UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
Investment Company Act file number |
811-22057 | |||||||
|
| ||||||||
|
Cohen & Steers Global Income Builder, Inc. | ||||||||
|
(Exact name of registrant as specified in charter) | ||||||||
|
| ||||||||
|
280 Park Avenue |
|
10017 | ||||||
|
(Address of principal executive offices) |
|
(Zip code) | ||||||
|
| ||||||||
|
Tina M. Payne | ||||||||
|
(Name and address of agent for service) | ||||||||
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| ||||||||
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Registrant’s telephone number, including area code: |
(212) 832-3232 |
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Date of fiscal year end: |
December 31 |
| ||||||
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| ||||||||
|
Date of reporting period: |
March 31, 2012 |
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Item 1. Schedule of Investments
Cohen & Steers Global Income Builder, Inc.
SCHEDULE OF INVESTMENTS
March 31, 2012 (Unaudited)
|
|
|
Number |
|
Value |
| |
|
COMMON STOCK 113.3% |
|
|
|
|
| |
|
AUSTRALIA 3.8% |
|
|
|
|
| |
|
FINANCIAL—BANK 1.0% |
|
|
|
|
| |
|
Australia and New Zealand Banking Group Ltd.(a) |
|
112,761 |
|
$ |
2,716,848 |
|
|
|
|
|
|
|
| |
|
MATERIALS—METALS & MINING 1.2% |
|
|
|
|
| |
|
BHP Billiton Ltd.(a) |
|
87,387 |
|
3,132,890 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE—DIVERSIFIED 0.5% |
|
|
|
|
| |
|
GPT Group |
|
446,875 |
|
1,444,234 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 1.1% |
|
|
|
|
| |
|
Transurban Group |
|
500,000 |
|
2,900,379 |
| |
|
TOTAL AUSTRALIA |
|
|
|
10,194,351 |
| |
|
|
|
|
|
|
| |
|
BRAZIL 3.7% |
|
|
|
|
| |
|
REAL ESTATE 0.9% |
|
|
|
|
| |
|
RESIDENTIAL 0.3% |
|
|
|
|
| |
|
MRV Engenharia e Participacoes SA |
|
107,091 |
|
759,719 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.6% |
|
|
|
|
| |
|
BR Malls Participacoes SA |
|
122,099 |
|
1,591,243 |
| |
|
TOTAL REAL ESTATE |
|
|
|
2,350,962 |
| |
|
|
|
|
|
|
| |
|
TOLL ROADS 1.2% |
|
|
|
|
| |
|
CCR SA |
|
400,000 |
|
3,238,654 |
| |
|
|
|
|
|
|
| |
|
WATER 1.6% |
|
|
|
|
| |
|
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(b) |
|
55,300 |
|
4,237,086 |
| |
|
TOTAL BRAZIL |
|
|
|
9,826,702 |
| |
|
|
|
|
|
|
| |
|
CANADA 5.0% |
|
|
|
|
| |
|
CONSUMER—CYCLICAL—RESTAURANT 0.5% |
|
|
|
|
| |
|
Tim Hortons |
|
23,500 |
|
1,257,166 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 2.1% |
|
|
|
|
| |
|
BANK 1.2% |
|
|
|
|
| |
|
Toronto-Dominion Bank (USD) |
|
37,600 |
|
3,194,120 |
| |
|
|
|
Number |
|
Value |
| |
|
INSURANCE 0.9% |
|
|
|
|
| |
|
Power Corp.(a) |
|
88,800 |
|
$ |
2,353,874 |
|
|
TOTAL FINANCIAL |
|
|
|
5,547,994 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL—MACHINERY 0.4% |
|
|
|
|
| |
|
Finning International |
|
42,000 |
|
1,156,689 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CHEMICALS 0.6% |
|
|
|
|
| |
|
Potash Corp. of Saskatchewan |
|
37,500 |
|
1,712,116 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.9% |
|
|
|
|
| |
|
Rogers Communications |
|
59,000 |
|
2,342,373 |
| |
|
|
|
|
|
|
| |
|
TRANSPORT—RAIL 0.5% |
|
|
|
|
| |
|
Canadian National Railway Co. |
|
15,000 |
|
1,192,090 |
| |
|
TOTAL CANADA |
|
|
|
13,208,428 |
| |
|
|
|
|
|
|
| |
|
FRANCE 4.2% |
|
|
|
|
| |
|
COMMUNICATIONS—SATELLITES 0.7% |
|
|
|
|
| |
|
Eutelsat Communications(a) |
|
50,000 |
|
1,848,508 |
| |
|
|
|
|
|
|
| |
|
CONSUMER STAPLES 1.0% |
|
|
|
|
| |
|
Danone SA(a) |
|
37,400 |
|
2,608,743 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL—DIVERSIFIED 0.4% |
|
|
|
|
| |
|
LVMH Moet Hennessy Louis Vuitton SA |
|
6,600 |
|
1,134,191 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC—INTEGRATED ELECTRIC 0.6% |
|
|
|
|
| |
|
GDF Suez(a) |
|
62,413 |
|
1,612,363 |
| |
|
|
|
|
|
|
| |
|
ENERGY—OIL & GAS 0.8% |
|
|
|
|
| |
|
Total SA(a) |
|
42,181 |
|
2,151,259 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CONSTRUCTION MATERIALS 0.2% |
|
|
|
|
| |
|
Lafarge SA(a) |
|
14,400 |
|
687,261 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 0.5% |
|
|
|
|
| |
|
DIVERSIFIED 0.3% |
|
|
|
|
| |
|
Gecina SA |
|
6,118 |
|
639,221 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.2% |
|
|
|
|
| |
|
Unibail-Rodamco |
|
3,163 |
|
632,563 |
| |
|
|
|
Number |
|
Value |
| |
|
TOTAL REAL ESTATE |
|
|
|
$ |
1,271,784 |
|
|
TOTAL FRANCE |
|
|
|
11,314,109 |
| |
|
|
|
|
|
|
| |
|
GERMANY 4.0% |
|
|
|
|
| |
|
AUTOMOTIVE 0.6% |
|
|
|
|
| |
|
Bayerische Motoren Werke AG(a) |
|
17,800 |
|
1,600,779 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—INSURANCE 1.1% |
|
|
|
|
| |
|
Allianz SE(a) |
|
24,100 |
|
2,875,759 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL—ELECTRICAL EQUIPMENT 1.3% |
|
|
|
|
| |
|
Siemens AG(a) |
|
34,000 |
|
3,427,688 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY—SOFTWARE 1.0% |
|
|
|
|
| |
|
SAP AG(a) |
|
39,000 |
|
2,723,468 |
| |
|
TOTAL GERMANY |
|
|
|
10,627,694 |
| |
|
|
|
|
|
|
| |
|
HONG KONG 5.5% |
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 1.4% |
|
|
|
|
| |
|
CLP Holdings Ltd.(a) |
|
419,000 |
|
3,609,674 |
| |
|
|
|
|
|
|
| |
|
ENERGY—OIL & GAS 0.4% |
|
|
|
|
| |
|
CNOOC Ltd.(a) |
|
509,000 |
|
1,046,113 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL—INVESTMENT BANKERS/BROKERS 0.2% |
|
|
|
|
| |
|
Hong Kong Exchanges and Clearing Ltd.(a) |
|
39,000 |
|
654,892 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL—DIVERSIFIED 0.8% |
|
|
|
|
| |
|
Hutchison Whampoa Ltd.(a) |
|
225,000 |
|
2,246,943 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 2.0% |
|
|
|
|
| |
|
DIVERSIFIED 1.2% |
|
|
|
|
| |
|
Hang Lung Properties Ltd. |
|
248,000 |
|
910,174 |
| |
|
Sun Hung Kai Properties Ltd.(a) |
|
70,000 |
|
869,867 |
| |
|
Wharf Holdings Ltd.(a) |
|
248,200 |
|
1,348,783 |
| |
|
|
|
|
|
3,128,824 |
| |
|
HOTEL 0.2% |
|
|
|
|
| |
|
Shangri-La Asia Ltd. |
|
260,000 |
|
567,172 |
| |
|
|
|
Number |
|
Value |
| |
|
OFFICE 0.3% |
|
|
|
|
| |
|
Hongkong Land Holdings Ltd. (USD) |
|
162,000 |
|
$ |
941,220 |
|
|
|
|
|
|
|
| |
|
RESIDENTIAL 0.3% |
|
|
|
|
| |
|
Country Garden Holdings Co.(c) |
|
2,039,000 |
|
785,084 |
| |
|
TOTAL REAL ESTATE |
|
|
|
5,422,300 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.7% |
|
|
|
|
| |
|
China Mobile Ltd.(a) |
|
161,500 |
|
1,777,102 |
| |
|
TOTAL HONG KONG |
|
|
|
14,757,024 |
| |
|
|
|
|
|
|
| |
|
INDONESIA 0.3% |
|
|
|
|
| |
|
REAL ESTATE—RESIDENTIAL |
|
|
|
|
| |
|
Summarecon Agung Tbk PT |
|
4,525,000 |
|
776,930 |
| |
|
|
|
|
|
|
| |
|
IRELAND 0.9% |
|
|
|
|
| |
|
HEALTH CARE—HEALTHCARE PRODUCTS |
|
|
|
|
| |
|
Covidien PLC (USD) |
|
43,200 |
|
2,362,176 |
| |
|
ISRAEL 0.4% |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICAL |
|
|
|
|
| |
|
Teva Pharmaceutical Industries Ltd., ADR |
|
25,784 |
|
1,161,827 |
| |
|
|
|
|
|
|
| |
|
ITALY 2.2% |
|
|
|
|
| |
|
ENERGY—OIL & GAS 0.9% |
|
|
|
|
| |
|
Eni S.p.A.(a) |
|
103,400 |
|
2,425,741 |
| |
|
|
|
|
|
|
| |
|
GAS DISTRIBUTION 1.3% |
|
|
|
|
| |
|
Snam Rete Gas S.p.A. |
|
700,482 |
|
3,368,843 |
| |
|
TOTAL ITALY |
|
|
|
5,794,584 |
| |
|
|
|
|
|
|
| |
|
JAPAN 7.5% |
|
|
|
|
| |
|
AUTOMOTIVE 0.8% |
|
|
|
|
| |
|
Toyota Motor Corp.(a) |
|
47,000 |
|
2,027,184 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL—APPAREL 0.5% |
|
|
|
|
| |
|
Fast Retailing Co., Ltd. |
|
5,500 |
|
1,253,232 |
| |
|
|
|
Number |
|
Value |
| |
|
FINANCIAL 0.4% |
|
|
|
|
| |
|
BANK 0.2% |
|
|
|
|
| |
|
Sumitomo Mitsui Trust Holdings |
|
153,000 |
|
$ |
488,003 |
|
|
|
|
|
|
|
| |
|
INSURANCE 0.2% |
|
|
|
|
| |
|
NKSJ Holdings(a) |
|
21,250 |
|
474,961 |
| |
|
TOTAL FINANCIAL |
|
|
|
962,964 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICAL 0.6% |
|
|
|
|
| |
|
Astellas Pharma(a) |
|
41,800 |
|
1,717,047 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL 2.3% |
|
|
|
|
| |
|
COMMERCIAL SERVICES & SUPPLIES 1.2% |
|
|
|
|
| |
|
Secom Co., Ltd.(a) |
|
63,800 |
|
3,121,783 |
| |
|
|
|
|
|
|
| |
|
ELECTRICAL EQUIPMENT 1.1% |
|
|
|
|
| |
|
Fanuc Ltd.(a) |
|
16,600 |
|
2,944,159 |
| |
|
TOTAL INDUSTRIAL |
|
|
|
6,065,942 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—METALS & MINING 0.1% |
|
|
|
|
| |
|
Sumitomo Metal Mining Co., Ltd.(a) |
|
29,000 |
|
407,478 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY 2.3% |
|
|
|
|
| |
|
ELECTRONIC EQUIPMENT & INSTRUMENTS 1.7% |
|
|
|
|
| |
|
Kyocera Corp. |
|
16,800 |
|
1,538,529 |
| |
|
Sony Corp.(a) |
|
90,000 |
|
1,852,845 |
| |
|
TDK Corp. |
|
21,700 |
|
1,229,588 |
| |
|
|
|
|
|
4,620,962 |
| |
|
OFFICE ELECTRONICS 0.6% |
|
|
|
|
| |
|
Canon(a) |
|
35,400 |
|
1,672,272 |
| |
|
TOTAL TECHNOLOGY |
|
|
|
6,293,234 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.5% |
|
|
|
|
| |
|
KDDI Corp. |
|
200 |
|
1,295,155 |
| |
|
TOTAL JAPAN |
|
|
|
20,022,236 |
| |
|
|
|
Number |
|
Value |
| |
|
MEXICO 0.7% |
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—RETAIL 0.5% |
|
|
|
|
| |
|
Wal-Mart de Mexico SA de CV |
|
410,600 |
|
$ |
1,377,781 |
|
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 0.2% |
|
|
|
|
| |
|
America Movil SAB de CV |
|
473,400 |
|
589,077 |
| |
|
TOTAL MEXICO |
|
|
|
1,966,858 |
| |
|
|
|
|
|
|
| |
|
NETHERLANDS 1.3% |
|
|
|
|
| |
|
MARINE PORTS |
|
|
|
|
| |
|
Koninklijke Vopak NV(a) |
|
60,000 |
|
3,456,549 |
| |
|
|
|
|
|
|
| |
|
PHILIPPINES 0.5% |
|
|
|
|
| |
|
REAL ESTATE |
|
|
|
|
| |
|
DIVERSIFIED 0.3% |
|
|
|
|
| |
|
Ayala Land |
|
1,343,900 |
|
649,491 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.2% |
|
|
|
|
| |
|
SM Prime Holdings |
|
1,644,900 |
|
647,463 |
| |
|
TOTAL PHILLIPINES |
|
|
|
1,296,954 |
| |
|
|
|
|
|
|
| |
|
SINGAPORE 0.7% |
|
|
|
|
| |
|
REAL ESTATE 0.3% |
|
|
|
|
| |
|
HOTEL 0.1% |
|
|
|
|
| |
|
CDL Hospitality Trusts |
|
248,000 |
|
342,294 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL 0.2% |
|
|
|
|
| |
|
Global Logistic Properties Ltd.(c) |
|
212,000 |
|
371,027 |
| |
|
TOTAL REAL ESTATE |
|
|
|
713,321 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY—SEMICONDUCTORS 0.4% |
|
|
|
|
| |
|
Avago Technologies Ltd. (USD) |
|
29,600 |
|
1,153,512 |
| |
|
TOTAL SINGAPORE |
|
|
|
1,866,833 |
| |
|
|
|
|
|
|
| |
|
SOUTH KOREA 0.4% |
|
|
|
|
| |
|
TECHNOLOGY—SEMICONDUCTORS |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd., (GDR) |
|
2,000 |
|
1,131,000 |
| |
|
|
|
Number |
|
Value |
| |
|
SPAIN 0.3% |
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES |
|
|
|
|
| |
|
Telefonica SA(a) |
|
53,000 |
|
$ |
868,379 |
|
|
|
|
|
|
|
| |
|
SWEDEN 0.2% |
|
|
|
|
| |
|
REAL ESTATE—OFFICE |
|
|
|
|
| |
|
Fabege AB |
|
63,519 |
|
547,743 |
| |
|
|
|
|
|
|
| |
|
SWITZERLAND 5.3% |
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—FOOD 2.2% |
|
|
|
|
| |
|
Nestle SA(a) |
|
93,320 |
|
5,871,913 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE—PHARMACEUTICAL 2.1% |
|
|
|
|
| |
|
Novartis AG(a) |
|
104,300 |
|
5,772,492 |
| |
|
|
|
|
|
|
| |
|
MATERIALS—CHEMICALS 1.0% |
|
|
|
|
| |
|
Syngenta AG(a),(c) |
|
7,500 |
|
2,593,054 |
| |
|
TOTAL SWITZERLAND |
|
|
|
14,237,459 |
| |
|
|
|
|
|
|
| |
|
THAILAND 0.4% |
|
|
|
|
| |
|
REAL ESTATE—RETAIL |
|
|
|
|
| |
|
Central Pattana PCL |
|
674,100 |
|
1,005,141 |
| |
|
|
|
|
|
|
| |
|
UNITED KINGDOM 9.8% |
|
|
|
|
| |
|
CONSUMER—CYCLICAL—DISTRIBUTORS 1.3% |
|
|
|
|
| |
|
Reckitt Benckiser Group PLC(a) |
|
61,300 |
|
3,464,085 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL—AGRICULTURE 0.6% |
|
|
|
|
| |
|
British American Tobacco PLC(a) |
|
29,100 |
|
1,466,415 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC—REGULATED ELECTRIC 1.4% |
|
|
|
|
| |
|
National Grid PLC(a) |
|
375,000 |
|
3,781,820 |
| |
|
|
|
|
|
|
| |
|
ENERGY 1.7% |
|
|
|
|
| |
|
INTEGRATED OIL & GAS 1.1% |
|
|
|
|
| |
|
Royal Dutch Shell PLC(a) |
|
84,424 |
|
2,948,517 |
| |
|
|
|
|
|
|
| |
|
OIL & GAS EQUIPMENT & SERVICES 0.6% |
|
|
|
|
| |
|
Ensco PLC, ADR(b) |
|
29,000 |
|
1,534,970 |
| |
|
TOTAL ENERGY |
|
|
|
4,483,487 |
| |
|
|
|
Number |
|
Value |
| |
|
FINANCIAL—BANK 1.6% |
|
|
|
|
| |
|
Barclays PLC |
|
570,000 |
|
$ |
2,144,811 |
|
|
HSBC Holdings PLC |
|
250,166 |
|
2,219,981 |
| |
|
|
|
|
|
4,364,792 |
| |
|
HEALTH CARE—PHARMACEUTICAL 1.7% |
|
|
|
|
| |
|
GlaxoSmithKline PLC(a) |
|
203,200 |
|
4,538,885 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE—OFFICE 0.2% |
|
|
|
|
| |
|
Derwent London PLC(b) |
|
21,824 |
|
609,136 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION SERVICES 1.3% |
|
|
|
|
| |
|
Vodafone Group PLC |
|
1,292,000 |
|
3,558,608 |
| |
|
TOTAL UNITED KINGDOM |
|
|
|
26,267,228 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 56.2% |
|
|
|
|
| |
|
AUTOMOTIVE 0.4% |
|
|
|
|
| |
|
Ford Motor Co.(a),(b) |
|
74,500 |
|
930,505 |
| |
|
|
|
|
|
|
| |
|
COMMUNICATIONS 0.7% |
|
|
|
|
| |
|
TELECOMMUNICATIONS 0.5% |
|
|
|
|
| |
|
AT&T(a),(b) |
|
44,577 |
|
1,392,140 |
| |
|
|
|
|
|
|
| |
|
TOWERS 0.2% |
|
|
|
|
| |
|
American Tower Corp. |
|
9,285 |
|
585,140 |
| |
|
TOTAL COMMUNICATIONS |
|
|
|
1,977,280 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—CYCLICAL 6.3% |
|
|
|
|
| |
|
MEDIA 1.5% |
|
|
|
|
| |
|
The Walt Disney Co.(a),(b) |
|
51,400 |
|
2,250,292 |
| |
|
Time Warner Cable(b) |
|
22,500 |
|
1,833,750 |
| |
|
|
|
|
|
4,084,042 |
| |
|
RESTAURANT 2.1% |
|
|
|
|
| |
|
McDonald’s Corp.(a),(b) |
|
55,539 |
|
5,448,376 |
| |
|
|
|
Number |
|
Value |
| |
|
RETAIL 1.8% |
|
|
|
|
| |
|
Nordstrom(a),(b) |
|
32,340 |
|
$ |
1,801,985 |
|
|
Ross Stores(a),(b) |
|
52,400 |
|
3,044,440 |
| |
|
|
|
|
|
4,846,425 |
| |
|
SPECIALTY RETAIL 0.9% |
|
|
|
|
| |
|
PetSmart |
|
23,400 |
|
1,338,948 |
| |
|
Tiffany & Co.(b) |
|
15,000 |
|
1,036,950 |
| |
|
|
|
|
|
2,375,898 |
| |
|
TOTAL CONSUMER—CYCLICAL |
|
|
|
16,754,741 |
| |
|
|
|
|
|
|
| |
|
CONSUMER—NON-CYCLICAL 3.5% |
|
|
|
|
| |
|
AGRICULTURE 1.4% |
|
|
|
|
| |
|
Philip Morris International(a),(b) |
|
40,533 |
|
3,591,629 |
| |
|
|
|
|
|
|
| |
|
BEVERAGE 0.6% |
|
|
|
|
| |
|
PepsiCo(a),(b) |
|
25,710 |
|
1,705,859 |
| |
|
|
|
|
|
|
| |
|
COSMETICS/PERSONAL CARE 1.1% |
|
|
|
|
| |
|
Procter & Gamble Co.(a),(b) |
|
42,676 |
|
2,868,254 |
| |
|
|
|
|
|
|
| |
|
RETAIL 0.4% |
|
|
|
|
| |
|
CVS Caremark Corp.(a),(b) |
|
25,300 |
|
1,133,440 |
| |
|
TOTAL CONSUMER— NON-CYCLICAL |
|
|
|
9,299,182 |
| |
|
|
|
|
|
|
| |
|
ELECTRIC 3.6% |
|
|
|
|
| |
|
INTEGRATED ELECTRIC 1.2% |
|
|
|
|
| |
|
PPL Corp.(b) |
|
110,000 |
|
3,108,600 |
| |
|
|
|
|
|
|
| |
|
REGULATED ELECTRIC 2.4% |
|
|
|
|
| |
|
PG&E Corp.(a),(b) |
|
75,000 |
|
3,255,750 |
| |
|
Southern Co.(a),(b) |
|
70,385 |
|
3,162,398 |
| |
|
|
|
|
|
6,418,148 |
| |
|
TOTAL ELECTRIC |
|
|
|
9,526,748 |
| |
|
|
|
Number |
|
Value |
| |
|
ENERGY 7.0% |
|
|
|
|
| |
|
OIL & GAS 6.4% |
|
|
|
|
| |
|
Apache Corp.(a) |
|
17,700 |
|
$ |
1,777,788 |
|
|
Chevron Corp.(a),(b) |
|
41,630 |
|
4,464,401 |
| |
|
Devon Energy Corp.(a),(b) |
|
32,273 |
|
2,295,256 |
| |
|
Exxon Mobil Corp.(a),(b) |
|
64,847 |
|
5,624,181 |
| |
|
Marathon Petroleum Corp.(a),(b) |
|
28,700 |
|
1,244,432 |
| |
|
Occidental Petroleum Corp.(a) |
|
16,300 |
|
1,552,249 |
| |
|
|
|
|
|
16,958,307 |
| |
|
OIL & GAS SERVICES 0.6% |
|
|
|
|
| |
|
Schlumberger Ltd.(a) |
|
23,298 |
|
1,629,229 |
| |
|
TOTAL ENERGY |
|
|
|
18,587,536 |
| |
|
|
|
|
|
|
| |
|
FINANCIAL 7.9% |
|
|
|
|
| |
|
BANK 3.2% |
|
|
|
|
| |
|
Bank of America Corp.(b) |
|
90,900 |
|
869,913 |
| |
|
Comerica(b) |
|
41,800 |
|
1,352,648 |
| |
|
US Bancorp(a),(b) |
|
134,072 |
|
4,247,401 |
| |
|
Wells Fargo & Co.(a),(b) |
|
62,987 |
|
2,150,376 |
| |
|
|
|
|
|
8,620,338 |
| |
|
CREDIT CARD 0.9% |
|
|
|
|
| |
|
American Express Co.(a),(b) |
|
43,000 |
|
2,487,980 |
| |
|
|
|
|
|
|
| |
|
DIVERSIFIED FINANCIAL SERVICES 2.5% |
|
|
|
|
| |
|
Citigroup(a),(b) |
|
38,811 |
|
1,418,542 |
| |
|
Goldman Sachs Group(a),(b) |
|
9,200 |
|
1,144,204 |
| |
|
JPMorgan Chase & Co.(a),(b) |
|
89,594 |
|
4,119,532 |
| |
|
|
|
|
|
6,682,278 |
| |
|
INSURANCE 1.3% |
|
|
|
|
| |
|
Prudential Financial(a),(b) |
|
54,000 |
|
3,423,060 |
| |
|
TOTAL FINANCIAL |
|
|
|
21,213,656 |
| |
|
|
|
Number |
|
Value |
| |
|
GAS DISTRIBUTION 0.8% |
|
|
|
|
| |
|
Sempra Energy(a),(b) |
|
37,500 |
|
$ |
2,248,500 |
|
|
|
|
|
|
|
| |
|
HEALTH CARE 3.5% |
|
|
|
|
| |
|
BIOTECHNOLOGY 0.4% |
|
|
|
|
| |
|
Amgen(b) |
|
15,700 |
|
1,067,443 |
| |
|
|
|
|
|
|
| |
|
HEALTH CARE PROVIDERS & SERVICES 0.5% |
|
|
|
|
| |
|
UnitedHealth Group(b) |
|
24,000 |
|
1,414,560 |
| |
|
|
|
|
|
|
| |
|
HEALTHCARE PRODUCTS 0.8% |
|
|
|
|
| |
|
Johnson & Johnson(a),(b) |
|
33,436 |
|
2,205,438 |
| |
|
|
|
|
|
|
| |
|
PHARMACEUTICAL 1.8% |
|
|
|
|
| |
|
Abbott Laboratories(a),(b) |
|
39,663 |
|
2,430,945 |
| |
|
Pfizer(a),(b) |
|
99,484 |
|
2,254,308 |
| |
|
|
|
|
|
4,685,253 |
| |
|
TOTAL HEALTH CARE |
|
|
|
9,372,694 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL 6.6% |
|
|
|
|
| |
|
AEROSPACE & DEFENSE 2.2% |
|
|
|
|
| |
|
General Dynamics Corp.(a) |
|
33,019 |
|
2,422,934 |
| |
|
Lockheed Martin Corp.(a) |
|
11,000 |
|
988,460 |
| |
|
United Technologies Corp.(a) |
|
28,973 |
|
2,403,021 |
| |
|
|
|
|
|
5,814,415 |
| |
|
DIVERSIFIED MANUFACTURING 2.6% |
|
|
|
|
| |
|
Caterpillar(a) |
|
17,300 |
|
1,842,796 |
| |
|
Eaton Corp.(a),(b) |
|
21,800 |
|
1,086,294 |
| |
|
General Electric Co.(a),(b) |
|
147,030 |
|
2,950,892 |
| |
|
WW Grainger(b) |
|
5,500 |
|
1,181,455 |
| |
|
|
|
|
|
7,061,437 |
| |
|
ELECTRICAL EQUIPMENT 0.5% |
|
|
|
|
| |
|
Emerson Electric Co.(b) |
|
23,000 |
|
1,200,140 |
| |
|
|
|
Number |
|
Value |
| |
|
TRANSPORTATION 1.3% |
|
|
|
|
| |
|
Norfolk Southern Corp.(a),(b) |
|
18,000 |
|
$ |
1,184,940 |
|
|
United Parcel Service(a) |
|
29,660 |
|
2,394,155 |
| |
|
|
|
|
|
3,579,095 |
| |
|
TOTAL INDUSTRIAL |
|
|
|
17,655,087 |
| |
|
|
|
|
|
|
| |
|
MATERIALS 1.3% |
|
|
|
|
| |
|
CHEMICALS 0.3% |
|
|
|
|
| |
|
Dow Chemical Co.(a),(b) |
|
24,800 |
|
859,072 |
| |
|
|
|
|
|
|
| |
|
METALS & MINING 1.0% |
|
|
|
|
| |
|
Freeport-McMoRan Copper & Gold(a),(b) |
|
20,000 |
|
760,800 |
| |
|
Newmont Mining Corp.(a),(b) |
|
35,100 |
|
1,799,577 |
| |
|
|
|
|
|
2,560,377 |
| |
|
TOTAL MATERIALS |
|
|
|
3,419,449 |
| |
|
|
|
|
|
|
| |
|
PIPELINES—PIPELINES—MLP 1.8% |
|
|
|
|
| |
|
MarkWest Energy Partners LP |
|
82,393 |
|
4,815,871 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 4.2% |
|
|
|
|
| |
|
HEALTH CARE 0.2% |
|
|
|
|
| |
|
HCP |
|
14,582 |
|
575,406 |
| |
|
|
|
|
|
|
| |
|
HOTEL 0.3% |
|
|
|
|
| |
|
Starwood Hotels & Resorts Worldwide(b) |
|
16,216 |
|
914,745 |
| |
|
|
|
|
|
|
| |
|
INDUSTRIAL 0.4% |
|
|
|
|
| |
|
EastGroup Properties |
|
24,049 |
|
1,207,741 |
| |
|
|
|
|
|
|
| |
|
OFFICE 0.6% |
|
|
|
|
| |
|
Boston Properties(b) |
|
5,796 |
|
608,522 |
| |
|
SL Green Realty Corp. |
|
12,014 |
|
931,686 |
| |
|
|
|
|
|
1,540,208 |
| |
|
RESIDENTIAL—APARTMENT 0.6% |
|
|
|
|
| |
|
AvalonBay Communities |
|
11,257 |
|
1,591,177 |
| |
|
|
|
|
|
|
| |
|
SELF STORAGE 0.5% |
|
|
|
|
| |
|
Extra Space Storage(b) |
|
44,574 |
|
1,283,285 |
| |
|
|
|
Number |
|
Value |
| |
|
SHOPPING CENTER 1.0% |
|
|
|
|
| |
|
COMMUNITY CENTER 0.4% |
|
|
|
|
| |
|
Kimco Realty Corp. |
|
48,361 |
|
$ |
931,433 |
|
|
|
|
|
|
|
| |
|
REGIONAL MALL 0.6% |
|
|
|
|
| |
|
General Growth Properties |
|
25,039 |
|
425,413 |
| |
|
Simon Property Group(b) |
|
8,970 |
|
1,306,749 |
| |
|
|
|
|
|
1,732,162 |
| |
|
TOTAL SHOPPING CENTER |
|
|
|
2,663,595 |
| |
|
|
|
|
|
|
| |
|
SPECIALTY 0.6% |
|
|
|
|
| |
|
Digital Realty Trust(b) |
|
8,584 |
|
634,958 |
| |
|
Rayonier |
|
19,876 |
|
876,333 |
| |
|
|
|
|
|
1,511,291 |
| |
|
TOTAL REAL ESTATE |
|
|
|
11,287,448 |
| |
|
|
|
|
|
|
| |
|
TECHNOLOGY 8.6% |
|
|
|
|
| |
|
COMPUTERS 3.5% |
|
|
|
|
| |
|
Apple(a),(b),(c) |
|
11,800 |
|
7,073,746 |
| |
|
International Business Machines Corp.(a),(b) |
|
11,133 |
|
2,322,900 |
| |
|
|
|
|
|
9,396,646 |
| |
|
|
|
|
|
|
| |
|
INTERNET SERVICE PROVIDER 0.9% |
|
|
|
|
| |
|
Google(a),(b),(c) |
|
3,900 |
|
2,500,836 |
| |
|
|
|
|
|
|
| |
|
SERVICES 0.9% |
|
|
|
|
| |
|
Visa, Class A(a) |
|
21,100 |
|
2,489,800 |
| |
|
|
|
|
|
|
| |
|
SOFTWARE 2.3% |
|
|
|
|
| |
|
Microsoft Corp.(a) |
|
41,015 |
|
1,322,734 |
| |
|
Oracle Corp.(a) |
|
81,000 |
|
2,361,960 |
| |
|
Symantec Corp.(a),(c) |
|
125,300 |
|
2,343,110 |
| |
|
|
|
|
|
6,027,804 |
| |
|
|
|
|
|
|
| |
|
TELECOMMUNICATION EQUIPMENT 1.0% |
|
|
|
|
| |
|
QUALCOMM(a),(b) |
|
37,800 |
|
2,571,156 |
| |
|
|
|
Number |
|
Value |
| |
|
TOTAL TECHNOLOGY |
|
|
|
$ |
22,986,242 |
|
|
TOTAL UNITED STATES |
|
|
|
150,074,939 |
| |
|
TOTAL COMMON STOCK (Identified cost—$267,541,149) |
|
|
|
302,765,144 |
| |
|
|
|
|
|
|
| |
|
CLOSED-END FUNDS—UNITED STATES 6.3% |
|
|
|
|
| |
|
ENERGY/ RESOURCES 1.5% |
|
|
|
|
| |
|
ASA Gold and Precious Metals Ltd. |
|
159,100 |
|
4,101,598 |
| |
|
|
|
|
|
|
| |
|
GLOBAL INCOME 0.9% |
|
|
|
|
| |
|
First Trust Aberdeen Global Opportunity Income Fund(a) |
|
70,400 |
|
1,229,184 |
| |
|
Western Asset Global High Income Fund(a) |
|
83,300 |
|
1,103,725 |
| |
|
|
|
|
|
2,332,909 |
| |
|
|
|
|
|
|
| |
|
HIGH YIELD 0.6% |
|
|
|
|
| |
|
New America High Income Fund(b) |
|
158,057 |
|
1,626,407 |
| |
|
|
|
|
|
|
| |
|
MULTI-SECTOR 1.4% |
|
|
|
|
| |
|
PIMCO Income Opportunity Fund(b) |
|
139,700 |
|
3,681,095 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE 0.6% |
|
|
|
|
| |
|
Alpine Global Premier Properties Fund |
|
234,358 |
|
1,523,327 |
| |
|
|
|
|
|
|
| |
|
SENIOR LOAN 1.3% |
|
|
|
|
| |
|
Eaton Vance Floating-Rate Income Trust(a),(b) |
|
171,700 |
|
2,788,408 |
| |
|
Eaton Vance Senior Floating-Rate Trust(b) |
|
43,100 |
|
656,844 |
| |
|
|
|
|
|
3,445,252 |
| |
|
TOTAL CLOSED-END FUNDS (Identified cost—$16,800,460) |
|
|
|
16,710,588 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—$25 PAR VALUE 2.2% |
|
|
|
|
| |
|
NETHERLANDS 1.0% |
|
|
|
|
| |
|
INSURANCE |
|
|
|
|
| |
|
LIFE/HEALTH INSURANCE 0.3% |
|
|
|
|
| |
|
Aegon NV, 6.50% |
|
34,998 |
|
825,953 |
| |
|
|
|
|
|
|
| |
|
MULTI-LINE 0.7% |
|
|
|
|
| |
|
ING Groep N.V., 6.375% |
|
13,500 |
|
295,650 |
| |
|
ING Groep N.V., 7.375% |
|
63,000 |
|
1,504,440 |
| |
|
|
|
|
|
1,800,090 |
| |
|
|
|
Number |
|
Value |
| |
|
|
|
|
|
$ |
2,626,043 |
|
|
UNITED KINGDOM 0.8% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
National Westminster Bank PLC, 7.76%, Series C |
|
53,000 |
|
1,237,020 |
| |
|
Royal Bank of Scotland Group PLC, 6.35%, Series N |
|
51,855 |
|
837,977 |
| |
|
|
|
|
|
2,074,997 |
| |
|
UNITED STATES 0.4% |
|
|
|
|
| |
|
BANK 0.2% |
|
|
|
|
| |
|
First Niagara Financial Group, 8.625%, Series B |
|
25,000 |
|
689,250 |
| |
|
|
|
|
|
|
| |
|
REAL ESTATE—DIVERSIFIED 0.2% |
|
|
|
|
| |
|
Colony Financial, 8.50%, Series A |
|
20,000 |
|
500,000 |
| |
|
TOTAL UNITED STATES |
|
|
|
1,189,250 |
| |
|
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$5,624,950) |
|
|
|
5,890,290 |
| |
|
|
|
|
|
|
| |
|
PREFERRED SECURITIES—CAPITAL SECURITIES 3.1% |
|
|
|
|
| |
|
BRAZIL 0.5% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
Banco do Brasil SA/Cayman, 9.25%, due 12/31/49, 144A(d) |
|
1,250,000 |
|
1,362,500 |
| |
|
|
|
|
|
|
| |
|
CAYMAN ISLANDS 0.8% |
|
|
|
|
| |
|
INTEGRATED TELECOMMUNICATIONS SERVICES |
|
|
|
|
| |
|
Centaur Funding Corp., 9.08%, due 4/21/20, 144A(d) |
|
1,750 |
|
2,031,641 |
| |
|
|
|
|
|
|
| |
|
IRELAND 0.3% |
|
|
|
|
| |
|
INSURANCE—MULTI—LINE |
|
|
|
|
| |
|
Cloverie PLC, 8.25%, due 12/31/49 |
|
700,000 |
|
740,075 |
| |
|
|
|
|
|
|
| |
|
JAPAN 0.3% |
|
|
|
|
| |
|
INSURANCE—PROPERTY CASUALTY |
|
|
|
|
| |
|
Mitsui Sumitomo Insurance Co., Ltd., 7.00%, due 3/15/72, 144A(d) |
|
650,000 |
|
656,471 |
| |
|
|
|
Number |
|
Value |
| |
|
SWITZERLAND 0.6% |
|
|
|
|
| |
|
INSURANCE—REINSURANCE |
|
|
|
|
| |
|
Aquarius + Investments PLC, 8.25%, due 12/31/49 |
|
1,610,000 |
|
$ |
1,614,025 |
|
|
|
|
|
|
|
| |
|
UNITED KINGDOM 0.3% |
|
|
|
|
| |
|
BANK |
|
|
|
|
| |
|
LBG Capital No.1 PLC, 8.00%, due 12/29/49, 144A(d) |
|
1,000,000 |
|
869,699 |
| |
|
|
|
|
|
|
| |
|
UNITED STATES 0.3% |
|
|
|
|
| |
|
INSURANCE—MULTI—LINE |
|
|
|
|
| |
|
MetLife Capital Trust X, 9.25%, due 4/8/38, 144A(d) |
|
750,000 |
|
907,500 |
| |
|
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$7,923,676) |
|
|
|
8,181,911 |
| |
|
|
|
Principal |
|
|
| |
|
CORPORATE BONDS 1.0% |
|
|
|
|
| |
|
UNITED STATES |
|
|
|
|
| |
|
INSURANCE—PROPERTY CASUALTY 0.7% |
|
|
|
|
| |
|
Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(d) |
|
$ |
2,000,000 |
|
1,854,202 |
|
|
|
|
|
|
|
| |
|
INTEGRATED TELECOMMUNICATIONS SERVICES 0.3% |
|
|
|
|
| |
|
CenturyLink, 7.65%, due 3/15/42 |
|
1,000,000 |
|
942,255 |
| |
|
TOTAL CORPORATE BONDS (Identified cost—$2,806,564) |
|
|
|
2,796,457 |
| |
|
|
|
Number |
|
|
|
|
SHORT-TERM INVESTMENTS 0.5% |
|
|
|
|
|
|
MONEY MARKET FUNDS |
|
|
|
|
|
|
BlackRock Liquidity Funds: FedFund, 0.01%(e) |
|
650,032 |
|
650,032 |
|
|
Federated Government Obligations Fund, 0.01%(e) |
|
650,033 |
|
650,033 |
|
|
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$1,300,065) |
|
|
|
1,300,065 |
|
|
|
|
|
|
|
|
Value |
| |
|
TOTAL INVESTMENTS (Identified cost—$301,996,864) |
|
126.4 |
% |
|
|
$ |
337,644,455 |
|
|
|
|
|
|
|
|
|
| |
|
WRITTEN CALL OPTIONS |
|
(0.9 |
) |
|
|
(2,523,285 |
) | |
|
|
|
|
|
|
|
|
| |
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(25.5 |
) |
|
|
(67,923,886 |
) | |
|
|
|
|
|
|
|
|
| |
|
NET ASSETS (Equivalent to $11.60 per share based on 23,032,573 shares of common stock outstanding) |
|
100.0 |
% |
|
|
$ |
267,197,284 |
|
|
|
|
Number of Contracts |
|
|
| |
|
WRITTEN CALL OPTIONS (0.9)% |
|
|
|
|
| |
|
EUROPE (0.0)% |
|
|
|
|
| |
|
DJ EuroStoxx 50 Index, EUR Strike Price 2,575, 4/20/12 |
|
200 |
|
$ |
(22,406 |
) |
|
DJ EuroStoxx 50 Index, EUR Strike Price 2,625, 4/20/12 |
|
300 |
|
(13,204 |
) | |
|
DJ EuroStoxx 50 Index, EUR Strike Price 2,650, 4/20/12 |
|
150 |
|
(3,801 |
) | |
|
|
|
|
|
(39,411 |
) | |
|
UNITED STATES (0.9)% |
|
|
|
|
| |
|
S&P 500 Index, USD Strike Price 1,380, 4/21/12 |
|
228 |
|
(816,924 |
) | |
|
S&P 500 Index, USD Strike Price 1,385, 4/21/12 |
|
150 |
|
(485,550 |
) | |
|
S&P 500 Index, USD Strike Price 1,400, 4/21/12 |
|
152 |
|
(319,200 |
) | |
|
S&P 500 Index, USD Strike Price 1,405, 4/21/12 |
|
304 |
|
(547,200 |
) | |
|
S&P 500 Index, USD Strike Price 1,410, 4/21/12 |
|
210 |
|
(315,000 |
) | |
|
|
|
|
|
(2,483,874 |
) | |
|
TOTAL WRITTEN CALL OPTIONS (Premiums Received—$2,370,876) |
|
|
|
$ |
(2,523,285 |
) |
Glossary of Portfolio Abbreviations
|
|
ADR |
American Depositary Receipt |
|
|
EUR |
Euro Currency |
|
|
GDR |
Global Depositary Receipt |
|
|
USD |
United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
(a) All or a portion of the security is held in connection with the revolving credit agreement; $141,187,651 has been pledged as collateral.
(b) All or a portion of the security is pledged in connection with written option contracts: $58,449,146 has been pledged to brokers.
(c) Non-income producing security.
(d) Resale is restricted to qualified institutional investors. Aggregate holdings equal 2.9% of net assets of the Fund, of which 0.0% are illiquid.
(e) Rate quoted represents the seven day yield of the fund.
|
Sector Summary |
|
Percentage |
|
|
Financial (Common) |
|
11.4 |
% |
|
Technology (Common) |
|
10.2 |
|
|
Industrial (Common) |
|
9.1 |
|
|
Energy (Common) |
|
8.5 |
|
|
Real Estate (Common) |
|
7.9 |
|
|
Health Care (Common) |
|
7.4 |
|
|
Consumer-Cyclical (Common) |
|
7.1 |
|
|
Electric (Common) |
|
5.5 |
|
|
Consumer-Non-Cyclical (Common) |
|
5.3 |
|
|
Closed End Funds |
|
5.0 |
|
|
Materials (Common) |
|
3.5 |
|
|
Telecommunication Services (Common) |
|
3.1 |
|
|
Insurance (Preferred) |
|
1.9 |
|
|
Toll Roads (Common) |
|
1.8 |
|
|
Gas Distribution (Common) |
|
1.7 |
|
|
Bank (Preferred) |
|
1.5 |
|
|
Pipelines (Common) |
|
1.4 |
|
|
Automotive (Common) |
|
1.3 |
|
|
Water (Common) |
|
1.3 |
|
|
Communications (Common) |
|
1.1 |
|
|
Marine Ports (Common) |
|
1.0 |
|
|
Consumer Staples (Common) |
|
0.8 |
|
|
Integrated Telecommunications Services (Preferred) |
|
0.6 |
|
|
Insurance (Corporate Bonds) |
|
0.6 |
|
|
Transport (Common) |
|
0.3 |
|
|
Integrated Telecommunications Services (Corporate Bonds) |
|
0.3 |
|
|
Other |
|
0.3 |
|
|
Real Estate (Preferred) |
|
0.1 |
|
|
|
|
100.0 |
% |
Cohen & Steers Global Income Builder, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1. Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange are valued, except as indicated below, at the last sale price reflected at the close of the New York Stock Exchange 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 asked prices on such day or, if no asked 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. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter options quotations are provided by the respective counterparty when such prices are believed by Cohen & Steers Capital Management, Inc. (the investment manager), pursuant to delegation by the Board of Directors, to reflect the fair market value.
Securities not listed on the New York Stock Exchange but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price as 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 foreign securities may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by the investment manager to be over-the-counter, are valued at the last sale price as reported by sources deemed appropriate by the Board of Directors to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day or, if no asked price is available, at the bid price. However, certain fixed-income securities may be valued on the basis of prices provided by a pricing service when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value.
Under procedures approved by the Fund’s Board of Directors, the investment manager has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures which are approved annually by the Fund’s 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 asked 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
Cohen & Steers Global Income Builder, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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.
The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
· Level 1 — quoted prices in active markets for identical investments
· Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)
· Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfer at the beginning of the period in which the underlying event causing the movement occurred. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. There were no transfers between Level 1 and Level 2 securities during the period ended March 31, 2012.
The following is a summary of the inputs used as of March 31, 2012 in valuing the Fund’s investments carried at value:
|
|
|
Total |
|
Quoted Prices |
|
Other |
|
Significant |
| ||||
|
Common Stock |
|
$ |
302,765,144 |
|
$ |
302,765,144 |
|
$ |
— |
|
$ |
— |
|
|
Closed - End Funds |
|
16,710,588 |
|
16,710,588 |
|
— |
|
— |
| ||||
|
Preferred Securities - $25 Par Value |
|
5,890,290 |
|
5,890,290 |
|
— |
|
— |
| ||||
|
Preferred Securities - Capital Securities - Ireland - Insurance - Multi-Line |
|
740,075 |
|
— |
|
— |
|
740,075 |
(a) | ||||
|
Preferred Securities - Capital Securities — Other Countries |
|
7,441,836 |
|
— |
|
7,441,836 |
|
— |
| ||||
|
Corporate Bonds |
|
2,796,457 |
|
— |
|
2,796,457 |
|
— |
| ||||
|
Money Market Funds |
|
1,300,065 |
|
— |
|
1,300,065 |
|
— |
| ||||
|
Total Investments (b) |
|
$ |
337,644,455 |
|
$ |
325,366,022 |
|
$ |
11,538,358 |
|
$ |
740,075 |
|
|
Depreciation in Other Financial Instruments |
|
|
|
|
|
|
|
|
| ||||
|
Written call options |
|
(2,523,285 |
) |
(2,523,285 |
) |
— |
|
— |
| ||||
|
Total Depreciation in Other Financial Instruments (b) |
|
$ |
(2,523,285 |
) |
$ |
(2,523,285 |
) |
$ |
— |
|
$ |
— |
|
Cohen & Steers Global Income Builder, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(a) Valued utilizing an independent broker quote.
(b) Portfolio holdings are disclosed individually on the Schedule of Investments.
Investments classified as Level 3 infrequently trade and have significant unobservable inputs. Such items include investments for which the determination of fair value is based on prices from prior transactions, reputable dealers or third party pricing services without applying any adjustment.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
Investments |
| |
|
Balance as of December 31, 2011 |
|
$ |
— |
|
|
Amortization |
|
(253 |
) | |
|
Change in unrealized appreciation |
|
31,016 |
| |
|
Purchases |
|
709,312 |
| |
|
Balance as of March 31, 2012 |
|
$ |
740,075 |
|
The change in unrealized appreciation attributable to securities owned on March 31, 2012 which were valued using significant unobservable inputs (Level 3) amounted to $31,016.
Note 2. Derivative Instruments: The following is a summary of the Fund’s derivative instruments as of March 31, 2012:
|
Written call options |
|
$ |
(2,523,285 |
) |
Cohen & Steers Global Income Builder, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Options: The Fund writes call options on an index and may write put options on an index and put and covered call options on a security with the intention of earning option premiums. Option premiums may increase the Fund’s realized gains and therefore may help increase distributable income. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the call premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index or security. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
Transactions in options written during the three months ended March 31, 2012, were as follows:
|
|
|
Number |
|
Premium |
| |
|
Options outstanding at December 31, 2011 |
|
2,314 |
|
$ |
2,908,439 |
|
|
Options written |
|
6,388 |
|
7,955,511 |
| |
|
Options terminated in closing transactions |
|
(7,008 |
) |
(8,493,074 |
) | |
|
Options outstanding at March 31, 2012 |
|
1,694 |
|
$ |
2,370,876 |
|
Note 3. Income Tax Information
As of March 31, 2012, the federal tax cost and net unrealized appreciation on securities were as follows:
|
Cost for federal income tax purposes |
|
$ |
301,996,864 |
|
|
Gross unrealized appreciation |
|
$ |
47,212,697 |
|
|
Gross unrealized depreciation |
|
(11,565,106 |
) | |
|
Net unrealized appreciation |
|
$ |
35,647,591 |
|
Item 2. Controls and Procedures
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report.
(b) During the last fiscal quarter, there were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
COHEN & STEERS GLOBAL INCOME BUILDER, INC. |
|
| ||
|
|
|
| ||
|
|
|
| ||
|
By: |
/s/ Adam M. Derechin |
|
| |
|
|
Name: |
Adam M. Derechin |
|
|
|
|
Title: |
President |
|
|
|
|
|
|
| |
|
|
Date: May 25, 2012 |
|
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Adam M. Derechin |
|
By: |
/s/ James Giallanza | ||
|
|
Name: |
Adam M. Derechin |
|
|
Name: |
James Giallanza |
|
|
Title: |
President and Principal |
|
|
Title: |
Treasurer and Principal |
|
|
|
Executive Officer |
|
|
|
Financial Officer |
|
|
|
|
|
|
| |
|
|
Date: May 25, 2012 |
|
|
|
| |