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:

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:    September 30, 2018                                

 

 

 

Item 1. Schedule of Investments

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2018 (Unaudited)

 

                                                                       
                          Shares/Units      Value  

COMMON STOCK

      119.0 %      

AUSTRALIA

      4.0 %      

ELECTRIC—REGULATED ELECTRIC

      1.3 %      

Spark Infrastructure Group

        15,978,654      $ 25,872,379  
       

 

 

  

RAILWAYS

      0.8 %      

Aurizon Holdings Ltd.

        5,801,787        17,236,606  
       

 

 

  

TOLL ROADS

      1.9 %      

Transurban Group(a)

        4,897,686        39,722,076  
       

 

 

  

TOTAL AUSTRALIA

           82,831,061  
       

 

 

  

BRAZIL

      3.3 %      

RAILWAYS

      2.3 %      

Rumo SA(a),(b)

        12,566,134        46,610,959  
       

 

 

  

TOLL ROADS

      0.0 %      

CCR SA

        5,160        10,809  
       

 

 

  

WATER

      1.0 %      

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

        3,691,745        21,564,241  
       

 

 

  

TOTAL BRAZIL

           68,186,009  
       

 

 

  

CANADA

      12.9 %      

ELECTRIC—REGULATED ELECTRIC

      2.0 %      

Fortis, Inc.

        1,309,933        42,472,801  
       

 

 

  

PIPELINES—C-CORP

      8.9 %      

Enbridge, Inc.(a)

        3,210,606        103,602,414  

Keyera Corp.

        515,274        13,806,862  

Kinder Morgan Canada Ltd., 144A(c)

        1,138,956        15,016,778  

Pembina Pipeline Corp.

        1,489,993        50,629,654  
       

 

 

  
          183,055,708  
       

 

 

  

RAILWAYS

      2.0 %      

Canadian Pacific Railway Ltd.(a)

        191,238        40,453,651  
       

 

 

  

TOTAL CANADA

           265,982,160  
       

 

 

  

CHINA

      1.0 %      

TOLL ROADS

        

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

        15,242,000        19,548,140  
       

 

 

  

FRANCE

      3.2 %      

RAILWAYS

      0.8 %      

Getlink

        1,303,453        16,647,122  
       

 

 

  

TOLL ROADS

      2.4 %      

Eiffage SA

        223,607        24,964,964  
       

 

 

  

 

1

 

 

                                                                       
                          Shares/Units      Value  

Vinci SA(a)

        241,856      $ 23,031,792  
       

 

 

  
          47,996,756  
       

 

 

  

TOTAL FRANCE

           64,643,878  
       

 

 

  

GERMANY

      0.7 %      

AIRPORTS

        

Fraport AG

        150,391        13,287,938  
       

 

 

  

HONG KONG

      3.6 %      

GAS DISTRIBUTION

      1.9 %      

Hong Kong and China Gas Co., Ltd.

        19,180,000        38,074,077  
       

 

 

  

PIPELINES—C-CORP

      1.0 %      

Beijing Enterprises Holdings Ltd.

        3,787,000        21,236,825  
       

 

 

  

WATER

      0.7 %      

Guangdong Investment Ltd.

        8,491,247        15,077,038  
       

 

 

  

TOTAL HONG KONG

           74,387,940  
       

 

 

  

ITALY

      3.4 %      

COMMUNICATIONS—TOWERS

      1.6 %      

Ei Towers S.p.A.(a)

        175,417        11,568,342  

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

        2,820,884        20,912,080  
       

 

 

  
          32,480,422  
       

 

 

  

ELECTRIC—REGULATED ELECTRIC

      0.7 %      

Terna Rete Elettrica Nazionale S.p.A.

        2,637,150        14,087,638  
       

 

 

  

TOLL ROADS

      1.1 %      

Atlantia S.p.A.

        1,132,297        23,492,866  
       

 

 

  

TOTAL ITALY

           70,060,926  
       

 

 

  

JAPAN

      8.7 %      

ELECTRIC—INTEGRATED ELECTRIC

      3.8 %      

Chugoku Electric Power Co., Inc.(The)

        1,419,000        18,233,938  

Shikoku Electric Power Co., Inc.(a)

        4,657,700        60,793,602  
       

 

 

  
          79,027,540  
       

 

 

  

GAS DISTRIBUTION

      1.4 %      

Tokyo Gas Co., Ltd.

        1,156,000        28,411,636  
       

 

 

  

RAILWAYS

      3.5 %      

Central Japan Railway Co.(a)

        153,999        32,068,442  

 

2

 

 

                                                                       
                          Shares/Units      Value  

West Japan Railway Co.(a)

        574,000      $ 40,016,317  
       

 

 

  
          72,084,759  
       

 

 

  

TOTAL JAPAN

           179,523,935  
       

 

 

  

MEXICO

      3.1 %      

AIRPORTS

      2.3 %      

Grupo Aeroportuario del Pacifico SAB de CV, B Shares

        4,357,130        47,669,060  
       

 

 

  

TOLL ROADS

      0.8 %   

OHL Mexico SAB de CV(a)

        10,298,002        15,446,453  
       

 

 

  

TOTAL MEXICO

           63,115,513  
       

 

 

  

NEW ZEALAND

      2.0 %      

AIRPORTS

        

Auckland International Airport Ltd.(a)

        8,575,265        41,494,034  
       

 

 

  

SPAIN

      2.2 %      

AIRPORTS

        

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

        257,618        44,716,571  
       

 

 

  

THAILAND

      2.0 %      

AIRPORTS

        

Airports of Thailand PCL

        20,717,100        41,959,494  
       

 

 

  

UNITED KINGDOM

      2.6 %      

ELECTRIC—REGULATED ELECTRIC

      1.4 %      

National Grid PLC

        2,742,655        28,290,788  
       

 

 

  

WATER

      1.2 %      

United Utilities Group PLC(a)

        2,669,357        24,493,855  
       

 

 

  

TOTAL UNITED KINGDOM

           52,784,643  
       

 

 

  

UNITED STATES

      66.3 %      

COMMUNICATIONS—TOWERS

      12.5 %      

American Tower Corp.(a),(d)

        789,475        114,710,718  

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

        1,288,171        143,412,077  
       

 

 

  
          258,122,795  
       

 

 

  

ELECTRIC

      27.2 %      

INTEGRATED ELECTRIC

      12.1 %      

Evergy, Inc.(a)

        777,059        42,676,080  

FirstEnergy Corp.(a),(d)

        1,741,206        64,720,627  

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

        842,825        141,257,470  
       

 

 

  
          248,654,177  
       

 

 

  

 

3

 

 

                                                                       
                          Shares/Units      Value  

REGULATED ELECTRIC

      15.1 %      

Alliant Energy Corp.(a),(d)

        955,815      $ 40,689,045  

CMS Energy Corp.(a),(d)

        830,962        40,717,138  

DTE Energy Co.(a),(d)

        383,965        41,902,100  

Edison International(a),(d)

        823,711        55,748,761  

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

        654,478        30,112,533  

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

        940,137        62,763,546  

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

        801,121        37,820,922  
       

 

 

  
          309,754,045  
       

 

 

  

TOTAL ELECTRIC

           558,408,222  
       

 

 

  

GAS DISTRIBUTION

      4.9 %      

Atmos Energy Corp.(a),(d)

        679,534        63,815,038  

NiSource, Inc.

        448,935        11,187,460  

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

        332,754        26,297,549  
       

 

 

  
          101,300,047  
       

 

 

  

PIPELINES

      11.7 %      

PIPELINES—C-CORP

      9.6 %      

Antero Midstream GP LP(a),(d)

        682,685        11,551,030  

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

        918,082        63,797,518  

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

        3,697,346        65,553,945  

ONEOK, Inc.(a),(d)

        390,867        26,496,874  

Targa Resources Corp.(a)

        543,391        30,598,347  
       

 

 

  
          197,997,714  
       

 

 

  

PIPELINES—MLP

      2.1 %      

CNX Midstream Partners LP

        488,100        9,395,925  

Hess Midstream Partners LP(a),(d)

        465,455        10,617,028  

MPLX LP(a)

        495,501        17,183,975  

Noble Midstream Partners LP

        153,293        5,428,105  
       

 

 

  
          42,625,033  
       

 

 

  

TOTAL PIPELINES

           240,622,747  
       

 

 

  

RAILWAYS

      7.0 %      

Norfolk Southern Corp.(a),(d)

        387,414        69,928,227  

Union Pacific Corp.(a),(d)

        449,461        73,185,735  
       

 

 

  
          143,113,962  
       

 

 

  

WATER

      3.0 %      

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

        700,736        61,643,746  
       

 

 

  

 

4

 

 

                                                                       
                          Shares/Units      Value  

TOTAL UNITED STATES

         $ 1,363,211,519  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,972,082,633)

           2,445,733,761  
       

 

 

  

PREFERRED SECURITIES—$25 PAR VALUE

      6.4 %      

BERMUDA

      0.2 %      

INSURANCE

        

PROPERTY CASUALTY

      0.1 %      

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

        70,000        1,848,000  
       

 

 

  

REINSURANCE

      0.1 %      

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

        80,000        1,885,600  
       

 

 

  

TOTAL BERMUDA

           3,733,600  
       

 

 

  

CANADA

      0.1 %      

PIPELINES

        

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

 

     109,000        2,751,160  
       

 

 

  

UNITED STATES

      6.1 %      

BANKS

      3.2 %      

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

        112,525        2,914,397  

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

        150,000        3,879,000  

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

        104,775        2,724,150  

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

        82,800        2,111,400  

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

        212,456        5,534,479  

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

        28,347        706,124  

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

        85,183        2,224,980  

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

        54,285        1,385,896  

Citigroup, Inc., 6.875% to 11/15/23, Series K(e),(f)

        77,834        2,159,894  

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

        147,743        3,850,183  

GMAC Capital Trust I, 8.099% (3 Month US LIBOR + 5.785%), due 2/15/40, Series 2 (TruPS) (FRN)(g)

             227,895        5,993,638  

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

        73,122        1,882,160  

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

        196,847        5,070,779  

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

        180,722        4,659,013  

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

        106,668        2,848,036  

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

 

     54,461        1,443,761  

US Bancorp, 5.50%, Series K(e)

        82,675        2,077,623  

Wells Fargo & Co, 5.25%, Series P(e)

        60,900        1,501,794  

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

        105,975        2,730,976  

Wells Fargo & Co., 6.00% to 9/15/19, Series T(a),(d),(e)

        150,000        3,867,000  

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

        143,039        3,596,000  

 

5

 

 

                                                                       
                          Shares/Units      Value  

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

 

     99,275      $ 2,481,875  
    

 

 

  
          65,643,158  
       

 

 

  

ELECTRIC

      0.7 %   

INTEGRATED ELECTRIC

      0.5 %   

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

 

     158,638        4,136,486  

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

 

     193,189        4,995,867  

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

 

     90,000        2,103,300  
    

 

 

  
          11,235,653  
       

 

 

  

REGULATED ELECTRIC

      0.2 %   

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

 

     156,011        3,728,663  
    

 

 

  

TOTAL ELECTRIC

 

        14,964,316  
    

 

 

  

FINANCIAL

      0.7 %   

DIVERSIFIED FINANCIAL SERVICES

      0.1 %   

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

 

     112,000        2,945,600  
    

 

 

  

INVESTMENT BANKER/BROKER

      0.6 %   

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

 

     72,943        1,858,588  

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

 

     99,200        2,522,656  

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

 

     141,847        3,883,771  

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

 

     125,000        3,340,000  
    

 

 

  
          11,605,015  
       

 

 

  

TOTAL FINANCIAL

 

        14,550,615  
    

 

 

  

INDUSTRIALS—CHEMICALS

      0.3 %   

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

 

     135,283        3,649,935  

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

 

     137,935        3,618,035  
    

 

 

  
          7,267,970  
       

 

 

  

INSURANCE

      0.3 %   

LIFE/HEALTH INSURANCE

      0.2 %   

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

 

     95,000        2,394,000  

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

 

     48,000        1,188,960  
    

 

 

  
       3,582,960  
    

 

 

  

MULTI-LINE

      0.1 %   

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

 

     82,237        2,072,372  
    

 

 

  

TOTAL INSURANCE

 

        5,655,332  
    

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %   

AT&T, Inc., 5.625% to 8/1/23, due 8/1/67

 

     50,000        1,238,000  
    

 

 

  

 

6

 

 

                                                                       
                          Shares/Units      Value  

PIPELINES

      0.1 %      

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

 

     61,650      $ 1,568,993  
    

 

 

  

REAL ESTATE—DIVERSIFIED

      0.4 %      

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

 

     46,165        1,156,433  

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

 

     246,816        6,133,378  
    

 

 

  
          7,289,811  
       

 

 

  

TECHNOLOGY—SOFTWARE

      0.1 %      

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

 

     95,400        2,503,296  
    

 

 

  

UTILITIES

      0.2 %      

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

 

     111,918        2,727,441  

SCE Trust VI, 5.00%(e)

 

     96,933        2,093,753  
       

 

 

  
          4,821,194  
       

 

 

  

TOTAL UNITED STATES

           125,502,685  
       

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$129,263,631)

 

      131,987,445  
  

 

 

  
           Principal
Amount		         

PREFERRED SECURITIES—CAPITAL SECURITIES

      14.4 %      

AUSTRALIA

      0.5 %      

BANKS

      0.1 %      

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

 

   $ 2,200,000        2,013,000  
    

 

 

  

INSURANCE-PROPERTY CASUALTY

      0.3 %      

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

 

     4,000,000        4,200,000  

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

        1,800,000        1,798,772  
    

 

 

  
          5,998,772  
       

 

 

  

MATERIAL—METALS & MINING

      0.1 %      

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

        1,600,000        1,758,000  
    

 

 

  

TOTAL AUSTRALIA

 

        9,769,772  
    

 

 

  

CANADA

      0.8 %      

PIPELINES

      0.4 %      

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

 

     2,455,000        2,377,091  

 

7

 

 

                                                                       
                          Principal
Amount		      Value  

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

 

   $ 4,990,000      $ 5,108,512  

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

 

     1,397,000        1,372,553  
    

 

 

  
          8,858,156  
       

 

 

  

UTILITIES—ELECTRIC UTILITIES

      0.4 %      

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

 

     8,000,000        8,560,000  
    

 

 

  

TOTAL CANADA

 

        17,418,156  
    

 

 

  

FRANCE

      1.0 %      

BANKS

      0.7 %      

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

 

     3,000,000        3,165,000  

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

 

     2,400,000        2,525,880  

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

 

     3,800,000        3,999,500  

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

 

     2,950,000        3,252,334  

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

 

     2,600,000        2,687,750  
    

 

 

  
          15,630,464  
       

 

 

  

ELECTRIC—INTEGRATED ELECTRIC

      0.1 %      

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

 

     1,200,000        1,204,500  
    

 

 

  

INSURANCE—LIFE/HEALTH INSURANCE

      0.2 %      

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

 

     3,250,000        3,328,510  
    

 

 

  

TOTAL FRANCE

 

        20,163,474  
    

 

 

  

GERMANY

      0.2 %      

BANKS

        

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

 

     3,088,000        3,822,944  
    

 

 

  

HONG KONG

      0.1 %      

BANKS

        

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

 

     2,200,000        2,203,984  
    

 

 

  

ITALY

      0.5 %      

UTILITIES—ELECTRIC UTILITIES

        

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

 

     8,635,000        9,584,850  
    

 

 

  

JAPAN

      0.5 %      

INSURANCE—LIFE/HEALTH INSURANCE

        

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

 

     2,000,000        2,038,420  

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

        3,600,000        3,658,500  

 

8

 

 

                                                                       
                          Principal
Amount		      Value  

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

      $ 5,000,000      $ 5,087,500  
    

 

 

  

TOTAL JAPAN

 

        10,784,420  
    

 

 

  

NETHERLANDS

      0.6 %      

BANKS

        

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

 

     8,120,000        8,601,110  

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

 

     3,000,000        3,052,446  
    

 

 

  

TOTAL NETHERLANDS

 

        11,653,556  
    

 

 

  

NORWAY

      0.1 %      

BANKS

        

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

 

     3,000,000        3,079,134  
    

 

 

  

SWEDEN

      0.1 %      

BANKS

        

Swedbank AB, 6.00% to 3/17/22 (USD)(e),(f),(h),(i)

 

     3,000,000        3,043,824  
    

 

 

  

SWITZERLAND

      0.7 %      

BANKS

        

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

 

     2,600,000        2,668,250  

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

 

     2,000,000        2,062,500  

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

 

     1,800,000        1,857,177  

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

 

     5,046,000        5,175,329  

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

 

     1,600,000        1,681,491  
    

 

 

  

TOTAL SWITZERLAND

 

        13,444,747  
    

 

 

  

UNITED KINGDOM

      2.6 %      

BANKS

      2.5 %      

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

 

     2,400,000        2,412,000  

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

 

     3,000,000        3,108,834  

Barclays PLC, 8.25% to 12/15/18 (USD)(a),(e),(f),(h)

 

     4,161,000        4,202,743  

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

 

     2,400,000        2,435,112  

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

 

     8,950,000        13,251,549  

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

 

     2,000,000        1,995,000  

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

 

     1,000,000        993,750  

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

 

     3,800,000        3,942,500  

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

 

     4,334,000        4,480,273  

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

 

     1,405,000        2,742,338  

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

 

     2,312,000        2,904,450  

 

9

 

 

                                                                       
                          Principal
Amount		     Value  

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

 

   $ 7,400,000     $ 7,945,750  
   

 

 

  
         50,414,299  
      

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %     

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

 

     2,250,000       2,243,961  
   

 

 

  
         52,658,260  
      

 

 

  

UNITED STATES

      6.7 %     

BANKS

      3.1 %     

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

 

     37,000 †      3,959,000  

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

        1,513,000       1,588,650  

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

 

     3,169,000       3,426,481  

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

 

     6,000,000       6,150,000  

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

 

     1,225,000       1,277,828  

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

 

     2,750,000       2,873,750  

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

 

     52,500       5,486,250  

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

 

     2,866,000       3,052,290  

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

 

     35,300 †      3,794,750  

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

 

     7,000 †      8,015,000  

JPMorgan Chase & Co., 5.809% (3 Month US LIBOR + 3.47%), Series I (FRN)(e),(g)

        3,463,000       3,482,047  

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

 

     5,375,000       5,872,187  

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

 

     1,850,000       1,896,250  

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

        3,000,000       3,249,000  

Wells Fargo & Co., 6.104%, (3 Month US LIBOR + 3.77%), Series K (FRN)(e),(g)

        3,000,000       3,044,070  

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

 

     2,891,000       3,044,628  

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

 

     2,830,000       3,042,250  
   

 

 

  
         63,254,431  
      

 

 

  

ELECTRIC

      0.5 %     

COMMUNICATIONS—TOWERS

      0.4 %     

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

        7,400 †      7,994,663  
   

 

 

  

INTEGRATED ELECTRIC

      0.2 %     

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

 

     4,150,000       4,367,875  
   

 

 

  

REGULATED ELECTRIC

      0.3 %     

CenterPoint Energy, Inc., 6.125% to 9/1/23, Series A(e),(f)

 

     2,500,000       2,546,875  

 

10

 

 

                                                                       
           Principal
Amount		     Value  

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

      $ 3,000,000     $ 3,043,082  
      

 

 

  
         5,589,957  
      

 

 

  

TOTAL ELECTRIC

 

     9,957,832  
 

 

 

  

FOOD

      0.3 %   

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

        60,000 †      6,100,080  
      

 

 

  

GAS DISTRIBUTION

      0.1 %   

NiSource, Inc., 5.65% to 6/15/23, 144A(c),(e),(f)

        2,550,000       2,527,688  
      

 

 

  

INDUSTRIALS—DIVERSIFIED MANUFACTURING

      0.2 %   

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

        4,407,000       4,301,783  
      

 

 

  

INSURANCE

      1.5 %   

LIFE/HEALTH INSURANCE

      1.1 %   

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

        6,500,000       8,775,000  

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

        5,200,000       5,280,600  

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

        2,530,000       2,593,250  

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

        4,500,000       5,535,000  

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

        1,000,000       1,017,500  
      

 

 

  
         23,201,350  
      

 

 

  

PROPERTY CASUALTY

      0.4 %   

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

        2,100,000       2,142,000  

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

        4,500,000       5,276,250  
      

 

 

  
         7,418,250  
      

 

 

  

TOTAL INSURANCE

 

     30,619,600  
 

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.5 %   

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

        8,989 †      9,708,120  
      

 

 

  

PIPELINES

      0.1 %   

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

        2,895,000       2,826,244  
      

 

 

  

TOTAL UNITED STATES

 

     137,290,441  
 

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$275,053,477)

 

       294,917,562  
   

 

 

  

 

11

 

 

                                                                       
          Shares      Value  

SHORT-TERM INVESTMENTS

     2.0%    

MONEY MARKET FUNDS

    

State Street Institutional Treasury Money Market Fund, Premier Class, 1.95%(k)

       40,999,781      $ 40,999,781  
      

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$40,999,781)

          40,999,781  
      

 

 

  

TOTAL INVESTMENTS IN SECURITIES (Identified cost—$2,417,399,522)

     141.8 %         2,913,638,549  

LIABILITIES IN EXCESS OF OTHER ASSETS

     (41.8 )         (858,503,257 ) 
 

 

 

       

 

 

  

NET ASSETS (Equivalent to $24.09 per share based on 85,319,794 shares of common stock outstanding)

     100.0 %       $ 2,055,135,292  
 

 

 

       

 

 

  

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.

†

Represents shares.

(a)

All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $1,757,081,568 in aggregate has been pledged as collateral.

(b)

Non-income producing security.

(c)

Resale is restricted to qualified institutional investors. Aggregate holdings amounting to $193,279,638, which represents 9.4% of the net assets of the Fund, of which 0.3% are illiquid.

(d)

A portion of the security has been rehypothecated in connection with the Fund’s credit agreement. $781,304,803 in aggregate has been rehypothecated.

(e)

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

(f)

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

(g)

Variable rate. Rate shown is in effect at September 30, 2018.

 

12

 

 

(h)

Contingent Capital security (CoCo). CoCos are preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $66,179,465, which represents 3.2% of the net assets of the Fund (2.2% of the managed assets of the Fund).

(i)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $40,415,179, which represents 2.0% of the net assets of the Fund, of which 0.0% are illiquid.

(j)

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

(k)

Rate quoted represents the annualized seven-day yield.

 

13

 

 

                       

Sector Summary

    % of
Managed
Assets		  

Electric (Common)

      25.7  

Railways (Common)

      11.6  

Communications (Common)

      10.0  

Pipelines (Common)

      8.3  

Banks (Preferred)

      8.1  

Pipelines—C-Corp (Common)

      7.0  

Airports (Common)

      6.5  

Gas Distribution (Common)

      5.8  

Toll Roads (Common)

      5.0  

Water (Common)

      4.2  

Insurance (Preferred)

      1.9  

Other

      1.1  

Electric (Preferred)

      0.9  

Utilities (Preferred)

      0.8  

Pipelines (Preferred)

      0.5  

Financial (Preferred)

      0.5  

Integrated Telecommunications Services (Preferred)

      0.5  

Industrials (Preferred)

      0.4  

Communications (Preferred)

      0.3  

Real Estate (Preferred)

      0.2  

Food (Preferred)

      0.2  

Insurance-Property Casualty (Preferred)

      0.2  

Gas Distribution (Preferred)

      0.1  

Technology (Preferred)

      0.1  

Material (Preferred)

      0.1  
  

 

 

  
     100.0  
  

 

 

  

 

14

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.

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

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

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

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

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.

 

 

 

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 judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

 

  •  

Level 1 — quoted prices in active markets for identical investments

  •  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

  •  

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments.

 

 

 

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, 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:

            

Thailand

    $ 41,959,494      $ —      $ 41,959,494      $ —  

Other Countries

      2,403,774,267        2,403,774,267        —        —  

Preferred Securities—$25 Par Value:

            

United States

      125,502,685        121,366,199        4,136,486        —  

Other Countries

      6,484,760        6,484,760        —        —  

Preferred Securities—Capital Securities:

            

United States

      137,290,441        —        131,190,361        6,100,080  

Other Countries

      157,627,121        —        157,627,121        —  

Short-Term Investments

      40,999,781        —        40,999,781        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 2,913,638,549      $ 2,531,625,226      $ 375,913,243      $ 6,100,080(b ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

(b)

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

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

 

                           
     Preferred Securities—
Capital Securities—
United States		  

Balance as of December 31, 2017

    $ 6,301,302  

Change in unrealized appreciation (depreciation)

      (201,222 ) 
  

 

 

  

Balance as of September 30, 2018

    $ 6,100,080  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2018 which were valued using significant unobservable inputs (Level 3) amounted to $(201,222).

 

 

 

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 of 1934 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: November 21, 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: November 21, 2018