Cohen & Steers Global Income Builder, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT 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 New York, NY 10017

 

Address of Principal Executive Office:

Dana DeVivo

280 Park Avenue

New York, NY 10017

 

Name and address of agent for service:

Registrant telephone number, including area code:    (212) 832-3232                                

Date of fiscal year end:    December 31                                

Date of reporting period:    September 30, 2018                                

 

 

 

Item 1. Schedule of Investments

 

 

 

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS

September 30, 2018 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      121.9 %      

AUSTRALIA

      0.9 %      

ELECTRIC—REGULATED ELECTRIC

      0.2 %      

Spark Infrastructure Group

        384,357      $ 622,345  
       

 

 

  

REAL ESTATE

      0.7 %      

DIVERSIFIED

      0.5 %      

Charter Hall Group

        71,407        369,574  

Dexus Property Group

        40,531        309,385  

GPT Group

        130,502        491,477  
       

 

 

  
     1,170,436  
       

 

 

  

INDUSTRIALS

      0.2 %      

Goodman Group

        56,093        420,065  
       

 

 

  

TOTAL REAL ESTATE

           1,590,501  
       

 

 

  

TOTAL AUSTRALIA

           2,212,846  
       

 

 

  

AUSTRIA

      0.1 %      

REAL ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

        4,145        148,130  
       

 

 

  

BELGIUM

      0.1 %      

REAL ESTATE—RESIDENTIAL

        

Aedifica SA

        1,286        116,015  
       

 

 

  

BRAZIL

      0.3 %      

RAILWAYS

      0.2 %      

Rumo SA(a)

        118,212        438,478  
       

 

 

  

REAL ESTATE

      0.1 %      

RETAIL

      0.0 %      

BR Malls Participacoes SA(a)

        58,715        139,862  
       

 

 

  

SHOPPING CENTERS

      0.1 %      

Iguatemi Empresa de Shopping Centers SA

        18,232        140,175  
       

 

 

  

TOTAL REAL ESTATE

           280,037  
       

 

 

  

TOTAL BRAZIL

           718,515  
       

 

 

  

CANADA

      4.4 %      

ELECTRIC—REGULATED ELECTRIC

      0.3 %      

Fortis, Inc.

        21,736        704,760  
       

 

 

  

ENERGY—OIL & GAS

      0.9 %      

Suncor Energy, Inc.(b)

        54,234        2,098,568  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

FINANCIAL—BANKS

      0.9 %      

Bank of Nova Scotia/The

        35,611      $ 2,122,627  
       

 

 

  

PIPELINES—C-CORP

      1.8 %      

Enbridge, Inc.(b)

        68,171        2,199,797  

Keyera Corp.

        21,115        565,780  

Pembina Pipeline Corp.

        35,299        1,199,453  

TransCanada Corp.

        5,535        223,945  
       

 

 

  
          4,188,975  
       

 

 

  

REAL ESTATE

      0.5 %      

OFFICE

      0.2 %      

Allied Properties REIT

        14,183        473,261  
       

 

 

  

RESIDENTIAL

      0.3 %      

Boardwalk REIT

        16,907        656,698  
       

 

 

  

TOTAL REAL ESTATE

           1,129,959  
       

 

 

  

TOTAL CANADA

           10,244,889  
       

 

 

  

CHINA

      1.4 %      

ELECTRIC—INTEGRATED ELECTRIC

      0.1 %      

Huaneng Renewables Corp. Ltd, Class H (HKD)

        898,000        267,277  
       

 

 

  

INFORMATION TECHNOLOGY—INTERNET SOFTWARE & SERVICES

      1.2 %      

Tencent Holdings Ltd. (HKD)(b)

        66,200        2,733,123  
       

 

 

  

TOLL ROADS

      0.1 %      

Jiangsu Expressway Co., Ltd., Class H (HKD)

        246,000        315,499  
       

 

 

  

TOTAL CHINA

           3,315,899  
       

 

 

  

FRANCE

      5.1 %      

CONSUMER STAPLES

      0.9 %      

Danone SA

        26,556        2,056,551  
       

 

 

  

ENERGY—OIL & GAS

      0.5 %      

Total SA

        16,581        1,074,997  
       

 

 

  

FINANCIAL—BANKS

      0.9 %      

BNP Paribas(b)

        35,313        2,161,119  
       

 

 

  

INDUSTRIALS—AEROSPACE & DEFENSE

      1.2 %      

Thales SA(b)

        20,447        2,904,589  
       

 

 

  

RAILWAYS

      0.2 %      

Getlink

        44,906        573,519  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

REAL ESTATE

      0.3 %      

DIVERSIFIED

      0.1 %      

Fonciere des Regions

        2,891      $ 301,255  
       

 

 

  

OFFICE

      0.2 %      

Gecina SA

        1,822        304,199  
       

 

 

  

RETAIL

      0.0 %      

Klepierre SA

        919        32,576  
       

 

 

  

TOTAL REAL ESTATE

           638,030  
       

 

 

  

TOLL ROADS

      1.1 %      

Eiffage SA

        5,134        573,194  

Vinci SA

        19,855        1,890,779  
       

 

 

  
          2,463,973  
       

 

 

  

TOTAL FRANCE

           11,872,778  
       

 

 

  

GERMANY

      3.0 %      

FINANCIAL—INSURANCE

      0.9 %      

Allianz SE

        9,178        2,045,975  
       

 

 

  

HEALTH CARE

      1.5 %      

HEALTH CARE EQUIPMENT & SUPPLIES

      0.8 %      

Siemens Healthineers AG, 144A(a),(c)

        46,165        2,030,096  
       

 

 

  

PHARMACEUTICALS

      0.7 %      

Bayer AG

        18,151        1,612,389  
       

 

 

  

TOTAL HEALTH CARE

           3,642,485  
       

 

 

  

REAL ESTATE

      0.6 %      

OFFICE

      0.1 %      

Alstria Office REIT AG

        10,591        157,152  
       

 

 

  

RESIDENTIAL

      0.5 %      

ADO Properties SA, 144A(c)

        4,405        263,905  

Deutsche Wohnen AG

        19,680        944,140  
       

 

 

  
          1,208,045  
       

 

 

  

TOTAL REAL ESTATE

           1,365,197  
       

 

 

  

TOTAL GERMANY

           7,053,657  
       

 

 

  

HONG KONG

      2.0 %      

PIPELINES—C-CORP

      0.1 %      

Beijing Enterprises Holdings Ltd.

        53,000        297,214  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

REAL ESTATE

      1.3 %      

DIVERSIFIED

      1.0 %      

China Resources Land Ltd.

 

     46,000      $ 161,005  

CK Asset Holdings Ltd.

 

     109,500        821,773  

Hang Lung Properties Ltd.

 

     110,000        214,988  

Longfor Group Holdings Ltd.

 

     96,000        247,715  

New World Development Co., Ltd.

 

     357,017        487,068  

Sun Hung Kai Properties Ltd.

 

     2,134        31,076  

Swire Properties Ltd.

 

     99,800        377,994  
       

 

 

  
       2,341,619  
       

 

 

  

RETAIL

      0.3 %      

Link REIT

 

     69,000        679,128  
       

 

 

  

TOTAL REAL ESTATE

 

        3,020,747  
       

 

 

  

TELECOMMUNICATION SERVICES

      0.4 %      

China Mobile Ltd.

 

     96,500        951,027  
       

 

 

  

WATER

      0.2 %      

Guangdong Investment Ltd.

 

     185,178        328,802  
       

 

 

  

TOTAL HONG KONG

 

        4,597,790  
       

 

 

  

IRELAND

      1.3 %      

INFORMATION TECHNOLOGY—IT CONSULTING & SERVICES

 

     

Accenture PLC, Class A (USD)(b)

 

     18,219        3,100,874  
       

 

 

  

ITALY

      0.4 %      

COMMUNICATIONS—TOWERS

      0.2 %      

Infrastrutture Wireless Italiane S.p.A., 144A(c)

 

     76,890        570,009  
       

 

 

  

ELECTRIC—REGULATED ELECTRIC

      0.2 %      

Terna Rete Elettrica Nazionale S.p.A.

 

     89,070        475,811  
       

 

 

  

TOTAL ITALY

 

        1,045,820  
       

 

 

  

JAPAN

      10.1 %      

CONSUMER DISCRETIONARY—MEDIA

      0.7 %      

CyberAgent, Inc.

 

     31,500        1,677,301  
       

 

 

  

ELECTRIC—INTEGRATED ELECTRIC

      0.0 %      

Shikoku Electric Power Co., Inc.

 

     8,000        104,418  
       

 

 

  

FINANCIAL

      2.6 %      

DIVERSIFIED FINANCIAL SERVICES

      1.7 %      

Mitsubishi UFJ Financial Group, Inc.(b)

 

     260,300        1,624,527  

ORIX Corp.(b)

 

     146,500        2,375,048  
       

 

 

  
       3,999,575  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

INSURANCE

      0.9 %      

NKSJ Holdings, Inc.(b)

 

     46,250      $ 1,969,757  
       

 

 

  

TOTAL FINANCIAL

 

        5,969,332  
       

 

 

  

GAS DISTRIBUTION

      0.3 %      

Tokyo Gas Co., Ltd.

 

     29,000        712,749  
       

 

 

  

INDUSTRIALS

      1.4 %      

COMMERCIAL SERVICES & SUPPLIES

      0.6 %      

Secom Co., Ltd.

 

     15,500        1,263,518  
       

 

 

  

ELECTRICAL EQUIPMENT

      0.8 %      

Fanuc Ltd.(b)

 

     10,100        1,904,084  
       

 

 

  

TOTAL INDUSTRIALS

 

        3,167,602  
       

 

 

  

RAILWAYS

      0.3 %      

Central Japan Railway Co.

 

     2,100        437,300  

West Japan Railway Co.

 

     4,500        313,717  
       

 

 

  
       751,017  
       

 

 

  

REAL ESTATE

      1.6 %      

DIVERSIFIED

      1.4 %      

Activia Properties, Inc.

 

     69        298,786  

Invincible Investment Corp.

 

     582        243,311  

Mitsubishi Estate Co., Ltd.

 

     18,300        311,174  

Mitsui Fudosan Co., Ltd.(b)

 

     25,091        593,819  

Nomura Real Estate Holdings, Inc.

 

     10,800        218,053  

Orix JREIT, Inc.

 

     308        480,894  

Sumitomo Realty & Development Co., Ltd.

 

     18,000        646,365  

Tokyo Tatemono Co., Ltd.

 

     45,439        554,290  
       

 

 

  
       3,346,692  
       

 

 

  

INDUSTRIALS

      0.1 %      

Nippon Prologis REIT, Inc.

 

     69        136,579  
       

 

 

  

OFFICE

      0.1 %      

Nippon Building Fund, Inc.

 

     62        358,511  
       

 

 

  

TOTAL REAL ESTATE

 

        3,841,782  
       

 

 

  

TECHNOLOGY—ELECTRONIC EQUIPMENT & INSTRUMENTS

      2.1 %      

Kyocera Corp.(b)

 

     39,200        2,352,966  

Sony Corp.(b)

        39,800        2,440,123  
       

 

 

  
          4,793,089  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

TELECOMMUNICATION SERVICES

      1.1 %      

KDDI Corp.(b)

        93,600      $ 2,585,904  
       

 

 

  

TOTAL JAPAN

           23,603,194  
       

 

 

  

LIBERIA

      2.0 %      

CONSUMER DISCRETIONARY

        

Royal Caribbean Cruises Ltd. (USD)(b),(d)

        36,263        4,712,014  
       

 

 

  

MEXICO

      0.2 %      

AIRPORTS

      0.2 %      

Grupo Aeroportuario del Pacifico SAB de CV, Class B

        41,729        456,535  
       

 

 

  

TOLL ROADS

      0.0 %      

OHL Mexico SAB de CV

        45,470        68,203  
       

 

 

  

TOTAL MEXICO

           524,738  
       

 

 

  

NETHERLANDS

      3.9 %      

CONSUMER STAPLES—PERSONAL PRODUCTS

      1.9 %      

Unilever NV

        78,591        4,376,716  
       

 

 

  

FINANCIAL—BANKS

      0.7 %      

ABN AMRO Group NV, 144A(c)

        59,877        1,630,249  
       

 

 

  

TECHNOLOGY—SEMICONDUCTORS

      1.3 %      

NXP Semiconductors NV (USD)(d)

        36,043        3,081,677  
       

 

 

  

TOTAL NETHERLANDS

           9,088,642  
       

 

 

  

NEW ZEALAND

      0.2 %      

AIRPORTS

        

Auckland International Airport Ltd.

        95,308        461,177  
       

 

 

  

NORWAY

      0.1 %      

REAL ESTATE—OFFICE

        

Entra ASA, 144A(c)

        18,698        268,796  
       

 

 

  

SINGAPORE

      0.1 %      

REAL ESTATE—DIVERSIFIED

        

Capitaland Ltd.

        62,500        154,073  
       

 

 

  

SPAIN

      0.7 %      

AIRPORTS

      0.3 %      

Aena SME SA, 144A(c)

        4,400        763,739  
       

 

 

  

REAL ESTATE

      0.4 %      

DIVERSIFIED

      0.2 %      

Merlin Properties Socimi SA

        30,727        416,869  
       

 

 

  

 

6

 

 

                                                                       
                          Shares      Value  

OFFICE

      0.2 %      

Inmobiliaria Colonial Socimi SA

 

     34,246      $ 355,864  
       

 

 

  

RESIDENTIAL

      0.0 %      

Aedas Homes SAU, 144A(a),(c)

 

     3,063        96,803  
       

 

 

  

TOTAL REAL ESTATE

 

        869,536  
       

 

 

  

TOTAL SPAIN

 

        1,633,275  
       

 

 

  

SWEDEN

      2.1 %      

COMMUNICATIONS—TELECOMMUNICATIONS

      0.3 %      

TeliaSonera AB

 

     179,800        825,825  
       

 

 

  

INDUSTRIALS—AEROSPACE & DEFENSE

      1.7 %      

Saab AB, Class B(b)

 

     76,998        3,872,686  
       

 

 

  

REAL ESTATE

      0.1 %      

DIVERSIFIED

      0.1 %      

Castellum AB

 

     13,353        239,042  
       

 

 

  

RETAIL

      0.0 %      

Catena AB

 

     2,910        65,158  
       

 

 

  

TOTAL REAL ESTATE

 

        304,200  
       

 

 

  

TOTAL SWEDEN

 

        5,002,711  
       

 

 

  

SWITZERLAND

      4.5 %      

CONSUMER—NON-CYCLICAL—FOOD

      1.7 %      

Nestle SA(b)

 

     47,654        3,972,947  
       

 

 

  

FINANCIAL—INSURANCE

      1.6 %      

Chubb Ltd. (USD)(b)

 

     28,234        3,773,192  
       

 

 

  

HEALTH CARE—PHARMACEUTICALS

      1.2 %      

Roche Holding AG(b)

 

     11,573        2,803,628  
       

 

 

  

TOTAL SWITZERLAND

 

        10,549,767  
       

 

 

  

UNITED KINGDOM

      9.4 %      

CONSUMER STAPLES—BEVERAGE

      1.2 %      

Diageo PLC(b)

 

     79,155        2,805,210  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      1.0 %      

Compass Group PLC(b)

 

     104,424        2,321,973  
       

 

 

  

ELECTRIC—REGULATED ELECTRIC

      0.3 %      

National Grid PLC

 

     59,006        608,653  
       

 

 

  

FINANCIAL

      3.0 %      

BANKS

      1.2 %      

Barclays PLC

 

     797,124        1,784,746  

Lloyds Banking Group PLC

        1,327,154        1,025,260  
       

 

 

  
          2,810,006  
       

 

 

  

 

7

 

 

                                                                       
                          Shares      Value  

DIVERSIFIED FINANCIAL SERVICES

      0.9 %      

London Stock Exchange Group PLC

 

     36,249      $ 2,166,745  
    

 

 

  

INSURANCE

      0.9 %      

Beazley PLC(b)

 

     276,507        2,057,880  
    

 

 

  

TOTAL FINANCIAL

 

        7,034,631  
    

 

 

  

INSURANCE—MULTI-LINE

      1.1 %      

Aon PLC (USD)(d)

 

     16,024        2,464,171  
    

 

 

  

MATERIALS

      1.9 %      

CONTAINERS & PACKAGING

      1.2 %      

DS Smith PLC(b)

 

     464,545        2,896,050  
    

 

 

  

METALS & MINING

      0.7 %      

BHP Billiton PLC

 

     76,446        1,665,179  
    

 

 

  

TOTAL MATERIALS

 

        4,561,229  
    

 

 

  

REAL ESTATE

      0.6 %      

DIVERSIFIED

      0.1 %      

LondonMetric Property PLC

 

     76,748        177,859  
    

 

 

  

HEALTH CARE

      0.1 %      

Assura PLC

 

     288,020        203,094  
    

 

 

  

INDUSTRIALS

      0.2 %      

Segro PLC

 

     53,274        442,871  
    

 

 

  

OFFICE

      0.0 %      

Workspace Group PLC

 

     3,531        45,195  
    

 

 

  

RESIDENTIAL

      0.1 %      

UNITE Group PLC

 

     14,286        166,280  
    

 

 

  

SELF STORAGE

      0.1 %      

Big Yellow Group PLC

 

     14,067        168,315  

Safestore Holdings PLC

 

     24,718        167,853  
    

 

 

  
       336,168  
    

 

 

  

TOTAL REAL ESTATE

 

        1,371,467  
    

 

 

  

WATER

      0.3 %      

United Utilities Group PLC

 

     78,554        720,807  
    

 

 

  

TOTAL UNITED KINGDOM

 

        21,888,141  
    

 

 

  

 

8

 

 

                                                                       
                          Shares      Value  

UNITED STATES

      69.6 %      

COMMUNICATIONS—TOWERS

      2.1 %      

American Tower Corp.(d)

        16,311      $ 2,369,989  

Crown Castle International Corp.(d)

        15,264        1,699,341  

SBA Communications Corp.(a),(d)

        5,951        955,909  
       

 

 

  
          5,025,239  
       

 

 

  

CONSUMER DISCRETIONARY

      3.8 %      

INTERNET & CATALOG RETAIL

      2.3 %      

Amazon.com, Inc.(a),(b),(d)

        2,701        5,410,103  
       

 

 

  

MULTILINE RETAIL

      1.5 %      

Dollar General Corp.(d)

        31,791        3,474,756  
       

 

 

  

TOTAL CONSUMER DISCRETIONARY

           8,884,859  
       

 

 

  

CONSUMER—CYCLICAL

      3.5 %      

RESTAURANT

      0.6 %      

Starbucks Corp.(d)

        27,395        1,557,132  
       

 

 

  

SPECIALTY RETAIL

      2.9 %      

Lowe’s Cos., Inc.(b)

        38,015        4,364,882  

TJX Cos., Inc./The(b)

        21,014        2,353,988  
       

 

 

  
          6,718,870  
       

 

 

  

TOTAL CONSUMER—CYCLICAL

           8,276,002  
       

 

 

  

CONSUMER—NON-CYCLICAL—COSMETICS/PERSONAL CARE

      1.8 %      

Colgate-Palmolive Co.(b)

        63,240        4,233,918  
       

 

 

  

ELECTRIC

      1.4 %      

INTEGRATED ELECTRIC

      0.4 %      

Evergy, Inc.(d)

        6,014        330,289  

FirstEnergy Corp.(d)

        8,732        324,569  

NextEra Energy, Inc.(d)

        1,412        236,651  
       

 

 

  
          891,509  
       

 

 

  

REGULATED ELECTRIC

      1.0 %      

Alliant Energy Corp.(d)

        6,837        291,051  

Edison International(d)

        13,805        934,322  

PG&E Corp.(a),(d)

        15,950        733,859  

WEC Energy Group, Inc.(d)

        3,126        208,692  

 

9

 

 

                                                                       
                          Shares      Value  

Xcel Energy, Inc.(d)

 

     5,136      $ 242,471  
    

 

 

  
       2,410,395  
    

 

 

  

TOTAL ELECTRIC

 

        3,301,904  
    

 

 

  

ENERGY—OIL & GAS

      4.4 %      

Cimarex Energy Co.(b)

 

     45,823        4,258,790  

Marathon Petroleum Corp.(d)

 

     15,147        1,211,305  

Occidental Petroleum Corp.

 

     58,158        4,778,843  
    

 

 

  
       10,248,938  
    

 

 

  

FINANCIAL

      5.1 %      

BANKS

      2.1 %      

Bank of America Corp.(b)

 

     164,614        4,849,528  
    

 

 

  

CREDIT CARD

      0.9 %      

American Express Co.(d)

 

     19,526        2,079,324  
    

 

 

  

DIVERSIFIED FINANCIAL SERVICES

      2.1 %      

JPMorgan Chase & Co.(b)

 

     26,031        2,937,338  

Morgan Stanley(b)

 

     44,319        2,063,936  
    

 

 

  
       5,001,274  
    

 

 

  

TOTAL FINANCIAL

 

        11,930,126  
    

 

 

  

GAS DISTRIBUTION

      0.4 %      

Atmos Energy Corp.(d)

 

     6,151        577,640  

Southwest Gas Holdings, Inc.(d)

 

     4,893        386,694  
    

 

 

  
       964,334  
    

 

 

  

HEALTH CARE

      11.3 %      

BIOTECHNOLOGY

      1.1 %      

Biogen, Inc.(a),(b)

 

     7,138        2,521,927  
    

 

 

  

HEALTH CARE EQUIPMENT & SUPPLIES

      2.8 %      

Abbott Laboratories(b),(d)

 

     34,302        2,516,395  

Teleflex, Inc.(b)

 

     15,349        4,084,215  
    

 

 

  
       6,600,610  
    

 

 

  

HEALTH CARE PRODUCTS

      4.7 %      

Danaher Corp.(d)

 

     28,695        3,117,998  

Johnson & Johnsonb,(d)

 

     34,519        4,769,490  

Thermo Fisher Scientific, Inc.(b),(d)

 

     12,734        3,108,115  
    

 

 

  
       10,995,603  
    

 

 

  

 

10

 

 

                                                                       
                          Shares      Value  

HEALTH CARE PROVIDERS & SERVICES

      1.5 %      

Anthem, Inc.(d)

 

     12,936      $ 3,545,111  
       

 

 

  

PHARMACEUTICALS

      1.2 %      

Merck & Co., Inc.(d)

 

     37,855        2,685,434  
       

 

 

  

TOTAL HEALTH CARE

 

        26,348,685  
       

 

 

  

INDUSTRIALS

      5.1 %      

AEROSPACE & DEFENSE

      1.0 %      

General Dynamics Corp.(d)

 

     11,452        2,344,453  
       

 

 

  
       2,344,453  
       

 

 

  

AIR FREIGHT & COURIERS

      2.5 %      

United Parcel Service, Inc. Class B(b),(d)

 

     50,622        5,910,119  
       

 

 

  

DIVERSIFIED MANUFACTURING

      1.6 %      

Caterpillar, Inc.(b),(d)

 

     23,938        3,650,306  
       

 

 

  
       3,650,306  
       

 

 

  

TOTAL INDUSTRIALS

 

        11,904,878  
       

 

 

  

INFORMATION TECHNOLOGY

      6.7 %      

INTERNET SOFTWARE & SERVICES

      4.4 %      

Facebook, Inc., Class Aa,(b)

 

     49,279        8,104,424  

Palo Alto Networks, Inc.(a),(d)

 

     9,064        2,041,757  
       

 

 

  
       10,146,181  
       

 

 

  

SOFTWARE

      2.3 %      

Activision Blizzard, Inc.(b)

 

     39,938        3,322,442  

Adobe, Inc.(a),(d)

 

     7,950        2,146,103  
       

 

 

  
       5,468,545  
       

 

 

  

TOTAL INFORMATION TECHNOLOGY

 

        15,614,726  
       

 

 

  

MATERIALS—CHEMICALS

      2.2 %      

Air Products & Chemicals, Inc.(b)

 

     16,556        2,765,680  

Ecolab, Inc.(d)

 

     15,283        2,396,068  
       

 

 

  
       5,161,748  
       

 

 

  

PIPELINES

      2.4 %      

PIPELINES—C-CORP

      2.2 %      

Antero Midstream GP LP(d)

 

     25,708        434,979  

Cheniere Energy, Inc.(a),(d)

 

     18,742        1,302,382  

Kinder Morgan, Inc.(d)

 

     90,884        1,611,373  

Plains GP Holdings LP, Class A

 

     18,381        450,886  

Targa Resources Corp.(d)

 

     17,728        998,264  

Williams Cos., Inc. (The)(d)

        12,971        352,682  
       

 

 

  
          5,150,566  
       

 

 

  

 

11

 

 

                                                                       
                          Shares      Value  

PIPELINES—MLP

      0.2 %      

MPLX LP(d)

 

     12,368      $ 428,922  
    

 

 

  

TOTAL PIPELINES

 

        5,579,488  
    

 

 

  

RAILWAYS

      0.2 %      

Norfolk Southern Corp.(d)

 

     2,434        439,337  
    

 

 

  

REAL ESTATE

      6.7 %      

DATA CENTERS

      0.5 %      

CyrusOne, Inc.(d)

 

     6,113        387,564  

Digital Realty Trust, Inc.(d)

 

     7,719        868,233  
    

 

 

  
       1,255,797  
    

 

 

  

HEALTH CARE

      0.7 %      

Sabra Health Care REIT, Inc.(d)

 

     20,356        470,631  

Welltower, Inc.(d)

 

     17,933        1,153,450  
    

 

 

  
       1,624,081  
    

 

 

  

HOTEL

      0.5 %      

Host Hotels & Resorts, Inc.(d)

 

     21,113        445,484  

Pebblebrook Hotel Trust

 

     10,851        394,651  

Sunstone Hotel Investors, Inc.(d)

 

     15,769        257,981  
    

 

 

  
       1,098,116  
    

 

 

  

INDUSTRIALS

      0.6 %      

Americold Realty Trust

 

     9,658        241,643  

Prologis, Inc.(d)

 

     16,987        1,151,549  
    

 

 

  
       1,393,192  
    

 

 

  

NET LEASE

      0.4 %      

Agree Realty Corp.(d)

 

     4,235        224,963  

VEREIT, Inc.(d)

 

     54,952        398,952  

VICI Properties, Inc.(d)

 

     14,358        310,420  
    

 

 

  
       934,335  
    

 

 

  

OFFICE

      0.6 %      

Corporate Office Properties Trust(d)

 

     7,175        214,030  

Empire State Realty Trust, Inc., Class A(d)

 

     9,404        156,201  

Kilroy Realty Corp.(d)

 

     7,386        529,502  

Vornado Realty Trust

 

     6,203        452,819  
    

 

 

  
       1,352,552  
    

 

 

  

 

12

 

 

                                                                       
                          Shares      Value  

RESIDENTIAL

      1.9 %      

APARTMENT

      1.2 %      

Apartment Investment & Management Co., Class A(d)

 

     10,407      $ 459,261  

Essex Property Trust, Inc.(d)

 

     3,546        874,833  

UDR, Inc.(d)

 

     35,744        1,445,130  
       

 

 

  
       2,779,224  
       

 

 

  

MANUFACTURED HOME

      0.4 %      

Equity LifeStyle Properties, Inc.(d)

 

     4,451        429,299  

Sun Communities, Inc.(d)

 

     4,975        505,161  
       

 

 

  
       934,460  
       

 

 

  

SINGLE FAMILY

      0.3 %      

Invitation Homes, Inc.(d)

 

     26,594        609,269  
       

 

 

  

TOTAL RESIDENTIAL

 

        4,322,953  
       

 

 

  

SELF STORAGE

      0.4 %      

Extra Space Storage, Inc.(d)

 

     6,741        584,040  

Life Storage, Inc.(d)

 

     4,246        404,050  
       

 

 

  
       988,090  
       

 

 

  

SHOPPING CENTERS

      1.1 %      

COMMUNITY CENTER

      0.5 %      

Brixmor Property Group, Inc.

 

     10,521        184,223  

DDR Corp.

 

     10,100        135,239  

Regency Centers Corp.(d)

 

     8,795        568,773  

Weingarten Realty Investors(d)

 

     14,556        433,186  
       

 

 

  
       1,321,421  
       

 

 

  

FREE STANDING

      0.2 %      

Realty Income Corp.(d)

 

     7,779        442,547  
       

 

 

  

REGIONAL MALL

      0.4 %      

Simon Property Group, Inc.(d)

 

     3,751        662,990  

Taubman Centers, Inc.

 

     3,882        232,260  
       

 

 

  
       895,250  
       

 

 

  

TOTAL SHOPPING CENTERS

 

        2,659,218  
       

 

 

  

TOTAL REAL ESTATE

 

        15,628,334  
       

 

 

  

 

13

 

 

                                                                       
                          Shares      Value  

TECHNOLOGY

      11.2 %      

COMPUTERS

      1.2 %      

Apple, Inc.(b)

 

     12,593      $ 2,842,744  
       

 

 

  

INTERNET SERVICE PROVIDER

      2.8 %      

Alphabet, Inc. Class Aa,(b)

 

     5,426        6,549,616  
       

 

 

  

SERVICES

      3.0 %      

Visa, Inc. Class A(b)

 

     47,094        7,068,338  
       

 

 

  

SOFTWARE

      4.2 %      

Microsoft Corp.(b)

 

     85,370        9,763,767  
       

 

 

  

TOTAL TECHNOLOGY

 

        26,224,465  
       

 

 

  

TELECOMMUNICATION—COMMUNICATIONS

      0.9 %      

AT&T, Inc.(d)

 

     63,917        2,146,333  
       

 

 

  

WATER

      0.4 %      

American Water Works Co., Inc.(d)

 

     9,540        839,234  
       

 

 

  

TOTAL UNITED STATES

 

        162,752,548  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$258,535,805)

 

        285,066,289  
       

 

 

  

CLOSED-END FUNDS

      1.2 %      

CANADA

      0.1 %      

COMMODITIES

 

     

Sprott Physical Gold and Silver Trust (USD)(a)

 

     14,700        171,696  
       

 

 

  

UNITED KINGDOM

      0.0 %      

EMERGING MARKETS EQUITY

 

     

Templeton Emerging Markets Investment Trust PLC

 

     5,400        50,113  
       

 

 

  

UNITED STATES

      1.1 %      

COVERED CALL

      0.2 %      

Eaton Vance Tax-Managed Buy-Write Opportunities Fund(d)

 

     6,249        100,671  

Eaton Vance Tax-Managed Diversified Equity Income Fund

 

     5,213        66,935  

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund(d)

 

     6,583        79,193  

Eaton Vance Tax-Managed Global Diversified Equity Income Fund(d)

 

     15,755        149,673  
       

 

 

  
       396,472  
       

 

 

  

EMERGING MARKETS EQUITY

      0.0 %      

Templeton Emerging Markets Fund(d)

 

     5,801        85,101  
       

 

 

  

EQUITY TAX—ADVANTAGED

      0.2 %      

Eaton Vance Tax-Advantaged Dividend Income Fund(d)

 

     5,584        136,920  

 

14

 

 

                                                                       
                          Shares      Value  

Eaton Vance Tax-Advantaged Global Dividend Income Fund(d)

 

     3,643      $ 65,173  

Gabelli Dividend & Income Trust(d)

 

     5,118        122,320  

John Hancock Tax-Advantaged Dividend Income Fund(d)

 

     3,579        83,427  
       

 

 

  
       407,840  
       

 

 

  

MASTER LIMITED PARTNERSHIPS

      0.2 %      

First Trust Energy Income and Growth Fund(d)

 

     8,044        178,657  

Kayne Anderson MLP Investment Company

 

     6,716        119,881  

Neuberger Berman MLP Income Fund, Inc.

 

     8,300        72,127  

Tortoise Energy Infrastructure Corp.

 

     2,500        67,325  
       

 

 

  
       437,990  
       

 

 

  

MULTI-SECTOR

      0.3 %      

PIMCO Dynamic Credit Income Fund(d)

 

     7,135        172,096  

PIMCO Dynamic Income Fund(d)

 

     4,750        159,077  

PIMCO High Income Fund

 

     11,400        95,646  

PIMCO Income Opportunity Fund(d)

 

     4,924        135,952  

PIMCO Income Strategy Fund II

 

     12,625        133,194  
       

 

 

  
       695,965  
       

 

 

  

MUNICIPAL

      0.0 %      

Nuveen Municipal Credit Income Fund(d)

 

     7,600        109,516  
       

 

 

  

REAL ESTATE

      0.0 %      

Neuberger Berman Real Estate Securities Income Fund, Inc.

 

     12,900        63,726  
       

 

 

  

U.S. GENERAL EQUITY

      0.1 %      

Gabelli Equity Trust, Inc.(d)

 

     18,337        118,824  
       

 

 

  

U.S. HYBRID (GROWTH & INCOME)

      0.0 %      

Guggenheim Strategic Opportunities Fund

 

     3,400        71,400  
       

 

 

  

UTILITY

      0.1 %      

Reaves Utility Income Fund(d)

 

     4,500        137,970  
       

 

 

  

TOTAL UNITED STATES

 

        2,524,804  
       

 

 

  

TOTAL CLOSED-END FUNDS
(Identified cost—$2,629,914)

 

        2,746,613  
       

 

 

  

EXCHANGE-TRADED FUNDS—UNITED STATES

      0.3 %      

CONSUMER DISCRETIONARY

      0.1 %      

Consumer Discretionary Select Sector SPDR ETF

 

     900        105,498  
       

 

 

  

EMERGING MARKETS EQUITY

      0.0 %      

iShares MSCI Emerging Markets ETF

 

     2,300        98,716  
       

 

 

  

 

15

 

 

                                                                       
                          Shares      Value  

FINANCIAL

      0.1 %      

Financial Select Sector SPDR Fund

 

     6,162      $ 169,948  
       

 

 

  

U.S. EQUITY

      0.1 %      

SPDR S&P 500 ETF Trust

 

     600        174,432  

Vanguard S&P 500 ETF Trust

 

     300        80,115  
       

 

 

  
       254,547  
       

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$596,589)

 

        628,709  
       

 

 

  

PREFERRED SECURITIES—$25 PAR VALUE

      2.0 %      

BERMUDA

      0.1 %      

INSURANCE—PROPERTY CASUALTY

 

     

Enstar Group Ltd., 7.00% to 9/1/28, Series D (USD)(e),(f)

 

     7,050        186,120  
       

 

 

  

CANADA

      0.1 %      

PIPELINES

 

     

Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78, Series B (USD)(e)

 

     15,000        378,600  
       

 

 

  

UNITED STATES

      1.8 %      

BANKS

      0.7 %      

Bank of America Corp., 5.875%, Series HH(f)

 

     30,000        765,000  

Bank of America Corp., 6.50%, Series Y(f)

 

     8,000        208,400  

Citigroup, Inc., 6.875% to 11/15/23, Series Ke,(f)

 

     20,039        556,082  

US Bancorp, 5.50%, Series K(f)

 

     3,850        96,751  
       

 

 

  
       1,626,233  
       

 

 

  

ELECTRIC—INTEGRATED ELECTRIC

      0.3 %      

Integrys Holdings, Inc., 6.00% to 8/1/23, due 8/1/73(e)

 

     25,750        671,431  
       

 

 

  

INSURANCE

      0.3 %      

LIFE/HEALTH INSURANCE

      0.2 %      

Unum Group, 6.25%, due 6/15/58

 

     18,000        454,500  
       

 

 

  

MULTI-LINE

      0.1 %      

WR Berkley Corp., 5.75%, due 6/1/56

 

     5,000        121,750  

WR Berkley Corp., 5.70%, due 3/30/58

 

     5,000        122,300  
       

 

 

  
       244,050  
       

 

 

  

TOTAL INSURANCE

 

        698,550  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.0 %      

AT&T, Inc., 5.625%, due 8/1/67

 

     2,000        49,520  
       

 

 

  

PIPELINES

      0.2 %      

Energy Transfer Partners LP, 7.625% to 8/15/23, Series D(e),(f)

 

     20,000        517,400  
       

 

 

  

 

16

 

 

                                                                       
                          Shares      Value  

REAL ESTATE

      0.3 %      

DIVERSIFIED

      0.1 %      

Wells Fargo Real Estate Investment Corp., 6.375%, Series A(f)

 

     7,875      $ 201,600  
       

 

 

  

NET LEASE

      0.2 %      

VEREIT, Inc., 6.70%, Series F(f)

 

     18,479        459,203  
       

 

 

  

TOTAL REAL ESTATE

 

        660,803  
       

 

 

  

TOTAL UNITED STATES

 

        4,223,937  
       

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$4,737,384)

 

        4,788,657  
       

 

 

  
      Principal
Amount		         

PREFERRED SECURITIES—CAPITAL SECURITIES

      4.4 %      

AUSTRALIA

      0.8 %      

INSURANCE

 

     

QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (USD)(e),(g)

 

   $ 1,755,000        1,842,750  
       

 

 

  

FRANCE

      0.4 %      

BANKS

 

     

Credit Agricole SA, 8.125% to 12/23/25, 144A (USD)(c),(e),(f),(h)

 

     200,000        220,497  

BNP Paribas SA, 7.625% to 3/30/21, 144A (USD)(c),(e),(f),(h)

 

     600,000        631,500  

Societe Generale SA, 7.875% to 12/18/23, 144A (USD)(c),(e),(f),(h)

 

     200,000        207,700  
       

 

 

  

TOTAL FRANCE

 

        1,059,697  
       

 

 

  

SWEDEN

      0.3 %      

BANKS

 

     

Skandinaviska Enskilda Banken AB, 5.75% to 5/13/20, Series EMTN
(USD)(e),(f),(g),(h)

 

     600,000        605,175  
       

 

 

  

SWITZERLAND

      0.4 %      

BANKS

 

     

Credit Suisse Group AG, 7.50% to 7/17/23, 144A (USD)(c),(e),(f),(h)

 

     200,000        206,250  
       

 

 

  

 

17

 

 

                                                                       
                          Principal
Amount		      Value  

UBS Group AG, 7.125% to 8/10/21 (USD)(e),(f),(g),(h)

 

   $ 600,000      $ 630,559  
       

 

 

  

TOTAL SWITZERLAND

 

        836,809  
       

 

 

  

UNITED KINGDOM

      0.5 %      

BANKS

      0.4 %      

Barclays PLC, 7.75% to 9/15/23 (USD)(e),(f),(h)

 

     200,000        201,000  

Barclays PLC, 7.875% to 3/15/22 (USD)(e),(f),(g),(h)

 

     200,000        207,256  

HSBC Holdings PLC, 6.875% to 6/1/21 (USD)(e),(f),(h)

 

     600,000        622,500  
       

 

 

  
       1,030,756  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %      

Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (USD)(e),(g)

 

     200,000        199,463  
       

 

 

  
       1,230,219  
       

 

 

  

UNITED STATES

      2.0 %      

BANKS

      1.0 %      

Bank of America Corp., 6.50% to 10/23/24, Series Z(e),(f)

 

     737,000        796,881  

Citigroup, Inc., 6.125% to 11/15/20, Series R(e),(f)

 

     700,000        730,188  

Wells Fargo & Co., 5.875% to 6/15/25, Series U(e),(f)

 

     700,000        737,198  
       

 

 

  
       2,264,267  
       

 

 

  

ELECTRIC—REGULATED ELECTRIC

      0.0 %      

CenterPoint Energy, Inc., 6.125% to 9/01/23, Series A(e),(f)

 

     110,000        112,062  
       

 

 

  

INDUSTRIALS—DIVERSIFIED MANUFACTURING

      0.1 %      

General Electric Co., 5.00% to 1/21/21, Series D(e),(f)

 

     329,000        321,145  
       

 

 

  

INSURANCE

      0.7 %      

LIFE/HEALTH INSURANCE

      0.7 %      

Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43(e)

 

     1,000,000        1,043,750  

Voya Financial, Inc., 6.125% to 9/15/23, Series A(e),(f)

 

     60,000        61,050  

Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53(e)

 

     500,000        505,175  
       

 

 

  
     1,609,975  
       

 

 

  

 

18

 

 

                                                                       
                          Principal
Amount		      Value  

PROPERTY CASUALTY

      0.0 %      

Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(e)

 

   $ 100,000      $ 102,000  
       

 

 

  

TOTAL INSURANCE

 

        1,711,975  
       

 

 

  

UTILITIES—MULTI-UTILITIES

      0.2 %   

NiSource, Inc., 5.65% to 6/15/23, 144A(c),(e),(f)

 

     400,000        396,500  
       

 

 

  

TOTAL UNITED STATES

 

        4,805,949  
       

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES
(Identified cost—$10,256,675)

 

        10,380,599  
       

 

 

  

 

19

 

 

                                                                       
                          Shares      Value  

SHORT-TERM INVESTMENTS

      0.1 %      

MONEY MARKET FUNDS

 

  

State Street Institutional Treasury Money Market Fund, Premier Class, 1.95%(i)

 

     267,160      $ 267,160  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$267,160)

 

        267,160  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$277,023,527)

      129.9 %         303,878,027  

WRITTEN OPTION CONTRACTS

      (0.3 )         (711,600 ) 

LIABILITIES IN EXCESS OF OTHER ASSETS

      (29.6 )         (69,308,849 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $10.11 per share based on 23,142,068 shares of common stock outstanding)

      100.0 %       $ 233,857,578  
  

 

 

       

 

 

  

Exchange-Traded Option Contracts

 

Written Options                                               
Description  

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount(j)

     Premiums
Received		     Value  

Call – S&P 500 Index

   $ 2,935.00       10/19/18       (472 )    $ (137,539,856 )    $ (1,182,125 )    $ (613,600 ) 

Call – S&P 500 Index

     2,945.00       10/19/18       (100 )     (29,139,800 )     (216,397 )     (98,000 ) 
          $ (166,679,656 )    $ (1,398,522 )    $ (711,600 ) 

 

  

Glossary of Portfolio Abbreviations

 

ETF   

Exchange-Traded Fund

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)

Non-income producing security.

 

20

 

 

(b)

All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $136,377,216 in aggregate has been pledged as collateral.

(c)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $7,286,044 or 3.1% of the net assets of the Fund, of which 0.0% are illiquid.

(d)

All or a portion of the security is pledged in connection with written option contracts. $33,775,753 in aggregate has been pledged as collateral.

(e)

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

(f)

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

(g)

Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $3,485,203 or 1.5% of the net assets of the Fund, of which 0.0% are illiquid.

(h)

Contingent Capital security (CoCo). CoCos are preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $3,532,437 which represents 1.5% of the net assets of the Fund (1.2% of the managed assets of the Fund).

(i)

Rate quoted represents the annualized seven-day yield.

(j)

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

 

21

 

 

                       

Sector Summary

    % of
Managed
Assets		  

Financial (Common)

      12.1  

Technology (Common)

      11.3  

Health Care (Common)

      10.9  

Real Estate (Common)

      10.2  

Industrials (Common)

      7.2  

Information Technology (Common)

      7.1  

Consumer Discretionary (Common)

      5.1  

Energy (Common)

      4.4  

Pipelines (Common)

      3.3  

Materials (Common)

      3.2  

Consumer Staples (Common)

      3.1  

Consumer—Cyclical (Common)

      2.7  

Consumer—Non-Cyclical (Common)

      2.7  

Banks (Preferred)

      2.5  

Communications (Common)

      2.1  

Electric (Common)

      2.0  

Insurance (Preferred)

      1.5  

Telecommunication Services (Common)

      1.2  

Toll Roads (Common)

      0.9  

Closed-End Funds

      0.9  

Insurance (Common)

      0.8  

Consumer, Cyclical (Common)

      0.8  

Other

      0.8  

Railways (Common)

      0.7  

Telecommunication (Common)

      0.7  

Water (Common)

      0.6  

Airports (Common)

      0.6  

Gas Distribution (Common)

      0.6  
  

 

 

  
     100.0  
  

 

 

  

 

22

 

 

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.

 

 

 

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).

The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment manager, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

 

 

 

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at value:

 

                                                                                   
     Total     Quoted Prices in
Active Markets
for Identical
Investments
(Level 1)		     Other
Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Common Stock:

    $ 285,066,289     $ 285,066,289     $ —      $         —  

Closed-End Funds

      2,746,613       2,746,613       —        —  

Exchange-Traded Funds

      628,709       628,709       —        —  

Preferred Securities—$25 Par Value:

          

United States:

      4,223,937       3,552,506       671,431        —  

Other Countries

      564,720       564,720       —        —  

Preferred Securities—Capital Securities

      10,380,599       —       10,380,599        —  

Short-Term Investments

      267,160       —       267,160        —  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 303,878,027     $ 292,558,837     $ 11,319,190      $ —  
  

 

 

    

 

 

    

 

 

     

 

 

  

Written Option Contracts

    $ (711,600 )    $ (711,600 )    $ —        —  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Derivative Liabilities(a)

    $ (711,600 )    $ (711,600 )    $ —      $ —  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.

 

 

 

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, 2018:

 

                           
     Written Option
Contracts(a)		  

Average Notional Amount

    $ 155,307,695  

Ending Notional Amount

      166,679,656  

 

 

(a)

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

 

 

 

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 21, 2018

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

Title: President and Principal Executive Officer

      

Name: James Giallanza

Title: Principal Financial Officer

 

        Date: November 21, 2018