Duff & Phelps Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Co	Common Stock	88579Y101	1,768	13,030	SH		SOLE		13,030	0	0
Abbott Laboratories	Common Stock	002824100	1,228	31,900	SH		SOLE		31,900	0	0
Abbvie Inc.	Common Stock	00287Y109	1,688	32,840	SH		SOLE		32,840	0	0
Accenture Ltd	Common Stock	G1151C101	1,052	13,195	SH		SOLE		13,195	0	0
Access Midstream Partners LP	Master Ltd Part	00434L109	56,808	987,100	SH		SOLE		987,100	0	0
Allete Inc	Common Stock	018522300	2,582	49,260	SH		SOLE		49,260	0	0
Alliant Energy Corp	Common Stock	018802108	85,215	1,500,000	SH		SOLE		1,500,000	0	0
Allstate Corp	Common Stock	020002101	518	9,160	SH		SOLE		9,160	0	0
Altria Group Inc	Common Stock	02209S103	1,540	41,145	SH		SOLE		41,145	0	0
Amazon.Com Inc	Common Stock	023135106	2,564	7,620	SH		SOLE		7,620	0	0
Ameren Corp	Common Stock	023608102	64,635	1,568,805	SH		SOLE		1,568,805	0	0
American Campus Communities	REIT	024835100	43,265	1,158,377	SH		SOLE		1,062,112	0	96,265
American Express Co	Common Stock	025816109	1,698	18,860	SH		SOLE		18,860	0	0
American International Group	Common Stock	026874784	1,518	30,350	SH		SOLE		30,350	0	0
American Tower REIT Inc	Common Stock	03027X100	5,387	65,795	SH		SOLE		65,795	0	0
American Water Works Co	Common Stock	030420103	48,684	1,072,330	SH		SOLE		1,072,330	0	0
Amgen Inc	Common Stock	031162100	1,920	15,565	SH		SOLE		15,565	0	0
Anadarko Petroleum Corp	Common Stock	032511107	884	10,430	SH		SOLE		10,430	0	0
Apache Corp	Common Stock	037411105	682	8,225	SH		SOLE		8,225	0	0
Apple Computer Inc	Common Stock	037833100	9,664	18,005	SH		SOLE		18,005	0	0
AT & T Inc.	Common Stock	00206R102	74,238	2,116,859	SH		SOLE		2,116,859	0	0
Atlas Pipeline Partner LP	Master Ltd Part	049392103	14,546	453,000	SH		SOLE		453,000	0	0
Avalonbay Communities Inc	REIT	053484101	91,219	694,633	SH		SOLE		612,683	0	81,950
Bank of America Corp	Common Stock	060505104	3,758	218,485	SH		SOLE		218,485	0	0
Bank of New York Mellon Corp	Common Stock	064058100	573	16,240	SH		SOLE		16,240	0	0
Baxter International Inc	Common Stock	071813109	822	11,165	SH		SOLE		11,165	0	0
BCE Inc	Foreign Common	05534B760	42,562	986,602	SH		SOLE		986,602	0	0
Berkshire Hathaway	Common Stock	084670702	2,401	19,210	SH		SOLE		19,210	0	0
Biogen Idec Inc	Common Stock	09062X103	1,474	4,820	SH		SOLE		4,820	0	0
Boeing Co	Common Stock	097023105	1,776	14,155	SH		SOLE		14,155	0	0
Boston Properties Inc	REIT	101121101	83,837	732,012	SH		SOLE		642,632	0	89,380
Bristol-Myers Squibb Co	Common Stock	110122108	1,763	33,940	SH		SOLE		33,940	0	0
Brixmor Property Group Inc	REIT	11120U105	16,546	775,695	SH		SOLE		710,165	0	65,530
Buckeye Partners	Master Ltd Part	118230101	23,318	310,700	SH		SOLE		310,700	0	0
Camden Property Trust	REIT	133131102	57,878	859,485	SH		SOLE		757,335	0	102,150
Capital One Financial Co	Common Stock	14040H105	920	11,925	SH		SOLE		11,925	0	0
Caterpillar Inc	Common Stock	149123101	1,318	13,265	SH		SOLE		13,265	0	0
Centerpoint Energy Inc	Common Stock	15189T107	75,198	3,174,250	SH		SOLE		3,174,250	0	0
CenturyLink Inc	Common Stock	156700106	52,544	1,600,000	SH		SOLE		1,600,000	0	0
Chevron Corp	Common Stock	166764100	4,686	39,405	SH		SOLE		39,405	0	0
Cisco Systems Inc	Common Stock	17275R102	2,389	106,600	SH		SOLE		106,600	0	0
Citigroup Inc	Common Stock	172967424	2,977	62,539	SH		SOLE		62,539	0	0
Cleco Corp	Common Stock	12561W105	63,309	1,251,660	SH		SOLE		1,251,660	0	0
CMS Energy Corp	Common Stock	125896100	76,070	2,598,020	SH		SOLE		2,598,020	0	0
Coca-Cola Co	Common Stock	191216100	3,022	78,180	SH		SOLE		78,180	0	0
Colgate-Palmolive Co	Common Stock	194162103	1,175	18,120	SH		SOLE		18,120	0	0
Comcast Corp	Common Stock	20030N101	2,683	53,640	SH		SOLE		53,640	0	0
Conocophillips	Common Stock	20825C104	1,776	25,245	SH		SOLE		25,245	0	0
Costco Wholesale Corp	Common Stock	22160K105	1,016	9,095	SH		SOLE		9,095	0	0
Crown Castle Intl Corp	Common Stock	228227104	6,128	83,055	SH		SOLE		83,055	0	0
CVS Caremark Corp	Common Stock	126650100	1,832	24,475	SH		SOLE		24,475	0	0
DCP Midstream Partners	Master Ltd Part	23311P100	32,775	654,184	SH		SOLE		654,184	0	0
DCT Industrial	REIT	233153105	77,411	9,823,727	SH		SOLE		8,950,167	0	873,560
DDR Corp	REIT	23317H102	56,522	3,429,703	SH		SOLE		3,092,643	0	337,060
Devon Energy Corporation	Common Stock	25179M103	527	7,870	SH		SOLE		7,870	0	0
Dominion Resources Inc	Common Stock	25746U109	82,687	1,164,763	SH		SOLE		1,164,763	0	0
Douglas Emmett Inc	REIT	25960P109	30,455	1,122,140	SH		SOLE		1,009,190	0	112,950
DOW Chemical Co	Common Stock	260543103	1,215	25,000	SH		SOLE		25,000	0	0
DTE Energy Co	Common Stock	233331107	76,798	1,033,760	SH		SOLE		1,033,760	0	0
DU Pont [E I] De Nemours	Common Stock	263534109	1,278	19,050	SH		SOLE		19,050	0	0
Duke Energy Corp	Common Stock	26441C204	100,646	1,413,173	SH		SOLE		1,413,173	0	0
Duke Realty Corp	REIT	264411505	39,473	2,338,460	SH		SOLE		2,081,485	0	256,975
EastGroup Properties	REIT	277276101	9,587	152,397	SH		SOLE		133,993	0	18,404
eBay Inc	Common Stock	278642103	1,327	24,030	SH		SOLE		24,030	0	0
EL Paso Pipeline Partners LP	Master Ltd Part	283702108	16,988	559,000	SH		SOLE		559,000	0	0
EMC Corp	Common Stock	268648102	1,150	41,945	SH		SOLE		41,945	0	0
Emerson Electric Co	Common Stock	291011104	971	14,530	SH		SOLE		14,530	0	0
Enbridge Energy Partners	Master Ltd Part	29250R106	37,630	1,372,861	SH		SOLE		1,372,861	0	0
Enbridge Inc	Foreign Common	29250N105	85,893	1,887,336	SH		SOLE		1,887,336	0	0
Energy Transfer Equity	Master Ltd Part	29273V100	32,538	696,000	SH		SOLE		696,000	0	0
Energy Transfer Partners	Master Ltd Part	29273R109	43,911	816,346	SH		SOLE		816,346	0	0
Enterprise Prods Prtnrs	Master Ltd Part	293792107	54,406	784,400	SH		SOLE		784,400	0	0
EQT Midstream Partners LP	Master Ltd Part	26885B100	22,224	316,000	SH		SOLE		316,000	0	0
Equity Lifestyle Properties	REIT	29472R108	22,603	556,048	SH		SOLE		494,593	0	61,455
Equity Residential	REIT	29476L107	105,540	1,819,966	SH		SOLE		1,608,778	0	211,188
Essex Property Trust	REIT	297178105	91,753	539,567	SH		SOLE		479,947	0	59,620
Exelon Corp	Common Stock	30161N101	307	9,135	SH		SOLE		9,135	0	0
Extra Space Storage Inc	REIT	30225T102	70,801	1,459,511	SH		SOLE		1,323,546	0	135,965
Exxon Mobil Corp	Common Stock	30231G102	8,716	89,235	SH		SOLE		89,235	0	0
Facebook Inc	Common Stock	30303M102	2,117	35,140	SH		SOLE		35,140	0	0
Fedex Corp	Common Stock	31428X106	808	6,095	SH		SOLE		6,095	0	0
Ford Motor Co	Common Stock	345370860	1,267	81,220	SH		SOLE		81,220	0	0
Freeprt McMoran Cop and Gld	Common Stock	35671D857	706	21,360	SH		SOLE		21,360	0	0
Frontier Communications Corp	Common Stock	35906A108	47,814	8,388,491	SH		SOLE		8,388,491	0	0
General Dynamics Corp	Common Stock	369550108	738	6,780	SH		SOLE		6,780	0	0
General Electric Co	Common Stock	369604103	5,353	206,748	SH		SOLE		206,748	0	0
General Growth Pptys Inc	REIT	370023103	99,014	4,500,650	SH		SOLE		4,097,650	0	403,000
General Motors Co	Common Stock	37045V100	916	26,610	SH		SOLE		26,610	0	0
Genesis Energy LP	Master Ltd Part	371927104	30,488	562,500	SH		SOLE		562,500	0	0
Gilead Sciences Inc	Common Stock	375558103	2,237	31,570	SH		SOLE		31,570	0	0
Goldman Sachs Group Inc	Common Stock	38141G104	1,426	8,705	SH		SOLE		8,705	0	0
Google Inc	Common Stock	38259P508	6,459	5,795	SH		SOLE		5,795	0	0
Great Plains Energy Inc	Common Stock	391164100	40,560	1,500,000	SH		SOLE		1,500,000	0	0
Halliburton Co	Common Stock	406216101	1,035	17,570	SH		SOLE		17,570	0	0
HCP Inc	REIT	40414L109	71,492	1,843,057	SH		SOLE		1,628,494	0	214,563
Health Care Reit Inc	REIT	42217K106	16,650	279,359	SH		SOLE		251,753	0	27,606
Hewlett-Packard Co	Common Stock	428236103	1,269	39,205	SH		SOLE		39,205	0	0
Home Depot Inc	Common Stock	437076102	2,308	29,165	SH		SOLE		29,165	0	0
Honeywell International Inc	Common Stock	438516106	1,502	16,190	SH		SOLE		16,190	0	0
Host Hotels & Resorts Inc	REIT	44107P104	87,551	4,325,626	SH		SOLE		3,884,176	0	441,450
Integrys Energy Group Inc	Common Stock	45822P105	41,159	690,000	SH		SOLE		690,000	0	0
Intel Corp	Common Stock	458140100	2,653	102,780	SH		SOLE		102,780	0	0
Intl Business Machines Corp	Common Stock	459200101	3,890	20,210	SH		SOLE		20,210	0	0
iShares	Exchange Traded	464287606	6,701	43,820	SH		SOLE		43,820	0	0
iShares	Exchange Traded	464287630	12,286	121,840	SH		SOLE		121,840	0	0
iShares	Exchange Traded	464287648	6,819	50,120	SH		SOLE		50,120	0	0
iShares	Exchange Traded	464287705	12,673	105,240	SH		SOLE		105,240	0	0
iShares	Exchange Traded	464288588	48,233	454,475	SH		SOLE		454,475	0	0
iShares	Exchange Traded	464288646	27,753	263,160	SH		SOLE		263,160	0	0
J P Morgan Chase & Co	Common Stock	46625H100	4,753	78,290	SH		SOLE		78,290	0	0
Johnson & Johnson	Common Stock	478160104	5,727	58,300	SH		SOLE		58,300	0	0
Kilroy Realty Corp	REIT	49427F108	90,297	1,541,426	SH		SOLE		1,391,679	0	149,747
Kimco Realty Corp	REIT	49446R109	45,920	2,098,730	SH		SOLE		1,850,455	0	248,275
Kinder Morgan Energy Partners	Master Ltd Part	494550106	38,883	525,803	SH		SOLE		525,803	0	0
Kinder Morgan Inc	Common Stock	49456B101	63,032	1,940,031	SH		SOLE		1,940,031	0	0
Lasalle Hotel Properties	REIT	517942108	43,574	1,391,696	SH		SOLE		1,238,946	0	152,750
Liberty Property Trust	REIT	531172104	62,067	1,679,290	SH		SOLE		1,516,560	0	162,730
Lilly [Eli] & Co	Common Stock	532457108	1,205	20,465	SH		SOLE		20,465	0	0
Linn Energy LLC	Master Ltd Part	536020100	6,457	228,000	SH		SOLE		228,000	0	0
Lockheed Martin Corp	Common Stock	539830109	902	5,525	SH		SOLE		5,525	0	0
Lowe's Companies Inc	Common Stock	548661107	1,062	21,720	SH		SOLE		21,720	0	0
Macerich Co	REIT	554382101	94,136	1,510,280	SH		SOLE		1,367,990	0	142,290
Magellan Midstream Partn LP	Master Ltd Part	559080106	32,784	470,090	SH		SOLE		470,090	0	0
Markwest Energy Partners LP	Master Ltd Part	570759100	47,226	723,000	SH		SOLE		723,000	0	0
MasterCard Inc	Common Stock	57636Q104	1,572	21,040	SH		SOLE		21,040	0	0
McDonald's Corp	Common Stock	580135101	2,015	20,560	SH		SOLE		20,560	0	0
Medtronic Inc	Common Stock	585055106	1,272	20,665	SH		SOLE		20,665	0	0
Merck & Co Inc.	Common Stock	58933Y105	3,452	60,803	SH		SOLE		60,803	0	0
Metlife Inc	Common Stock	59156R108	1,213	22,980	SH		SOLE		22,980	0	0
Microsoft Corp	Common Stock	594918104	6,391	155,910	SH		SOLE		155,910	0	0
Mondelez International Inc	Common Stock	609207105	1,215	35,156	SH		SOLE		35,156	0	0
Monsanto Co	Common Stock	61166W101	1,235	10,855	SH		SOLE		10,855	0	0
Morgan Stanley	Common Stock	617446448	902	28,945	SH		SOLE		28,945	0	0
National Grid Plc	ADRs	636274300	12,969	188,673	SH		SOLE		188,673	0	0
National Oilwell Varco Inc	Common Stock	637071101	693	8,895	SH		SOLE		8,895	0	0
NextEra Energy Inc	Common Stock	65339F101	103,194	1,079,205	SH		SOLE		1,079,205	0	0
Nike Inc	Common Stock	654106103	1,129	15,290	SH		SOLE		15,290	0	0
Nippon Telegraph & Telephone	ADRs	654624105	2,189	80,375	SH		SOLE		80,375	0	0
Nisource Inc	Common Stock	65473P105	74,867	2,107,160	SH		SOLE		2,107,160	0	0
Norfolk Southern Corp	Common Stock	655844108	625	6,430	SH		SOLE		6,430	0	0
Northeast Utilities	Common Stock	664397106	93,910	2,063,950	SH		SOLE		2,063,950	0	0
Northwest Natural Gas Co	Common Stock	667655104	35,208	800,000	SH		SOLE		800,000	0	0
Occidental Petroleum Corp	Common Stock	674599105	1,583	16,615	SH		SOLE		16,615	0	0
OGE Energy Corp	Common Stock	670837103	49,875	1,356,779	SH		SOLE		1,356,779	0	0
Oneok Inc	Common Stock	682680103	2,980	50,300	SH		SOLE		50,300	0	0
Oneok Partners	Master Ltd Part	68268N103	15,637	292,000	SH		SOLE		292,000	0	0
Oracle Corp	Common Stock	68389X105	2,928	71,570	SH		SOLE		71,570	0	0
Pebblebrook Hotel Trust	REIT	70509V100	47,149	1,396,168	SH		SOLE		1,262,860	0	133,308
Pepco Holdings Inc	Common Stock	713291102	73,114	3,570,000	SH		SOLE		3,570,000	0	0
Pepsico Inc	Common Stock	713448108	2,641	31,625	SH		SOLE		31,625	0	0
Pfizer Inc	Common Stock	717081103	4,239	131,963	SH		SOLE		131,963	0	0
Philip Morris International	Common Stock	718172109	2,682	32,765	SH		SOLE		32,765	0	0
Piedmont Natural Gas Co	Common Stock	720186105	35,390	1,000,000	SH		SOLE		1,000,000	0	0
Plains All Amer Pipelne LP	Master Ltd Part	726503105	26,216	475,610	SH		SOLE		475,610	0	0
Plains GP Holdings LP	Master Ltd Part	72651A108	2,612	93,335	SH		SOLE		93,335	0	0
PPL Corp	Common Stock	69351T106	89,743	2,708,000	SH		SOLE		2,708,000	0	0
Procter & Gamble Co	Common Stock	742718109	4,520	56,080	SH		SOLE		56,080	0	0
Prologis Inc	REIT	74340W103	131,192	3,213,116	SH		SOLE		2,828,066	0	385,050
Public Service Entrp Grp Inc	Common Stock	744573106	68,652	1,800,000	SH		SOLE		1,800,000	0	0
Public Storage	REIT	74460D109	142,969	848,531	SH		SOLE		748,891	0	99,640
Qualcomm Inc	Common Stock	747525103	2,757	34,960	SH		SOLE		34,960	0	0
Questar Corp	Common Stock	748356102	47,242	1,986,635	SH		SOLE		1,986,635	0	0
Raytheon Co	Common Stock	755111507	646	6,540	SH		SOLE		6,540	0	0
Regency Centers Corp	REIT	758849103	240	4,700	SH		SOLE		4,700	0	0
Schlumberger Ltd	Common Stock	806857108	2,644	27,115	SH		SOLE		27,115	0	0
Sempra Energy	Common Stock	816851109	102,577	1,060,115	SH		SOLE		1,060,115	0	0
Simon Property Group Inc	REIT	828806109	233,413	1,423,247	SH		SOLE		1,251,979	0	171,268
SL Green Realty Corp	REIT	78440X101	31,517	313,227	SH		SOLE		273,028	0	40,199
Southern Co	Common Stock	842587107	106,968	2,434,420	SH		SOLE		2,434,420	0	0
Spectra Energy Corp	Common Stock	847560109	78,750	2,131,835	SH		SOLE		2,131,835	0	0
Spectra Energy Partners	Master Ltd Part	84756N109	13,119	268,000	SH		SOLE		268,000	0	0
Starbucks Corp	Common Stock	855244109	1,138	15,510	SH		SOLE		15,510	0	0
Sunoco Logistics Partners LP	Master Ltd Part	86764L108	14,723	162,000	SH		SOLE		162,000	0	0
Tanger Factory Outlet Centers	REIT	875465106	66,950	1,912,844	SH		SOLE		1,758,424	0	154,420
Targa Resources Partners	Master Ltd Part	87611X105	50,323	894,465	SH		SOLE		894,465	0	0
Target Corp	Common Stock	87612E106	789	13,045	SH		SOLE		13,045	0	0
TC Pipelines LP	Master Ltd Part	87233Q108	16,959	353,834	SH		SOLE		353,834	0	0
TECO Energy Inc	Common Stock	872375100	51,450	3,000,000	SH		SOLE		3,000,000	0	0
Teekay LNG Partners	Master Ltd Part	Y8564M105	15,996	387,020	SH		SOLE		387,020	0	0
Teekay Offshore Partners	Master Ltd Part	Y8565J101	12,595	384,919	SH		SOLE		384,919	0	0
Tesoro Logistics LP	Master Ltd Part	88160T107	1,459	24,229	SH		SOLE		24,229	0	0
Texas Instruments Inc	Common Stock	882508104	1,061	22,505	SH		SOLE		22,505	0	0
Time Warner Inc	Common Stock	887317303	1,207	18,476	SH		SOLE		18,476	0	0
Transcanada Corp	Foreign Common	89353D107	54,270	1,192,213	SH		SOLE		1,192,213	0	0
Twenty-First Century Fox Inc	Common Stock	90130A101	1,282	40,100	SH		SOLE		40,100	0	0
U S Bancorp	Common Stock	902973304	1,615	37,692	SH		SOLE		37,692	0	0
UDR Inc	REIT	902653104	208	8,057	SH		SOLE		8,057	0	0
Union Pacific Corp	Common Stock	907818108	1,782	9,495	SH		SOLE		9,495	0	0
United Parcel Service	Common Stock	911312106	1,439	14,775	SH		SOLE		14,775	0	0
United Technologies Corp	Common Stock	913017109	2,035	17,420	SH		SOLE		17,420	0	0
UnitedHealth Group Inc	Common Stock	91324P102	1,676	20,445	SH		SOLE		20,445	0	0
Valero Energy Prtnrs LP	Master Ltd Part	91914J102	1,980	50,000	SH		SOLE		50,000	0	0
Vanguard	Exchange Traded	922042775	20,525	407,965	SH		SOLE		407,965	0	0
Vanguard	Exchange Traded	922042858	4,852	119,560	SH		SOLE		119,560	0	0
Vanguard FTSE Developed Market	Exchange Traded	921943858	21,237	514,590	SH		SOLE		514,590	0	0
Vectren Corp	Common Stock	92240G101	59,085	1,500,000	SH		SOLE		1,500,000	0	0
Ventas Inc	REIT	92276F100	53,773	887,776	SH		SOLE		793,567	0	94,209
Verizon Communications Inc	Common Stock	92343V104	88,087	1,851,737	SH		SOLE		1,851,737	0	0
Visa Inc	Common Stock	92826C839	2,272	10,525	SH		SOLE		10,525	0	0
Vodafone Group PLC	ADRs	92857W308	20,807	565,243	SH		SOLE		565,243	0	0
Wal-Mart Stores	Common Stock	931142103	2,561	33,510	SH		SOLE		33,510	0	0
Walgreen Co	Common Stock	931422109	1,180	17,875	SH		SOLE		17,875	0	0
Walt Disney Co	Common Stock	254687106	2,695	33,655	SH		SOLE		33,655	0	0
Wells Fargo & Co	Common Stock	949746101	2,377	47,794	SH		SOLE		47,794	0	0
Westar Energy Inc	Common Stock	95709T100	110,262	3,136,000	SH		SOLE		3,136,000	0	0
Western Gas Partners LP	Master Ltd Part	958254104	19,460	294,000	SH		SOLE		294,000	0	0
WGL Holdings Inc	Common Stock	92924F106	40,060	1,000,000	SH		SOLE		1,000,000	0	0
Williams Cos Inc	Common Stock	969457100	78,645	1,938,014	SH		SOLE		1,938,014	0	0
Williams Partners LP	Master Ltd Part	96950F104	41,903	822,600	SH		SOLE		822,600	0	0
Windstream Holdings Inc	Common Stock	97382A101	66,575	8,079,462	SH		SOLE		8,079,462	0	0
Wisconsin Energy Corp	Common Stock	976657106	50,067	1,075,558	SH		SOLE		1,075,558	0	0
XCEL Energy Inc	Common Stock	98389B100	81,972	2,700,000	SH		SOLE		2,700,000	0	0