NPORT-EX 1 NPORT_810697639050408.htm FOR VALIDATION PURPOSES ONLY - [635894.TX]

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

March 31, 2019 (Unaudited)

 

                                                                       
                              
Shares/Units		          
Value		  

COMMON STOCK

      116.2 %      

AUSTRALIA

      7.1 %      

AIRPORTS

      0.7 %      

Sydney Airport

 

     2,942,443      $ 15,523,357  
       

 

 

  

ELECTRIC—REGULATED ELECTRIC

      1.2 %      

Spark Infrastructure Group(a)

 

     15,978,654        25,868,058  
       

 

 

  

PIPELINES—C-CORP

      1.0 %      

APA Group

 

     3,154,950        22,356,912  
       

 

 

  

RAILWAYS

      0.8 %      

Aurizon Holdings Ltd.

 

     5,801,787        18,743,986  
       

 

 

  

TOLL ROADS

      3.4 %      

Transurban Group(a)

 

     7,860,067        73,669,711  
       

 

 

  

TOTAL AUSTRALIA

 

        156,162,024  
       

 

 

  

BRAZIL

      2.8 %      

RAILWAYS

      2.2 %      

Rumo SA(a),(b)

 

     9,866,097        48,255,139  
       

 

 

  

TOLL ROADS

      0.6 %      

Ccr SA

 

     4,219,079        12,650,717  
       

 

 

  

TOTAL BRAZIL

 

        60,905,856  
       

 

 

  

CANADA

      9.4 %      

ELECTRIC

      3.1 %      

INTEGRATED ELECTRIC

      0.9 %      

Emera, Inc.

 

     515,811        19,287,669  
       

 

 

  

REGULATED ELECTRIC

      2.2 %      

Fortis, Inc.

 

     1,309,933        48,413,657  
       

 

 

  

TOTAL ELECTRIC

 

        67,701,326  
       

 

 

  

PIPELINES—C-CORP

      5.7 %      

Enbridge, Inc.(a)

 

     1,930,905        69,933,627  

Pembina Pipeline Corp.

 

     1,489,993        54,733,981  
       

 

 

  
       124,667,608  
       

 

 

  

RAILWAYS

      0.6 %      

Canadian Pacific Railway Ltd.(a)

 

     66,550        13,711,885  
       

 

 

  

TOTAL CANADA

 

        206,080,819  
       

 

 

  

CHINA

      4.2 %      

MARINE PORTS

      0.9 %      

China Merchants Port Holdings Co., Ltd. (HKD)

 

     8,816,300        18,778,277  
       

 

 

  

 

1

 

 

                                                                       
                              
Shares/Units		          
Value		  

PIPELINES—C-CORP

      1.0 %      

Beijing Enterprises Holdings Ltd. (HKD)

 

     3,787,000      $ 21,467,844  
       

 

 

  

TOLL ROADS

      1.6 %      

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

 

     19,814,000        28,017,427  

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

 

     7,164,000        8,213,555  
       

 

 

  
       36,230,982  
       

 

 

  

WATER

      0.7 %      

Guangdong Investment Ltd. (HKD)

 

     8,491,247        16,398,487  
       

 

 

  

TOTAL CHINA

 

        92,875,590  
       

 

 

  

FRANCE

      2.0 %      

RAILWAYS

      0.9 %      

Getlink SE

 

     1,303,453        19,760,941  
       

 

 

  

TOLL ROADS

      1.1 %      

Vinci SA(a)

 

     241,856        23,527,313  
       

 

 

  

TOTAL FRANCE

 

        43,288,254  
       

 

 

  

HONG KONG

      1.2 %      

GAS DISTRIBUTION

        

Hong Kong and China Gas Co., Ltd.(a)

 

     10,913,000        26,163,563  
       

 

 

  

ITALY

      2.9 %      

COMMUNICATIONS—TOWERS

      0.9 %      

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

 

     2,246,680        20,086,105  
       

 

 

  

ELECTRIC—REGULATED ELECTRIC

      1.0 %      

Terna Rete Elettrica Nazionale S.p.A.

 

     3,526,368        22,341,818  
       

 

 

  

TOLL ROADS

      1.0 %      

Atlantia S.p.A.

 

     844,646        21,877,357  
       

 

 

  

TOTAL ITALY

 

        64,305,280  
       

 

 

  

JAPAN

      6.1 %      

ELECTRIC—INTEGRATED ELECTRIC

      2.3 %      

Chugoku Electric Power Co., Inc.

 

     1,419,000        17,681,485  

Shikoku Electric Power Co., Inc.(a)

 

     2,703,100        32,877,189  
       

 

 

  
       50,558,674  
       

 

 

  

GAS DISTRIBUTION

      1.4 %      

Tokyo Gas Co., Ltd.(a)

 

     1,156,000        31,223,369  
       

 

 

  

 

2

 

 

                                                                       
                              
Shares/Units		          
Value		  

RAILWAYS

      2.4 %      

Central Japan Railway Co.(a)

 

     39,399      $ 9,139,658  

West Japan Railway Co.(a)

 

     574,000        43,188,541  
       

 

 

  
       52,328,199  
       

 

 

  

TOTAL JAPAN

 

        134,110,242  
       

 

 

  

MEXICO

      1.9 %      

AIRPORTS

      1.3 %      

Grupo Aeroportuario del Pacifico SAB de CV, Class B

 

     3,131,209        27,759,480  
       

 

 

  

PIPELINES—C-CORP

      0.1 %      

Infraestructura Energetica Nova SAB de CV

 

     429,013        1,723,987  
       

 

 

  

TOLL ROADS

      0.5 %      

ALEATICA SAB de CV

 

     10,298,002        11,194,489  
       

 

 

  

TOTAL MEXICO

 

        40,677,956  
       

 

 

  

NEW ZEALAND

      1.4 %      

AIRPORTS

        

Auckland International Airport Ltd.(a)

 

     5,668,000        31,419,646  
       

 

 

  

SPAIN

      3.5 %      

AIRPORTS

      2.1 %      

Aena SME SA, 144A(a),(c)

 

     254,515        45,823,115  
       

 

 

  

ELECTRIC—INTEGRATED ELECTRIC

      1.4 %      

Iberdrola SA

 

     3,511,464        30,826,503  
       

 

 

  

TOTAL SPAIN

 

        76,649,618  
       

 

 

  

THAILAND

      2.0 %      

AIRPORTS

 

     

Airports of Thailand PCL

 

     20,717,100        44,065,046  
       

 

 

  

UNITED KINGDOM

      3.3 %      

ELECTRIC—REGULATED ELECTRIC

      1.4 %      

National Grid PLC

 

     2,742,655        30,392,023  
       

 

 

  

WATER

      1.9 %      

United Utilities Group PLC(a)

 

     3,927,637        41,661,034  
       

 

 

  

TOTAL UNITED KINGDOM

 

        72,053,057  
       

 

 

  

UNITED STATES

      68.4 %      

COMMUNICATIONS—TOWERS

      14.6 %      

American Tower Corp.(a),(d)

 

     789,475        155,573,944  

Crown Castle International Corp.(a)

 

     1,288,171        164,885,888  
       

 

 

  
       320,459,832  
       

 

 

  

 

3

 

 

                                                                       
                              
Shares/Units		          
Value		  

ELECTRIC

      28.2 %      

INTEGRATED ELECTRIC

      12.8 %      

Evergy, Inc.(a),(d)

 

     777,059      $ 45,108,275  

FirstEnergy Corp.(a),(d)

 

     1,741,206        72,451,582  

NextEra Energy, Inc.(a),(d)

 

     842,825        162,934,929  
       

 

 

  
       280,494,786  
       

 

 

  

REGULATED ELECTRIC

      15.4 %      

Alliant Energy Corp.(a),(d)

 

     955,815        45,047,561  

CMS Energy Corp.(a),(d)

 

     830,962        46,151,629  

DTE Energy Co.(a),(d)

 

     383,965        47,895,794  

Duke Energy Corp.(a),(d)

 

     752,400        67,716,000  

Edison International(a),(d)

 

     381,818        23,642,171  

WEC Energy Group, Inc.(a),(d)

 

     775,461        61,323,456  

Xcel Energy, Inc.(a),(d)

 

     801,121        45,031,011  
       

 

 

  
       336,807,622  
       

 

 

  

TOTAL ELECTRIC

 

        617,302,408  
       

 

 

  

GAS DISTRIBUTION

      4.6 %      

Atmos Energy Corp.(a),(d)

 

     679,534        69,944,434  

NiSource, Inc.

 

     448,935        12,866,477  

Southwest Gas Holdings, Inc.(a),(d)

 

     205,272        16,885,675  
       

 

 

  
       99,696,586  
       

 

 

  

PIPELINES

      12.9 %      

PIPELINES—C-CORP

      9.4 %      

Antero Midstream Corp.

 

     607,380        8,369,696  

Cheniere Energy, Inc.(a),(b),(d)

 

     407,081        27,828,057  

Kinder Morgan, Inc.(a),(d)

 

     3,697,346        73,983,894  

ONEOK, Inc.(a),(d)

 

     390,867        27,298,151  

Plains GP Holdings LP, Class A

 

     1,343,251        33,473,815  

Targa Resources Corp.(a),(d)

 

     543,391        22,577,896  

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

 

     434,766        12,486,480  
       

 

 

  
       206,017,989  
       

 

 

  

PIPELINES—MLP

      3.5 %      

Buckeye Partners LP

 

     563,918        19,184,490  

CNX Midstream Partners LP

 

     488,100        7,424,001  

Enterprise Products Partners LP(a)

 

     915,117        26,629,905  

MPLX LP(a),(d)

 

     495,501        16,297,028  

 

4

 

 

                                                                       
                              
Shares/Units		          
Value		  

Noble Midstream Partners LP

 

     208,182      $ 7,496,634  
       

 

 

  
       77,032,058  
       

 

 

  

TOTAL PIPELINES

 

        283,050,047  
       

 

 

  

RAILWAYS

      4.8 %      

Norfolk Southern Corp.(a),(d)

 

     425,946        79,605,048  

Union Pacific Corp.(a),(d)

 

     157,755        26,376,636  
       

 

 

  
       105,981,684  
       

 

 

  

WATER

      3.3 %      

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

 

     700,736        73,058,735  
       

 

 

  

TOTAL UNITED STATES

 

        1,499,549,292  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,869,564,216)

         2,548,306,243  
       

 

 

  

EXCHANGE-TRADED FUNDS—UNITED STATES

      0.2 %      

iShares US Preferred Stock ETF

 

     123,942        4,530,080  
       

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$4,145,389)

         4,530,080  
       

 

 

  

PREFERRED SECURITIES—$25 PAR VALUE

      6.6 %      

BERMUDA

      0.1 %      

INSURANCE—PROPERTY CASUALTY

        

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

 

     70,000        1,782,900  
       

 

 

  

CANADA

      0.2 %      

PIPELINES

      0.1 %      

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

 

     109,000        2,834,000  
       

 

 

  

UTILITIES

      0.1 %      

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

 

     38,890        1,050,030  
       

 

 

  

TOTAL CANADA

 

        3,884,030  
       

 

 

  

UNITED STATES

      6.3 %      

BANKS

      3.0 %      

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

 

     112,525        2,912,147  

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

 

     150,000        3,888,000  

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

 

     104,775        2,779,681  

Bank of America Corp., 5.875%, Series HH(e)

 

     82,800        2,146,176  

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

 

     252,456        6,478,021  

BB&T Corp., 5.625%, Series E(e)

 

     57,901        1,451,578  

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

 

     85,183        2,183,240  

 

5

 

 

                                                                       
                              
Shares/Units		          
Value		  

Capital One Financial Corp., 6.00%, Series H(e)

 

     54,285      $ 1,399,467  

Citigroup, Inc., 6.30%, Series S(e)

 

     147,743        3,857,570  

GMAC Capital Trust I, 8.469%, (3 Month US LIBOR + 5.785%), due 2/15/40, Series 2 (TruPS) (FRN)(g)

 

     266,691        6,944,634  

Huntington Bancshares, Inc., 6.25%, Series D(a),(e)

 

     73,122        1,910,678  

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

 

     196,847        5,157,391  

JPMorgan Chase & Co., 6.00%, Series EE(e)

 

     51,000        1,349,970  

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

 

     180,722        4,696,965  

New York Community Bancorp, Inc., 6.375% to 3/17/27, Series A(a),(e),(f)

 

     79,799        2,061,208  

Regions Financial Corp., 6.375% to 9/15/24, Series B(a),(d),(e),(f)

 

     54,461        1,457,376  

Wells Fargo & Co, 5.25%, Series P(e)

 

     60,900        1,492,050  

Wells Fargo & Co., 5.85% to 9/15/23, Series Q(a),(e),(f)

 

     105,975        2,760,649  

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

 

     150,000        3,837,000  

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

 

     143,039        3,651,786  

Wells Fargo & Co., 5.625%, Series Y(e)

 

     99,275        2,511,657  
       

 

 

  
       64,927,244  
       

 

 

  

ELECTRIC

      1.2 %      

INTEGRATED ELECTRIC

      0.7 %      

Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73(a),(f)

 

     158,638        4,164,247  

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

 

     115,742        2,936,375  

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

 

     193,189        5,080,871  

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

 

     99,672        2,483,826  
       

 

 

  
       14,665,319  
       

 

 

  

REGULATED ELECTRIC

      0.5 %      

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

 

     99,975        2,574,356  

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

 

     182,874        4,593,795  

Duke Energy Corp., 5.750%, due 6/15/24, Series A(e)

 

     170,225        4,346,270  
       

 

 

  
       11,514,421  
       

 

 

  

TOTAL ELECTRIC

 

        26,179,740  
       

 

 

  

FINANCIAL

      0.7 %      

DIVERSIFIED FINANCIAL SERVICES

      0.1 %      

Apollo Global Management LLC, 6.375%, Series A(e)

 

     7,544        187,242  

KKR & Co., Inc., 6.75%, Series A(a),(e)

 

     97,511        2,579,166  
       

 

 

  
       2,766,408  
       

 

 

  

 

6

 

 

                                                                       
                              
Shares/Units		          
Value		  

INVESTMENT BANKER/BROKER

      0.6 %      

Carlyle Group LP/The, 5.875%, Series A(e)

 

     101,921      $ 2,332,972  

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

 

     52,943        1,374,930  

Morgan Stanley, 6.875% to 1/15/24, Series F(e),(f)

 

     154,901        4,283,012  

Morgan Stanley, 6.375% to 10/15/24, Series I(e),(f)

 

     125,000        3,335,000  

Morgan Stanley, 5.85% to 4/15/27, Series K(e),(f)

 

     99,200        2,536,544  
       

 

 

  
       13,862,458  
       

 

 

  

TOTAL FINANCIAL

 

        16,628,866  
       

 

 

  

INDUSTRIALS—CHEMICALS

      0.3 %      

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

 

     135,283        3,589,058  

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

 

     137,935        3,562,861  
       

 

 

  
       7,151,919  
       

 

 

  

INSURANCE

      0.2 %      

LIFE/HEALTH INSURANCE

      0.1 %      

MetLife, Inc., 5.625%, Series E(e)

 

     95,000        2,423,450  

Prudential Financial, Inc., 5.625%, due 8/15/58

 

     48,000        1,233,600  
       

 

 

  
       3,657,050  
       

 

 

  

MULTI-LINE

      0.1 %      

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

 

     50,210        1,293,912  
       

 

 

  

TOTAL INSURANCE

 

        4,950,962  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %      

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

 

     50,000        1,274,500  
       

 

 

  

PIPELINES

      0.2 %      

Energy Transfer Operating LP, 7.375% to 5/15/23, Series C(e),(f)

 

     142,225        3,501,580  
       

 

 

  

REAL ESTATE

      0.4 %      

DIVERSIFIED

      0.3 %      

Saul Centers, Inc., 6.875%, Series C(e)

 

     46,165        1,207,676  

VEREIT, Inc., 6.70%, Series F(a),(e)

 

     246,816        6,212,359  
       

 

 

  
       7,420,035  
       

 

 

  

REINSURANCE

      0.1 %      

Arch Capital Group Ltd., 5.45%, Series F(a),(e)

 

     80,000        1,939,200  
       

 

 

  

TOTAL REAL ESTATE

 

        9,359,235  
       

 

 

  

TECHNOLOGY—SOFTWARE

      0.1 %      

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

 

     95,400        2,505,204  
       

 

 

  

 

7

 

 

                                                                       
                              
Shares/Units		          
Value		  

UTILITIES

      0.1 %      

NiSource, Inc., 6.50% to 3/15/24, Series B(e),(f)

 

     80,777      $ 2,128,474  

SCE Trust VI, 5.00%(a),(e)

 

     58,322        1,198,517  
       

 

 

  
       3,326,991  
       

 

 

  

TOTAL UNITED STATES

 

        139,806,241  
       

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$140,563,857)

 

        145,473,171  
       

 

 

  
      Principal
Amount		         

PREFERRED SECURITIES—CAPITAL SECURITIES

      14.2 %      

AUSTRALIA

      0.4 %      

BANKS

      0.1 %      

Macquarie Bank Ltd./London, 6.125% to 3/8/27, 144A (USD)(a),(c),(e),(f),(h)

 

   $ 1,200,000        1,109,082  
       

 

 

  

INSURANCE-PROPERTY CASUALTY

      0.2 %      

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

 

     4,000,000        4,245,900  

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

 

     1,800,000        1,845,155  
       

 

 

  
       6,091,055  
       

 

 

  

MATERIAL—METALS & MINING

      0.1 %      

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

 

     1,600,000        1,773,640  
       

 

 

  

TOTAL AUSTRALIA

 

        8,973,777  
       

 

 

  

CANADA

      0.9 %      

PIPELINES

      0.5 %      

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

 

     1,400,000        1,391,565  

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

 

     3,289,000        3,270,828  

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

 

     5,990,000        6,085,990  
       

 

 

  
       10,748,383  
       

 

 

  

UTILITIES—ELECTRIC UTILITIES

      0.4 %      

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

 

     8,000,000        8,551,800  
       

 

 

  

TOTAL CANADA

 

        19,300,183  
       

 

 

  

 

8

 

 

                                                                       
                          Principal
Amount		      Value  

FINLAND

      0.1 %      

BANKS

        

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

 

   $ 1,000,000      $ 998,750  
       

 

 

  

FRANCE

      1.2 %      

BANKS

      1.0 %      

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

 

     2,200,000        2,201,375  

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

 

     3,000,000        3,198,195  

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

 

     3,000,000        3,186,585  

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

 

     3,800,000        3,986,732  

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

 

     2,200,000        2,227,500  

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

 

     2,950,000        3,321,555  

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

 

     3,000,000        3,101,250  
       

 

 

  
       21,223,192  
       

 

 

  

ELECTRIC—INTEGRATED ELECTRIC

      0.1 %      

Electricite de France SA, 5.25% to 1/29/23, 144A (USD)(c),(e),(f)

 

     1,200,000        1,208,202  
       

 

 

  

INSURANCE—LIFE/HEALTH INSURANCE

      0.1 %      

La Mondiale SAM, 7.625% to 4/23/19 (USD)(e),(f),(i)

 

     3,250,000        3,261,700  
       

 

 

  

TOTAL FRANCE

 

        25,693,094  
       

 

 

  

HONG KONG

      0.1 %      

BANKS

        

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

 

     2,200,000        2,286,902  
       

 

 

  

ITALY

      0.4 %      

UTILITIES—ELECTRIC UTILITIES

        

Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (USD)(a),(c),(f)

 

     8,635,000        9,508,862  
       

 

 

  

JAPAN

      0.6 %      

INSURANCE

        

LIFE/HEALTH INSURANCE

      0.5 %      

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

 

     2,000,000        2,071,170  

Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, due 10/20/45,
144A (USD)(a),(c),(f)

 

     3,600,000        3,763,710  

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

 

     5,000,000        5,232,375  
       

 

 

  
       11,067,255  
       

 

 

  

PROPERTY CASUALTY

      0.1 %      

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

 

     2,400,000        2,458,500  
       

 

 

  

TOTAL JAPAN

 

        13,525,755  
       

 

 

  

 

9

 

 

                                                                       
                          Principal
Amount		      Value  

NETHERLANDS

      0.5 %      

BANKS

        

Cooperatieve Rabobank UA, 11.00% to 6/30/19, 144A (USD)(a),(c),(e),(f)

 

   $ 8,120,000      $ 8,302,700  

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

 

     3,000,000        3,100,446  
       

 

 

  

TOTAL NETHERLANDS

 

        11,403,146  
       

 

 

  

NORWAY

      0.2 %      

BANKS

        

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

 

     3,000,000        3,092,550  
       

 

 

  

SPAIN

      0.1 %      

BANKS

        

Banco Santander SA, 7.50% to 2/8/24 (USD)(e),(f),(h),(i)

 

     2,400,000        2,401,500  
       

 

 

  

SWEDEN

      0.1 %      

BANKS

        

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

 

     1,800,000        1,810,125  
       

 

 

  

SWITZERLAND

      0.9 %      

BANKS

      0.8 %      

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

 

     2,600,000        2,669,459  

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

 

     3,400,000        3,499,739  

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

 

     1,800,000        1,848,649  

UBS Group Funding Switzerland AG, 7.125% to 2/19/20 (USD)(e),(f),(h),(i)

 

     5,046,000        5,118,284  

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

 

     1,600,000        1,665,224  

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

 

     3,400,000        3,453,091  
       

 

 

  
       18,254,446  
       

 

 

  

INSURANCE—PROPERTY CASUALTY

      0.1 %      

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

 

     2,000,000        2,028,988  
       

 

 

  

TOTAL SWITZERLAND

 

        20,283,434  
       

 

 

  

 

10

 

 

                                                                       
                          Principal
Amount		     Value  

UNITED KINGDOM

      2.3 %     

BANKS

      2.2 %     

Barclays PLC, 7.75% to 9/15/23 (USD)(e),(f),(h)

 

   $ 1,600,000     $ 1,603,656  

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

 

     3,000,000       3,109,536  

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

 

     2,000,000       2,047,500  

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

 

     2,400,000       2,433,015  

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

 

     8,950,000       13,163,078  

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

 

     1,600,000       1,653,512  

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

 

     3,800,000       3,975,218  

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

 

     4,334,000       4,474,855  

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

 

     2,400,000       2,437,548  

Nationwide Building Society, 10.25%(e),(i)

 

     905,000       1,715,033  

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

 

     2,512,000       3,171,400  

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

 

     7,400,000       7,899,500  
      

 

 

  
      47,683,851  
      

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %     

Vodafone Group PLC, 7.00% to 4/4/29, due 4/4/79 (USD)(f)

 

     3,000,000       3,054,605  
      

 

 

  

TOTAL UNITED KINGDOM

 

       50,738,456  
      

 

 

  

UNITED STATES

      6.4 %     

BANKS

      2.9 %     

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

 

     37,000 †      3,829,500  

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

 

     1,513,000       1,602,350  

Bank of America Corp., 6.50% to 10/23/24, Series Z(a),(e),(f)

 

     3,169,000       3,440,346  

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

 

     5,675,000       5,784,726  

Citigroup, Inc., 6.125% to 11/15/20, Series R(e),(f)

 

     1,225,000       1,249,978  

Citigroup, Inc., 6.25% to 8/15/26, Series T(a),(e),(f)

 

     2,950,000       3,107,633  

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

 

     1,200,000       1,198,770  

CoBank ACB, 6.25% to 10/1/22, Series F(a),(e),(f)

 

     52,500 †      5,353,357  

CoBank ACB, 6.25% to 10/1/26, Series I(a),(e),(f)

 

     2,866,000       3,023,630  

Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A(a),(c),(e),(f)

 

     35,300 †      3,675,612  

Farm Credit Bank of Texas, 10.00%, Series 1(a),(e)

 

     7,000 †      7,875,000  

JPMorgan Chase & Co., 6.221%, (3 Month US LIBOR + 3.47%),
Series I (FRN)(e),(g)

 

     3,484,000       3,506,559  

JPMorgan Chase & Co., 6.75% to 2/1/24, Series S(a),(e),(f)

 

     5,375,000       5,895,918  

JPMorgan Chase & Co., 5.30% to 5/1/20, Series Z(e),(f)

 

     1,850,000       1,869,804  

PNC Financial Services Group, Inc., 6.75% to 8/1/21, Series O(e),(f)

 

     2,400,000       2,550,936  

Wells Fargo & Co., 6.381%, (3 Month US LIBOR + 3.77%),
Series K (FRN)(e),(g)

 

     4,000,000       4,030,000  

Wells Fargo & Co., 5.875% to 6/15/25, Series U(a),(e),(f)

 

     2,891,000       3,091,766  

Wells Fargo Capital X, 5.95%, due 12/1/36, (TruPS)

 

     2,830,000       3,117,061  
      

 

 

  
      64,202,946  
      

 

 

  

 

11

 

 

                                                                       
                          Principal
Amount		     Value  

COMMUNICATIONS—TOWERS

      0.4 %     

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

 

     7,400 †    $ 8,763,450  
      

 

 

  

ELECTRIC

      0.5 %     

INTEGRATED ELECTRIC

      0.2 %     

Southern California Edison Co., 6.25% to 2/1/22, Series E(e),(f)

 

   $ 4,250,000       4,089,669  
      

 

 

  

REGULATED ELECTRIC

      0.3 %     

CenterPoint Energy, Inc., 6.125% to 9/01/23, Series A(e),(f)

 

     1,850,000       1,881,145  

Southern Co./The, 5.50% to 3/15/22, due 3/15/57, Series B(f)

 

     3,600,000       3,669,438  
      

 

 

  
      5,550,583  
      

 

 

  

TOTAL ELECTRIC

 

       9,640,252  
      

 

 

  

FOOD

      0.3 %     

Dairy Farmers of America, Inc., 7.875%, 144A(c),(e),(j)

 

     60,000 †      5,985,000  
      

 

 

  

INDUSTRIALS—DIVERSIFIED MANUFACTURING

      0.3 %     

General Electric Co., 5.00% to 1/21/21, Series D(e),(f)

 

     7,892,000       7,367,379  
      

 

 

  

INSURANCE

      1.4 %     

LIFE/HEALTH INSURANCE

      1.1 %     

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

 

     4,500,000       5,496,458  

MetLife, Inc., 5.25% to 6/15/20, Series C(a),(e),(f)

 

     5,200,000       5,244,434  

MetLife, Inc., 5.875% to 3/15/28, Series D(e),(f)

 

     2,530,000       2,608,493  

MetLife, Inc., 9.25%, due 4/8/38, 144A(a),(c)

 

     6,500,000       8,808,702  

Voya Financial, Inc., 6.125% to 9/15/23, Series A(e),(f)

 

     1,000,000       1,015,585  
      

 

 

  
      23,173,672  
      

 

 

  

PROPERTY CASUALTY

      0.3 %     

Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(f)

 

     2,100,000       2,107,403  

Liberty Mutual Group, Inc., 7.80%, due 3/7/37, 144A(a),(c)

 

     4,500,000       5,158,957  
      

 

 

  
      7,266,360  
      

 

 

  

TOTAL INSURANCE

 

       30,440,032  
      

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.4 %     

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

 

     8,989 †      9,479,224  
      

 

 

  

 

12

 

 

                                                                       
                          Principal
Amount		      Value  

PIPELINES

      0.1 %      

Plains All American Pipeline LP, 6.125% to 11/15/22, Series B(e),(f)

 

   $ 2,895,000      $ 2,718,333  
       

 

 

  

UTILITIES

      0.1 %      

NiSource, Inc., 5.65% to 6/15/23(e),(f)

 

     2,000,000        1,955,000  
       

 

 

  

TOTAL UNITED STATES

 

        140,551,616  
       

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$291,098,360)

 

        310,568,150  
       

 

 

  

CORPORATE BONDS—UNITED STATES

      0.1 %      

INDUSTRIALS—DIVERSIFIED MANUFACTURING

        

General Electric Co., 6.875%, due 1/10/39, Series GMTN

 

     1,335,000        1,583,146  
       

 

 

  

TOTAL CORPORATE BONDS
(Identified cost—$1,430,935)

           1,583,146  
       

 

 

  
      Shares         

SHORT-TERM INVESTMENTS

      1.3 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 2.35%(k)

 

     29,553,014        29,553,014  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$29,553,014)

           29,553,014  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,336,355,771)

      138.6 %         3,040,013,804  

LIABILITIES IN EXCESS OF OTHER ASSETS

      (38.6 )         (846,403,028 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $25.71 per share based on 85,319,794 shares of common stock outstanding)

      100.0 %       $ 2,193,610,776  
  

 

 

       

 

 

  

 

13

 

 

Glossary of Portfolio Abbreviations

 

EMTN    Euro Medium Term Note
ETF    Exchange-Traded Fund
FRN    Floating Rate Note
GMTN    Global Medium Term Note
HKD    Hong Kong Dollar
LIBOR    London Interbank Offered Rate
MLP    Master Limited Partnership
TruPS    Trust Preferred Securities
USD    United States Dollar

 

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

†

Represents shares.

(a)

All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $1,744,047,699 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 $186,595,154 which represents 8.5% of the net assets of the Fund, of which 0.0% are illiquid.

(d)

A portion of the security has been rehypothecated in connection with the Fund’s credit agreement. $766,050,890 in aggregate has been rehypothecated.

(e)

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

(f)

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

(g)

Variable rate. Rate shown is in effect at March 31, 2019.

(h)

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 $75,993,221 which represents 3.5% of the net assets of the Fund (2.5% of the managed assets of the Fund).

(i)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $38,316,576 which represents 1.7% of the net assets of the Fund, of which 0.0% are illiquid.

(j)

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

(k)

Rate quoted represents the annualized seven-day yield.

 

14

 

 

                       

Sector Summary

    % of
Managed
Assets		  

Electric

      29.0  

Pipelines

      15.5  

Communications

      11.5  

Railways

      8.5  

Banks

      7.9  

Toll Roads

      5.9  

Airports

      5.4  

Gas Distribution

      5.2  

Water

      4.3  

Other

      3.4  

Insurance

      2.0  

Utilities

      0.8  

Marine Ports

      0.6  
  

 

 

  
     100.0  
  

 

 

  

 

15

 

 

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 (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 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).

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 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.

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

The following is a summary of the inputs used as of March 31, 2019 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

    $ 2,548,306,243      $ 2,548,306,243      $ —      $ —  

Exchange-Traded Funds

      4,530,080        4,530,080        —        —  

Preferred Securities—$25 Par Value:

            

United States

      139,806,241        131,295,724        8,510,517     

Other Countries

      5,666,930        5,666,930        —        —  

Preferred Securities—Capital Securities:

            

United States

      140,551,616        —        134,566,616        5,985,000  

Other Countries

      170,016,534        —        170,016,534        —  

Corporate Bonds

      1,583,146        —        1,583,146        —  

Short-Term Investments

      29,553,014        —        29,553,014        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 3,040,013,804      $ 2,689,798,977      $ 344,229,827      $ 5,985,000 (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 significantly 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, 2018

    $ 5,985,000  

Change in unrealized appreciation (depreciation)

      —  
  

 

 

  

Balance as of March 31, 2019

    $ 5,985,000  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2019 which were valued using significant unobservable inputs (Level 3) amounted to $0.