Duff & Phelps Utility and Infrastructure Fund Inc. Announces Dividend and Discloses Sources of Distribution Section 19(a) Notice

Rhea-AI Summary

The Board of Directors of Duff & Phelps Utility and Infrastructure Fund (NYSE: DPG) has declared a quarterly dividend of $0.35 per share. The ex-dividend date is March 12, 2021, with record date on March 15, 2021, and payable date set for March 31, 2021. Since adopting a Managed Distribution Plan in 2015, the fund has aimed to maintain this distribution rate by utilizing available investment income. Notably, in December 2020, the fund's cumulative distribution for the fiscal year was reported at 10.73% on net asset value (NAV), indicating a strong focus on providing tax-advantaged dividend income.

Positive

• Quarterly dividend declared at $0.35 per share.
• Managed Distribution Plan has successfully sustained dividend payments since 2015.
• Cumulative fiscal year total return on NAV of 10.73%.

Negative

• A significant portion of distributions (84.4%) sourced from return of capital, implying sustainability concerns.

CHICAGO, Dec. 17, 2020 /PRNewswire/ -- 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
$0.35	March 12, 2021	March 15, 2021	March 31, 2021

The Fund adopted a Managed Distribution Plan (the "Plan") in 2015 to maintain its current 35 cents per share distribution rate. 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 35 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, 2020 (ex-date December 14, 2020), payable December 31, 2020, together with the cumulative distributions paid this fiscal year to date 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 2020 (QTD)		Year-to-date (YTD)
(Sources)		Per Share Amount	% of Current Distribution	Per Share Amount	% of Cumulative Distributions
Net Investment Income		$        0.055	15.6%	$        0.055	15.6%
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)		0.295	84.4%	0.295	84.4%
Total		$        0.350	100.0%	$        0.350	100.0%
As of November 30, 2020
Average annual total return on NAV for the 5 years						2.63%
Annualized current distribution rate as a percentage of NAV						10.44%
Cumulative total return on NAV for the fiscal year						10.73%
Cumulative fiscal year distributions as a percentage of NAV						2.61%

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 its objective 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 by calling (866) 270-7598, by email at duff@virtus.com, or by visiting 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 multi-boutique asset manager. 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.

For Further Information: 
DPG Fund Services
(866) 270-7598
duff@virtus.com

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SOURCE Duff & Phelps Utility and Infrastructure Fund Inc.

FAQ

What is the dividend amount for DPG in March 2021?

The dividend amount for DPG in March 2021 is $0.35 per share.

When is the ex-dividend date for DPG's March 2021 distribution?

The ex-dividend date is March 12, 2021.

What are the implications of the Managed Distribution Plan for DPG?

The Managed Distribution Plan allows DPG to maintain its distribution by using investment income, realized capital gains, or return of capital when necessary.

How has DPG performed in terms of total return on NAV?

DPG reported a cumulative total return on NAV of 10.73% for the fiscal year.

What percentage of DPG's December 2020 distributions came from capital gains?

None of the December 2020 distributions came from capital gains.