INB Cohen and Steers Global Income Builder Inc

NEW YORK, Dec. 9, 2014 /PRNewswire/ -- The Boards of Directors of Cohen & Steers closed-end funds (each a "Fund" and collectively, the "Funds") have declared fourth quarter 2014 distributions payable on December 31, 2014 to shareholders of record on December 23, 2014. The ex-dividend date is December 19, 2014. The distribution amounts for the Funds are summarized below:

The Funds pay regular quarterly cash distributions to common shareholders at a level rate that may be adjusted from time to time. Each Fund's distributions reflect net investment income, and may also include net realized capital gains and/or return of capital.  Return of capital includes distributions paid by a Fund in excess of its net investment income, and such excess is distributed from the Fund's assets. Under federal tax regulations, some or all of the return of capital distributed by a Fund may be taxed as ordinary income. The amount of quarterly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

In addition, distributions for Funds investing in real estate investment trusts (REITs) and closed-end funds (CEFs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each Fund after year end by the REITs and CEFs held by a Fund. Investments in master limited partnerships (MLPs) will likely produce distributions that will be classified, at least in part, as return of capital.

The amount and composition of each Fund's distribution is disclosed quarterly at cohenandsteers.com; however, this information may change after year end once the final tax characteristics of all Fund distributions can be determined with certainty.  Final tax characteristics of all Fund distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

RNP Investment Policy Changes

The Board of Directors of RNP approved clarifying and amending changes to RNP's investment policies. These changes are effective January 15, 2015.

RNP's investment policy that limits its investment in debt securities to 20% of its total assets is being clarified to specify that investments in convertible preferred stock will not be considered debt securities for the purposes of the 20% limit on debt securities.

RNP's investment policy of investing at least 80% of its total assets in common stocks issued by real estate investment trusts and preferred securities is being clarified to specify that contingent capital securities (sometimes referred to as "CoCos") and convertible preferred securities, which are types of hybrid preferred securities, are considered preferred securities for purposes of this policy.

Finally, RNP's investment policy limiting its investments in below investment grade securities to 20% of its total assets is being eliminated.

The changes in RNP's investment policies are being made to clarify the treatment of new products in the preferred securities space, to address the development of CoCos and convertible preferred securities, and to otherwise reflect changes in RNP's investment universe.

CoCos are debt or preferred securities with loss absorption characteristics. Some CoCos provide for mandatory conversion into common stock of the issuer under certain circumstances; others provide for a reduction in the par value or principal amount of the security. In addition to market and price risks, investors in these securities could experience a reduced income rate and any conversion would deepen the subordination of the investor and hence it's standing in a bankruptcy. In addition, most CoCos are considered to be high yield or "junk" securities and are therefore subject to the risks of investing in below investment grade securities.

RNP will not be limited in the percentage of its assets that may be invested in below investment grade (or unrated) securities. Investing in below investment grade securities, or equivalent unrated securities, generally involves greater price volatility and risk of loss of income and principal, and may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities.

More information is available at cohenandsteers.com.

//Website: http://cohenandsteers.com/
Symbol: NYSE: CNS

About Cohen & Steers. Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities, along with preferred securities and other income solutions. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cohen--steers-closed-end-funds-declare-december-2014-quarterly-distributions-and-cohen--steers-reit-and-preferred-income-fund-inc-rnp-announces-investment-policy-changes-300007395.html

SOURCE Cohen & Steers