UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
Investment Company Act file number |
811-21485 | |||||||
|
| ||||||||
|
Cohen & Steers Infrastructure Fund, Inc. | ||||||||
|
(Exact name of registrant as specified in charter) | ||||||||
|
| ||||||||
|
280 Park Avenue |
|
10017 | ||||||
|
(Address of principal executive offices) |
|
(Zip code) | ||||||
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| ||||||||
|
Tina M. Payne | ||||||||
|
(Name and address of agent for service) | ||||||||
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| ||||||||
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Registrant’s telephone number, including area code: |
(212) 832-3232 |
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Date of fiscal year end: |
December 31 |
| ||||||
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| ||||||||
|
Date of reporting period: |
March 31, 2012 |
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Item 1. Schedule of Investments
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
March 31, 2012 (Unaudited)
|
|
|
Number |
|
Value |
| |
|
COMMON STOCK 112.4% |
|
|
|
|
| |
|
AUSTRALIA 10.3% |
|
|
|
|
| |
|
AIRPORTS 2.0% |
|
|
|
|
| |
|
Sydney Airport |
|
11,214,268 |
|
$ |
33,338,771 |
|
|
ELECTRIC 1.6% |
|
|
|
|
| |
|
INTEGRATED ELECTRIC 0.8% |
|
|
|
|
| |
|
AGL Energy Ltd. |
|
411,849 |
|
6,292,551 |
| |
|
Origin Energy Ltd.(a) |
|
533,494 |
|
7,377,472 |
| |
|
|
|
|
|
13,670,023 |
| |
|
REGULATED ELECTRIC 0.8% |
|
|
|
|
| |
|
Spark Infrastructure Group |
|
7,839,337 |
|
12,139,961 |
| |
|
TOTAL ELECTRIC |
|
|
|
25,809,984 |
| |
|
|
|
|
|
|
| |
|
RAILWAYS 0.7% |
|
|
|
|
| |
|
QR National Ltd. |
|
2,954,125 |
|
11,413,910 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 6.0% |
|
|
|
|
| |
|
Transurban Group(a) |
|
16,906,379 |
|
98,069,821 |
| |
|
TOTAL AUSTRALIA |
|
|
|
168,632,486 |
| |
|
|
|
|
|
|
| |
|
BRAZIL 3.1% |
|
|
|
|
| |
|
TOLL ROADS 2.4% |
|
|
|
|
| |
|
CCR SA(a) |
|
4,838,708 |
|
39,177,246 |
| |
|
|
|
|
|
|
| |
|
WATER 0.7% |
|
|
|
|
| |
|
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(a) |
|
148,700 |
|
11,393,394 |
| |
|
TOTAL BRAZIL |
|
|
|
50,570,640 |
| |
|
|
|
|
|
|
| |
|
CANADA 6.6% |
|
|
|
|
| |
|
MARINE PORTS 0.6% |
|
|
|
|
| |
|
Westshore Terminals Investment Corp. |
|
417,292 |
|
10,145,201 |
| |
|
|
|
Number |
|
Value |
| |
|
PIPELINES—PIPELINES—C-CORP 6.0% |
|
|
|
|
| |
|
Enbridge(a),(b) |
|
1,363,224 |
|
$ |
52,946,311 |
|
|
TransCanada Corp.(a) |
|
1,047,700 |
|
44,987,710 |
| |
|
|
|
|
|
97,934,021 |
| |
|
TOTAL CANADA |
|
|
|
108,079,222 |
| |
|
|
|
|
|
|
| |
|
FRANCE 11.8% |
|
|
|
|
| |
|
AIRPORTS 0.3% |
|
|
|
|
| |
|
Aeroports de Paris |
|
55,400 |
|
4,547,003 |
| |
|
|
|
|
|
|
| |
|
COMMUNICATIONS—SATELLITES 3.2% |
|
|
|
|
| |
|
Eutelsat Communications(a) |
|
1,405,872 |
|
51,975,305 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC—INTEGRATED ELECTRIC 2.7% |
|
|
|
|
| |
|
GDF Suez(a) |
|
1,729,944 |
|
44,690,962 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 4.4% |
|
|
|
|
| |
|
Vinci SA(a) |
|
1,389,907 |
|
72,480,393 |
| |
|
|
|
|
|
|
| |
|
WATER 1.2% |
|
|
|
|
| |
|
Suez Environnement SA(a) |
|
317,500 |
|
4,869,671 |
| |
|
Veolia Environnement |
|
861,400 |
|
14,285,936 |
| |
|
|
|
|
|
19,155,607 |
| |
|
TOTAL FRANCE |
|
|
|
192,849,270 |
| |
|
|
|
|
|
|
| |
|
GERMANY 3.9% |
|
|
|
|
| |
|
AIRPORTS 1.6% |
|
|
|
|
| |
|
Fraport AG |
|
424,093 |
|
26,555,516 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC—INTEGRATED ELECTRIC 2.3% |
|
|
|
|
| |
|
E.ON AG(a) |
|
1,552,500 |
|
37,187,414 |
| |
|
TOTAL GERMANY |
|
|
|
63,742,930 |
| |
|
|
|
|
|
|
| |
|
HONG KONG 1.5% |
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC |
|
|
|
|
| |
|
CLP Holdings Ltd.(a) |
|
1,819,400 |
|
15,674,081 |
| |
|
Power Assets Holdings Ltd.(a) |
|
1,136,300 |
|
8,340,568 |
| |
|
|
|
|
|
24,014,649 |
| |
|
|
|
Number |
|
Value |
| |
|
ITALY 6.4% |
|
|
|
|
| |
|
ELECTRIC 2.9% |
|
|
|
|
| |
|
INTEGRATED ELECTRIC 0.6% |
|
|
|
|
| |
|
Enel S.p.A. |
|
2,443,160 |
|
$ |
8,836,893 |
|
|
|
|
|
|
|
| |
|
REGULATED ELECTRIC 2.3% |
|
|
|
|
| |
|
Terna Rete Elettrica Nazionale S.p.A.(a) |
|
9,392,800 |
|
37,756,903 |
| |
|
TOTAL ELECTRIC |
|
|
|
46,593,796 |
| |
|
|
|
|
|
|
| |
|
GAS DISTRIBUTION 1.3% |
|
|
|
|
| |
|
Snam Rete Gas S.p.A.(a) |
|
4,528,900 |
|
21,780,934 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 2.2% |
|
|
|
|
| |
|
Atlantia S.p.A.(a),(b) |
|
2,190,943 |
|
36,379,646 |
| |
|
TOTAL ITALY |
|
|
|
104,754,376 |
| |
|
|
|
|
|
|
| |
|
JAPAN 4.3% |
|
|
|
|
| |
|
ELECTRIC—INTEGRATED ELECTRIC 0.3% |
|
|
|
|
| |
|
Kansai Electric Power Co. |
|
286,000 |
|
4,429,769 |
| |
|
|
|
|
|
|
| |
|
RAILWAYS 4.0% |
|
|
|
|
| |
|
East Japan Railway Co.(a) |
|
1,055,300 |
|
66,426,399 |
| |
|
TOTAL JAPAN |
|
|
|
70,856,168 |
| |
|
|
|
|
|
|
| |
|
LUXEMBOURG 3.5% |
|
|
|
|
| |
|
COMMUNICATIONS—SATELLITES |
|
|
|
|
| |
|
SES SA(a),(b) |
|
2,300,600 |
|
57,085,897 |
| |
|
|
|
|
|
|
| |
|
MEXICO 0.3% |
|
|
|
|
| |
|
AIRPORTS |
|
|
|
|
| |
|
Grupo Aeroportuario del Sureste SAB de CV, Class B |
|
640,955 |
|
4,395,174 |
| |
|
|
|
|
|
|
| |
|
NETHERLANDS 1.4% |
|
|
|
|
| |
|
MARINE PORTS |
|
|
|
|
| |
|
Koninklijke Vopak NV(a) |
|
400,940 |
|
23,097,815 |
| |
|
|
|
|
|
|
| |
|
NEW ZEALAND 0.6% |
|
|
|
|
| |
|
AIRPORTS |
|
|
|
|
| |
|
Auckland International Airport Ltd.(a) |
|
5,293,013 |
|
10,661,445 |
| |
|
|
|
Number |
|
Value |
| |
|
SPAIN 2.5% |
|
|
|
|
| |
|
TOLL ROADS |
|
|
|
|
| |
|
Abertis Infraestructuras SA(a) |
|
2,406,756 |
|
$ |
40,974,241 |
|
|
|
|
|
|
|
| |
|
SWITZERLAND 0.6% |
|
|
|
|
| |
|
AIRPORTS |
|
|
|
|
| |
|
Flughafen Zuerich AG |
|
25,758 |
|
9,972,772 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM 5.0% |
|
|
|
|
| |
|
ELECTRIC 3.4% |
|
|
|
|
| |
|
INTEGRATED ELECTRIC 0.6% |
|
|
|
|
| |
|
SSE PLC |
|
436,300 |
|
9,274,590 |
| |
|
|
|
|
|
|
| |
|
REGULATED ELECTRIC 2.8% |
|
|
|
|
| |
|
National Grid PLC(a) |
|
4,517,869 |
|
45,562,047 |
| |
|
TOTAL ELECTRIC |
|
|
|
54,836,637 |
| |
|
|
|
|
|
|
| |
|
WATER 1.6% |
|
|
|
|
| |
|
United Utilities Group PLC(a) |
|
2,716,423 |
|
26,134,701 |
| |
|
TOTAL UNITED KINGDOM |
|
|
|
80,971,338 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 50.6% |
|
|
|
|
| |
|
COMMUNICATIONS 14.4% |
|
|
|
|
| |
|
TELECOMMUNICATIONS 2.0% |
|
|
|
|
| |
|
AT&T(a),(c) |
|
542,100 |
|
16,929,783 |
| |
|
Verizon Communications(a),(c) |
|
406,300 |
|
15,532,849 |
| |
|
|
|
|
|
32,462,632 |
| |
|
TOWERS 12.4% |
|
|
|
|
| |
|
American Tower Corp.(a),(c) |
|
2,006,600 |
|
126,455,932 |
| |
|
Crown Castle International Corp.(a),(c),(d) |
|
1,438,900 |
|
76,750,926 |
| |
|
|
|
|
|
203,206,858 |
| |
|
TOTAL COMMUNICATIONS |
|
|
|
235,669,490 |
| |
|
|
|
Number |
|
Value |
| |
|
ELECTRIC 16.8% |
|
|
|
|
| |
|
INTEGRATED ELECTRIC 6.7% |
|
|
|
|
| |
|
Edison International(a),(c) |
|
608,500 |
|
$ |
25,867,335 |
|
|
FirstEnergy Corp.(a),(c) |
|
395,800 |
|
18,044,522 |
| |
|
NextEra Energy(a),(c) |
|
581,700 |
|
35,530,236 |
| |
|
PPL Corp.(a),(c) |
|
1,097,728 |
|
31,021,793 |
| |
|
|
|
|
|
110,463,886 |
| |
|
REGULATED ELECTRIC 10.1% |
|
|
|
|
| |
|
American Electric Power Co. |
|
472,800 |
|
18,240,624 |
| |
|
CenterPoint Energy(a),(c) |
|
916,846 |
|
18,080,203 |
| |
|
ITC Holdings Corp. |
|
130,000 |
|
10,002,200 |
| |
|
PG&E Corp.(a),(c) |
|
781,607 |
|
33,929,560 |
| |
|
Southern Co.(a),(c) |
|
1,125,909 |
|
50,587,092 |
| |
|
Wisconsin Energy Corp.(a),(c) |
|
498,039 |
|
17,521,012 |
| |
|
Xcel Energy(a) |
|
625,900 |
|
16,567,573 |
| |
|
|
|
|
|
164,928,264 |
| |
|
TOTAL ELECTRIC |
|
|
|
275,392,150 |
| |
|
|
|
|
|
|
| |
|
GAS DISTRIBUTION 2.5% |
|
|
|
|
| |
|
Questar Corp.(a),(c) |
|
855,885 |
|
16,484,345 |
| |
|
Sempra Energy(a),(c) |
|
400,500 |
|
24,013,980 |
| |
|
|
|
|
|
40,498,325 |
| |
|
PIPELINES 14.5% |
|
|
|
|
| |
|
PIPELINES—C-CORP 2.2% |
|
|
|
|
| |
|
Williams Cos. (The)(a),(c) |
|
1,182,691 |
|
36,438,710 |
| |
|
|
|
Number |
|
Value |
| |
|
PIPELINES—MLP 12.3% |
|
|
|
|
| |
|
Buckeye Partners LP(a),(c) |
|
211,440 |
|
$ |
12,935,899 |
|
|
Enbridge Energy Partners LP(a),(c) |
|
264,636 |
|
8,195,777 |
| |
|
Enterprise Products Partners LP(a),(c) |
|
834,100 |
|
42,097,027 |
| |
|
Golar LNG Partners LP (Marshall Islands) |
|
363,176 |
|
13,481,093 |
| |
|
Kinder Morgan Energy Partners LP(a),(c) |
|
330,692 |
|
27,364,763 |
| |
|
MarkWest Energy Partners LP(a),(c) |
|
1,145,943 |
|
66,980,368 |
| |
|
Oiltanking Partners LP(a) |
|
343,573 |
|
10,554,563 |
| |
|
Rose Rock Midstream LP |
|
259,700 |
|
6,191,248 |
| |
|
Tesoro Logistics LP(a) |
|
359,368 |
|
12,567,099 |
| |
|
|
|
|
|
200,367,837 |
| |
|
TOTAL PIPELINES |
|
|
|
236,806,547 |
| |
|
|
|
|
|
|
| |
|
SHIPPING 1.3% |
|
|
|
|
| |
|
GasLog Ltd. (Bermuda)(d) |
|
1,668,900 |
|
20,694,360 |
| |
|
|
|
|
|
|
| |
|
WATER 1.1% |
|
|
|
|
| |
|
American Water Works Co.(a),(c) |
|
529,440 |
|
18,016,843 |
| |
|
TOTAL UNITED STATES |
|
|
|
827,077,715 |
| |
|
TOTAL COMMON STOCK (Identified cost—$1,576,026,775) |
|
|
|
1,837,736,138 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—$25 PAR VALUE 14.8% |
|
|
|
|
| |
|
BERMUDA 1.8% |
|
|
|
|
| |
|
INSURANCE—REINSURANCE |
|
|
|
|
| |
|
Arch Capital Group Ltd., 8.00%, Series A(a) |
|
193,000 |
|
4,894,480 |
| |
|
Arch Capital Group Ltd., 6.75% |
|
200,000 |
|
5,090,000 |
| |
|
Aspen Insurance Holdings Ltd., 7.401%, Series A(a) |
|
72,256 |
|
1,862,037 |
| |
|
Axis Capital Holdings Ltd., 7.50%, Series B ($100 Par Value)(a),(c) |
|
40,000 |
|
4,155,000 |
| |
|
Axis Capital Holdings Ltd., 6.875%, Series C |
|
230,000 |
|
5,980,000 |
| |
|
Endurance Specialty Holdings Ltd., 7.50%, Series B |
|
118,000 |
|
3,046,760 |
| |
|
Montpelier Re Holdings Ltd., 8.875% |
|
180,000 |
|
4,905,000 |
| |
|
|
|
|
|
29,933,277 |
| |
|
|
|
Number |
|
Value |
| |
|
GERMANY 0.7% |
|
|
|
|
| |
|
BANK 0.4% |
|
|
|
|
| |
|
Deutsche Bank Contingent Capital Trust III, 7.60%(a),(c) |
|
237,346 |
|
$ |
6,090,299 |
|
|
|
|
|
|
|
| |
|
INSURANCE—MULTI-LINE 0.3% |
|
|
|
|
| |
|
Allianz SE, 8.375%(a) |
|
210,795 |
|
5,480,670 |
| |
|
TOTAL GERMANY |
|
|
|
11,570,969 |
| |
|
|
|
|
|
|
| |
|
NETHERLANDS 1.5% |
|
|
|
|
| |
|
INSURANCE |
|
|
|
|
| |
|
LIFE/HEALTH INSURANCE 0.5% |
|
|
|
|
| |
|
Aegon NV, 6.50%(a) |
|
224,932 |
|
5,308,395 |
| |
|
Aegon NV, 6.875% |
|
140,000 |
|
3,423,000 |
| |
|
|
|
|
|
8,731,395 |
| |
|
MULTI-LINE 1.0% |
|
|
|
|
| |
|
ING Groep N.V., 6.375% |
|
89,217 |
|
1,953,852 |
| |
|
ING Groep N.V., 7.05%(a) |
|
86,012 |
|
2,010,101 |
| |
|
ING Groep N.V., 7.375%(a),(c) |
|
500,314 |
|
11,947,498 |
| |
|
|
|
|
|
15,911,451 |
| |
|
TOTAL NETHERLANDS |
|
|
|
24,642,846 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM 0.9% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
National Westminster Bank PLC, 7.76%, Series C(a) |
|
504,318 |
|
11,770,782 |
| |
|
Royal Bank of Scotland Group PLC, 6.60%, Series S |
|
124,684 |
|
2,082,223 |
| |
|
|
|
|
|
13,853,005 |
| |
|
|
|
Number |
|
Value |
| |
|
UNITED STATES 9.9% |
|
|
|
|
| |
|
BANK 3.2% |
|
|
|
|
| |
|
Ally Financial, 7.25%, due 2/7/33(a) |
|
139,261 |
|
$ |
3,157,047 |
|
|
Ally Financial, 7.30%, due 3/9/31, (PINES)(a),(c) |
|
137,582 |
|
3,099,722 |
| |
|
Ally Financial, 7.35%, due 8/8/32 |
|
173,716 |
|
3,972,885 |
| |
|
Citigroup Capital VII, 7.125%, due 7/31/31, (TruPS)(a),(c) |
|
350,000 |
|
8,827,000 |
| |
|
Citigroup Capital VIII, 6.95%, due 9/15/31, (TruPS)(a) |
|
249,797 |
|
6,244,925 |
| |
|
CoBank ACB, 7.00%, 144A ($50 Par Value)(e),(f) |
|
100,000 |
|
4,756,250 |
| |
|
Countrywide Capital IV, 6.75%, due 4/1/33(a),(c) |
|
360,000 |
|
8,470,800 |
| |
|
Countrywide Capital V, 7.00%, due 11/1/36(a) |
|
200,000 |
|
4,774,000 |
| |
|
First Niagara Financial Group, 8.625%, Series B |
|
100,000 |
|
2,757,000 |
| |
|
US Bancorp, 6.50%, Series F |
|
161,728 |
|
4,397,384 |
| |
|
Zions Bancorp, 9.50%, due 12/29/49, Series C |
|
100,000 |
|
2,607,000 |
| |
|
|
|
|
|
53,064,013 |
| |
|
ELECTRIC—INTEGRATED 1.8% |
|
|
|
|
| |
|
DTE Energy Co., 6.50%, due 12/1/61(a) |
|
244,800 |
|
6,675,696 |
| |
|
NextEra Energy, 8.375%, due 6/1/12, ($50 Par Value)(a) |
|
100,000 |
|
5,030,000 |
| |
|
NextEra Energy Capital Holdings, 5.70%, due 3/1/72, Series G |
|
480,000 |
|
12,024,000 |
| |
|
Southern California Edison Co.4.52% ($100 Par Value)(FRN) |
|
50,000 |
|
4,993,750 |
| |
|
|
|
|
|
28,723,446 |
| |
|
FINANCE—INVESTMENT BANKER/BROKER 0.2% |
|
|
|
|
| |
|
Raymond James Financial, 6.90%, due 3/15/42 |
|
135,000 |
|
3,507,300 |
| |
|
|
|
|
|
|
| |
|
INTEGRATED TELECOMMUNICATIONS SERVICES 1.7% |
|
|
|
|
| |
|
Qwest Corp., 7.375%, due 6/1/51(a),(c) |
|
472,379 |
|
12,300,749 |
| |
|
Qwest Corp., 7.50%, due 9/15/51 |
|
137,500 |
|
3,590,125 |
| |
|
Telephone & Data Systems, 6.875%, due 11/15/59(a) |
|
189,725 |
|
4,953,720 |
| |
|
United States Cellular Corp., 6.95%, due 5/15/60(a) |
|
240,000 |
|
6,259,200 |
| |
|
|
|
|
|
27,103,794 |
| |
|
REAL ESTATE 2.0% |
|
|
|
|
| |
|
DIVERSIFIED 0.4% |
|
|
|
|
| |
|
Forest City Enterprises, 7.375%, due 2/1/34, Class A(a),(c) |
|
259,975 |
|
6,429,182 |
| |
|
|
|
Number |
|
Value |
| |
|
OFFICE 0.7% |
|
|
|
|
| |
|
SL Green Realty Corp., 7.625%, Series C(a) |
|
337,218 |
|
$ |
8,484,405 |
|
|
SL Green Realty Corp., 7.875%, Series D(a) |
|
111,983 |
|
2,842,128 |
| |
|
|
|
|
|
11,326,533 |
| |
|
RESIDENTIAL—APARTMENT 0.2% |
|
|
|
|
| |
|
Apartment Investment & Management Co., 8.00%, Series T(a) |
|
138,400 |
|
3,494,600 |
| |
|
|
|
|
|
|
| |
|
SHOPPING CENTER 0.7% |
|
|
|
|
| |
|
COMMUNITY CENTER 0.3% |
|
|
|
|
| |
|
DDR Corp., 7.50%, Series I(a) |
|
233,439 |
|
5,842,978 |
| |
|
|
|
|
|
|
| |
|
REGIONAL MALL 0.4% |
|
|
|
|
| |
|
CBL & Associates Properties, 7.75%, Series C(a) |
|
236,641 |
|
5,970,453 |
| |
|
TOTAL SHOPPING CENTER |
|
|
|
11,813,431 |
| |
|
TOTAL REAL ESTATE |
|
|
|
33,063,746 |
| |
|
|
|
|
|
|
| |
|
TRANSPORT—MARINE 1.0% |
|
|
|
|
| |
|
Seaspan Corp., 9.50%, due 1/29/49, Series C |
|
630,000 |
|
17,010,000 |
| |
|
TOTAL UNITED STATES |
|
|
|
162,472,299 |
| |
|
TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
|
|
|
242,472,396 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—CAPITAL SECURITIES 18.0% |
|
|
|
|
| |
|
AUSTRALIA 0.7% |
|
|
|
|
| |
|
OIL & GAS EXPLORATION & PRODUCTION |
|
|
|
|
| |
|
Origin Energy Finance Ltd., 7.875%, due 6/16/71, (EUR)(g) |
|
9,000,000 |
|
11,959,365 |
| |
|
|
|
|
|
|
| |
|
BERMUDA 0.4% |
|
|
|
|
| |
|
INSURANCE—REINSURANCE |
|
|
|
|
| |
|
Catlin Insurance Co., 7.249%, due 12/31/49, 144A(a),(e) |
|
7,000,000 |
|
6,457,500 |
| |
|
|
|
|
|
|
| |
|
BRAZIL 0.4% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
Banco do Brasil SA/Cayman, 9.25%, due 12/31/49, 144A(e) |
|
5,500,000 |
|
5,995,000 |
| |
|
|
|
Number |
|
Value |
| |
|
FRANCE 0.3% |
|
|
|
|
| |
|
INSURANCE—MULTI-LINE |
|
|
|
|
| |
|
AXA SA, 8.60%, due 12/15/30 |
|
5,000,000 |
|
$ |
5,534,770 |
|
|
|
|
|
|
|
| |
|
IRELAND 0.1% |
|
|
|
|
| |
|
INSURANCE—MULTI—LINE |
|
|
|
|
| |
|
Cloverie PLC, 8.25%, due 12/31/49 |
|
1,500,000 |
|
1,585,875 |
| |
|
|
|
|
|
|
| |
|
JAPAN 0.4% |
|
|
|
|
| |
|
INSURANCE—PROPERTY CASUALTY |
|
|
|
|
| |
|
Mitsui Sumitomo Insurance Co., Ltd., 7.00%, due 3/15/72, 144A(e) |
|
5,750,000 |
|
5,807,247 |
| |
|
|
|
|
|
|
| |
|
JERSEY 0.1% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
HBOS Capital Funding LP, 6.85%, due 12/31/49 |
|
2,000,000 |
|
1,440,000 |
| |
|
|
|
|
|
|
| |
|
NETHERLANDS 0.6% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
Rabobank Nederland, 8.40%, due 12/31/49 |
|
4,000,000 |
|
4,110,000 |
| |
|
Rabobank Nederland, 11.00%, due 6/29/49, 144A(e) |
|
5,120,000 |
|
6,535,403 |
| |
|
|
|
|
|
10,645,403 |
| |
|
SWITZERLAND 0.3% |
|
|
|
|
| |
|
INSURANCE—REINSURANCE |
|
|
|
|
| |
|
Aquarius + Investments PLC, 8.25%, due 12/31/49 |
|
5,500,000 |
|
5,513,750 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM 4.1% |
|
|
|
|
| |
|
BANK 3.3% |
|
|
|
|
| |
|
Abbey National Capital Trust I, 8.963%, due 12/29/49(a) |
|
9,904,000 |
|
10,102,080 |
| |
|
Barclays Bank PLC, 6.278%, due 12/31/49(a) |
|
10,940,000 |
|
9,175,925 |
| |
|
Claudius Ltd., 7.875%, due 12/12/49 |
|
5,500,000 |
|
5,637,500 |
| |
|
HSBC Capital Funding LP, 10.176%, due 12/29/49, 144A(a),(c),(e) |
|
9,750,000 |
|
12,967,500 |
| |
|
LBG Capital No.1 PLC, 8.00%, due 12/29/49, 144A(e) |
|
9,290,000 |
|
8,079,504 |
| |
|
Royal Bank of Scotland PLC, 9.50%, due 3/16/22, (FRN) |
|
3,000,000 |
|
3,136,320 |
| |
|
Santander UK PLC, 7.95%, due 10/26/29(a),(c) |
|
4,500,000 |
|
4,594,770 |
| |
|
|
|
|
|
53,693,599 |
| |
|
|
|
Number |
|
Value |
| |
|
FINANCE—INVESTMENT ADVISORY SERVICES 0.2% |
|
|
|
|
| |
|
Old Mutual PLC, 8.00%, due 6/3/21, (GBP) |
|
2,500,000 |
|
$ |
4,152,488 |
|
|
|
|
|
|
|
| |
|
INSURANCE 0.6% |
|
|
|
|
| |
|
LIFE/HEALTH INSURANCE 0.3% |
|
|
|
|
| |
|
Prudential PLC, 7.75%, due 6/23/16 |
|
5,000,000 |
|
5,110,000 |
| |
|
|
|
|
|
|
| |
|
MULTI-LINE 0.3% |
|
|
|
|
| |
|
Old Mutual Capital Funding PLC, 8.00%, due 5/29/49(b) |
|
4,000,000 |
|
3,982,000 |
| |
|
TOTAL INSURANCE |
|
|
|
9,092,000 |
| |
|
TOTAL UNITED KINGDOM |
|
|
|
66,938,087 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 10.6% |
|
|
|
|
| |
|
BANK 2.9% |
|
|
|
|
| |
|
Astoria Capital Trust I, 9.75%, due 11/1/29, Series B(f) |
|
2,400,000 |
|
2,497,814 |
| |
|
Citigroup Capital III, 7.625%, due 12/1/36(a) |
|
5,000,000 |
|
5,115,620 |
| |
|
Farm Credit Bank of Texas, 10.00%, due 12/15/20, ($1,000 Par Value) Series I(a),(c) |
|
7,000 |
|
8,305,937 |
| |
|
JP Morgan Chase & Co., 7.90%, due 4/29/49, Series I (FRN)(a),(c) |
|
8,070,000 |
|
8,871,529 |
| |
|
PNC Financial Services Group, 6.75%, due 7/29/49, (FRN)(a),(c) |
|
8,000,000 |
|
8,467,480 |
| |
|
Sovereign Capital Trust VI, 7.908%, due 6/13/36(a) |
|
2,515,000 |
|
2,521,288 |
| |
|
Wells Fargo & Co., 7.98%, due 3/29/49, Series K (FRN)(a),(c) |
|
10,250,000 |
|
11,210,937 |
| |
|
|
|
|
|
46,990,605 |
| |
|
FINANCE 0.2% |
|
|
|
|
| |
|
CREDIT CARD 0.1% |
|
|
|
|
| |
|
Capital One Capital III, 7.686%, due 8/15/36(b) |
|
1,250,000 |
|
1,262,500 |
| |
|
|
|
|
|
|
| |
|
INVESTMENT BANKER/BROKER 0.1% |
|
|
|
|
| |
|
Charles Schwab Corp., 7.00%, due 12/31/49 |
|
2,300,000 |
|
2,455,043 |
| |
|
TOTAL FINANCE |
|
|
|
3,717,543 |
| |
|
|
|
|
|
|
| |
|
FOOD 0.4% |
|
|
|
|
| |
|
Dairy Farmers of America, 7.875%, 144A(e),(f) |
|
60,000 |
|
5,898,750 |
| |
|
|
|
Number |
|
Value |
| |
|
INSURANCE 2.1% |
|
|
|
|
| |
|
MULTI—LINE 1.2% |
|
|
|
|
| |
|
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A(a),(e) |
|
7,900,000 |
|
$ |
8,729,500 |
|
|
MetLife Capital Trust X, 9.25%, due 4/8/38, 144A(a),(c),(e) |
|
8,500,000 |
|
10,285,000 |
| |
|
|
|
|
|
19,014,500 |
| |
|
PROPERTY CASUALTY 0.9% |
|
|
|
|
| |
|
ACE Capital Trust II, 9.70%, due 4/1/30(a) |
|
3,070,000 |
|
4,197,642 |
| |
|
Liberty Mutual Group, 7.80%, due 3/15/37, 144A(a),(e) |
|
6,250,000 |
|
6,125,000 |
| |
|
Liberty Mutual Group, 10.75%, due 6/15/58, 144A(a),(e) |
|
4,000,000 |
|
5,390,000 |
| |
|
|
|
|
|
15,712,642 |
| |
|
TOTAL INSURANCE |
|
|
|
34,727,142 |
| |
|
|
|
|
|
|
| |
|
INTEGRATED TELECOMMUNICATIONS SERVICES 1.2% |
|
|
|
|
| |
|
Centaur Funding Corp., 9.08%, due 4/21/20, 144A(e) |
|
16,889 |
|
19,607,073 |
| |
|
|
|
|
|
|
| |
|
PIPELINES 2.0% |
|
|
|
|
| |
|
Enbridge Energy Partners LP, 8.05%, due 10/1/37(a) |
|
15,000,000 |
|
16,313,490 |
| |
|
Enterprise Products Operating LP, 8.375%, due 8/1/66(a) |
|
14,930,000 |
|
16,288,511 |
| |
|
|
|
|
|
32,602,001 |
| |
|
UTILITIES 1.8% |
|
|
|
|
| |
|
GAS UTILITIES 0.5% |
|
|
|
|
| |
|
Southern Union Co., 3.564%, due 11/1/66, (FRN) |
|
8,950,000 |
|
7,887,188 |
| |
|
|
|
|
|
|
| |
|
MULTI UTILITIES 1.3% |
|
|
|
|
| |
|
Dominion Resources, 7.50%, due 6/30/66, Series A(a),(c) |
|
10,479,000 |
|
11,012,905 |
| |
|
PPL Capital Funding, 6.70%, due 3/30/67, Series A(a) |
|
10,282,000 |
|
10,292,755 |
| |
|
|
|
|
|
21,305,660 |
| |
|
TOTAL UTILITIES |
|
|
|
29,192,848 |
| |
|
TOTAL UNITED STATES |
|
|
|
172,735,962 |
| |
|
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES |
|
|
|
294,612,959 |
| |
|
|
|
Principal |
|
Value |
| ||
|
CORPORATE BONDS 2.6% |
|
|
|
|
| ||
|
UNITED STATES |
|
|
|
|
| ||
|
INSURANCE—PROPERTY CASUALTY 0.4% |
|
|
|
|
| ||
|
Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(a),(e) |
|
$ |
6,850,000 |
|
$ |
6,350,642 |
|
|
|
|
|
|
|
| ||
|
INTEGRATED TELECOMMUNICATIONS SERVICES 2.2% |
|
|
|
|
| ||
|
CenturyLink, 7.65%, due 3/15/42(a),(b) |
|
11,000,000 |
|
10,364,805 |
| ||
|
Citizens Communications Co., 9.00%, due 8/15/31(a) |
|
17,450,000 |
|
17,013,750 |
| ||
|
Embarq Corp., 7.995%, due 6/1/36(a) |
|
8,076,000 |
|
8,184,800 |
| ||
|
|
|
|
|
35,563,355 |
| ||
|
TOTAL CORPORATE BONDS (Identified cost—$43,447,539) |
|
|
|
41,913,997 |
| ||
|
|
|
Number |
|
|
| |||
|
SHORT-TERM INVESTMENTS 3.8% |
|
|
|
|
| |||
|
MONEY MARKET FUNDS |
|
|
|
|
| |||
|
BlackRock Liquidity Funds: FedFund, 0.01%(h) |
|
30,802,274 |
|
30,802,274 |
| |||
|
Federated Government Obligations Fund, 0.01%(h) |
|
30,801,964 |
|
30,801,964 |
| |||
|
TOTAL SHORT-TERM INVESTMENTS |
|
|
|
61,604,238 |
| |||
|
|
|
|
|
|
| |||
|
TOTAL INVESTMENTS (Identified cost—$2,180,068,820) |
|
151.6 |
% |
|
|
2,478,339,728 |
| |
|
|
|
|
|
|
|
|
| |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(51.6 |
) |
|
|
(843,469,278 |
) | |
|
|
|
|
|
|
|
|
| |
|
NET ASSETS (Equivalent to $19.02 per share based on 85,968,253 shares of common stock outstanding) |
|
100.0 |
% |
|
|
$ |
1,634,870,450 |
|
|
|
|
Glossary of Portfolio Abbreviations | |
|
|
ADR |
American Depositary Receipt | |
|
|
EUR |
Euro Currency | |
|
|
FRN |
Floating Rate Note |
|
|
GBP |
Great British Pound |
|
|
PINES |
Public Income Notes |
|
|
TruPS |
Trust Preferred Securities |
Note: Percentages indicated are based on the net assets of the Fund.
|
(a) |
A portion or all of the security is pledged in connection with the revolving credit agreement: $1,617,287,818 has been pledged as collateral. |
|
(b) |
A portion of the security is segregated as collateral for interest rate swap transactions: $37,701,219 has been segregated as collateral. |
|
(c) |
A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $745,735,711. |
|
(d) |
Non-income producing security. |
|
(e) |
Resale is restricted to qualified institutional investors. Aggregate holdings equal 6.9% of net assets of the Fund, of which 0.7% are illiquid. |
|
(f) |
Illiquid security. Aggregate holdings equal 0.8% of net assets of the Fund. |
|
(g) |
Fair valued security. This security has been valued at its fair value as determined in good faith under procedures established by and under the general supervision of the Fund’s Board of Directors. Aggregate fair valued securities represent 0.7% of the net assets of the Fund. |
|
(h) |
Rate quoted represents the seven day yield of the fund. |
Interest rate swaps outstanding at March 31, 2012 are as follows:
|
|
|
|
|
Fixed |
|
Floating Rate(a) |
|
|
|
|
| ||
|
|
|
Notional |
|
Rate |
|
(resets monthly) |
|
Termination |
|
Unrealized |
| ||
|
Counterparty |
|
Amount |
|
Payable |
|
Receivable |
|
Date |
|
Depreciation |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Merrill Lynch Derivative Products Ag(b) |
|
$ |
35,000,000 |
|
3.510 |
% |
0.242 |
% |
December 22, 2012 |
|
$ |
(859,629 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Merrill Lynch Derivative Products Ag(b) |
|
$ |
70,000,000 |
|
3.600 |
% |
0.241 |
% |
January 29, 2014 |
|
(4,124,786 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Royal Bank of Canada |
|
$ |
35,000,000 |
|
3.525 |
% |
0.242 |
% |
October 17, 2012 |
|
(662,891 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Royal Bank of Canada |
|
$ |
40,000,000 |
|
3.498 |
% |
0.242 |
% |
November 22, 2012 |
|
(866,984 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Royal Bank of Canada |
|
$ |
72,000,000 |
|
3.615 |
% |
0.241 |
% |
March 29, 2014 |
|
(4,634,081 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Royal Bank of Canada |
|
$ |
40,000,000 |
|
3.634 |
% |
0.241 |
% |
March 31, 2014 |
|
(2,586,516 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Royal Bank of Canada |
|
$ |
100,000,000 |
|
1.865 |
% |
0.242 |
% |
June 13, 2015 |
|
(3,868,488 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Royal Bank of Canada |
|
$ |
120,000,000 |
|
2.474 |
% |
0.242 |
% |
February 10, 2016 |
|
(7,664,165 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
UBS AG |
|
$ |
35,000,000 |
|
2.905 |
% |
0.242 |
% |
May 25, 2012 |
|
(154,598 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
UBS AG |
|
$ |
60,000,000 |
|
3.639 |
% |
0.242 |
% |
April 17, 2013 |
|
(2,163,700 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
$ |
(27,585,838 |
) | |
(a) Based on LIBOR (London Interbank Offered Rate). Represents rates in effect at March 31, 2012.
(b) Cash in the amount of $5,182,000 has been pledged as collateral.
|
Sector Summary |
|
% of Managed Assets |
|
|
Electric (Common) |
|
21.1 |
% |
|
Communications (Common) |
|
14.1 |
|
|
Pipelines (Common) |
|
13.7 |
|
|
Toll Roads (Common) |
|
11.8 |
|
|
Bank (Preferred) |
|
7.9 |
|
|
Insurance (Preferred) |
|
5.3 |
|
|
Airports (Common) |
|
3.7 |
|
|
Railways (Common) |
|
3.2 |
|
|
Water (Common) |
|
3.1 |
|
|
Gas Distribution (Common) |
|
2.5 |
|
|
Integrated Telecommunications Services (Preferred) |
|
1.9 |
|
|
Integrated Telecommunications Services (Corporate Bonds) |
|
1.5 |
|
|
Marine Ports (Common) |
|
1.4 |
|
|
Real Estate (Preferred) |
|
1.4 |
|
|
Pipelines (Preferred) |
|
1.3 |
|
|
Utilities (Preferred) |
|
1.2 |
|
|
Electric-Integrated (Preferred) |
|
1.2 |
|
|
Shipping (Common) |
|
0.8 |
|
|
Other |
|
0.7 |
|
|
Transport-Marine (Preferred) |
|
0.7 |
|
|
Oil & Gas Exploration & Production (Preferred) |
|
0.5 |
|
|
Finance (Preferred) |
|
0.5 |
|
|
Insurance (Corporate Bonds) |
|
0.3 |
|
|
Food (Preferred) |
|
0.2 |
|
|
|
|
100.0 |
% |
Cohen & Steers Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1. Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange are valued, except as indicated below, at the last sale price reflected at the close of the New York Stock Exchange on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day or, if no asked price is available, at the bid price. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter options quotations are provided by the respective counterparty when such prices are believed by Cohen & Steers Capital Management, Inc. (the investment manager), pursuant to delegation by the Board of Directors, to reflect the fair market value.
Securities not listed on the New York Stock Exchange but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price as reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain foreign securities may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be over-the-counter, are valued at the last sale price as reported by sources deemed appropriate by the Board of Directors to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day or, if no asked price is available, at the bid price. However, certain fixed-income securities may be valued on the basis of prices provided by a pricing service when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities. Interest rate swaps are valued utilizing quotes received from an outside pricing service.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value.
Under procedures approved by the Fund’s Board of Directors, the investment manager has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures which are approved annually by the Fund’s Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or asked price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market
Cohen & Steers Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
· Level 1 — quoted prices in active markets for identical investments
· Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)
· Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the beginning of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 securities during the period ended March 31, 2012.
The following is a summary of the inputs used as of March 31, 2012 in valuing the Fund’s investments carried at value:
Cohen & Steers Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
|
Total |
|
Quoted Prices In |
|
Other |
|
Significant |
| ||||
|
Common Stock |
|
$ |
1,837,736,138 |
|
$ |
1,837,736,138 |
|
$ |
— |
|
$ |
— |
|
|
Preferred Securities - $25 Par Value - Bermuda |
|
29,933,277 |
|
20,688,277 |
|
4,155,000 |
|
5,090,000 |
(a) | ||||
|
Preferred Securities - $25 Par Value - Germany |
|
11,570,969 |
|
6,090,299 |
|
5,480,670 |
|
— |
| ||||
|
Preferred Securities - $25 Par Value - United States |
|
162,472,299 |
|
140,698,299 |
|
4,993,750 |
|
16,780,250 |
(a),(b) | ||||
|
Preferred Securities - $25 Par Value - Other Countries |
|
38,495,851 |
|
38,495,851 |
|
— |
|
— |
| ||||
|
Preferred Securities - Capital Securities - Australia |
|
11,959,365 |
|
— |
|
— |
|
11,959,365 |
(c) | ||||
|
Preferred Securities - Capital Securities - Ireland |
|
1,585,875 |
|
— |
|
— |
|
1,585,875 |
(a) | ||||
|
Preferred Securities - Capital Securities - United States |
|
172,735,962 |
|
— |
|
166,837,212 |
|
5,898,750 |
(b) | ||||
|
Preferred Securities - Capital Securities - Other Countries |
|
108,331,757 |
|
— |
|
108,331,757 |
|
— |
| ||||
|
Corporate Bonds |
|
41,913,997 |
|
— |
|
41,913,997 |
|
— |
| ||||
|
Money Market Funds |
|
61,604,238 |
|
— |
|
61,604,238 |
|
— |
| ||||
|
Total Investments (d) |
|
$ |
2,478,339,728 |
|
$ |
2,043,708,864 |
|
$ |
393,316,624 |
|
$ |
41,314,240 |
|
|
Depreciation in Other Financial Instruments |
|
|
|
|
|
|
|
|
| ||||
|
Interest rate swaps |
|
(27,585,838 |
) |
— |
|
(27,585,838 |
) |
— |
| ||||
|
Total Depreciation in Other Financial Instruments (d) |
|
$ |
(27,585,838 |
) |
$ |
— |
|
$ |
(27,585,838 |
) |
— |
| |
(a) Valued utilizing an independent broker quote.
(b) Deemed illiquid and valued by a pricing service which utilized independent broker quotes.
(c) Fair valued, pursuant to the Fund’s fair value procedures, utilizing inputs and assumptions which include dealer observations and recent comparables in similar securities.
(d) Portfolio holdings are disclosed individually on the Schedule of Investments.
Investments classified as Level 3 infrequently trade and have significant unobservable inputs. Such items include investments for which the determination of fair value is based on prices from prior transactions, reputable dealers or third party pricing services without applying any adjustment.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Cohen & Steers Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
|
Total |
|
Preferred |
|
Preferred |
|
Preferred |
|
Preferred |
|
Preferred |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2011 |
|
$ |
20,823,661 |
|
$ |
— |
|
$ |
4,568,750 |
|
$ |
10,599,911 |
|
$ |
— |
|
$ |
5,655,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion (Amortization) |
|
(607 |
) |
— |
|
— |
|
7 |
|
(614 |
) |
— |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Change in unrealized appreciation |
|
1,973,275 |
|
90,294 |
|
215,857 |
|
1,359,447 |
|
63,927 |
|
243,750 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Purchases |
|
18,517,911 |
|
4,999,706 |
|
11,995,643 |
|
— |
|
1,522,562 |
|
— |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Balance as of March 31, 2012 |
|
$ |
41,314,240 |
|
$ |
5,090,000 |
|
$ |
16,780,250 |
|
$ |
11,959,365 |
|
$ |
1,585,875 |
|
$ |
5,898,750 |
|
The change in unrealized appreciation attributable to securities owned on March 31, 2012 which were valued using significant unobservable inputs (Level 3) amounted to $1,973,275.
Investments classified as Level 3 infrequently trade and have significant unobservable inputs. The Level 3 preferred securities have been fair valued utilizing inputs and assumptions which include book value, recent comparables in similar securities, as well as liquidity and market risk factors.
The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy. The disclosure below excludes investments for which fair value is based upon unobservable inputs.
|
|
|
Fair Value at |
|
Valuation |
|
Unobservable |
|
Range |
| |
|
Preferred Securities - Capital Securities - Australia |
|
$ |
11,959,365 |
|
Consensus Pricing |
|
Bid-Ask Spread |
|
99.238-100.030 |
|
The significant unobservable input utilized in the fair value measurement of the Fund’s Level 3 equity investment in Preferred Securities - Capital Securities - Australia is the bid-ask spread. Significant changes in this input may result in a materially higher or lower fair value measurement.
Note 2. Derivative Instruments: The balance of outstanding interest rate swaps at March 31, 2012 is representative of the volume outstanding throughout the period ended March 31, 2012. The following is a summary of the Fund’s derivative instruments as of March 31, 2012:
|
Interest rate swaps |
|
$ |
(27,585,838 |
) |
Cohen & Steers Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Interest Rate Swaps: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce the risk that an increase in short-term interest rates could have on the performance of the Fund’s common shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. In these interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that is intended to approximate the Fund’s variable rate payment obligation on the credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the common shares. The market value of interest rate swaps is based on pricing models that consider the time value of money, volatility, the current market and contractual prices of the underlying financial instrument. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that such amount is positive.
Note 3. Income Tax Information
As of March 31, 2012, the federal tax cost and net unrealized appreciation on securities were as follows:
|
Cost for federal income tax purposes |
|
$ |
2,180,068,820 |
|
|
Gross unrealized appreciation |
|
$ |
360,075,093 |
|
|
Gross unrealized depreciation |
|
(61,804,185 |
) | |
|
Net unrealized appreciation |
|
$ |
298,270,908 |
|
Item 2. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report.
(b) During the last fiscal quarter, there were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
COHEN & STEERS INFRASTRUCTURE FUND, INC. |
|
| ||
|
|
|
| ||
|
|
|
| ||
|
By: |
/s/ Adam M. Derechin |
|
| |
|
|
Name: |
Adam M. Derechin |
|
|
|
|
Title: |
President |
|
|
|
|
|
|
| |
|
|
Date: May 25, 2012 |
|
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Adam M. Derechin |
|
By: |
/s/ James Giallanza | ||
|
|
Name: |
Adam M. Derechin |
|
|
Name: |
James Giallanza |
|
|
Title: |
President and Principal |
|
|
Title: |
Treasurer and Principal |
|
|
|
Executive Officer |
|
|
|
Financial Officer |
|
|
|
|
|
|
| |
|
|
Date: May 25, 2012 |
|
|
|
| |