# EDGAR Filing Document

**Accession Number:** 0000765443
**File Stem:** 0001021408-25-003426
**Filing Date:** 2025-8
**Character Count:** 62637
**Document Hash:** 35116b1554deb7ffce2fc49042d4e095
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001021408-25-003426.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001021408-25-003426

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DUFF & PHELPS INVESTMENT MANAGEMENT CO
- **CENTRAL INDEX KEY:** 0000765443

**ORGANIZATION NAME:**
- **EIN:** 363027981
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01420
- **FILM NUMBER:** 251254506

**BUSINESS ADDRESS:**
- **STREET 1:** 10 S. WACKER DR.
- **STREET 2:** 19TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-263-2610

**MAIL ADDRESS:**
- **STREET 1:** 10 S. WACKER DR.
- **STREET 2:** 19TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000765443

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Duff  Phelps Investment Management Co

**Address:** 10 S. Wacker Dr, Chicago, IL 60606

**Telephone number:** 312-263-2610

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-01420

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                           | VOTE CATEGORY                |     SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Advanced Drainage Systems, Inc.         | 00790R104 | 07/18/2024     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |     14           |                0 | FOR         |                             14           | FOR                         |  |
| Nextracker Inc.                         | 65290E101 | 08/19/2024     | The approval, on an advisory basis, of the compensation of our named executive officers; and                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |  10003           |                0 | FOR         |                          10003           | FOR                         |  |
| NIKE, Inc.                              | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |   2803           |                0 | FOR         |                           2803           | FOR                         |  |
| FedEx Corporation                       | 31428X106 | 09/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |    530           |                0 | FOR         |                            530           | FOR                         |  |
| The Procter  Gamble Company             | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay" vote)                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |   5413           |                0 | FOR         |                           5413           | FOR                         |  |
| Medtronic Plc                           | G5960L103 | 10/17/2024     | Approving, on an advisory basis, the Company's executive compensation;                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |   3037           |                0 | FOR         |                           3037           | FOR                         |  |
| Ferguson Enterprises Inc.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      5           |                0 | FOR         |                              5           | FOR                         |  |
| Ferguson Enterprises Inc.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |      5           |                0 | ONE YEAR    |                              5           | FOR                         |  |
| Atmos Energy Corporation                | 049560105 | 02/05/2025     | Proposal for an advisory vote by shareholders to approve the compensation of the Company's named executive officers for fiscal 2024 ("Say-on-Pay").                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   8029           |                0 | FOR         |                           8029           | FOR                         |  |
| Mueller Water Products, Inc.            | 624758108 | 02/06/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |     62           |                0 | FOR         |                             62           | FOR                         |  |
| Tetra Tech, Inc.                        | 88162G103 | 02/27/2025     | To approve, on an advisory basis, the Company's named executive officers' compensation.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |     74           |                0 | FOR         |                             74           | FOR                         |  |
| AECOM                                   | 00766T100 | 02/28/2025     | Advisory vote to approve the Company's executive compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |     23           |                0 | FOR         |                             23           | FOR                         |  |
| TE Connectivity Plc                     | G87052109 | 03/12/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |   3517           |                0 | FOR         |                           3517           | FOR                         |  |
| Fluence Energy, Inc.                    | 34379V103 | 03/17/2025     | To approve, on an advisory, non-binding basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  22595           |                0 | FOR         |                          22595           | FOR                         |  |
| CenterPoint Energy, Inc.                | 15189T107 | 04/16/2025     | Approve the advisory resolution on executive compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  26269           |                0 | FOR         |                          26269           | FOR                         |  |
| Clearway Energy, Inc.                   | 18539C204 | 04/22/2025     | To approve, on a non-binding advisory basis, Clearway Energy, Inc.'s executive compensation.                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |  36557           |                0 | FOR         |                          36557           | FOR                         |  |
| Brixmor Property Group Inc.             | 11120U105 | 04/23/2025     | To approve, on a non-binding advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 959156           |                0 | FOR         |                         959156           | FOR                         |  |
| Veolia Environnement SA                 | 92334N103 | 04/24/2025     | Approve Compensation of Antoine Frerot, Chairman of the Board                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |    214           |                0 | FOR         |                            214           | FOR                         |  |
| Veolia Environnement SA                 | 92334N103 | 04/24/2025     | Approve Compensation of Estelle Brachlianoff, CEO                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    214           |                0 | FOR         |                            214           | FOR                         |  |
| Badger Meter, Inc.                      | 056525108 | 04/25/2025     | ADVISORY VOTE TO APPROVE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |      8           |                0 | FOR         |                              8           | FOR                         |  |
| Valmont Industries, Inc.                | 920253101 | 04/28/2025     | Advisory approval of the company's executive compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |      3           |                0 | FOR         |                              3           | FOR                         |  |
| Constellation Energy Corporation        | 21037T109 | 04/29/2025     | To consider and act on an advisory vote regarding the approval of compensation paid to named executive officers                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   1469           |                0 | FOR         |                           1469           | FOR                         |  |
| Cousins Properties Incorporated         | 222795502 | 04/29/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 459864           |                0 | FOR         |                         459864           | FOR                         |  |
| Equity LifeStyle Properties, Inc.       | 29472R108 | 04/29/2025     | Approval on a non-binding, advisory basis of our executive compensation as disclosed in the Proxy Statement.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES | 325730           |                0 | FOR         |                         325730           | FOR                         |  |
| Kimco Realty Corporation                | 49446R109 | 04/29/2025     | THE BOARD OF DIRECTORS RECOMMENDS: A VOTE FOR THE ADVISORY RESOLUTION TO APPROVE THE COMPANY'S EXECUTIVE COMPENSATION (AS MORE PARTICULARLY DESCRIBED IN THE PROXY STATEMENT).                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 274518           |                0 | FOR         |                         274518           | FOR                         |  |
| The Williams Companies, Inc.            | 969457100 | 04/29/2025     | Approve, on an Advisory Basis, the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |  28242           |                0 | FOR         |                          28242           | FOR                         |  |
| VICI Properties Inc.                    | 925652109 | 04/29/2025     | To approve (on a non-binding, advisory basis) the compensation of our named executive officers.                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 137145           |           180569 | FOR         |                         137145           | FOR                         |  |
| Duke Energy Corporation                 | 26441C204 | 05/01/2025     | Advisory vote to approve Duke Energy's named executive officer compensation                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |  13625           |                0 | FOR         |                          13625           | FOR                         |  |
| Phillips Edison  Company, Inc.          | 71844V201 | 05/01/2025     | Approve a non-binding, advisory resolution on executive compensation as more fully described in the proxy statement for the annual meeting.                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 314665           |                0 | FOR         |                         314665           | FOR                         |  |
| Zurn Elkay Water Solutions Corporation  | 98983L108 | 05/01/2025     | Advisory vote to approve the compensation of Zurn Elkay's named executive officers, as disclosed in "Compensation Discussion and Analysis" and "Executive Compensation" in the Proxy Statement.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |     49           |                0 | AGAINST     |                             49           | AGAINST                     |  |
| Entergy Corporation                     | 29364G103 | 05/02/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  14022           |                0 | FOR         |                          14022           | FOR                         |  |
| Franklin Electric Co., Inc.             | 353514102 | 05/02/2025     | Approve, on an advisory basis, the executive compensation of the Named Executive Officers as disclosed in the Proxy Statement.                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      8           |                0 | FOR         |                              8           | FOR                         |  |
| Danaher Corporation                     | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |      6           |                0 | FOR         |                              6           | FOR                         |  |
| DT Midstream, Inc.                      | 23345M107 | 05/06/2025     | To approve, on an advisory (non-binding) basis, the compensation of the Company's Named Executive Officers;                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |   5891           |                0 | FOR         |                           5891           | FOR                         |  |
| Evergy, Inc.                            | 30034W106 | 05/06/2025     | Approve the 2024 compensation of our named executive officers on an advisory non-binding basis.                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  16960           |                0 | FOR         |                          16960           | FOR                         |  |
| Evergy, Inc.                            | 30034W106 | 05/06/2025     | To recommend, on a non-binding advisory basis, the frequency of the advisory vote on executive compensation.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |  16960           |                0 | ONE YEAR    |                          16960           | FOR                         |  |
| Hubbell Incorporated                    | 443510607 | 05/06/2025     | To approve, by advisory vote, the compensation of our Named Executive Officers as presented in the 2025 Proxy Statement.                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    932           |                0 | FOR         |                            932           | FOR                         |  |
| Pentair plc                             | G7S00T104 | 05/06/2025     | To approve, by nonbinding, advisory vote, the compensation of the named executive officers.                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |     37           |                0 | FOR         |                             37           | FOR                         |  |
| Terreno Realty Corporation              | 88146M101 | 05/06/2025     | Adoption of a resolution to approve, on a non-binding advisory basis, the compensation of certain executives, as more fully described in the proxy statement.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |   6825           |                0 | FOR         |                           6825           | FOR                         |  |
| American Homes 4 Rent                   | 02665T306 | 05/07/2025     | Advisory Vote to Approve American Homes 4 Rent's Named Executive Officer Compensation.                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 971880           |                0 | FOR         |                         971880           | FOR                         |  |
| Essential Utilities, Inc.               | 29670G102 | 05/07/2025     | To approve an advisory vote on the compensation paid to the Company's named executive officers for 2024.                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    119           |                0 | FOR         |                            119           | FOR                         |  |
| Public Storage                          | 74460D109 | 05/07/2025     | Advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 146490           |                0 | FOR         |                         146490           | FOR                         |  |
| Ameren Corporation                      | 023608102 | 05/08/2025     | COMPANY PROPOSAL - ADVISORY APPROVAL OF COMPENSATION OF THE NAMED EXECUTIVE OFFICERS DISCLOSED IN THE PROXY STATEMENT.                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  10953           |                0 | FOR         |                          10953           | FOR                         |  |
| Ecolab Inc.                             | 278865100 | 05/08/2025     | Approve, on an advisory basis, the compensation of our named executive officers disclosed in the Proxy Statement.                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     16           |                0 | FOR         |                             16           | FOR                         |  |
| IDEX Corporation                        | 45167R104 | 05/08/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      5           |                0 | FOR         |                              5           | FOR                         |  |
| Norfolk Southern Corporation            | 655844108 | 05/08/2025     | Approval of the advisory resolution on executive compensation, as disclosed in the proxy statement for the 2025 Annual Meeting of Shareholders.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   7050           |                0 | FOR         |                           7050           | FOR                         |  |
| Prologis, Inc.                          | 74340W103 | 05/08/2025     | Advisory Vote to Approve the Company's Executive Compensation for 2024.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 760588           |                0 | FOR         |                         760588           | FOR                         |  |
| Ryman Hospitality Properties, Inc.      | 78377T107 | 05/08/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |  76958           |            83842 | FOR         |                          76958           | FOR                         |  |
| Union Pacific Corporation               | 907818108 | 05/08/2025     | Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |  10983           |                0 | FOR         |                          10983           | FOR                         |  |
| WEC Energy Group, Inc.                  | 92939U106 | 05/08/2025     | Advisory vote to approve executive compensation of the named executive officers                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  13291           |                0 | FOR         |                          13291           | FOR                         |  |
| The AES Corporation                     | 00130H105 | 05/09/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |  30787           |                0 | FOR         |                          30787           | FOR                         |  |
| Essential Properties Realty Trust, Inc. | 29670E107 | 05/12/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers, as more particularly described in the Proxy Statement; and                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 335300           |           387000 | FOR         |                         335300           | FOR                         |  |
| NiSource Inc.                           | 65473P105 | 05/12/2025     | To approve named executive officer compensation on an advisory basis.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  37003           |                0 | FOR         |                          37003           | FOR                         |  |
| Essex Property Trust, Inc.              | 297178105 | 05/13/2025     | Advisory vote to approve the Company's named executive officer compensation.                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |  74800           |                0 | FOR         |                          74800           | FOR                         |  |
| Realty Income Corporation               | 756109104 | 05/13/2025     | A non-binding advisory proposal to approve the compensation of our named executive officers as described in the Proxy Statement.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES | 106308           |           153309 | FOR         |                         106308           | FOR                         |  |
| Sempra                                  | 816851109 | 05/13/2025     | Advisory approval of our executive compensation                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  26460           |                0 | FOR         |                          26460           | FOR                         |  |
| Ventas, Inc.                            | 92276F100 | 05/13/2025     | Approval, on an advisory basis, of the compensation of named executive officers of Ventas, Inc.                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 643050           |                0 | FOR         |                         643050           | FOR                         |  |
| Waste Management, Inc.                  | 94106L109 | 05/13/2025     | Approval, on an advisory basis, of our executive compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      8           |                0 | FOR         |                              8           | FOR                         |  |
| Xylem Inc.                              | 98419M100 | 05/13/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |   6355           |                0 | FOR         |                           6355           | FOR                         |  |
| American Tower Corporation              | 03027X100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 102119           |                0 | FOR         |                         102119           | FOR                         |  |
| American Water Works Company, Inc.      | 030420103 | 05/14/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |     35           |                0 | FOR         |                             35           | FOR                         |  |
| Bloom Energy Corp.                      | 093712107 | 05/14/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  23609           |                0 | AGAINST     |                          23609           | AGAINST                     |  |
| Enphase Energy, Inc.                    | 29355A107 | 05/14/2025     | To approve, on advisory basis, the compensation of our named executive officers, as disclosed in the proxy statement.                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  27008           |                0 | FOR         |                          27008           | FOR                         |  |
| First Solar, Inc.                       | 336433107 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |  15100           |                0 | FOR         |                          15100           | FOR                         |  |
| GE Vernova, Inc.                        | 36828A101 | 05/14/2025     | Approve the compensation of our named executives officers in an advisory vote                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |   1053           |                0 | FOR         |                           1053           | FOR                         |  |
| GE Vernova, Inc.                        | 36828A101 | 05/14/2025     | Approve the frequency of future advisory votes on named executive officers compensation in an advisory vote                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |   1053           |                0 | ONE YEAR    |                           1053           | FOR                         |  |
| Host Hotels  Resorts, Inc.              | 44107P104 | 05/14/2025     | Advisory resolution to approve executive compensation.                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 692677           |                0 | FOR         |                         692677           | FOR                         |  |
| Simon Property Group, Inc.              | 828806109 | 05/14/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES | 239119           |                0 | AGAINST     |                         239119           | AGAINST                     |  |
| SJW Group                               | 784305104 | 05/14/2025     | To approve, on an advisory basis, the compensation of the named executive officers as disclosed in the accompanying proxy statement;                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |     26           |                0 | FOR         |                             26           | FOR                         |  |
| Veralto Corp.                           | 92338C103 | 05/14/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |     39           |                0 | FOR         |                             39           | FOR                         |  |
| Agree Realty Corporation                | 008492100 | 05/15/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |   6000           |                0 | FOR         |                           6000           | FOR                         |  |
| Cheniere Energy, Inc.                   | 16411R208 | 05/15/2025     | Approve, on an advisory and non-binding basis, the compensation of the Company's named executive officers for 2024.                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   7894           |                0 | FOR         |                           7894           | FOR                         |  |
| Invitation Homes Inc.                   | 46187W107 | 05/15/2025     | To approve, in a non-binding advisory vote, the compensation paid to our named executive officers.                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |   1515           |                0 | FOR         |                           1515           | FOR                         |  |
| Invitation Homes Inc.                   | 46187W107 | 05/15/2025     | To determine, in a non-binding advisory vote, the frequency of stockholder votes to approve executive compensation.                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   1515           |                0 | ONE YEAR    |                           1515           | FOR                         |  |
| OGE Energy Corp.                        | 670837103 | 05/15/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  14680           |                0 | FOR         |                          14680           | FOR                         |  |
| Alliant Energy Corporation              | 018802108 | 05/16/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |  17999           |                0 | FOR         |                          17999           | FOR                         |  |
| PPL Corporation                         | 69351T106 | 05/16/2025     | Advisory vote to approve compensation of named executive officers                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |  27191           |                0 | FOR         |                          27191           | FOR                         |  |
| American States Water Company           | 029899101 | 05/20/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |      2           |                0 | FOR         |                              2           | FOR                         |  |
| Americold Realty Trust                  | 03064D108 | 05/20/2025     | Advisory Vote on Compensation of Named Executive Officers (Say-On-Pay).                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 439540           |                0 | FOR         |                         439540           | FOR                         |  |
| Array Technologies, Inc.                | 04271T100 | 05/20/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  27829           |                0 | AGAINST     |                          27829           | AGAINST                     |  |
| BXP, Inc.                               | 101121101 | 05/20/2025     | To approve, by non-binding, advisory resolution, the Company's named executive officer compensation.                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 114755           |           133300 | FOR         |                         114755           | FOR                         |  |
| CubeSmart                               | 229663109 | 05/20/2025     | To cast an advisory vote to approve our executive compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 507143           |                0 | FOR         |                         507143           | FOR                         |  |
| Mid-America Apartment Communities, Inc. | 59522J103 | 05/20/2025     | Advisory (non-binding) vote to approve the compensation of our named executive officers as disclosed in the proxy statement.                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |  88615           |           112185 | FOR         |                          88615           | FOR                         |  |
| Middlesex Water Company                 | 596680108 | 05/20/2025     | To approve a non-binding advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |      3           |                0 | FOR         |                              3           | FOR                         |  |
| Targa Resources Corp.                   | 87612G101 | 05/20/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers for the fiscal year ended December 31, 2024.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |   5524           |                0 | FOR         |                           5524           | FOR                         |  |
| AvalonBay Communities, Inc.             | 053484101 | 05/21/2025     | To adopt a resolution approving, on a non-binding advisory basis, the compensation paid to the Company's Named Executive Officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and any related material disclosed in the proxy statement. | SECTION 14A SAY-ON-PAY VOTES | 215092           |                0 | FOR         |                         215092           | FOR                         |  |
| Crown Castle Inc.                       | 22822V101 | 05/21/2025     | The non-binding, advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  11476           |                0 | FOR         |                          11476           | FOR                         |  |
| Equinix, Inc.                           | 29444U700 | 05/21/2025     | Approval, by a non-binding advisory vote, of the compensation of our named executive officers                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  82621           |                0 | FOR         |                          82621           | FOR                         |  |
| ONEOK, Inc.                             | 682680103 | 05/21/2025     | An advisory vote to approve ONEOK, Inc.'s executive compensation.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |  17252           |                0 | FOR         |                          17252           | FOR                         |  |
| The Southern Company                    | 842587107 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |  19988           |                0 | FOR         |                          19988           | FOR                         |  |
| Thermo Fisher Scientific Inc.           | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |      3           |                0 | AGAINST     |                              3           | AGAINST                     |  |
| Watts Water Technologies, Inc.          | 942749102 | 05/21/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |      6           |                0 | FOR         |                              6           | FOR                         |  |
| EastGroup Properties, Inc.              | 277276101 | 05/22/2025     | To approve, by a non-binding, advisory vote, the compensation of the Company's Named Executive Officers as described in the Company's definitive proxy statement.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |   5725           |                0 | FOR         |                           5725           | FOR                         |  |
| NextEra Energy, Inc.                    | 65339F101 | 05/22/2025     | Approval, by non-binding advisory vote, of NextEra Energy's compensation of its named executive officers as disclosed in the proxy statement.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  53767           |                0 | FOR         |                          53767           | FOR                         |  |
| PG Corporation                          | 69331C108 | 05/22/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |  86150           |                0 | FOR         |                          86150           | FOR                         |  |
| Vornado Realty Trust                    | 929042109 | 05/22/2025     | NON-BINDING, ADVISORY RESOLUTION ON EXECUTIVE COMPENSATION.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 147125           |           164890 | FOR         |                         147125           | FOR                         |  |
| Welltower Inc.                          | 95040Q104 | 05/22/2025     | The approval, on an advisory basis, of the compensation of the named executive officers.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 573747           |                0 | FOR         |                         573747           | FOR                         |  |
| California Water Service Group          | 130788102 | 05/28/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |      5           |                0 | AGAINST     |                              5           | AGAINST                     |  |
| Iron Mountain Incorporated              | 46284V101 | 05/29/2025     | The approval of a non-binding, advisory resolution approving the compensation of our named executive officers as described in the Iron Mountain Incorporated Proxy Statement.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 353150           |                0 | FOR         |                         353150           | FOR                         |  |
| Rexford Industrial Realty, Inc.         | 76169C100 | 06/03/2025     | The advisory resolution to approve the Company's named executive officer compensation for the fiscal year ended December 31, 2024, as described in the Rexford Industrial Realty, Inc. Proxy Statement.                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES | 562233           |                0 | AGAINST     |                         562233           | AGAINST                     |  |
| Energy Recovery, Inc.                   | 29270J100 | 06/05/2025     | To approve, on an advisory basis, our executive compensation for the fiscal year ended December 31, 2024 as described in the Proxy Statement.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |     35           |                0 | FOR         |                             35           | FOR                         |  |
| Digital Realty Trust, Inc.              | 253868103 | 06/06/2025     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers, as more fully described in the accompanying Proxy Statement (Say-on-Pay).                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 322206           |                0 | FOR         |                         322206           | FOR                         |  |
| MP Materials Corp.                      | 553368101 | 06/10/2025     | Advisory vote to approve compensation paid to the Company's named executive officers.                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  14664           |                0 | FOR         |                          14664           | FOR                         |  |
| Sunrun Inc.                             | 86771W105 | 06/11/2025     | Advisory proposal of the compensation of our named executive officers ("Say-on-Pay").                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  32471           |                0 | AGAINST     |                          32471           | AGAINST                     |  |
| Sunrun Inc.                             | 86771W105 | 06/11/2025     | Advisory proposal of the frequency of future advisory votes on the compensation of our named executive officers, or "Say-on-Pay"                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |  32471           |                0 | ONE YEAR    |                          32471           | FOR                         |  |
| Gaming and Leisure Properties, Inc.     | 36467J108 | 06/12/2025     | To approve, on a non-binding advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 179927           |           194650 | FOR         |                         179927           | FOR                         |  |
| Sabra Health Care REIT, Inc.            | 78573L106 | 06/12/2025     | Approval, on an advisory basis, of the compensation of Sabra's named executive officers.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      1.31776e+06 |                0 | FOR         |                              1.31776e+06 | FOR                         |  |
| Core  Main, Inc.                        | 21874C102 | 06/24/2025     | Advisory vote to approve Core  Main's named executive officer compensation.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |     55           |                0 | FOR         |                             55           | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Duff  Phelps Investment Management Co

**By (Signature):** Kathleen Hegyi

**By (Printed Signature):** Kathleen Hegyi

**By (Title):** Chief Compliance Officer

**Date:** 08/08/2025