N-CSRS 1 d925865dncsrs.htm COHEN & STEERS INFRASTRUCTURE FUND, INC. Cohen & Steers Infrastructure Fund, Inc.

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)

280 Park Avenue, New York, NY 10017

 

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, New York 10017

 

(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, 2020                                

 

 


Item 1. Reports to Stockholders.

 

 

 


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2020. The total returns for Cohen & Steers Infrastructure Fund, Inc. (the Fund) and its comparative benchmarks were:

 

     Six Months Ended
June 30, 2020
 

Cohen & Steers Infrastructure Fund at Net Asset Valuea

     -14.84

Cohen & Steers Infrastructure Fund at Market Valuea

     -12.21

Blended Benchmark—80% FTSE Global Core Infrastructure 50/50 Net Tax Index / 20% ICE BofA Fixed Rate Preferred Securities Indexb

     -11.13

S&P 500 Indexb

     -3.08

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.

 

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 of Directors 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

Amid global upheaval from COVID-19, the typically defensive behavior of global listed infrastructure broke down in the six months ended June 2020. Infrastructure stocks began the year on solid footing, with share prices buoyed by increasing signs of stabilization amid widespread central bank easing efforts. Investors were also encouraged by a positive manufacturing outlook and progress on U.S.—China trade talks. However, markets were turned upside-down in February as virus cases spread globally.

Economic shutdowns directly impacted many infrastructure subsectors, compounding concerns that without sufficient fiscal and monetary policy actions, the drop in economic activity could lead to a liquidity-driven credit crisis. Unemployment surged, while other data pointed to considerable economic damage worldwide.

Markets staged a sharp recovery beginning in March as central banks cut interest rates, introduced or expanded asset purchases and employed other policies to provide liquidity and support functioning credit markets. Additionally, governments globally introduced massive relief packages, many amounting to 10% or more of their annual economic output. The policy responses came faster and more forcefully than in 2008. However, positive returns in the second quarter were not enough to overcome the declines in the first quarter.

Fund Performance

The Fund had a negative total return in the period and underperformed its blended benchmark on both a market price and NAV basis.

Amid broad market declines, the communications sector advanced strongly amid accelerating capital spending on wireless infrastructure. The sector benefited from an already healthy growth outlook that was bolstered by the likely persistence of remote work and education activity. The Fund’s overweight allocation and security selection in communications contributed to relative performance, including a beneficial out-of-benchmark allocation to data centers, which are seeing strong demand tied to increased data traffic.

Utilities, including water, electric and gas distribution companies, declined despite revenues being relatively insulated from the pandemic-related economic fallout. The portfolio’s security selection in

 

2


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

electric utilities and gas distribution aided relative performance. Notable contributors included overweight or out-of-index positions in companies focused on renewable energy. An overweight allocation and security selection in water companies also contributed to performance.

Transportation sectors declined on the uncertain growth outlook. Travel restrictions and reduced trade particularly impacted airports, though toll roads, marine and railways were also affected. In some instances, transportation infrastructure companies were further hindered by emergency government policies to help relieve burdens on struggling consumers. For instance, certain airports had to contend with reduced or suspended landing and/or parking fees, while some toll road charges were likewise provisionally suspended. Security selection in airports contributed to the Fund’s relative performance, as we chose not to own certain European companies that declined materially. The portfolio’s overweight and security selection in railways detracted, due in part to overweight positions in certain passenger rail companies in Japan and Europe.

Midstream energy declined materially as the abrupt halt to economic activity resulted in an unprecedented collapse in oil demand. The oil price decline that resulted was exacerbated by the breakdown of the supply discipline of the Organization of the Petroleum Exporting Countries and its allies, which added to an already oversupplied market. Counterparty credit risk and the potential for contract renegotiations between midstream companies and their upstream counterparties weighed heavily on the sector until oil prices began to recover as economies reopened. Security selection and an overweight allocation in midstream energy detracted from the Fund’s relative performance, largely stemming from the timing of allocations in a liquified natural gas exporter and a volumetrically sensitive gathering & processing company.

Returns for fixed income securities were negative for the period but generally outperformed equities. The economic shock from efforts to combat COVID-19 and an uncertain outlook drove credit spreads sharply wider in February and March, resulting in steep losses for preferreds and other credit-sensitive fixed income segments. Like equities, fixed income markets began a strong rebound in late March in response to highly supportive fiscal and monetary measures. Credit spreads narrowed significantly, and low rates further supported spreads via keen investor interest in income securities. However, except for the highest quality issues, positive returns in the second quarter were not enough to overcome declines in the first quarter. The Fund’s underweight allocation to fixed income detracted from relative performance.

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, other currencies modestly depreciated against the U.S. dollar. Consequently, changes in the exchange rates between foreign currencies and the U.S. dollar were a net headwind for absolute returns.

Impact of Derivatives on Fund Performance

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

 

3


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

used forward starting interest rate swaps to extend the maturity of the fixed rate portion of the borrowing. The Fund’s use of swaps detracted from the Fund’s total return for the six months ended June 30, 2020.

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), significantly detracted from the Fund’s performance for the six-month period ended June 30, 2020.

Sincerely,

 

LOGO

  

LOGO

ROBERT S. BECKER

Portfolio Manager

  

BEN MORTON

Portfolio Manager

LOGO

   LOGO

WILLIAM F. SCAPELL

Portfolio Manager

  

ELAINE ZAHARIS-NIKAS

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.

 

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, 2020, leverage represented 29% 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 2026 (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 Factsa,b

 

Leverage (as a % of managed assets)

    29%

% Variable Rate Financing

     15%

Variable Rate

   1.0%

% Fixed Rate Financingc,d

     85%

Weighted Average Rate on Fixed Financing

   3.4%

Weighted Average Term on Fixed Financing

   3.0 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 incur breakage fees under the Fund’s credit arrangement and 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, 2020. Information is subject to change.

b 

See Note 8 in Notes to Financial Statements.

c 

Represents a combination of fixed rate borrowings and fixed payer interest rate swap contracts.

d 

The Fund entered into a forward-starting interest rate swap contract with interest receipts and payments commencing on December 28, 2020 (effective date).

 

5


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

June 30, 2020

Top Ten Holdingsa

(Unaudited)

 

Security

   Value        % of
Managed

Assets
 

NextEra Energy, Inc.

   $ 199,210,688          6.7  

Crown Castle International Corp.

     167,039,733          5.6  

American Tower Corp.

     127,784,946          4.3  

Transurban Group

     123,860,765          4.2  

Duke Energy Corp.

     87,297,161          3.0  

Enbridge, Inc.

     77,065,223          2.6  

Union Pacific Corp.

     73,689,329          2.5  

National Grid PLC

     61,376,148          2.1  

Canadian National Railway Co.

     55,557,510          1.9  

American Water Works Co., Inc.

     54,616,556          1.8  

 

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 Breakdownb

(Based on Managed Assets)

(Unaudited)

 

LOGO

 

b 

Excludes derivative instruments.

 

6


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

COMMON STOCK

     116.0%        

AUSTRALIA

     7.9%        

AIRPORTS

     0.9%        

Sydney Airport

 

     4,639,253      $ 18,309,225  
        

 

 

 

ELECTRIC

     1.1%        

Spark Infrastructure Group

 

     16,454,821        24,576,086  
        

 

 

 

REAL ESTATE

     0.1%        

DIVERSIFIED

     0.1%        

Charter Hall Group

 

     53,037        359,298  

Mirvac Group

 

     293,675        443,626  

Stockland

 

     51,588        119,622  
        

 

 

 
           922,546  
        

 

 

 

INDUSTRIALS

     0.0%        

Goodman Group

 

     17,700        182,633  
        

 

 

 

TOTAL REAL ESTATE

 

        1,105,179  
        

 

 

 

TOLL ROADS

     5.8%        

Transurban Groupa

 

     12,630,198        123,860,765  
        

 

 

 

TOTAL AUSTRALIA

 

        167,851,255  
        

 

 

 

AUSTRIA

     0.0%        

REAL ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

 

     3,294        110,133  
        

 

 

 

BELGIUM

     0.5%        

ELECTRIC

     0.5%        

Elia Group SA/NV

 

     90,275        9,821,104  
        

 

 

 

REAL ESTATE

     0.0%        

RESIDENTIAL

     0.0%        

Aedifica SA

 

     1,700        186,167  
        

 

 

 

SELF STORAGE

     0.0%        

Warehouses De Pauw CVA

        4,804        131,980  
        

 

 

 

TOTAL REAL ESTATE

 

        318,147  
        

 

 

 

TOTAL BELGIUM

 

        10,139,251  
        

 

 

 

BRAZIL

     1.9%        

INFRASTRUCTURE—WATER

     0.7%        

Cia de Saneamento do Parana

 

     2,615,636        15,155,788  
        

 

 

 

 

See accompanying notes to financial statements.

 

7


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

RAILWAYS

     0.6%        

Rumo SAb

 

     3,222,328      $ 13,326,374  
        

 

 

 

TOLL ROADS

     0.6%        

CCR SA

 

     4,219,079        11,249,636  
        

 

 

 

TOTAL BRAZIL

 

        39,731,798  
        

 

 

 

CANADA

     10.3%        

ELECTRIC

     1.3%        

Hydro One Ltd., 144Ac

 

     1,454,804        27,357,945  
        

 

 

 

INFRASTRUCTURE

     4.1%        

FREIGHT RAILS

     2.6%        

Canadian National Railway Co.

 

     627,965        55,557,510  
        

 

 

 

MIDSTREAM—C-CORP

     1.5%        

Pembina Pipeline Corp.

        1,219,255        30,481,375  
        

 

 

 

TOTAL INFRASTRUCTURE

 

        86,038,885  
        

 

 

 

PIPELINES—C-CORP

     4.9%        

Enbridge, Inc. (USD)a

 

     2,534,490        77,065,223  

TC Energy Corp.a

 

     640,660        27,370,566  
        

 

 

 
           104,435,789  
        

 

 

 

REAL ESTATE

     0.0%        

OFFICE

     0.0%        

Allied Properties REIT

 

     8,503        256,543  
        

 

 

 

RESIDENTIAL

     0.0%        

Boardwalk REIT

 

     9,531        208,579  
        

 

 

 

TOTAL REAL ESTATE

 

        465,122  
        

 

 

 

TOTAL CANADA

 

        218,297,741  
        

 

 

 

CHINA

     4.5%        

GAS DISTRIBUTION

     1.3%        

Enn Energy Holdings Ltd. (H shares)

 

     2,344,221        26,490,825  
        

 

 

 

PIPELINES—C-CORP

     0.6%        

Beijing Enterprises Holdings Ltd. (H shares)a

 

     3,899,500        13,094,797  
        

 

 

 

REAL ESTATE

     0.7%        

DATA CENTERS

     0.7%        

GDS Holdings Ltd., ADR (H shares)a,b,d

 

     191,667        15,268,193  
        

 

 

 

 

See accompanying notes to financial statements.

 

8


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

DIVERSIFIED

     0.0%        

China Overseas Land & Investment Ltd. (H Shares)

 

     41,000      $ 125,191  

China Resources Land Ltd. (H shares)

 

     32,000        122,310  
        

 

 

 
           247,501  
        

 

 

 

FINANCE

     0.0%        

ESR Cayman Ltd., 144A (H Shares)b,c

 

     116,800        277,323  
        

 

 

 

TOTAL REAL ESTATE

           15,793,017  
        

 

 

 

TELECOMMUNICATION SERVICES

     0.0%        

China Mobile Ltd. (H shares)

 

     96,500        651,573  
        

 

 

 

TOLL ROADS

     1.2%        

Jiangsu Expressway Co., Ltd. (H shares)

 

     15,514,000        18,233,971  

Zhejiang Expressway Co., Ltd., Class H (H shares)

 

     8,712,000        6,186,988  
        

 

 

 
           24,420,959  
        

 

 

 

WATER

     0.7%        

Guangdong Investment Ltd. (H shares)a

 

     8,878,425        15,314,292  
        

 

 

 

TOTAL CHINA

 

        95,765,463  
        

 

 

 

FRANCE

     2.4%        

ENERGY—OIL & GAS

     0.1%        

Total SA

 

     40,237        1,551,475  
        

 

 

 

REAL ESTATE

     0.0%        

DIVERSIFIED

     0.0%        

Covivio

 

     2,558        185,541  
        

 

 

 

NET LEASE

     0.0%        

ARGAN SA

 

     1,607        147,626  
        

 

 

 

OFFICE

     0.0%        

Gecina SA

 

     1,040        128,447  
        

 

 

 

RETAIL

     0.0%        

Klepierre SA

 

     14,578        291,397  
        

 

 

 

TOTAL REAL ESTATE

 

        753,011  
        

 

 

 

TOLL ROADS

     2.3%        

Eiffage SA

 

     196,705        18,031,276  

Vinci SAa

 

     323,870        30,030,266  
        

 

 

 
           48,061,542  
        

 

 

 

TOTAL FRANCE

 

        50,366,028  
        

 

 

 

 

See accompanying notes to financial statements.

 

9


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

GERMANY

     0.1%        

REAL ESTATE

        

OFFICE

     0.0%        

Alstria Office REIT AG

 

     6,891      $ 102,560  
        

 

 

 

RESIDENTIAL

     0.1%        

Deutsche Wohnen SE

 

     10,600        476,317  

Instone Real Estate Group AG, 144Ab,c

 

     8,451        183,352  

LEG Immobilien AG

 

     2,154        273,204  

Vonovia SE

 

     10,663        651,755  
        

 

 

 
           1,584,628  
        

 

 

 

TOTAL GERMANY

 

        1,687,188  
        

 

 

 

HONG KONG

     1.2%        

ELECTRIC

     1.1%        

Power Assets Holdings Ltd.a

 

     4,369,500        23,875,212  
        

 

 

 

REAL ESTATE

     0.1%        

DIVERSIFIED

     0.1%        

Hang Lung Properties Ltd.

 

     171,000        406,514  

New World Development Co., Ltd.

 

     96,254        457,022  

Sun Hung Kai Properties Ltd.

 

     43,500        555,723  
        

 

 

 
           1,419,259  
        

 

 

 

RETAIL

     0.0%        

Link REIT

 

     35,907        294,802  
        

 

 

 

TOTAL REAL ESTATE

 

        1,714,061  
        

 

 

 

TOTAL HONG KONG

 

        25,589,273  
        

 

 

 

ITALY

     2.9%        

INFRASTRUCTURE—GAS—DISTRIBUTION

     0.4%        

Snam S.p.A.

 

     1,863,711        9,085,866  
        

 

 

 

TOLL ROADS

     1.4%        

Atlantia S.p.A.

 

     1,744,401        28,216,225  
        

 

 

 

UTILITIES—ELECTRIC UTILITIES

     1.1%        

Enel S.p.A.

 

     2,698,607        23,338,744  
        

 

 

 

TOTAL ITALY

 

        60,640,835  
        

 

 

 

 

See accompanying notes to financial statements.

 

10


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

JAPAN

     3.4%        

ELECTRIC

     1.7%        

Chubu Electric Power Co.a

 

     1,379,800      $ 17,305,368  

Chugoku Electric Power Co., Inc./The

 

     1,461,100        19,479,428  
        

 

 

 
           36,784,796  
        

 

 

 

GAS DISTRIBUTION

     0.7%        

Tokyo Gas Co., Ltd.a

 

     647,700        15,508,916  
        

 

 

 

RAILWAYS

     0.8%        

East Japan Railway Co.a

 

     92,000        6,375,162  

West Japan Railway Co.a

 

     179,300        10,056,751  
  

 

 

 
        16,431,913  
  

 

 

 

REAL ESTATE

     0.2%        

DIVERSIFIED

     0.2%        

Activia Properties, Inc.

 

     75        259,884  

Japan Prime Realty Investment Corp.

 

     92        269,893  

Mitsubishi Estate Co., Ltd.

 

     38,000        566,269  

Mitsui Fudosan Co., Ltd.

 

     31,100        552,483  

NIPPON REIT Investment Corp.

 

     86        278,004  

Nomura Real Estate Master Fund, Inc.

 

     189        226,365  

Tokyu Fudosan Holdings Corp.

 

     24,940        117,329  

United Urban Investment Corp.

 

     231        248,798  
  

 

 

 
        2,519,025  
  

 

 

 

INDUSTRIALS

     0.0%        

GLP J-REIT

 

     230        332,362  
  

 

 

 

OFFICE

     0.0%        

Nippon Building Fund, Inc.

 

     55        313,234  
  

 

 

 

RESIDENTIAL

     0.0%        

Daiwa House REIT Investment Corp.

 

     124        291,723  
  

 

 

 

TOTAL REAL ESTATE

 

        3,456,344  
  

 

 

 

TOTAL JAPAN

 

        72,181,969  
  

 

 

 

MEXICO

     1.2%        

AIRPORTS

     0.6%        

Grupo Aeroportuario del Pacifico SAB de CV, Class B

 

     1,709,329        12,339,266  
  

 

 

 

 

See accompanying notes to financial statements.

 

11


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

ELECTRIC

     0.6%        

Infraestructura Energetica Nova SAB de CV

 

     4,804,786      $ 13,819,940  
  

 

 

 

TOTAL MEXICO

 

        26,159,206  
  

 

 

 

NETHERLANDS

     0.6%        

MARINE PORTS

        

Koninklijke Vopak NV

 

     250,000        13,223,590  
  

 

 

 

NEW ZEALAND

     1.3%        

AIRPORTS

        

Auckland International Airport Ltd.a

 

     6,665,359        28,346,164  
  

 

 

 

NORWAY

     0.0%        

REAL ESTATE—OFFICE

        

Entra ASA, 144Ac

 

     8,074        103,498  
  

 

 

 

SINGAPORE

     0.1%        

REAL ESTATE

        

DIVERSIFIED

     0.1%        

CapitaLand Commercial Trust

 

     107,200        131,198  

City Developments Ltd.

 

     49,000        299,443  

Keppel DC REIT

 

     149,400        273,600  
  

 

 

 
        704,241  
  

 

 

 

HEALTH CARE

     0.0%        

Parkway Life Real Estate Investment Trust

 

     87,000        209,049  
  

 

 

 

INDUSTRIALS

     0.0%        

Mapletree Industrial Trust

 

     117,800        245,050  
  

 

 

 

TOTAL SINGAPORE

 

        1,158,340  
  

 

 

 

SPAIN

     2.6%        

AIRPORTS

     2.2%        

Aena SME SA, 144Ac

 

     354,268        47,380,372  
  

 

 

 

COMMUNICATIONS

     0.4%        

Cellnex Telecom SA, 144Ac

 

     133,230        8,137,387  
  

 

 

 

TOTAL SPAIN

 

        55,517,759  
  

 

 

 

SWEDEN

     0.1%        

COMMUNICATIONS

     0.1%        

Telia Co. AB

 

     179,800        672,668  
  

 

 

 

 

See accompanying notes to financial statements.

 

12


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

REAL ESTATE

     0.0%        

DIVERSIFIED

     0.0%        

Castellum AB

 

     14,059        263,437  

Fastighets AB Balder, Class Bb

 

     6,005        229,758  
  

 

 

 
        493,195  
  

 

 

 

RETAIL

     0.0%        

Catena AB

 

     3,719        147,057  
  

 

 

 

TOTAL REAL ESTATE

 

        640,252  
  

 

 

 

TOTAL SWEDEN

 

        1,312,920  
  

 

 

 

SWITZERLAND

     0.4%        

AIRPORTS

        

Flughafen Zurich AG

 

     61,160        7,987,938  
        

 

 

 

THAILAND

     2.2%        

AIRPORTS

        

Airports of Thailand PCL

 

     23,767,900        46,790,963  
  

 

 

 

UNITED KINGDOM

     3.7%        

ELECTRIC

     2.9%        

National Grid PLC

 

     5,030,669        61,376,148  
  

 

 

 

INFRASTRUCTURE

     0.7%        

Pennon Group PLC

 

     1,154,106        15,981,718  
  

 

 

 

REAL ESTATE

     0.1%        

DIVERSIFIED

     0.0%        

LondonMetric Property PLC

 

     55,225        144,154  
  

 

 

 

HEALTH CARE

     0.0%        

Assura PLC

 

     192,227        186,530  
  

 

 

 

INDUSTRIALS

     0.1%        

Segro PLC

 

     39,654        438,572  
  

 

 

 

RESIDENTIAL

     0.0%        

Grainger PLC

 

     37,586        133,371  

UNITE Group PLC

 

     10,217        118,972  
  

 

 

 
           252,343  
  

 

 

 

SELF STORAGE

     0.0%        

Safestore Holdings PLC

 

     20,166        181,768  
  

 

 

 

TOTAL REAL ESTATE

 

        1,203,367  
  

 

 

 

TOTAL UNITED KINGDOM

 

        78,561,233  
  

 

 

 

 

See accompanying notes to financial statements.

 

13


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

UNITED STATES

     68.7%        

COMMUNICATIONS—TOWERS

     15.1%        

American Tower Corp.a,d

 

     494,256      $ 127,784,946  

Crown Castle International Corp.a,d

 

     998,146        167,039,733  

SBA Communications Corp.a

 

     83,267        24,806,905  
  

 

 

 
           319,631,584  
  

 

 

 

CONSUMER—CYCLICAL—HOTELS, RESTAURANTS & LEISURE

     0.0%        

Boyd Gaming Corp.

 

     7,110        148,599  
  

 

 

 

DIVERSIFIED

     0.4%        

Macquarie Infrastructure Co. LLCa,d

 

     316,453        9,711,943  
  

 

 

 

ELECTRIC

     31.1%        

Alliant Energy Corp.a,d

 

     1,054,083        50,427,331  

CMS Energy Corp.a,d

 

     765,293        44,708,417  

Dominion Energy, Inc.a,d

 

     517,111        41,979,071  

DTE Energy Co.a,d

 

     328,852        35,351,590  

Duke Energy Corp.a,d

 

     1,092,717        87,297,161  

Edison Internationala,d

 

     561,544        30,497,455  

Evergy, Inc.a,d

 

     760,272        45,076,527  

FirstEnergy Corp.a,d

 

     1,120,153        43,439,533  

NextEra Energy, Inc.a,d

 

     829,457        199,210,688  

NorthWestern Corp.a

 

     549,218        29,943,365  

Xcel Energy, Inc.a,d

 

     800,703        50,043,937  
  

 

 

 
        657,975,075  
  

 

 

 

ENERGY

     0.5%        

Magellan Midstream Partners LPa

 

     244,125        10,538,876  
  

 

 

 

GAS DISTRIBUTION

     1.1%        

Atmos Energy Corp.a,d

 

     134,430        13,386,539  

NiSource, Inc.a,d

 

     462,529        10,517,910  
  

 

 

 
           23,904,449  
  

 

 

 

INDUSTRIALS

     0.1%        

United Parcel Service, Inc. Class Ba

 

     27,024        3,004,528  
  

 

 

 

INFRASTRUCTURE—ELECTRIC

     4.2%        

CenterPoint Energy, Inc.

 

     1,197,779        22,362,534  

Pinnacle West Capital Corp.

 

     483,454        35,432,344  

PNM Resources, Inc.

 

     509,474        19,584,180  

Public Service Enterprise Group, Inc.

 

     232,010        11,405,612  
  

 

 

 
           88,784,670  
  

 

 

 

 

See accompanying notes to financial statements.

 

14


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

INTEGRATED TELECOMMUNICATIONS SERVICES

     0.2%        

Verizon Communications, Inc.a

 

     62,022      $ 3,419,273  
  

 

 

 

PIPELINES

     6.0%        

PIPELINES—C-CORP

     4.4%        

Kinder Morgan, Inc.a,d

 

     3,055,885        46,357,776  

ONEOK, Inc.a,d

 

     554,288        18,413,447  

Plains GP Holdings LP, Class A,a

 

     1,219,622        10,854,636  

Williams Cos., Inc.a,d

 

     903,919        17,192,539  
  

 

 

 
           92,818,398  
  

 

 

 

PIPELINES—MLP

     1.6%        

Enterprise Products Partners LPa,d

 

     632,713        11,496,395  

MPLX LPa,d

 

     514,959        8,898,492  

Noble Midstream Partners LPa

 

     681,713        5,767,292  

Western Midstream Partners LPa,b,d

 

     840,056        8,434,162  
  

 

 

 
           34,596,341  
  

 

 

 

TOTAL PIPELINES

 

        127,414,739  
  

 

 

 

RAILWAYS

     6.0%        

Norfolk Southern Corp.a,d

 

     304,962        53,542,178  

Union Pacific Corp.a,d

 

     435,851        73,689,329  
  

 

 

 
           127,231,507  
  

 

 

 

REAL ESTATE

     1.4%        

DATA CENTERS

     0.7%        

CyrusOne, Inc.a,d

 

     203,769        14,824,195  

Equinix, Inc.

 

     1,314        922,822  
  

 

 

 
           15,747,017  
  

 

 

 

HEALTH CARE

     0.2%        

Healthcare Trust of America, Inc., Class A

 

     7,719        204,708  

Healthpeak Properties, Inc.

 

     15,865        437,239  

Medical Properties Trust, Inc.a

 

     24,878        467,706  

Omega Healthcare Investors, Inc.

 

     5,932        176,358  

Ventas, Inc.

 

     25,787        944,320  

Welltower, Inc.

 

     21,514        1,113,350  
  

 

 

 
           3,343,681  
  

 

 

 

HOTEL

     0.0%        

Hilton Worldwide Holdings, Inc.

 

     2,804        205,954  
  

 

 

 

 

See accompanying notes to financial statements.

 

15


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

INDUSTRIALS

     0.1%        

Americold Realty Trust

 

     8,815      $ 319,985  

Duke Realty Corp.

 

     11,459        405,534  

Prologis, Inc.

 

     20,543        1,917,278  
  

 

 

 
           2,642,797  
  

 

 

 

NET LEASE

     0.1%        

Agree Realty Corp.

 

     6,649        436,906  

VICI Properties, Inc.

 

     34,946        705,560  
  

 

 

 
           1,142,466  
  

 

 

 

OFFICE

     0.0%        

Boston Properties, Inc.

 

     1,307        118,127  

Kilroy Realty Corp.

 

     5,903        346,506  
  

 

 

 
           464,633  
  

 

 

 

RESIDENTIAL

     0.1%        

Essex Property Trust, Inc.

 

     3,884        890,096  

Invitation Homes, Inc.

 

     25,635        705,732  

UDR, Inc.

 

     17,819        666,074  
  

 

 

 
           2,261,902  
  

 

 

 

SELF STORAGE

     0.1%        

Extra Space Storage, Inc.

 

     5,009        462,681  

Public Storagea

 

     7,309        1,402,524  
  

 

 

 
           1,865,205  
  

 

 

 

SHOPPING CENTERS

     0.1%        

COMMUNITY CENTER

     0.0%        

Kimco Realty Corp.

 

     46,434        596,212  
  

 

 

 

REGIONAL MALL

     0.1%        

Simon Property Group, Inc.

 

     11,113        759,907  
  

 

 

 

TOTAL SHOPPING CENTERS

 

        1,356,119  
  

 

 

 

TOTAL REAL ESTATE

 

        29,029,774  
  

 

 

 

WATER

     2.6%        

American Water Works Co., Inc.a,d

 

     424,503        54,616,556  
  

 

 

 

TOTAL UNITED STATES

 

        1,455,411,573  
  

 

 

 

TOTAL COMMON STOCK
(Identified cost—$1,985,201,264)

 

        2,456,934,118  
  

 

 

 

 

See accompanying notes to financial statements.

 

16


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

PREFERRED SECURITIES—$25 PAR VALUE

     7.1%        

BERMUDA

     0.1%        

INSURANCE

        

PROPERTY CASUALTY

     0.1%        

Enstar Group Ltd., 7.00% to 9/1/28, Series D
(USD)e,f

 

     77,050      $ 1,866,151  
  

 

 

 

REINSURANCE

     0.0%        

RenaissanceRe Holdings Ltd., 5.75%, Series F
(USD)f

 

     7,000        181,230  
  

 

 

 

TOTAL BERMUDA

 

        2,047,381  
  

 

 

 

CANADA

     0.2%        

PIPELINES

     0.1%        

Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78,
Series B (USD)e

 

     77,150        1,874,745  
  

 

 

 

UTILITIES

     0.1%        

Algonquin Power & Utilities Corp., 6.875% to
10/17/23, due 10/17/78 (USD)e

 

     38,890        1,020,863  

Algonquin Power & Utilities Corp., 6.20% to 7/1/24,
due 7/1/79, Series 19-A (USD)e

 

     65,127        1,703,722  
  

 

 

 
           2,724,585  
  

 

 

 

TOTAL CANADA

 

        4,599,330  
  

 

 

 

NETHERLANDS

     0.1%        

INSURANCE

        

Aegon Funding Co. LLC, 5.10%, due 12/15/49 (USD)a

 

     132,100        3,035,658  
  

 

 

 

UNITED STATES

     6.7%        

BANKS

     2.8%        

Bank of America Corp., 6.00%, Series EEa,f

 

     100,000        2,584,000  

Bank of America Corp., 6.00%, Series GGa,f

 

     204,775        5,580,119  

Bank of America Corp., 5.875%, Series HHf

 

     82,800        2,177,640  

Bank of America Corp., 5.375%, Series KKf

 

     55,130        1,416,841  

Bank of America Corp., 5.00%, Series LL,f

 

     101,143        2,554,872  

Capital One Financial Corp., 6.00%, Series H,f

 

     37,407        932,931  

Capital One Financial Corp., 4.80%, Series Jf

 

     90,575        1,898,452  

Citigroup Capital XIII, 7.13% (3 Month US LIBOR + 6.37%), due 10/30/40 (FRN)g

 

     145,444        3,854,266  

Citigroup, Inc., 6.30%, Series Sa,f

 

     97,743        2,503,198  

 

See accompanying notes to financial statements.

 

17


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

Citizens Financial Group, Inc., 5.00%, Series Ef

 

     58,500      $ 1,316,250  

GMAC Capital Trust I, 6.177% (3 Month US LIBOR + 5.785%), due 2/15/40, Series 2 (TruPS) (FRN)a,g

 

     216,141        4,845,881  

Huntington Bancshares, Inc., 6.25%, Series Da,f

 

     73,122        1,831,706  

JPMorgan Chase & Co., 6.10%, Series AAa,f

 

     121,901        3,097,504  

JPMorgan Chase & Co., 5.75%, Series DDf

 

     15,000        396,300  

New York Community Bancorp, Inc., 6.375% to 3/17/27, Series Aa,e,f

 

     58,930        1,430,231  

Regions Financial Corp., 5.70% to 5/15/29, Series Ca,e,f

 

     181,815        4,485,376  

Synovus Financial Corp., 5.875% to 7/1/24, Series Ee,f

 

     82,725        1,799,269  

Wells Fargo & Co., 5.25%, Series Pa,f

 

     110,900        2,753,647  

Wells Fargo & Co., 5.85% to 9/15/23, Series Qa,e,f

 

     129,292        3,201,270  

Wells Fargo & Co., 6.00%, Series Ta,f

 

     24,750        632,115  

Wells Fargo & Co., 5.70%, Series Wa,f

 

     143,039        3,630,330  

Wells Fargo & Co., 5.625%, Series Ya,f

 

     99,275        2,517,614  

Wells Fargo & Co., 4.75%, Series Za,f

 

     206,575        4,800,803  
  

 

 

 
           60,240,615  
  

 

 

 

ELECTRIC

     1.3%        

CMS Energy Corp., 5.875%, due 3/1/79a

 

     99,975        2,620,345  

DTE Energy Co., 5.375%, due 6/1/76, Series Ba

 

     182,874        4,599,281  

Duke Energy Corp., 5.75%, Series Aa,f

 

     181,350        4,881,942  

Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73a,e

 

     174,388        4,446,894  

NextEra Energy Capital Holdings, Inc., 5.65%, due 3/1/79, Series Na

 

     115,742        3,098,413  

Southern Co./The, 5.25%, due 12/1/77a

 

     99,672        2,512,731  

Southern Co./The, 4.95%, due 1/30/80, Series 2020a

 

     230,000        5,773,000  
  

 

 

 
           27,932,606  
  

 

 

 

FINANCIAL

     0.8%        

DIVERSIFIED FINANCIAL SERVICES

     0.3%        

Apollo Global Management, Inc., 6.375%, Series Af

 

     57,982        1,488,978  

National Rural Utilities Cooperative Finance Corp., 5.50%, due 5/15/64, Series USa

 

     90,000        2,360,700  

Synchrony Financial, 5.625%, Series Af

 

     93,732        2,003,053  
  

 

 

 
           5,852,731  
  

 

 

 

INVESTMENT BANKER/BROKER

     0.5%        

Morgan Stanley, 6.875% to 1/15/24, Series Fa,e,f

 

     100,436        2,669,589  

 

See accompanying notes to financial statements.

 

18


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

Morgan Stanley, 6.375% to 10/15/24, Series Ia,e,f

 

     178,969      $ 4,640,666  

Morgan Stanley, 5.85% to 4/15/27, Series Ka,e,f

 

     110,200        2,836,548  
  

 

 

 
           10,146,803  
  

 

 

 

TOTAL FINANCIAL

 

        15,999,534  
  

 

 

 

INDUSTRIALS—CHEMICALS

     0.3%        

CHS, Inc., 7.10% to 3/31/24, Series 2a,e,f

 

     135,283        3,264,379  

CHS, Inc., 6.75% to 9/30/24, Series 3a,e,f

 

     137,935        3,285,611  
  

 

 

 
           6,549,990  
  

 

 

 

INSURANCE

     0.6%        

LIFE/HEALTH INSURANCE

     0.4%        

Athene Holding Ltd., 6.35% to 6/30/29, Series Aa,e,f

 

     115,223        2,809,137  

Equitable Holdings, Inc., 5.25%, Series Af

 

     52,000        1,191,840  

MetLife, Inc., 4.75%, Series Ff

 

     68,800        1,690,416  

Voya Financial, Inc., 5.35% to 9/15/29, Series Be,f

 

     97,375        2,375,950  
  

 

 

 
           8,067,343  
  

 

 

 

MULTI-LINE

     0.2%        

Allstate Corp./The, 5.10%, Series Ha,f

 

     146,650        3,719,044  

American International Group, Inc., 5.85%, Series Af

 

     11,342        291,603  

Hanover Insurance Group, Inc./The, 6.35%, due 3/30/53

 

     50,210        1,272,321  
  

 

 

 
           5,282,968  
  

 

 

 

REINSURANCE

     0.0%        

Arch Capital Group Ltd., 5.25%, Series Ef

 

     10,833        259,559  
  

 

 

 

TOTAL INSURANCE

 

        13,609,870  
  

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES

     0.1%        

AT&T, Inc., 5.625%, due 8/1/67

 

     50,000        1,326,500  
  

 

 

 

PIPELINES

     0.2%        

Energy Transfer Operating LP, 7.375% to 5/15/23,
Series Ca,e,f

 

     142,225        2,732,142  

Energy Transfer Operating LP, 7.625% to 8/15/23,
Series De,f

 

     89,991        1,751,225  

Energy Transfer Operating LP, 7.60% to 5/15/24,
Series Ee,f

 

     25,586        526,048  
  

 

 

 
           5,009,415  
  

 

 

 

 

See accompanying notes to financial statements.

 

19


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Shares/Units      Value  

REAL ESTATE

     0.2%        

DIVERSIFIED

     0.1%        

VEREIT, Inc., 6.70%, Series Fa,f

 

     66,586      $ 1,665,982  
  

 

 

 

REINSURANCE

     0.1%        

Arch Capital Group Ltd., 5.45%, Series Fa,f

 

     80,000        1,959,200  
  

 

 

 

TOTAL REAL ESTATE

 

        3,625,182  
  

 

 

 

UTILITIES

     0.4%        

NiSource, Inc. 0.0% to 3/15/24, Series Ba,e,f

 

     92,315        2,382,650  

South Jersey Industries, Inc., 5.625%, due 9/16/79

 

     95,800        2,363,386  

Spire, Inc., 5.90%, Series Aa,f

 

     101,071        2,624,814  
  

 

 

 
           7,370,850  
  

 

 

 

TOTAL UNITED STATES

 

        141,664,562  
  

 

 

 

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$153,596,234)

 

        151,346,931  
  

 

 

 
            Principal
Amount
        

PREFERRED SECURITIES—CAPITAL SECURITIES

     16.0%        

AUSTRALIA

     0.5%        

INSURANCE-PROPERTY CASUALTY

     0.4%        

QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (USD)e,h

 

   $ 5,155,000        5,697,538  

QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (USD)e,h

 

     1,800,000        1,922,057  
  

 

 

 
        7,619,595  
  

 

 

 

MATERIAL—METALS & MINING

     0.1%        

BHP Billiton Finance USA Ltd., 6.75% to 10/20/25, due 10/19/75, 144A (USD)a,c,e

 

     1,600,000        1,846,792  
  

 

 

 

TOTAL AUSTRALIA

 

        9,466,387  
  

 

 

 

BRAZIL

     0.0%        

BANKS

        

Itau Unibanco Holding SA, 4.50% to 11/21/24, due 11/21/29, 144A (USD)a,c,e,i

 

     800,000        759,712  
  

 

 

 

 

See accompanying notes to financial statements.

 

20


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
     Value  

CANADA

     1.5%        

PIPELINES

     1.1%        

Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (USD)a,e

 

   $ 3,289,000      $ 3,245,404  

Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (USD)a,e

 

     4,155,000        4,107,657  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (USD)a,e

 

     8,620,000        8,613,492  

Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (USD)a,e

 

     5,765,000        6,101,340  
  

 

 

 
        22,067,893  
  

 

 

 

UTILITIES

     0.4%        

Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (USD)a,e

 

     8,000,000        8,666,040  
  

 

 

 

TOTAL CANADA

 

        30,733,933  
  

 

 

 

FINLAND

     0.1%        

BANKS

        

Nordea Bank Abp, 6.625% to 3/26/26, 144A (USD)a,c,e,f,i

 

     1,400,000        1,495,529  
  

 

 

 

FRANCE

     1.6%        

BANKS

     1.5%        

BNP Paribas SA, 6.625% to 3/25/24, 144A (USD)a,c,e,f,i

 

     3,660,000        3,746,925  

BNP Paribas SA, 7.00% to 8/16/28, 144A (USD)a,c,e,f,i

 

     1,000,000        1,086,435  

BNP Paribas SA, 7.195% to 6/25/37, 144A (USD)a,c,e,f

 

     2,900,000        3,135,139  

BNP Paribas SA, 7.375% to 8/19/25, 144A (USD)a,c,e,f,i

 

     3,600,000        3,949,002  

BNP Paribas SA, 7.625% to 3/30/21, 144A (USD)a,c,e,f,i

 

     2,400,000        2,437,500  

Credit Agricole SA, 6.875% to 9/23/24, 144A (USD)a,c,e,f,i

 

     2,600,000        2,683,057  

Credit Agricole SA, 7.875% to 1/23/24, 144A (USD)a,c,e,f,i

 

     400,000        435,462  

Credit Agricole SA, 8.125% to 12/23/25, 144A (USD)a,c,e,f,i

 

     3,550,000        4,066,969  

Societe Generale SA, 6.75% to 4/6/28, 144A (USD)a,c,e,f,i

 

     3,400,000        3,385,771  

Societe Generale SA, 7.375% to 9/13/21, 144A (USD)a,c,e,f,i

 

     3,600,000        3,639,312  

Societe Generale SA, 8.00% to 9/29/25, 144A (USD)a,c,e,f,i

 

     1,800,000        2,007,867  
  

 

 

 
        30,573,439  
  

 

 

 

INSURANCE—MULTI-LINE

     0.1%        

AXA SA, 6.379% to 12/14/36, 144A (USD)a,c,e,f

 

     1,600,000        2,058,184  
  

 

 

 

TOTAL FRANCE

 

        32,631,623  
  

 

 

 

 

See accompanying notes to financial statements.

 

21


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
     Value  

HONG KONG

     0.1%        

BANKS

        

Bank of China Hong Kong Ltd., 5.90% to 9/14/23, 144A (USD)a,c,e,f

 

   $ 2,200,000      $ 2,351,052  
  

 

 

 

ITALY

     0.1%        

BANKS

        

Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (USD)a,c,e,f,i

 

     2,900,000        2,897,600  
  

 

 

 

JAPAN

     0.5%        

INSURANCE

        

LIFE/HEALTH INSURANCE

     0.4%        

Dai-ichi Life Insurance Co., Ltd., 5.10% to 10/28/24, 144A (USD)a,c,e,f

 

     2,000,000        2,206,390  

Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (USD)a,c,e

 

     5,000,000        5,568,682  
  

 

 

 
        7,775,072  
  

 

 

 

PROPERTY CASUALTY

     0.1%        

Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (USD)a,c,e,f

 

     2,400,000        2,749,956  
  

 

 

 

TOTAL JAPAN

 

        10,525,028  
  

 

 

 

NETHERLANDS

     0.2%        

BANKS

        

ING Groep N.V., 5.75% to 11/16/26 (USD)a,e,f,i

 

     1,800,000        1,788,003  

ING Groep N.V., 6.875% to 4/16/22 (USD)e,f,h,i

 

     3,000,000        3,109,680  
  

 

 

 

TOTAL NETHERLANDS

 

        4,897,683  
  

 

 

 

NORWAY

     0.2%        

BANKS

        

DNB Bank ASA, 6.50% to 3/26/22 (USD)e,f,h,i

 

     3,000,000        3,090,000  
  

 

 

 

SPAIN

     0.2%        

BANKS

        

Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25,
Series 9 (USD)a,e,f,i

 

     3,800,000        3,690,831  
  

 

 

 

 

See accompanying notes to financial statements.

 

22


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
     Value  

SWEDEN

     0.1%        

BANKS

        

Skandinaviska Enskilda Banken AB, 5.125% to 5/13/25 (USD)e,f,h,i

 

   $ 400,000      $ 389,347  

Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (USD)e,f,h,i

 

     2,200,000        2,322,276  
  

 

 

 

TOTAL SWEDEN

 

        2,711,623  
  

 

 

 

SWITZERLAND

     1.2%        

BANKS

     1.1%        

Credit Suisse Group AG, 7.125% to 7/29/22 (USD)e,f,h,i

 

     2,600,000        2,680,444  

Credit Suisse Group AG, 6.375% to 8/21/26, 144A (USD)a,c,e,f,i

 

     3,000,000        3,049,005  

Credit Suisse Group AG, 7.25% to 9/12/25, 144A (USD)a,c,e,f,i

 

     1,400,000        1,439,473  

Credit Suisse Group AG, 7.50% to 12/11/23, 144A (USD)a,c,e,f,i

 

     400,000        431,968  

Credit Suisse Group AG, 7.50% to 7/17/23, 144A (USD)a,c,e,f,i

 

     4,800,000        4,990,104  

UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A (USD)a,c,e,f,i

 

     4,600,000        4,781,447  

UBS Group Funding Switzerland AG, 6.875% to 3/22/21 (USD)e,f,h,i

 

     1,600,000        1,623,496  

UBS Group Funding Switzerland AG, 6.875% to 8/7/25 (USD)e,f,h,i

 

     3,200,000        3,372,000  

UBS Group Funding Switzerland AG, 7.125% to 8/10/21 (USD)e,f,h,i

 

     1,600,000        1,635,414  
  

 

 

 
        24,003,351  
  

 

 

 

INSURANCE—PROPERTY CASUALTY

     0.1%        

Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A (USD)a,c,e

 

     2,000,000        2,250,500  
  

 

 

 

TOTAL SWITZERLAND

 

        26,253,851  
  

 

 

 

UNITED KINGDOM

     2.6%        

BANKS

     2.3%        

Barclays PLC, 7.875% to 3/15/22 (USD)e,f,h,i

 

     3,800,000        3,873,112  

Barclays PLC, 8.00% to 6/15/24 (USD)a,e,f,i

 

     2,200,000        2,280,906  

HBOS Capital Funding LP, 6.85% (USD)f,h

 

     2,400,000        2,437,584  

HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A (USD)a,c,e,f

 

     8,950,000        14,148,294  

 

See accompanying notes to financial statements.

 

23


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
    Value  

HSBC Holdings PLC, 6.375% to 3/30/25 (USD)a,e,f,i

 

   $ 1,600,000     $ 1,643,676  

HSBC Holdings PLC, 6.50% to 3/23/28 (USD)a,e,f,i

 

     2,800,000       2,875,782  

HSBC Holdings PLC, 6.875% to 6/1/21 (USD)a,e,f,i

 

     3,400,000       3,450,386  

Lloyds Banking Group PLC, 7.50% to 6/27/24 (USD)a,e,f,i

 

     3,534,000       3,673,664  

Lloyds Banking Group PLC, 7.50% to 9/27/25 (USD)a,e,f,i

 

     1,800,000       1,868,668  

Nationwide Building Society, 10.25%, due 12/6/99f,h

 

     435,000       843,549  

Royal Bank of Scotland Group PLC, 7.648% to 9/30/31
(USD)a,e,f

 

     2,512,000       3,639,185  

Royal Bank of Scotland Group PLC, 8.00% to 8/10/25
(USD)a,e,f,i

 

     3,600,000       3,981,888  

Royal Bank of Scotland Group PLC, 8.625% to 8/15/21
(USD)a,e,f,i

 

     3,200,000       3,334,304  

Standard Chartered PLC, 7.75% to 4/2/23, 144A (USD)c,e,f,i

 

     600,000       626,544  
 

 

 

 
          48,677,542  
 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES

     0.1%       

Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79
(USD)a,e

 

     2,850,000       3,342,936  
       

 

 

 

OIL & GAS

     0.2%       

BP Capital Markets PLC, 4.875% to 3/22/30 (USD)a,e,f

 

     3,550,000       3,674,250  
       

 

 

 

TOTAL UNITED KINGDOM

 

       55,694,728  
       

 

 

 

UNITED STATES

     7.1%       

BANKS

     3.8%       

AgriBank FCB, 6.875% to 1/1/24a,e,f

 

      37,000       3,922,000  

Bank of America Corp., 6.10% to 3/17/25, Series AAa,e,f

 

     2,186,000       2,307,749  

Bank of America Corp., 5.875% to 3/15/28, Series FFa,e,f

 

     4,682,000       4,792,183  

Bank of America Corp., 6.25% to 9/5/24, Series Xa,e,f

 

     4,700,000       4,874,262  

Bank of America Corp., 6.50% to 10/23/24, Series Za,e,f

 

     3,806,000       4,097,777  

Citigroup, Inc., 5.90% to 2/15/23a,e,f

 

     5,675,000       5,645,887  

Citigroup, Inc., 5.95% to 5/15/25, Series Pa,e,f

 

     6,000,000       5,969,005  

Citigroup, Inc., 6.25% to 8/15/26, Series Ta,e,f

 

     4,850,000       5,149,269  

Citigroup, Inc., 5.00% to 9/12/24, Series Ua,e,f

 

     3,040,000       2,867,052  

Citizens Financial Group, Inc., 5.65% to 10/6/25, Series Fe,f

 

     2,000,000       2,032,500  

Citizens Financial Group, Inc., 6.375% to 4/6/24, Series Ca,e,f

 

     1,200,000       1,116,000  

CoBank ACB, 6.25% to 10/1/22, Series Fa,e,f

 

      52,500       5,414,062  

CoBank ACB, 6.25% to 10/1/26, Series Ia,e,f

 

     2,866,000       2,866,000  

Comerica, Inc., 5.625% to 7/1/25e,f

 

     1,500,000       1,525,950  

 

See accompanying notes to financial statements.

 

24


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
    Value  

Farm Credit Bank of Texas, 6.75% to 9/15/23, 144Aa,c,e,f

 

   $   35,300     $ 3,706,500  

Farm Credit Bank of Texas, 10.00%, Series 1a,f

 

      2,000       2,020,000  

Goldman Sachs Group, Inc./The, 5.30% to 11/10/26, Series Oa,e,f

 

     1,645,000       1,659,047  

Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Qa,e,f

 

     1,690,000       1,753,068  

Huntington Bancshares, Inc., 5.625% to 7/15/30, Series Fe,f

 

     1,500,000       1,554,750  

JPMorgan Chase & Co., 4.23%
(3 Month US LIBOR + 3.47%), Series I (FRN)a,f,g

 

     2,034,000       1,855,494  

JPMorgan Chase & Co., 6.75% to 2/1/24, Series Sa,e,f

 

     2,790,000       3,005,117  

JPMorgan Chase & Co., 6.10% to 10/1/24, Series Xa,e,f

 

     500,000       512,709  

Truist Financial Corp., 5.125% to 12/15/27, Series Me,f

 

     500,000       482,931  

Truist Financial Corp., 4.80% to 9/01/24, Series Na,e,f

 

     1,810,000       1,668,689  

Truist Financial Corp., 5.10% to 3/1/30, Series Qe,f

 

     4,210,000       4,357,771  

Wells Fargo & Co., 5.95%, due 12/1/86a

 

     2,830,000       3,413,396  

Wells Fargo & Co., 5.875% to 6/15/25, Series Ua,e,f

 

     1,891,000       1,969,187  
 

 

 

 
          80,538,355  
 

 

 

 

COMMUNICATIONS—TOWERS

     0.5%       

Crown Castle International Corp., 6.875%, due 8/1/20,
Series A (Convertible)

 

      7,400       11,022,443  
 

 

 

 

ELECTRIC

     0.3%       

CenterPoint Energy, Inc., 6.125% to 9/1/23,
Series Aa,e,f

 

     1,960,000       1,900,547  

Dominion Energy, Inc., 4.65% to 12/15/24,
Series Ba,e,f

 

     327,000       320,487  

Duke Energy Corp., 4.875% to 9/16/24a,e,f

 

     3,580,000       3,580,774  
 

 

 

 
          5,801,808  
 

 

 

 

FINANCIAL—INVESTMENT BANKER/BROKER

     0.3%       

Charles Schwab Corp./The, 5.375% to 6/1/25,
Series G,e,f

 

     4,736,000       5,071,404  

Morgan Stanley, 5.55% to 10/15/20, Series Ja,e,f

 

     1,809,000       1,662,836  
 

 

 

 
          6,734,240  
       

 

 

 

FOOD

     0.2%       

Dairy Farmers of America, Inc., 7.875%, 144Ac,f,j

 

      60,000       5,160,000  
 

 

 

 

 

See accompanying notes to financial statements.

 

25


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
     Value  

INFRASTRUCTURE

     0.3%        

ELECTRIC

     0.1%        

CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50,a,e

 

   $ 2,300,000      $ 2,349,693  
  

 

 

 

GAS—DISTRIBUTION

     0.2%        

Sempra Energy, 4.875% to 10/15/25e,f

 

     3,780,000        3,789,450  
        

 

 

 

TOTAL INFRASTRUCTURE

 

        6,139,143  
        

 

 

 

INSURANCE

     1.4%        

LIFE/HEALTH INSURANCE

     1.0%        

MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)a,c

 

     4,500,000        5,708,543  

MetLife, Inc., 9.25%, due 4/8/38, 144Aa,c

 

     6,500,000        9,025,672  

MetLife, Inc., 3.888% (3 Month US LIBOR + 3.575%),
Series C (FRN)a,f,g

 

     3,200,000        2,894,000  

MetLife, Inc., 5.875% to 3/15/28, Series Da,e,f

 

     2,530,000        2,674,466  

Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53a,e

 

     500,000        504,623  

Voya Financial, Inc., 6.125% to 9/15/23, Series Aa,e,f

 

     1,310,000        1,282,195  
  

 

 

 
           22,089,499  
  

 

 

 

MULTI-LINE

     0.1%        

American International Group, Inc., 8.175% to 5/15/38,
due 5/15/68a,e

 

     925,000        1,182,445  
  

 

 

 

PROPERTY CASUALTY

     0.2%        

Assurant, Inc., 7.00% to 3/27/28, due 3/27/48a,e

 

     3,200,000        3,288,717  

Liberty Mutual Group, Inc., 7.80%, due 3/7/87, 144Aa,c

 

     1,680,000        2,016,714  
  

 

 

 
           5,305,431  
  

 

 

 

REINSURANCE

     0.1%        

AXIS Specialty Finance LLC, 4.90% to 1/15/30,
due 1/15/40a,e

 

     1,760,000        1,655,049  
  

 

 

 

TOTAL INSURANCE

 

        30,232,424  
  

 

 

 

PIPELINES

     0.1%        

Energy Transfer Operating LP, 7.125% to 5/15/30,
Series Ga,e,f

 

     2,780,000        2,380,375  
  

 

 

 

 

See accompanying notes to financial statements.

 

26


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

            Principal
Amount
     Value  

UTILITIES

     0.2%        

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29,
due 5/1/79a,e

 

   $ 2,870,000      $ 3,136,013  
  

 

 

 

TOTAL UNITED STATES

 

        151,144,801  
  

 

 

 

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$316,992,038)

 

        338,344,381  
  

 

 

 
            Shares         

SHORT-TERM INVESTMENTS

     0.8%        

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund,
Premier Class, 0.11%k

 

     16,410,711        16,410,711  
  

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$16,410,711)

 

        16,410,711  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,472,200,247)

     139.9%           2,963,036,141  

WRITTEN OPTION CONTRACTS

     (0.1)             (2,242,770

LIABILITIES IN EXCESS OF OTHER ASSETS

     (39.8)             (843,188,580
  

 

 

       

 

 

 

NET ASSETS (Equivalent to $22.64 per share based on 93,522,809 shares of common stock outstanding)

     100.0%         $ 2,117,604,791  
  

 

 

       

 

 

 

Exchange-Traded Option Contracts

Written Options

 

             
Description   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amountl
    Premiums
Received
    Value  

Call—Crown Castle International Corp.

  $ 160.00       7/17/20       (1,878   $ (31,428,330   $ (653,457 )   $ (1,690,200

Call—GDS Holdings Ltd.

    80.00       7/17/20       (967     (7,703,122     (138,327     (299,770

Put—Norfolk Southern Corp.

    165.00       7/17/20       (800     (14,045,600     (336,652     (252,800

 

 
        (3,645   $ (53,177,052   $ (1,128,436   $ (2,242,770

 

 

 

See accompanying notes to financial statements.

 

27


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

Centrally Cleared Interest Rate Swap Contracts

 

                 
Notional Amount   Fixed
Rate
Payablem
   

Fixed

Payment
Frequency

    Floating
Rate
Receivablem
(resets monthly)
    Floating
Payment
Frequency
    Maturity
Date
    Value     Upfront
Receipts
(Payments)
   

Unrealized

(Depreciation)

 

$212,500,000

    1.240     Monthly       1 Month LIBOR       Monthly       2/3/26     $ (10,427,632   $ (97,997   $ (10,525,629

 

 

The total amount of all interest rate swap contracts as presented in the table above are representative of the volume of activity for this derivative type during the six months ended June 30, 2020.

Glossary of Portfolio Abbreviations

 

 

ADR

  American Depositary Receipt

EMTN

  Euro Medium Term Note

FRN

  Floating Rate Note

LIBOR

  London Interbank Offered Rate

MLP

  Master Limited Partnership

REIT

  Real Estate Investment Trust

TruPS

  Trust Preferred Securities

USD

  United States Dollar

 

Note: Percentages indicated are based on the net assets of the Fund.

 

All or a portion of the security is pledged in connection with exchange-traded written option contracts. $34,107,672 in aggregate has been pledged as collateral.

 

Represents shares.

a

All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $1,785,614,876 in aggregate has been pledged as collateral.

b

Non-income producing security.

c

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 $193,281,977 which represents 9.1% of the net assets of the Fund, of which 0.2% are illiquid.

d

A portion of the security has been rehypothecated in connection with the Fund’s credit agreement. $740,670,279 in aggregate has been rehypothecated.

e

Security converts to floating rate after the indicated fixed-rate coupon period.

f

Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

g

Variable rate. Rate shown is in effect at June 30, 2020.

 

See accompanying notes to financial statements.

 

28


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2020 (Unaudited)

 

h

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $32,996,497 which represents 1.6% of the net assets of the Fund, of which 0.0% are illiquid.

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 $98,593,559 which represents 4.7% of the net assets of the Fund. (3.3% of the managed assets of the Fund).

j 

Security value is determined based on significant unobservable inputs (Level 3).

k

Rate quoted represents the annualized seven-day yield.

l 

Amount represents number of contracts multiplied by notional contract size multiplied by the underlying price.

m 

Represents a forward-starting interest rate swap with interest receipts and payments commencing on December 28, 2020 (effective date).

 

Sector Summary

   % of Managed
Assets
 

Electric

     30.0  

Communications

     11.4  

Pipelines

     9.3  

Banks

     9.0  

Toll Roads

     7.9  

Infrastructure

     7.5  

Airports

     5.4  

Railways

     5.3  

Other

     3.1  

Water

     2.4  

Gas Distribution

     2.2  

Insurance

     2.1  

Real Estate

     2.1  

Utilities

     1.5  

Financial

     0.8  
  

 

 

 
     100.0  
  

 

 

 

 

See accompanying notes to financial statements.

 

29


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2020 (Unaudited)

 

ASSETS:

  

Investments in securities, at valuea (Identified cost—$2,472,200,247)

   $ 2,963,036,141  

Cash collateral pledged for interest rate swap contracts

     6,021,972  

Foreign currency, at value (Identified cost—$2,319,488)

     2,314,817  

Receivable for:

  

Dividends and interest

     9,775,066  

Investment securities sold

     236,868  

Variation margin on interest rate swap contracts

     97,428  

Other assets

     77,366  
  

 

 

 

Total Assets

     2,981,559,658  
  

 

 

 

LIABILITIES:

  

Written option contracts, at value (Premiums received—$1,128,436)

     2,242,770  

Payable for:

  

Credit agreement

     850,000,000  

Investment securities purchased

     5,183,401  

Interest expense

     2,128,767  

Investment management fees

     2,116,020  

Foreign capital gains tax

     1,198,642  

Dividends declared

     564,822  

Administration fees

     149,366  

Directors’ fees

     3,231  

Due to custodian

     22  

Other liabilities

     367,826  
  

 

 

 

Total Liabilities

     863,954,867  
  

 

 

 

NET ASSETS

   $ 2,117,604,791  
  

 

 

 

NET ASSETS consist of:

  

Paid-in capital

   $ 1,681,302,490  

Total distributable earnings/(accumulated loss)

     436,302,301  
  

 

 

 
   $ 2,117,604,791  
  

 

 

 

NET ASSET VALUE PER SHARE:

  

($2,117,604,791 ÷ 93,522,809 shares outstanding)

   $ 22.64  
  

 

 

 

MARKET PRICE PER SHARE

   $ 22.05  
  

 

 

 

MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE

     (2.61 )% 
  

 

 

 

 

 

a 

Includes $1,785,614,876 pledged as collateral, of which $740,670,279 has been rehypothecated, in connection with the Fund’s credit agreement, as described in Note 8.

 

See accompanying notes to financial statements.

 

30


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2020 (Unaudited)

 

Investment Income:

  

Dividend income (net of $923,572 of foreign withholding tax)

   $ 41,333,216  

Interest income

     8,587,824  

Rehypothecation income

     86,958  
  

 

 

 

Total Investment Income

     50,007,998  
  

 

 

 

Expenses:

  

Interest expense

     13,366,393  

Investment management fees

     13,094,723  

Administration fees

     1,079,627  

Shareholder reporting expenses

     335,397  

Custodian fees and expenses

     163,682  

Professional fees

     64,127  

Directors’ fees and expenses

     55,055  

Transfer agent fees and expenses

     10,974  

Miscellaneous

     83,330  
  

 

 

 

Total Expenses

     28,253,308  
  

 

 

 

Net Investment Income (Loss)

     21,754,690  
  

 

 

 

Net Realized and Unrealized Gain (Loss):

  

Net realized gain (loss) on:

  

Investments in securities (net of $147,890 of foreign capital gains tax)

     (23,191,256

Written option contracts

     1,012,425  

Foreign currency transactions

     230,318  

Interest rate swap contracts

     (1,755,408
  

 

 

 

Net realized gain (loss)

     (23,703,921
  

 

 

 

Net change in unrealized appreciation (depreciation) on:

  

Investments in securities (net of decrease in foreign capital gains tax of $1,437,345)

     (374,732,838

Written option contracts

     (1,146,304

Foreign currency translations

     (40,120

Interest rate swap contracts

     (11,171,043
  

 

 

 

Net change in unrealized appreciation (depreciation)

     (387,090,305
  

 

 

 

Net Realized and Unrealized Gain (Loss)

     (410,794,226
  

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ (389,039,536
  

 

 

 

 

See accompanying notes to financial statements.

 

31


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

 

     For the
Six Months Ended
June 30, 2020
       For the
Year Ended
December 31, 2019
 

Change in Net Assets:

 

From Operations:

       

Net investment income (loss)

   $ 21,754,690        $ 48,585,593  

Net realized gain (loss)

     (23,703,921        149,782,209  

Net change in unrealized appreciation (depreciation)

     (387,090,305        442,745,240  
  

 

 

      

 

 

 

Net increase (decrease) in net assets
resulting from operations

     (389,039,536        641,113,042  
  

 

 

      

 

 

 

Distributions to Shareholders

     (86,976,212        (158,708,400
  

 

 

      

 

 

 

Capital Stock Transactions:

       

Issued as reinvestment of dividends and distributions (See Note 6)

              1,186,428  

Issued in connection with tax-free reorganization (See Note 7)

              226,180,064  
  

 

 

      

 

 

 

Net increase (decrease) in net assets from capital stock transactions

              227,366,492  
  

 

 

      

 

 

 

Total increase (decrease) in net assets

     (476,015,748        709,771,134  

Net Assets:

       

Beginning of period

     2,593,620,539          1,883,849,405  
  

 

 

      

 

 

 

End of period

   $ 2,117,604,791        $ 2,593,620,539  
  

 

 

      

 

 

 

 

See accompanying notes to financial statements.

 

32


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2020 (Unaudited)

 

Increase (Decrease) in Cash:

  

Cash Flows from Operating Activities:

  

Net increase (decrease) in net assets resulting from operations

   $ (389,039,536

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:

  

Purchases of long-term investments

     (917,993,964

Proceeds from sales and maturities of long-term investments

     955,516,227  

Net purchases, sales and maturities of short-term investments

     40,512,437  

Net amortization of premium on investments in securities

     459,547  

Net decrease in dividends and interest receivable and other assets

     2,077,647  

Net increase in receivable for variation margin on interest rate swap contracts

     (31,437

Net decrease in interest expense payable, accrued expenses and other liabilities

     (789,939

Increase in premiums received from written option contracts

     1,041,614  

Net change in unrealized depreciation on written option contracts

     1,146,304  

Net change in unrealized depreciation on investments in securities (net of decrease in foreign capital gains tax of $1,437,345)

     374,732,838  

Net realized loss on investments in securities (net of $147,890 of foreign capital gains tax)

     23,191,256  
  

 

 

 

Cash provided by operating activities

     90,822,994  

Cash Flows from Financing Activities:

  

Dividends and distributions paid

     (86,411,390
  

 

 

 

Cash used for financing activities

     (86,411,390
  

 

 

 

Increase (decrease) in cash and restricted cash

     4,411,604  

Cash and restricted cash at beginning of period (including foreign currency)

     3,925,185  
  

 

 

 

Cash and restricted cash at end of period (including foreign currency)

   $ 8,336,789  
  

 

 

 

Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:

For the six months ended June 30, 2020, interest paid was $13,395,445.

For the six months ended June 30, 2020, as part of exchange offers from two of the Fund’s investments, the Fund received shares of new securities valued at $3,575,289.

 

See accompanying notes to financial statements.

 

33


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

STATEMENT OF CASH FLOWS—(Continued)

For the Six Months Ended June 30, 2020 (Unaudited)

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

   $ 6,021,972  

Foreign currency

     2,314,817  
  

 

 

 

Total cash and restricted cash shown on the Statement of Cash Flows

   $ 8,336,789  
  

 

 

 

Restricted cash consists of cash that has been 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.

 

34


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, 2020
    For the Year Ended December 31,  

Per Share Operating Data:

  2019     2018     2017     2016     2015  

Net asset value, beginning of period

    $27.73       $22.08       $25.53       $22.00       $22.22       $25.79  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss)a

    0.23       0.57       0.52       0.67       0.69       0.68  

Net realized and unrealized gain (loss)

    (4.39     6.94       (1.97     4.63       1.12       (2.66
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    (4.16     7.51       (1.45     5.30       1.81       (1.98
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less dividends and distributions to shareholders from:

           

Net investment income

    (0.93     (0.58     (0.53     (1.03     (0.62     (0.72

Net realized gain

          (1.28     (1.47     (0.74     (1.41     (0.88
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions to shareholders

    (0.93     (1.86     (2.00     (1.77     (2.03     (1.60
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Anti-dilutive effect from the repurchase of shares

                                  0.01  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net asset value

    (5.09     5.65       (3.45     3.53       (0.22     (3.57
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $22.64       $27.73       $22.08       $25.53       $22.00       $22.22  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market value, end of period

    $22.05       $26.20       $19.76       $24.00       $19.36       $19.08  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                                                 

Total net asset value returnb

    -14.84 %c      35.09     -5.34     25.33     9.22     -6.85
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total market value returnb

    -12.21 %c      42.63     -9.89     33.89     11.93     -9.21
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                                                 

 

See accompanying notes to financial statements.

 

35


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

FINANCIAL HIGHLIGHTS (Unaudited) —(Continued)

 

     For the Six
Months Ended
June 30, 2020
   

 

For the Year Ended December 31,

 
Ratios/Supplemental Data:   2019     2018     2017     2016     2015  

Net assets, end of period (in millions)

   $ 2,117.6     $ 2,593.6     $ 1,883.8     $ 2,178.0     $ 1,876.7     $ 1,895.5  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to average daily net assets:

            

Expenses

     2.53 %d      2.50     2.44     2.17     2.19     2.11
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses (excluding interest expense)

     1.33 %d      1.36     1.39     1.35     1.36     1.35
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)

     1.95 %d      2.18     2.18     2.73     2.97     2.73
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of expenses to average daily managed assetse

     1.83 %d      1.81     1.73     1.54     1.53     1.50
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

     30 %c      41     37     46     51     58
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Credit Agreement

            

Asset coverage ratio for credit agreement

     349     405     322     356     321     323
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per $1,000 for credit agreement

   $ 3,491     $ 4,051     $ 3,216     $ 3,562     $ 3,208     $ 3,230  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount of loan outstanding (in millions)

   $ 850.0     $ 850.0     $ 850.0     $ 850.0     $ 850.0     $ 850.0  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

a 

Calculation based on average shares outstanding.

b 

Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

c 

Not annualized.

d 

Annualized.

e 

Average daily managed assets represent net assets plus the outstanding balance of the credit agreement.

 

See accompanying notes to financial statements.

 

36


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Infrastructure Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on January 8, 2004 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, closed-end management investment company. The Fund’s investment objective is total return with emphasis on income.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient

 

37


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

 

market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).

The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the

 

38


COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

 

investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

 

   

Level 1—quoted prices in active markets for identical investments

 

   

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

 

   

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s investments carried at value:

 

     Total        Quoted Prices
in Active
Markets for
Identical
Investments
(Level 1)
       Other
Significant
Observable
Inputs
(Level 2)
       Significant
Unobservable
Inputs
(Level 3)
 

Common Stock:

                 

Australia

   $ 167,851,255        $        $ 167,851,255        $                  —  

Austria

     110,133                   110,133           

Belgium

     10,139,251                   10,139,251           

China

     95,765,463          15,268,193          80,497,270           

France

     50,366,028                   50,366,028           

Germany

     1,687,188                   1,687,188           

Hong Kong

     25,589,273          457,022          25,132,251           

Italy

     60,640,835                   60,640,835