UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
Investment Company Act file number |
811-22057 | |||||||
|
| ||||||||
|
Cohen & Steers Global Income Builder, Inc. | ||||||||
|
(Exact name of registrant as specified in charter) | ||||||||
|
| ||||||||
|
280 Park Avenue |
|
10017 | ||||||
|
(Address of principal executive offices) |
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(Zip code) | ||||||
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| ||||||||
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Tina M. Payne 280 Park Avenue New York, NY 10017 | ||||||||
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(Name and address of agent for service) | ||||||||
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| ||||||||
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Registrant’s telephone number, including area code: |
(212) 832-3232 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2014 |
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Item 1. Schedule of Investments
COHEN & STEERS GLOBAL INCOME BUILDER, INC.
SCHEDULE OF INVESTMENTS
September 30, 2014 (Unaudited)
|
|
|
Number |
|
Value |
| |
|
COMMON STOCK 112.8% |
|
|
|
|
| |
|
AUSTRALIA 1.4% |
|
|
|
|
| |
|
FINANCIAL—BANKS 0.4% |
|
|
|
|
| |
|
Australia and New Zealand Banking Group Ltd.(a) |
|
39,961 |
|
$ |
1,081,825 |
|
|
|
|
|
|
|
| |
|
MARINE PORTS 0.3% |
|
|
|
|
| |
|
Asciano Ltd. |
|
151,743 |
|
803,794 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—METALS & MINING 0.3% |
|
|
|
|
| |
|
BHP Billiton Ltd.(a) |
|
29,287 |
|
868,503 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE—INDUSTRIALS 0.4% |
|
|
|
|
| |
|
Goodman Group |
|
248,639 |
|
1,125,488 |
| |
|
TOTAL AUSTRALIA |
|
|
|
3,879,610 |
| |
|
|
|
|
|
|
| |
|
AUSTRIA 0.4% |
|
|
|
|
| |
|
AIRPORTS |
|
|
|
|
| |
|
Flughafen Wien AG |
|
14,726 |
|
1,229,625 |
| |
|
|
|
|
|
|
| |
|
BELGIUM 1.0% |
|
|
|
|
| |
|
CONSUMER STAPLES |
|
|
|
|
| |
|
Anheuser-Busch InBev NV(a) |
|
25,100 |
|
2,793,630 |
| |
|
|
|
|
|
|
| |
|
BERMUDA 0.2% |
|
|
|
|
| |
|
REAL ESTATE—HOTEL |
|
|
|
|
| |
|
Belmond Ltd., Class A (USD)(b) |
|
60,032 |
|
699,973 |
| |
|
|
|
|
|
|
| |
|
BRAZIL 0.3% |
|
|
|
|
| |
|
ELECTRIC—INTEGRATED ELECTRIC |
|
|
|
|
| |
|
Light SA |
|
83,461 |
|
705,127 |
| |
|
|
|
|
|
|
| |
|
CANADA 4.6% |
|
|
|
|
| |
|
ENERGY—OIL & GAS 1.0% |
|
|
|
|
| |
|
Kodiak Oil & Gas Corp. (USD)(b),(c) |
|
206,400 |
|
2,800,848 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—BANKS 0.4% |
|
|
|
|
| |
|
Toronto-Dominion Bank (USD) |
|
25,700 |
|
1,269,323 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CHEMICALS 0.7% |
|
|
|
|
| |
|
Potash Corp. of Saskatchewan |
|
54,300 |
|
1,880,221 |
| |
|
|
|
|
|
|
| |
|
PIPELINES—C-CORP 2.0% |
|
|
|
|
| |
|
AltaGas Ltd. |
|
23,078 |
|
974,471 |
| |
|
Enbridge |
|
41,562 |
|
1,989,499 |
| |
|
Inter Pipeline Ltd. |
|
26,059 |
|
845,792 |
| |
|
TransCanada Corp. |
|
36,903 |
|
1,900,589 |
| |
|
|
|
|
|
5,710,351 |
| |
|
|
|
|
|
|
| |
|
RAILWAYS 0.5% |
|
|
|
|
| |
|
Canadian National Railway Co. |
|
20,100 |
|
1,426,984 |
| |
|
|
|
Number |
|
Value |
| |
|
TOTAL CANADA |
|
|
|
$ |
13,087,727 |
|
|
|
|
|
|
|
| |
|
CHINA 0.5% |
|
|
|
|
| |
|
GAS DISTRIBUTION |
|
|
|
|
| |
|
Towngas China Co., Ltd. (Cayman Islands) (HKD) |
|
1,210,000 |
|
1,298,068 |
| |
|
|
|
|
|
|
| |
|
FRANCE 4.2% |
|
|
|
|
| |
|
CONSUMER STAPLES 0.6% |
|
|
|
|
| |
|
Danone SA(a) |
|
25,700 |
|
1,720,401 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL—DIVERSIFIED 0.4% |
|
|
|
|
| |
|
LVMH Moet Hennessy Louis Vuitton SA(a) |
|
7,400 |
|
1,202,904 |
| |
|
ENERGY—OIL & GAS 0.4% |
|
|
|
|
| |
|
Total SA(a) |
|
19,281 |
|
1,252,955 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—BANKS 0.9% |
|
|
|
|
| |
|
BNP Paribas(a) |
|
36,900 |
|
2,447,777 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS—AEROSPACE & DEFENSE 0.6% |
|
|
|
|
| |
|
Airbus Group NV |
|
25,500 |
|
1,604,592 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CONSTRUCTION MATERIALS 0.4% |
|
|
|
|
| |
|
Lafarge SA(a) |
|
13,600 |
|
979,460 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE—DIVERSIFIED 0.4% |
|
|
|
|
| |
|
Gecina SA |
|
8,528 |
|
1,117,522 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 0.5% |
|
|
|
|
| |
|
Groupe Eurotunnel SA(a) |
|
123,021 |
|
1,502,852 |
| |
|
TOTAL FRANCE |
|
|
|
11,828,463 |
| |
|
|
|
|
|
|
| |
|
GERMANY 4.0% |
|
|
|
|
| |
|
AUTOMOTIVE 0.8% |
|
|
|
|
| |
|
Bayerische Motoren Werke AG(a) |
|
19,900 |
|
2,136,952 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 2.1% |
|
|
|
|
| |
|
BANKS 0.8% |
|
|
|
|
| |
|
Deutsche Bank AG(a) |
|
68,100 |
|
2,389,032 |
| |
|
|
|
|
|
|
| |
|
INSURANCE 1.3% |
|
|
|
|
| |
|
Allianz SE(a) |
|
22,300 |
|
3,615,109 |
| |
|
TOTAL FINANCIAL |
|
|
|
6,004,141 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS —ELECTRICAL EQUIPMENT 0.4% |
|
|
|
|
| |
|
Siemens AG |
|
9,800 |
|
1,168,102 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY—SOFTWARE 0.7% |
|
|
|
|
| |
|
SAP AG(a) |
|
26,300 |
|
1,896,761 |
| |
|
TOTAL GERMANY |
|
|
|
11,205,956 |
| |
|
|
|
Number |
|
Value |
| |
|
HONG KONG 3.3% |
|
|
|
|
| |
|
ENERGY—OIL & GAS 0.3% |
|
|
|
|
| |
|
CNOOC Ltd.(a) |
|
424,000 |
|
$ |
726,247 |
|
|
|
|
|
|
|
| |
|
FINANCIAL—INVESTMENT BANKERS/BROKERS 0.3% |
|
|
|
|
| |
|
Hong Kong Exchanges and Clearing Ltd.(a) |
|
39,000 |
|
840,287 |
| |
|
|
|
|
|
|
| |
|
HOTEL 0.5% |
|
|
|
|
| |
|
Wynn Macau Ltd. |
|
470,000 |
|
1,495,071 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS—DIVERSIFIED 0.8% |
|
|
|
|
| |
|
Hutchison Whampoa Ltd.(a) |
|
185,400 |
|
2,244,422 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 1.2% |
|
|
|
|
| |
|
DIVERSIFIED 0.4% |
|
|
|
|
| |
|
Kerry Properties Ltd. |
|
328,500 |
|
1,099,957 |
| |
|
Sun Hung Kai Properties Ltd. |
|
404 |
|
5,728 |
| |
|
|
|
|
|
1,105,685 |
| |
|
|
|
|
|
|
| |
|
OFFICE 0.2% |
|
|
|
|
| |
|
Hongkong Land Holdings Ltd. (USD) |
|
85,598 |
|
582,067 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.6% |
|
|
|
|
| |
|
Link REIT |
|
282,000 |
|
1,627,024 |
| |
|
TOTAL REAL ESTATE |
|
|
|
3,314,776 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.2% |
|
|
|
|
| |
|
China Mobile Ltd.(a) |
|
56,500 |
|
652,327 |
| |
|
TOTAL HONG KONG |
|
|
|
9,273,130 |
| |
|
|
|
|
|
|
| |
|
IRELAND 2.2% |
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICALS |
|
|
|
|
| |
|
Actavis PLC (USD)(b),(c) |
|
20,300 |
|
4,897,984 |
| |
|
Perrigo Co. PLC (USD) |
|
9,400 |
|
1,411,786 |
| |
|
TOTAL IRELAND |
|
|
|
6,309,770 |
| |
|
|
|
|
|
|
| |
|
ITALY 1.1% |
|
|
|
|
| |
|
COMMUNICATIONS—TOWERS 0.3% |
|
|
|
|
| |
|
Ei Towers S.p.A.(b) |
|
14,554 |
|
772,246 |
| |
|
|
|
|
|
|
| |
|
ENERGY—OIL & GAS 0.8% |
|
|
|
|
| |
|
Eni S.p.A.(a) |
|
99,400 |
|
2,369,076 |
| |
|
TOTAL ITALY |
|
|
|
3,141,322 |
| |
|
|
|
|
|
|
| |
|
JAPAN 10.2% |
|
|
|
|
| |
|
AUTOMOTIVE 0.4% |
|
|
|
|
| |
|
Toyota Motor Corp.(a) |
|
22,000 |
|
1,296,430 |
| |
|
|
|
Number |
|
Value |
| |
|
CONSUMER DISCRETIONARY—MEDIA 0.7% |
|
|
|
|
| |
|
CyberAgent(a) |
|
54,000 |
|
$ |
1,895,601 |
|
|
|
|
|
|
|
| |
|
FINANCIAL 1.4 % |
|
|
|
|
| |
|
DIVERSIFIED FINANCIAL SERVICES 1.0% |
|
|
|
|
| |
|
Mitsubishi UFJ Financial Group |
|
167,000 |
|
944,367 |
| |
|
ORIX Corp.(a) |
|
140,500 |
|
1,938,240 |
| |
|
|
|
|
|
2,882,607 |
| |
|
|
|
|
|
|
| |
|
INSURANCE 0.4% |
|
|
|
|
| |
|
NKSJ Holdings(a) |
|
46,250 |
|
1,122,145 |
| |
|
TOTAL FINANCIAL |
|
|
|
4,004,752 |
| |
|
|
|
|
|
|
| |
|
GAS DISTRIBUTION 0.3% |
|
|
|
|
| |
|
Osaka Gas Co., Ltd. |
|
216,000 |
|
867,939 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICALS 0.7% |
|
|
|
|
| |
|
Astellas Pharma(a) |
|
126,700 |
|
1,886,493 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 2.6% |
|
|
|
|
| |
|
COMMERCIAL SERVICES & SUPPLIES 0.8% |
|
|
|
|
| |
|
Secom Co., Ltd.(a) |
|
41,700 |
|
2,483,940 |
| |
|
|
|
|
|
|
| |
|
ELECTRICAL EQUIPMENT 1.8% |
|
|
|
|
| |
|
Fanuc Ltd.(a) |
|
13,600 |
|
2,456,494 |
| |
|
Murata Manufacturing Co., Ltd.(a) |
|
22,800 |
|
2,592,350 |
| |
|
|
|
|
|
5,048,844 |
| |
|
TOTAL INDUSTRIALS |
|
|
|
7,532,784 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—METALS & MINING 0.4% |
|
|
|
|
| |
|
JFE Holdings |
|
65,500 |
|
1,307,014 |
| |
|
|
|
|
|
|
| |
|
RAILWAYS 0.4% |
|
|
|
|
| |
|
West Japan Railway Co. |
|
25,500 |
|
1,141,484 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 1.5% |
|
|
|
|
| |
|
DIVERSIFIED 0.4% |
|
|
|
|
| |
|
Mitsui Fudosan Co., Ltd. |
|
38,000 |
|
1,163,993 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 0.7% |
|
|
|
|
| |
|
Hulic Co., Ltd. |
|
187,500 |
|
1,983,132 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.4% |
|
|
|
|
| |
|
AEON Mall Co., Ltd. |
|
53,600 |
|
1,022,884 |
| |
|
TOTAL REAL ESTATE |
|
|
|
4,170,009 |
| |
|
|
|
Number |
|
Value |
| |
|
TECHNOLOGY 1.2% |
|
|
|
|
| |
|
ELECTRONIC EQUIPMENT & INSTRUMENTS 0.7% |
|
|
|
|
| |
|
Kyocera Corp.(a) |
|
26,900 |
|
$ |
1,253,575 |
|
|
Sony Corp.(a) |
|
40,500 |
|
735,222 |
| |
|
|
|
|
|
1,988,797 |
| |
|
|
|
|
|
|
| |
|
OFFICE ELECTRONICS 0.5% |
|
|
|
|
| |
|
Canon(a) |
|
40,900 |
|
1,331,511 |
| |
|
TOTAL TECHNOLOGY |
|
|
|
3,320,308 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.6% |
|
|
|
|
| |
|
KDDI Corp.(a) |
|
26,600 |
|
1,599,032 |
| |
|
TOTAL JAPAN |
|
|
|
29,021,846 |
| |
|
|
|
|
|
|
| |
|
JERSEY 0.6% |
|
|
|
|
| |
|
CONSUMER DISCRETIONARY—MEDIA |
|
|
|
|
| |
|
WPP PLC (GBP)(a) |
|
85,500 |
|
1,718,743 |
| |
|
|
|
|
|
|
| |
|
MEXICO 1.0% |
|
|
|
|
| |
|
AIRPORTS 0.4% |
|
|
|
|
| |
|
Grupo Aeroportuario del Pacifico SAB de CV, ADR(c) |
|
17,351 |
|
1,170,151 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—RETAIL 0.4% |
|
|
|
|
| |
|
Wal-Mart de Mexico SA de CV |
|
410,600 |
|
1,033,341 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.2% |
|
|
|
|
| |
|
America Movil SAB de CV |
|
573,400 |
|
722,807 |
| |
|
TOTAL MEXICO |
|
|
|
2,926,299 |
| |
|
|
|
|
|
|
| |
|
NETHERLANDS 0.4% |
|
|
|
|
| |
|
REAL ESTATE—RETAIL |
|
|
|
|
| |
|
Wereldhave NV |
|
13,743 |
|
1,131,748 |
| |
|
|
|
|
|
|
| |
|
NORWAY 0.4% |
|
|
|
|
| |
|
REAL ESTATE—OFFICE |
|
|
|
|
| |
|
Norwegian Property ASA(b) |
|
779,163 |
|
1,165,455 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE 2.5% |
|
|
|
|
| |
|
REAL ESTATE—DIVERSIFIED 0.3% |
|
|
|
|
| |
|
City Developments Ltd. |
|
137,000 |
|
1,033,111 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY—SEMICONDUCTORS 2.2% |
|
|
|
|
| |
|
Avago Technologies Ltd. (USD)(c) |
|
70,687 |
|
6,149,769 |
| |
|
TOTAL SINGAPORE |
|
|
|
7,182,880 |
| |
|
|
|
Number |
|
Value |
| |
|
SOUTH KOREA 0.4% |
|
|
|
|
| |
|
TECHNOLOGY—SEMICONDUCTORS |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd. GDR, 144A(d) |
|
2,000 |
|
$ |
1,121,000 |
|
|
|
|
|
|
|
| |
|
SPAIN 1.4% |
|
|
|
|
| |
|
FINANCIAL—BANKS 0.5% |
|
|
|
|
| |
|
Banco Santander Central Hispano SA |
|
135,474 |
|
1,302,322 |
| |
|
|
|
|
|
|
| |
|
GAS DISTRIBUTION 0.3% |
|
|
|
|
| |
|
Enagas SA |
|
27,409 |
|
883,822 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.2% |
|
|
|
|
| |
|
Telefonica SA(a) |
|
38,500 |
|
595,929 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 0.4% |
|
|
|
|
| |
|
Ferrovial SA |
|
65,641 |
|
1,273,051 |
| |
|
TOTAL SPAIN |
|
|
|
4,055,124 |
| |
|
|
|
|
|
|
| |
|
SWITZERLAND 4.3% |
|
|
|
|
| |
|
AIRPORTS 0.4% |
|
|
|
|
| |
|
Flughafen Zuerich AG(a) |
|
1,780 |
|
1,117,744 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—FOOD 0.8% |
|
|
|
|
| |
|
Nestle SA(a) |
|
33,020 |
|
2,429,721 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 1.3% |
|
|
|
|
| |
|
BANKS 0.4% |
|
|
|
|
| |
|
Credit Suisse Group AG(a) |
|
37,073 |
|
1,027,886 |
| |
|
|
|
|
|
|
| |
|
INSURANCE 0.9% |
|
|
|
|
| |
|
Zurich Insurance Group AG(a) |
|
8,600 |
|
2,565,497 |
| |
|
TOTAL FINANCIAL |
|
|
|
3,593,383 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICALS 1.4% |
|
|
|
|
| |
|
Novartis AG(a) |
|
42,300 |
|
3,994,286 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS—ELECTRICAL COMPONENT & EQUIPMENT 0.4% |
|
|
|
|
| |
|
TE Connectivity Ltd. (USD) |
|
21,364 |
|
1,181,216 |
| |
|
TOTAL SWITZERLAND |
|
|
|
12,316,350 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM 8.5% |
|
|
|
|
| |
|
COMMUNICATIONS—SATELLITES 0.3% |
|
|
|
|
| |
|
Inmarsat PLC |
|
77,698 |
|
882,980 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES—BEVERAGE 0.6% |
|
|
|
|
| |
|
Diageo PLC(a) |
|
54,700 |
|
1,582,883 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL—RETAIL 0.9% |
|
|
|
|
| |
|
Next PLC(a) |
|
23,600 |
|
2,527,016 |
| |
|
|
|
Number |
|
Value |
| |
|
CONSUMER—NON-CYCLICAL—HOUSEHOLD PRODUCTS 0.9% |
|
|
|
|
| |
|
Reckitt Benckiser Group PLC(a) |
|
29,000 |
|
$ |
2,515,215 |
|
|
|
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.3% |
|
|
|
|
| |
|
National Grid PLC(a) |
|
61,444 |
|
884,536 |
| |
|
|
|
|
|
|
| |
|
ENERGY 1.6% |
|
|
|
|
| |
|
OIL & GAS 0.9% |
|
|
|
|
| |
|
BP PLC(a) |
|
341,900 |
|
2,513,343 |
| |
|
|
|
|
|
|
| |
|
OIL & GAS EQUIPMENT & SERVICES 0.7% |
|
|
|
|
| |
|
Ensco PLC, Class A (USD)(a) |
|
47,100 |
|
1,945,701 |
| |
|
TOTAL ENERGY |
|
|
|
4,459,044 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—BANKS 1.6% |
|
|
|
|
| |
|
Barclays PLC(a) |
|
596,700 |
|
2,200,216 |
| |
|
HSBC Holdings PLC(a) |
|
240,166 |
|
2,437,690 |
| |
|
|
|
|
|
4,637,906 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICALS 1.2% |
|
|
|
|
| |
|
GlaxoSmithKline PLC(a) |
|
146,800 |
|
3,362,726 |
| |
|
|
|
|
|
|
| |
|
INSURANCE—LIFE/HEALTH INSURANCE 0.4% |
|
|
|
|
| |
|
St. James’s Place PLC |
|
91,436 |
|
1,082,090 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 0.3% |
|
|
|
|
| |
|
RETAIL 0.1% |
|
|
|
|
| |
|
Hammerson PLC |
|
45,560 |
|
424,323 |
| |
|
|
|
|
|
|
| |
|
SELF STORAGE 0.2% |
|
|
|
|
| |
|
Big Yellow Group PLC |
|
67,896 |
|
572,362 |
| |
|
TOTAL REAL ESTATE |
|
|
|
996,685 |
| |
|
|
|
|
|
|
| |
|
WATER 0.4% |
|
|
|
|
| |
|
Pennon Group PLC |
|
94,154 |
|
1,207,365 |
| |
|
TOTAL UNITED KINGDOM |
|
|
|
24,138,446 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 59.9% |
|
|
|
|
| |
|
AUTOMOTIVE 0.2% |
|
|
|
|
| |
|
Ford Motor Co.(a) |
|
38,200 |
|
564,978 |
| |
|
|
|
|
|
|
| |
|
COMMUNICATIONS—TOWERS 1.6% |
|
|
|
|
| |
|
American Tower Corp.(c) |
|
24,973 |
|
2,338,222 |
| |
|
Crown Castle International Corp. |
|
18,387 |
|
1,480,705 |
| |
|
SBA Communications Corp., Class A(b) |
|
7,364 |
|
816,668 |
| |
|
|
|
|
|
4,635,595 |
| |
|
|
|
Number |
|
Value |
| |
|
CONSUMER DISCRETIONARY—HOTELS, RESTAURANTS & LEISURE 0.8% |
|
|
|
|
| |
|
Las Vegas Sands Corp.(c) |
|
34,500 |
|
$ |
2,146,245 |
|
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL 3.7% |
|
|
|
|
| |
|
APPAREL 1.5% |
|
|
|
|
| |
|
Hanesbrands |
|
14,400 |
|
1,547,136 |
| |
|
VF Corp. |
|
41,100 |
|
2,713,833 |
| |
|
|
|
|
|
4,260,969 |
| |
|
|
|
|
|
|
| |
|
AUTOMOBILES 0.4% |
|
|
|
|
| |
|
Harley-Davidson(c) |
|
18,700 |
|
1,088,340 |
| |
|
|
|
|
|
|
| |
|
MEDIA 0.9% |
|
|
|
|
| |
|
The Walt Disney Co.(a) |
|
28,500 |
|
2,537,355 |
| |
|
|
|
|
|
|
| |
|
RESTAURANT 0.7% |
|
|
|
|
| |
|
Starbucks Corp.(a) |
|
26,300 |
|
1,984,598 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.2% |
|
|
|
|
| |
|
Ross Stores(a) |
|
8,600 |
|
649,988 |
| |
|
TOTAL CONSUMER—CYCLICAL |
|
|
|
10,521,250 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL 3.7% |
|
|
|
|
| |
|
FOOD PRODUCTS 2.8% |
|
|
|
|
| |
|
General Mills |
|
24,700 |
|
1,246,115 |
| |
|
The Kroger Co.(c) |
|
25,600 |
|
1,331,200 |
| |
|
Tyson Foods, Class A(a) |
|
133,300 |
|
5,248,021 |
| |
|
|
|
|
|
7,825,336 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.9% |
|
|
|
|
| |
|
CVS Caremark Corp.(a) |
|
32,400 |
|
2,578,716 |
| |
|
TOTAL CONSUMER—NON-CYCLICAL |
|
|
|
10,404,052 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.3% |
|
|
|
|
| |
|
CMS Energy Corp.(a) |
|
29,524 |
|
875,682 |
| |
|
|
|
|
|
|
| |
|
ENERGY 6.7% |
|
|
|
|
| |
|
OIL & GAS 6.0% |
|
|
|
|
| |
|
Anadarko Petroleum Corp.(a) |
|
23,637 |
|
2,397,737 |
| |
|
Devon Energy Corp.(a),(c) |
|
52,500 |
|
3,579,450 |
| |
|
EOG Resources(a) |
|
38,700 |
|
3,832,074 |
| |
|
Exxon Mobil Corp.(a),(c) |
|
76,947 |
|
7,236,866 |
| |
|
|
|
|
|
17,046,127 |
| |
|
|
|
Number |
|
Value |
| |
|
OIL & GAS SERVICES 0.7% |
|
|
|
|
| |
|
Baker Hughes(c) |
|
29,571 |
|
$ |
1,923,889 |
|
|
TOTAL ENERGY |
|
|
|
18,970,016 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 9.4% |
|
|
|
|
| |
|
BANKS 2.6% |
|
|
|
|
| |
|
Bank of America Corp.(a) |
|
212,300 |
|
3,619,715 |
| |
|
Comerica(a) |
|
24,800 |
|
1,236,528 |
| |
|
Wells Fargo & Co.(a) |
|
49,087 |
|
2,546,143 |
| |
|
|
|
|
|
7,402,386 |
| |
|
|
|
|
|
|
| |
|
CREDIT CARD 0.5% |
|
|
|
|
| |
|
American Express Co.(a) |
|
14,700 |
|
1,286,838 |
| |
|
|
|
|
|
|
| |
|
DIVERSIFIED FINANCIAL SERVICES 5.2% |
|
|
|
|
| |
|
Ameriprise Financial(a) |
|
23,000 |
|
2,837,740 |
| |
|
BlackRock(c) |
|
8,323 |
|
2,732,607 |
| |
|
Capital One Financial Corp.(c) |
|
16,600 |
|
1,354,892 |
| |
|
Citigroup(a) |
|
58,011 |
|
3,006,130 |
| |
|
JPMorgan Chase & Co.(a) |
|
57,394 |
|
3,457,415 |
| |
|
Morgan Stanley |
|
40,700 |
|
1,406,999 |
| |
|
|
|
|
|
14,795,783 |
| |
|
|
|
|
|
|
| |
|
INSURANCE 1.1% |
|
|
|
|
| |
|
American International Group(a) |
|
34,076 |
|
1,840,785 |
| |
|
Prudential Financial(a) |
|
13,700 |
|
1,204,778 |
| |
|
|
|
|
|
3,045,563 |
| |
|
TOTAL FINANCIAL |
|
|
|
26,530,570 |
| |
|
|
|
|
|
|
| |
|
GAS DISTRIBUTION 0.7% |
|
|
|
|
| |
|
Sempra Energy(a),(c) |
|
19,067 |
|
2,009,281 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE 5.5% |
|
|
|
|
| |
|
BIOTECHNOLOGY 1.5% |
|
|
|
|
| |
|
Amgen(a) |
|
10,700 |
|
1,502,922 |
| |
|
Gilead Sciences(b) |
|
25,600 |
|
2,725,120 |
| |
|
|
|
|
|
4,228,042 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE EQUIPMENT & SUPPLIES 1.1% |
|
|
|
|
| |
|
Zimmer Holdings(a),(c) |
|
31,600 |
|
3,177,380 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE PROVIDERS & SERVICES 1.5% |
|
|
|
|
| |
|
Cigna Corp.(c) |
|
34,640 |
|
3,141,502 |
| |
|
|
|
Number |
|
Value |
| |
|
Universal Health Services, Class B(a) |
|
11,800 |
|
$ |
1,233,100 |
|
|
|
|
|
|
4,374,602 |
| |
|
|
|
|
|
|
| |
|
HEALTHCARE PRODUCTS 0.5% |
|
|
|
|
| |
|
Thermo Fisher Scientific(a) |
|
11,019 |
|
1,341,012 |
| |
|
|
|
|
|
|
| |
|
PHARMACEUTICALS 0.9% |
|
|
|
|
| |
|
Pfizer(a) |
|
88,584 |
|
2,619,429 |
| |
|
TOTAL HEALTH CARE |
|
|
|
15,740,465 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 4.8% |
|
|
|
|
| |
|
AEROSPACE & DEFENSE 1.9% |
|
|
|
|
| |
|
L-3 Communications Holdings(c) |
|
23,400 |
|
2,782,728 |
| |
|
Triumph Group(c) |
|
39,434 |
|
2,565,182 |
| |
|
|
|
|
|
5,347,910 |
| |
|
|
|
|
|
|
| |
|
AUTO MANUFACTURERS 0.5% |
|
|
|
|
| |
|
PACCAR |
|
23,500 |
|
1,336,562 |
| |
|
|
|
|
|
|
| |
|
DIVERSIFIED MANUFACTURING 0.8% |
|
|
|
|
| |
|
General Electric Co.(a) |
|
46,330 |
|
1,186,975 |
| |
|
WW Grainger(c) |
|
4,400 |
|
1,107,260 |
| |
|
|
|
|
|
2,294,235 |
| |
|
|
|
|
|
|
| |
|
MACHINERY 0.4% |
|
|
|
|
| |
|
SPX Corp.(c) |
|
12,064 |
|
1,133,171 |
| |
|
|
|
|
|
|
| |
|
ROAD & RAIL 1.2% |
|
|
|
|
| |
|
CSX Corp.(c) |
|
106,600 |
|
3,417,596 |
| |
|
TOTAL INDUSTRIALS |
|
|
|
13,529,474 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CHEMICALS 2.5% |
|
|
|
|
| |
|
Eastman Chemical Co.(c) |
|
33,600 |
|
2,717,904 |
| |
|
Ecolab |
|
11,800 |
|
1,354,994 |
| |
|
Monsanto Co.(a) |
|
27,400 |
|
3,082,774 |
| |
|
|
|
|
|
7,155,672 |
| |
|
|
|
|
|
|
| |
|
PIPELINES 3.6% |
|
|
|
|
| |
|
PIPELINES—C-CORP 1.6% |
|
|
|
|
| |
|
Plains GP Holdings LP, Class A |
|
28,777 |
|
882,015 |
| |
|
SemGroup Corp., Class A(c) |
|
22,002 |
|
1,832,106 |
| |
|
Williams Cos. (The) |
|
33,897 |
|
1,876,199 |
| |
|
|
|
|
|
4,590,320 |
| |
|
|
|
Number |
|
Value |
| |
|
PIPELINES—MLP 2.0% |
|
|
|
|
| |
|
Energy Transfer Equity LP |
|
23,215 |
|
$ |
1,432,133 |
|
|
EQT Midstream Partners LP(c) |
|
13,317 |
|
1,193,337 |
| |
|
Kinder Morgan Management LLC(b) |
|
8,734 |
|
822,306 |
| |
|
NGL Energy Partners LP |
|
20,058 |
|
789,684 |
| |
|
Summit Midstream Partners LP |
|
14,835 |
|
754,508 |
| |
|
VTTI Energy Partners LP (Marshall Islands)(b) |
|
30,021 |
|
752,326 |
| |
|
|
|
|
|
5,744,294 |
| |
|
TOTAL PIPELINES |
|
|
|
10,334,614 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 4.3% |
|
|
|
|
| |
|
DIVERSIFIED 0.9% |
|
|
|
|
| |
|
Forest City Enterprises, Class A(a),(b) |
|
89,756 |
|
1,755,627 |
| |
|
New York REIT |
|
70,207 |
|
721,728 |
| |
|
|
|
|
|
2,477,355 |
| |
|
|
|
|
|
|
| |
|
HOTEL 0.3% |
|
|
|
|
| |
|
Strategic Hotels & Resorts(b) |
|
80,751 |
|
940,749 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 0.7% |
|
|
|
|
| |
|
First Industrial Realty Trust |
|
48,499 |
|
820,118 |
| |
|
Prologis(c) |
|
28,368 |
|
1,069,474 |
| |
|
|
|
|
|
1,889,592 |
| |
|
|
|
|
|
|
| |
|
OFFICE 0.7% |
|
|
|
|
| |
|
Corporate Office Properties Trust |
|
16,657 |
|
428,418 |
| |
|
Kilroy Realty Corp. |
|
13,777 |
|
818,905 |
| |
|
Parkway Properties |
|
37,194 |
|
698,503 |
| |
|
|
|
|
|
1,945,826 |
| |
|
|
|
|
|
|
| |
|
RESIDENTIAL—APARTMENT 0.2% |
|
|
|
|
| |
|
American Homes 4 Rent, Class A |
|
42,173 |
|
712,302 |
| |
|
|
|
|
|
|
| |
|
SELF STORAGE 0.5% |
|
|
|
|
| |
|
CubeSmart |
|
48,535 |
|
872,660 |
| |
|
Extra Space Storage |
|
11,997 |
|
618,685 |
| |
|
|
|
|
|
1,491,345 |
| |
|
|
|
|
|
|
| |
|
SHOPPING CENTERS 1.0% |
|
|
|
|
| |
|
COMMUNITY CENTER 0.4% |
|
|
|
|
| |
|
Retail Properties of America, Class A(c) |
|
74,733 |
|
1,093,344 |
| |
|
|
|
|
|
|
| |
|
REGIONAL MALL 0.6% |
|
|
|
|
| |
|
Glimcher Realty Trust(c) |
|
121,250 |
|
1,641,725 |
| |
|
|
|
Number |
|
Value |
| |
|
TOTAL SHOPPING CENTERS |
|
|
|
$ |
2,735,069 |
|
|
TOTAL REAL ESTATE |
|
|
|
12,192,238 |
| |
|
|
|
|
|
|
| |
|
SHIPPING 0.8% |
|
|
|
|
| |
|
Teekay Corp. (Marshall Islands) |
|
32,354 |
|
2,147,011 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY 11.3% |
|
|
|
|
| |
|
COMPUTERS 2.1% |
|
|
|
|
| |
|
Apple(a),(c) |
|
19,800 |
|
1,994,850 |
| |
|
Hewlett-Packard Co.(a) |
|
112,500 |
|
3,990,375 |
| |
|
|
|
|
|
5,985,225 |
| |
|
|
|
|
|
|
| |
|
COMPUTERS & PERIPHERALS 2.7% |
|
|
|
|
| |
|
EMC Corp. |
|
50,969 |
|
1,491,353 |
| |
|
F5 Networks(a),(b),(c) |
|
35,800 |
|
4,250,892 |
| |
|
Western Digital Corp.(c) |
|
20,400 |
|
1,985,328 |
| |
|
|
|
|
|
7,727,573 |
| |
|
|
|
|
|
|
| |
|
INTERNET SERVICE PROVIDER 1.5% |
|
|
|
|
| |
|
Google, Class A(a),(b),(c) |
|
4,600 |
|
2,706,686 |
| |
|
Yahoo!(b),(c) |
|
37,500 |
|
1,528,125 |
| |
|
|
|
|
|
4,234,811 |
| |
|
|
|
|
|
|
| |
|
SEMICONDUCTORS 2.6% |
|
|
|
|
| |
|
SanDisk Corp.(c) |
|
20,553 |
|
2,013,166 |
| |
|
Skyworks Solutions |
|
47,000 |
|
2,728,350 |
| |
|
Xilinx(a) |
|
62,500 |
|
2,646,875 |
| |
|
|
|
|
|
7,388,391 |
| |
|
|
|
|
|
|
| |
|
SOFTWARE 2.4% |
|
|
|
|
| |
|
Citrix Systems(a),(b) |
|
45,900 |
|
3,274,506 |
| |
|
Microsoft Corp.(a) |
|
75,900 |
|
3,518,724 |
| |
|
|
|
|
|
6,793,230 |
| |
|
TOTAL TECHNOLOGY |
|
|
|
32,129,230 |
| |
|
TOTAL UNITED STATES |
|
|
|
169,886,373 |
| |
|
TOTAL COMMON STOCK (Identified cost—$267,782,889) |
|
|
|
320,116,665 |
| |
|
|
|
|
|
|
| |
|
CLOSED-END FUNDS—UNITED STATES 5.7% |
|
|
|
|
| |
|
COVERED CALL 1.4% |
|
|
|
|
| |
|
BlackRock Enhanced Capital and Income Fund |
|
24,357 |
|
361,702 |
| |
|
Eaton Vance Tax-Managed Buy-Write Opportunities Fund |
|
67,954 |
|
1,007,758 |
| |
|
|
|
Number |
|
Value |
| |
|
Eaton Vance Tax-Managed Diversified Equity Income Fund |
|
89,120 |
|
$ |
1,016,859 |
|
|
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund(a) |
|
43,393 |
|
527,225 |
| |
|
Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a) |
|
101,072 |
|
1,013,752 |
| |
|
|
|
|
|
3,927,296 |
| |
|
|
|
|
|
|
| |
|
ENERGY/ RESOURCES 0.1% |
|
|
|
|
| |
|
Market Vectors Oil Service ETF |
|
6,280 |
|
311,551 |
| |
|
|
|
|
|
|
| |
|
EQUITY TAX—ADVANTAGED 1.1% |
|
|
|
|
| |
|
Eaton Vance Tax-Advantaged Dividend Income Fund(c) |
|
52,622 |
|
1,062,438 |
| |
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
23,789 |
|
404,889 |
| |
|
Gabelli Dividend & Income Trust(a) |
|
47,322 |
|
1,007,958 |
| |
|
John Hancock Tax-Advantaged Dividend Income Fund |
|
36,580 |
|
753,914 |
| |
|
|
|
|
|
3,229,199 |
| |
|
|
|
|
|
|
| |
|
GLOBAL HYBRID (GROWTH & INCOME) 0.1% |
|
|
|
|
| |
|
Clough Global Opportunities Fund |
|
22,196 |
|
264,798 |
| |
|
|
|
|
|
|
| |
|
INVESTMENT GRADE 0.1% |
|
|
|
|
| |
|
PIMCO Corporate and Income Opportunity Fund |
|
18,515 |
|
315,866 |
| |
|
|
|
|
|
|
| |
|
MASTER LIMITED PARTNERSHIPS 1.0% |
|
|
|
|
| |
|
First Trust Energy Income and Growth Fund |
|
21,229 |
|
780,803 |
| |
|
First Trust MLP and Energy Income Fund |
|
13,738 |
|
293,581 |
| |
|
Kayne Anderson Energy Total Return Fund |
|
13,990 |
|
446,421 |
| |
|
Kayne Anderson Midstream/Energy Fund |
|
6,900 |
|
276,621 |
| |
|
Kayne Anderson MLP Investment Company |
|
16,974 |
|
693,218 |
| |
|
Nuveen Energy MLP Total Return Fund(c) |
|
16,376 |
|
362,073 |
| |
|
|
|
|
|
2,852,717 |
| |
|
|
|
|
|
|
| |
|
MULTI-SECTOR 1.0% |
|
|
|
|
| |
|
AllianzGI Convertible & Income Fund |
|
38,546 |
|
368,114 |
| |
|
PIMCO Dynamic Credit Income Fund(c) |
|
25,354 |
|
569,705 |
| |
|
PIMCO Dynamic Income Fund(c) |
|
20,219 |
|
638,112 |
| |
|
PIMCO Income Opportunity Fund(a) |
|
22,400 |
|
618,016 |
| |
|
PIMCO Income Strategy Fund II(c) |
|
45,557 |
|
479,715 |
| |
|
|
|
|
|
2,673,662 |
| |
|
|
|
|
|
|
| |
|
MUNICIPAL 0.1% |
|
|
|
|
| |
|
PIMCO Municipal Income Fund II |
|
24,625 |
|
286,881 |
| |
|
|
|
|
|
|
|
|
|
|
|
Number |
|
Value |
| |
|
PREFERRED 0.3% |
|
|
|
|
| |
|
Nuveen Preferred Income Opportunities Fund(c) |
|
76,428 |
|
$ |
703,138 |
|
|
REAL ESTATE 0.3% |
|
|
|
|
| |
|
Alpine Global Premier Properties Fund |
|
43,773 |
|
300,720 |
| |
|
CBRE Clarion Global Real Estate Income Fund |
|
33,054 |
|
276,993 |
| |
|
Nuveen Real Estate Income Fund |
|
33,283 |
|
349,804 |
| |
|
|
|
|
|
927,517 |
| |
|
|
|
|
|
|
| |
|
U.S. GENERAL EQUITY 0.2% |
|
|
|
|
| |
|
Consumer Discretionary Select Sector SPDR Fund |
|
4,161 |
|
277,497 |
| |
|
SPDR S&P 500 ETF Trust |
|
2,004 |
|
394,828 |
| |
|
|
|
|
|
672,325 |
| |
|
TOTAL CLOSED-END FUNDS (Identified cost—$15,136,213) |
|
|
|
16,164,950 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—$25 PAR VALUE 2.4% |
|
|
|
|
| |
|
UNITED KINGDOM 1.0% |
|
|
|
|
| |
|
BANKS—FOREIGN |
|
|
|
|
| |
|
Barclays Bank PLC, 7.10%, Series III (USD) |
|
40,000 |
|
1,029,600 |
| |
|
National Westminster Bank PLC, 7.76%, Series C (USD) |
|
40,000 |
|
1,035,200 |
| |
|
RBS Capital Funding Trust VII, 6.08%, Series G (USD) |
|
40,000 |
|
955,600 |
| |
|
|
|
|
|
3,020,400 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 1.4% |
|
|
|
|
| |
|
BANKS 0.4% |
|
|
|
|
| |
|
Regions Financial Corp., 6.375%, Series B |
|
41,612 |
|
1,056,113 |
| |
|
INDUSTRIALS—CHEMICALS 0.4% |
|
|
|
|
| |
|
CHS, 7.10%, Series II |
|
40,000 |
|
1,064,000 |
| |
|
REAL ESTATE—DIVERSIFIED 0.6% |
|
|
|
|
| |
|
American Realty Capital Properties, 6.70%, Series F |
|
45,000 |
|
1,040,400 |
| |
|
Colony Financial, 8.50%, Series A(a) |
|
28,000 |
|
754,320 |
| |
|
|
|
|
|
1,794,720 |
| |
|
TOTAL UNITED STATES |
|
|
|
3,914,833 |
| |
|
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$6,578,485) |
|
|
|
6,935,233 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—CAPITAL SECURITIES 2.3% |
|
|
|
|
| |
|
BRAZIL 0.4% |
|
|
|
|
| |
|
BANKS—FOREIGN |
|
|
|
|
| |
|
Banco do Brasil SA/Cayman, 9.00%, 144A (USD)(d) |
|
1,030,000 |
|
1,004,353 |
| |
|
|
|
Number |
|
Value |
| ||
|
IRELAND 0.1% |
|
|
|
|
| ||
|
BANKS—FOREIGN |
|
|
|
|
| ||
|
Baggot Securities Ltd., 10.24%, 144A (EUR)(d) |
|
300,000 |
|
$ |
402,597 |
| |
|
|
|
|
|
|
| ||
|
SPAIN 0.4% |
|
|
|
|
| ||
|
BANKS—FOREIGN |
|
|
|
|
| ||
|
Banco Bilbao Vizcaya Argentaria SA, 9.00% (USD) |
|
1,000,000 |
|
1,065,000 |
| ||
|
|
|
|
|
|
| ||
|
SWITZERLAND 0.9% |
|
|
|
|
| ||
|
BANKS—FOREIGN 0.4% |
|
|
|
|
| ||
|
Credit Suisse Group AG, 7.50%, 144A (USD)(d) |
|
1,177,000 |
|
1,238,793 |
| ||
|
|
|
|
|
|
| ||
|
INSURANCE—REINSURANCE—FOREIGN 0.5% |
|
|
|
|
| ||
|
Aquarius + Investments PLC, 8.25% (USD) |
|
1,310,000 |
|
1,447,877 |
| ||
|
TOTAL SWITZERLAND |
|
|
|
2,686,670 |
| ||
|
|
|
|
|
|
| ||
|
UNITED STATES 0.5% |
|
|
|
|
| ||
|
BANKS |
|
|
|
|
| ||
|
Bank of America Corp., 6.25%, Series X |
|
928,000 |
|
926,550 |
| ||
|
JPMorgan Chase & Co., 6.10%, Series X |
|
450,000 |
|
446,847 |
| ||
|
TOTAL UNITED STATES |
|
|
|
1,373,397 |
| ||
|
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$6,372,374) |
|
|
|
6,532,017 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Principal |
|
|
| ||
|
CORPORATE BOND —UNITED STATES 0.6% |
|
|
|
|
| ||
|
INSURANCE—PROPERTY CASUALTY |
|
|
|
|
| ||
|
Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(d) |
|
$ |
1,500,000 |
|
1,783,201 |
| |
|
TOTAL CORPORATE BONDS (Identified cost—$1,342,541) |
|
|
|
1,783,201 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Number of |
|
|
| ||
|
PURCHASED CALL OPTIONS—UNITED STATES 0.1% |
|
|
|
|
| ||
|
S&P 500 Index, USD Strike Price 2,015, expires 10/18/14 |
|
200 |
|
84,600 |
| ||
|
S&P 500 Index, USD Strike Price 2,020, expires 10/18/14 |
|
200 |
|
71,000 |
| ||
|
TOTAL PURCHASED CALL OPTIONS (Identified cost—$183,215) |
|
|
|
155,600 |
| ||
|
|
|
|
|
Number |
|
Value |
| |
|
SHORT-TERM INVESTMENTS 0.3% |
|
|
|
|
|
|
| |
|
MONEY MARKET FUNDS |
|
|
|
|
|
|
| |
|
State Street Institutional Treasury Money Market Fund, 0.00%(e) |
|
|
|
800,000 |
|
$ |
800,000 |
|
|
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$800,000) |
|
|
|
|
|
800,000 |
| |
|
TOTAL INVESTMENTS (Identified cost—$298,195,717) |
|
124.2 |
% |
|
|
352,487,666 |
| |
|
WRITTEN CALL OPTIONS |
|
(0.1 |
) |
|
|
(398,338 |
) | |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(24.1 |
) |
|
|
(68,229,337 |
) | |
|
NET ASSETS (Equivalent to $12.31 per share based on 23,067,626 shares of common stock outstanding) |
|
100.0 |
% |
|
|
$ |
283,859,991 |
|
|
|
|
Number of |
|
|
| |
|
WRITTEN CALL OPTIONS —UNITED STATES (0.1)% |
|
|
|
|
| |
|
S&P 500 Index, USD Strike Price 2,015, expires 10/18/14 |
|
606 |
|
(256,338 |
) | |
|
S&P 500 Index, USD Strike Price 2,020, expires 10/18/14 |
|
400 |
|
(142,000 |
) | |
|
TOTAL WRITTEN CALL OPTIONS (Premiums received—$1,643,182) |
|
|
|
$ |
(398,338 |
) |
Glossary of Portfolio Abbreviations
|
ADR |
American Depositary Receipt |
|
ETF |
Exchange-Traded Fund |
|
GBP |
Great British Pound |
|
GDR |
Global Depositary Receipt |
|
HKD |
Hong Kong Dollar |
|
MLP |
Master Limited Partnership |
|
REIT |
Real Estate Investment Trust |
|
SPDR |
Standard & Poor’s Depositary Receipt |
|
USD |
United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
|
(a) |
All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $139,623,870 in aggregate has been pledged as collateral. |
|
(b) |
Non-income producing security. |
|
(c) |
All or a portion of the security is pledged in connection with written option contracts: $46,941,717 in aggregate has been pledged as collateral. |
|
(d) |
Resale is restricted to qualified institutional investors. Aggregate holdings equal 2.0% of the net assets of the Fund, of which 0.0% are illiquid. |
|
(e) |
Rate quoted represents the annualized seven-day yield of the Fund. |
|
Sector Summary |
|
|
|
% of |
|
|
Financial (Common) |
|
|
|
14.6 |
|
|
Technology (Common) |
|
|
|
12.6 |
|
|
Health Care (Common) |
|
|
|
8.9 |
|
|
Energy (Common) |
|
|
|
8.7 |
|
|
Industrials (Common) |
|
|
|
7.7 |
|
|
Real Estate (Common) |
|
|
|
7.6 |
|
|
Consumer—Non-Cyclical (Common) |
|
|
|
4.7 |
|
|
Closed-End Funds |
|
|
|
4.6 |
|
|
Consumer—Cyclical (Common) |
|
|
|
4.0 |
|
|
Materials (Common) |
|
|
|
3.5 |
|
|
Pipelines (Common) |
|
|
|
4.5 |
|
|
Banks—Foreign (Preferred) |
|
|
|
1.9 |
|
|
Communications (Common) |
|
|
|
1.8 |
|
|
Consumer Staples (Common) |
|
|
|
1.7 |
|
|
Consumer Discretionary (Common) |
|
|
|
1.6 |
|
|
Gas Distribution (Common) |
|
|
|
1.4 |
|
|
Automotive (Common) |
|
|
|
1.1 |
|
|
Telecommunication Services (Common) |
|
|
|
1.0 |
|
|
Airports (Common) |
|
|
|
1.0 |
|
|
Toll Roads (Common) |
|
|
|
0.8 |
|
|
Railways (Common) |
|
|
|
0.7 |
|
|
Electric (Common) |
|
|
|
0.7 |
|
|
Banks (Preferred) |
|
|
|
0.7 |
|
|
Shipping (Common) |
|
|
|
0.6 |
|
|
Other |
|
|
|
0.6 |
|
|
Real Estate (Preferred) |
|
|
|
0.5 |
|
|
Insurance (Corporate Bonds) |
|
|
|
0.5 |
|
|
Hotel (Common) |
|
|
|
0.4 |
|
|
Insurance (Preferred) |
|
|
|
0.4 |
|
|
Water (Common) |
|
|
|
0.4 |
|
|
Insurance (Common) |
|
|
|
0.3 |
|
|
Industrials(Preferred) |
|
|
|
0.3 |
|
|
Marine Ports (Common) |
|
|
|
0.2 |
|
|
|
|
|
|
100.0 |
|
Cohen & Steers Global Income Builder, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued at the average of the quoted bid and ask prices as of the close of business. Over-the-counter options are valued based upon prices provided by the respective 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 over-the-counter market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be over-the-counter, are valued at the last sale price on the valuation date as reported by sources deemed appropriate by the Board of Directors to reflect their fair market value. 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. However, certain fixed-income securities may be valued on the basis of prices provided by a pricing service when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value.
The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures
Cohen & Steers Global Income Builder, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.
The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value 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 securities are not necessarily an indication of the risk associated with investing in those securities.
For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the end of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an
Cohen & Steers Global Income Builder, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 securities as of September 30, 2014.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s investments carried at value:
|
|
|
Total |
|
Quoted Prices In |
|
Other Significant |
|
Significant Inputs |
| ||||
|
Common Stock |
|
$ |
320,116,665 |
|
$ |
320,116,665 |
|
$ |
— |
|
$ |
— |
|
|
Closed-End Funds |
|
16,164,950 |
|
16,164,950 |
|
— |
|
— |
| ||||
|
Preferred Securities - $25 Par Value |
|
6,935,233 |
|
6,935,233 |
|
— |
|
— |
| ||||
|
Preferred Securities - Capital Securities |
|
6,532,017 |
|
— |
|
6,532,017 |
|
— |
| ||||
|
Corporate Bonds |
|
1,783,201 |
|
— |
|
1,783,201 |
|
— |
| ||||
|
Purchased Call Options |
|
155,600 |
|
155,600 |
|
— |
|
— |
| ||||
|
Money Market Funds |
|
800,000 |
|
— |
|
800,000 |
|
— |
| ||||
|
Total Investments(a) |
|
$ |
352,487,666 |
|
$ |
343,372,448 |
|
$ |
9,115,218 |
|
$ |
— |
|
|
Written Call Options |
|
$ |
(398,338 |
) |
$ |
(398,338 |
) |
$ |
— |
|
$ |
— |
|
|
Total Depreciation in Other Financial Instruments(a) |
|
$ |
(398,338 |
) |
$ |
(398,338 |
) |
$ |
— |
|
$ |
— |
|
|
(a) Portfolio holdings are disclosed individually on the Schedule of Investments. |
Note 2. Derivative Instruments
Options: The Fund writes call options on an index and may write put options on an index and put and covered call options on securities with the intention of earning option premiums. Option premiums may increase the Fund’s realized gains and therefore may help increase distributable income. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index or security. Other risks
Cohen & Steers Global Income Builder, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
The Fund may purchase call or put options. 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. 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.
Transactions in written options during the nine months ended September 30, 2014 were as follows:
|
|
|
Number |
|
|
| |
|
|
|
of Contracts |
|
Premiums |
| |
|
Options outstanding at December 31, 2013 |
|
1,305 |
|
$ |
1,988,088 |
|
|
Options written |
|
12,576 |
|
27,983,897 |
| |
|
Options expired |
|
(1,782 |
) |
(3,121,060 |
) | |
|
Options terminated in closing transactions |
|
(5,954 |
) |
(14,003,050 |
) | |
|
Options exercised |
|
(5,139 |
) |
(11,204,693 |
) | |
|
Options outstanding at September 30, 2014 |
|
1,006 |
|
$ |
1,643,182 |
|
Note 3. Income Tax Information
As of September 30, 2014, the federal tax cost and net unrealized appreciation and depreciation in value of securities held were as follows:
|
Cost for federal income tax purposes |
|
$ |
298,195,717 |
|
|
Gross unrealized appreciation |
|
$ |
60,927,770 |
|
|
Gross unrealized depreciation |
|
(6,635,821 |
) | |
|
Net unrealized appreciation |
|
$ |
54,291,949 |
|
Item 2. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report.
(b) During the last fiscal quarter, there were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
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 INCOME BUILDER, INC. |
| |
|
|
| |
|
|
| |
|
By: |
/s/ Adam M. Derechin |
|
|
|
Name: Adam M. Derechin |
|
|
|
Title: President |
|
|
|
| |
|
Date: November 25, 2014 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Adam M. Derechin |
|
By: |
/s/ James Giallanza |
|
|
Name: Adam M. Derechin |
|
|
Name: James Giallanza |
|
|
Title: President and Principal Executive Officer |
|
|
Title: Treasurer and Principal Financial Officer |
Date: November 25, 2014