Six Months Ended June 30, 2022 | ||||
Cohen & Steers Infrastructure Fund at Net Asset Value a | – 6.45 | % | ||
Cohen & Steers Infrastructure Fund at Market Value a | –8.08 | % | ||
Blended Benchmark—80% FTSE Global Core Infrastructure 50/50 Net Tax Index / 20% ICE BofA Fixed Rate Preferred Securities Index b | –6.07 | % | ||
S&P 500 Index b | –19.96 | % |
a | As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund. |
b | The FTSE Global Core Infrastructure 50/50 Net Tax Index is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities and is net of dividend withholding taxes. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites, and telecommunication towers. The ICE BofA Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance. |
B EN MORTON | W ILLIAM F. SCAPELL | |
Portfolio Manager | Portfolio Manager |
E LAINE ZAHARIS -NIKAS | T YLER S. ROSENLICHT | |
Portfolio Manager | Portfolio Manager |
Leverage (as a % of managed assets) | 28% | |
% Variable Rate Financing | 15% | |
Variable Rate | 2.6% | |
% Fixed Rate Financing c,d | 85% | |
Weighted Average Rate on Fixed Financing | 2.7% | |
Weighted Average Term on Fixed Financing | 4.0 years |
a | Data as of June 30, 2022. Information is subject to change. |
b | See Note 7 in Notes to Financial Statements. |
c | Represents a combination of fixed rate borrowings and fixed payer interest rate swap contracts on variable rate borrowing. |
d | The Fund entered into a forward-starting interest rate swap contract with interest receipts and payments commencing on December 24, 2022 (effective date). |
1 Year | 5 Years | 10 Years | Since Inception a | |||||||||||||
Fund at NAV | 2.69 | % | 8.62 | % | 11.47 | % | 10.03 | % | ||||||||
Fund at Market Value | –5.51 | % | 9.59 | % | 12.31 | % | 9.69 | % |
a | Commencement of investment operations is March 30, 2004. |
Security | Value | % of Managed Assets | ||||||
NextEra Energy, Inc. | $ | 182,907,305 | 5.4 | |||||
Enbridge, Inc. | 178,405,069 | 5.3 | ||||||
American Tower Corp. | 161,367,513 | 4.8 | ||||||
Transurban Group | 150,011,285 | 4.4 | ||||||
Duke Energy Corp. | 89,582,746 | 2.7 | ||||||
Southern Co./The | 88,499,561 | 2.6 | ||||||
Norfolk Southern Corp. | 85,176,700 | 2.5 | ||||||
Canadian National Railway Co. | 77,478,285 | 2.3 | ||||||
Crown Castle International Corp. | 77,138,414 | 2.3 | ||||||
Atlantia SpA | 75,596,760 | 2.2 |
a | Top ten holdings (excluding short-term investments and derivative instruments) are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions. |
b | Excludes derivative instruments. |
Shares/Units | Value | |||||||||||
C OMMON STOCK | 120.8% | |||||||||||
A USTRALIA | 7.9% | |||||||||||
R AILWAYS | 0.5% | |||||||||||
Aurizon Holdings Ltd. | 4,522,025 | $ | 11,893,062 | |||||||||
T OLL ROADS | 7.4% | |||||||||||
Atlas Arteria Ltd. a | 5,231,684 | 29,149,549 | ||||||||||
Transurban Group a,b | 15,077,569 | 150,011,285 | ||||||||||
179,160,834 | ||||||||||||
T OTAL AUSTRALIA | 191,053,896 | |||||||||||
C ANADA | 17.2% | |||||||||||
D IVERSIFIED UTILITIES | 1.2% | |||||||||||
AltaGas Ltd. | 1,366,367 | 28,830,429 | ||||||||||
E LECTRIC | 3.1% | |||||||||||
Emera, Inc. | 1,157,138 | 54,207,133 | ||||||||||
Hydro One Ltd., 144A c | 863,951 | 23,229,758 | ||||||||||
77,436,891 | ||||||||||||
P IPELINES —C-C ORP | 9.4% | |||||||||||
Enbridge, Inc. b | 4,224,485 | 178,405,069 | ||||||||||
Pembina Pipeline Corp. | 1,007,595 | 35,616,511 | ||||||||||
TC Energy Corp. | 291,904 | 15,121,316 | ||||||||||
229,142,896 | ||||||||||||
R AILWAYS | 3.2% | |||||||||||
Canadian National Railway Co. | 688,791 | 77,478,285 | ||||||||||
R ENEWABLE ENERGY | 0.3% | |||||||||||
Tidewater Renewables Ltd. d | 789,442 | 7,022,305 | ||||||||||
T OTAL CANADA | 419,910,806 | |||||||||||
C HINA | 2.9% | |||||||||||
G AS DISTRIBUTION | 1.3% | |||||||||||
Enn Energy Holdings Ltd., (H shares) | 1,971,621 | 32,588,357 | ||||||||||
P IPELINES —C-C ORP | 0.6% | |||||||||||
Beijing Enterprises Holdings Ltd., (H shares) b | 3,899,500 | 13,864,467 | ||||||||||
T OLL ROADS | 1.0% | |||||||||||
Jiangsu Expressway Co., Ltd., (H shares) | 15,514,000 | 15,650,561 |
Shares/Units | Value | |||||||||||
Zhejiang Expressway Co., Ltd., (Class H) d | 8,712,000 | $ | 8,029,949 | |||||||||
23,680,510 | ||||||||||||
T OTAL CHINA | 70,133,334 | |||||||||||
F RANCE | 0.8% | |||||||||||
R AILWAYS | ||||||||||||
Getlink SE | 1,079,657 | 19,148,067 | ||||||||||
G ERMANY | 1.0% | |||||||||||
C OMMUNICATIONS —TOWERS | 0.3% | |||||||||||
Vantage Towers AG | 256,782 | 7,184,818 | ||||||||||
U TILITIES | 0.7% | |||||||||||
E.ON SE | 1,886,237 | 15,887,916 | ||||||||||
T OTAL GERMANY | 23,072,734 | |||||||||||
H ONG KONG | 1.8% | |||||||||||
E LECTRIC | 0.7% | |||||||||||
Power Assets Holdings Ltd. b | 2,792,500 | 17,592,501 | ||||||||||
G AS DISTRIBUTION | 1.1% | |||||||||||
Hong Kong and China Gas Co., Ltd. | 24,211,050 | 26,128,937 | ||||||||||
T OTAL HONG KONG | 43,721,438 | |||||||||||
I NDIA | 0.8% | |||||||||||
E LECTRIC | 0.5% | |||||||||||
Power Grid Corp. of India Ltd | 4,384,556 | 11,769,397 | ||||||||||
M ARINE PORTS | 0.3% | |||||||||||
Adani Ports & Special Economic Zone Ltd. | 866,887 | 7,370,176 | ||||||||||
T OTAL INDIA | 19,139,573 | |||||||||||
I TALY | 3.1% | |||||||||||
T OLL ROADS | ||||||||||||
Atlantia SpA | 3,220,383 | 75,596,760 | ||||||||||
J APAN | 3.0% | |||||||||||
E LECTRIC | 0.8% | |||||||||||
Kansai Electric Power Co., Inc. | 1,889,800 | 18,706,314 | ||||||||||
G AS DISTRIBUTION | 0.6% | |||||||||||
Osaka Gas Co., Ltd. | 804,700 | 15,422,258 | ||||||||||
Shares/Units | Value | |||||||||||
R AILWAYS | 1.6% | |||||||||||
West Japan Railway Co. b | 1,066,100 | $ | 39,220,145 | |||||||||
T OTAL JAPAN | 73,348,717 | |||||||||||
L UXEMBOURG | 0.7% | |||||||||||
C OMMUNICATIONS —SATELLITES | ||||||||||||
SES SA | 2,034,143 | 17,804,986 | ||||||||||
M EXICO | 1.7% | |||||||||||
A IRPORTS | ||||||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,930,692 | 40,970,956 | ||||||||||
N EW ZEALAND | 1.2% | |||||||||||
A IRPORTS | ||||||||||||
Auckland International Airport Ltd. b,d | 6,665,359 | 29,858,171 | ||||||||||
S PAIN | 3.3% | |||||||||||
A IRPORTS | 1.9% | |||||||||||
Aena SME SA, 144A c,d | 362,117 | 46,206,459 | ||||||||||
C OMMUNICATIONS | 1.4% | |||||||||||
Cellnex Telecom SA, 144A c | 888,158 | 34,565,478 | ||||||||||
T OTAL SPAIN | 80,771,937 | |||||||||||
T HAILAND | 1.6% | |||||||||||
A IRPORTS | ||||||||||||
Airports of Thailand PCL d | 19,460,000 | 39,117,724 | ||||||||||
U NITED KINGDOM | 3.1% | |||||||||||
E LECTRIC | 2.0% | |||||||||||
National Grid PLC | 3,889,986 | 49,989,954 | ||||||||||
U TILITIES —WATER | 1.1% | |||||||||||
Pennon Group PLC | 2,239,838 | 26,063,075 | ||||||||||
T OTAL UNITED KINGDOM | 76,053,029 | |||||||||||
U NITED STATES | 70.7% | |||||||||||
C OMMUNICATIONS —TOWERS | 10.6% | |||||||||||
American Tower Corp. b,e | 631,353 | 161,367,513 | ||||||||||
Crown Castle International Corp. b,e | 458,121 | 77,138,414 | ||||||||||
SBA Communications Corp. b,e | 62,900 | 20,131,145 | ||||||||||
258,637,072 | ||||||||||||
Shares/Units | Value | |||||||||||
E LECTRIC | 35.5% | |||||||||||
Alliant Energy Corp. b,e | 1,269,705 | $ | 74,417,410 | |||||||||
CenterPoint Energy, Inc. b,e,f | 1,821,518 | 53,880,503 | ||||||||||
CMS Energy Corp. b,e | 718,514 | 48,499,695 | ||||||||||
Duke Energy Corp. b,e | 835,582 | 89,582,746 | ||||||||||
Edison International b,e | 294,584 | 18,629,492 | ||||||||||
Entergy Corp. b,e,f | 425,010 | 47,873,126 | ||||||||||
Evergy, Inc. b,e | 763,369 | 49,809,827 | ||||||||||
FirstEnergy Corp. b,e | 1,875,695 | 72,007,931 | ||||||||||
NextEra Energy, Inc. b,e | 2,361,313 | 182,907,305 | ||||||||||
PNM Resources, Inc. b | 640,159 | 30,586,797 | ||||||||||
Portland General Electric Co. b,e | 466,753 | 22,558,173 | ||||||||||
PPL Corp. b,e | 864,848 | 23,463,326 | ||||||||||
Public Service Enterprise Group, Inc. b,e | 461,490 | 29,203,087 | ||||||||||
Southern Co./The b | 1,241,054 | 88,499,561 | ||||||||||
WEC Energy Group, Inc. b,e | 323,090 | 32,515,778 | ||||||||||
864,434,757 | ||||||||||||
E NERGY —OIL & GAS STORAGE & TRANSPORTATION | 1.2% | |||||||||||
Hess Midstream LP, Class A b | 409,705 | 11,471,740 | ||||||||||
Plains All American Pipeline LP b | 1,764,432 | 17,326,722 | ||||||||||
28,798,462 | ||||||||||||
E NVIRONMENTAL SERVICES —ENVIROMENTAL CONTROL | 1.7% | |||||||||||
Waste Management, Inc. b,e | 264,350 | 40,440,263 | ||||||||||
F INANCIAL —DIVERSIFIED FINANCIAL SERVICES | 0.9% | |||||||||||
Rice Acquisition Corp. II d | 731,336 | 7,203,660 | ||||||||||
Zimmer Energy Transition Acquisition Corp. d | 1,452,434 | 14,306,475 | ||||||||||
21,510,135 | ||||||||||||
F OOD —FOOD PRODUCTS | 0.1% | |||||||||||
Benson Hill, Inc. d | 962,500 | 2,637,250 | ||||||||||
G AS DISTRIBUTION | 6.7% | |||||||||||
NiSource, Inc. b | 1,927,027 | 56,828,026 | ||||||||||
Sempra Energy b,e | 413,766 | 62,176,617 | ||||||||||
Southwest Gas Holdings, Inc. b,f | 326,238 | 28,408,805 | ||||||||||
Spire, Inc. b | 220,008 | �� | 16,361,995 | |||||||||
163,775,443 | ||||||||||||
Shares/Units | Value | |||||||||||
P IPELINES | 6.9% | |||||||||||
P IPELINES —C-C ORP | 4.8% | |||||||||||
Cheniere Energy, Inc. b,e | 282,908 | $ | 37,635,251 | |||||||||
DT Midstream, Inc. b,d | 866,084 | 42,455,438 | ||||||||||
ONEOK, Inc. b,e | 655,386 | 36,373,923 | ||||||||||
116,464,612 | ||||||||||||
P IPELINES —MLP | 2.1% | |||||||||||
Energy Transfer LP b | 1,606,191 | 16,029,786 | ||||||||||
Magellan Midstream Partners LP b,e | 425,221 | 20,308,555 | ||||||||||
MPLX LP b | 514,959 | 15,011,055 | ||||||||||
51,349,396 | ||||||||||||
T OTAL PIPELINES | 167,814,008 | |||||||||||
R AILWAYS | 3.5% | |||||||||||
Norfolk Southern Corp. b,e | 374,749 | 85,176,700 | ||||||||||
R ENEWABLE ENERGY | 1.3% | |||||||||||
Clearway Energy, Inc., Class C b,e | 803,267 | 27,985,822 | ||||||||||
Stem, Inc. c,d | 637,750 | 4,566,290 | ||||||||||
32,552,112 | ||||||||||||
U TILITIES —WATER | 2.3% | |||||||||||
American Water Works Co., Inc. b,e | 208,862 | 31,072,400 | ||||||||||
Essential Utilities, Inc. b,e,f | 542,938 | 24,893,707 | ||||||||||
55,966,107 | ||||||||||||
T OTAL UNITED STATES | 1,721,742,309 | |||||||||||
T OTAL COMMON STOCK (Identified cost—$2,330,798,335) | 2,941,444,437 | |||||||||||
P REFERRED SECURITIES —$25 PAR VALUE | 2.9% | |||||||||||
B ERMUDA | 0.0% | |||||||||||
R EINSURANCE | ||||||||||||
RenaissanceRe Holdings Ltd., 5.75%, Series F g | 7,000 | 161,770 | ||||||||||
C ANADA | 0.1% | |||||||||||
F INANCIAL | 0.0% | |||||||||||
Brookfield BRP Holdings Canada, Inc., 4.625% g | 100,000 | 1,703,000 | ||||||||||
Shares/Units | Value | |||||||||||
U TILITIES | 0.1% | |||||||||||
Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 h | 29,567 | $ | 740,062 | |||||||||
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A h | 65,127 | 1,587,796 | ||||||||||
2,327,858 | ||||||||||||
T OTAL CANADA | 4,030,858 | |||||||||||
N ETHERLANDS | 0.1% | |||||||||||
I NSURANCE | ||||||||||||
AEGON Funding Co. LLC, 5.10%, due 12/15/49 b | 65,287 | 1,371,027 | ||||||||||
U NITED STATES | 2.7% | |||||||||||
B ANKS | 0.5% | |||||||||||
Bank of America Corp., 6.00%, Series GG g | 134,373 | 3,387,543 | ||||||||||
New York Community Bancorp, Inc., 6.375% to 3/17/27, Series A b,g,h | 58,930 | 1,437,892 | ||||||||||
Regions Financial Corp., 5.70% to 5/15/29, Series C b,g,h | 140,630 | 3,280,898 | ||||||||||
Wells Fargo & Co., 4.75%, Series Z b,g | 206,575 | 4,017,884 | ||||||||||
12,124,217 | ||||||||||||
E LECTRIC | 0.5% | |||||||||||
CMS Energy Corp., 5.875%, due 3/1/79 b | 99,975 | 2,381,405 | ||||||||||
Duke Energy Corp., 5.75%, Series A b,g | 141,350 | 3,563,433 | ||||||||||
Southern Co./The, 5.25%, due 12/1/77 b | 99,672 | 2,344,285 | ||||||||||
Southern Co./The, 4.95%, due 1/30/80, Series 2020 b | 230,000 | 5,026,190 | ||||||||||
13,315,313 | ||||||||||||
F INANCIAL | 0.5% | |||||||||||
D IVERSIFIED FINANCIAL SERVICES | 0.4% | |||||||||||
Apollo Asset Management, Inc., 6.375%, Series A g | 57,982 | 1,395,047 | ||||||||||
Carlyle Finance LLC, 4.625%, due 5/15/61 | 70,000 | 1,268,400 | ||||||||||
Oaktree Capital Group LLC, 6.625%, Series A g | 100,000 | 2,455,000 | ||||||||||
Oaktree Capital Group LLC, 6.55%, Series B g | 66,071 | 1,562,579 | ||||||||||
Synchrony Financial, 5.625%, Series A g | 114,545 | 2,187,810 | ||||||||||
8,868,836 | ||||||||||||
I NVESTMENT BANKER /BROKER | 0.1% | |||||||||||
Morgan Stanley, 6.375% to 10/15/24, Series I b,g,h | 118,969 | 3,014,674 |
Shares/Units | Value | |||||||||||
Morgan Stanley, 5.85% to 4/15/27, Series K b,g,h | 16,575 | $ | 409,900 | |||||||||
3,424,574 | ||||||||||||
T OTAL FINANCIAL | 12,293,410 | |||||||||||
I NDUSTRIALS —CHEMICALS | 0.3% | |||||||||||
CHS, Inc., 7.10% to 3/31/24, Series 2 b,g,h | 135,283 | 3,497,066 | ||||||||||
CHS, Inc., 6.75% to 9/30/24, Series 3 b,g,h | 137,935 | 3,536,653 | ||||||||||
7,033,719 | ||||||||||||
I NSURANCE | 0.4% | |||||||||||
L IFE /HEALTH INSURANCE | 0.2% | |||||||||||
Athene Holding Ltd., 6.35% to 6/30/29, Series A b,g,h | 115,223 | 2,833,333 | ||||||||||
Equitable Holdings, Inc., 5.25%, Series A g | 52,000 | 1,097,200 | ||||||||||
Voya Financial, Inc., 5.35% to 9/15/29, Series B g,h | 67,375 | 1,534,129 | ||||||||||
5,464,662 | ||||||||||||
M ULTI -LINE | 0.0% | |||||||||||
American International Group, Inc., 5.85%, Series A g | 1,077 | 27,141 | ||||||||||
P ROPERTY CASUALTY | 0.1% | |||||||||||
Enstar Group Ltd., 7.00% to 9/1/28, Series D g,h | 77,050 | 1,795,265 | ||||||||||
R EINSURANCE | 0.1% | |||||||||||
Arch Capital Group Ltd., 5.45%, Series F b,g | 80,000 | 1,828,000 | ||||||||||
T OTAL INSURANCE | 9,115,068 | |||||||||||
I NTEGRATED TELECOMMUNICATIONS SERVICES | 0.1% | |||||||||||
United States Cellular Corp., 5.50%, due 6/1/70 | 94,315 | 1,766,520 | ||||||||||
P IPELINES | 0.3% | |||||||||||
Energy Transfer LP, 7.375% to 5/15/23, Series C g,h | 109,692 | 2,418,708 | ||||||||||
Energy Transfer LP, 7.625% to 8/15/23, Series D g,h | 89,991 | 2,130,987 | ||||||||||
Energy Transfer LP, 7.60% to 5/15/24, Series E g,h | 113,416 | 2,642,593 | ||||||||||
7,192,288 | ||||||||||||
U TILITIES | 0.1% | |||||||||||
NiSource, Inc., 6.50% to 3/15/24, Series B b,g,h | 30,015 | 783,392 | ||||||||||
Spire, Inc., 5.90%, Series A g | 76,071 | 1,869,825 | ||||||||||
2,653,217 | ||||||||||||
T OTAL UNITED STATES | 65,493,752 | |||||||||||
T OTAL PREFERRED SECURITIES —$25 PAR VALUE (Identified cost—$77,751,121) | 71,057,407 | |||||||||||
Principal Amount | Value | |||||||||||
P REFERRED SECURITIES —CAPITAL SECURITIES | 12.1% | |||||||||||
A USTRALIA | 0.4% | |||||||||||
B ANKS | 0.1% | |||||||||||
Australia & New Zealand Banking Group Ltd./United Kingdom, 6.75% to 6/15/26, 144A c,g,h,i | $ | 2,000,000 | $ | 1,966,670 | ||||||||
I NSURANCE —PROPERTY CASUALTY | 0.3% | |||||||||||
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 h,j | 5,155,000 | 5,172,257 | ||||||||||
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN h,j | 1,800,000 | 1,754,414 | ||||||||||
T OTAL INSURANCE —PROPERTY CASUALTY | 6,926,671 | |||||||||||
T OTAL AUSTRALIA | 8,893,341 | |||||||||||
C ANADA | 1.4% | |||||||||||
B ANKS —FOREIGN | 0.1% | |||||||||||
Bank of Nova Scotia/The, 4.90% to 6/4/25 g,h | 2,000,000 | 1,859,420 | ||||||||||
E LECTRIC | 0.3% | |||||||||||
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A b,e,h | 7,102,000 | 6,879,850 | ||||||||||
P IPELINES | 1.0% | |||||||||||
Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series 20-A h | 5,580,000 | 5,115,856 | ||||||||||
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A b,h | 4,155,000 | 3,849,849 | ||||||||||
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 b,h | 5,913,000 | 5,268,470 | ||||||||||
Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 b,h | 5,008,000 | 4,478,048 | ||||||||||
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A b,h | 6,499,000 | 6,190,297 | ||||||||||
24,902,520 | ||||||||||||
T OTAL CANADA | 33,641,790 | |||||||||||
F INLAND | 0.1% | |||||||||||
B ANKS | ||||||||||||
Nordea Bank Abp, 6.625% to 3/26/26, 144A b,c,g,h,i | 1,400,000 | 1,342,489 | ||||||||||
Principal Amount | Value | |||||||||||
F RANCE | 1.0% | |||||||||||
B ANKS | 0.9% | |||||||||||
BNP Paribas SA, 6.625% to 3/25/24, 144A b,c,g,h,i | $ | 3,660,000 | $ | 3,522,750 | ||||||||
BNP Paribas SA, 7.00% to 8/16/28, 144A b,c,g,h,i | 1,000,000 | 951,265 | ||||||||||
BNP Paribas SA, 7.375% to 8/19/25, 144A b,c,g,h,i | 3,600,000 | 3,566,314 | ||||||||||
Credit Agricole SA, 6.875% to 9/23/24, 144A b,c,g,h,i | 2,600,000 | 2,511,564 | ||||||||||
Credit Agricole SA, 7.875% to 1/23/24, 144A b,c,g,h,i | 400,000 | 395,746 | ||||||||||
Credit Agricole SA, 8.125% to 12/23/25, 144A b,c,g,h,i | 3,550,000 | 3,648,601 | ||||||||||
Societe Generale SA, 6.75% to 4/6/28, 144A b,c,g,h,i | 3,400,000 | 3,019,027 | ||||||||||
Societe Generale SA, 7.875% to 12/18/23, 144A c,g,h,i | 3,600,000 | 3,536,317 | ||||||||||
Societe Generale SA, 8.00% to 9/29/25, 144A b,c,g,h,i | 1,800,000 | 1,764,314 | ||||||||||
22,915,898 | ||||||||||||
I NSURANCE —MULTI -LINE | 0.1% | |||||||||||
AXA SA, 6.379% to 12/14/36, 144A b,c,g,h | 1,600,000 | 1,826,204 | ||||||||||
T OTAL FRANCE | 24,742,102 | |||||||||||
H ONG KONG | 0.1% | |||||||||||
B ANKS | ||||||||||||
Bank of China Hong Kong Ltd., 5.90% to 9/14/23, 144A b,c,g,h | 2,200,000 | 2,248,125 | ||||||||||
I TALY | 0.1% | |||||||||||
B ANKS | 0.1% | |||||||||||
Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A b,c,g,h,i | 2,900,000 | 2,619,419 | ||||||||||
E LECTRIC | 0.0% | |||||||||||
Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A c,h | 700,000 | 719,491 | ||||||||||
T OTAL ITALY | 3,338,910 | |||||||||||
J APAN | 0.3% | |||||||||||
I NSURANCE —LIFE /HEALTH INSURANCE | ||||||||||||
Dai-ichi Life Insurance Co., Ltd./The, 5.10% to 10/28/24, 144Ab,c,g,h | 2,000,000 | 1,987,198 | ||||||||||
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A b,c,h | 5,000,000 | 4,966,107 | ||||||||||
T OTAL JAPAN | 6,953,305 | |||||||||||
Principal Amount | Value | |||||||||||
N ETHERLANDS | 0.2% | |||||||||||
B ANKS | ||||||||||||
ING Groep N.V., 5.75% to 11/16/26 b,g,h,i | $ | 1,800,000 | $ | 1,648,503 | ||||||||
ING Groep N.V., 6.75% to 4/16/24 g,h,i,j | 3,000,000 | 2,906,070 | ||||||||||
T OTAL NETHERLANDS | 4,554,573 | |||||||||||
S PAIN | 0.1% | |||||||||||
B ANKS | ||||||||||||
Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 b,g,h,i | 3,800,000 | 3,479,336 | ||||||||||
S WITZERLAND | 0.9% | |||||||||||
B ANKS | ||||||||||||
Credit Suisse Group AG, 5.25% to 2/11/27, 144A c,g,h,i | 1,600,000 | 1,239,976 | ||||||||||
Credit Suisse Group AG, 6.375% to 8/21/26, 144A b,c,g,h,i | 3,000,000 | 2,486,244 | ||||||||||
Credit Suisse Group AG, 7.125% to 7/29/22 g,h,i,j | 2,600,000 | 2,598,518 | ||||||||||
Credit Suisse Group AG, 7.25% to 9/12/25, 144A b,c,g,h,i | 1,400,000 | 1,216,599 | ||||||||||
Credit Suisse Group AG, 7.50% to 12/11/23, 144A b,c,g,h,i | 400,000 | 382,057 | ||||||||||
Credit Suisse Group AG, 7.50% to 7/17/23, 144A b,c,g,h,i | 4,800,000 | 4,440,000 | ||||||||||
Credit Suisse Group AG, 9.75% to 6/23/27, 144A c,g,h,i | 2,600,000 | 2,661,750 | ||||||||||
UBS Group AG, 6.875% to 8/7/25 g,h,i,j | 3,200,000 | 3,114,064 | ||||||||||
UBS Group AG, 7.00% to 1/31/24, 144A b,c,g,h,i | 4,600,000 | 4,492,463 | ||||||||||
T OTAL SWITZERLAND | 22,631,671 | |||||||||||
U NITED KINGDOM | 1.4% | |||||||||||
B ANKS | 1.1% | |||||||||||
Barclays PLC, 8.00% to 6/15/24 b,g,h,i | 2,600,000 | 2,561,000 | ||||||||||
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A b,c,e,g,h | 7,270,000 | 9,886,544 | ||||||||||
HSBC Holdings PLC, 6.375% to 3/30/25 b,g,h,i | 1,600,000 | 1,549,319 | ||||||||||
HSBC Holdings PLC, 6.50% to 3/23/28 b,g,h,i | 2,800,000 | 2,542,642 | ||||||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24 b,g,h,i | 3,534,000 | 3,434,747 | ||||||||||
Lloyds Banking Group PLC, 7.50% to 9/27/25 b,g,h,i | 1,800,000 | 1,758,910 | ||||||||||
Natwest Group PLC, 8.00% to 8/10/25 b,g,h,i | 3,600,000 | 3,571,128 | ||||||||||
Standard Chartered PLC, 7.75% to 4/2/23, 144A c,g,h,i | 600,000 | 593,354 | ||||||||||
25,897,644 | ||||||||||||
I NTEGRATED TELECOMMUNICATIONS SERVICES | 0.2% | |||||||||||
Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 h | 2,090,000 | 1,569,280 | ||||||||||
Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 b,h | 4,500,000 | 4,427,573 | ||||||||||
5,996,853 | ||||||||||||
Principal Amount | Value | |||||||||||
O IL & GAS | 0.1% | |||||||||||
BP Capital Markets PLC, 4.875% to 3/22/30 b,g,h | $ | 3,550,000 | $ | 3,101,886 | ||||||||
T OTAL UNITED KINGDOM | 34,996,383 | |||||||||||
U NITED STATES | 6.1% | |||||||||||
B ANKS | 3.9% | |||||||||||
AgriBank FCB, 6.875% to 1/1/24 b,g,h | 37,000 | † | 3,746,250 | |||||||||
Ally Financial, Inc., 4.70% to 5/15/28, Series C g,h | 1,936,000 | 1,433,124 | ||||||||||
Bank of America Corp., 5.875% to 3/15/28, Series FF b,g,h | 2,682,000 | 2,358,233 | ||||||||||
Bank of America Corp., 6.10% to 3/17/25, Series AA b,g,h | 4,886,000 | 4,814,542 | ||||||||||
Bank of America Corp., 6.25% to 9/5/24, Series X b,g,h | 6,423,000 | 6,259,213 | ||||||||||
Bank of America Corp., 6.50% to 10/23/24, Series Z b,g,h | 4,806,000 | 4,771,782 | ||||||||||
Citigroup, Inc., 3.875% to 2/18/26 g,h | 2,500,000 | 2,081,250 | ||||||||||
Citigroup, Inc., 4.15% to 11/15/26, Series Y g,h | 2,310,000 | 1,859,550 | ||||||||||
Citigroup, Inc., 5.00% to 9/12/24, Series U b,g,h | 4,704,000 | 4,151,280 | ||||||||||
Citigroup, Inc., 5.90% to 2/15/23 b,g,h | 5,675,000 | 5,574,367 | ||||||||||
Citigroup, Inc., 5.95% to 5/15/25, Series P b,g,h | 6,000,000 | 5,577,609 | ||||||||||
Citigroup, Inc., 6.25% to 8/15/26, Series T b,g,h | 4,850,000 | 4,740,317 | ||||||||||
Citizens Financial Group, Inc., 5.65% to 10/6/25, Series F b,g,h | 2,000,000 | 1,967,624 | ||||||||||
Citizens Financial Group, Inc., 6.375% to 4/6/24, Series C b,g,h | 1,200,000 | 1,050,479 | ||||||||||
CoBank ACB, 6.25% to 10/1/22, Series F b,g,h | 52,500 | † | 5,278,875 | |||||||||
CoBank ACB, 6.25% to 10/1/26, Series I b,e,g,h | 2,866,000 | 2,715,535 | ||||||||||
Comerica, Inc., 5.625% to 7/1/25 g,h | 1,997,000 | 1,982,023 | ||||||||||
Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A b,c,g,h | 35,300 | † | 3,530,000 | |||||||||
Goldman Sachs Group, Inc./The, 3.65% to 8/10/26, Series U g,h | 1,670,000 | 1,300,632 | ||||||||||
Goldman Sachs Group, Inc./The, 4.125% to 11/10/26, Series V g,h | 1,000,000 | 818,750 | ||||||||||
Goldman Sachs Group, Inc./The, 5.30% to 11/10/26, Series O b,g,h | 1,645,000 | 1,550,890 | ||||||||||
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q g,h | 1,000,000 | 969,050 | ||||||||||
Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G g,h | 1,000,000 | 888,786 | ||||||||||
Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F g,h | 894,000 | 840,238 |
Principal Amount | Value | |||||||||||
JPMorgan Chase & Co., 5.00% to 8/1/24, Series FF g,h | $ | 1,043,000 | $ | 921,099 | ||||||||
JPMorgan Chase & Co., 6.10% to 10/1/24, Series X b,g,h | 2,500,000 | 2,336,063 | ||||||||||
JPMorgan Chase & Co., 6.125% to 4/30/24, Series U g,h | 1,436,000 | 1,367,891 | ||||||||||
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S b,g,h | 2,790,000 | 2,810,367 | ||||||||||
SVB Financial Group, 4.00% to 5/15/26, Series C g,h | 2,980,000 | 2,274,425 | ||||||||||
SVB Financial Group, 4.25% to 11/15/26, Series D g,h | 2,850,000 | 2,155,756 | ||||||||||
Truist Financial Corp., 4.80% to 9/1/24, Series N b,g,h | 1,810,000 | 1,624,294 | ||||||||||
Truist Financial Corp., 5.10% to 3/1/30, Series Q g,h | 2,109,000 | 1,919,190 | ||||||||||
Truist Financial Corp., 5.125% to 12/15/27, Series M g,h | 500,000 | 412,113 | ||||||||||
Wells Fargo & Co., 3.90% to 3/15/26, Series BB g,h | 3,500,000 | 3,016,562 | ||||||||||
Wells Fargo & Co., 5.875% to 6/15/25, Series U b,g,h | 4,521,000 | 4,418,825 | ||||||||||
Wells Fargo & Co., 5.95%, due 12/1/86 b | 2,830,000 | 2,901,286 | ||||||||||
96,418,270 | ||||||||||||
E LECTRIC | 0.3% | |||||||||||
CenterPoint Energy, Inc., 6.125% to 9/1/23, Series A b,g,h | 1,960,000 | 1,676,245 | ||||||||||
Duke Energy Corp., 4.875% to 9/16/24 b,g,h | 3,580,000 | 3,266,750 | ||||||||||
Southern Co./The, 4.00% to 10/15/25, due 1/15/51, Series B h | 2,572,000 | 2,312,177 | ||||||||||
7,255,172 | ||||||||||||
F INANCIAL —INVESTMENT BANKER /BROKER | 0.3% | |||||||||||
Charles Schwab Corp./The, 4.00% to 6/1/26, Series I g,h | 5,000,000 | 4,244,550 | ||||||||||
Charles Schwab Corp./The, 5.375% to 6/1/25, Series G g,h | 2,936,000 | 2,913,980 | ||||||||||
7,158,530 | ||||||||||||
I NFRASTRUCTURE | 0.2% | |||||||||||
E LECTRIC | 0.0% | |||||||||||
CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50 b,h | 1,125,000 | 988,560 | ||||||||||
G AS —DISTRIBUTION | 0.2% | |||||||||||
Sempra Energy, 4.875% to 10/15/25 g,h | 3,780,000 | 3,486,977 | ||||||||||
T OTAL INFRASTRUCTURE | 4,475,537 | |||||||||||
I NSURANCE | 1.2% | |||||||||||
L IFE /HEALTH INSURANCE | 0.8% | |||||||||||
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS) b,c | 4,500,000 | 4,861,658 | ||||||||||
MetLife, Inc., 5.875% to 3/15/28, Series D b,g,h | 1,727,000 | 1,604,620 |
Principal Amount | Value | |||||||||||
MetLife, Inc., 9.25%, due 4/8/68, 144A c | $ | 6,500,000 | $ | 7,653,200 | ||||||||
Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43 h | 5,775,000 | 5,643,214 | ||||||||||
Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53 b,h | 500,000 | 469,808 | ||||||||||
Voya Financial, Inc., 6.125% to 9/15/23, Series A b,g,h | 1,310,000 | 1,239,425 | ||||||||||
21,471,925 | ||||||||||||
M ULTI -LINE | 0.1% | |||||||||||
MetLife, Inc., 10.75%, due 8/1/69 | 1,000,000 | 1,328,365 | ||||||||||
P ROPERTY CASUALTY | 0.2% | |||||||||||
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48 b,h | 3,200,000 | 3,132,496 | ||||||||||
Liberty Mutual Group, Inc., 7.80%, due 3/7/87, 144A b,c | 1,680,000 | 1,920,543 | ||||||||||
5,053,039 | ||||||||||||
R EINSURANCE | 0.1% | |||||||||||
AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40 b,h | 1,760,000 | 1,485,899 | ||||||||||
T OTAL INSURANCE | 29,339,228 | |||||||||||
P IPELINES | 0.1% | |||||||||||
Energy Transfer LP, 7.125% to 5/15/30, Series G g,h | 1,857,000 | 1,598,230 | ||||||||||
U TILITIES | 0.1% | |||||||||||
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79 b,h | 2,870,000 | 2,524,942 | ||||||||||
T OTAL UNITED STATES | 148,769,909 | |||||||||||
T OTAL PREFERRED SECURITIES —CAPITAL SECURITIES (Identified cost—$309,743,016) | 295,591,934 | |||||||||||
C ORPORATE BONDS —UNITED STATES | 0.0% | |||||||||||
C OMMUNICATIONS —TOWERS | ||||||||||||
SBA Communications Corp., 3%, due 2/1/29 | 572,000 | 469,563 | ||||||||||
T OTAL CORPORATE BONDS (Identified cost—$463,492) | 469,563 | |||||||||||
Number of Shares | Value | |||||||||||
S HORT -TERM INVESTMENTS | 1.6% | |||||||||||
M ONEY MARKET FUNDS | ||||||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% k | 37,554,052 | $ | 37,554,052 | |||||||||
T OTAL SHORT -TERM INVESTMENTS (Identified cost—$37,554,052) | 37,554,052 | |||||||||||
T OTAL INVESTMENTS IN SECURITIES (Identified cost—$2,756,310,016) | 137.4% | 3,346,117,393 | ||||||||||
W RITTEN OPTION CONTRACTS (Premiums received—$959,859) | (0.1) | (1,456,043 | ) | |||||||||
L IABILITIES IN EXCESS OF OTHER ASSETS | (37.3) | (908,874,356 | ) | |||||||||
N ET ASSETS (Equivalent to $25.56 per share based on 95,294,150 shares of common stock outstanding) | 100.0% | $ | 2,435,786,994 | |||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount l | Premiums Received | Value | ||||||||||||||||
Put—Oneok Inc. | $50.00 | 8/19/22 | (1,822 | ) | $(10,112,100 | ) | $(241,538 | ) | $(282,410 | ) | ||||||||||||
Put— Digital Realty Trust, Inc. | 120.00 | 8/19/22 | (813 | ) | (10,555,179 | ) | (319,709 | ) | (278,046 | ) | ||||||||||||
Put—Duke Energy Corp. | 105.00 | 7/15/22 | (1,270 | ) | (13,615,670 | ) | (132,066 | ) | (120,650 | ) | ||||||||||||
(3,905 | ) | $(34,282,949 | ) | $(693,313 | ) | $(681,106 | ) | |||||||||||||||
Description | Counterparty | Exercise Price | Expiration Date | Number of Contracts | Notional Amount l | Premiums Received | Value | |||||||||||||||||||
Put—Cellnex Telecom SA | Goldman Sachs International | $39.00 | 7/15/22 | (322,058 | ) | $(12,497,650 | ) | $(266,546 | ) | $(774,937 | ) | |||||||||||||||
Notional Amount | Fixed Rate Payable | Fixed Payment Frequency | Floating Rate (resets monthly) Receivable | Floating Payment Frequency | Maturity Date | Value | Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
$255,000,000 | 0.670% | Monthly | 1.324% m | Monthly | 9/15/25 | $ | 17,686,580 | $ | — | $ | 17,686,580 | |||||||||||||||
212,500,000 | 1.240% | Monthly | 1.120% m | Monthly | 2/3/26 | 12,123,210 | (62,981 | ) | 12,060,229 | |||||||||||||||||
85,000,000 | 0.898% | Monthly | 1.120% m | Monthly | 5/1/26 | 6,189,627 | — | 6,189,627 | ||||||||||||||||||
255,000,000 | 1.237% n | Monthly | 1-month LIBOR n | Monthly | 9/15/27 | 18,497,343 | — | 18,497,343 | ||||||||||||||||||
$ | 54,496,760 | $ | (62,981 | ) | $ | 54,433,779 | ||||||||||||||||||||
EMTN | Euro Medium Term Note | |
LIBOR | London Interbank Offered Rate | |
MLP | Master Limited Partnership | |
TruPS | Trust Preferred Securities | |
USD | United States Dollar |
† | Represents shares. |
a | Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
b | All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $1,957,528,716 in aggregate has been pledged as collateral. |
c | 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 $194,523,974 which represents 8.0% of the net assets of the Fund, of which 0.0% are illiquid. |
d | Non-income producing security. |
e | A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $879,065,756 in aggregate has been rehypothecated. |
f | All or a portion of the security is pledged in connection with written option contracts. $36,755,827 in aggregate has been pledged as collateral. |
g | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
h | Security converts to floating rate after the indicated fixed-rate coupon period. |
i | Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $75,521,156 or 3.1% of the net assets of the Fund (2.2% 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 $15,545,323 which represents 0.6% of the net assets of the Fund, of which 0.0% are illiquid. |
k | Rate quoted represents the annualized seven-day yield. |
l | Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
m | Based on 1-month LIBOR. Represents rates in effect at June 30, 2022. |
n | Represents a forward-starting interest rate swap contract with interest receipts and payments commencing on December 24, 2022 (effective date). |
Sector Summary | % of Managed Asset | |||
Electric | 31.6 | |||
Pipelines | 13.1 | |||
Communications—Towers | 9.4 | |||
Toll Roads | 8.2 | |||
Gas Distribution | 7.1 | |||
Railways | 6.9 | |||
Banks | 5.8 | |||
Airports | 4.6 | |||
Utilities | 3.1 | |||
Financial | 1.6 | |||
Insurance | 1.3 | |||
Environmental Services | 1.2 | |||
Renewable Energy | 1.2 | |||
Diversified Utilities | 0.9 | |||
Energy | 0.9 | |||
Integrated Telecommunications Services | 0.2 | |||
Marine Ports | 0.2 | |||
Industrials | 0.2 | |||
Insurance | 0.1 | |||
Food | 0.1 | |||
Other | 2.3 | |||
100.0 | % | |||
ASSETS: | ||||
Investments in securities, at value (Identified cost—$2,756,310,016) | $ | 3,346,117,393 | ||
Cash | 3,893,161 | |||
Cash collateral pledged for interest rate swap contracts | 21,267,464 | |||
Cash collateral pledged for over-the-counter | 580,000 | |||
Foreign currency, at value (Identified cost—$1,756,964) | 1,774,236 | |||
Receivable for: | ||||
Investment securities sold | 42,815,792 | |||
Dividends and interest | 11,202,375 | |||
Other assets | 322,800 | |||
Total Assets | 3,427,973,221 | |||
LIABILITIES: | ||||
Written option contracts, at value (Premiums received—$959,859) | 1,456,043 | |||
Payable for: | ||||
Credit agreement | 950,000,000 | |||
Investment securities purchased | 28,269,411 | |||
Variation margin on interest rate swap contracts | 4,788,785 | |||
Investment management fees | 2,405,107 | |||
Interest expense | 2,040,472 | |||
Foreign capital gains tax | 1,624,617 | |||
Dividends declared | 563,495 | |||
Administration fees | 169,772 | |||
Directors’ fees | 672 | |||
Other liabilities | 867,853 | |||
Total Liabilities | 992,186,227 | |||
NET ASSETS | $ | 2,435,786,994 | ||
NET ASSETS consist of: | ||||
Paid-in capital | $ | 1,730,543,385 | ||
Total distributable earnings/(accumulated loss) | 705,243,609 | |||
$ | 2,435,786,994 | |||
NET ASSET VALUE PER SHARE: | ||||
($2,435,786,994 ÷ 95,294,150 shares outstanding) | $ | 25.56 | ||
MARKET PRICE PER SHARE | $ | 25.31 | ||
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE | (0.98 | )% | ||
Investment Income: | ||||
Dividend income (net of $2,834,613 of foreign withholding tax) | $ | 43,544,207 | ||
Interest income | 8,027,265 | |||
Rehypothecation income | 476,804 | |||
Total Investment Income | 52,048,276 | |||
Expenses: | ||||
Investment management fees | 14,873,423 | |||
Interest expense | 9,396,538 | |||
Administration fees | 1,165,758 | |||
Shareholder reporting expenses | 433,602 | |||
Custodian fees and expenses | 161,662 | |||
Professional fees | 107,420 | |||
Directors’ fees and expenses | 40,191 | |||
Transfer agent fees and expenses | 10,409 | |||
Miscellaneous | 40,552 | |||
Total Expenses | 26,229,555 | |||
Net Investment Income (Loss) | 25,818,721 | |||
Net Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) on: | ||||
Investments in securities | 70,746,901 | |||
Written option contracts | 1,885,322 | |||
Interest rate swap contracts | (1,610,847 | ) | ||
Foreign currency transactions | (155,214 | ) | ||
Net realized gain (loss) | 70,866,162 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments in securities (net of increase in accrued foreign capital gains tax of $629,068) | (314,275,492 | ) | ||
Written option contracts | (54,671 | ) | ||
Interest rate swap contracts | 47,444,263 | |||
Foreign currency translations | (105,366 | ) | ||
Net change in unrealized appreciation (depreciation) | (266,991,266 | ) | ||
Net Realized and Unrealized Gain (Loss) | (196,125,104 | ) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (170,306,383 | ) | |
For the Six Months Ended June 30, 2022 | For the Year Ended December 31, 2021 | |||||||
Change in Net Assets: | ||||||||
From Operations: | ||||||||
Net investment income (loss) | $ | 25,818,721 | $ | 52,283,408 | ||||
Net realized gain (loss) | 70,866,162 | 167,805,596 | ||||||
Net change in unrealized appreciation (depreciation) | (266,991,266 | ) | 297,913,564 | |||||
Net increase (decrease) in net assets resulting from operations | (170,306,383 | ) | 518,002,568 | |||||
Distributions to Shareholders | (88,527,060 | ) | (174,769,290 | ) | ||||
Capital Stock Transactions: | ||||||||
Issued as reinvestment of dividends and distributions (See Note 6) | 2,759,402 | 6,517,557 | ||||||
Net proceeds from sale of shares (See Note 6) | 6,556,258 | a | 31,376,636 | b | ||||
Total increase (decrease) in net assets | (249,517,783 | ) | 381,127,471 | |||||
Net Assets: | ||||||||
Beginning of period | 2,685,304,777 | 2,304,177,306 | ||||||
End of period | $ | 2,435,786,994 | $ | 2,685,304,777 | ||||
a | Net of offering costs of $18,563 and sales charges of $53,050. |
b | Net of offering costs of $46,241 and sales charges of $253,539. |
Increase (Decrease) in Cash: | ||||
Cash Flows from Operating Activities: | ||||
Net increase (decrease) in net assets resulting from operations | $ | (170,306,383 | ) | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: | ||||
Purchases of long-term investments | (594,723,355 | ) | ||
Proceeds from sales and maturities of long-term investments | 600,124,774 | |||
Net purchases, sales and maturities of short-term investments | 5,604,420 | |||
Net amortization of premium on investments in securities | 688,310 | |||
Net increase in dividends and interest receivable and other assets | (1,269,980 | ) | ||
Net increase in interest expense payable, accrued expenses and other liabilities | 286,648 | |||
Net increase in payable for variation margin on interest rate swap contracts | 4,374,582 | |||
Net increase in premiums received from written option contracts | 554,258 | |||
Net change in unrealized depreciation on written option contracts | 54,671 | |||
Net change in unrealized depreciation on investments in securities | 314,275,492 | |||
Net realized gain on investments in securities | (70,746,901 | ) | ||
Cash provided by operating activities | 88,916,536 | |||
Cash Flows from Financing Activities: | ||||
Proceeds from sale of shares | 6,556,258 | |||
Dividends and distributions paid | (85,204,163 | ) | ||
Cash used for financing activities | (78,647,905 | ) | ||
Increase (decrease) in cash and restricted cash | 10,268,631 | |||
Cash and restricted cash at beginning of period (including foreign currency) | 17,246,230 | |||
Cash and restricted cash at end of period (including foreign currency) | $ | 27,514,861 | ||
Cash | $ | 3,893,161 | ||
Restricted cash | 21,847,464 | |||
Foreign currency | 1,774,236 | |||
Total cash and restricted cash shown on the Statement of Cash Flows | $ | 27,514,861 | ||
For the Six Months Ended June 30, 2022 | For the Year Ended December 31, | |||||||||||||||||||||||
Per Share Operating Data: | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Net asset value, beginning of period | $28.28 | $24.62 | $27.73 | $22.08 | $25.53 | $22.00 | ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) a | 0.27 | 0.56 | 0.41 | 0.57 | 0.52 | 0.67 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (2.06 | ) | 4.95 | (1.66 | ) | 6.94 | (1.97 | ) | 4.63 | |||||||||||||||
Total from investment operations | (1.79 | ) | 5.51 | (1.25 | ) | 7.51 | (1.45 | ) | 5.30 | |||||||||||||||
Less dividends and distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.93 | ) | (0.54 | ) | (0.41 | ) | (0.58 | ) | (0.53 | ) | (1.03 | ) | ||||||||||||
Net realized gain | — | (1.32 | ) | (1.45 | ) | (1.28 | ) | (1.47 | ) | (0.74 | ) | |||||||||||||
Total dividends and distributions to shareholders | (0.93 | ) | (1.86 | ) | (1.86 | ) | (1.86 | ) | (2.00 | ) | (1.77 | ) | ||||||||||||
Anti-dilutive effect from the issuance of shares | — | 0.01 | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in net asset value | (2.72 | ) | 3.66 | (3.11 | ) | 5.65 | (3.45 | ) | 3.53 | |||||||||||||||
Net asset value, end of period | $25.56 | $28.28 | $24.62 | $27.73 | $22.08 | $25.53 | ||||||||||||||||||
Market value, end of period | $25.31 | $28.50 | $25.82 | $26.20 | $19.76 | $24.00 | ||||||||||||||||||
Total net asset value return b | –6.45 | % c | 23.10 | % | –3.66 | % | 35.09 | % | –5.34 | % | 25.33 | % | ||||||||||||
Total market value return b | –8.08 | % c | 18.29 | % | 6.94 | % | 42.63 | % | –9.89 | % | 33.89 | % | ||||||||||||
For the Six Months Ended June 30, 2022 | For the Year Ended December 31, | |||||||||||||||||||||||
Ratios/Supplemental Data: | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Net assets, end of period (in millions) | $2,435.8 | $2,685.3 | $2,304.1 | $2,593.6 | $1,883.8 | $2,178.0 | ||||||||||||||||||
Ratios to average daily net assets: | ||||||||||||||||||||||||
Expenses | 2.05 | % d | 2.19 | % | 2.53 | % | 2.50 | % | 2.44 | % | 2.17 | % | ||||||||||||
Expenses (excluding interest expense) | 1.32 | % d | 1.34 | % | 1.35 | % | 1.36 | % | 1.39 | % | 1.35 | % | ||||||||||||
Net investment income (loss) | 2.02 | % d | 2.10 | % | 1.73 | % | 2.18 | % | 2.18 | % | 2.73 | % | ||||||||||||
Ratio of expenses to average daily managed assets e | 1.50 | % d | 1.59 | % | 1.83 | % | 1.81 | % | 1.73 | % | 1.54 | % | ||||||||||||
Portfolio turnover rate | 18 | % c | 47 | % | 54 | % | 41 | % | 37 | % | 46 | % | ||||||||||||
Credit Agreement | ||||||||||||||||||||||||
Asset coverage ratio for credit agreement | 356 | % | 383 | % | 371 | % | 405 | % | 322 | % | 356 | % | ||||||||||||
Asset coverage per $1,000 for credit agreement | $3,564 | $3,827 | $3,711 | $4,051 | $3,216 | $3,562 | ||||||||||||||||||
Amount of loan outstanding (in millions) | $950.0 | $950.0 | $850.0 | $850.0 | $850.0 | $850.0 | ||||||||||||||||||
a | Calculation based on average shares outstanding. |
b | Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. |
c | Not annualized. |
d | Annualized. |
e | Average daily managed assets represent net assets plus the outstanding balance of the credit agreement. |
• | Level 1—quoted prices in active markets for identical investments |
• | Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
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 | $ | 419,910,806 | $ | — | $ | — | $ | 419,910,806 | ||||||||
Mexico | 40,970,956 | — | — | 40,970,956 | ||||||||||||
United States | 1,707,435,834 | 14,306,475 | — | 1,721,742,309 | ||||||||||||
Other Countries | — | 758,820,366 | — | 758,820,366 | ||||||||||||
Preferred Securities—$25 Par Value | 71,057,407 | — | — | 71,057,407 | ||||||||||||
Preferred Securities—Capital Securities | — | 295,591,934 | — | 295,591,934 | ||||||||||||
Corporate Bonds | — | 469,563 | — | 469,563 | ||||||||||||
Short-Term Investments | — | 37,554,052 | — | 37,554,052 | ||||||||||||
Total Investments in Securities a | $ | 2,239,375,003 | $ | 1,106,742,390 | $ | — | $ | 3,346,117,393 | ||||||||
Interest Rate Swap Contracts | $ | — | $ | 54,433,779 | $ | — | $ | 54,433,779 | ||||||||
Total Derivative Assets a | $ | — | $ | 54,433,779 | $ | — | $ | 54,433,779 | ||||||||
Written Option Contracts | $ | (681,106 | ) | $ | (774,937 | ) | $ | — | $ | (1,456,043 | ) | |||||
Total Derivative Liabilities a | $ | (681,106 | ) | $ | (774,937 | ) | $ | — | $ | (1,456,043 | ) | |||||
a | Portfolio holdings are disclosed individually on the Schedule of Investments. |
Ex-Date | Record Date | Payable Date | Amount | |||
07/12/22 | 07/13/22 | 07/29/22 | $0.155 | |||
08/16/22 | 08/17/22 | 08/31/22 | $0.155 | |||
09/13/22 | 09/14/22 | 09/30/22 | $0.155 |
Assets | Liabilities | |||||||||||
Derivatives | Location | Fair Value | Location | Fair Value | ||||||||
Equity Risk: | ||||||||||||
Written Option Contracts—Exchange-Traded a | — | $ | — | Written option contracts, at value | $ | 681,106 | ||||||
Written Option Contracts— Over-the-Counter | — | — | Written option contracts, at value | 774,937 | ||||||||
Interest Rate Risk: | ||||||||||||
Interest Rate Swap Contracts a | — | — | Payable for variation margin on interest rate swap contracts | 54,433,779 | b |
a | Not subject to a master netting agreement or another similar arrangement. |
b | Amount represents the cumulative appreciation on interest rate swap contracts as reported on the Schedule of Investments. The Statement of Assets and Liabilities only reflects the current day variation margin payable to the broker. |
Derivatives | Location | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | |||||||
Equity Risk: | ||||||||||
Purchased Option Contracts a | Net Realized and Unrealized Gain (Loss) | $ | (119,738 | ) | $ | — | ||||
Written Option Contracts | Net Realized and Unrealized Gain (Loss) | 1,885,322 | (54,671 | ) | ||||||
Interest Rate Risk: | ||||||||||
Interest Rate Swap Contracts | Net Realized and Unrealized Gain (Loss) | (1,610,847 | ) | 47,444,263 |
Derivative Financial Instruments | Assets | Liabilities | ||||||
Equity Risk: | ||||||||
Written Option Contracts—Over-the-Counter | $ | — | $ | 774,937 |
a | Purchased option contracts are included in net realized gain (loss) on investments in securities. |
Counterparty | Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged a | Net Amount of Derivative Liabilities b | ||||||||||||
Goldman Sachs International | $ | 774,937 | $ | — | $ | (580,000 | ) | $ | 194,937 |
a | Collateral received or pledged is limited to the net derivative asset or net derivative liability amounts. Actual collateral amounts received or pledged may be higher than amounts above. |
b | Net amount represents the net receivable from the counterparty or net payable due to the counterparty in the event of default. |
Purchased Option Contracts a,b | Written Option Contracts a,b | Interest Rate Swap Contracts | ||||||||||
Average Notional Amount | $ | 21,944,850 | $ | 46,751,083 | $ | 807,500,000 |
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 two months for purchased options and six months for written option contracts. |
Cost of investments in securities for federal income tax purposes | $ | 2,756,310,016 | ||
Gross unrealized appreciation on investments | $ | 778,271,232 | ||
Gross unrealized depreciation on investments | (134,630,101 | ) | ||
Net unrealized appreciation (depreciation) on investments | $ | 643,641,131 | ||
Common Shares | Shares Voted For | Authority Withheld | ||||||
To elect Directors: | ||||||||
Joseph M. Harvey | 72,840,177 | 1,548,965 | ||||||
Gerald J. Maginnis | 72,852,173 | 1,536,968 | ||||||
Daphne L. Richards | 72,815,777 | 1,573,365 |
Facts | What Does Cohen & Steers Do With Your Personal Information? | |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions | |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Cohen & Steers share? | Can you limit this sharing? | ||
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus | Yes | No | ||
For our marketing purposes— to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies— | No | We don’t share | ||
For our affiliates’ everyday business purposes— information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes— information about your creditworthiness | No | We don’t share | ||
For our affiliates to market to you— | No | We don’t share | ||
For non-affiliates to market to you— | No | We don’t share | ||
Questions? Call 800.330.7348 |
Who we are | ||
Who is providing this notice? | Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open and Closed-End Funds (collectively, Cohen & Steers). | |
What we do | ||
How does Cohen & Steers protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information. | |
How does Cohen & Steers collect my personal information? | We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to youState law and individual companies may give you additional rights to limit sharing. | |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates. | |
Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates. | |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you.• Cohen & Steers does not jointly market. |
• | Designed for investors seeking total return, investing primarily in U.S. real estate securities |
• | Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX |
• | Designed for investors seeking total return, investing primarily in U.S. real estate securities |
• | Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX |
• | Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities |
• | Symbol: CSRIX |
• | Designed for investors seeking total return, investing primarily in global real estate equity securities |
• | Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX |
• | Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities |
• | Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX |
• | Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets |
• | Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX |
• | Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies |
• | Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX |
• | Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. andnon-U.S. companies |
• | Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX |
• | Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks |
• | Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX |
• | Designed for investors seeking total return, investing primarily in global infrastructure securities |
• | Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX |
• | Designed for investors seeking high current income and capital appreciation, investing in equity, preferred and debt securities, focused on real assets and alternative income strategies |
• | Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX |
New York Stock Exchange Symbol: | UTF |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Included in Item 1 above.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Investment Companies.
(a) | Not applicable. |
(b) | Effective March 24, 2022, Christopher Rhine no longer serves as a portfolio manager of the registrant. |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. |
(b) | There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) | For the fiscal year ended December 31, 2021, the registrant had the following dollar amounts of income and fees/compensation related to its securities lending activities: |
Total | ||||
Gross income from securities lending activities | $1,277,081 | |||
Fees and/or compensation for securities lending activities and related services | ||||
Fees paid to securities lending agent from a revenue split | $694,715 | |||
Fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | — | |||
Administrative fees that are not included in the revenue split | — | |||
Indemnification fee not included in the revenue split | — | |||
Rebates paid to borrowers; | — | |||
Other fees relating to the securities lending program not included in the revenue split | — | |||
Aggregate fees/compensation for securities lending activities and related services | $694,715 | |||
Net income from securities lending activities | $582,366 |
(b) | During the registrants most recent fiscal year ended December 31, 2021, BNP Paribas (“BNPP”) served as the registrant’s securities lending agent. |
As a securities lending agent, BNPP is responsible for the implementation and administration of the registrant’s securities lending program. Pursuant to its respective Securities Lending Agreement (“Securities Lending Agreement”) with the registrant, BNPP, as a general matter, performs various services, including the following:
• | Locating borrowers; |
• | Monitoring daily the value of the loaned securities and collateral (i.e. the collateral posted by the party borrowing); |
• | Negotiation of loan terms; |
• | Selection of securities to be loaned; |
• | Recordkeeping and account servicing; |
• | Monitoring of dividend activity and material proxy votes relating to loaned securities, and; |
• | Arranging for return of loaned securities to the registrant at loan termination. |
BNPP is compensated for the above-described services from its securities lending revenue split. The table above shows what the registrant earned and the fees and compensation it paid in connections with its securities lending activities during its most recent fiscal year.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS INFRASTRUCTURE FUND, INC.
By: | /s/ James Giallanza | |||
Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer) | ||||
Date: | September 7, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James Giallanza | |||
Name: James Giallanza Title: Principal Executive Officer (President and Chief Executive Officer) | ||||
By: | /s/ Albert Laskaj | |||
Name: Albert Laskaj Title: Principal Financial Officer (Treasurer and Chief Financial Officer) | ||||
Date: September 7, 2022 |