Macquarie Global Infrastructure Total Return Fund Inc.

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Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the Fund), a closed-end fund, paid a quarterly distribution on its common stock of $0.4200 per share to shareholders of record at the close of business on March 19, 2020.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

Current Distribution from:

 

 

 

Per Share ($)

%

Net Investment Income

0.0588

14.00

%

Net Realized Short-Term Capital Gain

0.0000

0.00

%

Net Realized Long-Term Capital Gain

0.2642

62.90

%

Return of Capital or other Capital Source

0.0970

23.10

%

Total (per common share)

0.4200

100.00

%

 

 

 

Fiscal Year-to-Date Cumulative

 

 

Distributions from:

 

 

 

Per Share ($)

%

Net Investment Income

0.1749

20.82

%

Net Realized Short-Term Capital Gain

0.0008

0.10

%

Net Realized Long-Term Capital Gain

0.2922

34.79

%

Return of Capital or other Capital Source

0.3721

44.29

%

Total (per common share)

0.8400

100.00

%

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Subject to the foregoing, the Fund estimates (as of the date hereof) that it has distributed more than its income and net realized capital gains for the fiscal year ending November 30, 2020; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with ˜yield or ˜income.

Presented below are return figures, based on the change in the Funds Net Asset Value per share (NAV), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

Fund Performance & Distribution Information

Fiscal Year to Date (12/01/2019 through 2/29/2020)

Annualized Distribution Rate as a Percentage of NAV^

6.58

%

Cumulative Distribution Rate on NAV^^

3.29

%

Cumulative Total Return on NAV*

-3.52

%

 

 

Average Annual Total Return on NAV for the 5 Year Period Ending 2/29/2020**

4.63

%

 

 

^ Based on the Funds NAV as of February 29,2020.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Funds fiscal year ending November 30, 2020 based on the Funds NAV as of Febraury 29, 2020.

*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2019 through February 29,2020.

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Funds net assets. A decrease in the Funds net assets may cause an increase in the Funds annual operating expenses and a decrease in the Funds market price per share to the extent the market price correlates closely to the Funds net asset value per share. The distribution policy may also negatively affect the Funds investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Funds market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Funds investment performance, it does not measure the value of a shareholders investment in the Fund. The value of a shareholders investment in the Fund is determined by the Funds market price, which is based on the supply and demand for the Funds shares in the open market. Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Funds distribution level, taking into consideration the Funds net asset value and the financial market environment. The Funds distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Funds risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Funds Prospectus and consult their own advisers.

The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Funds investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Funds performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will expose the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Funds leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Funds portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Funds ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Funds ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

Investor/Broker Inquiries

Tel: 1-866-567-4771

E-mail: [email protected]

Web: www.macquarie.com/mgu

Media Inquiries

Daniela Palmieri

215 255-8878

[email protected]

Jessica Fitzgerald

215 255-1336

[email protected]