In the news release, Duff & Phelps Closed-End Funds Announce
Election to Opt Into Maryland Control Share Acquisition Act, issued
08-Jun-2020 by DNP Select Income Fund
Inc. over PR Newswire, we are advised by the company that the 1st
paragraph, 1st sentence, should read "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 resolution passed by the
affirmative vote of all of the independent directors of each Fund,
to "opt in" to the Maryland Control Share Acquisition Act (MCSAA),
effective on June 8, 2020." rather
than "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. " as
originally issued inadvertently. The complete, corrected release
follows:
Duff & Phelps Closed-End Funds Announce Election to Opt Into
Maryland Control Share Acquisition Act
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 resolution passed
by the affirmative vote of all of the independent directors of each
Fund, 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.