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Duff & Phelps Global Utility Income Fund Announces Dividend and Discloses Sources of Distribution - Section 19(a) Notice

CHICAGO, March 14, 2017 /PRNewswire/ -- The Board of Directors of Duff & Phelps Global Utility Income Fund Inc. (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

June 13, 2017

June 15, 2017

June 30, 2017

 

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 March quarterly distribution to shareholders of record at the close of business on March 15, 2017 (ex-date March 13, 2017), payable March 31, 2017, 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

March 2017 (QTD)

Year-to-date (YTD)

 

 

(Sources)

Per Share

Amount

% of
Current
Distribution

Per Share Amount

% of

Cumulative Distributions

Net Investment Income

$        0.045

12.9%

$        0.126

18.0%

Net Realized Foreign Currency Gains

0.003

0.7%

0.003

0.4%

Net Realized Short-Term Capital Gains

-

0.0%

-

0.0%

Net Realized Long-Term Capital Gains

0.302

86.4%

0.571

81.6%

Return of Capital (or other Capital Source)

-

0.0%

-

0.0%

Total

$        0.350

100.0%

$        0.700

100.0%


 

 

As of February 28, 2017



Average annual total return on NAV for the 5 years

6.61%


Annualized current distribution rate as a percentage of NAV

7.27%


Cumulative total return on NAV for the fiscal year

6.34%


Cumulative fiscal year distributions as a percentage of NAV

1.82%








Under the terms of the fund's Managed Distribution Plan, the fund seeks to maintain a consistent distribution level that may be paid in part or in full from net investment income, realized capital gains, and a return of capital, or a combination thereof. Shareholders should note, however, that if the fund's aggregate net investment income and realized capital gains are less than the amount of the distribution level, the difference will be distributed from the fund's assets and will constitute a return of the shareholder's capital. A return of capital is not taxable; rather it reduces a shareholder's tax basis in his or her shares of the fund.

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.

The fund will issue a separate 19(a) notice at the time of each quarterly distribution using the most current financial information available.

About the Fund

Duff & Phelps Global Utility Income 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.dpgfund.com.

About the Investment Adviser

Duff & Phelps Investment Management Co. is a subsidiary of Virtus Investment Partners (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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