Duff & Phelps Utility and Infrastructure Fund Inc. Announces Dividend and Discloses Sources of Distribution Section 19(a) Notice
The Board of Directors of Duff & Phelps Utility and Infrastructure Fund authorized a dividend payment of 35 cents per share. The payment is scheduled for December 31, 2021, with the ex-date on December 14, 2021 and the record date on December 15, 2021. The Fund operates under a Managed Distribution Plan, aiming to maintain this distribution rate by distributing available investment income. If insufficient income exists, it will distribute capital gains or returns of capital. For the September 2021 quarter, net investment income was reported at 4.4 cents.
- Continued dividend of 35 cents per share offers reliable income for shareholders.
- Managed Distribution Plan enables consistent distribution during varying income periods.
- 87.5% of the September distribution comes from return of capital, indicating potential sustainability concerns.
- Net investment income covers only 12.5% of the total distribution.
CHICAGO, Sept. 21, 2021 /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 |
35.0 | December 14, 2021 | December 15, 2021 | December 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 September quarterly distribution to shareholders of record at the close of business on September 15, 2021 (ex-date September 14, 2021), payable September 30, 2021, 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 | September 2021 (QTD) | Year-to-date (YTD) | ||||||
(Sources) | Per Share Amount | % of Current Distribution | Per Share Amount | % of Cumulative Distributions | ||||
Net Investment Income | $ 0.044 | $ 0.125 | ||||||
Net Realized Short-Term Capital Gains | 0.000 | 0.000 | ||||||
Net Realized Long-Term Capital Gains | 0.000 | 0.000 | ||||||
Return of Capital (or other Capital Source) | 0.306 | 1.275 | ||||||
Total | $ 0.350 | $ 1.400 | ||||||
As of August 31, 2021 | ||||||||
Average annual total return on NAV for the 5 years | ||||||||
Annualized current distribution rate as a percentage of NAV | ||||||||
Cumulative total return on NAV for the fiscal year | ||||||||
Cumulative fiscal year distributions as a percentage of NAV | ||||||||
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 in equities of domestic and foreign companies in the infrastructure and utility industries. The Fund considers the infrastructure industry to include companies that derive at least
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.
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SOURCE Duff & Phelps Utility and Infrastructure Fund Inc.
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