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.