# EDGAR Filing Document

**Accession Number:** 0000765443
**File Stem:** 0001140361-23-005183
**Filing Date:** 2023-2
**Character Count:** 29685
**Document Hash:** 4752a9407a56c360c5cf0c402479f4ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-005183.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001140361-23-005183

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DUFF & PHELPS INVESTMENT MANAGEMENT CO
- **CENTRAL INDEX KEY:** 0000765443
- **IRS NUMBER:** 363027981
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01420
- **FILM NUMBER:** 23598394

**BUSINESS ADDRESS:**
- **STREET 1:** 200 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3122632610

**MAIL ADDRESS:**
- **STREET 1:** 200 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 500
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** DUFF  PHELPS INVESTMENT MANAGEMENT CO<br>**Address:** 200 SOUTH WACKER DRIVE<br>SUITE 500<br>CHICAGO, IL 60606

**Form 13F File Number:** 028-01420

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kathleen Hegyi<br>**Title:** Chief Compliance Officer<br>**Phone:** 312-917-6541

**Signature, Place, and Date of Signing:**

/s/ Kathleen Hegyi  Chicago, IL  02-06-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 239

**Form 13F Information Table Value Total:** $8228300629

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                        | Form 13F File Number   |
|:---|:---|:---|
|  | Virtus Investment Advisers Inc.             | 028-00085              |
|  | VIRTUS ALTERNATIVE INVESTMENT ADVISERS INC. | 028-17877              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M COMPANY | Common Stock | 88579Y101 |  | 720599 | 6009 | SH |  | SOLE |  | 6009 | 0 | 0 |
| ABBOTT LABS | Common Stock | 002824100 |  | 2087767 | 19016 | SH |  | SOLE |  | 19016 | 0 | 0 |
| ABBVIE INC | Common Stock | 00287Y109 |  | 3054267 | 18899 | SH |  | SOLE |  | 18899 | 0 | 0 |
| ACCENTURE PLC CLASS A | Common Stock | G1151C101 |  | 1788095 | 6701 | SH |  | SOLE |  | 6701 | 0 | 0 |
| ADOBE INC | Common Stock | 00724F101 |  | 1705871 | 5069 | SH |  | SOLE |  | 5069 | 0 | 0 |
| ADV MICRO DEVICES | Common Stock | 007903107 |  | 1124407 | 17360 | SH |  | SOLE |  | 17360 | 0 | 0 |
| ADVANCED DRAINAGE COM USD0.01 | Common Stock | 00790R104 |  | 11902044 | 145200 | SH |  | SOLE |  | 145200 | 0 | 0 |
| AECOM | Common Stock | 00766T100 |  | 14641932 | 172400 | SH |  | SOLE |  | 172400 | 0 | 0 |
| AGILENT TECHN INC | Common Stock | 00846U101 |  | 9068790 | 60600 | SH |  | SOLE |  | 60600 | 0 | 0 |
| ALEXANDRIA REAL ESTA REIT | REIT | 015271109 |  | 58864942 | 410166 | SH |  | OTR | 1 | 106620 | 102606 | 200940 |
| ALLIANT ENERGY CORP | Common Stock | 018802108 |  | 123829681 | 2242885 | SH |  | SOLE |  | 2242885 | 0 | 0 |
| ALPHABET INC CLASS A | Common Stock | 02079K305 |  | 3841975 | 43545 | SH |  | SOLE |  | 43545 | 0 | 0 |
| ALPHABET INC CLASS C | Common Stock | 02079K107 |  | 3694274 | 41635 | SH |  | SOLE |  | 41635 | 0 | 0 |
| ALTRIA GROUP INC | Common Stock | 02209S103 |  | 905241 | 19804 | SH |  | SOLE |  | 19804 | 0 | 0 |
| AMAZON COM INC | Common Stock | 023135106 |  | 6335700 | 75425 | SH |  | SOLE |  | 75425 | 0 | 0 |
| AMEREN CORPORATION | Common Stock | 023608102 |  | 145622150 | 1637676 | SH |  | OTR | 1 | 1467060 | 129470 | 41146 |
| AMERICAN EXPRESS CO | Common Stock | 025816109 |  | 968501 | 6555 | SH |  | SOLE |  | 6555 | 0 | 0 |
| AMERICAN HOMES 4 R CL A | REIT | 02665T306 |  | 94750241 | 3187830 | SH |  | OTR | 1 | 837310 | 796100 | 1554420 |
| AMERICAN TOWER CORP | REIT | 03027X100 |  | 141837516 | 669487 | SH |  | OTR | 1 | 347635 | 217456 | 104396 |
| AMERICAN WTR WKS CO | Common Stock | 030420103 |  | 112771748 | 739875 | SH |  | SOLE |  | 739875 | 0 | 0 |
| AMERN ELEC PWR INC | Common Stock | 025537101 |  | 151948010 | 1600295 | SH |  | OTR | 1 | 1316850 | 215045 | 68400 |
| AMERN INTL GROUP INC | Common Stock | 026874784 |  | 535263 | 8464 | SH |  | SOLE |  | 8464 | 0 | 0 |
| AMGEN INC | Common Stock | 031162100 |  | 1524363 | 5804 | SH |  | SOLE |  | 5804 | 0 | 0 |
| APARTMENT INCOME REIT WHEN ISSUED | REIT | 03750L109 |  | 74040344 | 2181964 | SH |  | OTR | 1 | 668320 | 586626 | 927018 |
| APPLE INC | Common Stock | 037833100 |  | 10546418 | 81170 | SH |  | SOLE |  | 81170 | 0 | 0 |
| AT INC | Common Stock | 00206R102 |  | 43565093 | 2366382 | SH |  | SOLE |  | 2366382 | 0 | 0 |
| ATMOS ENERGY CORP | Common Stock | 049560105 |  | 118482197 | 1057216 | SH |  | OTR | 1 | 906550 | 114744 | 35922 |
| AVALONBAY COMMUNTIES REIT | REIT | 053484101 |  | 121504338 | 762993 | SH |  | OTR | 1 | 197804 | 185509 | 379680 |
| BADGER METER INC | Common Stock | 056525108 |  | 16627075 | 152500 | SH |  | SOLE |  | 152500 | 0 | 0 |
| BANK OF AMERICA CORP | Common Stock | 060505104 |  | 2514239 | 75913 | SH |  | SOLE |  | 75913 | 0 | 0 |
| BCE INC | Common Stock | 05534B760 |  | 46844767 | 1065865 | SH |  | SOLE |  | 1065865 | 0 | 0 |
| BERKSHIRE HATHAWAY CLASS B | Common Stock | 084670702 |  | 1268652 | 4107 | SH |  | SOLE |  | 4107 | 0 | 0 |
| BLACK HILLS CORP | Common Stock | 092113109 |  | 39861678 | 566700 | SH |  | SOLE |  | 566700 | 0 | 0 |
| BLACKROCK INC | Common Stock | 09247X101 |  | 1162153 | 1640 | SH |  | SOLE |  | 1640 | 0 | 0 |
| BOEING CO | Common Stock | 097023105 |  | 1121034 | 5885 | SH |  | SOLE |  | 5885 | 0 | 0 |
| BOOKING HLDGS INC | Common Stock | 09857L108 |  | 888738 | 441 | SH |  | SOLE |  | 441 | 0 | 0 |
| BOSTON PROPERTIES | REIT | 101121101 |  | 7167535 | 106060 | SH |  | OTR | 1 | 60340 | 29340 | 16380 |
| BRISTOL MYERS SQUIBB | Common Stock | 110122108 |  | 1661469 | 23092 | SH |  | SOLE |  | 23092 | 0 | 0 |
| BRIXMOR PROPERTY G COM USD0.01 | REIT | 11120U105 |  | 85802461 | 3842137 | SH |  | OTR | 1 | 955101 | 894781 | 1992255 |
| BROADCOM INC | Common Stock | 11135F101 |  | 2472473 | 4422 | SH |  | SOLE |  | 4422 | 0 | 0 |
| CAPITAL ONE FINL CO | Common Stock | 14040H105 |  | 396103 | 4261 | SH |  | SOLE |  | 4261 | 0 | 0 |
| CATERPILLAR INC | Common Stock | 149123101 |  | 1383459 | 5775 | SH |  | SOLE |  | 5775 | 0 | 0 |
| CDN NATL RAILWAY | Common Stock | 136375102 |  | 28948832 | 243683 | SH |  | OTR | 1 | 115770 | 97550 | 30363 |
| CDN PACIFIC RAILWAY | Common Stock | 13645T100 |  | 34537281 | 463326 | SH |  | OTR | 1 | 260000 | 154776 | 48550 |
| CENTERPOINT ENERGY | Master Ltd Part | 15189T107 |  | 166260151 | 5543853 | SH |  | OTR | 1 | 4731870 | 600804 | 211179 |
| CHART INDS INC | Master Ltd Part | 16115Q308 |  | 426005 | 3697 | SH |  | SOLE |  | 3697 | 0 | 0 |
| CHARTER COMMUNICATIO CL A | Common Stock | 16119P108 |  | 430657 | 1270 | SH |  | SOLE |  | 1270 | 0 | 0 |
| CHENIERE ENERGY INC | Master Ltd Part | 16411R208 |  | 130262604 | 868649 | SH |  | OTR | 1 | 639852 | 174800 | 53997 |
| CHEVRON CORP | Common Stock | 166764100 |  | 3493414 | 19463 | SH |  | SOLE |  | 19463 | 0 | 0 |
| CISCO SYSTEMS INC | Common Stock | 17275R102 |  | 2136321 | 44843 | SH |  | SOLE |  | 44843 | 0 | 0 |
| CITIGROUP INC | Common Stock | 172967424 |  | 990311 | 21895 | SH |  | SOLE |  | 21895 | 0 | 0 |
| CMS ENERGY CORP | Common Stock | 125896100 |  | 131067388 | 2069594 | SH |  | OTR | 1 | 1864530 | 156244 | 48820 |
| COCA-COLA CO | Common Stock | 191216100 |  | 2654763 | 41735 | SH |  | SOLE |  | 41735 | 0 | 0 |
| COLGATE PALMOLIVE CO | Common Stock | 194162103 |  | 716910 | 9099 | SH |  | SOLE |  | 9099 | 0 | 0 |
| COMCAST CORP CLASS A | Common Stock | 20030N101 |  | 39785194 | 1137695 | SH |  | SOLE |  | 1137695 | 0 | 0 |
| COMPANHIA DE SANEAME ADR | ADR | 20441A102 |  | 7462000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| CONOCOPHILLIPS | Common Stock | 20825C104 |  | 1644920 | 13940 | SH |  | SOLE |  | 13940 | 0 | 0 |
| CORE  MAIN INC CLASS A COMMON STOCK | Common Stock | 21874C102 |  | 11972200 | 620000 | SH |  | SOLE |  | 620000 | 0 | 0 |
| COSTCO WHSL CORP | Common Stock | 22160K105 |  | 2167919 | 4749 | SH |  | SOLE |  | 4749 | 0 | 0 |
| COUSINS PPTYS INC | REIT | 222795502 |  | 67391504 | 2699450 | SH |  | OTR | 1 | 736620 | 666046 | 1296784 |
| CROWN CASTLE INC | REIT | 22822V101 |  | 114303285 | 842696 | SH |  | OTR | 1 | 613955 | 173672 | 55069 |
| CUBESMART | REIT | 229663109 |  | 127358579 | 3211958 | SH |  | OTR | 1 | 813328 | 764325 | 1634305 |
| CVS HEALTH CORP | Common Stock | 126650100 |  | 1297484 | 13923 | SH |  | SOLE |  | 13923 | 0 | 0 |
| DANAHER CORP | Common Stock | 235851102 |  | 45716472 | 172242 | SH |  | SOLE |  | 172242 | 0 | 0 |
| DCP MIDSTREAM LP COM UT LTD PTN | Master Ltd Part | 23311P100 |  | 17830910 | 459678 | SH |  | SOLE |  | 459678 | 0 | 0 |
| DEERE  CO | Common Stock | 244199105 |  | 11147760 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| DIGITAL RLTY TR INC | REIT | 253868103 |  | 1010220 | 10075 | SH |  | SOLE |  | 10075 | 0 | 0 |
| DOMINION ENERGY INC | Master Ltd Part | 25746U109 |  | 111613254 | 1820177 | SH |  | OTR | 1 | 1334405 | 367088 | 118684 |
| DOUGLAS EMMETT INC | REIT | 25960P109 |  | 37863018 | 2450915 | SH |  | OTR | 1 | 591121 | 577813 | 1281981 |
| DOW INC | Common Stock | 260557103 |  | 406446 | 8066 | SH |  | SOLE |  | 8066 | 0 | 0 |
| DT MIDSTREAM INC | Master Ltd Part | 23345M107 |  | 35786265 | 647598 | SH |  | OTR | 1 | 467003 | 137125 | 43470 |
| DTE ENERGY CO | Common Stock | 233331107 |  | 90880895 | 773257 | SH |  | OTR | 1 | 676250 | 73137 | 23870 |
| DUKE ENERGY CORP | Common Stock | 26441C204 |  | 17065855 | 165704 | SH |  | SOLE |  | 165704 | 0 | 0 |
| EASTGROUP PROPERTIES | REIT | 277276101 |  | 1854452 | 12525 | SH |  | SOLE |  | 12525 | 0 | 0 |
| ECOLAB INC | Common Stock | 278865100 |  | 13711752 | 94200 | SH |  | SOLE |  | 94200 | 0 | 0 |
| EMERSON ELEC CO | Common Stock | 291011104 |  | 608636 | 6336 | SH |  | SOLE |  | 6336 | 0 | 0 |
| ENBRIDGE INC | Master Ltd Part | 29250N105 |  | 59802199 | 1529468 | SH |  | OTR | 1 | 905454 | 474230 | 149784 |
| ENERGY TRANSFER L P COM UT LTD PTN | Master Ltd Part | 29273V100 |  | 87387866 | 7362078 | SH |  | SOLE |  | 7362078 | 0 | 0 |
| ENLINK MIDSTREAM LLC UNIT REP STG LTD LIA | Master Ltd Part | 29336T100 |  | 10651800 | 866000 | SH |  | SOLE |  | 866000 | 0 | 0 |
| ENPHASE ENERGY | Common Stock | 29355A107 |  | 472954 | 1785 | SH |  | SOLE |  | 1785 | 0 | 0 |
| ENTERGY CORP | Master Ltd Part | 29364G103 |  | 85925250 | 763780 | SH |  | OTR | 1 | 638851 | 94546 | 30383 |
| ENTERPRISE PRODS | Master Ltd Part | 293792107 |  | 59929565 | 2484642 | SH |  | SOLE |  | 2484642 | 0 | 0 |
| ENVIVA INC | Master Ltd Part | 29415B103 |  | 20279088 | 382841 | SH |  | SOLE |  | 382841 | 0 | 0 |
| EQUINIX INC | REIT | 29444U700 |  | 253448224 | 391337 | SH |  | OTR | 1 | 157323 | 79773 | 154241 |
| EQUITRANS MIDST CORP | Master Ltd Part | 294600101 |  | 354430 | 52900 | SH |  | SOLE |  | 52900 | 0 | 0 |
| EQUITY LIFESTYLE PPT | REIT | 29472R108 |  | 387600 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| EQUITY RESIDENTIAL SH BEN INT | REIT | 29476L107 |  | 42150089 | 721598 | SH |  | OTR | 1 | 236564 | 192189 | 292845 |
| ESSENTIAL UTILITIES | Common Stock | 29670G102 |  | 117986555 | 2471958 | SH |  | SOLE |  | 2471958 | 0 | 0 |
| EVERGY INC | Common Stock | 30034W106 |  | 67552586 | 1073456 | SH |  | SOLE |  | 1073456 | 0 | 0 |
| EVERSOURCE ENERGY | Common Stock | 30040W108 |  | 146767705 | 1750569 | SH |  | OTR | 1 | 1466025 | 213558 | 70986 |
| EVOQUA WATER TECHNOL | Common Stock | 30057T105 |  | 15634080 | 394800 | SH |  | SOLE |  | 394800 | 0 | 0 |
| EXTRA SPACE STORAGE REIT | REIT | 30225T102 |  | 120219538 | 828496 | SH |  | OTR | 1 | 215172 | 192710 | 420614 |
| EXXON MOBIL CORP | Common Stock | 30231G102 |  | 5001223 | 45342 | SH |  | SOLE |  | 45342 | 0 | 0 |
| FEDEX CORP | Common Stock | 31428X106 |  | 448761 | 2591 | SH |  | SOLE |  | 2591 | 0 | 0 |
| FIRST SOLAR | Common Stock | 336433107 |  | 314559 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| FIRSTENERGY CORP | Common Stock | 337932107 |  | 47748690 | 1138500 | SH |  | SOLE |  | 1138500 | 0 | 0 |
| FORD MOTOR CO | Common Stock | 345370860 |  | 483645 | 41586 | SH |  | SOLE |  | 41586 | 0 | 0 |
| FORTIS INC | Common Stock | 349553107 |  | 39262956 | 981900 | SH |  | SOLE |  | 981900 | 0 | 0 |
| FORTUNE BRANDS INNOV | Common Stock | 34964C106 |  | 7264392 | 127200 | SH |  | SOLE |  | 127200 | 0 | 0 |
| FRANKLIN ELEC INC | Common Stock | 353514102 |  | 9705575 | 121700 | SH |  | SOLE |  | 121700 | 0 | 0 |
| GENERAL DYNAMICS | Common Stock | 369550108 |  | 610102 | 2459 | SH |  | SOLE |  | 2459 | 0 | 0 |
| GENERAL ELECTRIC CO COM NEW | Common Stock | 369604301 |  | 972634 | 11608 | SH |  | SOLE |  | 11608 | 0 | 0 |
| GENERAL MOTORS CO | Common Stock | 37045V100 |  | 524851 | 15602 | SH |  | SOLE |  | 15602 | 0 | 0 |
| GENESIS ENERGY L P UNIT | Master Ltd Part | 371927104 |  | 377770 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| GILEAD SCIENCES INC | Common Stock | 375558103 |  | 1151849 | 13417 | SH |  | SOLE |  | 13417 | 0 | 0 |
| GOLAR LNG LTD ORDINARY | Master Ltd Part | G9456A100 |  | 12168948 | 533960 | SH |  | SOLE |  | 533960 | 0 | 0 |
| GOLDMAN SACHS GROUP | Common Stock | 38141G104 |  | 1291109 | 3760 | SH |  | SOLE |  | 3760 | 0 | 0 |
| HEALTHPEAK PROPERTIE COM USD1 | REIT | 42250P103 |  | 80195804 | 3240369 | SH |  | OTR | 1 | 895874 | 839590 | 1504905 |
| HESS MIDSTREAM LP CLASS A SHARE REPRES | Master Ltd Part | 428103105 |  | 19726585 | 659311 | SH |  | SOLE |  | 659311 | 0 | 0 |
| HOME DEPOT INC | Common Stock | 437076102 |  | 3534789 | 11191 | SH |  | SOLE |  | 11191 | 0 | 0 |
| HONEYWELL INTL INC | Common Stock | 438516106 |  | 1553461 | 7249 | SH |  | SOLE |  | 7249 | 0 | 0 |
| HOST HOTELS  RESRTS REIT | REIT | 44107P104 |  | 32606737 | 2061267 | SH |  | OTR | 1 | 530373 | 499454 | 1031440 |
| IDEX CORP | Common Stock | 45167R104 |  | 23791986 | 104200 | SH |  | SOLE |  | 104200 | 0 | 0 |
| INTEL CORP | Common Stock | 458140100 |  | 1152374 | 43601 | SH |  | SOLE |  | 43601 | 0 | 0 |
| INTL BUSINESS MCHN | Common Stock | 459200101 |  | 1356771 | 9630 | SH |  | SOLE |  | 9630 | 0 | 0 |
| INVESCO DB COMMODITY INDEX TRAC | ETF | 46138B103 |  | 2447104 | 99274 | SH |  | SOLE |  | 99274 | 0 | 0 |
| INVESCO DB MULTI-SEC AGRICULTURE FD | ETF | 46140H106 |  | 795925 | 39500 | SH |  | SOLE |  | 39500 | 0 | 0 |
| INVESCO DB MULTI-SEC GOLD FD | ETF | 46140H601 |  | 802964 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| INVITATION HOMES | REIT | 46187W107 |  | 68147990 | 2336027 | SH |  | OTR | 1 | 538878 | 533820 | 1263329 |
| ISHARES RUS 2000 GRW ETF | ETF | 464287648 |  | 10054552 | 46870 | SH |  | SOLE |  | 46870 | 0 | 0 |
| ISHARES RUS 2000 VAL ETF | ETF | 464287630 |  | 19530283 | 140840 | SH |  | SOLE |  | 140840 | 0 | 0 |
| ISHARES S MC 400GR ETF | ETF | 464287606 |  | 11800874 | 172780 | SH |  | SOLE |  | 172780 | 0 | 0 |
| ISHARES S MC 400VL ETF | ETF | 464287705 |  | 23908248 | 237185 | SH |  | SOLE |  | 237185 | 0 | 0 |
| ISHARES TRUST CORE S TOTAL US STK MKT | ETF | 464287150 |  | 64245752 | 757615 | SH |  | SOLE |  | 757615 | 0 | 0 |
| JOHNSON  JOHNSON | Common Stock | 478160104 |  | 5025516 | 28449 | SH |  | SOLE |  | 28449 | 0 | 0 |
| JPMORGAN CHASE  CO | Common Stock | 46625H100 |  | 4246277 | 31665 | SH |  | SOLE |  | 31665 | 0 | 0 |
| KEYERA CORP | Master Ltd Part | 493271100 |  | 18897112 | 865314 | SH |  | SOLE |  | 865314 | 0 | 0 |
| KIMCO REALTY CORP | REIT | 49446R109 |  | 14661643 | 692240 | SH |  | OTR | 1 | 325612 | 236990 | 129638 |
| KINDER MORGAN INC | Master Ltd Part | 49456B101 |  | 26351528 | 1457496 | SH |  | SOLE |  | 1457496 | 0 | 0 |
| KRAFT HEINZ CO | Common Stock | 500754106 |  | 342045 | 8402 | SH |  | SOLE |  | 8402 | 0 | 0 |
| LILLY ELI  CO | Common Stock | 532457108 |  | 3108908 | 8498 | SH |  | SOLE |  | 8498 | 0 | 0 |
| LINDE PLC SHS | Common Stock | G5494J103 |  | 1418883 | 4350 | SH |  | SOLE |  | 4350 | 0 | 0 |
| LINDSAY CORP COM USD1 | Common Stock | 535555106 |  | 17424950 | 107000 | SH |  | SOLE |  | 107000 | 0 | 0 |
| LOCKHEED MARTIN CORP | Common Stock | 539830109 |  | 1260009 | 2590 | SH |  | SOLE |  | 2590 | 0 | 0 |
| LOWES CO | Common Stock | 548661107 |  | 1394879 | 7001 | SH |  | SOLE |  | 7001 | 0 | 0 |
| MAGELLAN MIDSTREAM | Master Ltd Part | 559080106 |  | 24708542 | 492104 | SH |  | SOLE |  | 492104 | 0 | 0 |
| MARATHON PETROLEUM | Master Ltd Part | 56585A102 |  | 13072576 | 112317 | SH |  | SOLE |  | 112317 | 0 | 0 |
| MASTERCARD INC CLASS A | Common Stock | 57636Q104 |  | 3230064 | 9289 | SH |  | SOLE |  | 9289 | 0 | 0 |
| MCDONALDS CORP | Common Stock | 580135101 |  | 2104024 | 7984 | SH |  | SOLE |  | 7984 | 0 | 0 |
| MEDTRONIC PLC ORDINARY SHS $0.0001 | Common Stock | G5960L103 |  | 1108054 | 14257 | SH |  | SOLE |  | 14257 | 0 | 0 |
| MERCK  CO INC | Common Stock | 58933Y105 |  | 3037478 | 27377 | SH |  | SOLE |  | 27377 | 0 | 0 |
| META PLATFORMS INC COM USD0.000006 CL A | Common Stock | 30303M102 |  | 2966381 | 24650 | SH |  | SOLE |  | 24650 | 0 | 0 |
| METLIFE INC | Common Stock | 59156R108 |  | 529966 | 7323 | SH |  | SOLE |  | 7323 | 0 | 0 |
| MICROSOFT CORP | Common Stock | 594918104 |  | 10567428 | 44064 | SH |  | SOLE |  | 44064 | 0 | 0 |
| MID-AMER APT CMNTYS REIT | REIT | 59522J103 |  | 135693098 | 876510 | SH |  | OTR | 1 | 222585 | 217780 | 436145 |
| MONDELEZ INTL INC | Common Stock | 609207105 |  | 1013880 | 15212 | SH |  | SOLE |  | 15212 | 0 | 0 |
| MORGAN STANLEY | Common Stock | 617446448 |  | 1232875 | 14501 | SH |  | SOLE |  | 14501 | 0 | 0 |
| MPLX LP | Master Ltd Part | 55336V100 |  | 60664872 | 1847286 | SH |  | SOLE |  | 1847286 | 0 | 0 |
| MUELLER WTR PRODS | Common Stock | 624758108 |  | 6895008 | 640800 | SH |  | SOLE |  | 640800 | 0 | 0 |
| NETFLIX INC | Common Stock | 64110L106 |  | 1398911 | 4744 | SH |  | SOLE |  | 4744 | 0 | 0 |
| NEW FORTRESS ENERG CL A COMMON | Master Ltd Part | 644393100 |  | 9998012 | 235691 | SH |  | SOLE |  | 235691 | 0 | 0 |
| NEW JERSEY RES CORP | Common Stock | 646025106 |  | 48305070 | 973500 | SH |  | SOLE |  | 973500 | 0 | 0 |
| NEXTERA ENERGY INC | Master Ltd Part | 65339F101 |  | 197989546 | 2368296 | SH |  | OTR | 1 | 1713913 | 499064 | 155319 |
| NEXTERA ENERGY LPU COM UNIT RP IN | Master Ltd Part | 65341B106 |  | 46219449 | 659430 | SH |  | SOLE |  | 659430 | 0 | 0 |
| NIKE INC CLASS B | Common Stock | 654106103 |  | 1596133 | 13641 | SH |  | SOLE |  | 13641 | 0 | 0 |
| NISOURCE INC | Common Stock | 65473P105 |  | 68530258 | 2499280 | SH |  | SOLE |  | 2499280 | 0 | 0 |
| NORFOLK SOUTHERN | Common Stock | 655844108 |  | 10533962 | 42748 | SH |  | OTR | 1 | 0 | 32744 | 10004 |
| NORTHWEST NATURAL HL | Common Stock | 66765N105 |  | 38072000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| NVIDIA CORP | Common Stock | 67066G104 |  | 3932627 | 26910 | SH |  | SOLE |  | 26910 | 0 | 0 |
| OGE ENERGY CORP | Common Stock | 670837103 |  | 92484392 | 2338417 | SH |  | SOLE |  | 2338417 | 0 | 0 |
| ONE GAS INC | Common Stock | 68235P108 |  | 43614720 | 576000 | SH |  | SOLE |  | 576000 | 0 | 0 |
| ONEOK INC | Master Ltd Part | 682680103 |  | 38729690 | 589493 | SH |  | OTR | 1 | 419441 | 125146 | 44906 |
| ORACLE CORP | Common Stock | 68389X105 |  | 1350263 | 16519 | SH |  | SOLE |  | 16519 | 0 | 0 |
| PAYPAL HLDGS INC COM | Common Stock | 70450Y103 |  | 888327 | 12473 | SH |  | SOLE |  | 12473 | 0 | 0 |
| PEMBINA PIPELINE | Master Ltd Part | 706327103 |  | 74264747 | 2189380 | SH |  | OTR | 1 | 1672336 | 393014 | 124030 |
| PENTAIR PLC | Common Stock | G7S00T104 |  | 11015602 | 244900 | SH |  | SOLE |  | 244900 | 0 | 0 |
| PEPSICO INC | Common Stock | 713448108 |  | 2660580 | 14727 | SH |  | SOLE |  | 14727 | 0 | 0 |
| PFIZER INC | Common Stock | 717081103 |  | 3110934 | 60713 | SH |  | SOLE |  | 60713 | 0 | 0 |
| PG CORP | Common Stock | 69331C108 |  | 53913282 | 3315700 | SH |  | SOLE |  | 3315700 | 0 | 0 |
| PHILIP MORRIS INTL | Common Stock | 718172109 |  | 1674317 | 16543 | SH |  | SOLE |  | 16543 | 0 | 0 |
| PINNACLE WEST CAP | Common Stock | 723484101 |  | 61626618 | 810450 | SH |  | SOLE |  | 810450 | 0 | 0 |
| PLAINS ALL AMERN PIP UNIT | Master Ltd Part | 726503105 |  | 28693224 | 2439900 | SH |  | SOLE |  | 2439900 | 0 | 0 |
| PLAINS GP HLDINGS LP CL A SHS LPI | Master Ltd Part | 72651A207 |  | 1357241 | 109103 | SH |  | SOLE |  | 109103 | 0 | 0 |
| PLUG POWER INC | Common Stock | 72919P202 |  | 204674 | 16546 | SH |  | SOLE |  | 16546 | 0 | 0 |
| PPL CORP COM | Common Stock | 69351T106 |  | 14090907 | 482235 | SH |  | SOLE |  | 482235 | 0 | 0 |
| PROCTER AND GAMBLE COM | Common Stock | 742718109 |  | 3896759 | 25711 | SH |  | SOLE |  | 25711 | 0 | 0 |
| PROLOGIS INC | REIT | 74340W103 |  | 363222818 | 3271778 | SH |  | OTR | 1 | 813325 | 769130 | 1689323 |
| PUBLIC STORAGE REIT COMMON | REIT | 74460D109 |  | 84963088 | 306605 | SH |  | OTR | 1 | 97660 | 83950 | 124995 |
| PUBLIC SVC ENTERPR | Common Stock | 744573106 |  | 122644220 | 2001701 | SH |  | OTR | 1 | 1795650 | 157948 | 48103 |
| QUALCOMM INC | Common Stock | 747525103 |  | 1319060 | 11998 | SH |  | SOLE |  | 11998 | 0 | 0 |
| RAYTHEON TECHNOLOGIE COM USD1 | Common Stock | 75513E101 |  | 1633390 | 16185 | SH |  | SOLE |  | 16185 | 0 | 0 |
| REALTY INCOME CORP | REIT | 756109104 |  | 48483931 | 773613 | SH |  | OTR | 1 | 221740 | 200279 | 351594 |
| REGENCY CENTERS CORP REIT | REIT | 758849103 |  | 73622229 | 1194906 | SH |  | OTR | 1 | 311975 | 274850 | 608081 |
| REXFORD INDUSTRIAL COM USD0.01 | REIT | 76169C100 |  | 88219487 | 1631383 | SH |  | OTR | 1 | 522343 | 445000 | 664040 |
| RYMAN HOSPITALITY | REIT | 78377T107 |  | 40064920 | 499136 | SH |  | OTR | 1 | 112290 | 102022 | 284824 |
| SALESFORCE INC | Common Stock | 79466L302 |  | 1428657 | 10775 | SH |  | SOLE |  | 10775 | 0 | 0 |
| SBA COMMUNICATIONS COM USD0.01 CL A | REIT | 78410G104 |  | 40279706 | 143697 | SH |  | OTR | 1 | 47277 | 46000 | 50420 |
| SCHWAB CHARLES CORP COM | Common Stock | 808513105 |  | 1338821 | 16080 | SH |  | SOLE |  | 16080 | 0 | 0 |
| SCHWAB STRATEGIC T US TIPS ETF | ETF | 808524870 |  | 580048 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| SEMPRA | Master Ltd Part | 816851109 |  | 156709433 | 1014038 | SH |  | OTR | 1 | 829101 | 140820 | 44117 |
| SIMON PPTY INC | REIT | 828806109 |  | 56977416 | 490441 | SH |  | OTR | 1 | 152105 | 129183 | 209153 |
| SJW GROUP | Common Stock | 784305104 |  | 7976024 | 98239 | SH |  | SOLE |  | 98239 | 0 | 0 |
| SOLAREDGE TECHNOLO | Common Stock | 83417M104 |  | 364568 | 1287 | SH |  | SOLE |  | 1287 | 0 | 0 |
| SOUTHERN CO | Common Stock | 842587107 |  | 103782438 | 1453332 | SH |  | OTR | 1 | 1245940 | 154704 | 52688 |
| SPDR INDEX SHARES S GL NAT RES ETF | ETF | 78463X541 |  | 2329267 | 40850 | SH |  | SOLE |  | 40850 | 0 | 0 |
| SPDR SERIES TRUST PORTFOLIO INTERMEDIA | ETF | 78464A375 |  | 10760291 | 338055 | SH |  | SOLE |  | 338055 | 0 | 0 |
| SPIRE INC COM USD1 | Common Stock | 84857L101 |  | 53458772 | 776340 | SH |  | SOLE |  | 776340 | 0 | 0 |
| SPIRIT REALTY CAPI | REIT | 84860W300 |  | 70558519 | 1792317 | SH |  | OTR | 1 | 442376 | 443023 | 906918 |
| STANTEC INC | Common Stock | 85472N109 |  | 24980919 | 521700 | SH |  | SOLE |  | 521700 | 0 | 0 |
| STARBUCKS CORP | Common Stock | 855244109 |  | 1244166 | 12542 | SH |  | SOLE |  | 12542 | 0 | 0 |
| SUN COMMUNITIES | REIT | 866674104 |  | 158475701 | 1124523 | SH |  | OTR | 1 | 287298 | 259732 | 577493 |
| SUNRUN INC COM USD0.0001 | Master Ltd Part | 86771W105 |  | 519865 | 21643 | SH |  | SOLE |  | 21643 | 0 | 0 |
| TARGA RESOURCES IN | Master Ltd Part | 87612G101 |  | 101798750 | 1385017 | SH |  | OTR | 1 | 1214890 | 127795 | 42332 |
| TARGET CORPORATION | Common Stock | 87612E106 |  | 783652 | 5258 | SH |  | SOLE |  | 5258 | 0 | 0 |
| TELUS CORP | Common Stock | 87971M103 |  | 45309742 | 2349500 | SH |  | SOLE |  | 2349500 | 0 | 0 |
| TERRENO RLTY CORP | REIT | 88146M101 |  | 1981920 | 34850 | SH |  | SOLE |  | 34850 | 0 | 0 |
| TESLA INC COM | Common Stock | 88160R101 |  | 3546845 | 28794 | SH |  | SOLE |  | 28794 | 0 | 0 |
| TETRA TECH INC | Common Stock | 88162G103 |  | 30054330 | 207000 | SH |  | SOLE |  | 207000 | 0 | 0 |
| TEXAS INSTRUMENTS | Common Stock | 882508104 |  | 1638982 | 9920 | SH |  | SOLE |  | 9920 | 0 | 0 |
| THERMO FISHER SCI | Common Stock | 883556102 |  | 12499011 | 22697 | SH |  | SOLE |  | 22697 | 0 | 0 |
| T-MOBILE US INC | Common Stock | 872590104 |  | 876260 | 6259 | SH |  | SOLE |  | 6259 | 0 | 0 |
| TRANSCANADA PIPELINE COM | Master Ltd Part | 87807B107 |  | 35210172 | 883346 | SH |  | OTR | 1 | 691000 | 145630 | 46716 |
| UNION PAC CORP | Common Stock | 907818108 |  | 11669637 | 56356 | SH |  | OTR | 1 | 6786 | 38061 | 11509 |
| UNITED PARCEL SERVIC CLASS B | Common Stock | 911312106 |  | 1356474 | 7803 | SH |  | SOLE |  | 7803 | 0 | 0 |
| UNITEDHEALTH GRP INC | Common Stock | 91324P102 |  | 5372844 | 10134 | SH |  | SOLE |  | 10134 | 0 | 0 |
| US BANCORP DEL | Common Stock | 902973304 |  | 630165 | 14450 | SH |  | SOLE |  | 14450 | 0 | 0 |
| VALERO ENERGY CORP | Master Ltd Part | 91913Y100 |  | 13315226 | 104960 | SH |  | SOLE |  | 104960 | 0 | 0 |
| VALMONT INDS INC | Common Stock | 920253101 |  | 16864170 | 51000 | SH |  | SOLE |  | 51000 | 0 | 0 |
| VANGUARD FTSE EMERGING MARKETS ETF | ETF | 922042858 |  | 6111674 | 156790 | SH |  | SOLE |  | 156790 | 0 | 0 |
| VANGUARD INDEX TR TOTAL STOCK MARKET | ETF | 922908769 |  | 28146992 | 147220 | SH |  | SOLE |  | 147220 | 0 | 0 |
| VANGUARD INTL EQUITY ETF ALL-WORLD EX-US | ETF | 922042775 |  | 40649501 | 810720 | SH |  | SOLE |  | 810720 | 0 | 0 |
| VANGUARD TAX MANAGED FTSE DEV MKT ETF | ETF | 921943858 |  | 25824141 | 615300 | SH |  | SOLE |  | 615300 | 0 | 0 |
| VENTAS INC | REIT | 92276F100 |  | 109877139 | 2473075 | SH |  | OTR | 1 | 678225 | 606100 | 1188750 |
| VERIZON COMMUNICATIO | Common Stock | 92343V104 |  | 54553792 | 1384614 | SH |  | SOLE |  | 1384614 | 0 | 0 |
| VICI PPTYS INC COM | REIT | 925652109 |  | 43982353 | 1382225 | SH |  | OTR | 1 | 371777 | 319787 | 690661 |
| VISA INC CLASS A | Common Stock | 92826C839 |  | 3685039 | 17737 | SH |  | SOLE |  | 17737 | 0 | 0 |
| VODAFONE GRP PLC ADR | ADR | 92857W308 |  | 7915864 | 782200 | SH |  | SOLE |  | 782200 | 0 | 0 |
| WALGREENS BOOTS ALNC | Common Stock | 931427108 |  | 294023 | 7870 | SH |  | SOLE |  | 7870 | 0 | 0 |
| WALMART INC | Common Stock | 931142103 |  | 2191506 | 15456 | SH |  | SOLE |  | 15456 | 0 | 0 |
| WALT DISNEY CO COM | Common Stock | 254687106 |  | 1691814 | 19473 | SH |  | SOLE |  | 19473 | 0 | 0 |
| WASTE MANAGEMENT INC | Common Stock | 94106L109 |  | 11562056 | 73700 | SH |  | SOLE |  | 73700 | 0 | 0 |
| WEC ENERGY GROUP INC | Common Stock | 92939U106 |  | 113072685 | 1205980 | SH |  | SOLE |  | 1205980 | 0 | 0 |
| WELLS FARGO  CO | Common Stock | 949746101 |  | 1347706 | 32640 | SH |  | SOLE |  | 32640 | 0 | 0 |
| WELLTOWER OP INC | REIT | 95040Q104 |  | 156698510 | 2427337 | SH |  | OTR | 1 | 625667 | 555870 | 1245800 |
| WESTERN MIDSTREAM PA COM UNITS REP LTD PT | Master Ltd Part | 958669103 |  | 22802416 | 849252 | SH |  | SOLE |  | 849252 | 0 | 0 |
| WILLIAMS COS INC | Master Ltd Part | 969457100 |  | 78933154 | 2399184 | SH |  | OTR | 1 | 2003873 | 301275 | 94036 |
| XCEL ENERGY INC | Common Stock | 98389B100 |  | 128198869 | 1828539 | SH |  | OTR | 1 | 1492262 | 255570 | 80707 |
| XYLEM INC | Common Stock | 98419M100 |  | 40445953 | 365795 | SH |  | SOLE |  | 365795 | 0 | 0 |
| ZURN ELKAY WATER SOL | Common Stock | 98983L108 |  | 16795215 | 794100 | SH |  | SOLE |  | 794100 | 0 | 0 |

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