Duff & Phelps Utility and Infrastructure Fund Inc. Announces Dividend and Discloses Sources of Distribution Section 19(a) Notice
Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG) authorizes the payment of dividends on its common stock, with a managed distribution plan in place since 2015. The estimated distribution for December 2023 is 21 cents per share, with 95.1% coming from return of capital. The average annual total return on NAV for the past 5 years is 2.42%, and the annualized current distribution rate as a percentage of NAV is 7.81%.
12/14/2023 - 04:05 PM
CHICAGO --(BUSINESS WIRE)--
The Board of Directors of Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on its common stock as follows:
Cents Per Share
Ex-Date
Record Date
Payable Date
21.0
March 14, 2024
March 15, 2024
March 28, 2024
The Fund adopted a Managed Distribution Plan (the “Plan”) in 2015. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with the Fund’s investment objective. If and when sufficient investment income is not available on a quarterly basis, the Fund will distribute realized capital gains and/or return of capital to its shareholders in order to maintain the 21 cents per share distribution level.
The following table sets forth the estimated amounts of the Fund’s December quarterly distribution to shareholders of record at the close of business on December 15, 2023 (ex-date December 14, 2023), payable December 29, 2023, together with the cumulative distributions paid from the first day of the fiscal year to this month end from the following sources. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles which may differ from federal income tax regulations.
Distribution Estimates
December 2023 (QTD)
Year-to-date (YTD)
(Sources)
Per Share
Amount
% of Current Distribution
Per Share Amount
% of
Cumulative Distributions
Net Investment Income
$
0.010
4.9%
$
0.010
4.9%
Net Realized Foreign Currency Gains
0.000
0.0%
0.000
0.0%
Net Realized Short-Term Capital Gains
0.000
0.0%
0.000
0.0%
Net Realized Long-Term Capital Gains
0.000
0.0%
0.000
0.0%
Return of Capital (or other Capital Source)
0.200
95.1%
0.200
95.1%
Total
$
0.210
100.0%
$
0.210
100.0%
As of November 30, 2023
Average annual total return on NAV for the 5 years
2.42%
Annualized current distribution rate as a percentage of NAV
7.81%
Cumulative total return on NAV for the fiscal year
8.26%
Cumulative fiscal year distributions as a percentage of NAV
1.95%
The Fund will issue a separate 19(a) notice at the time of each quarterly distribution using the most current financial information available. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s managed distribution plan.
The Fund estimates that it has distributed more than its income and capital gains; 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 Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund or your broker 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.
About the Fund
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 primarily in equities of domestic and foreign utilities and infrastructure providers. Under normal market conditions, the Fund will invest at least 80% of its total assets in dividend-paying equity securities of companies in the utility industry and the infrastructure industry. The utility industry is defined to include the following sectors: electric, gas, water, telecommunications, and midstream energy. The infrastructure industry is defined as companies owning or operating essential transportation assets, such as toll roads, bridges, tunnels, airports, seaports, and railroads. 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 .
About the Investment Adviser
Duff & Phelps Investment Management Co. is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a distinctive partnership of boutique asset managers. Duff & Phelps has more than 35 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure, MLPs and real estate investment trusts (REITs). For more information, visit www.dpimc.com .
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DPG Fund Services
duff@virtus.com
Source: Duff & Phelps Utility and Infrastructure Fund Inc.
What is the ticker symbol for Duff & Phelps Utility and Infrastructure Fund Inc.?
The ticker symbol for Duff & Phelps Utility and Infrastructure Fund Inc. is DPG.
What is the managed distribution plan adopted by Duff & Phelps Utility and Infrastructure Fund Inc.?
The Fund adopted a Managed Distribution Plan in 2015, distributing all available investment income to shareholders, with the ability to distribute realized capital gains and/or return of capital to maintain the distribution level.
What is the estimated distribution for December 2023 for Duff & Phelps Utility and Infrastructure Fund Inc.?
The estimated distribution for December 2023 is 21 cents per share, with 95.1% coming from return of capital.
What is the average annual total return on NAV for the 5 years for Duff & Phelps Utility and Infrastructure Fund Inc.?
The average annual total return on NAV for the 5 years is 2.42%.
What is the annualized current distribution rate as a percentage of NAV for Duff & Phelps Utility and Infrastructure Fund Inc.?
The annualized current distribution rate as a percentage of NAV is 7.81%.
