NPORT-EX 2 NPORT_4X32_82731868_0322.htm NPORT-EX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

 

                                                                       
                          Shares/Units      Value  

COMMON STOCK

     99.1     

AUSTRALIA

     6.1     

REAL ESTATE—DATA CENTERS

     0.9     

NEXTDC Ltd.a

 

    1,005,220      $ 8,660,066  
       

 

 

 

TOLL ROADS

     5.2     

Atlas Arteria Ltd.b

 

    2,388,882        11,626,403  

Transurban Groupb

 

    3,729,692        37,684,619  
       

 

 

 
       49,311,022  
       

 

 

 

TOTAL AUSTRALIA

 

       57,971,088  
       

 

 

 

BRAZIL

     2.3                              

MARINE PORTS

     1.3     

Santos Brasil Participacoes SA

 

    7,520,498        12,036,461  
       

 

 

 

TOLL ROADS

     1.0     

CCR SA

 

    3,371,510        9,701,576  
       

 

 

 

TOTAL BRAZIL

 

       21,738,037  
       

 

 

 

CANADA

     11.4     

DIVERSIFIED UTILITIES

     0.8     

AltaGas Ltd.

 

    345,847        7,746,043  
       

 

 

 

ELECTRIC

     1.0     

Emera, Inc.

 

    191,441        9,489,740  
       

 

 

 

PIPELINES—C-CORP

     5.6     

Enbridge, Inc.

 

    924,392        42,553,901  

Pembina Pipeline Corp.

 

    124,835        4,690,237  

TC Energy Corp.

 

    99,902        5,634,596  
       

 

 

 
       52,878,734  
       

 

 

 

RAILWAYS

     4.0     

Canadian National Railway Co.

 

    281,986        37,826,703  
       

 

 

 

TOTAL CANADA

 

       107,941,220  
       

 

 

 

CHINA

     3.0     

GAS DISTRIBUTION

     1.6     

Enn Energy Holdings Ltd., (H shares)

 

    1,010,500        15,092,751  
       

 

 

 

MARINE PORTS

     0.7     

COSCO SHIPPING Ports Ltd., (H shares)

 

    9,142,564        7,084,986  
       

 

 

 

TOLL ROADS

     0.7     

Zhejiang Expressway Co., Ltd., (H shares)

 

    7,864,000        6,605,788  
       

 

 

 

TOTAL CHINA

 

       28,783,525  
       

 

 

 

 

1

 

 


                                                                       
                          Shares/Units      Value  

FRANCE

     0.5     

RAILWAYS

       

Getlink SE

 

    264,531      $ 4,764,111  
       

 

 

 

GERMANY

     0.6     

UTILITIES

       

E.ON SE

 

    498,571        5,792,468  
       

 

 

 

HONG KONG

     1.7     

GAS DISTRIBUTION

     0.9     

Hong Kong and China Gas Co., Ltd.

 

    7,416,050        8,957,991  
       

 

 

 

MARINE PORTS

     0.8     

China Merchants Port Holdings Co., Ltd.

 

    4,158,000        7,488,489  
       

 

 

 

TOTAL HONG KONG

 

                                16,446,480  
       

 

 

 

INDIA

     0.9     

MARINE PORTS

       

Adani Ports & Special Economic Zone Ltd.

 

    851,084        8,620,899  
       

 

 

 

ITALY

     1.0     

TOLL ROADS

       

Atlantia SpAa

 

    465,429        9,677,451  
       

 

 

 

JAPAN

     3.0     

ELECTRIC

     1.1     

Kansai Electric Power Co., Inc./The

 

    1,060,800        9,991,852  
       

 

 

 

GAS DISTRIBUTION

     0.4     

Osaka Gas Co., Ltd.

 

    235,900        4,042,422  
       

 

 

 

RAILWAYS

     1.5     

West Japan Railway Co.

 

    337,000        13,963,872  
       

 

 

 

TOTAL JAPAN

 

       27,998,146  
       

 

 

 

MEXICO

     1.9     

AIRPORTS

       

Grupo Aeroportuario del Pacifico SAB de CV, Class B

 

    1,146,099        18,475,300  
       

 

 

 

NEW ZEALAND

     1.4     

AIRPORTS

       

Auckland International Airport Ltd.a

 

    2,447,311        13,241,476  
       

 

 

 

PHILIPPINES

     0.8     

MARINE PORTS

       

International Container Terminal Services, Inc.

 

    1,808,280        7,833,602  
       

 

 

 

 

2

 

 


                                                                       
                          Shares/Units      Value  

SPAIN

     4.1     

AIRPORTS

     2.2     

Aena SME SA, 144Aa,c

       126,784      $ 21,134,913  
       

 

 

 

COMMUNICATIONS—TOWERS

     1.9     

Cellnex Telecom SA, 144Ac

       369,615        17,787,499  
       

 

 

 

TOTAL SPAIN

          38,922,412  
       

 

 

 

SWITZERLAND

     0.9     

AIRPORTS

       

Flughafen Zurich AGa

       45,222        8,116,753  
       

 

 

 

THAILAND

     1.9                              

AIRPORTS

       

Airports of Thailand PCLa

       9,195,700        18,235,870  
       

 

 

 

UNITED KINGDOM

     3.1     

ELECTRIC

     1.6     

National Grid PLC

       953,938        14,660,316  
       

 

 

 

UTILITIES—WATER

     1.5     

Pennon Group PLC

       1,026,077        14,441,285  
       

 

 

 

TOTAL UNITED KINGDOM

          29,101,601  
       

 

 

 

UNITED STATES

     54.5     

COMMUNICATIONS—TOWERS

     7.8     

American Tower Corp.

       156,220        39,245,589  

Crown Castle International Corp.

       77,140        14,240,044  

SBA Communications Corp.

       60,052        20,663,893  
       

 

 

 
          74,149,526  
       

 

 

 

ELECTRIC

     26.1     

American Electric Power Co., Inc.

       285,816        28,515,862  

CenterPoint Energy, Inc.

       740,413        22,686,254  

Duke Energy Corp.

       298,520        33,332,743  

Entergy Corp.

       146,650        17,121,388  

Evergy, Inc.

       273,801        18,711,560  

FirstEnergy Corp.

       196,807        9,025,569  

NextEra Energy, Inc.

       627,895        53,188,986  

PG&E Corp.a

       549,418        6,560,051  

PNM Resources, Inc.

       248,935        11,866,731  

Portland General Electric Co.

       252,108        13,903,756  

PPL Corp.

       454,344        12,976,065  

WEC Energy Group, Inc.

       197,765        19,738,925  
       

 

 

 
          247,627,890  
       

 

 

 

 

3

 

 


                                                                       
                          Shares/Units      Value  

ENVIRONMENTAL SERVICES

     2.1     

Waste Management, Inc.

 

    126,781      $ 20,094,788  
       

 

 

 

GAS DISTRIBUTION

     6.8     

NiSource, Inc.d

 

    642,539        20,432,740  

Sempra Energy

 

    221,293        37,203,779  

Southwest Gas Holdings, Inc.

 

    83,969        6,573,933  
       

 

 

 
          64,210,452  
       

 

 

 

PIPELINES—C-CORP

     5.4     

Cheniere Energy, Inc.

 

    142,558        19,765,667  

DT Midstream, Inc.

 

    199,158        10,806,313  

ONEOK, Inc.

 

    116,646        8,238,707  

Targa Resources Corp.

 

    168,596        12,723,940  
       

 

 

 
          51,534,627  
       

 

 

 

RAILWAYS

     4.2     

Norfolk Southern Corp.

 

    138,507        39,504,966  
       

 

 

 

RENEWABLE ENERGY

     0.6     

Clearway Energy, Inc.

 

    146,233        5,338,967  
       

 

 

 

UTILITIES—WATER

     1.5     

American Water Works Co., Inc.

 

    53,291        8,821,259  

Essential Utilities, Inc.

 

    113,157        5,785,718  
       

 

 

 
                                   14,606,977  
       

 

 

 

TOTAL UNITED STATES

        517,068,193  
       

 

 

 

TOTAL COMMON STOCK
(Identified cost—$781,386,601)

        940,728,632  
       

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$781,386,601)

     99.1        940,728,632  

WRITTEN OPTION CONTRACTS
(Premiums received—$71,092)

     (0.0        (66,534

OTHER ASSETS IN EXCESS OF LIABILITIES

     0.9          8,163,360  
  

 

 

      

 

 

 

NET ASSETS

     100.0      $ 948,825,458  
  

 

 

      

 

 

 

 

4

 

 


Exchange-Traded Option Contracts

 

Written Options  
Description   Exercise
Price
  Expiration
Date
    Number of
Contracts
  Notional
Amounte
    Premiums
Received
    Value  

Call—Nextera Energy, Inc.

  $90.00     5/20/22     (279)   $ (2,363,409   $ (30,132   $ (26,784

Put—American Tower Corp.

  230.00     5/20/22     (150)     (3,768,300     (40,960     (39,750
      (429)   $ (6,131,709   $ (71,092   $ (66,534

 

 

 

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

a 

Non-income producing security.

b 

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

c 

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $38,922,412 which represents 4.1% of the net assets of the Fund, of which 0.0% are illiquid.

d 

All or a portion of the security is pledged in connection with written option contracts. $7,317,180 in aggregate has been pledged as collateral.

e 

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

 

5

 

 


                    

Sector Summary

   % of
Net
Assets
 

Electric

     29.8  

Pipelines—C-Corp

     11.0  

Railways

     10.2  

Gas Distribution

     9.7  

Communications

     9.7  

Airports

     8.3  

Toll Roads

     7.9  

Marine Ports

     4.5  

Utilities

     3.6  

Environmental Services

     2.1  

Real Estate

     0.9  

Diversified Utilities

     0.8  

Renewable Energy

     0.6  

Other

     0.9  
  

 

 

 
     100.0  
  

 

 

 

 

6

 

 


COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

 

Note 1. Portfolio Valuation

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

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

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

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

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

 

 

 


COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

 

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

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

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

 

   

Level 1 — quoted prices in active markets for identical investments

   

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

   

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

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

 

 

 


COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

 

The following is a summary of the inputs used as of March 31, 2022 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:

         

Australia

   $ 57,971,088     $     $ 57,971,088      $  

China

     28,783,525       6,605,788       22,177,737         

France

     4,764,111             4,764,111         

Germany

     5,792,468             5,792,468         

Hong Kong

     16,446,480             16,446,480         

India

     8,620,899             8,620,899         

Italy

     9,677,451             9,677,451         

Japan

     27,998,146             27,998,146         

New Zealand

     13,241,476             13,241,476         

Philippines

     7,833,602             7,833,602         

Spain

     38,922,412             38,922,412         

Switzerland

     8,116,753             8,116,753         

Thailand

     18,235,870             18,235,870         

United Kingdom

     29,101,601             29,101,601         

Other Countries

     665,222,750       665,222,750               
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investments in Securities(a)

   $ 940,728,632     $ 671,828,538     $ 268,900,094      $  
  

 

 

   

 

 

   

 

 

    

 

 

 

Written Option Contracts

   $ (66,534   $ (66,534   $      $  
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Derivatives Liabilities(a)

   $ (66,534   $ (66,534   $      $  
  

 

 

   

 

 

   

 

 

    

 

 

 

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

Note 2. Derivative Investments

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

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

 

 

 


COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

 

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

The following summarizes the volume of the Fund’s option contracts activity for the three months ended March 31, 2022:

 

                                                       
     Purchased
Option

Contracts
     Written Option
Contracts
 

Average Notional Amount(a),(b)

   $ 5,409,418      $ 13,035,336  

 

(a)

Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month end. For the period, this represents two months for purchased option contracts and three months for written option contracts.

(b)

Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.