Duff & Phelps Investment Management Co

Item 5. Fees and Compensation

We base investment advisory fees on a percentage of the market value of assets under management. Fees are
individually negotiated and calculated based on the market value of securities in the account, including all cash, cash
equivalents and, in most cases, accrued income and dividends. Specialized investment management fees could be
higher depending on the strategy. Fees are mutually set between us and the client. We also can agree to performance-
based fee arrangements (see "Performance-Based Fees" herein).
We bill clients for investment advisory fees in arrears on a quarterly basis or as otherwise agreed upon in the
investment management agreement. We do not require fees to be prepaid, nor do we require payments six or more
months in advance. In cases where an account was opened or terminated during a quarter (billing period), we prorate
fees based on the length of time we managed the account. Although we do not seek to charge investment advisory
fees in advance, in cases where a client was to opt to pay fees in advance at their own discretion and the account
terminated during the billing period, we would refund any investment advisory fees paid but not yet earned. Our invoices
include sufficient detail (including applicable fee rates, valuation information, and the billing period) to allow clients to
review and understand the fee calculation.
Investment advisory fees and minimum account sizes are subject to negotiation. Advisory fees reduce a client’s
investment returns over time by reducing the amount of assets available to earn returns, whether fees are deducted from
the account or paid separately. We encourage clients to discuss the impact of fees with their client relationship
manager.

Where permitted, we utilize a standard fee billing methodology that charges separate account clients a fee based on
the actual number of days assets are in an account. Fees reflect adjustments made during a billing period to account
for cash flows. Where we manage multiple accounts for a client, we typically will aggregate cash flows in each account
daily. We itemize fee adjustments in clients’ billing invoices and recommend clients review their invoices carefully prior
to authorizing/remitting payment to us. This fee billing methodology is not applicable to clients whose billing terms
are based on the daily market value of their assets under management or is not agreed upon in a client’s investment
management agreement.

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Form ADV Part 2A                                                                                         April 17, 2026

Our investment advisory fees exclude other fees and expenses, in addition to, and separate from, the investment
advisory fee. These can include, but are not limited to, brokerage commissions, transaction fees, and other related
costs such as those imposed by custodians, brokers, and other third parties. Such fees include custodial fees, deferred
sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, costs associated with foreign
exchange transactions, interest expenses and other fees and taxes on brokerage accounts and securities transactions.
We discuss brokerage commissions under Item 12. Brokerage Practices.

Separately Managed Institutional Account Fee Schedules
The following reflects our standard investment advisory fee schedules. Fees and minimum account size are subject
to negotiation. Not all clients pay fees as described in our standard fee schedules. Differences can arise for reasons
such as account size, client’s aggregate assets under management, client type, or other reasons. If we accept an
account below our stated minimum account size, we may negotiate a fee schedule that differs from our stated fee
schedules based on account size, services provided, or other factors. We will customize fee schedules for balanced
accounts applying institutional equity and fixed income fee schedules based on target asset allocations.

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Form ADV Part 2A                                                                                          April 17, 2026

  Global Listed Infrastructure                               U.S. Real Estate Securities
  Minimum account size: $25 million                          Minimum account size: $25 million

  0.70% on assets up to $50 million                          0.60% on assets up to $50 million
  0.65% on the next $50 million                              0.55% on the next $50 million
  0.55% on amounts in excess of $100 million                 0.50% on amounts in excess of $100 million

  Global Real Estate Securities                              Non-Core Real Estate Opportunities
  Minimum account size: $25 million                          Minimum account size: $25 million

  0.70% on assets up to $50 million                          0.60% on assets up to $50 million
  0.65% on the next $50 million                              0.55% on the next $50 million
  0.55% on amounts in excess of $100 million                 0.50% on amounts in excess of $100 million

  Energy Infrastructure                                      Investment Grade Fixed Income
  Minimum account size: $5 million                           Minimum account size: $10 million

  0.75% on assets up to $25 million                          0.30% on assets up to $50 million
  0.70% on the next $25 million                              0.25% on the next $50 million
  0.65% on the next $50 million                              0.20% on the next $100 million
  0.60% on amounts in excess of $100 million                 0.15% on amounts in excess of $200 million

  Global Clean Energy                                        Water
...

Item 7. Types of Clients
We provide investment advisory services to U.S. and non-U.S. clients, including registered investment companies, other
pooled investment vehicles, and institutional separate accounts such as pension and profit-sharing plans, trusts,
estates and charitable organizations, corporations and business entities, endowments, foundations, nuclear
decommissioning trusts, and sub-advisory for financial institutions. We can accept retail clients; however, we do not
generally manage retail advisory accounts.

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Form ADV Part 2A                                                                                       April 17, 2026

We generally require new clients to sign a written investment agreement and to adopt written investment guidelines.
We impose a minimum account size or other conditions for opening an account. As stated in Item 5. Fees and
Compensation, Duff & Phelps requests a minimum account size of $5 - 25 million depending on the investment strategy
to open an account, and we reserve the right to accept accounts below our stated minimum.