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

Rhea-AI Summary

Duff & Phelps Utility and Infrastructure Fund (NYSE: DPG) announced its monthly distribution of $0.07 per share, payable on January 10, 2025, to shareholders of record on December 31, 2024. Under its Managed Distribution Plan, the December 2024 distribution comprises 48.6% from net realized short-term capital gains ($0.034) and 51.4% from net realized long-term capital gains ($0.036).

The Fund's fiscal year-to-date distributions include 26.4% from net investment income ($0.037), 41.4% from short-term capital gains ($0.058), and 32.2% from long-term capital gains ($0.045). As of November 29, 2024, the Fund reported a 5-year average annual total return on NAV of 8.24%, an annualized current distribution rate of 6.02% of NAV, and a fiscal year-to-date cumulative total return on NAV of 9.65%.

Positive

• Strong fiscal year-to-date return on NAV of 9.65%
• Healthy 5-year average annual return of 8.24%
• Consistent monthly distribution of $0.07 per share
• No return of capital in current distribution, indicating earnings cover the payout

Negative

• None.

Insights

Financial Distribution Analyst

The distribution analysis reveals a well-structured payout composition for DPG's December 2024 distribution. The $0.07 per share monthly distribution is funded by 48.6% from short-term capital gains and 51.4% from long-term capital gains, with no return of capital component - a positive indicator of distribution quality. The fund's fiscal year-to-date metrics show a balanced funding mix: 26.4% from net investment income, 41.4% from short-term gains and 32.2% from long-term gains.

The fund's 8.24% 5-year average annual NAV return and 6.02% annualized distribution rate suggest sustainable distribution levels. The 9.65% fiscal year NAV return demonstrates strong recent performance. Most importantly, the absence of return of capital in the current distribution indicates high-quality earnings support.

Investment Fund Specialist

This distribution notice carries strategic implications for DPG investors. The complete funding of distributions through earned income and realized gains, rather than return of capital, indicates robust portfolio performance and effective management of the $433.2 million market cap fund. The Managed Distribution Plan's consistent $0.07 monthly payout provides predictable income while maintaining investment flexibility.

The strong fiscal year NAV return of 9.65% coupled with modest distribution rate of 6.02% suggests a conservative payout ratio that enhances long-term sustainability. The diversified funding sources across investment income and capital gains demonstrates effective portfolio management and reduced reliance on any single income stream.

CHICAGO--(BUSINESS WIRE)-- 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	December 31, 2024	December 31, 2024	January 10, 2025

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 December monthly distribution to shareholders of record at the close of business on December 31, 2024 (ex-date December 31, 2024), payable January 10, 2025, 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	December 2024 (MTD)			Fiscal Year-to-Date (YTD)(1)
(Sources)	Per Share Amount		Percentage of Current Distribution	Per Share Amount		Percentage of Current Distribution
Net Investment Income	$	-	0.0%	$	0.037	26.4%
Net Realized Short-Term Capital Gains		0.034	48.6%		0.058	41.4%
Net Realized Long-Term Capital Gains		0.036	51.4%		0.045	32.2%
Return of Capital (or other Capital Source)		-	0.0%		-	0.0%
Total Distribution	$	0.070	100.0%	$	0.140	100.0%
(1) Fiscal year started November 1, 2024.

As of November 29, 2024
Average annual total return on NAV for the 5 years	8.24%
Annualized current distribution rate as a percentage of NAV	6.02%
Cumulative total return on NAV for the fiscal year	9.65%
Cumulative fiscal year distributions as a percentage of NAV	0.50%

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/20250108106132/en/

For Further Information:

DPG Fund Services

(866) 270-7598

duff@virtus.com

Source: Duff & Phelps Utility and Infrastructure Fund Inc.

FAQ

What is DPG's current monthly distribution amount and when is it payable?

DPG's monthly distribution is $0.07 per share, payable on January 10, 2025, to shareholders of record as of December 31, 2024.

What is the composition of DPG's December 2024 distribution?

The December 2024 distribution consists of 48.6% ($0.034) from net realized short-term capital gains and 51.4% ($0.036) from net realized long-term capital gains.

What is DPG's current annualized distribution rate as a percentage of NAV?

As of November 29, 2024, DPG's annualized distribution rate is 6.02% of NAV.

What is DPG's 5-year average annual total return on NAV?

DPG's 5-year average annual total return on NAV is 8.24% as of November 29, 2024.

How much of DPG's fiscal year-to-date distribution comes from net investment income?

26.4% ($0.037) of DPG's fiscal year-to-date distribution comes from net investment income.