Cohen & Steers Global Income Builder N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:    811-22057                                 

Cohen & Steers Global Income Builder, Inc.

(Exact name of registrant as specified in charter)

280 Park Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Dana A. DeVivo

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, New York 10017

(Name and address of agent for service)

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

Date of fiscal year end:    December 31                                

Date of reporting period:    June 30, 2019                                

Item 1. Reports to Stockholders.

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

To Our Shareholders:

We would like to share with you our report for the six months ended June 30, 2019. The total returns for Cohen & Steers Global Income Builder, Inc. (the Fund) and its comparative benchmarks were:

	Six Months Ended June 30, 2019
Cohen & Steers Global Income Builder at Net Asset Valuea		16.43	%
Cohen & Steers Global Income Builder at Market Valuea		25.22	%
MSCI World Index—netb		16.98	%
Blended Benchmark—55% CBOE S&P 500 BuyWrite Index/15% S&P 500 Index/15% ICE BofAML Fixed Rate Preferred Securities Index/15% MSCI EAFE Indexb		12.42	%
S&P 500 Indexb		18.54	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

Managed Distribution Policy

The Fund, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (SEC) and with approval of its Board of Directors (the Board), adopted a managed distribution policy under which the Fund intends to include long-term capital gains, where applicable, as part of the regular monthly cash distributions to its shareholders (the Plan). The Plan

^a As aclosed-end investment company, the price of the Fund’s exchange-traded shares will be set by market forces and can deviate from the net asset value (NAV) per share of the Fund.

^b The MSCI World Index—net is a free-float-adjusted index that measures performance of large- andmid-capitalization companies representing developed market countries and is net of dividend withholding taxes. The CBOE S&P 500 BuyWrite Index tracks the performance of a hypotheticalbuy-write strategy on the S&P 500 Index. The ICE BofAML Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. The MSCI EAFE Index is an equity index which captures large- andmid-capitalization companies in developed market countries excluding the U.S. and Canada. The S&P 500 Index is an unmanaged index of 500 large-capitalization stocks that is frequently used as a general measure of U.S. stock market performance.

1

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

gives the Fund greater flexibility to realize long-term capital gains and to distribute those gains on a regular monthly basis. In accordance with the Plan, the Fund currently distributes $ 0.062 per share on a monthly basis.

The Fund may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Financial Highlights table.

The Plan provides that the Board of Directors may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.

The Fund’s assets are allocated among five proprietary strategies: globallarge-cap stocks, global real estate securities, global infrastructure stocks, global preferred securities andclosed-end funds. As of June 30, 2019, 68% of the Fund’s assets were invested in the globallarge-cap strategy.

Market Review

Financial markets had broad-based gains in the first half of 2019. Coming off a downturn in late 2018, positive first-quarter company earnings reports and mostly favorable economic data set equity markets up for early gains, and crude oil rallied on supply cuts from key producer Saudi Arabia. But risk assets abruptly reversed course in April and May as global trade and political tensions escalated and signs mounted of a synchronized global economic slowdown. These developments took many investors by surprise, and they responded by shedding stocks and commodities and buying U.S. government debt instead. Gold prices also moved higher, ending the period near asix-year high, as investors shifted funds into safe-haven assets to hedge against macroeconomic and geopolitical uncertainty.

By June, stocks and other cyclical assets were back in favor, aided by indications that the Federal Reserve would begin to reduce interest rates to support the slowing U.S. economy. This culminated in the best June performance for U.S. stocks since 1955 and marked the 10^th year of the equity bull market.

Fund Performance

The Fund had a positive total return in the period and outperformed its blended benchmark on both a NAV and market price basis. At 68% of the Fund’s assets, thelarge-cap value allocation was the main driver of relative performance. Within the strategy, stock selection in the information technology, consumer staples and financials sectors aided performance. Within information technology, the Fund’s overweights in Microsoft and VISA were leading contributors, as both stocks rose more than 30% in the

2

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

period. Stock selection in the industrials and communications sectors detracted from performance. Outside oflarge-cap value, the Fund’s overweight allocations to infrastructure and real estate stocks helped performance compared with the blended benchmark, as both asset classes outperformed.

Impact of Leverage on Fund Performance

The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), significantly contributed to the Fund’s performance for thesix-month period ended June 30, 2019.

Impact of Derivatives on Fund Performance

The Fund sold covered call options on an index with the intention of earning option premiums to generate income to pay dividends and to reduce the volatility of the Fund’s investments. In thesix-month period ended June 30, 2019, the use of these instruments significantly detracted from the Fund’s performance.

Sincerely,

YIGAL D. JHIRAD Portfolio Manager	WILLIAM F. SCAPELL Portfolio Manager
DOUGLAS R. BOND Portfolio Manager	BEN MORTON Portfolio Manager

3

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

JON CHEIGH Portfolio Manager	ELAINE ZAHARIS-NIKAS Portfolio Manager
JASON A. YABLON Portfolio Manager	CHRISTOPHER RHINE Portfolio Manager

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

Visit Cohen & Steers online at cohenandsteers.com

For more information about the Cohen & Steers family of mutual funds, visit cohenandsteers.com. Here you will find fund net asset values, fund fact sheets and portfolio highlights, as well as educational resources and timely market updates.

Our website also provides comprehensive information about Cohen & Steers, including our most recent press releases, profiles of our senior investment professionals and their investment approach to each asset class. The Cohen & Steers family of mutual funds specializes in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions.

4

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

Our Leverage Strategy

(Unaudited)

Our leverage strategy utilizes borrowings up to the maximum permitted by the Investment Company Act of 1940 to provide additional capital for the Fund, with an objective of increasing the net income available for shareholders. As of June 30, 2019, leverage represented 24% of the Fund’s managed assets.

Leverage Facts^a,b

Leverage (as a % of managed assets)	24%
Current Rate on Debt	3.2%

The Fund intends to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments at times of adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

^a Data as of June 30, 2019. Information is subject to change.

^b See Note 7 in Notes to Financial Statements.

5

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

June 30, 2019

Top Ten Holdings^a

(Unaudited)

Security	Value		% of Managed Assets
Microsoft Corp.	$	9,299,503		3.2
Visa, Inc. Class A		9,070,417		3.1
Anthem, Inc.		7,284,122		2.5
Amazon.com, Inc.		5,964,935		2.1
CVS Health Corp.		5,079,994		1.8
Unilever NV		4,662,923		1.6
Cisco Systems, Inc., Series A		4,265,711		1.5
Nestle SA		4,197,168		1.4
GlaxoSmithKline PLC		4,159,635		1.4
Alphabet, Inc. Class A		3,950,055		1.4

^a Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.

Country Breakdown

(Based on Managed Assets)

(Unaudited)

6

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS

June 30, 2019 (Unaudited)

		Shares		Value
COMMON STOCK	117.5%
AUSTRALIA	2.9%
AIRPORTS	0.2%
Sydney Airport			89,134	$	503,115
ELECTRIC—REGULATED ELECTRIC	0.2%
Spark Infrastructure Group			326,258		556,590
MATERIALS	1.7%
BHP Group PLC (GBP)			46,308		1,184,998
Newcrest Mining Ltd.			110,002		2,467,399
					3,652,397
PIPELINES—C-CORP	0.2%
APA Group			57,839		438,544
REAL ESTATE	0.6%
DIVERSIFIED	0.5%
Charter Hall Group			55,029		418,396
Mirvac Group			263,203		578,367
					996,763
INDUSTRIALS	0.1%
Goodman Group			29,934		315,858
TOTAL REAL ESTATE					1,312,621
TOTAL AUSTRALIA					6,463,267
AUSTRIA	0.1%
REAL ESTATE—DIVERSIFIED
CA Immobilien Anlagen AG			4,145		152,239
BELGIUM	0.3%
ELECTRIC—REGULATED ELECTRIC	0.2%
Elia System Operator SA/NV			6,876		506,652
REAL ESTATE—RESIDENTIAL	0.1%
Aedifica SA			1,864		177,830
TOTAL BELGIUM					684,482
BRAZIL	0.0%
ELECTRIC—REGULATED ELECTRIC
Neoenergia Sa			18,025		73,462

See accompanying notes to financial statements.

7

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
CANADA	4.2%
ELECTRIC—INTEGRATED ELECTRIC	0.1%
Emera, Inc.			6,698	$	273,689
ENERGY—OIL & GAS	0.9%
Suncor Energy, Inc.a			61,856		1,929,531
FINANCIAL—BANKS	0.9%
Bank of Nova Scotia/The			35,611		1,912,778
GAS DISTRIBUTION	0.1%
AltaGas Canada, Inc.			14,640		267,523
PIPELINES—C-CORP	1.8%
Enbridge, Inc.a			53,560		1,934,548
Keyera Corp.			14,007		360,457
TC Energy Corp.			33,527		1,662,077
					3,957,082
REAL ESTATE	0.4%
OFFICE	0.2%
Allied Properties REIT			14,183		513,038
RESIDENTIAL	0.2%
Boardwalk REIT			16,907		514,356
TOTAL REAL ESTATE					1,027,394
TOTAL CANADA					9,367,997
CHINA	1.6%
GAS DISTRIBUTION	0.5%
Enn Energy Holdings Ltd. (HKD)			65,721		639,400
Towngas China Co., Ltd. (HKD)			531,000		382,699
					1,022,099
INFORMATION TECHNOLOGY—INTERNET SOFTWARE & SERVICES	0.3%
Tencent Holdings Ltd. (HKD)			16,388		739,712
MARINE PORTS	0.2%
COSCO SHIPPING Ports Ltd. (HKD)			350,000		345,443
REAL ESTATE—DIVERSIFIED	0.1%
China Overseas Land & Investment Ltd. (HKD)			84,000		309,689
TELECOMMUNICATION SERVICES	0.4%
China Mobile Ltd. (HKD)			96,500		878,935

See accompanying notes to financial statements.

8

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
WATER	0.1%
Guangdong Investment Ltd. (HKD)			155,178	$	307,110
TOTAL CHINA					3,602,988
DENMARK	0.9%
MATERIALS—BIOTECHNOLOGY
Novozymes A/S, Class B			44,721		2,085,434
FRANCE	6.8%
AIRPORTS	0.2%
Aeroports de Paris			2,979		525,728
CONSUMER STAPLES	1.4%
Danone SAa			35,234		2,984,812
ENERGY—OIL & GAS	1.0%
Total SA			40,237		2,254,504
FINANCIAL	1.8%
BANKS	0.7%
BNP Paribas SAa			31,383		1,490,410
DIVERSIFIED FINANCIAL SERVICES	1.1%
Wendel SA			18,439		2,513,942
TOTAL FINANCIAL					4,004,352
INDUSTRIALS—AEROSPACE & DEFENSE	0.9%
Thales SAa			16,763		2,071,000
RAILWAYS	0.3%
Getlink SE			38,234		612,575
REAL ESTATE	0.3%
DIVERSIFIED	0.1%
Covivio			2,426		253,929
RETAIL	0.2%
Klepierre SA			11,776		394,752
TOTAL REAL ESTATE					648,681
TOLL ROADS	0.9%
Vinci SA			18,154		1,859,101
TOTAL FRANCE					14,960,753

See accompanying notes to financial statements.

9

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
GERMANY	3.2%
FINANCIAL—INSURANCE	1.0%
Allianz SE			9,178	$	2,212,497
HEALTH CARE—HEALTH CARE EQUIPMENT & SUPPLIES	1.6%
Siemens Healthineers AG, 144Ab			87,062		3,673,824
REAL ESTATE	0.6%
OFFICE	0.1%
Alstria Office REIT AG			10,591		171,492
RESIDENTIAL	0.5%
ADO Properties SA, 144Ab			1,954		80,833
Deutsche Wohnen SE			9,774		358,649
Instone Real Estate Group AG, 144Ab,c			5,711		128,321
LEG Immobilien AG			3,566		402,246
Vonovia SE			2,742		130,953
					1,101,002
TOTAL REAL ESTATE					1,272,494
TOTAL GERMANY					7,158,815
HONG KONG	1.4%
REAL ESTATE
DIVERSIFIED	0.9%
New World Development Co., Ltd.			377,017		589,775
Sun Hung Kai Properties Ltd.			55,000		932,896
Swire Properties Ltd.			98,200		396,611
					1,919,282
RESIDENTIAL	0.1%
Wharf Real Estate Investment Co., Ltd.			45,918		323,590
RETAIL	0.4%
Link REIT			63,297		777,873
TOTAL HONG KONG					3,020,745
ITALY	0.3%
COMMUNICATIONS—TOWERS
Infrastrutture Wireless Italiane S.p.A., 144Ab			61,664		605,120

See accompanying notes to financial statements.

10

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
JAPAN	8.6%
CONSUMER DISCRETIONARY—MEDIA	0.3%
CyberAgent, Inc.			19,600	$	709,901
FINANCIAL	2.3%
DIVERSIFIED FINANCIAL SERVICES	1.1%
ORIX Corp.a			160,500		2,393,767
INSURANCE	1.2%
Sompo Holdings, Inc.a			67,150		2,591,580
TOTAL FINANCIAL					4,985,347
GAS DISTRIBUTION	0.2%
Tokyo Gas Co., Ltd.			22,000		517,785
INDUSTRIALS	1.3%
COMMERCIAL SERVICES & SUPPLIES	0.6%
Secom Co., Ltd.			15,500		1,333,275
ELECTRICAL EQUIPMENT	0.7%
Fanuc Corp.a			8,400		1,552,771
TOTAL INDUSTRIALS					2,886,046
RAILWAYS	0.4%
Central Japan Railway Co.			1,800		360,284
West Japan Railway Co.			7,000		565,895
					926,179
REAL ESTATE	1.6%
DIVERSIFIED	1.2%
Activia Properties, Inc.			63		274,053
Invincible Investment Corp.			634		328,129
Mitsubishi Estate Co., Ltd.			28,099		522,548
NIPPON REIT Investment Corp.			39		151,565
Nomura Real Estate Master Fund, Inc.			159		244,366
Orix JREIT, Inc.			196		357,405
Sumitomo Realty & Development Co., Ltd.			10,400		371,184
Tokyo Tatemono Co., Ltd.			15,625		173,474
Tokyu Fudosan Holdings Corp.			40,640		224,280
					2,647,004

See accompanying notes to financial statements.

11

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
INDUSTRIALS	0.1%
Nippon Prologis REIT, Inc.			91	$	210,081
OFFICE	0.2%
Daiwa Office Investment Corp.			21		150,563
Nippon Building Fund, Inc.			44		301,183
					451,746
RESIDENTIAL	0.1%
Daiwa House REIT Investment Corp.			63		151,985
TOTAL REAL ESTATE					3,460,816
TECHNOLOGY—ELECTRONIC EQUIPMENT & INSTRUMENTS	1.6%
Kyocera Corp.a			39,200		2,557,826
Sony Corp.			21,000		1,100,107
					3,657,933
TELECOMMUNICATION SERVICES	0.9%
KDDI Corp.a			75,100		1,911,022
TOTAL JAPAN					19,055,029
LUXEMBOURG	0.1%
COMMUNICATIONS—SATELLITES
SES SA			11,983		187,356
MEXICO	0.3%
AIRPORTS	0.2%
Grupo Aeroportuario del Pacifico SAB de CV, Class B			35,451		369,180
ELECTRIC—REGULATED ELECTRIC	0.1%
Infraestructura Energetica Nova SAB de CV			65,995		259,699
TOTAL MEXICO					628,879
NETHERLANDS	0.9%
FINANCIAL—BANKS	0.7%
ABN AMRO Group NV, 144Ab			76,044		1,626,926
REAL ESTATE—DATA CENTERS	0.2%
InterXion Holding NV (USD)c,d			4,062		309,078
TOTAL NETHERLANDS					1,936,004

See accompanying notes to financial statements.

12

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
NORWAY	0.1%
REAL ESTATE—OFFICE
Entra ASA, 144Ab			19,527	$	299,871
SINGAPORE	0.3%
REAL ESTATE
DIVERSIFIED	0.2%
Capitaland Ltd.			62,500		163,064
City Developments Ltd.			32,100		224,676
					387,740
HEALTH CARE	0.1%
Parkway Life Real Estate Investment Trust			82,700		185,204
TOTAL SINGAPORE					572,944
SPAIN	0.5%
ELECTRIC—INTEGRATED ELECTRIC	0.3%
Iberdrola SA			73,536		732,994
REAL ESTATE	0.2%
DIVERSIFIED	0.1%
Merlin Properties Socimi SA			11,108		154,097
OFFICE	0.1%
Inmobiliaria Colonial Socimi SA			21,859		243,463
TOTAL REAL ESTATE					397,560
TOTAL SPAIN					1,130,554
SWEDEN	2.1%
COMMUNICATIONS—TELECOMMUNICATIONS	0.4%
Telia Co. AB			179,800		798,496
INDUSTRIALS—AEROSPACE & DEFENSE	1.5%
Saab AB, Class Ba			99,496		3,237,907
REAL ESTATE	0.2%
DIVERSIFIED	0.1%
Castellum AB			10,277		196,495
Fastighets AB Balder, Class Bc			3,521		117,921
					314,416

See accompanying notes to financial statements.

13

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
RETAIL	0.1%
Catena AB			6,545	$	205,805
TOTAL REAL ESTATE					520,221
TOTAL SWEDEN					4,556,624
SWITZERLAND	3.7%
CONSUMER—NON-CYCLICAL—FOOD	1.9%
Nestle SAa			40,543		4,197,168
HEALTH CARE—PHARMACEUTICALS	1.8%
Roche Holding AGa			13,690		3,851,627
TOTAL SWITZERLAND					8,048,795
UNITED KINGDOM	10.4%
CONSUMER STAPLES	3.7%
BEVERAGE	1.6%
Diageo PLCa			80,372		3,453,993
PERSONAL PRODUCTS	2.1%
Unilever NV (EUR)			76,563		4,662,923
TOTAL CONSUMER STAPLES					8,116,916
CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE	1.3%
Compass Group PLCa			118,720		2,844,999
ELECTRIC—REGULATED ELECTRIC	0.2%
National Grid PLC			49,999		530,701
FINANCIAL	2.0%
DIVERSIFIED FINANCIAL SERVICES	1.1%
London Stock Exchange Group PLC			36,249		2,525,447
INSURANCE	0.9%
Beazley PLCa			276,507		1,936,591
TOTAL FINANCIAL					4,462,038
HEALTH CARE—PHARMACEUTICALS	1.9%
GlaxoSmithKline PLC			207,753		4,159,635
MATERIALS—CONTAINERS & PACKAGING	0.4%
DS Smith PLCa			212,675		979,064

See accompanying notes to financial statements.

14

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
REAL ESTATE	0.6%
DIVERSIFIED	0.1%
British Land Co., PLC			29,260	$	200,062
LondonMetric Property PLC			52,313		140,178
					340,240
HEALTH CARE	0.1%
Assura PLC			235,968		191,188
INDUSTRIALS	0.2%
Segro PLC			37,270		345,611
RESIDENTIAL	0.1%
UNITE Group PLC			11,917		147,481
SELF STORAGE	0.1%
Big Yellow Group PLC			10,808		135,815
Safestore Holdings PLC			19,563		152,418
					288,233
TOTAL REAL ESTATE					1,312,753
WATER	0.3%
United Utilities Group PLC			62,927		625,568
TOTAL UNITED KINGDOM					23,031,674
UNITED STATES	68.8%
COMMUNICATIONS	3.9%
TELECOMMUNICATION	1.3%
Motorola Solutions, Inc.a,d			17,177		2,863,921
TOWERS	2.6%
American Tower Corp.d			13,721		2,805,258
Crown Castle International Corp.d			11,303		1,473,346
SBA Communications Corp.c,d			6,077		1,366,353
					5,644,957
TOTAL COMMUNICATIONS					8,508,878
CONSUMER DISCRETIONARY—INTERNET & CATALOG RETAIL	2.7%
Amazon.com, Inc.a,c			3,150		5,964,935

See accompanying notes to financial statements.

15

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
CONSUMER—CYCLICAL	1.7%
HOTELS, RESTAURANTS & LEISURE	0.1%
Boyd Gaming Corp.d			8,097	$	218,133
SPECIALTY RETAIL	1.6%
Dollar Tree, Inc.a,c			33,305		3,576,624
TOTAL CONSUMER—CYCLICAL					3,794,757
CONSUMER—NON-CYCLICAL	5.4%
AGRICULTURE	1.8%
Philip Morris International, Inc.a,d			49,559		3,891,868
FOOD PRODUCTS	1.3%
Tyson Foods, Inc., Class Ad			35,652		2,878,543
RETAIL	2.3%
CVS Health Corp.a,d			93,228		5,079,994
TOTAL CONSUMER—NON-CYCLICAL					11,850,405
ELECTRIC	1.7%
INTEGRATED ELECTRIC	0.6%
Evergy, Inc.a			8,495		510,974
FirstEnergy Corp.a,d			13,383		572,926
NextEra Energy, Inc.d			1,196		245,013
					1,328,913
REGULATED ELECTRIC	1.1%
Alliant Energy Corp.a			10,300		505,524
CenterPoint Energy, Inc.d			30,442		871,555
Edison Internationald			9,981		672,819
WEC Energy Group, Inc.a,d			2,656		221,431
Xcel Energy, Inc.d			4,329		257,532
					2,528,861
TOTAL ELECTRIC					3,857,774
ENERGY—OIL & GAS	2.2%
Diamondback Energy, Inc.a,d			14,254		1,553,259
EOG Resources, Inc.d			10,946		1,019,729
Marathon Petroleum Corp.a			39,641		2,215,139
					4,788,127

See accompanying notes to financial statements.

16

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

			Shares		Value
FINANCIAL	7.2%
BANKS	1.9%
Bank of America Corp.a		��		75,975	$	2,203,275
Comerica, Inc.a				13,739		998,001
Fifth Third Bancorp.a				36,221		1,010,566
						4,211,842
CREDIT CARD	0.9%
American Express Co.a				16,757		2,068,484
DIVERSIFIED FINANCIAL SERVICES	1.9%
JPMorgan Chase & Co.a				18,891		2,112,014
Morgan Stanleya				44,657		1,956,423
						4,068,437
INSURANCE	2.5%
Chubb Ltd.a,d				21,130		3,112,237
Willis Towers Watson PLCa,d				12,283		2,352,686
						5,464,923
TOTAL FINANCIAL						15,813,686
GAS DISTRIBUTION	0.2%
Atmos Energy Corp.d				5,206		549,545
HEALTH CARE	9.9%
HEALTH CARE EQUIPMENT & SUPPLIES	1.6%
Abbott Laboratoriesa				19,889		1,672,665
DexCom, Inc.c,d				6,104		914,623
Teleflex, Inc.d				2,910		963,647
						3,550,935
HEALTH CARE PRODUCTS	3.3%
Danaher Corp.a				12,489		1,784,928
Johnson & Johnsona,d				22,407		3,120,847
Thermo Fisher Scientific, Inc.d				8,124		2,385,856
						7,291,631
HEALTH CARE PROVIDERS & SERVICES	5.0%
Anthem, Inc.a,d				25,811		7,284,122

See accompanying notes to financial statements.

17

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
Laboratory Corp. of America Holdingsa,c,d			21,740	$	3,758,846
					11,042,968
TOTAL HEALTH CARE					21,885,534
INDUSTRIALS	3.1%
AEROSPACE & DEFENSE	1.4%
Northrop Grumman Corp.a,d			9,229		2,981,982
					2,981,982
AIR FREIGHT & COURIERS	1.7%
United Parcel Service, Inc. Class Ba			36,771		3,797,341
TOTAL INDUSTRIALS					6,779,323
INFORMATION TECHNOLOGY	1.9%
INTERNET SOFTWARE & SERVICES	0.6%
Palo Alto Networks, Inc.a,c			6,275		1,278,594
IT CONSULTING & SERVICES	1.3%
Accenture PLC, Class Aa			11,774		2,175,482
MongoDB, Inc.c,d			5,455		829,651
					3,005,133
TOTAL INFORMATION TECHNOLOGY					4,283,727
MATERIALS—CHEMICALS	0.5%
Celanese Corp., Series Aa			10,004		1,078,431
PIPELINES	2.7%
PIPELINES—C-CORP	2.2%
Antero Midstream Corp.			14,992		171,808
Cheniere Energy, Inc.a,c,d			20,580		1,408,701
Kinder Morgan, Inc.a			35,451		740,217
Plains GP Holdings LP, Class Aa,d			35,322		881,990
Targa Resources Corp.a,d			15,100		592,826
Williams Cos., Inc.a,d			34,801		975,820
					4,771,362
PIPELINES—MLP	0.5%
Energy Transfer LPd			31,834		448,223
Enterprise Products Partners LPd			24,100		695,767
					1,143,990
TOTAL PIPELINES					5,915,352

See accompanying notes to financial statements.

18

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
REAL ESTATE	6.9%
DATA CENTERS	0.4%
CyrusOne, Inc.d			6,637	$	383,088
Equinix, Inc.d			874		440,749
					823,837
HEALTH CARE	0.8%
Sabra Health Care REIT, Inc.d			15,709		309,310
Welltower, Inc.d			17,933		1,462,078
					1,771,388
HOTEL	0.3%
Park Hotels & Resorts, Inc.d			16,915		466,178
Pebblebrook Hotel Trustd			10,851		305,781
					771,959
INDUSTRIALS	0.8%
Americold Realty Trustd			14,125		457,933
Prologis, Inc.d			15,304		1,225,850
					1,683,783
NET LEASE	0.6%
Agree Realty Corp.d			4,235		271,252
VEREIT, Inc.d			84,799		764,039
VICI Properties, Inc.d			15,758		347,306
					1,382,597
OFFICE	0.5%
Columbia Property Trust, Inc.			10,675		221,399
Empire State Realty Trust, Inc., Class A			17,705		262,211
Kilroy Realty Corp.d			8,900		656,909
					1,140,519
RESIDENTIAL	1.9%
APARTMENT	1.1%
Essex Property Trust, Inc.d			2,845		830,541
UDR, Inc.d			35,744		1,604,548
					2,435,089

See accompanying notes to financial statements.

19

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
MANUFACTURED HOME	0.4%
Equity LifeStyle Properties, Inc.d			3,263	$	395,933
Sun Communities, Inc.d			4,975		637,745
					1,033,678
SINGLE FAMILY	0.4%
Invitation Homes, Inc.d			30,832		824,139
TOTAL RESIDENTIAL					4,292,906
SELF STORAGE	0.9%
Extra Space Storage, Inc.d			8,396		890,816
Public Storaged			4,690		1,117,017
					2,007,833
SHOPPING CENTERS	0.7%
COMMUNITY CENTER	0.2%
Regency Centers Corp.d			5,308		354,256
SITE Centers Corp.d			10,100		133,724
					487,980
FREE STANDING	0.3%
Realty Income Corp.d			9,489		654,456
REGIONAL MALL	0.2%
Macerich Co. (The)			4,062		136,037
Taubman Centers, Inc.d			3,882		158,502
					294,539
TOTAL SHOPPING CENTERS					1,436,975
TOTAL REAL ESTATE					15,311,797
TECHNOLOGY	16.6%
COMPUTERS	1.7%
Apple, Inc.a			19,420		3,843,606
INTERNET SERVICE PROVIDER	1.8%
Alphabet, Inc. Class Aa,c			3,648		3,950,055
SEMICONDUCTORS	0.7%
Broadcom, Inc.d			5,314		1,529,688
SERVICES	4.1%
Visa, Inc. Class Aa,d			52,264		9,070,417

See accompanying notes to financial statements.

20

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
SOFTWARE	5.3%
Microsoft Corp.a,d			69,420	$	9,299,503
Zebra Technologies Corp., Class Ac,d			11,485		2,405,993
					11,705,496
TELECOMMUNICATION EQUIPMENT	3.0%
Cisco Systems, Inc., Series Aa,d			77,941		4,265,711
QUALCOMM, Inc.a,d			30,612		2,328,655
					6,594,366
TOTAL TECHNOLOGY					36,693,628
TELECOMMUNICATION—COMMUNICATIONS	1.7%
AT&T, Inc.a,d			112,149		3,758,113
WATER	0.5%
American Water Works Co., Inc.a,d			10,298		1,194,568
TOTAL UNITED STATES					152,028,580
TOTAL COMMON STOCK (Identified cost—$225,112,036)					259,651,612
CLOSED-END FUNDS	1.2%
UNITED KINGDOM	0.0%
EMERGING MARKETS EQUITY
Templeton Emerging Markets Investment Trust PLC			10,784		107,918
UNITED STATES	1.2%
COVERED CALL	0.0%
Columbia Seligman Premium Technology Growth Fund, Inc.d			2,848		58,299
EMERGING MARKETS EQUITY	0.0%
Templeton Emerging Markets Fundd			5,585		84,333
EQUITY TAX—ADVANTAGED	0.2%
Eaton VanceTax-Advantaged Dividend Income Funda,d			5,714		135,993
Eaton VanceTax-Advantaged Global Dividend Income Fund			3,600		57,780
Gabelli Dividend & Income Trustd			5,266		114,114
John HancockTax-Advantaged Dividend Income Fundd			5,275		133,985
					441,872
FINANCIAL	0.0%
John Hancock Financial Opportunities Fundd			2,025		65,205

See accompanying notes to financial statements.

21

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
MASTER LIMITED PARTNERSHIPS	0.2%
First Trust Energy Income and Growth Funda			8,038	$	179,408
First Trust New Opportunities MLP & Energy Fundd			8,143		76,951
Kayne Anderson MLP Investment Companya			6,305		96,530
Neuberger Berman MLP Income Fund, Inc.d			7,672		57,617
Tortoise MLP Fund, Inc.d			4,865		65,629
					476,135
MULTI-SECTOR	0.3%
PIMCO Dynamic Credit Income Fundd			7,271		173,704
PIMCO Dynamic Income Funda,d			4,676		150,333
PIMCO Income Opportunity Funda,d			4,714		127,797
PIMCO Income Strategy Fund IIa,d			11,405		120,551
					572,385
MUNICIPAL	0.1%
Nuveen Municipal Credit Income Fundd			6,819		107,399
Nuveen Municipal Value Fund, Inc.d			5,471		55,695
					163,094
PREFERRED	0.1%
Nuveen Preferred Income Opportunities Fundd			8,848		87,684
REAL ESTATE	0.1%
Neuberger Berman Real Estate Securities Income Fund, Inc.d			15,476		79,469
Nuveen Real Estate Income Fundd			7,300		76,650
					156,119
SENIOR LOAN	0.0%
Nuveen Credit Strategies Income Fundd			7,000		55,440
U.S. GENERAL EQUITY	0.1%
Gabelli Equity Trust, Inc.d			13,864		85,679
U.S. HYBRID (GROWTH & INCOME)	0.0%
Guggenheim Strategic Opportunities Fundd			3,975		81,408
UTILITY	0.1%
Reaves Utility Income Funda,d			6,400		229,120
TOTAL UNITED STATES					2,556,773
TOTAL CLOSED-END FUNDS (Identified cost—$2,603,269)					2,664,691

See accompanying notes to financial statements.

22

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
EXCHANGE-TRADED FUNDS—UNITED STATES	0.2%
CONSUMER DISCRETIONARY	0.0%
Consumer Discretionary Select Sector SPDR ETFd			761	$	90,711
FINANCIAL	0.1%
Financial Select Sector SPDR Fundd			4,262		117,632
U.S. EQUITY	0.1%
SPDR S&P 500 ETF Trustd			500		146,500
Vanguard S&P 500 ETF Trustd			400		107,660
					254,160
TOTAL EXCHANGE-TRADED FUNDS (Identified cost—$417,601)					462,503
PREFERRED SECURITIES—$25 PAR VALUE	4.0%
BERMUDA	0.1%
INSURANCE
PROPERTY CASUALTY	0.1%
Enstar Group Ltd., 7.00% to 9/1/28, Series D (USD)e,f			7,050		181,326
REINSURANCE	0.0%
RenaissanceRe Holdings Ltd., 5.750%, Series F (USD)f			7,000		181,160
TOTAL BERMUDA					362,486
CANADA	0.4%
PIPELINES	0.3%
Enbridge, Inc., 6.375% to 4/15/23, due 4/15/78, Series B (USD)e			20,000		522,000
UTILITIES	0.1%
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, Series19-A (USD)e			11,500		296,470
TOTAL CANADA					818,470
UNITED STATES	3.5%
BANKS	0.9%
Bank of America Corp., 5.375%, Series KKf			2,755		68,737
Citigroup, Inc., 6.875% to 11/15/23, Series Ke,f			30,000		822,300
JPMorgan Chase & Co., 5.75%, Series DDf			30,000		807,600
Regions Financial Corp., 5.70% to 5/15/29, Series Ce,f			11,400		294,690

See accompanying notes to financial statements.

23

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
Synovus Financial Corp., 5.875% to 7/1/24, Series Ee,f			2,000	$	51,800
					2,045,127
ELECTRIC	0.8%
INTEGRATED ELECTRIC	0.3%
Integrys Holding, Inc., 6.00% to 8/1/23, due 8/1/73a,e			25,750		682,375
REGULATED ELECTRIC	0.5%
CMS Energy Corp., 5.875%, due 3/1/79a			19,875		527,284
Duke Energy Corp., 5.75%, Series Af			19,625		518,492
					1,045,776
TOTAL ELECTRIC					1,728,151
FINANCIAL	0.5%
Apollo Global Management LLC, 6.375%, Series Af			11,454		293,337
Morgan Stanley, 6.875% to 1/15/24, Series Fa,e,f			17,882		490,682
Morgan Stanley, 5.85% to 4/15/27, Series Ka,e,f			11,000		289,520
					1,073,539
INSURANCE	0.8%
LIFE/HEALTH INSURANCE	0.5%
Athene Holding Ltd., 6.350% to 6/30/29, Series Ae,f			11,650		307,560
Unum Group, 6.25%, due 6/15/58			22,000		578,600
Voya Financial, Inc., 5.350% to 9/15/29, Series Be,f			9,200		232,576
					1,118,736
MULTI-LINE	0.2%
American International Group, Inc., 5.850%, Series Af			11,342		297,728
REINSURANCE	0.1%
Arch Capital Group Ltd., 5.25%, Series Ef			10,833		259,450
TOTAL INSURANCE					1,675,914
PIPELINES	0.3%
Energy Transfer Operating LP, 7.625% to 8/15/23, Series De,f			20,000		488,400
Energy Transfer Operating LP, 7.60% to 5/15/24, Series Ee,f			12,000		299,160
					787,560
UTILITIES	0.2%
NiSource, Inc., 6.50% to 3/15/24, Series Be,f			11,538		302,873

See accompanying notes to financial statements.

24

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Shares		Value
Spire, Inc., 5.900%, Series Af			2,500	$	65,550
TOTAL UTILITIES					368,423
TOTAL UNITED STATES					7,678,714
TOTAL PREFERRED SECURITIES—$25 PAR VALUE (Identified cost—$8,612,629)					8,859,670
		Principal Amount
PREFERRED SECURITIES—CAPITAL SECURITIES	7.6%
AUSTRALIA	0.6%
INSURANCE
QBE Insurance Group Ltd., 6.75% to 12/2/24, due 12/2/44 (USD)e,g		$	1,155,000		1,257,818
CANADA	0.2%
PIPELINES
Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series16-A (USD)e			200,000		201,304
Transcanada Trust, 5.625% to 5/20/25, due 5/20/75 (USD)e			221,000		219,007
TOTAL CANADA					420,311
FRANCE	1.1%
BANKS
BNP Paribas SA, 7.00% to 8/16/28, 144A (USD)b,e,f,h			200,000		213,680
BNP Paribas SA, 7.375% to 8/19/25, 144A (USD)b,e,f,h			600,000		667,263
Credit Agricole SA, 7.875% to 1/23/24, 144A (USD)b,e,f,h			400,000		441,468
Credit Agricole SA, 8.125% to 12/23/25, 144A (USD)b,e,f,h			600,000		695,695
Societe Generale SA, 8.00% to 9/29/25, 144A (USD)b,e,f,h			400,000		441,342
TOTAL FRANCE					2,459,448
JAPAN	0.1%
INSURANCE—PROPERTY CASUALTY
Mitsui Sumitomo Insurance Co., Ltd., 4.95% to 3/6/29, 144A (USD)b,e,f			200,000		215,430
SPAIN	0.1%
BANKS
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (USD)e,f,h			200,000		188,430

See accompanying notes to financial statements.

25

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Principal Amount		Value
SWEDEN	0.2%
BANKS
Svenska Handelsbanken AB, 6.25% to 3/1/24, Series EMTN (USD)e,f,g,h		$	400,000	$	424,110
SWITZERLAND	0.9%
BANKS
Credit Suisse Group AG, 7.50% to 12/11/23, 144A (USD)b,e,f,h			400,000		441,099
Credit Suisse Group AG, 7.50% to 7/17/23, 144A (USD)b,e,f,h			400,000		429,714
UBS Group Funding Switzerland AG, 6.875% to 8/7/25 (USD)e,f,g,h			600,000		643,200
UBS Group Funding Switzerland AG, 7.00% to 1/31/24, 144A (USD)b,e,f,h			400,000		424,786
TOTAL SWITZERLAND					1,938,799
UNITED KINGDOM	0.5%
BANKS	0.5%
Barclays PLC, 7.875% to 3/15/22 (USD)e,f,g,h			200,000		209,750
HSBC Holdings PLC, 6.50% to 3/23/28 (USD)e,f,h			400,000		419,672
Lloyds Banking Group PLC, 7.50% to 9/27/25 (USD)e,f,h			200,000		210,421
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25 (USD)e,f,h			200,000		216,750
					1,056,593
INTEGRATED TELECOMMUNICATIONS SERVICES	0.0%
Vodafone Group PLC, 7.00% to 4/4/29, due 4/4/79 (USD)e			100,000		108,010
					1,164,603
UNITED STATES	3.9%
BANKS	2.5%
Bank of America Corp., 5.875% to 3/15/28, Series FFe,f			677,000		707,262
Bank of America Corp., 6.25% to 9/5/24, Series Xe,f			700,000		763,129
Bank of America Corp., 6.50% to 10/23/24, Series Ze,f			637,000		706,487
Citigroup, Inc., 6.25% to 8/15/26, Series Te,f			1,200,000		1,318,974
Goldman Sachs Group, Inc./The, 5.50% to 8/10/24, Series Qe,f			50,000		51,250
JPMorgan Chase & Co., 6.10% to 10/1/24, Series Xe,f			500,000		539,018
SunTrust Banks, Inc., 5.125% to 12/15/27, Series He,f			500,000		491,100

See accompanying notes to financial statements.

26

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

		Principal Amount		Value
Wells Fargo & Co., 6.18% (3 Month US LIBOR + 3.77%), Series K (FRN)f,i		$	500,000	$	503,325
Wells Fargo & Co., 5.875% to 6/15/25, Series Ue,f			500,000		543,948
					5,624,493
ELECTRIC—REGULATED ELECTRIC	0.1%
CenterPoint Energy, Inc., 6.125% to 9/01/23, Series Ae,f			110,000		114,046
INSURANCE	1.3%
LIFE/HEALTH INSURANCE	0.8%
Prudential Financial, Inc., 5.625% to 6/15/23, due 6/15/43e			500,000		529,663
Voya Financial, Inc., 5.65% to 5/15/23, due 5/15/53e			500,000		519,240
Voya Financial, Inc., 6.125% to 9/15/23, Series Ae,f			560,000		591,200
					1,640,103
PROPERTY CASUALTY	0.5%
Assurant, Inc., 7.00% to 3/27/28, due 3/27/48e			1,100,000		1,174,547
TOTAL INSURANCE					2,814,650
UTILITIES—ELECTRIC UTILITIES	0.0%
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79e			80,000		82,528
TOTAL UNITED STATES					8,635,717
TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$15,961,702)					16,704,666
		Shares
SHORT-TERM INVESTMENTS	0.7%
MONEY MARKET FUNDS
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17%j			1,480,604		1,480,604
TOTAL SHORT-TERM INVESTMENTS (Identified cost—$1,480,604)					1,480,604
TOTAL INVESTMENTSIN SECURITIES (Identified cost—$254,187,841)	131.2%				289,823,746
WRITTEN OPTION CONTRACTS	(0.7)				(1,552,280	)
LIABILITIESIN EXCESSOF OTHER ASSETS	(30.5)				(67,407,353	)
NET ASSETS (Equivalent to $9.54 per share based on 23,142,068 shares of common stock outstanding)	100.0%			$	220,864,113

See accompanying notes to financial statements.

27

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

Exchange-Traded Option Contracts

Written Options

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amountk			Premiums Received			Value
Call—S&P 500 Index	$	2,955.00		7/19/2019		(443	)	$	(130,319,968	)	$	(1,796,911	)	$	(1,311,280	)
Call—S&P 500 Index		2,965.00		7/19/2019		(100	)		(29,417,600	)		(345,446	)		(241,000	)
						(543	)	$	(159,737,568	)	$	(2,142,357	)	$	(1,552,280	)

Glossary of Portfolio Abbreviations

EMTN	Euro Medium Term Note
ETF	Exchange-Traded Fund
EUR	Euro Currency
FRN	Floating Rate Note
GBP	Great British Pound
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

See accompanying notes to financial statements.

28

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

Note: Percentages indicated are based on the net assets of the Fund.

^a  All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $137,348,927 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 $10,385,372 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. $31,554,920 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 $2,534,878 which represents 1.1% 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 $6,067,380 which represents 2.7% of the net assets of the Fund (2.1% of the managed assets of the Fund).

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

^j  Rate quoted represents the annualizedseven-day yield.

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

See accompanying notes to financial statements.

29

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2019 (Unaudited)

Sector Summary	% of Managed Assets
Technology		14.0
Financial		11.6
Health Care		11.6
Real Estate		10.4
Consumer—Non-Cyclical		5.6
Industrials		5.2
Banks		4.8
Pipelines		4.2
Consumer Staples		3.8
Communications		3.5
Energy		3.1
Electric		3.0
Materials		2.7
Consumer Discretionary		2.3
Consumer—Cyclical		2.3
Telecommunication		2.3
Insurance		2.2
Information Technology		1.7
Closed-End Funds		0.9
Finance		0.9
Gas Distribution		0.8
Other		0.8
Water		0.7
Toll Roads		0.6
Railways		0.5
Airports		0.5
		100.0

See accompanying notes to financial statements.

30

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2019 (Unaudited)

ASSETS:
Investments in securities, at value (Identified cost—$254,187,841)	$	289,823,746
Foreign currency, at value (Identified cost—$490,750)		493,305
Receivable for:
Investment securities sold		1,014,133
Dividends and interest		989,280
Other assets		16,206
Total Assets		292,336,670
LIABILITIES:
Written option contracts, at value (Premiums received—$2,142,357)		1,552,280
Payable for:
Revolving credit agreement		68,300,000
Investment securities purchased		1,037,047
Investment management fees		235,788
Interest expense		181,830
Dividends and distributions declared		68,499
Administration fees		18,863
Other liabilities		78,250
Total Liabilities		71,472,557
NET ASSETS	$	220,864,113
NET ASSETS consist of:
Paid-in capital	$	205,812,182
Total distributable earnings/(accumulated loss)		15,051,931
	$	220,864,113
NET ASSET VALUE PER SHARE:
($220,864,113 ÷ 23,142,068 shares outstanding)	$	9.54
MARKET PRICE PER SHARE	$	8.93
MARKET PRICE PREMIUM (DISCOUNT) TO NET ASSET VALUE PER SHARE		(6.39	)%

See accompanying notes to financial statements.

31

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2019 (Unaudited)

Investment Income:
Dividend income (net of $229,362 of foreign withholding tax)	$	3,708,801
Interest income		436,551
Total Investment Income		4,145,352
Expenses:
Investment management fees		1,402,767
Interest expense		1,106,213
Administration fees		140,669
Professional fees		51,150
Custodian fees and expenses		35,506
Shareholder reporting expenses		30,793
Transfer agent fees and expenses		10,493
Directors’ fees and expenses		6,160
Line of credit fees		1,281
Miscellaneous		29,291
Total Expenses		2,814,323
Net Investment Income (Loss)		1,331,029
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		3,572,051
Written option contracts		(12,806,688	)
Foreign currency transactions		3,264
Net realized gain (loss)		(9,231,373	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities		37,636,066
Written option contracts		1,551,688
Foreign currency translations		3,539
Net change in unrealized appreciation (depreciation)		39,191,293
Net Realized and Unrealized Gain (Loss)		29,959,920
Net Increase (Decrease) in Net Assets Resulting from Operations	$	31,290,949

See accompanying notes to financial statements.

32

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	For the Six Months Ended June 30, 2019			For the Year Ended December 31, 2018
Change in Net Assets:
From Operations:
Net investment income (loss)	$	1,331,029		$	1,766,225
Net realized gain (loss)		(9,231,373	)		18,305,851
Net change in unrealized appreciation (depreciation)		39,191,293			(51,510,669	)
Net increase (decrease) in net assets resulting from operations		31,290,949			(31,438,593	)
Distributions to Shareholders		(8,608,849	)		(19,161,632	)
Total increase (decrease) in net assets		22,682,100			(50,600,225	)
Net Assets:
Beginning of period		198,182,013			248,782,238
End of period	$	220,864,113		$	198,182,013

See accompanying notes to financial statements.

33

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2019 (Unaudited)

Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	31,290,949
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(145,592,066	)
Proceeds from sales and maturities of long-term investments		159,468,358
Net purchases, sales and maturities of short-term investments		7,653,047
Net amortization of premium on investments in securities		41,681
Net increase in dividends and interest receivable and other assets		(227,484	)
Net decrease in interest expense payable, accrued expenses and other liabilities		(51,122	)
Decrease in premiums received from written option contracts		(750,532	)
Net change in unrealized appreciation on written option contracts		(1,551,688	)
Net change in unrealized appreciation on investments in securities		(37,636,066	)
Net realized gain on investments in securities		(3,572,051	)
Cash provided by operating activities		9,073,026
Cash Flows from Financing Activities:
Dividends and distributions paid		(8,619,530	)
Increase (decrease) in cash		453,496
Cash at beginning of period (including foreign currency)		39,809
Cash at end of period (including foreign currency)	$	493,305

Supplemental Disclosure of Cash Flow Information:

During the six months ended June 30, 2019, interest paid was $1,106,630.

See accompanying notes to financial statements.

34

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

FINANCIAL HIGHLIGHTS (Unaudited)

The following table includes selected data for a share outstanding throughout each period and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.

	For the Six Months Ended June 30, 2019			For the Year Ended December 31,
Per Share Operating Performance:				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.56			$10.75			$9.79			$10.32			$11.67			$12.31
Income (loss) from investment operations:
Net investment income (loss)a		0.06			0.08			0.12			0.18			0.17			0.22
Net realized and unrealized gain (loss)		1.29			(1.44	)		1.67			0.21			(0.40	)		0.26
Total from investment operations		1.35			(1.36	)		1.79			0.39			(0.23	)		0.48
Less dividends and distributions to shareholders from:
Net investment income		(0.37	)		(0.20	)		(0.83	)		(0.21	)		(0.97	)		(0.94	)
Net realized gain		—			(0.63	)		—			—			—			—
Tax return of capital		—			—			—			(0.71	)		(0.15	)		(0.18	)
Total dividends and distributions to shareholders		(0.37	)		(0.83	)		(0.83	)		(0.92	)		(1.12	)		(1.12	)
Anti-dilutive effect from the issuance of reinvested shares		—			—			—			—			0.00	b		0.00	b
Net increase (decrease) in net asset value		0.98			(2.19	)		0.96			(0.53	)		(1.35	)		(0.64	)
Net asset value, end of period		$9.54			$8.56			$10.75			$9.79			$10.32			$11.67
Market value, end of period		$8.93			$7.45			$9.88			$8.53			$9.46			$11.74
Total net asset value returnc		16.43	%d		–12.82	%		19.70	%		5.26	%		–1.70	%		3.81	%
Total market value returnc		25.22	%d		–17.44	%		26.26	%		0.05	%		–10.43	%		13.36	%

See accompanying notes to financial statements.

35

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

FINANCIAL HIGHLIGHTS (Unaudited)—(Continued)

	For the Six Months Ended June 30, 2019			For the Year Ended December 31,
Ratios/Supplemental Data:				2018			2017			2016			2015			2014
Net assets, end of period (in millions)		$220.9			$198.2			$248.8			$226.6			$238.8			$269.6
Ratios to average daily net assets:
Expensese		2.64	%f		2.37	%		2.09	%		1.98	%		1.79	%		1.72	%
Expenses (excluding interest expense)e		1.61	%f		1.58	%		1.56	%		1.60	%		1.54	%		1.50	%
Net investment income (loss)e		1.25	%f		0.76	%		1.19	%		1.82	%		1.48	%		1.75	%
Ratio of expenses to average daily managed assetse,g		2.01	%f		1.83	%		1.62	%		1.51	%		1.42	%		1.38	%
Portfolio turnover rate		52	%d		102	%		69	%		78	%		77	%		77	%
Revolving Credit Agreement
Asset coverage ratio for revolving credit agreement		423	%		390	%		464	%		432	%		442	%		486	%
Asset coverage per $1,000 for revolving credit agreement		$4,234			$3,902			$4,642			$4,318			$4,421			$4,862

^a  Calculation based on average shares outstanding.

^b  Amount is less than $0.005.

^c  Total net asset value return measures the change in net asset value per share over the period indicated. Total market value return is computed based upon the Fund’s market price per share and excludes the effects of brokerage commissions. Dividends and distributions are assumed, for purposes of these calculations, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

^d  Not annualized.

^e  Does not include expenses incurred by the underlying funds in which the Fund invests.

^f  Annualized.

^g  Average daily managed assets represent net assets plus the outstanding balance of the revolving credit agreement.

See accompanying notes to financial statements.

36

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Global Income Builder, Inc. (the Fund) was incorporated under the laws of the State of Maryland on April 10, 2007 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversifiedclosed-end management investment company. The Fund’s investment objective is total return with an emphasis on high current income.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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, certainnon-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

37

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments inopen-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 certainnon-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

38

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

• Level 1—quoted prices in active markets for identical investments

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

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

The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. 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 June 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:
Brazil	$	73,462		$	—		$	73,462	$	—
Other Countries		259,578,150			259,578,150			—		—
Closed End Funds		2,664,691			2,664,691			—		—
Exchange -Traded Funds		462,503			462,503			—		—
Preferred Securities— $25 Par Value:								—		—
United States		7,678,714			6,944,539			734,175		—
Other Countries		1,180,956			1,180,956			—		—
Preferred Securities— Capital Securities		16,704,666			—			16,704,666		—
Short-Term Investments		1,480,604			—			1,480,604		—
Total Investments in Securitiesa	$	289,823,746		$	270,830,839		$	18,992,907	$	—
Written Option Contracts	$	(1,552,280	)	$	(1,552,280	)	$	—	$	—
Total Derivative Liabilitiesa	$	(1,552,280	)	$	(1,552,280	)	$	—	$	—

^a  Portfolio holdings are disclosed individually on the Schedule of Investments.

39

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Security Transactions and Investment Income:Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income, which includes the amortization of premiums and accretion of discounts, is recorded on the accrual basis. Dividend income is recorded on theex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after theex-dividend date. Distributions from U.S. REITs, Exchange-Traded Funds (ETFs) andClosed-End Funds (CEFs) are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs, ETFs, CEFs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs, ETFs and CEFs and actual amounts may differ from the estimated amounts. Distributions from Master Limited Partnerships (MLPs) are recorded as income and return of capital based on information reported by the MLPs and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the MLPs and actual amounts may differ from the estimated amounts.

Foreign Currency Translation:The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign currency transaction gains or losses arise from sales of foreign currencies, (excluding gains and losses on forward foreign currency exchange contracts, which are presented separately, if any), currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gain/loss are included in or are a reduction of ordinary income for federal income tax purposes.

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 on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequentlymarked-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

40

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

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 investment. 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.

Dividends and Distributions to Shareholders:Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared quarterly and paid monthly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on theex-dividend date and are automatically reinvested in full and fractional shares of the Fund in accordance with the Fund’s Reinvestment Plan, unless the shareholder has elected to have them paid in cash.

The Fund has a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission (SEC). The plan gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a more regular basis to shareholders. Therefore, regular quarterly distributions throughout the year may include a portion of estimated realized long-term capital gains, along with net investment income, short-term capital gains and return of capital, which is not taxable. In accordance with the relief, the Fund is required to adhere to certain conditions in order to distribute long-term capital gains during the year.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the six months ended June 30, 2019, the investment manager considers it likely that a significant portion of the dividends will be reclassified to distributions from return of capital upon the final determination of the Fund’s taxable net income after December 31, 2019, the Fund’s fiscal year end.

Income Taxes:It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings innon-U.S. securities is recorded net ofnon-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions innon-U.S. jurisdictions in which it trades

41

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

for all open tax years and has concluded that as of June 30, 2019, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates

Investment Management Fees:Cohen & Steers Capital Management, Inc. serves as the Fund’s investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager provides the Fund withday-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the investment manager receives a fee, accrued daily and paid monthly, at the annual rate of 1.00% of the average daily managed assets of the Fund. Managed assets are equal to the net assets plus the amount of any borrowings, used for leverage, outstanding.

Under subadvisory agreements between the investment manager and each of Cohen & Steers Asia Limited and Cohen & Steers UK Limited (collectively, the subadvisors), affiliates of the investment manager, the subadvisors are responsible for managing the Fund’s investments in certainnon-U.S. real estate securities. For their services provided under the subadvisory agreements, the investment manager (not the Fund) pays the subadvisors. The investment manager allocates 50% of the investment management fee received from the Fund among itself and each subadvisor based on the portion of the Fund’s average daily managed assets managed by the investment manager and each subadvisor.

Administration Fees:The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.08% of the average daily managed assets of the Fund. For the six months ended June 30, 2019, the Fund incurred $112,221 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company asco-administrator under a fund accounting and administration agreement.

Directors’ and Officers’ Fees:Certain directors and officers of the Fund are also directors, officers and/or employees of the investment manager. The Fund does not pay compensation to directors and officers affiliated with the investment manager except for the Chief Compliance Officer, who received compensation from the investment manager, which was reimbursed by the Fund, in the amount of $1,422 for the six months ended June 30, 2019.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the six months ended June 30, 2019, totaled $146,555,802 and $160,125,900, respectively.

42

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 4. Derivative Investments

The following tables present the value of derivatives held at June 30, 2019 and the effect of derivatives held during the six months ended June 30, 2019, along with the respective location in the financial statements.

Statement of Assets and Liabilities

	Assets			Liabilities
Derivatives	Location	Fair Value		Location	Fair Value
Equity Risk:
Written OptionContracts—Exchange-Tradeda	—	$	—	Written option contracts	$	1,552,280

^a  Not subject to a master netting arrangement or another similar agreement.

Statement of Operations

Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Equity Risk:
Purchased Option Contractsa—Exchange-Traded	Net Realized and Unrealized Gain (Loss)	$	(20,052	)	$	—
Written Option Contracts—Exchange-Traded	Net Realized and Unrealized Gain (Loss)	$	(12,806,688	)	$	1,551,688

^a  Purchased options are included in net realized gain (loss) and change in unrealized appreciation (depreciation) on investments in securities.

The following summarizes the volume of the Fund’s option contracts activity for the six months ended June 30, 2019:

	Written Option Contracts
Average Notional Amounta	$	155,473,952

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

43

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 5. Income Tax Information

As of June 30, 2019, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:

Cost of investments in securities for federal income tax purposes	$	254,187,841
Gross unrealized appreciation on investments	$	41,078,510
Gross unrealized depreciation on investments		(4,852,528	)
Net unrealized appreciation (depreciation) on investments	$	36,225,982

The Fund incurred short-term capital losses of $2,589,209 and long-term capital losses of $1,804,027 that it has elected to defer until the following year.

Note 6. Capital Stock

The Fund is authorized to issue 250 million shares of common stock at a par value of $0.001 per share.

During the six months ended June 30, 2019 and the year ended December 31, 2018, the Fund did not issue shares of common stock for the reinvestment of dividends.

The Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management’s discretion and subject to market conditions and investment considerations, of up to 10% of the Fund’s common shares outstanding (Share Repurchase Program) as of January 1, 2019, through the fiscal year ended December 31, 2019.

During the six months ended June 30, 2019 and the year ended December 31, 2018, the Fund did not effect any repurchases.

Note 7. Borrowings

The Fund entered into a $70,000,000 secured, committed revolving credit agreement (credit agreement) with State Street Bank and Trust Company (State Street). The credit agreement has a 360 day rolling term that resets daily. The Fund pays a monthly financing charge which is calculated based on a LIBOR based or Federal Funds based rate. The Fund also pays a 0.15% per annum fee based on the unused portion of the credit agreement. The Fund is required to segregate portfolio securities as collateral in an amount up to two times the loan balance outstanding (or more depending on the terms of the credit agreement) and has granted a security interest in the securities segregated to, and in favor of, State Street as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, necessitating the sale of portfolio securities at potentially inopportune times.

44

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

As of June 30, 2019 the Fund had outstanding borrowings of $68,300,000 at a current rate of 3.2%. During the six months ended June 30, 2019, the Fund borrowed an average daily balance of $68,300,000 at a weighted average borrowing cost of 3.2%.

Note 8. Other Risks

Common Stock Risk:While common stocks have historically generated higher average returns than fixed-income securities over the long-term, common stocks have also experienced significantly more volatility in those returns, although under certain market conditions, fixed-income investments may have comparable or greater price volatility. The value of common stocks and other equity securities will fluctuate in response to developments concerning the company, political and regulatory circumstances, the stock market, and the economy. In the short term, stock prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, stocks of large companies can react differently than stocks of smaller companies, and value stocks (stocks of companies that are undervalued by various measures and have potential for long-term capital appreciation), can react differently from growth stocks (stocks of companies with attractive cash flow returns on invested capital and earnings that are expected to grow). These developments can affect a single company, all companies within the same industry, economic sector or geographic region, or the stock market as a whole.

Foreign(Non-U.S.) and Emerging Market Securities Risk:The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers. Investing in securities of companies in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of expropriation, nationalization, confiscation, trade sanctions or embargoes or the imposition of restrictions on foreign investment, the lack of hedging instruments, and repatriation of capital invested. The securities and real estate markets of some emerging market countries have in the past experienced substantial market disruptions and may do so in the future.

Foreign Currency and Currency Hedging Risk:Although the Fund will report its NAV and pay dividends in U.S. dollars, foreign securities often are purchased with and make any dividend and interest payments in foreign currencies. Therefore, the Fund’s investments in foreign securities will be subject to foreign currency risk, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal, dividends and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. The Fund may, but is not required to, engage in various instruments that are designed to hedge the Fund’s foreign currency risks.

45

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

If the Fund were to utilize derivatives for the purpose of hedging foreign currency risks, it would be subject to risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are counterparty risk, financial leverage risk, liquidity risk, OTC trading risk and tracking risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

Preferred Securities Risk:Preferred securities are subject to credit risk, which is the risk that a security will decline in price, or the issuer of the security will fail to make dividend, interest or principal payments when due, because the issuer experiences a decline in its financial status. Preferred securities are also subject to interest rate risk and may decline in value because of changes in market interest rates. The Fund may be subject to a greater risk of rising interest rates than would normally be the case in an environment of low interest rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In addition, an issuer may be permitted to defer or omit distributions. Preferred securities are also generally subordinated to bonds and other debt instruments in a company’s capital structure. During periods of declining interest rates, an issuer may be able to exercise an option to redeem (call) its issue at par earlier than scheduled, and the Fund may be forced to reinvest in lower yielding securities. Certain preferred securities may be substantially less liquid than many other securities, such as common stocks. Generally, preferred security holders have no voting rights with respect to the issuing company unless certain events occur. Certain preferred securities may give the issuers special redemption rights allowing the securities to be redeemed prior to a specified date if certain events occur, such as changes to tax or securities laws.

Real Estate Market Risk:The Fund may invest significantly in companies engaged in the real estate industry and may be susceptible to adverse economic or regulatory occurrences affecting that sector. Risks of investing in real estate securities include falling property values due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and market recessions. Real estate company prices also may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The risks of investing in REITs are similar to those associated with direct investments in real estate securities.

Infrastructure Companies Risk:Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and

46

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

potential losses resulting from a developing deregulatory environment; costs associated with compliance with and changes in environmental and other regulations; regulation by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure and utilities assets.

Options Risk:Gains on options transactions depend on the investment manager’s ability to predict correctly the direction of stock prices, indexes, interest rates, and other economic factors, and unanticipated changes may cause poorer overall performance for the Fund than if it had not engaged in such transactions. A rise in the value of the security or index underlying a call option written by the Fund exposes the Fund to possible loss or loss of opportunity to realize appreciation in the value of any portfolio securities underlying or otherwise related to the call option. By writing a put option, the Fund assumes the risk of a decline in the underlying security or index. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position, and for certain options not traded on an exchange no market usually exists. Trading could be interrupted, for example, because of supply and demand imbalances arising from a lack of either buyers or sellers, or an options exchange could suspend trading after the price has risen or fallen more than the maximum specified by the exchange.

Although the Fund may be able to offset to some extent any adverse effects of being unable to liquidate an option position, that Fund may experience losses in some cases as a result of such inability, may not be able to close its position and, in such an event would be unable to control its losses.

Leverage Risk:The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The net asset value of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for the shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. The use of leverage also results in the investment management fees payable to the investment manager being higher than if the Fund did not use leverage and can increase operating costs, which may reduce total return. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

Geopolitical Risk:Occurrence of global events similar to those in recent years, such as war, terrorist attacks, natural or environmental disasters, country instability, infectious disease epidemics,

47

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, may result in market volatility and may have long-lasting impacts on both the U.S. and global financial markets. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

On March 29, 2017, the United Kingdom (UK) formally notified the European Council of its intention to leave the EU and commenced the formal process of withdrawing from the EU (referred to as Brexit). Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences and precise timeframe for Brexit, how it will be conducted, how negotiations of trade agreements will proceed, and how the financial markets will react. As this process unfolds, markets may be further disrupted. Given the size and importance of the UK’s economy, uncertainty about its legal, political and economic relationship with the remaining member states of the EU may continue to be a source of instability.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Fund. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated innon-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

Regulatory Risk:The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the mutual fund industry in general. The SEC’s final rules and amendments that modernize reporting and disclosure, along with other potential upcoming regulations, could, among other things, restrict the Fund’s ability to engage in transactions, and/or increase overall expenses of the Fund. In addition, the SEC, Congress, various exchanges and regulatory and self-regulatory authorities, both domestic and foreign, have undertaken reviews of the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. While the full extent of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests as well as its ability to execute its investment strategy. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

LIBOR Risk:Many financial instruments may be tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms, hedging strategies, or investment value. LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or

48

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

Note 9. Other

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

Note 10. New Accounting Guidance

In August 2018, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU)No. 2018-13,“Fair Value Measurement (Topic 820), Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments to ASU2018-13 are intended to improve the effectiveness of disclosures in the notes to financial statements through modifications to disclosure requirements on fair value measurements. ASU2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Fund has adopted the amended disclosures permissible under the update. The adoption had no effect on the Fund’s net assets or results of operations.

Note 11. Proposed Reorganization

On June 11, 2019, the Board of Directors of the Fund and Cohen & Steers Infrastructure Fund, Inc. (UTF) approved the reorganization of the Fund with and into UTF, pursuant to which UTF would continue as the surviving fund (the Reorganization). The Fund’s shareholders will be asked to vote on the Reorganization at a special meeting expected to be held on November 15, 2019. The Reorganization, if approved, is expected to occur in the fourth quarter of 2019, subject to the required approval of shareholders of the Fund. More information will be contained in the proxy materials to be filed with the SEC and mailed to the Fund’s shareholders.

Note 12. Subsequent Events

Management has evaluated events and transactions occurring after June 30, 2019 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

49

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

PROXY RESULTS (Unaudited)

Cohen & Steers Global Income Builder, Inc. shareholders voted on the following proposals at the annual meeting held on April 25, 2019. The description of each proposal and number of shares voted are as follows:

Common Shares	Shares Voted For		Authority Withheld
To elect Directors:
Daphne L. Richards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..		20,445,852		1,020,628
Gerald J. Maginnis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..		20,191,586		1,274,894
Joseph M. Harvey. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..		20,472,831		993,649

50

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

AVERAGE ANNUAL TOTAL RETURNS

(Periods ended June 30, 2019) (Unaudited)

Based on Net Asset Value												Based on Market Value
One Year			Five Years			Ten Years			Since Inception (7/27/07)			One Year			Five Years			Ten Years			Since Inception (7/27/07)
	4.79	%		3.61	%		9.96	%		4.91	%		2.94	%		2.54	%		10.55	%		3.92	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement and/or from the issuance of preferred shares. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. The Fund’s returns assume the reinvestment of all dividends and distributions at prices obtained under the Fund’s dividend reinvestment plan.

REINVESTMENT PLAN

We urge shareholders who want to take advantage of this plan and whose shares are held in ‘Street Name’ to consult your broker as soon as possible to determine if you must change registration into your own name to participate.

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling800-330-7348, (ii) on our website at cohenandsteers.com or (iii) on the SEC’s website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

Disclosures of the Fund’s complete holdings are required to be made monthly on FormN-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. Previously, the Fund filed its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q, which has now been rescinded. Both the Fund’s FormN-Q and FormN-PORT are available (i) without charge, upon request, by calling800-330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. Distributions in excess of the Fund’s net investment company taxable income and realized gains are a return of capital distributed from the Fund’s assets. To the extent this occurs, the Fund’s shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. The final tax treatment of all distributions is reported to shareholders on their1099-DIV forms, which are mailed after the close of each calendar year. Distributions of capital decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

51

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

Notice is hereby given in accordance withRule 23c-1 under the 1940 Act that the Fund may purchase, from time to time, shares of its common stock in the open market.

APPROVAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS

The Board of Directors of the Fund, including a majority of the directors who are not parties to the Fund’s investment management and subadvisory agreements (the Management Agreements), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Management Agreements for their initial two year term and their continuation annually thereafter at a meeting of the Board of Directors called for the purpose of voting on the approval or continuation. The Management Agreements were discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 4, 2019 and at meetings of the full Board of Directors held in person on March 19, 2019 and June 11, 2019. At the meeting of the full Board of Directors on June 11, 2019, the Management Agreements were unanimously continued for a term ending June 30, 2020 by the Fund’s Board of Directors, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive sessions.

In considering whether to continue the Management Agreements, the Board of Directors reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment manager (the Investment Manager); and a memorandum from Fund counsel outlining the legal duties of the Board of Directors. The Board of Directors also spoke directly with representatives of the independent data provider and met with investment management personnel. In addition, the Board of Directors considered information provided from time to time by the Investment Manager throughout the year at meetings of the Board of Directors, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund’s objective. In particular, the Board of Directors considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Manager and the Subadvisors:The Board of Directors reviewed the services that the Investment Manager and thesub-investment advisors (the Subadvisors), provide to the Fund, including, but not limited to, making theday-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board of Directors of the Fund regarding the Fund’s portfolio, providing individuals to serve as Fund officers, and, for the Investment Manager, generally managing the Fund’s investments in accordance with the stated policies of the Fund. The Board of Directors also discussed with officers and portfolio managers of the Fund the types of transactions that were being done on behalf of the Fund. Additionally, the Board of Directors took into account the services provided by the Investment Manager and the Subadvisors to other funds and accounts, including those that have investment objectives and strategies similar to those of the Fund. The Board of Directors also considered the education, background and experience of the Investment Manager’s and Subadvisors’ personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board of Directors further noted the Investment Manager’s and Subadvisors’ ability to attract qualified and experienced personnel. The Board of Directors also considered the administrative services provided by the Investment Manager,

52

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

including compliance and accounting services. After consideration of the above factors, among others, the Board of Directors concluded that the nature, extent and quality of services provided by the Investment Manager and the Subadvisors are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Manager and Subadvisors:The Board of Directors considered the investment performance of the Fund compared to Peer Funds and compared to a relevant benchmark and a relevant blended benchmark. The Board of Directors considered that the Fund outperformed the Peer Funds’ medians for theone-, three-, five- andten-year periods ended March 31, 2019, ranking second out of four peers, second out of four peers, second out of four peers and first out of four peers, respectively. The Board of Directors also considered that the Fund underperformed its blended benchmark for theone-, three- and five-year periods ended March 31, 2019, and outperformed its blended benchmark for theten-year period ended March 31, 2019. The Board of Directors noted that the Fund underperformed the relevant benchmark for theone-, three-, five- andten-year periods ended March 31, 2019. The Board of Directors engaged in discussions with the Investment Manager regarding the contributors to and detractors from the Fund’s performance during the periods, as well as the impact of leverage on the Fund’s performance. The Board of Directors also considered supplemental information provided by the Investment Manager, including a narrative summary of various factors affecting performance and the Investment Manager’s and the Subadvisors’ performance in managing other global funds. The Board of Directors determined that the Fund’s performance, in light of all the considerations noted above, supported the continuation of the Management Agreements, but determined to continue to closely monitor the Fund’s performance and requested that the Investment Manager provide detailed quarterly updates for this purpose.

(iii) Cost of the services to be provided and profits to be realized by the Investment Manager from the relationship with the Fund:The Board of Directors considered the contractual and actual management fees paid by the Fund, as well as the Fund’s total expense ratios. As part of its analysis, the Board of Directors gave consideration to the fee and expense analyses provided by the independent data provider. The Board of Directors also considered the Fund’s actual management fee and total expense ratios including and excluding investment-related expenses at common asset levels compared to the Peer Funds’ medians, noting that the Fund’s expenses were the highest in the group in all three expense categories. As the Fund is the only leveraged Fund in the peer group, comparisons of the actual management fee and total expense ratios at managed asset levels were determined to be not relevant. The Board of Directors noted that as the only leveraged fund of the Peer Funds, the Fund will not fare as well in the expense comparison at common asset levels, as a greater amount of leverage will result in higher common asset expense levels. The Board of Directors considered the impact of leverage levels on the Fund’s fees and expenses at managed and common asset levels. In light of the considerations above, the Board of Directors concluded that the Fund’s current expense structure was satisfactory.

The Board of Directors also reviewed information regarding the profitability to the Investment Manager of its relationship with the Fund. The Board of Directors considered the level of the Investment Manager’s profits and whether the profits were reasonable for the Investment Manager. Since the Subadvisors are paid by the Investment Manager (and not by the Fund) for investment services provided to the Fund and are affiliates of the Investment Manager, the Board of Directors considered the profitability of the Investment Manager as a whole and did not consider the Subadvisors’ separate profitability to be particularly relevant to their determination. The Board of Directors took into

53

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

consideration other benefits to be derived by the Investment Manager in connection with the Management Agreements, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Manager receives by allocating the Fund’s brokerage transactions. The Board of Directors further considered that the Investment Manager continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board of Directors also considered the administrative services provided by the Investment Manager and the associated administration fee paid to the Investment Manager for such services under the Administration Agreement. The Board of Directors determined that the services received under the Administration Agreement are beneficial to the Fund. The Board of Directors concluded that the profits realized by the Investment Manager from its relationship with the Fund were reasonable and consistent with the Investment Manager’s fiduciary duties.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale:The Board of Directors considered that, as aclosed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale. The Board of Directors determined that, given the Fund’sclosed-end structure, there were no significant economies of scale that were not being shared with shareholders. In considering economies of scale, the Board of Directors also noted, as discussed above in (iii), that the Investment Manager continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment management contracts, such as contracts of the same and other investment advisors or other clients:As discussed above in (iii), the Board of Directors compared the fees paid under the Management Agreements to those under other investment management contracts of other investment advisors managing Peer Funds. The Board of Directors also compared the services rendered and fees paid under the Management Agreements to those under the Investment Manager’s other fund management agreements and advisory contracts with institutional and other clients with similar investment mandates, including additional information about the ranges of such fees provided in response to a supplemental request for information, noting that the Investment Manager provides more services to the Fund than it does for institutional or subadvised accounts. The Board of Directors also considered the entrepreneurial risk and financial exposure assumed by the Investment Manager in developing and managing the Fund that the Investment Manager does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board of Directors determined that on a comparative basis the fees under the Management Agreements were reasonable in relation to the services provided.

No single factor was cited as determinative to the decision of the Board of Directors, and each Director may have assigned different weights to the various factors. Rather, after weighing all of the considerations and conclusions discussed above, the Board of Directors, including the Independent Directors, unanimously approved the continuation of the Management Agreements.

54

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

Cohen & Steers Privacy Policy

Facts	What Does Cohen & Steers Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies—	No	We don’t share
For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share
For our affiliates to market to you—	No	We don’t share
Fornon-affiliates to market to you—	No	We don’t share
Questions?    Call 800.330.7348

55

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

Cohen & Steers Privacy Policy—(Continued)

Who we are
Who is providing this notice?	Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan, LLC, Cohen & Steers UK Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Open andClosed-End Funds (collectively, Cohen & Steers).
What we do
How does Cohen & Steers protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.
How does Cohen & Steers collect my personal information?	We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing fornon-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share withnon-affiliates.
Joint marketing	A formal agreement betweennon-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

56

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS REAL ESTATE SECURITIES FUND

• Designed for investors seeking total return, investing primarily in U.S. real estate securities

• Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS INSTITUTIONAL REALTY SHARES

• Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

• Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

• Designed for investors seeking total return, investing primarily in global real estate equity securities

• Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS INTERNATIONAL REALTY FUND

• Designed for investors seeking total return, investing primarily in international(non-U.S.) real estate securities

• Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

• Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

• Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS PREFERRED SECURITIES

AND INCOME FUND

• Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. andnon-U.S. companies

• Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS LOW DURATION PREFERRED

AND INCOME FUND

• Designed for investors seeking high current income and capital preservation by investing inlow-duration preferred and other income securities issued by U.S. andnon-U.S. companies

• Symbols: LPXAX, LPXCX, LPXIX, LPXRX, LPXZX

COHEN & STEERS MLP & ENERGY OPPORTUNITY FUND

• Designed for investors seeking total return, investing primarily in midstream energy master limited partnership (MLP) units and related stocks

• Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS GLOBAL INFRASTRUCTURE FUND

• Designed for investors seeking total return, investing primarily in global infrastructure securities

• Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

COHEN & STEERS ALTERNATIVE INCOME FUND

(FORMERLY COHEN & STEERS DIVIDEND VALUE FUND)

• Designed for investors seeking high current income and capital appreciation, investing in equity, preferred and debt securities, focused on real assets and alternative income strategies

• Symbols: DVFAX, DVFCX, DVFIX, DVFRX, DVFZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registeredopen-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling800-330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

57

COHEN & STEERS GLOBAL INCOME BUILDER, INC.

OFFICERS AND DIRECTORS

Robert H. Steers

Director and Chairman

Joseph M. Harvey

Director and Vice President

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

C. Edward Ward, Jr.

Director

Adam M. Derechin

President and Chief Executive Officer

Yigal D. Jhirad

Vice President

Christopher Rhine

Vice President

William F. Scapell

Vice President

Dana A. DeVivo

Secretary and Chief Legal Officer

James Giallanza

Chief Financial Officer

Albert Laskaj

Treasurer

Lisa D. Phelan

Chief Compliance Officer

KEY INFORMATION

Investment Manager

Cohen & Steers Capital Management, Inc.

280 Park Avenue

New York, NY 10017

(212)832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Transfer Agent

Computershare

150 Royall Street

Canton, MA 02021

(866)227-0757

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

New York Stock Exchange Symbol:    INB

Website: cohenandsteers.com

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

58

eDelivery AVAILABLE

Stop traditional mail delivery;

receive your shareholder reports

and prospectus online.

Sign up at cohenandsteers.com

Cohen & Steers

Global Income

Builder

Semiannual Report June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at www.cohenandsteers.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, by signing up at www.cohenandsteers.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or, if you are a direct investor, you can call 866-227-0757 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held within the fund complex if you invest directly with the Fund.

INBSAR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Investment Companies.

(a) Not applicable.

(b) The registrant has not had any change in the portfolio managers identified in response to paragraph (a)(1) of this item in the registrant’s most recent annual report on FormN-CSR.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this FormN-CSR was recorded,

processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

(a) The Fund did not engage in any securities lending activity during the fiscal year ended December 31, 2018.

(b) The Fund did not engage in any securities lending activity and did not engage a securities lending agent during the fiscal year ended December 31, 2018.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications of principal executive officer and principal financial officer as required byRule 30a-2(b) under the Investment Company Act of 1940.

(c) Registrant’s notices to shareholders pursuant to registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule19b-1 thereunder regarding distributions pursuant to the registrant’s Managed Distribution Plan

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:    Principal Executive Officer
	(President and Chief Executive  Officer)
Date:	September 5, 2019

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
	Name:   Adam M. Derechin
	Title:    Principal Executive Officer
	(President and Chief Executive  Officer)
By:	/s/ James Giallanza
	Name:   James Giallanza
	Title:    Principal Financial Officer
	(Chief Financial Officer)
Date:	September 5, 2019