HARTFORD, Conn., Nov. 21, 2019 /PRNewswire/ -- Duff & Phelps
Global Utility Income Fund Inc. (NYSE: DPG), a closed-end
fund advised by Duff & Phelps Investment Management Co., has
made changes to its non-fundamental investment policies and name
that become effective on November 22,
2019.
Under the revised investment policy, the fund will invest, under
normal market conditions, at least 80% percent of its total assets
in dividend-paying equity securities of companies in the utility
and infrastructure industries. Under the prior investment policy,
the fund was required to invest at least 80% percent of its total
assets in dividend-paying equity securities of companies in the
utility industry.
Reflective of the change in its investment policy, the fund is
changing its name to Duff & Phelps Utility and Infrastructure
Fund Inc. It will continue to trade as "DPG." Fund shareholders
were previously notified of the name and investment policy changes
in a September 2019 notice.
"The change in the investment policy allows us to broaden the
fund's portfolio to permit a greater level of investment in
infrastructure companies, which can provide attractive income and
growth potential, additional geographic and sector diversification,
and greater downside protection, as essential services companies
generally perform well in various economic environments," said
Eric Elvekrog, CFA, CPA, the fund's
portfolio manager.
Under the revised investment policy, the infrastructure industry
includes companies that derive at least 50% of their revenue or
profits from owning or operating infrastructure assets, which
include toll roads, bridges, tunnels, airports, seaports, and
railroads. The utility industry includes companies that commit or
derive at least 50% of their assets, gross income or profits in the
electric, gas, water, telecommunications and midstream energy
sectors.
Concurrent with these changes to its investment policy, the fund
is also modifying its geographic focus to permit a higher
percentage of investments in U.S.-based companies. The prior
investment restrictions required the fund, under normal market
conditions, to invest at least 80% of its total assets in issuers
located in at least three countries, including the United States, and to invest no less than
40% of its total assets and no more than 75% of its total assets in
issuers located outside the United
States. Those requirements are no longer in effect.
Elvekrog said that he does not anticipate any material change in
the fund's portfolio construction in the immediate future as a
result of the modification of its investment policy. The fund will
continue to pursue its investment objective of seeking total return
resulting primarily from a high level of current income, with an
emphasis on providing tax-advantaged dividend income, and growth in
current income, and secondarily from capital appreciation.
Additional information regarding these changes will be included
in the fund's annual report to shareholders for the fiscal year
ending October 31, 2019.
Fund Risks
An investment in a fund is subject to risk,
including the risk of possible loss of principal. A fund's shares
may be worth less upon their sale than what an investor paid for
them. Shares of closed-end funds may trade at a discount to their
net asset value. For more information about each fund's investment
objective and risks, please see the fund's annual report. A copy of
the fund's most recent annual report may be obtained free of charge
by contacting "Shareholder Services" as set forth at the end of
this press release.
About Duff & Phelps Investment Management
Duff
& Phelps Investment Management Co., the investment subadviser
of the fund, is a subsidiary of Virtus Investment Partners (NASDAQ:
VRTS), a multi-boutique asset manager, and has more than 35 years
of experience managing investment portfolios, including
institutional separate accounts and open- and closed-end funds
investing in utilities, MLPs, infrastructure and real estate
investment trusts (REITs).
For more information about Duff & Phelps visit
www.dpimc.com. For information about the fund, contact shareholder
services at (866) 270-7788, by email at duff@virtus.com, or visit
the DPG website, www.dpimc.com/dpg.
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SOURCE Duff & Phelps Utility and Infrastructure Fund
Inc.