Cohen & Steers Infrastructure Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT 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 Office    (Zip code)

Dana DeVivo

280 Park Avenue

New York, NY 10017

 

Name and address of agent for service

Registrant telephone number, including area code:    (212) 832-3232                                         

Date of fiscal year end:    December 31                                         

Date of reporting period:    March 31, 2018                                        

 

 

 

Item 1. Schedule of Investments

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

March 29, 2018 (Unaudited)*

 

                                                                       
           Number
of Shares/Units		      Value  

COMMON STOCK

      118.9 %      

AUSTRALIA

      4.3 %      

ELECTRIC—REGULATED ELECTRIC

      1.4 %      

Spark Infrastructure Group(a)

 

     15,978,654      $ 29,471,496  
       

 

 

  

PIPELINES—C-CORP

      0.7 %      

APA Group(a),(b)

        2,391,636        14,562,611  
       

 

 

  

TOLL ROADS

      2.2 %      

Transurban Group(a),(b)

        4,972,598        43,851,382  
       

 

 

  

TOTAL AUSTRALIA

 

        87,885,489  
       

 

 

  

BRAZIL

      4.0 %      

RAILWAYS

      1.9 %      

Rumo SA(c)

        9,409,701        37,479,764  
       

 

 

  

WATER

      2.1 %      

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

        4,107,116        43,541,190  
       

 

 

  

TOTAL BRAZIL

           81,020,954  
       

 

 

  

CANADA

      9.8 %      

PIPELINES—C-CORP

      7.8 %      

Enbridge(b)

        3,210,606        100,977,029  

Keyera Corp.

        21,547        560,438  

Kinder Morgan Canada Ltd., 144A(d)

        794,454        11,426,424  

Pembina Pipeline Corp.

        1,489,993        46,491,806  
       

 

 

  
       159,455,697  
       

 

 

  

RAILWAYS

      2.0 %      

Canadian Pacific Railway Ltd.(b)

        232,413        40,985,938  
       

 

 

  

TOTAL CANADA

           200,441,635  
       

 

 

  

CHINA

      1.1 %      

TOLL ROADS

        

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

        15,242,000        21,640,156  
       

 

 

  

FRANCE

      3.2 %      

TOLL ROADS

        

Eiffage SA(a)

        302,160        34,413,369  

Vinci SA(a)

        305,664        30,106,377  
       

 

 

  

TOTAL FRANCE

 

        64,519,746  
       

 

 

  

GERMANY

      1.4 %      

AIRPORTS

        

Fraport AG(a)

        289,198        28,541,551  
       

 

 

  

 

 

1

 

 

                                                                       
            Number
of Shares/Units		      Value  

HONG KONG

      3.1 %       

ELECTRIC—REGULATED ELECTRIC

      1.6 %       

CLP Holdings Ltd.(a),(b)

     3,277,000      $ 33,412,306  
        

 

 

  

PIPELINES—C-CORP

      0.8 %       

Beijing Enterprises Holdings Ltd.(a)

 

      3,103,500        16,343,295  
        

 

 

  

WATER

      0.7 %       

Guangdong Investment Ltd.(a)

         8,491,247        13,452,398  
        

 

 

  

TOTAL HONG KONG

 

         63,207,999  
        

 

 

  

ITALY

      4.6 %       

COMMUNICATIONS—TOWERS

      2.6 %       

Ei Towers S.p.A.(a),(b)

 

      233,441        13,087,170  

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

 

      4,969,433        39,355,133  
        

 

 

  
           52,442,303  
        

 

 

  

TOLL ROADS

      2.0 %       

Atlantia S.p.A.(a),(b)

 

      1,335,023        41,367,487  
        

 

 

  

TOTAL ITALY

            93,809,790  
        

 

 

  

JAPAN

      8.0 %       

ELECTRIC—INTEGRATED ELECTRIC

      2.6 %       

Kyushu Electric Power Co.(a)

 

      2,352,800        28,415,979  

Tohoku Electric Power Co.(a)

 

      1,864,400        25,361,884  
        

 

 

  
           53,777,863  
        

 

 

  

GAS DISTRIBUTION

      1.0 %       

Tokyo Gas Co., Ltd.(a)

 

      744,200        19,885,166  
        

 

 

  

RAILWAYS

      4.4 %       

Central Japan Railway Co.(a),(b)

         252,799        48,244,791  

West Japan Railway Co.(a),(b)

         574,000        40,694,742  
        

 

 

  
           88,939,533  
        

 

 

  

TOTAL JAPAN

 

         162,602,562  
        

 

 

  

MALAYSIA

      0.9 %       

AIRPORTS

 

      

Malaysia Airports Holdings Berhad

 

      7,839,000        17,935,665  
        

 

 

  

MEXICO

      3.0 %       

AIRPORTS

      1.6 %       

Grupo Aeroportuario del Pacifico SAB de CV, B Shares

 

      3,209,302        31,709,951  
        

 

 

  

ELECTRIC—REGULATED ELECTRIC

      0.5 %       

CFE Capital S de RL de CV(c)

         10,223,700        10,712,953  
        

 

 

  

 

 

2

 

 

                                                                       
            Number
of Shares/Units		      Value  

TOLL ROADS

      0.9 %       

OHL Mexico SAB de CV(b)

         10,298,002      $ 19,395,137  
        

 

 

  

TOTAL MEXICO

            61,818,041  
        

 

 

  

NEW ZEALAND

      1.9 %       

AIRPORTS

 

      

Auckland International Airport Ltd.(a),(b)

         8,575,265        38,051,916  
        

 

 

  

SPAIN

      3.5 %       

AIRPORTS

      2.9 %       

Aena SME SA, 144A(a),(b),(d)

         291,121        58,702,625  
        

 

 

  

TOLL ROADS

      0.6 %       

Ferrovial SA(a)

         618,987        12,941,598  
        

 

 

  

TOTAL SPAIN

            71,644,223  
        

 

 

  

SWITZERLAND

      1.0 %       

AIRPORTS

 

      

Flughafen Zuerich AG(a)

         93,835        20,724,312  
        

 

 

  

THAILAND

      2.3 %       

AIRPORTS

 

      

Airports of Thailand PCL(a)

         22,282,200        47,168,824  
        

 

 

  

UNITED KINGDOM

      2.3 %       

ELECTRIC—REGULATED ELECTRIC

      1.5 %       

National Grid PLC(a)

         2,742,655        30,872,644  
        

 

 

  

WATER

      0.8 %       

United Utilities Group PLC(a),(b)

         1,666,007        16,731,221  
        

 

 

  

TOTAL UNITED KINGDOM

            47,603,865  
        

 

 

  

UNITED STATES

      64.5 %       

COMMUNICATIONS—TOWERS

      12.8 %       

American Tower Corp.(b),(e)

         789,475        114,742,297  

Crown Castle International Corp.(b),(e)

         1,330,543        145,840,818  
        

 

 

  
           260,583,115  
        

 

 

  

DIVERSIFIED

      0.6 %       

Macquarie Infrastructure Co. LLC(b),(e)

         292,988        10,820,047  
        

 

 

  

ELECTRIC

      25.8 %       

INTEGRATED ELECTRIC

      8.2 %       

FirstEnergy Corp.(b)

         882,393        30,010,186  

NextEra Energy(b),(e)

         842,825        137,658,607  
        

 

 

  
           167,668,793  
        

 

 

  

 

 

3

 

 

                                                              
            Number
of Shares/Units		      Value  

REGULATED ELECTRIC

      17.6 %       

Alliant Energy Corp.(b),(e)

 

      955,815      $ 39,054,601  

CMS Energy Corp.(b),(e)

 

      830,962        37,634,269  

DTE Energy Co.(b),(e)

 

      383,965        40,085,946  

Edison International(b),(e)

 

      823,711        52,437,442  

Great Plains Energy(b),(e)

 

      1,299,214        41,302,013  

PG&E Corp.(b),(e)

 

      648,097        28,470,901  

WEC Energy Group(b),(e)

 

      940,137        58,946,590  

Xcel Energy(b),(e)

 

      1,322,528        60,148,574  
        

 

 

  
           358,080,336  
        

 

 

  

TOTAL ELECTRIC

 

         525,749,129  
        

 

 

  

GAS DISTRIBUTION

      6.1 %       

Atmos Energy Corp.(b),(e)

 

      679,534        57,243,944  

NiSource(b),(e)

 

      1,456,383        34,822,117  

Southwest Gas Holdings(b),(e)

 

      475,517        32,159,215  
        

 

 

  
           124,225,276  
        

 

 

  

PIPELINES

      10.2 %       

PIPELINES—C-CORP

      8.3 %       

Antero Midstream GP LP(b),(e)

 

      682,685        10,916,133  

Cheniere Energy(b),(c),(e)

 

      918,082        49,071,483  

Kinder Morgan(b),(e)

 

      3,697,346        55,682,031  

ONEOK(b)

 

      847,333        48,230,194  

SemGroup Corp., Class A(b),(e)

 

      233,925        5,005,995  
        

 

 

  
           168,905,836  
        

 

 

  

PIPELINES—MLP

      1.9 %       

Hess Midstream Partners LP(b),(e)

 

      465,455        8,862,263  

MPLX LP(b),(e)

 

      888,494        29,355,842  
        

 

 

  
           38,218,105  
        

 

 

  

TOTAL PIPELINES

 

         207,123,941  
        

 

 

  

RAILWAYS

      6.2 %       

Norfolk Southern Corp.(b),(e)

 

      270,162        36,682,596  

Union Pacific Corp.(b),(e)

 

      671,404        90,256,840  
        

 

 

  
           126,939,436  
        

 

 

  

WATER

      2.8 %       

American Water Works Co.(b),(e)

 

      700,736        57,551,448  
        

 

 

  

 

 

4

 

 

                                                              
           Number
of Shares/Units		      Value  

TOTAL UNITED STATES

       $ 1,312,992,392  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,988,410,698)

         2,421,609,120  
       

 

 

  

PREFERRED SECURITIES—$25 PAR VALUE

      6.0 %      

BERMUDA

      0.1 %      

INSURANCE—REINSURANCE

        

Arch Capital Group Ltd., 5.45%, Series F (USD)(f)

 

     80,000        1,963,200  
       

 

 

  

UNITED STATES

      5.9 %      

BANKS

      3.0 %      

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

 

     112,525        2,927,900  

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

 

     150,000        3,892,500  

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

    212,456        5,608,838  

BB&T Corp., 5.625% to 8/1/18, Series E(f)

 

     28,347        712,360  

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

 

     85,183        2,251,387  

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

 

     54,285        1,410,867  

Citigroup, 6.875% to 11/15/23, Series K(f),(g)

 

     77,834        2,181,687  

Citigroup, 6.30%, Series S(f)

 

     147,743        3,884,163  

GMAC Capital Trust I, 7.624% (3 Month US LIBOR + 5.785%),
due 2/15/40, Series 2 (TruPS) (FRN)(h)

 

     232,552        6,041,701  

Huntington Bancshares, 6.25%, Series D(f)

 

     73,122        1,992,575  

JPMorgan Chase & Co., 6.10%, Series AA(b),(e),(f)

 

     196,847        5,194,792  

JPMorgan Chase & Co., 6.125%, Series Y(b),(f)

 

     180,722        4,729,495  

New York Community Bancorp, 6.375% to 3/17/27, Series A(b),(f),(g)

 

     106,668        2,904,570  

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

 

     98,085        2,727,744  

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

 

     60,900        1,499,967  

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

 

     120,462        3,166,946  

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

 

     150,000        3,826,500  

Wells Fargo & Co., 5.70%, Series W(b),(e),(f)

 

     168,039        4,234,583  

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

 

     99,275        2,486,839  
       

 

 

  
     61,675,414  
       

 

 

  

ELECTRIC

      0.7 %      

INTEGRATED ELECTRIC

      0.5 %      

Integrys Holdings, 6.00% to 8/1/23, due 8/1/73(b),(g)

 

     158,638        4,184,077  

Southern Co./The, 6.25%, due 10/15/75(b),(e)

 

     193,189        5,150,419  

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

 

     90,000        2,187,000  
       

 

 

  
     11,521,496  
       

 

 

  

 

5

 

 

                                                                       
           Number
of Shares/Units		      Value  

REGULATED ELECTRIC

      0.2 %      

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

 

     156,011      $ 3,848,791  
       

 

 

  

TOTAL ELECTRIC

 

        15,370,287  
       

 

 

  

FINANCIAL

      0.7 %      

DIVERSIFIED FINANCIAL SERVICES

      0.1 %      

KKR & Co. LP, 6.75%, Series A(b),(f)

 

     112,000        2,947,840  
       

 

 

  

INVESTMENT BANKER/BROKER

      0.6 %      

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

 

     72,943        1,910,377  

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

 

     141,847        3,975,972  

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

 

     125,000        3,390,000  

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

 

     99,200        2,588,128  
       

 

 

  
          11,864,477  
       

 

 

  

TOTAL FINANCIAL

 

        14,812,317  
       

 

 

  

INDUSTRIALS—CHEMICALS

      0.4 %      

CHS, 7.10% to 3/31/24, Series 2(f),(g)

 

     135,283        3,801,452  

CHS, 6.75% to 9/30/24, Series 3(b),(f),(g)

 

     137,935        3,714,590  
       

 

 

  
          7,516,042  
       

 

 

  

INSURANCE—MULTI-LINE

      0.1 %      

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

 

     82,237        2,064,149  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %      

AT&T, 5.35%, due 11/1/66

 

     100,000        2,540,000  
       

 

 

  

PIPELINES

      0.1 %      

NuStar Energy LP, 7.625% to 6/15/22, Series B(f),(g)

 

     80,000        1,744,000  
       

 

 

  

REAL ESTATE—DIVERSIFIED

      0.4 %      

Saul Centers, 6.875%, Series C(f)

 

     46,165        1,154,125  

VEREIT, 6.70%, Series F(b),(f)

 

     246,816        6,269,126  
       

 

 

  
          7,423,251  
       

 

 

  

TECHNOLOGY—SOFTWARE

      0.1 %      

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

 

     95,400        2,512,836  
       

 

 

  

UTILITIES

      0.3 %      

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

 

     7,660        185,678  

SCE Trust IV, 5.375% to 9/15/25, Series J(f),(g)

 

     111,918        2,876,293  

 

6

 

 

                                                                       
      Number
of Shares/Units		      Value  

SCE Trust VI, 5.00%(f)

        96,933      $ 2,194,563  
       

 

 

  
       5,256,534  
       

 

 

  

TOTAL UNITED STATES

           120,914,830  
       

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$118,573,286)

 

        122,878,030  
       

 

 

  
      Principal
Amount		         

PREFERRED SECURITIES—CAPITAL SECURITIES

      15.7 %      

AUSTRALIA

      0.7 %      

BANKS

      0.3 %      

Australia & New Zealand Banking Group Ltd./United Kingdom,
6.75% to 6/15/26, 144A (USD)(b),(d),(f),(g)

 

   $ 4,000,000        4,260,000  

Macquarie Bank Ltd./London, 6.125% to 3/8/27, 144A
(USD)(b),(d),(f),(g)

 

     2,200,000        2,158,750  
       

 

 

  
       6,418,750  
       

 

 

  

INSURANCE-PROPERTY CASUALTY

      0.3 %      

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

 

     4,000,000        4,345,000  

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

 

     1,800,000        1,864,643  
       

 

 

  
       6,209,643  
       

 

 

  

MATERIAL—METALS & MINING

      0.1 %      

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

 

     2,000,000        2,250,000  
       

 

 

  

TOTAL AUSTRALIA

           14,878,393  
       

 

 

  

BRAZIL

      0.1 %      

BANKS

        

Itau Unibanco Holding SA, 6.50% to 3/19/23, 144A (USD)(d),(f),(g)

 

     2,600,000        2,575,898  
       

 

 

  

CANADA

      1.2 %      

PIPELINES

      0.8 %      

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

 

     1,360,000        1,346,400  

Enbridge, 6.25% to 3/1/28, due 3/1/78 (USD)(g)

 

     4,880,000        4,850,523  

Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (USD)(g)

 

     2,000,000        2,055,000  

 

7

 

 

                                                                       
           Principal
Amount		      Value  

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

 

   $ 4,990,000      $ 5,214,550  

Transcanada Trust, 5.30% to 3/15/27, due 3/15/77 (USD)(g)

 

     1,375,000        1,360,391  
       

 

 

  
          14,826,864  
       

 

 

  

UTILITIES—ELECTRIC UTILITIES

      0.4 %      

Emera, 6.75% to 6/15/26, due 6/15/76, Series 16-A (USD)(b),(g)

 

     8,000,000        8,680,000  
       

 

 

  

TOTAL CANADA

           23,506,864  
       

 

 

  

DENMARK

      0.1 %      

BANKS

        

Danske Bank A/S, 6.125% to 3/28/24 (USD)(f),(g)

 

     2,600,000        2,646,150  
       

 

 

  

FRANCE

      0.9 %      

BANKS

      0.7 %      

BNP Paribas SA, 7.195% to 6/25/37, 144A (USD)(b),(d),(f),(g)

 

     3,000,000        3,337,500  

BNP Paribas SA, 7.375% to 8/19/25, 144A (USD)(d),(f),(g)

 

     1,800,000        1,962,000  

BNP Paribas SA, 7.625% to 3/30/21, 144A (USD)(b),(d),(f),(g)

 

     3,800,000        4,089,750  

Credit Agricole SA, 8.125% to 12/23/25, 144A (USD)(b),(d),(f),(g)

 

     2,950,000        3,368,558  

Societe Generale SA, 7.375% to 9/13/21, 144A (USD)(b),(d),(f),(g)

 

     2,600,000        2,772,250  
       

 

 

  
          15,530,058  
       

 

 

  

INSURANCE—LIFE/HEALTH INSURANCE

      0.2 %      

La Mondiale Vie, 7.625% to 4/23/19 (USD)(f),(g)

 

     3,250,000        3,369,470  
       

 

 

  

TOTAL FRANCE

           18,899,528  
       

 

 

  

GERMANY

      0.2 %      

BANKS

        

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

 

     3,088,000        3,929,094  
       

 

 

  

ITALY

      0.5 %      

UTILITIES—ELECTRIC UTILITIES

        

Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (USD)(b),(d),(g)

 

     8,635,000        10,264,856  
       

 

 

  

JAPAN

      0.6 %      

INSURANCE—LIFE/HEALTH INSURANCE

      0.5 %      

Dai-ichi Life Insurance Co. Ltd., 5.10% to 10/28/24, 144A
(USD)(b),(d),(f),(g)

 

     2,000,000        2,091,720  

Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, due 10/20/45, 144A (USD)(b),(d),(g)

 

     3,600,000        3,748,500  

Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A
(USD)(b),(d),(g)

 

     5,000,000        5,212,500  
       

 

 

  
          11,052,720  
       

 

 

  

 

 

8

 

 

                                                                       
           Principal
Amount		      Value  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %      

SoftBank Group Corp., 5.375%, due 7/30/22 (USD)

 

   $ 500,000      $ 506,250  

SoftBank Group Corp., 6.875% to 7/19/27 (USD)(f),(g)

 

     1,100,000        1,049,345  
       

 

 

  
     1,555,595  
       

 

 

  

TOTAL JAPAN

           12,608,315  
       

 

 

  

NETHERLANDS

      0.6 %      

BANKS

        

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

 

     3,600,000        3,775,716  

Rabobank Nederland, 11.00% to 6/30/19, 144A (USD)(b),(d),(f),(g)

 

     8,120,000        8,909,751  
       

 

 

  

TOTAL NETHERLANDS

           12,685,467  
       

 

 

  

NORWAY

      0.2 %      

BANKS

        

DNB Bank ASA, 6.50% to 3/26/22 (USD)(f),(g)

 

     3,000,000        3,127,128  
       

 

 

  

SPAIN

      0.1 %      

BANKS

        

Banco Bilbao Vizcaya Argentaria SA, 9.00% to 5/9/18 (USD)(f),(g)

 

     2,400,000        2,415,360  
       

 

 

  

SWEDEN

      0.2 %      

BANKS

        

Swedbank AB, 6.00% to 3/17/22 (USD)(f),(g)

        3,000,000        3,067,500  
       

 

 

  

SWITZERLAND

      1.0 %      

BANKS

      0.8 %      

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

 

     4,800,000        5,022,000  

Credit Suisse Group AG, 7.50% to 12/11/23, 144A (USD)(d),(f),(g)

 

     2,391,000        2,594,477  

UBS Group AG, 6.875% to 3/22/21 (USD)(f),(g)

 

     1,800,000        1,891,051  

UBS Group AG, 7.125% to 2/19/20 (USD)(f),(g)

 

     5,046,000        5,258,437  

UBS Group AG, 7.125% to 8/10/21 (USD)(f),(g)

 

     1,600,000        1,689,107  
       

 

 

  
     16,455,072  
       

 

 

  

INSURANCE—REINSURANCE

      0.2 %      

Aquarius + Investments PLC, 8.25% to 9/1/18, Series EMTN
(USD)(f),(g)

 

     4,000,000        4,068,300  
       

 

 

  

TOTAL SWITZERLAND

           20,523,372  
       

 

 

  

UNITED KINGDOM

      2.6 %      

BANKS

        

Barclays PLC, 7.875% to 3/15/22 (USD)(f),(g)

 

     3,200,000        3,406,013  

 

9

 

 

                                                                       
           Principal
Amount		     Value  

Barclays PLC, 8.25% to 12/15/18 (USD)(b),(f),(g)

 

   $ 4,161,000     $ 4,304,180  

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

 

     2,400,000       2,447,100  

HSBC Capital Funding LP, 10.176% to 6/30/30,
144A (USD)(b),(d),(f),(g)

 

     8,950,000       14,057,049  

HSBC Holdings PLC, 6.25% to 3/23/23 (USD)(f),(g)

 

     1,800,000       1,842,750  

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

 

     1,400,000       1,443,750  

HSBC Holdings PLC, 6.50% to 3/23/28 (USD)(f),(g)

 

     1,200,000       1,225,500  

HSBC Holdings PLC, 6.875% to 6/1/21 (USD)(b),(f),(g)

 

     3,800,000       4,023,250  

Lloyds Banking Group PLC, 7.50% to 6/27/24 (USD)(b),(f),(g)

 

     4,334,000       4,707,808  

Nationwide Building Society, 10.25%(f)

 

     1,980,000       4,347,478  

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

 

     2,004,000       2,515,020  

Royal Bank of Scotland Group PLC, 8.625% to 8/15/21
(USD)(b),(f),(g)

 

     7,400,000       8,056,750  
         52,376,648  

UNITED STATES

      6.7 %     

BANKS

      3.2 %     

AgriBank FCB, 6.875% to 1/1/24(b),(f),(g)

 

     37,000 †      3,998,312  

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

 

     1,513,000       1,594,324  

Bank of America Corp., 6.30% to 3/10/26, Series DD(b),(e),(f),(g)

 

     4,500,000       4,837,500  

Bank of America Corp., 5.875% to 3/15/28, Series FF(f),(g)

 

     350,000       352,645  

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

 

     3,169,000       3,410,953  

Citigroup, 5.90% to 2/15/23(f),(g)

 

     3,000,000       3,101,250  

Citigroup, 6.125% to 11/15/20, Series R(b),(f),(g)

 

     1,225,000       1,290,354  

Citigroup, 6.25% to 8/15/26, Series T(b),(f),(g)

 

     2,750,000       2,908,125  

CoBank ACB, 6.25% to 10/1/22, Series F(b),(f),(g)

 

     52,500       5,565,000  

CoBank ACB, 6.25% to 10/1/26, Series I(b),(f),(g)

 

     2,866,000       3,066,001  

Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A(b),(d),(f),(g),(i)

 

     35,300 †      3,830,050  

Farm Credit Bank of Texas, 10.00%, Series I(b),(f)

 

     7,000 †      8,225,000  

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

 

     6,000,000       6,553,500  

JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(f),(g)

 

     3,000,000       3,153,750  

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

 

     1,850,000       1,904,575  

PNC Financial Services Group, 6.75% to 8/1/21(f),(g)

 

     3,000,000       3,260,250  

Wells Fargo & Co., 5.895% to 6/15/18, Series K (FRN)
(3 Month US LIBOR + 3.77%)(f),(h)

 

     2,000,000       2,031,180  

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

 

     2,320,000       2,443,540  

Wells Fargo Capital X, 5.95%, due 12/15/36, (TruPS)

 

     2,830,000       3,070,550  
      

 

 

  
         64,596,859  
      

 

 

  

 

10

 

 

                                                                       
           Principal
Amount		     Value  

COMMUNICATIONS—TOWERS

      0.4 %     

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

 

   $ 7,400 †    $ 8,245,570  

ELECTRIC

      0.4 %     

INTEGRATED ELECTRIC

      0.2 %     

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

        4,150,000       4,419,750  

REGULATED ELECTRIC

      0.2 %     

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

        3,000,000       3,118,105  

TOTAL ELECTRIC

          7,537,855  

FOOD

      0.3 %     

Dairy Farmers of America, 7.875%, 144A(d),(f),(i)

        60,000 †      6,051,756  

INDUSTRIALS—DIVERSIFIED MANUFACTURING

      0.3 %     

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

        6,407,000       6,350,939  

INSURANCE

      1.5 %     

LIFE/HEALTH INSURANCE

      1.1 %     

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

 

     6,500,000       8,872,500  

MetLife, 5.25% to 6/15/20, Series C(b),(f),(g)

 

     5,200,000       5,328,648  

MetLife, 5.875% to 3/15/28, Series D(f),(g)

 

     2,530,000       2,577,437  

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

 

     4,500,000       5,670,000  
         22,448,585  

PROPERTY CASUALTY

      0.4 %     

Assurant, 7.00% to 3/27/28, due 3/27/48(g)

 

     2,100,000       2,153,536  

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

 

     4,500,000       5,580,000  
         7,733,536  

TOTAL INSURANCE

          30,182,121  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.5 %     

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

 

     8,989 †      10,112,590  

PIPELINES

      0.1 %     

Enterprise Products Operating LP, 5.481% to 6/18/18, due 8/1/66,
Series A (FRN) (3 Month US LIBOR + 3.708%)(h)

 

     166,000       166,632  

 

11

 

 

                                                                       
      Principal
Amount		      Value  

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

 

   $ 2,895,000      $ 2,800,913  
       

 

 

  
     2,967,545  
       

 

 

  

TOTAL UNITED STATES

           136,045,235  
       

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL
SECURITIES (Identified cost—$292,641,059)

 

        319,549,808  
       

 

 

  
      Number
of Shares		         

SHORT-TERM INVESTMENTS

      0.0 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 1.51%(j)

 

     587,712        587,712  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$587,712)

           587,712  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,400,212,755)

      140.6 %         2,864,624,670  

LIABILITIES IN EXCESS OF OTHER ASSETS

      (40.6 )         (827,132,832 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $23.88 per share based on 85,319,794 shares of common stock outstanding)

      100.0 %       $ 2,037,491,838  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

FRN   

Floating Rate 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.

*

March 29, 2018 represents the last business day of the Fund’s quarterly period. See Note 1 of the accompanying notes to the Schedule of Investments.

†

Represents shares.

 

12

 

 

(a)

Fair valued security. This security has been valued at its fair value as determined in good faith under procedures established by and under the general supervision of the Fund’s Board of Directors. Aggregate fair valued securities represent 36.7% of the net assets of the Fund, of which 36.7% have been fair valued pursuant to foreign equity fair value pricing procedures approved by the Board of Directors.

(b)

All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $1,737,601,692 in aggregate has been pledged as collateral.

(c)

Non-income producing security.

(d)

Resale is restricted to qualified institutional investors. Aggregate holdings amounting to $227,183,731 or 11.2% of the net assets of the Fund, of which 0.3% are illiquid.

(e)

A portion of the security has been rehypothecated in connection with the Fund’s credit agreement. $780,318,195 in aggregate has been rehypothecated.

(f)

Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

(g)

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

(h)

Variable rate. Rate shown is in effect at March 29, 2018.

(i)

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

(j)

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

Sector Breakdown

(Based on Managed Assets)

(Unaudited)

 

                    

Sector Summary

    % of
Managed
Assets		  

Electric (Common)

      23.7  

Pipelines (Common)

      13.8  

Communications (Common)

      10.8  

Railways (Common)

      10.2  

Banks (Preferred)

      8.6  

Airports (Common)

      8.4  

Toll Roads (Common)

      7.0  

Gas Distribution (Common)

      5.0  

Water (Common)

      4.5  

Other

      3.9  

Insurance (Preferred)

      1.8  

Utilities (Preferred)

      0.8  

Electric (Preferred)

      0.8  

Pipelines (Preferred)

      0.7  
  

 

 

  
     100.0  
  

 

 

  

 

13

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1. Quarterly Period

Since March 29, 2018 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was open for trading, the Fund’s Schedule of Investments have been presented through that date.

Note 2. 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

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

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

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

  •  

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.

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 assigned level within the disclosure hierarchy. As of March 29, 2018, there were $708,477,179 of securities transferred from Level 1 to Level 2 which resulted from the Fund utilizing foreign equity fair value pricing procedures as of March 29, 2018.

The following is a summary of the inputs used as of March 29, 2018 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:

            

Brazil

    $ 81,020,954      $ 81,020,954      $ —        $ —    

Canada

      200,441,635        200,441,635        —          —    

Malaysia

      17,935,665        17,935,665        —          —    

Mexico

      61,818,041        61,818,041        —          —    

United States

      1,312,992,392        1,312,992,392        —          —    

Other Countries

      747,400,433           747,400,433     

Preferred Securities—$25 Par Value:

            

United States

      120,914,830        116,730,753        4,184,077        —    

Other Countries

      1,963,200        1,963,200        —          —    

Preferred Securities—Capital Securities:

            

United States

      136,045,235        —          126,163,429        9,881,806  

Other Countries

      183,504,573        —          183,504,573        —    

Short-Term Investments

      587,712        —          587,712        —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 2,864,624,670      $ 1,792,902,640      $ 1,061,840,224      $ 9,881,806 (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.

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

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, 2017

    $ 6,301,302  

Transfers in

      3,830,050  

Change in unrealized appreciation (depreciation)

      (249,546 ) 
  

 

 

  

Balance as of March 29, 2018

    $ 9,881,806  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on March 29, 2018 which were valued using significant unobservable inputs (Level 3) amounted to $(302,496).

 

 

 

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 and Principal Executive Officer

          Date: May 25, 2018

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

Title: President and Principal Executive Officer

      

Name: James Giallanza

Title: Principal Financial Officer

          Date: May 25, 2018