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, 2012

 

 



 

Item 1. Schedule of Investments

 



 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

 

SCHEDULE OF INVESTMENTS

March 31, 2012 (Unaudited)

 

 

 

Number
of Shares

 

Value

 

COMMON STOCK 112.4%

 

 

 

 

 

AUSTRALIA 10.3%

 

 

 

 

 

AIRPORTS 2.0%

 

 

 

 

 

Sydney Airport

 

11,214,268

 

$

33,338,771

 

ELECTRIC 1.6%

 

 

 

 

 

INTEGRATED ELECTRIC 0.8%

 

 

 

 

 

AGL Energy Ltd.

 

411,849

 

6,292,551

 

Origin Energy Ltd.(a)

 

533,494

 

7,377,472

 

 

 

 

 

13,670,023

 

REGULATED ELECTRIC 0.8%

 

 

 

 

 

Spark Infrastructure Group

 

7,839,337

 

12,139,961

 

TOTAL ELECTRIC

 

 

 

25,809,984

 

 

 

 

 

 

 

RAILWAYS 0.7%

 

 

 

 

 

QR National Ltd.

 

2,954,125

 

11,413,910

 

 

 

 

 

 

 

TOLL ROADS 6.0%

 

 

 

 

 

Transurban Group(a)

 

16,906,379

 

98,069,821

 

TOTAL AUSTRALIA

 

 

 

168,632,486

 

 

 

 

 

 

 

BRAZIL 3.1%

 

 

 

 

 

TOLL ROADS 2.4%

 

 

 

 

 

CCR SA(a)

 

4,838,708

 

39,177,246

 

 

 

 

 

 

 

WATER 0.7%

 

 

 

 

 

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

 

148,700

 

11,393,394

 

TOTAL BRAZIL

 

 

 

50,570,640

 

 

 

 

 

 

 

CANADA 6.6%

 

 

 

 

 

MARINE PORTS 0.6%

 

 

 

 

 

Westshore Terminals Investment Corp.

 

417,292

 

10,145,201

 

 

1



 

 

 

Number
of Shares

 

Value

 

PIPELINES—PIPELINES—C-CORP 6.0%

 

 

 

 

 

Enbridge(a),(b)

 

1,363,224

 

$

52,946,311

 

TransCanada Corp.(a)

 

1,047,700

 

44,987,710

 

 

 

 

 

97,934,021

 

TOTAL CANADA

 

 

 

108,079,222

 

 

 

 

 

 

 

FRANCE 11.8%

 

 

 

 

 

AIRPORTS 0.3%

 

 

 

 

 

Aeroports de Paris

 

55,400

 

4,547,003

 

 

 

 

 

 

 

COMMUNICATIONS—SATELLITES 3.2%

 

 

 

 

 

Eutelsat Communications(a)

 

1,405,872

 

51,975,305

 

 

 

 

 

 

 

ELECTRIC—INTEGRATED ELECTRIC 2.7%

 

 

 

 

 

GDF Suez(a)

 

1,729,944

 

44,690,962

 

 

 

 

 

 

 

TOLL ROADS 4.4%

 

 

 

 

 

Vinci SA(a)

 

1,389,907

 

72,480,393

 

 

 

 

 

 

 

WATER 1.2%

 

 

 

 

 

Suez Environnement SA(a)

 

317,500

 

4,869,671

 

Veolia Environnement

 

861,400

 

14,285,936

 

 

 

 

 

19,155,607

 

TOTAL FRANCE

 

 

 

192,849,270

 

 

 

 

 

 

 

GERMANY 3.9%

 

 

 

 

 

AIRPORTS 1.6%

 

 

 

 

 

Fraport AG

 

424,093

 

26,555,516

 

 

 

 

 

 

 

ELECTRIC—INTEGRATED ELECTRIC 2.3%

 

 

 

 

 

E.ON AG(a)

 

1,552,500

 

37,187,414

 

TOTAL GERMANY

 

 

 

63,742,930

 

 

 

 

 

 

 

HONG KONG 1.5%

 

 

 

 

 

ELECTRIC—REGULATED ELECTRIC

 

 

 

 

 

CLP Holdings Ltd.(a)

 

1,819,400

 

15,674,081

 

Power Assets Holdings Ltd.(a)

 

1,136,300

 

8,340,568

 

 

 

 

 

24,014,649

 

 

2



 

 

 

Number
of Shares

 

Value

 

ITALY 6.4%

 

 

 

 

 

ELECTRIC 2.9%

 

 

 

 

 

INTEGRATED ELECTRIC 0.6%

 

 

 

 

 

Enel S.p.A.

 

2,443,160

 

$

8,836,893

 

 

 

 

 

 

 

REGULATED ELECTRIC 2.3%

 

 

 

 

 

Terna Rete Elettrica Nazionale S.p.A.(a)

 

9,392,800

 

37,756,903

 

TOTAL ELECTRIC

 

 

 

46,593,796

 

 

 

 

 

 

 

GAS DISTRIBUTION 1.3%

 

 

 

 

 

Snam Rete Gas S.p.A.(a)

 

4,528,900

 

21,780,934

 

 

 

 

 

 

 

TOLL ROADS 2.2%

 

 

 

 

 

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

 

2,190,943

 

36,379,646

 

TOTAL ITALY

 

 

 

104,754,376

 

 

 

 

 

 

 

JAPAN 4.3%

 

 

 

 

 

ELECTRIC—INTEGRATED ELECTRIC 0.3%

 

 

 

 

 

Kansai Electric Power Co.

 

286,000

 

4,429,769

 

 

 

 

 

 

 

RAILWAYS 4.0%

 

 

 

 

 

East Japan Railway Co.(a)

 

1,055,300

 

66,426,399

 

TOTAL JAPAN

 

 

 

70,856,168

 

 

 

 

 

 

 

LUXEMBOURG 3.5%

 

 

 

 

 

COMMUNICATIONS—SATELLITES

 

 

 

 

 

SES SA(a),(b)

 

2,300,600

 

57,085,897

 

 

 

 

 

 

 

MEXICO 0.3%

 

 

 

 

 

AIRPORTS

 

 

 

 

 

Grupo Aeroportuario del Sureste SAB de CV, Class B

 

640,955

 

4,395,174

 

 

 

 

 

 

 

NETHERLANDS 1.4%

 

 

 

 

 

MARINE PORTS

 

 

 

 

 

Koninklijke Vopak NV(a)

 

400,940

 

23,097,815

 

 

 

 

 

 

 

NEW ZEALAND 0.6%

 

 

 

 

 

AIRPORTS

 

 

 

 

 

Auckland International Airport Ltd.(a)

 

5,293,013

 

10,661,445

 

 

3



 

 

 

Number
of Shares

 

Value

 

SPAIN 2.5%

 

 

 

 

 

TOLL ROADS

 

 

 

 

 

Abertis Infraestructuras SA(a)

 

2,406,756

 

$

40,974,241

 

 

 

 

 

 

 

SWITZERLAND 0.6%

 

 

 

 

 

AIRPORTS

 

 

 

 

 

Flughafen Zuerich AG

 

25,758

 

9,972,772

 

 

 

 

 

 

 

UNITED KINGDOM 5.0%

 

 

 

 

 

ELECTRIC 3.4%

 

 

 

 

 

INTEGRATED ELECTRIC 0.6%

 

 

 

 

 

SSE PLC

 

436,300

 

9,274,590

 

 

 

 

 

 

 

REGULATED ELECTRIC 2.8%

 

 

 

 

 

National Grid PLC(a)

 

4,517,869

 

45,562,047

 

TOTAL ELECTRIC

 

 

 

54,836,637

 

 

 

 

 

 

 

WATER 1.6%

 

 

 

 

 

United Utilities Group PLC(a)

 

2,716,423

 

26,134,701

 

TOTAL UNITED KINGDOM

 

 

 

80,971,338

 

 

 

 

 

 

 

UNITED STATES 50.6%

 

 

 

 

 

COMMUNICATIONS 14.4%

 

 

 

 

 

TELECOMMUNICATIONS 2.0%

 

 

 

 

 

AT&T(a),(c)

 

542,100

 

16,929,783

 

Verizon Communications(a),(c)

 

406,300

 

15,532,849

 

 

 

 

 

32,462,632

 

TOWERS 12.4%

 

 

 

 

 

American Tower Corp.(a),(c)

 

2,006,600

 

126,455,932

 

Crown Castle International Corp.(a),(c),(d)

 

1,438,900

 

76,750,926

 

 

 

 

 

203,206,858

 

TOTAL COMMUNICATIONS

 

 

 

235,669,490

 

 

4



 

 

 

Number
of Shares

 

Value

 

ELECTRIC 16.8%

 

 

 

 

 

INTEGRATED ELECTRIC 6.7%

 

 

 

 

 

Edison International(a),(c)

 

608,500

 

$

25,867,335

 

FirstEnergy Corp.(a),(c)

 

395,800

 

18,044,522

 

NextEra Energy(a),(c)

 

581,700

 

35,530,236

 

PPL Corp.(a),(c)

 

1,097,728

 

31,021,793

 

 

 

 

 

110,463,886

 

REGULATED ELECTRIC 10.1%

 

 

 

 

 

American Electric Power Co.

 

472,800

 

18,240,624

 

CenterPoint Energy(a),(c)

 

916,846

 

18,080,203

 

ITC Holdings Corp.

 

130,000

 

10,002,200

 

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

 

781,607

 

33,929,560

 

Southern Co.(a),(c)

 

1,125,909

 

50,587,092

 

Wisconsin Energy Corp.(a),(c)

 

498,039

 

17,521,012

 

Xcel Energy(a)

 

625,900

 

16,567,573

 

 

 

 

 

164,928,264

 

TOTAL ELECTRIC

 

 

 

275,392,150

 

 

 

 

 

 

 

GAS DISTRIBUTION 2.5%

 

 

 

 

 

Questar Corp.(a),(c)

 

855,885

 

16,484,345

 

Sempra Energy(a),(c)

 

400,500

 

24,013,980

 

 

 

 

 

40,498,325

 

PIPELINES 14.5%

 

 

 

 

 

PIPELINES—C-CORP 2.2%

 

 

 

 

 

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

 

1,182,691

 

36,438,710

 

 

5



 

 

 

Number
of Shares

 

Value

 

PIPELINES—MLP 12.3%

 

 

 

 

 

Buckeye Partners LP(a),(c)

 

211,440

 

$

12,935,899

 

Enbridge Energy Partners LP(a),(c)

 

264,636

 

8,195,777

 

Enterprise Products Partners LP(a),(c)

 

834,100

 

42,097,027

 

Golar LNG Partners LP (Marshall Islands)

 

363,176

 

13,481,093

 

Kinder Morgan Energy Partners LP(a),(c)

 

330,692

 

27,364,763

 

MarkWest Energy Partners LP(a),(c)

 

1,145,943

 

66,980,368

 

Oiltanking Partners LP(a)

 

343,573

 

10,554,563

 

Rose Rock Midstream LP

 

259,700

 

6,191,248

 

Tesoro Logistics LP(a)

 

359,368

 

12,567,099

 

 

 

 

 

200,367,837

 

TOTAL PIPELINES

 

 

 

236,806,547

 

 

 

 

 

 

 

SHIPPING 1.3%

 

 

 

 

 

GasLog Ltd. (Bermuda)(d)

 

1,668,900

 

20,694,360

 

 

 

 

 

 

 

WATER 1.1%

 

 

 

 

 

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

 

529,440

 

18,016,843

 

TOTAL UNITED STATES

 

 

 

827,077,715

 

TOTAL COMMON STOCK (Identified cost—$1,576,026,775)

 

 

 

1,837,736,138

 

 

 

 

 

 

 

PREFERRED SECURITIES—$25 PAR VALUE 14.8%

 

 

 

 

 

BERMUDA 1.8%

 

 

 

 

 

INSURANCE—REINSURANCE

 

 

 

 

 

Arch Capital Group Ltd., 8.00%, Series A(a)

 

193,000

 

4,894,480

 

Arch Capital Group Ltd., 6.75%

 

200,000

 

5,090,000

 

Aspen Insurance Holdings Ltd., 7.401%, Series A(a)

 

72,256

 

1,862,037

 

Axis Capital Holdings Ltd., 7.50%, Series B ($100 Par Value)(a),(c)

 

40,000

 

4,155,000

 

Axis Capital Holdings Ltd., 6.875%, Series C

 

230,000

 

5,980,000

 

Endurance Specialty Holdings Ltd., 7.50%, Series B

 

118,000

 

3,046,760

 

Montpelier Re Holdings Ltd., 8.875%

 

180,000

 

4,905,000

 

 

 

 

 

29,933,277

 

 

6



 

 

 

Number
of Shares

 

Value

 

GERMANY 0.7%

 

 

 

 

 

BANK 0.4%

 

 

 

 

 

Deutsche Bank Contingent Capital Trust III, 7.60%(a),(c)

 

237,346

 

$

6,090,299

 

 

 

 

 

 

 

INSURANCE—MULTI-LINE 0.3%

 

 

 

 

 

Allianz SE, 8.375%(a)

 

210,795

 

5,480,670

 

TOTAL GERMANY

 

 

 

11,570,969

 

 

 

 

 

 

 

NETHERLANDS 1.5%

 

 

 

 

 

INSURANCE

 

 

 

 

 

LIFE/HEALTH INSURANCE 0.5%

 

 

 

 

 

Aegon NV, 6.50%(a)

 

224,932

 

5,308,395

 

Aegon NV, 6.875%

 

140,000

 

3,423,000

 

 

 

 

 

8,731,395

 

MULTI-LINE 1.0%

 

 

 

 

 

ING Groep N.V., 6.375%

 

89,217

 

1,953,852

 

ING Groep N.V., 7.05%(a)

 

86,012

 

2,010,101

 

ING Groep N.V., 7.375%(a),(c)

 

500,314

 

11,947,498

 

 

 

 

 

15,911,451

 

TOTAL NETHERLANDS

 

 

 

24,642,846

 

 

 

 

 

 

 

UNITED KINGDOM 0.9%

 

 

 

 

 

BANK

 

 

 

 

 

National Westminster Bank PLC, 7.76%, Series C(a)

 

504,318

 

11,770,782

 

Royal Bank of Scotland Group PLC, 6.60%, Series S

 

124,684

 

2,082,223

 

 

 

 

 

13,853,005

 

 

7



 

 

 

Number
of Shares

 

Value

 

UNITED STATES 9.9%

 

 

 

 

 

BANK 3.2%

 

 

 

 

 

Ally Financial, 7.25%, due 2/7/33(a)

 

139,261

 

$

3,157,047

 

Ally Financial, 7.30%, due 3/9/31, (PINES)(a),(c)

 

137,582

 

3,099,722

 

Ally Financial, 7.35%, due 8/8/32

 

173,716

 

3,972,885

 

Citigroup Capital VII, 7.125%, due 7/31/31, (TruPS)(a),(c)

 

350,000

 

8,827,000

 

Citigroup Capital VIII, 6.95%, due 9/15/31, (TruPS)(a)

 

249,797

 

6,244,925

 

CoBank ACB, 7.00%, 144A ($50 Par Value)(e),(f)

 

100,000

 

4,756,250

 

Countrywide Capital IV, 6.75%, due 4/1/33(a),(c)

 

360,000

 

8,470,800

 

Countrywide Capital V, 7.00%, due 11/1/36(a)

 

200,000

 

4,774,000

 

First Niagara Financial Group, 8.625%, Series B

 

100,000

 

2,757,000

 

US Bancorp, 6.50%, Series F

 

161,728

 

4,397,384

 

Zions Bancorp, 9.50%, due 12/29/49, Series C

 

100,000

 

2,607,000

 

 

 

 

 

53,064,013

 

ELECTRIC—INTEGRATED 1.8%

 

 

 

 

 

DTE Energy Co., 6.50%, due 12/1/61(a)

 

244,800

 

6,675,696

 

NextEra Energy, 8.375%, due 6/1/12, ($50 Par Value)(a)

 

100,000

 

5,030,000

 

NextEra Energy Capital Holdings, 5.70%, due 3/1/72, Series G

 

480,000

 

12,024,000

 

Southern California Edison Co.4.52% ($100 Par Value)(FRN)

 

50,000

 

4,993,750

 

 

 

 

 

28,723,446

 

FINANCE—INVESTMENT BANKER/BROKER 0.2%

 

 

 

 

 

Raymond James Financial, 6.90%, due 3/15/42

 

135,000

 

3,507,300

 

 

 

 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES 1.7%

 

 

 

 

 

Qwest Corp., 7.375%, due 6/1/51(a),(c)

 

472,379

 

12,300,749

 

Qwest Corp., 7.50%, due 9/15/51

 

137,500

 

3,590,125

 

Telephone & Data Systems, 6.875%, due 11/15/59(a)

 

189,725

 

4,953,720

 

United States Cellular Corp., 6.95%, due 5/15/60(a)

 

240,000

 

6,259,200

 

 

 

 

 

27,103,794

 

REAL ESTATE 2.0%

 

 

 

 

 

DIVERSIFIED 0.4%

 

 

 

 

 

Forest City Enterprises, 7.375%, due 2/1/34, Class A(a),(c)

 

259,975

 

6,429,182

 

 

8



 

 

 

Number
of Shares

 

Value

 

OFFICE 0.7%

 

 

 

 

 

SL Green Realty Corp., 7.625%, Series C(a)

 

337,218

 

$

8,484,405

 

SL Green Realty Corp., 7.875%, Series D(a)

 

111,983

 

2,842,128

 

 

 

 

 

11,326,533

 

RESIDENTIAL—APARTMENT 0.2%

 

 

 

 

 

Apartment Investment & Management Co., 8.00%, Series T(a)

 

138,400

 

3,494,600

 

 

 

 

 

 

 

SHOPPING CENTER 0.7%

 

 

 

 

 

COMMUNITY CENTER 0.3%

 

 

 

 

 

DDR Corp., 7.50%, Series I(a)

 

233,439

 

5,842,978

 

 

 

 

 

 

 

REGIONAL MALL 0.4%

 

 

 

 

 

CBL & Associates Properties, 7.75%, Series C(a)

 

236,641

 

5,970,453

 

TOTAL SHOPPING CENTER

 

 

 

11,813,431

 

TOTAL REAL ESTATE

 

 

 

33,063,746

 

 

 

 

 

 

 

TRANSPORT—MARINE 1.0%

 

 

 

 

 

Seaspan Corp., 9.50%, due 1/29/49, Series C

 

630,000

 

17,010,000

 

TOTAL UNITED STATES

 

 

 

162,472,299

 

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$226,273,992)

 

 

 

242,472,396

 

 

 

 

 

 

 

PREFERRED SECURITIES—CAPITAL SECURITIES 18.0%

 

 

 

 

 

AUSTRALIA 0.7%

 

 

 

 

 

OIL & GAS EXPLORATION & PRODUCTION

 

 

 

 

 

Origin Energy Finance Ltd., 7.875%, due 6/16/71, (EUR)(g)

 

9,000,000

 

11,959,365

 

 

 

 

 

 

 

BERMUDA 0.4%

 

 

 

 

 

INSURANCE—REINSURANCE

 

 

 

 

 

Catlin Insurance Co., 7.249%, due 12/31/49, 144A(a),(e)

 

7,000,000

 

6,457,500

 

 

 

 

 

 

 

BRAZIL 0.4%

 

 

 

 

 

BANK

 

 

 

 

 

Banco do Brasil SA/Cayman, 9.25%, due 12/31/49, 144A(e)

 

5,500,000

 

5,995,000

 

 

9



 

 

 

Number
of Shares

 

Value

 

FRANCE 0.3%

 

 

 

 

 

INSURANCE—MULTI-LINE

 

 

 

 

 

AXA SA, 8.60%, due 12/15/30

 

5,000,000

 

$

5,534,770

 

 

 

 

 

 

 

IRELAND 0.1%

 

 

 

 

 

INSURANCE—MULTI—LINE

 

 

 

 

 

Cloverie PLC, 8.25%, due 12/31/49

 

1,500,000

 

1,585,875

 

 

 

 

 

 

 

JAPAN 0.4%

 

 

 

 

 

INSURANCE—PROPERTY CASUALTY

 

 

 

 

 

Mitsui Sumitomo Insurance Co., Ltd., 7.00%, due 3/15/72, 144A(e)

 

5,750,000

 

5,807,247

 

 

 

 

 

 

 

JERSEY 0.1%

 

 

 

 

 

BANK

 

 

 

 

 

HBOS Capital Funding LP, 6.85%, due 12/31/49

 

2,000,000

 

1,440,000

 

 

 

 

 

 

 

NETHERLANDS 0.6%

 

 

 

 

 

BANK

 

 

 

 

 

Rabobank Nederland, 8.40%, due 12/31/49

 

4,000,000

 

4,110,000

 

Rabobank Nederland, 11.00%, due 6/29/49, 144A(e)

 

5,120,000

 

6,535,403

 

 

 

 

 

10,645,403

 

SWITZERLAND 0.3%

 

 

 

 

 

INSURANCE—REINSURANCE

 

 

 

 

 

Aquarius + Investments PLC, 8.25%, due 12/31/49

 

5,500,000

 

5,513,750

 

 

 

 

 

 

 

UNITED KINGDOM 4.1%

 

 

 

 

 

BANK 3.3%

 

 

 

 

 

Abbey National Capital Trust I, 8.963%, due 12/29/49(a)

 

9,904,000

 

10,102,080

 

Barclays Bank PLC, 6.278%, due 12/31/49(a)

 

10,940,000

 

9,175,925

 

Claudius Ltd., 7.875%, due 12/12/49

 

5,500,000

 

5,637,500

 

HSBC Capital Funding LP, 10.176%, due 12/29/49, 144A(a),(c),(e)

 

9,750,000

 

12,967,500

 

LBG Capital No.1 PLC, 8.00%, due 12/29/49, 144A(e)

 

9,290,000

 

8,079,504

 

Royal Bank of Scotland PLC, 9.50%, due 3/16/22, (FRN)

 

3,000,000

 

3,136,320

 

Santander UK PLC, 7.95%, due 10/26/29(a),(c)

 

4,500,000

 

4,594,770

 

 

 

 

 

53,693,599

 

 

10



 

 

 

Number
of Shares

 

Value

 

FINANCE—INVESTMENT ADVISORY SERVICES 0.2%

 

 

 

 

 

Old Mutual PLC, 8.00%, due 6/3/21, (GBP)

 

2,500,000

 

$

4,152,488

 

 

 

 

 

 

 

INSURANCE 0.6%

 

 

 

 

 

LIFE/HEALTH INSURANCE 0.3%

 

 

 

 

 

Prudential PLC, 7.75%, due 6/23/16

 

5,000,000

 

5,110,000

 

 

 

 

 

 

 

MULTI-LINE 0.3%

 

 

 

 

 

Old Mutual Capital Funding PLC, 8.00%, due 5/29/49(b)

 

4,000,000

 

3,982,000

 

TOTAL INSURANCE

 

 

 

9,092,000

 

TOTAL UNITED KINGDOM

 

 

 

66,938,087

 

 

 

 

 

 

 

UNITED STATES 10.6%

 

 

 

 

 

BANK 2.9%

 

 

 

 

 

Astoria Capital Trust I, 9.75%, due 11/1/29, Series B(f)

 

2,400,000

 

2,497,814

 

Citigroup Capital III, 7.625%, due 12/1/36(a)

 

5,000,000

 

5,115,620

 

Farm Credit Bank of Texas, 10.00%, due 12/15/20, ($1,000 Par Value) Series I(a),(c)

 

7,000

 

8,305,937

 

JP Morgan Chase & Co., 7.90%, due 4/29/49, Series I (FRN)(a),(c)

 

8,070,000

 

8,871,529

 

PNC Financial Services Group, 6.75%, due 7/29/49, (FRN)(a),(c)

 

8,000,000

 

8,467,480

 

Sovereign Capital Trust VI, 7.908%, due 6/13/36(a)

 

2,515,000

 

2,521,288

 

Wells Fargo & Co., 7.98%, due 3/29/49, Series K (FRN)(a),(c)

 

10,250,000

 

11,210,937

 

 

 

 

 

46,990,605

 

FINANCE 0.2%

 

 

 

 

 

CREDIT CARD 0.1%

 

 

 

 

 

Capital One Capital III, 7.686%, due 8/15/36(b)

 

1,250,000

 

1,262,500

 

 

 

 

 

 

 

INVESTMENT BANKER/BROKER 0.1%

 

 

 

 

 

Charles Schwab Corp., 7.00%, due 12/31/49

 

2,300,000

 

2,455,043

 

TOTAL FINANCE

 

 

 

3,717,543

 

 

 

 

 

 

 

FOOD 0.4%

 

 

 

 

 

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

 

60,000

 

5,898,750

 

 

11



 

 

 

Number
of Shares

 

Value

 

INSURANCE 2.1%

 

 

 

 

 

MULTI—LINE 1.2%

 

 

 

 

 

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

 

7,900,000

 

$

8,729,500

 

MetLife Capital Trust X, 9.25%, due 4/8/38, 144A(a),(c),(e)

 

8,500,000

 

10,285,000

 

 

 

 

 

19,014,500

 

PROPERTY CASUALTY 0.9%

 

 

 

 

 

ACE Capital Trust II, 9.70%, due 4/1/30(a)

 

3,070,000

 

4,197,642

 

Liberty Mutual Group, 7.80%, due 3/15/37, 144A(a),(e)

 

6,250,000

 

6,125,000

 

Liberty Mutual Group, 10.75%, due 6/15/58, 144A(a),(e)

 

4,000,000

 

5,390,000

 

 

 

 

 

15,712,642

 

TOTAL INSURANCE

 

 

 

34,727,142

 

 

 

 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES 1.2%

 

 

 

 

 

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

 

16,889

 

19,607,073

 

 

 

 

 

 

 

PIPELINES 2.0%

 

 

 

 

 

Enbridge Energy Partners LP, 8.05%, due 10/1/37(a)

 

15,000,000

 

16,313,490

 

Enterprise Products Operating LP, 8.375%, due 8/1/66(a)

 

14,930,000

 

16,288,511

 

 

 

 

 

32,602,001

 

UTILITIES 1.8%

 

 

 

 

 

GAS UTILITIES 0.5%

 

 

 

 

 

Southern Union Co., 3.564%, due 11/1/66, (FRN)

 

8,950,000

 

7,887,188

 

 

 

 

 

 

 

MULTI UTILITIES 1.3%

 

 

 

 

 

Dominion Resources, 7.50%, due 6/30/66, Series A(a),(c)

 

10,479,000

 

11,012,905

 

PPL Capital Funding, 6.70%, due 3/30/67, Series A(a)

 

10,282,000

 

10,292,755

 

 

 

 

 

21,305,660

 

TOTAL UTILITIES

 

 

 

29,192,848

 

TOTAL UNITED STATES

 

 

 

172,735,962

 

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$272,716,276)

 

 

 

294,612,959

 

 

12



 

 

 

Principal
Amount

 

Value

 

CORPORATE BONDS 2.6%

 

 

 

 

 

UNITED STATES

 

 

 

 

 

INSURANCE—PROPERTY CASUALTY 0.4%

 

 

 

 

 

Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(a),(e)

 

$

6,850,000

 

$

6,350,642

 

 

 

 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES 2.2%

 

 

 

 

 

CenturyLink, 7.65%, due 3/15/42(a),(b)

 

11,000,000

 

10,364,805

 

Citizens Communications Co., 9.00%, due 8/15/31(a)

 

17,450,000

 

17,013,750

 

Embarq Corp., 7.995%, due 6/1/36(a)

 

8,076,000

 

8,184,800

 

 

 

 

 

35,563,355

 

TOTAL CORPORATE BONDS (Identified cost—$43,447,539)

 

 

 

41,913,997

 

 

 

 

Number
of Shares

 

 

 

SHORT-TERM INVESTMENTS 3.8%

 

 

 

 

 

MONEY MARKET FUNDS

 

 

 

 

 

BlackRock Liquidity Funds: FedFund, 0.01%(h)

 

30,802,274

 

30,802,274

 

Federated Government Obligations Fund, 0.01%(h)

 

30,801,964

 

30,801,964

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$61,604,238)

 

 

 

61,604,238

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Identified cost—$2,180,068,820)

 

151.6

%

 

 

2,478,339,728

 

 

 

 

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS

 

(51.6

)

 

 

(843,469,278

)

 

 

 

 

 

 

 

 

NET ASSETS (Equivalent to $19.02 per share based on 85,968,253 shares of common stock outstanding)

 

100.0

%

 

 

$

1,634,870,450

 

 

 

 

Glossary of Portfolio Abbreviations

 

ADR

American Depositary Receipt

 

EUR

Euro Currency

 

13



 

 

FRN

Floating Rate Note

 

GBP

Great British Pound

 

PINES

Public Income Notes

 

TruPS

Trust Preferred Securities

 


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

(a)

A portion or all of the security is pledged in connection with the revolving credit agreement: $1,617,287,818 has been pledged as collateral.

(b)

A portion of the security is segregated as collateral for interest rate swap transactions: $37,701,219 has been segregated as collateral.

(c)

A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $745,735,711.

(d)

Non-income producing security.

(e)

Resale is restricted to qualified institutional investors. Aggregate holdings equal 6.9% of net assets of the Fund, of which 0.7% are illiquid.

(f)

Illiquid security. Aggregate holdings equal 0.8% of net assets of the Fund.

(g)

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 0.7% of the net assets of the Fund.

(h)

Rate quoted represents the seven day yield of the fund.

 

14


 


 

Interest rate swaps outstanding at March 31, 2012 are as follows:

 

 

 

 

 

Fixed

 

Floating Rate(a)

 

 

 

 

 

 

 

Notional

 

Rate

 

(resets monthly)

 

Termination

 

Unrealized

 

Counterparty

 

Amount

 

Payable

 

Receivable

 

Date

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

Merrill Lynch Derivative Products Ag(b)

 

$

35,000,000

 

3.510

%

0.242

%

December 22, 2012

 

$

(859,629

)

 

 

 

 

 

 

 

 

 

 

 

 

Merrill Lynch Derivative Products Ag(b)

 

$

70,000,000

 

3.600

%

0.241

%

January 29, 2014

 

(4,124,786

)

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

$

35,000,000

 

3.525

%

0.242

%

October 17, 2012

 

(662,891

)

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

$

40,000,000

 

3.498

%

0.242

%

November 22, 2012

 

(866,984

)

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

$

72,000,000

 

3.615

%

0.241

%

March 29, 2014

 

(4,634,081

)

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

$

40,000,000

 

3.634

%

0.241

%

March 31, 2014

 

(2,586,516

)

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

$

100,000,000

 

1.865

%

0.242

%

June 13, 2015

 

(3,868,488

)

 

 

 

 

 

 

 

 

 

 

 

 

Royal Bank of Canada

 

$

120,000,000

 

2.474

%

0.242

%

February 10, 2016

 

(7,664,165

)

 

 

 

 

 

 

 

 

 

 

 

 

UBS AG

 

$

35,000,000

 

2.905

%

0.242

%

May 25, 2012

 

(154,598

)

 

 

 

 

 

 

 

 

 

 

 

 

UBS AG

 

$

60,000,000

 

3.639

%

0.242

%

April 17, 2013

 

(2,163,700

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(27,585,838

)

 


(a)        Based on LIBOR (London Interbank Offered Rate).  Represents rates in effect at March 31, 2012.

(b)        Cash in the amount of $5,182,000 has been pledged as collateral.

 

15



 

Sector Summary

 

% of Managed Assets

 

Electric (Common)

 

21.1

%

Communications (Common)

 

14.1

 

Pipelines (Common)

 

13.7

 

Toll Roads (Common)

 

11.8

 

Bank (Preferred)

 

7.9

 

Insurance (Preferred)

 

5.3

 

Airports (Common)

 

3.7

 

Railways (Common)

 

3.2

 

Water (Common)

 

3.1

 

Gas Distribution (Common)

 

2.5

 

Integrated Telecommunications Services (Preferred)

 

1.9

 

Integrated Telecommunications Services (Corporate Bonds)

 

1.5

 

Marine Ports (Common)

 

1.4

 

Real Estate (Preferred)

 

1.4

 

Pipelines (Preferred)

 

1.3

 

Utilities (Preferred)

 

1.2

 

Electric-Integrated (Preferred)

 

1.2

 

Shipping (Common)

 

0.8

 

Other

 

0.7

 

Transport-Marine (Preferred)

 

0.7

 

Oil & Gas Exploration & Production (Preferred)

 

0.5

 

Finance (Preferred)

 

0.5

 

Insurance (Corporate Bonds)

 

0.3

 

Food (Preferred)

 

0.2

 

 

 

100.0

%

 



 

Cohen & Steers Infrastructure Fund, Inc.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

Note 1. Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange are valued, except as indicated below, at the last sale price reflected at the close of the New York Stock Exchange 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 asked prices on such day or, if no asked price is available, at the bid price. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges.  In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter options quotations are provided by the respective counterparty when such prices are believed by Cohen & Steers Capital Management, Inc. (the investment manager), pursuant to delegation by the Board of Directors, to reflect the fair market value.

 

Securities not listed on the New York Stock Exchange but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price as 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 foreign securities 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 at the last sale price as reported by sources deemed appropriate by the Board of Directors to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day or, if no asked price is available, at the bid price. However, certain fixed-income securities may be valued on the basis of prices provided by a pricing service when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities. Interest rate swaps are valued utilizing quotes received from an outside pricing service.

 

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

 

Under procedures approved by the Fund’s Board of Directors, the investment manager has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures which are approved annually by the Fund’s 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 asked 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

 



 

Cohen & Steers Infrastructure Fund, Inc.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

 

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.

 

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 are not necessarily 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 beginning 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. There were no transfers between Level 1 and Level 2 securities during the period ended March 31, 2012.

 

The following is a summary of the inputs used as of March 31, 2012 in valuing the Fund’s investments carried at value:

 



 

Cohen & Steers Infrastructure Fund, Inc.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

 

 

 

Total

 

Quoted Prices In
Active Markets
for Identical
Investments
(Level 1)

 

Other
Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Common Stock

 

$

1,837,736,138

 

$

1,837,736,138

 

$

 

$

 

Preferred Securities - $25 Par Value - Bermuda

 

29,933,277

 

20,688,277

 

4,155,000

 

5,090,000

(a)

Preferred Securities - $25 Par Value - Germany

 

11,570,969

 

6,090,299

 

5,480,670

 

 

Preferred Securities - $25 Par Value - United States

 

162,472,299

 

140,698,299

 

4,993,750

 

16,780,250

(a),(b)

Preferred Securities - $25 Par Value - Other Countries

 

38,495,851

 

38,495,851

 

 

 

Preferred Securities - Capital Securities - Australia

 

11,959,365

 

 

 

11,959,365

(c)

Preferred Securities - Capital Securities - Ireland

 

1,585,875

 

 

 

1,585,875

(a)

Preferred Securities - Capital Securities - United States

 

172,735,962

 

 

166,837,212

 

5,898,750

(b)

Preferred Securities - Capital Securities - Other Countries

 

108,331,757

 

 

108,331,757

 

 

Corporate Bonds

 

41,913,997

 

 

41,913,997

 

 

Money Market Funds

 

61,604,238

 

 

61,604,238

 

 

Total Investments (d)

 

$

2,478,339,728

 

$

2,043,708,864

 

$

393,316,624

 

$

41,314,240

 

Depreciation in Other Financial Instruments

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

(27,585,838

)

 

(27,585,838

)

 

Total Depreciation in Other Financial Instruments (d)

 

$

(27,585,838

)

$

 

$

(27,585,838

)

 

 


(a)          Valued utilizing an independent broker quote.

(b)         Deemed illiquid and valued by a pricing service which utilized independent broker quotes.

(c)          Fair valued, pursuant to the Fund’s fair value procedures, utilizing inputs and assumptions which include dealer observations and recent comparables in similar securities.

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

 

Investments classified as Level 3 infrequently trade and have significant unobservable inputs. Such items include investments for which the determination of fair value is based on prices from prior transactions, reputable dealers or third party pricing services without applying any adjustment.

 

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

 



 

Cohen & Steers Infrastructure Fund, Inc.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

 

 

 

Total
Investments
in
Securities

 

Preferred
Securities -
$25 Par
Value -
Bermuda

 

Preferred
Securities -
$25 Par
Value -
United States

 

Preferred
Securities
-
Capital
Securities
-
Australia

 

Preferred
Securities
-
Capital
Securities
-
Ireland

 

Preferred
Securities
-
Capital
Securities
-
United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2011

 

$

20,823,661

 

$

 

$

4,568,750

 

$

10,599,911

 

$

 

$

5,655,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion (Amortization)

 

(607

)

 

 

7

 

(614

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized appreciation

 

1,973,275

 

90,294

 

215,857

 

1,359,447

 

63,927

 

243,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases

 

18,517,911

 

4,999,706

 

11,995,643

 

 

1,522,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2012

 

$

41,314,240

 

$

5,090,000

 

$

16,780,250

 

$

11,959,365

 

$

1,585,875

 

$

5,898,750

 

 

The change in unrealized appreciation attributable to securities owned on March 31, 2012 which were valued using significant unobservable inputs (Level 3) amounted to $1,973,275.

 

Investments classified as Level 3 infrequently trade and have significant unobservable inputs. The Level 3 preferred securities have been fair valued utilizing inputs and assumptions which include book value, recent comparables in similar securities, as well as liquidity and market risk factors.

 

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy. The disclosure below excludes investments for which fair value is based upon unobservable inputs.

 

 

 

Fair Value at
3/31/12

 

Valuation
Technique

 

Unobservable
Inputs

 

Range

 

Preferred Securities - Capital Securities - Australia

 

$

11,959,365

 

Consensus Pricing

 

Bid-Ask Spread

 

99.238-100.030

 

 

The significant unobservable input utilized in the fair value measurement of the Fund’s Level 3 equity investment in Preferred Securities - Capital Securities - Australia is the bid-ask spread. Significant changes in this input may result in a materially higher or lower fair value measurement.

 

Note 2. Derivative Instruments: The balance of outstanding interest rate swaps at March 31, 2012 is representative of the volume outstanding throughout the period ended March 31, 2012.  The following is a summary of the Fund’s derivative instruments as of March 31, 2012:

 

Interest rate swaps

 

$

(27,585,838

)

 



 

Cohen & Steers Infrastructure Fund, Inc.

 

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

 

Interest Rate Swaps: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce the risk that an increase in short-term interest rates could have on the performance of the Fund’s common shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. In these interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on the credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the common shares. The market value of interest rate swaps is based on pricing models that consider the time value of money, volatility, the current market and contractual prices of the underlying financial instrument. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that such amount is positive.

 

Note 3. Income Tax Information

 

As of March 31, 2012, the federal tax cost and net unrealized appreciation on securities were as follows:

 

Cost for federal income tax purposes

 

$

2,180,068,820

 

Gross unrealized appreciation

 

$

360,075,093

 

Gross unrealized depreciation

 

(61,804,185

)

Net unrealized appreciation

 

$

298,270,908

 

 



 

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 25, 2012

 

 

 

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

 

 

Title:

Treasurer and Principal

 

 

Executive Officer

 

 

 

Financial Officer

 

 

 

 

 

 

 

Date: May 25, 2012