Item 5 – Fees and Compensation
The amount and manner in which fees are assessed by RGREA are based on contractually specified
percentages of the assets in the fund or account. The specific fees charged by the Firm are set forth
in the Sub-Advisory Agreement and are described below.
JARIX
Pursuant to the Sub- Advisory Agreement between RGREA and Easterly Funds, LLC (“Easterly”),
RGREA receives thirty-eight (38) basis points (0.38%) on all JARIX assets managed by RGREA.
The management fee payable to the investment manager pursuant to the Investment Management
Agreement for JARIX is ninety (90) basis points. The JARIX management fee is calculated and
paid monthly. The Investment Management Agreement must be reviewed and approved by
JARIX’s Board of Trustees every year. The Sub-Advisory Agreement may be terminated by
Easterly at any time.
Further information on this fund is available on the SEC’s EDGAR website at CIK: 0001829774;
Series: S000070611
KCRIX
Pursuant to the Sub-Advisory Agreement between RGREA and Knights of Columbus Asset
Advisors, LLC (“KOCAA”), an SEC registered investment adviser and wholly- owned subsidiary
of Knights of Columbus, RGREA receives sixty (60) basis points (0.60%) on all assets managed
by RGREA. The management fee payable to KOCAA pursuant to the Investment Management
Agreement for KCRIX is ninety (90) basis points.
KCRIX management fee is calculated and paid monthly. The Investment Management Agreement
must be reviewed and approved by KCRIX’s Board of Trustees every year. The Sub-Advisory
Agreement may be terminated by KOCAA at any time.
Further information on this fund is available on the SEC’s EDGAR website at CIK: 0001593547
Series: S000066637
Separate Accounts
Separate accounts managed by RGREA are generally charged a management fee, and in some cases
a performance fee depending upon the size and scope of each client agreement.
RGREA believes that its fees, charged to both its funds and account clients, are competitive with
those charged generally by other investment advisors for comparable services. However, some
investment advisors may provide comparable services for lower or different fee structures.
Performance fees are only charged in accordance with applicable rules and regulations, including
Rule 205-3 under the Advisers Act and the Employee Retirement Income Security Act (“ERISA”)
as applicable.
QuadReal Property Group
A material portion of the Firm’s assets under management are provided by a significant shareholder,
QuadReal Property Group, including in investment strategies that are not utilized by the Firm’s
mutual fund clients. This ownership arrangement and these investment strategies each create
potential conflicts of interest in the manner in which the Firm allocates investment opportunities
across its client bases. Because the Firm invests exclusively in liquid public market securities, it
believes that it can allocate investment opportunities equitably across its entire client base.
Additional Fees and Expenses
RGREA’s fees are charged separately, net of any brokerage commissions, transaction fees, fund
fees or other fund or account related costs and expenses (which are incurred by the fund or account
client and may include legal and accounting costs).
The Advisory Agreement of each fund or account provides a description of any additional fees and
expenses for which investors may be responsible in addition to the management fees and any
performance‐based allocations or fees. Generally, each client will be responsible for all costs and
expenses relating to the organization and operation of such fund or account, including, without
limitation, (i) administration fees and expenses, whether provided by a third party or by RGREA or
an affiliate of RGREA; (ii) audit fees; (iii) brokerage commissions, clearing and settlement charges;
(iv) prime brokerage fees, custodial fees, other bank service fees; (v) interest and other expenses
incurred in respect of borrowings, if any; (vi) due diligence-related expenses, including, without
limitation, third-party consultants and related travel; (vii) expenses associated with information,
communication and periodic reporting to investors; (viii) expenses incurred in connection with
legal and regulatory compliance with U.S. federal, state, local and non-U.S. or other law or
regulation; (ix) financial statements, tax returns and Schedules K‐1 (if applicable); (x) insurance
premiums; (xi) legal fees, including costs of litigation involving the funds or accounts and the
amount of any judgments or settlements paid in connection herewith; and (xii) marketing expenses
incurred in connection with fundraising activities in each case subject to the organizationexpense
cap for the applicable fund, if any.