COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      120.3 %      

AUSTRALIA

      9.2 %      

RAILWAYS

      1.0 %      

Aurizon Holdings Ltd.

        8,589,984      $ 19,275,025  
       

 

 

  

TOLL ROADS

      8.2 %      

Atlas Arteria Ltd.(a)

        16,278,382        57,878,003  

Transurban Group(a)(b)

        12,793,144        104,379,709  
       

 

 

  
          162,257,712  
       

 

 

  

TOTAL AUSTRALIA

           181,532,737  
       

 

 

  

BRAZIL

      1.9 %      

MARINE PORTS

      0.6 %      

Santos Brasil Participacoes SA

        6,667,425        11,367,604  
       

 

 

  

TOLL ROADS

      1.3 %      

CCR SA

        10,300,010        26,413,172  
       

 

 

  

TOTAL BRAZIL

           37,780,776  
       

 

 

  

CANADA

      10.5 %      

DIVERSIFIED

      0.2 %      

Tidewater Renewables Ltd.(c)

        789,442        4,824,126  
       

 

 

  

GAS DISTRIBUTION

      0.9 %      

AltaGas Ltd.

        888,181        17,034,504  
       

 

 

  

MIDSTREAM

      8.4 %      

Enbridge, Inc.(b)

        1,939,567        64,330,936  

Keyera Corp.

        748,046        17,563,178  

TC Energy Corp.

        2,426,260        83,438,693  
       

 

 

  
          165,332,807  
       

 

 

  

RAILWAYS

      1.0 %      

Canadian National Railway Co.

        185,816        20,122,713  
       

 

 

  

TOTAL CANADA

           207,314,150  
       

 

 

  

CHINA

      3.0 %      

GAS DISTRIBUTION

      1.7 %      

ENN Energy Holdings Ltd., (H shares)

        4,079,921        33,864,967  
       

 

 

  

MARINE PORTS

      0.6 %      

China Merchants Port Holdings Co., Ltd., (H shares)

        5,016,000        6,245,219  

COSCO SHIPPING Ports Ltd., (H shares)

        8,580,000        5,609,741  
       

 

 

  
          11,854,960  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

TOLL ROADS

      0.7 %      

Jiangsu Expressway Co., Ltd., (H shares)

        15,514,000      $ 14,006,472  
       

 

 

  

TOTAL CHINA

           59,726,399  
       

 

 

  

FRANCE

      1.4 %      

ELECTRIC

        

Engie SA

        1,794,411        27,565,462  
       

 

 

  

HONG KONG

      1.9 %      

ELECTRIC

        

Power Assets Holdings Ltd.

        7,771,500        37,612,276  
       

 

 

  

INDIA

      2.7 %      

ELECTRIC

        

NTPC Ltd.

        5,253,915        15,564,109  

Power Grid Corp of India Ltd.

        15,813,448        38,123,852  
       

 

 

  
          53,687,961  
       

 

 

  

ITALY

      2.3 %      

ELECTRIC

        

Enel SpA

        1,887,867        11,616,415  

Terna—Rete Elettrica Nazionale

        4,504,953        33,949,680  
       

 

 

  
          45,566,095  
       

 

 

  

JAPAN

      2.5 %      

GAS DISTRIBUTION

      1.4 %      

Tokyo Gas Co., Ltd.

        1,238,600        28,105,545  
       

 

 

  

RAILWAYS

      1.1 %      

West Japan Railway Co.

        506,400        20,958,806  
       

 

 

  

TOTAL JAPAN

           49,064,351  
       

 

 

  

MEXICO

      2.8 %      

AIRPORTS

        

Grupo Aeroportuario del Pacifico SAB de CV, Class B

        3,394,388        55,730,095  
       

 

 

  

NETHERLANDS

      0.3 %      

MARINE PORTS

        

Koninklijke Vopak NV

        147,393        5,052,049  
       

 

 

  

NEW ZEALAND

      1.6 %      

AIRPORTS

        

Auckland International Airport Ltd.(b)

        6,665,359        31,599,527  
       

 

 

  

PHILIPPINES

      0.3 %      

MARINE PORTS

        

International Container Terminal Services, Inc.

        1,795,530        6,575,824  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

SPAIN

      2.6 %      

AIRPORTS

      1.8 %      

Aena SME SA(d)

        234,282      $ 35,321,260  
       

 

 

  

COMMUNICATIONS

      0.8 %      

Cellnex Telecom SA(d)

        477,696        16,651,305  
       

 

 

  

TOTAL SPAIN

           51,972,565  
       

 

 

  

THAILAND

      2.2 %      

AIRPORTS

        

Airports of Thailand PCL(c)

        22,244,500        42,610,474  
       

 

 

  

UNITED KINGDOM

      4.4 %      

ELECTRIC

      3.8 %      

National Grid PLC

        6,355,537        75,993,024  
       

 

 

  

WATER

      0.6 %      

Pennon Group PLC

        1,667,274        11,920,652  
       

 

 

  

TOTAL UNITED KINGDOM

           87,913,676  
       

 

 

  

UNITED STATES

      70.7 %      

COMMUNICATIONS

      7.8 %      

American Tower Corp.(b)(e)

        646,883        106,379,909  

Crown Castle, Inc.(b)(e)

        290,692        26,752,385  

SBA Communications Corp.(b)(e)

        108,244        21,667,201  
       

 

 

  
          154,799,495  
       

 

 

  

DIVERSIFIED

      0.2 %      

Benson Hill, Inc.(b)(c)(e)

        962,500        319,069  

Stem, Inc.(b)(c)(e)

        637,750        2,704,060  
       

 

 

  
          3,023,129  
       

 

 

  

ELECTRIC

      39.3 %      

Alliant Energy Corp.(b)(e)

        1,269,705        61,517,207  

CenterPoint Energy, Inc.(b)(e)(f)

        2,507,631        67,329,892  

CMS Energy Corp.(b)(e)

        1,033,080        54,866,879  

Consolidated Edison, Inc.(b)

        286,608        24,513,582  

Dominion Energy, Inc.(b)(e)

        1,393,830        62,262,386  

Duke Energy Corp.(b)(e)(f)

        268,601        23,706,724  

Entergy Corp.(b)(e)(f)

        644,994        59,661,945  

Evergy, Inc.(b)(e)

        763,369        38,702,808  

FirstEnergy Corp.(b)(e)

        790,581        27,022,059  

Net Power, Inc.(b)(c)(e)

        731,336        11,043,174  

NextEra Energy, Inc.(b)(e)

        2,319,886        132,906,269  

PPL Corp.(b)(e)

        3,145,959        74,118,794  

 

3

 

 

                                                                       
                          Shares      Value  

Public Service Enterprise Group, Inc.(b)(e)

        614,368      $ 34,963,683  

Southern Co./The(b)

        1,612,273        104,346,309  
       

 

 

  
          776,961,711  
       

 

 

  

GAS DISTRIBUTION

      5.9 %      

NiSource, Inc.(b)

        2,453,332        60,548,234  

Sempra(b)(e)

        827,532        56,297,002  
       

 

 

  
          116,845,236  
       

 

 

  

MIDSTREAM

      11.4 %      

Cheniere Energy, Inc.(b)(e)

        315,497        52,359,882  

DT Midstream, Inc.(b)(e)

        334,958        17,725,977  

Energy Transfer LP(b)

        1,606,191        22,534,860  

Hess Midstream LP, Class A(b)

        716,320        20,866,402  

Kinder Morgan, Inc.(b)(e)

        1,489,892        24,702,409  

Kinetik Holdings, Inc.(b)(e)

        329,783        11,130,176  

MPLX LP(b)(e)

        514,959        18,317,092  

ONEOK, Inc.(b)(e)

        591,257        37,503,432  

Plains All American Pipeline LP(b)(e)

        1,264,432        19,371,098  
       

 

 

  
          224,511,328  
       

 

 

  

RAILWAYS

      5.8 %      

Norfolk Southern Corp.(b)(e)

        276,463        54,443,858  

Union Pacific Corp.(b)(e)

        292,062        59,472,585  
       

 

 

  
          113,916,443  
       

 

 

  

WATER

      0.3 %      

Essential Utilities, Inc.(b)

        168,103        5,770,976  
       

 

 

  

TOTAL UNITED STATES

           1,395,828,318  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$2,163,826,275)

           2,377,132,735  
       

 

 

  

PREFERRED SECURITIES—EXCHANGE-TRADED

      3.8 %      

BERMUDA

      0.0 %      

INSURANCE

        

RenaissanceRe Holdings Ltd., 5.75% , Series F(b)(g)

        7,000        148,050  
       

 

 

  

CANADA

      0.2 %      

UTILITIES

        

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

 

     89,073        2,184,961  

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

 

     29,974        766,435  

Brookfield BRP Holdings Canada, Inc., 4.625%(b)(g)

        100,000        1,466,000  
       

 

 

  
          4,417,396  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

NETHERLANDS

      0.1 %      

INSURANCE

        

AEGON Funding Co. LLC, 5.10% , due 12/15/49(b)

        65,287      $ 1,296,600  
       

 

 

  

UNITED STATES

      3.5 %      

BANKING

      0.9 %      

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

        184,373        4,437,858  

KeyCorp., 6.20% to 12/15/27, Series H(b)(g)(h)

        40,560        800,654  

Morgan Stanley, 6.375% , Series I(b)(g)

        118,969        2,950,431  

Regions Financial Corp., 5.70% to 5/15/29, Series C(b)(g)(h)

        81,114        1,589,834  

Wells Fargo & Co., 4.375% , Series CC(b)(g)

        58,968        1,024,274  

Wells Fargo & Co., 4.70% , Series AA(b)(g)

        142,405        2,638,765  

Wells Fargo & Co., 4.75% , Series Z(b)(e)(g)

        206,575        3,838,164  
       

 

 

  
          17,279,980  
       

 

 

  

CONSUMER DISCRETIONARY PRODUCTS

      0.2 %      

Ford Motor Co, Senior Debt, 6.50% , due 8/15/62(b)

        144,325        3,300,713  
       

 

 

  

CONSUMER STAPLE PRODUCTS

      0.3 %      

CHS, Inc., 6.75% to 9/30/24, Series 3(b)(g)(h)

        137,935        3,452,513  

CHS, Inc., 7.10% to 3/31/24, Series 2(b)(g)(h)

        135,283        3,449,716  
       

 

 

  
          6,902,229  
       

 

 

  

FINANCIAL SERVICES

      0.2 %      

Carlyle Finance LLC, 4.625% , due 5/15/61(b)

        70,000        1,149,400  

Oaktree Capital Group LLC, 6.55% , Series B(b)(g)

        66,071        1,392,777  

Oaktree Capital Group LLC, 6.625% , Series A(b)(g)

        100,000        2,129,000  
       

 

 

  
          4,671,177  
       

 

 

  

INSURANCE

      0.6 %      

Allstate Corp./The, 7.375% , Series J(b)(g)

        98,834        2,603,288  

American International Group, Inc., 5.85% , Series A(g)

        516        12,012  

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

        80,000        1,648,000  

Athene Holding Ltd., 4.875% , Series D(b)(g)

        55,443        908,156  

Athene Holding Ltd., 6.35% to 6/30/29, Series A(b)(g)(h)

        115,223        2,494,578  

Enstar Group Ltd., 7.00% to 9/1/28, Series D(b)(g)(h)

        77,050        1,917,774  

Equitable Holdings, Inc., 5.25% , Series A(b)(g)

        52,000        1,024,400  

Voya Financial, Inc., 5.35% to 9/15/29, Series B(b)(g)(h)

        45,010        1,078,440  
       

 

 

  
          11,686,648  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

PIPELINES

      0.4 %      

Energy Transfer LP, 7.60% to 5/15/24, Series E(b)(g)(h)

        203,366      $ 4,968,231  

Energy Transfer LP, 10.364% to 10/30/23, Series D(b)(g)(h)

        89,991        2,312,769  
       

 

 

  
          7,281,000  
       

 

 

  

TELECOMMUNICATIONS

      0.3 %      

AT&T, Inc., 4.75% , Series C(b)(g)

        182,869        3,507,427  

AT&T, Inc., 5.00% , Series A(b)(g)

        13,078        264,437  

United States Cellular Corp., Senior Debt, 5.50% , due 6/1/70(b)

        94,315        1,538,278  
       

 

 

  
          5,310,142  
       

 

 

  

UTILITIES

      0.6 %      

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

        99,975        2,303,424  

Duke Energy Corp., 5.75% , Series A(b)(g)

        71,350        1,705,979  

NiSource, Inc., 6.50% to 3/15/24, Series B(b)(g)(h)

        40,519        1,017,027  

Sempra, 5.75% , due 7/1/79(b)

        99,837        2,275,285  

Southern Co./The, 4.95% , due 1/30/80, Series 2020(b)

        230,000        4,841,500  
       

 

 

  
          12,143,215  
       

 

 

  

TOTAL UNITED STATES

           68,575,104  
       

 

 

  

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$83,125,092)

 

        74,437,150  
       

 

 

  
           Principal
Amount		         

PREFERRED SECURITIES—OVER-THE-COUNTER

      21.4 %      

AUSTRALIA

      0.6 %      

BANKING

      0.2 %      

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

 

   $ 4,000,000        3,871,166  
       

 

 

  

INSURANCE

      0.4 %      

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

 

     1,800,000        1,718,691  

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

 

     5,155,000        5,101,169  
       

 

 

  
          6,819,860  
       

 

 

  

TOTAL AUSTRALIA

           10,691,026  
       

 

 

  

 

6

 

 

                                                                       
                          Principal
Amount		      Value  

CANADA

      2.6 %      

BANKING

      0.4 %      

Bank of Nova Scotia/The, 4.90% to 6/4/25 (USD)(b)(g)(h)

      $ 2,000,000      $ 1,834,232  

Bank of Nova Scotia/The, 8.625% to 10/27/27, due 10/27/82 (USD)(b)(h)

 

     3,400,000        3,399,391  

Toronto-Dominion Bank/The, 8.125% to 10/31/27, due 10/31/82 (USD)(b)(h)

 

     3,200,000        3,191,533  
       

 

 

  
          8,425,156  
       

 

 

  

PIPELINES

      1.9 %      

Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A (USD)(b)(h)

 

     5,980,000        5,214,744  

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

 

     4,155,000        3,811,257  

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

        5,913,000        5,286,911  

Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (USD)(b)(h)

        3,985,000        3,799,572  

Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (USD)(b)(h)

        1,920,000        1,838,126  

Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (USD)(b)(h)

 

     2,620,000        2,571,418  

Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (USD)(b)(h)

        2,060,000        2,045,096  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (USD)(b)(h)

        5,008,000        4,130,726  

Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (USD)(b)(h)

        2,500,000        2,049,438  

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

 

     6,499,000        5,941,931  
       

 

 

  
          36,689,219  
       

 

 

  

UTILITIES

      0.3 %      

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

 

     7,268,000        7,004,281  
       

 

 

  

TOTAL CANADA

           52,118,656  
       

 

 

  

FINLAND

      0.1 %      

BANKING

        

Nordea Bank Abp, 6.625% to 3/26/26 (USD)(b)(d)(g)(h)(i)

        1,400,000        1,314,029  
       

 

 

  

FRANCE

      1.9 %      

BANKING

      1.8 %      

BNP Paribas SA, 6.625% to 3/25/24 (USD)(b)(d)(g)(h)(i)

        1,660,000        1,643,125  

BNP Paribas SA, 7.00% to 8/16/28 (USD)(b)(d)(g)(h)(i)

        1,000,000        918,830  

BNP Paribas SA, 7.375% to 8/19/25 (USD)(b)(d)(g)(h)(i)

        6,200,000        6,079,004  

BNP Paribas SA, 7.75% to 8/16/29 (USD)(b)(d)(g)(h)(i)

        3,200,000        3,045,646  

 

7

 

 

                                                                       
                          Principal
Amount		      Value  

BNP Paribas SA, 9.25% to 11/17/27 (USD)(b)(d)(g)(h)(i)

      $ 5,200,000      $ 5,333,016  

Credit Agricole SA, 6.875% to 9/23/24 (USD)(b)(d)(g)(h)(i)

        2,600,000        2,540,714  

Credit Agricole SA, 7.875% to 1/23/24 (USD)(b)(d)(g)(h)(i)

        4,600,000        4,576,310  

Credit Agricole SA, 8.125% to 12/23/25 (USD)(b)(d)(g)(h)(i)

        3,950,000        3,933,193  

Societe Generale SA, 6.75% to 4/6/28 (USD)(b)(d)(g)(h)(i)

        3,400,000        2,767,370  

Societe Generale SA, 8.00% to 9/29/25 (USD)(b)(d)(g)(h)(i)

        2,200,000        2,149,550  

Societe Generale SA, 9.375% to 11/22/27 (USD)(b)(d)(g)(h)(i)

        2,400,000        2,357,679  
       

 

 

  
          35,344,437  
       

 

 

  

INSURANCE

      0.1 %      

CNP Assurances SACA, 4.875% to 10/7/30 (USD)(g)(h)(i)(j)

        2,200,000        1,624,810  
       

 

 

  

TOTAL FRANCE

           36,969,247  
       

 

 

  

ITALY

      0.2 %      

BANKING

        

Intesa Sanpaolo SpA, 7.70% to 9/17/25 (USD)(b)(d)(g)(h)(i)

        3,900,000        3,666,221  
       

 

 

  

JAPAN

      0.5 %      

INSURANCE

        

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

 

     2,000,000        1,965,868  

Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25 (USD)(g)(h)(j)

 

     2,800,000        2,717,400  

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

 

     5,600,000        5,503,667  
       

 

 

  
          10,186,935  
       

 

 

  

NETHERLANDS

      0.6 %      

BANKING

      0.5 %      

ING Groep N.V., 5.75% to 11/16/26 (USD)(b)(g)(h)(i)

        5,000,000        4,431,981  

ING Groep N.V., 6.50% to 4/16/25 (USD)(b)(g)(h)(i)

        2,600,000        2,453,887  

ING Groep N.V., 6.75% to 4/16/24 (USD)(g)(h)(i)(j)

        2,400,000        2,360,491  
       

 

 

  
          9,246,359  
       

 

 

  

INSURANCE

      0.1 %      

Aegon NV, 5.50% to 4/11/28, due 4/11/48 (USD)(b)(h)

        2,875,000        2,657,278  
       

 

 

  

TOTAL NETHERLANDS

           11,903,637  
       

 

 

  

SPAIN

      0.2 %      

BANKING

        

Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (USD)(b)(g)(h)(i)

 

     4,800,000        4,507,427  
       

 

 

  

 

8

 

 

                                                                       
                          Principal
Amount		      Value  

SWITZERLAND

      1.2 %      

BANKING

      0.6 %      

Credit Suisse Group AG, 5.25% to 2/11/27, Claim (USD)(c)(d)(g)(h)(i)(k)

 

   $ 1,600,000      $ 152,000  

Credit Suisse Group AG, 6.375% to 8/21/26, Claim (USD)(c)(d)(g)(h)(i)(k)

 

     2,000,000        190,000  

Credit Suisse Group AG, 7.25% to 9/12/25, Claim (USD)(c)(d)(g)(h)(i)(k)

 

     1,200,000        114,000  

Credit Suisse Group AG, 7.50%, Claim (USD)(c)(d)(g)(i)(k)

        3,600,000        342,000  

UBS Group AG, 6.875% to 8/7/25 (USD)(g)(h)(i)(j)

        5,400,000        5,110,528  

UBS Group AG, 7.00% to 1/31/24 (USD)(b)(d)(e)(g)(h)(i)

        5,400,000        5,334,546  
       

 

 

  
          11,243,074  
       

 

 

  

INSURANCE

      0.6 %      

Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27,
due 8/15/52 (USD)(h)(j)

 

     3,700,000        3,478,574  

Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48 (USD)(h)(j)

 

     5,800,000        5,424,038  

Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN (USD)(h)(j)

 

     3,600,000        2,759,958  
       

 

 

  
          11,662,570  
       

 

 

  

TOTAL SWITZERLAND

           22,905,644  
       

 

 

  

UNITED KINGDOM

      3.0 %      

BANKING

      1.8 %      

Barclays PLC, 8.00% to 6/15/24 (USD)(b)(g)(h)(i)

        5,000,000        4,928,653  

Barclays PLC, 8.00% to 3/15/29 (USD)(b)(g)(h)(i)

        4,400,000        3,959,743  

HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2 (USD)(b)(d)(e)(g)(h)

 

     7,566,000        9,259,990  

HSBC Holdings PLC, 6.50% to 3/23/28 (USD)(b)(g)(h)(i)

        2,800,000        2,530,882  

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

 

     4,534,000        4,428,656  

Lloyds Banking Group PLC, 7.50% to 9/27/25 (USD)(b)(g)(h)(i)

 

     3,400,000        3,185,039  

Natwest Group PLC, 6.00% to 12/29/25 (USD)(b)(g)(h)(i)

        2,000,000        1,840,321  

Natwest Group PLC, 8.00% to 8/10/25 (USD)(b)(e)(g)(h)(i)

        6,000,000        5,836,170  
       

 

 

  
          35,969,454  
       

 

 

  

ENERGY

      0.3 %      

BP Capital Markets PLC, 4.375% to 6/22/25 (USD)(b)(g)(h)

        3,000,000        2,868,421  

BP Capital Markets PLC, 4.875% to 3/22/30 (USD)(b)(g)(h)

 

     3,550,000        3,182,747  
       

 

 

  
          6,051,168  
       

 

 

  

 

9

 

 

                                                                       
                          Principal
Amount		     Value  

INSURANCE

      0.4 %     

Beazley Insurance DAC, 5.50%, due 9/10/29 (USD)(j)

      $ 2,600,000     $ 2,312,050  

Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41 (USD)(h)(j)

 

     1,300,000       1,069,811  

Phoenix Group Holdings PLC, 5.625% to 1/29/25 (USD)(g)(h)(i)(j)

 

     4,400,000       3,961,760  
      

 

 

  
         7,343,621  
      

 

 

  

TELECOMMUNICATIONS

      0.5 %     

Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (USD)(b)(h)

        2,090,000       1,617,033  

Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (USD)(h)(j)

        4,235,000       4,178,962  

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

 

     4,500,000       4,473,845  
      

 

 

  
         10,269,840  
      

 

 

  

TOTAL UNITED KINGDOM

          59,634,083  
      

 

 

  

UNITED STATES

      10.5 %     

BANKING

      6.6 %     

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

        37,000 †      3,704,625  

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

        2,682,000       2,436,360  

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

        7,429,000       7,293,313  

Bank of America Corp., 6.25% to 9/5/24, Series X(b)(g)(h)

        7,423,000       7,321,550  

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

        6,000,000       5,916,538  

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

        6,806,000       6,779,519  

Bank of New York Mellon Corp./The, 4.625% to 9/20/26, Series F(b)(g)(h)

 

     3,500,000       3,157,096  

Charles Schwab Corp./The, 4.00% to 6/1/26, Series I(b)(e)(g)(h)

 

     6,983,000       5,840,977  

Charles Schwab Corp./The, 5.375% to 6/1/25, Series G(b)(g)(h)

 

     2,936,000       2,835,377  

Citigroup, Inc., 3.875% to 2/18/26, Series X(b)(g)(h)

        3,250,000       2,781,488  

Citigroup, Inc., 4.15% to 11/15/26, Series Y(b)(g)(h)

        2,310,000       1,854,655  

Citigroup, Inc., 5.00% to 9/12/24, Series U(b)(g)(h)

        4,704,000       4,460,193  

Citigroup, Inc., 5.95% to 5/15/25, Series P(b)(e)(g)(h)

        6,000,000       5,732,346  

Citigroup, Inc., 6.25% to 8/15/26, Series T(b)(e)(g)(h)

        7,850,000       7,573,364  

Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(b)(g)(h)

        2,000,000       1,831,895  

 

10

 

 

                                                                       
                          Principal
Amount		     Value  

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

      $ 2,866,000     $ 2,735,321  

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

        2,500,000       2,662,750  

Farm Credit Bank of Texas, 9.681% (3 Month US LIBOR + 4.01%)(b)(d)(g)(l)

 

     35,300 †      3,534,412  

First Horizon Bank, 6.393% (3 Month US Term SOFR + 1.11%, Floor 3.75%)(b)(d)(g)(l)

 

     1,806 †      1,207,606  

Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U(b)(g)(h)

 

     4,170,000       3,371,784  

Goldman Sachs Group, Inc./The, 4.125% to 11/10/26, Series V(b)(g)(h)

 

     1,000,000       819,178  

Goldman Sachs Group, Inc./The, 5.30% to 11/10/26, Series O(b)(g)(h)

 

     1,645,000       1,568,819  

Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q(b)(g)(h)

 

     1,000,000       978,479  

Huntington Bancshares, Inc./OH, 4.45% to 10/15/27, Series G(b)(g)(h)

 

     1,000,000       811,374  

Huntington Bancshares, Inc./OH, 5.625% to 7/15/30, Series F(b)(g)(h)

 

     894,000       790,979  

JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(b)(g)(h)

        1,043,000       1,008,784  

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

        2,500,000       2,472,124  

JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(b)(g)(h)

        1,436,000       1,427,706  

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

        8,790,000       8,793,735  

PNC Financial Services Group, Inc./The, 6.20% to 9/15/27, Series V(b)(g)(h)

 

     4,450,000       4,100,698  

PNC Financial Services Group, Inc./The, 9.312% (3 Month US Term SOFR + 3.94%), Series O(b)(g)(l)

 

     1,000,000       1,001,006  

Truist Financial Corp., 4.80% to 9/1/24, Series N(b)(e)(g)(h)

        1,810,000       1,556,105  

Truist Financial Corp., 5.10% to 3/1/30, Series Q(b)(g)(h)

        2,109,000       1,813,660  

Truist Financial Corp., 5.125% to 12/15/27, Series M(b)(g)(h)

        500,000       385,350  

U.S. Bancorp, 5.30% to 4/15/27, Series J(b)(g)(h)

        1,500,000       1,257,455  

Wells Fargo & Co., 3.90% to 3/15/26, Series BB(b)(g)(h)

        7,400,000       6,467,402  

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

        7,521,000       7,393,743  

Wells Fargo & Co., 5.95%, due 12/15/36(b)

        2,830,000       2,694,467  

Wells Fargo & Co., 7.625% to 9/15/28(b)(g)(h)

        2,390,000       2,415,494  
      

 

 

  
         130,787,727  
      

 

 

  

FINANCIAL SERVICES

      0.4 %     

Ally Financial, Inc., 4.70% to 5/15/28, Series C(b)(g)(h)

        1,936,000       1,217,156  

Discover Financial Services, 6.125% to 6/23/25, Series D(b)(g)(h)

 

     7,200,000       6,938,390  
      

 

 

  
         8,155,546  
      

 

 

  

 

11

 

 

                                                                       
                          Principal
Amount		      Value  

INSURANCE

      1.9 %      

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

      $ 3,200,000      $ 3,111,086  

AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(b)(h)

 

     1,760,000        1,420,762  

Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(b)(h)

 

     7,170,000        6,884,751  

Liberty Mutual Group, Inc., 7.80%, due 3/15/37(b)(d)

        1,680,000        1,698,470  

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

 

     5,850,000        6,066,023  

MetLife, Inc., 9.25%, due 4/8/38(b)(d)

        6,500,000        7,309,894  

MetLife, Inc., 10.75%, due 8/1/39(b)

        1,000,000        1,279,155  

Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(b)(h)

 

     1,600,000        1,381,879  

Prudential Financial, Inc., 5.20% to 3/15/24, due 3/15/44(b)(e)(h)

 

     3,000,000        2,940,175  

Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(b)(h)

        4,500,000        4,130,364  

Voya Financial, Inc., 7.748% to 9/15/28, Series A(b)(g)(h)

        1,310,000        1,322,513  
       

 

 

  
          37,545,072  
       

 

 

  

PIPELINES

      0.1 %      

Energy Transfer LP, 7.125% to 5/15/30, Series G(b)(g)(h)

        1,857,000        1,605,694  
       

 

 

  

UTILITIES

      1.5 %      

American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(b)(h)

 

     4,200,000        3,438,950  

CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(b)(h)

        1,125,000        962,505  

Dominion Energy, Inc., 4.35% to 1/15/27, Series C(b)(g)(h)

        8,000,000        6,947,295  

Duke Energy Corp., 4.875% to 9/16/24(b)(g)(h)

        2,805,000        2,737,086  

National Rural Utilities Cooperative Finance Corp., 7.125% to 6/15/28,
due 9/15/53(b)(h)

 

     2,240,000        2,276,109  

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(b)(h)

 

     3,438,000        3,183,041  

Sempra, 4.125% to 1/1/27, due 4/1/52(b)(h)

        2,500,000        2,026,397  

Sempra, 4.875% to 10/15/25(b)(g)(h)

        5,780,000        5,490,920  

Southern Co./The, 4.00% to 10/15/25, due 1/15/51, Series B(b)(h)

 

     3,000,000        2,782,447  
       

 

 

  
          29,844,750  
       

 

 

  

TOTAL UNITED STATES

           207,938,789  
       

 

 

  

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$445,203,118)

 

        421,835,694  
       

 

 

  

 

12

 

 

                                                                       
                          Principal
Amount		      Value  

CORPORATE BONDS

      0.7 %      

ITALY

      0.1 %      

UTILITIES

        

Enel Finance America LLC, 7.10% , due 10/14/27(b)(d)(e)

      $ 600,000      $ 621,010  

Enel Finance International NV, 7.50% , due 10/14/32(b)(d)

        400,000        427,378  
       

 

 

  
          1,048,388  
       

 

 

  

UNITED STATES

      0.6 %      

REAL ESTATE

      0.2 %      

Spirit Realty LP, 3.40%, due 1/15/30(b)

        3,060,000        2,564,453  

VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(b)(d)(e)

        1,700,000        1,647,398  
       

 

 

  
          4,211,851  
       

 

 

  

UTILITIES

      0.4 %      

American Electric Power Co., Inc., 5.75%, due 11/1/27(b)

        1,015,000        1,021,628  

Southern California Edison Co., 5.85%, due 11/1/27(b)(e)

        1,000,000        1,006,050  

Southern Co./The, 5.113%, due 8/1/27(b)(e)

        6,000,000        5,884,419  
       

 

 

  
          7,912,097  
       

 

 

  

TOTAL UNITED STATES

           12,123,948  
       

 

 

  

TOTAL CORPORATE BONDS
(Identified cost—$13,426,750)

           13,172,336  
       

 

 

  
           Shares/Units         

WARRANTS—UNITED STATES

      0.0 %      

Net Power, Inc., strike price $11.50, expires 3/12/26(b)(c)

        182,834        793,500  
       

 

 

  

TOTAL WARRANTS
(Identified cost—$621,636)

           793,500  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.5 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.29%(m)

 

     6,636,357        6,636,357  

State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.29%(m)

 

     3,502,259        3,502,259  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$10,138,616)

 

        10,138,616  
       

 

 

  

 

13

 

 

                                                                       
                  Value  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,716,341,487)

      146.7 %                             $ 2,897,510,031  

WRITTEN OPTION CONTRACTS
(Premiums received—$108,341)

      (0.0 )         (340,130 ) 

LIABILITIES IN EXCESS OF OTHER ASSETS

      (46.7 )         (921,533,425 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $20.51 per share based on 96,316,372 shares of common stock outstanding)

      100.0 %       $ 1,975,636,476  
  

 

 

       

 

 

  

Exchange-Traded Option Contracts

 

Written Options                              
Description  

Exercise

Price

   Expiration
Date		   Number of
Contracts		   Notional
Amount(n)		   Premiums
Received		   Value

Put — American Electric Power Co., Inc.

     $ 75.00       10/20/23       (964 )     $ (7,251,208 )     $ (38,230 )     $ (159,060 )

Put — Crown Castle, Inc.

       90.00       10/20/23       (953 )       (8,770,459 )       (70,111 )       (181,070 )
              (1,917 )     $ (16,021,667 )     $ (108,341 )     $ (340,130 )

 

 

Centrally Cleared Interest Rate Swap Contracts

 

Notional
Amount		    Fixed
Rate
Payable		    Fixed
Payment
Frequency		    Floating
Rate
Receivable
(resets
monthly)		   

Floating

Payment

Frequency

    Maturity Date    Value    Upfront
Receipts
(Payments)		    Unrealized
Appreciation
(Depreciation)
    $ 255,000,000          0.670%      Monthly        5.424%(o)      Monthly        9/15/25      $ 21,382,503      $ 46,904      $ 21,429,407
    212,500,000          1.240%      Monthly        5.310%(o)      Monthly        2/3/26        17,847,500        6,793        17,854,293
    85,000,000          0.898%      Monthly        5.424%(o)      Monthly        5/1/26        8,408,428        20,612        8,429,040
    255,000,000          1.237%      Monthly        5.424%(o)      Monthly        9/15/27        31,009,831        54,265        31,064,096
                           

 

 

       

 

 

       

 

 

  
                            $ 78,648,262      $ 128,574      $ 78,776,836
                           

 

 

       

 

 

       

 

 

  

The total amount of all interest rate swap contracts as presented in the table above are representative of the volume of activity for this derivative type during the nine months ended September 30, 2023.

 

14

 

 

Glossary of Portfolio Abbreviations

 

EMTN    Euro Medium Term Note
LIBOR    London Interbank Offered Rate
OIS    Overnight Indexed Swap
SOFR    Secured Overnight Financing Rate
TruPS    Trust Preferred Securities
USD   

United States Dollar

 

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

†

Represents shares.

(a)

Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b)

All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $1,951,842,797 in aggregate has been pledged as collateral.

(c)

Non-income producing security.

(d)

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 $144,205,430 which represents 7.3% of the net assets of the Fund, of which 0.0% are illiquid.

(e)

A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $869,929,001 in aggregate has been rehypothecated.

(f)

All or a portion of the security is pledged in connection with written option contracts. $12,630,154 in aggregate has been pledged as collateral.

(g)

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

(h)

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

(i)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $101,488,747 which represents 5.1% of the net assets of the Fund (3.5% of the managed assets of the Fund).

(j)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $41,818,242 which represents 2.1% of the net assets of the Fund, of which 0.0% are illiquid.

(k)

Security is in default.

(l)

Variable rate. Rate shown is in effect at September 30, 2023.

(m)

Rate quoted represents the annualized seven-day yield.

(n)

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

(o)

Based on USD-SOFR-OIS. Represents rates in effect at September 30, 2023.

 

15

 

 

                    

Sector Summary

    % of
Managed
Net
Assets		  

Electric

      34.8  

Midstream

      13.3  

Banking

      8.9  

Toll Roads

      6.9  

Gas Distribution

      6.7  

Railways

      6.0  

Communications

      5.9  

Airports

      5.7  

Insurance

      3.1  

Utilities

      2.1  

Pipelines

      1.6  

Marine Ports

      1.2  

Water

      0.6  

Telecommunications

      0.5  

Other

      2.7  
  

 

 

  
     100.0  
  

 

 

  

 

16

 

 

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. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or clearinghouse. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

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

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

Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

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

The Board of Directors has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, 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.

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 judgements 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 September 30, 2023 in valuing the Fund’s investments carried at value:

 

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

Common Stock:

           

Thailand

    $ —     $ 42,610,474      $ —      $ 42,610,474  

Other Countries

      2,334,522,261       —        —        2,334,522,261  

Preferred Securities—Exchange-Traded

      74,437,150       —        —        74,437,150  

Preferred Securities— Over-the-Counter

      —       421,835,694        —        421,835,694  

Corporate Bonds

      —       13,172,336        —        13,172,336  

Warrants

      793,500       —        —        793,500  

Short-Term Investments

      —       10,138,616        —        10,138,616  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 2,409,752,911     $ 487,757,120      $ —      $ 2,897,510,031  
  

 

 

    

 

 

     

 

 

     

 

 

  

Interest Rate Swap Contracts

    $ —     $ 78,776,836      $ —      $ 78,776,836  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Derivative Assets(a)

    $ —     $ 78,776,836      $             —      $ 78,776,836  
  

 

 

    

 

 

     

 

 

     

 

 

  

Written Option Contracts

    $ (340,130 )    $ —      $ —      $ (340,130 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Derivative Liabilities(a)

    $ (340,130 )    $ —      $ —      $ (340,130 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

Note 2. Derivative Investments

Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into 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 was intended to approximate the Fund’s variable rate payment obligation on the credit agreement, the accruals for which would begin at a specific date in the future (the effective date). 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 Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).

Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).

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 Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

The following summarizes the volume of the Fund’s option contracts activity for the nine months ended September 30, 2023:

 

     Purchased Option
Contracts(a)(b)		      Written Option
Contracts(a)		  

Average Notional Amount

    $ 6,357,558      $ 34,197,597  

 

(a)

Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.

(b)

Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month-end. For the period, this represents one month for purchased option.

 

 

 

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