NPORT-EX 2 4X63HTML.htm HTML

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS

September 30, 2019 (Unaudited)

 

                                                                       
                              
Shares		      Value  

COMMON STOCK

      117.7 %      

AUSTRALIA

      2.4 %      

AIRPORTS

      0.2 %      

Sydney Airport

 

     75,018      $ 406,586  
       

 

 

  

MATERIALS

      1.3 %      

BHP Group PLC

        46,308        986,394  

Newcrest Mining Ltd.

        83,132        1,949,821  
       

 

 

  
          2,936,215  
       

 

 

  

RAILWAYS

      0.2 %      

Aurizon Holdings Ltd.

        96,649        384,876  
       

 

 

  

REAL ESTATE

      0.5 %      

DIVERSIFIED

      0.4 %      

Charter Hall Group

        39,533        310,855  

Mirvac Group

        263,203        543,606  
       

 

 

  
          854,461  
       

 

 

  

INDUSTRIALS

      0.1 %      

Goodman Group

        21,425        205,054  
       

 

 

  

TOTAL REAL ESTATE

           1,059,515  
       

 

 

  

TOLL ROADS

      0.2 %      

Transurban Group

        47,029        466,293  
       

 

 

  

TOTAL AUSTRALIA

           5,253,485  
       

 

 

  

AUSTRIA

      0.1 %      

REAL ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

        4,145        147,056  
       

 

 

  

BELGIUM

      0.5 %      

ELECTRIC

      0.4 %      

Elia System Operator SA/NV

        9,746        796,699  
       

 

 

  

REAL ESTATE—RESIDENTIAL

      0.1 %      

Aedifica SA

        1,739        201,294  
       

 

 

  

TOTAL BELGIUM

           997,993  
       

 

 

  

BRAZIL

      0.1 %      

ELECTRIC

        

Neoenergia Sa

        59,962        296,855  
       

 

 

  

CANADA

      4.4 %      

ELECTRIC

      0.1 %      

Emera, Inc.

        5,547        243,510  
       

 

 

  

 

1

 

 

                                                                       
                              
Shares		      Value  

ENERGY—OIL & GAS

      0.9 %      

Suncor Energy, Inc.(a)

        61,856      $ 1,951,136  
       

 

 

  

FINANCIAL—BANKS

      1.0 %      

Bank of Nova Scotia/The

        35,611        2,022,665  
       

 

 

  

GAS DISTRIBUTION

      0.1 %      

AltaGas Canada, Inc.

        13,197        263,472  
       

 

 

  

PIPELINES—C-CORP

      1.8 %      

Enbridge, Inc.(a)

        46,462        1,630,738  

Keyera Corp.

        30,438        739,095  

TC Energy Corp.

        29,334        1,518,898  
       

 

 

  
          3,888,731  
       

 

 

  

REAL ESTATE

      0.5 %      

OFFICE

      0.3 %      

Allied Properties REIT

        14,183        573,486  
       

 

 

  

RESIDENTIAL

      0.2 %      

Boardwalk REIT

        16,907        566,736  
       

 

 

  

TOTAL REAL ESTATE

           1,140,222  
       

 

 

  

TOTAL CANADA

           9,509,736  
       

 

 

  

CHINA

      1.5 %      

GAS DISTRIBUTION

      0.4 %      

Enn Energy Holdings Ltd. (HKD)

        55,721        576,569  

Towngas China Co., Ltd. (HKD)

        455,000        341,350  
       

 

 

  
          917,919  
       

 

 

  

INFORMATION TECHNOLOGY—INTERNET SOFTWARE & SERVICES

      0.3 %      

Tencent Holdings Ltd. (HKD)

        16,388        690,421  
       

 

 

  

MARINE PORTS

      0.1 %      

COSCO SHIPPING Ports Ltd. (HKD)

        294,000        234,819  
       

 

 

  

REAL ESTATE

      0.2 %      

DIVERSIFIED

      0.1 %      

China Overseas Land & Investment Ltd. (HKD)

        58,000        182,413  
       

 

 

  

RESIDENTIAL

      0.1 %      

Shimao Property Holdings Ltd. (HKD)

        31,000        90,575  
       

 

 

  

TOTAL REAL ESTATE

           272,988  
       

 

 

  

TELECOMMUNICATION SERVICES

      0.4 %      

China Mobile Ltd. (HKD)

        96,500        798,452  
       

 

 

  

 

2

 

 

                                                                       
                              
Shares		      Value  

WATER

      0.1 %      

Guangdong Investment Ltd. (HKD)

        133,178      $ 260,657  
       

 

 

  

TOTAL CHINA

           3,175,256  
       

 

 

  

DENMARK

      0.9 %      

MATERIALS—BIOTECHNOLOGY

      0.8 %      

Novozymes A/S, Class B

        44,721        1,880,254  
       

 

 

  

PIPELINES

      0.1 %      

Orsted A/S, 144A(b)

        1,205        111,987  
       

 

 

  

TOTAL DENMARK

           1,992,241  
       

 

 

  

FRANCE

      6.3 %      

CONSUMER STAPLES

      1.4 %      

Danone SA(a)

        35,234        3,103,756  
       

 

 

  

ENERGY—OIL & GAS

      0.9 %      

Total SA

        40,237        2,100,060  
       

 

 

  

FINANCIAL

      1.9 %      

BANKS

      0.7 %      

BNP Paribas SA(a)

        31,383        1,527,978  
       

 

 

  

DIVERSIFIED FINANCIAL SERVICES

      1.2 %      

Wendel SA

        18,439        2,544,355  
       

 

 

  

TOTAL FINANCIAL

           4,072,333  
       

 

 

  

INDUSTRIALS—AEROSPACE & DEFENSE

      0.9 %      

Thales SA(a)

        16,763        1,927,573  
       

 

 

  

REAL ESTATE

      0.4 %      

DIVERSIFIED

      0.1 %      

Covivio

        2,426        256,754  
       

 

 

  

OFFICE

      0.1 %      

Gecina SA

        910        143,025  
       

 

 

  

RETAIL

      0.2 %      

Klepierre SA

        11,776        399,947  
       

 

 

  

TOTAL REAL ESTATE

           799,726  
       

 

 

  

TOLL ROADS

      0.8 %      

Vinci SA

        15,778        1,699,431  
       

 

 

  

TOTAL FRANCE

           13,702,879  
       

 

 

  

GERMANY

      3.2 %      

FINANCIAL—INSURANCE

      1.0 %      

Allianz SE

        9,178        2,139,262  
       

 

 

  

 

3

 

 

                                                                       
                              
Shares		      Value  

HEALTH CARE—HEALTH CARE EQUIPMENT & SUPPLIES

      1.6 %      

Siemens Healthineers AG, 144A(b)

        87,062      $ 3,425,172  
       

 

 

  

REAL ESTATE

      0.6 %      

OFFICE

      0.1 %      

Alstria Office REIT AG

        10,591        181,697  
       

 

 

  

RESIDENTIAL

      0.5 %      

Deutsche Wohnen SE

        9,763        356,373  

Instone Real Estate Group AG, 144A(b),(c)

        5,711        119,017  

LEG Immobilien AG

        3,566        408,110  

Vonovia SE

        6,531        331,365  
       

 

 

  
          1,214,865  
       

 

 

  

TOTAL REAL ESTATE

           1,396,562  
       

 

 

  

TOTAL GERMANY

           6,960,996  
       

 

 

  

HONG KONG

      0.8 %      

REAL ESTATE

        

DIVERSIFIED

      0.4 %      

New World Development Co., Ltd.

        299,017        388,378  

Sun Hung Kai Properties Ltd.

        40,500        582,875  
       

 

 

  
          971,253  
       

 

 

  

RESIDENTIAL

      0.1 %      

Wharf Real Estate Investment Co., Ltd.

        29,097        158,893  
       

 

 

  

RETAIL

      0.3 %      

Link REIT

        55,297        609,927  
       

 

 

  

TOTAL HONG KONG

           1,740,073  
       

 

 

  

ITALY

      0.2 %      

COMMUNICATIONS—TOWERS

        

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

        53,149        551,491  
       

 

 

  

JAPAN

      8.9 %      

CONSUMER DISCRETIONARY—MEDIA

      0.3 %      

CyberAgent, Inc.

        19,600        752,277  
       

 

 

  

FINANCIAL

      2.4 %      

DIVERSIFIED FINANCIAL SERVICES

      1.1 %      

ORIX Corp.(a)

        160,500        2,391,357  
       

 

 

  

INSURANCE

      1.3 %      

Sompo Holdings, Inc.(a)

        67,150        2,805,240  
       

 

 

  

TOTAL FINANCIAL

           5,196,597  
       

 

 

  

 

4

 

 

                                                                       
                              
Shares		      Value  

GAS DISTRIBUTION

      0.2 %      

Tokyo Gas Co., Ltd.

        20,000      $ 503,954  
       

 

 

  

INDUSTRIALS

      1.4 %      

COMMERCIAL SERVICES & SUPPLIES

      0.7 %      

Secom Co., Ltd.

        15,500        1,413,170  
       

 

 

  

ELECTRICAL EQUIPMENT

      0.7 %      

Fanuc Corp.(a)

        8,400        1,580,171  
       

 

 

  

TOTAL INDUSTRIALS

           2,993,341  
       

 

 

  

RAILWAYS

      0.4 %      

Central Japan Railway Co.

        1,600        328,805  

West Japan Railway Co.

        6,200        523,581  
       

 

 

  
          852,386  
       

 

 

  

REAL ESTATE

      1.6 %      

DIVERSIFIED

      1.2 %      

Activia Properties, Inc.

        82        418,626  

Invincible Investment Corp.

        340        209,739  

Mitsui Fudosan Co., Ltd.

        15,500        384,042  

Mitsui Fudosan Logistics Park, Inc.

        46        191,658  

NIPPON REIT Investment Corp.

        55        229,665  

Nomura Real Estate Master Fund, Inc.

        192        346,621  

Orix JREIT, Inc.

        50        109,133  

Sumitomo Realty & Development Co., Ltd.

        15,300        582,001  

Tokyu Fudosan Holdings Corp.

        38,640        246,224  
       

 

 

  
          2,717,709  
       

 

 

  

INDUSTRIALS

      0.1 %      

GLP J-REIT

        106        140,582  

Nippon Prologis REIT, Inc.

        29        79,416  
       

 

 

  
          219,998  
       

 

 

  

OFFICE

      0.2 %      

Daiwa Office Investment Corp.

        22        170,710  

Nippon Building Fund, Inc.

        44        337,757  
       

 

 

  
          508,467  
       

 

 

  

RETAIL

      0.1 %      

Japan Retail Fund Investment Corp.

        76        160,681  
       

 

 

  

TOTAL REAL ESTATE

           3,606,855  
       

 

 

  

 

5

 

 

                                                                       
                              
Shares		      Value  

TECHNOLOGY—ELECTRONIC EQUIPMENT & INSTRUMENTS

      1.7 %      

Kyocera Corp.(a)

        39,200      $ 2,430,853  

Sony Corp.

        21,000        1,232,712  
       

 

 

  
          3,663,565  
       

 

 

  

TELECOMMUNICATION SERVICES

      0.9 %      

KDDI Corp.(a)

        75,100        1,962,150  
       

 

 

  

TOTAL JAPAN

           19,531,125  
       

 

 

  

LUXEMBOURG

      0.1 %      

COMMUNICATIONS—SATELLITES

        

SES SA

        9,975        181,839  
       

 

 

  

MEXICO

      0.3 %      

AIRPORTS

      0.2 %      

Grupo Aeroportuario del Pacifico SAB de CV, Class B

        31,355        302,618  

ELECTRIC

      0.1 %      

Infraestructura Energetica Nova SAB de CV(c)

        65,107        259,089  
       

 

 

  

TOTAL MEXICO

           561,707  
       

 

 

  

NETHERLANDS

      0.8 %      

FINANCIAL—BANKS

      0.6 %      

ABN AMRO Group NV, 144A(b)

        76,044        1,340,651  
       

 

 

  

REAL ESTATE—DATA CENTERS

      0.2 %      

InterXion Holding NV (USD)(c),(d)

        4,993        406,730  
       

 

 

  

TOTAL NETHERLANDS

           1,747,381  
       

 

 

  

NORWAY

      0.1 %      

REAL ESTATE—OFFICE

        

Entra ASA, 144A(b)

        19,527        306,074  
       

 

 

  

SINGAPORE

      0.3 %      

REAL ESTATE

        

DIVERSIFIED

      0.2 %      

Capitaland Ltd.

        40,500        103,437  

City Developments Ltd.

        32,100        228,066  

Keppel DC REIT

        43,500        60,113  
       

 

 

  
          391,616  
       

 

 

  

HEALTH CARE

      0.1 %      

Parkway Life Real Estate Investment Trust

        87,400        197,925  
       

 

 

  

INDUSTRIALS

      0.0 %      

Mapletree Industrial Trust

        55,800        98,104  
       

 

 

  

 

6

 

 

                                                                       
                              
Shares		      Value  

TOTAL SINGAPORE

         $ 687,645  
       

 

 

  

SPAIN

      0.4 %      

ELECTRIC

      0.3 %      

Iberdrola SA

        63,619        661,241  
       

 

 

  

REAL ESTATE

      0.1 %      

DIVERSIFIED

      0.1 %      

Merlin Properties Socimi SA

        11,108        155,093  
       

 

 

  

OFFICE

      0.0 %      

Inmobiliaria Colonial Socimi SA

        12,267        148,010  
       

 

 

  

TOTAL REAL ESTATE

           303,103  
       

 

 

  

TOTAL SPAIN

           964,344  
       

 

 

  

SWEDEN

      2.0 %      

COMMUNICATIONS—TELECOMMUNICATIONS

      0.4 %      

Telia Co. AB

        179,800        804,932  
       

 

 

  

INDUSTRIALS—AEROSPACE & DEFENSE

      1.3 %      

Saab AB, Class B(a)

        99,496        2,856,301  
       

 

 

  

REAL ESTATE

      0.3 %      

DIVERSIFIED

      0.1 %      

Castellum AB

        13,159        281,786  

Fastighets AB Balder, Class B(c)

        3,521        133,342  
       

 

 

  
          415,128  
       

 

 

  

RESIDENTIAL

      0.1 %      

Hemfosa Fastigheter AB

        15,687        158,877  
       

 

 

  

RETAIL

      0.1 %      

Catena AB

        4,490        147,325  
       

 

 

  

TOTAL REAL ESTATE

           721,330  
       

 

 

  

TOTAL SWEDEN

           4,382,563  
       

 

 

  

SWITZERLAND

      4.0 %      

AIRPORTS

      0.2 %      

Flughafen Zurich AG

        2,509        464,569  
       

 

 

  

CONSUMER—NON-CYCLICAL—FOOD

      2.0 %      

Nestle SA(a)

        40,543        4,398,573  
       

 

 

  

HEALTH CARE—PHARMACEUTICALS

      1.8 %      

Roche Holding AG(a)

        13,690        3,984,030  
       

 

 

  

TOTAL SWITZERLAND

           8,847,172  
       

 

 

  

 

7

 

 

                                                                       
                              
Shares		      Value  

TAIWAN

      0.9 %      

INFORMATION TECHNOLOGY

        

Taiwan Semiconductor Manufacturing Co., Ltd., ADR (USD)

        42,994      $ 1,998,361  
       

 

 

  

UNITED KINGDOM

      10.5 %      

CONSUMER STAPLES

      3.1 %      

BEVERAGE

      1.5 %      

Diageo PLC(a)

        80,372        3,293,716  
       

 

 

  

PERSONAL PRODUCTS

      1.6 %      

Unilever NV (EUR)

        56,312        3,384,957  
       

 

 

  

TOTAL CONSUMER STAPLES

           6,678,673  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      1.4 %      

Compass Group PLC(a)

        118,720        3,055,196  
       

 

 

  

ELECTRIC

      0.2 %      

National Grid PLC

        44,064        477,803  
       

 

 

  

FINANCIAL

      2.5 %      

DIVERSIFIED FINANCIAL SERVICES

      1.5 %      

London Stock Exchange Group PLC

        36,249        3,257,171  
       

 

 

  

INSURANCE

      1.0 %      

Beazley PLC(a)

        276,507        2,114,670  
       

 

 

  

TOTAL FINANCIAL

           5,371,841  
       

 

 

  

HEALTH CARE—PHARMACEUTICALS

      2.0 %      

GlaxoSmithKline PLC

        207,753        4,456,452  
       

 

 

  

MATERIALS—CONTAINERS & PACKAGING

      0.4 %      

DS Smith PLC(a)

        212,675        942,426  
       

 

 

  

REAL ESTATE

      0.6 %      

DIVERSIFIED

      0.1 %      

LondonMetric Property PLC

        75,837        202,715  
       

 

 

  

HEALTH CARE

      0.1 %      

Assura PLC

        238,508        209,092  
       

 

 

  

INDUSTRIALS

      0.1 %      

Segro PLC

        37,270        371,552  
       

 

 

  

OFFICE

      0.1 %      

Derwent London PLC

        3,471        143,824  
       

 

 

  

RESIDENTIAL

      0.1 %      
       

 

 

  

UNITE Group PLC

        15,976        214,505  
       

 

 

  

 

8

 

 

                                                                       
                              
Shares		      Value  

SELF STORAGE

      0.1 %      

Safestore Holdings PLC

        19,563      $ 160,799  
       

 

 

  

TOTAL REAL ESTATE

           1,302,487  
       

 

 

  

WATER

      0.3 %      

United Utilities Group PLC

        55,277        561,262  
       

 

 

  

TOTAL UNITED KINGDOM

           22,846,140  
       

 

 

  

UNITED STATES

      69.0 %      

COMMUNICATIONS

      3.7 %      

TELECOMMUNICATION

      1.3 %      

Motorola Solutions, Inc.(a),(d)

        17,177        2,927,133  
       

 

 

  

TOWERS

      2.4 %      

American Tower Corp.(d)

        11,877        2,626,361  

Crown Castle International Corp.(d)

        9,740        1,353,957  

SBA Communications Corp.(d)

        4,861        1,172,230  
       

 

 

  
          5,152,548  
       

 

 

  

TOTAL COMMUNICATIONS

           8,079,681  
       

 

 

  

CONSUMER DISCRETIONARY—INTERNET & CATALOG RETAIL

      2.8 %      

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

        3,530        6,127,762  
       

 

 

  

CONSUMER—CYCLICAL

      2.9 %      

HOTELS, RESTAURANTS & LEISURE

      0.1 %      

Boyd Gaming Corp.(d)

        10,514        251,810  
       

 

 

  

MEDIA

      1.2 %      

The Walt Disney Co.(a),(d)

        20,634        2,689,023  
       

 

 

  

SPECIALTY RETAIL

      1.6 %      

Dollar Tree, Inc.(a),(c)

        30,480        3,479,597  
       

 

 

  

TOTAL CONSUMER—CYCLICAL

           6,420,430  
       

 

 

  

CONSUMER—NON-CYCLICAL

      5.8 %      

AGRICULTURE

      2.3 %      

Philip Morris International, Inc.(a),(d)

        65,331        4,960,583  
       

 

 

  

COSMETICS/PERSONAL CARE

      0.5 %      

Colgate-Palmolive Co.

        13,833        1,016,864  
       

 

 

  

FOOD PRODUCTS

      1.9 %      

Tyson Foods, Inc., Class A(a)

        48,139        4,146,693  
       

 

 

  

RETAIL

      1.1 %      

CVS Health Corp.(a)

        39,288        2,477,894  
       

 

 

  

TOTAL CONSUMER—NON-CYCLICAL

           12,602,034  
       

 

 

  

 

9

 

 

                                                                       
                              
Shares		      Value  

ELECTRIC

      1.4 %      

Alliant Energy Corp.(a)

        9,041      $ 487,581  

Edison International(d)

        9,893        746,130  

FirstEnergy Corp.(a),(d)

        11,537        556,430  

NextEra Energy, Inc.(d)

        1,075        250,464  

NorthWestern Corp.

        10,559        792,453  

WEC Energy Group, Inc.(a),(d)

        2,295        218,255  
       

 

 

  
          3,051,313  
       

 

 

  

ENERGY—OIL & GAS

      2.0 %      

Diamondback Energy, Inc.(a)

        14,254        1,281,577  

EOG Resources, Inc.

        24,461        1,815,495  

PBF Energy, Inc.(d)

        45,613        1,240,218  
       

 

 

  
          4,337,290  
       

 

 

  

FINANCIAL

      6.5 %      

BANKS

      1.0 %      

Bank of America Corp.(a)

        75,975        2,216,191  
       

 

 

  

CREDIT CARD

      0.9 %      

American Express Co.(a)

        16,757        1,982,018  
       

 

 

  

DIVERSIFIED FINANCIAL SERVICES

      1.9 %      

JPMorgan Chase & Co.(a)

        18,891        2,223,282  

Morgan Stanley(a)

        44,657        1,905,514  
       

 

 

  
          4,128,796  
       

 

 

  

INSURANCE

      2.7 %      

Chubb Ltd.(a),(d)

        21,130        3,411,227  

Willis Towers Watson PLC(a),(d)

        12,283        2,370,251  
       

 

 

  
          5,781,478  
       

 

 

  

TOTAL FINANCIAL

           14,108,483  
       

 

 

  

GAS DISTRIBUTION

      0.5 %      

Atmos Energy Corp.(d)

        4,458        507,722  

ONE Gas, Inc.

        6,459        620,774  
       

 

 

  
          1,128,496  
       

 

 

  

HEALTH CARE

      8.8 %      

HEALTH CARE EQUIPMENT & SUPPLIES

      1.6 %      

Abbott Laboratories(a)

        19,889        1,664,113  

DexCom, Inc.(c),(d)

        6,104        910,961  

 

10

 

 

                                                                       
                              
Shares		      Value  

Teleflex, Inc.(d)

        2,910      $ 988,672  
       

 

 

  
          3,563,746  
       

 

 

  

HEALTH CARE PRODUCTS

      3.3 %      

Danaher Corp.(a)

        12,489        1,803,786  

Johnson & Johnson(a)

        22,407        2,899,018  

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

        8,124        2,366,277  
       

 

 

  
          7,069,081  
       

 

 

  

HEALTH CARE PROVIDERS & SERVICES

      3.9 %      

Anthem, Inc.(a),(d)

        23,698        5,689,890  

Laboratory Corp. of America Holdings(a),(c)

        17,027        2,860,536  
       

 

 

  
          8,550,426  
       

 

 

  

TOTAL HEALTH CARE

           19,183,253  
       

 

 

  

INDUSTRIALS

      3.1 %      

AEROSPACE & DEFENSE

      1.6 %      

Northrop Grumman Corp.(a),(d)

        9,229        3,458,937  
       

 

 

  
          3,458,937  
       

 

 

  

AIR FREIGHT & COURIERS

      1.5 %      

United Parcel Service, Inc. Class B(a)

        27,024        3,238,016  
       

 

 

  

TOTAL INDUSTRIALS

           6,696,953  
       

 

 

  

INFORMATION TECHNOLOGY

      2.2 %      

IT CONSULTING & SERVICES

      1.3 %      

Accenture PLC, Class A(a)

        11,774        2,264,729  

MongoDB, Inc.(c),(d)

        5,455        657,218  
       

 

 

  
          2,921,947  
       

 

 

  

SOFTWARE

      0.9 %      

Activision Blizzard, Inc.(d)

        35,792        1,894,113  
       

 

 

  

TOTAL INFORMATION TECHNOLOGY

           4,816,060  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      1.7 %      

Verizon Communications(d)

        62,022        3,743,648  
       

 

 

  

MATERIALS—CHEMICALS

      0.7 %      

Celanese Corp., Series A(a),(d)

        13,060        1,597,107  
       

 

 

  

PIPELINES

      2.0 %      

PIPELINES—C-CORP

      1.6 %      

Antero Midstream Corp.

        13,716        101,498  

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

        17,811        1,123,162  

 

11

 

 

                                                                       
                              
Shares		      Value  

Plains GP Holdings LP, Class A(a),(d)

        36,536      $ 775,659  

Targa Resources Corp.(a)

        7,416        297,901  

Williams Cos., Inc./The(a)

        49,412        1,188,853  
       

 

 

  
          3,487,073  
       

 

 

  

PIPELINES—MLP

      0.4 %      

Energy Transfer LP(d)

        27,082        354,232  

Enterprise Products Partners LP(d)

        21,165        604,896  
       

 

 

  
          959,128  
       

 

 

  

TOTAL PIPELINES

           4,446,201  
       

 

 

  

REAL ESTATE

      7.7 %      

DATA CENTERS

      0.4 %      

CyrusOne, Inc.(d)

        5,859        463,447  

Digital Realty Trust, Inc.

        327        42,448  

Equinix, Inc.(d)

        784        452,211  
       

 

 

  
          958,106  
       

 

 

  

HEALTH CARE

      1.0 %      

Medical Properties Trust, Inc.

        13,784        269,615  

Sabra Health Care REIT, Inc.(d)

        18,565        426,252  

Welltower, Inc.(d)

        15,136        1,372,079  
       

 

 

  
          2,067,946  
       

 

 

  

HOTEL

      0.3 %      

Park Hotels & Resorts, Inc.(d)

        16,915        422,367  

Pebblebrook Hotel Trust(d)

        10,851        301,875  
       

 

 

  
          724,242  
       

 

 

  

INDUSTRIALS

      0.7 %      

Americold Realty Trust(d)

        8,762        324,807  

Prologis, Inc.(d)

        13,121        1,118,172  
       

 

 

  
          1,442,979  
       

 

 

  

NET LEASE

      0.6 %      

Agree Realty Corp.(d)

        4,235        309,790  

VEREIT, Inc.(d)

        63,287        618,947  

VICI Properties, Inc.(d)

        15,758        356,919  
       

 

 

  
          1,285,656  
       

 

 

  

OFFICE

      0.5 %      

Columbia Property Trust, Inc.

        10,675        225,776  

 

12

 

 

                                                                       
                              
Shares		      Value  

Empire State Realty Trust, Inc., Class A

        17,705      $ 252,650  

Kilroy Realty Corp.(d)

        9,151        712,772  
       

 

 

  
          1,191,198  
       

 

 

  

RESIDENTIAL

      2.2 %      

APARTMENT

      1.6 %      

Equity Residential(d)

        11,221        967,923  

Essex Property Trust, Inc.(d)

        2,577        841,777  

UDR, Inc.

        32,568        1,578,897  
       

 

 

  
          3,388,597  
       

 

 

  

MANUFACTURED HOME

      0.3 %      

Sun Communities, Inc.(d)

        4,975        738,539  
       

 

 

  

SINGLE FAMILY

      0.3 %      

Invitation Homes, Inc.(d)

        25,178        745,520  
       

 

 

  

TOTAL RESIDENTIAL

           4,872,656  
       

 

 

  

SELF STORAGE

      0.6 %      

Extra Space Storage, Inc.(d)

        5,939        693,794  

Public Storage(d)

        2,039        500,106  
       

 

 

  
          1,193,900  
       

 

 

  

SHOPPING CENTERS

      1.4 %      

COMMUNITY CENTER

      0.6 %      

Kimco Realty Corp.

        24,932        520,580  

Regency Centers Corp.(d)

        8,521        592,124  

SITE Centers Corp.(d)

        10,100        152,611  
       

 

 

  
          1,265,315  
       

 

 

  

FREE STANDING

      0.3 %      

Realty Income Corp.(d)

        9,489        727,617  
       

 

 

  

REGIONAL MALL

      0.5 %      

Macerich Co. (The)

        6,071        191,783  

Simon Property Group, Inc.(d)

        4,293        668,205  

Taubman Centers, Inc.(d)

        3,882        158,502  
       

 

 

  
          1,018,490  
       

 

 

  

TOTAL SHOPPING CENTERS

           3,011,422  
       

 

 

  

TOTAL REAL ESTATE

           16,748,105  
       

 

 

  

 

13

 

 

                                                                       
                              
Shares		      Value  

TECHNOLOGY

      16.7 %      

COMPUTERS

      2.9 %      

Apple, Inc.(a),(d)

        28,261      $ 6,329,616  
       

 

 

  

INTERNET SERVICE PROVIDER

      1.3 %      

Alphabet, Inc. Class A(a),(c),(d)

        2,411        2,944,169  
       

 

 

  

SEMICONDUCTORS

      2.5 %      

Broadcom, Inc.(a)

        14,147        3,905,562  

Microchip Technology(d)

        16,299        1,514,340  
       

 

 

  
          5,419,902  
       

 

 

  

SERVICES

      3.5 %      

Visa, Inc. Class A(a),(d)

        44,980        7,737,010  
       

 

 

  

SOFTWARE

      4.7 %      

Microsoft Corp.(a),(d)

        56,826        7,900,519  

Zebra Technologies Corp., Class A(c),(d)

        11,485        2,370,159  
       

 

 

  
          10,270,678  
       

 

 

  

TELECOMMUNICATION EQUIPMENT

      1.8 %      

Cisco Systems, Inc., Series A(a),(d)

        77,941        3,851,065  
       

 

 

  

TOTAL TECHNOLOGY

           36,552,440  
       

 

 

  

WATER

      0.5 %      

American Water Works Co., Inc.(a),(d)

        8,932        1,109,622  
       

 

 

  

TOTAL UNITED STATES

           150,748,878  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$220,691,177)

           257,131,290  
       

 

 

  

CLOSED-END FUNDS

      1.1 %      

CANADA

      0.0 %      

SINGLE COMMODITY

        

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

        4,500        63,765  
       

 

 

  

UNITED KINGDOM

      0.0 %      

DIVERSIFIED EMERGING MARKETS EQUITY

        

Templeton Emerging Markets Investment Trust PLC

        8,184        79,293  
       

 

 

  

UNITED STATES

      1.1 %      

BANK LOAN

      0.0 %      

Nuveen Credit Strategies Income Fund(d)

        9,000        67,320  
       

 

 

  

DIVERSIFIED EMERGING MARKETS EQUITY

      0.0 %      

Templeton Emerging Markets Fund(d)

        5,485        80,410  
       

 

 

  

MASTER LIMITED PARTNERSHIPS

      0.2 %      

First Trust Energy Income and Growth Fund(a)

        7,538        170,811  

 

14

 

 

                                                                       
                              
Shares		      Value  

First Trust New Opportunities MLP & Energy Fund(d)

        8,143      $ 75,974  

Kayne Anderson MLP Investment Company(a)

        10,205        147,564  

Neuberger Berman MLP Income Fund, Inc.(d)

        7,372        53,079  

Tortoise MLP Fund, Inc.(d)

        4,865        59,791  
       

 

 

  
          507,219  
       

 

 

  

MULTI-SECTOR

      0.3 %      

PIMCO Dynamic Credit Income Fund(d)

        7,071        173,098  

PIMCO Dynamic Income Fund(a),(d)

        4,476        145,649  

PIMCO Income Opportunity Fund(a),(d)

        4,514        120,163  

PIMCO Income Strategy Fund II(a)

        11,000        113,630  
       

 

 

  
          552,540  
       

 

 

  

OPTION INCOME

      0.1 %      

Columbia Seligman Premium Technology Growth Fund, Inc.(d)

        3,190        67,309  

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

        7,000        57,540  
       

 

 

  
          124,849  
       

 

 

  

PREFERRED

      0.0 %      

Nuveen Preferred Income Opportunities Fund(d)

        8,648        86,912  
       

 

 

  

REAL ESTATE

      0.1 %      

Neuberger Berman Real Estate Securities Income Fund, Inc.(d)

        15,176        86,048  

Nuveen Real Estate Income Fund(d)

        6,900        75,831  
       

 

 

  
          161,879  
       

 

 

  

SECTOR EQUITY

      0.0 %      

John Hancock Financial Opportunities Fund(d)

        1,725        55,493  
       

 

 

  

U.S. GENERAL EQUITY

      0.3 %      

Adams Diversified Equity Fund, Inc.

        8,000        126,720  

Eaton Vance Tax-Advantaged Dividend Income Fund(a),(d)

        4,914        120,737  

Eaton Vance Tax-Advantaged Global Dividend Income Fund

        3,600        59,256  

Gabelli Dividend & Income Trust(d)

        4,866        104,668  

John Hancock Tax-Advantaged Dividend Income Fund(d)

        4,875        138,645  
       

 

 

  
          550,026  
       

 

 

  

UTILITY

      0.1 %      

Reaves Utility Income Fund(a),(d)

        4,800        176,160  
       

 

 

  

TOTAL UNITED STATES

           2,362,808  
       

 

 

  

TOTAL CLOSED-END FUNDS
(Identified cost—$2,437,282)

           2,505,866  
       

 

 

  

 

15

 

 

                                                                       
                              
Shares		      Value  

EXCHANGE-TRADED FUNDS—UNITED STATES

      0.3 %      

DIVERSIFIED EMERGING MARKETS EQUITY

      0.0 %      

iShares MSCI Emerging Markets ETF

        1,500      $ 61,305  
       

 

 

  

SECTOR EQUITY

      0.1 %      

Financial Select Sector SPDR Fund(d)

        4,162        116,536  
       

 

 

  

U.S. GENERAL EQUITY

      0.2 %      

Consumer Discretionary Select Sector SPDR ETF(d)

        761        91,853  

SPDR S&P 500 ETF Trust(d)

        500        148,385  

Vanguard S&P 500 ETF Trust(d)

        600        163,560  
       

 

 

  
          403,798  
       

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Identified cost—$532,927)

           581,639  
       

 

 

  

PREFERRED SECURITIES—$25 PAR VALUE

      3.7 %      

BERMUDA

      0.4 %      

INSURANCE

        

LIFE/HEALTH INSURANCE

      0.2 %      

Athene Holding Ltd., 6.35% to 6/30/29, Series A (USD)(e),(f)

        11,650        327,831  

Athene Holding Ltd., 5.625%, Series B (USD)(f)

        5,075        132,813  
       

 

 

  
          460,644  
       

 

 

  

PROPERTY CASUALTY

      0.1 %      

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

        7,050        191,196  
       

 

 

  

REINSURANCE

      0.1 %      

RenaissanceRe Holdings Ltd., 5.75%, Series F (USD)(f)

        7,000        187,180  
       

 

 

  

TOTAL BERMUDA

           839,020  
       

 

 

  

CANADA

      0.3 %      

PIPELINES

      0.2 %      

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

        16,000        446,400  
       

 

 

  

UTILITIES

      0.1 %      

Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series 19-A (USD)(e)

        11,500        315,330  
       

 

 

  

TOTAL CANADA

           761,730  
       

 

 

  

 

16

 

 

                                                                       
                              
Shares		      Value  

UNITED STATES

      3.0 %      

BANKS

      0.6 %      

Bank of America Corp., 5.00%, Series LL(f)

        4,075      $ 104,565  

Bank of America Corp., 5.375%, Series KK(f)

        9,155        243,431  

Capital One Financial Corp., 5.00%, Series I(f)

        5,200        129,844  

JPMorgan Chase & Co., 5.75%, Series DD(f)

        15,000        411,750  

Regions Financial Corp., 5.70% to 5/15/29, Series C(e),(f)

        11,400        322,506  

Synovus Financial Corp., 5.875% to 7/1/24, Series E(e),(f)

        2,000        53,360  
       

 

 

  
          1,265,456  
       

 

 

  

ELECTRIC

      0.7 %      

CMS Energy Corp., 5.875%, due 3/1/79(a)

        10,875        307,219  

Duke Energy Corp., 5.75%, Series A(f)

        19,625        542,239  

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

        25,750        714,562  
       

 

 

  
          1,564,020  
       

 

 

  

FINANCIAL

      0.4 %      

Apollo Global Management, Inc., 6.375%, Series A(f)

        11,454        305,936  

Morgan Stanley, 5.85% to 4/15/27, Series K(a),(e),(f)

        11,000        300,300  

Morgan Stanley, 6.875% to 1/15/24, Series F(a),(e),(f)

        10,430        292,249  
       

 

 

  
          898,485  
       

 

 

  

INSURANCE

      0.7 %      

LIFE/HEALTH INSURANCE

      0.3 %      

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

        16,000        442,240  

Voya Financial, Inc., 5.35% to 9/15/29, Series B(e),(f)

        9,200        252,540  
       

 

 

  
          694,780  
       

 

 

  

MULTI-LINE

      0.3 %      

Allstate Corp./The, 5.10%, Series H(f)

        8,150        214,019  

American International Group, Inc., 5.850%, Series A(f)

        11,342        309,409  
       

 

 

  
          523,428  
       

 

 

  

REINSURANCE

      0.1 %      

Arch Capital Group Ltd., 5.25%, Series E(f)

        10,833        274,725  
       

 

 

  

TOTAL INSURANCE

           1,492,933  
       

 

 

  

PIPELINES

      0.4 %      

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

        20,000        494,000  

Energy Transfer Operating LP, 7.60% to 5/15/24, Series E(e),(f)

        12,000        304,080  
       

 

 

  
          798,080  
       

 

 

  

 

17

 

 

                                                                       
                              
Shares		      Value  

UTILITIES

      0.2 %      

NiSource, Inc., 6.50% to 3/15/24, Series B(e),(f)

        11,538      $ 320,295  

South Jersey Industries, Inc., 5.625%, due 9/16/79

        4,800        124,320  

Spire, Inc., 5.90%, Series A(f)

        2,500        70,750  
       

 

 

  

TOTAL UTILITIES

           515,365  
       

 

 

  

TOTAL UNITED STATES

           6,534,339  
       

 

 

  

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$7,610,268)

           8,135,089  
       

 

 

  
           Principal
Amount		         

PREFERRED SECURITIES—CAPITAL SECURITIES

      8.6 %      

AUSTRALIA

      0.6 %      

INSURANCE

        

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

      $ 1,155,000        1,272,256  
       

 

 

  

CANADA

      0.6 %      

PIPELINES

        

Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series 16-A
(USD)(e)

        400,000        416,671  

Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (USD)(e)

        421,000        433,217  

Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (USD)(e)

        505,000        521,933  
       

 

 

  

TOTAL CANADA

           1,371,821  
       

 

 

  

FRANCE

      1.2 %      

BANKS

        

BNP Paribas SA, 7.00% to 8/16/28, 144A (USD)(b),(e),(f),(h)

        200,000        220,354  

BNP Paribas SA, 7.375% to 8/19/25, 144A (USD)(b),(e),(f),(h)

        600,000        671,013  

Credit Agricole SA, 7.875% to 1/23/24, 144A (USD)(b),(e),(f),(h)

        400,000        447,250  

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

        600,000        707,625  

Societe Generale SA, 6.75% to 4/6/28, 144A (USD)(b),(e),(f),(h)

        200,000        203,930  

Societe Generale SA, 8.00% to 9/29/25, 144A (USD)(b),(e),(f),(h)

        400,000        450,842  
       

 

 

  

TOTAL FRANCE

           2,701,014  
       

 

 

  

 

18

 

 

                                                                       
           Principal
Amount		      Value  

ITALY

      0.1 %      

BANKS

        

Intesa Sanpaolo SpA, 7.70% to 9/17/25, 144A (USD)(b),(e),(f),(h)

      $ 200,000      $ 208,421  
       

 

 

  

SPAIN

      0.1 %      

BANKS

        

Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series 9 (USD)(e),(f),(h)

        200,000        204,100  
       

 

 

  

SWEDEN

      0.2 %      

BANKS

        

Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN
(USD)(e),(f),(g),(h)

        400,000        429,000  
       

 

 

  

SWITZERLAND

      1.0 %      

BANKS

        

Credit Suisse Group AG, 6.375% to 8/21/26, 144A
(USD)(b),(e),(f),(h)

        200,000        207,500  

Credit Suisse Group AG, 7.50% to 12/11/23, 144A
(USD)(b),(e),(f),(h)

        400,000        443,022  

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

        400,000        427,786  

UBS Group Funding Switzerland AG, 6.875% to 8/7/25
(USD)(e),(f),(g),(h)

        600,000        643,835  

UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A
(USD)(b),(e),(f),(h)

        400,000        425,300  
       

 

 

  

TOTAL SWITZERLAND

           2,147,443  
       

 

 

  

UNITED KINGDOM

      0.5 %      

BANKS

      0.4 %      

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

        200,000        212,021  

HSBC Holdings PLC, 6.50% to 3/23/28 (USD)(e),(f),(h)

        400,000        418,740  

Lloyds Banking Group PLC, 7.50% to 9/27/25 (USD)(e),(f),(h)

        200,000        213,421  
       

 

 

  
          844,182  
       

 

 

  

INTEGRATED TELECOMMUNICATIONS SERVICES

      0.1 %      

Vodafone Group PLC, 7.00% to 4/4/29, due 4/4/79 (USD)(e)

        100,000        115,075  
       

 

 

  

TOTAL UNITED KINGDOM

           959,257  
       

 

 

  

UNITED STATES

      4.3 %      

BANKS

      3.0 %      

Bank of America Corp., 5.875% to 3/15/28, Series FF(e),(f)

        677,000        733,529  

Bank of America Corp., 6.25% to 9/5/24, Series X(e),(f)

        700,000        762,100  

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

        637,000        709,118  

 

19

 

 

                                                                       
           Principal
Amount		      Value  

BB&T Corp., 4.80% to 9/1/24(e),(f)

      $ 270,000      $ 270,335  

Citigroup, Inc., 6.25% to 8/15/26, Series T(e),(f)

        1,200,000        1,337,526  

Citigroup, Inc., 5.00% to 9/12/24, Series U(e),(f)

        640,000        648,208  

Goldman Sachs Group, Inc./The, 5.50% to 8/10/24,
Series Q(e),(f)

        250,000        262,813  

JPMorgan Chase & Co., 6.10% to 10/1/24, Series X(e),(f)

        500,000        542,458  

SunTrust Banks, Inc., 5.125% to 12/15/27, Series H(e),(f)

        500,000        501,700  

Wells Fargo & Co., 5.889% (3 Month US LIBOR + 3.77%), Series K (FRN)(f),(i)

        269,000        272,699  

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

        500,000        551,527  
       

 

 

  
          6,592,013  
       

 

 

  

ELECTRIC

      0.2 %      

CenterPoint Energy, Inc., 6.125% to 9/1/23, Series A(e),(f)

        110,000        115,854  

Duke Energy Corp., 4.875% to 9/16/24(e),(f)

        250,000        256,156  
       

 

 

  
          372,010  
       

 

 

  

INSURANCE

      1.1 %      

LIFE/HEALTH INSURANCE

      0.5 %      

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

        500,000        528,040  

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

        560,000        594,001  
          1,122,041  

PROPERTY CASUALTY

      0.6 %      

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

        1,100,000        1,228,172  
       

 

 

  

TOTAL INSURANCE

           2,350,213  
       

 

 

  

UTILITIES—ELECTRIC UTILITIES

      0.0 %      

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(e)

        80,000        86,987  
       

 

 

  

TOTAL UNITED STATES

           9,401,223  
       

 

 

  

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$17,712,644)

           18,694,535  
       

 

 

  
          
Shares		         

SHORT-TERM INVESTMENTS

      0.1 %      

MONEY MARKET FUNDS

        

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

        168,327        168,327  
       

 

 

  

 

20

 

 

                                                                       
                  Value  

TOTAL SHORT-TERM INVESTMENTS (Identified cost—$168,327)

         $ 168,327  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$249,152,625)

      131.5 %         287,216,746  

WRITTEN OPTION CONTRACTS

      (0.4 )         (872,036 ) 

LIABILITIES IN EXCESS OF OTHER ASSETS

      (31.1 )         (67,863,585 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $9.44 per share based on 23,142,068 shares of common stock outstanding)

      100.0 %       $ 218,481,125  
  

 

 

       

 

 

  

 

Exchange-Traded Option Contracts  
Written Options                                          
Description  

Exercise

Price

     Expiration
Date		     Number of
Contracts		     Notional
Amount(k)		     Premiums
Received		     Value  

Call — S&P 500 Index

   $ 3,025.00       10/18/2019       (100 )    $ (29,767,400 )    $ (259,446 )    $ (132,500 ) 

Call — S&P 500 Index

     3,015.00       10/18/2019       (426 )      (126,809,124 )      (1,452,469 )      (739,536 ) 
        (526 )    $ (156,576,524 )    $ (1,711,915 )    $ (872,036 ) 

 

  

Glossary of Portfolio Abbreviations

 

ADR    American Depositary Receipt
EMTN    Euro Medium Term Note
ETF    Exchange-Traded Fund
EUR    Euro Currency
FRN    Floating Rate Note
HKD    Hong Kong Dollar
LIBOR    London Interbank Offered Rate
MLP    Master Limited Partnership
REIT    Real Estate Investment Trust
SPDR    Standard & Poor’s Depositary Receipt
USD    United States Dollar

 

21

 

 

 

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. $135,889,481 in aggregate has been pledged as collateral.

(b)

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 $10,267,435 which represents 4.7% of the net assets of the Fund, of which 0.0% are illiquid.

(c)

Non-income producing security.

(d)

All or a portion of the security is pledged in connection with written option contracts. $34,571,873 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 $2,557,112 which represents 1.2% of the net assets of the Fund, of which 0.0% are illiquid.

(h)

Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $6,534,162 which represents 3.0% of the net assets of the Fund (2.3% of the managed assets of the Fund).

(i)

Variable rate. Rate shown is in effect at September 30, 2019.

(j)

Rate quoted represents the annualized seven-day yield.

(k)

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

 

22

 

 

                       

Sector Summary

    % of
Managed
Assets		  

Technology

      14.0  

Financial

      12.3  

Health Care

      10.8  

Real Estate

      10.8  

Consumer—Non-Cyclical

      5.9  

Industrials

      5.0  

Banks

      5.0  

Pipelines

      3.9  

Consumer Staples

      3.4  

Communications

      3.4  

Consumer—Cyclical

      3.3  

Energy

      2.9  

Electric

      2.7  

Information Technology

      2.6  

Materials

      2.6  

Consumer Discretionary

      2.4  

Insurance

      2.1  

Integrated Telecommunications Services

      1.3  

Gas Distribution

      1.0  

Telecommunication Services

      1.0  

Closed-End Funds

      0.9  

Toll Roads

      0.8  

Water

      0.7  

Other

      1.2  
  

 

 

  
     100.0  
  

 

 

  

 

23

 

 

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 their closing 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.

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

 

 

 

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

 

  •  

Level 1 — quoted prices in active markets for identical investments

  •  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

  •  

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy

The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at value:

 

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

Common Stock

    $ 257,131,290     $ 257,131,290     $ —      $             —  

Closed-End Funds

      2,505,866       2,505,866       —        —  

Exchange-Traded Funds

      581,639       581,639       —        —  

Preferred Securities—$25 Par Value:

          

United States

      6,994,983       6,280,420       714,563        —  

Other Countries

      1,140,106       1,140,106       —        —  

Preferred Securities—Capital Securities

      18,694,535       —       18,694,535        —  

Short-Term Investments

      168,327       —       168,327        —  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 287,216,746     $ 267,639,321     $ 19,577,425      $ —  
  

 

 

    

 

 

    

 

 

     

 

 

  

Written Option Contracts

    $ (872,036 )    $ (872,036 )    $ —      $ —  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Derivative Liabilities(a)

    $ (872,036 )    $ (872,036 )    $ —      $ —  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(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 for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded 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 contracts activity for the nine months ended September 30, 2019:

 

                           
     Written Option
Contracts		  

Average Notional Amount(a)

    $ 156,587,433  

 

(a)

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