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., previously announced the following monthly distribution on September 19, 2024:
Per Share Amount | Ex-Date | Record Date | Payable Date |
$0.07 | October 31, 2024 | October 31, 2024 | November 12, 2024 |
The Fund adopted a Managed Distribution Plan (the āPlanā) in 2015. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with the Fundās 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 Fundās October monthly distribution to shareholders of record at the close of business on October 31, 2024 (ex-date October 31, 2024), payable November 12, 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 | October 2024 (MTD) | Year-to-Date (YTD) | ||||
(Sources) | Per Share
| Percentage
| Per Share
| Percentage
| ||
Net Investment Income | $ | 0.000 | 0.0% | $ | 0.014 | 1.5% |
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) | 0.070 | 100.0% | 0.896 | 98.5% | ||
Total Distribution | $ | 0.070 | 100.0% | $ | 0.910 | 100.0% |
As of September 30, 2024 | |
Average annual total return on NAV for the 5 years | 4.80% |
Annualized current distribution rate as a percentage of NAV(1) | 6.52% |
Cumulative total return on NAV for the fiscal year | 39.70% |
Cumulative fiscal year distributions as a percentage of NAV(1) | 6.52% |
(1) | Calculated based on monthly rate of $0.07 per share. Distributions in fiscal year 2024 may be higher than the annualized rate of $0.84 per share 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 Fundās investment performance from the amount of these distributions or from the terms of the 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 Fundās investment performance and should not be confused with āyieldā or āincomeā.
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 Fundās 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 [email protected], 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/20241108094313/en/
