DUFF & PHELPS INVESTMENT MANAGEMENT CO
13F-HR, 1999-11-03
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                       UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                               FORM 13F

                         FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 1999

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 Mgt Co
Address: 55 East Monroe
         Chicago, IL 60603



13F File Number: 28-1420

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:    Teresa Bruskotter
Title:   Vice President
Phone:   216-771-3450
Signature, Place, and Date of Signing:

Teresa Bruskotter Cleveland, OH      November 3, 1999


Report Type (Check only one.):

[X ]   13F HOLDINGS REPORT.

[  ]   13F NOTICE.

[  ]   13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:





I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>
                          FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:         2
Form 13F Information Table Entry Total:    198
Form 13F Information Table Value Total:    $6176124


List of Other Included Managers:

No.   13F File Number        Name
1     28-53821               Phoenix Duff & Phelps Investment Advisors
2     28-47829               Phoenix Investment Partners, Ltd.



<PAGE>
<TABLE>                        <C>              <C>       <C>      <C>               <C>     <C>
                                                          FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP NO  (x$1000) PRN AMT  PRN CALL DSCRETN  MANAGERS      SOLE    SHARED   NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- -----------  -------- -------- --------
A T & T CORP                   COM              00195710      3249    74682 SH       SOLE                    74682        0        0
ABBOTT LABORATORIES            COM              00282410      4244   115675 SH       SOLE                   115675        0        0
AEGON N. V. AMERICAN REG       COM              00792410       373     4308 SH       SOLE                     4308        0        0
AGL RESOURCES                  COM              00120410     15048   926000 SH       SOLE                   926000        0        0
ALBERTSON'S INC                COM              01310410     66118  1671217 SH       SOLE                  1376285        0   294932
ALEXANDRIA REAL ESTATE         COM              01527110      5982   203200 SH       SOLE                   203200        0        0
ALLIEDSIGNAL INC               COM              01951210     68571  1144040 SH       SOLE                   911825        0   232215
ALLSTATE CORP                  COM              02000210      2963   118800 SH       SOLE                   118800        0        0
ALLTEL CORP                    COM              02003910     42225   600000 SH       SOLE                   600000        0        0
AMERICAN EXPRESS CO            COM              02581610     17307   128202 SH       SOLE                   128202        0        0
AMERICAN HOME PRODUCTS         COM              02660910     72441  1745576 SH       SOLE                  1451814        0   293762
AMERICAN INTL GROUP INC        COM              02687410     13617   156633 SH       SOLE                   156633        0        0
AMERITECH CORP                 COM              03095410     11435   171309 SH       SOLE                   171309        0        0
AMGEN INC                      COM              03116210      2520    30920 SH       SOLE                    30920        0        0
APARTMENT INVESTMENT & MGT     COM              03748R10     14925   390200 SH       SOLE                   390200        0        0
ATLANTIC RICHFIELD CO          COM              04882510       355     4000 SH       SOLE                     4000        0        0
AUTOMATIC DATA PROCESSING      COM              05301510       469    10500 SH       SOLE                    10500        0        0
AVALONBAY COMMUNITIES INC      COM              05348410     10091   297900 SH       SOLE                   297900        0        0
AVON PRODUCTS INC              COM              05430310      8587   346080 SH       SOLE                   346080        0        0
BAKER HUGHES INC               COM              05722410       558    19250 SH       SOLE                    19250        0        0
BANK OF AMERICA CORP           COM              06050510      9867   177185 SH       SOLE                   177185        0        0
BANK ONE CORPORATION           COM              06423A10      1890    54300 SH       SOLE                    54300        0        0
BAXTER INTERNATIONAL INC       COM              07181310       407     6750 SH       SOLE                     6750        0        0
BELL ATLANTIC CORPORATION      COM              07785310    118238  1756550 SH       SOLE                  1756550        0        0
BELLSOUTH CORPORATION          COM              07986010     50850  1130000 SH       SOLE                  1130000        0        0
BERKSHIRE HATHAWAY INC B       COM              08467020       204      110 SH       SOLE                      110        0        0
BESTFOODS                      COM              08658U10       495    10200 SH       SOLE                    10200        0        0
BOSTON PROPERTIES              COM              10112110     18087   589400 SH       SOLE                   589400        0        0
BP AMOCO PLC - SPONS ADR       COM              05562210      1337    12065 SH       SOLE                    12065        0        0
BRADLEY REAL ESTATE            COM              10458010      2277   123900 SH       SOLE                   123900        0        0
BRISTOL-MYERS SQUIBB CO        COM              11012210     10792   159888 SH       SOLE                   159888        0        0
C.I.T. GROUP INC-A             COM              12557710     80529  3916312 SH       SOLE                  3141100        0   775212
CABLE & WIRELESS PLC ADR       COM              12683020     20372   615000 SH       SOLE                   615000        0        0
CAMPBELL SOUP CO               COM              13442910       757    19358 SH       SOLE                    19358        0        0
CAROLINA POWER & LIGHT CO      COM              14414110      7828   221300 SH       SOLE                   221300        0        0
CATERPILLAR INC                COM              14912310      3239    59100 SH       SOLE                    59100        0        0
CBL & ASSOCIATES               COM              12483010     11085   453600 SH       SOLE                   453600        0        0
CENTERPOINT PROPERTIES COR     COM              15189510     15690   464900 SH       SOLE                   464900        0        0
CHARLES SMITH RESIDENTIAL      COM              83219710      2188    64000 SH       SOLE                    64000        0        0
CHASE MANHATTAN CORP           COM              16161A10     11834   157000 SH       SOLE                   157000        0        0
CHELSEA GCA REALTY INC         COM              16326210      5990   189400 SH       SOLE                   189400        0        0
CHEVRON CORP                   COM              16675110       888    10000 SH       SOLE                    10000        0        0
CISCO SYSTEMS INC              COM              17275R10    111560  1627130 SH       SOLE                  1384250        0   242880
CITIGROUP INC                  COM              17296710      3103    70515 SH       SOLE                    65282        0     5233
CLOROX CO                      COM              18905410     73016  1908904 SH       SOLE                  1574450        0   334454
CMS ENERGY CLASS G             COM              12589620      5288   225000 SH       SOLE                   225000        0        0
CMS ENERGY CORP                COM              12589610     45907  1352700 SH       SOLE                  1352700        0        0
COCA-COLA CO                   COM              19121610      2159    44740 SH       SOLE                    44740        0        0
COLGATE-PALMOLIVE CO           COM              19416210      6892   150640 SH       SOLE                   150640        0        0
COLONIAL PROPERTIES TRUST      COM              19587210      1372    51300 SH       SOLE                    51300        0        0
COLUMBIA GAS SYSTEM INC        COM              19764810     45718   825600 SH       SOLE                   825600        0        0
COMPAQ COMPUTER CORP           COM              20449310      7077   309374 SH       SOLE                   309374        0        0
CONOCO INC - CL A              COM              20825130    117407  4230900 SH       SOLE                  3409085        0   821815
CONOCO INC - CL B              COM              20825140      2520    92051 SH       SOLE                    92051        0        0
CONSOLIDATED NATURAL GAS       COM              20961510       256     4112 SH       SOLE                     4112        0        0
CORNERSTONE PROPERTIES INC     COM              21922H10      3431   225000 SH       SOLE                   225000        0        0
CORNING INC                    COM              21935010      1334    19460 SH       SOLE                    19460        0        0
COX COMMUNICATIONS 7% CONV     CVPFD            22404430     28875   500000 SH       SOLE                   500000        0        0
CRESCENT REAL ESTATE           COM              22575610      7027   390400 SH       SOLE                   390400        0        0
CVS CORP                       COM              12665010     97178  2381085 SH       SOLE                  1926565        0   454520
DAYTON HUDSON CORP             COM              23975310    150390  2503892 SH       SOLE                  2036575        0   467317
DELL COMPUTER CORP             COM              24702510       335     8000 SH       SOLE                     8000        0        0
DEVELOPERS DIV RTY W/PPRTS     COM              25159110      7662   547300 SH       SOLE                   547300        0        0
DOW CHEMICAL CO                COM              26054310     32987   290319 SH       SOLE                   231554        0    58765
DQE INC                        COM              23329J10     57318  1465000 SH       SOLE                  1465000        0        0
DUKE CAPITAL FINANCING TRU     PFD              26439F20     17938   700000 SH       SOLE                   700000        0        0
DUKE ENERGY CORP               COM              26439910    190225  3450787 SH       SOLE                  3054205        0   396582
DUKE-WEEKS REALITY CORP        COM              26441150      7930   406658 SH       SOLE                   406658        0        0
DUPONT (E I) DENEMOURS         COM              26353410      5560    91901 SH       SOLE                    91901        0        0
EATON CORP                     COM              27805810      2218    25700 SH       SOLE                    25700        0        0
EDISON INTERNATIONAL           COM              28102010     64632  2658400 SH       SOLE                  2658400        0        0
EL PASO ENERGY CORPORATION     COM              28390510     60166  1494800 SH       SOLE                  1494800        0        0
ELECTRICIDADE DE PORTUGAL      COM              26835310     12600   400000 SH       SOLE                   400000        0        0
EMC CORP/MASS                  COM              26864810    107634  1508014 SH       SOLE                  1235430        0   272584
EMERSON ELECTRIC CO W/RTS      COM              29101110     82285  1302235 SH       SOLE                  1078140        0   224095
ENDESA - SPONSORED ADR         COM              29258N10     30474  1593400 SH       SOLE                  1593400        0        0
ENRON CORP                     COM              29356110     57488  1400000 SH       SOLE                  1400000        0        0
ENTERGY CORP                   COM              29364G10     29115  1006150 SH       SOLE                  1006150        0        0
EQUITY OFFICE PROPERTIES       COM              29474110       767    33000 SH       SOLE                    33000        0        0
EQUITY RESIDENTIAL PROP TR     COM              29476L10     16692   393900 SH       SOLE                   393900        0        0
ESSEX PROPERTIES               COM              29717810     13496   386300 SH       SOLE                   386300        0        0
EXXON CORP                     COM              30229010      9513   125174 SH       SOLE                   125174        0        0
FEDERAL NATL MORTGAGE ASSN     COM              31358610    123738  1973884 SH       SOLE                  1619560        0   354324
FEDERATED DEPT STORES          COM              31410H10      5423   124125 SH       SOLE                   124125        0        0
FIRST DATA CORP                COM              31996310    119087  2714237 SH       SOLE                  2246900        0   467337
FIRST INDUSTRIAL REALTY TR     COM              32054K10      9469   382600 SH       SOLE                   382600        0        0
FIRSTENERGY                    COM              33793210     50625  2000000 SH       SOLE                  2000000        0        0
FLEET FINANCIAL GROUP INC      COM              33891510      3162    86330 SH       SOLE                    86330        0        0
FORD MOTOR COMPANY             COM              34537010      5656   112560 SH       SOLE                   112560        0        0
FPL GROUP INC                  COM              30257110     99313  1971470 SH       SOLE                  1839725        0   131745
GENERAL ELECTRIC CO            COM              36960410    146249  1233522 SH       SOLE                  1037289        0   196233
GENERAL GROWTH PROPERTIES      COM              37002110     10137   321800 SH       SOLE                   321800        0        0
GENERAL MOTORS CORP            COM              37044210      1807    28705 SH       SOLE                    28705        0        0
GILLETTE CO                    COM              37576610      3028    89235 SH       SOLE                    89235        0        0
GOLF TRUST OF AMERICA          COM              38168B10      2404   121700 SH       SOLE                   121700        0        0
GREAT LAKES REIT INC.          COM              39075210       860    57100 SH       SOLE                    57100        0        0
GTE CORP                       COM              36232010     74318   966733 SH       SOLE                   756095        0   210638
HALLIBURTON CO                 COM              40621610      6650   162190 SH       SOLE                   162190        0        0
HARTFORD FINANCIAL SVCS GP     COM              41651510     56406  1379972 SH       SOLE                  1119935        0   260037
HEWLETT-PACKARD CO             COM              42823610      2781    30640 SH       SOLE                    30640        0        0
HIGHWOODS PROPERTIES INC.      COM              43128410      9545   368900 SH       SOLE                   368900        0        0
HOME DEPOT INC                 COM              43707610      8166   118995 SH       SOLE                   118995        0        0
HOUSEHOLD INTERNATIONAL        COM              44181510      1625    40499 SH       SOLE                    40499        0        0
HRPT PROPERTIES TRUST          COM              40426W10      1311   116500 SH       SOLE                   116500        0        0
ILLINOIS TOOL WORKS INC        COM              45230810      6935    93010 SH       SOLE                    93010        0        0
INTEL CORP                     COM              45814010     58434   786333 SH       SOLE                   693829        0    92504
INTL BUSINESS MACHINES         COM              45920010    142049  1173955 SH       SOLE                   967430        0   206525
J P MORGAN & CO INC            COM              61688010      3402    29776 SH       SOLE                    29776        0        0
JDN REALTY                     COM              46591710      1113    54300 SH       SOLE                    54300        0        0
JOHNSON & JOHNSON              COM              47816010      8995    97900 SH       SOLE                    97900        0        0
KELLOGG CO                     COM              48783610       672    17952 SH       SOLE                    17952        0        0
KEYCORP                        COM              49326710      1318    51052 SH       SOLE                    51052        0        0
KIMBERLY-CLARK CORP            COM              49436810     73295  1389475 SH       SOLE                  1141750        0   247725
KIMCO REALTY CORP              COM              49446R10      9627   269300 SH       SOLE                   269300        0        0
LILLY (ELI) & CO               COM              53245710     92843  1446430 SH       SOLE                  1199210        0   247220
LUCENT TECHNOLOGIES INC        COM              54946310     58986   909220 SH       SOLE                   746460        0   162760
MACERICH CO (THE)              COM              55438210      7765   335800 SH       SOLE                   335800        0        0
MACK-CALI REALTY CORP W/RT     COM              55448910      8081   301400 SH       SOLE                   301400        0        0
MANUFACTURED HOME COMMUN.      COM              56468210       933    39900 SH       SOLE                    39900        0        0
MARRIOTT INTL-CL A             COM              57190320      3281   100380 SH       SOLE                   100380        0        0
MARSH & MCLENNAN COS INC       COM              57174810     69781  1018695 SH       SOLE                   831285        0   187410
MASCO CORP                     COM              57459910     89427  2884728 SH       SOLE                  2390280        0   494448
MAY DEPARTMENT STORES CO       COM              57777810      4829   132515 SH       SOLE                   132515        0        0
MAYTAG CORP                    COM              57859210      1099    33000 SH       SOLE                    33000        0        0
MBNA CORP                      COM              55262L10      3433   150478 SH       SOLE                   150478        0        0
MCDONALD'S CORP                COM              58013510    117629  2719755 SH       SOLE                  2254380        0   465375
MCI WORLDCOM INC               COM              55268B10     65515   911512 SH       SOLE                   754423        0   157089
MEDTRONIC INC                  COM              58505510    121812  3425283 SH       SOLE                  2835380        0   589903
MERCK & CO INC                 COM              58933110      6224    96030 SH       SOLE                    96030        0        0
MGIC INVESTMENT CORP W/RTS     COM              55284810    166283  3482367 SH       SOLE                  2861220        0   621147
MICROSOFT CORP                 COM              59491810    131626  1453430 SH       SOLE                  1196475        0   256955
MINNESOTA MINING & MFG CO      COM              60405910      5819    60580 SH       SOLE                    60580        0        0
MOBIL CORP                     COM              60705910     74777   742200 SH       SOLE                   628630        0   113570
NATIONAL CITY CORP             COM              63540510      9802   367290 SH       SOLE                   367290        0        0
NATIONAL FUEL GAS CO           COM              63618010     18875   400000 SH       SOLE                   400000        0        0
NATIONALPOWER PLC FIN AL       COM              63719440     21882   686500 SH       SOLE                   686500        0        0
NATIONWIDE HEALTH PPTYS        COM              63862010      5292   318300 SH       SOLE                   318300        0        0
NICOR INC                      COM              65408610     22115   594700 SH       SOLE                   594700        0        0
NISOURCE                       COM              65473P10     49927  2256600 SH       SOLE                  2256600        0        0
NISOURCE INC                   CVPFD            65473P30     21438   500000 SH       SOLE                   500000        0        0
NORTEL NETWORKS CORP           COM              65656910       315     6180 SH       SOLE                     6180        0        0
NSTAR                          COM              67019E10     51096  1318600 SH       SOLE                  1318600        0        0
OMNICOM GROUP INC              COM              68191910     96545  1219189 SH       SOLE                   989655        0   229534
ORACLE CORP                    COM              68389X10       306     6720 SH       SOLE                     6720        0        0
PEPSICO INC                    COM              71344810     10363   339785 SH       SOLE                   339785        0        0
PFIZER INC                     COM              71708110     15089   420586 SH       SOLE                   420586        0        0
PHILIP MORRIS COS INC          COM              71815410      1684    49270 SH       SOLE                    49270        0        0
PHOENIX CORE EQTY FUND.        COM              71892782      2445   243005 SH       SOLE                   243005        0        0
PINNACLE WEST CAPITAL CORP     COM              72348410     40740  1120000 SH       SOLE                  1120000        0        0
PITNEY BOWES INC               COM              72447910    104763  1719188 SH       SOLE                  1400720        0   318468
POWERGEN PLC-SPONS ADR         COM              73890540     12571   302000 SH       SOLE                   302000        0        0
PPG INDUSTRIES INC             COM              69350610      3075    51246 SH       SOLE                    51246        0        0
PRAXAIR INC                    COM              74005P10     34437   748620 SH       SOLE                   596300        0   152320
PROCTER & GAMBLE CO            COM              74271810     83025   885605 SH       SOLE                   732460        0   153145
PROVIDIAN FINANCIAL CORP       COM              74406A10     53987   681757 SH       SOLE                   552225        0   129532
RAYTHEON CO CLASS A            COM              75511130      3470    71540 SH       SOLE                    71540        0        0
RECKSON ASSOC RALTY CORP-B     COM              75621K30      3753   171545 SH       SOLE                   171545        0        0
RECKSON ASSOCIATES REALTY      COM              75621K10     15651   752000 SH       SOLE                   752000        0        0
RECKSON SERVICE INDUSTRIES     COM              75621J10      5424   343008 SH       SOLE                   343008        0        0
RELIANT ENERGY INC             COM              75952J10     48713  1800000 SH       SOLE                  1800000        0        0
ROYAL DUTCH PETROLEUM A        COM              78025780       363     6140 SH       SOLE                     6140        0        0
ROYAL PTT NEDERLAND NV ADS     COM              78064120     22250   500000 SH       SOLE                   500000        0        0
SARA LEE CORP                  COM              80311110      4210   180100 SH       SOLE                   180100        0        0
SBC COMMUNICATIONS INC         COM              78387G10     97669  1912730 SH       SOLE                  1912730        0        0
SCHERING-PLOUGH CORP           COM              80660510      8156   186950 SH       SOLE                   186950        0        0
SCOTISH AND SOUTHERN ENERG     COM              81012K30     18544   200000 SH       SOLE                   200000        0        0
SCOTTISH & SOUTHERN ENERGY     COM              0790873       1906   350000 SH       SOLE                   350000        0        0
SCOTTISH POWER PLC             COM              81013T70     18156   500000 SH       SOLE                   500000        0        0
SERV CORP INTERNATL W/RTS      COM              81756510       516    48850 SH       SOLE                    48850        0        0
SOUTHERN COMPANY               COM              84258710      2354    91410 SH       SOLE                    91410        0        0
SPIEKER PROPERTIES INC         COM              84849710     11830   341050 SH       SOLE                   341050        0        0
STORAGE USA INC                COM              86190710      1172    42600 SH       SOLE                    42600        0        0
SUN COMMUNITIES INC            COM              86667410      1891    57200 SH       SOLE                    57200        0        0
SUN MICROSYSTEMS INC           COM              86681010    117597  1264488 SH       SOLE                  1049995        0   214493
TELE DANMARK AS                COM              87924210     26663   900000 SH       SOLE                   900000        0        0
TELECOM NEW ZEALAND-SP ADR     COM              87927820     17800   556250 SH       SOLE                   556250        0        0
TELSTRA                        COM              87969N20     14992   568400 SH       SOLE                   568400        0        0
TEXAS INSTRUMENTS INC          COM              88250810       703     8550 SH       SOLE                     8550        0        0
TEXAS UTILITIES COMPANY IN     CVPFD            88284820     38912   789100 SH       SOLE                   789100        0        0
THE WILLIAMS COMPANY           COM              96945710     48988  1302000 SH       SOLE                  1302000        0        0
TRIBUNE CO                     COM              89604710      1902    38235 SH       SOLE                    38235        0        0
TRW INC                        COM              87264910       441     8860 SH       SOLE                     8860        0        0
TYCO INTERNATIONAL LTD         COM              90212410    105575  1022521 SH       SOLE                   837130        0   185391
U S WEST INC                   COM              91273H10     58785  1030185 SH       SOLE                  1030185        0        0
UNICOM CORPORATION             COM              90491110     73912  2001010 SH       SOLE                  2001010        0        0
UNOCAL CORP                    COM              91528910     47290  1275965 SH       SOLE                  1016635        0   259330
URBAN SHOPS CENTER/W RTS       COM              91706010      7791   267500 SH       SOLE                   267500        0        0
UTILICORP CONVERTIBLE          CVPFD            91800520     11385   450900 SH       SOLE                   450900        0        0
UTILICORP UNITED INC           COM              91800510     43178  2050000 SH       SOLE                  2050000        0        0
VIVANT GROUP INC               COM              92851L10         0    10000 SH       SOLE                        0        0    10000
VIVENDI ADR                    COM              92851S10     22883  1620000 SH       SOLE                  1620000        0        0
VORNADO REALTY TRUST           COM              92904210     17017   523600 SH       SOLE                   523600        0        0
WAL-MART STORES INC            COM              93114210      1268    26660 SH       SOLE                    26660        0        0
WALGREEN CO                    COM              93142210     13015   512900 SH       SOLE                   512900        0        0
WALT DISNEY COMPANY            COM              25468710      1519    58440 SH       SOLE                    58440        0        0
WARNER-LAMBERT CO              COM              93448810     90615  1365193 SH       SOLE                  1100625        0   264568
WASHINGTON MUTUAL              COM              93932210     83400  2851286 SH       SOLE                  2340881        0   510405
WELLS FARGO CO                 COM              94974610     73489  1854614 SH       SOLE                  1488950        0   365664
</TABLE>


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