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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cohen and Steers Infrastructure Fund Inc | NYSE:UTF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.95 | 16 | 09:05:27 |
COHEN & STEERS INFRASTRUCTURE FUND, INC.
SCHEDULE OF INVESTMENTS
March 28, 2024 (Unaudited)*
Shares/Units | Value | |||||||||||
COMMON STOCK |
116.0 | % | ||||||||||
AUSTRALIA |
7.6 | % | ||||||||||
RAILWAYS |
1.0 | % | ||||||||||
Aurizon Holdings Ltd.(a) |
8,589,984 | $ | 22,390,654 | |||||||||
|
|
|||||||||||
TOLL ROADS |
6.6 | % | ||||||||||
Atlas Arteria Ltd.(a)(b) |
16,278,382 | 56,539,618 | ||||||||||
Transurban Group(a)(b) |
10,435,973 | 90,584,022 | ||||||||||
|
|
|||||||||||
147,123,640 | ||||||||||||
|
|
|||||||||||
TOTAL AUSTRALIA |
169,514,294 | |||||||||||
|
|
|||||||||||
BRAZIL |
2.3 | % | ||||||||||
MARINE PORTS |
1.0 | % | ||||||||||
Santos Brasil Participacoes SA(a) |
8,336,994 | 22,141,556 | ||||||||||
|
|
|||||||||||
TOLL ROADS |
1.3 | % | ||||||||||
CCR SA(a) |
10,300,010 | 28,381,812 | ||||||||||
|
|
|||||||||||
TOTAL BRAZIL |
50,523,368 | |||||||||||
|
|
|||||||||||
CANADA |
10.7 | % | ||||||||||
DIVERSIFIED |
0.2 | % | ||||||||||
Tidewater Renewables Ltd.(c) |
789,442 | 4,248,667 | ||||||||||
|
|
|||||||||||
GAS DISTRIBUTION |
0.9 | % | ||||||||||
AltaGas Ltd. |
888,181 | 19,618,601 | ||||||||||
|
|
|||||||||||
MIDSTREAM |
8.6 | % | ||||||||||
Enbridge, Inc. |
1,843,322 | 66,612,980 | ||||||||||
Keyera Corp. |
748,046 | 19,267,893 | ||||||||||
Pembina Pipeline Corp. Subscription Receipt(a) |
327,150 | 11,542,209 | ||||||||||
TC Energy Corp. |
2,340,385 | 94,061,171 | ||||||||||
|
|
|||||||||||
191,484,253 | ||||||||||||
|
|
|||||||||||
RAILWAYS |
1.0 | % | ||||||||||
Canadian National Railway Co. |
164,490 | 21,660,390 | ||||||||||
|
|
|||||||||||
TOTAL CANADA |
237,011,911 | |||||||||||
|
|
|||||||||||
CHINA |
1.8 | % | ||||||||||
GAS DISTRIBUTION |
1.4 | % | ||||||||||
ENN Energy Holdings Ltd., (H Shares)(a) |
4,079,921 | 31,432,526 | ||||||||||
|
|
|||||||||||
MARINE PORTS |
0.4 | % | ||||||||||
China Merchants Port Holdings Co. Ltd., (H Shares)(a) |
7,242,000 | 8,688,290 | ||||||||||
|
|
|||||||||||
TOTAL CHINA |
40,120,816 | |||||||||||
|
|
|||||||||||
FRANCE |
2.3 | % | ||||||||||
ELECTRIC |
1.6 | % | ||||||||||
Engie SA(a) |
2,092,736 | 35,017,672 | ||||||||||
|
|
|||||||||||
TOLL ROADS |
0.7 | % | ||||||||||
Eiffage SA(a) |
144,618 | 16,405,620 | ||||||||||
|
|
|||||||||||
TOTAL FRANCE |
51,423,292 | |||||||||||
|
|
|||||||||||
GREECE |
0.4 | % | ||||||||||
AIRPORT |
||||||||||||
Athens International Airport SA(c) |
1,058,181 | 9,703,757 | ||||||||||
|
|
|||||||||||
HONG KONG |
2.2 | % | ||||||||||
ELECTRIC |
||||||||||||
Power Assets Holdings Ltd.(a) |
8,487,000 | 49,662,651 | ||||||||||
|
|
1
Shares/Units | Value | |||||||||||
INDIA |
3.0 | % | ||||||||||
ELECTRIC |
||||||||||||
NTPC Ltd. |
5,253,915 | $ | 21,241,811 | |||||||||
Power Grid Corp. of India Ltd. |
13,661,786 | 45,431,448 | ||||||||||
|
|
|||||||||||
66,673,259 | ||||||||||||
|
|
|||||||||||
ITALY |
1.7 | % | ||||||||||
ELECTRIC |
||||||||||||
Enel SpA(a) |
3,009,729 | 19,868,673 | ||||||||||
TernaRete Elettrica Nazionale(a) |
2,097,303 | 17,332,092 | ||||||||||
|
|
|||||||||||
37,200,765 | ||||||||||||
|
|
|||||||||||
JAPAN |
2.6 | % | ||||||||||
AIRPORT |
0.9 | % | ||||||||||
Japan Airport Terminal Co. Ltd.(a) |
492,900 | 19,435,329 | ||||||||||
|
|
|||||||||||
ELECTRIC |
0.3 | % | ||||||||||
Kansai Electric Power Co., Inc.(a) |
517,700 | 7,349,302 | ||||||||||
|
|
|||||||||||
GAS DISTRIBUTION |
1.4 | % | ||||||||||
Osaka Gas Co. Ltd.(a) |
424,300 | 9,524,187 | ||||||||||
Tokyo Gas Co. Ltd.(a) |
967,600 | 21,962,436 | ||||||||||
|
|
|||||||||||
31,486,623 | ||||||||||||
|
|
|||||||||||
TOTAL JAPAN |
58,271,254 | |||||||||||
|
|
|||||||||||
MALAYSIA |
0.2 | % | ||||||||||
MARINE PORTS |
||||||||||||
Westports Holdings Bhd. |
5,775,200 | 4,697,765 | ||||||||||
|
|
|||||||||||
MEXICO |
3.2 | % | ||||||||||
AIRPORTS |
||||||||||||
Grupo Aeroportuario del Centro Norte SAB de CV(a) |
1,523,926 | 15,011,466 | ||||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a) |
3,394,388 | 54,709,992 | ||||||||||
|
|
|||||||||||
69,721,458 | ||||||||||||
|
|
|||||||||||
NETHERLANDS |
0.8 | % | ||||||||||
MARINE PORTS |
||||||||||||
Koninklijke Vopak NV |
459,751 | 17,722,163 | ||||||||||
|
|
|||||||||||
NEW ZEALAND |
1.5 | % | ||||||||||
AIRPORT |
||||||||||||
Auckland International Airport Ltd.(a) |
6,665,359 | 33,251,531 | ||||||||||
|
|
|||||||||||
PHILIPPINES |
0.5 | % | ||||||||||
MARINE PORTS |
||||||||||||
International Container Terminal Services, Inc. |
1,795,530 | 10,157,049 | ||||||||||
|
|
|||||||||||
SPAIN |
2.1 | % | ||||||||||
AIRPORT |
||||||||||||
Aena SME SA(a)(d) |
234,282 | 46,115,170 | ||||||||||
|
|
|||||||||||
THAILAND |
1.5 | % | ||||||||||
AIRPORT |
||||||||||||
Airports of Thailand PCL |
18,795,100 | 33,610,970 | ||||||||||
|
|
|||||||||||
UNITED KINGDOM |
4.4 | % | ||||||||||
ELECTRIC |
3.8 | % | ||||||||||
National Grid PLC |
6,165,531 | 82,954,239 | ||||||||||
|
|
|||||||||||
WATER |
0.6 | % | ||||||||||
Pennon Group PLC |
1,667,274 | 13,625,663 | ||||||||||
|
|
|||||||||||
TOTAL UNITED KINGDOM |
96,579,902 | |||||||||||
|
|
2
Shares/Units | Value | |||||||||||
UNITED STATES |
67.2 | % | ||||||||||
COMMUNICATIONS |
8.3 | % | ||||||||||
American Tower Corp.(a)(e) |
646,883 | $ | 127,817,612 | |||||||||
Crown Castle, Inc.(a) |
535,724 | 56,695,671 | ||||||||||
|
|
|||||||||||
184,513,283 | ||||||||||||
|
|
|||||||||||
DIVERSIFIED |
0.1 | % | ||||||||||
Benson Hill, Inc.(a)(c)(f) |
962,500 | 192,981 | ||||||||||
Stem, Inc.(a)(c)(f) |
637,750 | 1,396,673 | ||||||||||
|
|
|||||||||||
1,589,654 | ||||||||||||
|
|
|||||||||||
ELECTRIC |
35.1 | % | ||||||||||
Alliant Energy Corp.(a)(f) |
1,214,745 | 61,223,148 | ||||||||||
CenterPoint Energy, Inc.(a)(f) |
1,554,315 | 44,282,434 | ||||||||||
CMS Energy Corp.(a)(f) |
942,276 | 56,856,934 | ||||||||||
Consolidated Edison, Inc. |
228,427 | 20,743,456 | ||||||||||
Dominion Energy, Inc.(a)(f) |
1,694,015 | 83,328,598 | ||||||||||
Duke Energy Corp.(a)(f) |
317,755 | 30,730,086 | ||||||||||
Edison International(a) |
90,646 | 6,411,392 | ||||||||||
Entergy Corp.(a)(f) |
569,620 | 60,197,442 | ||||||||||
Evergy, Inc.(a) |
474,479 | 25,327,689 | ||||||||||
Net Power, Inc.(a)(c)(f) |
731,336 | 8,329,917 | ||||||||||
NextEra Energy, Inc.(a) |
1,757,386 | 112,314,539 | ||||||||||
PPL Corp.(a)(f) |
3,566,814 | 98,194,389 | ||||||||||
Public Service Enterprise Group, Inc.(a)(f) |
828,787 | 55,346,396 | ||||||||||
Southern Co.(a) |
1,612,273 | 115,664,465 | ||||||||||
|
|
|||||||||||
778,950,885 | ||||||||||||
|
|
|||||||||||
GAS DISTRIBUTION |
7.0 | % | ||||||||||
NiSource, Inc.(a) |
3,450,657 | 95,445,173 | ||||||||||
Sempra(a)(f) |
827,532 | 59,441,623 | ||||||||||
|
|
|||||||||||
154,886,796 | ||||||||||||
|
|
|||||||||||
MIDSTREAM |
10.9 | % | ||||||||||
Cheniere Energy, Inc.(a)(f) |
272,650 | 43,972,992 | ||||||||||
DT Midstream, Inc. |
334,958 | 20,465,934 | ||||||||||
Energy Transfer LP(a)(f) |
1,606,191 | 25,265,385 | ||||||||||
Hess Midstream LP, Class A(a)(f) |
278,347 | 10,056,677 | ||||||||||
Kinder Morgan, Inc.(a) |
1,374,354 | 25,205,652 | ||||||||||
Kinetik Holdings, Inc. |
634,229 | 25,286,710 | ||||||||||
MPLX LP(a)(f) |
514,959 | 21,401,696 | ||||||||||
ONEOK, Inc.(a) |
591,257 | 47,401,074 | ||||||||||
Plains All American Pipeline LP(a) |
1,264,432 | 22,203,426 | ||||||||||
|
|
|||||||||||
241,259,546 | ||||||||||||
|
|
|||||||||||
RAILWAYS |
5.8 | % | ||||||||||
CSX Corp.(a)(f) |
386,531 | 14,328,704 | ||||||||||
Norfolk Southern Corp.(e) |
231,507 | 59,004,189 | ||||||||||
Union Pacific Corp.(a) |
228,641 | 56,229,681 | ||||||||||
|
|
|||||||||||
129,562,574 | ||||||||||||
|
|
|||||||||||
TOTAL UNITED STATES |
1,490,762,738 | |||||||||||
|
|
|||||||||||
TOTAL COMMON STOCK |
2,572,724,113 | |||||||||||
|
|
3
Shares/Units | Value | |||||||||||
PREFERRED SECURITIESEXCHANGE-TRADED |
4.0 | % | ||||||||||
BERMUDA |
0.0 | % | ||||||||||
INSURANCE |
|
|||||||||||
RenaissanceRe Holdings Ltd., 5.75%, Series F(a)(g) |
|
7,000 | $ | 172,900 | ||||||||
|
|
|||||||||||
CANADA |
0.2 | % | ||||||||||
UTILITIES |
|
|||||||||||
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A(a)(h) |
|
89,073 | 2,226,825 | |||||||||
Brookfield BRP Holdings Canada, Inc., 4.625%(a)(g) |
|
100,000 | 1,700,000 | |||||||||
|
|
|||||||||||
3,926,825 | ||||||||||||
|
|
|||||||||||
NETHERLANDS |
0.1 | % | ||||||||||
INSURANCE |
|
|||||||||||
AEGON Funding Co. LLC, 5.10%, due 12/15/49(a) |
|
65,287 | 1,414,769 | |||||||||
|
|
|||||||||||
UNITED STATES |
3.7 | % | ||||||||||
BANKING |
1.2 | % | ||||||||||
Bank of America Corp., 5.375%, Series KK(a)(g) |
|
61,831 | 1,480,852 | |||||||||
Bank of America Corp., 6.00%, Series GG(a)(f)(g) |
|
184,373 | 4,631,450 | |||||||||
JPMorgan Chase & Co., 5.75%, Series DD(a)(g) |
|
159,744 | 3,996,795 | |||||||||
Morgan Stanley, 6.375%, Series I(a)(g) |
|
118,969 | 2,962,328 | |||||||||
Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(g)(h) |
|
81,114 | 1,914,290 | |||||||||
Wells Fargo & Co., 4.375%, Series CC(a)(g) |
|
58,968 | 1,197,050 | |||||||||
Wells Fargo & Co., 4.70%, Series AA(a)(g) |
|
142,405 | 3,061,708 | |||||||||
Wells Fargo & Co., 4.75%, Series Z(a)(g) |
|
206,575 | 4,482,678 | |||||||||
Wells Fargo & Co., 5.625%, Series Y(a)(g) |
|
65,803 | 1,635,863 | |||||||||
Wells Fargo & Co., 7.50%, Series L (Convertible)(g) |
|
172 | 209,728 | |||||||||
|
|
|||||||||||
25,572,742 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY PRODUCTS |
0.2 | % | ||||||||||
Ford Motor Co., Senior Debt, 6.50%, due 8/15/62(a) |
|
144,325 | 3,585,033 | |||||||||
|
|
|||||||||||
CONSUMER STAPLE PRODUCTS |
0.3 | % | ||||||||||
CHS, Inc., 6.75% to 9/30/24, Series 3(a)(g)(h) |
|
137,935 | 3,464,927 | |||||||||
CHS, Inc., 7.10% to 4/29/24, Series 2(a)(g)(h) |
|
135,283 | 3,544,415 | |||||||||
|
|
|||||||||||
7,009,342 | ||||||||||||
|
|
|||||||||||
FINANCIAL SERVICES |
0.2 | % | ||||||||||
Brookfield Oaktree Holdings LLC, 6.55%, Series B(a)(g) |
|
66,071 | 1,531,526 | |||||||||
Brookfield Oaktree Holdings LLC, 6.625%, Series A(a)(g) |
|
100,000 | 2,390,000 | |||||||||
Carlyle Finance LLC, 4.625%, due 5/15/61(a) |
|
70,000 | 1,365,700 | |||||||||
|
|
|||||||||||
5,287,226 | ||||||||||||
|
|
|||||||||||
INSURANCE |
0.6 | % | ||||||||||
Allstate Corp., 7.375%, Series J(a)(g) |
|
98,834 | 2,653,693 | |||||||||
Arch Capital Group Ltd., 5.45%, Series F(a)(g) |
|
80,000 | 1,890,400 | |||||||||
Athene Holding Ltd., 4.875%, Series D(a)(g) |
|
55,443 | 1,030,685 | |||||||||
Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(g)(h) |
|
115,223 | 2,745,764 | |||||||||
Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(g)(h) |
|
77,050 | 1,930,102 | |||||||||
Equitable Holdings, Inc., 5.25%, Series A(a)(g) |
|
52,000 | 1,187,160 | |||||||||
MetLife, Inc., 5.625%, Series E(a)(g) |
|
61,694 | 1,481,890 | |||||||||
Voya Financial, Inc., 5.35% to 9/15/29, Series B(a)(g)(h) |
|
45,010 | 1,064,487 | |||||||||
|
|
|||||||||||
13,984,181 | ||||||||||||
|
|
|||||||||||
PIPELINES |
0.2 | % | ||||||||||
Energy Transfer LP, 7.60% to 5/15/24, Series E(a)(f)(g)(h) |
|
203,366 | 5,145,160 | |||||||||
|
|
|||||||||||
TELECOMMUNICATIONS |
0.3 | % | ||||||||||
AT&T, Inc., 4.75%, Series C(a)(g) |
|
182,869 | 3,677,496 | |||||||||
AT&T, Inc., 5.00%, Series A(a)(g) |
|
13,078 | 279,346 | |||||||||
U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(a) |
|
94,315 | 1,707,101 | |||||||||
|
|
|||||||||||
5,663,943 | ||||||||||||
|
|
4
Shares/Units | Value | |||||||||||
UTILITIES |
0.7 | % | ||||||||||
CMS Energy Corp., 5.875%, due 10/15/78(a) |
|
63,498 | $ | 1,537,287 | ||||||||
CMS Energy Corp., 5.875%, due 3/1/79(a) |
|
146,996 | 3,641,091 | |||||||||
Duke Energy Corp., 5.75%, Series A(a)(g) |
|
71,350 | 1,773,047 | |||||||||
Sempra, 5.75%, due 7/1/79(a) |
|
150,675 | 3,607,159 | |||||||||
Southern Co., 4.95%, due 1/30/80, Series 2020(a)(f) |
|
230,000 | 5,287,700 | |||||||||
|
|
|||||||||||
15,846,284 | ||||||||||||
|
|
|||||||||||
TOTAL UNITED STATES |
|
82,093,911 | ||||||||||
|
|
|||||||||||
TOTAL PREFERRED SECURITIESEXCHANGE-TRADED |
|
87,608,405 | ||||||||||
|
|
|||||||||||
Principal Amount** |
||||||||||||
PREFERRED SECURITIESOVER-THE-COUNTER |
20.8 | % | ||||||||||
AUSTRALIA |
0.5 | % | ||||||||||
BANKING |
0.2 | % | ||||||||||
Australia & New Zealand Banking Group Ltd., 6.75% to 6/15/26(a)(d)(g)(h)(i) |
|
4,000,000 | 4,023,804 | |||||||||
|
|
|||||||||||
INSURANCE |
0.3 | % | ||||||||||
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN(a)(h)(j) |
|
1,800,000 | 1,774,002 | |||||||||
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44(a)(h)(j) |
|
5,155,000 | 5,163,176 | |||||||||
|
|
|||||||||||
6,937,178 | ||||||||||||
|
|
|||||||||||
TOTAL AUSTRALIA |
|
10,960,982 | ||||||||||
|
|
|||||||||||
CANADA |
2.7 | % | ||||||||||
BANKING |
0.5 | % | ||||||||||
Bank of Nova Scotia, 4.90% to 6/4/25(a)(g)(h) |
|
1,840,000 | 1,815,202 | |||||||||
Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84(a)(h) |
|
3,200,000 | 3,264,250 | |||||||||
Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82(a)(h) |
|
3,400,000 | 3,548,583 | |||||||||
Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82(a)(h) |
|
3,200,000 | 3,364,330 | |||||||||
|
|
|||||||||||
11,992,365 | ||||||||||||
|
|
|||||||||||
PIPELINES |
1.9 | % | ||||||||||
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A(a)(h) |
|
5,980,000 | 5,666,667 | |||||||||
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A(a)(h) |
|
4,155,000 | 4,068,490 | |||||||||
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78(a)(h) |
|
5,913,000 | 5,765,329 | |||||||||
Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83(a)(h) |
|
3,985,000 | 4,013,632 | |||||||||
Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83(a)(h) |
|
1,920,000 | 1,975,206 | |||||||||
Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5(a)(h) |
|
3,820,000 | 3,984,630 | |||||||||
Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84(a)(h) |
|
2,060,000 | 2,243,412 | |||||||||
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79(a)(h) |
|
5,008,000 | 4,623,427 | |||||||||
Transcanada Trust, 5.60% to 12/7/31, due 3/7/82(a)(h) |
|
2,500,000 | 2,285,381 | |||||||||
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A(a)(f)(h) |
|
6,499,000 | 6,330,892 | |||||||||
|
|
|||||||||||
40,957,066 | ||||||||||||
|
|
|||||||||||
UTILITIES |
0.3 | % | ||||||||||
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A(a)(f)(h) |
|
7,268,000 | 7,205,307 | |||||||||
|
|
|||||||||||
TOTAL CANADA |
|
60,154,738 | ||||||||||
|
|
|||||||||||
FINLAND |
0.0 | % | ||||||||||
BANKING |
|
|||||||||||
Nordea Bank Abp, 6.625% to 3/26/26(a)(d)(g)(h)(i) |
|
1,400,000 | 1,389,378 | |||||||||
|
|
5
Principal Amount** |
Value | |||||||||||
FRANCE |
1.8 | % | ||||||||||
BANKING |
1.7 | % | ||||||||||
BNP Paribas SA, 7.00% to 8/16/28(a)(d)(g)(h)(i) |
|
1,000,000 | $ | 993,201 | ||||||||
BNP Paribas SA, 7.375% to 8/19/25(a)(d)(f)(g)(h)(i) |
|
6,200,000 | 6,230,206 | |||||||||
BNP Paribas SA, 7.75% to 8/16/29(a)(d)(g)(h)(i) |
|
3,200,000 | 3,283,786 | |||||||||
BNP Paribas SA, 8.50% to 8/14/28(a)(d)(g)(h)(i) |
|
2,000,000 | 2,095,504 | |||||||||
BNP Paribas SA, 9.25% to 11/17/27(a)(d)(f)(g)(h)(i) |
|
7,200,000 | 7,743,744 | |||||||||
Credit Agricole SA, 6.875% to 9/23/24(a)(d)(g)(h)(i) |
|
2,600,000 | 2,600,043 | |||||||||
Credit Agricole SA, 8.125% to 12/23/25(a)(d)(g)(h)(i) |
|
3,950,000 | 4,036,663 | |||||||||
Societe Generale SA, 6.75% to 4/6/28(a)(d)(g)(h)(i) |
|
4,000,000 | 3,653,843 | |||||||||
Societe Generale SA, 8.00% to 9/29/25(a)(d)(g)(h)(i) |
|
2,200,000 | 2,211,568 | |||||||||
Societe Generale SA, 9.375% to 11/22/27(a)(d)(g)(h)(i) |
|
2,400,000 | 2,491,351 | |||||||||
Societe Generale SA, 10.00% to 11/14/28(a)(d)(g)(h)(i) |
|
2,000,000 | 2,126,726 | |||||||||
|
|
|||||||||||
37,466,635 | ||||||||||||
|
|
|||||||||||
INSURANCE |
0.1 | % | ||||||||||
CNP Assurances SACA, 4.875% to 10/7/30(a)(g)(h)(i)(j) |
|
2,200,000 | 1,864,027 | |||||||||
|
|
|||||||||||
TOTAL FRANCE |
|
39,330,662 | ||||||||||
|
|
|||||||||||
ITALY |
0.2 | % | ||||||||||
BANKING |
|
|||||||||||
Intesa Sanpaolo SpA, 7.70% to 9/17/25(a)(d)(g)(h)(i) |
|
3,900,000 | 3,894,065 | |||||||||
|
|
|||||||||||
JAPAN |
0.7 | % | ||||||||||
INSURANCE |
|
|||||||||||
Dai-ichi Life Insurance Co. Ltd., 5.10% to 10/28/24(a)(d)(g)(h) |
|
2,000,000 | 1,986,836 | |||||||||
Fukoku Mutual Life Insurance Co., 5.00% to 7/28/25(a)(g)(h)(j) |
|
2,800,000 | 2,759,595 | |||||||||
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44(a)(d)(h) |
|
5,600,000 | 5,568,678 | |||||||||
Sumitomo Life Insurance Co., 5.875% to 1/18/34(a)(d)(g)(h) |
|
4,400,000 | 4,393,720 | |||||||||
|
|
|||||||||||
14,708,829 | ||||||||||||
|
|
|||||||||||
NETHERLANDS |
0.6 | % | ||||||||||
BANKING |
0.5 | % | ||||||||||
ING Groep NV, 5.75% to 11/16/26(a)(g)(h)(i) |
|
5,000,000 | 4,764,408 | |||||||||
ING Groep NV, 6.50% to 4/16/25(a)(g)(h)(i) |
|
2,600,000 | 2,570,045 | |||||||||
ING Groep NV, 8.00% to 5/16/30(g)(h)(i)(j) |
|
2,400,000 | 2,438,160 | |||||||||
|
|
|||||||||||
9,772,613 | ||||||||||||
|
|
|||||||||||
INSURANCE |
0.1 | % | ||||||||||
Aegon Ltd., 5.50% to 4/11/28, due 4/11/48(a)(h) |
|
2,875,000 | 2,790,989 | |||||||||
|
|
|||||||||||
TOTAL NETHERLANDS |
|
12,563,602 | ||||||||||
|
|
|||||||||||
SPAIN |
0.6 | % | ||||||||||
BANKING |
|
|||||||||||
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9(a)(g)(h)(i) |
|
4,800,000 | 4,771,079 | |||||||||
Banco Santander SA, 9.625% to 11/21/28(a)(g)(h)(i) |
|
3,400,000 | 3,637,762 | |||||||||
Banco Santander SA, 9.625% to 5/21/33(a)(g)(h)(i) |
|
3,800,000 | 4,195,040 | |||||||||
|
|
|||||||||||
12,603,881 | ||||||||||||
|
|
|||||||||||
SWEDEN |
0.1 | % | ||||||||||
BANKING |
|
|||||||||||
Swedbank AB, 7.75% to 3/17/30(g)(h)(i)(j) |
|
3,000,000 | 2,981,226 | |||||||||
|
|
|||||||||||
SWITZERLAND |
1.4 | % | ||||||||||
BANKING |
0.9 | % | ||||||||||
Credit Suisse Group AG, 5.25%, Claim(c)(d)(g)(i)(k) |
|
1,600,000 | 184,000 | |||||||||
Credit Suisse Group AG, 6.375%, Claim(c)(d)(g)(i)(k) |
|
2,000,000 | 230,000 |
6
Principal Amount** |
Value | |||||||||||
Credit Suisse Group AG, 7.50%, Claim(c)(d)(g)(i)(k) |
|
600,000 | $ | 69,000 | ||||||||
UBS Group AG, 6.875% to 8/7/25(a)(g)(h)(i)(j) |
|
5,400,000 | 5,352,286 | |||||||||
UBS Group AG, 9.25% to 11/13/28(a)(d)(f)(g)(h)(i) |
|
7,000,000 | 7,601,825 | |||||||||
UBS Group AG, 9.25% to 11/13/33(a)(d)(f)(g)(h)(i) |
|
5,200,000 | 5,881,392 | |||||||||
|
|
|||||||||||
19,318,503 | ||||||||||||
|
|
|||||||||||
INSURANCE |
0.5 | % | ||||||||||
Argentum Netherlands BV for Swiss Re Ltd., 5.625% to 8/15/27, due 8/15/52(a)(h)(j) |
|
3,700,000 | 3,664,387 | |||||||||
Argentum Netherlands BV for Zurich Insurance Co. Ltd., 5.125% to 6/1/28, due 6/1/48(a)(h)(j) |
|
5,800,000 | 5,685,530 | |||||||||
Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due 4/19/51, Series EMTN(h)(j) |
|
3,600,000 | 2,989,192 | |||||||||
|
|
|||||||||||
12,339,109 | ||||||||||||
|
|
|||||||||||
TOTAL SWITZERLAND |
|
31,657,612 | ||||||||||
|
|
|||||||||||
UNITED KINGDOM |
2.5 | % | ||||||||||
BANKING |
1.5 | % | ||||||||||
Barclays PLC, 9.625% to 12/15/29(a)(f)(g)(h)(i) |
|
5,800,000 | 6,164,832 | |||||||||
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2(a)(d)(f)(g)(h) |
|
7,566,000 | 9,533,954 | |||||||||
HSBC Holdings PLC, 6.50% to 3/23/28(a)(g)(h)(i) |
|
2,800,000 | 2,747,222 | |||||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24(a)(g)(h)(i) |
|
4,534,000 | 4,510,504 | |||||||||
Lloyds Banking Group PLC, 7.50% to 9/27/25(a)(g)(h)(i) |
|
3,400,000 | 3,394,908 | |||||||||
NatWest Group PLC, 6.00% to 12/29/25(a)(g)(h)(i) |
|
2,000,000 | 1,957,981 | |||||||||
NatWest Group PLC, 8.00% to 8/10/25(a)(f)(g)(h)(i) |
|
6,000,000 | 6,037,068 | |||||||||
|
|
|||||||||||
34,346,469 | ||||||||||||
|
|
|||||||||||
ENERGY |
0.1 | % | ||||||||||
BP Capital Markets PLC, 4.375% to 6/22/25(g)(h) |
|
621,000 | 610,187 | |||||||||
BP Capital Markets PLC, 4.875% to 3/22/30(g)(h) |
|
2,745,000 | 2,627,364 | |||||||||
|
|
|||||||||||
3,237,551 | ||||||||||||
|
|
|||||||||||
INSURANCE |
0.4 | % | ||||||||||
Beazley Insurance DAC, 5.50%, due 9/10/29(j) |
|
2,600,000 | 2,514,065 | |||||||||
Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41(a)(h)(j) |
|
1,300,000 | 1,170,217 | |||||||||
Phoenix Group Holdings PLC, 5.625% to 1/29/25(g)(h)(i)(j) |
|
4,400,000 | 4,306,047 | |||||||||
|
|
|||||||||||
7,990,329 | ||||||||||||
|
|
|||||||||||
TELECOMMUNICATIONS |
0.5 | % | ||||||||||
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81(a)(h) |
|
2,090,000 | 1,803,563 | |||||||||
Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78(a)(h)(j) |
|
4,235,000 | 4,230,874 | |||||||||
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79(a)(h) |
|
4,500,000 | 4,648,725 | |||||||||
|
|
|||||||||||
10,683,162 | ||||||||||||
|
|
|||||||||||
TOTAL UNITED KINGDOM |
|
56,257,511 | ||||||||||
|
|
|||||||||||
UNITED STATES |
9.7 | % | ||||||||||
BANKING |
6.1 | % | ||||||||||
Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(g)(h) |
|
2,682,000 | 2,644,325 | |||||||||
Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(f)(g)(h) |
|
7,429,000 | 7,468,099 | |||||||||
Bank of America Corp., 6.25% to 9/5/24, Series X(a)(f)(g)(h) |
|
7,423,000 | 7,450,005 | |||||||||
Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(f)(g)(h) |
|
6,000,000 | 6,035,394 | |||||||||
Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(f)(g)(h) |
|
6,806,000 | 6,828,787 | |||||||||
Bank of New York Mellon Corp., 4.625% to 9/20/26, Series F(a)(g)(h) |
|
3,500,000 | 3,314,339 | |||||||||
Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(f)(g)(h) |
|
6,983,000 | 6,541,839 | |||||||||
Charles Schwab Corp., 5.375% to 6/1/25, Series G(a)(g)(h) |
|
2,936,000 | 2,923,020 | |||||||||
Citigroup, Inc., 3.875% to 2/18/26, Series X(a)(g)(h) |
|
3,250,000 | 3,075,387 | |||||||||
Citigroup, Inc., 4.15% to 11/15/26, Series Y(a)(g)(h) |
|
2,310,000 | 2,133,595 | |||||||||
Citigroup, Inc., 5.00% to 9/12/24, Series U(a)(g)(h) |
|
3,504,000 | 3,491,112 |
7
Principal Amount** |
Value | |||||||||||
Citigroup, Inc., 5.95% to 5/15/25, Series P(a)(f)(g)(h) |
|
5,569,000 | $ | 5,567,596 | ||||||||
Citigroup, Inc., 6.25% to 8/15/26, Series T(a)(f)(g)(h) |
|
7,850,000 | 7,889,784 | |||||||||
Citigroup, Inc., 7.625% to 11/15/28, Series AA(a)(g)(h) |
|
3,800,000 | 3,998,995 | |||||||||
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F(a)(g)(h) |
|
2,000,000 | 1,959,182 | |||||||||
CoBank ACB, 6.25% to 10/1/26, Series I(g)(h) |
|
2,866,000 | 2,814,516 | |||||||||
Farm Credit Bank of Texas, 9.601% (3 Month USD Term SOFR + 4.01%)(a)(d)(g)(l) |
|
35,300 | | 3,530,000 | ||||||||
First Horizon Bank, 6.437% (3 Month USD Term SOFR + 1.112%, Floor 3.75%)(a)(d)(g)(l) |
|
1,806 | | 1,146,810 | ||||||||
Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U(a)(g)(h) |
|
4,170,000 | 3,819,146 | |||||||||
Goldman Sachs Group, Inc., 4.125% to 11/10/26, Series V(a)(g)(h) |
|
1,000,000 | 929,429 | |||||||||
Goldman Sachs Group, Inc., 5.30% to 11/10/26, Series O(a)(g)(h) |
|
1,645,000 | 1,632,062 | |||||||||
Goldman Sachs Group, Inc., 5.50% to 8/10/24, Series Q(a)(g)(h) |
|
1,000,000 | 995,196 | |||||||||
Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(a)(g)(h) |
|
1,000,000 | 908,697 | |||||||||
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(a)(g)(h) |
|
894,000 | 817,632 | |||||||||
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF(a)(g)(h) |
|
1,043,000 | 1,040,245 | |||||||||
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(a)(g)(h) |
|
2,500,000 | 2,502,568 | |||||||||
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U(a)(g)(h) |
|
1,436,000 | 1,435,297 | |||||||||
JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(g)(h) |
|
2,000,000 | 2,074,544 | |||||||||
JPMorgan Chase & Co., 9.348% (3 Month USD Term SOFR + 4.042%), Series S(g)(l) |
|
8,790,000 | 8,805,488 | |||||||||
PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(g)(h) |
|
4,450,000 | 4,449,539 | |||||||||
Regions Financial Corp., 5.75% to 6/15/25, Series D(a)(g)(h) |
|
1,849,000 | 1,826,115 | |||||||||
State Street Corp., 6.70% to 3/15/29, Series I(a)(g)(h) |
|
4,000,000 | 4,068,888 | |||||||||
Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(g)(h) |
|
2,109,000 | 1,972,419 | |||||||||
Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(g)(h) |
|
500,000 | 452,840 | |||||||||
U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(g)(h) |
|
1,500,000 | 1,439,859 | |||||||||
Wells Fargo & Co., 3.90% to 3/15/26, Series BB(a)(f)(g)(h) |
|
7,400,000 | 7,045,180 | |||||||||
Wells Fargo & Co., 5.875% to 6/15/25, Series U(a)(g)(h) |
|
2,796,000 | 2,796,839 | |||||||||
Wells Fargo & Co., 5.95%, due 12/15/36(a) |
|
2,830,000 | 2,854,609 | |||||||||
Wells Fargo & Co., 7.625% to 9/15/28(a)(g)(h) |
|
3,390,000 | 3,631,395 | |||||||||
|
|
|||||||||||
134,310,772 | ||||||||||||
|
|
|||||||||||
FINANCIAL SERVICES |
0.2 | % | ||||||||||
Discover Financial Services, 6.125% to 6/23/25, Series D(g)(h) |
|
5,566,000 | 5,591,403 | |||||||||
|
|
|||||||||||
INSURANCE |
1.7 | % | ||||||||||
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(a)(h) |
|
3,200,000 | 3,263,031 | |||||||||
Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(f)(h) |
|
7,170,000 | 7,185,761 | |||||||||
Liberty Mutual Group, Inc., 7.80%, due 3/15/37(a)(d) |
|
1,680,000 | 1,753,987 | |||||||||
MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(a)(d)(f) |
|
5,850,000 | 6,286,568 | |||||||||
MetLife, Inc., 9.25%, due 4/8/38(a)(d)(f) |
|
6,500,000 | 7,627,328 | |||||||||
MetLife, Inc., 10.75%, due 8/1/39(a) |
|
1,000,000 | 1,357,539 | |||||||||
Prudential Financial, Inc., 5.125% to 11/28/31, due 3/1/52(a)(h) |
|
1,600,000 | 1,503,150 | |||||||||
Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(h) |
|
4,500,000 | 4,482,538 | |||||||||
Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(h) |
|
3,000,000 | 3,126,579 | |||||||||
Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(g)(h) |
|
1,310,000 | 1,361,674 | |||||||||
|
|
|||||||||||
37,948,155 | ||||||||||||
|
|
|||||||||||
PIPELINES |
0.1 | % | ||||||||||
Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(g)(h) |
|
1,857,000 | 1,817,606 | |||||||||
|
|
|||||||||||
UTILITIES |
1.6 | % | ||||||||||
American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(a)(h) |
|
4,200,000 | 3,795,304 | |||||||||
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(a)(h) |
|
1,125,000 | 1,037,468 | |||||||||
Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(f)(g)(h) |
|
8,000,000 | 7,529,330 | |||||||||
Duke Energy Corp., 4.875% to 9/16/24(a)(g)(h) |
|
2,805,000 | 2,787,556 |
8
Principal Amount** |
Value | |||||||||||
National Rural Utilities Cooperative Finance Corp., 7.125% to 6/15/28, due 9/15/53(a)(h) |
|
2,240,000 | $ | 2,328,942 | ||||||||
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(h) |
|
3,438,000 | 3,305,389 | |||||||||
NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(h) |
|
3,000,000 | 3,017,297 | |||||||||
Sempra, 4.125% to 1/1/27, due 4/1/52(a)(h) |
|
2,500,000 | 2,318,865 | |||||||||
Sempra, 4.875% to 10/15/25(a)(f)(g)(h) |
|
5,780,000 | 5,669,856 | |||||||||
Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(a)(h) |
|
3,000,000 | 2,887,987 | |||||||||
|
|
|||||||||||
34,677,994 | ||||||||||||
|
|
|||||||||||
TOTAL UNITED STATES |
|
214,345,930 | ||||||||||
|
|
|||||||||||
TOTAL PREFERRED
SECURITIESOVER-THE-COUNTER |
|
460,848,416 | ||||||||||
|
|
|||||||||||
CORPORATE BONDS |
0.6 | % | ||||||||||
ITALY |
0.0 | % | ||||||||||
UTILITIES |
|
|||||||||||
Enel Finance America LLC, 7.10%, due 10/14/27(a)(d)(f) |
|
600,000 | 635,097 | |||||||||
Enel Finance International NV, 7.50%, due 10/14/32(a)(d) |
|
400,000 | 451,093 | |||||||||
|
|
|||||||||||
1,086,190 | ||||||||||||
|
|
|||||||||||
UNITED STATES |
0.6 | % | ||||||||||
REAL ESTATE |
0.2 | % | ||||||||||
Realty Income Corp., 3.40%, due 1/15/30(a) |
|
3,060,000 | 2,789,534 | |||||||||
VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(a)(d)(f) |
|
1,700,000 | 1,699,128 | |||||||||
|
|
|||||||||||
4,488,662 | ||||||||||||
|
|
|||||||||||
UTILITIES |
0.4 | % | ||||||||||
American Electric Power Co., Inc., 5.75%, due 11/1/27(a) |
|
1,015,000 | 1,038,888 | |||||||||
Southern California Edison Co., 5.85%, due 11/1/27(a)(f) |
|
1,000,000 | 1,026,924 | |||||||||
Southern Co., 5.113%, due 8/1/27(a)(f) |
|
6,000,000 | 6,005,607 | |||||||||
|
|
|||||||||||
8,071,419 | ||||||||||||
|
|
|||||||||||
TOTAL UNITED STATES |
|
12,560,081 | ||||||||||
|
|
|||||||||||
TOTAL CORPORATE BONDS |
|
13,646,271 | ||||||||||
|
|
|||||||||||
Shares/Units | ||||||||||||
WARRANTS |
0.0 | % | ||||||||||
UNITED STATES |
0.0 | % | ||||||||||
Net Power, Inc., strike price $11.50, expires 3/12/26(a)(c) |
|
182,834 | 530,219 | |||||||||
|
|
|||||||||||
TOTAL WARRANTS |
|
530,219 | ||||||||||
|
|
|||||||||||
SHORT-TERM INVESTMENTS |
0.6 | % | ||||||||||
MONEY MARKET FUNDS |
|
|||||||||||
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(m) |
|
13,988,826 | 13,988,826 | |||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(m) |
|
89,023 | 89,023 | |||||||||
|
|
|||||||||||
TOTAL SHORT-TERM INVESTMENTS |
|
14,077,849 | ||||||||||
|
|
|||||||||||
TOTAL INVESTMENTS IN SECURITIES |
142.0 | % | 3,149,435,273 | |||||||||
WRITTEN OPTION CONTRACTS |
(0.0 | ) | (479,242 | ) | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS |
(42.0 | ) | (930,957,444 | ) | ||||||||
|
|
|
|
|||||||||
NET ASSETS (Equivalent to $23.00 per share based on 96,427,347 shares of common stock outstanding) |
100.0 | % | $ | 2,217,998,587 | ||||||||
|
|
|
|
9
Exchange-Traded Option Contracts
Written Options | ||||||||||||||||||||||||
Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount(n) |
Premiums Received |
Value | ||||||||||||||||||
CallNextEra Energy, Inc. |
$ | 62.50 | 4/19/24 | (1,326 | ) | $ | (8,474,466 | ) | $ | (114,119 | ) | $ | (298,350 | ) | ||||||||||
CallCenterPoint Energy, Inc. |
29.00 | 5/17/24 | (2,769 | ) | (7,888,881 | ) | (112,346 | ) | (152,295 | ) | ||||||||||||||
PutSBA Communications Corp. |
200.00 | 4/19/24 | (358 | ) | (7,757,860 | ) | (62,095 | ) | (28,597 | ) | ||||||||||||||
(4,453 | ) | $ | (24,121,207 | ) | $ | (288,560 | ) | $ | (479,242 | ) | ||||||||||||||
|
Centrally Cleared Interest Rate Swap Contracts
Notional Amount |
Fixed Rate Payable |
Fixed Payment Frequency |
Floating Rate Receivable (resets monthly) |
Floating Payment Frequency |
Maturity Date | Value | Upfront Receipts (Payments) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
$ 255,000,000 | 0.670% | Monthly | 5.424%(o | ) | Monthly |
9/15/25 | $ | 15,645,736 | $ | 34,899 | $ | 15,680,635 | ||||||||||||||||
212,500,000 | 1.240% | Monthly | 5.424%(o | ) | Monthly |
2/3/26 | 13,592,958 | 5,341 | 13,598,299 | |||||||||||||||||||
85,000,000 | 0.898% | Monthly | 5.424%(o | ) | Monthly |
5/1/26 | 6,548,420 | 16,612 | 6,565,032 | |||||||||||||||||||
255,000,000 | 1.237% | Monthly | 5.424%(o | ) | Monthly |
9/15/27 | 25,026,318 | 47,393 | 25,073,711 | |||||||||||||||||||
$ | 60,813,432 | $ | 104,245 | $ | 60,917,677 | |||||||||||||||||||||||
|
|
The total amount of all interest rate swap contracts as presented in the table above are representative of the volume of activity for this derivative type during the period ended March 28, 2024.
Glossary of Portfolio Abbreviations
EMTN | Euro Medium Term Note | |||
OIS | Overnight Indexed Swap | |||
SOFR | Secured Overnight Financing Rate | |||
TruPS | Trust Preferred Securities | |||
USD | United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
* | March 28, 2024 represents the last business day of the Funds quarterly period. See Note 1 of the accompanying Notes to Schedule of Investments. |
** | Amount denominated in U.S. dollars unless otherwise indicated. |
| Represents shares. |
(a) | All or a portion of the security is pledged as collateral in connection with the Funds revolving credit agreement. $2,379,017,695 in aggregate has been pledged as collateral. |
(b) | Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(c) | Nonincome 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 $151,468,468 which represents 6.8% of the net assets of the Fund, of which 0.1% are illiquid. |
(e) | All or a portion of the security is pledged in connection with exchange-traded written option contracts. $16,889,166 in aggregate has been pledged as collateral. |
(f) | A portion of the security has been rehypothecated in connection with the Funds revolving credit agreement. $765,900,202 in aggregate has been rehypothecated. |
(g) |
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
(h) |
Security converts to floating rate after the indicated fixedrate coupon period. |
(i) | Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $122,432,694 which represents 5.5% of the net assets of the Fund (3.9% of the managed assets of the Fund). |
(j) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $46,892,784 which represents 2.1% of the net assets of the Fund, of which 0.0% are illiquid. |
(k) | Security is in default. |
10
(l) | Variable rate. Rate shown is in effect at March 28, 2024. |
(m) | Rate quoted represents the annualized sevenday yield. |
(n) | Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
(o) | Based on USD-SOFR-OIS. Represents rates in effect at March 28, 2024. |
Sector Summary |
% of Manged Assets |
|||
Electric |
33.4 | |||
Midstream |
13.7 | |||
Banking |
9.4 | |||
Gas Distribution |
7.5 | |||
Airports |
6.7 | |||
Toll Roads |
6.1 | |||
Communications |
5.8 | |||
Railways |
5.5 | |||
Insurance |
3.2 | |||
Utilities |
2.2 | |||
Marine Ports |
2.0 | |||
Pipelines |
1.5 | |||
Telecommunications |
0.5 | |||
Other |
2.5 | |||
|
|
|||
100.0 | ||||
|
|
11
COHEN & STEERS INFRASTRUCTURE FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Quarterly Period
Since March 28, 2024 represents the last day during the Funds quarterly period on which the New York Stock Exchange was open for trading, the Funds schedule of investments have been presented through that date.
Note 2. 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 at the price determined by the relevant exchange or clearinghouse. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon 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 (including NASDAQ) 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 Funds Valuation Designee under Rule 2a-5 under the 1940 Act. 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 Funds 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 Funds 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 judgements and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Funds investments is summarized below.
COHEN & STEERS INFRASTRUCTURE FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
| 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 Funds 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 following is a summary of the inputs used as of March 28, 2024 in valuing the Funds investments carried at value:
Quoted Prices in Active Markets for Identical Investments (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
Common Stock: |
||||||||||||||||
Canada |
$ | 232,763,244 | $ | 4,248,667 | $ | | $ | 237,011,911 | ||||||||
Thailand |
| 33,610,970 | | 33,610,970 | ||||||||||||
Other Countries |
2,302,101,232 | | | 2,302,101,232 | ||||||||||||
Preferred SecuritiesExchange-Traded |
87,608,405 | | | 87,608,405 | ||||||||||||
Preferred SecuritiesOver-the-Counter |
| 460,848,416 | | 460,848,416 | ||||||||||||
Corporate Bonds |
| 13,646,271 | | 13,646,271 | ||||||||||||
Warrants |
530,219 | | | 530,219 | ||||||||||||
Short-Term Investments |
| 14,077,849 | | 14,077,849 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities(a) |
$ | 2,623,003,100 | $ | 526,432,173 | $ | | $ | 3,149,435,273 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest Rate Swap Contracts |
$ | | $ | 60,917,677 | $ | | $ | 60,917,677 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Derivative Assets(a) |
$ | | $ | 60,917,677 | $ | | $ | 60,917,677 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Written Option Contracts |
$ | (450,645 | ) | $ | (28,597 | ) | $ | | $ | (479,242 | ) | |||||
|
|
|
|
|
|
|
|
|||||||||
Total Derivative Liabilities(a) |
$ | (450,645 | ) | $ | (28,597 | ) | $ | | $ | (479,242 | ) | |||||
|
|
|
|
|
|
|
|
(a) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
Note 3. 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 Funds shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into
COHEN & STEERS INFRASTRUCTURE FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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 counterpartys agreement to pay the Fund a variable rate payment that was intended to approximate the Funds variable rate payment obligation on the credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the 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 Funds 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.
The following summarizes the monthly average volume of the Funds option contracts activity for the three months ended March 28, 2024:
Written Option Contracts |
||||
Average Notional Amount(a)(b) |
$ | 21,625,002 |
(a) | Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price. |
(b) | Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month-end. For the period, this represents three months for written option contracts. |
1 Year Cohen and Steers Infrast... Chart |
1 Month Cohen and Steers Infrast... Chart |
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