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) | ||||||||
|
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|
280 Park Avenue New York, NY |
|
10017 | ||||||
|
(Address of principal executive offices) |
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(Zip code) | ||||||
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| ||||||||
|
Francis C. Poli | ||||||||
|
(Name and address of agent for service) | ||||||||
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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, 2017 |
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Item 1. Schedule of Investments
COHEN & STEERS GLOBAL INCOME BUILDER, INC.
SCHEDULE OF INVESTMENTS
September 30, 2017 (Unaudited)
|
|
|
Number |
|
Value |
| |
|
COMMON STOCK 119.0% |
|
|
|
|
| |
|
AUSTRALIA 1.1% |
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.3% |
|
|
|
|
| |
|
Spark Infrastructure Group |
|
359,401 |
|
$ |
710,423 |
|
|
|
|
|
|
|
| |
|
REAL ESTATE 0.8% |
|
|
|
|
| |
|
DIVERSIFIED 0.5% |
|
|
|
|
| |
|
Charter Hall Group |
|
63,439 |
|
267,220 |
| |
|
Dexus Property Group |
|
123,117 |
|
917,443 |
| |
|
Mirvac Group |
|
15,009 |
|
26,960 |
| |
|
|
|
|
|
1,211,623 |
| |
|
INDUSTRIALS 0.3% |
|
|
|
|
| |
|
Goodman Group |
|
104,159 |
|
673,227 |
| |
|
TOTAL REAL ESTATE |
|
|
|
1,884,850 |
| |
|
TOTAL AUSTRALIA |
|
|
|
2,595,273 |
| |
|
|
|
|
|
|
| |
|
AUSTRIA 0.2% |
|
|
|
|
| |
|
REAL ESTATE—RESIDENTIAL |
|
|
|
|
| |
|
BUWOG AG |
|
15,598 |
|
467,519 |
| |
|
|
|
|
|
|
| |
|
BELGIUM 0.1% |
|
|
|
|
| |
|
REAL ESTATE—RESIDENTIAL |
|
|
|
|
| |
|
Aedifica SA |
|
1,511 |
|
142,547 |
| |
|
|
|
|
|
|
| |
|
BRAZIL 0.2% |
|
|
|
|
| |
|
REAL ESTATE—RETAIL 0.1% |
|
|
|
|
| |
|
BR Malls Participacoes SA |
|
36,561 |
|
162,422 |
| |
|
|
|
|
|
|
| |
|
WATER 0.1% |
|
|
|
|
| |
|
Cia de Saneamento Basico do Estado de Sao Paulo |
|
28,581 |
|
300,325 |
| |
|
TOTAL BRAZIL |
|
|
|
462,747 |
| |
|
|
|
|
|
|
| |
|
CANADA 3.8% |
|
|
|
|
| |
|
ENERGY—OIL & GAS 1.1% |
|
|
|
|
| |
|
Suncor Energy(a) |
|
76,800 |
|
2,691,616 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—BANKS 1.2% |
|
|
|
|
| |
|
Royal Bank of Canada |
|
37,344 |
|
2,889,353 |
| |
|
|
|
|
|
|
| |
|
PIPELINES—C-CORP 1.3% |
|
|
|
|
| |
|
Enbridge |
|
20,090 |
|
839,183 |
| |
|
Kinder Morgan Canada Ltd., 144A(b) |
|
18,600 |
|
258,186 |
| |
|
Pembina Pipeline Corp. |
|
41,359 |
|
1,451,170 |
| |
|
TransCanada Corp. |
|
11,057 |
|
546,492 |
| |
|
|
|
|
|
3,095,031 |
| |
|
|
|
Number |
|
Value |
| |
|
REAL ESTATE—OFFICE 0.2% |
|
|
|
|
| |
|
Allied Properties REIT |
|
15,441 |
|
$ |
493,023 |
|
|
TOTAL CANADA |
|
|
|
9,169,023 |
| |
|
|
|
|
|
|
| |
|
CHINA 0.2% |
|
|
|
|
| |
|
TOLL ROADS |
|
|
|
|
| |
|
Jiangsu Expressway Co., Ltd., Class H (HKD) |
|
364,000 |
|
557,304 |
| |
|
|
|
|
|
|
| |
|
FRANCE 6.7% |
|
|
|
|
| |
|
AIRPORTS 0.2% |
|
|
|
|
| |
|
Aeroports de Paris |
|
2,518 |
|
407,120 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES 1.8% |
|
|
|
|
| |
|
Danone SA(a) |
|
57,427 |
|
4,504,731 |
| |
|
|
|
|
|
|
| |
|
ENERGY—OIL & GAS 0.8% |
|
|
|
|
| |
|
Total SA(c) |
|
34,502 |
|
1,853,153 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—BANKS 1.0% |
|
|
|
|
| |
|
BNP Paribas(a) |
|
30,477 |
|
2,458,418 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICALS 1.0% |
|
|
|
|
| |
|
Sanofi(a) |
|
25,158 |
|
2,497,974 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS—AEROSPACE & DEFENSE 0.5% |
|
|
|
|
| |
|
Thales SA(c) |
|
11,662 |
|
1,320,167 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 0.3% |
|
|
|
|
| |
|
DIVERSIFIED 0.1% |
|
|
|
|
| |
|
Fonciere des Regions |
|
1,546 |
|
160,594 |
| |
|
|
|
|
|
|
| |
|
OFFICE 0.2% |
|
|
|
|
| |
|
Gecina SA |
|
3,469 |
|
562,522 |
| |
|
TOTAL REAL ESTATE |
|
|
|
723,116 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 1.1% |
|
|
|
|
| |
|
Eiffage SA |
|
6,988 |
|
723,499 |
| |
|
Vinci SA |
|
19,614 |
|
1,863,816 |
| |
|
|
|
|
|
2,587,315 |
| |
|
TOTAL FRANCE |
|
|
|
16,351,994 |
| |
|
|
|
|
|
|
| |
|
GERMANY 6.7% |
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.2% |
|
|
|
|
| |
|
Innogy SE, 144A(b) |
|
10,658 |
|
474,329 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 2.4% |
|
|
|
|
| |
|
BANKS 1.2% |
|
|
|
|
| |
|
Deutsche Bank AG(a) |
|
174,100 |
|
3,010,398 |
| |
|
|
|
Number |
|
Value |
| |
|
INSURANCE 1.2% |
|
|
|
|
| |
|
Allianz SE(a) |
|
12,714 |
|
$ |
2,854,318 |
|
|
TOTAL FINANCIAL |
|
|
|
5,864,716 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICALS 1.0% |
|
|
|
|
| |
|
Bayer AG(c) |
|
18,151 |
|
2,473,493 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS—ELECTRICAL EQUIPMENT 0.7% |
|
|
|
|
| |
|
Siemens AG(a) |
|
11,442 |
|
1,611,978 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CHEMICALS 1.0% |
|
|
|
|
| |
|
Linde AG(c) |
|
11,926 |
|
2,487,123 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 0.7% |
|
|
|
|
| |
|
OFFICE 0.2% |
|
|
|
|
| |
|
Alstria Office REIT AG |
|
26,202 |
|
374,250 |
| |
|
|
|
|
|
|
| |
|
RESIDENTIAL 0.5% |
|
|
|
|
| |
|
ADO Properties SA, 144A(b) |
|
5,566 |
|
275,078 |
| |
|
Deutsche Wohnen AG |
|
21,640 |
|
918,702 |
| |
|
|
|
|
|
1,193,780 |
| |
|
TOTAL REAL ESTATE |
|
|
|
1,568,030 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY—SOFTWARE 0.7% |
|
|
|
|
| |
|
SAP AG(a) |
|
16,000 |
|
1,752,806 |
| |
|
TOTAL GERMANY |
|
|
|
16,232,475 |
| |
|
|
|
|
|
|
| |
|
HONG KONG 2.4% |
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.3% |
|
|
|
|
| |
|
CLP Holdings Ltd. |
|
69,000 |
|
707,083 |
| |
|
|
|
|
|
|
| |
|
INVESTMENT COMPANY—DIVERSIFIED FINANCIALS 0.5% |
|
|
|
|
| |
|
CK Hutchison Holdings Ltd. (Cayman Islands) |
|
83,005 |
|
1,060,993 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 1.2% |
|
|
|
|
| |
|
DIVERSIFIED 1.1% |
|
|
|
|
| |
|
CK Asset Holdings Ltd. |
|
113,000 |
|
935,205 |
| |
|
Hang Lung Properties Ltd. |
|
306,000 |
|
726,258 |
| |
|
Sun Hung Kai Properties Ltd. |
|
62,404 |
|
1,013,758 |
| |
|
|
|
|
|
2,675,221 |
| |
|
RETAIL 0.1% |
|
|
|
|
| |
|
Link REIT |
|
32,500 |
|
263,358 |
| |
|
TOTAL REAL ESTATE |
|
|
|
2,938,579 |
| |
|
|
|
Number |
|
Value |
| |
|
TELECOMMUNICATION SERVICES 0.4% |
|
|
|
|
| |
|
China Mobile Ltd. |
|
96,500 |
|
$ |
977,773 |
|
|
TOTAL HONG KONG |
|
|
|
5,684,428 |
| |
|
|
|
|
|
|
| |
|
IRELAND 1.7% |
|
|
|
|
| |
|
INFORMATION TECHNOLOGY—IT CONSULTING & SERVICES |
|
|
|
|
| |
|
Accenture PLC, Class A (USD)(a) |
|
31,000 |
|
4,187,170 |
| |
|
|
|
|
|
|
| |
|
ITALY 0.3% |
|
|
|
|
| |
|
COMMUNICATIONS—TOWERS |
|
|
|
|
| |
|
Ei Towers S.p.A. |
|
767 |
|
45,371 |
| |
|
Infrastrutture Wireless Italiane S.p.A., 144A(b) |
|
82,260 |
|
544,450 |
| |
|
TOTAL ITALY |
|
|
|
589,821 |
| |
|
|
|
|
|
|
| |
|
JAPAN 8.9% |
|
|
|
|
| |
|
AUTOMOTIVE 0.7% |
|
|
|
|
| |
|
Toyota Motor Corp.(a) |
|
29,200 |
|
1,741,231 |
| |
|
|
|
|
|
|
| |
|
CONSUMER DISCRETIONARY—MEDIA 0.5% |
|
|
|
|
| |
|
CyberAgent |
|
37,000 |
|
1,078,516 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 2.4% |
|
|
|
|
| |
|
DIVERSIFIED FINANCIAL SERVICES 1.7% |
|
|
|
|
| |
|
Mitsubishi UFJ Financial Group(a) |
|
260,300 |
|
1,690,302 |
| |
|
ORIX Corp.(a) |
|
146,500 |
|
2,362,357 |
| |
|
|
|
|
|
4,052,659 |
| |
|
INSURANCE 0.7% |
|
|
|
|
| |
|
NKSJ Holdings(a) |
|
46,250 |
|
1,799,444 |
| |
|
TOTAL FINANCIAL |
|
|
|
5,852,103 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 1.5% |
|
|
|
|
| |
|
COMMERCIAL SERVICES & SUPPLIES 0.4% |
|
|
|
|
| |
|
Secom Co., Ltd. |
|
15,500 |
|
1,129,802 |
| |
|
|
|
|
|
|
| |
|
ELECTRICAL EQUIPMENT 1.1% |
|
|
|
|
| |
|
Fanuc Ltd.(a) |
|
6,500 |
|
1,316,463 |
| |
|
Nidec Corp.(a) |
|
10,400 |
|
1,277,299 |
| |
|
|
|
|
|
2,593,762 |
| |
|
TOTAL INDUSTRIALS |
|
|
|
3,723,564 |
| |
|
|
|
|
|
|
| |
|
RAILWAYS 0.4% |
|
|
|
|
| |
|
Central Japan Railway Co. |
|
2,100 |
|
368,212 |
| |
|
|
|
Number |
|
Value |
| |
|
West Japan Railway Co. |
|
9,100 |
|
$ |
632,572 |
|
|
|
|
|
|
1,000,784 |
| |
|
REAL ESTATE 1.7% |
|
|
|
|
| |
|
DIVERSIFIED 1.3% |
|
|
|
|
| |
|
Activia Properties |
|
70 |
|
290,513 |
| |
|
Hulic Co., Ltd. |
|
3,400 |
|
33,328 |
| |
|
Mitsui Fudosan Co., Ltd.(a) |
|
38,491 |
|
834,642 |
| |
|
Sekisui House Ltd.(a) |
|
64,600 |
|
1,088,770 |
| |
|
Sumitomo Realty & Development Co., Ltd. |
|
14,000 |
|
423,639 |
| |
|
Tokyo Tatemono Co., Ltd. |
|
44,439 |
|
568,298 |
| |
|
|
|
|
|
3,239,190 |
| |
|
OFFICE 0.2% |
|
|
|
|
| |
|
Kenedix Office Investment Corp. |
|
50 |
|
275,050 |
| |
|
Nippon Building Fund |
|
41 |
|
204,408 |
| |
|
|
|
|
|
479,458 |
| |
|
RESIDENTIAL 0.1% |
|
|
|
|
| |
|
Daiwa House REIT Investment Corp. |
|
68 |
|
162,801 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.1% |
|
|
|
|
| |
|
Japan Retail Fund Investment Corp. |
|
167 |
|
299,643 |
| |
|
TOTAL REAL ESTATE |
|
|
|
4,181,092 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY—ELECTRONIC EQUIPMENT & INSTRUMENTS 1.1% |
|
|
|
|
| |
|
Kyocera Corp.(a) |
|
19,000 |
|
1,178,920 |
| |
|
Sony Corp.(a) |
|
39,800 |
|
1,480,585 |
| |
|
|
|
|
|
2,659,505 |
| |
|
TELECOMMUNICATION SERVICES 0.6% |
|
|
|
|
| |
|
KDDI Corp.(c) |
|
52,400 |
|
1,381,655 |
| |
|
TOTAL JAPAN |
|
|
|
21,618,450 |
| |
|
|
|
|
|
|
| |
|
JERSEY 2.3% |
|
|
|
|
| |
|
CONSUMER DISCRETIONARY 1.8% |
|
|
|
|
| |
|
AUTO COMPONENTS 0.7% |
|
|
|
|
| |
|
Delphi Automotive PLC (USD)(a) |
|
17,978 |
|
1,769,035 |
| |
|
|
|
|
|
|
| |
|
MEDIA 1.1% |
|
|
|
|
| |
|
WPP PLC (GBP)(a) |
|
140,000 |
|
2,598,259 |
| |
|
TOTAL CONSUMER DISCRETIONARY |
|
|
|
4,367,294 |
| |
|
|
|
Number |
|
Value |
| |
|
MATERIALS—METALS & MINING 0.5% |
|
|
|
|
| |
|
Glencore PLC (GBP) |
|
251,306 |
|
$ |
1,151,685 |
|
|
TOTAL JERSEY |
|
|
|
5,518,979 |
| |
|
|
|
|
|
|
| |
|
LUXEMBOURG 1.6% |
|
|
|
|
| |
|
MATERIALS |
|
|
|
|
| |
|
CHEMICALS 0.7% |
|
|
|
|
| |
|
Trinseo SA (USD)(a) |
|
25,056 |
|
1,681,258 |
| |
|
|
|
|
|
|
| |
|
METALS & MINING 0.9% |
|
|
|
|
| |
|
ArcelorMittal(a),(d) |
|
89,092 |
|
2,298,126 |
| |
|
TOTAL LUXEMBOURG |
|
|
|
3,979,384 |
| |
|
|
|
|
|
|
| |
|
MEXICO 0.1% |
|
|
|
|
| |
|
TOLL ROADS |
|
|
|
|
| |
|
OHL Mexico SAB de CV |
|
210,189 |
|
284,407 |
| |
|
|
|
|
|
|
| |
|
NETHERLANDS 0.7% |
|
|
|
|
| |
|
FINANCIAL—BANKS |
|
|
|
|
| |
|
ABN AMRO Group NV, 144A(b) |
|
59,877 |
|
1,793,278 |
| |
|
|
|
|
|
|
| |
|
NEW ZEALAND 0.2% |
|
|
|
|
| |
|
AIRPORTS |
|
|
|
|
| |
|
Auckland International Airport Ltd. |
|
93,745 |
|
436,065 |
| |
|
|
|
|
|
|
| |
|
NORWAY 0.1% |
|
|
|
|
| |
|
REAL ESTATE—OFFICE |
|
|
|
|
| |
|
Entra ASA, 144A(b) |
|
15,426 |
|
211,116 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE 0.4% |
|
|
|
|
| |
|
TECHNOLOGY—SEMICONDUCTORS |
|
|
|
|
| |
|
Broadcom Ltd. (USD) |
|
4,284 |
|
1,039,041 |
| |
|
|
|
|
|
|
| |
|
SPAIN 0.8% |
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.2% |
|
|
|
|
| |
|
Red Electrica Corp. SA |
|
17,550 |
|
368,799 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE—DIVERSIFIED 0.2% |
|
|
|
|
| |
|
Merlin Properties Socimi SA |
|
41,324 |
|
572,415 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 0.4% |
|
|
|
|
| |
|
Ferrovial SA |
|
46,080 |
|
1,014,354 |
| |
|
TOTAL SPAIN |
|
|
|
1,955,568 |
| |
|
|
|
|
|
|
| |
|
SWEDEN 2.1% |
|
|
|
|
| |
|
COMMUNICATIONS—TELECOMMUNICATIONS 0.4% |
|
|
|
|
| |
|
TeliaSonera AB |
|
179,800 |
|
846,803 |
| |
|
|
|
Number |
|
Value |
| |
|
INDUSTRIALS—AEROSPACE & DEFENSE 1.5% |
|
|
|
|
| |
|
Saab AB, Class B(a) |
|
73,730 |
|
$ |
3,742,217 |
|
|
|
|
|
|
|
| |
|
REAL ESTATE 0.2% |
|
|
|
|
| |
|
DIVERSIFIED 0.1% |
|
|
|
|
| |
|
Fastighets AB Balder, Class B(d) |
|
8,657 |
|
225,117 |
| |
|
Hufvudstaden AB |
|
11,105 |
|
189,517 |
| |
|
|
|
|
|
414,634 |
| |
|
HOTEL 0.1% |
|
|
|
|
| |
|
Pandox AB |
|
8,415 |
|
160,243 |
| |
|
TOTAL REAL ESTATE |
|
|
|
574,877 |
| |
|
TOTAL SWEDEN |
|
|
|
5,163,897 |
| |
|
|
|
|
|
|
| |
|
SWITZERLAND 5.4% |
|
|
|
|
| |
|
AIRPORTS 0.2% |
|
|
|
|
| |
|
Flughafen Zuerich AG |
|
1,588 |
|
359,139 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—FOOD 1.6% |
|
|
|
|
| |
|
Nestle SA(a) |
|
47,654 |
|
3,991,056 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—INSURANCE 2.2% |
|
|
|
|
| |
|
Chubb Ltd. (USD)(a) |
|
27,866 |
|
3,972,298 |
| |
|
Zurich Insurance Group AG |
|
4,500 |
|
1,372,748 |
| |
|
|
|
|
|
5,345,046 |
| |
|
HEALTH CARE—PHARMACEUTICALS 1.4% |
|
|
|
|
| |
|
Novartis AG(a) |
|
40,000 |
|
3,424,381 |
| |
|
TOTAL SWITZERLAND |
|
|
|
13,119,622 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM 7.0% |
|
|
|
|
| |
|
CONSUMER STAPLES—BEVERAGE 0.9% |
|
|
|
|
| |
|
Diageo PLC |
|
69,397 |
|
2,281,092 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL—SPECIALTY RETAIL 0.3% |
|
|
|
|
| |
|
Kingfisher PLC |
|
212,592 |
|
850,346 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—AGRICULTURE 0.8% |
|
|
|
|
| |
|
British American Tobacco PLC(c) |
|
31,433 |
|
1,967,856 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 0.3% |
|
|
|
|
| |
|
National Grid PLC |
|
53,413 |
|
661,768 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 2.4% |
|
|
|
|
| |
|
BANKS 1.8% |
|
|
|
|
| |
|
Barclays PLC(a) |
|
797,124 |
|
2,065,260 |
| |
|
|
|
Number |
|
Value |
| |
|
Lloyds Banking Group PLC |
|
2,558,417 |
|
$ |
2,321,972 |
|
|
|
|
|
|
4,387,232 |
| |
|
INSURANCE 0.6% |
|
|
|
|
| |
|
Beazley PLC |
|
208,471 |
|
1,339,488 |
| |
|
TOTAL FINANCIAL |
|
|
|
5,726,720 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CONTAINERS & PACKAGING 1.0% |
|
|
|
|
| |
|
DS Smith PLC |
|
365,000 |
|
2,410,773 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 1.0% |
|
|
|
|
| |
|
DIVERSIFIED 0.1% |
|
|
|
|
| |
|
LondonMetric Property PLC |
|
89,090 |
|
198,411 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE 0.1% |
|
|
|
|
| |
|
Assura PLC |
|
288,025 |
|
241,993 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 0.4% |
|
|
|
|
| |
|
Segro PLC |
|
92,891 |
|
667,180 |
| |
|
Tritax Big Box REIT PLC |
|
134,375 |
|
256,409 |
| |
|
|
|
|
|
923,589 |
| |
|
OFFICE 0.2% |
|
|
|
|
| |
|
Derwent London PLC |
|
6,164 |
|
230,777 |
| |
|
Workspace Group PLC |
|
10,458 |
|
124,372 |
| |
|
|
|
|
|
355,149 |
| |
|
RESIDENTIAL 0.1% |
|
|
|
|
| |
|
UNITE Group PLC |
|
36,087 |
|
332,451 |
| |
|
|
|
|
|
|
| |
|
SELF STORAGE 0.1% |
|
|
|
|
| |
|
Big Yellow Group PLC |
|
12,711 |
|
128,938 |
| |
|
Safestore Holdings PLC |
|
34,917 |
|
204,326 |
| |
|
|
|
|
|
333,264 |
| |
|
TOTAL REAL ESTATE |
|
|
|
2,384,857 |
| |
|
|
|
|
|
|
| |
|
WATER 0.3% |
|
|
|
|
| |
|
United Utilities Group PLC |
|
64,183 |
|
734,914 |
| |
|
TOTAL UNITED KINGDOM |
|
|
|
17,018,326 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 66.0% |
|
|
|
|
| |
|
COMMUNICATIONS—TOWERS 1.5% |
|
|
|
|
| |
|
American Tower Corp.(c) |
|
14,276 |
|
1,951,244 |
| |
|
Crown Castle International Corp. |
|
14,442 |
|
1,443,911 |
| |
|
SBA Communications Corp. |
|
2,028 |
|
292,133 |
| |
|
|
|
|
|
3,687,288 |
| |
|
|
|
Number |
|
Value |
| |
|
CONSUMER—CYCLICAL 7.7% |
|
|
|
|
| |
|
AIRLINES 0.8% |
|
|
|
|
| |
|
Alaska Air Group |
|
26,330 |
|
$ |
2,008,189 |
|
|
|
|
|
|
|
| |
|
MEDIA 1.7% |
|
|
|
|
| |
|
The Walt Disney Co.(a) |
|
22,172 |
|
2,185,494 |
| |
|
Twenty-First Century Fox, Class A(a) |
|
75,307 |
|
1,986,599 |
| |
|
|
|
|
|
4,172,093 |
| |
|
RESTAURANT 1.2% |
|
|
|
|
| |
|
Starbucks Corp.(a),(c) |
|
52,888 |
|
2,840,614 |
| |
|
|
|
|
|
|
| |
|
RETAIL 1.1% |
|
|
|
|
| |
|
Ross Stores(c) |
|
42,491 |
|
2,743,644 |
| |
|
|
|
|
|
|
| |
|
SPECIALTY RETAIL 2.9% |
|
|
|
|
| |
|
Home Depot/The(a),(c) |
|
19,004 |
|
3,108,294 |
| |
|
Lowe’s Cos.(c) |
|
48,376 |
|
3,867,178 |
| |
|
|
|
|
|
6,975,472 |
| |
|
TOTAL CONSUMER—CYCLICAL |
|
|
|
18,740,012 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL 4.7% |
|
|
|
|
| |
|
AGRICULTURE 1.2% |
|
|
|
|
| |
|
Altria Group(a) |
|
46,350 |
|
2,939,517 |
| |
|
|
|
|
|
|
| |
|
FOOD PRODUCTS 2.2% |
|
|
|
|
| |
|
Kraft Heinz Co./The(a) |
|
25,838 |
|
2,003,737 |
| |
|
Tyson Foods, Class A(a) |
|
45,308 |
|
3,191,949 |
| |
|
|
|
|
|
5,195,686 |
| |
|
RETAIL 1.3% |
|
|
|
|
| |
|
CVS Caremark Corp.(a),(c) |
|
39,420 |
|
3,205,634 |
| |
|
TOTAL CONSUMER—NON-CYCLICAL |
|
|
|
11,340,837 |
| |
|
|
|
|
|
|
| |
|
DIVERSIFIED 0.1% |
|
|
|
|
| |
|
Macquarie Infrastructure Co. LLC |
|
3,102 |
|
223,902 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC 1.4% |
|
|
|
|
| |
|
INTEGRATED ELECTRIC 0.3% |
|
|
|
|
| |
|
NextEra Energy |
|
3,433 |
|
503,106 |
| |
|
Pattern Energy Group(c) |
|
11,756 |
|
283,320 |
| |
|
|
|
|
|
786,426 |
| |
|
|
|
Number |
|
Value |
| |
|
REGULATED ELECTRIC 1.1% |
|
|
|
|
| |
|
Edison International |
|
13,051 |
|
$ |
1,007,145 |
|
|
Great Plains Energy |
|
9,129 |
|
276,609 |
| |
|
WEC Energy Group |
|
3,292 |
|
206,672 |
| |
|
Xcel Energy(c) |
|
23,243 |
|
1,099,859 |
| |
|
|
|
|
|
2,590,285 |
| |
|
TOTAL ELECTRIC |
|
|
|
3,376,711 |
| |
|
|
|
|
|
|
| |
|
ENERGY 3.6% |
|
|
|
|
| |
|
OIL & GAS 3.0% |
|
|
|
|
| |
|
EOG Resources(c) |
|
17,746 |
|
1,716,748 |
| |
|
Exxon Mobil Corp.(a) |
|
46,609 |
|
3,821,006 |
| |
|
Pioneer Natural Resources Co.(a) |
|
10,818 |
|
1,596,087 |
| |
|
|
|
|
|
7,133,841 |
| |
|
OIL & GAS SERVICES 0.6% |
|
|
|
|
| |
|
Schlumberger Ltd. |
|
21,900 |
|
1,527,744 |
| |
|
TOTAL ENERGY |
|
|
|
8,661,585 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 9.0% |
|
|
|
|
| |
|
BANKS 3.4% |
|
|
|
|
| |
|
Bank of America Corp.(a) |
|
188,000 |
|
4,763,920 |
| |
|
Huntington Bancshares(c) |
|
129,253 |
|
1,804,372 |
| |
|
PNC Financial Services Group(a) |
|
12,891 |
|
1,737,320 |
| |
|
|
|
|
|
8,305,612 |
| |
|
CREDIT CARD 0.4% |
|
|
|
|
| |
|
Discover Financial Services(c) |
|
16,500 |
|
1,063,920 |
| |
|
|
|
|
|
|
| |
|
DIVERSIFIED FINANCIAL SERVICES 4.0% |
|
|
|
|
| |
|
Ameriprise Financial(a) |
|
11,833 |
|
1,757,319 |
| |
|
BlackRock |
|
4,000 |
|
1,788,360 |
| |
|
JPMorgan Chase & Co.(a) |
|
39,144 |
|
3,738,643 |
| |
|
Morgan Stanley(a) |
|
49,000 |
|
2,360,330 |
| |
|
|
|
|
|
9,644,652 |
| |
|
INSURANCE 1.2% |
|
|
|
|
| |
|
Assurant |
|
17,420 |
|
1,663,958 |
| |
|
Prudential Financial(a) |
|
11,033 |
|
1,173,029 |
| |
|
|
|
|
|
2,836,987 |
| |
|
TOTAL FINANCIAL |
|
|
|
21,851,171 |
| |
|
|
|
Number |
|
Value |
| |
|
GAS DISTRIBUTION 0.6% |
|
|
|
|
| |
|
Atmos Energy Corp.(c) |
|
6,131 |
|
$ |
514,023 |
|
|
Sempra Energy(c) |
|
9,197 |
|
1,049,654 |
| |
|
|
|
|
|
1,563,677 |
| |
|
HEALTH CARE 9.9% |
|
|
|
|
| |
|
BIOTECHNOLOGY 1.9% |
|
|
|
|
| |
|
Biogen(c),(d) |
|
7,895 |
|
2,472,083 |
| |
|
Gilead Sciences |
|
27,267 |
|
2,209,172 |
| |
|
|
|
|
|
4,681,255 |
| |
|
HEALTH CARE EQUIPMENT & SUPPLIES 2.2% |
|
|
|
|
| |
|
Abbott Laboratories(a),(c) |
|
34,302 |
|
1,830,354 |
| |
|
Teleflex(c) |
|
5,572 |
|
1,348,257 |
| |
|
Zimmer Holdings(a) |
|
19,079 |
|
2,233,960 |
| |
|
|
|
|
|
5,412,571 |
| |
|
HEALTH CARE PROVIDERS & SERVICES 3.3% |
|
|
|
|
| |
|
Aetna(a) |
|
27,500 |
|
4,372,775 |
| |
|
Cigna Corp.(a) |
|
18,732 |
|
3,501,760 |
| |
|
|
|
|
|
7,874,535 |
| |
|
PHARMACEUTICALS 2.5% |
|
|
|
|
| |
|
Bristol-Myers Squibb Co.(a) |
|
49,400 |
|
3,148,756 |
| |
|
Pfizer(a) |
|
83,000 |
|
2,963,100 |
| |
|
|
|
|
|
6,111,856 |
| |
|
TOTAL HEALTH CARE |
|
|
|
24,080,217 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIALS 4.9% |
|
|
|
|
| |
|
AEROSPACE & DEFENSE 1.0% |
|
|
|
|
| |
|
General Dynamics Corp.(a) |
|
11,703 |
|
2,405,903 |
| |
|
|
|
|
|
|
| |
|
AIR FREIGHT & COURIERS 1.7% |
|
|
|
|
| |
|
FedEx Corp.(a) |
|
18,860 |
|
4,254,439 |
| |
|
|
|
|
|
|
| |
|
DIVERSIFIED MANUFACTURING 1.5% |
|
|
|
|
| |
|
Caterpillar(a) |
|
14,584 |
|
1,818,771 |
| |
|
Honeywell International(a) |
|
12,361 |
|
1,752,048 |
| |
|
|
|
|
|
3,570,819 |
| |
|
MACHINERY 0.7% |
|
|
|
|
| |
|
Snap-on(c) |
|
11,228 |
|
1,673,084 |
| |
|
TOTAL INDUSTRIALS |
|
|
|
|
11,904,245 |
|
|
|
|
Number |
|
Value |
| |
|
INFORMATION TECHNOLOGY 2.1% |
|
|
|
|
| |
|
INTERNET SOFTWARE & SERVICES 1.4% |
|
|
|
|
| |
|
Facebook, Class A(c),(d) |
|
19,892 |
|
$ |
3,398,946 |
|
|
|
|
|
|
|
| |
|
IT CONSULTING & SERVICES 0.7% |
|
|
|
|
| |
|
PayPal Holdings(d) |
|
28,085 |
|
1,798,283 |
| |
|
TOTAL INFORMATION TECHNOLOGY |
|
|
|
5,197,229 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CHEMICALS 0.5% |
|
|
|
|
| |
|
DowDuPont(c) |
|
17,177 |
|
1,189,164 |
| |
|
|
|
|
|
|
| |
|
PIPELINES 1.9% |
|
|
|
|
| |
|
PIPELINES—C-CORP 1.7% |
|
|
|
|
| |
|
Antero Midstream GP LP |
|
23,975 |
|
490,768 |
| |
|
Cheniere Energy(c),(d) |
|
22,040 |
|
992,682 |
| |
|
Kinder Morgan(c) |
|
68,542 |
|
1,314,636 |
| |
|
ONEOK(c) |
|
21,201 |
|
1,174,747 |
| |
|
SemGroup Corp., Class A(c) |
|
6,828 |
|
196,305 |
| |
|
|
|
|
|
4,169,138 |
| |
|
PIPELINES—MLP 0.2% |
|
|
|
|
| |
|
Hess Midstream Partners LP |
|
12,294 |
|
270,099 |
| |
|
Noble Midstream Partners LP |
|
4,647 |
|
241,040 |
| |
|
|
|
|
|
511,139 |
| |
|
TOTAL PIPELINES |
|
|
|
4,680,277 |
| |
|
|
|
|
|
|
| |
|
RAILWAYS 0.1% |
|
|
|
|
| |
|
CSX Corp. |
|
3,911 |
|
212,211 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 6.6% |
|
|
|
|
| |
|
DATA CENTERS 0.6% |
|
|
|
|
| |
|
CyrusOne |
|
3,209 |
|
189,106 |
| |
|
Digital Realty Trust |
|
8,508 |
|
1,006,752 |
| |
|
Equinix |
|
661 |
|
295,004 |
| |
|
|
|
|
|
1,490,862 |
| |
|
HEALTH CARE 0.7% |
|
|
|
|
| |
|
HCP |
|
35,367 |
|
984,264 |
| |
|
Welltower |
|
11,212 |
|
787,979 |
| |
|
|
|
|
|
1,772,243 |
| |
|
HOTEL 0.4% |
|
|
|
|
| |
|
Hilton Worldwide Holdings |
|
3,885 |
|
269,813 |
| |
|
|
|
Number |
|
Value |
| |
|
Host Hotels & Resorts |
|
13,895 |
|
$ |
256,919 |
|
|
Sunstone Hotel Investors(c) |
|
18,298 |
|
294,049 |
| |
|
|
|
|
|
820,781 |
| |
|
INDUSTRIALS 0.3% |
|
|
|
|
| |
|
Prologis |
|
9,851 |
|
625,144 |
| |
|
|
|
|
|
|
| |
|
OFFICE 1.2% |
|
|
|
|
| |
|
Corporate Office Properties Trust |
|
14,950 |
|
490,809 |
| |
|
Cousins Properties |
|
40,803 |
|
381,100 |
| |
|
Douglas Emmett |
|
10,372 |
|
408,864 |
| |
|
Empire State Realty Trust, Class A |
|
18,088 |
|
371,528 |
| |
|
Kilroy Realty Corp. |
|
5,273 |
|
375,016 |
| |
|
SL Green Realty Corp.(c) |
|
4,095 |
|
414,905 |
| |
|
Vornado Realty Trust(c) |
|
7,015 |
|
539,313 |
| |
|
|
|
|
|
2,981,535 |
| |
|
RESIDENTIAL 1.7% |
|
|
|
|
| |
|
APARTMENT 1.1% |
|
|
|
|
| |
|
Apartment Investment & Management Co., Class A |
|
12,128 |
|
531,934 |
| |
|
AvalonBay Communities(c) |
|
5,051 |
|
901,199 |
| |
|
Essex Property Trust(c) |
|
1,762 |
|
447,601 |
| |
|
UDR |
|
21,319 |
|
810,762 |
| |
|
|
|
|
|
2,691,496 |
| |
|
MANUFACTURED HOME 0.5% |
|
|
|
|
| |
|
Equity Lifestyle Properties |
|
5,038 |
|
428,633 |
| |
|
Sun Communities |
|
8,237 |
|
705,746 |
| |
|
|
|
|
|
1,134,379 |
| |
|
STUDENT HOUSING 0.1% |
|
|
|
|
| |
|
American Campus Communities |
|
7,152 |
|
315,761 |
| |
|
TOTAL RESIDENTIAL |
|
|
|
4,141,636 |
| |
|
|
|
|
|
|
| |
|
SELF STORAGE 0.4% |
|
|
|
|
| |
|
Extra Space Storage |
|
9,057 |
|
723,836 |
| |
|
Life Storage |
|
3,530 |
|
288,789 |
| |
|
|
|
|
|
1,012,625 |
| |
|
SHOPPING CENTERS 1.3% |
|
|
|
|
| |
|
COMMUNITY CENTER 0.4% |
|
|
|
|
| |
|
Kimco Realty Corp. |
|
18,635 |
|
364,314 |
| |
|
|
|
Number |
|
Value |
| |
|
Weingarten Realty Investors |
|
19,453 |
|
$ |
617,438 |
|
|
|
|
|
|
981,752 |
| |
|
FREE STANDING 0.3% |
|
|
|
|
| |
|
Realty Income Corp. |
|
11,072 |
|
633,208 |
| |
|
|
|
|
|
|
| |
|
REGIONAL MALL 0.6% |
|
|
|
|
| |
|
GGP |
|
30,781 |
|
639,321 |
| |
|
Simon Property Group(c) |
|
5,003 |
|
805,533 |
| |
|
|
|
|
|
1,444,854 |
| |
|
TOTAL SHOPPING CENTERS |
|
|
|
3,059,814 |
| |
|
|
|
|
|
|
| |
|
SPECIALTY 0.0% |
|
|
|
|
| |
|
GEO Group/The |
|
2,437 |
|
65,555 |
| |
|
TOTAL REAL ESTATE |
|
|
|
15,970,195 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY 11.0% |
|
|
|
|
| |
|
COMPUTERS 1.7% |
|
|
|
|
| |
|
Apple(a),(c) |
|
14,570 |
|
2,245,528 |
| |
|
Cadence Design Systems(a),(d) |
|
46,655 |
|
1,841,473 |
| |
|
|
|
|
|
4,087,001 |
| |
|
INFORMATION SERVICES 0.5% |
|
|
|
|
| |
|
Expedia(c) |
|
8,024 |
|
1,154,975 |
| |
|
|
|
|
|
|
| |
|
INTERNET SERVICE PROVIDER 2.6% |
|
|
|
|
| |
|
Alphabet, Class A(a),(d) |
|
6,511 |
|
6,339,891 |
| |
|
|
|
|
|
|
| |
|
SEMICONDUCTORS 1.1% |
|
|
|
|
| |
|
Intel Corp.(a) |
|
67,000 |
|
2,551,360 |
| |
|
|
|
|
|
|
| |
|
SOFTWARE 4.1% |
|
|
|
|
| |
|
Microsoft Corp.(a) |
|
40,000 |
|
2,979,600 |
| |
|
Oracle Corp.(a) |
|
99,723 |
|
4,821,607 |
| |
|
Symantec Corp. |
|
64,727 |
|
2,123,693 |
| |
|
|
|
|
|
9,924,900 |
| |
|
TELECOMMUNICATION EQUIPMENT 1.0% |
|
|
|
|
| |
|
Cisco Systems(a) |
|
75,634 |
|
2,543,571 |
| |
|
TOTAL TECHNOLOGY |
|
|
|
26,601,698 |
| |
|
|
|
|
|
|
| |
|
WATER 0.4% |
|
|
|
|
| |
|
American Water Works Co. |
|
11,549 |
|
934,430 |
| |
|
TOTAL UNITED STATES |
|
|
|
160,214,849 |
| |
|
TOTAL COMMON STOCK |
|
|
|
288,793,283 |
| |
|
|
|
Number |
|
Value |
| |
|
CLOSED-END FUNDS 1.3% |
|
|
|
|
| |
|
CANADA 0.1% |
|
|
|
|
| |
|
COMMODITIES |
|
|
|
|
| |
|
Central Fund of Canada Ltd., Class A (USD) |
|
11,400 |
|
$ |
144,438 |
|
|
|
|
|
|
|
| |
|
UNITED STATES 1.2% |
|
|
|
|
| |
|
COVERED CALL 0.2% |
|
|
|
|
| |
|
Eaton Vance Tax-Managed Buy-Write Opportunities Fund(c) |
|
7,549 |
|
115,651 |
| |
|
Eaton Vance Tax-Managed Diversified Equity Income Fund |
|
12,813 |
|
149,399 |
| |
|
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund |
|
4,983 |
|
58,999 |
| |
|
Eaton Vance Tax-Managed Global Diversified Equity Income Fund |
|
17,155 |
|
160,399 |
| |
|
|
|
|
|
484,448 |
| |
|
EMERGING MARKETS EQUITY 0.0% |
|
|
|
|
| |
|
Templeton Emerging Markets Fund |
|
3,600 |
|
59,472 |
| |
|
|
|
|
|
|
| |
|
EQUITY TAX—ADVANTAGED 0.3% |
|
|
|
|
| |
|
Eaton Vance Tax-Advantaged Dividend Income Fund(c) |
|
8,884 |
|
196,603 |
| |
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
4,643 |
|
79,860 |
| |
|
Gabelli Dividend & Income Trust |
|
9,118 |
|
204,152 |
| |
|
John Hancock Tax-Advantaged Dividend Income Fund |
|
5,679 |
|
146,859 |
| |
|
|
|
|
|
627,474 |
| |
|
FINANCIAL 0.1% |
|
|
|
|
| |
|
Financial Select Sector SPDR Fund |
|
1,662 |
|
42,979 |
| |
|
SPDR S&P Bank ETF |
|
1,900 |
|
85,671 |
| |
|
|
|
|
|
128,650 |
| |
|
INVESTMENT GRADE 0.0% |
|
|
|
|
| |
|
PIMCO Corporate and Income Opportunity Fund |
|
3,300 |
|
55,374 |
| |
|
|
|
|
|
|
| |
|
MASTER LIMITED PARTNERSHIPS 0.1% |
|
|
|
|
| |
|
First Trust Energy Income and Growth Fund |
|
6,144 |
|
151,449 |
| |
|
Kayne Anderson MLP Investment Company |
|
2,986 |
|
54,256 |
| |
|
Tortoise Energy Infrastructure Corp. |
|
2,100 |
|
60,816 |
| |
|
|
|
|
|
266,521 |
| |
|
|
|
Number |
|
Value |
| |
|
MULTI-SECTOR 0.2% |
|
|
|
|
| |
|
AllianzGI Convertible & Income Fund II |
|
7,900 |
|
$ |
49,375 |
|
|
PIMCO Dynamic Credit Income Fund |
|
7,535 |
|
173,757 |
| |
|
PIMCO Dynamic Income Fund |
|
4,550 |
|
140,413 |
| |
|
PIMCO Income Opportunity Fund |
|
4,024 |
|
106,032 |
| |
|
PIMCO Income Strategy Fund II |
|
11,325 |
|
121,178 |
| |
|
|
|
|
|
590,755 |
| |
|
MUNICIPAL 0.1% |
|
|
|
|
| |
|
Eaton Vance Municipal Bond Fund |
|
4,339 |
|
55,019 |
| |
|
Nuveen Municipal Credit Income Fund |
|
7,500 |
|
114,075 |
| |
|
|
|
|
|
169,094 |
| |
|
PREFERRED 0.0% |
|
|
|
|
| |
|
Nuveen Preferred Income Opportunities Fund |
|
7,614 |
|
80,480 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 0.0% |
|
|
|
|
| |
|
Nuveen Real Estate Income Fund |
|
6,865 |
|
76,545 |
| |
|
|
|
|
|
|
| |
|
SENIOR LOAN 0.1% |
|
|
|
|
| |
|
Nuveen Credit Strategies Income Fund(c) |
|
19,203 |
|
163,033 |
| |
|
|
|
|
|
|
| |
|
U.S. GENERAL EQUITY 0.1% |
|
|
|
|
| |
|
Consumer Discretionary Select Sector SPDR Fund |
|
1,100 |
|
99,088 |
| |
|
Gabelli Equity Trust |
|
16,657 |
|
108,271 |
| |
|
|
|
|
|
207,359 |
| |
|
TOTAL UNITED STATES |
|
|
|
2,909,205 |
| |
|
TOTAL CLOSED-END FUNDS |
|
|
|
3,053,643 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—$25 PAR VALUE 2.3% |
|
|
|
|
| |
|
BERMUDA 0.3% |
|
|
|
|
| |
|
INSURANCE—REINSURANCE |
|
|
|
|
| |
|
Arch Capital Group Ltd., 5.25%, Series E (USD)(e) |
|
21,800 |
|
538,460 |
| |
|
Axis Capital Holdings Ltd., 5.50%, Series E (USD)(e) |
|
3,953 |
|
100,287 |
| |
|
TOTAL BERMUDA |
|
|
|
638,747 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 2.0% |
|
|
|
|
| |
|
BANKS 1.3% |
|
|
|
|
| |
|
Bank of America Corp., 6.50%, Series Y(e) |
|
40,000 |
|
1,077,600 |
| |
|
BB&T Corp., 5.20%, Series G(e) |
|
20,000 |
|
509,200 |
| |
|
Citigroup, 6.875% to 11/15/23, Series K(e),(f) |
|
20,039 |
|
580,931 |
| |
|
Wells Fargo & Co., 5.70%, Series W(e) |
|
20,000 |
|
520,000 |
| |
|
|
|
Number |
|
Value |
| ||
|
Wells Fargo & Co., 5.625%, Series Y(e) |
|
20,000 |
|
$ |
523,800 |
| |
|
|
|
|
|
3,211,531 |
| ||
|
ELECTRIC—INTEGRATED ELECTRIC 0.4% |
|
|
|
|
| ||
|
Integrys Holdings, 6.00% to 8/1/23, due 8/1/73(f) |
|
35,750 |
|
1,017,534 |
| ||
|
|
|
|
|
|
| ||
|
REAL ESTATE—DIVERSIFIED 0.3% |
|
|
|
|
| ||
|
VEREIT, 6.70%, Series F(e) |
|
28,479 |
|
732,765 |
| ||
|
TOTAL UNITED STATES |
|
|
|
4,961,830 |
| ||
|
TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
|
|
|
5,600,577 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Principal |
|
|
| ||
|
PREFERRED SECURITIES—CAPITAL SECURITIES 6.0% |
|
|
|
|
| ||
|
AUSTRALIA 0.8% |
|
|
|
|
| ||
|
INSURANCE |
|
|
|
|
| ||
|
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (USD)(f) |
|
$ |
1,755,000 |
|
1,980,465 |
| |
|
|
|
|
|
|
| ||
|
FRANCE 0.9% |
|
|
|
|
| ||
|
BANKS |
|
|
|
|
| ||
|
Credit Agricole SA, 8.125% to 12/23/25, 144A (USD)(b),(e),(f) |
|
600,000 |
|
711,763 |
| ||
|
BNP Paribas SA, 7.625% to 3/30/21, 144A (USD)(b),(e),(f) |
|
800,000 |
|
881,000 |
| ||
|
Societe Generale SA, 7.875% to 12/18/23, 144A (USD)(b),(e),(f) |
|
600,000 |
|
668,550 |
| ||
|
TOTAL FRANCE |
|
|
|
2,261,313 |
| ||
|
|
|
|
|
|
| ||
|
JAPAN 0.3% |
|
|
|
|
| ||
|
INTEGRATED TELECOMMUNICATIONS SERVICES |
|
|
|
|
| ||
|
SoftBank Group Corp., 6.875% to 7/19/27 (USD)(e),(f) |
|
700,000 |
|
721,945 |
| ||
|
|
|
|
|
|
| ||
|
SWITZERLAND 0.7% |
|
|
|
|
| ||
|
BANKS 0.3% |
|
|
|
|
| ||
|
UBS Group AG, 7.125% to 8/10/21 (USD)(e),(f) |
|
600,000 |
|
651,148 |
| ||
|
|
|
Principal |
|
Value |
| ||||
|
INSURANCE—REINSURANCE 0.4% |
|
|
|
|
| ||||
|
Aquarius + Investments PLC, 8.25% to 9/1/18, Series EMTN (USD)(e),(f) |
|
$ |
910,000 |
|
$ |
955,585 |
| ||
|
TOTAL SWITZERLAND |
|
|
|
1,606,733 |
| ||||
|
|
|
|
|
|
| ||||
|
UNITED KINGDOM 0.5% |
|
|
|
|
| ||||
|
BANKS |
|
|
|
|
| ||||
|
Barclays PLC, 7.875% to 3/15/22 (USD)(e),(f) |
|
400,000 |
|
436,500 |
| ||||
|
HSBC Holdings PLC, 6.875% to 6/01/21 (USD)(e),(f) |
|
600,000 |
|
654,750 |
| ||||
|
|
|
|
|
1,091,250 |
| ||||
|
UNITED STATES 2.8% |
|
|
|
|
| ||||
|
BANKS 2.4% |
|
|
|
|
| ||||
|
Bank of America Corp., 6.50% to 10/23/24, Series Z(e),(f) |
|
2,037,000 |
|
2,305,629 |
| ||||
|
Citigroup, 6.125% to 11/15/20, Series R(e),(f) |
|
500,000 |
|
535,625 |
| ||||
|
Citigroup, 6.25% to 8/15/26, Series T(e),(f) |
|
1,070,000 |
|
1,205,088 |
| ||||
|
Goldman Sachs Group/The, 5.70% to 5/10/19, Series L(e),(f) |
|
500,000 |
|
516,875 |
| ||||
|
Wells Fargo & Co., 5.875% to 6/15/25, Series U(e),(f) |
|
1,100,000 |
|
1,225,675 |
| ||||
|
|
|
|
|
5,788,892 |
| ||||
|
INSURANCE—LIFE/HEALTH INSURANCE 0.4% |
|
|
|
|
| ||||
|
Prudential Financial, 5.625% to 6/15/23, due 6/15/43(f) |
|
1,000,000 |
|
1,091,250 |
| ||||
|
TOTAL UNITED STATES |
|
|
|
6,880,142 |
| ||||
|
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES |
|
|
|
14,541,848 |
| ||||
|
|
|
|
|
|
|
|
| ||
|
PURCHASED OPTION CONTRACTS (Premiums paid—$410,304) |
|
0.0 |
% |
|
|
307,000 |
| ||
|
TOTAL INVESTMENTS IN SECURITIES (Identified cost—$263,975,654) |
|
128.7 |
% |
|
|
312,296,351 |
| ||
|
WRITTEN OPTION CONTRACTS |
|
(0.8 |
) |
|
|
(2,046,750 |
) | ||
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(27.9 |
) |
|
|
(67,530,254 |
) | ||
|
NET ASSETS (Equivalent to $10.49 per share based on 23,142,068 shares of common stock outstanding) |
|
100.0 |
% |
|
|
$ |
242,719,347 |
| |
Exchange-Traded Option Contracts
|
Purchased Options |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Description |
|
Exercise |
|
Expiration |
|
Contracts |
|
Notional |
|
Premiums |
|
Value |
| ||||
|
Put–S&P 500 Index |
|
$ |
2,450.00 |
|
12/29/2017 |
|
100 |
|
$ |
25,193,600 |
|
$ |
410,304 |
|
$ |
307,000 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
410,304 |
|
$ |
307,000 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Written Options |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Description |
|
Exercise |
|
Expiration |
|
Contracts |
|
Notional |
|
Premiums |
|
Value |
| ||||
|
Call–S&P 500 Index |
|
$ |
2,500.00 |
|
10/20/2017 |
|
(685 |
) |
$ |
(172,576,160 |
) |
$ |
(1,415,839 |
) |
$ |
(1,883,750 |
) |
|
Put–S&P 500 Index |
|
$ |
2,350.00 |
|
12/29/2017 |
|
(100 |
) |
(25,193,600 |
) |
(220,896 |
) |
(163,000 |
) | |||
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,636,735 |
) |
$ |
(2,046,750 |
) | ||
Glossary of Portfolio Abbreviations
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|
ETF |
Exchange-Traded Fund |
|
|
GBP |
Great British Pound |
|
|
HKD |
Hong Kong Dollar |
|
|
MLP |
Master Limited Partnership |
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|
REIT |
Real Estate Investment Trust |
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|
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. $137,432,764 in aggregate has been pledged as collateral. |
|
(b) |
Resale is restricted to qualified institutional investors. Aggregate holdings amounted to $5,817,750 or 2.4% of the net assets of the Fund, of which 0.0% are illiquid. |
|
(c) |
All or a portion of the security is pledged in connection with written option contracts. $37,575,303 in aggregate has been pledged as collateral. |
|
(d) |
Non-income producing security. |
|
(e) |
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date. |
|
(f) |
Security converts to floating rate after the indicated fixed-rate coupon period. |
|
(g) |
Amount represents number of contracts multiplied by notional contract size multiplied by the underlying price. |
|
Sector Summary |
|
% of |
|
|
Financial (Common) |
|
16.7 |
|
|
Health Care (Common) |
|
10.4 |
|
|
Real Estate (Common) |
|
10.3 |
|
|
Technology (Common) |
|
10.3 |
|
|
Industrials (Common) |
|
7.1 |
|
|
Consumer—Cyclical (Common) |
|
6.3 |
|
|
Consumer—Non-Cyclical (Common) |
|
5.5 |
|
|
Energy (Common) |
|
4.2 |
|
|
Materials (Common) |
|
3.6 |
|
|
Information Technology (Common) |
|
3.0 |
|
|
Banks (Preferred) |
|
2.9 |
|
|
Pipelines—(Common) |
|
2.5 |
|
|
Consumer Staples (Common) |
|
2.2 |
|
|
Electric (Common) |
|
2.0 |
|
|
Other |
|
2.0 |
|
|
Consumer Discretionary (Common) |
|
1.7 |
|
|
Communications (Common) |
|
1.6 |
|
|
Toll Roads (Common) |
|
1.4 |
|
|
Banks—Foreign (Preferred) |
|
1.3 |
|
|
Closed-End Funds |
|
1.0 |
|
|
Insurance (Preferred) |
|
0.9 |
|
|
Telecommunication Services (Common) |
|
0.8 |
|
|
Insurance-Foreign (Preferred) |
|
0.6 |
|
|
Water (Common) |
|
0.6 |
|
|
Automotive (Common) |
|
0.6 |
|
|
Gas Distribution (Common) |
|
0.5 |
|
|
|
|
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 (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing net asset value.
COHEN & STEERS GLOBAL INCOME BUILDER, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.
The Fund’s use of fair value pricing may cause the 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 investments may or may not be an indication of the risk associated with those investments.
COHEN & STEERS GLOBAL INCOME BUILDER, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
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 assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 investments as of September 30, 2017.
The following is a summary of the inputs used as of September 30, 2017 in valuing the Fund’s investments carried at value:
|
|
|
Total |
|
Quoted Prices in |
|
Other Significant |
|
Significant |
| ||||
|
Common Stock: |
|
$ |
288,793,283 |
|
$ |
288,793,283 |
|
$ |
— |
|
$ |
— |
|
|
Closed-End Funds |
|
3,053,643 |
|
3,053,643 |
|
— |
|
— |
| ||||
|
Preferred Securities - $25 Par Value: |
|
|
|
|
|
|
|
|
| ||||
|
United States |
|
4,961,830 |
|
3,944,296 |
|
1,017,534 |
|
— |
| ||||
|
Other Countries |
|
638,747 |
|
638,747 |
|
— |
|
— |
| ||||
|
Preferred Securities - Capital Securities |
|
14,541,848 |
|
— |
|
14,541,848 |
|
— |
| ||||
|
Purchased Option Contracts |
|
307,000 |
|
307,000 |
|
— |
|
— |
| ||||
|
Total Investments(a) |
|
$ |
312,296,351 |
|
$ |
296,736,969 |
|
$ |
15,559,382 |
|
$ |
— |
|
|
Written Option Contracts |
|
$ |
(2,046,750 |
) |
$ |
(2,046,750 |
) |
$ |
— |
|
$ |
— |
|
|
Total Written Option Contracts(a) |
|
$ |
(2,046,750 |
) |
$ |
(2,046,750 |
) |
$ |
— |
|
$ |
— |
|
(a) Portfolio holdings are disclosed individually on the Schedule of Investments.
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
Common Stock - |
| |
|
Balance as of December 31, 2016 |
|
$ |
2,070,055 |
|
|
Change in unrealized appreciation/(depreciation) |
|
29,918 |
| |
|
Sales |
|
(2,099,973 |
) | |
|
Balance as of September 30, 2017 |
|
$ |
— |
|
COHEN & STEERS GLOBAL INCOME BUILDER, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Note 2. Derivative Instruments
Options: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments to enhance portfolio returns and reduce overall volatility.
When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index of 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.
The following summarizes the volume of the Fund’s written option contracts activity for the nine months ended September 30, 2017:
|
|
|
Written Option |
| |
|
|
|
Contracts |
| |
|
Average Notional Amount |
|
$ |
180,450,877 |
|
|
Ending Notional Amount |
|
197,769,760 |
| |
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 of 1934 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 and Principal Executive Officer |
|
|
|
| |
|
Date: November 28, 2017 |
| |
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: Principal Financial Officer |
|
|
|
| ||
|
Date: November 28, 2017 |
|
| ||