CHICAGO, June 8, 2020 /PRNewswire/ -- DNP Select Income
Fund Inc. (NYSE: DNP), Duff & Phelps Utility and Infrastructure
Fund Inc. (NYSE: DPG), Duff & Phelps Utility and Corporate Bond
Trust Inc. (NYSE: DUC), and DTF Tax-Free Income Inc. (NYSE: DTF)
(each, a "Fund" and collectively, the "Funds"), four closed-end
funds advised by Duff & Phelps Investment Management Co., today
announced that they had elected, by a unanimous resolution of each
Fund's board of directors, to "opt in" to the Maryland Control
Share Acquisition Act (MCSAA), effective on June 8, 2020.
The MCSAA protects the interests of all shareholders of a
Maryland corporation by denying
voting rights to "control shares" acquired in a "control share
acquisition" unless the other shareholders of the corporation
reinstate those voting rights by a vote of two-thirds of the shares
held by shareholders other than the acquiring person (i.e., the
holder or group of holders acting in concert that acquires, or
proposes to acquire, "control shares"). Generally, "control
shares" are shares that, when aggregated with shares already owned
by an acquiring person, would entitle the acquiring person to
exercise 10% or more, 33 1/3% or more, or a majority of the total
voting power of shares entitled to vote in the election of
directors.
The MCSAA limits the ability of an acquiring person to achieve a
short-term gain at the expense of long-term value for the rest of
the Fund's shareholders. The MCSAA applies automatically to
most types of Maryland
corporations, but in the case of closed-end investment companies,
it applies only if the board of directors elects to "opt in."
Because the Funds' boards "opted in" to the MCSAA on June 8, 2020, the MCSAA will only apply to
"control shares" acquired after that date.
The above description of the MCSAA is only a high-level summary
and does not purport to be complete. Investors should refer
to the actual provisions of the MCSAA for more information,
including definitions of key terms, various exclusions from the
statute's scope, and the procedures by which shareholders may
approve the reinstatement of voting rights to holders of "control
shares."
About the Funds
DNP Select Income Fund Inc. is a closed-end diversified
investment management company whose primary investment objectives
are current income and long-term growth of income. The fund seeks
to achieve these objectives by investing primarily in a diversified
portfolio of equity and fixed income securities of companies in the
public utilities industry. For more information, please visit
www.dpimc.com/dnp or call (800) 864-0629.
Duff & Phelps Utility and Infrastructure Fund Inc. is a
closed-end investment management company whose investment objective
is to seek total return, resulting primarily from (i) a high level
of current income, with an emphasis on providing tax-advantaged
dividend income and (ii) growth in current income, and secondarily
from capital appreciation. The Fund seeks to achieve these
objectives by investing in equities of domestic and foreign utility
companies in the electric, gas, water, telecommunications, and
midstream energy sectors. For more information, please contact
shareholder services at (866) 270-7598, by email at
duff@virtus.com, or visit the DPG website, www.dpimc.com/dpg.
Duff & Phelps Utility and Corporate Bond Trust Inc. is a
closed-end diversified investment management company whose primary
investment objective is high current income consistent with
investing in securities of investment grade quality. The fund
seeks to achieve its objectives by investing substantially all of
its assets in a diversified portfolio of utility income securities,
corporate income securities, mortgage-backed securities and
asset-backed securities. For more information, visit
www.dpimc.com/duc or call (800) 338-8214.
DTF Tax-Free Income Inc. is a closed-end diversified investment
management company whose investment objective is current income
exempt from regular federal income tax consistent with preservation
of capital. The fund seeks to achieve its investment objective by
investing in a diversified portfolio of investment-grade tax-exempt
obligations. For more information, please visit www.dpimc.com/dtf
or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40
years of experience managing investment portfolios, including
institutional separate accounts and open- and closed-end funds
investing in utilities, infrastructure and real estate investment
trusts (REITs). For more information, visit
www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with approximately
$90.7 billion under management as of
March 31, 2020. Virtus provides
investment management products and services to individuals and
institutions through a multi-manager asset management business,
comprising a number of individual affiliated managers, each with a
distinct investment style, autonomous investment process and
individual brand. Additional information can be found at
www.virtus.com.
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SOURCE DNP Select Income Fund Inc.; DTF Tax-Free Income Inc.;
Duff & Phelps Utility and Corporate Bond Trust Inc.; Duff &
Phelps Utility and Infrastructure Fund Inc.
