) |
|
|
|
2,200,000 |
|
|
|
2,194,040 |
|
| CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(a)(h) |
|
|
|
1,125,000 |
|
|
|
1,031,549 |
|
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(f)(g)(h) |
|
|
|
8,000,000 |
|
|
|
7,546,506 |
|
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(h) |
|
|
|
4,180,000 |
|
|
|
4,268,662 |
|
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(h) |
|
|
|
3,800,000 |
|
|
|
3,775,821 |
|
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(d)(h) |
|
|
|
2,000,000 |
|
|
|
2,012,694 |
|
| National Rural Utilities Cooperative Finance Corp., 7.125% to 6/15/28, due 9/15/53(a)(h) |
|
|
|
2,240,000 |
|
|
|
2,307,749 |
|
| NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(h) |
|
|
|
3,438,000 |
|
|
|
3,298,547 |
|
| NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(h) |
|
|
|
4,000,000 |
|
|
|
4,008,478 |
|
| NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(h) |
|
|
|
1,500,000 |
|
|
|
1,512,351 |
|
| NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(h) |
|
|
|
3,000,000 |
|
|
|
3,021,294 |
|
| Sempra, 4.125% to 1/1/27, due 4/1/52(a)(h) |
|
|
|
2,500,000 |
|
|
|
2,313,626 |
|
| Sempra, 4.875% to 10/15/25(a)(f)(g)(h) |
|
|
|
5,780,000 |
|
|
|
5,683,565 |
|
| Sempra, 6.875% to 7/1/29, due 10/1/54(h) |
|
|
|
3,000,000 |
|
|
|
2,989,043 |
|
| Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(a)(h) |
|
|
|
3,000,000 |
|
|
|
2,915,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,773,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UNITED STATES |
|
|
|
|
|
|
|
|
|
|
236,838,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED SECURITIES—OVER‑THE‑COUNTER
(Identified cost—$479,177,912) |
|
|
|
|
|
|
|
482,857,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE BONDS |
|
|
0.6% |
|
|
|
|
|
|
|
|
|
| ITALY |
|
|
0.0% |
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| Enel Finance America LLC, 7.10%, due 10/14/27(a)(d)(f) |
|
|
|
600,000 |
|
|
|
630,384 |
|
| Enel Finance International NV, 7.50%, due 10/14/32(a)(d) |
|
|
|
400,000 |
|
|
|
442,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,073,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
20
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount* |
|
|
Value |
|
| UNITED STATES |
|
|
0.6% |
|
|
|
|
|
|
|
|
|
| REAL ESTATE |
|
|
0.2% |
|
|
|
|
|
|
|
|
|
| Realty Income Corp., 3.40%, due 1/15/30(a) |
|
|
|
3,060,000 |
|
|
$ |
2,788,041 |
|
| VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(a)(d)(f) |
|
|
|
1,700,000 |
|
|
|
1,701,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,489,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
0.4% |
|
|
|
|
|
|
|
|
|
| American Electric Power Co., Inc., 5.75%, due 11/1/27(a) |
|
|
|
1,015,000 |
|
|
|
1,032,209 |
|
| Southern California Edison Co., 5.85%, due 11/1/27(a)(f) |
|
|
|
1,000,000 |
|
|
|
1,019,967 |
|
| Southern Co., 5.113%, due 8/1/27(a)(f) |
|
|
|
6,000,000 |
|
|
|
5,988,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,040,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL UNITED STATES |
|
|
|
|
|
|
|
12,529,719 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL CORPORATE BONDS
(Identified cost—$13,453,539) |
|
|
|
|
|
|
|
13,602,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares/Units |
|
|
|
|
| WARRANTS |
|
|
0.0% |
|
|
|
|
|
|
|
|
|
| UNITED STATES |
|
|
0.0% |
|
|
|
|
|
|
|
|
|
| Net Power, Inc., strike price $11.50, expires 3/12/26(a)(c) |
|
|
|
182,834 |
|
|
|
417,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL WARRANTS
(Identified cost—$621,636) |
|
|
|
|
|
|
|
417,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHORT-TERM INVESTMENTS |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
| MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(n) |
|
|
|
821,599 |
|
|
|
821,599 |
|
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(n) |
|
|
|
10,261,000 |
|
|
|
10,261,000 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$11,082,599) |
|
|
|
|
|
|
|
11,082,599 |
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,729,716,681) |
|
|
142.6% |
|
|
|
|
|
|
|
3,115,603,640 |
|
| LIABILITIES IN EXCESS OF OTHER ASSETS |
|
|
(42.6) |
|
|
|
|
|
|
|
(930,771,209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS (Equivalent to $22.64 per share based on 96,486,405 shares of common stock outstanding) |
|
|
100.0% |
|
|
|
|
|
|
$ |
2,184,832,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
21
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
Centrally Cleared Interest Rate Swap Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Notional
Amount |
|
|
Fixed
Rate
Payable |
|
Fixed
Payment
Frequency |
|
|
Floating
Rate
Receivable
(resets
monthly) |
|
Floating
Payment
Frequency |
|
|
Maturity
Date |
|
|
Value |
|
|
Upfront
Receipts
(Payments) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
$255,000,000 |
|
|
0.670% |
|
|
Monthly |
|
|
5.454%(o) |
|
|
Monthly |
|
|
|
9/15/25 |
|
|
$ |
13,524,043 |
|
|
$ |
28,929 |
|
|
$ |
13,552,972 |
|
| |
212,500,000 |
|
|
1.240% |
|
|
Monthly |
|
|
5.454%(o) |
|
|
Monthly |
|
|
|
2/3/26 |
|
|
|
12,339,953 |
|
|
|
4,619 |
|
|
|
12,344,572 |
|
| |
85,000,000 |
|
|
0.898% |
|
|
Monthly |
|
|
5.454%(o) |
|
|
Monthly |
|
|
|
5/1/26 |
|
|
|
6,029,795 |
|
|
|
14,623 |
|
|
|
6,044,418 |
|
| |
255,000,000 |
|
|
1.237% |
|
|
Monthly |
|
|
5.454%(o) |
|
|
Monthly |
|
|
|
9/15/27 |
|
|
|
24,288,826 |
|
|
|
43,976 |
|
|
|
24,332,802 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
56,182,617 |
|
|
$ |
92,147 |
|
|
$ |
56,274,764 |
|
| |
|
|
The total amount of all interest rate swap contracts as presented in the table above is representative of the volume of activity for this derivative type during the six months ended June 30, 2024.
Glossary of Portfolio Abbreviations
|
|
|
| EMTN |
|
Euro Medium Term Note |
| OIS |
|
Overnight Indexed Swap |
| SOFR |
|
Secured Overnight Financing Rate |
| TruPS |
|
Trust Preferred Securities |
| USD |
|
United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
| * |
Amount denominated in U.S. dollars unless otherwise indicated. |
| (a) |
All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $2,008,466,084 in aggregate has been pledged as collateral. |
| (b) |
Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) |
Non–income producing security. |
| (d) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $156,642,082 which represents 7.2% of the net assets of the Fund, of which 0.1% are illiquid. |
See accompanying notes to financial statements.
22
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
| (e) |
All or a portion of the security is pledged in connection with exchange-traded written option contracts. $225,720 in aggregate has been pledged as collateral. |
| (f) |
A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $864,800,420 in aggregate has been rehypothecated. |
| (g) |
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (h) |
Security converts to floating rate after the indicated fixed–rate coupon period. |
| (i) |
Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $125,798,457 which represents 5.8% of the net assets of the Fund (4.0% of the managed assets of the Fund). |
| (j) |
Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $46,380,353 which represents 2.1% of the net assets of the Fund, of which 0.0% are illiquid. |
| (k) |
Security is in default. |
| (l) |
Security value is determined based on significant unobservable inputs (Level 3). |
| (m) |
Variable rate. Rate shown is in effect at June 30, 2024. |
| (n) |
Rate quoted represents the annualized seven–day yield. |
| (o) |
Based on USD‑SOFR‑OIS. Represents rates in effect at June 30, 2024. |
|
|
|
|
|
| Sector Summary |
|
% of Managed
Assets |
|
| Electric |
|
|
32.5 |
|
| Midstream |
|
|
13.3 |
|
| Banking |
|
|
9.5 |
|
| Gas Distribution |
|
|
8.5 |
|
| Communications |
|
|
6.8 |
|
| Airports |
|
|
6.4 |
|
| Toll Roads |
|
|
5.4 |
|
| Railways |
|
|
4.5 |
|
| Insurance |
|
|
3.3 |
|
| Utilities |
|
|
2.9 |
|
| Marine Ports |
|
|
2.5 |
|
| Pipelines |
|
|
1.4 |
|
| Telecommunications |
|
|
0.5 |
|
| Other |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|
|
See accompanying notes to financial statements.
23
COHEN & STEERS INFRASTRUCTURE FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2024 (Unaudited)
|
|
|
|
|
| ASSETS: |
|
|
|
|
| Investments in securities, at value(a) (Identified cost—$2,729,716,681) |
|
$ |
3,115,603,640 |
|
| Cash collateral pledged for interest rate swap contracts |
|
|
11,943,153 |
|
| Foreign currency, at value (Identified cost—$1,803,782) |
|
|
1,803,500 |
|
| Receivable for: |
|
|
|
|
| Dividends and interest |
|
|
18,340,898 |
|
| Investment securities sold |
|
|
247,937 |
|
| Variation margin on interest rate swap contracts |
|
|
329,699 |
|
| Other assets |
|
|
322,794 |
|
|
|
|
|
|
| Total Assets |
|
|
3,148,591,621 |
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
| Payable for: |
|
|
|
|
| Credit agreement |
|
|
950,000,000 |
|
| Foreign capital gains tax |
|
|
5,347,605 |
|
| Interest expense |
|
|
4,771,111 |
|
| Investment management fees |
|
|
2,203,654 |
|
| Dividends and distributions declared |
|
|
640,440 |
|
| Administration fees |
|
|
155,552 |
|
| Other liabilities |
|
|
640,828 |
|
|
|
|
|
|
| Total Liabilities |
|
|
963,759,190 |
|
|
|
|
|
|
| NET ASSETS |
|
$ |
2,184,832,431 |
|
|
|
|
|
|
| NET ASSETS consist of: |
|
|
|
|
| Paid‑in capital |
|
$ |
1,725,960,112 |
|
| Total distributable earnings/(accumulated loss) |
|
|
458,872,319 |
|
|
|
|
|
|
|
|
$ |
2,184,832,431 |
|
|
|
|
|
|
| NET ASSET VALUE PER SHARE: |
|
|
|
|
| ($2,184,832,431 ÷ 96,486,405 shares outstanding) |
|
$ |
22.64 |
|
|
|
|
|
|
| MARKET PRICE PER SHARE |
|
$ |
22.48 |
|
|
|
|
|
|
| MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE |
|
|
(0.71 |
)% |
|
|
|
|
|
| (a) |
Includes $2,008,466,084 pledged as collateral, of which $864,800,420 has been rehypothecated in connection with the Fund’s credit agreement, as described in Note 7. |
See accompanying notes to financial statements.
24
COHEN & STEERS INFRASTRUCTURE FUND, INC.
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2024 (Unaudited)
|
|
|
|
|
| Investment Income: |
|
|
|
|
| Dividend income (net of $2,904,349 of foreign withholding tax) |
|
$ |
56,080,765 |
|
| Interest income |
|
|
13,502,162 |
|
|
|
|
|
|
| Total Investment Income |
|
|
69,582,927 |
|
|
|
|
|
|
| Expenses: |
|
|
|
|
| Interest expense |
|
|
28,898,208 |
|
| Investment management fees |
|
|
13,219,136 |
|
| Administration fees |
|
|
1,049,312 |
|
| Shareholder reporting expenses |
|
|
461,783 |
|
| Custodian fees and expenses |
|
|
161,277 |
|
| Professional fees |
|
|
68,930 |
|
| Directors’ fees and expenses |
|
|
46,740 |
|
| Transfer agent fees and expenses |
|
|
11,090 |
|
| Miscellaneous |
|
|
62,723 |
|
|
|
|
|
|
| Total Expenses |
|
|
43,979,199 |
|
|
|
|
|
|
| Net Investment Income (Loss) |
|
|
25,603,728 |
|
|
|
|
|
|
| Net Realized and Unrealized Gain (Loss): |
|
|
|
|
| Net realized gain (loss) on: |
|
|
|
|
| Investments in securities (net of $692,891 of foreign capital gains tax) |
|
|
67,313,297 |
|
| Written option contracts |
|
|
1,194,917 |
|
| Interest rate swap contracts |
|
|
18,409,128 |
|
| Foreign currency transactions |
|
|
(282,664 |
) |
|
|
|
|
|
| Net realized gain (loss) |
|
|
86,634,678 |
|
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments in securities (net of increase in accrued foreign capital gains tax of $2,103,346) |
|
|
(43,789,457 |
) |
| Written option contracts |
|
|
(77,017 |
) |
| Interest rate swap contracts |
|
|
(1,308,732 |
) |
| Foreign currency translations |
|
|
(99,836 |
) |
|
|
|
|
|
| Net change in unrealized appreciation (depreciation) |
|
|
(45,275,042 |
) |
|
|
|
|
|
| Net Realized and Unrealized Gain (Loss) |
|
|
41,359,636 |
|
|
|
|
|
|
| Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
66,963,364 |
|
|
|
|
|
|
See accompanying notes to financial statements.
25
COHEN & STEERS INFRASTRUCTURE FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
|
|
|
|
|
|
|
|
|
| |
|
For the
Six Months Ended
June 30, 2024 |
|
|
For the
Year Ended
December 31, 2023 |
|
| Change in Net Assets: |
|
|
|
|
|
|
|
|
| From Operations: |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
25,603,728 |
|
|
$ |
44,364,276 |
|
| Net realized gain (loss) |
|
|
86,634,678 |
|
|
|
107,698,302 |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(45,275,042 |
) |
|
|
(115,902,216 |
) |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in net assets resulting from operations |
|
|
66,963,364 |
|
|
|
36,160,362 |
|
|
|
|
|
|
|
|
|
|
| Distributions to shareholders |
|
|
(89,663,390 |
) |
|
|
(149,341,710 |
) |
| Tax return of capital to shareholders |
|
|
— |
|
|
|
(29,565,253 |
) |
|
|
|
|
|
|
|
|
|
| Total distributions |
|
|
(89,663,390 |
) |
|
|
(178,906,963 |
) |
|
|
|
|
|
|
|
|
|
| Capital Stock Transactions: |
|
|
|
|
|
|
|
|
| Issued as reinvestment of dividends and distributions (See Note 6) |
|
|
3,409,793 |
|
|
|
3,330,799 |
|
| Net proceeds from sale of shares
(See Note 6) |
|
|
— |
|
|
|
9,166,432 |
(a) |
|
|
|
|
|
|
|
|
|
| Total increase (decrease) in net assets |
|
|
(19,290,233 |
) |
|
|
(130,249,370 |
) |
| Net Assets: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
2,204,122,664 |
|
|
|
2,334,372,034 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
2,184,832,431 |
|
|
$ |
2,204,122,664 |
|
|
|
|
|
|
|
|
|
|
| (a) |
Net of offering costs of $8,061 and sales charges of $74,026. |
See accompanying notes to financial statements.
26
COHEN & STEERS INFRASTRUCTURE FUND, INC.
STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2024 (Unaudited)
|
|
|
|
|
| Increase (Decrease) in Cash: |
|
|
|
|
| Cash Flows from Operating Activities: |
|
|
|
|
| Net increase (decrease) in net assets resulting from operations |
|
$ |
66,963,364 |
|
| Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by operating activities: |
|
|
|
|
| Purchases of long-term investments |
|
|
(586,581,497 |
) |
| Proceeds from sales and maturities of long-term investments |
|
|
630,631,563 |
|
| Net purchases, sales and maturities of short-term investments |
|
|
385,653 |
|
| Net amortization of premium on investments in securities |
|
|
611,969 |
|
| Net increase in dividends and interest receivable and other assets |
|
|
(3,516,581 |
) |
| Net decrease in interest expense payable, accrued expenses and other liabilities |
|
|
(251,599 |
) |
| Net increase in receivable for variation margin on interest rate swap contracts |
|
|
(464,741 |
) |
| Net decrease in premiums received from written option contracts |
|
|
(490,025 |
) |
| Net change in unrealized depreciation on written option contracts |
|
|
77,017 |
|
| Net change in unrealized depreciation on investments in securities (net of $2,103,346 of foreign capital gains tax) |
|
|
43,789,457 |
|
| Net realized gain on investments in securities (net of $692,891 of foreign capital gains tax) |
|
|
(67,313,297 |
) |
|
|
|
|
|
| Cash provided by operating activities |
|
|
83,841,283 |
|
|
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
|
| Dividends and distributions paid |
|
|
(86,358,755 |
) |
|
|
|
|
|
| Increase (decrease) in cash and restricted cash |
|
|
(2,517,472 |
) |
| Cash and restricted cash at beginning of period (including foreign currency) |
|
|
16,264,125 |
|
|
|
|
|
|
| Cash and restricted cash at end of period (including foreign currency) |
|
$ |
13,746,653 |
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
For the six months ended June 30, 2024, interest paid was $29,225,694 and reinvestment of dividends was $3,409,793.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.
|
|
|
|
|
| Restricted cash |
|
$ |
11,943,153 |
|
| Foreign currency |
|
|
1,803,500 |
|
|
|
|
|
|
| Total cash and restricted cash shown on the Statement of Cash Flows |
|
$ |
13,746,653 |
|
|
|
|
|
|
Restricted cash consists of cash that has been deposited with a broker and pledged to cover the Fund’s collateral or margin obligations under derivative contracts. It is reported on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts.
See accompanying notes to financial statements.
27
COHEN & STEERS INFRASTRUCTURE FUND, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six
Months Ended
June 30, 2024 |
|
|
For the Year Ended December 31, |
|
| Per Share Operating Data: |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
| Net asset value, beginning of period |
|
|
$22.88 |
|
|
|
$24.36 |
|
|
|
$28.28 |
|
|
|
$24.62 |
|
|
|
$27.73 |
|
|
|
$22.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss)(a) |
|
|
0.27 |
|
|
|
0.46 |
(b) |
|
|
0.50 |
|
|
|
0.56 |
|
|
|
0.41 |
|
|
|
0.57 |
|
| Net realized and unrealized gain (loss) |
|
|
0.42 |
|
|
|
(0.08 |
) |
|
|
(2.56 |
) |
|
|
4.95 |
|
|
|
(1.66 |
) |
|
|
6.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total from investment operations |
|
|
0.69 |
|
|
|
0.38 |
|
|
|
(2.06 |
) |
|
|
5.51 |
|
|
|
(1.25 |
) |
|
|
7.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less dividends and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.93 |
) |
|
|
(0.84 |
) |
|
|
(0.64 |
) |
|
|
(0.54 |
) |
|
|
(0.41 |
) |
|
|
(0.58 |
) |
| Net realized gain |
|
|
— |
|
|
|
(0.71 |
) |
|
|
(1.22 |
) |
|
|
(1.32 |
) |
|
|
(1.45 |
) |
|
|
(1.28 |
) |
| Tax return of capital |
|
|
— |
|
|
|
(0.31 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total dividends and distributions to shareholders |
|
|
(0.93 |
) |
|
|
(1.86 |
) |
|
|
(1.86 |
) |
|
|
(1.86 |
) |
|
|
(1.86 |
) |
|
|
(1.86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Anti-dilutive effect from the issuance of shares |
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
|
|
0.00 |
(c) |
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in net asset value |
|
|
(0.24 |
) |
|
|
(1.48 |
) |
|
|
(3.92 |
) |
|
|
3.66 |
|
|
|
(3.11 |
) |
|
|
5.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, end of period |
|
|
$22.64 |
|
|
|
$22.88 |
|
|
|
$24.36 |
|
|
|
$28.28 |
|
|
|
$24.62 |
|
|
|
$27.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market value, end of period |
|
|
$22.48 |
|
|
|
$21.24 |
|
|
|
$23.99 |
|
|
|
$28.50 |
|
|
|
$25.82 |
|
|
|
$26.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net asset value return(d) |
|
|
3.09 |
%(e) |
|
|
2.08 |
% |
|
|
–7.42 |
% |
|
|
23.10 |
% |
|
|
–3.66 |
% |
|
|
35.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total market value return(d) |
|
|
10.26 |
%(e) |
|
|
–3.77 |
% |
|
|
–9.53 |
% |
|
|
18.29 |
% |
|
|
6.94 |
% |
|
|
42.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
28
COHEN & STEERS INFRASTRUCTURE FUND, INC.
FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six
Months Ended
June 30, 2024 |
|
|
For the Year Ended December 31, |
|
| Ratios/Supplemental Data: |
|
2 |