UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N‑CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811‑21485        
Cohen & Steers Infrastructure Fund, Inc.
 
(Exact name of Registrant as specified in charter)
1166 Avenue of the Americas, 30th Floor, New York, New York 10036
 
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, New York 10036
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 832‑3232        
Date of fiscal year end: December 31        
Date of reporting period: June 30, 2024        
 
 
 

Item 1. Reports to Stockholders.
(a)
 
 
 

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
To Our Shareholders:
We would like to share with you our report for the six months ended June 30, 2024. The total returns for Cohen & Steers Infrastructure Fund, Inc. (the Fund) and its comparative benchmarks were:
 
     Six Months Ended
June 30, 2024
 
Cohen & Steers Infrastructure Fund at Net Asset Value(a)
     3.09
Cohen & Steers Infrastructure Fund at Market Value(a)
     10.26
Blended Benchmark—80% FTSE Global Core Infrastructure 50/50 Net Tax Index / 20% ICE BofA Fixed Rate Preferred Securities Index(b)
     2.75
S&P 500 Index(b)
     15.29
MSCI World Index—net(b)
     11.75
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.
Managed Distribution Policy
The Fund, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (SEC) and with approval of its Board of Directors (the Board), adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). The Plan gives the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $0.155 per share on a monthly basis.
 
 
(a) 
As a closed‑end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.
(b) 
The FTSE Global Core Infrastructure 50/50 Net Tax Index is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities and is net of dividend withholding taxes. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites, and telecommunication towers. The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. The MSCI World Index—net is a free-float-adjusted index that measures performance of large- and mid-capitalization companies representing developed market countries and is net of dividend withholding taxes.
 
1

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
The Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Financial Highlights table.
The Plan provides that the Board may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.
Market Review
Global infrastructure stocks rose in the six months ending June 30, 2024 but underperformed the broader global equity market. Global equities recorded strong gains in the period, led by robust performance in the U.S., with several key indexes reaching record highs. The rapidly expanding growth of artificial intelligence (AI) applications provided a significant tailwind for select sectors. Generally healthy corporate earnings and encouraging macroeconomic data aided stocks. However, sticky inflation and the persistence of elevated interest rates weighed on certain sectors.
Fund Performance
The Fund had a positive total return in the period and outperformed its benchmark on both a market price and net asset value basis.
Marine ports were the top‑performing sector in the asset class for the period, benefiting from strong cargo volumes. Port operators focused on India notably outperformed, while several China-based companies struggled amid an uncertain economic outlook in the country. The Fund’s underweight allocation in marine ports detracted from relative performance.
Midstream energy posted strong returns supported by healthy earnings reports, share repurchases and dividends and expectations for increased natural gas demand. An overweight allocation in the sector contributed to relative performance.
Electric utilities and gas distribution companies rose on investor excitement around the potential for certain utilities to benefit from the increased electricity demand from data centers. The Fund’s security selection in electric utilities and gas distribution companies contributed to relative performance. Among electrics, contributors included an overweight position and an out‑of‑index investment in a pair of Indian companies that climbed materially on expectations for continued strong power demand in the country. Within gas distribution, stocks contributing to relative performance included an overweight in China-focused ENN Energy Holdings, which benefited from strong gas volumes and expectations of new connections to residential properties.
Among passenger transportation–related sectors, airports outperformed as post-pandemic passenger volumes continued to recover. However, the Fund’s security selection in airports hindered
 
2

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
relative performance, as an out‑of‑index investment in Japan Airport Terminal declined due to disappointing inbound international travel volumes and cost pressures. Elevated interest rates impeded the performance of toll roads, and the Fund’s security selection in the sector hindered relative returns, partly due to an overweight investment in Cia de Concessoes Rodoviaria, which declined amid macroeconomic concerns in Brazil.
Railways lagged as investors assessed how slowing growth might weigh on future earnings. The Fund’s underweight allocation in railways positively contributed to relative performance.
Water utilities struggled amid regulatory issues in the U.K. and U.S., and on higher bond yields, and the portfolio’s underweight in the sector aided relative performance. However, the positive effect of the underweight in water was partially offset by adverse security selection in the sector. Communications were the worst-performing sector, on concern about leasing activity and the persistence of high interest rates. The Fund’s security selection in the sector aided relative performance.
Preferred securities were the top‑performing fixed income category in the period. Interest rates rose and expectations on the magnitude of central bank rate cuts were reduced, which pressured U.S. Treasuries and intermediate- and longer-term investment-grade bonds. However, preferreds benefited from high yields and a narrowing of credit spreads. Preferreds also outperformed high-yield bonds, which had positive, though smaller, gains. The timing of the Fund’s allocations to preferred securities detracted from relative performance, but was partially offset by favorable security selection within preferreds.
Impact of Leverage on Fund Performance
The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), contributed to the Fund’s performance for the six months ended June 30, 2024.
Impact of Foreign Currency on Fund Performance
The currency impact of the Fund’s investments in foreign securities detracted from absolute performance during the period. Although the Fund reports its NAV and pays dividends in U.S. dollars, the Fund’s investments denominated in foreign currencies are subject to foreign currency risk. Overall, the U.S. dollar appreciated against other currencies. Consequently, changes in the exchange rates between foreign currencies and the U.S. dollar were a headwind for absolute returns.
Impact of Derivatives on Fund Performance
The Fund engaged in the buying and selling of single stock options with the intention of enhancing total returns and reducing overall volatility. These contracts did not have a material impact on the Fund’s total return for the six months ended June 30, 2024.
In connection with its use of leverage, the Fund pays interest on a portion of its borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that an increase in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange a portion of the floating rate for a fixed rate. The Fund’s use of swaps contributed to the Fund’s total return for the six months ended June 30, 2024.
 
3

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
Sincerely,
 
LOGO
    
LOGO
BEN MORTON     
ELAINE ZAHARIS-NIKAS
Portfolio Manager     
Portfolio Manager
 
LOGO
    
LOGO
TYLER S. ROSENLICHT
     THUY QUYNH DANG
Portfolio Manager
     Portfolio Manager
The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.
 
Visit Cohen & Steers online at cohenandsteers.com
For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.
Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.
 
4

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
Performance Review (Unaudited)
Average Annual Total Returns—For Periods Ended June 30, 2024
 
      1 Year      5 Years      10 Years      Since Inception(a)  
Fund at NAV
     5.57      4.55      6.12      9.21
Fund at Market Value
     3.58      4.89      7.36      8.93
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. The performance table does not reflect the deduction of brokerage commissions or taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
 
(a) 
Commencement of investment operations was March 30, 2004.
 
5

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
Our Leverage Strategy
(Unaudited)
Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing net income available for shareholders. As of June 30, 2024, leverage represented 30% of the Fund’s managed assets.
Through a combination of variable and fixed rate financing, the Fund has locked in interest rates on a significant portion of this additional capital through 2027 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.
Leverage Facts(a)(b)
 
Leverage (as a % of managed assets)
     30%
% Variable Rate Financing
     15%
Variable Rate
    6.0%
% Fixed Rate Financing(c)
     85%
Weighted Average Rate on Fixed Financing
    1.6%
Weighted Average Term on Fixed Financing
    2.0 years
The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.
 
(a) 
Data as of June 30, 2024. Information is subject to change.
(b) 
See Note 7 in Notes to Financial Statements.
(c) 
Represents fixed payer interest rate swap contracts on variable rate borrowing.
 
6

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
June 30, 2024
Top Ten Holdings(a)
(Unaudited)
 
Security    Value        % of
Managed
Assets
 
NextEra Energy, Inc.
   $ 127,343,571          4.1  
Southern Co.
     121,931,740          3.9  
American Tower Corp.
     121,026,820          3.9  
NiSource, Inc.
     99,413,428          3.2  
TC Energy Corp. (Canada)
     98,644,578          3.1  
PPL Corp.
     98,622,407          3.1  
Transurban Group (Australia)
     86,326,765          2.8  
National Grid PLC (United Kingdom)
     84,732,599          2.7  
Dominion Energy, Inc.
     83,006,735          2.6  
Duke Energy Corp.
     73,883,342          2.4  
 
(a) 
Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.
Country Breakdown(b)
(Based on Managed Assets)
(Unaudited)
 
LOGO
 
 
(b) 
Excludes derivative instruments.
 
7

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
            Shares/Units      Value  
COMMON STOCK
     115.5%        
AUSTRALIA
     7.8%        
RAILWAYS
     1.0%        
Aurizon Holdings Ltd.(a)
 
     8,589,984      $ 20,915,876  
     
 
 
 
TOLL ROADS
     6.8%        
Atlas Arteria Ltd.(a)(b)
 
     18,295,481        62,367,102  
Transurban Group(a)(b)
 
     10,435,973        86,326,765  
     
 
 
 
           148,693,867  
        
 
 
 
TOTAL AUSTRALIA
 
        169,609,743  
     
 
 
 
BRAZIL
     2.0%        
MARINE PORTS
     1.0%        
Santos Brasil Participacoes SA(a)
 
     9,408,003        22,972,620  
     
 
 
 
TOLL ROADS
     1.0%        
CCR SA(a)
 
     10,300,010        21,447,222  
     
 
 
 
TOTAL BRAZIL
 
        44,419,842  
     
 
 
 
CANADA
     10.8%        
DIVERSIFIED
     0.2%        
Tidewater Renewables Ltd.(c)
 
     789,442        4,264,447  
     
 
 
 
GAS DISTRIBUTION
     0.9%        
AltaGas Ltd.
 
     888,181        20,067,742  
     
 
 
 
MIDSTREAM
     9.1%        
Enbridge, Inc.
 
     1,843,322        65,578,365  
Keyera Corp.
 
     748,046        20,718,148  
Pembina Pipeline Corp.
 
     327,150        12,138,543  
TC Energy Corp.
 
     2,602,212        98,644,578  
     
 
 
 
           197,079,634  
        
 
 
 
RAILWAYS
     0.6%        
Canadian National Railway Co.
 
     113,718        13,437,851  
     
 
 
 
TOTAL CANADA
 
        234,849,674  
     
 
 
 
CHINA
     1.8%        
GAS DISTRIBUTION
     1.3%        
ENN Energy Holdings Ltd., (H Shares)(a)
 
     3,372,121        27,787,757  
     
 
 
 
MARINE PORTS
     0.5%        
China Merchants Port Holdings Co. Ltd., (H Shares)(a)
 
     7,242,000        10,776,220  
     
 
 
 
TOTAL CHINA
 
        38,563,977  
     
 
 
 
 
See accompanying notes to financial statements.
 
8

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Shares/Units      Value  
FRANCE
     1.3%        
ELECTRIC
        
Engie SA(a)
 
     1,971,863      $ 28,160,421  
     
 
 
 
GREECE
     0.4%        
AIRPORT
        
Athens International Airport SA
 
     1,058,181        8,896,087  
     
 
 
 
HONG KONG
     2.7%        
ELECTRIC
        
CLP Holdings Ltd.
 
     1,568,500        12,674,058  
Power Assets Holdings Ltd.(a)
 
     8,487,000        45,917,973  
     
 
 
 
           58,592,031  
        
 
 
 
INDIA
     3.3%        
ELECTRIC
        
NTPC Ltd.
 
     3,829,856        17,429,835  
Power Grid Corp. of India Ltd.
 
     13,661,786        54,278,515  
     
 
 
 
           71,708,350  
        
 
 
 
ITALY
     1.2%        
GAS DISTRIBUTION
        
Snam SpA
 
     5,816,041        25,730,726  
     
 
 
 
JAPAN
     2.5%        
AIRPORT
     0.7%        
Japan Airport Terminal Co. Ltd.(a)
 
     492,900        16,809,884  
     
 
 
 
ELECTRIC
     0.4%        
Kansai Electric Power Co., Inc.(a)
 
     517,700        8,694,297  
     
 
 
 
GAS DISTRIBUTION
     1.4%        
Osaka Gas Co. Ltd.(a)
 
     424,300        9,343,619  
Tokyo Gas Co. Ltd.(a)
 
     967,600        20,778,532  
     
 
 
 
           30,122,151  
        
 
 
 
TOTAL JAPAN
 
        55,626,332  
     
 
 
 
LUXEMBOURG
     1.0%        
COMMUNICATIONS
        
SES SA
 
     4,242,439        21,608,610  
     
 
 
 
MALAYSIA
     0.6%        
MARINE PORTS
        
Westports Holdings Bhd.
 
     15,775,000        13,944,197  
     
 
 
 
 
See accompanying notes to financial statements.
 
9

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Shares/Units      Value  
MEXICO
     3.0%        
AIRPORTS
        
Grupo Aeroportuario del Centro Norte SAB de CV(a)
 
     1,523,926      $ 12,931,922  
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)
 
     3,394,388        53,345,419  
     
 
 
 
           66,277,341  
        
 
 
 
NETHERLANDS
     0.9%        
MARINE PORTS
        
Koninklijke Vopak NV
 
     459,751        19,084,282  
     
 
 
 
NEW ZEALAND
     1.4%        
AIRPORT
        
Auckland International Airport Ltd.(a)
 
     6,665,359        30,976,801  
     
 
 
 
PHILIPPINES
     0.5%        
MARINE PORTS
        
International Container Terminal Services, Inc.
 
     1,795,530        10,716,381  
     
 
 
 
SPAIN
     2.2%        
AIRPORT
        
Aena SME SA(a)(d)
 
     234,282        47,170,031  
     
 
 
 
THAILAND
     1.3%        
AIRPORT
        
Airports of Thailand PCL
 
     18,795,100        29,193,288  
     
 
 
 
UNITED KINGDOM
     4.4%        
ELECTRIC
     3.9%        
National Grid PLC
 
     7,594,608        84,732,599  
     
 
 
 
WATER
     0.5%        
Pennon Group PLC
 
     1,667,274        12,087,087  
     
 
 
 
TOTAL UNITED KINGDOM
 
        96,819,686  
     
 
 
 
UNITED STATES
     66.4%        
COMMUNICATIONS
     8.8%        
American Tower Corp.(e)
 
     622,630        121,026,820  
Crown Castle, Inc.(a)(f)
 
     721,549        70,495,337  
     
 
 
 
           191,522,157  
        
 
 
 
DIVERSIFIED
     0.0%        
Benson Hill, Inc.(c)
 
     962,500        146,685  
Stem, Inc.(a)(c)(f)
 
     637,750        707,902  
     
 
 
 
           854,587  
        
 
 
 
 
See accompanying notes to financial statements.
 
10

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Shares/Units      Value  
ELECTRIC
     35.2%        
Alliant Energy Corp.(a)(f)
 
     945,688      $ 48,135,519  
CenterPoint Energy, Inc.(a)(f)
 
     1,083,896        33,579,098  
Consolidated Edison, Inc.(a)
 
     228,427        20,425,942  
Dominion Energy, Inc.(a)(f)
 
     1,694,015        83,006,735  
Duke Energy Corp.(a)(f)
 
     737,138        73,883,342  
Edison International(a)
 
     473,641        34,012,160  
Entergy Corp.(a)(f)
 
     314,937        33,698,259  
Evergy, Inc.(a)
 
     474,479        25,133,153  
Net Power, Inc.(a)(c)(f)
 
     731,336        7,189,033  
NextEra Energy, Inc.(a)(f)
 
     1,798,384        127,343,571  
PPL Corp.(a)(f)
 
     3,566,814        98,622,407  
Public Service Enterprise Group, Inc.(a)(f)
 
     828,787        61,081,602  
Southern Co.(a)
 
     1,571,893        121,931,740  
     
 
 
 
           768,042,561  
        
 
 
 
GAS DISTRIBUTION
     7.4%        
NiSource, Inc.(a)
 
     3,450,657        99,413,428  
Sempra(a)(f)
 
     827,532        62,942,084  
     
 
 
 
           162,355,512  
        
 
 
 
MIDSTREAM
     10.1%        
Cheniere Energy, Inc.(a)
 
     272,650        47,667,399  
DT Midstream, Inc.(a)
 
     185,842        13,200,357  
Energy Transfer LP(a)(f)
 
     1,606,191        26,052,418  
Hess Midstream LP, Class A(a)(f)
 
     278,347        10,142,965  
Kinder Morgan, Inc.(a)
 
     1,374,354        27,308,414  
Kinetik Holdings, Inc.(a)(e)
 
     634,229        26,282,450  
MPLX LP(a)(f)
 
     514,959        21,932,104  
ONEOK, Inc.(a)(f)
 
     315,143        25,699,912  
Plains All American Pipeline LP(a)
 
     1,264,432        22,582,755  
     
 
 
 
           220,868,774  
        
 
 
 
RAILWAYS
     4.9%        
Norfolk Southern Corp.(a)(e)(f)
 
     255,551        54,864,244  
Union Pacific Corp.(a)
 
     228,641        51,732,313  
     
 
 
 
           106,596,557  
        
 
 
 
TOTAL UNITED STATES
 
        1,450,240,148  
     
 
 
 
TOTAL COMMON STOCK
(Identified cost—$2,134,888,658)
 
        2,522,187,948  
     
 
 
 
 
See accompanying notes to financial statements.
 
11

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
          Shares/Units     Value  
PREFERRED SECURITIES—EXCHANGE-TRADED
    3.9%      
BERMUDA
    0.0%      
INSURANCE
     
RenaissanceRe Holdings Ltd., 5.75%, Series F(a)(g)
 
    7,000     $ 161,700  
   
 
 
 
CANADA
    0.2%      
UTILITIES
     
Algonquin Power & Utilities Corp., 6.20% to 10/1/24, due 7/1/79, Series 19‑A(a)(h)
 
    89,073       2,242,858  
Brookfield BRP Holdings Canada, Inc., 4.625%(a)(g)
 
    100,000       1,549,000  
   
 
 
 
        3,791,858  
     
 
 
 
NETHERLANDS
    0.0%      
INSURANCE
     
AEGON Funding Co. LLC, 5.10%, due 12/15/49(a)
 
    65,287       1,356,011  
   
 
 
 
UNITED STATES
    3.7%      
BANKING
    1.1%      
Bank of America Corp., 5.375%, Series KK(a)(g)
 
    61,831       1,435,097  
Bank of America Corp., 6.00%, Series GG(a)(f)(g)
 
    184,373       4,601,950  
JPMorgan Chase & Co., 5.75%, Series DD(a)(g)
 
    159,744       3,977,626  
Morgan Stanley, 6.375%, Series I(a)(g)
 
    118,969       2,980,173  
Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(g)(h)
 
    81,114       1,861,566  
Wells Fargo & Co., 4.375%, Series CC(a)(g)
 
    58,968       1,135,724  
Wells Fargo & Co., 4.70%, Series AA(a)(g)
 
    142,405       2,892,246  
Wells Fargo & Co., 4.75%, Series Z(a)(g)
 
    206,575       4,216,196  
Wells Fargo & Co., 5.625%, Series Y(a)(g)
 
    65,803       1,543,738  
Wells Fargo & Co., 7.50%, Series L (Convertible)(g)
 
    172       204,503  
   
 
 
 
        24,848,819  
     
 
 
 
CONSUMER DISCRETIONARY PRODUCTS
    0.2%      
Ford Motor Co., Senior Debt, 6.50%, due 8/15/62(a)
 
    144,325       3,608,125  
   
 
 
 
CONSUMER STAPLE PRODUCTS
    0.3%      
CHS, Inc., 6.75%, Series 3(a)(g)
 
    137,935       3,460,789  
CHS, Inc., 7.10%, Series 2(a)(g)
 
    135,283       3,483,537  
   
 
 
 
        6,944,326  
     
 
 
 
FINANCIAL SERVICES
    0.3%      
Affiliated Managers Group, Inc., 6.75%, due 3/30/64
 
    32,128       818,621  
Brookfield Oaktree Holdings LLC, 6.55%, Series B(a)(g)
 
    66,071       1,410,616  
 
See accompanying notes to financial statements.
 
12

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Shares/Units      Value  
Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(g)
 
     100,000      $ 2,172,000  
Carlyle Finance LLC, 4.625%, due 5/15/61(a)
 
     70,000        1,274,000  
     
 
 
 
           5,675,237  
        
 
 
 
INSURANCE
     0.8%        
Allstate Corp., 7.375%, Series J(a)(g)
 
     98,834        2,640,844  
Arch Capital Group Ltd., 5.45%, Series F(a)(g)
 
     80,000        1,792,000  
Athene Holding Ltd., 4.875%, Series D(a)(g)
 
     55,443        1,043,992  
Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(g)(h)
 
     115,223        2,779,179  
Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(h)
 
     87,725        2,228,215  
Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(g)(h)
 
     77,050        1,930,102  
Equitable Holdings, Inc., 5.25%, Series A(a)(g)
 
     52,000        1,131,000  
MetLife, Inc., 5.625%, Series E(a)(g)
 
     86,560        2,114,661  
Voya Financial, Inc., 5.35% to 9/15/29, Series B(a)(g)(h)
 
     45,010        1,092,843  
     
 
 
 
           16,752,836  
        
 
 
 
TELECOMMUNICATIONS
     0.3%        
AT&T, Inc., 4.75%, Series C(a)(f)(g)
 
     182,869        3,686,639  
AT&T, Inc., 5.00%, Series A(a)(f)(g)
 
     13,078        275,685  
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(a)
 
     94,315        1,906,106  
     
 
 
 
           5,868,430  
        
 
 
 
UTILITIES
     0.7%        
CMS Energy Corp., 5.875%, due 10/15/78(a)
 
     63,498        1,531,572  
CMS Energy Corp., 5.875%, due 3/1/79(a)
 
     146,996        3,558,773  
Duke Energy Corp., 5.75%, Series A(a)(g)
 
     71,350        1,783,750  
SCE Trust VIII, 6.95%, Series N(g)
 
     38,033        978,970  
Sempra, 5.75%, due 7/1/79(a)
 
     150,675        3,518,261  
Southern Co., 4.95%, due 1/30/80, Series 2020(a)(f)
 
     230,000        5,076,100  
     
 
 
 
           16,447,426  
        
 
 
 
TOTAL UNITED STATES
 
        80,145,199  
     
 
 
 
TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$90,492,337)
 
        85,454,768  
     
 
 
 
 
See accompanying notes to financial statements.
 
13

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
           Principal
Amount*
     Value  
PREFERRED SECURITIES—OVERTHE‑COUNTER
     22.1%       
AUSTRALIA
     0.5%       
BANKING
     0.2%       
Australia & New Zealand Banking Group Ltd., 6.75% to 6/15/26(a)(d)(g)(h)(i)
 
    4,000,000      $ 4,027,228  
    
 
 
 
INSURANCE
     0.3%       
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN(a)(h)(j)
 
    1,800,000        1,784,365  
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44(a)(h)(j)
 
    5,155,000        5,161,948  
    
 
 
 
          6,946,313  
       
 
 
 
TOTAL AUSTRALIA
 
       10,973,541  
    
 
 
 
CANADA
     2.8%       
BANKING
     0.6%       
Bank of Nova Scotia, 4.90% to 6/4/25(a)(g)(h)
 
    1,840,000        1,808,261  
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84(a)(h)
 
    3,200,000        3,312,541  
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82(a)(h)
 
    3,400,000        3,570,466  
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82(a)(h)
 
    3,200,000        3,324,358  
    
 
 
 
          12,015,626  
       
 
 
 
PIPELINES
     1.9%       
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80,
Series 20‑A(a)(f)(h)
 
    5,980,000        5,652,193  
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77,
Series 16‑A(a)(h)
 
    4,155,000        4,042,628  
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78(a)(f)(h)
 
    5,913,000        5,680,224  
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83(a)(f)(h)
 
    3,985,000        3,998,848  
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83(a)(h)
 
    1,920,000        1,967,491  
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84,
Series NC5(a)(h)
 
    3,820,000        3,989,654  
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84(a)(h)
 
    2,060,000        2,225,896  
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79(a)(f)(h)
 
    5,008,000        4,614,767  
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82(a)(h)
 
    2,500,000        2,269,535  
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76,
Series 16‑A(a)(f)(h)
 
    6,499,000        6,376,856  
    
 
 
 
          40,818,092  
       
 
 
 
 
See accompanying notes to financial statements.
 
14

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Principal
Amount*
     Value  
UTILITIES
     0.3%        
Emera, Inc., 6.75% to 6/15/26, due 6/15/76,
Series 16‑A(a)(f)(h)
 
     7,268,000      $ 7,240,332  
     
 
 
 
TOTAL CANADA
 
        60,074,050  
     
 
 
 
FINLAND
     0.1%        
BANKING
        
Nordea Bank Abp, 6.625% to 3/26/26(a)(d)(g)(h)(i)
 
     1,400,000        1,392,870  
     
 
 
 
FRANCE
     1.7%        
BANKING
        
BNP Paribas SA, 7.00% to 8/16/28(a)(d)(g)(h)(i)
 
     1,000,000        987,500  
BNP Paribas SA, 7.375% to 8/19/25(a)(d)(f)(g)(h)(i)
 
     6,200,000        6,200,031  
BNP Paribas SA, 7.75% to 8/16/29(a)(d)(g)(h)(i)
 
     3,200,000        3,235,248  
BNP Paribas SA, 8.50% to 8/14/28(a)(d)(g)(h)(i)
 
     2,000,000        2,053,432  
BNP Paribas SA, 9.25% to 11/17/27(a)(d)(f)(g)(h)(i)
 
     7,200,000        7,652,419  
Credit Agricole SA, 8.125% to 12/23/25(a)(d)(g)(h)(i)
 
     3,950,000        4,013,768  
Societe Generale SA, 6.75% to 4/6/28(a)(d)(g)(h)(i)
 
     4,000,000        3,587,324  
Societe Generale SA, 8.00% to 9/29/25(a)(d)(g)(h)(i)
 
     2,200,000        2,198,834  
Societe Generale SA, 9.375% to 11/22/27(a)(d)(g)(h)(i)
 
     2,400,000        2,432,652  
Societe Generale SA, 10.00% to 11/14/28(a)(d)(g)(h)(i)
 
     5,000,000        5,199,970  
     
 
 
 
           37,561,178  
        
 
 
 
ITALY
     0.2%        
BANKING
        
Intesa Sanpaolo SpA, 7.70% to 9/17/25(a)(d)(g)(h)(i)
 
     3,900,000        3,899,698  
     
 
 
 
JAPAN
     0.7%        
INSURANCE
        
Dai‑ichi Life Insurance Co. Ltd., 5.10% to 10/28/24(a)(d)(g)(h)
 
     2,000,000        1,997,666  
Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25(a)(g)(h)(j)
 
     2,800,000        2,766,120  
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44(a)(d)(f)(h)
 
     5,600,000        5,593,552  
Sumitomo Life Insurance Co., 5.875% to 1/18/34(a)(d)(f)(g)(h)
 
     4,400,000        4,294,677  
     
 
 
 
           14,652,015  
        
 
 
 
 
See accompanying notes to financial statements.
 
15

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Principal
Amount*
     Value  
NETHERLANDS
     0.7%        
BANKING
     0.6%        
ING Groep NV, 5.75% to 11/16/26(a)(f)(g)(h)(i)
 
     5,000,000      $ 4,810,600  
ING Groep NV, 6.50% to 4/16/25(a)(g)(h)(i)
 
     2,600,000        2,579,917  
ING Groep NV, 8.00% to 5/16/30(g)(h)(i)(j)
 
     5,400,000        5,513,535  
     
 
 
 
           12,904,052  
        
 
 
 
INSURANCE
     0.1%        
Aegon Ltd., 5.50% to 4/11/28, due 4/11/48(a)(h)
 
     2,875,000        2,779,128  
     
 
 
 
TOTAL NETHERLANDS
 
        15,683,180  
     
 
 
 
SPAIN
     0.7%        
BANKING
        
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25,
Series 9(a)(f)(g)(h)(i)
 
     1,800,000        1,791,565  
Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29(a)(g)(h)(i)
 
     4,000,000        4,267,264  
Banco Santander SA, 9.625% to 11/21/28(a)(g)(h)(i)
 
     4,400,000        4,723,660  
Banco Santander SA, 9.625% to 5/21/33(a)(g)(h)(i)
 
     3,800,000        4,221,819  
     
 
 
 
           15,004,308  
        
 
 
 
SWEDEN
     0.2%        
BANKING
        
Swedbank AB, 7.75% to 3/17/30(g)(h)(i)(j)
 
     4,400,000        4,403,190  
     
 
 
 
SWITZERLAND
     1.4%        
BANKING
     0.9%        
Credit Suisse Group AG, 5.25%, Claim(c)(d)(g)(i)(k)(l)
 
     1,600,000        144,000  
Credit Suisse Group AG, 6.375%, Claim(c)(d)(g)(i)(k)(l)
 
     2,000,000        180,000  
Credit Suisse Group AG, 7.50%, Claim(c)(d)(g)(i)(k)(l)
 
     600,000        54,000  
UBS Group AG, 6.875% to 8/7/25(a)(g)(h)(i)(j)
 
     5,400,000        5,365,589  
UBS Group AG, 9.25% to 11/13/28(a)(d)(f)(g)(h)(i)
 
     7,000,000        7,548,821  
UBS Group AG, 9.25% to 11/13/33(a)(d)(f)(g)(h)(i)
 
     5,200,000        5,836,438  
     
 
 
 
           19,128,848  
        
 
 
 
INSURANCE
     0.5%        
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27,
due 8/15/52(a)(h)(j)
 
     3,700,000        3,650,651  
Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48(a)(h)(j)
 
     5,800,000        5,651,404  
 
See accompanying notes to financial statements.
 
16

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Principal
Amount*
     Value  
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN(h)(j)
 
     3,600,000      $ 2,967,750  
     
 
 
 
           12,269,805  
        
 
 
 
TOTAL SWITZERLAND
 
        31,398,653  
     
 
 
 
UNITED KINGDOM
     2.3%        
BANKING
     1.6%        
Barclays PLC, 9.625% to 12/15/29(a)(f)(g)(h)(i)
 
     8,800,000        9,562,010  
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2(a)(d)(f)(g)(h)
 
     7,566,000        9,173,964  
HSBC Holdings PLC, 6.00% to 5/22/27(g)(h)(i)
 
     2,600,000        2,517,056  
HSBC Holdings PLC, 6.50% to 3/23/28(a)(g)(h)(i)
 
     2,800,000        2,763,481  
Lloyds Banking Group PLC, 7.50% to 9/27/25(a)(g)(h)(i)
 
     3,400,000        3,407,271  
NatWest Group PLC, 6.00% to 12/29/25(a)(g)(h)(i)
 
     2,000,000        1,961,474  
NatWest Group PLC, 8.00% to 8/10/25(a)(f)(g)(h)(i)
 
     6,000,000        6,045,060  
     
 
 
 
           35,430,316  
        
 
 
 
INSURANCE
     0.2%        
Beazley Insurance DAC, 5.50%, due 9/10/29(j)
 
     2,600,000        2,485,405  
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41(a)(h)(j)
 
     1,300,000        1,178,538  
Phoenix Group Holdings PLC, 5.625% to 1/29/25(g)(h)(i)(j)
 
     1,232,000        1,220,733  
     
 
 
 
           4,884,676  
        
 
 
 
TELECOMMUNICATIONS
     0.5%        
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81(a)(h)
 
     2,090,000        1,784,326  
Vodafone Group PLC, 6.25% to 7/29/24, due 10/3/78(a)(h)(j)
 
     4,235,000        4,231,125  
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79(a)(f)(h)
 
     4,500,000        4,645,476  
     
 
 
 
           10,660,927  
        
 
 
 
TOTAL UNITED KINGDOM
 
        50,975,919  
     
 
 
 
UNITED STATES
     10.8%        
BANKING
     5.8%        
Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(g)(h)
 
     2,682,000        2,670,645  
Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(f)(g)(h)
 
     7,429,000        7,425,917  
Bank of America Corp., 6.25% to 9/5/24, Series X(a)(f)(g)(h)
 
     7,423,000        7,410,767  
Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(f)(g)(h)
 
     6,000,000        6,035,094  
Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(f)(g)(h)
 
     6,806,000        6,808,307  
 
See accompanying notes to financial statements.
 
17

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
          Principal
Amount*
    Value  
Bank of New York Mellon Corp., 4.625% to 9/20/26, Series F(a)(g)(h)
     3,500,000     $ 3,384,333  
Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(f)(g)(h)
     6,983,000       6,560,570  
Charles Schwab Corp., 5.375% to 6/1/25, Series G(a)(g)(h)
     2,936,000       2,910,383  
Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(g)(h)
     3,250,000       3,083,949  
Citigroup, Inc., 4.15% to 11/15/26, Series Y(a)(g)(h)
     2,310,000       2,161,873  
Citigroup, Inc., 5.00% to 9/12/24, Series U(a)(g)(h)
     3,504,000       3,490,068  
Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(f)(g)(h)
     5,569,000       5,539,573  
Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(f)(g)(h)
     7,850,000       7,864,141  
Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(g)(h)
     3,800,000       3,965,984  
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a)(g)(h)
     2,000,000       1,944,507  
CoBank ACB, 6.25% to 10/1/26, Series I(g)(h)
     2,866,000       2,844,751  
Farm Credit Bank of Texas, 9.596% (3 Month USD Term SOFR +
4.01%)(a)(d)(g)(m)
     35,300 †      3,547,650  
First Horizon Bank, 6.409% (3 Month USD Term SOFR + 1.112%,
Floor 3.75%)(a)(d)(g)(m)
     1,806 †      1,210,020  
Goldman Sachs Group, Inc., 3.65% to 8/10/26,
Series U(a)(g)(h)
     4,170,000       3,888,092  
Goldman Sachs Group, Inc., 4.125% to 11/10/26,
Series V(a)(g)(h)
     1,000,000       936,501  
Goldman Sachs Group, Inc., 5.30% to 11/10/26,
Series O(a)(f)(g)(h)
     1,645,000       1,631,902  
Goldman Sachs Group, Inc., 5.50% to 8/10/24,
Series Q(a)(g)(h)
     1,000,000       997,211  
Goldman Sachs Group, Inc., 7.50% to 5/10/29,
Series X(g)(h)
     2,290,000       2,360,656  
Huntington Bancshares, Inc., 4.45% to 10/15/27,
Series G(a)(g)(h)
     1,000,000       912,846  
Huntington Bancshares, Inc., 5.625% to 7/15/30,
Series F(a)(g)(h)
     894,000       858,972  
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(a)(g)(h)
     1,043,000       1,040,669  
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(g)(h)
     2,500,000       2,503,995  
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(g)(h)
     2,000,000       2,070,728  
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(f)(g)(h)
     4,450,000       4,443,812  
Regions Financial Corp., 5.75% to 6/15/25, Series D(a)(g)(h)
     1,849,000       1,821,173  
 
See accompanying notes to financial statements.
 
18

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Principal
Amount*
     Value  
State Street Corp., 6.70% to 3/15/29, Series I(a)(g)(h)
 
     4,000,000      $ 4,033,844  
Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(g)(h)
 
     2,109,000        1,980,031  
Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(g)(h)
 
     500,000        474,895  
U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(g)(h)
 
     1,500,000        1,458,299  
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(f)(g)(h)
 
     7,400,000        7,085,877  
Wells Fargo & Co., 5.875% to 6/15/25, Series U(a)(g)(h)
 
     2,796,000        2,790,214  
Wells Fargo & Co., 5.95%, due 12/15/36(a)
 
     2,830,000        2,824,102  
Wells Fargo & Co., 7.625% to 9/15/28(a)(g)(h)
 
     3,390,000        3,618,503  
     
 
 
 
           126,590,854  
        
 
 
 
ENERGY
     0.1%        
BP Capital Markets PLC, 4.375% to 6/22/25(g)(h)
 
     621,000        610,347  
BP Capital Markets PLC, 4.875% to 3/22/30(g)(h)
 
     2,550,000        2,412,010  
     
 
 
 
           3,022,357  
        
 
 
 
FINANCIAL SERVICES
     0.3%        
Discover Financial Services, 6.125% to 6/23/25,
Series D(g)(h)
 
     5,566,000        5,520,207  
     
 
 
 
INSURANCE
     2.0%        
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(a)(h)
 
     3,700,000        3,717,417  
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(f)(h)
 
     7,170,000        7,239,793  
Global Atlantic Fin Co., 7.95% to 7/15/29, due 10/15/54(d)(h)
 
     2,600,000        2,620,059  
Liberty Mutual Group, Inc., 7.80%, due 3/15/37(a)(d)
 
     1,680,000        1,786,704  
Lincoln National Corp., 9.25% to 12/1/27, Series C(g)(h)
 
     2,500,000        2,701,215  
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(a)(d)(f)
 
     5,850,000        6,280,578  
MetLife, Inc., 9.25%, due 4/8/38(a)(d)(f)
 
     6,500,000        7,535,827  
MetLife, Inc., 10.75%, due 8/1/39(a)
 
     1,000,000        1,339,538  
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(a)(h)
 
     1,600,000        1,488,773  
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(f)(h)
 
     4,500,000        4,449,514  
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(h)
 
     3,000,000        3,074,811  
Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(g)(h)
 
     1,310,000        1,364,127  
     
 
 
 
           43,598,356  
        
 
 
 
PIPELINES
     0.1%        
Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(g)(h)
 
     3,357,000        3,333,635  
     
 
 
 
 
See accompanying notes to financial statements.
 
19

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Principal
Amount*
     Value  
UTILITIES
     2.5%        
AES Corp., 7.60% to 10/15/29, due 1/15/55(h)
 
     2,000,000      $ 2,025,790  
American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(a)(h)
 
     4,200,000        3,868,842  
American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(h)
 
     2,200,000        2,194,040  
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(a)(h)
 
     1,125,000        1,031,549  
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(f)(g)(h)
 
     8,000,000        7,546,506  
Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(h)
 
     4,180,000        4,268,662  
Entergy Corp., 7.125% to 9/1/29, due 12/1/54(h)
 
     3,800,000        3,775,821  
EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(d)(h)
 
     2,000,000        2,012,694  
National Rural Utilities Cooperative Finance Corp., 7.125% to 6/15/28, due 9/15/53(a)(h)
 
     2,240,000        2,307,749  
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(h)
 
     3,438,000        3,298,547  
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(h)
 
     4,000,000        4,008,478  
NextEra Energy Capital Holdings, Inc., 6.75% to 3/15/34, due 6/15/54(h)
 
     1,500,000        1,512,351  
NiSource, Inc., 6.95% to 8/30/29, due 11/30/54(h)
 
     3,000,000        3,021,294  
Sempra, 4.125% to 1/1/27, due 4/1/52(a)(h)
 
     2,500,000        2,313,626  
Sempra, 4.875% to 10/15/25(a)(f)(g)(h)
 
     5,780,000        5,683,565  
Sempra, 6.875% to 7/1/29, due 10/1/54(h)
 
     3,000,000        2,989,043  
Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(a)(h)
 
     3,000,000        2,915,010  
        
 
 
 
           54,773,567  
        
 
 
 
TOTAL UNITED STATES
           236,838,976  
        
 
 
 
TOTAL PREFERRED SECURITIES—OVERTHE‑COUNTER
(Identified cost—$479,177,912)
 
        482,857,578  
        
 
 
 
CORPORATE BONDS
     0.6%        
ITALY
     0.0%        
UTILITIES
        
Enel Finance America LLC, 7.10%, due 10/14/27(a)(d)(f)
 
     600,000        630,384  
Enel Finance International NV, 7.50%, due 10/14/32(a)(d)
 
     400,000        442,722  
     
 
 
 
           1,073,106  
        
 
 
 
 
See accompanying notes to financial statements.
 
20

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
            Principal
Amount*
     Value  
UNITED STATES
     0.6%        
REAL ESTATE
     0.2%        
Realty Income Corp., 3.40%, due 1/15/30(a)
 
     3,060,000      $ 2,788,041  
VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(a)(d)(f)
 
     1,700,000        1,701,321  
        
 
 
 
           4,489,362  
        
 
 
 
UTILITIES
     0.4%        
American Electric Power Co., Inc., 5.75%, due 11/1/27(a)
 
     1,015,000        1,032,209  
Southern California Edison Co., 5.85%, due 11/1/27(a)(f)
 
     1,000,000        1,019,967  
Southern Co., 5.113%, due 8/1/27(a)(f)
 
     6,000,000        5,988,181  
        
 
 
 
           8,040,357  
        
 
 
 
TOTAL UNITED STATES
 
        12,529,719  
     
 
 
 
TOTAL CORPORATE BONDS
(Identified cost—$13,453,539)
 
        13,602,825  
     
 
 
 
            Shares/Units         
WARRANTS
     0.0%        
UNITED STATES
     0.0%        
Net Power, Inc., strike price $11.50, expires 3/12/26(a)(c)
 
     182,834        417,922  
        
 
 
 
TOTAL WARRANTS
(Identified cost—$621,636)
 
        417,922  
        
 
 
 
SHORT-TERM INVESTMENTS
     0.5%        
MONEY MARKET FUNDS
        
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(n)
 
     821,599        821,599  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(n)
 
     10,261,000        10,261,000  
     
 
 
 
TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$11,082,599)
 
        11,082,599  
     
 
 
 
TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$2,729,716,681)
     142.6%           3,115,603,640  
LIABILITIES IN EXCESS OF OTHER ASSETS
     (42.6)            (930,771,209
  
 
 
       
 
 
 
NET ASSETS (Equivalent to $22.64 per share based on 96,486,405 shares of common stock outstanding)
     100.0%         $ 2,184,832,431  
  
 
 
       
 
 
 
 
See accompanying notes to financial statements.
 
21

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
Centrally Cleared Interest Rate Swap Contracts
 
                 
Notional
Amount
    Fixed
Rate
Payable
  Fixed
Payment
Frequency
    Floating
Rate
Receivable
(resets
monthly)
  Floating
Payment
Frequency
    Maturity
Date
    Value     Upfront
Receipts
(Payments)
    Unrealized
Appreciation
(Depreciation)
 
  $255,000,000     0.670%     Monthly     5.454%(o)     Monthly       9/15/25     $ 13,524,043     $ 28,929     $ 13,552,972  
  212,500,000     1.240%     Monthly     5.454%(o)     Monthly       2/3/26       12,339,953       4,619       12,344,572  
  85,000,000     0.898%     Monthly     5.454%(o)     Monthly       5/1/26       6,029,795       14,623       6,044,418  
  255,000,000     1.237%     Monthly     5.454%(o)     Monthly       9/15/27       24,288,826       43,976       24,332,802  
 
 
 
            $ 56,182,617     $ 92,147     $ 56,274,764  
 
 
 
The total amount of all interest rate swap contracts as presented in the table above is representative of the volume of activity for this derivative type during the six months ended June 30, 2024.
Glossary of Portfolio Abbreviations
 
 
EMTN
  Euro Medium Term Note
OIS
  Overnight Indexed Swap
SOFR
  Secured Overnight Financing Rate
TruPS
  Trust Preferred Securities
USD
  United States Dollar
 
 
 
Note: Percentages indicated are based on the net assets of the Fund.
*
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. $2,008,466,084 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 $156,642,082 which represents 7.2% of the net assets of the Fund, of which 0.1% are illiquid.
 
See accompanying notes to financial statements.
 
22

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2024 (Unaudited)
 
(e) 
All or a portion of the security is pledged in connection with exchange-traded written option contracts. $225,720 in aggregate has been pledged as collateral.
(f) 
A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $864,800,420 in aggregate has been rehypothecated.
(g) 
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.
(h) 
Security converts to floating rate after the indicated fixed–rate coupon period.
(i) 
Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $125,798,457 which represents 5.8% of the net assets of the Fund (4.0% of the managed assets of the Fund).
(j) 
Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $46,380,353 which represents 2.1% of the net assets of the Fund, of which 0.0% are illiquid.
(k) 
Security is in default.
(l) 
Security value is determined based on significant unobservable inputs (Level 3).
(m) 
Variable rate. Rate shown is in effect at June 30, 2024.
(n) 
Rate quoted represents the annualized seven–day yield.
(o) 
Based on USD‑SOFR‑OIS. Represents rates in effect at June 30, 2024.
 
Sector Summary    % of Managed
Assets
 
Electric
     32.5  
Midstream
     13.3  
Banking
     9.5  
Gas Distribution
     8.5  
Communications
     6.8  
Airports
     6.4  
Toll Roads
     5.4  
Railways
     4.5  
Insurance
     3.3  
Utilities
     2.9  
Marine Ports
     2.5  
Pipelines
     1.4  
Telecommunications
     0.5  
Other
     2.5  
  
 
 
 
     100.0  
  
 
 
 
 
See accompanying notes to financial statements.
 
23

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2024 (Unaudited)
 
ASSETS:
  
Investments in securities, at value(a) (Identified cost—$2,729,716,681)
   $ 3,115,603,640  
Cash collateral pledged for interest rate swap contracts
     11,943,153  
Foreign currency, at value (Identified cost—$1,803,782)
     1,803,500  
Receivable for:
  
Dividends and interest
     18,340,898  
Investment securities sold
     247,937  
Variation margin on interest rate swap contracts
     329,699  
Other assets
     322,794  
  
 
 
 
Total Assets
     3,148,591,621  
  
 
 
 
LIABILITIES:
  
Payable for:
  
Credit agreement
     950,000,000  
Foreign capital gains tax
     5,347,605  
Interest expense
     4,771,111  
Investment management fees
     2,203,654  
Dividends and distributions declared
     640,440  
Administration fees
     155,552  
Other liabilities
     640,828  
  
 
 
 
Total Liabilities
     963,759,190  
  
 
 
 
NET ASSETS
   $ 2,184,832,431  
  
 
 
 
NET ASSETS consist of:
  
Paid‑in capital
   $ 1,725,960,112  
Total distributable earnings/(accumulated loss)
     458,872,319  
  
 
 
 
   $ 2,184,832,431  
  
 
 
 
NET ASSET VALUE PER SHARE:
  
($2,184,832,431 ÷ 96,486,405 shares outstanding)
   $ 22.64  
  
 
 
 
MARKET PRICE PER SHARE
   $ 22.48  
  
 
 
 
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE
     (0.71 )% 
  
 
 
 
 
 
(a) 
Includes $2,008,466,084 pledged as collateral, of which $864,800,420 has been rehypothecated in connection with the Fund’s credit agreement, as described in Note 7.
 
See accompanying notes to financial statements.
 
24

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2024 (Unaudited)
 
Investment Income:
  
Dividend income (net of $2,904,349 of foreign withholding tax)
   $ 56,080,765  
Interest income
     13,502,162  
  
 
 
 
Total Investment Income
     69,582,927  
  
 
 
 
Expenses:
  
Interest expense
     28,898,208  
Investment management fees
     13,219,136  
Administration fees
     1,049,312  
Shareholder reporting expenses
     461,783  
Custodian fees and expenses
     161,277  
Professional fees
     68,930  
Directors’ fees and expenses
     46,740  
Transfer agent fees and expenses
     11,090  
Miscellaneous
     62,723  
  
 
 
 
Total Expenses
     43,979,199  
  
 
 
 
Net Investment Income (Loss)
     25,603,728  
  
 
 
 
Net Realized and Unrealized Gain (Loss):
  
Net realized gain (loss) on:
  
Investments in securities (net of $692,891 of foreign capital gains tax)
     67,313,297  
Written option contracts
     1,194,917  
Interest rate swap contracts
     18,409,128  
Foreign currency transactions
     (282,664
  
 
 
 
Net realized gain (loss)
     86,634,678  
  
 
 
 
Net change in unrealized appreciation (depreciation) on:
  
Investments in securities (net of increase in accrued foreign capital gains tax of $2,103,346)
     (43,789,457
Written option contracts
     (77,017
Interest rate swap contracts
     (1,308,732
Foreign currency translations
     (99,836
  
 
 
 
Net change in unrealized appreciation (depreciation)
     (45,275,042
  
 
 
 
Net Realized and Unrealized Gain (Loss)
     41,359,636  
  
 
 
 
Net Increase (Decrease) in Net Assets Resulting from Operations
   $ 66,963,364  
  
 
 
 
 
See accompanying notes to financial statements.
 
25

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
 
     For the
Six Months Ended
June 30, 2024
       For the
Year Ended
December 31, 2023
 
Change in Net Assets:
       
From Operations:
       
Net investment income (loss)
   $ 25,603,728        $ 44,364,276  
Net realized gain (loss)
     86,634,678          107,698,302  
Net change in unrealized appreciation (depreciation)
     (45,275,042        (115,902,216
  
 
 
      
 
 
 
Net increase (decrease) in net assets resulting from operations
     66,963,364          36,160,362  
  
 
 
      
 
 
 
Distributions to shareholders
     (89,663,390        (149,341,710
Tax return of capital to shareholders
              (29,565,253
  
 
 
      
 
 
 
Total distributions
     (89,663,390        (178,906,963
  
 
 
      
 
 
 
Capital Stock Transactions:
       
Issued as reinvestment of dividends and distributions (See Note 6)
     3,409,793          3,330,799  
Net proceeds from sale of shares
(See Note 6)
              9,166,432 (a) 
  
 
 
      
 
 
 
Total increase (decrease) in net assets
     (19,290,233        (130,249,370
Net Assets:
       
Beginning of period
     2,204,122,664          2,334,372,034  
  
 
 
      
 
 
 
End of period
   $ 2,184,832,431        $ 2,204,122,664  
  
 
 
      
 
 
 
 
 
 
(a) 
Net of offering costs of $8,061 and sales charges of $74,026.
 
See accompanying notes to financial statements.
 
26

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2024 (Unaudited)
 
Increase (Decrease) in Cash:
  
Cash Flows from Operating Activities:
  
Net increase (decrease) in net assets resulting from operations
   $ 66,963,364  
Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by operating activities:
  
Purchases of long-term investments
     (586,581,497
Proceeds from sales and maturities of long-term investments
     630,631,563  
Net purchases, sales and maturities of short-term investments
     385,653  
Net amortization of premium on investments in securities
     611,969  
Net increase in dividends and interest receivable and other assets
     (3,516,581
Net decrease in interest expense payable, accrued expenses and other liabilities
     (251,599
Net increase in receivable for variation margin on interest rate swap contracts
     (464,741
Net decrease in premiums received from written option contracts
     (490,025
Net change in unrealized depreciation on written option contracts
     77,017  
Net change in unrealized depreciation on investments in securities (net of $2,103,346 of foreign capital gains tax)
     43,789,457  
Net realized gain on investments in securities (net of $692,891 of foreign capital gains tax)
     (67,313,297
  
 
 
 
Cash provided by operating activities
     83,841,283  
  
 
 
 
Cash Flows from Financing Activities:
  
Dividends and distributions paid
     (86,358,755
  
 
 
 
Increase (decrease) in cash and restricted cash
     (2,517,472
Cash and restricted cash at beginning of period (including foreign currency)
     16,264,125  
  
 
 
 
Cash and restricted cash at end of period (including foreign currency)
   $ 13,746,653  
  
 
 
 
Supplemental Disclosure of Cash Flow Information:
For the six months ended June 30, 2024, interest paid was $29,225,694 and reinvestment of dividends was $3,409,793.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.
 
Restricted cash
   $ 11,943,153  
Foreign currency
     1,803,500  
  
 
 
 
Total cash and restricted cash shown on the Statement of Cash Flows
   $ 13,746,653  
  
 
 
 
Restricted cash consists of cash that has been deposited with a broker and pledged to cover the Fund’s collateral or margin obligations under derivative contracts. It is reported on the Statement of Assets and Liabilities as cash collateral pledged for interest rate swap contracts.
 
See accompanying notes to financial statements.
 
27

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
FINANCIAL HIGHLIGHTS (Unaudited)
 
The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.
 
     For the Six
Months Ended
June 30, 2024
    For the Year Ended December 31,  
Per Share Operating Data:   2023     2022     2021     2020     2019  
Net asset value, beginning of period
     $22.88       $24.36       $28.28       $24.62       $27.73       $22.08  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income (loss) from investment operations:
            
Net investment income (loss)(a)
     0.27       0.46 (b)      0.50       0.56       0.41       0.57  
Net realized and unrealized gain (loss)
     0.42       (0.08     (2.56     4.95       (1.66     6.94  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total from investment operations
     0.69       0.38       (2.06     5.51       (1.25     7.51  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Less dividends and distributions to shareholders from:
            
Net investment income
     (0.93     (0.84     (0.64     (0.54     (0.41     (0.58
Net realized gain
           (0.71     (1.22     (1.32     (1.45     (1.28
Tax return of capital
           (0.31                        
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total dividends and distributions to shareholders
     (0.93     (1.86     (1.86     (1.86     (1.86     (1.86
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Anti-dilutive effect from the issuance of shares
     0.00 (c)      0.00 (c)      0.00 (c)      0.01              
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase (decrease) in net asset value
     (0.24     (1.48     (3.92     3.66       (3.11     5.65  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net asset value, end of period
     $22.64       $22.88       $24.36       $28.28       $24.62       $27.73  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Market value, end of period
     $22.48       $21.24       $23.99       $28.50       $25.82       $26.20  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                                                  
Total net asset value return(d)
     3.09 %(e)      2.08     –7.42     23.10     –3.66     35.09
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total market value return(d)
     10.26 %(e)      –3.77     –9.53     18.29     6.94     42.63
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                                                  
 
See accompanying notes to financial statements.
 
28

COHEN & STEERS INFRASTRUCTURE FUND, INC.
 
FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)
 
     For the Six
Months Ended

June 30, 2024
    For the Year Ended December 31,  
Ratios/Supplemental Data:   2023     2022     2021     2020     2019  
Net assets, end of period (in millions)
     $2,184.8       $2,204.1       $2,334.4       $2,685.3       $2,304.1       $2,593.6  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ratios to average daily net assets:
            
Expenses
     4.06 %(f)      3.97     2.44     2.19     2.53     2.50
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Expenses (excluding interest expense)