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
The accompanying notes are an integral part of these financial statements.
1

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 OPTIONS135.6%
(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.
2

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.
3

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.
4

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.
5

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