0001104659-13-065832.txt : 20130823 0001104659-13-065832.hdr.sgml : 20130823 20130823150722 ACCESSION NUMBER: 0001104659-13-065832 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130823 DATE AS OF CHANGE: 20130823 EFFECTIVENESS DATE: 20130823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHEN & STEERS GLOBAL INFRASTRUCTURE FUND INC CENTRAL INDEX KEY: 0001276070 IRS NUMBER: 200864377 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21488 FILM NUMBER: 131057599 BUSINESS ADDRESS: STREET 1: 280 PARK AVE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-832-3232 MAIL ADDRESS: STREET 1: 280 PARK AVE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: COHEN & STEERS UTILITY FUND INC DATE OF NAME CHANGE: 20040112 0001276070 S000001227 Cohen & Steers Global Infrastructure Fund Inc. C000003333 Class A CSUAX C000003334 Class B CSUBX C000003335 Class C CSUCX C000003336 Class I CSUIX N-CSRS 1 a13-16128_1ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21488

 

Cohen & Steers Global Infrastructure Fund, Inc.

(Exact name of registrant as specified in charter)

 

280 Park Avenue, New York, NY

 

10017

(Address of principal executive offices)

 

(Zip code)

 

Tina M. Payne
Cohen & Steers Capital Management, Inc.
280 Park Avenue
New York, New York 10017

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 832-3232

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2013

 

 



 

Item 1. Reports to Stockholders.

 



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2013. The net asset values (NAV) per share at that date were $15.32, $15.42, $15.28 and $15.35 for Class A, Class B, Class C and Class I shares, respectively.

The total returns, including income and change in NAV, for the Fund and its comparative benchmarks were:

    Six Months
Ended
June 30, 2013
 

Cohen & Steers Global Infrastructure Fund—Class A

   

6.72

%

 

Cohen & Steers Global Infrastructure Fund—Class B

   

6.35

%

 

Cohen & Steers Global Infrastructure Fund—Class C

   

6.32

%

 

Cohen & Steers Global Infrastructure Fund—Class I

   

6.89

%

 

UBS Global 50/50 Infrastructure & Utilities Index—neta

   

6.30

%

 

S&P 500 Indexa

   

13.82

%

 

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 4.5% initial sales charge on Class A shares or the 5% and 1% maximum contingent deferred sales charge on Class B and Class C shares, respectively. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

The Fund implements fair value pricing when the daily change in a specific U.S. market index exceeds a predetermined percentage. Fair value pricing adjusts the valuation of certain non-U.S. holdings to account for such index change following the close of foreign markets. This standard practice has been adopted by a majority of the fund industry. In the event fair value pricing is implemented on the first and/or last day of a performance measurement period, the Fund's return may diverge from the relative performance of its benchmark index, which does not use fair value pricing.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund's investment company taxable income and net realized gains. Distributions in excess of the Fund's investment company taxable income and realized gains are a return of capital distributed from the Fund's assets.

a  The UBS Global 50/50 Infrastructure & Utilities Index tracks the performance of global infrastructure related securities, split evenly between utilities and infrastructure and is net of dividend withholding taxes. The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance.


1



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Investment Review

Global equities advanced in the six months ended June 30, 2013, but encountered some volatility along the way. Early in the year, positive trends in U.S. housing and employment, improvement in China's economy and the launch of greater fiscal and monetary easing in Japan helped overcome persistent concerns about Europe, and sent the S&P 500 and Dow Jones Industrial Average to record highs. In the second quarter, political and economic conditions in the Eurozone—particularly among some of the peripheral countries—appeared to stabilize, while growth in China decelerated.

Markets everywhere experienced a setback in late May after Federal Reserve (Fed) Chairman Bernanke reiterated that the Fed would slow quantitative easing once the U.S. economy and employment data achieved "real and sustainable" improvements. Investors took this to mean the Fed's quantitative easing program would soon taper off, sending the benchmark 10-year Treasury yield from 1.7% at the beginning of May to 2.5% by the end of June. This in turn prompted a selloff in interest-rate-sensitive and income-oriented equities, including those of some infrastructure companies. But in the final week of the period markets regained their footing after several Fed governors suggested that investors' reaction was not in line with the body's prevailing outlook for monetary policy.

At the six-month period's close, the UBS Global 50/50 Infrastructure and Utilities Index had a total return of 6.3%, as measured in U.S. dollars and net of dividend withholding taxes. Railways (with a total return of 48.8%b) were the top performers. The subsector comprises mostly Japanese passenger rail companies, which participated in the rally in Japan's equity markets that was fueled by the prospect of fiscal and monetary easing. The gas distribution subsector (15.6%) was similarly buoyed by its Japanese components, and got an additional lift from Sempra Energy, which spun off its Mexican operations through an initial public offering.

Airports struggled in the first quarter before rebounding in the second, and finished the period with a total return of 14.2%. State-owned Aeroports de Paris soared in June on news that the government will sell nearly 10% of the Paris airport operator to Vinci SA, Europe's biggest builder, and Crédit Agricole, France's second-largest bank. Investors viewed this transaction favorably for Vinci as well; the deal gave a lift to the toll roads subsector (8.8%), which had been beaten down early in the period by Eurozone austerity measures.

Within the electric utilities subsector (7.9%), the combination of high valuations and an uptick in interest rates triggered a sharp selloff late in the period. Japanese electric companies managed to buck that trend, however, moving from early losses to late gains as the overhang of the Fukushima disaster gave way to optimism about nuclear restarts and tariff increases. European electric utilities continued to grapple with challenging fundamentals and an unfavorable regulatory environment, while richly valued North American companies performed in line with the index.

The slide in marine ports (-1.1%) reflected disruptions in trade caused by slowing economic growth in China and the decline in commodity prices. Competitive pressures among satellite companies and lackluster performance among tower companies held the communications sector (0.6%) down. Pipelines (2.1%), which were hard hit by the falling price of natural gas liquids, also trailed the index.

b  Sector returns are in local currencies as measured by the UBS Global 50/50 Infrastructure & Utilities Index.


2



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Fund performance

The Fund advanced in the six months ended June 30, 2013 and outperformed its benchmark. Our allocation to the pipelines subsector was the biggest contributor to relative return. The Fund invested in pipeline companies structured as master limited partnerships—which are not included in the index—as they have demonstrated better growth prospects than other higher-yielding infrastructure subsectors. Our underweight and stock selection in electric utilities were also beneficial.

Factors that detracted from relative return included our allocation to railways, as we were underweight the subsector in the first quarter (we added to our position and ended the period with an overweight). Stock selection in the communications subsector was unfavorable; we were overweight a French satellite company that came under pressure as a Spanish shareholder continued to divest shares, creating a market overhang.

Investment Outlook

As we move into the third quarter, our outlook for global infrastructure securities is optimistic. The late-period turbulence caused by Mr. Bernanke's comments was overblown, in our view, and we believe investors will continue to find infrastructure companies attractive for their predictable income, modest volatility and long-term growth potential.

Further economic stabilization among the developed economies will expand that potential, in our view; we believe we are moving from an economic slowdown to a below-trend recovery. We have confidence in Japan, in part based on our belief that its stimulus initiatives are likely to feed through to infrastructure companies. In addition, we look for more information on nuclear plant restarts and tariff increases—factors we believe could help Japanese utilities return to profitability. Europe is making economic headway, and we have modestly reduced our underweight. China remains a concern; the growth we saw early in the period stalled and has had a spillover impact on the region, especially its trading partners.

In North America, the falling price of natural gas liquids has made pipeline shares more attractive, and we have added to our positions selectively. We believe the ramp-up in energy production in the continent's shale basins will further the need for increased energy infrastructure—pipelines, processing plants and storage facilities. Our outlook on electric utilities is cautious. Many regulated electric utilities remain richly valued, in our opinion, while integrated utilities still face challenging fundamentals and difficult regulatory conditions. The recent power auction in the eastern U.S. signaled a longer road ahead for the return of better fundamentals. We maintain an overweight in tower companies, and believe good recent earnings and guidance validates our view of their prospects.


3



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Sincerely,

       

 

 
   

MARTIN COHEN

 

ROBERT H. STEERS

 
   

Co-chairman

 

Co-chairman

 
       

 

 
   

ROBERT S. BECKER

 

BEN MORTON

 
   

Portfolio Manager

 

Portfolio Manager

 

The views and opinions in the preceding commentary are subject to change and are as of the date of publication. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about any of our funds, visit cohenandsteers.com, where you will find net asset values, fund fact sheets and portfolio highlights. You can also access newsletters, education tools and market updates covering the global real estate, commodities, global natural resource equities, listed infrastructure, utilities, large cap value and preferred securities sectors.

In addition, our website contains comprehensive information about our firm, including our most recent press releases, profiles of our senior investment professionals and an overview of our investment approach.


4



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Performance Review (Unaudited)

Average Annual Total Returns—For Periods Ended June 30, 2013

   

Class A Shares

 

Class B Shares

 

Class C Shares

 

Class I Shares

 

1 Year (with sales charge)

   

10.56

%a

   

9.94

%b

   

13.97

%d

   

   

1 Year (without sales charge)

   

15.77

%

   

14.94

%

   

14.97

%

   

16.19

%

 

5 Years (with sales charge)

   

1.37

%a

   

1.24

%c

   

1.64

%

   

   

5 Years (without sales charge)

   

2.30

%

   

1.62

%

   

1.64

%

   

2.66

%

 

Since Inceptione (with sales charge)

   

7.46

%a

   

7.27

%

   

7.37

%

   

   

Since Inceptione (without sales charge)

   

8.00

%

   

7.27

%

   

7.37

%

   

8.36

%

 

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month end can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at NAV. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the periods presented above, the advisor waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower.

The annualized gross and net expense ratios, respectively, for each class of shares as disclosed in the May 1, 2013 prospectuses were as follows: Class A—1.66% and 1.50%; Class B—2.31% and 2.15%; Class C—2.31% and 2.15%; and Class I—1.31% and 1.15%. Through June 30, 2015, the advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred (excluding distribution and shareholder servicing fees applicable to Class A, Class B and Class C shares, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain the Fund's annual operating expenses as a percentage of average net assets at 1.50% for Class A shares, 2.15% for Class B shares, 2.15% for Class C shares and 1.15% for Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the advisor and will terminate automatically in the event of termination of the investment advisory agreement between the advisor and the Fund.

a  Reflects a 4.50% front-end sales charge.

b  Reflects a contingent deferred sales charge of 5%.

c  Reflects a contingent deferred sales charge of 2%.

d  Reflects a contingent deferred sales charge of 1%.

e  Inception date of May 3, 2004.


5



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Expense Example
(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2013—June 30, 2013.

Actual Expenses

The first line of the following table provides information about actual account values and expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


6



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Expense Example (Unaudited)—(Continued)

    Beginning
Account Value
January 1, 2013
  Ending
Account Value
June 30, 2013
  Expenses Paid
During Perioda
January 1, 2013–
June 30, 2013
 

Class A

 

Actual (6.72% return)

 

$

1,000.00

   

$

1,067.20

   

$

7.69

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,017.36

   

$

7.50

   

Class B

 

Actual (6.35% return)

 

$

1,000.00

   

$

1,063.50

   

$

11.00

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,014.13

   

$

10.74

   

Class C

 

Actual (6.32% return)

 

$

1,000.00

   

$

1,063.20

   

$

11.00

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,014.13

   

$

10.74

   

Class I

 

Actual (6.89% return)

 

$

1,000.00

   

$

1,068.90

   

$

5.90

   
Hypothetical (5% annual return before
expenses)
 

$

1,000.00

   

$

1,019.09

   

$

5.76

   

a  Expenses are equal to the Fund's Class A, Class B, Class C and Class I annualized expense ratios of 1.50%, 2.15%, 2.15% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). If the Fund had borne all of its expenses that were assumed by the advisor, the annualized expense ratios would have been 1.58%, 2.21%, 2.23% and 1.27%, respectively.


7



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

June 30, 2013
Top Ten Holdings
(Unaudited)

Security

 

Value

  % of
Net
Assets
 

Central Japan Railway Co.

 

$

7,154,719

     

6.2

   

American Tower Corp.

   

6,289,254

     

5.4

   

East Japan Railway Co.

   

5,737,023

     

4.9

   

Crown Castle International Corp.

   

5,498,020

     

4.7

   

Vinci SA

   

5,083,148

     

4.4

   

NextEra Energy

   

3,530,936

     

3.0

   

SBA Communications Corp.

   

3,245,715

     

2.8

   

Sempra Energy

   

2,983,423

     

2.6

   

Enbridge

   

2,745,921

     

2.4

   

Transurban Group

   

2,742,500

     

2.4

   

Country Breakdown
(Based on Net Assets)
(Unaudited)


8




COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

COMMON STOCK

 

99.3%

                 

AUSTRALIA

 

6.5%

                 

AIRPORTS

 

0.8%

                 

Sydney Airport

       

289,760

   

$

895,700

   

ELECTRIC—INTEGRATED ELECTRIC

 

1.0%

                 

AGL Energy Ltd.

       

69,782

     

924,101

   

Origin Energy Ltd.

       

24,600

     

282,799

   
             

1,206,900

   

MARINE PORTS

 

1.1%

                 

Asciano Ltd.

       

275,930

     

1,266,806

   

PIPELINES—C-CORP

 

0.4%

                 

APA Group

       

76,700

     

420,174

   

RAILWAYS

 

0.9%

 

Aurizon Holdings Ltd.

       

280,370

     

1,066,676

   

TOLL ROADS

 

2.3%

 

Transurban Group

       

443,601

     

2,742,500

   

TOTAL AUSTRALIA

           

7,598,756

   

BRAZIL

 

0.5%

 

TOLL ROADS

 

0.4%

 

CCR SA

       

53,584

     

425,051

   

WATER

 

0.1%

 
Cia de Saneamento Basico do Estado de
Sao Paulo, ADR
       

13,479

     

140,316

   

TOTAL BRAZIL

           

565,367

   

CANADA

 

4.9%

 

MARINE PORTS

 

0.6%

 

Westshore Terminals Investment Corp.

       

27,108

     

740,527

   

PIPELINES—C-CORP

 

4.3%

 

AltaGas Ltd.

       

7,014

     

245,827

   

Enbridge

       

65,322

     

2,745,921

   

TransCanada Corp.

       

45,405

     

1,954,872

   
             

4,946,620

   

TOTAL CANADA

           

5,687,147

   

See accompanying notes to financial statements.
9



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

CHINA

 

0.9%

                 

AIRPORTS

 

0.0%

                 
Beijing Capital International Airport Co., Ltd.,
Class H (HKD)
       

44,000

   

$

28,819

   

ELECTRIC—INTEGRATED ELECTRIC

 

0.4%

 
Huadian Power International Corp. Ltd.,
Class H (HKD)
       

1,011,600

     

417,367

   

TOLL ROADS

 

0.5%

 

Jiangsu Expressway Co., Ltd., Class H (HKD)

       

285,500

     

294,480

   

Zhejiang Expressway Co., Ltd., Class H (HKD)

       

412,000

     

335,717

   
             

630,197

   

TOTAL CHINA

           

1,076,383

   

FRANCE

 

10.8%

 

AIRPORTS

 

1.4%

 

Aeroports de Paris

       

16,910

     

1,644,434

   

COMMUNICATIONS—SATELLITES

 

1.8%

 

Eutelsat Communications

       

73,236

     

2,079,095

   

ELECTRIC—INTEGRATED ELECTRIC

 

1.5%

 

GDF Suez

       

91,299

     

1,787,937

   

TOLL ROADS

 

5.8%

 

Groupe Eurotunnel SA

       

213,600

     

1,624,821

   

Vinci SA

       

101,288

     

5,083,148

   
             

6,707,969

   

WATER

 

0.3%

 

Veolia Environnement

       

25,470

     

289,790

   

TOTAL FRANCE

           

12,509,225

   

GERMANY

 

1.9%

 

AIRPORTS

 

0.3%

 

Fraport AG

       

4,901

     

296,514

   

ELECTRIC—INTEGRATED ELECTRIC

 

1.6%

 

E.ON AG

       

114,920

     

1,886,274

   

TOTAL GERMANY

           

2,182,788

   

See accompanying notes to financial statements.
10



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

HONG KONG

 

1.2%

                 

ELECTRIC—REGULATED ELECTRIC

 

0.5%

                 
Cheung Kong Infrastructure Holdings Ltd.
(Bermuda)
       

86,000

   

$

575,474

   

GAS DISTRIBUTION

 

0.7%

                 

Hong Kong and China Gas Co., Ltd.

       

347,600

     

849,723

   

TOTAL HONG KONG

           

1,425,197

   

ITALY

 

1.5%

                 

ELECTRIC—REGULATED ELECTRIC

 

0.3%

                 

Terna Rete Elettrica Nazionale S.p.A.

       

71,300

     

296,242

   

GAS DISTRIBUTION

 

0.4%

                 

Snam Rete Gas S.p.A.

       

92,513

     

421,468

   

TOLL ROADS

 

0.8%

                 

Atlantia S.p.A.

       

60,871

     

992,786

   

TOTAL ITALY

           

1,710,496

   

JAPAN

 

17.3%

                 

ELECTRIC—INTEGRATED ELECTRIC

 

2.1%

                 

Chubu Electric Power Co.

       

46,300

     

656,360

   

Kansai Electric Power Co.a

       

130,700

     

1,790,899

   
             

2,447,259

   

GAS DISTRIBUTION

 

1.9%

                 

Tokyo Gas Co., Ltd.

       

394,400

     

2,179,181

   

RAILWAYS

 

13.3%

                 

Central Japan Railway Co.

       

58,500

     

7,154,719

   

East Japan Railway Co.

       

73,800

     

5,737,023

   

West Japan Railway Co.

       

61,800

     

2,623,291

   
             

15,515,033

   

TOTAL JAPAN

           

20,141,473

   

LUXEMBOURG

 

2.1%

                 

COMMUNICATIONS—SATELLITES

 

SES SA

       

86,087

     

2,465,212

   

See accompanying notes to financial statements.
11



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

MEXICO

 

1.8%

                 

AIRPORTS

 

0.3%

                 

Grupo Aeroportuario del Pacifico SAB de CV, ADR

       

7,447

   

$

378,531

   

PIPELINES—C-CORP

 

0.3%

                 

Infraestructura Energetica Nova SAB de CVa

       

99,573

     

360,331

   

TOLL ROADS

 

1.2%

                 

OHL Mexico SAB de CVa

       

393,332

     

934,955

   
Promotora y Operadora de Infraestructura
SAB de CVa
       

49,200

     

451,810

   
             

1,386,765

   

TOTAL MEXICO

           

2,125,627

   

NETHERLANDS

 

1.0%

                 

MARINE PORTS

 

Koninklijke Vopak NV

       

19,013

     

1,121,715

   

NEW ZEALAND

 

0.2%

                 

AIRPORTS

 

Auckland International Airport Ltd.

       

124,305

     

286,100

   

PORTUGAL

 

1.3%

                 

ELECTRIC—INTEGRATED ELECTRIC

 

Energias de Portugal SA

       

470,530

     

1,515,851

   

SPAIN

 

4.5%

                 

GAS DISTRIBUTION

 

0.3%

                 

Enagas SA

       

12,000

     

296,542

   

TOLL ROADS

 

4.2%

                 

Abertis Infraestructuras SA

       

143,379

     

2,500,831

   

Ferrovial SA

       

151,030

     

2,414,102

   
             

4,914,933

   

TOTAL SPAIN

           

5,211,475

   

SWITZERLAND

 

0.4%

                 

AIRPORTS

 

Flughafen Zuerich AG

       

1,017

     

510,896

   

See accompanying notes to financial statements.
12



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

UNITED KINGDOM

 

4.1%

                 

ELECTRIC

 

3.7%

                 

INTEGRATED ELECTRIC

 

1.4%

                 

SSE PLC

       

68,850

   

$

1,594,846

   

REGULATED ELECTRIC

 

2.3%

                 

National Grid PLC

       

241,581

     

2,741,046

   

TOTAL ELECTRIC

           

4,335,892

   

WATER

 

0.4%

                 

United Utilities Group PLC

       

40,390

     

420,189

   

TOTAL UNITED KINGDOM

           

4,756,081

   

UNITED STATES

 

38.4%

                 

COMMUNICATIONS—TOWERS

 

13.0%

                 

American Tower Corp.

       

85,954

     

6,289,254

   

Crown Castle International Corp.a

       

75,950

     

5,498,020

   

SBA Communications Corp.a

       

43,790

     

3,245,715

   
             

15,032,989

   

ELECTRIC

 

12.9%

                 

INTEGRATED ELECTRIC

 

5.2%

                 

Exelon Corp.

       

43,580

     

1,345,750

   

NextEra Energy

       

43,335

     

3,530,936

   

PPL Corp.

       

37,429

     

1,132,602

   
             

6,009,288

   

REGULATED ELECTRIC

 

7.7%

                 

CenterPoint Energy

       

45,290

     

1,063,862

   

CMS Energy Corp.

       

21,134

     

574,211

   

Duke Energy Corp.

       

29,830

     

2,013,525

   

PG&E Corp.

       

49,940

     

2,283,756

   

Southern Co.

       

35,938

     

1,585,944

   

Wisconsin Energy Corp.

       

36,361

     

1,490,437

   
             

9,011,735

   

TOTAL ELECTRIC

           

15,021,023

   

See accompanying notes to financial statements.
13



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

GAS DISTRIBUTION

 

3.4%

                 

Atmos Energy Corp.

       

15,538

   

$

637,990

   

Questar Corp.

       

13,254

     

316,108

   

Sempra Energy

       

36,490

     

2,983,423

   
             

3,937,521

   

PIPELINES

 

8.3%

                 

PIPELINES—C-CORP

 

2.6%

                 

SemGroup Corp., Class A

       

20,806

     

1,120,611

   

Targa Resources Corp.

       

9,123

     

586,883

   

Williams Cos. (The)

       

42,205

     

1,370,396

   
             

3,077,890

   

PIPELINES—MLP

 

5.7%

                 

Access Midstream Partners LP

       

18,680

     

891,036

   

Energy Transfer Equity LP

       

9,783

     

585,219

   

Enterprise Products Partners LP

       

4,700

     

292,105

   

EQT Midstream Partners LP

       

23,139

     

1,130,340

   

Golar LNG Partners LP (Marshall Islands)

       

11,700

     

398,970

   

MarkWest Energy Partners LP

       

5,100

     

340,935

   
MPLX LP        

14,200

     

522,702

   

Rose Rock Midstream LP

       

16,908

     

619,171

   

Tallgrass Energy Partners LPa

       

21,100

     

443,100

   

Tesoro Logistics LP

       

12,178

     

736,282

   

USA Compression Partners LP

       

27,000

     

636,120

   
             

6,595,980

   

TOTAL PIPELINES

           

9,673,870

   

WATER

 

0.8%

                 

American Water Works Co.

       

22,412

     

924,047

   

TOTAL UNITED STATES

           

44,589,450

   
TOTAL COMMON STOCK
(Identified cost—$91,873,832)
           

115,479,239

   

See accompanying notes to financial statements.
14



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

        Number
of Shares
 

Value

 

SHORT-TERM INVESTMENTS

   

1.4%

                   

MONEY MARKET FUNDS

 

BlackRock Liquidity Funds: FedFund, 0.01%b

       

800,037

   

$

800,037

   

Federated Government Obligations Fund, 0.01%b

       

800,037

     

800,037

   
TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$1,600,074)
               

1,600,074

   

TOTAL INVESTMENTS (Identified cost—$93,473,906)

   

100.7

%

           

117,079,313

   

LIABILITIES IN EXCESS OF OTHER ASSETS

   

(0.7

)

           

(868,616

)

 

NET ASSETS

   

100.0

%

         

$

116,210,697

   

Glossary of Portfolio Abbreviations

ADR  American Depositary Receipt

HKD  Hong Kong Dollar

MLP  Master Limited Partnership

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

a  Non-income producing security.

b  Rate quoted represents the seven-day yield of the Fund.

See accompanying notes to financial statements.
15



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Sector Summary

  % of
Net Assets
 

Electric

   

25.3

   

Communications

   

16.9

   

Toll Roads

   

15.2

   

Railways

   

14.2

   

Pipelines

   

13.3

   

Gas Distribution

   

6.7

   

Airports

   

3.4

   

Marine Ports

   

2.7

   

Water

   

1.6

   

Other

   

0.7

   
     

100.0

   

See accompanying notes to financial statements.
16




COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2013 (Unaudited)

ASSETS:

 

Investments in securities, at value (Identified cost—$93,473,906)

 

$

117,079,313

   

Cash

   

35,643

   

Receivable for:

 

Investment securities sold

   

1,023,955

   

Fund shares sold

   

869,006

   

Dividends

   

385,033

   

Other assets

   

746

   

Total Assets

   

119,393,696

   

LIABILITIES:

 

Foreign currency overdraft, at value (Identified cost—$470,968)

   

463,085

   

Payable for:

 

Investment securities purchased

   

1,610,387

   

Fund shares redeemed

   

476,870

   

Dividends declared

   

424,010

   

Investment advisory fees

   

51,166

   

Shareholder servicing fees

   

9,236

   

Distribution fees

   

2,231

   

Administration fees

   

1,898

   

Directors' fees

   

1,614

   

Other liabilities

   

142,502

   

Total Liabilities

   

3,182,999

   

NET ASSETS

 

$

116,210,697

   

NET ASSETS consist of:

 

Paid-in capital

 

$

105,082,227

   

Dividends in excess of net investment income

   

(153,038

)

 

Accumulated net realized loss

   

(12,321,453

)

 
Net unrealized appreciation    

23,602,961

   
   

$

116,210,697

   

See accompanying notes to financial statements.
17



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

June 30, 2013 (Unaudited)

CLASS A SHARES:

 

NET ASSETS

 

$

31,993,082

   

Shares issued and outstanding ($0.001 par value common stock outstanding)

   

2,088,895

   

Net asset value and redemption price per share

 

$

15.32

   

Maximum offering price per share ($15.32 ÷ 0.955)a

 

$

16.04

   

CLASS B SHARES:

 

NET ASSETS

 

$

142,800

   

Shares issued and outstanding ($0.001 par value common stock outstanding)

   

9,258

   

Net asset value and offering price per shareb

 

$

15.42

   

CLASS C SHARES:

 

NET ASSETS

 

$

16,355,551

   

Shares issued and outstanding ($0.001 par value common stock outstanding)

   

1,070,054

   

Net asset value and offering price per shareb

 

$

15.28

   

CLASS I SHARES:

 

NET ASSETS

 

$

67,719,264

   

Shares issued and outstanding ($0.001 par value common stock outstanding)

   

4,410,376

   

Net asset value, offering and redemption price per share

 

$

15.35

   

a  On investments of $100,000 or more, the offering price is reduced.

b  Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge which varies with the length of time shares are held.

See accompanying notes to financial statements.
18



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2013 (Unaudited)

Investment Income:

 

Dividend income (net of $160,291 of foreign withholding tax)

 

$

1,804,528

   

Expenses:

 

Investment advisory fees

   

415,161

   

Distribution fees—Class A

   

41,930

   

Distribution fees—Class B

   

1,018

   

Distribution fees—Class C

   

61,928

   

Administration fees

   

66,345

   

Professional fees

   

52,556

   

Shareholder servicing fees—Class A

   

16,772

   

Shareholder servicing fees—Class B

   

339

   

Shareholder servicing fees—Class C

   

20,643

   

Shareholder servicing fees—Class I

   

10,035

   

Custodian fees and expenses

   

39,844

   

Registration and filing fees

   

39,549

   

Shareholder reporting expenses

   

31,423

   

Transfer agent fees and expenses

   

21,657

   

Directors' fees and expenses

   

3,258

   

Line of credit fees

   

818

   
Miscellaneous    

11,331

   

Total Expenses

   

834,607

   

Reduction of Expenses (See Note 2)

   

(55,397

)

 

Net Expenses

   

779,210

   
Net Investment Income    

1,025,318

   

Net Realized and Unrealized Gain (Loss):

 

Net realized gain (loss) on:

 
Investments    

1,576,484

   

Foreign currency transactions

   

(17,693

)

 
Net realized gain    

1,558,791

   

Net change in unrealized appreciation (depreciation) on:

 
Investments    

4,182,076

   

Foreign currency translations

   

(2,491

)

 
Net change in unrealized appreciation (depreciation)    

4,179,585

   
Net realized and unrealized gain    

5,738,376

   

Net Increase in Net Assets Resulting from Operations

 

$

6,763,694

   

See accompanying notes to financial statements.
19



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

    For the
Six Months Ended
June 30, 2013
  For the
Year Ended
December 31, 2012
 

Change in Net Assets:

 

From Operations:

 

Net investment income

 

$

1,025,318

   

$

1,702,409

   
Net realized gain    

1,558,791

     

1,442,325

   
Net change in unrealized appreciation
(depreciation)
   

4,179,585

     

8,858,386

   
Net increase in net assets resulting
from operations
   

6,763,694

     

12,003,120

   

Dividends to Shareholders from:

                 

Net investment income:

 

Class A

   

(300,021

)

   

(681,133

)

 

Class B

   

(310

)

   

(7,374

)

 

Class C

   

(99,785

)

   

(197,569

)

 

Class I

   

(740,064

)

   

(862,262

)

 

Total dividends to shareholders

   

(1,140,180

)

   

(1,748,338

)

 

Capital Stock Transactions:

 
Increase in net assets from Fund share
transactions
   

2,370,981

     

7,236,546

   

Total increase in net assets

   

7,994,495

     

17,491,328

   

Net Assets:

 

Beginning of period

   

108,216,202

     

90,724,874

   

End of perioda

 

$

116,210,697

   

$

108,216,202

   

a  Includes dividends in excess of net investment income of $153,038 and $38,176, respectively.

See accompanying notes to financial statements.
20




COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)

The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.

   

Class A

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net asset value, beginning of
period
 

$

14.49

   

$

12.95

   

$

12.93

   

$

12.59

   

$

10.68

   

$

17.47

   
Income (loss) from investment
operations:
 

Net investment incomea

   

0.13

     

0.25

     

0.26

     

0.22

     

0.22

     

0.38

   
Net realized and unrealized
gain (loss)
   

0.84

     

1.55

     

0.03

     

0.42

     

1.91

     

(6.77

)

 
Total income (loss) from
investment operations
   

0.97

     

1.80

     

0.29

     

0.64

     

2.13

     

(6.39

)

 
Less dividends and distributions
to shareholders from:
 

Net investment income

   

(0.14

)

   

(0.26

)

   

(0.27

)

   

(0.29

)

   

(0.22

)

   

(0.40

)

 

Tax return of capital

   

     

     

(0.00

)b

   

(0.01

)

   

(0.00

)b

   

(0.00

)b

 
Total dividends and
distributions to
shareholders
   

(0.14

)

   

(0.26

)

   

(0.27

)

   

(0.30

)

   

(0.22

)

   

(0.40

)

 
Redemption fees retained by the
Fund
   

     

     

0.00

b

   

0.00

b

   

0.00

b

   

0.00

b

 
Net increase (decrease) in net
asset value
   

0.83

     

1.54

     

0.02

     

0.34

     

1.91

     

(6.79

)

 

Net asset value, end of period

 

$

15.32

   

$

14.49

   

$

12.95

   

$

12.93

   

$

12.59

   

$

10.68

   

Total investment returnc,d

   

6.72

%e

   

14.04

%

   

2.22

%

   

5.25

%

   

20.24

%

   

–36.94

%

 

See accompanying notes to financial statements.
21



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class A

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Ratios/Supplemental Data:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net assets, end of period
(in millions)
 

$

32.0

   

$

38.3

   

$

35.2

   

$

41.7

   

$

54.7

   

$

32.0

   
Ratio of expenses to average
daily net assets (before
expense reduction)
   

1.58

%f

   

1.66

%g

   

1.61

%g

   

1.74

%g

   

1.90

%g

   

1.84

%

 
Ratio of expenses to average
daily net assets (net of
expense reduction)
   

1.50

%f

   

1.50

%g

   

1.50

%g

   

1.50

%g

   

1.50

%g

   

1.50

%

 
Ratio of net investment income to
average daily net assets
(before expense reduction)
   

1.58

%f

   

1.66

%g

   

1.86

%g

   

1.58

%g

   

1.61

%

   

2.40

%

 
Ratio of net investment income to
average daily net assets (net
of expense reduction)
   

1.66

%f

   

1.82

%g

   

1.97

%g

   

1.82

%g

   

2.00

%

   

2.74

%

 

Portfolio turnover rate

   

29

%e

   

69

%

   

73

%

   

79

%

   

98

%

   

211

%

 

a  Calculation based on average shares outstanding.

b  Amount is less than $0.005.

c  Does not reflect sales charges, which would reduce return.

d  Return assumes the reinvestment of all dividends and distributions at NAV.

e  Not annualized.

f  Annualized.

g  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
22



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class B

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net asset value, beginning of
period
 

$

14.53

   

$

12.94

   

$

12.90

   

$

12.55

   

$

10.64

   

$

17.39

   
Income (loss) from investment
operations:
 

Net investment incomea

   

0.05

     

0.14

     

0.16

     

0.14

     

0.15

     

0.29

   
Net realized and unrealized
gain (loss)
   

0.87

     

1.57

     

0.04

     

0.42

     

1.89

     

(6.73

)

 
Total income (loss) from
investment operations
   

0.92

     

1.71

     

0.20

     

0.56

     

2.04

     

(6.44

)

 
Less dividends and distributions
to shareholders from:
 

Net investment income

   

(0.03

)

   

(0.12

)

   

(0.16

)

   

(0.20

)

   

(0.13

)

   

(0.31

)

 

Tax return of capital

   

     

     

(0.00

)b

   

(0.01

)

   

(0.00

)b

   

(0.00

)b

 
Total dividends and
distributions to
shareholders
   

(0.03

)

   

(0.12

)

   

(0.16

)

   

(0.21

)

   

(0.13

)

   

(0.31

)

 
Redemption fees retained by the
Fund
   

     

     

0.00

b

   

0.00

b

   

0.00

b

   

0.00

b

 
Net increase (decrease) in net
asset value
   

0.89

     

1.59

     

0.04

     

0.35

     

1.91

     

(6.75

)

 

Net asset value, end of period

 

$

15.42

   

$

14.53

   

$

12.94

   

$

12.90

   

$

12.55

   

$

10.64

   

Total investment returnc,d

   

6.35

%e

   

13.28

%

   

1.51

%

   

4.57

%

   

19.41

%

   

–37.35

%

 

See accompanying notes to financial statements.
23



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class B

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Ratios/Supplemental Data:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net assets, end of period
(in millions)
 

$

0.1

   

$

0.4

   

$

1.4

   

$

3.1

   

$

4.5

   

$

6.2

   
Ratio of expenses to average
daily net assets (before
expense reduction)
   

2.21

%f

   

2.31

%g

   

2.26

%g

   

2.39

%g

   

2.55

%g

   

2.46

%

 
Ratio of expenses to average
daily net assets (net of
expense reduction)
   

2.15

%f

   

2.15

%g

   

2.15

%g

   

2.15

%g

   

2.15

%g

   

2.15

%

 
Ratio of net investment income to
average daily net assets
(before expense reduction)
   

0.65

%f

   

0.88

%g

   

1.08

%g

   

0.89

%g

   

1.02

%

   

1.74

%

 
Ratio of net investment income to
average daily net assets (net
of expense reduction)
   

0.71

%f

   

1.04

%g

   

1.19

%g

   

1.13

%g

   

1.44

%

   

2.05

%

 

Portfolio turnover rate

   

29

%e

   

69

%

   

73

%

   

79

%

   

98

%

   

211

%

 

a  Calculation based on average shares outstanding.

b  Amount is less than $0.005.

c  Does not reflect sales charges, which would reduce return.

d  Return assumes the reinvestment of all dividends and distributions at NAV.

e  Not annualized.

f  Annualized.

g  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
24



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class C

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net asset value, beginning of
period
 

$

14.46

   

$

12.92

   

$

12.90

   

$

12.55

   

$

10.65

   

$

17.40

   
Income (loss) from investment
operations:
 

Net investment incomea

   

0.08

     

0.16

     

0.17

     

0.14

     

0.15

     

0.29

   
Net realized and unrealized
gain (loss)
   

0.83

     

1.55

     

0.03

     

0.43

     

1.89

     

(6.74

)

 
Total income (loss) from
investment operations
   

0.91

     

1.71

     

0.20

     

0.57

     

2.04

     

(6.45

)

 
Less dividends and distributions
to shareholders from:
 

Net investment income

   

(0.09

)

   

(0.17

)

   

(0.18

)

   

(0.21

)

   

(0.14

)

   

(0.30

)

 

Tax return of capital

   

     

     

(0.00

)b

   

(0.01

)

   

(0.00

)b

   

(0.00

)b

 
Total dividends and
distributions to
shareholders
   

(0.09

)

   

(0.17

)

   

(0.18

)

   

(0.22

)

   

(0.14

)

   

(0.30

)

 
Redemption fees retained by the
Fund
   

     

     

0.00

b

   

0.00

b

   

0.00

b

   

0.00

b

 
Net increase (decrease) in net
asset value
   

0.82

     

1.54

     

0.02

     

0.35

     

1.90

     

(6.75

)

 

Net asset value, end of period

 

$

15.28

   

$

14.46

   

$

12.92

   

$

12.90

   

$

12.55

   

$

10.65

   

Total investment returnc,d

   

6.32

%e

   

13.30

%

   

1.52

%

   

4.63

%

   

19.43

%

   

–37.35

%

 

See accompanying notes to financial statements.
25



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class C

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Ratios/Supplemental Data:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net assets, end of period
(in millions)
 

$

16.4

   

$

16.0

   

$

17.2

   

$

21.6

   

$

25.8

   

$

22.1

   
Ratio of expenses to average
daily net assets (before
expense reduction)
   

2.23

%f

   

2.31

%g

   

2.26

%g

   

2.39

%g

   

2.55

%g

   

2.47

%

 
Ratio of expenses to average
daily net assets (net of
expense reduction)
   

2.15

%f

   

2.15

%g

   

2.15

%g

   

2.15

%g

   

2.15

%g

   

2.15

%

 
Ratio of net investment income to
average daily net assets
(before expense reduction)
   

0.99

%f

   

0.99

%g

   

1.20

%g

   

0.93

%g

   

1.00

%

   

1.72

%

 
Ratio of net investment income to
average daily net assets (net
of expense reduction)
   

1.07

%f

   

1.15

%g

   

1.31

%g

   

1.17

%g

   

1.40

%

   

2.04

%

 

Portfolio turnover rate

   

29

%e

   

69

%

   

73

%

   

79

%

   

98

%

   

211

%

 

a  Calculation based on average shares outstanding.

b  Amount is less than $0.005.

c  Does not reflect sales charges, which would reduce return.

d  Return assumes the reinvestment of all dividends and distributions at NAV.

e  Not annualized.

f  Annualized.

g  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
26



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class I

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Per Share Operating Performance:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net asset value, beginning of
period
 

$

14.52

   

$

12.97

   

$

12.96

   

$

12.62

   

$

10.70

   

$

17.51

   
Income (loss) from investment
operations:
 

Net investment incomea

   

0.17

     

0.30

     

0.32

     

0.30

     

0.26

     

0.36

   
Net realized and unrealized
gain (loss)
   

0.83

     

1.56

     

0.01

     

0.38

     

1.91

     

(6.72

)

 
Total income (loss) from
investment operations
   

1.00

     

1.86

     

0.33

     

0.68

     

2.17

     

(6.36

)

 
Less dividends and distributions
to shareholders from:
 

Net investment income

   

(0.17

)

   

(0.31

)

   

(0.32

)

   

(0.33

)

   

(0.25

)

   

(0.45

)

 

Tax return of capital

   

     

     

(0.00

)b

   

(0.01

)

   

(0.00

)b

   

(0.00

)b

 
Total dividends and
distributions to
shareholders
   

(0.17

)

   

(0.31

)

   

(0.32

)

   

(0.34

)

   

(0.25

)

   

(0.45

)

 
Redemption fees retained by the
Fund
   

     

     

0.00

b

   

0.00

b

   

0.00

b

   

0.00

b

 
Net increase (decrease) in net
asset value
   

0.83

     

1.55

     

0.01

     

0.34

     

1.92

     

(6.81

)

 

Net asset value, end of period

 

$

15.35

   

$

14.52

   

$

12.97

   

$

12.96

   

$

12.62

   

$

10.70

   

Total investment returnc

   

6.89

%d

   

14.44

%

   

2.51

%

   

5.65

%

   

20.64

%

   

–36.73

%

 

See accompanying notes to financial statements.
27



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

   

Class I

 
   

For the Six

 

For the Year Ended December 31,

 
   

Months Ended

     

Ratios/Supplemental Data:

 

June 30, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 
Net assets, end of period
(in millions)
 

$

67.7

   

$

53.5

   

$

36.9

   

$

28.7

   

$

9.4

   

$

5.8

   
Ratio of expenses to average
daily net assets (before
expense reduction)
   

1.27

%e

   

1.31

%f

   

1.26

%f

   

1.39

%f

   

1.55

%f

   

1.69

%

 
Ratio of expenses to average
daily net assets (net of
expense reduction)
   

1.15

%e

   

1.15

%f

   

1.15

%f

   

1.15

%f

   

1.15

%f

   

1.15

%

 
Ratio of net investment income to
average daily net assets
(before expense reduction)
   

2.06

%e

   

2.04

%f

   

2.33

%f

   

2.16

%f

   

2.02

%

   

2.24

%

 
Ratio of net investment income to
average daily net assets (net
of expense reduction)
   

2.18

%e

   

2.20

%f

   

2.44

%f

   

2.40

%f

   

2.42

%

   

2.77

%

 

Portfolio turnover rate

   

29

%d

   

69

%

   

73

%

   

79

%

   

98

%

   

211

%

 

a  Calculation based on average shares outstanding.

b  Amount is less than $0.005.

c  Return assumes the reinvestment of all dividends and distributions at NAV.

d  Not annualized.

e  Annualized.

f  Non-class specific expenses are calculated at the Fund level and class specific expenses are calculated at the class level.

See accompanying notes to financial statements.
28




COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Significant Accounting Policies

Cohen & Steers Global Infrastructure Fund, Inc. (the Fund), was incorporated under the laws of the State of Maryland on January 13, 2004 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Fund's investment objective is total return. The authorized shares of the Fund are divided into four classes designated Class A, B, C and I shares. Class B shares are no longer offered except through dividend reinvestment and permitted exchanges by existing Class B shareholders. Each of the Fund's shares has equal dividend, liquidation and voting rights (except for matters relating to distributions and shareholder servicing of such shares). Class B shares automatically convert to Class A shares at the end of the month which precedes the eighth anniversary of the purchase date.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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.

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

Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the advisor) to be over-the-counter, are valued at the last sale price on the valuation date as reported by sources deemed appropriate by the Board of Directors to reflect their fair market value. 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.

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


29



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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

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

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

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

•  Level 1—quoted prices in active markets for identical investments

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within


30



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

the disclosure hierarchy. As of June 30, 2013, there were $58,508,231 of securities transferred between Level 1 and Level 2, which resulted from not utilizing foreign equity fair value pricing procedures by the Fund as of June 30, 2013.

The following is a summary of the inputs used as of June 30, 2013 in valuing the Fund's investments carried at value:

   

Total

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

Common Stock

 

$

115,479,239

   

$

115,479,239

   

$

   

$

   

Money Market Funds

   

1,600,074

     

     

1,600,074

     

   

Total Investmentsa

 

$

117,079,313

   

$

115,479,239

   

$

1,600,074

   

$

   

a  Portfolio holdings are disclosed individually on the Schedule of Investments.

Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized over the life of the respective securities. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from Master Limited Partnerships (MLPs) are recorded as income and return of capital based on information reported by the MLPs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the MLPs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the


31



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.

Foreign Securities: The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional shares of the Fund based on the net asset value per share at the close of business on the payable date unless the shareholder has elected to have them paid in cash. Distributions paid by the Fund are subject to recharacterization for tax purposes.

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company, if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Security and foreign currency transactions and any gains realized by the Fund on the sale of securities in certain non-U.S. markets are subject to non-U.S. taxes. The Fund records a liability based on any unrealized gains on securities held in these markets in order to estimate the potential non-U.S. taxes due upon the sale of these securities. Management has analyzed the Fund's tax positions taken on federal income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of June 30, 2013, no additional provisions for income tax are required in the Fund's financial statements. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.


32



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 2. Investment Advisory and Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees: The advisor serves as the Fund's investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the advisor provides the Fund with day-to-day investment decisions and generally manages the Fund's investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.75% of the average daily net assets of the Fund up to and including $1.5 billion and 0.65% of the average daily net assets above $1.5 billion.

For the six months ended June 30, 2013, and through June 30, 2015, the advisor has contractually agreed to waive its fee and/or reimburse the Fund for expenses incurred (excluding distribution and shareholder servicing fees applicable to Class A, Class B and Class C shares, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain the Fund's total annual operating expenses as a percentage of average net assets at 1.50% for Class A shares, 2.15% for Class B shares and Class C shares and 1.15% for Class I shares. This contractual agreement can be amended at any time by agreement of the Fund and the advisor. For the six months ended June 30, 2013, fees waived and/or expenses reimbursed totaled $55,397.

Under subadvisory agreements between the advisor and each of Cohen & Steers Asia Limited and Cohen & Steers UK Limited (collectively, the subadvisors), affiliates of the advisor, the subadvisors are responsible for managing the Fund's investments in certain non-U.S. securities. For their services provided under the subadvisory agreements, the advisor (not the Fund) pays the subadvisors. The advisor allocates 50% of the advisory fee received from the Fund among itself and each subadvisor based on the portion of the Fund's average daily net assets managed by the advisor and each subadvisor.

Administration Fees: The Fund has entered into an administration agreement with the advisor under which the advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.02% of the average daily net assets of the Fund. For the six months ended June 30, 2013, the Fund incurred $11,071 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Distribution Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the advisor. The Fund has adopted a distribution plan (the plan) pursuant to Rule 12b-1 under the 1940 Act. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares and up to 0.75% of the average daily net assets attributable to Class B and Class C shares.

There is a maximum initial sales charge of 4.50% for Class A shares. There is a contingent deferred sales charge (CDSC) on Class B shares. There is a CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the six months ended June 30, 2013, the Fund


33



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

has been advised that the distributor received $2,595 in sales commissions from the sale of Class A shares and $9 and $197 of CDSC relating to redemptions of Class B and Class C shares, respectively. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes.

Shareholder Servicing Fees: For shareholder services, the Fund pays the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.10% of the average daily net assets of the Fund's Class A and Class I shares and up to 0.25% of the average daily net assets of the Fund's Class B and Class C shares. The distributor is responsible for paying qualified financial institutions for shareholder services.

Directors' and Officers' Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the advisor. The Fund does not pay compensation to directors and officers affiliated with the advisor except for the Chief Compliance Officer, who received compensation from the advisor, which was reimbursed by the Fund, in the amount of $714 for the six months ended June 30, 2013.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2013, totaled $34,741,843 and $31,432,899, respectively.

Note 4. Income Tax Information

As of June 30, 2013, the federal tax cost and unrealized appreciation and depreciation in value of securities held were as follows:

Cost for federal income tax purposes

 

$

93,473,906

   

Gross unrealized appreciation

 

$

25,515,637

   

Gross unrealized depreciation

   

(1,910,230

)

 

Net unrealized appreciation

 

$

23,605,407

   

As of December 31, 2012, the Fund had a net capital loss carryforward of $11,723,347, which may be used to offset future capital gains. These losses are comprised of a long-term capital loss carryover of $142,646 recognized during the year ended December 31, 2011, which, under current federal income tax rules, may offset capital gains recognized in any future period but must be utilized prior to using its short-term capital loss carryover, of which $4,893,130 will expire on December 31, 2016, $4,314,050 will expire on December 31, 2017 and $2,373,521 will expire on December 31, 2018.


34



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 5. Capital Stock

The Fund is authorized to issue 200 million shares of capital stock, at a par value of $0.001 per share. The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. Transactions in Fund shares were as follows:

    For the
Six Months Ended
June 30, 2013
  For the
Year Ended
December 31, 2012
 
   

Shares

 

Amount

 

Shares

 

Amount

 

Class A:

 

Sold

   

230,846

   

$

3,572,423

     

615,526

   

$

8,492,957

   
Issued as reinvestment of
dividends
   

13,399

     

205,277

     

37,216

     

513,337

   

Redeemed

   

(800,420

)

   

(12,040,069

)

   

(731,539

)

   

(9,982,253

)

 

Net decrease

   

(556,175

)

 

$

(8,262,369

)

   

(78,797

)

 

$

(975,959

)

 

Class B:

 

Sold

   

4

   

$

64

     

181

   

$

2,429

   
Issued as reinvestment of
dividends
   

15

     

223

     

308

     

4,195

   

Redeemed

   

(15,030

)

   

(234,712

)

   

(81,891

)

   

(1,124,633

)

 

Net decrease

   

(15,011

)

 

$

(234,425

)

   

(81,402

)

 

$

(1,118,009

)

 

Class C:

 

Sold

   

46,516

   

$

714,254

     

67,051

   

$

916,578

   
Issued as reinvestment of
dividends
   

4,133

     

63,158

     

9,019

     

123,541

   

Redeemed

   

(88,434

)

   

(1,351,140

)

   

(300,026

)

   

(4,064,877

)

 

Net decrease

   

(37,785

)

 

$

(573,728

)

   

(223,956

)

 

$

(3,024,758

)

 

Class I:

 

Sold

   

1,355,783

   

$

20,867,890

     

1,699,294

   

$

24,018,969

   
Issued as reinvestment of
dividends
   

29,154

     

447,513

     

47,234

     

654,591

   

Redeemed

   

(659,318

)

   

(9,873,900

)

   

(906,026

)

   

(12,318,288

)

 

Net increase

   

725,619

   

$

11,441,503

     

840,502

   

$

12,355,272

   

Note 6. Borrowings

The Fund, in conjunction with other Cohen & Steers open-end funds, is a party to a $200,000,000 syndicated credit agreement (the credit agreement) with State Street Bank and Trust Company, as administrative agent and operations agent, and the lenders identified in the credit agreement, which expires


35



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

January 24, 2014. The Fund pays a commitment fee of 0.10% per annum on its proportionate share of the unused portion of the credit agreement.

During the six months ended June 30, 2013, the Fund did not borrow under the credit agreement.

Note 7. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 8. Subsequent Events

Management has evaluated events and transactions occurring after June 30, 2013 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.


36




COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the Securities and Exchange Commission's (the SEC) website at http://www.sec.gov. In addition, the Fund's proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC's website at http://www.sec.gov. In addition, the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes. The Fund may also pay distributions in excess of the Fund's net investment company taxable income and this excess could be a tax free return of capital distributed from the Fund's assets. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year.

APPROVAL OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

The Board of Directors of the Fund, including a majority of the directors who are not parties to the Fund's investment advisory and subadvisory agreements (the Advisory Agreements), or interested persons of any such party (Independent Directors), has the responsibility under the 1940 Act to approve the Fund's Advisory Agreements for their initial two year term and their continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. At a telephonic meeting held on June 12, 2013 and at a meeting held in person on June 18, 2013, the Advisory Agreements were discussed and were unanimously continued for a term ending June 30, 2014 by the Fund's Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meeting and executive session.

In considering whether to continue the Advisory Agreements, the Board of Directors reviewed materials provided by the Investment Advisor and Fund counsel which included, among other things, fee, expense and performance information compared to peer funds (Peer Funds) and performance comparisons to a larger category universe, prepared by an independent data provider; summary information prepared by the Investment Advisor; and a memorandum outlining the legal duties of the Board of Directors. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment advisory personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund's objective. In particular, the Board of Directors considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Advisor and the Subadvisors: The Board of Directors reviewed the services that the Investment Advisor and the


37



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

sub-investment advisors (the Subadvisors) provide to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, and, for the Investment Advisor, generally managing the Fund's investments in accordance with the stated policies of the Fund. The Board of Directors also discussed with officers and portfolio managers of the Fund the types of transactions that were being done on behalf of the Fund. Additionally, the Board of Directors took into account the services provided by the Investment Advisor and the Subadvisors to other funds, including those that have investment objectives and strategies similar to the Fund. The Board of Directors next considered the education, background and experience of the Investment Advisor's and Subadvisors' personnel, noting particularly that the favorable history and reputation of the portfolio managers for the Fund has had, and would likely continue to have, a favorable impact on the Fund. The Board of Directors further noted the Investment Advisor's and Subadvisors' ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Advisor, including compliance and accounting services. After consideration of the above factors, among others, the Board of Directors concluded that the nature, extent and quality of services provided by the Investment Advisor and Subadvisors are adequate and appropriate.

(ii) Investment performance of the Fund and the Investment Advisor and the Subadvisors: The Board of Directors considered the investment performance of the Fund versus Peer Funds and compared to a relevant linked benchmark. The Board of Directors noted that the Fund performed at the median of the Peer Funds for the one-year period ended March 31, 2013, ranking in the third quintile. The Board of Directors noted that the Fund underperformed the median of the Peer Funds for the three- and five-year periods ended March 31, 2013, ranking in the third quintile and four out of five funds, respectively. The Board of Directors also noted that the Fund had outperformed its linked benchmark for the one-, three- and five-year periods ended March 31, 2013. The Board of Directors noted that the Fund's investment strategy changed to global infrastructure from utilities effective April 1, 2008. The Board of Directors engaged in discussions with the Investment Advisor regarding the contributors and detractors to the Fund's performance during the periods and discussed the variance in the composition of the holdings of the Fund and Peer Funds. The Board of Directors also considered supplemental information provided by the Investment Advisor, including a narrative summary of various factors affecting performance and the Investment Advisor's experience in managing other infrastructure funds. At the Investment Advisor's request, a supplemental peer group was compiled consisting of Class I Shares (or equivalent) infrastructure funds, as a result of a shift by distribution partners offering the lowest fee share class to their clients. The Board of Directors then determined that Fund performance, in light of all considerations noted above, was satisfactory.

(iii) Cost of the services to be provided and profits to be realized by the Investment Advisor from the relationship with the Fund: Next, the Board of Directors considered the advisory fees and administrative fees payable by the Fund, as well as total expense ratios. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors noted that actual management fees and the contractual management fees were lower than the medians of the Peer Funds, each ranking in the second quintile. The Board of Directors noted that the net expense ratio was slightly higher than the median of the Peer Funds ranking in the fourth quintile. The Board of Directors noted that the Fund has a breakpoint of 10 basis points on assets over $1.5 billion; however, as a result of asset size, the reduced fee is not currently


38



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

applicable. The Board of Directors considered that the Investment Advisor continues to waive its fees and reimburse expenses to limit overall operating expenses of the Fund. The Board of Directors then considered the administrative services provided by the Investment Advisor, including compliance and accounting services, and further noted that the Fund pays an administration fee to the Investment Advisor. The Board of Directors concluded that the Fund's expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board of Directors considered the level of the Investment Advisor's profits and whether the profits were reasonable for the Investment Advisor. Since the Subadvisors are paid by the Investment Advisor and not by the Fund and are affiliates of the Investment Advisor, and the Board of Directors considered the profitability of the Investment Advisor as a whole, the Board of Directors did not consider the Subadvisors' separate profitability to be relevant to their considerations. The Board of Directors took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreements, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended, that the Investment Advisor receives by allocating the Fund's brokerage transactions. The Board of Directors also considered the fees received by the Investment Advisor under the Administration Agreement, and noted the significant services received, such as compliance, accounting and operational services and furnishing office space and facilities for the Fund, and providing persons satisfactory to the Board of Directors to serve as officers of the Fund, and that these services were beneficial to the Fund. The Board of Directors noted that because of the Fund's small size, the operating expenses continue to be subsidized, and the Fund is not yet profitable. The Board of Directors concluded that the profits realized by the Investment Advisor from its relationship with the Fund were reasonable and consistent with the Investment Advisor's fiduciary duties.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale: The Board of Directors noted that the Fund's advisory fee schedule contains a breakpoint of 10 basis points once the Fund's assets reached $1.5 billion. The Board of Directors considered the Fund's asset size and determined that there were not at this time significant economies of scale that were not being shared with shareholders.

(v) Comparison of services rendered and fees paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients: As discussed above in (iii), the Board of Directors compared the fees paid under the Advisory Agreements to those under other investment advisory contracts of other investment advisers managing Peer Funds. The Board of Directors also considered the services rendered, fees paid and profitability under the Advisory Agreements to those under the Investment Advisor's other advisory agreements and advisory contracts with institutional and other clients with similar investment mandates. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients. The Board of Directors determined that on a comparative basis the fees under the Advisory Agreements were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board of Directors. Rather, after weighing all of the considerations and conclusions discussed above, the Board of Directors, including the Independent Directors, unanimously approved the continuation of the Advisory Agreements.


39



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Cohen & Steers Privacy Policy

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


40



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Cohen & Steers Privacy Policy—(Continued)

Who we are

     

Who is providing this notice?

 

Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers UK Limited, Cohen & Steers Europe SPRL, 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 you
State 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.
 


41



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

Cohen & Steers Investment Solutions

COHEN & STEERS GLOBAL REALTY SHARES

  •  Designed for investors seeking total return, investing primarily in global real estate equity securities

  •  Symbols: CSFAX, CSFBX*, CSFCX, CSSPX

COHEN & STEERS INSTITUTIONAL REALTY SHARES

  •  Designed for institutional investors seeking total return, investing primarily in REITs

  •  Symbol: CSRIX

COHEN & STEERS REALTY INCOME FUND

  •  Designed for investors seeking total return, investing primarily in real estate securities with an emphasis on both income and capital appreciation

  •  Symbols: CSEIX, CSBIX*, CSCIX, CSDIX

COHEN & STEERS INTERNATIONAL REALTY FUND

  •  Designed for investors seeking total return, investing primarily in international real estate securities

  •  Symbols: IRFAX, IRFCX, IRFIX

COHEN & STEERS
EMERGING MARKETS REAL ESTATE FUND

  •  Designed for investors seeking total return, investing primarily in emerging market real estate securities

  •  Symbols: APFAX, APFCX, APFIX

COHEN & STEERS REALTY SHARES

  •  Designed for investors seeking total return, investing primarily in REITs

  •  Symbol: CSRSX

COHEN & STEERS
INSTITUTIONAL GLOBAL REALTY SHARES

  •  Designed for institutional investors seeking total return, investing primarily in global real estate securities

  •  Symbol: GRSIX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

  •  Designed for investors seeking total return, investing primarily in global infrastructure securities

  •  Symbols: CSUAX, CSUBX*, CSUCX, CSUIX

COHEN & STEERS DIVIDEND VALUE FUND

  •  Designed for investors seeking long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks

  •  Symbols: DVFAX, DVFCX, DVFIX

COHEN & STEERS
PREFERRED SECURITIES AND INCOME FUND

  •  Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities

  •  Symbols: CPXAX, CPXCX, CPXIX

COHEN & STEERS REAL ASSETS FUND

  •  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

Distributed by Cohen & Steers Securities, LLC.

COHEN & STEERS GLOBAL REALTY MAJORS ETF

  •  Designed for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of real estate equity securities of companies in a specified index

  •  Symbol: GRI

Distributed by ALPS Distributors, Inc.

ISHARES COHEN & STEERS
REALTY MAJORS INDEX FUND

  •  Designed for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of real estate equity securities of companies in a specified index

  •  Symbol: ICF

Distributed by SEI Investments Distribution Co.

*  Class B shares are no longer offered except through dividend reinvestment and permitted exchanges by existing Class B shareholders.

Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.


42



COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

OFFICERS AND DIRECTORS

Robert H. Steers
Director and co-chairman

Martin Cohen
Director and co-chairman

Michael G. Clark
Director

Bonnie Cohen
Director

George Grossman
Director

Richard E. Kroon
Director

Richard J. Norman
Director

Frank K. Ross
Director

C. Edward Ward, Jr.
Director

Adam M. Derechin
President and chief executive officer

Joseph M. Harvey
Vice president

Robert S. Becker
Vice president

Francis C. Poli
Secretary

James Giallanza
Treasurer and chief financial officer

Lisa D. Phelan
Chief compliance officer

KEY INFORMATION

Investment Advisor

Cohen & Steers Capital Management, Inc.
280 Park Avenue
New York, NY 10017
(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Transfer Agent

Boston Financial Data Services, Inc.
30 Dan Road
Canton, MA 02021
(800) 437-9912

Legal Counsel

Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036

Distributor

Cohen & Steers Securities, LLC
280 Park Avenue
New York, NY 10017

Nasdaq Symbol: Class   A—CSUAX
B—CSUBX
C—CSUCX
I—CSUIX

Website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Global Infrastructure Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.


43




COHEN & STEERS

GLOBAL INFRASTRUCTURE FUND

280 PARK AVENUE

NEW YORK, NY 10017

eDelivery NOW AVAILABLE

Stop traditional mail delivery; receive your shareholder reports and prospectus online.

Sign up at cohenandsteers.com

CSUAXSAR

Semiannual Report June 30, 2013

Cohen & Steers Global Infrastructure Fund




 

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 Management Investment Companies.

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

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, based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms

 



 

and that such material information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

 

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)(1)  Not applicable.

 

(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

(a)(3)  Not applicable.

 

(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a- 2(b) under the Investment Company Act of 1940.

 



 

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 GLOBAL INFRASTRUCTURE FUND, INC.

 

 

By:

/s/ Adam M. Derechin

 

 

 Name: Adam M. Derechin

 

 

 Title: President and Chief Executive Officer

 

 

 

Date: August 23, 2013

 

 

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/ Adam M. Derechin

 

 

Name:

Adam M. Derechin

 

 

Title:

President and Chief Executive Officer

 

 

 

(Principal Executive Officer)

 

 

 

 

By:

/s/ James Giallanza

 

 

Name:

James Giallanza

 

 

Title:

Treasurer and Chief Financial Officer

 

 

 

(Principal Financial Officer)

 

 

 

 

 

 

 

 

 

Date: August 23, 2013

 

 


EX-99.CERT 2 a13-16128_1ex99dcert.htm EX-99.CERT

EX-99.CERT

 

EXHIBIT 12 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

 

I, Adam M. Derechin, certify that:

 

1.                                      I have reviewed this report on Form N-CSR of Cohen & Steers Global Infrastructure Fund, Inc.;

 

2.                                      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.                                    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)         designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)         designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)          evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 



 

(d)         disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                    The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)         all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)         any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: August 23, 2013

 

 

 

 

/s/ Adam M. Derechin

 

Adam M. Derechin

 

Principal Executive Officer

 



 

EXHIBIT 12 (a)(2)

RULE 30a-2(a) CERTIFICATIONS

 

I, James Giallanza, certify that:

 

1.                                      I have reviewed this report on Form N-CSR of Cohen & Steers Global Infrastructure Fund, Inc.;

 

2.                                      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.                                    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)         designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)         designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)          evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)         disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period

 



 

covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                    The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)         all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)         any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: August 23, 2013

 

 

 

 

/s/ James Giallanza

 

James Giallanza

 

Principal Financial Officer

 


EX-99.906CERT 3 a13-16128_1ex99d906cert.htm EX-99.906CERT

EX-99.906CERT

 

EXHIBIT 12 (b)

RULE 30a-2(b) CERTIFICATIONS

 

In connection with the report of Cohen & Steers Global Infrastructure Fund, Inc. (the “Company”) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Adam M. Derechin, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)                                              The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)                                              The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

/s/ Adam M. Derechin

 

Adam M. Derechin

 

Principal Executive Officer

 

Date: August 23, 2013

 



 

EXHIBIT 12 (b)

RULE 30a-2(b) CERTIFICATIONS

 

In connection with the report of Cohen & Steers Global Infrastructure Fund, Inc. (the “Company”) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)                                              The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)                                              The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

/s/ James Giallanza

 

James Giallanza

 

Principal Financial Officer

 

Date: August 23, 2013

 


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