CBRE Investment Management Listed Real Assets LLC

Fees and Compensation
We provide advisory services for a fee based on a percentage of assets under management. In addition to
paying our investment management fee, clients should expect to pay fees for custody and administration
services, brokerage commissions (not incidental to our services), and other similar costs. These additional costs
are not paid to CBREIM Listed Real Assets.

INSTITUTIONAL SEPARATE ACCOUNT FEES
We provide advisory services to institutional separate accounts. Please refer to the Types of Clients section of
this brochure for the types of entities we regard as institutional clients.
Investment management fees for institutional separate accounts with a total return objective will generally
begin at the following rates (stated as a percentage of assets under management):

  Total Return Investment Objective                  Beginning Fee Rate
  Global Real Estate                                 50 basis points (0.50%)
  Global Infrastructure                              60 basis points (0.60%)
  U.S. Real Estate                                   50 basis points (0.50%)
  Regional Real Estate                               50 basis points (0.50%)
  Listed Real Assets                                 50 basis points (0.50%)

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                                                 CBRE Investment Management Listed Real Assets LLC | 801-49083

Investment management fees may be tiered or otherwise negotiable, depending on the size and mandate of the
account. For example, when assets of an account exceed US$200M, the fee rates on assets over that amount
can range between 30 and 40 basis points, for most strategies. CBREIM Listed Real Assets has agreed to “most-
favored-nation” clauses in agreements with certain clients. Investment management fees for institutional
separate accounts with Income-Oriented and Absolute Return investment objectives are customized and
negotiable. Accounts may have higher or lower fees based on size and complexity.
Fee calculation and payment terms are negotiable. Management fees are most often paid quarterly in arrears
and are calculated by multiplying the average monthly assets under management for the period by the
applicable rate, equivalent to ¼ (one-quarter) the annualized rate.
For the purpose of computing management fees, CBREIM Listed Real Assets values client accounts using IDC
as our primary pricing source and Bloomberg as a secondary, back-up pricing source. At the request of a client,
management fees may be calculated based on valuations determined by the custodian or administrator for the
account.
When advisory services are provided for less than one quarter, the fee will be pro-rated for the number of days
the account was open during the quarter. In most cases, the management fee is also pro-rated for client-
directed cash flows in the account (e.g., contributions or withdrawals).
Investment management fees are paid by the client. CBREIM Listed Real Assets does not directly debit
investment management fees from a client’s account.

FEES FOR OTHER TYPES OF ACCOUNTS
The rate and timing of management fees for other types of accounts may vary. For example, CBREIM Listed
Real Assets serves as investment adviser to a closed-end fund and a private fund. Fees charged on these funds
are described in the funds’ disclosure documents (i.e., Prospectus or Offering Memorandum).
Similarly, CBREIM Listed Real Assets serves as sub-adviser to a variety of investment funds, including mutual
funds. For these funds, CBREIM Listed Real Assets is compensated by the named investment adviser or trustee.
In such cases, CBREIM Listed Real Assets’ fee is negotiated with the fund’s named investment adviser or
sponsor.
Fees paid to CBREIM Listed Real Assets for non-discretionary advisory services have been negotiated with the
client or program sponsor.

Performance-Based Fees and Side-by-Side
Management
For some clients, CBREIM Listed Real Assets charges a management fee which consists of a base fee plus an
“incentive” or “performance” fee. The “performance-based” fee is typically equal to a percentage of investment
returns over a specified rate of return.
It is possible that two client accounts in the same model (same investment objective, same investment mandate,
and same benchmark) may have different fee structures because one may have a performance-based fee. In
this situation, the two clients could pay different amounts for the same service solely because of the
performance-based fee.
Performance-based fee arrangements can provide for increased compensation for an adviser, which can create
an inherent conflict of interest, in that a performance-based fee provides an incentive for an adviser to make

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                                                   CBRE Investment Management Listed Real Assets LLC | 801-49083

investments which could be riskier or more speculative in an effort to improve performance and earn a higher
fee.
Additionally, performance-based fee arrangements can create an incentive to favor performance-based fee
accounts over other accounts in the allocation of investment opportunities. CBREIM Listed Real Assets has
designed and implemented procedures to ensure that all clients are treated fairly and equally over time
including the allocation of investment opportunities. regardless of the client’s fee structure. However, different
client investment restrictions and guidelines can lead to different portfolio holdings and/or performance results
even when the clients have the same investment strategy. CBREIM Listed Real Assets’ procedures for allocating
investment opportunities are described in the Brokerage Practices section of this brochure.
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Types of Clients
CBREIM Listed Real Assets provides discretionary advisory services globally to institutional clients, such as:
       Corporate and public pension plans
       Sovereign wealth funds
       Government entities
       Universities and Endowments
       Charitable organizations
       Corporations
       Taft-Hartley plans
       Foundations and Trusts
       Open-end investment companies
       Closed-end investment companies
       Insurance companies
       Collective trusts
       Private investment funds
As of 31 December 2025, CBREIM Listed Real Assets managed approximately US$10.80 billion in discretionary
client assets for approximately 50 client accounts.
CBREIM Listed Real Assets generally requires an initial minimum funding amount of US$10 million for
institutional separate accounts.

AFFILIATED PRIVATE FUND
CBREIM Listed Real Assets currently does not, but may in the future, offer affiliated private fund. If it does, the
eligibility conditions and minimum investment amounts related to the Affiliated Private Fund (as defined on
page 16) will be described in the fund’s private placement materials. Minimum investments may be reduced in
CBREIM Listed Real Assets’ discretion.

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NON-DISCRETIONARY PLATFORMS
CBREIM Listed Real Assets provides non-discretionary advisory services through certain unaffiliated
institutional clients and fund sponsors. The initial minimum investment amount accounts in funds or the UMA
or SMA programs vary depending on the platform and the sponsor.
As of 31 December 2025, CBREIM Listed Real Assets managed approximately US$150million in non-
discretionary client assets.

Methods of Analysis, Investment Strategies, &
Risk of Loss
CBREIM Listed Real Assets actively manages portfolios of real asset securities, including listed real estate and
listed infrastructure, to either outperform a passive index strategy or achieve a target rate of return through
expertise and research of both listed and direct real estate and infrastructure markets.

REAL ESTATE AND INFRASTRUCTURE SECURITIES
CBREIM Listed Real Assets focuses on investing in equity-related securities of publicly traded real estate and
infrastructure companies, which include:
       Common stock
       Preferred stock
       Master Limited Partnership units
       Depository receipts
       Convertible debt
       Warrants
       Rights
Although CBREIM Listed Real Assets focuses on investing in publicly traded companies, not all securities issued
by those companies are listed or actively quoted. On occasion, CBREIM Listed Real Assets may invest in private
companies or in a private placement of securities by a public company. Restricted or unlisted securities may
be illiquid. In general, however, CBREIM Listed Real Assets maintains a high degree of liquidity in client
accounts.
In addition, CBREIM Listed Real Assets may use other types of instruments to implement our investment
strategies. These other instruments include:
       Options
       Exchange-traded funds
       Closed-end funds
       Participation notes
       Currency forwards
CBREIM Listed Real Assets may use options, participation notes, or other “synthetic equity” structures as a way
to invest in securities that trade in markets which are otherwise inaccessible.
Depending on the client mandate, we may use options, swaps, or forwards for the purposes of hedging market
risk, interest rate risk, or currency risk. Options may also be employed to enhance returns.

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As part of investing in global securities, CBREIM Listed Real Assets will execute (either by the Firm or through
a third party provider) spot foreign exchange (“FX”) transactions on a negotiated basis through a third-party
FX counterparty or, upon request, through the client’s custodian.
If Affiliated Private Funds are offered, CBREIM Listed Real Assets has broad discretion in the types of securities
and investment strategies employed in managing these funds. This is discussed in those funds’ offering
documents.

INVESTMENT PROCESS
CBREIM Listed Real Assets maintains a collegial team approach to investment decision making. The investment
process is overseen by Joseph P. Smith, Chief Investment Officer – Listed Real Assets, who has responsibility
for overseeing all strategies, Jeremy M. Anagnos Chief Investment Officer – Infrastructure, who has
responsibility for overseeing all infrastructure strategies, and Kenneth S. Weinberg, Chief Investment Officer
Listed Real Estate, who has responsibility for overseeing all real estate strategies. The Chief Investment Officers
lead a team of Portfolio Managers responsible for investment decisions and portfolio structuring.

  Portfolio Manager           Role                                Mandates
  Joseph P. Smith             Chief Investment Officer            Global Real Assets
  Jeremy M. Anagnos           Chief Investment Officer            Global Infrastructure
  Kenneth S. Weinberg         Chief Investment Officer            Listed Real Estate
  James Crutcher              Portfolio Manager                   Global and European Real Assets
  Daniel R. Foley             Portfolio Manager                   Global Infrastructure
  Hinds S. Howard             Portfolio Manager                   Global Infrastructure
  Jonathan D. Miniman         Portfolio Manager                   Global and Americas Real Estate
  Justin P. Pica              Portfolio Manager                   Global and Asia Pacific Real Estate
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