DPG Duff and Phelps Utility and Infrastructure Fund Inc

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS July 31, 2024

(Unaudited)

Shares		Description		Value
Common Stocks & MLP Interests—135.6%
		■ Airport Services—2.8%
34,400		Aena SME S.A. (Spain)(1)		$6,518,868
17,000		Flughafen Zurich AG Registered Shares (Switzerland)(1)		3,939,390
34,000		Grupo Aeroportuario del Centro Norte SAB de C.V. ADR (Mexico)		2,344,300
				12,802,558
		■ Electric, Gas and Water—75.7%
289,990		Alliant Energy Corp. (1)		16,140,843
125,660		Ameren Corp. (1)		9,961,068
111,800		Atmos Energy Corp. (1)		14,296,984
674,000		CenterPoint Energy, Inc. (1)		18,703,500
208,500		CMS Energy Corp.		13,510,800
179,000		DTE Energy Co. (1)(2)		21,574,870
250,300		Duke Energy Corp. (1)		27,350,281
220,600		Edison International (1)		17,650,206
900,000		Enel SpA (Italy)(1)		6,422,721
110,000		Entergy Corp. (1)		12,756,700
268,000		Evergy, Inc. (1)		15,544,000
197,000		Eversource Energy (1)		12,787,270
633,000		Iberdrola S.A. (Spain)(1)		8,344,083
443,000		NextEra Energy, Inc. (1)(2)		33,840,770
75,000		Orsted AS (Denmark)(1)(3)		4,463,845
430,000		Pennon Group plc (United Kingdom)		3,427,276
530,235		PPL Corp. (1)		15,758,584
118,000		Public Service Enterprise Group, Inc. (1)		9,412,860
230,000		Redeia Corp. S.A. (Spain)(1)		4,074,780
290,000		RWE AG (Germany)(1)		10,824,773
175,000		Severn Trent plc (United Kingdom)		5,784,011
322,000		Southern Co. (The) (1)		26,893,440
170,300		WEC Energy Group, Inc. (1)		14,656,018
290,300		Xcel Energy, Inc. (1)		16,918,684
				341,098,367
		■ Highways & Railtracks—2.0%
1,033,000		Transurban Group (Australia)		8,788,650

Shares		Description		Value
		■ Integrated Telecommunication Services—2.1%
495,000		AT&T, Inc. (1)		$9,528,750
		■ Multi-Utilities—10.4%
560,000		E.ON SE (Germany)(1)		7,857,568
581,250		National Grid plc (United Kingdom)		7,367,648
576,000		NiSource, Inc. (1)		18,000,000
171,400		Sempra (1)		13,722,284
				46,947,500
		■ Oil & Gas Storage, Transportation and Production—36.0%
129,000		Cheniere Energy, Inc. (1)		23,560,560
66,000		DT Midstream, Inc. (1)		4,973,760
1,243,185		Energy Transfer LP (1)		20,226,620
294,000		EnLink Midstream LLC (1)		4,018,980
484,000		Enterprise Products Partners LP		13,968,240
428,575		MPLX LP (1)		18,351,582
225,000		ONEOK, Inc. (1)		18,749,250
302,000		Pembina Pipeline Corp. (Canada)		11,704,646
560,000		Plains All American Pipeline LP (1)		10,186,400
150,300		Targa Resources Corp.		20,332,584
372,147		Williams Cos., Inc. (The) (1)		15,979,992
				162,052,614
		■ Railroads—5.6%
48,700		Canadian Pacific Kansas City Ltd. (Canada)		4,083,936
185,000		CSX Corp. (1)		6,493,500
25,900		Norfolk Southern Corp. (1)		6,463,604
33,600		Union Pacific Corp. (1)		8,290,128
				25,331,168

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DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

July 31, 2024

(Unaudited)

Shares		Description		Value
		■ Telecom Tower REITs—1.0%
39,000		Crown Castle, Inc. (1)		$4,293,120
		Total Common Stocks & MLP Interests (Cost $517,969,435)		610,842,727
TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS—135.6% (Cost $517,969,435)				610,842,727
		■ Written Options—(0.0)%
		(see Open Written Option Contracts on the next page)
		Total Written Options (Premiums received $339,938)		(254,100)
TOTAL INVESTMENTS AFTER WRITTEN OPTIONS—135.6% (Cost $517,629,497)				610,588,627
		Secured borrowings—(27.8)%		(125,000,000)
		Mandatory Redeemable Preferred Shares at liquidation value—(7.8)%		(35,000,000)
		Other assets less other liabilities—(0.0)%		(198,979)
NET ASSETS APPLICABLE TO COMMON STOCK—100.0%				$450,389,648

(1)	All or a portion of the security is segregated as collateral for borrowings. The value of securities segregated as collateral is $336,601,424.
(2)	All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $20,014,500.
(3)	Non-income producing.

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.

The accompanying notes are an integral part of these financial statements.

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DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

July 31, 2024

(Unaudited)

Open Written Option Contracts as of July 31, 2024, were as follows:
Description of Option		Number of Contracts		Contract Notional Amount		Strike Price		Expiration Date		Value
Exchange-Traded Call Options
DTE Energy Co.		(900)		$(11,250)		$125.00		10/18/24		$(195,300)
NextEra Energy, Inc.		(1,200)		(10,200)		85.00		9/20/24		(58,800)
										$(254,100)

The accompanying notes are an integral part of these financial statements.

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DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

July 31, 2024

(Unaudited)

Sector Allocation*
Electric, Gas and Water	56%
Oil & Gas Storage, Transportation and Production	26
Multi-Utilities	8
Railroads	4
Airport Services	2
Integrated Telecommunication Services	2
Highways & Railtracks	1
Telecom Tower REITs	1
Total	100%

    

Country Weightings*
United States	83%
Germany	4
Canada	3
Spain	3
United Kingdom	3
Italy	1
Australia	1
Denmark	1
Switzerland	1
Total	100%

    

Currency Exposure*
United States Dollar	83%
Euro	8
Canadian Dollar	3
United Kingdom Pound Sterling	3
Australian Dollar	1
Danish Krone	1
Swiss Franc	1
Total	100%

* Percentages are based on total investments before written options rather than net assets applicable to common stock.

The accompanying notes are an integral part of these financial statements.

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DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

July 31, 2024

(Unaudited)

Note 1. Investment Valuation

The Fund’s investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

Level 3—significant unobservable inputs (including the Investment Adviser’s Valuation Committee’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements contained in its annual report. The following is a summary of the inputs used to value each of the Fund’s investments at July 31, 2024:

	Level 1
Common stocks & MLP interests	$610,842,727
Written options	(254,100)
Total investments	$610,588,627

There were no Level 3 priced securities held and there were no transfers into or out of Level 3.

Other information regarding the Fund is available on the Fund’s website www.dpimc.com/dpg or the Securities and Exchange Commission’s website at www.sec.gov.

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