COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

 

              Shares/Units      Value  

COMMON STOCK

      114.1 %      

AUSTRALIA

      6.0 %      

MIDSTREAM

      0.9 %      

APA Group(a)

 

     4,273,711      $ 29,440,351  
    

 

 

  

RAILWAYS

      1.2 %      

Aurizon Holdings Ltd.

 

     13,265,440        36,619,426  
    

 

 

  

TOLL ROADS

      3.4 %      

Atlas Arteria Ltd.(a)(b)

 

     18,295,481        54,257,276  

Transurban Group(a)

 

     5,231,779        51,035,171  
    

 

 

  
          105,292,447  
       

 

 

  

TRANSPORT LOGISTICS

      0.5 %      

Qube Holdings Ltd.

 

     4,948,847        16,703,736  
    

 

 

  

TOTAL AUSTRALIA

 

        188,055,960  
    

 

 

  

BRAZIL

      3.8 %      

ELECTRIC

      2.4 %      

Cia Paranaense de Energia—Copel(b)

 

     25,049,382        74,618,370  
    

 

 

  

RAILWAYS

      0.4 %      

Rumo SA

 

     4,651,886        14,593,694  
    

 

 

  

TOLL ROADS

      1.0 %      

Motiva Infraestrutura de Mobilidade SA

 

     10,300,010        31,437,814  
    

 

 

  

TOTAL BRAZIL

 

        120,649,878  
    

 

 

  

CANADA

      12.7 %      

DIVERSIFIED

      0.1 %      

Tidewater Renewables Ltd.(c)

 

     789,442        3,966,789  
    

 

 

  

MIDSTREAM

      12.2 %      

Enbridge, Inc.(b)

 

     1,843,322        99,924,457  

Keyera Corp.

 

     748,046        28,935,630  

Keyera Corp., Subscription Receipts

 

     139,166        5,007,015  

Rockpoint Gas Storage, Inc., Class A

 

     429,710        8,630,650  

South Bow Corp.(b)

 

     1,578,540        52,515,873  

TC Energy Corp.

 

     3,025,090        189,429,653  
    

 

 

  
          384,443,278  
       

 

 

  

RAILWAYS

      0.4 %      

Canadian National Railway Co.(b)

 

     113,718        11,704,509  
    

 

 

  

TOTAL CANADA

 

        400,114,576  
    

 

 

  

CHINA

      1.3 %      

GAS DISTRIBUTION

      0.9 %      

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

 

     3,323,021        27,057,407  
    

 

 

  

MARINE PORTS

      0.4 %      

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

 

     7,242,000        13,589,079  
    

 

 

  

TOTAL CHINA

 

        40,646,486  
    

 

 

  

FRANCE

      2.6 %      

ELECTRIC

      1.4 %      

Engie SA(b)

 

     1,343,091        43,284,388  
    

 

 

  

 

1

 

 

              Shares/Units      Value  

TOLL ROADS

      1.2 %      

Vinci SA

 

     256,006      $ 38,426,295  
    

 

 

  

TOTAL FRANCE

 

        81,710,683  
    

 

 

  

GREECE

      1.2 %      

AIRPORTS

      0.6 %      

Athens International Airport SA

 

     1,525,499        18,528,715  
    

 

 

  

ELECTRIC

      0.6 %      

Public Power Corp. SA

 

     962,289        20,118,315  
    

 

 

  

TOTAL GREECE

 

        38,647,030  
    

 

 

  

HONG KONG

      2.2 %      

ELECTRIC

        

Power Assets Holdings Ltd.(b)

 

     9,049,515        70,604,036  
    

 

 

  

INDIA

      2.3 %      

ELECTRIC

        

NTPC Ltd.

 

     8,165,572        32,143,456  

Power Grid Corp. of India Ltd.

 

     12,720,337        40,006,715  
    

 

 

  
          72,150,171  
       

 

 

  

ITALY

      0.4 %      

COMMUNICATIONS

        

Infrastrutture Wireless Italiane SpA(d)

 

     1,535,628        12,254,768  
    

 

 

  

JAPAN

      4.2 %      

ELECTRIC

      2.3 %      

Chubu Electric Power Co., Inc.

 

     2,232,900        36,813,619  

Kansai Electric Power Co., Inc.

 

     2,133,900        35,478,366  
    

 

 

  
          72,291,985  
       

 

 

  

GAS DISTRIBUTION

      1.9 %      

Osaka Gas Co. Ltd.

 

     1,132,700        45,879,474  

Tokyo Gas Co. Ltd.

 

     302,000        14,223,006  
    

 

 

  
          60,102,480  
       

 

 

  

TOTAL JAPAN

 

        132,394,465  
    

 

 

  

MALAYSIA

      1.8 %      

ELECTRIC

      1.1 %      

Tenaga Nasional Bhd.

 

     10,069,900        34,683,782  
    

 

 

  

MARINE PORTS

      0.7 %      

Westports Holdings Bhd.

 

     15,775,000        23,135,579  
    

 

 

  

TOTAL MALAYSIA

 

        57,819,361  
    

 

 

  

MEXICO

      3.8 %      

AIRPORTS

        

Grupo Aeroportuario del Centro Norte SAB de CV(b)

 

     2,199,185        31,547,869  

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

 

     1,063,928        26,203,746  

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

 

     1,826,264        61,585,335  
    

 

 

  
          119,336,950  
       

 

 

  

NETHERLANDS

      1.4 %      

MARINE PORTS

        

Koninklijke Vopak NV

 

     812,381        43,970,230  
    

 

 

  

 

2

 

 

              Shares/Units      Value  

NEW ZEALAND

      1.0 %      

AIRPORTS

        

Auckland International Airport Ltd.(b)

 

     6,665,359      $ 30,527,075  
    

 

 

  

PHILIPPINES

      0.6 %      

MARINE PORTS

        

International Container Terminal Services, Inc.

 

     1,664,400        18,869,878  
    

 

 

  

SPAIN

      2.9 %      

AIRPORTS

      2.2 %      

Aena SME SA(d)

 

     2,342,820        69,106,859  
    

 

 

  

ELECTRIC

      0.7 %      

Redeia Corp. SA

 

     1,222,078        20,714,628  
    

 

 

  

TOTAL SPAIN

 

        89,821,487  
    

 

 

  

UNITED KINGDOM

      4.8 %      

ELECTRIC

      2.7 %      

National Grid PLC

 

     5,011,243        84,590,278  
    

 

 

  

WATER

      2.1 %      

Pennon Group PLC

 

     9,364,041        65,627,548  
    

 

 

  

TOTAL UNITED KINGDOM

 

        150,217,826  
    

 

 

  

UNITED STATES

      61.1 %      

COMMUNICATIONS

      5.5 %      

American Tower Corp.(b)

 

     554,166        95,637,968  

Crown Castle, Inc.

 

     935,899        76,097,948  
    

 

 

  
          171,735,916  
       

 

 

  

DIVERSIFIED

      0.0 %      

Stem, Inc.(c)

 

     31,887        281,881  
    

 

 

  

ELECTRIC

      31.3 %      

Alliant Energy Corp.(b)(e)(f)

 

     1,192,956        85,606,523  

Ameren Corp.(b)

 

     447,042        49,138,857  

Black Hills Corp.(b)(e)

 

     450,117        31,242,621  

Dominion Energy, Inc.(b)(e)

 

     973,229        60,165,017  

Duke Energy Corp.(b)(e)

 

     738,266        96,668,550  

Edison International(b)

 

     669,640        49,004,255  

Entergy Corp.(b)(e)

 

     448,601        50,404,808  

Evergy, Inc.(b)(e)

 

     811,570        66,483,814  

Net Power, Inc.(c)

 

     731,336        1,140,884  

NextEra Energy, Inc.

 

     2,380,659        221,115,608  

OGE Energy Corp.(b)

 

     554,197        26,579,288  

PPL Corp.(b)(e)(f)

 

     2,411,409        92,115,824  

Public Service Enterprise Group, Inc.(b)(e)

 

     828,787        67,090,308  

Southern Co.

 

     689,332        66,534,324  

Xcel Energy, Inc.

 

     243,495        19,343,243  
    

 

 

  
          982,633,924  
       

 

 

  

GAS DISTRIBUTION

      6.9 %      

National Fuel Gas Co.(b)

 

     278,080        26,128,397  

NiSource, Inc.(b)

 

     2,851,123        133,033,399  

Sempra

 

     591,045        57,431,843  
    

 

 

  
          216,593,639  
       

 

 

  

 

3

 

 

              Shares/Units      Value  

MIDSTREAM

      9.5 %      

ARKO Petroleum Corp.(b)(e)

 

     965,464      $ 17,272,151  

Cheniere Energy, Inc.

 

     41,431        11,756,461  

Delek Logistics Partners LP(b)(e)

 

     190,528        9,480,673  

Energy Transfer LP(b)(e)(f)

 

     2,172,994        41,938,784  

Kinder Morgan, Inc.(b)

 

     493,337        16,541,590  

Kinetik Holdings, Inc.(f)

 

     1,236,536        59,860,708  

MPLX LP(b)(e)

 

     739,265        42,189,853  

ONEOK, Inc.

 

     224,659        20,306,927  

Plains All American Pipeline LP(b)

 

     1,979,254        44,196,742  

Sunococorp LLC(b)(e)

 

     271,661        16,747,901  

Venture Global, Inc., Class A(b)

 

     1,183,198        18,647,200  
    

 

 

  
          298,938,990  
       

 

 

  

RAILWAYS

      7.3 %      

CSX Corp.(b)(e)(f)

 

     2,520,010        103,446,411  

Norfolk Southern Corp.(b)(e)

 

     204,941        58,818,067  

Union Pacific Corp.(b)(e)(f)

 

     283,297        68,733,518  
    

 

 

  
          230,997,996  
       

 

 

  

WATER

      0.6 %      

H2O America

 

     310,870        18,238,743  
    

 

 

  

TOTAL UNITED STATES

 

        1,919,421,089  
    

 

 

  

TOTAL COMMON STOCK
(Identified cost—$2,553,717,776)

 

        3,587,211,949  
    

 

 

  

PREFERRED SECURITIES—EXCHANGE-TRADED

      3.4 %      

BERMUDA

      0.0 %      

INSURANCE

        

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

 

     7,000        145,530  
    

 

 

  

CANADA

      0.1 %      

UTILITIES

        

Algonquin Power & Utilities Corp., 8.532% (3 Month USD Term SOFR + 4.01%), due 7/1/79, Series 19-A(b)(h)

 

     89,073        2,323,024  

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

 

     100,000        1,451,000  
    

 

 

  
          3,774,024  
       

 

 

  

NETHERLANDS

      0.1 %      

INSURANCE

        

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

 

     100,152        1,897,880  
    

 

 

  

UNITED STATES

      3.2 %      

BANKING

      0.9 %      

Bank of America Corp., 5.00%, Series LL(b)(g)

 

     90,260        1,820,544  

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

 

     61,831        1,338,641  

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

 

     184,373        4,559,544  

Citigroup, Inc., 6.25%, Series II(b)(g)

 

     85,222        2,100,722  

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

 

     83,468        2,019,926  

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

 

     118,969        2,921,879  

Morgan Stanley, 6.625%, Series Q(b)(g)

 

     100,000        2,524,000  

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

 

     81,114        1,906,179  

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

 

     58,968        1,028,992  

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

 

     142,405        2,688,606  

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

 

     206,575        3,924,925  

 

4

 

 

              Shares/Units      Value  

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

 

     65,803      $ 1,548,345  

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

 

     172        198,660  
    

 

 

  
          28,580,963  
       

 

 

  

CONSUMER DISCRETIONARY PRODUCTS

      0.1 %      

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

 

     194,325        4,080,825  
    

 

 

  

CONSUMER STAPLE PRODUCTS

      0.2 %      

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

 

     137,935        3,339,406  

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

 

     135,283        3,326,609  
    

 

 

  
          6,666,015  
       

 

 

  

FINANCIAL SERVICES

      0.3 %      

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

 

     32,128        719,667  

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

 

     66,071        1,337,938  

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

 

     100,000        2,022,000  

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

 

     70,000        1,225,000  

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

 

     59,547        1,385,063  

TPG Operating Group II LP, 6.95%, due 3/15/64(b)

 

     55,287        1,381,069  
    

 

 

  
          8,070,737  
       

 

 

  

INSURANCE

      0.5 %      

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

 

     98,834        2,514,337  

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

 

     80,000        1,558,400  

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

 

     55,443        899,285  

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

 

     115,223        2,722,720  

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

 

     87,725        2,077,328  

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

 

     79,293        1,805,502  

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

 

     93,113        1,807,323  

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

 

     104,207        2,338,405  

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

 

     7,267        166,778  
    

 

 

  
          15,890,078  
       

 

 

  

TELECOMMUNICATIONS

      0.2 %      

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

 

     10,892        218,711  

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

 

     182,869        3,364,790  

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

 

     13,078        256,852  

T-Mobile USA, Inc., Senior Debt, 5.50%, due 6/1/70(b)

 

     94,315        2,008,909  
    

 

 

  
          5,849,262  
       

 

 

  

UTILITIES

      1.0 %      

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

 

     63,498        1,390,606  

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

 

     196,996        4,353,612  

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

 

     202,800        4,824,612  

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

 

     141,202        3,503,222  

NextEra Energy Capital Holdings, Inc., 6.50%, due 4/15/86, Series Z(b)

 

     161,540        4,032,038  

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

 

     150,675        3,103,905  

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

 

     230,000        4,439,000  

Southern Co., 6.50%, due 3/15/85(b)

 

     100,000        2,489,000  

 

5

 

 

              Shares/Units      Value  

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

 

     189,885      $ 4,686,362  
       

 

 

  
          32,822,357  
       

 

 

  

TOTAL UNITED STATES

 

        101,960,237  
       

 

 

  

TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified cost—$118,774,473)

 

        107,777,671  
       

 

 

  
           Principal
Amount*		         

PREFERRED SECURITIES—OVER-THE-COUNTER

      19.3 %      

AUSTRALIA

      0.1 %      

INSURANCE

        

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

 

     1,800,000        1,799,225  
    

 

 

  

CANADA

      3.6 %      

BANKING

      1.3 %      

Bank of Montreal, 6.875% to 11/26/30, due 11/26/85, Series 6(b)(i)

 

     3,400,000        3,433,751  

Bank of Nova Scotia, 6.875% to 10/27/35, due 10/27/85(b)(i)

 

     4,000,000        3,931,430  

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

 

     3,000,000        3,031,632  

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

 

     3,200,000        3,352,768  

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

 

     3,400,000        3,536,068  

Canadian Imperial Bank of Commerce, 6.50% to 7/28/31, due 7/28/86(b)(e)(i)

 

     3,000,000        2,933,334  

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

 

     2,200,000        2,224,990  

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

 

     5,000,000        4,834,975  

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

 

     5,000,000        5,021,500  

Toronto-Dominion Bank, 6.35% to 10/31/30, due 10/31/85(b)(i)

 

     4,000,000        3,938,773  

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

 

     4,200,000        4,335,538  
    

 

 

  
          40,574,759  
       

 

 

  

PIPELINES

      1.5 %      

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

 

     2,874,000        2,870,282  

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

 

     4,155,000        4,158,847  

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

 

     5,913,000        5,919,867  

Enbridge, Inc., 7.20% to 3/27/34, due 6/27/54(b)(e)(i)

 

     3,000,000        3,156,729  

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

 

     3,985,000        4,048,282  

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

 

     3,920,000        4,234,584  

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

 

     3,820,000        4,045,074  

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

 

     2,060,000        2,318,771  

South Bow Canadian Infrastructure Holdings Ltd., 7.625% to 12/1/29, due 3/1/55(b)(i)

 

     3,000,000        3,090,510  

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

 

     5,008,000        4,967,773  

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

 

     2,500,000        2,451,794  

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

 

     6,499,000        6,510,003  
    

 

 

  
          47,772,516  
       

 

 

  

TELECOMMUNICATIONS

      0.7 %      

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

 

     3,000,000        3,036,216  

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

 

     3,000,000        3,071,742  

TELUS Corp., 6.375% to 3/9/31, due 6/9/56(b)(i)

 

     3,000,000        2,970,922  

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

 

     4,000,000        4,004,164  

TELUS Corp., 6.625% to 3/9/36, due 6/9/56(b)(i)

 

     4,000,000        3,900,757  

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

 

     4,000,000        4,085,156  
    

 

 

  
          21,068,957  
       

 

 

  

 

6

 

 

              Principal
Amount*		      Value  

UTILITIES

      0.1 %      

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

 

     4,800,000      $ 4,879,930  
    

 

 

  

TOTAL CANADA

 

        114,296,162  
    

 

 

  

FINLAND

      0.2 %      

BANKING

        

Nordea Bank Abp, 6.75% to 11/10/33(b)(d)(e)(g)(i)(k)

 

     5,000,000        4,988,153  
    

 

 

  

FRANCE

      1.8 %      

BANKING

      1.7 %      

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

 

     1,000,000        1,014,375  

BNP Paribas SA, 7.375% to 9/10/34(b)(d)(g)(i)(k)

 

     5,000,000        5,015,855  

BNP Paribas SA, 7.45% to 6/27/35(b)(d)(g)(i)(k)

 

     3,000,000        3,012,763  

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

 

     4,200,000        4,336,093  

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

 

     5,000,000        5,210,585  

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

 

     2,000,000        2,085,194  

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

 

     7,200,000        7,533,317  

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

 

     5,400,000        5,453,292  

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

 

     4,000,000        3,987,167  

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

 

     2,600,000        2,678,413  

Societe Generale SA, 8.50% to 3/25/34(b)(d)(g)(i)(k)

 

     4,000,000        4,278,464  

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

 

     2,400,000        2,510,710  

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

 

     5,000,000        5,403,278  
    

 

 

  
          52,519,506  
       

 

 

  

INSURANCE

      0.1 %      

SCOR SE, 5.25% to 3/13/29(g)(i)(j)(k)

 

     4,600,000        4,310,043  
    

 

 

  

TOTAL FRANCE

 

        56,829,549  
    

 

 

  

GERMANY

      0.2 %      

BANKING

      0.1 %      

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

 

     3,200,000        3,249,100  
    

 

 

  

INSURANCE

      0.1 %      

Allianz SE, 6.55% to 10/30/33(b)(d)(g)(i)(k)

 

     3,200,000        3,207,283  
    

 

 

  

TOTAL GERMANY

 

        6,456,383  
    

 

 

  

JAPAN

      0.8 %      

FINANCIAL SERVICES

      0.1 %      

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

 

     4,800,000        4,836,350  
    

 

 

  

INSURANCE

      0.6 %      

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

 

     3,400,000        3,421,576  

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

 

     3,800,000        3,911,923  

RLGH Finance Bermuda Ltd., 6.875% to 5/19/32(g)(i)(j)

 

     4,000,000        3,905,328  

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

 

     2,600,000        2,544,981  

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

 

     4,400,000        4,315,591  
    

 

 

  
          18,099,399  
       

 

 

  

TELECOMMUNICATIONS

      0.1 %      

SoftBank Group Corp., 7.625% to 1/29/31, due 4/29/61(i)(j)

 

     4,400,000        3,951,949  
    

 

 

  

TOTAL JAPAN

 

        26,887,698  
    

 

 

  

 

7

 

 

              Principal
Amount*		      Value  

NETHERLANDS

      0.5 %      

BANKING

        

ING Groep NV, 7.00% to 11/16/32(b)(g)(i)(k)

 

     4,000,000      $ 3,995,350  

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

 

     6,800,000        6,956,276  

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

 

     5,400,000        5,692,102  
    

 

 

  
          16,643,728  
       

 

 

  

SPAIN

      0.5 %      

BANKING

        

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

 

     4,000,000        4,324,564  

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

 

     5,000,000        5,274,790  

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

 

     2,200,000        2,370,920  

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

 

     3,800,000        4,388,973  
    

 

 

  
          16,359,247  
       

 

 

  

SWEDEN

      0.1 %      

BANKING

        

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

 

     4,400,000        4,634,354  
    

 

 

  

SWITZERLAND

      1.1 %      

BANKING

      1.0 %      

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

 

     1,600,000        400,000  

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

 

     2,000,000        500,000  

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

 

     600,000        150,000  

UBS Group AG, 6.625% to 1/8/31(b)(d)(g)(i)(k)

 

     4,400,000        4,286,365  

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

 

     2,600,000        2,578,224  

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

 

     4,200,000        4,084,806  

UBS Group AG, 7.00% to 1/8/36(b)(d)(g)(i)(k)

 

     4,400,000        4,255,682  

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

 

     7,000,000        7,465,187  

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

 

     5,200,000        5,858,315  
    

 

 

  
          29,578,579  
       

 

 

  

INSURANCE

      0.1 %      

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

 

     3,700,000        3,710,876  
    

 

 

  

TOTAL SWITZERLAND

 

        33,289,455  
    

 

 

  

UNITED KINGDOM

      2.0 %      

BANKING

      1.5 %      

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

 

     2,400,000        2,424,373  

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

 

     5,000,000        5,176,444  

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

 

     9,800,000        10,694,789  

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

 

     2,800,000        2,799,239  

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

 

     4,400,000        4,432,551  

HSBC Holdings PLC, 7.05% to 6/5/30(b)(g)(i)(k)

 

     4,400,000        4,435,197  

Lloyds Banking Group PLC, 6.625% to 9/27/35(b)(g)(i)(k)

 

     4,200,000        4,012,404  

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

 

     4,000,000        3,979,733  

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

 

     3,000,000        3,151,650  

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

 

     3,000,000        3,248,961  

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

 

     3,800,000        3,950,845  
    

 

 

  
          48,306,186  
       

 

 

  

INSURANCE

      0.3 %      

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

 

     1,300,000        1,275,776  

 

8

 

 

              Principal
Amount*		     Value  

Rothesay Life PLC, 4.875% to 4/13/27, Series NC6(g)(i)(j)(k)

 

     3,000,000     $ 2,902,989  

Rothesay Life PLC, 7.00% to 6/3/35(g)(i)(j)(k)

 

     3,500,000       3,392,872  
   

 

 

  
         7,571,637  
      

 

 

  

TELECOMMUNICATIONS

      0.2 %     

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

 

     2,090,000       1,913,713  

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

 

     4,500,000       4,631,429  
   

 

 

  
         6,545,142  
      

 

 

  

TOTAL UNITED KINGDOM

 

       62,422,965  
   

 

 

  

UNITED STATES

      8.4 %     

BANKING

      2.2 %     

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

 

     2,682,000       2,685,889  

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

 

     3,640,000       3,664,017  

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

 

     3,000,000       3,077,715  

Citigroup, Inc., 6.50% to 5/15/31, Series JJ(b)(g)(i)

 

     2,008,000       2,003,761  

Citigroup, Inc., 6.625% to 2/15/31, Series HH(b)(e)(g)(i)

 

     6,000,000       6,008,581  

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

 

     8,045,000       8,107,011  

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

 

     5,000,000       5,040,005  

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

 

     3,800,000       3,931,894  

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

 

     1,500,000       1,543,337  

First Horizon Bank, 4.761% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)(b)(d)(g)(h)

 

     1,806 †      1,335,989  

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

 

     1,000,000       987,048  

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

 

     3,000,000       3,059,814  

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

 

     2,290,000       2,400,332  

Huntington Bancshares, Inc., 6.25% to 10/15/30, Series K(b)(g)(i)

 

     3,000,000       2,957,987  

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

 

     2,000,000       2,076,250  

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

 

     4,450,000       4,462,327  

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

 

     2,000,000       2,018,898  

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

 

     4,000,000       4,066,568  

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

 

     3,000,000       3,093,879  

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

 

     4,000,000       4,148,920  

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

 

     3,390,000       3,563,188  
   

 

 

  
         70,233,410  
      

 

 

  

ENERGY

      0.1 %     

Sunoco LP, 7.875% to 9/18/30(b)(d)(g)(i)

 

     3,000,000       3,065,358  
   

 

 

  

HEALTH CARE

      0.3 %     

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

 

     3,700,000       3,747,907  

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

 

     3,000,000       3,093,804  

Humana, Inc., 6.625% to 6/15/31, due 9/15/56(b)(i)

 

     3,487,000       3,352,209  
   

 

 

  
         10,193,920  
      

 

 

  

INSURANCE

      2.0 %     

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

 

     3,700,000       3,724,472  

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

 

     4,073,000       3,764,296  

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

 

     2,500,000       2,338,644  

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

 

     2,000,000       1,966,685  

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

 

     7,170,000       7,227,474  

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

 

     4,480,000       4,534,974  

Global Atlantic Fin Co., 7.25% to 3/1/31, due 3/1/56(b)(d)(i)

 

     2,000,000       1,886,865  

 

9

 

 

              Principal
Amount*		      Value  

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

 

     2,600,000      $ 2,505,742  

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

 

     2,993,000        3,125,455  

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

 

     5,850,000        6,330,086  

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

 

     6,500,000        7,623,986  

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

 

     1,600,000        1,531,536  

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

 

     4,500,000        4,512,361  

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

 

     1,200,000        1,229,722  

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

 

     3,000,000        3,118,935  

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

 

     4,100,000        4,097,226  

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

 

     1,310,000        1,365,109  
    

 

 

  
          60,883,568  
       

 

 

  

PIPELINES

      0.9 %      

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

 

     6,800,000        6,789,708  

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

 

     4,311,000        4,399,203  

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

 

     2,000,000        2,096,078  

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

 

     4,600,000        4,533,337  

Phillips 66 Co., 6.20% to 12/15/35, due 3/15/56, Series B(b)(i)

 

     5,000,000        4,979,862  

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

 

     6,392,000        6,371,745  
    

 

 

  
          29,169,933  
       

 

 

  

UTILITIES

      2.9 %      

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

 

     2,000,000        1,984,886  

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

 

     4,200,000        4,117,832  

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

 

     4,510,000        4,458,158  

American Electric Power Co., Inc., 6.05% to 12/15/35, due 3/15/56, Series D(b)(e)(i)

 

     7,000,000        6,940,534  

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

 

     2,200,000        2,335,447  

CenterPoint Energy, Inc., 6.70% to 2/15/30, due 5/15/55(b)(i)

 

     3,000,000        3,048,063  

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

 

     3,780,000        3,974,436  

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

 

     3,510,000        3,625,047  

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

 

     1,125,000        1,091,884  

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

 

     3,500,000        3,564,785  

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

 

     4,000,000        3,940,100  

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

 

     1,050,000        1,044,022  

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

 

     5,800,000        5,751,131  

Dominion Energy, Inc., 6.625% to 2/15/35, due 5/15/55(b)(i)

 

     3,850,000        3,910,226  

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

 

     5,180,000        5,334,781  

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

 

     3,800,000        3,895,923  

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

 

     2,000,000        2,069,190  

Evergy, Inc., 6.65% to 3/2/30, due 6/1/55(b)(i)

 

     2,000,000        2,015,027  

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

 

     2,240,000        2,328,281  

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

 

     2,538,000        2,535,968  

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

 

     1,500,000        1,528,945  

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

 

     4,000,000        4,087,972  

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

 

     1,500,000        1,553,646  

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

 

     3,000,000        3,087,042  

Puget Energy, Inc., 7.25% to 6/15/36, due 9/15/56(d)(i)

 

     2,937,000        2,925,971  

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

 

     2,500,000        2,433,986  

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

 

     3,520,000        3,510,177  

 

10

 

 

              Principal
Amount*		      Value  

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

 

     3,000,000      $ 3,034,011  
       

 

 

  
          90,127,471  
       

 

 

  

TOTAL UNITED STATES

 

        263,673,660  
       

 

 

  

TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER
(Identified cost—$602,876,157)

 

        608,280,579  
       

 

 

  

CORPORATE BONDS

      0.6 %      

ITALY

      0.0 %      

UTILITIES

        

ENEL Finance International NV, 7.50%, due 10/14/32(b)(d)(e)

        400,000        450,620  
       

 

 

  

UNITED STATES

      0.6 %      

FINANCIAL SERVICES

      0.1 %      

HA Sustainable Infrastructure Capital, Inc., 6.00%, due 3/15/36(b)

        3,000,000        2,912,782  
       

 

 

  

INSURANCE

      0.1 %      

Omnis Funding Trust, 6.722%, due 5/15/55(b)(d)

        2,900,000        2,934,681  
       

 

 

  

REAL ESTATE

      0.2 %      

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

        3,060,000        2,935,394  

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

        1,700,000        1,710,068  
       

 

 

  
          4,645,462  
       

 

 

  

UTILITIES

      0.2 %      

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

        1,015,000        1,034,209  

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

        6,000,000        6,053,987  
       

 

 

  
          7,088,196  
       

 

 

  

TOTAL UNITED STATES

 

        17,581,121  
    

 

 

  

TOTAL CORPORATE BONDS
(Identified cost—$17,976,661)

 

        18,031,741  
    

 

 

  
           Shares         

WARRANTS

      0.0 %      

UNITED STATES—ELECTRIC

      0.0 %      

Net Power, Inc., exercise price $11.50, expires 6/8/28(b)(c)

        182,834        49,365  
       

 

 

  

TOTAL WARRANTS
(Identified cost—$621,636)

           49,365  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.8 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.60%(m)

 

     21,412,783        21,412,783  

State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.60%(m)

 

     2,927,483        2,927,483  
    

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$24,340,266)

 

        24,340,266  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$3,318,306,969)

      138.2 %         4,345,691,571  

 

11

 

 

                        Value  

WRITTEN OPTION CONTRACTS
(Premiums received—$637,390)

      (0.0 )                  $ (1,105,018 ) 

LIABILITIES IN EXCESS OF OTHER ASSETS

      (38.2 )         (1,200,431,439 ) 
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 3,144,155,114  
  

 

 

       

 

 

  

 

12

 

 

Exchange-Traded Option Contracts  
Written Options  
Description  

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount(n)

    

Premiums

Received

     Value  

Call — Cheniere Energy, Inc.

   $ 280.00       4/17/26       (336 )    $ (9,534,336 )    $ (147,798 )    $ (415,782 ) 

Call — Kinetik Holdings, Inc.

     50.00       4/17/26       (2,030 )      (9,827,230 )      (169,660 )      (167,883 ) 

Call — PPL Corp.

     38.00       4/17/26       (3,615 )      (13,809,300 )      (164,761 )      (300,097 ) 

Call — Duke Energy Corp.

     135.00       5/15/26       (1,017 )      (13,316,598 )      (155,171 )      (221,256 ) 
        (6,998 )    $ (46,487,464 )    $ (637,390 )    $ (1,105,018 ) 

 

  

Centrally Cleared Interest Rate Swap Contracts

 

Notional

Amount

     

Fixed

Rate

     

Fixed Rate

Pay/Receive

   

Fixed

Payment

Frequency

   

Floating

Rate

     

Floating Rate

Pay/Receive

  

Floating

Payment

Frequency

   

Maturity

Date

     

Unrealized

Appreciation

(Depreciation)

     

Upfront

Payments

(Receipts)

      Value  
$ 85,000,000        0.898%      Pay    Monthly      3.794%(o )    

Receive

   Monthly      5/1/26      $ 422,234      $ (656 )     $ 421,578  
  255,000,000        1.237%      Pay    Monthly      3.794%(o )    

Receive

   Monthly      9/15/27        9,571,308        (19,978 )       9,551,330  
  130,000,000        3.655%      Pay    Monthly      3.680%(o )    

Receive

   Monthly      9/15/28        (351,653 )       —        (351,653 ) 
  130,000,000        3.588%      Pay    Monthly      3.680%(o )    

Receive

   Monthly      9/15/28        (138,239 )       —        (138,239 ) 
                       $ 9,503,650      $ (20,634 )     $ 9,483,016  

 

 

  

Glossary of Portfolio Abbreviations

 

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

Fair Value Hierarchy as of Period End

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

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

 

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

Common Stock:

            

Australia

    $ —      $ 188,055,960      $ —      $ 188,055,960  

China

      —        40,646,486        —        40,646,486  

France

      —        81,710,683        —        81,710,683  

Greece

      —        38,647,030        —        38,647,030  

Hong Kong

      —        70,604,036        —        70,604,036  

India

      —        72,150,171        —        72,150,171  

Italy

      —        12,254,768        —        12,254,768  

 

13

 

 

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

Japan

    $ —      $ 132,394,465     $ —      $ 132,394,465  

Malaysia

      —        57,819,361       —        57,819,361  

Netherlands

      —        43,970,230       —        43,970,230  

Philippines

      —        18,869,878       —        18,869,878  

Spain

      69,106,859        20,714,628       —        89,821,487  

United Kingdom

      65,627,548        84,590,278       —        150,217,826  

Other Countries

      2,590,049,568        —       —        2,590,049,568  

Preferred Securities—Exchange-Traded

      107,777,671        —       —        107,777,671  

Preferred Securities—Over-the-Counter

      —        608,280,579       —        608,280,579  

Corporate Bonds

      —        18,031,741       —        18,031,741  

Warrants

      49,365        —       —        49,365  

Short-Term Investments

      —        24,340,266       —        24,340,266  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 2,832,611,011      $ 1,513,080,560     $ —      $ 4,345,691,571  
  

 

 

     

 

 

    

 

 

     

 

 

  

Interest Rate Swap Contracts

    $ —      $ 9,993,542     $ —      $ 9,993,542  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Derivative Assets

    $ —      $ 9,993,542     $ —      $ 9,993,542  
  

 

 

     

 

 

    

 

 

     

 

 

  

Interest Rate Swap Contracts

    $ —      $ (489,892 )    $ —      $ (489,892 ) 

Written Option Contracts

      —        (1,105,018 )      —        (1,105,018 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Derivative Liabilities

    $ —      $ (1,594,910 )    $ —      $ (1,594,910 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
 

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

*

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

†

Represents shares.

(a)

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

(b)

All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $2,559,308,010 in aggregate has been pledged as collateral.

(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 $227,909,182 which represents 7.2% of the net assets of the Fund, of which 0.1% are illiquid.

(e)

A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $1,116,565,659 in aggregate has been rehypothecated.

(f)

All or a portion of the security is pledged in connection with exchange-traded written option contracts. $30,854,332 in aggregate has been pledged as collateral.

(g)

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

(h)

Variable rate. Rate shown is in effect at March 31, 2026.

(i)

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

(j)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $49,692,813 which represents 1.6% of the net assets of the Fund, of which 0.0% are illiquid.

(k)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $194,928,390 which represents 6.2% of the net assets of the Fund (4.5% of the managed assets of the Fund).

(l)

Security is in default.

(m)

Rate quoted represents the annualized seven–day yield.

(n)

Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.

(o)

Based on 1-Day USD-SOFR-OIS. Represents rates in effect at March 31, 2026.

 

14

 

 

Sector Summary

    % of
 Managed 
Assets		  

Electric

      33.9  

Midstream

      16.4  

Banking

      7.2  

Gas Distribution

      7.0  

Railways

      6.7  

Airports

      5.4  

Communications

      4.2  

Toll Roads

      4.0  

Utilities

      3.2  

Insurance

      2.8  

Marine Ports

      2.3  

Water

      1.9  

Pipelines

      1.8  

Telecommunications

      0.9  

Other

      2.3  
  

 

 

  
     100.0  
  

 

 

  

 

15

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Portfolio Valuation

Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Centrally cleared interest rate swaps are valued based upon prices provided by a third-party pricing service. Exchange-traded options are valued at their last sale price as of the close of options trading on the applicable exchanges on the valuation date, when supported by sufficient trading volume, or otherwise based on prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

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

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

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

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

The Board of Directors has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the Investment Company Act of 1940. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

 

 

 

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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

 

  •  

Level 1 — quoted prices in active markets for identical investments

 

  •  

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

 

  •  

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

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The levels associated with valuing the Fund’s investments as of March 31, 2026 are disclosed in the Fund’s Schedule of Investments.

Note 2. Derivative Investments

Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the credit agreement, the accruals for which would begin at a specific date in the future (the effective date). The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).

Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).

Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.