0001275617 2026-01-01 2026-06-30 0001275617 csifi:CommonStockRiskMember 2026-01-01 2026-06-30 0001275617 csifi:CreditAndBelowInvestmentGradeSecuritiesRiskMember 2026-01-01 2026-06-30 0001275617 csifi:CybersecurityRiskMember 2026-01-01 2026-06-30 0001275617 csifi:ForeignCurrencyAndCurrencyHedgingRiskMember 2026-01-01 2026-06-30 0001275617 csifi:ForeignNonUSAndEmergingMarketSecuritiesRiskMember 2026-01-01 2026-06-30 0001275617 csifi:InfrastructureCompaniesRiskMember 2026-01-01 2026-06-30 0001275617 csifi:LeverageRiskMember 2026-01-01 2026-06-30 0001275617 csifi:MarketDisruptionAndGeopoliticalRiskMember 2026-01-01 2026-06-30 0001275617 csifi:MarketPriceDiscountFromNetAssetValueRiskMember 2026-01-01 2026-06-30 0001275617 csifi:MasterLimitedPartnershipRiskMember 2026-01-01 2026-06-30 0001275617 csifi:PreferredSecuritiesRiskMember 2026-01-01 2026-06-30 0001275617 csifi:RegulatoryRiskMember 2026-01-01 2026-06-30 0001275617 csifi:RestrictedAndIlliquidSecuritiesRiskMember 2026-01-01 2026-06-30 0001275617 2026-06-30 iso4217:USD shares pure shares false 0001275617 N-CSRS Cohen & Steers Infrastructure Fund, Inc. 111810099 28.02 27.59 -0.0153 The Fund’s investment objective is total return with emphasis on income. <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">The Fund is authorized to issue 300 million shares of common stock at a par value of $0.001 per share. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">During the six months ended June 30, 2026, the Fund did not issue shares of common stock for the reinvestment of dividends. During the year ended December 31, 2025, the Fund issued 202,803 shares of common stock at $5,058,567 for the reinvestment of dividends. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">On December 9, 2025, the Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management’s discretion and subject to market conditions and investment considerations, of up to 10% of the Fund’s common shares outstanding as of January 1, 2026 through December 31, 2026. There is no assurance that the Fund will repurchase shares in any particular amounts or at all. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">During the six months ended June 30, 2026 and year ended December 31, 2025, the Fund did not effect any repurchases. </span></div> <div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-weight:bold">Note 9. Other Risks </span></span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Market Price Discount from Net Asset Value Risk:</span> Shares of closed‑end investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the shares may trade at, above or below NAV. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Common Stock Risk</span>: Common stocks are subject to special risks. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Common stocks may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks held by the Fund. Common stock prices fluctuate for many reasons, including changes to investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">which the Fund has invested; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the common stocks held by the Fund. Also, common stock of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. The common stocks in which the Fund will invest are typically subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and assets, and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs increase. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Infrastructure Companies Risk:</span> Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with compliance with and changes in environmental and other regulations; regulation by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure and utilities assets. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Foreign Currency and Currency Hedging</span><span style="font-style:italic"></span><span style="font-style:italic"> Risk:</span> Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various instruments that are designed to hedge the Fund’s foreign currency risks. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">If the Fund were to utilize derivatives for the purpose of hedging foreign currency risks, it would be subject to risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Foreign (Non‑U.S.) and Emerging Market Securities Risk:</span> The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Master Limited Partnership Risk</span>: The Fund may invest in Portfolio Funds that invest in master limited partnerships (MLPs). An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Weakening energy market fundamentals may increase counterparty risk and impact MLP profitability. Specifically, energy companies suffering financial distress may be able to abrogate contracts with MLPs, decreasing or eliminating sources of revenue. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Leverage Risk:</span> 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 the 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. The use of leverage also results in the investment advisory fees payable to the investment advisor being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Preferred Securities Risk:</span> Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Credit and Below-Investment-Grade Securities Risk:</span> Preferred securities may be rated below-investment-grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Market Disruption and Geopolitical Risk:</span> Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund’s investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund’s investments. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Regulatory Risk:</span> Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. These regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Cybersecurity Risk:</span> With the increased use of technologies such as the Internet and artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment manager), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial‑of‑service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment manager, a subadvisor or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">Each of the Fund and the investment manager may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Restricted and Illiquid Securities Risk:</span> The Fund may invest up to 10% of its managed assets in restricted securities and other investments that may be illiquid. Illiquid securities are securities that are not readily marketable and may include some restricted securities, which are securities that may not be resold to the public without an effective registration statement under the Securities Act or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">exemption from registration. Illiquid investments involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the securities on its books. Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. For purposes of determining the Fund’s NAV, illiquid securities will be priced at fair value as determined in good faith by the Board or its delegate. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Market Price Discount from Net Asset Value Risk:</span> Shares of closed‑end investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the shares may trade at, above or below NAV. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Common Stock Risk</span>: Common stocks are subject to special risks. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. Common stocks may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks held by the Fund. Common stock prices fluctuate for many reasons, including changes to investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">which the Fund has invested; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the common stocks held by the Fund. Also, common stock of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. The common stocks in which the Fund will invest are typically subordinated to preferred securities, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and assets, and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs increase. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Infrastructure Companies Risk:</span> Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with compliance with and changes in environmental and other regulations; regulation by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure and utilities assets. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Foreign Currency and Currency Hedging</span><span style="font-style:italic"></span><span style="font-style:italic"> Risk:</span> Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline solely as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various instruments that are designed to hedge the Fund’s foreign currency risks. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">If the Fund were to utilize derivatives for the purpose of hedging foreign currency risks, it would be subject to risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Foreign (Non‑U.S.) and Emerging Market Securities Risk:</span> The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Master Limited Partnership Risk</span>: The Fund may invest in Portfolio Funds that invest in master limited partnerships (MLPs). An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Weakening energy market fundamentals may increase counterparty risk and impact MLP profitability. Specifically, energy companies suffering financial distress may be able to abrogate contracts with MLPs, decreasing or eliminating sources of revenue. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Leverage Risk:</span> 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 the 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. The use of leverage also results in the investment advisory fees payable to the investment advisor being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Preferred Securities Risk:</span> Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws. </span></div> Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws. <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Credit and Below-Investment-Grade Securities Risk:</span> Preferred securities may be rated below-investment-grade or may be unrated. Below-investment-grade securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Market Disruption and Geopolitical Risk:</span> Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund’s investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund’s investments. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Regulatory Risk:</span> Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. These regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Cybersecurity Risk:</span> With the increased use of technologies such as the Internet and artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment manager), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial‑of‑service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment manager, a subadvisor or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders. </span></div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354">Each of the Fund and the investment manager may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations. </span></div> <div style="margin-top:4pt;margin-bottom:0pt;text-indent:5%;font-size:10pt;font-family:arial;"><span style="color:#566354"><span style="font-style:italic">Restricted and Illiquid Securities Risk:</span> The Fund may invest up to 10% of its managed assets in restricted securities and other investments that may be illiquid. Illiquid securities are securities that are not readily marketable and may include some restricted securities, which are securities that may not be resold to the public without an effective registration statement under the Securities Act or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="color:#566354">exemption from registration. Illiquid investments involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the securities on its books. Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. For purposes of determining the Fund’s NAV, illiquid securities will be priced at fair value as determined in good faith by the Board or its delegate. </span></div>