N-Q 1 a17-11276_12nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

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)

 

Tina M. Payne
280 Park Avenue
New York, NY 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:

March 31, 2017

 

 


 

Item 1. Schedule of Investments

 


 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS

March 31, 2017 (Unaudited)

 

 

 

Number
of Shares/Units

 

Value

 

COMMON STOCK 113.0%

 

 

 

 

 

AUSTRALIA 6.1%

 

 

 

 

 

PIPELINES—C-CORP 0.9%

 

 

 

 

 

APA Group(a)

 

2,664,106

 

$

18,236,971

 

 

 

 

 

 

 

RAILWAYS 0.8%

 

 

 

 

 

Aurizon Holdings Ltd.

 

4,313,365

 

17,300,901

 

 

 

 

 

 

 

TOLL ROADS 4.4%

 

 

 

 

 

Transurban Group(a)

 

9,996,595

 

89,128,409

 

TOTAL AUSTRALIA

 

 

 

124,666,281

 

 

 

 

 

 

 

BRAZIL 2.1%

 

 

 

 

 

WATER

 

 

 

 

 

Cia de Saneamento Basico do Estado de Sao Paulo(a)

 

4,062,536

 

42,291,589

 

 

 

 

 

 

 

CANADA 8.3%

 

 

 

 

 

PIPELINES—C-CORP 6.8%

 

 

 

 

 

Enbridge(a)

 

425,140

 

17,809,940

 

Pembina Pipeline Corp.

 

778,353

 

24,664,282

 

TransCanada Corp.(a)

 

1,830,086

 

84,454,922

 

Veresen

 

1,103,713

 

12,200,309

 

 

 

 

 

139,129,453

 

RAILWAYS 1.5%

 

 

 

 

 

Canadian Pacific Railway Ltd.(a)

 

204,391

 

30,024,275

 

TOTAL CANADA

 

 

 

169,153,728

 

 

 

 

 

 

 

CHINA 2.1%

 

 

 

 

 

AIRPORTS 0.8%

 

 

 

 

 

Beijing Capital International Airport Co., Ltd., Class H (HKD)

 

14,414,000

 

17,248,948

 

 

 

 

 

 

 

TOLL ROADS 1.3%

 

 

 

 

 

Jiangsu Expressway Co., Ltd., Class H (HKD)

 

18,390,000

 

26,408,338

 

TOTAL CHINA

 

 

 

43,657,286

 

 

 

 

 

 

 

FRANCE 1.3%

 

 

 

 

 

AIRPORTS

 

 

 

 

 

Aeroports de Paris

 

209,260

 

25,862,183

 

 

 

 

 

 

 

GERMANY 0.8%

 

 

 

 

 

ELECTRIC—REGULATED ELECTRIC

 

 

 

 

 

Innogy SE, 144A(b)

 

440,864

 

16,642,048

 

 

1


 

 

 

Number
of Shares/Units

 

Value

 

HONG KONG 2.4%

 

 

 

 

 

ELECTRIC—REGULATED ELECTRIC 1.7%

 

 

 

 

 

CLP Holdings Ltd.

 

3,329,000

 

$

34,804,253

 

 

 

 

 

 

 

MARINE PORTS 0.7%

 

 

 

 

 

China Merchants Port Holdings Co., Ltd.

 

4,664,000

 

13,653,220

 

TOTAL HONG KONG

 

 

 

48,457,473

 

 

 

 

 

 

 

ITALY 6.2%

 

 

 

 

 

COMMUNICATIONS—TOWERS 1.8%

 

 

 

 

 

Ei Towers S.p.A.(a)

 

315,136

 

17,717,056

 

Infrastrutture Wireless Italiane S.p.A., 144A(b)

 

3,845,294

 

20,272,870

 

 

 

 

 

37,989,926

 

PIPELINES—C-CORP 1.3%

 

 

 

 

 

Snam S.p.A.(a)

 

5,968,161

 

25,811,141

 

 

 

 

 

 

 

TOLL ROADS 3.1%

 

 

 

 

 

Atlantia S.p.A.(a)

 

2,477,633

 

63,963,949

 

TOTAL ITALY

 

 

 

127,765,016

 

 

 

 

 

 

 

JAPAN 7.8%

 

 

 

 

 

ELECTRIC—INTEGRATED ELECTRIC 2.4%

 

 

 

 

 

Kyushu Electric Power Co.

 

2,262,800

 

24,105,639

 

Tohoku Electric Power Co.

 

1,796,800

 

24,338,223

 

 

 

 

 

48,443,862

 

GAS DISTRIBUTION 0.8%

 

 

 

 

 

Tokyo Gas Co., Ltd.(a)

 

3,574,000

 

16,263,257

 

 

 

 

 

 

 

RAILWAYS 4.6%

 

 

 

 

 

Central Japan Railway Co.(a)

 

303,299

 

49,419,239

 

West Japan Railway Co.

 

693,500

 

45,105,843

 

 

 

 

 

94,525,082

 

TOTAL JAPAN

 

 

 

159,232,201

 

 

 

 

 

 

 

MEXICO 3.1%

 

 

 

 

 

AIRPORTS 1.8%

 

 

 

 

 

Grupo Aeroportuario del Pacifico SAB de CV, B Shares

 

3,751,821

 

36,435,583

 

 

 

 

 

 

 

TOLL ROADS 1.3%

 

 

 

 

 

OHL Mexico SAB de CV(a)

 

19,221,542

 

27,165,645

 

TOTAL MEXICO

 

 

 

63,601,228

 

 

2


 

 

 

Number
of Shares/Units

 

Value

 

NEW ZEALAND 1.9%

 

 

 

 

 

AIRPORTS

 

 

 

 

 

Auckland International Airport Ltd.(a)

 

8,083,747

 

$

38,306,924

 

 

 

 

 

 

 

SPAIN 2.3%

 

 

 

 

 

GAS DISTRIBUTION 0.8%

 

 

 

 

 

Enagas SA

 

613,890

 

15,946,760

 

 

 

 

 

 

 

TOLL ROADS 1.5%

 

 

 

 

 

Abertis Infraestructuras SA

 

887,814

 

14,301,509

 

Ferrovial SA

 

847,627

 

16,963,698

 

 

 

 

 

31,265,207

 

TOTAL SPAIN

 

 

 

47,211,967

 

 

 

 

 

 

 

SWITZERLAND 1.8%

 

 

 

 

 

AIRPORTS

 

 

 

 

 

Flughafen Zuerich AG(a)

 

178,245

 

37,992,620

 

 

 

 

 

 

 

UNITED KINGDOM 2.8%

 

 

 

 

 

ELECTRIC—REGULATED ELECTRIC 1.8%

 

 

 

 

 

National Grid PLC(a)

 

2,875,806

 

36,517,405

 

 

 

 

 

 

 

WATER 1.0%

 

 

 

 

 

United Utilities Group PLC(a)

 

1,615,500

 

20,109,043

 

TOTAL UNITED KINGDOM

 

 

 

56,626,448

 

 

 

 

 

 

 

UNITED STATES 64.0%

 

 

 

 

 

COMMUNICATIONS—TOWERS 9.8%

 

 

 

 

 

American Tower Corp.(a),(d)

 

815,534

 

99,120,003

 

Crown Castle International Corp.(a)

 

1,076,985

 

101,721,233

 

 

 

 

 

200,841,236

 

DIVERSIFIED 1.7%

 

 

 

 

 

Macquarie Infrastructure Co. LLC(a),(d)

 

441,456

 

35,572,524

 

 

 

 

 

 

 

ELECTRIC 27.3%

 

 

 

 

 

INTEGRATED ELECTRIC 6.2%

 

 

 

 

 

NextEra Energy(a),(d)

 

847,572

 

108,802,818

 

Pattern Energy Group(a),(d)

 

885,401

 

17,823,122

 

 

 

 

 

126,625,940

 

REGULATED ELECTRIC 21.1%

 

 

 

 

 

Alliant Energy Corp.(a),(d)

 

711,385

 

28,177,960

 

CMS Energy Corp.(a),(d)

 

1,561,070

 

69,842,272

 

DTE Energy Co.(a),(d)

 

314,260

 

32,089,089

 

Duke Energy Corp.

 

139,628

 

11,450,892

 

 

3


 

 

 

Number
of Shares/Units

 

Value

 

Edison International(a),(d)

 

798,117

 

$

63,538,094

 

Great Plains Energy(a),(d)

 

773,399

 

22,598,719

 

PG&E Corp.(a),(d)

 

1,330,192

 

88,271,541

 

WEC Energy Group(a),(d)

 

836,343

 

50,707,476

 

Xcel Energy(a),(d)

 

1,452,428

 

64,560,424

 

 

 

 

 

431,236,467

 

TOTAL ELECTRIC

 

 

 

557,862,407

 

 

 

 

 

 

 

GAS DISTRIBUTION 7.1%

 

 

 

 

 

Atmos Energy Corp.(a),(d)

 

635,845

 

50,225,397

 

NiSource(a),(d)

 

749,147

 

17,822,207

 

Sempra Energy(a),(d)

 

697,570

 

77,081,485

 

 

 

 

 

145,129,089

 

PIPELINES 9.4%

 

 

 

 

 

PIPELINES—C-CORP 7.3%

 

 

 

 

 

Cheniere Energy(a),(c),(d)

 

414,896

 

19,612,134

 

Kinder Morgan(a),(d)

 

3,251,367

 

70,684,719

 

Targa Resources Corp.(a),(d)

 

264,502

 

15,843,670

 

Williams Cos. (The)(a),(d)

 

1,440,794

 

42,633,094

 

 

 

 

 

148,773,617

 

PIPELINES—MLP 2.1%

 

 

 

 

 

Antero Midstream Partners LP

 

435,841

 

14,452,487

 

Noble Midstream Partners LP(a)

 

264,110

 

13,754,849

 

Rice Midstream Partners LP

 

596,277

 

15,038,106

 

 

 

 

 

43,245,442

 

TOTAL PIPELINES

 

 

 

192,019,059

 

 

 

 

 

 

 

RAILWAYS 6.1%

 

 

 

 

 

CSX Corp.(a),(d)

 

731,107

 

34,033,031

 

Norfolk Southern Corp.

 

255,512

 

28,609,679

 

Union Pacific Corp.(a),(d)

 

578,810

 

61,307,555

 

 

 

 

 

123,950,265

 

 

 

 

 

 

 

WATER 2.6%

 

 

 

 

 

American Water Works Co.(a),(d)

 

669,966

 

52,103,256

 

TOTAL UNITED STATES

 

 

 

1,307,477,836

 

TOTAL COMMON STOCK
(Identified cost—$1,803,762,518)

 

 

 

2,308,944,828

 

 

4


 

 

 

Number
of Shares/Units

 

Value

 

PREFERRED SECURITIES—$25 PAR VALUE 7.2%

 

 

 

 

 

UNITED KINGDOM 0.2%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

National Westminster Bank PLC, 7.763%, Series C (USD)(a),(e)

 

110,457

 

$

2,876,300

 

 

 

 

 

 

 

UNITED STATES 7.0%

 

 

 

 

 

BANKS 3.2%

 

 

 

 

 

Bank of America Corp., 6.20%, Series CC(e)

 

112,525

 

2,908,771

 

Bank of America Corp., 6.00%, Series EE(e)

 

150,000

 

3,868,500

 

Bank of America Corp., 6.50%, Series Y(a),(e)

 

214,496

 

5,647,680

 

BB&T Corp., 5.625%(e)

 

113,228

 

2,854,478

 

BB&T Corp., 5.85%(e)

 

17,005

 

432,267

 

Capital One Financial Corp., 6.70%, Series D(e)

 

145,825

 

4,001,438

 

Citigroup, 6.875%, Series K(e)

 

160,000

 

4,532,800

 

Citigroup, 6.30%, Series S(e)

 

167,743

 

4,430,093

 

Farm Credit Bank of Texas, 6.75%(a),(e)

 

35,300

†

3,805,781

 

Huntington Bancshares, 6.25%, Series D(e)

 

123,494

 

3,200,964

 

JPMorgan Chase & Co., 6.10%, Series AA(a),(d),(e)

 

196,847

 

5,214,477

 

JPMorgan Chase & Co., 6.125%, Series Y(a),(e)

 

200,000

 

5,304,000

 

New York Community Bancorp, 6.375%, Series A(e)

 

108,000

 

2,926,800

 

Regions Financial Corp., 6.375%, Series B(a),(d),(e)

 

98,085

 

2,698,318

 

Wells Fargo & Co., 5.85%(a),(e)

 

200,000

 

5,320,000

 

Wells Fargo & Co., 6.00%, Series T(a),(e)

 

150,000

 

3,939,000

 

Wells Fargo & Co., 5.70%, Series W(a),(d),(e)

 

170,971

 

4,303,340

 

 

 

 

 

65,388,707

 

ELECTRIC 1.0%

 

 

 

 

 

INTEGRATED ELECTRIC 0.8%

 

 

 

 

 

Integrys Holdings, 6.00%, due 8/1/73(a)

 

234,338

 

6,119,151

 

NextEra Energy Capital Holdings, 5.25%, due 6/1/76, Series K(a)

 

183,056

 

4,398,836

 

Southern Co./The, 6.25%, due 10/15/75(a),(d)

 

200,000

 

5,280,000

 

 

 

 

 

15,797,987

 

REGULATED ELECTRIC 0.2%

 

 

 

 

 

DTE Energy Co., 5.375%, due 6/1/76, Series B(a)

 

176,011

 

4,224,264

 

TOTAL ELECTRIC

 

 

 

20,022,251

 

 

 

 

 

 

 

FINANCIAL 0.8%

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES 0.1%

 

 

 

 

 

KKR & Co. LP, 6.75%, Series A(a),(e)

 

112,000

 

2,937,760

 

 

 

 

 

 

 

INVESTMENT BANKER/BROKER 0.7%

 

 

 

 

 

Charles Schwab Corp./The, 5.95%, Series D(a),(e)

 

75,000

 

1,975,500

 

 

5


 

 

 

Number
of Shares/Units

 

Value

 

Morgan Stanley, 6.875%(e)

 

197,745

 

$

5,576,409

 

Morgan Stanley, 6.375%, Series I(e)

 

125,000

 

3,457,500

 

Morgan Stanley, 5.85%, Series K(e)

 

99,200

 

2,564,320

 

 

 

 

 

13,573,729

 

TOTAL FINANCIAL

 

 

 

16,511,489

 

 

 

 

 

 

 

INDUSTRIALS—CHEMICALS 0.5%

 

 

 

 

 

CHS, 7.10%, Series II(e)

 

213,756

 

6,107,009

 

CHS, 6.75%(a),(e)

 

167,931

 

4,700,389

 

 

 

 

 

10,807,398

 

INSURANCE 0.3%

 

 

 

 

 

LIFE/HEALTH INSURANCE 0.1%

 

 

 

 

 

Prudential Financial, 5.75%, due 12/15/52

 

73,926

 

1,889,549

 

 

 

 

 

 

 

MULTI-LINE 0.2%

 

 

 

 

 

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

 

82,237

 

2,092,931

 

Hartford Financial Services Group, 7.875%, due 4/15/42(a)

 

83,768

 

2,605,185

 

 

 

 

 

4,698,116

 

TOTAL INSURANCE

 

 

 

6,587,665

 

 

 

 

 

 

 

REAL ESTATE—DIVERSIFIED 0.7%

 

 

 

 

 

Coresite Realty Corp., 7.25%, Series A(a),(e)

 

99,000

 

2,548,260

 

Retail Properties of America, 7.00%(e)

 

99,400

 

2,539,670

 

Saul Centers, 6.875%, Series C(e)

 

79,140

 

2,000,659

 

VEREIT, 6.70%, Series F(a),(e)

 

247,888

 

6,370,722

 

 

 

 

 

13,459,311

 

TECHNOLOGY—SOFTWARE 0.1%

 

 

 

 

 

eBay, 6.00%, due 2/1/56(a)

 

95,400

 

2,522,376

 

 

 

 

 

 

 

UTILITIES 0.4%

 

 

 

 

 

Dominion Resources, 5.25%, due 7/30/76, Series A

 

179,306

 

4,262,103

 

Entergy New Orleans, 5.50%, due 4/1/66

 

40,674

 

1,006,275

 

SCE Trust IV, 5.375%, Series J(e)

 

111,918

 

3,016,190

 

 

 

 

 

8,284,568

 

TOTAL UNITED STATES

 

 

 

143,583,765

 

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$139,079,490)

 

 

 

146,460,065

 

 

6


 

 

 

Principal
Amount

 

Value

 

PREFERRED SECURITIES—CAPITAL SECURITIES 17.1%

 

 

 

 

 

AUSTRALIA 0.7%

 

 

 

 

 

BANKS—FOREIGN 0.3%

 

 

 

 

 

Australia & New Zealand Banking Group Ltd./United Kingdom, 6.75%, 144A (USD)(b),(e)

 

$

4,000,000

 

$

4,404,684

 

Macquarie Bank Ltd./London, 6.125%, 144A (USD)(b),(e)

 

1,600,000

 

1,612,000

 

 

 

 

 

6,016,684

 

INSURANCE-PROPERTY CASUALTY 0.3%

 

 

 

 

 

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

 

4,000,000

 

4,370,000

 

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

 

1,800,000

 

1,887,268

 

 

 

 

 

6,257,268

 

MATERIAL—METALS & MINING 0.1%

 

 

 

 

 

BHP Billiton Finance USA Ltd., 6.75%, due 10/19/75, 144A (USD)(b)

 

2,000,000

 

2,267,000

 

TOTAL AUSTRALIA

 

 

 

14,540,952

 

 

 

 

 

 

 

CANADA 0.9%

 

 

 

 

 

PIPELINES 0.5%

 

 

 

 

 

Transcanada Trust, 5.625%, due 5/20/75 (USD)

 

2,000,000

 

2,065,000

 

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

 

4,990,000

 

5,308,112

 

Transcanada Trust, 5.30%, due 3/15/77 (USD)

 

2,475,000

 

2,450,250

 

 

 

 

 

9,823,362

 

UTILITIES—ELECTRIC UTILITIES 0.4%

 

 

 

 

 

Emera, 6.75%, due 6/15/76, Series 16-A (USD)(a)

 

8,250,000

 

9,044,063

 

TOTAL CANADA

 

 

 

18,867,425

 

 

 

 

 

 

 

DENMARK 0.1%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

Danske Bank A/S, 6.125% (USD)(e)

 

3,000,000

 

3,011,220

 

 

 

 

 

 

 

FRANCE 1.1%

 

 

 

 

 

BANKS—FOREIGN 1.0%

 

 

 

 

 

BNP Paribas, 7.195%, 144A (USD)(a),(b),(e)

 

3,000,000

 

3,318,750

 

BNP Paribas SA, 7.625%, 144A (USD)(a),(b),(e)

 

5,800,000

 

6,177,000

 

Credit Agricole SA, 8.125%, 144A (USD)(a),(b),(e)

 

4,950,000

 

5,290,312

 

Societe Generale SA, 7.375%, 144A (USD)(a),(b),(e)

 

2,600,000

 

2,647,060

 

Societe Generale SA, 8.25%, Series EMTN (USD)(e)

 

2,400,000

 

2,516,892

 

 

 

 

 

19,950,014

 

 

7


 

 

 

Principal
Amount

 

Value

 

INSURANCE—LIFE/HEALTH INSURANCE 0.1%

 

 

 

 

 

La Mondiale Vie, 7.625% (USD)(e)

 

$

3,250,000

 

$

3,518,476

 

TOTAL FRANCE

 

 

 

23,468,490

 

 

 

 

 

 

 

GERMANY 0.2%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

Dresdner Funding Trust I, 8.151%, due 6/30/31, 144A (USD)(a),(b)

 

3,088,000

 

3,659,280

 

 

 

 

 

 

 

ITALY 0.5%

 

 

 

 

 

UTILITIES—ELECTRIC UTILITIES

 

 

 

 

 

Enel SpA, 8.75%, due 9/24/73, 144A (USD)(a),(b)

 

8,635,000

 

9,951,838

 

 

 

 

 

 

 

JAPAN 0.7%

 

 

 

 

 

INSURANCE

 

 

 

 

 

LIFE/HEALTH INSURANCE 0.5%

 

 

 

 

 

Dai-ichi Life Insurance Co. Ltd., 5.10%, 144A (USD)(a),(b),(e)

 

2,800,000

 

2,967,608

 

Nippon Life Insurance Co., 4.70%, due 1/20/46, 144A (USD)(a),(b)

 

2,400,000

 

2,493,000

 

Nippon Life Insurance Co., 5.10%, due 10/16/44, 144A (USD)(a),(b)

 

3,800,000

 

4,028,000

 

 

 

 

 

9,488,608

 

LIFE/HEALTH INSURANCE—FOREIGN 0.2%

 

 

 

 

 

Meiji Yasuda Life Insurance Co., 5.20%, due 10/20/45, 144A (USD)(a),(b)

 

3,600,000

 

3,826,800

 

TOTAL JAPAN

 

 

 

13,315,408

 

 

 

 

 

 

 

NETHERLANDS 0.8%

 

 

 

 

 

BANKS—FOREIGN 0.7%

 

 

 

 

 

ING Groep N.V., 6.875% (USD)(e)

 

2,000,000

 

2,073,600

 

Rabobank Nederland, 8.40% (USD)(e)

 

2,000,000

 

2,031,636

 

Rabobank Nederland, 11.00%, 144A (USD)(a),(b),(e)

 

8,120,000

 

9,510,550

 

 

 

 

 

13,615,786

 

INSURANCE—LIFE/HEALTH INSURANCE—FOREIGN 0.1%

 

 

 

 

 

Demeter BV (Swiss Re Ltd.), 5.75%, due 8/15/50 (USD)

 

2,200,000

 

2,294,972

 

TOTAL NETHERLANDS

 

 

 

15,910,758

 

 

8


 

 

 

Principal
Amount

 

Value

 

NORWAY 0.2%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

DNB Bank ASA, 6.50% (USD)(e)

 

$

3,000,000

 

$

3,138,783

 

 

 

 

 

 

 

SPAIN 0.1%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA, 9.00% (USD)(e)

 

2,400,000

 

2,521,980

 

 

 

 

 

 

 

SWEDEN 0.2%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

Swedbank AB, 6.00% (USD)(e)

 

3,000,000

 

3,079,305

 

 

 

 

 

 

 

SWITZERLAND 0.9%

 

 

 

 

 

BANKS—FOREIGN 0.7%

 

 

 

 

 

Credit Suisse Group AG, 7.125% (USD)(e)

 

2,600,000

 

2,698,930

 

Credit Suisse Group AG, 7.50%, 144A (USD)(b),(e)

 

2,991,000

 

3,248,394

 

UBS Group AG, 6.875% (USD)(e)

 

1,800,000

 

1,874,250

 

UBS Group AG, 7.125% (USD)(e)

 

5,046,000

 

5,277,490

 

UBS Group AG, 7.125% (USD)(e)

 

1,600,000

 

1,684,766

 

 

 

 

 

14,783,830

 

INSURANCE—REINSURANCE—FOREIGN 0.2%

 

 

 

 

 

Aquarius + Investments PLC, 8.25% (USD)(e)

 

4,000,000

 

4,297,780

 

TOTAL SWITZERLAND

 

 

 

19,081,610

 

 

 

 

 

 

 

UNITED KINGDOM 2.9%

 

 

 

 

 

BANKS—FOREIGN

 

 

 

 

 

Barclays PLC, 7.875% (USD)(e)

 

2,600,000

 

2,712,364

 

Barclays PLC, 8.25% (USD)(a),(e)

 

4,161,000

 

4,383,489

 

HBOS Capital Funding LP, 6.85% (USD)(e)

 

2,400,000

 

2,445,422

 

HSBC Capital Funding LP, 10.176%, 144A (USD)(a),(b),(e)

 

9,750,000

 

14,922,375

 

HSBC Holdings PLC, 6.375% (USD)(e)

 

2,800,000

 

2,856,000

 

HSBC Holdings PLC, 6.875% (USD)(a),(e)

 

3,800,000

 

4,056,500

 

Lloyds Banking Group PLC, 7.50% (USD)(e)

 

4,334,000

 

4,594,474

 

Nationwide Building Society, 10.25%(e)

 

6,030,000

 

10,446,133

 

Royal Bank of Scotland Group PLC, 7.648% (USD)(a),(e)

 

2,004,000

 

2,374,740

 

Royal Bank of Scotland Group PLC, 8.625% (USD)(a),(e)

 

5,600,000

 

5,852,000

 

Standard Chartered PLC, 7.50%, 144A (USD)(b),(e)

 

2,200,000

 

2,278,100

 

Standard Chartered PLC, 7.75%, 144A (USD)(b),(e)

 

2,200,000

 

2,271,500

 

TOTAL UNITED KINGDOM

 

 

 

59,193,097

 

 

 

 

 

 

 

UNITED STATES 7.8%

 

 

 

 

 

BANKS 4.4%

 

 

 

 

 

AgriBank FCB, 6.875%(a),(e)

 

37,000

†

3,961,313

 

Bank of America Corp., 6.10%, Series AA(e)

 

1,013,000

 

1,074,540

 

 

9


 

 

 

Principal
Amount

 

Value

 

Bank of America Corp., 6.30%, Series DD(a),(e)

 

$

4,500,000

 

$

4,905,000

 

Bank of America Corp., 6.50%, Series Z(a),(e)

 

5,169,000

 

5,647,132

 

Citigroup, 6.125%, Series R(a),(e)

 

4,225,000

 

4,462,656

 

Citigroup, 6.25%, Series T(e)

 

5,100,000

 

5,508,000

 

CoBank ACB, 6.25%(a),(e)

 

52,500

†

5,525,625

 

CoBank ACB, 6.25%, Series I(e)

 

2,866,000

 

3,128,612

 

Farm Credit Bank of Texas, 10.00%, Series I(a),(e)

 

7,000

†

8,592,500

 

JPMorgan Chase & Co., 7.90%, Series 1(a),(d),(e)

 

10,220,000

 

10,603,250

 

JPMorgan Chase & Co., 6.75%, Series S(a),(e)

 

6,000,000

 

6,622,500

 

JPMorgan Chase & Co., 5.30%, Series Z(e)

 

4,850,000

 

5,037,938

 

PNC Financial Services Group, 6.75%(e)

 

3,000,000

 

3,358,125

 

US Bancorp, 5.125%, Series I(e)

 

2,100,000

 

2,202,375

 

Wells Fargo & Co., 7.98%, Series K(a),(e)

 

7,250,000

 

7,585,312

 

Wells Fargo & Co., 5.875%, Series U(a),(e)

 

7,320,000

 

7,899,685

 

Wells Fargo Capital X, 5.95%, due 12/1/86, (TruPS)

 

2,830,000

 

3,045,788

 

 

 

 

 

89,160,351

 

ELECTRIC 0.4%

 

 

 

 

 

INTEGRATED ELECTRIC 0.2%

 

 

 

 

 

Southern California Edison Co., 6.25%, Series E(e)

 

4,150,000

 

4,616,875

 

 

 

 

 

 

 

REGULATED ELECTRIC 0.2%

 

 

 

 

 

Southern Co./The, 5.50%, due 3/15/57, Series B

 

3,000,000

 

3,098,706

 

TOTAL ELECTRIC

 

 

 

7,715,581

 

 

 

 

 

 

 

FINANCIAL 0.2%

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES 0.1%

 

 

 

 

 

National Rural Utilities Cooperative Finance Corp., 5.25%, due 4/20/46

 

1,764,000

 

1,840,834

 

 

 

 

 

 

 

INVESTMENT BANKER/BROKER 0.1%

 

 

 

 

 

Morgan Stanley, 5.55%, Series J(e)

 

3,000,000

 

3,090,150

 

TOTAL FINANCIAL

 

 

 

4,930,984

 

 

 

 

 

 

 

FOOD 0.3%

 

 

 

 

 

Dairy Farmers of America, 7.875%, 144A(a),(b),(e),(f)

 

60,000

†

6,378,750

 

 

 

 

 

 

 

INDUSTRIALS—DIVERSIFIED MANUFACTURING 0.7%

 

 

 

 

 

General Electric Co., 5.00%, Series D(a),(d),(e)

 

13,407,000

 

14,161,144

 

 

 

 

 

 

 

INSURANCE 1.2%

 

 

 

 

 

LIFE/HEALTH INSURANCE 1.0%

 

 

 

 

 

MetLife, 9.25%, due 4/8/38, 144A(a),(b)

 

6,500,000

 

8,994,375

 

MetLife, 5.25%, Series C(e)

 

5,200,000

 

5,377,232

 

 

10


 

 

 

Principal
Amount

 

Value

 

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

 

$

4,500,000

 

$

5,557,500

 

 

 

 

 

19,929,107

 

 

 

 

 

 

 

PROPERTY CASUALTY 0.2%

 

 

 

 

 

Liberty Mutual Group, 7.80%, due 3/7/37, 144A(b)

 

4,500,000

 

5,186,250

 

TOTAL INSURANCE

 

 

 

25,115,357

 

 

 

 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES 0.5%

 

 

 

 

 

Centaur Funding Corp., 9.08%, due 4/21/20, 144A(a),(b)

 

8,989

†

10,472,185

 

Frontier Communications Corp., 8.875%, due 9/15/20

 

296,000

 

313,390

 

 

 

 

 

10,785,575

 

MEDIA 0.1%

 

 

 

 

 

Viacom, 5.875%, due 2/28/57

 

1,800,000

 

1,837,978

 

TOTAL UNITED STATES

 

 

 

160,085,720

 

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$319,722,617)

 

 

 

349,825,866

 

 

 

 

Number
of Shares

 

 

 

SHORT-TERM INVESTMENTS 3.0%

 

 

 

 

 

 

 

MONEY MARKET FUNDS

 

 

 

 

 

 

 

State Street Institutional Treasury Money Market Fund, Premier Class, 0.53%(g)

 

 

 

61,500,000

 

61,500,000

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$61,500,000)

 

 

 

 

 

61,500,000

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Identified cost—$2,324,064,625)

 

140.3

%

 

 

2,866,730,759

 

LIABILITIES IN EXCESS OF OTHER ASSETS

 

(40.3

)

 

 

(823,079,282

)

NET ASSETS (Equivalent to $23.95 per share based on 85,319,794 shares of common stock outstanding)

 

100.0

%

 

 

$

2,043,651,477

 

 

Glossary of Portfolio Abbreviations

 

 

HKD

Hong Kong Dollar

 

MLP

Master Limited Partnership

 

TruPS

Trust Preferred Securities

 

USD

United States Dollar

 

11


 

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

(a) All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $1,746,275,254  in aggregate has been pledged as collateral.

(b) Resale is restricted to qualified institutional investors. Aggregate holdings amounting to $158,378,229 or 7.7% of the net assets of the Fund, of which 0.3% are illiquid.

(c) Non-income producing security.

(d) A portion of the security has been rehypothecated in connection with the Fund’s credit agreement. $777,613,916 in aggregate has been rehypothecated.

(e) Perpetual security.  Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.

(f) Illiquid security. Aggregate holdings equal 0.3% of the net assets of the Fund.

(g) Rate quoted represents the annualized seven-day yield of the fund.

†    Represents shares.

 

12


 

Sector Summary

 

% of
Managed
Assets

 

Electric (Common)

 

24.0

 

Pipelines (Common)

 

12.9

 

Railways (Common)

 

9.2

 

Communications (Common)

 

8.2

 

Toll Roads (Common)

 

8.2

 

Gas Distribution (Common)

 

6.1

 

Airports (Common)

 

5.4

 

Banks (Preferred)

 

5.3

 

Banks—Foreign (Preferred)

 

4.6

 

Other

 

4.3

 

Water (Common)

 

4.0

 

Insurance (Preferred)

 

2.1

 

Diversified (Common)

 

1.2

 

Electric (Preferred)

 

1.0

 

Utilities (Preferred)

 

0.9

 

Industrials (Preferred)

 

0.9

 

Financial (Preferred)

 

0.7

 

Marine Ports (Common)

 

0.5

 

Real Estate (Preferred)

 

0.5

 

 

 

100.0

 

 

13


 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. 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.

 

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 over-the-counter market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be over-the-counter, 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 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 their closing net asset value.

 

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

 


 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 net asset value of Fund shares to differ from the net asset value 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 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 securities may or may not be an indication of the risk associated with investing in those securities.

 

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an

 


 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 securities as of March 31, 2017.

 

The following is a summary of the inputs used as of March 31, 2017 in valuing the Fund’s investments carried at value:

 

 

 

 

 

Quoted Prices in
Active Markets
for Identical
Investments

 

Other
Significant
Observable
Inputs

 

Significant
Unobservable Inputs

 

 

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Common Stock

 

$

2,308,944,828

 

$

2,308,944,828

 

$

—

 

$

—

 

Preferred Securities — $25 Par Value:

 

 

 

 

 

 

 

 

 

United States

 

143,583,765

 

133,658,833

 

9,924,932

 

—

 

Other Countries

 

2,876,300

 

2,876,300

 

—

 

—

 

Preferred Securities —Capital Securities:

 

 

 

 

 

 

 

 

 

United States

 

160,085,720

 

—

 

153,706,970

 

6,378,750

 

Other Countries

 

189,740,146

 

—

 

189,740,146

 

—

 

Short-Term Investments

 

61,500,000

 

—

 

61,500,000

 

—

 

Total Investments(a)

 

$

2,866,730,759

 

$

2,445,479,961

 

$

414,872,048

 

$

6,378,750

(b)

 

(a) Portfolio holdings are disclosed individually on the Schedule of Investments.

(b) Level 3 investments are valued by a third-party pricing service.  The inputs for these securities are not readily available or cannot be reasonably estimated.  A change in the significant unobservable inputs could result in a signficantly lower or higher value in such Level 3 investments.

 

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

 

 

 

Preferred Securities —
Capital Securities —
United States

 

Balance as of December 31, 2016

 

$

6,275,628

 

Change in unrealized appreciation (depreciation)

 

103,122

 

Balance as of March 31, 2017

 

$

6,378,750

 

 

The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2017 which were valued using significant unobservable inputs (Level 3) amounted to $103,122.

 


 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Note 2.   Income Tax Information

 

As of March 31, 2017, the federal tax cost and net unrealized appreciation (depreciation) in value of securities held were as follows:

 

Cost for federal income tax purposes

 

$

2,324,064,625

 

Gross unrealized appreciation

 

$

558,429,988

 

Gross unrealized depreciation

 

(15,763,854

)

Net unrealized appreciation (depreciation)

 

$

542,666,134

 

 


 

Item 2. Controls and Procedures

 

(a)                                 The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report.

 

(b)                                 During the last fiscal quarter, there were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

 

(a)                                 Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

 

 

 

By:

/s/ Adam M. Derechin

 

 

Name: Adam M. Derechin

 

 

Title: President

 

 

 

Date: May 26, 2017

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ Adam M. Derechin

 

By:

/s/ James Giallanza

 

 

Name: Adam M. Derechin

 

 

Name: James Giallanza

 

 

Title: President and Principal Executive Officer

 

 

Title: Principal Financial Officer

 

 

 

Date: May 26, 2017