# EDGAR Filing Document

**Accession Number:** 0000765443
**File Stem:** 0001140361-25-041885
**Filing Date:** 2025-11
**Character Count:** 20791
**Document Hash:** 09c9f598f84481d9f2fd4b3a1748dba4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-041885.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001140361-25-041885

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**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:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01420
- **FILM NUMBER:** 251477036

**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 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** 10 S. WACKER DR.<br>19TH FLOOR<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  11-13-2025<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:** 151

**Form 13F Information Table Value Total:** $8821289000

      (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 LLC             | 028-00085              |
|  | VIRTUS ALTERNATIVE INVESTMENT ADVISERS LLC | 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 |
| ADVANCED DRAINAGE COM USD0.01 | Common Stock | 00790R104 |  | 18940595 | 136558 | SH |  | SOLE |  | 136558 | 0 | 0 |
| AECOM | Common Stock | 00766T100 |  | 13765368 | 105506 | SH |  | SOLE |  | 105506 | 0 | 0 |
| AGREE REALTY CORP | Common Stock | 008492100 |  | 59572013 | 838570 | SH |  | OTR | 1 | 310890 | 165500 | 362180 |
| ALEXANDRIA REAL ESTA REIT | REIT | 015271109 |  | 37508167 | 450062 | SH |  | OTR | 1 | 134649 | 84159 | 231254 |
| ALLIANT ENERGY CORP | Master Ltd Part | 018802108 |  | 128295184 | 1903207 | SH |  | OTR | 1 | 1774921 | 97248 | 31038 |
| AMEREN CORPORATION | Common Stock | 023608102 |  | 130727704 | 1252421 | SH |  | SOLE |  | 1252421 | 0 | 0 |
| AMERICAN HEALTHCARE | REIT | 398182303 |  | 10603324 | 252400 | SH |  | OTR | 1 | 18100 | 92300 | 142000 |
| AMERICAN HOMES 4 R CL A | REIT | 02665T306 |  | 139963780 | 4209437 | SH |  | OTR | 1 | 1054336 | 832250 | 2322851 |
| AMERICAN TOWER CORP | REIT | 03027X100 |  | 175059472 | 910251 | SH |  | OTR | 1 | 514157 | 176165 | 219929 |
| AMERICAN WTR WKS CO | Common Stock | 030420103 |  | 67675848 | 486212 | SH |  | SOLE |  | 486212 | 0 | 0 |
| AMERICOLD RLTY TR | Common Stock | 03064D108 |  | 21102960 | 1724098 | SH |  | OTR | 1 | 451468 | 164325 | 1108305 |
| AMERN ELEC PWR INC | Common Stock | 025537101 |  | 85743225 | 762162 | SH |  | SOLE |  | 762162 | 0 | 0 |
| ARRAY TECHNOLOGIES | Common Stock | 04271T100 |  | 237141 | 29097 | SH |  | SOLE |  | 29097 | 0 | 0 |
| AT INC | Common Stock | 00206R102 |  | 86965080 | 3079500 | SH |  | SOLE |  | 3079500 | 0 | 0 |
| ATMOS ENERGY CORP | Common Stock | 049560105 |  | 119098808 | 697504 | SH |  | OTR | 1 | 607945 | 68356 | 21203 |
| AVALONBAY COMMUNTIES REIT | REIT | 053484101 |  | 173823831 | 899849 | SH |  | OTR | 1 | 246757 | 175044 | 478048 |
| BADGER METER INC | Common Stock | 056525108 |  | 9475633 | 53061 | SH |  | SOLE |  | 53061 | 0 | 0 |
| BCE INC | Common Stock | 05534B760 |  | 28451011 | 1216375 | SH |  | SOLE |  | 1216375 | 0 | 0 |
| BLACK HILLS CORP | Common Stock | 092113109 |  | 24001623 | 389700 | SH |  | SOLE |  | 389700 | 0 | 0 |
| BLOOM ENERGY CORPOR CLASS A COMMON STOCK | Common Stock | 093712107 |  | 2908362 | 34390 | SH |  | SOLE |  | 34390 | 0 | 0 |
| BRIXMOR PROPERTY G COM USD0.01 | Common Stock | 11120U105 |  | 115223564 | 4162701 | SH |  | OTR | 1 | 1052248 | 806956 | 2303497 |
| BXP INC | REIT | 101121101 |  | 61624069 | 828949 | SH |  | OTR | 1 | 237903 | 165150 | 425896 |
| CAMECO CORP | Common Stock | 13321L108 |  | 760275 | 9066 | SH |  | SOLE |  | 9066 | 0 | 0 |
| CANADIAN PACIFIC KC | Common Stock | 13646K108 |  | 28254421 | 379288 | SH |  | OTR | 1 | 86500 | 221746 | 71042 |
| CDN NATL RAILWAY | Common Stock | 136375102 |  | 28536258 | 302540 | SH |  | OTR | 1 | 50000 | 192094 | 60446 |
| CENTERPOINT ENERGY | Master Ltd Part | 15189T107 |  | 144661144 | 3728380 | SH |  | OTR | 1 | 3438398 | 210770 | 79212 |
| CHENIERE ENERGY INC | Master Ltd Part | 16411R208 |  | 96362713 | 410089 | SH |  | OTR | 1 | 337921 | 56026 | 16142 |
| CLEARWAY ENERGY INC CL C COM STOCK $0.01 | Common Stock | 18539C204 |  | 1411850 | 49977 | SH |  | SOLE |  | 49977 | 0 | 0 |
| CMS ENERGY CORP | Master Ltd Part | 125896100 |  | 106495644 | 1453667 | SH |  | SOLE |  | 1453667 | 0 | 0 |
| COMPANHIA DE SANEAME ADR | ADR | 20441A102 |  | 33562796 | 1348445 | SH |  | SOLE |  | 1348445 | 0 | 0 |
| CONSTELLATION ENERGY | Common Stock | 21037T109 |  | 887502 | 2697 | SH |  | SOLE |  | 2697 | 0 | 0 |
| CORE  MAIN INC CLASS A COMMON STOCK | Common Stock | 21874C102 |  | 18135811 | 336909 | SH |  | SOLE |  | 336909 | 0 | 0 |
| COUSINS PPTYS INC | Common Stock | 222795502 |  | 52477278 | 1813313 | SH |  | OTR | 1 | 514172 | 362846 | 936295 |
| CROWN CASTLE INC | REIT | 22822V101 |  | 115213595 | 1194047 | SH |  | OTR | 1 | 835210 | 157250 | 201587 |
| CSX CORP | Common Stock | 126408103 |  | 31694522 | 892552 | SH |  | OTR | 1 | 279000 | 464370 | 149182 |
| CUBESMART | REIT | 229663109 |  | 95143343 | 2339974 | SH |  | OTR | 1 | 588283 | 443419 | 1308272 |
| DANAHER CORP | Common Stock | 235851102 |  | 5835188 | 29432 | SH |  | SOLE |  | 29432 | 0 | 0 |
| DIGITAL RLTY TR INC | REIT | 253868103 |  | 239482712 | 1385254 | SH |  | OTR | 1 | 359086 | 243553 | 782615 |
| DOMINION ENERGY INC | Master Ltd Part | 25746U109 |  | 75767609 | 1238640 | SH |  | SOLE |  | 1238640 | 0 | 0 |
| DT MIDSTREAM INC | Master Ltd Part | 23345M107 |  | 51193229 | 452797 | SH |  | OTR | 1 | 378048 | 56470 | 18279 |
| DTE ENERGY CO | Master Ltd Part | 233331107 |  | 102896265 | 727542 | SH |  | SOLE |  | 727542 | 0 | 0 |
| DUKE ENERGY CORP | Common Stock | 26441C204 |  | 127811475 | 1032820 | SH |  | OTR | 1 | 821500 | 160181 | 51139 |
| EASTGROUP PROPERTIES | Common Stock | 277276101 |  | 969014 | 5725 | SH |  | SOLE |  | 5725 | 0 | 0 |
| ECOLAB INC | Common Stock | 278865100 |  | 25426258 | 92844 | SH |  | SOLE |  | 92844 | 0 | 0 |
| EDISON INTL | Common Stock | 281020107 |  | 6832608 | 123600 | SH |  | SOLE |  | 123600 | 0 | 0 |
| ENBRIDGE INC | Master Ltd Part | 29250N105 |  | 63322910 | 1254913 | SH |  | OTR | 1 | 1055812 | 151453 | 47648 |
| ENERGY RECOVERY INC | Common Stock | 29270J100 |  | 4749453 | 308006 | SH |  | SOLE |  | 308006 | 0 | 0 |
| ENERGY TRANSFER L P COM UT LTD PTN | Master Ltd Part | 29273V100 |  | 66983442 | 3903464 | SH |  | SOLE |  | 3903464 | 0 | 0 |
| ENPHASE ENERGY | Common Stock | 29355A107 |  | 999909 | 28254 | SH |  | SOLE |  | 28254 | 0 | 0 |
| ENTERGY CORP | Master Ltd Part | 29364G103 |  | 142865116 | 1533052 | SH |  | OTR | 1 | 1355912 | 134021 | 43119 |
| ENTERPRISE PRODS | Master Ltd Part | 293792107 |  | 54740011 | 1750560 | SH |  | SOLE |  | 1750560 | 0 | 0 |
| EQT CORP COM | Master Ltd Part | 26884L109 |  | 522093 | 9592 | SH |  | SOLE |  | 9592 | 0 | 0 |
| EQUINIX INC | REIT | 29444U700 |  | 342091819 | 436765 | SH |  | OTR | 1 | 172109 | 67913 | 196743 |
| EQUITY LIFESTYLE PPT | REIT | 29472R108 |  | 87641270 | 1443843 | SH |  | OTR | 1 | 398521 | 285925 | 759397 |
| ESSENTIAL PPTYS RLTY REIT COM | REIT | 29670E107 |  | 87323072 | 2934243 | SH |  | OTR | 1 | 871728 | 647250 | 1415265 |
| ESSENTIAL UTILITIES | Common Stock | 29670G102 |  | 87880748 | 2202525 | SH |  | SOLE |  | 2202525 | 0 | 0 |
| ESSEX PPTY TR INC REIT | REIT | 297178105 |  | 81488016 | 304446 | SH |  | OTR | 1 | 85496 | 59930 | 159020 |
| EVERGY INC | Common Stock | 30034W106 |  | 138310940 | 1819402 | SH |  | OTR | 1 | 1608088 | 160461 | 50853 |
| EVERSOURCE ENERGY | Common Stock | 30040W108 |  | 35073941 | 493027 | SH |  | OTR | 1 | 303840 | 143388 | 45799 |
| EXTRA SPACE STORAGE REIT | REIT | 30225T102 |  | 2410497 | 17103 | SH |  | OTR |  | 0 | 0 | 17103 |
| FERGUSON PLC ORD GBP0.10 | Common Stock | 31488V107 |  | 4381107 | 19508 | SH |  | SOLE |  | 19508 | 0 | 0 |
| FIRST IND REALTY TR | REIT | 32054K103 |  | 74583890 | 1449075 | SH |  | OTR | 1 | 384800 | 274000 | 790275 |
| FIRST SOLAR | Common Stock | 336433107 |  | 4718460 | 21396 | SH |  | SOLE |  | 21396 | 0 | 0 |
| FIRSTENERGY CORP | Common Stock | 337932107 |  | 59772190 | 1304500 | SH |  | SOLE |  | 1304500 | 0 | 0 |
| FORTIS INC | Common Stock | 349553107 |  | 49814806 | 981900 | SH |  | SOLE |  | 981900 | 0 | 0 |
| FRANKLIN ELEC INC | Common Stock | 353514102 |  | 9290854 | 97593 | SH |  | SOLE |  | 97593 | 0 | 0 |
| GAMING PPTYS | REIT | 36467J108 |  | 40699945 | 873202 | SH |  | OTR | 1 | 401027 | 259370 | 212805 |
| GE VERNOVA INC | Common Stock | 36828A101 |  | 327742 | 533 | SH |  | SOLE |  | 533 | 0 | 0 |
| GFL ENVIRONMENTAL IN SUB VTG SHS | Common Stock | 36168Q104 |  | 12187652 | 257232 | SH |  | SOLE |  | 257232 | 0 | 0 |
| GIBSON ENERGY | Master Ltd Part | 374825206 |  | 444275 | 23895 | SH |  | SOLE |  | 23895 | 0 | 0 |
| GRUPO AEROPORTUARIO ADR | ADR | 400501102 |  | 2389010 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| HOST HOTELS  RESRTS REIT | Common Stock | 44107P104 |  | 5038414 | 296029 | SH |  | OTR | 1 | 231075 | 27474 | 37480 |
| HUBBELL INCORPORATED | Common Stock | 443510607 |  | 595119 | 1383 | SH |  | SOLE |  | 1383 | 0 | 0 |
| IDEX CORP | Common Stock | 45167R104 |  | 7428529 | 45641 | SH |  | SOLE |  | 45641 | 0 | 0 |
| INVESCO DB COMMODITY INDEX TRAC | ETF | 46138B103 |  | 734343 | 32594 | SH |  | SOLE |  | 32594 | 0 | 0 |
| INVESCO DB MULTI-SEC AGRICULTURE FD | ETF | 46140H106 |  | 538545 | 20125 | SH |  | SOLE |  | 20125 | 0 | 0 |
| INVITATION HOMES | REIT | 46187W107 |  | 3860591 | 131626 | SH |  | SOLE |  | 1515 | 0 | 130111 |
| IRON MOUNTAIN INC | REIT | 46284V101 |  | 167393024 | 1642074 | SH |  | OTR | 1 | 518158 | 308995 | 814921 |
| KEYERA CORP | Master Ltd Part | 493271100 |  | 37974768 | 1131679 | SH |  | OTR | 1 | 935082 | 149264 | 47333 |
| KEYERA CORP SUBSCRIPT RECEIPT | Master Ltd Part | 493271118 |  | 5641718 | 172905 | SH |  | OTR | 1 | 129700 | 32805 | 10400 |
| KIMCO REALTY CORP | Common Stock | 49446R109 |  | 18342004 | 839451 | SH |  | OTR | 1 | 517379 | 247240 | 74832 |
| KINDER MORGAN INC | Master Ltd Part | 49456B101 |  | 71666765 | 2531500 | SH |  | OTR | 1 | 2170146 | 274214 | 87140 |
| KINETIK HOLDINGS INC CLASS A COMMON STOCK | Master Ltd Part | 02215L209 |  | 1520604 | 35578 | SH |  | SOLE |  | 35578 | 0 | 0 |
| KODIAK GAS SERVICES | Master Ltd Part | 50012A108 |  | 17477050 | 472736 | SH |  | SOLE |  | 472736 | 0 | 0 |
| MID-AMER APT CMNTYS REIT | REIT | 59522J103 |  | 109168115 | 781279 | SH |  | OTR | 1 | 252882 | 164400 | 363997 |
| MP MATERIALS CORP CLASS A COMMON STOCK | Common Stock | 553368101 |  | 504299 | 7519 | SH |  | SOLE |  | 7519 | 0 | 0 |
| MPLX LP | Master Ltd Part | 55336V100 |  | 91782076 | 1837479 | SH |  | SOLE |  | 1837479 | 0 | 0 |
| MUELLER WTR PRODS | Common Stock | 624758108 |  | 14286377 | 559811 | SH |  | SOLE |  | 559811 | 0 | 0 |
| NEXTERA ENERGY INC | Master Ltd Part | 65339F101 |  | 192508710 | 2550122 | SH |  | OTR | 1 | 1903660 | 492363 | 154099 |
| NEXTRACKER INC COM USD0.0001 CL A | Common Stock | 65290E101 |  | 2372637 | 32067 | SH |  | SOLE |  | 32067 | 0 | 0 |
| NISOURCE INC | Master Ltd Part | 65473P105 |  | 135185761 | 3122073 | SH |  | OTR | 1 | 2705236 | 315560 | 101277 |
| NORTHWEST NATURAL HL | Common Stock | 66765N105 |  | 42255317 | 940470 | SH |  | SOLE |  | 940470 | 0 | 0 |
| OGE ENERGY CORP | Master Ltd Part | 670837103 |  | 95719397 | 2068714 | SH |  | OTR | 1 | 1886754 | 137691 | 44269 |
| ONE GAS INC | Common Stock | 68235P108 |  | 46621440 | 576000 | SH |  | SOLE |  | 576000 | 0 | 0 |
| ONEOK INC | Master Ltd Part | 682680103 |  | 57741964 | 791311 | SH |  | OTR | 1 | 686989 | 79697 | 24625 |
| ORMAT TECHNOLOGIES | Common Stock | 686688102 |  | 958073 | 9954 | SH |  | SOLE |  | 9954 | 0 | 0 |
| PEMBINA PIPELINE | Master Ltd Part | 706327103 |  | 39078588 | 966286 | SH |  | SOLE |  | 966286 | 0 | 0 |
| PENTAIR PLC | Common Stock | G7S00T104 |  | 26889981 | 242777 | SH |  | SOLE |  | 242777 | 0 | 0 |
| PG CORP | Master Ltd Part | 69331C108 |  | 65600805 | 4350186 | SH |  | OTR | 1 | 3262022 | 825704 | 262460 |
| PHILLIPS EDISON  CO COM USD0.01 | REIT | 71844V201 |  | 58278883 | 1697608 | SH |  | OTR | 1 | 422893 | 339640 | 935075 |
| PINNACLE WEST CAP | Common Stock | 723484101 |  | 56031224 | 624930 | SH |  | SOLE |  | 624930 | 0 | 0 |
| PLAINS ALL AMERN PIP UNIT | Master Ltd Part | 726503105 |  | 31678714 | 1856900 | SH |  | SOLE |  | 1856900 | 0 | 0 |
| PLAINS GP HLDINGS LP CL A SHS LPI | Master Ltd Part | 72651A207 |  | 1415752 | 77618 | SH |  | SOLE |  | 77618 | 0 | 0 |
| PLUG POWER INC | Common Stock | 72919P202 |  | 405765 | 174148 | SH |  | SOLE |  | 174148 | 0 | 0 |
| PPL CORP COM | Master Ltd Part | 69351T106 |  | 108946060 | 2931810 | SH |  | OTR | 1 | 2541815 | 295332 | 94663 |
| PROLOGIS INC | Common Stock | 74340W103 |  | 340351608 | 2971984 | SH |  | OTR | 1 | 852423 | 570385 | 1549176 |
| PUBLIC STORAGE REIT COMMON | REIT | 74460D109 |  | 146972946 | 508821 | SH |  | OTR | 1 | 153491 | 93885 | 261445 |
| PUBLIC SVC ENTERPR | Common Stock | 744573106 |  | 98691867 | 1182505 | SH |  | OTR | 1 | 1080370 | 77487 | 24648 |
| REALTY INCOME CORP | Common Stock | 756109104 |  | 11291499 | 185746 | SH |  | OTR | 1 | 113976 | 53224 | 18546 |
| REXFORD INDUSTRIAL COM USD0.01 | Common Stock | 76169C100 |  | 46622769 | 1134098 | SH |  | OTR |  | 0 | 0 | 1134098 |
| RYMAN HOSPITALITY | Common Stock | 78377T107 |  | 59514099 | 664294 | SH |  | OTR | 1 | 183573 | 129672 | 351049 |
| SABRA HEALTHCARE | Common Stock | 78573L106 |  | 46096496 | 2472988 | SH |  | OTR | 1 | 1380414 | 609555 | 483019 |
| SBA COMMUNICATIONS COM USD0.01 CL A | REIT | 78410G104 |  | 8971827 | 46402 | SH |  | OTR |  | 0 | 0 | 46402 |
| SCHWAB STRATEGIC T US TIPS ETF | ETF | 808524870 |  | 1127049 | 41820 | SH |  | SOLE |  | 41820 | 0 | 0 |
| SEMPRA | Master Ltd Part | 816851109 |  | 192845586 | 2143205 | SH |  | OTR | 1 | 1765138 | 286165 | 91902 |
| SIMON PPTY INC | Common Stock | 828806109 |  | 153503363 | 817943 | SH |  | OTR | 1 | 250004 | 164053 | 403886 |
| SMARTSTOP SELF STORA | REIT | 83192D402 |  | 36117349 | 959547 | SH |  | OTR | 1 | 227162 | 177866 | 554519 |
| SOLAREDGE TECHNOLO | Common Stock | 83417M104 |  | 596773 | 16129 | SH |  | SOLE |  | 16129 | 0 | 0 |
| SOUTHERN CO | Master Ltd Part | 842587107 |  | 109126328 | 1151486 | SH |  | OTR | 1 | 1009186 | 106127 | 36173 |
| SPDR INDEX SHARES S GL NAT RES ETF | ETF | 78463X541 |  | 2794712 | 47200 | SH |  | SOLE |  | 47200 | 0 | 0 |
| SPDR SERIES TRUST PORTFOLIO INTERMEDIA | ETF | 78464A375 |  | 12751621 | 376265 | SH |  | SOLE |  | 376265 | 0 | 0 |
| SPIRE INC COM USD1 | Common Stock | 84857L101 |  | 83389417 | 1022932 | SH |  | OTR | 1 | 864340 | 119949 | 38643 |
| STANTEC INC | Common Stock | 85472N109 |  | 9997694 | 92683 | SH |  | SOLE |  | 92683 | 0 | 0 |
| SUNOCO LP/SUNOCO FIN COM UT REP LP | Master Ltd Part | 86765K109 |  | 4550910 | 91000 | SH |  | SOLE |  | 91000 | 0 | 0 |
| SUNRUN INC COM USD0.0001 | Master Ltd Part | 86771W105 |  | 716135 | 41419 | SH |  | SOLE |  | 41419 | 0 | 0 |
| TARGA RESOURCES IN | Master Ltd Part | 87612G101 |  | 80089314 | 478031 | SH |  | OTR | 1 | 414862 | 47027 | 16142 |
| TE CONNECTIVITY | Common Stock | G87052109 |  | 1002813 | 4568 | SH |  | SOLE |  | 4568 | 0 | 0 |
| TELUS CORP | Common Stock | 87971M103 |  | 42007819 | 2666500 | SH |  | SOLE |  | 2666500 | 0 | 0 |
| TETRA TECH INC | Common Stock | 88162G103 |  | 8986430 | 269216 | SH |  | SOLE |  | 269216 | 0 | 0 |
| THERMO FISHER SCI | Common Stock | 883556102 |  | 6870793 | 14166 | SH |  | SOLE |  | 14166 | 0 | 0 |
| TRANSCANADA PIPELINE COM | Master Ltd Part | 87807B107 |  | 93257108 | 1713970 | SH |  | OTR | 1 | 1354174 | 272969 | 86827 |
| UNION PAC CORP | Common Stock | 907818108 |  | 36383961 | 153928 | SH |  | OTR | 1 | 0 | 117558 | 36370 |
| VALERO ENERGY CORP | Master Ltd Part | 91913Y100 |  | 683934 | 4017 | SH |  | SOLE |  | 4017 | 0 | 0 |
| VALMONT INDS INC | Common Stock | 920253101 |  | 18578858 | 47917 | SH |  | SOLE |  | 47917 | 0 | 0 |
| VANECK ETF TRUST GOLD MINERS ETF | ETF | 92189F106 |  | 1602872 | 20980 | SH |  | SOLE |  | 20980 | 0 | 0 |
| VENTAS INC | Common Stock | 92276F100 |  | 168923455 | 2413537 | SH |  | OTR | 1 | 613986 | 424515 | 1375036 |
| VERALTO CORPORATION | Common Stock | 92338C103 |  | 36767763 | 344881 | SH |  | SOLE |  | 344881 | 0 | 0 |
| VERIZON COMMUNICATIO | Common Stock | 92343V104 |  | 58870542 | 1339489 | SH |  | SOLE |  | 1339489 | 0 | 0 |
| VICI PPTYS INC COM | REIT | 925652109 |  | 12037427 | 369133 | SH |  | OTR | 1 | 153817 | 72697 | 142619 |
| VIRTUS ETF TRUST II VIRTUS DUFF  PHELPS | ETF | 92790A702 |  | 1371713 | 57575 | SH |  | SOLE |  | 57575 | 0 | 0 |
| VODAFONE GRP PLC ADR | ADR | 92857W308 |  | 7913520 | 682200 | SH |  | SOLE |  | 682200 | 0 | 0 |
| VORNADO RLTY TR SH BEN INT REIT | REIT | 929042109 |  | 54522212 | 1345231 | SH |  | OTR | 1 | 361129 | 262575 | 721527 |
| WASTE MANAGEMENT INC | Common Stock | 94106L109 |  | 5079752 | 23003 | SH |  | SOLE |  | 23003 | 0 | 0 |
| WATTS WATER TECH CLASS A | Common Stock | 942749102 |  | 9668953 | 34621 | SH |  | SOLE |  | 34621 | 0 | 0 |
| WEC ENERGY GROUP INC | Common Stock | 92939U106 |  | 117886525 | 1028768 | SH |  | OTR | 1 | 940350 | 67255 | 21163 |
| WELLTOWER OP INC | Common Stock | 95040Q104 |  | 446068260 | 2504032 | SH |  | OTR | 1 | 644608 | 433420 | 1426004 |
| WEYERHAEUSER CO | Common Stock | 962166104 |  | 5412500 | 218334 | SH |  | OTR |  | 0 | 0 | 218334 |
| WILLIAMS COS INC | Master Ltd Part | 969457100 |  | 114111722 | 1801290 | SH |  | OTR | 1 | 1453131 | 263205 | 84954 |
| XCEL ENERGY INC | Master Ltd Part | 98389B100 |  | 190116003 | 2357297 | SH |  | OTR | 1 | 2105328 | 191105 | 60864 |
| XYLEM INC | Common Stock | 98419M100 |  | 58740843 | 398243 | SH |  | SOLE |  | 398243 | 0 | 0 |
| ZURN ELKAY WATER SOL | Common Stock | 98983L108 |  | 7071008 | 150351 | SH |  | SOLE |  | 150351 | 0 | 0 |

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