DPG Duff and Phelps Utility and Infrastructure Fund Inc

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS July 31, 2023

(Unaudited)

Shares		Description		Value
Common Stocks & MLP Interests—136.7%
		■ Electric, Gas and Water—80.5%
289,990		Alliant Energy Corp.		$15,584,063
235,660		Ameren Corp. (1)		20,188,992
134,810		American Electric Power Co., Inc. (1)		11,423,799
2,340,225		APA Group (Australia)(1)		15,719,291
111,800		Atmos Energy Corp. (1)		13,607,178
674,000		CenterPoint Energy, Inc. (1)		20,280,660
297,000		CMS Energy Corp. (1)		18,137,790
206,000		DTE Energy Co. (1)		23,545,800
214,300		Duke Energy Corp. (1)		20,062,766
125,600		Edison International (1)		9,038,176
1,519,000		EDP - Energias de Portugal S.A. (Portugal)(1)		7,098,097
236,200		Emera, Inc. (Canada)		9,581,267
110,000		Entergy Corp. (1)		11,297,000
101,500		Evergy, Inc. (1)		6,086,955
691,000		Iberdrola S.A. (Spain)(1)		8,627,012
423,000		NextEra Energy, Inc. (1)		31,005,900
333,117		OGE Energy Corp. (1)		12,042,180
75,000		Orsted AS (Denmark)(1)		6,542,332
939,000		PG&E Corp. (1)(2)		16,535,790
530,235		PPL Corp. (1)		14,597,370
189,000		Public Service Enterprise Group, Inc. (1)		11,929,680
254,000		RWE AG (Germany)(1)		10,927,953
175,000		Severn Trent plc (United Kingdom)		5,735,933
196,300		WEC Energy Group, Inc. (1)		17,639,518
245,300		Xcel Energy, Inc. (1)		15,387,669
				352,623,171
		■ Highways & Railtracks—4.6%
4,762,445		Atlas Arteria Ltd. (Australia)(1)		20,089,307
		■ Integrated Telecommunication Services—0.9%
262,000		AT&T, Inc. (1)		3,804,240

Shares		Description		Value
		■ Multi-Utilities—5.2%
400,000		NiSource, Inc.		$11,136,000
78,200		Sempra (1)		11,653,364
				22,789,364
		■ Oil & Gas Storage, Transportation and Production—35.3%
138,000		Cheniere Energy, Inc. (1)		22,336,680
202,000		DT Midstream, Inc. (1)		10,811,040
1,914,185		Energy Transfer LP (1)		25,439,519
514,000		EnLink Midstream LLC (1)		5,962,400
754,000		Enterprise Products Partners LP		19,988,540
556,575		MPLX LP (1)		19,763,978
213,265		Pembina Pipeline Corp. (Canada)		6,752,219
600,000		Plains All American Pipeline LP		8,928,000
238,000		Targa Resources Corp.		19,513,620
434,147		Williams Cos., Inc. (The) (1)		14,956,364
				154,452,360
		■ Railroads—7.8%
59,770		Canadian National Railway Co. (Canada)		7,245,014
201,000		Canadian Pacific Kansas City Ltd. (Canada)		16,538,505
45,000		Union Pacific Corp. (1)		10,440,900
				34,224,419

1

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

July 31, 2023

(Unaudited)

Shares		Description		Value
		■ Telecom Tower REITs—2.4%
32,500		American Tower Corp. (1)		$6,185,075
39,000		Crown Castle, Inc. (1)		4,223,310
				10,408,385
		Total Common Stocks & MLP Interests (Cost $544,253,966)		598,391,246
TOTAL INVESTMENTS—136.7% (Cost $544,253,966)				598,391,246
		Secured borrowings—(30.8)%		(135,000,000)
		Mandatory Redeemable Preferred Shares at liquidation value—(8.0)%		(35,000,000)
		Other assets less other liabilities—2.1%		9,392,840
NET ASSETS APPLICABLE TO COMMON STOCK—100.0%				$437,784,086

(1)	All or a portion of securities is segregated as collateral for borrowings. The value of securities segregated as collateral is $338,240,539.
(2)	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, 2023

(Unaudited)

Sector Allocation*
Electric, Gas and Water	59%
Oil & Gas Storage, Transportation and Production	26
Railroads	6
Multi-Utilities	4
Highways & Railtracks	3
Telecom Tower REITs	2
Total	100%

    

Country Weightings*
United States	81%
Canada	7
Australia	6
Germany	2
Portugal	1
Spain	1
Denmark	1
United Kingdom	1
Total	100%

    

Currency Exposure*
United States Dollar	81%
Canadian Dollar	7
Australian Dollar	6
Euro	4
Danish Krone	1
United Kingdom Pound Sterling	1
Total	100%

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

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, 2023

(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 of 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 Fund’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, 2023:

	Level 1
Common stocks & MLP interests	$598,391,246
Total investments	$598,391,246

There were no Level 2 or 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.

4