Cohen & Steers Infrastructure Fund, Inc.

N-CSRS 1 d708499dncsrs.htm COHEN & STEERS INFRASTRUCTURE FUND, INC. Cohen & Steers Infrastructure Fund, Inc.

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: 811-21485

Cohen & Steers 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)

Dana A. DeVivo

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, 2019

Item 1. Reports to Stockholders.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2019. The total returns for Cohen & Steers Infrastructure Fund, Inc. (the Fund) and its comparative benchmarks were:


	Six Months Ended June 30, 2019
Cohen & Steers Infrastructure Fund at Net Asset Value^a		24.95	%
Cohen & Steers Infrastructure Fund at Market Value^a		36.41	%
Blended Benchmark—80% FTSE Global Core Infrastructure 50/50 Net Tax Index / 20% ICE BofAML Fixed Rate Preferred Securities Index^b		16.74	%
S&P 500 Index^b		18.54	%

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 sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. 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.

Managed Distribution Policy

The Fund, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (SEC) and with approval of its Board of Directors (the Board), adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). The Plan gives the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $0.155 per share on a monthly basis.

The Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets.

^a	As a closed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.

The FTSE Global Core Infrastructure 50/50 Net Tax Index is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities and is net of dividend withholding taxes. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors, including pipelines, satellites, and telecommunication towers. The ICE BofAML Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Financial Highlights table.

The Plan provides that the Board of Directors may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.

Market Review

Listed infrastructure delivered a roundly positive return in the first half of 2019, outperforming global stocks in both quarters. Throughout the period, U.S. Federal Reserve and other central banks indicated they would pursue more-accommodative monetary policies amid slowing global economic growth and low inflation. A litany of disappointing global macroeconomic indicators and continued irresolution in the U.S./China trade dispute seemed only to strengthen the likelihood of looser monetary policy, to the extent that bad economic news was ultimately viewed as good news for markets.

Sovereign bond yields continued to decline globally during this period, reaching near-zero or even negative (e.g., in France) levels in many cases. Almost every infrastructure subsector ended the period with double-digit gains. Relative underperformance was notable for its rarity, as was the case with marine ports (which ended the period a mere 9% higher). Although its returns were positive overall, the lesser gain for this segment of the market showed that investors were not entirely oblivious to the larger economic implications of the U.S.-China trade stalemate and signs of slowing global growth.

Fund Performance

The Fund delivered a positive return and outperformed its blended benchmark on both a market price and NAV basis. Security selection and an underweight allocation to electric utilities benefited performance. The portfolio wasn’t invested in Kansai Electric Power Co., which declined sharply during the period, or Dominion Resources, which underperformed the sector. Security selection and an overweight allocation in the communications sector contributed to performance, due to strong gains in tower owners. Sentiment was aided by indications that a Sprint/T-Mobile merger might not reduce the number of major U.S. wireless carriers (tower tenants) from four to three, as had long been assumed. Security selection in airports was a net contributor, as we were not invested in Aeroports De Paris, which underperformed amid growing opposition to plans to privatize the government’s majority stake in the company. Overweight allocation and selection in freight railways was a net contributor, particularly our overweight in Norfolk Southern Corporation, which rallied in the first half of the year after reporting strong first-quarter earnings and revenue, and detailing new cost-efficiency measures.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

Security selection and an underweight allocation in toll roads detracted from performance. We were overweight Aleatica SAB de CV, which underperformed, and underweight both Atlantia and Australia’s Transurban, which outperformed. We were also overweight China’s Jiangsu Express Corp, Ltd., a defensive stock that underperformed as investors anticipated more economic stimulus in China. Our security selection in midstream energy—which had a banner performance in the first half of the year—was a net detractor. We were underweight TC Energy, and underperformed largely due to trade timing. Much of this adverse selection effect was offset by our overweight allocation to the overall sector.

Impact of Leverage on Fund Performance

The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), significantly contributed to the Fund’s performance for the six-month period ended June 30, 2019.

Impact of Foreign Currency on Fund Performance

The currency impact of the Fund’s investments in foreign securities contributed to absolute performance during the period. Although the Fund reports its NAV and pays dividends in U.S. dollars, the Fund’s investments denominated in foreign currencies are subject to foreign currency risk. On net, other currencies modestly appreciated against the U.S. dollar. Consequently, changes in the exchange rates between foreign currencies and the U.S. dollar were a net tailwind for absolute returns.

Sincerely,



ROBERT S. BECKER Portfolio Manager		BEN MORTON Portfolio Manager


WILLIAM F. SCAPELL Portfolio Manager		ELAINE ZAHARIS-NIKAS Portfolio Manager

COHEN & STEERS INFRASTRUCTURE FUND, INC.

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. 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 the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

Our Leverage Strategy

(Unaudited)

Our current leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing the net income available for shareholders. As of June 30, 2019, leverage represented 27% of the Fund’s managed assets.

Through a combination of variable and fixed rate financing, the Fund has locked in interest rates on a significant portion of this additional capital for periods expiring in 2020, 2021 and 2022^a (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates.

Leverage Facts^b,c


Leverage (as a % of managed assets)		27%
% Fixed Rate		85%
% Variable Rate		15%
Weighted Average Rate on Financing		3.0%
Weighted Average Term on Financing		2.3 years

The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

On February 24, 2015, the Fund amended its credit agreement to extend the fixed rate financing terms, originally expiring in 2017, 2018 and 2019, by three years, now expiring in 2020, 2021 and 2022, respectively. The weighted average rate on financing does not include the three year extension for the 2022 fixed-rate tranche and will increase as the extended fixed-rate tranche becomes effective in 2019. The weighted average term of financing includes the three year extension.

^b	Data as of June 30, 2019. Information is subject to change.

^c	See Note 7 in Notes to Financial Statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

June 30, 2019

Top Ten Holdings^a

(Unaudited)


Security	Value		% of Managed Assets

NextEra Energy, Inc.	$	172,661,130		5.5
Crown Castle International Corp.		167,913,090		5.4
American Tower Corp.		109,233,955		3.5
Transurban Group		81,337,677		2.6
American Water Works Co., Inc.		81,285,376		2.6
FirstEnergy Corp.		81,197,427		2.6
Norfolk Southern Corp.		77,790,924		2.5
Atmos Energy Corp.		71,731,609		2.3
Enbridge, Inc.		69,742,894		2.2
WEC Energy Group, Inc.		64,650,184		2.1

^a	Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.

Country Breakdown

(Based on Managed Assets)

(Unaudited)

LOGO

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS

June 30, 2019 (Unaudited)


		Shares/Units		Value
COMMON STOCK	116.2%
AUSTRALIA	8.7%
AIRPORTS	1.9%
Sydney Airport			7,805,785	$	44,059,612

ELECTRIC—REGULATED ELECTRIC	1.2%
Spark Infrastructure Group^a			15,978,654		27,259,288

PIPELINES—C-CORP	1.0%
APA Group			3,154,950		23,921,272

RAILWAYS	1.0%
Aurizon Holdings Ltd.			5,801,787		21,994,980

TOLL ROADS	3.6%
Transurban Group^a			7,860,067		81,337,677

TOTAL AUSTRALIA					198,572,829

BRAZIL	2.3%
RAILWAYS	1.7%
Rumo SA^a,b			7,103,957		38,350,767

TOLL ROADS	0.6%
Ccr SA			4,219,079		15,008,690

TOTAL BRAZIL					53,359,457

CANADA	10.1%
ELECTRIC	3.5%
INTEGRATED ELECTRIC	1.2%
Emera, Inc.			690,803		28,227,153

REGULATED ELECTRIC	2.3%
Fortis, Inc.			1,309,933		51,725,124

TOTAL ELECTRIC					79,952,277

PIPELINES—C-CORP	5.9%
Enbridge, Inc.^a			1,930,905		69,742,894
TC Energy Corp.			1,270,120		62,965,286

					132,708,180

RAILWAYS	0.7%
Canadian Pacific Railway Ltd.^a			66,550		15,674,099

TOTAL CANADA					228,334,556

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
CHINA	3.8%
MARINE PORTS	0.7%
China Merchants Port Holdings Co., Ltd. (HKD)			8,816,300	$	14,987,834

PIPELINES—C-CORP	0.8%
Beijing Enterprises Holdings Ltd. (HKD)			3,787,000		19,245,990

TOLL ROADS	1.6%
Jiangsu Expressway Co., Ltd., Class H (HKD)			19,814,000		28,205,343
Zhejiang Expressway Co., Ltd., Class H (HKD)			7,164,000		7,547,617

					35,752,960

WATER	0.7%
Guangdong Investment Ltd. (HKD)			8,491,247		16,804,880

TOTAL CHINA					86,791,664

FRANCE	2.4%
RAILWAYS	0.9%
Getlink SE			1,303,453		20,883,587

TOLL ROADS	1.5%
Eiffage SA			89,719		8,869,574
Vinci SA^a			241,856		24,767,806

					33,637,380

TOTAL FRANCE					54,520,967

HONG KONG	1.2%
GAS DISTRIBUTION
Hong Kong and China Gas Co., Ltd.^a			12,004,300		26,615,778

ITALY	3.0%
COMMUNICATIONS—TOWERS	1.0%
Infrastrutture Wireless Italiane S.p.A., 144A^c			2,246,680		22,047,063

ELECTRIC—REGULATED ELECTRIC	0.5%
Terna Rete Elettrica Nazionale S.p.A.			1,712,573		10,905,255

TOLL ROADS	1.5%
Atlantia S.p.A.			1,330,954		34,672,636

TOTAL ITALY					67,624,954

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
JAPAN	5.5%
ELECTRIC—INTEGRATED ELECTRIC	1.9%
Chugoku Electric Power Co., Inc.			1,419,000	$	17,873,227
Shikoku Electric Power Co., Inc.^a			2,703,100		24,971,364

					42,844,591

GAS DISTRIBUTION	1.2%
Tokyo Gas Co., Ltd.^a			1,156,000		27,207,253

RAILWAYS	2.4%
Central Japan Railway Co.^a			39,399		7,886,013
West Japan Railway Co.^a			574,000		46,403,413

					54,289,426

TOTAL JAPAN					124,341,270

LUXEMBOURG	0.3%
COMMUNICATIONS—SATELLITES
SES SA			426,687		6,671,306

MEXICO	3.0%
AIRPORTS	1.7%
Grupo Aeroportuario del Pacifico SAB de CV, Class B			3,708,152		38,615,978

PIPELINES—C-CORP	0.9%
Infraestructura Energetica Nova SAB de CV			4,874,188		19,180,589

TOLL ROADS	0.4%
ALEATICA SAB de CV			10,298,002		9,485,831

TOTAL MEXICO					67,282,398

NEW ZEALAND	0.6%
AIRPORTS
Auckland International Airport Ltd.^a			2,240,028		14,822,783

SPAIN	3.8%
AIRPORTS	2.2%
Aena SME SA, 144A^a,c			254,515		50,443,997

ELECTRIC—INTEGRATED ELECTRIC	1.6%
Iberdrola SA			3,511,464		35,001,642

TOTAL SPAIN					85,445,639

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
THAILAND	2.2%
AIRPORTS
Airports of Thailand PCL			20,717,100	$	49,652,135

UNITED KINGDOM	2.7%
ELECTRIC—REGULATED ELECTRIC	1.3%
National Grid PLC			2,742,655		29,111,188

WATER	1.4%
United Utilities Group PLC^a			3,163,636		31,450,222

TOTAL UNITED KINGDOM					60,561,410

UNITED STATES	66.6%
COMMUNICATIONS—TOWERS	12.2%
American Tower Corp.^a,d			534,282		109,233,955
Crown Castle International Corp.^a			1,288,171		167,913,090

					277,147,045

ELECTRIC	29.3%
INTEGRATED ELECTRIC	13.3%
Evergy, Inc.^a,d			777,059		46,740,099
FirstEnergy Corp.^a,d			1,896,693		81,197,427
NextEra Energy, Inc.^a,d			842,825		172,661,130

					300,598,656

REGULATED ELECTRIC	16.0%
Alliant Energy Corp.^a,d			955,815		46,911,400
CenterPoint Energy, Inc.			1,543,017		44,176,577
CMS Energy Corp.^a,d			830,962		48,121,010
DTE Energy Co.^a,d			383,965		49,101,444
Duke Energy Corp.^a,d			404,439		35,687,697
Edison International^a,d			381,818		25,738,351
WEC Energy Group, Inc.^a,d			775,461		64,650,184
Xcel Energy, Inc.^a,d			801,121		47,658,688

					362,045,351

TOTAL ELECTRIC					662,644,007

GAS DISTRIBUTION	3.7%
Atmos Energy Corp.^a,d			679,534		71,731,609
NiSource, Inc.			448,935		12,929,328

					84,660,937

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
PIPELINES	12.6%
PIPELINES—C-CORP	9.1%
Antero Midstream Corp.			607,380	$	6,960,575
Cheniere Energy, Inc.^a,b,d			407,081		27,864,694
Kinder Morgan, Inc.^a,d			2,197,631		45,886,535
ONEOK, Inc.^a,d			390,867		26,895,558
PBF Logistics LP			587,557		12,420,955
Plains GP Holdings LP, Class A			1,343,251		33,540,978
Targa Resources Corp.^a,d			543,391		21,333,531
Williams Cos., Inc.^a,d			1,162,200		32,588,088

					207,490,914

PIPELINES—MLP	3.5%
CNX Midstream Partners LP			488,100		6,857,805
Energy Transfer LP			1,584,922		22,315,702
Enterprise Products Partners LP^a			915,117		26,419,428
MPLX LP^a,d			495,501		15,950,177
Noble Midstream Partners LP			208,182		6,924,133

					78,467,245

TOTAL PIPELINES					285,958,159

RAILWAYS	4.0%
Norfolk Southern Corp.^a,d			390,262		77,790,924
Union Pacific Corp.^a,d			78,279		13,237,762

					91,028,686

REAL ESTATE—DATA CENTERS	1.2%
CyrusOne, Inc.			452,520		26,119,454

WATER	3.6%
American Water Works Co., Inc.^a,d			700,736		81,285,376

TOTAL UNITED STATES					1,508,843,664

TOTAL COMMON STOCK (Identified cost—$1,917,332,148)					2,633,440,810

EXCHANGE-TRADED FUNDS—UNITED STATES	0.1%
iShares US Preferred Stock ETF			41,424		1,526,474

TOTAL EXCHANGE-TRADED FUNDS (Identified cost—$1,382,592)					1,526,474

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
PREFERRED SECURITIES—$25 PAR VALUE	6.5%
BERMUDA	0.1%
INSURANCE—PROPERTY CASUALTY
Enstar Group Ltd., 7.00% to 9/1/28, Series D (USD)^e,f			70,000	$	1,800,400

CANADA	0.2%
PIPELINES	0.1%
Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78, Series B (USD)^f			61,150		1,596,015

UTILITIES	0.1%
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (USD)^f			64,425		1,660,877
Algonquin Power & Utilities Corp., 6.875% to 10/17/23, due 10/17/78 (USD)^f			38,890		1,046,530

TOTAL UTILITIES					2,707,407

TOTAL CANADA					4,303,422

UNITED STATES	6.2%
BANKS	2.7%
Bank of America Corp., 6.20%, Series CC^e			112,525		2,952,656
Bank of America Corp., 6.00%, Series EE^e			150,000		3,985,500
Bank of America Corp., 6.00%, Series GG^e			104,775		2,801,683
Bank of America Corp., 5.875%, Series HH^e			82,800		2,161,908
Bank of America Corp., 5.375%, Series KK^e			45,975		1,147,076
Bank of America Corp., 6.50%, Series Y^a,e			59,106		1,508,385
BB&T Corp., 5.625%, Series E^e			57,901		1,456,210
Capital One Financial Corp., 6.00%, Series H^e			54,285		1,411,953
Citigroup, Inc., 6.30%, Series S^e			147,743		3,862,002
GMAC Capital Trust I, 8.303% (3 Month US LIBOR + 5.785%), due 2/15/40, Series 2 (TruPS) (FRN)^g			266,691		6,968,636
Huntington Bancshares, Inc., 6.25%, Series D^a,e			73,122		1,893,129
JPMorgan Chase & Co., 6.10%, Series AA^a,d,e			121,901		3,180,397
JPMorgan Chase & Co., 6.00%, Series EE^e			51,000		1,384,650
JPMorgan Chase & Co., 6.125%, Series Y^a,e			180,722		4,655,399
New York Community Bancorp, Inc., 6.375% to 3/17/27, Series A^a,e,f			79,799		2,041,258
Regions Financial Corp., 6.375% to 9/15/24, Series B^a,d,e,f			54,461		1,490,598
Regions Financial Corp., 5.70% to 5/15/29, Series C^e,f			110,000		2,843,500
Synovus Financial Corp., 5.875% to 7/1/24, Series E^e,f			50,000		1,295,000

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
Wells Fargo & Co, 5.25%, Series P^e			60,900	$	1,529,808
Wells Fargo & Co., 5.85% to 9/15/23, Series Q^a,e,f			105,975		2,782,903
Wells Fargo & Co., 6.00%, Series T^a,d,e			150,000		3,835,500
Wells Fargo & Co., 5.70%, Series W^a,d,e			143,039		3,700,419
Wells Fargo & Co., 5.625%, Series Y^e			99,275		2,542,433

					61,431,003

ELECTRIC	1.0%
INTEGRATED ELECTRIC	0.5%
Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73^a,f			158,638		4,203,907
NextEra Energy Capital Holdings, Inc., 5.650%, due 3/1/79, Series N			115,742		3,024,338
Southern Co./The, 6.25%, due 10/15/75^a,d			58,114		1,544,089
Southern Co./The, 5.25%, due 12/1/77			99,672		2,560,574

					11,332,908

REGULATED ELECTRIC	0.5%
CMS Energy Corp., 5.875%, due 3/1/79			99,975		2,652,337
DTE Energy Co., 5.375%, due 6/1/76, Series B^a,d			182,874		4,747,409
Duke Energy Corp., 5.75%, Series A^e			170,225		4,497,344

					11,897,090

TOTAL ELECTRIC					23,229,998

FINANCIAL	0.9%
DIVERSIFIED FINANCIAL SERVICES	0.3%
Apollo Global Management LLC, 6.375%, Series A^e			46,528		1,191,582
KKR & Co., Inc., 6.75%, Series A^a,e			97,511		2,597,693
National Rural Utilities Cooperative Finance Corp., 5.50%, due 5/15/64, Series US			90,000		2,402,100

					6,191,375

INVESTMENT BANKER/BROKER	0.6%
Carlyle Group LP/The, 5.875%, Series A^e			101,921		2,463,431
Charles Schwab Corp./The, 5.95%, Series D^a,d,e			52,943		1,395,048
Morgan Stanley, 6.875% to 1/15/24, Series F^e,f			154,901		4,250,483
Morgan Stanley, 6.375% to 10/15/24, Series I^e,f			125,000		3,352,500
Morgan Stanley, 5.85% to 4/15/27, Series K^e,f			99,200		2,610,944

					14,072,406

TOTAL FINANCIAL					20,263,781

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
INDUSTRIALS—CHEMICALS	0.3%
CHS, Inc., 7.10% to 3/31/24, Series 2^e,f			135,283	$	3,551,179
CHS, Inc., 6.75% to 9/30/24, Series 3^a,e,f			137,935		3,562,861

					7,114,040

INSURANCE	0.5%
LIFE/HEALTH INSURANCE	0.4%
Athene Holding Ltd., 6.35% to 6/30/29, Series A^e,f			123,950		3,272,280
MetLife, Inc., 5.625%, Series E^e			95,000		2,460,500
Prudential Financial, Inc., 5.625%, due 8/15/58			48,000		1,272,000
Voya Financial, Inc., 5.35% to 9/15/29, Series B^e,f			88,175		2,229,064

					9,233,844

MULTI-LINE	0.1%
Hanover Insurance Group, Inc./The, 6.35%, due 3/30/53			50,210		1,275,836

TOTAL INSURANCE					10,509,680

INTEGRATED TELECOMMUNICATIONS SERVICES	0.1%
AT&T, Inc., 5.625%, due 8/1/67			50,000		1,336,000

PIPELINES	0.2%
Energy Transfer Operating LP, 7.375% to 5/15/23, Series C^e,f			142,225		3,367,888
Energy Transfer Operating LP, 7.625% to 8/15/23, Series D^e,f			40,075		978,632
Energy Transfer Operating LP, 7.60% to 5/15/24, Series E^e,f			44,000		1,096,920

					5,443,440

REAL ESTATE	0.4%
DIVERSIFIED	0.3%
Saul Centers, Inc., 6.875%, Series C^e			46,165		1,237,222
VEREIT, Inc., 6.70%, Series F^a,e			246,816		6,222,231

					7,459,453

REINSURANCE	0.1%
Arch Capital Group Ltd., 5.45%, Series F^a,e			80,000		1,982,400

TOTAL REAL ESTATE					9,441,853

UTILITIES	0.1%
NiSource, Inc., 6.50% to 3/15/24, Series B^e,f			80,777		2,120,396

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Shares/Units		Value
Spire, Inc., 5.90%, Series A^e			50,625	$	1,327,388

					3,447,784

TOTAL UNITED STATES					142,217,579

TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$142,087,161)					148,321,401


		Principal Amount
PREFERRED SECURITIES—CAPITAL SECURITIES	13.2%
AUSTRALIA	0.3%
INSURANCE-PROPERTY CASUALTY	0.2%
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (USD)^f,h		$	4,000,000		4,356,080
QBE Insurance Group Ltd., 5.875% to 6/17/26, due 6/17/46, Series EMTN (USD)^f,h			1,800,000		1,893,287

					6,249,367

MATERIAL—METALS & MINING	0.1%
BHP Billiton Finance USA Ltd., 6.75% to 10/20/25, due 10/19/75, 144A (USD)^c,f			1,600,000		1,828,032

TOTAL AUSTRALIA					8,077,399

CANADA	0.9%
PIPELINES	0.5%
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A (USD)^f			2,255,000		2,269,702
Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (USD)^f			3,289,000		3,333,336
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (USD)^a,f			5,765,000		5,925,959

					11,528,997

UTILITIES—ELECTRIC UTILITIES	0.4%
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (USD)^a,f			8,000,000		8,587,840

TOTAL CANADA					20,116,837

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Principal Amount		Value
FINLAND	0.1%
BANKS
Nordea Bank Abp, 6.625% to 3/26/26, 144A (USD)^c,e,f,i		$	1,400,000	$	1,478,197

FRANCE	1.1%
BANKS	0.9%
BNP Paribas SA, 6.625% to 3/25/24, 144A (USD)^c,e,f,i			1,800,000		1,875,537
BNP Paribas SA, 7.00% to 8/16/28, 144A (USD)^c,e,f,i			800,000		854,720
BNP Paribas SA, 7.195% to 6/25/37, 144A (USD)^a,c,e,f			2,900,000		3,142,078
BNP Paribas SA, 7.375% to 8/19/25, 144A (USD)^c,e,f,i			3,000,000		3,336,315
BNP Paribas SA, 7.625% to 3/30/21, 144A (USD)^a,c,e,f,i			2,400,000		2,541,840
Credit Agricole SA, 6.875% to 9/23/24, 144A (USD)^c,e,f,i			1,800,000		1,891,287
Credit Agricole SA, 8.125% to 12/23/25, 144A (USD)^a,c,e,f,i			2,950,000		3,420,501
Societe Generale SA, 7.375% to 9/13/21, 144A (USD)^a,c,e,f,i			3,000,000		3,161,400
Societe Generale SA, 8.00% to 9/29/25, 144A (USD)^c,e,f,i			1,400,000		1,544,697

					21,768,375

ELECTRIC—INTEGRATED ELECTRIC	0.1%
Electricite de France SA, 5.25% to 1/29/23, 144A (USD)^c,e,f			1,200,000		1,224,858

INSURANCE—MULTI-LINE	0.1%
AXA SA, 6.379% to 12/14/36, 144A (USD)^c,e,f			1,000,000		1,134,715

TOTAL FRANCE					24,127,948

HONG KONG	0.1%
BANKS
Bank of China Hong Kong Ltd., 5.90% to 9/14/23, 144A (USD)^c,e,f			2,200,000		2,347,323

ITALY	0.4%
UTILITIES—ELECTRIC UTILITIES
Enel SpA, 8.75% to 9/24/23, due 9/24/73, 144A (USD)^a,c,f			8,635,000		9,995,013

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Principal Amount		Value
JAPAN	0.6%
INSURANCE
LIFE/HEALTH INSURANCE	0.5%
Dai-ichi Life Insurance Co., Ltd., 5.10% to 10/28/24, 144A (USD)^a,c,e,f		$	2,000,000	$	2,151,430
Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, due 10/20/45, 144A (USD)^a,c,f			3,600,000		3,902,472
Nippon Life Insurance Co., 5.10% to 10/16/24, due 10/16/44, 144A (USD)^a,c,f			5,000,000		5,370,100

					11,424,002

PROPERTY CASUALTY	0.1%
Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (USD)^c,e,f			2,400,000		2,585,160

TOTAL JAPAN					14,009,162

MEXICO	0.1%
BANKS
Banco Mercantil del Norte SA/Grand Cayman, 7.50% to 6/27/29, 144A (USD)^c,e,f,i			1,200,000		1,214,400

NETHERLANDS	0.1%
BANKS
ING Groep N.V., 6.875% to 4/16/22 (USD)^e,f,h,i			3,000,000		3,165,783

NORWAY	0.1%
BANKS
DNB Bank ASA, 6.50% to 3/26/22 (USD)^e,f,h,i			3,000,000		3,172,260

SPAIN	0.1%
BANKS
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (USD)^e,f,i			1,400,000		1,319,010

SWEDEN	0.1%
BANKS
Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (USD)^e,f,h,i			1,800,000		1,908,495

SWITZERLAND	0.9%
BANKS	0.8%
Credit Suisse Group AG, 7.125% to 7/29/22 (USD)^e,f,h,i			2,600,000		2,760,277

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Principal Amount		Value
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (USD)^c,e,f,i		$	3,400,000	$	3,652,569
UBS Group Funding Switzerland AG, 6.875% to 3/22/21 (USD)^e,f,h,i			1,800,000		1,876,903
UBS Group Funding Switzerland AG, 6.875% to 8/7/25 (USD)^e,f,h,i			2,600,000		2,787,200
UBS Group Funding Switzerland AG, 7.125% to 2/19/20 (USD)^e,f,h			1,046,000		1,068,086
UBS Group Funding Switzerland AG, 7.125% to 8/10/21 (USD)^e,f,h,i			1,600,000		1,684,000
UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A (USD)^c,e,f,i			3,400,000		3,610,681

					17,439,716

INSURANCE—PROPERTY CASUALTY	0.1%
Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due 4/2/49, 144A (USD)^c,f			2,000,000		2,147,000

TOTAL SWITZERLAND					19,586,716

UNITED KINGDOM	2.4%
BANKS	2.3%
Barclays PLC, 7.875% to 3/15/22 (USD)^e,f,h,i			3,000,000		3,146,250
Barclays PLC, 8.00% to 6/15/24 (USD)^e,f,i			3,600,000		3,778,074
HBOS Capital Funding LP, 6.85% (USD)^e,h			2,400,000		2,453,187
HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, 144A (USD)^a,c,e,f			8,950,000		13,919,756
HSBC Holdings PLC, 6.375% to 3/30/25 (USD)^e,f,i			1,600,000		1,683,544
HSBC Holdings PLC, 6.50% to 3/23/28 (USD)^e,f,i			1,400,000		1,468,852
HSBC Holdings PLC, 6.875% to 6/1/21 (USD)^a,e,f,i			2,400,000		2,532,840
Lloyds Banking Group PLC, 7.50% to 6/27/24 (USD)^a,e,f,i			4,334,000		4,566,953
Lloyds Banking Group PLC, 7.50% to 9/27/25 (USD)^e,f,i			4,400,000		4,629,262
Nationwide Building Society, 10.25%^e,h			905,000		1,739,759
Royal Bank of Scotland Group PLC, 7.648% to 9/30/31 (USD)^a,e,f			2,512,000		3,284,440
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (USD)^e,f,i			1,800,000		1,950,750
Royal Bank of Scotland Group PLC, 8.625% to 8/15/21 (USD)^a,e,f,i			6,200,000		6,697,550

					51,851,217

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Principal Amount			Value
INTEGRATED TELECOMMUNICATIONS SERVICES	0.1%
Vodafone Group PLC, 7.00% to 4/4/29, due 4/4/79 (USD)^f		$	3,000,000		$	3,240,300

TOTAL UNITED KINGDOM						55,091,517

UNITED STATES	5.9%
BANKS	2.8%
AgriBank FCB, 6.875% to 1/1/24^a,e,f			37,000	^†		3,945,125
Bank of America Corp., 6.10% to 3/17/25, Series AA^e,f			1,513,000			1,635,122
Bank of America Corp., 6.50% to 10/23/24, Series Z^a,e,f			3,169,000			3,514,690
Citigroup, Inc., 5.90% to 2/15/23^e,f			5,675,000			5,885,849
Citigroup, Inc., 6.125% to 11/15/20, Series R^e,f			1,225,000			1,259,116
Citigroup, Inc., 6.25% to 8/15/26, Series T^a,e,f			2,950,000			3,242,478
Citizens Financial Group, Inc., 6.375% to 4/6/24, Series C^e,f			1,200,000			1,237,824
CoBank ACB, 6.25% to 10/1/22, Series F^a,e,f			52,500	^†		5,482,969
CoBank ACB, 6.25% to 10/1/26, Series I^a,e,f			2,866,000			3,020,047
Farm Credit Bank of Texas, 6.75% to 9/15/23, 144A^a,c,e,f			35,300	^†		3,759,450
Farm Credit Bank of Texas, 10.00%, Series 1^a,e			7,000	^†		7,735,000
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Q^e,f			1,440,000			1,476,000
JPMorgan Chase & Co., 6.053% (3 Month US LIBOR + 3.47%), Series I (FRN)^e,g			2,984,000			2,982,001
JPMorgan Chase & Co., 6.75% to 2/1/24, Series S^a,e,f			5,375,000			5,944,454
PNC Financial Services Group, Inc., 6.75% to 8/1/21, Series O^e,f			663,000			707,852
Wells Fargo & Co., 6.18% (3 Month US LIBOR + 3.77%), to 9/15/19, Series K (FRN)^e,g			4,000,000			4,026,600
Wells Fargo & Co., 5.875% to 6/15/25, Series U^a,e,f			2,891,000			3,145,104
Wells Fargo Capital X, 5.95%, due 12/15/36, (TruPS)			2,830,000			3,337,089

						62,336,770

COMMUNICATIONS—TOWERS	0.4%
Crown Castle International Corp., 6.875%, due 8/1/20, Series A (Convertible)^a			7,400	^†		8,857,991

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Principal Amount			Value
ELECTRIC—REGULATED ELECTRIC	0.2%
CenterPoint Energy, Inc., 6.125% to 9/01/23, Series A^e,f		$	1,850,000		$	1,918,052
Southern Co./The, 5.50% to 3/15/22, due 3/15/57, Series B^f			3,600,000			3,689,885

						5,607,937

FOOD	0.3%
Dairy Farmers of America, Inc., 7.875%, 144A^c,e,j			60,000	^†		6,030,000

INDUSTRIALS—DIVERSIFIED MANUFACTURING	0.3%
General Electric Co., 5.00% to 1/21/21, Series D^e,f			7,892,000			7,582,476

INSURANCE	1.2%
LIFE/HEALTH INSURANCE	1.1%
MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A (TruPS)^a,c			4,500,000			5,677,178
MetLife, Inc., 5.25% to 6/15/20, Series C^a,e,f			5,200,000			5,242,250
MetLife, Inc., 5.875% to 3/15/28, Series D^e,f			2,530,000			2,672,996
MetLife, Inc., 9.25%, due 4/8/38, 144A^a,c			6,500,000			9,110,367
Voya Financial, Inc., 6.125% to 9/15/23, Series A^e,f			1,000,000			1,055,715

						23,758,506

PROPERTY CASUALTY	0.1%
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48^f			2,100,000			2,242,317

TOTAL INSURANCE						26,000,823

INTEGRATED TELECOMMUNICATIONS SERVICES	0.4%
Centaur Funding Corp., 9.08%, due 4/21/20, 144A^a,c,d			7,989	^†		8,428,395

PIPELINES	0.1%
Plains All American Pipeline LP, 6.125% to 11/15/22, Series B^e,f			2,895,000			2,761,888

UTILITIES	0.2%
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79^f			2,790,000			2,878,154
NiSource, Inc., 5.65% to 6/15/23^e,f			2,000,000			1,951,430

TOTAL UTILITIES						4,829,584

TOTAL UNITED STATES						132,435,864

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$272,245,241)						298,045,924

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


		Principal Amount		Value
CORPORATE BONDS—UNITED STATES	0.1%
INDUSTRIALS—DIVERSIFIED MANUFACTURING
General Electric Co., 6.875%, due 1/10/39, Series GMTN		$	1,335,000	$	1,681,511

TOTAL CORPORATE BONDS (Identified cost—$1,430,308)					1,681,511


		Shares
SHORT-TERM INVESTMENTS	1.9%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17%^k			42,936,857		42,936,857

TOTAL SHORT-TERM INVESTMENTS (Identified cost—$42,936,857)					42,936,857

PURCHASED OPTION CONTRACTS	0.0%
(Premiums paid $314,000)					413,462
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$2,377,728,307)	138.0%				3,126,366,439
WRITTEN OPTION CONTRACTS	(0.0)				(22,512	)
LIABILITIES IN EXCESS OF OTHER ASSETS	(38.0)				(860,420,501	)

NET ASSETS (Equivalent to $26.56 per share based on 85,319,794 shares of common stock outstanding)	100.0%			$	2,265,923,426

Over-the-Counter Option Contracts

Purchased Options



Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount^l			Premiums Paid			Value
Call—El Paso Electric Co.	BNP Paribas SA		$62.68		9/20/19		125,600			$8,214,240			$314,000			$413,462


Written Options

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount^l			Premiums Received			Value
Call—El Paso Electric Co.	BNP Paribas SA		$68.65		9/20/19		(251,200	)		$(16,428,480	)		$(100,480	)		$(20,189	)
Put—El Paso Electric Co.	BNP Paribas SA		54.62		9/20/19		(125,600	)		(8,214,240	)		(213,520	)		(2,323	)
							(376,800	)		$(24,642,720	)		$(314,000	)		$(22,512	)

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

Glossary of Portfolio Abbreviations


EMTN		Euro Medium Term Note
ETF		Exchange-Traded Fund
FRN		Floating Rate Note
GMTN		Global Medium Term Note
HKD		Hong Kong Dollar
LIBOR		London Interbank Offered Rate
MLP		Master Limited Partnership
TruPS		Trust Preferred Securities
USD		United States Dollar

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

^†	Represents shares.

^a	All or a portion of the security is pledged as collateral in connection with the Fund’s credit agreement. $1,725,331,234 in aggregate has been pledged as collateral.

^b	Non-income producing security.

^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 $183,826,531 which represents 8.1% of the net assets of the Fund, of which 0.3% are illiquid.

^d	A portion of the security has been rehypothecated in connection with the Fund’s credit agreement. $770,719,433 in aggregate has been rehypothecated.

^e	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer.

^f	Security converts to floating rate after the indicated fixed-rate coupon period.

^g	Variable rate. Rate shown is in effect at June 30, 2019.

^h	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $32,011,567 which represents 1.4% of the net assets of the Fund, of which 0.0% are illiquid.

ⁱ

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $77,710,147 which represents 3.4% of the net assets of the Fund (2.5% of the managed assets of the Fund).

^j	Security value is determined based on significant unobservable inputs (Level 3).

^k	Rate quoted represents the annualized seven-day yield.

^l	Amount represents number of contracts multiplied by notional contract size multiplied by the underlying price.

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)


Sector Summary	% of Managed Assets
Electric		29.5
Pipelines		16.1
Communications		10.1
Railways		7.8
Banks		7.4
Toll Roads		6.7
Airports		6.3
Gas Distribution		4.4
Water		4.2
Other		2.0
Insurance		1.8
Real Estate		1.1
Utilities		0.9
Financial		0.7
Industrials		0.5
Marine Ports		0.5

		100.0

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2019 (Unaudited)


ASSETS:
Investments in securities, at value^a (Identified cost—$2,377,728,307)	$	3,126,366,439
Foreign currency, at value (Identified cost—$6,148,017)		6,156,387
Receivable for:
Dividends and interest		14,343,538
Investment securities sold		14,108,388
Other assets		61,414

Total Assets		3,161,036,166

LIABILITIES:
Written option contracts, at value (Premiums received—$314,000)		22,512
Payable for:
Credit agreement		850,000,000
Investment securities purchased		37,041,645
Foreign capital gains tax		2,502,068
Investment management fees		2,168,930
Interest expense		2,106,476
Dividends declared		516,423
Cash collateral received for over-the-counter option contracts		370,000
Administration fees		153,101
Directors’ fees		2,127
Other liabilities		229,458

Total Liabilities		895,112,740

NET ASSETS	$	2,265,923,426

NET ASSETS consist of:
Paid-in capital	$	1,477,702,200
Total distributable earnings/(accumulated loss)		788,221,226

	$	2,265,923,426

NET ASSET VALUE PER SHARE:
($2,265,923,426 ÷ 85,319,794 shares outstanding)	$	26.56

MARKET PRICE PER SHARE	$	25.95

MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE		(2.30	)%

^a	Includes $1,725,331,234 pledged as collateral, of which $770,719,433 has been rehypothecated, in connection with the Fund’s credit agreement, as described in Note 7.

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2019 (Unaudited)


Investment Income:
Dividend income (net of $3,084,919 of foreign withholding tax)	$	45,433,768
Interest income (net of $49 of foreign withholding tax)		8,082,169
Rehypothecation income		76,308

Total Investment Income		53,592,245

Expenses:
Interest expense		12,751,590
Investment management fees		12,615,971
Administration fees		1,030,809
Reports to shareholders		366,985
Custodian fees and expenses		178,186
Directors’ fees and expenses		54,115
Professional fees		53,778
Transfer agent fees and expenses		10,904
Proxy expenses		121
Miscellaneous		111,599

Total Expenses		27,174,058

Net Investment Income (Loss)		26,418,187

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		86,519,569
Foreign currency transactions		267,611

Net realized gain (loss)		86,787,180

Net change in unrealized appreciation (depreciation) on:
Investments in securities (net of $1,028,260 of foreign capital gains tax)		347,890,177
Written option contracts		291,488
Foreign currency translations		34,397

Net change in unrealized appreciation (depreciation)		348,216,062

Net Realized and Unrealized Gain (Loss)		435,003,242

Net Increase (Decrease) in Net Assets Resulting from Operations	$	461,421,429

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)


	For the Six Months Ended June 30, 2019			For the Year Ended December 31, 2018
Change in Net Assets:
From Operations:
Net investment income (loss)	$	26,418,187		$	44,708,557
Net realized gain (loss)		86,787,180			20,521,123
Net change in unrealized appreciation (depreciation)		348,216,062			(188,781,458	)

Net increase (decrease) in net assets resulting from operations		461,421,429			(123,551,778	)

Distributions to Shareholders		(79,347,408	)		(170,639,587	)

Total increase (decrease) in net assets		382,074,021			(294,191,365	)
Net Assets:
Beginning of period		1,883,849,405			2,178,040,770

End of period	$	2,265,923,426		$	1,883,849,405

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2019 (Unaudited)


Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	461,421,429
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(585,442,562	)
Proceeds from sales and maturities of long-term investments		660,649,840
Net purchases, sales and maturities of short-term investments		(2,968,041	)
Net amortization of premium on investments in securities		357,676
Net increase in dividends and interest receivable and other assets		(5,565,067	)
Net increase in cash collateral received for over-the-counter option contracts		370,000
Net increase in interest expense payable, accrued expenses and other liabilities		1,838,114
Increase in premiums received from written option contracts		314,000
Net change in unrealized appreciation on written option contracts		(291,488	)
Net change in unrealized appreciation on investments in securities (net of $1,028,260 of foreign capital gains tax)		(347,890,177	)
Net realized gain on investments in securities		(86,519,569	)

Cash provided by operating activities		96,274,155

Cash Flows from Financing Activities:
Dividends and distributions paid		(91,305,227	)

Increase (decrease) in cash		4,968,928
Cash at beginning of period (including foreign currency)		1,187,459

Cash at end of period (including foreign currency)	$	6,156,387

Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:

During the six months ended June 30, 2019, interest paid was $10,927,558.

See accompanying notes to financial statements.

COHEN & STEERS 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.


	For the Six Months Ended June 30, 2019			For the Year Ended December 31,
Per Share Operating Performance:	For the Six Months Ended June 30, 2019			2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.08			$25.53			$22.00			$22.22			$25.79			$23.43

Income (loss) from investment operations:

Net investment income (loss)^a		0.31			0.52			0.67			0.69			0.68			0.72
Net realized and unrealized gain (loss)		5.10			(1.97	)		4.63			1.12			(2.66	)		3.12

Total from investment operations		5.41			(1.45	)		5.30			1.81			(1.98	)		3.84

Less dividends and distributions to shareholders from:

Net investment income		(0.93	)		(0.53	)		(1.03	)		(0.62	)		(0.72	)		(0.69	)
Net realized gain		—			(1.47	)		(0.74	)		(1.41	)		(0.88	)		(0.79	)

Total dividends and distributions to shareholders		(0.93	)		(2.00	)		(1.77	)		(2.03	)		(1.60	)		(1.48	)

Anti-dilutive effect from the repurchase of shares		—			—			—			—			0.01			—

Net increase (decrease) in net asset value		4.48			(3.45	)		3.53			(0.22	)		(3.57	)		2.36

Net asset value, end of period		$26.56			$22.08			$25.53			$22.00			$22.22			$25.79

Market value, end of period		$25.95			$19.76			$24.00			$19.36			$19.08			$22.72



Total net asset value return^b		24.95	%^c		–5.34	%		25.33	%		9.22	%		–6.85	%		17.27	%

Total market value return^b		36.41	%^c		–9.89	%		33.89	%		11.93	%		–9.21	%		17.51	%

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)


	For the Six Months Ended June 30, 2019			For the Year Ended December 31,
Ratios/Supplemental Data:	For the Six Months Ended June 30, 2019			2018			2017			2016			2015			2014
Net assets, end of period (in millions)		$2,265.9			$1,883.8			$2,178.0			$1,876.7			$1,895.5			$2,210.3

Ratios to average daily net assets:

Expenses		2.56	%^d		2.44	%		2.17	%		2.19	%		2.11	%		2.01	%

Expenses (excluding interest expense)		1.36	%^d		1.39	%		1.35	%		1.36	%		1.35	%		1.30	%

Net investment income (loss)		2.49	%^d		2.18	%		2.73	%		2.97	%		2.73	%		2.78	%

Ratio of expenses to average daily managed assets^e		1.83	%^d		1.73	%		1.54	%		1.53	%		1.50	%		1.46	%

Portfolio turnover rate		21	%^c		37	%		46	%		51	%		58	%		33	%

Credit Agreement

Asset coverage ratio for credit agreement		367	%		322	%		356	%		321	%		323	%		360	%

Asset coverage per $1,000 for credit agreement		$3,666			$3,216			$3,562			$3,208			$3,230			$3,600

^a	Calculation based on average shares outstanding.

Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

^c	Not annualized.

^d	Annualized.

^e	Average daily managed assets represent net assets plus the outstanding balance of the credit agreement.

See accompanying notes to financial statements.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Infrastructure Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on January 8, 2004 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, closed-end management investment company. The Fund’s investment objective is total return with emphasis on income.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund 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. 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 manager) 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 manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Fixed-income securities 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 manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

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 NAV.

The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager 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 manager 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.

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.)

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

•

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 June 30, 2019 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	$	2,633,440,810		$	2,633,440,810	$	—		$	—
Exchange-Traded Funds:		1,526,474			1,526,474		—			—
Preferred Securities—$25 Par Value:
United States		142,217,579			135,571,596		6,645,983			—
Other Countries		6,103,822			6,103,822		—			—
Preferred Securities—Capital Securities:
United States		132,435,864			—		126,405,864			6,030,000
Other Countries		165,610,060			—		165,610,060			—
Corporate Bonds		1,681,511			—		1,681,511			—
Short-Term Investments		42,936,857			—		42,936,857			—
Purchased Option Contracts		413,462			—		413,462			—

Total Investments in Securities^a	$	3,126,366,439		$	2,776,642,702	$	343,693,737		$	6,030,000	^b

Written Option Contracts	$	(22,512	)	$	—	$	(22,512	)	$	—

Total Derivative Liabilities^a	$	(22,512	)	$	—	$	(22,512	)	$	—

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

^b	Level 3 investments are valued by a third-party pricing service. The inputs for these securities are not readily available or cannot be reasonably estimated. A change in the significant unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	Preferred Securities— Capital Securities— United States
Balance as of December 31, 2018	$	5,985,000
Change in unrealized appreciation (depreciation)		45,000

Balance as of June 30, 2019	$	6,030,000

The change in unrealized appreciation (depreciation) attributable to securities owned on June 30, 2019 which were valued using significant unobservable inputs (Level 3) amounted to $45,000.

Security Transactions and Investment Income: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. 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.

Options: 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 on the Statement of Assets and Liabilities 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 investment. 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

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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.

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 currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any), 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 Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation 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 gain/loss are included in or are a reduction of ordinary income for federal income tax purposes.

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 quarterly and paid monthly. 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 in accordance with the Fund’s Reinvestment Plan, unless the shareholder has elected to have them paid in cash.

The Fund has a managed distribution policy in accordance with exemptive relief issued by the U.S. Securities and Exchange Comission (SEC). The Plan gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a more regular basis to shareholders. Therefore, regular monthly distributions throughout the year may include a portion of estimated realized long-term capital gains, along with net investment income, short-term capital gains and return of capital, which is not taxable. In accordance with the Plan, the Fund is required to adhere to certain conditions in order to distribute long-term capital gains during the year.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the six months ended June 30, 2019, the investment manager considers it likely that a portion of the dividends will be reclassified to distributions from net realized gain upon the final determination of the Fund’s taxable income after December 31, 2019, the Fund’s fiscal year end.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), 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 RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. 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 and applicable state 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, 2019, 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.

Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates

Investment Management Fees: Cohen & Steers Capital Management, Inc. serves as the Fund’s investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager 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 investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 0.85% of the average daily managed assets of the Fund. Managed assets are equal to the net assets plus the amount of any borrowings, used for leverage, outstanding.

Under subadvisory agreements between the investment manager and each of Cohen & Steers Asia Limited and Cohen & Steers UK Limited (collectively, the subadvisors), affiliates of the investment manager, 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 investment manager (not the Fund) pays the subadvisors. The investment manager allocates 50% of the investment management fee received from the Fund among itself and each subadvisor based on the portion of the Fund’s average daily managed assets managed by the investment manager and each subadvisor.

Administration Fees: The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.06% of the average daily managed assets of the Fund. For the six months ended June 30, 2019, the Fund incurred $890,539 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.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment manager. The Fund does not pay compensation to directors and officers affiliated with the investment manager except for the Chief Compliance Officer, who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $15,126 for the six months ended June 30, 2019.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2019, totaled $614,201,242 and $649,254,880, respectively.

Note 4. Derivative Investments

The following tables present the value of derivatives held at June 30, 2019 and the effect of derivatives held during the six months ended June 30, 2019, along with the respective location in the financial statements.

Statement of Assets and Liabilities


	Assets			Liabilities
Derivatives	Location	Fair Value		Location	Fair Value
Equity Risk:
Purchased Options Contracts— Over-the-Counter^a	Investments in securities	$	413,462	—	$	—
Written Option Contracts— Over-the-Counter	—		—	Written option contracts	$	22,512

^a	Includes purchased options at value as reported in the Schedule of Investments.

Statement of Operations


Derivatives	Location	Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Equity Risk:
Purchased Options Contracts^a— Over-the-Counter	Net Realized and Unrealized Gain (Loss)	$	—	$	99,462
Written Option Contracts— Over-the-Counter	Net Realized and Unrealized Gain (Loss)		—		291,488

^a	Purchased options are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

At June 30, 2019, the Fund’s derivative assets and liabilities (by type), which are subject to a master netting agreement, are as follows:


Derivative Financial Instruments	Assets		Liabilities
Equity Risk:
Purchased Option Contracts^—Over-the-Counter	$	413,462	$	—
Written Option Contracts—Over-the-Counter		—		22,512

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral pledged and/or received by the Fund, if any, as of June 30, 2019:


Counterparty	Gross Amount of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received^a			Net Amount of Derivative Assets^b
BNP Paribas SA	$	413,462	$	(22,512	)	$	(370,000	)	$	20,950


Counterparty	Gross Amount of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged^a		Net Amount of Derivative Liabilities^b
BNP Paribas SA	$	22,512	$	(22,512	)	$	—	$	—

^a	Collateral received or pledged is limited to the net derivative asset or net derivative liability amounts. Actual collateral amounts received or pledged may be higher than amounts above.

^b	Net amount represents the net payable due to the counterparty in the event of default.

The following summarizes the volume of the Fund’s option contracts activity for the six months ended June 30, 2019:


	Purchased Option Contracts		Written Option Contracts
Average Notional Amount^a,b	$	7,762,080	$	23,286,240

^a	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 and written options, respectively.

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

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 5. Income Tax Information

As of June 30, 2019, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:


Cost of investments in securities for federal income tax purposes	$	2,377,728,307

Gross unrealized appreciation on investments	$	793,164,201
Gross unrealized depreciation on investments		(44,234,581	)

Net unrealized appreciation (depreciation) on investments	$	748,929,620

Note 6. Capital Stock

The Fund is authorized to issue 300 million shares of common stock at a par value of $0.001 per share.

During the six months ended June 30, 2019 and the year ended December 31, 2018, the Fund did not issue shares of common stock for the reinvestment of dividends.

The Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management’s discretion and subject to market conditions and investment considerations, of up to 10% of the Fund’s common shares outstanding (Share Repurchase Program) as of January 1, 2019, through the fiscal year ended December 31, 2019.

During the six months ended June 30, 2019 and the year ended December 31, 2018, the Fund did not effect any repurchases.

Note 7. Borrowings

The Fund has entered into an amended and restated credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Ltd. (BNPP) in which the Fund pays a monthly financing charge based on a combination of LIBOR-based variable and fixed rates. The commitment amount of the credit agreement is $850,000,000. The Fund may pay a fee of 0.45% per annum on any unused portion of the credit agreement. BNPP may not change certain terms of the credit agreement except upon 360 days’ notice. Also, if the Fund violates certain conditions, the credit agreement may be terminated. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding (or more depending on the terms of the credit agreement) and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, necessitating the sale of portfolio securities at potentially inopportune times. The Fund may, upon prior written notice to BNPP, prepay all or a portion of the fixed and variable rate portions of the credit facility. The Fund may have to pay a breakage fee with respect to a prepayment of all or a portion of the fixed rate financing under the credit facility. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

pledged by the Fund up to the amount of the loan balance outstanding and the Fund will receive a portion of the fees earned by BNPP in connection with the rehypothecated securities. The Fund continues to receive dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned.

On February 24, 2015, the Fund amended its credit agreement in order to extend the term length of the 5-year, 6-year and 7-year fixed rate tranches, originally expiring in 2017, 2018 and 2019, by three years, now expiring in 2020, 2021 and 2022, respectively. The new rates will increase and become effective as the extended fixed-rate tranches become effective. In connection with the extension, the Fund paid an arrangement fee based on the aggregate fixed rate financing amount.

As of June 30, 2019, the Fund had outstanding borrowings of $850,000,000 at a weighted average rate of 3.0%. During the six months ended June 30, 2019, the Fund borrowed an average daily balance of $850,000,000 at a weighted average borrowing cost of 3.0%.

Note 8. Other Risks

Common Stock Risk: While common stocks have historically generated higher average returns than fixed-income securities over the long-term, common stocks have also experienced significantly more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. The value of common stocks and other equity securities will fluctuate in response to developments concerning the company, political and regulatory circumstances, the stock market, and the economy. In the short term, stock prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, stocks of large companies can react differently than stocks of smaller companies, and value stocks (stocks of companies that are undervalued by various measures and have potential for long-term capital appreciation), can react differently from growth stocks (stocks of companies with attractive cash flow returns on invested capital and earnings that are expected to grow). These developments can affect a single company, all companies within the same industry, economic sector or geographic region, or the stock market as a whole.

Infrastructure Companies Risk: Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to high interest costs in connection with

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with compliance with and changes in environmental and other regulations; regulation by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure and utilities assets.

Foreign Currency and Currency Hedging Risk: Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various instruments that are designed to hedge the Fund’s foreign currency risks.

If the Fund were to utilize derivatives for the purpose of hedging foreign currency risks, it would be subject to risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

Foreign (Non-U.S.) and Emerging Market Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments of emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. 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. Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation, nationalization, confiscation, trade sanctions or embargoes or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. The securities and real estate markets of some emerging market countries have in the past experienced substantial market disruptions and may do so in the future.

Master Limited Partnership Risk: An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Weakening energy market fundamentals may increase counterparty risk and impact MLP profitability. Specifically, energy companies suffering financial distress may be able to abrogate contracts with MLPs, decreasing or eliminating sources of revenue.

Leverage Risk: The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for the shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. The use of leverage also results in the investment management fees payable to the investment manager being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Preferred Securities Risk: Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of historically low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Credit and Below-Investment-Grade Securities Risk: Lower-rated securities, or equivalent unrated securities, which are commonly known as “high-yield bonds” or “junk bonds,” generally involve greater volatility of price and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. It is reasonable to expect that any adverse economic conditions could disrupt the market for lower-rated securities, have an adverse impact on the value of those securities and adversely affect the ability of the issuers of those securities to repay principal and interest on those securities.

Geopolitical Risk: Occurrence of global events similar to those in recent years, such as war, terrorist attacks, natural or environmental disasters, country instability, infectious disease epidemics, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

On March 29, 2017, the United Kingdom (UK) formally notified the European Council of its intention to leave the EU and commenced the formal process of withdrawing from the EU (referred to as Brexit). Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences and precise timeframe for Brexit, how it will be conducted, how negotiations of trade agreements will proceed, and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK’s economy, uncertainty about its legal, political and economic relationship with the remaining member states of the EU may continue to be a source of instability.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Fund. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

Options Risk: Gains on options transactions depend on the investment advisor’s ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not engaged in such transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for certain options not

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NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading after the price has risen or fallen more than the maximum specified by the exchange.

Although the Fund may be able to offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to control its losses.

Regulatory Risk: The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The SEC’s final rules and amendments that modernize reporting and disclosure, along with other potential upcoming regulations, could, among other things, restrict the Fund’s ability to engage in transactions, and/or increase overall expenses of the Fund. In addition, the SEC, Congress, various exchanges and regulatory and self-regulatory authorities, both domestic and foreign, have undertaken reviews of the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. While the full extent of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests as well as its ability to execute its investment strategy. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

LIBOR Risk: Many financial instruments may be tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms, hedging strategies, or investment value. LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

Note 9. 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.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 10. New Accounting Guidance

In August 2018, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) No. 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments to ASU 2018-13 are intended to improve the effectiveness of disclosures in the notes to financial statements through modifications to disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Fund has adopted the amended disclosures permissible under the update. The adoption had no effect on the Fund’s net assets or results of operations.

Note 11. Proposed Reorganization

On June 11, 2019, the Board of Directors of Cohen & Steers Global Income Builder, Inc. (INB) and the Fund approved the reorganization of INB with and into the Fund, pursuant to which the Fund would continue as the surviving fund (the Reorganization). INB’s shareholders will be asked to vote on the Reorganization at a special meeting expected to be held on November 15, 2019. The Reorganization, if approved, is expected to occur in the fourth quarter of 2019, subject to the required approval of shareholders of INB. More information will be contained in the proxy materials to be filed with the SEC and mailed to INB’s shareholders.

Note 12. Subsequent Events

Management has evaluated events and transactions occurring after June 30, 2019 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

PROXY RESULTS (Unaudited)

Cohen & Steers Infrastructure Fund, Inc. shareholders voted on the following proposals at the annual meeting held on April 25, 2019. The description of each proposal and number of shares voted are as follows:


Common Shares	Shares Voted For		Authority Withheld
To elect Directors:

Daphne L. Richards		78,410,863		1,220,931
Gerald J. Maginnis		78,458,770		1,173,024
Joseph M. Harvey		78,411,964		1,219,830

COHEN & STEERS INFRASTRUCTURE FUND, INC.

AVERAGE ANNUAL TOTAL RETURNS

(Periods ended June 30, 2019) (Unaudited)


Based on Net Asset Value												Based on Market Value
One Year			Five Years			Ten Years			Since Inception (3/30/04)			One Year			Five Years			Ten Years			Since Inception (3/30/04)
	20.60	%		7.72	%		15.63	%		10.79	%		24.63	%		9.88	%		16.74	%		10.29	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement and/or from the issuance of preferred shares. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. During certain periods presented above, the investment manager waived fees and/or reimbursed expenses. Without this arrangement, performance would have been lower. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan.

REINVESTMENT PLAN

We urge shareholders who want to take advantage of this plan and whose shares are held in ‘Street Name’ to consult your broker as soon as possible to determine if you must change registration into your own name to participate.

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 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.

Disclosures of the Fund’s complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. Previously, the Fund filed its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which has now been rescinded. Both the Fund’s Form N-Q and Form N-PORT, are available (i) without charge, upon request, by calling 800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

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 net realized gains are a return of capital distributed from the Fund’s assets. To the extent this occurs, the Fund’s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. 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. Distributions of capital

COHEN & STEERS INFRASTRUCTURE FUND, INC.

decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Notice is hereby given in accordance with Rule 23c-1 under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.

APPROVAL OF INVESTMENT MANAGEMENT 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 management and subadvisory agreements (the Management Agreements), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Management Agreements for their initial two year terms and their continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. The Management Agreements were discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 4, 2019 and at meetings of the full Board of Directors held in person on March 19, 2019 and June 11, 2019. At the meeting of the full Board of Directors on June 11, 2019, the Management Agreements were unanimously continued for a term ending June 30, 2020 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 meetings and executive sessions.

In considering whether to continue the Management Agreements, the Board of Directors reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment manager (the Investment Manager); and a memorandum from Fund counsel 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 management personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Manager 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 Manager and the Subadvisors: The Board of Directors reviewed the services that the Investment Manager and sub-investment advisors (the Subadvisors) provide to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board of Directors of the Fund regarding the Fund’s portfolio, providing individuals to serve as Fund officers, and, for the Investment Manager, 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 Manager and the Subadvisors to its other funds and accounts, including those that have investment objectives and strategies similar to those of the Fund. The Board of Directors also considered the education, background and experience of the Investment Manager’s and

COHEN & STEERS INFRASTRUCTURE FUND, INC.

Subadvisors’ personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board of Directors further noted the Investment Manager’s and Subadvisors’ ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Manager, 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 Manager and the Subadvisors are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Manager and Subadvisors: The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to a relevant linked blended benchmark. The Fund changed its investment strategies and benchmark effective January 1, 2010. In addition, on March 31, 2015, one of the components of the linked benchmark was retired and replaced. For comparative purposes, the Fund’s prior benchmark is used for the period it was in place and the current benchmark is used since the date of the change. The Board of Directors noted that the Fund represented the Peer Funds’ median for the one-year period ended March 31, 2019, ranking third out of five peers. The Board of Directors noted that the Fund outperformed the Peer Funds’ medians for the three-, five- and ten-year periods ended March 31, 2019, ranking first in the peer group for each period. The Board of Directors also noted that the Fund outperformed its linked benchmark for the one-, three-, five- and ten-year periods ended March 31, 2019. The Board of Directors engaged in discussions with the Investment Manager regarding the contributors to and detractors from the Fund’s performance during the periods, as well as the impact of leverage on the Fund’s performance. The Board of Directors also considered supplemental information provided by the Investment Manager, including a narrative summary of various factors affecting performance, and the Investment Manager’s performance in managing other infrastructure funds. The Board of Directors determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Management Agreements.

(iii) Cost of the services to be provided and profits to be realized by the Investment Manager from the relationship with the Fund: The Board of Directors considered the contractual and actual management fees paid by the Fund as well as the 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 considered that the Fund’s actual management fees at managed and common asset levels were lower than the Peer Funds’ medians, ranking first out of five peers for each. The Board of Directors also noted that the Fund’s total expense ratios at managed and common asset levels, including and excluding investment-related expenses were lower than the Peer Funds’ medians, each ranking first out of five peers. The Board of Directors considered the impact of leverage levels on the Fund’s fees and expenses at managed and common asset levels. In light of the considerations above, the Board of Directors concluded that the Fund’s current expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Manager of its relationship with the Fund. The Board of Directors considered the level of the Investment Manager’s profits and whether the profits were reasonable for the Investment Manager. Because the Subadvisors are paid by the Investment Manager (and not by the Fund) for investment services provided to the Fund and are affiliates of the Investment Manager, the Board of Directors considered the profitability of the Investment Manager as a whole and did not consider the Subadvisors’ separate profitability to be particularly relevant to their determination. The Board of Directors took into

COHEN & STEERS INFRASTRUCTURE FUND, INC.

consideration other benefits to be derived by the Investment Manager in connection with the Management Agreements, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Manager receives by allocating the Fund’s brokerage transactions. The Board of Directors further considered that the Investment Manager continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board of Directors also considered the administrative services provided by the Investment Manager and the associated administration fee paid to the Investment Manager for such services under the Administration Agreement. The Board of Directors determined that the services received under the Administration Agreement are beneficial to the Fund. The Board of Directors concluded that the profits realized by the Investment Manager from its relationship with the Fund were reasonable and consistent with the Investment Manager’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, as a closed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale. The Board of Directors determined that, given the Fund’s closed-end structure, there were no significant economies of scale that were not being shared with shareholders. In considering economies of scale, the Board of Directors also noted, as discussed above in (iii), that the Investment Manager continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment management contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board of Directors compared the fees paid under the Management Agreements to those under other investment management contracts of other investment advisors managing Peer Funds. The Board of Directors also compared the services rendered and fees paid under the Management Agreements to those under the Investment Manager’s other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates, including additional information about the ranges of such fees provided in response to a supplemental request for information, noting that the Investment Manager provides more services to the Fund than it does for institutional or subadvised accounts. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Manager in developing and managing the Fund that the Investment Manager does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board of Directors determined that on a comparative basis the fees under the Management Agreements were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board of Directors, and each Director may have assigned different weights to the various factors. 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 Management Agreements.

COHEN & STEERS 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

COHEN & STEERS 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 Japan, LLC, Cohen & Steers UK Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open and Closed-End Funds (collectively, Cohen & Steers).

What we do

How does Cohen & Steers protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.

How does Cohen & Steers collect my personal information?		We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.

Why can’t I limit all sharing?		Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to 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.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS REAL ESTATE SECURITIES FUND

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS INSTITUTIONAL REALTY SHARES

•

Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

•

Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

•

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

•

Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS INTERNATIONAL REALTY FUND

•

Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities

•

Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

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

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 issued by U.S. and non-U.S. companies

•

Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS LOW DURATION PREFERRED

AND INCOME FUND

•

Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies

•

Symbols: LPXAX, LPXCX, LPXIX, LPXRX, LPXZX

COHEN & STEERS MLP & ENERGY OPPORTUNITY FUND

•

Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks

•

Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

•

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

•

Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

COHEN & STEERS ALTERNATIVE INCOME FUND

(FORMERLY COHEN & STEERS DIVIDEND VALUE FUND)

•

Designed for investors seeking high current income and capital appreciation, investing in equity, preferred and debt securities, focused on real assets and alternative income strategies

•

Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end 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.

COHEN & STEERS INFRASTRUCTURE FUND, INC.

OFFICERS AND DIRECTORS

Robert H. Steers

Director and Chairman

Joseph M. Harvey

Director and Vice President

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

C. Edward Ward, Jr.

Director

Adam M. Derechin

President and Chief Executive Officer

Robert S. Becker

Vice President

Benjamin Morton

Vice President

William F. Scapell

Vice President

Yigal D. Jhirad

Vice President

Dana A. DeVivo

Secretary and Chief Legal Officer

James Giallanza

Chief Financial Officer

Albert Laskaj

Treasurer

Lisa D. Phelan

Chief Compliance Officer

KEY INFORMATION

Investment Manager

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

Computershare

150 Royall Street

Canton, MA 02021

(866) 227-0757

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036


New York Stock Exchange Symbol:		UTF

Website: cohenandsteers.com

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. 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.

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Cohen & Steers

Infrastructure

Fund

Semiannual Report June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at www.cohenandsteers.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, by signing up at www.cohenandsteers.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or, if you are a direct investor, you can call (866) 227-0757 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held within the fund complex if you invest directly with the Fund.

UTFSAR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

(a)	Not applicable.

(b)	The registrant has not had any change in the portfolio managers identified in response to paragraph (a)(1) of this item in the registrant’s most recent annual report on Form N-CSR.

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

None.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a)	The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded,

processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)	For the fiscal year ended December 31, 2018, the registrant had the following dollar amounts of income and fees/compensation related to its securities lending activities:


	Total
Gross income from securities lending activities		$1,180,631
Fees and/or compensation for securities lending activities and related services
Fees paid to securities lending agent from a revenue split		$1,003,536
Fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split		—
Administrative fees that are not included in the revenue split		—
Indemnification fee not included in the revenue split		—
Rebates paid to borrowers;		—
Other fees relating to the securities lending program not included in the revenue split		—
Aggregate fees/compensation for securities lending activities and related services		$1,003.536
Net income from securities lending activities		$177,095

(b)	During the registrants most recent fiscal year ended December 31, 2018, BNP Paribas (“BNPP”) served as the registrant’s securities lending agent.

As a securities lending agent, BNPP is responsible for the implementation and administration of the registrant’s securities lending program. Pursuant to its respective Securities Lending Agreement (“Securities Lending Agreement”) with the registrant, BNPP, as a general matter, performs various services, including the following:

•

Locating borrowers;

•

Monitoring daily the value of the loaned securities and collateral (i.e. the collateral posted by the party borrowing);

•

Negotiation of loan terms;

•

Selection of securities to be loaned;

•

Recordkeeping and account servicing;

•

Monitoring of dividend activity and material proxy votes relating to loaned securities, and;

•

Arranging for return of loaned securities to the registrant at loan termination.

BNPP is compensated for the above-described services from its securities lending revenue split. The table above shows what the registrant earned and the fees and compensation it paid in connections with its securities lending activities during its most recent fiscal year.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(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.

(a)(4)

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.

(c)	Registrant’s notices to shareholders pursuant to registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions pursuant to the registrant’s Managed Distribution Plan.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COHEN & STEERS INFRASTRUCTURE FUND, INC.



		By:		/s/ Adam M. Derechin
				Name: Adam M. Derechin Title: Principal Executive Officer (President and Chief Executive Officer)

		Date:		September 5, 2019

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: Principal Executive Officer (President and Chief Executive Officer)

		By:		/s/ James Giallanza
				Name: James Giallanza Title: Principal Financial Officer (Chief Financial Officer)

		Date:		September 5, 2019