Duff & Phelps Utility and Infrastructure Fund Inc. Discloses Sources of Distribution - Section 19(a) Notice
CHICAGO--(BUSINESS WIRE)--December 09, 2024--
The Board of Directors of Duff & Phelps Utility and Infrastructure Fund Inc. $(DPG)$, a closed-end fund advised by Duff & Phelps Investment Management Co., previously announced the following monthly distribution on September 19, 2024:
Per Share Amount Ex-Date Record Date Payable Date
---------------- ----------------- ----------------- -----------------
$0.07 November 29, 2024 November 29, 2024 December 10, 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 monthly basis, the Fund will distribute realized capital gains and/or return of capital to its shareholders in order to maintain the monthly $0.07 per share distribution level.
The following table sets forth the estimated amounts of the Fund's November monthly distribution to shareholders of record at the close of business on November 29, 2024 (ex-date November 29, 2024), payable December 10, 2024, 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 November 2024 $(MTD)$ Fiscal Year-to-Date (YTD)
------------------ ------------------------- -------------------------------
Percentage Percentage
Per Share of Current of Current
(Sources) Amount Distribution Per Share Amount Distribution
------------------ ----------- ------------ ----------------- ------------
Net Investment
Income $ 0.037 52.8% $ 0.037 52.8%
------------------ ------- ------------ --- ------------ ------------
Net Realized
Short-Term
Capital Gains 0.024 34.3% 0.024 34.3%
------------------ ------- ------------ --- ------------ ------------
Net Realized
Long-Term Capital
Gains 0.009 12.9% 0.009 12.9%
------------------ ------- ------------ --- ------------ ------------
Return of Capital
(or other Capital
Source) 0.000 0.0% 0.000 0.0%
------------------ ------- ------------ --- ------------ ------------
Total Distribution $ 0.070 100.0% $ 0.070 100.0%
------------------ ------- ------------ --- ------------ ------------
As of October 31, 2024
--------------------------------------------------------------- ------
Average annual total return on NAV for the 5 years 5.38%
--------------------------------------------------------------- ------
Annualized current distribution rate as a percentage of NAV(1) 6.56%
--------------------------------------------------------------- ------
Cumulative total return on NAV for the fiscal year 39.57%
--------------------------------------------------------------- ------
Cumulative fiscal year distributions as a percentage of NAV(1) 7.11%
--------------------------------------------------------------- ------
(1) Calculated based on monthly rate of $0.07 per share. Cumulative fiscal
year distributions for the fiscal year ending October 31, 2024 are
higher than the annualized current distribution rate due to a change in
the distribution frequency from quarterly to monthly during the fiscal
year.
The Fund will issue a separate 19(a) notice at the time of each 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 Plan.
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, contact shareholder services at (866) 270-7598, by email at duff@virtus.com, or visit the DPG website, dpimc.com/dpg.
About the Investment Adviser
Duff & Phelps Investment Management Co. is a boutique investment manager that specializes in listed real asset strategies for institutional and individual clients. An affiliated manager of Virtus Investment Partners, Inc. (NYSE: VRTS), the firm began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water, and clean energy. For more information visit dpimc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241209708189/en/
CONTACT: For Further Information:
DPG Fund Services
(866) 270-7598
duff@virtus.com
(END) Dow Jones Newswires
December 09, 2024 16:10 ET (21:10 GMT)
Comments