UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-21485 |
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Cohen & Steers Infrastructure Fund, Inc. |
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(Exact name of registrant as specified in charter) |
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280 Park Avenue |
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10017 |
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(Address of principal executive offices) |
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(Zip code) |
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Francis C. Poli |
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(Name and address of agent for service) |
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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: |
September 30, 2010 |
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Item 1. Schedule of Investments
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
September 30, 2010 (Unaudited)
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|
Number |
|
Value |
|
|
|
COMMON STOCK 118.1% |
|
|
|
|
|
|
|
BANK 0.2% |
|
|
|
|
|
|
|
SJB Escrow Corp., Class A, 144A (b),(e),(f),(g) |
|
128,300 |
|
$ |
2,566,000 |
|
|
CONSUMER DISCRETIONARY—CABLE & SATELLITE 4.6% |
|
|
|
|
|
|
|
Eutelsat Communications (France) |
|
333,500 |
|
12,730,031 |
|
|
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SES SA (Luxembourg)(a) |
|
2,461,700 |
|
59,181,531 |
|
|
|
|
|
|
|
71,911,562 |
|
|
|
ENERGY 20.1% |
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|
|
|
|
|
|
INTEGRATED OIL & GAS 1.4% |
|
|
|
|
|
|
|
Origin Energy Ltd. (Australia) |
|
1,459,495 |
|
22,359,189 |
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|
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OIL & GAS STORAGE & TRANSPORTATION 18.7% |
|
|
|
|
|
|
|
Chesapeake Midstream Partners LP (e) |
|
173,400 |
|
4,385,286 |
|
|
|
DCP Midstream Partners LP (c),(d) |
|
591,948 |
|
19,830,258 |
|
|
|
Enbridge (Canada)(a) |
|
263,932 |
|
13,823,788 |
|
|
|
Enbridge Energy Partners LP (c),(d) |
|
132,318 |
|
7,399,222 |
|
|
|
Energy Transfer Partners LP (c),(d) |
|
587,777 |
|
28,377,873 |
|
|
|
Enterprise Products Partners LP (c),(d) |
|
834,100 |
|
33,088,747 |
|
|
|
Kinder Morgan Energy Partners LP (c),(d) |
|
335,692 |
|
22,994,902 |
|
|
|
Magellan Midstream Partners LP (c),(d) |
|
166,397 |
|
8,561,126 |
|
|
|
MarkWest Energy Partners LP (c),(d) |
|
1,204,523 |
|
43,266,466 |
|
|
|
Spectra Energy Corp. (c),(d) |
|
398,934 |
|
8,995,962 |
|
|
|
Targa Resources Partners LP |
|
230,818 |
|
6,412,124 |
|
|
|
TransCanada Corp. (Canada) |
|
1,264,800 |
|
46,921,388 |
|
|
|
Williams Cos. (The) (c),(d) |
|
909,091 |
|
17,372,729 |
|
|
|
Williams Partners LP (c),(d) |
|
632,894 |
|
26,834,706 |
|
|
|
|
|
|
|
288,264,577 |
|
|
|
TOTAL ENERGY |
|
|
|
310,623,766 |
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|
|
|
|
Number |
|
Value |
|
|
|
INDUSTRIALS 19.8% |
|
|
|
|
|
|
|
AIRPORT SERVICES 2.9% |
|
|
|
|
|
|
|
Auckland International Airport Ltd. (New Zealand) |
|
5,293,013 |
|
$ |
7,961,141 |
|
|
Australian Infrastructure Fund (Australia) |
|
2,650,000 |
|
4,892,191 |
|
|
|
Map Group (Australia) |
|
11,214,268 |
|
31,650,309 |
|
|
|
|
|
|
|
44,503,641 |
|
|
|
CONSTRUCTION & ENGINEERING 6.8% |
|
|
|
|
|
|
|
Ferrovial SA (Spain) |
|
5,386,600 |
|
50,367,586 |
|
|
|
Vinci SA (France) |
|
1,075,407 |
|
53,906,619 |
|
|
|
|
|
|
|
104,274,205 |
|
|
|
HIGHWAYS & RAILTRACKS 6.0% |
|
|
|
|
|
|
|
Atlantia S.p.A. (Italy)(a) |
|
2,092,760 |
|
43,364,927 |
|
|
|
Cia de Concessoes Rodoviarias (Brazil) |
|
564,127 |
|
14,553,276 |
|
|
|
Jiangsu Expressway Co., Ltd., Class H (Hong Kong) |
|
8,302,968 |
|
8,700,146 |
|
|
|
Shenzhen Expressway Co., Ltd., Class H (Hong Kong) |
|
230,000 |
|
120,353 |
|
|
|
Sichuan Expressway Co., Ltd. (Hong Kong) |
|
6,448,000 |
|
4,321,465 |
|
|
|
Transurban Group (Australia) |
|
4,405,576 |
|
21,163,294 |
|
|
|
|
|
|
|
92,223,461 |
|
|
|
INDUSTRIAL CONGLOMERATES 0.4% |
|
|
|
|
|
|
|
Beijing Enterprises Holdings Ltd. (Hong Kong) |
|
918,500 |
|
6,546,466 |
|
|
|
MARINE PORTS & SERVICES 0.2% |
|
|
|
|
|
|
|
Dalian Port (PDA) Co., Ltd. (Hong Kong) |
|
8,007,800 |
|
3,302,675 |
|
|
|
RAILROADS 3.5% |
|
|
|
|
|
|
|
East Japan Railway Co. (Japan) |
|
907,300 |
|
54,777,097 |
|
|
|
TOTAL INDUSTRIALS |
|
|
|
305,627,545 |
|
|
|
REAL ESTATE—DIVERSIFIED 0.0% |
|
|
|
|
|
|
|
Cousins Properties |
|
9 |
|
64 |
|
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TELECOMMUNICATION SERVICES 12.2% |
|
|
|
|
|
|
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ALTERNATIVE CARRIERS 1.6% |
|
|
|
|
|
|
|
Inmarsat PLC (United Kingdom) |
|
2,304,300 |
|
24,017,529 |
|
|
|
|
|
Number |
|
Value |
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 2.9% |
|
|
|
|
|
|
|
AT&T (c),(d) |
|
842,100 |
|
$ |
24,084,060 |
|
|
Frontier Communications Corp. (c),(d) |
|
145,536 |
|
1,189,029 |
|
|
|
Verizon Communications (c),(d) |
|
606,300 |
|
19,759,317 |
|
|
|
|
|
|
|
45,032,406 |
|
|
|
WIRELESS TELECOMMUNICATION SERVICES 7.7% |
|
|
|
|
|
|
|
American Tower Corp. (c),(d),(e) |
|
1,506,000 |
|
77,197,560 |
|
|
|
Crown Castle International Corp. (c),(d),(e) |
|
625,300 |
|
27,606,995 |
|
|
|
SBA Communications Corp. (c),(d),(e) |
|
357,000 |
|
14,387,100 |
|
|
|
|
|
|
|
119,191,655 |
|
|
|
TOTAL TELECOMMUNICATION SERVICES |
|
|
|
188,241,590 |
|
|
|
|
|
Number |
|
Value |
|
|
|
UTILITIES 61.2% |
|
|
|
|
|
|
|
ELECTRIC UTILITIES 32.0% |
|
|
|
|
|
|
|
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong) |
|
1,211,500 |
|
$ |
4,809,244 |
|
|
Cia de Transmissao de Energia Eletrica Paulista (Brazil) |
|
404,536 |
|
12,420,594 |
|
|
|
CLP Holdings Ltd. (Hong Kong) |
|
3,965,500 |
|
31,636,705 |
|
|
|
Duke Energy Corp. (a),(c),(d) |
|
1,550,268 |
|
27,455,246 |
|
|
|
E.ON AG (Germany) |
|
869,900 |
|
25,650,832 |
|
|
|
EDP - Energias de Portugal SA (Portugal) |
|
3,245,000 |
|
11,121,301 |
|
|
|
Electricite de France (France) |
|
195,000 |
|
8,410,982 |
|
|
|
Enel S.p.A. (Italy) |
|
7,458,960 |
|
39,758,560 |
|
|
|
Entergy Corp. (c),(d) |
|
406,150 |
|
31,082,659 |
|
|
|
Hongkong Electric Holdings Ltd. (Hong Kong) |
|
3,455,900 |
|
20,978,997 |
|
|
|
ITC Holdings Corp. (c),(d) |
|
104,090 |
|
6,479,603 |
|
|
|
Kansai Electric Power Co. (The) (Japan) |
|
965,400 |
|
23,441,133 |
|
|
|
Korea Electric Power Corp. (Korea)(a),(e) |
|
323,300 |
|
8,335,909 |
|
|
|
NextEra Energy (c) |
|
829,300 |
|
45,105,627 |
|
|
|
Progress Energy (c),(d) |
|
346,000 |
|
15,369,320 |
|
|
|
Scottish and Southern Energy PLC (United Kingdom) |
|
2,748,358 |
|
48,268,464 |
|
|
|
Southern Co. (c),(d) |
|
1,490,609 |
|
55,510,279 |
|
|
|
Spark Infrastructure Group, 144A (Australia)(b) |
|
5,909,320 |
|
6,311,375 |
|
|
|
Terna Rete Elettrica Nazionale S.p.A. (Italy) |
|
11,392,800 |
|
48,418,635 |
|
|
|
Tokyo Electric Power Co. (The) (Japan) |
|
983,100 |
|
23,976,900 |
|
|
|
|
|
|
|
494,542,365 |
|
|
|
GAS UTILITIES 4.2% |
|
|
|
|
|
|
|
Enn Energy Holdings Ltd. (Hong Kong) |
|
2,506,000 |
|
7,121,842 |
|
|
|
Questar Corp. (c),(d) |
|
673,385 |
|
11,804,439 |
|
|
|
Snam Rete Gas S.p.A. (Italy) |
|
9,175,900 |
|
46,471,115 |
|
|
|
|
|
|
|
65,397,396 |
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 1.0% |
|
|
|
|
|
|
|
AES Tiete S.A. (Brazil) |
|
1,090,352 |
|
14,557,359 |
|
|
|
|
|
Number |
|
Value |
|
|
|
MULTI UTILITIES 21.2% |
|
|
|
|
|
|
|
AGL Energy Ltd. (Australia) |
|
983,600 |
|
$ |
15,372,791 |
|
|
Alliant Energy Corp. (c),(d) |
|
184,800 |
|
6,717,480 |
|
|
|
CenterPoint Energy (c),(d) |
|
1,198,146 |
|
18,834,855 |
|
|
|
CMS Energy Corp. |
|
658,652 |
|
11,868,909 |
|
|
|
GDF Suez (France) |
|
342,944 |
|
12,277,036 |
|
|
|
National Grid PLC (United Kingdom) |
|
5,195,969 |
|
44,076,661 |
|
|
|
NiSource |
|
481,768 |
|
8,382,763 |
|
|
|
PG&E Corp. (c),(d) |
|
949,607 |
|
43,131,150 |
|
|
|
Public Service Enterprise Group (c),(d) |
|
946,900 |
|
31,323,452 |
|
|
|
RWE AG (Germany) |
|
397,000 |
|
26,816,974 |
|
|
|
Sempra Energy (c),(d) |
|
450,500 |
|
24,236,900 |
|
|
|
Suez Environnement SA (France) |
|
760,600 |
|
14,049,835 |
|
|
|
United Utilities Group PLC (United Kingdom) |
|
2,439,823 |
|
21,961,466 |
|
|
|
Wisconsin Energy Corp. (c),(d) |
|
587,493 |
|
33,957,095 |
|
|
|
Xcel Energy (c),(d) |
|
638,500 |
|
14,666,345 |
|
|
|
|
|
|
|
327,673,712 |
|
|
|
WATER UTILITIES 2.8% |
|
|
|
|
|
|
|
American Water Works Co. (c),(d) |
|
233,481 |
|
5,433,103 |
|
|
|
China Water Affairs Group Ltd. (Hong Kong) |
|
10,632,000 |
|
3,850,560 |
|
|
|
Pennon Group PLC (United Kingdom) |
|
1,110,477 |
|
10,143,963 |
|
|
|
Severn Trent PLC (United Kingdom) |
|
1,141,250 |
|
23,503,463 |
|
|
|
|
|
|
|
42,931,089 |
|
|
|
TOTAL UTILITIES |
|
|
|
945,101,921 |
|
|
|
TOTAL COMMON STOCK (Identified cost—$1,721,537,968) |
|
|
|
1,824,072,448 |
|
|
|
|
|
Number |
|
Value |
|
|
|
PREFERRED SECURITIES—$25 PAR VALUE 14.6% |
|
|
|
|
|
|
|
BANK 2.0% |
|
|
|
|
|
|
|
Bank of America Corp., 4.00%, Series E (FRN)(c),(d) |
|
106,970 |
|
$ |
1,993,921 |
|
|
Citigroup Capital VII, 7.125%, due 7/31/31, (TruPS)(c) |
|
500,000 |
|
12,400,000 |
|
|
|
Citigroup Capital VIII, 6.95%, due 9/15/31, (TruPS)(c) |
|
249,797 |
|
6,062,573 |
|
|
|
National City Capital Trust II, 6.625%, due 11/15/36, (TruPS) |
|
223,892 |
|
5,577,150 |
|
|
|
Wachovia Corp., 7.25%, Series A |
|
200,000 |
|
5,168,000 |
|
|
|
|
|
|
|
31,201,644 |
|
|
|
BANK—FOREIGN 2.4% |
|
|
|
|
|
|
|
Deutsche Bank Contingent Capital Trust III, 7.60%(c),(d) |
|
444,500 |
|
11,814,810 |
|
|
|
HSBC Holdings PLC, 8.00%, due 12/15/12, Series 2 |
|
300,000 |
|
8,094,000 |
|
|
|
National Westminster Bank PLC, 7.76%, Series C (c) |
|
494,292 |
|
11,808,636 |
|
|
|
Santander Finance Preferred, 10.50%, Series 10(c),(d) |
|
192,717 |
|
5,450,037 |
|
|
|
|
|
|
|
37,167,483 |
|
|
|
ELECTRIC—INTEGRATED 0.3% |
|
|
|
|
|
|
|
NextEra Energy, 8.375%, due 6/1/12, ($50 par value) (c) |
|
100,000 |
|
5,310,000 |
|
|
|
FINANCE—MORTGAGE LOAN/BROKER 1.0% |
|
|
|
|
|
|
|
Countrywide Capital IV, 6.75%, due 4/1/33(c),(d) |
|
450,000 |
|
10,840,500 |
|
|
|
Countrywide Capital V, 7.00%, due 11/1/36(c) |
|
160,000 |
|
3,940,800 |
|
|
|
|
|
|
|
14,781,300 |
|
|
|
INSURANCE 3.7% |
|
|
|
|
|
|
|
LIFE/HEALTH INSURANCE—FOREIGN 0.9% |
|
|
|
|
|
|
|
Aegon NV, 6.50%(c),(d) |
|
380,016 |
|
8,861,973 |
|
|
|
Aegon NV, 6.875% |
|
180,000 |
|
4,311,000 |
|
|
|
|
|
|
|
13,172,973 |
|
|
|
MULTI-LINE—FOREIGN 1.9% |
|
|
|
|
|
|
|
Allianz SE, 8.375%(c),(d) |
|
400,795 |
|
10,921,664 |
|
|
|
ING Groep N.V., 7.05%(c),(d) |
|
160,000 |
|
3,827,200 |
|
|
|
ING Groep N.V., 7.375%(c),(d) |
|
590,314 |
|
14,332,824 |
|
|
|
|
|
|
|
29,081,688 |
|
|
|
|
|
Number |
|
Value |
|
|
|
REINSURANCE—FOREIGN 0.9% |
|
|
|
|
|
|
|
Arch Capital Group Ltd., 8.00%(c),(d) |
|
193,000 |
|
$ |
4,931,150 |
|
|
Aspen Insurance Holdings Ltd., 7.401%, Series A(c),(d) |
|
250,000 |
|
6,065,000 |
|
|
|
Axis Capital Holdings Ltd., 7.50%, Series B ($100 par value) |
|
40,000 |
|
3,560,000 |
|
|
|
|
|
|
|
14,556,150 |
|
|
|
TOTAL INSURANCE |
|
|
|
56,810,811 |
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 0.4% |
|
|
|
|
|
|
|
Telephone & Data Systems, 7.60%, due 12/1/41, Series A(c),(d) |
|
260,159 |
|
6,540,397 |
|
|
|
REAL ESTATE 4.8% |
|
|
|
|
|
|
|
DIVERSIFIED 0.4% |
|
|
|
|
|
|
|
Forest City Enterprises, 7.375%, due 2/1/34, Class A(c),(d) |
|
259,975 |
|
6,304,394 |
|
|
|
HEALTH CARE 0.9% |
|
|
|
|
|
|
|
Health Care REIT, 7.625%, Series F(c),(d) |
|
210,000 |
|
5,310,900 |
|
|
|
LTC Properties, 8.00%, Series F(c),(d) |
|
171,039 |
|
4,352,942 |
|
|
|
Omega Healthcare Investors, 8.375%, Series D(c) |
|
180,331 |
|
4,634,507 |
|
|
|
|
|
|
|
14,298,349 |
|
|
|
OFFICE 1.8% |
|
|
|
|
|
|
|
Alexandria Real Estate Equities, 8.375%, Series C(c),(d) |
|
253,283 |
|
6,539,767 |
|
|
|
Brandywine Realty Trust, 7.50%, Series C(c) |
|
160,010 |
|
3,974,648 |
|
|
|
SL Green Realty Corp., 7.625%, Series C(c),(d) |
|
437,218 |
|
10,952,311 |
|
|
|
SL Green Realty Corp., 7.875%, Series D(c) |
|
211,983 |
|
5,375,889 |
|
|
|
|
|
|
|
26,842,615 |
|
|
|
OFFICE/INDUSTRIAL 0.4% |
|
|
|
|
|
|
|
PS Business Parks, 6.875%, Series I(c) |
|
245,000 |
|
6,105,400 |
|
|
|
RESIDENTIAL— APARTMENT 0.2% |
|
|
|
|
|
|
|
Apartment Investment & Management Co., 8.00%, Series T(c) |
|
138,400 |
|
3,529,200 |
|
|
|
SHOPPING CENTER 1.1% |
|
|
|
|
|
|
|
COMMUNITY CENTER 0.7% |
|
|
|
|
|
|
|
Developers Diversified Realty Corp., 7.50%, Series I(c),(d) |
|
433,439 |
|
10,510,896 |
|
|
|
REGIONAL MALL 0.4% |
|
|
|
|
|
|
|
CBL & Associates Properties, 7.75%, Series C(c) |
|
236,641 |
|
5,797,704 |
|
|
|
|
|
Number |
|
Value |
|
|
|
TOTAL SHOPPING CENTER |
|
|
|
$ |
16,308,600 |
|
|
TOTAL REAL ESTATE |
|
|
|
73,388,558 |
|
|
|
TOTAL
PREFERRED SECURITIES—$25 PAR VALUE |
|
|
|
225,200,193 |
|
|
|
PREFERRED SECURITIES—CAPITAL SECURITIES 16.4% |
|
|
|
|
|
|
|
BANK 3.6% |
|
|
|
|
|
|
|
Astoria Capital Trust I, 9.75%, due 11/1/29, Series B(c),(f) |
|
3,000,000 |
|
3,126,921 |
|
|
|
Bank of America Corp., 8.125%, due 12/29/49(c),(d) |
|
10,000,000 |
|
10,327,900 |
|
|
|
CoBank ACB, 11.00%, Series C, 144A(b),(c),(d) |
|
160,000 |
|
8,790,000 |
|
|
|
Farm Credit Bank of Texas, 10.00%, due 12/15/20, Series 1 |
|
7,000 |
|
7,295,313 |
|
|
|
Fifth Third Capital Trust IV, 6.500%, due 4/15/37, (FRN) |
|
2,400,000 |
|
2,307,000 |
|
|
|
JPMorgan Chase & Co., 7.90%, due 12/31/49(c),(d) |
|
10,070,000 |
|
10,827,979 |
|
|
|
Sovereign Capital Trust VI, 7.908%, due 6/13/36(c) |
|
2,415,000 |
|
2,263,072 |
|
|
|
Wells Fargo & Co., 7.98%, due 3/29/49(c),(d) |
|
10,250,000 |
|
10,839,375 |
|
|
|
|
|
|
|
55,777,560 |
|
|
|
BANK—FOREIGN 2.8% |
|
|
|
|
|
|
|
Abbey National Capital Trust I, 8.963%, due 12/29/49(c) |
|
5,404,000 |
|
5,896,245 |
|
|
|
Barclays Bank PLC, 6.860%, due 09/29/49, 144A (FRN)(f) |
|
3,396,000 |
|
3,243,180 |
|
|
|
Barclays Bank PLC, due 12/31/49(c) |
|
10,690,000 |
|
9,487,375 |
|
|
|
Claudius Ltd., 7.875%, due 12/29/49 |
|
4,100,000 |
|
4,246,985 |
|
|
|
HSBC Capital Funding LP, 10.176%, due 12/29/49, 144A(b),(c) |
|
7,250,000 |
|
9,515,625 |
|
|
|
LBG Capital No.1 PLC, 8.00%, due 12/29/49, 144A(f) |
|
9,290,000 |
|
8,639,700 |
|
|
|
SMFG Preferred Capital USD 3 Ltd., 9.500%, due 7/29/49, 144A (FRN)(f) |
|
2,500,000 |
|
2,843,482 |
|
|
|
|
|
|
|
43,872,592 |
|
|
|
FINANCE — CREDIT CARD 0.9% |
|
|
|
|
|
|
|
American Express Co., 6.80%, due 9/1/66 |
|
4,900,000 |
|
4,936,750 |
|
|
|
Capital One Capital III, 7.686%, due 8/15/36(c) |
|
8,000,000 |
|
8,200,000 |
|
|
|
|
|
|
|
13,136,750 |
|
|
|
|
|
Number |
|
Value |
|
|
|
FOOD 0.3% |
|
|
|
|
|
|
|
Dairy Farmers of America, 7.875%, 144A(b),(c),(f) |
|
60,000 |
|
$ |
5,300,628 |
|
|
INSURANCE 3.5% |
|
|
|
|
|
|
|
LIFE/HEALTH INSURANCE 0.5% |
|
|
|
|
|
|
|
Lincoln National Corp., 7.00%, due 5/17/66(c) |
|
7,500,000 |
|
7,125,000 |
|
|
|
MULTI-LINE 1.0% |
|
|
|
|
|
|
|
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A(b),(c) |
|
7,900,000 |
|
8,334,500 |
|
|
|
MetLife Capital Trust X, due 4/8/38, 144A(b),(c),(d) |
|
6,500,000 |
|
7,702,500 |
|
|
|
|
|
|
|
16,037,000 |
|
|
|
MULTI-LINE—FOREIGN 0.2% |
|
|
|
|
|
|
|
Old Mutual Capital Funding, 8.00%, due 5/29/49, (Eurobond)(a) |
|
3,500,000 |
|
3,491,250 |
|
|
|
PROPERTY CASUALTY 1.0% |
|
|
|
|
|
|
|
Liberty Mutual Group, 7.80%, due 3/15/37, 144A(b),(c) |
|
6,000,000 |
|
5,730,000 |
|
|
|
Liberty Mutual Group, 10.75%, due 6/15/58, 144A(b),(c),(d) |
|
8,000,000 |
|
9,520,000 |
|
|
|
|
|
|
|
15,250,000 |
|
|
|
PROPERTY CASUALTY—FOREIGN 0.4% |
|
|
|
|
|
|
|
ACE Capital Trust II, 9.70%, due 4/1/30(c) |
|
4,470,000 |
|
5,552,366 |
|
|
|
REINSURANCE—FOREIGN 0.4% |
|
|
|
|
|
|
|
Catlin Insurance Co., 7.249%, due 12/1/49, 144A(c),(d),(f) |
|
8,000,000 |
|
6,560,000 |
|
|
|
TOTAL INSURANCE |
|
|
|
54,015,616 |
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 0.7% |
|
|
|
|
|
|
|
Centaur Funding Corp., 9.08%, due 4/21/20, 144A(f) |
|
9,644 |
|
10,530,042 |
|
|
|
PIPELINES 2.0% |
|
|
|
|
|
|
|
Enbridge Energy Partners LP, 8.05%, due 10/1/37(c),(d) |
|
14,500,000 |
|
14,799,889 |
|
|
|
Enterprise Products Operating LP, 8.375%, due 8/1/66(c),(d) |
|
14,930,000 |
|
15,601,059 |
|
|
|
|
|
|
|
30,400,948 |
|
|
|
UTILITIES 2.6% |
|
|
|
|
|
|
|
ELECTRIC—INTEGRATED 0.3% |
|
|
|
|
|
|
|
WPS Resources Corp., 6.11%, due 12/1/66(c) |
|
5,780,000 |
|
5,324,230 |
|
|
|
|
|
Number |
|
Value |
|
||
|
GAS UTILITIES 0.4% |
|
|
|
|
|
||
|
Southern Union Co., 7.20%, due 11/1/66(c) |
|
5,950,000 |
|
$ |
5,399,625 |
|
|
|
MULTI UTILITIES 1.9% |
|
|
|
|
|
||
|
Calenergy Capital Trust III, 6.50%, due 9/1/27 |
|
200,533 |
|
9,836,143 |
|
||
|
Dominion Resources, 7.50%, due 6/30/66, Series A(c) |
|
9,809,000 |
|
10,016,735 |
|
||
|
PPL Capital Funding, 6.70%, due 3/30/67, Series A(c) |
|
10,282,000 |
|
9,780,444 |
|
||
|
|
|
|
|
29,633,322 |
|
||
|
TOTAL UTILITIES |
|
|
|
40,357,177 |
|
||
|
TOTAL
PREFERRED SECURITIES—CAPITAL SECURITIES |
|
|
|
253,391,313 |
|
||
|
|
|
|
|
|
|
||
|
|
|
Principal |
|
|
|
||
|
CORPORATE BONDS 2.9% |
|
|
|
|
|
||
|
INSURANCE—PROPERTY CASUALTY 0.2% |
|
|
|
|
|
||
|
Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(c),(f) |
|
$ |
4,000,000 |
|
3,658,800 |
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 1.6% |
|
|
|
|
|
||
|
Citizens Communications Co., 9.00%, due 8/15/31(c),(d) |
|
14,950,000 |
|
16,015,188 |
|
||
|
Embarq Corp., 7.995%, due 6/1/36(c) |
|
8,700,000 |
|
9,276,140 |
|
||
|
|
|
|
|
25,291,328 |
|
||
|
MEDIA 0.4% |
|
|
|
|
|
||
|
Cablevision Systems Corp., 8.625%, due 9/15/17 |
|
5,500,000 |
|
6,077,500 |
|
||
|
REAL ESTATE—SPECIALTY 0.7% |
|
|
|
|
|
||
|
Developers Diversified Realty Corp., 7.875%, due 9/1/20 |
|
2,980,000 |
|
3,093,055 |
|
||
|
Entertainment Properties Trust, 7.75%, due 7/15/20, 144A(b) |
|
7,200,000 |
|
7,317,000 |
|
||
|
|
|
|
|
10,410,055 |
|
||
|
TOTAL CORPORATE BONDS (Identified cost—$43,420,465) |
|
|
|
45,437,683 |
|
||
|
|
|
|
|
Number |
|
Value |
|
|
|
SHORT-TERM INVESTMENTS 2.2% |
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
|
Federated Government Obligations Fund, 0.06%(h) |
|
|
|
17,114,653 |
|
$ |
17,114,653 |
|
|
State Street Institutional Liquid Reserves Fund, 0.26%(h) |
|
|
|
17,128,513 |
|
17,128,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
SHORT-TERM INVESTMENTS |
|
|
|
|
|
34,243,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS (Identified cost—$2,239,724,400) |
|
154.3 |
% |
|
|
2,382,344,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(54.3 |
) |
|
|
(838,743,523 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS (Equivalent to $17.96 per share based on 85,968,253 shares of common stock outstanding) |
|
100.0 |
% |
|
|
$ |
1,543,601,280 |
|
|
|
|
Glossary of Portfolio Abbreviations |
|
|
|
FRN |
|
Floating Rate Note |
|
|
REIT |
|
Real Estate Investment Trust |
|
|
TruPS |
|
Trust Preferred Securities |
|
|
USD |
|
United States Dollar |
|
Note: Percentages indicated are based on the net assets of the Fund. |
|
|
(a) |
A portion of the security is segregated as collateral for interest rate swap transactions: $34,732,004 has been segregated as collateral. |
|
(b) |
Resale is restricted to qualified institutional investors. Aggregate holdings equal 6.9% of net assets of the Fund. |
|
(c) |
A portion or all of the security is pledged in connection with the revolving credit agreement: $1,765,112,618 has been pledged as collateral. |
|
(d) |
A portion or all of the security has been rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $711,695,136. |
|
(e) |
Non-income producing security. |
|
(f) |
Illiquid security. Aggregate holdings equal 0.7% 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 value securities represent 0.2% of net assets of the Fund. |
|
(h) |
Rate quoted represents the seven day yield of the fund. |
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 for the 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.
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 on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities. 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 official closing prices as reported by sources as the Board of Directors deem appropriate 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 for the 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 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.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or asked price does not reflect market value, will be valued at fair value 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.
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.
COHEN & STEERS INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) - (Continued)
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.
Fair value is defined as the price that the Fund would receive to sell an investment or 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.
The following is a summary of the inputs used as of September 30, 2010 in valuing the Fund’s investments carried at value:
|
|
|
Total |
|
Quoted Prices In |
|
Significant Other |
|
Significant |
|
||||
|
Common Stock — Financial - Bank |
|
$ |
2,566,000 |
|
$ |
— |
|
$ |
— |
|
$ |
2,566,000 |
|
|
Common Stock — Other Industries |
|
1,821,506,448 |
|
1,821,506,448 |
|
— |
|
— |
|
||||
|
Preferred Securities - $25 Par Value — Insurance — Multi — Line Foreign |
|
29,081,688 |
|
18,160,024 |
|
10,921,664 |
|
— |
|
||||
|
Preferred Securities - $25 Par Value — Reinsurance — Foreign |
|
14,556,150 |
|
10,996,150 |
|
3,560,000 |
|
— |
|
||||
|
Preferred Securities - $25 Par Value — Other Industries |
|
181,562,355 |
|
181,562,355 |
|
— |
|
— |
|
||||
|
Preferred Securities - Capital Securities — Bank - Foreign |
|
43,872,592 |
|
— |
|
34,385,217 |
|
9,487,375 |
|
||||
|
Preferred Securities - Capital Securities — Food |
|
5,300,628 |
|
— |
|
— |
|
5,300,628 |
|
||||
|
Preferred Securities - Capital Securities — Other Industries |
|
204,218,093 |
|
— |
|
204,218,093 |
|
— |
|
||||
|
Corporate Bonds |
|
45,437,683 |
|
— |
|
45,437,683 |
|
— |
|
||||
|
Money Market Funds |
|
34,243,166 |
|
— |
|
34,243,166 |
|
— |
|
||||
|
Total Investments |
|
$ |
2,382,344,803 |
|
$ |
2,032,224,977 |
|
$ |
332,765,823 |
|
$ |
17,354,003 |
|
|
Other Financial Instruments* |
|
$ |
(29,865,268 |
) |
$ |
— |
|
$ |
(29,865,268 |
) |
$ |
— |
|
COHEN & STEERS INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) - (Continued)
* Other financial instruments are interest rate swap contracts.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
Investments |
|
|
|
Balance as of December 31, 2009 |
|
$ |
2,649,063 |
|
|
Accrued premiums/discounts |
|
4,727 |
|
|
|
Realized loss |
|
(37,825 |
) |
|
|
Change in unrealized appreciation |
|
2,271,600 |
|
|
|
Net purchases (sales) |
|
12,466,438 |
|
|
|
Balance as of September 30, 2010 |
|
$ |
17,354,003 |
|
The change in unrealized appreciation attributable to securities owned on September 30, 2010 which were valued using significant unobservable inputs (Level 3) amounted to approximately $2,271,600.
COHEN & STEERS INFRASTRUCTURE FUND, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) - (Continued)
Investments classified as Level 3 infrequently trade and have significant unobservable inputs. The Level 3 preferred securities have been deemed illiquid and were valued by a pricing service which has utilized independent broker quotes. The Level 3 common stock and preferred stocks has been fair valued utilizing inputs and assumptions which include book value, recent comparables in similar securities, as well as liquidity and market risk factors.
Note 2. Derivative Instruments: The following is a summary of the market valuation of the Fund’s derivative instruments as of September 30, 2010:
|
Interest rate contracts |
|
$ |
(29,865,268 |
) |
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 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 agreeing 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 in 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 or paid to the counterparty over the contract’s remaining life, to the extent that such amount is positive.
Note 3. Income Tax Information
As of September 30, 2010, the federal tax cost and net unrealized appreciation on securities were as follows:
|
Gross unrealized appreciation |
|
$ |
209,821,035 |
|
|
Gross unrealized depreciation |
|
(67,200,632 |
) |
|
|
Net unrealized appreciation |
|
$ |
142,620,403 |
|
|
Cost for federal income tax purposes |
|
$ |
2,239,724,400 |
|
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: November 24, 2010 |
|
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 Executive Officer |
|
|
Title: Treasurer and Principal Financial Officer |
|
|
|
|
|
|
|
|
Date: November 24, 2010 |
|
|
|