0001752724-23-123561.txt : 20230530 0001752724-23-123561.hdr.sgml : 20230530 20230530072222 ACCESSION NUMBER: 0001752724-23-123561 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230530 DATE AS OF CHANGE: 20230530 PERIOD START: 20231231 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: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21488 FILM NUMBER: 23971383 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 C000003335 Class C CSUCX C000003336 Class I CSUIX C000146551 Class R CSURX C000146552 Class Z CSUZX NPORT-P 1 primary_doc.xml NPORT-P false 0001276070 XXXXXXXX S000001227 C000146551 C000003335 C000003333 C000003336 C000146552 COHEN & STEERS GLOBAL INFRASTRUCTURE FUND INC 811-21488 0001276070 549300F6UXJ51JKSEL61 280 PARK AVENUE 10TH FLOOR NEW YORK 10017 212-832-3232 Cohen & Steers Global Infrastructure Fund Inc. S000001227 549300F6UXJ51JKSEL61 2023-12-31 2023-03-31 N 949065008.68 2422622.24 946642386.44 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 553424.25000000 N Dominion Energy Inc ILUL7B6Z54MRYCF6H308 Dominion Energy Inc 25746U109 257383.00000000 NS USD 14390283.53000000 1.520139361614 Long EC CORP US N 1 N N N Union Pacific Corp 549300LMMRSZZCZ8CL11 Union Pacific Corp 907818108 122162.00000000 NS USD 24586324.12000000 2.597213527746 Long EC CORP US N 1 N N N Zhejiang Expressway Co Ltd 213800X1ZRKM85U9H438 Zhejiang Expressway Co Ltd 000000000 12694000.00000000 NS 10099363.48000000 1.066861533422 Long EC CORP CN N 2 N N N Qube Holdings Ltd 391200RT2MUFEO3RFW25 Qube Holdings Ltd 000000000 5784068.00000000 NS 11168903.32000000 1.179843991774 Long EC CORP AU N 2 N N N NextEra Energy Inc N/A NextEra Energy Inc 65339F101 793032.00000000 NS USD 61126906.56000000 6.457233210302 Long EC CORP US N 1 N N N Keyera Corp N/A Keyera Corp 493271100 307761.00000000 NS 6738178.31000000 0.711797655220 Long EC CORP CA N 1 N N N Grupo Aeroportuario del Sureste SAB de CV 5299001W7JIDXCUOUC82 Grupo Aeroportuario del Sureste SAB de CV 000000000 1110717.00000000 NS 33974872.94000000 3.588987079668 Long EC CORP MX N 1 N N N Xcel Energy Inc LGJNMI9GH8XIDG5RCM61 Xcel Energy Inc 98389B100 275999.00000000 NS USD 18613372.56000000 1.966251757434 Long EC CORP US N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy Inc 16411R208 124727.00000000 NS USD 19656975.20000000 2.076494300442 Long EC CORP US N 1 N N N PPL Corp 9N3UAJSNOUXFKQLF3V18 PPL Corp 69351T106 931867.00000000 NS USD 25896583.93000000 2.735624804144 Long EC CORP US N 1 N N N Exelon Corp 3SOUA6IRML7435B56G12 Exelon Corp 30161N101 642130.00000000 NS USD 26898825.70000000 2.841498129104 Long EC CORP US N 1 N N N Enbridge Inc 98TPTUM4IVMFCZBCUR27 Enbridge Inc 29250N105 267648.00000000 NS 10204884.53000000 1.078008409107 Long EC CORP CA N 1 N N N DT Midstream Inc N/A DT Midstream Inc 23345M107 97201.00000000 NS USD 4798813.37000000 0.506929907084 Long EC CORP US N 1 N N N Santos Brasil Participacoes SA N/A Santos Brasil Participacoes SA 000000000 7134193.00000000 NS 11429460.12000000 1.207368303355 Long EC CORP BR N 1 N N N ENN Energy Holdings Ltd 549300V7BXPWT6WIPR03 ENN Energy Holdings Ltd 000000000 1428900.00000000 NS 19565879.88000000 2.066871308560 Long EC CORP KY N 2 N N N Targa Resources Corp 5493003QENHHS261UR94 Targa Resources Corp 87612G101 203255.00000000 NS USD 14827452.25000000 1.566320340436 Long EC CORP US N 1 N N N American Tower Corp 5493006ORUSIL88JOE18 American Tower Corp 03027X100 98469.00000000 NS USD 20121155.46000000 2.125528684138 Long EC US N 1 N N N Pembina Pipeline Corp 5493002W3L9YICM6FU21 Pembina Pipeline Corp 706327103 518784.00000000 NS 16805300.42000000 1.775253322767 Long EC CORP CA N 1 N N N Constellation Energy Corp 549300F8Y20RYGNGV346 Constellation Energy Corp 21037T109 86143.00000000 NS USD 6762225.50000000 0.714337916499 Long EC CORP US N 1 N N N Power Assets Holdings Ltd 254900JOWYUW1ZX4DF47 Power Assets Holdings Ltd 000000000 1621000.00000000 NS 8696373.73000000 0.918654589586 Long EC CORP HK N 2 N N N Waste Management Inc 549300YX8JIID70NFS41 Waste Management Inc 94106L109 57941.00000000 NS USD 9454232.97000000 0.998712196435 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 234831.00000000 NS USD 35497053.96000000 3.749784973551 Long EC CORP US N 1 N N N Crown Castle Inc 54930012H97VSM0I2R19 Crown Castle Inc 22822V101 82310.00000000 NS USD 11016370.40000000 1.163730946110 Long EC US N 1 N N N Power Grid Corp of India Ltd 3358009SHWZ3DZEQ4Z56 Power Grid Corp of India Ltd 000000000 4609669.00000000 NS 12679541.74000000 1.339422565651 Long EC CORP IN N 2 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA 000000000 440134.00000000 NS 17115767.47000000 1.808049979080 Long EC CORP ES N 2 N N N Osaka Gas Co Ltd 353800024KMNOPQRWZ02 Osaka Gas Co Ltd 000000000 404200.00000000 NS 6640115.26000000 0.701438616642 Long EC CORP JP N 2 N N N Koninklijke Vopak NV 724500UL634GFV1KYF10 Koninklijke Vopak NV 000000000 266572.00000000 NS 9411594.30000000 0.994207996051 Long EC CORP NL N 2 N N N Guangdong Investment Ltd N/A Guangdong Investment Ltd 000000000 5378000.00000000 NS 5501551.70000000 0.581164733251 Long EC CORP HK N 2 N N N Alliant Energy Corp 5493009ML300G373MZ12 Alliant Energy Corp 018802108 434533.00000000 NS USD 23204062.20000000 2.451196199576 Long EC CORP US N 1 N N N Atlas Arteria Ltd 254900SGF4ZQDBH2YC59 Atlas Arteria Ltd 000000000 4582088.00000000 NS 19345497.26000000 2.043590857235 Long EC CORP AU N 2 N N N Evergy Inc 549300PGTHDQY6PSUI61 Evergy Inc 30034W106 296046.00000000 NS USD 18094331.52000000 1.911422072282 Long EC CORP US N 1 N N N PG&E Corp 8YQ2GSDWYZXO2EDN3511 PG&E Corp 69331C108 724281.00000000 NS USD 11711623.77000000 1.237175087209 Long EC CORP US N 1 N N N West Japan Railway Co 353800QGUXHZ7EBCR121 West Japan Railway Co 000000000 213300.00000000 NS 8786165.19000000 0.928139846245 Long EC CORP JP N 2 N N N SBA Communications Corp 5299001HX8ZN8Y8QIT49 SBA Communications Corp 78410G104 89839.00000000 NS USD 23454267.73000000 2.477627039097 Long EC US N 1 N N N CSX Corp 549300JVQR4N1MMP3Q88 CSX Corp 126408103 1217856.00000000 NS USD 36462608.64000000 3.851782802281 Long EC CORP US N 1 N N N Essential Utilities Inc 549300ILTEOF3E3QY357 Essential Utilities Inc 29670G102 406024.00000000 NS USD 17722947.60000000 1.872190370288 Long EC CORP US N 1 N N N CenterPoint Energy Inc 21TPXMRRHFKOBHDC8J74 CenterPoint Energy Inc 15189T107 745686.00000000 NS USD 21967909.56000000 2.320613346145 Long EC CORP US N 1 N N N NiSource Inc 549300D8GOWWH0SJB189 NiSource Inc 65473P105 699068.00000000 NS USD 19545941.28000000 2.064765064398 Long EC CORP US N 1 N N N Hydro One Ltd 5493007QZDXTP1W2VL44 Hydro One Ltd 448811208 245937.00000000 NS 7002335.01000000 0.739702247681 Long EC CORP CA N 1 N N N Duke Energy Corp I1BZKREC126H0VB1BL91 Duke Energy Corp 26441C204 99338.00000000 NS USD 9583136.86000000 1.012329153783 Long EC CORP US N 1 N N N E.ON SE Q9MAIUP40P25UFBFG033 E.ON SE 000000000 443989.00000000 NS 5538637.15000000 0.585082310842 Long EC CORP DE N 2 N N N Aena SME SA 959800R7QMXKF0NFMT29 Aena SME SA 000000000 118864.00000000 NS 19221291.75000000 2.030470220363 Long EC CORP ES N 2 N N N Eiffage SA 969500OQXKE5WDM9M994 Eiffage SA 000000000 61529.00000000 NS 6658418.39000000 0.703372095458 Long EC CORP FR N 2 N N N Airports of Thailand PCL 5299006VS4CU6LW0TY22 Airports of Thailand PCL 000000000 10429300.00000000 NS 21673281.28000000 2.289489842252 Long EC CORP TH N 2 N N N Vinci SA 213800WFQ334R8UXUG83 Vinci SA 000000000 61718.00000000 NS 7075494.77000000 0.747430589560 Long EC CORP FR N 2 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp 87807B107 597068.00000000 NS 23224465.23000000 2.453351504504 Long EC CORP CA N 1 N N N State Street Institutional Treasury Money Market Fund 549300Q3FHSMZ70NLT76 State Street Institutional Treasury Money Market Fund 857492870 11273248.56000000 NS USD 11273248.56000000 1.190866658991 Long STIV RF US N 2 N N N Transurban Group 549300ZR71SUQ4VUTM79 Transurban Group 000000000 3463731.00000000 NS 33073025.87000000 3.493719100660 Long EC CORP AU N 2 N N N Auckland International Airport Ltd 549300HFZIZDJWB7AK60 Auckland International Airport Ltd 000000000 873097.00000000 NS 4751378.29000000 0.501919030677 Long EC CORP NZ N 2 N N N National Grid PLC 8R95QZMKZLJX5Q2XR704 National Grid PLC 000000000 2158904.00000000 NS 29203488.62000000 3.084954681759 Long EC CORP GB N 2 N N N Canadian Pacific Railway Ltd N/A Canadian Pacific Railway Ltd 13645T100 393311.00000000 NS 30286256.58000000 3.199334512570 Long EC CORP CA N 1 N N N International Container Terminal Services Inc 254900FU1MWK0I0Q4J61 International Container Terminal Services Inc 000000000 3110460.00000000 NS 12212870.55000000 1.290125048797 Long EC CORP PH N 2 N N N Kansai Electric Power Co Inc/The 353800PFUKP5ONPJNZ86 Kansai Electric Power Co Inc/The 000000000 521300.00000000 NS 5076898.45000000 0.536305845029 Long EC CORP JP N 2 N N N DTE Energy Co 549300IX8SD6XXD71I78 DTE Energy Co 233331107 194412.00000000 NS USD 21295890.48000000 2.249623594405 Long EC CORP US N 1 N N N Public Service Enterprise Group Inc PUSS41EMO3E6XXNV3U28 Public Service Enterprise Group Inc 744573106 364542.00000000 NS USD 22765647.90000000 2.404883642028 Long EC CORP US N 1 N N N 2023-04-30 COHEN & STEERS GLOBAL INFRASTRUCTURE FUND INC Albert Laskaj Albert Laskaj Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_4X32_21213003_0323.htm CSU N-PORT

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

March 31, 2023 (Unaudited)

 

                                                                       
                          Shares/Units      Value  

COMMON STOCK

     98.4     

AUSTRALIA

     6.7     

TOLL ROADS

     5.5     

Atlas Arteria Ltd.(a)

       4,582,088      $ 19,345,497  

Transurban Group(a)

       3,463,731        33,073,026  
       

 

 

 
          52,418,523  
       

 

 

 

TRANSPORT LOGISTICS

     1.2     

Qube Holdings Ltd.

       5,784,068        11,168,903  
       

 

 

 

TOTAL AUSTRALIA

          63,587,426  
       

 

 

 

BRAZIL

     1.2     

MARINE PORTS

       

Santos Brasil Participacoes SA

       7,134,193        11,429,460  
       

 

 

 

CANADA

     10.0     

ELECTRIC

     0.7     

Hydro One Ltd., 144A(b)

       245,937        7,002,335  
       

 

 

 

PIPELINES—C-CORP

     6.1     

Enbridge, Inc.

       267,648        10,204,885  

Keyera Corp.

       346,792        7,592,731  

Pembina Pipeline Corp.

       518,784        16,805,300  

TC Energy Corp.

       597,068        23,224,465  
       

 

 

 
          57,827,381  
       

 

 

 

RAILWAYS

     3.2     

Canadian Pacific Railway Ltd.

       393,311        30,286,256  
       

 

 

 

TOTAL CANADA

          95,115,972  
       

 

 

 

CHINA

     3.7     

GAS DISTRIBUTION

     2.0     

Enn Energy Holdings Ltd., (H shares)

       1,428,900        19,565,880  
       

 

 

 

TOLL ROADS

     1.1     

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

       12,694,000        10,099,363  
       

 

 

 

UTILITIES—WATER

     0.6     

Guangdong Investment Ltd., (H shares)

       5,378,000        5,501,552  
       

 

 

 

TOTAL CHINA

          35,166,795  
       

 

 

 

FRANCE

     1.5     

TOLL ROADS

       

Eiffage SA

       61,529        6,658,418  

Vinci SA

       61,718        7,075,495  
       

 

 

 

TOTAL FRANCE

          13,733,913  
       

 

 

 

 

1

 

 


                                                                       
                          Shares/Units      Value  

GERMANY

     0.6     

ELECTRIC

       

E.ON SE

 

    443,989      $ 5,538,637  
       

 

 

 

HONG KONG

     0.9     

ELECTRIC

       

Power Assets Holdings Ltd.

 

    1,621,000        8,696,374  
       

 

 

 

INDIA

     1.3     

ELECTRIC

       

Power Grid Corp of India Ltd.

 

    4,609,669        12,679,542  
       

 

 

 

JAPAN

     2.2     

ELECTRIC

     0.6     

Kansai Electric Power Co., Inc./The

 

    521,300        5,076,899  
       

 

 

 

GAS DISTRIBUTION

     0.7     

Osaka Gas Co., Ltd.

 

    404,200        6,640,115  
       

 

 

 

RAILWAYS

     0.9     

West Japan Railway Co.

 

    213,300        8,786,165  
       

 

 

 

TOTAL JAPAN

          20,503,179  
       

 

 

 

MEXICO

     3.6     

AIRPORTS

       

Grupo Aeroportuario del Sureste SAB de CV, Class B

 

    1,110,717        33,974,873  
       

 

 

 

NETHERLANDS

     1.0     

MARINE PORTS

       

Koninklijke Vopak NV

 

    266,572        9,411,594  
       

 

 

 

NEW ZEALAND

     0.5     

AIRPORTS

       

Auckland International Airport Ltd.(c)

 

    873,097        4,751,378  
       

 

 

 

PHILIPPINES

     1.3     

MARINE PORTS

       

International Container Terminal Services, Inc.

 

    3,110,460        12,212,871  
       

 

 

 

SPAIN

     3.8     

AIRPORTS

     2.0     

Aena SME SA, 144A(b),(c)

 

    118,864        19,221,292  
       

 

 

 

COMMUNICATIONS—TOWERS

     1.8     

Cellnex Telecom SA, 144A(b)

 

    440,134        17,115,767  
       

 

 

 

TOTAL SPAIN

          36,337,059  
       

 

 

 

 

2

 

 


                                                                       
                          Shares/Units      Value  

THAILAND

     2.3     

AIRPORTS

       

Airports of Thailand PCL(c)

 

    10,429,300      $ 21,673,281  
       

 

 

 

UNITED KINGDOM

     3.1     

ELECTRIC

       

National Grid PLC

 

    2,158,904        29,203,489  
       

 

 

 

UNITED STATES

     54.7     

COMMUNICATIONS—TOWERS

     5.8     

American Tower Corp.

 

    98,469        20,121,156  

Crown Castle, Inc.

 

    82,310        11,016,370  

SBA Communications Corp., Class A

 

    89,839        23,454,268  
       

 

 

 
          54,591,794  
       

 

 

 

ELECTRIC

     29.8     

Alliant Energy Corp.

 

    434,533        23,204,062  

CenterPoint Energy, Inc.

       745,686        21,967,910  

Constellation Energy Corp.

 

    86,143        6,762,225  

Dominion Energy, Inc.

 

    257,383        14,390,283  

DTE Energy Co.

 

    194,412        21,295,890  

Duke Energy Corp.

 

    99,338        9,583,137  

Evergy, Inc.

 

    296,046        18,094,331  

Exelon Corp.

 

    642,130        26,898,826  

NextEra Energy, Inc.

 

    793,032        61,126,907  

PG&E Corp.(c)

 

    724,281        11,711,624  

PPL Corp.

 

    931,867        25,896,584  

Public Service Enterprise Group, Inc.

 

    364,542        22,765,648  

Xcel Energy, Inc.

 

    275,999        18,613,373  
       

 

 

 
          282,310,800  
       

 

 

 

ENVIRONMENTAL SERVICES

     1.0     

Waste Management, Inc.

 

    57,941        9,454,233  
       

 

 

 

GAS DISTRIBUTION

     5.8     

NiSource, Inc.

 

    699,068        19,545,941  

Sempra Energy

 

    234,831        35,497,054  
       

 

 

 
          55,042,995  
       

 

 

 

PIPELINES—C-CORP

     4.0     

Cheniere Energy, Inc.

 

    124,727        19,656,975  

DT Midstream, Inc.(c)

 

    68,154        3,364,763  

Targa Resources Corp.

 

    203,255        14,827,452  
       

 

 

 
          37,849,190  
       

 

 

 

 

3

 

 


                                                                       
                          Shares/Units      Value  

RAILWAYS

     6.4     

CSX Corp.

 

    1,217,856      $ 36,462,609  

Union Pacific Corp.

 

    122,162        24,586,324  
       

 

 

 
          61,048,933  
       

 

 

 

UTILITIES—WATER

     1.9     

Essential Utilities, Inc.

 

    406,024        17,722,948  
       

 

 

 

TOTAL UNITED STATES

 

       518,020,893  
       

 

 

 

TOTAL COMMON STOCK
(Identified cost—$867,806,094)

          932,036,736  
       

 

 

 

SHORT-TERM INVESTMENTS

     1.2     

MONEY MARKET FUNDS

       

State Street Institutional Treasury Money Market Fund, Premier
Class, 4.53%(d)

 

    11,273,249        11,273,249  
       

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$11,273,249)

          11,273,249  
       

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$879,079,343)

     99.6        943,309,985  

OTHER ASSETS IN EXCESS OF LIABILITIES

     0.4          3,511,774  
  

 

 

      

 

 

 

NET ASSETS

     100.0      $ 946,821,759  
  

 

 

      

 

 

 

 

 

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

(a)

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

(b)

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 $43,339,394 which represents 4.6% of the net assets of the Fund, of which 0.0% are illiquid.

(c)

Non-income producing security.

(d)

Rate quoted represents the annualized seven-day yield.

 

4

 

 


                       

Sector Summary

   % of
Net
Assets
 

Electric

     37.0  

Railways

     10.5  

Pipelines

     10.1  

Gas Distribution

     8.5  

Airports

     8.4  

Toll Roads

     8.1  

Communications

     7.6  

Marine Ports

     3.5  

Utilities

     2.5  

Transport Logistics

     1.2  

Environmental Services

     1.0  

Other (includes short-term investments)

     1.6  
  

 

 

 
     100.0  
  

 

 

 

 

5

 

 


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 Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, 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.

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at value:

 

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

Common Stock:

           

Brazil

   $ 11,429,460      $      $      $ 11,429,460  

Canada

     95,115,972                      95,115,972  

Mexico

     33,974,873                      33,974,873  

United States

     518,020,893                      518,020,893  

Other Countries

            273,495,538               273,495,538  

Short-Term Investments

            11,273,249               11,273,249  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities(a)

   $ 658,541,198      $ 284,768,787      $      $ 943,309,985  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

 

 

 


COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

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.

As of March 31, 2023, the Fund had no option contracts outstanding.

The following summarizes the volume of the Fund’s option contracts activity for the three months ended March 31, 2023:

 

                                                       
     Purchased
Option
Contracts
     Written Option
Contracts
 

Average Notional Amount(a),(b)

   $ 1,779,971      $ 3,511,291  

 

(a)

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

(b)

Average notional amounts represent the average for the period in which the Fund had option contracts outstanding. For the period January 1, 2023 through January 20, 2023, this represents the amount for purchased option contracts and for the period January 1, 2023 through January 25, 2023, this represents the amount for written option contracts.