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

Rhea-AI Summary

On September 16, 2020, Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG) announced a dividend of $0.35 per share, with an ex-date of December 14, 2020 and payable date of December 31, 2020. The fund operates under a Managed Distribution Plan, which aims to provide consistent dividends, potentially funded through capital gains or return of capital when necessary. The fund's total return on NAV for the fiscal year stands at -15.27%, while the current annualized distribution rate is 10.95% of NAV.

Positive

• Authorized quarterly dividend of $0.35 per share
• Annualized current distribution rate of 10.95% of NAV

Negative

• Cumulative total return on NAV for the fiscal year is -15.27%
• A significant portion of the distribution may be a return of capital, indicating reliance on capital rather than income

CHICAGO, Sept. 16, 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	December 14, 2020	December 15, 2020	December 31, 2020

The Fund adopted a Managed Distribution Plan (the "Plan") in 2015 to maintain its current 35 cent 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 cent 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, 2020 (ex-date September 14, 2020), payable September 30, 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		September 2020 (QTD)		Year-to-date (YTD)
(Sources)		Per Share Amount	% of Current Distribution	Per Share Amount	% of Cumulative Distributions
Net Investment Income		$        0.086	24.5%	$        0.233	16.6%
Net Realized Foreign Currency Gains		0.001	0.4%	0.001	0.1%
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)		0.263	75.1%	1.166	83.3%
Total		$        0.350	100.0%	$        1.400	100.0%
As of August 31, 2020
Average annual total return on NAV for the 5 years						0.19%
Annualized current distribution rate as a percentage of NAV						10.95%
Cumulative total return on NAV for the fiscal year						-15.27%
Cumulative fiscal year distributions as a percentage of NAV						10.95%

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 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.

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.

FAQ

What is the dividend amount for DPG in September 2020?

The dividend amount for Duff & Phelps Utility and Infrastructure Fund (DPG) in September 2020 is $0.35 per share.

When is the ex-date for the DPG dividend?

The ex-date for the DPG dividend is December 14, 2020.

What is the significance of the Managed Distribution Plan for DPG?

The Managed Distribution Plan aims to maintain a steady distribution level, utilizing investment income and, if necessary, capital gains or return of capital.

What was the cumulative total return on NAV for DPG this fiscal year?

The cumulative total return on NAV for DPG this fiscal year is -15.27%.

How does the dividend distribution relate to DPG's investment performance?

The dividend distribution may include a return of capital, which does not necessarily reflect the fund's investment performance.