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COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

 

              Shares/Units      Value  

COMMON STOCK

     115.3     

AUSTRALIA

     5.3     

RAILWAYS

     0.7     

Aurizon Holdings Ltd.

 

    8,589,984      $ 18,131,934  
    

 

 

 

TOLL ROADS

     4.6     

Atlas Arteria Ltd.(a)(b)

 

    18,295,481        59,441,044  

Transurban Group(b)

 

    6,284,238        57,384,263  
    

 

 

 
          116,825,307  
       

 

 

 

TOTAL AUSTRALIA

 

       134,957,241  
    

 

 

 

BRAZIL

     3.1     

ELECTRIC

     1.6     

Cia Paranaense de Energia—Copel(a)

 

    17,778,477        40,352,107  
    

 

 

 

RAILWAYS

     0.4     

Rumo SA

 

    3,469,832        10,411,615  
    

 

 

 

TOLL ROADS

     1.1     

Motiva Infraestrutura de Mobilidade SA

 

    10,300,010        28,796,871  
    

 

 

 

TOTAL BRAZIL

 

       79,560,593  
    

 

 

 

CANADA

     12.0     

DIVERSIFIED

     0.1     

Tidewater Renewables Ltd.(c)

 

    789,442        2,558,298  
    

 

 

 

MIDSTREAM

     11.4     

Enbridge, Inc.

 

    1,843,322        92,993,919  

Keyera Corp.

 

    748,046        25,096,118  

Keyera Corp., Subscription Receipts

 

    139,166        4,539,870  

South Bow Corp.

 

    851,002        24,080,232  

TC Energy Corp.

 

    2,655,177        144,368,214  
    

 

 

 
          291,078,353  
       

 

 

 

RAILWAYS

     0.5     

Canadian National Railway Co.

 

    113,718        10,723,827  
    

 

 

 

TOTAL CANADA

 

       304,360,478  
    

 

 

 

CHINA

     1.6     

GAS DISTRIBUTION

     1.1     

ENN Energy Holdings Ltd., (H Shares)(a)

 

    3,323,021        27,478,511  
    

 

 

 

MARINE PORTS

     0.5     

China Merchants Port Holdings Co. Ltd., (H Shares)(a)

 

    7,242,000        13,559,062  
    

 

 

 

TOTAL CHINA

 

       41,037,573  
    

 

 

 

FRANCE

     1.1     

ELECTRIC

       

Engie SA

 

    1,343,091        28,785,522  
    

 

 

 

GREECE

     0.5     

AIRPORTS

       

Athens International Airport SA

 

    1,058,181        12,895,677  
    

 

 

 

HONG KONG

     2.3     

ELECTRIC

       

CLP Holdings Ltd.(a)

 

    1,741,500        14,423,079  

 

1

 

 


              Shares/Units      Value  

Power Assets Holdings Ltd.(a)

 

    7,090,000      $  44,898,155  
    

 

 

 
          59,321,234  
       

 

 

 

INDIA

     2.1     

ELECTRIC

       

NTPC Ltd.

 

    4,922,799        18,889,754  

Power Grid Corp. of India Ltd.

 

    11,146,154        35,200,198  
    

 

 

 
          54,089,952  
       

 

 

 

ITALY

     1.9     

COMMUNICATIONS

     1.1     

Infrastrutture Wireless Italiane SpA(a)(d)

 

    2,393,579        28,129,932  
    

 

 

 

GAS DISTRIBUTION

     0.8     

Italgas SpA

 

    2,273,781        20,915,800  
    

 

 

 

TOTAL ITALY

 

       49,045,732  
    

 

 

 

JAPAN

     3.5     

ELECTRIC

     1.8     

Chubu Electric Power Co., Inc.

 

    1,674,800        23,312,546  

Kansai Electric Power Co., Inc.

 

    1,596,100        22,864,644  
    

 

 

 
          46,177,190  
       

 

 

 

GAS DISTRIBUTION

     1.7     

Osaka Gas Co. Ltd.(a)

 

    1,132,700        32,850,866  

Tokyo Gas Co. Ltd.(a)

 

    302,000        10,749,758  
    

 

 

 
          43,600,624  
       

 

 

 

TOTAL JAPAN

 

       89,777,814  
    

 

 

 

LUXEMBOURG

     1.0     

COMMUNICATIONS

       

SES SA

 

    3,264,739        24,856,804  
    

 

 

 

MALAYSIA

     1.5     

ELECTRIC

     0.7     

Tenaga Nasional Bhd.

 

    5,660,900        17,782,368  
    

 

 

 

MARINE PORTS

     0.8     

Westports Holdings Bhd.

 

    15,775,000        20,091,244  
    

 

 

 

TOTAL MALAYSIA

 

       37,873,612  
    

 

 

 

MEXICO

     4.0     

AIRPORTS

       

Grupo Aeroportuario del Centro Norte SAB de CV(a)

 

    2,199,185        28,384,599  

Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)

 

    2,010,458        47,350,356  

Grupo Aeroportuario del Sureste SAB de CV, Class B(a)

 

    764,413        24,689,035  
    

 

 

 
          100,423,990  
       

 

 

 

NETHERLANDS

     1.1     

MARINE PORTS

       

Koninklijke Vopak NV

 

    628,620        28,812,759  
    

 

 

 

NEW ZEALAND

     1.2     

AIRPORTS

       

Auckland International Airport Ltd.

 

    6,665,359        30,450,233  
    

 

 

 

 

2

 

 


              Shares/Units      Value  

PHILIPPINES

     0.8     

MARINE PORTS

       

International Container Terminal Services, Inc.

 

    2,451,410      $ 19,864,003  
    

 

 

 

SPAIN

     2.5     

AIRPORTS

       

Aena SME SA(a)(d)

 

    2,342,820        64,006,215  
    

 

 

 

UNITED KINGDOM

     5.5     

ELECTRIC

     4.7     

National Grid PLC

 

    8,320,656        119,458,009  
    

 

 

 

WATER

     0.8     

Pennon Group PLC

 

    3,151,786        19,820,794  
    

 

 

 

TOTAL UNITED KINGDOM

 

       139,278,803  
    

 

 

 

UNITED STATES

     64.3     

COMMUNICATIONS

     7.1     

American Tower Corp.(a)

 

    554,166        106,577,205  

Crown Castle, Inc.(a)

 

    765,231        73,837,139  
    

 

 

 
          180,414,344  
       

 

 

 

DIVERSIFIED

     0.0     

Stem, Inc.(c)

 

    31,887        558,660  
    

 

 

 

ELECTRIC

     34.9     

Alliant Energy Corp.(a)(e)

 

    945,688        63,748,828  

Ameren Corp.(a)(e)

 

    245,041        25,577,380  

Black Hills Corp.(a)

 

    117,213        7,219,149  

Consolidated Edison, Inc.(a)(e)

 

    228,427        22,961,482  

Dominion Energy, Inc.(a)

 

    1,694,015        103,622,897  

Duke Energy Corp.(a)(e)

 

    931,827        115,313,591  

Edison International(a)

 

    450,782        24,919,229  

Entergy Corp.(a)(e)

 

    316,830        29,525,388  

Evergy, Inc.(a)(e)

 

    595,161        45,244,139  

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

 

    731,336        2,201,321  

NextEra Energy, Inc.(a)(e)

 

    2,077,375        156,821,039  

PPL Corp.(a)(f)

 

    3,577,076        132,924,144  

Public Service Enterprise Group, Inc.(a)

 

    828,787        69,170,563  

Southern Co.(a)

 

    735,980        69,748,825  

Xcel Energy, Inc.(a)

 

    243,495        19,637,872  
    

 

 

 
          888,635,847  
       

 

 

 

GAS DISTRIBUTION

     6.8     

NiSource, Inc.(a)

 

    2,969,677        128,587,014  

Sempra(a)

 

    499,673        44,960,577  
    

 

 

 
          173,547,591  
       

 

 

 

MIDSTREAM

     6.9     

Cheniere Energy, Inc.(a)(e)

 

    79,633        18,712,162  

Delek Logistics Partners LP(a)(e)

 

    190,528        8,676,645  

Energy Transfer LP(a)(e)(f)

 

    1,606,191        27,562,238  

Kinder Morgan, Inc.(a)(e)

 

    493,337        13,966,371  

Kinetik Holdings, Inc.(a)(e)

 

    755,729        32,299,857  

MPLX LP(a)(e)

 

    514,959        25,722,202  

ONEOK, Inc.(a)(e)

 

    165,259        12,058,949  

 

3

 

 


              Shares/Units      Value  

Plains All American Pipeline LP(a)(e)

 

    1,264,432      $ 21,571,210  

Venture Global, Inc., Class A(a)(e)

 

    1,183,198        16,789,580  
    

 

 

 
          177,359,214  
       

 

 

 

RAILWAYS

     8.6     

CSX Corp.(a)(e)(f)

 

    2,520,010        89,485,555  

Norfolk Southern Corp.(a)(e)

 

    204,941        61,566,326  

Union Pacific Corp.(a)(f)

 

    289,111        68,337,167  
    

 

 

 
          219,389,048  
       

 

 

 

TOTAL UNITED STATES

 

       1,639,904,704  
    

 

 

 

TOTAL COMMON STOCK
(Identified cost—$2,157,078,116)

 

       2,939,302,939  
    

 

 

 

PREFERRED SECURITIES—EXCHANGE-TRADED

     3.8     

BERMUDA

     0.0     

INSURANCE

       

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

 

    7,000        164,710  
    

 

 

 

CANADA

     0.1     

UTILITIES

       

Algonquin Power & Utilities Corp., 8.76% (3 Month USD Term SOFR + 4.01%),
due 7/1/79, Series 19-A(a)(h)

 

    89,073        2,271,362  

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

 

    100,000        1,550,000  
    

 

 

 
          3,821,362  
       

 

 

 

NETHERLANDS

     0.1     

INSURANCE

       

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

 

    65,287        1,341,648  
    

 

 

 

UNITED STATES

     3.6     

BANKING

     1.1     

Bank of America Corp., 5.375%, Series KK(a)(g)

 

    61,831        1,413,457  

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

 

    184,373        4,657,262  

JPMorgan Chase & Co., 5.75%, Series DD(a)(g)

 

    159,744        3,969,638  

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

 

    118,969        2,977,794  

Morgan Stanley, 6.625%, Series Q(g)

 

    100,000        2,591,000  

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

 

    81,114        1,986,482  

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

 

    58,968        1,072,628  

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

 

    142,405        2,789,714  

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

 

    206,575        4,077,791  

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

 

    65,803        1,631,914  

Wells Fargo & Co., 7.50%, Series L (Convertible)(g)

 

    172        212,298  
    

 

 

 
          27,379,978  
       

 

 

 

CONSUMER DISCRETIONARY PRODUCTS

     0.1     

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

 

    144,325        3,452,254  
    

 

 

 

CONSUMER STAPLE PRODUCTS

     0.3     

CHS, Inc., 6.75%, Series 3(a)(g)

 

    137,935        3,416,650  

CHS, Inc., 7.10%, Series 2(a)(g)

 

    135,283        3,371,252  
    

 

 

 
          6,787,902  
       

 

 

 

FINANCIAL SERVICES

     0.3     

Affiliated Managers Group, Inc., 6.75%, due 3/30/64

 

    32,128        783,923  

Brookfield Oaktree Holdings LLC, 6.55%, Series B(a)(g)

 

    66,071        1,429,116  

Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(g)

 

    100,000        2,196,000  

 

4

 

 


             Shares/Units      Value  

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

 

    70,000      $ 1,258,600  

KKR & Co., Inc., 6.875%, due 6/1/65, Series T

 

    52,484        1,361,960  
    

 

 

 
          7,029,599  
       

 

 

 

INSURANCE

     0.6     

Allstate Corp., 7.375%, Series J(a)(g)

 

    98,834        2,618,113  

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

 

    80,000        1,744,800  

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

 

    55,443        1,007,954  

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

 

    115,223        2,932,425  

Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(a)(i)

 

    87,725        2,242,251  

Corebridge Financial, Inc., 6.375%, due 12/15/64

 

    49,019        1,203,416  

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

 

    52,000        1,125,800  

MetLife, Inc., 5.625%, Series E(a)(g)

 

    86,560        2,153,613  

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

 

    7,267        174,045  
    

 

 

 
          15,202,417  
       

 

 

 

TELECOMMUNICATIONS

     0.2     

Array Digital Infrastructure, Inc., Senior Debt, 6.25%, due 9/1/69

 

    10,892        231,128  

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

 

    182,869        3,642,750  

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

 

    13,078        273,984  

T-Mobile USA, Inc., 5.50%, due 6/1/70

 

    94,315        2,136,235  
    

 

 

 
          6,284,097  
       

 

 

 

UTILITIES

     1.0     

CMS Energy Corp., 5.875%, due 10/15/78(a)

 

    63,498        1,509,982  

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

 

    196,996        4,755,483  

DTE Energy Co., 6.25%, due 10/1/85, Series H

 

    174,400        4,428,016  

NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U

 

    96,400        2,482,300  

SCE Trust VIII, 6.95%, Series N(g)

 

    38,033        827,598  

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

 

    150,675        3,444,431  

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

 

    230,000        4,825,400  

Southern Co., 6.50%, due 3/15/85

 

    100,000        2,579,000  

Xcel Energy, Inc., 6.25%, due 10/15/85

 

    60,800        1,514,832  
    

 

 

 
          26,367,042  
       

 

 

 

TOTAL UNITED STATES

 

       92,503,289  
    

 

 

 

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$102,968,172)

 

       97,831,009  
    

 

 

 
           Principal
Amount*
        

PREFERRED SECURITIES—OVER-THE-COUNTER

     20.6     

AUSTRALIA

     0.1     

INSURANCE

       

QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46(a)(i)(j)

 

    1,800,000        1,813,167  
    

 

 

 

BERMUDA

     0.1     

INSURANCE

       

RLGH Finance Bermuda Ltd., 6.75%, due 7/2/35(j)

 

    1,600,000        1,708,727  
    

 

 

 

CANADA

     3.6     

BANKING

     1.0     

Bank of Nova Scotia, 7.35% to 4/27/30, due 4/27/85(a)(e)(i)

 

    3,000,000        3,134,300  

 

5

 

 


              Principal
Amount*
     Value  

Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84(a)(e)(i)

 

    3,200,000      $ 3,439,165  

Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82(a)(e)(i)

 

    3,400,000        3,617,998  

Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, due 10/28/85(i)

 

    2,200,000        2,261,985  

Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85(i)

 

    5,000,000        4,955,915  

Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85(i)

 

    3,000,000        3,097,822  

Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82(a)(e)(i)

 

    4,200,000        4,444,863  
    

 

 

 
          24,952,048  
       

 

 

 

PIPELINES

     1.7     

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

 

    5,980,000        6,047,741  

Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A(a)(e)(i)

 

    4,155,000        4,173,893  

Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78(a)(e)(i)

 

    5,913,000        5,981,295  

Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83(a)(e)(i)

 

    3,985,000        4,150,879  

Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83(a)(e)(i)

 

    1,920,000        2,085,533  

Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5(a)(e)(i)

 

    3,820,000        4,117,223  

Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84(a)(e)(i)

 

    2,060,000        2,361,079  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79(a)(i)

 

    5,008,000        4,973,815  

Transcanada Trust, 5.60% to 12/7/31, due 3/7/82(a)(e)(i)

 

    2,500,000        2,481,047  

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

 

    6,499,000        6,527,193  
    

 

 

 
          42,899,698  
       

 

 

 

TELECOMMUNICATIONS

     0.5     

Bell Canada, 6.875% to 6/15/30, due 9/15/55(a)(e)(i)

 

    3,000,000        3,116,340  

Bell Canada, 7.00% to 6/15/35, due 9/15/55(i)

 

    3,000,000        3,138,423  

TELUS Corp., 6.625% to 7/15/30, due 10/15/55(i)

 

    4,000,000        4,119,162  

TELUS Corp., 7.00% to 7/15/35, due 10/15/55(i)

 

    4,000,000        4,222,248  
    

 

 

 
          14,596,173  
       

 

 

 

UTILITIES

     0.4     

AltaGas Ltd., 7.20% to 7/17/34, due 10/15/54(d)(i)

 

    2,800,000        2,901,004  

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

 

    7,268,000        7,314,770  
    

 

 

 
          10,215,774  
       

 

 

 

TOTAL CANADA

          92,663,693  
       

 

 

 
    

FINLAND

     0.1     

BANKING

       

Nordea Bank Abp, 6.625% to 3/26/26(a)(d)(g)(i)(k)

 

    1,400,000        1,408,834  
    

 

 

 

FRANCE

     1.4     

BANKING

       

BNP Paribas SA, 7.00% to 8/16/28(a)(d)(g)(i)(k)

 

    1,000,000        1,029,149  

BNP Paribas SA, 7.75% to 8/16/29(a)(d)(g)(i)(k)

 

    3,200,000        3,397,606  

BNP Paribas SA, 8.00% to 8/22/31(d)(g)(i)(k)

 

    2,000,000        2,157,310  

BNP Paribas SA, 8.50% to 8/14/28(a)(d)(g)(i)(k)

 

    2,000,000        2,139,404  

BNP Paribas SA, 9.25% to 11/17/27(a)(d)(e)(g)(i)(k)

 

    7,200,000        7,758,418  

Credit Agricole SA, 7.125% to 9/23/35(d)(g)(i)(k)

 

    3,200,000        3,270,806  

Societe Generale SA, 6.75% to 4/6/28(a)(d)(g)(i)(k)

 

    4,000,000        4,033,116  

Societe Generale SA, 8.125% to 11/21/29(d)(g)(i)(k)

 

    2,600,000        2,728,120  

Societe Generale SA, 9.375% to 11/22/27(a)(d)(e)(g)(i)(k)

 

    2,400,000        2,576,626  

Societe Generale SA, 10.00% to 11/14/28(a)(d)(e)(g)(i)(k)

 

    5,000,000        5,546,210  
    

 

 

 
          34,636,765  
       

 

 

 

 

6

 

 


              Principal
Amount*
     Value  

GERMANY

     0.1     

BANKING

       

Commerzbank AG, 7.50% to 10/9/30(g)(i)(j)(k)

 

    3,200,000      $ 3,365,604  
    

 

 

 

JAPAN

     0.7     

FINANCIAL SERVICES

     0.1     

Nomura Holdings, Inc., 7.00% to 7/15/30(g)(i)(k)

 

    2,800,000        2,901,881  
    

 

 

 

INSURANCE

     0.6     

Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35(a)(d)(e)(g)(i)

 

    3,400,000        3,536,772  

Nippon Life Insurance Co., 6.50% to 4/30/35, due 4/30/55(a)(d)(e)(i)

 

    4,130,000        4,450,868  

Sumitomo Life Insurance Co., 5.875% to 9/10/35, due 9/10/55(d)(i)

 

    2,600,000        2,648,818  

Sumitomo Life Insurance Co., 5.875% to 1/18/34(a)(d)(e)(g)(i)

 

    4,400,000        4,524,141  
    

 

 

 
          15,160,599  
       

 

 

 

TOTAL JAPAN

 

       18,062,480  
    

 

 

 

NETHERLANDS

     0.6     

BANKING

     0.5     

ING Groep NV, 7.25% to 11/16/34(g)(i)(j)(k)

 

    6,800,000        7,212,250  

ING Groep NV, 8.00% to 5/16/30(g)(i)(j)(k)

 

    5,400,000        5,868,090  
    

 

 

 
          13,080,340  
       

 

 

 

INSURANCE

     0.1     

Aegon Ltd., 5.50% to 4/11/28, due 4/11/48(a)(i)

 

    2,875,000        2,902,861  
    

 

 

 

TOTAL NETHERLANDS

 

       15,983,201  
    

 

 

 

SPAIN

     0.7     

BANKING

       

Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29(g)(i)(k)

 

    4,000,000        4,469,438  

Banco Santander SA, 8.00% to 2/1/34(a)(e)(g)(i)(k)

 

    3,800,000        4,192,601  

Banco Santander SA, 9.625% to 11/21/28(a)(e)(g)(i)(k)

 

    4,400,000        4,936,457  

Banco Santander SA, 9.625% to 5/21/33(a)(e)(g)(i)(k)

 

    3,800,000        4,588,590  
    

 

 

 
          18,187,086  
       

 

 

 

SWEDEN

     0.2     

BANKING

       

Swedbank AB, 7.75% to 3/17/30(g)(i)(j)(k)

 

    4,400,000        4,737,744  
    

 

 

 

SWITZERLAND

     1.2     

BANKING

     0.8     

Credit Suisse Group AG, 5.25%, Claim(c)(d)(g)(k)(l)

 

    1,600,000        152,000  

Credit Suisse Group AG, 6.375%, Claim(c)(d)(g)(k)(l)

 

    2,000,000        190,000  

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

 

    600,000        57,000  

UBS Group AG, 6.85% to 9/10/29(d)(g)(i)(k)

 

    2,600,000        2,690,852  

UBS Group AG, 7.00% to 2/5/35(d)(g)(i)(k)

 

    2,200,000        2,245,010  

UBS Group AG, 9.25% to 11/13/28(a)(d)(e)(g)(i)(k)

 

    7,000,000        7,739,858  

UBS Group AG, 9.25% to 11/13/33(a)(d)(e)(g)(i)(k)

 

    5,200,000        6,200,022  
    

 

 

 
          19,274,742  
       

 

 

 

INSURANCE

     0.4     

Argentum Netherlands BV for Swiss Re Ltd., 5.524% to 8/15/27(g)(i)(j)

 

    3,120,000        3,143,256  

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

 

    3,700,000        3,745,596  

 

7

 

 


              Principal
Amount*
    Value  

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

 

    4,000,000     $ 3,628,812  
   

 

 

 
         10,517,664  
      

 

 

 

TOTAL SWITZERLAND

 

      29,792,406  
   

 

 

 

UNITED KINGDOM

     2.0    

BANKING

     1.7    

Barclays PLC, 7.625% to 3/15/35(g)(i)(k)

 

    2,400,000       2,545,834  

Barclays PLC, 8.00% to 3/15/29(g)(i)(k)

 

    2,000,000       2,119,763  

Barclays PLC, 9.625% to 12/15/29(a)(e)(g)(i)(k)

 

    9,800,000       11,143,306  

HSBC Holdings PLC, 6.00% to 5/22/27(g)(i)(k)

 

    2,600,000       2,613,239  

HSBC Holdings PLC, 6.50% to 3/23/28(a)(g)(i)(k)

 

    2,800,000       2,863,599  

HSBC Holdings PLC, 6.875% to 9/11/29(a)(e)(g)(i)(k)

 

    4,400,000       4,578,112  

Lloyds Banking Group PLC, 6.75% to 9/27/31(a)(e)(g)(i)(k)

 

    4,000,000       4,101,225  

Lloyds Banking Group PLC, 8.00% to 9/27/29(a)(e)(g)(i)(k)

 

    3,000,000       3,248,883  

NatWest Group PLC, 6.00% to 12/29/25(a)(g)(i)(k)

 

    2,000,000       2,010,106  

NatWest Group PLC, 8.125% to 11/10/33(a)(e)(g)(i)(k)

 

    3,000,000       3,382,065  

Standard Chartered PLC, 7.875% to 3/8/30(d)(g)(i)(k)

 

    3,800,000       4,086,889  
   

 

 

 
         42,693,021  
      

 

 

 

INSURANCE

     0.0    

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

 

    1,300,000       1,294,593  
   

 

 

 

TELECOMMUNICATIONS

     0.3    

Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81(a)(i)

 

    2,090,000       1,958,547  

Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79(a)(i)

 

    4,500,000       4,760,236  
   

 

 

 
         6,718,783  
      

 

 

 

TOTAL UNITED KINGDOM

 

      50,706,397  
   

 

 

 

UNITED STATES

     9.8    

BANKING

     3.3    

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

 

    2,682,000       2,712,457  

Bank of America Corp., 6.25% to 7/26/30, Series UU(g)(i)

 

    2,640,000       2,676,106  

Bank of America Corp., 6.625% to 5/1/30, Series OO(g)(i)

 

    3,000,000       3,124,842  

Bank of New York Mellon Corp., 4.625% to 9/20/26, Series F(a)(e)(g)(i)

 

    3,500,000       3,480,251  

Citigroup, Inc., 4.15% to 11/15/26, Series Y(a)(e)(g)(i)

 

    2,310,000       2,263,948  

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

 

    7,850,000       7,909,016  

Citigroup, Inc., 6.875% to 8/15/30, Series GG(a)(e)(g)(i)

 

    5,545,000       5,720,483  

Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(e)(g)(i)

 

    5,000,000       5,141,535  

Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(e)(g)(i)

 

    3,800,000       3,994,811  

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

 

    2,000,000       2,008,572  

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

 

    2,866,000       2,880,903  

Farm Credit Bank of Texas, 7.00% to 9/15/30, Series 6(g)(i)

 

    1,500,000       1,578,220  

First Horizon Bank, 5.44% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)(a)(d)(g)(h)

 

    1,806 †      1,372,560  

Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U(a)(e)(g)(i)

 

    4,170,000       4,090,077  

Goldman Sachs Group, Inc., 4.125% to 11/10/26, Series V(a)(g)(i)

 

    1,000,000       984,691  

Goldman Sachs Group, Inc., 6.85% to 2/10/30(a)(e)(g)(i)

 

    3,000,000       3,119,874  

Goldman Sachs Group, Inc., 7.379% to 2/10/26, Series Q(a)(g)(i)

 

    1,000,000       1,011,117  

Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(e)(g)(i)

 

    2,290,000       2,420,656  

Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(a)(g)(i)

 

    300,000       295,911  

JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(g)(i)

 

    2,000,000       2,109,244  

PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(e)(g)(i)

 

    4,450,000       4,529,183  

PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(g)(i)

 

    2,000,000       2,055,462  

 

8

 

 


           Principal
Amount*
     Value  

State Street Corp., 6.70% to 3/15/29, Series I(a)(e)(g)(i)

       4,000,000      $ 4,165,836  

State Street Corp., 6.70% to 9/15/29, Series J(a)(e)(g)(i)

       3,000,000        3,138,039  

Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(e)(g)(i)

       556,000        556,013  

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

       500,000        495,574  

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

       2,830,000        2,930,835  

Wells Fargo & Co., 6.85% to 9/15/29(a)(e)(g)(i)

       4,000,000        4,210,600  

Wells Fargo & Co., 7.625% to 9/15/28(a)(e)(g)(i)

       3,390,000        3,633,487  
       

 

 

 
          84,610,303  
       

 

 

 

HEALTH CARE

     0.2     

CVS Health Corp., 6.75% to 9/10/34, due 12/10/54(i)

       1,700,000        1,757,536  

CVS Health Corp., 7.00% to 12/10/29, due 3/10/55(i)

       3,000,000        3,154,329  
       

 

 

 
          4,911,865  
       

 

 

 

INSURANCE

     2.3     

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

       3,700,000        3,795,968  

Athene Holding Ltd., 6.625% to 7/15/34, due 10/15/54(a)(e)(i)

       4,073,000        4,115,787  

Athene Holding Ltd., 6.875% to 3/28/35, due 6/28/55(i)

       2,500,000        2,563,550  

Corebridge Financial, Inc., 6.375% to 6/15/34, due 9/15/54(a)(e)(i)

       2,000,000        2,055,658  

Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(e)(i)

       7,170,000        7,354,608  

Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(i)

       4,480,000        4,673,554  

Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(a)(d)(e)(i)

       2,600,000        2,755,348  

Lincoln National Corp., 9.25% to 12/1/27, Series C(a)(e)(g)(i)

       2,993,000        3,222,949  

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

       5,850,000        6,552,766  

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

       6,500,000        7,810,875  

Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(a)(e)(i)

       1,600,000        1,608,827  

Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(e)(i)

       4,500,000        4,687,929  

Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(i)

       1,200,000        1,285,900  

Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(e)(i)

       3,000,000        3,238,596  

Reinsurance Group of America, Inc., 6.65% to 6/15/35, due 9/15/55(i)

       2,200,000        2,311,245  

Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(g)(i)

       1,310,000        1,393,511  
       

 

 

 
          59,427,071  
       

 

 

 

PIPELINES

     0.8     

Energy Transfer LP, 6.75% to 11/15/35, due 2/15/56(i)

       3,800,000        3,797,008  

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

       4,311,000        4,462,799  

Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54(i)

       2,000,000        2,138,714  

Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(i)

       3,600,000        3,574,710  

Venture Global LNG, Inc., 9.00% to 9/30/29(a)(d)(e)(g)(i)

       6,392,000        6,339,455  
       

 

 

 
          20,312,686  
       

 

 

 

UTILITIES

     3.2     

AES Corp., 7.60% to 10/15/29, due 1/15/55(i)

       2,000,000        2,076,162  

American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(a)(e)(i)

       4,200,000        4,073,757  

American Electric Power Co., Inc., 5.80% to 12/15/30, due 3/15/56, Series C(i)

       3,310,000        3,306,677  

American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(i)

       2,200,000        2,386,456  

CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(a)(e)(i)

       3,780,000        4,019,025  

CenterPoint Energy, Inc., 7.00% to 11/15/29, due 2/15/55, Series A(a)(e)(i)

       3,510,000        3,663,773  

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

       1,125,000        1,099,065  

CMS Energy Corp., 6.50% to 3/1/35, due 6/1/55(i)

       3,500,000        3,627,327  

Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(e)(g)(i)

       8,000,000        7,900,167  

Dominion Energy, Inc., 6.00% to 11/15/30, due 2/15/56(i)

       1,050,000        1,058,673  

 

9

 

 


           Principal
Amount*
     Value  

Dominion Energy, Inc., 6.20% to 11/15/35, due 2/15/56(i)

       4,600,000      $ 4,634,352  

Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(e)(i)

       5,180,000        5,424,626  

Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(e)(i)

       3,800,000        3,977,475  

EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(i)

       2,000,000        2,100,506  

Evergy, Inc., 6.65% to 3/1/30, due 6/1/55(i)

       2,000,000        2,051,770  

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

       2,240,000        2,358,695  

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(e)(i)

       2,538,000        2,557,736  

NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, due 8/15/55(i)

       1,500,000        1,558,884  

NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(e)(i)

       4,000,000        4,143,972  

NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(a)(i)

       1,500,000        1,617,181  

NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(i)

       3,000,000        3,129,402  

Sempra, 4.125% to 1/1/27, due 4/1/52(a)(e)(i)

       2,500,000        2,438,682  

Sempra, 4.875% to 10/15/25(a)(g)(i)

       5,780,000        5,786,242  

Sempra, 6.40% to 7/1/34, due 10/1/54(a)(e)(i)

       3,520,000        3,601,682  

Sempra, 6.875% to 7/1/29, due 10/1/54(a)(e)(i)

       3,000,000        3,112,605  
       

 

 

 
          81,704,892  
       

 

 

 

TOTAL UNITED STATES

          250,966,817  
       

 

 

 

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$502,290,017)

          524,032,921  
       

 

 

 

CORPORATE BONDS

     0.5     

ITALY

     0.0     

UTILITIES

       

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

       400,000        461,381  
       

 

 

 

UNITED STATES

     0.5     

REAL ESTATE

     0.2     

Realty Income Corp., 3.40%, due 1/15/30(a)(e)

       3,060,000        2,963,877  

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

       1,700,000        1,721,770  
       

 

 

 
          4,685,647  
       

 

 

 

UTILITIES

     0.3     

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

       1,015,000        1,048,169  

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

       6,000,000        6,103,580  
       

 

 

 
          7,151,749  
       

 

 

 

TOTAL UNITED STATES

          11,837,396  
       

 

 

 

TOTAL CORPORATE BONDS
(Identified cost—$11,907,251)

          12,298,777  
       

 

 

 
           Shares/Units         

WARRANTS

     0.0     

UNITED STATES—ELECTRIC

     0.0     

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

       182,834        137,126  
       

 

 

 

TOTAL WARRANTS
(Identified cost—$621,636)

          137,126  
       

 

 

 

 

10

 

 


           Shares/
Units
     Value  

SHORT-TERM INVESTMENTS

     0.3     

MONEY MARKET FUNDS

       

State Street Institutional Treasury Plus Money Market Fund,
Premier Class, 4.07%(m)

       3,518,759      $ 3,518,759  

State Street Institutional U.S. Government Money Market Fund,
Premier Class, 4.09%(m)

       3,513,000        3,513,000  
       

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$7,031,759)

          7,031,759  
       

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,781,896,951)

     140.5        3,580,634,531  

WRITTEN OPTION CONTRACTS
(Premiums received—$402,381)

     (0.0        (438,872

LIABILITIES IN EXCESS OF OTHER ASSETS

     (40.5        (1,031,177,404
  

 

 

      

 

 

 

NET ASSETS

     100.0      $ 2,549,018,255  
  

 

 

      

 

 

 

 

11

 

 


Exchange-Traded Option Contracts

 

Written Options
Description  

Exercise

Price

 

Expiration

Date

  Number of
Contracts
  Notional
Amount(n)
 

Premiums

Received

  Value

Call — Duke Energy Corp.

      $125.00       10/17/25         (884)         $ (10,939,500)         $  (70,346)         $ (106,964)  

Call — Public Service Enterprise Group, Inc.

        85.00       11/21/25       (1,091)            (9,105,486)           (195,918)           (248,748)  

Put — Oneok, Inc.

        70.00       10/17/25       (1,188)           (8,668,836)           (136,117)            (83,160)  

 

 
              (3,163)         $ (28,713,822)         $ (402,381)         $ (438,872)  

 

 

Centrally Cleared Interest Rate Swap Contracts

 

Notional
Amount
   Fixed
Rate
Payable
     Fixed
Payment
Frequency
   Floating
Rate
Receivable
(resets daily)
    Floating
Payment
Frequency
   Maturity
Date
   Value   Upfront
Payments
(Receipts)
  Unrealized
Appreciation
(Depreciation)
$ 212,500,000      1.240%      Monthly      4.354%(o)     Monthly    2/3/26    $  2,537,396   $    (992)   $   2,538,388
   85,000,000      0.898%      Monthly      4.354%(o)     Monthly    5/1/26       1,727,563      (4,634)       1,732,197
  255,000,000      1.237%      Monthly      4.354%(o)     Monthly    9/15/27      11,274,026     (26,813)      11,300,839
  130,000,000      3.655%      Monthly      4.240%(o)     Monthly    9/15/28       (1,323,051)        —      (1,323,051)
  130,000,000      3.588%      Monthly      4.240%(o)     Monthly    9/15/28       (1,069,274)        —      (1,069,274)

 

                 $ 13,146,660   $ (32,439)   $ 13,179,099

 

Glossary of Portfolio Abbreviations

 

OIS    Overnight Indexed Swap
SOFR    Secured Overnight Financing Rate
USD    United States Dollar

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Schedule of Investments.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

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

Common Stock

     $ 2,939,302,939      $      $    —      $ 2,939,302,939

Preferred Securities—Exchange-Traded:

                   

Utilities

       28,673,572        1,514,832               30,188,404

Other Industries

       67,642,605                      67,642,605

Preferred Securities—Over-the-Counter

              524,032,921               524,032,921

Corporate Bonds

              12,298,777               12,298,777

Warrants

       137,126                      137,126

Short-Term Investments

              7,031,759               7,031,759
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments in Securities(p)

     $ 3,035,756,242      $ 544,878,289      $      $ 3,580,634,531
    

 

 

      

 

 

      

 

 

      

 

 

 


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

Interest Rate Swap Contracts

     $     $ 15,571,424     $      $ 15,571,424
    

 

 

     

 

 

     

 

 

      

 

 

 

Total Derivative Assets(p)

     $     $ 15,571,424     $      $ 15,571,424
    

 

 

     

 

 

     

 

 

      

 

 

 

Interest Rate Swap Contracts

     $     $ (2,392,325 )     $      $ (2,392,325 )

Written Option Contracts

       (438,872 )                    (438,872 )
    

 

 

     

 

 

     

 

 

      

 

 

 

Total Derivative Liabilities(p)

     $ (438,872 )     $ (2,392,325 )     $    —      $ (2,831,197 )
    

 

 

     

 

 

     

 

 

      

 

 

 
 

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

*

Amount denominated in U.S. dollars unless otherwise indicated.

Represents shares.

(a)

All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $2,212,370,190 in aggregate has been pledged as collateral.

(b)

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

(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 $196,619,135 which represents 7.7% of the net assets of the Fund, of which 0.1% are illiquid.

(e)

A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $961,126,204 in aggregate has been rehypothecated.

(f)

All or a portion of the security is pledged in connection with exchange-traded written option contracts. $19,764,757 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)

Variable rate. Rate shown is in effect at September 30, 2025.

(i)

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

(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 $36,517,839 which represents 1.4% of the net assets of the Fund, of which 0.0% are illiquid.

(k)

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 $140,286,017 which represents 5.5% of the net assets of the Fund (3.9% of the managed assets of the Fund).

(l)

Security is in default.

(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, 2025.

(p)

Portfolio holdings are disclosed individually on the Schedule of Investments.

 

13

 

 


Sector Summary

   % of
Managed
Assets

Electric

       34.8

Midstream

       13.0

Banking

       7.6

Gas Distribution

       7.4

Railways

       7.2

Communications

       6.5

Airports

       5.8

Toll Roads

       4.0

Utilities

       3.6

Insurance

       3.0

Marine Ports

       2.3

Pipelines

       1.8

Telecommunications

       0.8

Water

       0.6

Other

       1.6
    

 

 

 
       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. 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 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 Investment Company Act of 1940 (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.

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.

 

 

 


COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

The levels associated with valuing the Fund’s investments as of September 30, 2025 are disclosed in the Fund’s 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.

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 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.