Cohen & Steers Global Infrastructure Fund Inc
03/04/2026 | Press release | Distributed by Public on 03/04/2026 16:15
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21488
Cohen & Steers Global Infrastructure Fund, Inc.
(Exact name of Registrant as specified in charter)
1166 Avenue of the Americas, 30th Floor, New York, NY 10036
(Address of principal executive offices) (Zip code)
Dana A. DeVivo
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, New York 10036
(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: December 31, 2025
Item 1. Reports to Stockholders.
(a)
|
Cohen & Steers Global Infrastructure Fund, Inc. annual shareholder reportas of December 31, 2025 Class A- CSUAX |
|
This annual shareholder reportcontains important information about Cohen & Steers Global Infrastructure Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $130 | 1.21% |
How did the Fund perform during the last year and what affected its performance?
The share class had a 14.31% total return in the 12 months ended December 31, 2025, compared with the Linked Index,1 which returned 14.36%, and the MSCI World Index - net, which returned 21.09%.
Stock selection and an overweight allocation to gas distribution contributed to relative performance compared with the Linked Index.1 This included beneficial positioning in Sempra Energy. An underweight early in the year ahead of its guidance reduction later became an overweight position, reflecting our view that the market had overreacted to the news. It continued to outperform following management's announcement of the sale of a 45% stake in its infrastructure unit for $10 billion, exceeding market expectations. Stock selection in electric utilities also contributed to relative performance. An overweight investment in Brazil's Cia Paranaense de Energia (Copel) rose materially, driven by significant cost reductions and its continued renewable energy expansion. The company also divested non-core solar assets to streamline operations. Stock selection in communications further aided relative returns. The Fund held an overweight investment in satellite telecommunications company SES, which rose sharply on strong operating results, driven by robust growth in its networks segment. The successful integration with a multinational satellite services provider, delivering tangible synergies and expanded operational capacity, also helped.
Stock selection in airports detracted from relative performance. This included the timing of our investment in Airports of Thailand. The stock was volatile amid the company's dispute (since resolved) with its major duty-free concessionaire. Stock selection and an underweight allocation to water utilities also detracted from relative performance, due partly to the timing of our investments in American Water Works. Stock selection and an underweight allocation to railways likewise hindered relative performance. An overweight position in RUMO struggled amid a challenging macro environment in Brazil during the period.
|
Top contributors |
Top detractors |
|
Gas Distribution |
Airports |
|
Electric |
Water |
|
Communications |
Railways |
Growth of a $10,000 investment*
The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class A | Linked Index1 | ||
| MSCI World Index - net |
Average annual total returns (%)*
(as of December 31, 2025)
(as of December 31, 2025)
| 1 Year | 5 Years | 10 Years | |
| With sales charge2 | 9.17% | 6.45% | 7.45% |
| Without sales charge | 14.31% | 7.44% | 7.94% |
| MSCI World Index - net | 21.09% | 12.15% | 12.17% |
| Linked Index1 | 14.36% | 6.95% | 7.79% |
* Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.
Key fund statistics (as of December 31, 2025)
| Net assets | $986,789,133 |
| Number of portfolio holdings (excluding derivatives) | 67 |
| Portfolio turnover rate | 82% |
| Net advisory fees paid | $6,264,093 |
Portfolio holdings (as of December 31, 2025)
| Top ten holdings3,4 | (%) |
| NextEra Energy, Inc. | 6.3% |
| Williams Cos., Inc. | 4.7% |
| TC Energy Corp. | 4.6% |
| Union Pacific Corp. | 4.1% |
| Entergy Corp. | 3.6% |
| CSX Corp. | 3.4% |
| Sempra | 3.1% |
| Norfolk Southern Corp. | 2.6% |
| National Grid PLC | 2.4% |
| Grupo Aeroportuario del Sureste SAB de CV | 2.4% |
| Sector diversification3,5 | (%) |
| Electric | 42.5% |
| Midstream | 13.0% |
| Railways | 12.9% |
| Gas Distribution | 8.1% |
| Airports | 7.1% |
| Communications | 3.9% |
| Toll Roads | 3.7% |
| Marine Ports | 2.7% |
| Water | 1.8% |
| Other (includes short-term investments) | 4.3% |
| Country diversification3,5 | (%) |
| United States | 58.3% |
| Canada | 6.5% |
| Japan | 4.1% |
| Australia | 4.1% |
| India | 3.4% |
| Spain | 3.2% |
| United Kingdom | 3.1% |
| Brazil | 2.7% |
| Mexico | 2.4% |
| Other (includes short-term investments) | 12.2% |
Material Fund Changes
This is a summary of certain material changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling 1-800-330-7348.
How has the Fund changed?
Changes to Fund's principal investment strategy
On December 9, 2025, the Fund's Board approved a change to the Fund's principal investment strategy regarding the Fund's minimum investment in non-U.S. securities, effective May 1, 2026, as follows:
Under normal market conditions, the Fund invests at least the lesser of (i) 40% of its total assets or (ii) the percentage of non-U.S. companies in the index designated by the Fund as its current benchmark, the FTSE Global Core Infrastructure 50/50 Net Tax Index, minus 10%, in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Prior to May 1, 2026, under normal market conditions, the Fund invests at least 40%, unless market conditions are not deemed favorable by the investment advisor, in which case the Fund would invest at least 30%, of its total assets in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
|
1 |
The Linked Index consists of the UBS Global 50/50 Infrastructure & Utilities Index-Net (UBS 50/50) from June 1, 2008 through March 31, 2015 and the FTSE Global Core Infrastructure 50/50 Net Tax Index (FTSE 50/50) thereafter. |
|
2 |
Reflects a 4.50% front-end sales charge. |
|
3 |
Based on net assets. |
|
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
|
5 |
Excludes derivative instruments, if any. |
|
Cohen & Steers Global Infrastructure Fund, Inc. annual shareholder reportas of December 31, 2025 Class C- CSUCX |
|
This annual shareholder report contains important information about Cohen & Steers Global Infrastructure Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $199 | 1.86% |
How did the Fund perform during the last year and what affected its performance?
The share class had a 13.54% total return in the 12 months ended December 31, 2025, compared with the Linked Index,1 which returned 14.36%, and the MSCI World Index - net, which returned 21.09%.
Stock selection and an overweight allocation to gas distribution contributed to relative performance compared with the Linked Index.1 This included beneficial positioning in Sempra Energy. An underweight early in the year ahead of its guidance reduction later became an overweight position, reflecting our view that the market had overreacted to the news. It continued to outperform following management's announcement of the sale of a 45% stake in its infrastructure unit for $10 billion, exceeding market expectations. Stock selection in electric utilities also contributed to relative performance. An overweight investment in Brazil's Cia Paranaense de Energia (Copel) rose materially, driven by significant cost reductions and its continued renewable energy expansion. The company also divested non-core solar assets to streamline operations. Stock selection in communications further aided relative returns. The Fund held an overweight investment in satellite telecommunications company SES, which rose sharply on strong operating results, driven by robust growth in its networks segment. The successful integration with a multinational satellite services provider, delivering tangible synergies and expanded operational capacity, also helped.
Stock selection in airports detracted from relative performance. This included the timing of our investment in Airports of Thailand. The stock was volatile amid the company's dispute (since resolved) with its major duty-free concessionaire. Stock selection and an underweight allocation to water utilities also detracted from relative performance, due partly to the timing of our investments in American Water Works. Stock selection and an underweight allocation to railways likewise hindered relative performance. An overweight position in RUMO struggled amid a challenging macro environment in Brazil during the period.
|
Top contributors |
Top detractors |
|
Gas Distribution |
Airports |
|
Electric |
Water |
|
Communications |
Railways |
Growth of a $10,000 investment*
The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class C | Linked Index1 | ||
| MSCI World Index - net |
Average annual total returns (%)*
(as of December 31, 2025)
(as of December 31, 2025)
| 1 Year | 5 Years | 10 Years | |
| With sales charge | 12.54%2 | 6.74% | 7.24% |
| Without sales charge | 13.54% | 6.74% | 7.24% |
| MSCI World Index - net | 21.09% | 12.15% | 12.17% |
| Linked Index1 | 14.36% | 6.95% | 7.79% |
* Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.
Key fund statistics (as of December 31, 2025)
| Net assets | $986,789,133 |
| Number of portfolio holdings (excluding derivatives) | 67 |
| Portfolio turnover rate | 82% |
| Net advisory fees paid | $6,264,093 |
Portfolio holdings (as of December 31, 2025)
| Top ten holdings3,4 | (%) |
| NextEra Energy, Inc. | 6.3% |
| Williams Cos., Inc. | 4.7% |
| TC Energy Corp. | 4.6% |
| Union Pacific Corp. | 4.1% |
| Entergy Corp. | 3.6% |
| CSX Corp. | 3.4% |
| Sempra | 3.1% |
| Norfolk Southern Corp. | 2.6% |
| National Grid PLC | 2.4% |
| Grupo Aeroportuario del Sureste SAB de CV | 2.4% |
| Sector diversification3,5 | (%) |
| Electric | 42.5% |
| Midstream | 13.0% |
| Railways | 12.9% |
| Gas Distribution | 8.1% |
| Airports | 7.1% |
| Communications | 3.9% |
| Toll Roads | 3.7% |
| Marine Ports | 2.7% |
| Water | 1.8% |
| Other (includes short-term investments) | 4.3% |
| Country diversification3,5 | (%) |
| United States | 58.3% |
| Canada | 6.5% |
| Japan | 4.1% |
| Australia | 4.1% |
| India | 3.4% |
| Spain | 3.2% |
| United Kingdom | 3.1% |
| Brazil | 2.7% |
| Mexico | 2.4% |
| Other (includes short-term investments) | 12.2% |
Material Fund Changes
This is a summary of certain material changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling 1-800-330-7348.
How has the Fund changed?
Changes to Fund's principal investment strategy
On December 9, 2025, the Fund's Board approved a change to the Fund's principal investment strategy regarding the Fund's minimum investment in non-U.S. securities, effective May 1, 2026, as follows:
Under normal market conditions, the Fund invests at least the lesser of (i) 40% of its total assets or (ii) the percentage of non-U.S. companies in the index designated by the Fund as its current benchmark, the FTSE Global Core Infrastructure 50/50 Net Tax Index, minus 10%, in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Prior to May 1, 2026, under normal market conditions, the Fund invests at least 40%, unless market conditions are not deemed favorable by the investment advisor, in which case the Fund would invest at least 30%, of its total assets in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
|
1 |
The Linked Index consists of the UBS Global 50/50 Infrastructure & Utilities Index-Net (UBS 50/50) from June 1, 2008 through March 31, 2015 and the FTSE Global Core Infrastructure 50/50 Net Tax Index (FTSE 50/50) thereafter. |
|
2 |
Reflects a contingent deferred sales charge of 1.00%. |
|
3 |
Based on net assets. |
|
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
|
5 |
Excludes derivative instruments, if any. |
|
Cohen & Steers Global Infrastructure Fund, Inc. annual shareholder reportas of December 31, 2025 Class I- CSUIX |
|
This annual shareholder report contains important information about Cohen & Steers Global Infrastructure Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $92 | 0.86% |
How did the Fund perform during the last year and what affected its performance?
The share class had a 14.70% total return in the 12 months ended December 31, 2025, compared with the Linked Index,1 which returned 14.36%, and the MSCI World Index - net, which returned 21.09%.
Stock selection and an overweight allocation to gas distribution contributed to relative performance compared with the Linked Index.1 This included beneficial positioning in Sempra Energy. An underweight early in the year ahead of its guidance reduction later became an overweight position, reflecting our view that the market had overreacted to the news. It continued to outperform following management's announcement of the sale of a 45% stake in its infrastructure unit for $10 billion, exceeding market expectations. Stock selection in electric utilities also contributed to relative performance. An overweight investment in Brazil's Cia Paranaense de Energia (Copel) rose materially, driven by significant cost reductions and its continued renewable energy expansion. The company also divested non-core solar assets to streamline operations. Stock selection in communications further aided relative returns. The Fund held an overweight investment in satellite telecommunications company SES, which rose sharply on strong operating results, driven by robust growth in its networks segment. The successful integration with a multinational satellite services provider, delivering tangible synergies and expanded operational capacity, also helped.
Stock selection in airports detracted from relative performance. This included the timing of our investment in Airports of Thailand. The stock was volatile amid the company's dispute (since resolved) with its major duty-free concessionaire. Stock selection and an underweight allocation to water utilities also detracted from relative performance, due partly to the timing of our investments in American Water Works. Stock selection and an underweight allocation to railways likewise hindered relative performance. An overweight position in RUMO struggled amid a challenging macro environment in Brazil during the period.
|
Top contributors |
Top detractors |
|
Gas Distribution |
Airports |
|
Electric |
Water |
|
Communications |
Railways |
Growth of a $100,000 investment*
The chart below shows the performance of a hypothetical $100,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class I | Linked Index1 | ||
| MSCI World Index - net |
Average annual total returns (%)*
(as of December 31, 2025)
(as of December 31, 2025)
| 1 Year | 5 Years | 10 Years | |
| Class I2 | 14.70% | 7.81% | 8.31% |
| MSCI World Index - net | 21.09% | 12.15% | 12.17% |
| Linked Index1 | 14.36% | 6.95% | 7.79% |
* Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.
Key fund statistics (as of December 31, 2025)
| Net assets | $986,789,133 |
| Number of portfolio holdings (excluding derivatives) | 67 |
| Portfolio turnover rate | 82% |
| Net advisory fees paid | $6,264,093 |
Portfolio holdings (as of December 31, 2025)
| Top ten holdings3,4 | (%) |
| NextEra Energy, Inc. | 6.3% |
| Williams Cos., Inc. | 4.7% |
| TC Energy Corp. | 4.6% |
| Union Pacific Corp. | 4.1% |
| Entergy Corp. | 3.6% |
| CSX Corp. | 3.4% |
| Sempra | 3.1% |
| Norfolk Southern Corp. | 2.6% |
| National Grid PLC | 2.4% |
| Grupo Aeroportuario del Sureste SAB de CV | 2.4% |
| Sector diversification3,5 | (%) |
| Electric | 42.5% |
| Midstream | 13.0% |
| Railways | 12.9% |
| Gas Distribution | 8.1% |
| Airports | 7.1% |
| Communications | 3.9% |
| Toll Roads | 3.7% |
| Marine Ports | 2.7% |
| Water | 1.8% |
| Other (includes short-term investments) | 4.3% |
| Country diversification3,5 | (%) |
| United States | 58.3% |
| Canada | 6.5% |
| Japan | 4.1% |
| Australia | 4.1% |
| India | 3.4% |
| Spain | 3.2% |
| United Kingdom | 3.1% |
| Brazil | 2.7% |
| Mexico | 2.4% |
| Other (includes short-term investments) | 12.2% |
Material Fund Changes
This is a summary of certain material changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling 1-800-330-7348.
How has the Fund changed?
Changes to Fund's principal investment strategy
On December 9, 2025, the Fund's Board approved a change to the Fund's principal investment strategy regarding the Fund's minimum investment in non-U.S. securities, effective May 1, 2026, as follows:
Under normal market conditions, the Fund invests at least the lesser of (i) 40% of its total assets or (ii) the percentage of non-U.S. companies in the index designated by the Fund as its current benchmark, the FTSE Global Core Infrastructure 50/50 Net Tax Index, minus 10%, in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Prior to May 1, 2026, under normal market conditions, the Fund invests at least 40%, unless market conditions are not deemed favorable by the investment advisor, in which case the Fund would invest at least 30%, of its total assets in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
|
1 |
The Linked Index consists of the UBS Global 50/50 Infrastructure & Utilities Index-Net (UBS 50/50) from June 1, 2008 through March 31, 2015 and the FTSE Global Core Infrastructure 50/50 Net Tax Index (FTSE 50/50) thereafter. |
|
2 |
This share class does not impose a sales charge. |
|
3 |
Based on net assets. |
|
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
|
5 |
Excludes derivative instruments, if any. |
|
Cohen & Steers Global Infrastructure Fund, Inc. annual shareholder reportas of December 31, 2025 Class R- CSURX |
|
This annual shareholder report contains important information about Cohen & Steers Global Infrastructure Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $146 | 1.36% |
How did the Fund perform during the last year and what affected its performance?
The share class had a 14.17% total return in the 12 months ended December 31, 2025, compared with the Linked Index,1 which returned 14.36%, and the MSCI World Index - net, which returned 21.09%.
Stock selection and an overweight allocation to gas distribution contributed to relative performance compared with the Linked Index.1 This included beneficial positioning in Sempra Energy. An underweight early in the year ahead of its guidance reduction later became an overweight position, reflecting our view that the market had overreacted to the news. It continued to outperform following management's announcement of the sale of a 45% stake in its infrastructure unit for $10 billion, exceeding market expectations. Stock selection in electric utilities also contributed to relative performance. An overweight investment in Brazil's Cia Paranaense de Energia (Copel) rose materially, driven by significant cost reductions and its continued renewable energy expansion. The company also divested non-core solar assets to streamline operations. Stock selection in communications further aided relative returns. The Fund held an overweight investment in satellite telecommunications company SES, which rose sharply on strong operating results, driven by robust growth in its networks segment. The successful integration with a multinational satellite services provider, delivering tangible synergies and expanded operational capacity, also helped.
Stock selection in airports detracted from relative performance. This included the timing of our investment in Airports of Thailand. The stock was volatile amid the company's dispute (since resolved) with its major duty-free concessionaire. Stock selection and an underweight allocation to water utilities also detracted from relative performance, due partly to the timing of our investments in American Water Works. Stock selection and an underweight allocation to railways likewise hindered relative performance. An overweight position in RUMO struggled amid a challenging macro environment in Brazil during the period.
|
Top contributors |
Top detractors |
|
Gas Distribution |
Airports |
|
Electric |
Water |
|
Communications |
Railways |
Growth of a $10,000 investment*
The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class R | Linked Index1 | ||
| MSCI World Index - net |
Average annual total returns (%)*
(as of December 31, 2025)
(as of December 31, 2025)
| 1 Year | 5 Years | 10 Years | |
| Class R2 | 14.17% | 7.28% | 7.78% |
| MSCI World Index - net | 21.09% | 12.15% | 12.17% |
| Linked Index1 | 14.36% | 6.95% | 7.79% |
* Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.
Key fund statistics (as of December 31, 2025)
| Net assets | $986,789,133 |
| Number of portfolio holdings (excluding derivatives) | 67 |
| Portfolio turnover rate | 82% |
| Net advisory fees paid | $6,264,093 |
Portfolio holdings (as of December 31, 2025)
| Top ten holdings3,4 | (%) |
| NextEra Energy, Inc. | 6.3% |
| Williams Cos., Inc. | 4.7% |
| TC Energy Corp. | 4.6% |
| Union Pacific Corp. | 4.1% |
| Entergy Corp. | 3.6% |
| CSX Corp. | 3.4% |
| Sempra | 3.1% |
| Norfolk Southern Corp. | 2.6% |
| National Grid PLC | 2.4% |
| Grupo Aeroportuario del Sureste SAB de CV | 2.4% |
| Sector diversification3,5 | (%) |
| Electric | 42.5% |
| Midstream | 13.0% |
| Railways | 12.9% |
| Gas Distribution | 8.1% |
| Airports | 7.1% |
| Communications | 3.9% |
| Toll Roads | 3.7% |
| Marine Ports | 2.7% |
| Water | 1.8% |
| Other (includes short-term investments) | 4.3% |
| Country diversification3,5 | (%) |
| United States | 58.3% |
| Canada | 6.5% |
| Japan | 4.1% |
| Australia | 4.1% |
| India | 3.4% |
| Spain | 3.2% |
| United Kingdom | 3.1% |
| Brazil | 2.7% |
| Mexico | 2.4% |
| Other (includes short-term investments) | 12.2% |
Material Fund Changes
This is a summary of certain material changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling 1-800-330-7348.
How has the Fund changed?
Changes to Fund's principal investment strategy
On December 9, 2025, the Fund's Board approved a change to the Fund's principal investment strategy regarding the Fund's minimum investment in non-U.S. securities, effective May 1, 2026, as follows:
Under normal market conditions, the Fund invests at least the lesser of (i) 40% of its total assets or (ii) the percentage of non-U.S. companies in the index designated by the Fund as its current benchmark, the FTSE Global Core Infrastructure 50/50 Net Tax Index, minus 10%, in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Prior to May 1, 2026, under normal market conditions, the Fund invests at least 40%, unless market conditions are not deemed favorable by the investment advisor, in which case the Fund would invest at least 30%, of its total assets in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
|
1 |
The Linked Index consists of the UBS Global 50/50 Infrastructure & Utilities Index-Net (UBS 50/50) from June 1, 2008 through March 31, 2015 and the FTSE Global Core Infrastructure 50/50 Net Tax Index (FTSE 50/50) thereafter. |
|
2 |
This share class does not impose a sales charge. |
|
3 |
Based on net assets. |
|
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
|
5 |
Excludes derivative instruments, if any. |
|
Cohen & Steers Global Infrastructure Fund, Inc. annual shareholder reportas of December 31, 2025 Class Z- CSUZX |
|
This annual shareholder report contains important information about Cohen & Steers Global Infrastructure Fund, Inc. (Fund) for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund, by scanning the QR code or visiting www.cohenandsteers.com/fund-literature. You can also request this information by contacting us at 1-800-330-7348.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $92 | 0.86% |
How did the Fund perform during the last year and what affected its performance?
The share class had a 14.69% total return in the 12 months ended December 31, 2025, compared with the Linked Index,1 which returned 14.36%, and the MSCI World Index - net, which returned 21.09%.
Stock selection and an overweight allocation to gas distribution contributed to relative performance compared with the Linked Index.1 This included beneficial positioning in Sempra Energy. An underweight early in the year ahead of its guidance reduction later became an overweight position, reflecting our view that the market had overreacted to the news. It continued to outperform following management's announcement of the sale of a 45% stake in its infrastructure unit for $10 billion, exceeding market expectations. Stock selection in electric utilities also contributed to relative performance. An overweight investment in Brazil's Cia Paranaense de Energia (Copel) rose materially, driven by significant cost reductions and its continued renewable energy expansion. The company also divested non-core solar assets to streamline operations. Stock selection in communications further aided relative returns. The Fund held an overweight investment in satellite telecommunications company SES, which rose sharply on strong operating results, driven by robust growth in its networks segment. The successful integration with a multinational satellite services provider, delivering tangible synergies and expanded operational capacity, also helped.
Stock selection in airports detracted from relative performance. This included the timing of our investment in Airports of Thailand. The stock was volatile amid the company's dispute (since resolved) with its major duty-free concessionaire. Stock selection and an underweight allocation to water utilities also detracted from relative performance, due partly to the timing of our investments in American Water Works. Stock selection and an underweight allocation to railways likewise hindered relative performance. An overweight position in RUMO struggled amid a challenging macro environment in Brazil during the period.
|
Top contributors |
Top detractors |
|
Gas Distribution |
Airports |
|
Electric |
Water |
|
Communications |
Railways |
Growth of a $10,000 investment*
The chart below shows the performance of a hypothetical $10,000 investment in the share class noted over the period reflected, as compared to the performance of the Fund's benchmarks, and assumes the maximum sales charge, if applicable, and the reinvestment of dividends and distributions at net asset value.
| Class Z | Linked Index1 | ||
| MSCI World Index - net |
Average annual total returns (%)*
(as of December 31, 2025)
(as of December 31, 2025)
| 1 Year | 5 Years | 10 Years | |
| Class Z2 | 14.69% | 7.81% | 8.32% |
| MSCI World Index - net | 21.09% | 12.15% | 12.17% |
| Linked Index1 | 14.36% | 6.95% | 7.79% |
* Data quoted represents past performance, which is no guarantee of future results. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Unless otherwise noted, index performance does not reflect the deductions of any fees, taxes or expenses.
Key fund statistics (as of December 31, 2025)
| Net assets | $986,789,133 |
| Number of portfolio holdings (excluding derivatives) | 67 |
| Portfolio turnover rate | 82% |
| Net advisory fees paid | $6,264,093 |
Portfolio holdings (as of December 31, 2025)
| Top ten holdings3,4 | (%) |
| NextEra Energy, Inc. | 6.3% |
| Williams Cos., Inc. | 4.7% |
| TC Energy Corp. | 4.6% |
| Union Pacific Corp. | 4.1% |
| Entergy Corp. | 3.6% |
| CSX Corp. | 3.4% |
| Sempra | 3.1% |
| Norfolk Southern Corp. | 2.6% |
| National Grid PLC | 2.4% |
| Grupo Aeroportuario del Sureste SAB de CV | 2.4% |
| Sector diversification3,5 | (%) |
| Electric | 42.5% |
| Midstream | 13.0% |
| Railways | 12.9% |
| Gas Distribution | 8.1% |
| Airports | 7.1% |
| Communications | 3.9% |
| Toll Roads | 3.7% |
| Marine Ports | 2.7% |
| Water | 1.8% |
| Other (includes short-term investments) | 4.3% |
| Country diversification3,5 | (%) |
| United States | 58.3% |
| Canada | 6.5% |
| Japan | 4.1% |
| Australia | 4.1% |
| India | 3.4% |
| Spain | 3.2% |
| United Kingdom | 3.1% |
| Brazil | 2.7% |
| Mexico | 2.4% |
| Other (includes short-term investments) | 12.2% |
Material Fund Changes
This is a summary of certain material changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus, which is available upon request by calling 1-800-330-7348.
How has the Fund changed?
Changes to Fund's principal investment strategy
On December 9, 2025, the Fund's Board approved a change to the Fund's principal investment strategy regarding the Fund's minimum investment in non-U.S. securities, effective May 1, 2026, as follows:
Under normal market conditions, the Fund invests at least the lesser of (i) 40% of its total assets or (ii) the percentage of non-U.S. companies in the index designated by the Fund as its current benchmark, the FTSE Global Core Infrastructure 50/50 Net Tax Index, minus 10%, in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Prior to May 1, 2026, under normal market conditions, the Fund invests at least 40%, unless market conditions are not deemed favorable by the investment advisor, in which case the Fund would invest at least 30%, of its total assets in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Additional information is available on the Fund's website address included at the beginning of this report, including the Fund's prospectus, financial information, holdings and proxy voting information.
|
1 |
The Linked Index consists of the UBS Global 50/50 Infrastructure & Utilities Index-Net (UBS 50/50) from June 1, 2008 through March 31, 2015 and the FTSE Global Core Infrastructure 50/50 Net Tax Index (FTSE 50/50) thereafter. |
|
2 |
This share class does not impose a sales charge. |
|
3 |
Based on net assets. |
|
4 |
Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any. |
|
5 |
Excludes derivative instruments, if any. |
(b) Not applicable.
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR("Code of Ethics") that applies to its Principal Executive Officer and Principal Financial Officer. The Code of Ethics was in effect during the reporting period. The registrant has not amended the Code of Ethics as described in Form N-CSRduring the reporting period. The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSRduring the reporting period. Upon request, a copy of the Code of Ethics can be obtained free of charge by calling 800-330-7348or writing to the Secretary of the Registrant, 1166 Avenue of the Americas, 30th Floor, New York, NY 10036.
Item 3. Audit Committee Financial Expert.
The Registrant's Board of Directors (the "Board") has determined that Gerald J. Maginnis qualifies as an audit committee financial expert based on his years of experience in the public accounting profession. The Registrant's Board has determined that Michael G. Clark qualifies as an audit committee financial expert based on his years of experience in the public accounting profession and the investment management and financial services industry. The Registrant's Board has determined that Ramona Rogers-Windsor qualifies as an audit committee financial expert based on her years of experience in the investment management and financial services industry. Each of Messrs. Clark and Maginnis and Ms. Ramona Rogers-Windsor is a member of the Board's audit committee, and each is independent as such term is defined in Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed to the Registrant for the last two fiscal years ended December 31, 2025 and December 31, 2024 for professional services rendered by the Registrant's principal accountant were as follows:
| 2025 | 2024 | |||||||
|
Audit Fees |
$ | 46,562 | $ | 46,562 | ||||
|
Audit-Related Fees |
$ | 0 | $ | 0 | ||||
|
Tax Fees |
$ | 0 | $ | 6,427 | ||||
|
All Other Fees |
$ | 0 | $ | 0 | ||||
Tax fees were billed in connection with tax compliance services, including the review of federal and state tax returns.
(e)(1) The audit committee is required to pre-approve audit and non-auditservices performed for the Registrant by the principal accountant. The audit committee also is required to pre-approve non-auditservices performed by the Registrant's principal accountant for the Registrant's investment advisor and any sub-advisor(not including any sub-advisorwhose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant's investment advisor that provides ongoing services to the Registrant, if the engagement for services relates directly to the operations and financial reporting of the Registrant.
The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the Board of the Registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee may not delegate its responsibility to pre-approveservices to be performed by the Registrant's principal accountant to the investment advisor.
(e)(2) No services included in (b) - (d) above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01of Regulation S-X.
(f) Not applicable.
(g) For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed by the Registrant's principal accountant for non-auditservices rendered to the Registrant and for non-auditservices rendered to the Registrant's investment advisor (not including any sub-advisorwhose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant's investment advisor that provides ongoing services to the Registrant were:
| 2025 | 2024 | |||||||
|
Registrant |
$ | 0 | $ | 6,427 | ||||
|
Investment Advisor |
$ | 0 | $ | 0 | ||||
(h) The Registrant's audit committee considered whether the provision of non-auditservices that were rendered to the Registrant's investment advisor (not including any sub-advisorwhose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant's investment advisor that provides ongoing services to the Registrant that were not required to be pre-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-Xwas compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) |
Included in Item 7 below. |
| (b) |
Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.
(a)
Cohen & Steers Global Infrastructure Fund, Inc.
We would like to share with you our report for the year ended December 31, 2025. The total returns for the Cohen & Steers Global Infrastructure Fund, Inc. (the Fund) and its comparative benchmarks were:
|
Six Months Ended December 31, 2025 |
Year Ended December 31, 2025 |
|||||||
|
Cohen & Steers Global Infrastructure Fund: |
||||||||
|
Class A |
5.52 | % | 14.31 | % | ||||
|
Class C |
5.17 | % | 13.54 | % | ||||
|
Class I |
5.69 | % | 14.70 | % | ||||
|
Class R |
5.47 | % | 14.17 | % | ||||
|
Class Z |
5.68 | % | 14.69 | % | ||||
|
MSCI World Index-net(a) |
10.61 | % | 21.09 | % | ||||
|
FTSE Global Core Infrastructure 50/50 Net Tax Index(a) |
4.62 | % | 14.36 | % | ||||
The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at net asset value (NAV). Fund performance figures reflect fee waivers and/or expense reimbursements, where applicable, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 4.50% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.
Please note that all 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 net investment company taxable income and net realized gains. Distributions in excess of the Fund's net investment company taxable income and net realized gains are return of capital distributed from the Fund's assets.
| (a) |
The MSCI World Index-net is a free-float-adjusted index that measures performance of large- and mid-capitalizationcompanies representing developed market countries and is net of dividend withholding taxes. 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. |
1
Cohen & Steers Global Infrastructure Fund, Inc.
SCHEDULE OF INVESTMENTS
December 31, 2025
|
Shares/ Units |
Value | |||||||||||
|
COMMON STOCK |
98.4% | |||||||||||
|
AUSTRALIA |
4.1% | |||||||||||
|
ENVIRONMENTAL SERVICES |
1.0% | |||||||||||
|
Cleanaway Waste Management Ltd. |
5,482,930 | $ | 9,476,897 | |||||||||
|
TOLL ROADS |
2.3% | |||||||||||
|
Transurban Group(a) |
2,425,552 | 23,001,616 | ||||||||||
|
TRANSPORT LOGISTICS |
0.8% | |||||||||||
|
Qube Holdings Ltd. |
2,477,003 | 7,884,944 | ||||||||||
|
TOTAL AUSTRALIA |
40,363,457 | |||||||||||
|
BRAZIL |
2.7% | |||||||||||
|
ELECTRIC |
1.8% | |||||||||||
|
Cia Paranaense de Energia-Copel |
4,562,064 | 10,889,511 | ||||||||||
|
Equatorial SA |
1,042,859 | 7,326,990 | ||||||||||
| 18,216,501 | ||||||||||||
|
RAILWAYS |
0.9% | |||||||||||
|
Rumo SA |
3,196,998 | 8,611,285 | ||||||||||
|
TOTAL BRAZIL |
26,827,786 | |||||||||||
|
CANADA |
6.5% | |||||||||||
|
MIDSTREAM |
5.9% | |||||||||||
|
Keyera Corp. |
79,609 | 2,552,035 | ||||||||||
|
Keyera Corp., Subscription Receipts |
188,737 | 5,844,102 | ||||||||||
|
South Bow Corp. |
169,932 | 4,673,734 | ||||||||||
|
TC Energy Corp. |
821,416 | 45,231,592 | ||||||||||
| 58,301,463 | ||||||||||||
|
RAILWAYS |
0.6% | |||||||||||
|
Canadian Pacific Kansas City Ltd. |
83,822 | 6,171,151 | ||||||||||
|
TOTAL CANADA |
64,472,614 | |||||||||||
|
CHINA |
1.8% | |||||||||||
|
GAS DISTRIBUTION |
1.4% | |||||||||||
|
ENN Energy Holdings Ltd., (H Shares) |
1,553,600 | 13,813,859 | ||||||||||
|
TOLL ROADS |
0.4% | |||||||||||
|
Zhejiang Expressway Co. Ltd., (H Shares) |
4,632,000 | 4,267,342 | ||||||||||
|
TOTAL CHINA |
18,081,201 | |||||||||||
See accompanying notes to financial statements.
2
Cohen & Steers Global Infrastructure Fund, Inc.
SCHEDULE OF INVESTMENTS-(Continued)
December 31, 2025
|
Shares/ Units |
Value | |||||||||||
|
FRANCE |
1.8% | |||||||||||
|
AIRPORTS |
0.9% | |||||||||||
|
Aeroports de Paris SA |
65,535 | $ | 8,579,664 | |||||||||
|
TOLL ROADS |
0.9% | |||||||||||
|
Vinci SA |
64,257 | 9,065,555 | ||||||||||
|
TOTAL FRANCE |
17,645,219 | |||||||||||
|
GERMANY |
0.7% | |||||||||||
|
ELECTRIC |
||||||||||||
|
RWE AG |
132,296 | 7,036,765 | ||||||||||
|
HONG KONG |
1.2% | |||||||||||
|
ELECTRIC |
||||||||||||
|
Power Assets Holdings Ltd. |
1,716,000 | 12,159,970 | ||||||||||
|
INDIA |
3.4% | |||||||||||
|
AIRPORTS |
1.1% | |||||||||||
|
GMR Airports Ltd.(b) |
9,060,536 | 10,504,163 | ||||||||||
|
ELECTRIC |
1.7% | |||||||||||
|
NTPC Ltd. |
4,648,016 | 17,060,422 | ||||||||||
|
MARINE PORTS |
0.6% | |||||||||||
|
JSW Infrastructure Ltd. |
1,754,054 | 5,552,199 | ||||||||||
|
TOTAL INDIA |
33,116,784 | |||||||||||
|
JAPAN |
4.1% | |||||||||||
|
ELECTRIC |
1.8% | |||||||||||
|
Chubu Electric Power Co., Inc. |
523,800 | 8,065,664 | ||||||||||
|
Kansai Electric Power Co., Inc. |
603,600 | 9,460,151 | ||||||||||
| 17,525,815 | ||||||||||||
|
GAS DISTRIBUTION |
1.0% | |||||||||||
|
Osaka Gas Co. Ltd. |
291,200 | 10,094,586 | ||||||||||
|
RAILWAYS |
1.3% | |||||||||||
|
Central Japan Railway Co. |
473,500 | 13,110,122 | ||||||||||
|
TOTAL JAPAN |
40,730,523 | |||||||||||
|
LUXEMBOURG |
0.0% | |||||||||||
|
COMMUNICATIONS |
||||||||||||
|
SES SA |
38,008 | 247,008 | ||||||||||
See accompanying notes to financial statements.
3
Cohen & Steers Global Infrastructure Fund, Inc.
SCHEDULE OF INVESTMENTS-(Continued)
December 31, 2025
|
Shares/ Units |
Value | |||||||||||
|
MALAYSIA |
1.4% | |||||||||||
|
ELECTRIC |
||||||||||||
|
Tenaga Nasional Bhd. |
3,935,500 | $ | 13,305,830 | |||||||||
|
MEXICO |
2.4% | |||||||||||
|
AIRPORTS |
||||||||||||
|
Grupo Aeroportuario del Sureste SAB de CV, Class B |
736,986 | 23,775,088 | ||||||||||
|
NEW ZEALAND |
0.7% | |||||||||||
|
AIRPORTS |
||||||||||||
|
Auckland International Airport Ltd. |
1,380,204 | 6,619,455 | ||||||||||
|
PHILIPPINES |
2.2% | |||||||||||
|
MARINE PORTS |
||||||||||||
|
International Container Terminal Services, Inc. |
2,203,610 | 21,237,358 | ||||||||||
|
SPAIN |
3.2% | |||||||||||
|
AIRPORTS |
1.3% | |||||||||||
|
Aena SME SA(c) |
475,052 | 13,298,256 | ||||||||||
|
COMMUNICATIONS |
0.5% | |||||||||||
|
Cellnex Telecom SA(c) |
158,134 | 5,097,566 | ||||||||||
|
ELECTRIC |
1.4% | |||||||||||
|
Redeia Corp. SA |
758,122 | 13,515,635 | ||||||||||
|
TOTAL SPAIN |
31,911,457 | |||||||||||
|
SWITZERLAND |
0.8% | |||||||||||
|
AIRPORTS |
||||||||||||
|
Flughafen Zurich AG |
23,191 | 7,372,167 | ||||||||||
|
UNITED KINGDOM |
3.1% | |||||||||||
|
ELECTRIC |
2.4% | |||||||||||
|
National Grid PLC |
1,569,389 | 24,147,961 | ||||||||||
|
WATER |
0.7% | |||||||||||
|
Pennon Group PLC |
924,308 | 6,572,236 | ||||||||||
|
TOTAL UNITED KINGDOM |
30,720,197 | |||||||||||
|
UNITED STATES |
58.3% | |||||||||||
|
COMMUNICATIONS |
3.4% | |||||||||||
|
American Tower Corp. |
92,148 | 16,178,424 | ||||||||||
|
Crown Castle, Inc. |
194,394 | 17,275,795 | ||||||||||
| 33,454,219 | ||||||||||||
See accompanying notes to financial statements.
4
Cohen & Steers Global Infrastructure Fund, Inc.
SCHEDULE OF INVESTMENTS-(Continued)
December 31, 2025
|
Shares/ Units |
Value | |||||||||||
|
ELECTRIC |
30.0% | |||||||||||
|
Alliant Energy Corp. |
363,801 | $ | 23,650,703 | |||||||||
|
Ameren Corp. |
181,636 | 18,138,171 | ||||||||||
|
Black Hills Corp. |
125,954 | 8,743,727 | ||||||||||
|
CenterPoint Energy, Inc. |
578,846 | 22,192,956 | ||||||||||
|
Dominion Energy, Inc. |
232,744 | 13,636,471 | ||||||||||
|
DTE Energy Co. |
148,805 | 19,192,869 | ||||||||||
|
Duke Energy Corp. |
147,860 | 17,330,670 | ||||||||||
|
Entergy Corp. |
385,269 | 35,610,414 | ||||||||||
|
Evergy, Inc. |
206,131 | 14,942,436 | ||||||||||
|
Eversource Energy |
219,209 | 14,759,342 | ||||||||||
|
NextEra Energy, Inc. |
775,688 | 62,272,232 | ||||||||||
|
OGE Energy Corp. |
167,976 | 7,172,575 | ||||||||||
|
PG&E Corp. |
923,368 | 14,838,524 | ||||||||||
|
PPL Corp. |
358,085 | 12,540,137 | ||||||||||
|
Xcel Energy, Inc. |
146,245 | 10,801,656 | ||||||||||
| 295,822,883 | ||||||||||||
|
ENVIRONMENTAL SERVICES |
0.9% | |||||||||||
|
Waste Connections, Inc. |
49,138 | 8,617,901 | ||||||||||
|
GAS DISTRIBUTION |
5.7% | |||||||||||
|
Atmos Energy Corp. |
92,428 | 15,493,706 | ||||||||||
|
NiSource, Inc. |
239,399 | 9,997,302 | ||||||||||
|
Sempra |
348,298 | 30,751,230 | ||||||||||
| 56,242,238 | ||||||||||||
|
MIDSTREAM |
7.1% | |||||||||||
|
Cheniere Energy, Inc. |
19,893 | 3,867,000 | ||||||||||
|
Targa Resources Corp.(d) |
92,355 | 17,039,498 | ||||||||||
|
Venture Global, Inc., Class A |
401,871 | 2,740,760 | ||||||||||
|
Williams Cos., Inc. |
768,598 | 46,200,426 | ||||||||||
| 69,847,684 | ||||||||||||
|
RAILWAYS |
10.0% | |||||||||||
|
CSX Corp. |
938,788 | 34,031,065 | ||||||||||
|
Norfolk Southern Corp. |
87,269 | 25,196,306 | ||||||||||
|
Union Pacific Corp. |
173,027 | 40,024,605 | ||||||||||
| 99,251,976 | ||||||||||||
See accompanying notes to financial statements.
5
Cohen & Steers Global Infrastructure Fund, Inc.
SCHEDULE OF INVESTMENTS-(Continued)
December 31, 2025
|
Shares/ Units |
Value | |||||||||||
|
WATER |
1.2% | |||||||||||
|
American Water Works Co., Inc. |
58,987 | $ | 7,697,803 | |||||||||
|
H2O America |
79,208 | 3,880,400 | ||||||||||
| 11,578,203 | ||||||||||||
|
TOTAL UNITED STATES |
574,815,104 | |||||||||||
|
TOTAL COMMON STOCK |
||||||||||||
|
(Identified cost-$825,404,338) |
970,437,983 | |||||||||||
|
SHORT-TERM INVESTMENTS |
1.5% | |||||||||||
|
MONEY MARKET FUNDS |
||||||||||||
|
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.74%(e) |
7,928,603 | 7,928,603 | ||||||||||
|
State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.74%(e) |
7,241,000 | 7,241,000 | ||||||||||
|
TOTAL SHORT-TERM INVESTMENTS |
||||||||||||
|
(Identified cost-$15,169,603) |
15,169,603 | |||||||||||
|
TOTAL INVESTMENTS IN SECURITIES |
||||||||||||
|
(Identified cost-$840,573,941) |
99.9% | 985,607,586 | ||||||||||
|
WRITTEN OPTION CONTRACTS |
||||||||||||
|
(Premiums received-$24,589) |
(0.0) | (7,855 | ) | |||||||||
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
0.1 | 1,189,402 | ||||||||||
|
NET ASSETS |
100.0% | $ | 986,789,133 | |||||||||
Exchange-Traded Option Contracts
|
Written Options |
||||||||||||||||||||||
| Description |
Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount(f) |
Premiums Received |
Value | ||||||||||||||||
|
Put-American Tower Corp. |
$165.00 | 1/16/26 | (35 | ) | $ (614,495 | ) | $ (5,516 | ) | $ (980 | ) | ||||||||||||
|
Put-Union Pacific Corp. |
220.00 | 1/16/26 | (125 | ) | (2,891,500 | ) | (19,073 | ) | (6,875 | ) | ||||||||||||
| (160 | ) | $(3,505,995 | ) | $(24,589 | ) | $(7,855 | ) | |||||||||||||||
See accompanying notes to financial statements.
6
Cohen & Steers Global Infrastructure Fund, Inc.
SCHEDULE OF INVESTMENTS-(Continued)
December 31, 2025
Fair Value Hierarchy as of Year End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.
|
Quoted Prices in Active Markets for Identical Investments (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
|
Common Stock |
$ | 970,437,983 | $ | - | $ | - | $ | 970,437,983 | ||||||||
|
Short-Term Investments |
- | 15,169,603 | - | 15,169,603 | ||||||||||||
|
Total Investments in Securities |
$ | 970,437,983 | $ | 15,169,603 | $ | - | $ | 985,607,586 | ||||||||
|
Written Option Contracts |
$ | (7,855 | ) | $ | - | $ | - | $ | (7,855 | ) | ||||||
|
Total Derivative Liabilities |
$ | (7,855 | ) | $ | - | $ | - | $ | (7,855 | ) | ||||||
Note: Percentages indicated are based on the net assets of the Fund.
| (a) |
Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (b) |
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 $18,395,822 which represents 1.9% of the net assets of the Fund, of which 0.0% are illiquid. |
| (d) |
All or a portion of the security is pledged in connection with written option contracts. $2,028,393 in aggregate has been pledged as collateral. |
| (e) |
Rate quoted represents the annualized seven-day yield. |
| (f) |
Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
See accompanying notes to financial statements.
7
Cohen & Steers Global Infrastructure Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2025
|
ASSETS: |
||||
|
Investments in securities, at value (Identified cost-$840,573,941) |
$ | 985,607,586 | ||
|
Foreign currency, at value (Identified cost-$97,328) |
97,297 | |||
|
Receivable for: |
||||
|
Dividends |
2,143,671 | |||
|
Fund shares sold |
984,110 | |||
|
Investment securities sold |
516,554 | |||
|
Other assets |
17,745 | |||
|
Total Assets |
989,366,963 | |||
|
LIABILITIES: |
||||
|
Written option contracts, at value (Premiums received-$24,589) |
7,855 | |||
|
Payable for: |
||||
|
Investment securities purchased |
840,983 | |||
|
Investment advisory fees |
560,723 | |||
|
Foreign capital gains tax |
426,331 | |||
|
Fund shares redeemed |
261,916 | |||
|
Shareholder servicing fees |
185,111 | |||
|
Administration fees |
33,591 | |||
|
Distribution fees |
15,737 | |||
|
Directors' fees |
187 | |||
|
Other liabilities |
245,396 | |||
|
Total Liabilities |
2,577,830 | |||
|
NET ASSETS |
$ | 986,789,133 | ||
|
NET ASSETS consist of: |
||||
|
Paid-incapital |
$ | 844,207,616 | ||
|
Total distributable earnings/(accumulated loss) |
142,581,517 | |||
| $ | 986,789,133 | |||
See accompanying notes to financial statements.
8
Cohen & Steers Global Infrastructure Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES-(Continued)
December 31, 2025
|
CLASS A SHARES: |
||||
|
NET ASSETS |
$ | 52,050,264 | ||
|
Shares issued and outstanding ($0.001 par value common stock outstanding) |
2,152,525 | |||
|
Net asset value and redemption price per share |
$ | 24.18 | ||
|
Maximum offering price per share ($24.18 ÷ 0.955)(a) |
$ | 25.32 | ||
|
CLASS C SHARES: |
||||
|
NET ASSETS |
$ | 7,320,430 | ||
|
Shares issued and outstanding ($0.001 par value common stock outstanding) |
302,578 | |||
|
Net asset value and offering price per share(b) |
$ | 24.19 | ||
|
CLASS I SHARES: |
||||
|
NET ASSETS |
$ | 919,338,040 | ||
|
Shares issued and outstanding ($0.001 par value common stock outstanding) |
37,862,809 | |||
|
Net asset value, offering and redemption price per share |
$ | 24.28 | ||
|
CLASS R SHARES: |
||||
|
NET ASSETS |
$ | 90,275 | ||
|
Shares issued and outstanding ($0.001 par value common stock outstanding) |
3,706 | |||
|
Net asset value, offering and redemption price per share |
$ | 24.36 | ||
|
CLASS Z SHARES: |
||||
|
NET ASSETS |
$ | 7,990,124 | ||
|
Shares issued and outstanding ($0.001 par value common stock outstanding) |
329,033 | |||
|
Net asset value, offering and redemption price per share |
$ | 24.28 | ||
| (a) |
On investments of $100,000 or more, the offering price is reduced. |
| (b) |
Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1.00% on shares held for less than one year. |
See accompanying notes to financial statements.
9
Cohen & Steers Global Infrastructure Fund, Inc.
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2025
|
Investment Income: |
||||
|
Dividends (net of $1,839,266 of foreign withholding tax) |
$ | 29,735,384 | ||
|
Expenses: |
||||
|
Investment advisory fees |
6,890,205 | |||
|
Distribution fees-Class A |
131,912 | |||
|
Distribution fees-Class C |
53,576 | |||
|
Distribution fees-Class R |
549 | |||
|
Shareholder servicing fees-Class A |
52,765 | |||
|
Shareholder servicing fees-Class C |
17,859 | |||
|
Shareholder servicing fees-Class I |
626,112 | |||
|
Administration fees |
452,389 | |||
|
Registration and filing fees |
133,816 | |||
|
Professional fees |
115,815 | |||
|
Custodian fees and expenses |
95,034 | |||
|
Transfer agent fees and expenses |
82,863 | |||
|
Shareholder reporting expenses |
73,849 | |||
|
Directors' fees and expenses |
39,608 | |||
|
Miscellaneous |
60,108 | |||
|
Total Expenses |
8,826,460 | |||
|
Reduction of Expenses (See Note 2) |
(626,112 | ) | ||
|
Net Expenses |
8,200,348 | |||
|
Net Investment Income (Loss) |
21,535,036 | |||
|
Net Realized and Unrealized Gain (Loss): |
||||
|
Net realized gain (loss) on: |
||||
|
Investments in securities (net of $22,497 of foreign capital gains tax) |
58,757,592 | |||
|
Written option contracts |
269,745 | |||
|
Foreign currency transactions |
(142,548 | ) | ||
|
Net realized gain (loss) |
58,884,789 | |||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments in securities (net of increase in accrued foreign capital gains tax of $16,607) |
44,074,013 | |||
|
Written option contracts |
16,734 | |||
|
Foreign currency translations |
24,493 | |||
|
Net change in unrealized appreciation (depreciation) |
44,115,240 | |||
|
Net Realized and Unrealized Gain (Loss) |
103,000,029 | |||
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 124,535,065 | ||
See accompanying notes to financial statements.
10
Cohen & Steers Global Infrastructure Fund, Inc.
STATEMENT OF CHANGES IN NET ASSETS
|
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
|||||||
|
Change in Net Assets: |
||||||||
|
From Operations: |
||||||||
|
Net investment income (loss) |
$ | 21,535,036 | $ | 20,478,321 | ||||
|
Net realized gain (loss) |
58,884,789 | 54,839,787 | ||||||
|
Net change in unrealized appreciation (depreciation) |
44,115,240 | 9,942,508 | ||||||
|
Net increase (decrease) in net assets resulting from operations |
124,535,065 | 85,260,616 | ||||||
|
Distributions to Shareholders: |
||||||||
|
Class A |
(4,194,260 | ) | (2,650,004 | ) | ||||
|
Class C |
(502,278 | ) | (296,224 | ) | ||||
|
Class I |
(73,325,486 | ) | (39,072,118 | ) | ||||
|
Class R |
(7,686 | ) | (4,609 | ) | ||||
|
Class Z |
(461,519 | ) | (190,020 | ) | ||||
|
Total distributions |
(78,491,229 | ) | (42,212,975 | ) | ||||
|
Capital Stock Transactions: |
||||||||
|
Increase (decrease) in net assets from Fund share transactions |
129,053,013 | (48,792,389 | ) | |||||
|
Total increase (decrease) in net assets |
175,096,849 | (5,744,748 | ) | |||||
|
Net Assets: |
||||||||
|
Beginning of year |
811,692,284 | 817,437,032 | ||||||
|
End of year |
$ | 986,789,133 | $ | 811,692,284 | ||||
See accompanying notes to financial statements.
11
Cohen & Steers Global Infrastructure Fund, Inc.
FINANCIAL HIGHLIGHTS
The following tables include selected data for a share outstanding throughout each year and other performance information derived from the financial statements. They should be read in conjunction with the financial statements and notes thereto.
| Class A | ||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
|
Per Share Operating Data: |
2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||
|
Net asset value, beginning of year |
$22.91 | $21.62 | $21.65 | $23.64 | $20.96 | |||||||||||||||
|
Income (loss) from investment operations: |
||||||||||||||||||||
|
Net investment income (loss)(a) |
0.49 | 0.51 | 0.44 | 0.33 | 0.32 | |||||||||||||||
|
Net realized and unrealized gain (loss) |
2.73 | 1.93 | (0.00 | ) | (1.55 | ) | 3.08 | |||||||||||||
|
Total from investment operations |
3.22 | 2.44 | 0.44 | (1.22 | ) | 3.40 | ||||||||||||||
|
Less dividends and distributions to shareholders from: |
||||||||||||||||||||
|
Net investment income |
(0.49 | ) | (0.47 | ) | (0.45 | ) | (0.31 | ) | (0.31 | ) | ||||||||||
|
Net realized gain |
(1.46 | ) | (0.68 | ) | - | (0.46 | ) | (0.41 | ) | |||||||||||
|
Tax return of capital |
- | - | (0.02 | ) | - | - | ||||||||||||||
|
Total dividends and distributions to shareholders |
(1.95 | ) | (1.15 | ) | (0.47 | ) | (0.77 | ) | (0.72 | ) | ||||||||||
|
Net increase (decrease) in net asset value |
1.27 | 1.29 | (0.03 | ) | (1.99 | ) | 2.68 | |||||||||||||
|
Net asset value, end of year |
$24.18 | $22.91 | $21.62 | $21.65 | $23.64 | |||||||||||||||
|
Total return(b)(c) |
14.31 | % | 11.21 | % | 2.08 | % | -5.21 | % | 16.36 | % | ||||||||||
|
Ratios/Supplemental Data: |
||||||||||||||||||||
|
Net assets, end of year (in millions) |
$52.1 | $51.8 | $54.2 | $65.3 | $78.6 | |||||||||||||||
|
Ratios to average daily net assets: |
||||||||||||||||||||
|
Expenses |
1.21 | % | 1.22 | % | 1.21 | % | 1.21 | % | 1.24 | % | ||||||||||
|
Net investment income (loss) |
2.02 | % | 2.21 | % | 2.07 | % | 1.44 | % | 1.43 | % | ||||||||||
|
Portfolio turnover rate |
82 | % | 110 | % | 101 | % | 83 | % | 64 | % | ||||||||||
| (a) |
Calculation based on average shares outstanding. |
| (b) |
Return assumes the reinvestment of all dividends and distributions at net asset value. |
| (c) |
Does not reflect sales charges, which would reduce return. |
See accompanying notes to financial statements.
12
Cohen & Steers Global Infrastructure Fund, Inc.
FINANCIAL HIGHLIGHTS-(Continued)
| Class C | ||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
|
Per Share Operating Data: |
2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||
|
Net asset value, beginning of year |
$22.92 | $21.62 | $21.65 | $23.63 | $20.96 | |||||||||||||||
|
Income (loss) from investment operations: |
||||||||||||||||||||
|
Net investment income (loss)(a) |
0.33 | 0.36 | 0.30 | 0.18 | 0.17 | |||||||||||||||
|
Net realized and unrealized gain (loss) |
2.72 | 1.94 | (0.00 | ) | (1.53 | ) | 3.07 | |||||||||||||
|
Total from investment operations |
3.05 | 2.30 | 0.30 | (1.35 | ) | 3.24 | ||||||||||||||
|
Less dividends and distributions to shareholders from: |
||||||||||||||||||||
|
Net investment income |
(0.32 | ) | (0.32 | ) | (0.31 | ) | (0.17 | ) | (0.16 | ) | ||||||||||
|
Net realized gain |
(1.46 | ) | (0.68 | ) | - | (0.46 | ) | (0.41 | ) | |||||||||||
|
Tax return of capital |
- | - | (0.02 | ) | - | - | ||||||||||||||
|
Total dividends and distributions to shareholders |
(1.78 | ) | (1.00 | ) | (0.33 | ) | (0.63 | ) | (0.57 | ) | ||||||||||
|
Net increase (decrease) in net asset value |
1.27 | 1.30 | (0.03 | ) | (1.98 | ) | 2.67 | |||||||||||||
|
Net asset value, end of year |
$24.19 | $22.92 | $21.62 | $21.65 | $23.63 | |||||||||||||||
|
Total return(b)(c) |
13.54 | % | 10.54 | % | 1.39 | % | -5.79 | % | 15.56 | % | ||||||||||
|
Ratios/Supplemental Data: |
||||||||||||||||||||
|
Net assets, end of year (in millions) |
$7.3 | $7.1 | $6.7 | $7.6 | $8.3 | |||||||||||||||
|
Ratios to average daily net assets: |
||||||||||||||||||||
|
Expenses |
1.86 | % | 1.87 | % | 1.86 | % | 1.86 | % | 1.89 | % | ||||||||||
|
Net investment income (loss) |
1.36 | % | 1.56 | % | 1.42 | % | 0.79 | % | 0.76 | % | ||||||||||
|
Portfolio turnover rate |
82 | % | 110 | % | 101 | % | 83 | % | 64 | % | ||||||||||
| (a) |
Calculation based on average shares outstanding. |
| (b) |
Return assumes the reinvestment of all dividends and distributions at net asset value. |
| (c) |
Does not reflect sales charges, which would reduce return. |
See accompanying notes to financial statements.
13
Cohen & Steers Global Infrastructure Fund, Inc.
FINANCIAL HIGHLIGHTS-(Continued)
| Class I | ||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
|
Per Share Operating Data: |
2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||
|
Net asset value, beginning of year |
$23.00 | $21.69 | $21.72 | $23.72 | $21.03 | |||||||||||||||
|
Income (loss) from investment operations: |
||||||||||||||||||||
|
Net investment income (loss)(a) |
0.58 | 0.59 | 0.52 | 0.41 | 0.41 | |||||||||||||||
|
Net realized and unrealized gain (loss) |
2.74 | 1.96 | (0.00 | ) | (1.56 | ) | 3.07 | |||||||||||||
|
Total from investment operations |
3.32 | 2.55 | 0.52 | (1.15 | ) | 3.48 | ||||||||||||||
|
Less dividends and distributions to shareholders from: |
||||||||||||||||||||
|
Net investment income |
(0.58 | ) | (0.56 | ) | (0.53 | ) | (0.39 | ) | (0.38 | ) | ||||||||||
|
Net realized gain |
(1.46 | ) | (0.68 | ) | - | (0.46 | ) | (0.41 | ) | |||||||||||
|
Tax return of capital |
- | - | (0.02 | ) | - | - | ||||||||||||||
|
Total dividends and distributions to shareholders |
(2.04 | ) | (1.24 | ) | (0.55 | ) | (0.85 | ) | (0.79 | ) | ||||||||||
|
Net increase (decrease) in net asset value |
1.28 | 1.31 | (0.03 | ) | (2.00 | ) | 2.69 | |||||||||||||
|
Net asset value, end of year |
$24.28 | $23.00 | $21.69 | $21.72 | $23.72 | |||||||||||||||
|
Total return(b) |
14.70 | % | 11.66 | % | 2.44 | % | -4.90 | % | 16.73 | % | ||||||||||
|
Ratios/Supplemental Data: |
||||||||||||||||||||
|
Net assets, end of year (in millions) |
$919.3 | $749.0 | $754.2 | $840.2 | $767.6 | |||||||||||||||
|
Ratios to average daily net assets: |
||||||||||||||||||||
|
Expenses (before expense reduction) |
0.94 | % | 0.95 | % | 0.94 | % | 0.93 | % | 0.95 | % | ||||||||||
|
Expenses (net of expense reduction) |
0.86 | % | 0.87 | % | 0.86 | % | 0.86 | % | 0.89 | % | ||||||||||
|
Net investment income (loss) (before expense reduction) |
2.29 | % | 2.48 | % | 2.36 | % | 1.74 | % | 1.72 | % | ||||||||||
|
Net investment income (loss) (net of expense reduction) |
2.37 | % | 2.56 | % | 2.44 | % | 1.81 | % | 1.78 | % | ||||||||||
|
Portfolio turnover rate |
82 | % | 110 | % | 101 | % | 83 | % | 64 | % | ||||||||||
| (a) |
Calculation based on average shares outstanding. |
| (b) |
Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
14
Cohen & Steers Global Infrastructure Fund, Inc.
FINANCIAL HIGHLIGHTS-(Continued)
| Class R | ||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
|
Per Share Operating Data: |
2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||
|
Net asset value, beginning of year |
$23.05 | $21.74 | $21.78 | $23.81 | $21.11 | |||||||||||||||
|
Income (loss) from investment operations: |
||||||||||||||||||||
|
Net investment income (loss)(a) |
0.45 | 0.49 | 0.42 | 0.35 | 0.28 | |||||||||||||||
|
Net realized and unrealized gain (loss) |
2.76 | 1.93 | (0.01 | ) | (1.61 | ) | 3.10 | |||||||||||||
|
Total from investment operations |
3.21 | 2.42 | 0.41 | (1.26 | ) | 3.38 | ||||||||||||||
|
Less dividends and distributions to shareholders from: |
||||||||||||||||||||
|
Net investment income |
(0.44 | ) | (0.43 | ) | (0.43 | ) | (0.31 | ) | (0.27 | ) | ||||||||||
|
Net realized gain |
(1.46 | ) | (0.68 | ) | - | (0.46 | ) | (0.41 | ) | |||||||||||
|
Tax return of capital |
- | - | (0.02 | ) | - | - | ||||||||||||||
|
Total dividends and distributions to shareholders |
(1.90 | ) | (1.11 | ) | (0.45 | ) | (0.77 | ) | (0.68 | ) | ||||||||||
|
Net increase (decrease) in net asset value |
1.31 | 1.31 | (0.04 | ) | (2.03 | ) | 2.70 | |||||||||||||
|
Net asset value, end of year |
$24.36 | $23.05 | $21.74 | $21.78 | $23.81 | |||||||||||||||
|
Total return(b) |
14.17 | % | 11.06 | % | 1.94 | % | -5.37 | % | 16.14 | % | ||||||||||
|
Ratios/Supplemental Data: |
||||||||||||||||||||
|
Net assets, end of year (in 000s) |
$90.3 | $104.1 | $70.4 | $66.4 | $12.9 | |||||||||||||||
|
Ratios to average daily net assets: |
||||||||||||||||||||
|
Expenses |
1.36 | % | 1.37 | % | 1.36 | % | 1.36 | % | 1.39 | % | ||||||||||
|
Net investment income (loss) |
1.83 | % | 2.08 | % | 1.97 | % | 1.53 | % | 1.25 | % | ||||||||||
|
Portfolio turnover rate |
82 | % | 110 | % | 101 | % | 83 | % | 64 | % | ||||||||||
| (a) |
Calculation based on average shares outstanding. |
| (b) |
Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
15
Cohen & Steers Global Infrastructure Fund, Inc.
FINANCIAL HIGHLIGHTS-(Continued)
| Class Z | ||||||||||||||||||||
| For the Year Ended December 31, | ||||||||||||||||||||
|
Per Share Operating Data: |
2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||
|
Net asset value, beginning of year |
$23.00 | $21.70 | $21.73 | $23.72 | $21.03 | |||||||||||||||
|
Income (loss) from investment operations: |
||||||||||||||||||||
|
Net investment income (loss)(a) |
0.60 | 0.59 | 0.49 | 0.41 | 0.40 | |||||||||||||||
|
Net realized and unrealized gain (loss) |
2.72 | 1.95 | 0.03 | (1.55 | ) | 3.08 | ||||||||||||||
|
Total from investment operations |
3.32 | 2.54 | 0.52 | (1.14 | ) | 3.48 | ||||||||||||||
|
Less dividends and distributions to shareholders from: |
||||||||||||||||||||
|
Net investment income |
(0.58 | ) | (0.56 | ) | (0.53 | ) | (0.39 | ) | (0.38 | ) | ||||||||||
|
Net realized gain |
(1.46 | ) | (0.68 | ) | - | (0.46 | ) | (0.41 | ) | |||||||||||
|
Tax return of capital |
- | - | (0.02 | ) | - | - | ||||||||||||||
|
Total dividends and distributions to shareholders |
(2.04 | ) | (1.24 | ) | (0.55 | ) | (0.85 | ) | (0.79 | ) | ||||||||||
|
Net increase (decrease) in net asset value |
1.28 | 1.30 | (0.03 | ) | (1.99 | ) | 2.69 | |||||||||||||
|
Net asset value, end of year |
$24.28 | $23.00 | $21.70 | $21.73 | $23.72 | |||||||||||||||
|
Total return(b) |
14.69 | % | 11.60 | % | 2.44 | % | -4.85 | % | 16.73 | % | ||||||||||
|
Ratios/Supplemental Data: |
||||||||||||||||||||
|
Net assets, end of year (in millions) |
$8.0 | $3.6 | $2.3 | $8.5 | $8.6 | |||||||||||||||
|
Ratios to average daily net assets: |
||||||||||||||||||||
|
Expenses |
0.86 | % | 0.87 | % | 0.86 | % | 0.86 | % | 0.89 | % | ||||||||||
|
Net investment income (loss) |
2.49 | % | 2.54 | % | 2.25 | % | 1.80 | % | 1.75 | % | ||||||||||
|
Portfolio turnover rate |
82 | % | 110 | % | 101 | % | 83 | % | 64 | % | ||||||||||
| (a) |
Calculation based on average shares outstanding. |
| (b) |
Return assumes the reinvestment of all dividends and distributions at net asset value. |
See accompanying notes to financial statements.
16
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
Note 1. Organization and Significant Accounting Policies
Cohen & Steers Global Infrastructure Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on January 13, 2004 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-endmanagement investment company. The Fund's investment objective is total return. The authorized shares of the Fund are divided into six classes designated Class A, C, F, I, R and Z shares. Each of the Fund's shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares). Class F shares are currently not available for purchase.
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 based upon prices provided by a third-party pricing service. 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 are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S.equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-endmutual funds are valued at net asset value (NAV).
17
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
The Board of Directors has designated the investment advisor as the Fund's "Valuation Designee" under Rule 2a-5under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund's Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S.equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.
The Fund's use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund's investments is summarized below.
| • |
Level 1-quoted prices in active markets for identical investments |
| • |
Level 2-other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
| • |
Level 3-significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
18
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
The levels associated with valuing the Fund's investments as of December 31, 2025 are disclosed in the Fund's Schedule of Investments.
Security Transactions, Investment Income and Expense Allocations:Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on the ex-dividenddate, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividenddate. Distributions from Real Estate Investment Trusts (REITs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs 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 REITs and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
Foreign Currency Translation:The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign 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 gains/losses are included in or are a reduction of ordinary income for federal income tax purposes.
Option Contracts:The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices, currencies 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-marketto 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.
19
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index or security. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.
Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividenddate and are automatically reinvested in full and fractional shares of the Fund based on the NAV per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash.
Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended December 31, 2025, a portion of the dividends has been reclassified to distributions from net realized gain.
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 are 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 December 31, 2025, 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.
20
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
Note 2. Investment Advisory, Administration Fees and Other Transactions with Affiliates
Investment Advisory Fees:Cohen & Steers Capital Management, Inc. serves as the Fund's investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-dayinvestment 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 advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.75% of the average daily net assets of the Fund up to and including $1.5 billion and 0.65% of the average daily net assets above $1.5 billion.
For the year ended December 31, 2025, and through June 30, 2027, the investment advisor has contractually agreed to waive its fee and/or reimburse the Fund's Class I shareholder service fee up to the maximum shareholder service fee of 0.10%. This contractual agreement can only be amended or terminated by agreement of the Fund's Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the Fund and the investment advisor. For the year ended December 31, 2025, fees waived and/or expenses reimbursed totaled $626,112.
Under subadvisory agreements between the investment advisor and each of Cohen & Steers Asia Limited and Cohen & Steers UK Limited (collectively, the subadvisors), affiliates of the investment advisor, the subadvisors are responsible for managing the Fund's investments in certain non-U.S.holdings. For their services provided under the subadvisory agreements, the investment advisor (not the Fund) pays the subadvisors. The investment advisor allocates 50% of the investment advisory fee received from the Fund among itself and each subadvisor based on the portion of the Fund's average daily net assets managed by the investment advisor and each subadvisor.
Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.04% of the average daily net assets of the Fund. For the year ended December 31, 2025, the Fund incurred $367,478 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administratorunder a fund accounting and administration agreement.
Distribution Fees:Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted an amended distribution and service plan (the plan) pursuant to Rule 12b-1under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its shares. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares, up to 0.75% of the average daily net assets attributable to Class C shares and up to 0.50% of the average daily net assets attributable to Class R shares. In addition, with respect to Class R shares, such amounts may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.
21
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
There is a maximum initial sales charge of 4.50% for Class A shares. There is a maximum contingent deferred sales charge (CDSC) of 1.00% on purchases of $1 million or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a maximum CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the year ended December 31, 2025, the Fund has been advised that the distributor received $1,484, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $3,263 of CDSC relating to redemptions of Class C shares. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.
Shareholder Servicing Fees:For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund's Class A and Class I shares and up to 0.25% of the average daily net assets of the Fund's Class C shares. The distributor is responsible for paying qualified financial institutions for shareholder services.
Directors' and Officers' Fees:Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $5,469 for the year ended December 31, 2025.
Note 3. Purchases and Sales of Securities
Purchases and sales of securities, excluding short-term investments, for the year ended December 31, 2025, totaled $807,707,312 and $747,968,262, respectively.
Note 4. Derivative Investments
The following tables present the value of derivatives held at December 31, 2025 and the effect of derivatives held during the year ended December 31, 2025, if any, 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: |
||||||||||||
|
Written Option Contracts-Exchange-Traded(a) |
- | $ | - | Written option contracts, at value | $ | 7,855 | ||||||
| (a) |
Not subject to a master netting agreement or another similar arrangement. |
22
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
Statement of Operations
|
Derivatives |
Location |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
|||||||
|
Equity Risk: |
||||||||||
|
Written Option Contracts |
Net Realized and Unrealized Gain (Loss) | $ | 269,745 | $ | 16,734 | |||||
The following summarizes the monthly average volume of the Fund's option contracts activity for the year ended December 31, 2025:
|
Written Option Contracts |
||||
|
Average Notional Amount(a)(b) |
$ | 3,593,412 | ||
| (a) |
Average notional amounts represent the average for all months in which the Fund had option contracts outstanding at month-end.For the period, this represents nine months for written option contracts. |
| (b) |
Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price. |
Note 5. Income Tax Information
The tax character of dividends and distributions paid was as follows:
|
For the Year Ended December 31, |
||||||||
| 2025 | 2024 | |||||||
|
Ordinary income |
$ | 41,976,347 | $ | 30,878,628 | ||||
|
Long-term capital gain |
36,514,882 | 11,334,347 | ||||||
|
Total dividends and distributions |
$ | 78,491,229 | $ | 42,212,975 | ||||
As of December 31, 2025, the tax-basiscomponents of accumulated earnings, 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 |
$ | 850,062,986 | ||
|
Gross unrealized appreciation on investments |
$ | 154,917,624 | ||
|
Gross unrealized depreciation on investments |
(19,356,066 | ) | ||
|
Net unrealized appreciation (depreciation) on investments |
$ | 135,561,558 | ||
|
Undistributed ordinary income |
$ | 3,885,658 | ||
|
Undistributed long-term capital gain |
$ | 3,552,671 | ||
23
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
As of December 31, 2025, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities, and permanent book/tax differences primarily attributable to prior year adjustments and Fund redemptions used as distributions. To reflect reclassifications arising from the permanent differences, paid-incapital was credited $2,244,935 and total distributable earnings/(accumulated loss) was charged $2,244,935. Net assets were not affected by this reclassification.
Note 6. Capital Stock
The Fund is authorized to issue 400 million shares of capital stock, at a par value of $0.001 per share, classified in six classes as follows: 50 million of Class A capital stock, 50 million of Class C capital stock, 50 million of Class F capital stock, 150 million of Class I capital stock, 50 million of Class R capital stock and 50 million of Class Z capital stock. Class F shares are currently not available for purchase. The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. With the exception of Class C shares held through certain intermediaries, Class C shares will automatically convert into Class A shares on a monthly basis approximately eight years after the original date of purchase. Transactions in Fund shares were as follows:
|
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
Class A: |
||||||||||||||||
|
Sold |
499,161 | $ | 12,206,707 | 241,804 | $ | 5,635,096 | ||||||||||
|
Issued as reinvestment of dividends and distributions |
127,325 | 3,056,659 | 81,202 | 1,913,523 | ||||||||||||
|
Redeemed |
(735,282 | ) | (17,858,136 | ) | (569,379 | ) | (12,912,744 | ) | ||||||||
|
Net increase (decrease) |
(108,796 | ) | $ | (2,594,770 | ) | (246,373 | ) | $ | (5,364,125 | ) | ||||||
|
Class C: |
||||||||||||||||
|
Sold |
72,261 | $ | 1,728,638 | 94,248 | $ | 2,257,157 | ||||||||||
|
Issued as reinvestment of dividends and distributions |
17,115 | 411,269 | 10,641 | 252,309 | ||||||||||||
|
Redeemed |
(98,687 | ) | (2,376,459 | ) | (101,781 | ) | (2,333,012 | ) | ||||||||
|
Net increase (decrease) |
(9,311 | ) | $ | (236,552 | ) | 3,108 | $ | 176,454 | ||||||||
24
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
|
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
Class I: |
||||||||||||||||
|
Sold |
11,834,601 | $ | 285,685,958 | 6,253,995 | $ | 145,983,665 | ||||||||||
|
Issued as reinvestment of dividends and distributions |
2,540,298 | 61,242,098 | 1,463,921 | 34,586,094 | ||||||||||||
|
Redeemed |
(9,080,615 | ) | (219,127,231 | ) | (9,916,307 | ) | (225,600,756 | ) | ||||||||
|
Net increase (decrease) |
5,294,284 | $ | 127,800,825 | (2,198,391 | ) | $ | (45,030,997 | ) | ||||||||
|
Class R: |
||||||||||||||||
|
Sold |
583 | $ | 14,149 | 4,178 | $ | 101,150 | ||||||||||
|
Issued as reinvestment of dividends and distributions |
275 | 6,653 | 168 | 4,003 | ||||||||||||
|
Redeemed |
(1,669 | ) | (41,544 | ) | (3,066 | ) | (76,847 | ) | ||||||||
|
Net increase (decrease) |
(811 | ) | $ | (20,742 | ) | 1,280 | $ | 28,306 | ||||||||
|
Class Z: |
||||||||||||||||
|
Sold |
250,750 | $ | 6,017,294 | 169,094 | $ | 4,246,821 | ||||||||||
|
Issued as reinvestment of dividends and distributions |
19,152 | 461,517 | 7,971 | 190,018 | ||||||||||||
|
Redeemed |
(97,817) | (2,374,559 | ) | (126,165) | (3,038,866 | ) | ||||||||||
|
Net increase (decrease) |
172,085 | $ | 4,104,252 | 50,900 | $ | 1,397,973 | ||||||||||
Note 7. 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
25
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
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 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 (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 in 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.
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
26
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
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.
Market Disruption and Geopolitical Risk:Geopolitical and market events (including armed conflicts, terrorism, natural disasters, public health emergencies, trade disputes, tariffs, sanctions, and political or economic instability) can cause significant volatility in global markets and may adversely affect the Fund's investments. Disruptions to supply chains, sharp movements in commodity prices, and changes in investor sentiment or credit conditions may negatively impact issuers, sectors, or entire regions, even those not directly involved in the originating event.
Recent examples include the ongoing conflicts in Ukraine and the Middle East and increasing political polarization around issues such as trade policy, monetary policy and the U.S. debt ceiling. The rapid development and regulation of artificial intelligence technologies may also introduce uncertainty. The scope, severity, and duration of these risks are difficult to predict, but they could materially reduce the value of the Fund's investments.
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 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.
Regulatory Risk:Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator's disagreement with the Fund's interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund's ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.
Additional legislative or regulatory actions may alter or impair certain market participants' ability to utilize certain investment strategies and techniques.
The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear,
27
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its investments by, among other things, increasing compliance costs or underlying companies' operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.
Cybersecurity Risk:With the increased use of technologies such as the Internet and artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment advisor), and their own service providers, may be susceptible to operational and information security risks resulting from cyberattacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment advisor, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.
Each of the Fund and the investment advisor may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund's third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.
Shareholder Concentration Risk:The Fund may have one or more large shareholders or a group of shareholders investing in Fund shares indirectly through an account, platform or program sponsored by a financial institution. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). Investment and asset allocation decisions by such financial institutions regarding the account, platform or program through which multiple shareholders invest may result in subscription and redemption decisions that have a significant impact on the assets, expenses and trading activities of the Fund. Such a decision may cause the Fund to sell assets (or invest cash) at disadvantageous times or prices, increase or accelerate taxable income and/or gains or transaction costs and may negatively affect the Fund's NAV, performance, or ability to satisfy redemptions in a timely manner. The effects of taxable
28
Cohen & Steers Global Infrastructure Fund, Inc.
NOTES TO FINANCIAL STATEMENTS-(Continued)
income and/or gains resulting from large shareholder transactions would particularly impact non- redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantagedplan. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. A number of circumstances may cause a Fund to experience large redemptions, such as changes in investors' circumstances; changes in the eligibility criteria for a Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.
This is not a complete list of the risks of investing in the Fund. For additional information concerning the risks of investing in the Fund, please consult the Fund's prospectus.
Note 8. Operating Segments
An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund's investment advisor and the Fund's chief executive officer and chief financial officer act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determinedin accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.
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.
Note 10. Subsequent Events
Management has evaluated events and transactions occurring after December 31, 2025 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.
29
Cohen & Steers Global Infrastructure Fund, Inc.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Cohen & Steers Global Infrastructure Fund, Inc.
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cohen & Steers Global Infrastructure Fund, Inc. (the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
New York, NY
February 23, 2026
We have served as the auditor of one or more investment companies in the Cohen & Steers family of funds since 1991.
30
Cohen & Steers Global Infrastructure Fund, Inc.
(The following pages are unaudited)
TAX INFORMATION-2025
For the calendar year ended December 31, 2025, for individual taxpayers, the Fund designates $28,036,002 as qualified dividend income eligible for reduced tax rates, $1,183,733 as qualified business income eligible for 20% deduction and long-term capital gain distributions of $37,573,032 taxable at the maximum 20% rate. In addition, for corporate taxpayers, 29.51% of the ordinary dividends paid qualified for the dividends received deduction (DRD).
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 U.S. Securities and Exchange Commission's (SEC) website at http://www.sec.gov. In addition, the Fund's proxy voting record for the most recent 12-monthperiod ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling (800) 330-7348or (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. The Fund's Form N-PORTis available (i) without charge, upon request, by calling (800) 330-7348or (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 net investment company taxable income and net realized gains. Distributions in excess of the Fund's net 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 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.
Changes to Principal Investment Strategy
On December 9, 2025, the Fund's Board approved a change to the Fund's principal investment strategy regarding the Fund's minimum investment in non-U.S. securities, effective May 1, 2026, as follows:
Under normal market conditions, the Fund invests at least the lesser of (i) 40% of its total assets or (ii) the percentage of non-U.S. companies in the index designated by the Fund as its current benchmark, the FTSE Global Core Infrastructure 50/50 Net Tax Index, minus 10%, in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
Prior to May 1, 2026, under normal market conditions, the Fund invests at least 40%, unless market conditions are not deemed favorable by the investment advisor, in which case the Fund would invest at least 30%, of its total assets in companies organized or located outside the U.S. or doing a substantial amount of business outside of the U.S.
31
Cohen & Steers Global Infrastructure Fund, Inc.
Cohen & Steers Privacy Policy
| Facts | What Does Cohen & Steers Do With Your Personal Information? | |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
| What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions |
|
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing. | |
| Reasons we can share your personal information |
Does Cohen & Steers share? |
Can you limit this sharing? |
||
|
For our everyday business purposes- such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus |
Yes | No | ||
|
For our marketing purposes- to offer our products and services to you |
Yes | No | ||
| For joint marketing with other financial companies- | No | We don't share | ||
|
For our affiliates' everyday business purposes- information about your transactions and experiences |
No | We don't share | ||
|
For our affiliates' everyday business purposes- information about your creditworthiness |
No | We don't share | ||
| For our affiliates to market to you- | No | We don't share | ||
| For non-affiliatesto market to you- | No | We don't share | ||
| Questions? Call (800) 330-7348 | ||||
32
Cohen & Steers Global Infrastructure Fund, Inc.
Cohen & Steers Privacy Policy-(Continued)
| Who we are | ||
| Who is providing this notice? | Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered 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-affiliatesto 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-affiliatedfinancial companies that together market financial products or services to you. • Cohen & Steers does not jointly market. |
|
33
Cohen & Steers Global 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-durationpreferred and other income securities issued by U.S. and non-U.S.companies |
| • | Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX |
COHEN & STEERS FUTURE OF ENERGY FUND
| • | Designed for investors seeking total return, investing primarily in securities of traditional and alternative energy companies |
| • | 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 |
Distributed by Cohen & Steers Securities, LLC.
Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-endfund 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.
34
Cohen & Steers Global Infrastructure Fund, Inc.
OFFICERS AND DIRECTORS
Joseph M. Harvey
Director and Chair
Adam M. Derechin
Director
Michael G. Clark
Director
George Grossman
Director
Dean A. Junkans
Director
Gerald J. Maginnis
Director
Jane F. Magpiong
Director
Daphne L. Richards
Director
Ramona Rogers-Windsor
Director
James Giallanza
President and Chief Executive Officer
Albert Laskaj
Chief Financial Officer
Steven Frank
Treasurer
Dana A. DeVivo
Secretary and Chief Legal Officer
Stephen Murphy
Chief Compliance Officer
and Vice President
Nargis Hilal
Deputy Chief Compliance Officer and Vice President
Benjamin Morton
Vice President
Tyler S. Rosenlicht
Vice President
Thuy Quynh Dang
Vice President
KEY INFORMATION
Investment Advisor and Administrator
Cohen & Steers Capital Management, Inc.
1166 Avenue of the Americas, 30th Floor
New York, NY 10036
(212) 832-3232
Co-administratorand Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
SS&C GIDS, Inc.
1055 Broadway
Kansas City, MO 64105
(800) 437-9912
Legal Counsel
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
Distributor
Cohen & Steers Securities, LLC
1166 Avenue of the Americas, 30th Floor
New York, NY 10036
| NASDAQ Symbol: | Class A-CSUAX | |
| Class C-CSUCX | ||
| Class F-CSUFX* | ||
| Class I-CSUIX | ||
| Class R-CSURX | ||
| Class Z-CSUZX |
Website: cohenandsteers.com
This report is authorized for delivery only to shareholders of Cohen & Steers Global Infrastructure Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.
| * |
Class F shares are currently not available for purchase. |
35
eDeliveryAVAILABLE
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Annual Financial Statements and Additional InformationDecember 31, 2025
Cohen & Steers
Global
Infrastructure Fund
If you would like to receive shareholder reports and other communications from the Fund electronically instead of by mail, you may make that request at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, you can call (800) 330-7348.
If you have previously elected to receive shareholder reports electronically, you will continue to do so and need not take any action.
CSUAXAR
(b) Included in paragraph (a) above.
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.
Included in Item 7 above.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board implemented after the Registrant last provided disclosure in response to this Item.
Item 16. 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-CSRwas 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 have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
|
(a)(1) |
Not applicable. |
|
|
(a)(2) |
Not applicable. |
|
|
(a)(3) |
30a-2(a) |
|
|
(b) |
30a- |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS GLOBAL INFRASTRUCTURE FUND, INC.
| By: | /s/ James Giallanza | |||
|
Name: James Giallanza |
||||
|
Title: Principal Executive Officer |
||||
|
(President and Chief Executive Officer) |
||||
| Date: March 4, 2026 | ||||
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/ James Giallanza | |||
|
Name: James Giallanza |
||||
|
Title: Principal Executive Officer |
||||
|
(President and Chief Executive Officer) |
||||
| By: | /s/ Albert Laskaj | |||
|
Name: Albert Laskaj |
||||
|
Title: Principal Financial Officer |
||||
|
(Chief Financial Officer) |
||||
|
Date: March 4, 2026 |
||||
Cohen & Steers Global Infrastructure Fund Inc published this content on March 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 04, 2026 at 22:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]