RREEF America LLC

Item 5 / Fees and Compensation

RREEF's general policy is to assess client fees according to the current fee schedule of the investment strategy in which they are invested.
Actual fees, minimum fees and minimum account sizes vary depending on the circumstances of a particular client, additional or differing
levels of servicing, or as otherwise agreed with specific clients. The specific terms and other conditions of client fees are set forth in the
applicable governing documents, side letters and/or fee agreements.

_     Liquid Real Assets: Asset-based management fees generally up to 0.85%.
_     Direct Real Estate: Asset-based management fees generally up to 1.15%. Performance fees generally up to 20% of excess perfor-
      mance above applicable threshold returns. Transaction fees generally up to 1.50% depending on the transaction type and specific
      contractual arrangements. These transaction fees are incurred by certain clients and include acquisitions fees (which are generally
      based on purchase price), disposition fees (which are generally based on sale price), development and construction management
      fees (which are generally based on a percentage of approved construction or development budget) and financing fees such as loan
      origination fees (which are generally based on a percentage of amounts borrowed).
_     Infrastructure Debt: Asset-based management fees generally up to 0.50%. Performance fees generally up to 20% of excess perfor-
      mance above applicable threshold returns.

Fees are typically based on the combined market value of all securities, non-securities assets, and cash on the accounting date and are
payable quarterly or monthly either in advance or in arrears based on the quarter or month end value, as applicable, and as also dictated
by the client's investment management agreement. RREEF also enters into performance-based fee arrangements with eligible clients.

RREEF may deduct fees directly from the client account subject to the terms of the applicable governing documents, side letters and/or
fee agreements. RREEF renders invoices in accordance with fee schedules included in the applicable governing documents, side letters
and/or fee agreements.

Fees are negotiable and are impacted by the overall relationship with a particular client or for any other factors.

Typically, RREEF does not impose multiple levels of advisory fees when an advisory client's assets are invested in an affiliated investment
vehicle. Specifically, client holdings of investment companies advised or sub-advised by RREEF and held in a separately managed account
are excluded from the basis of RREEF's fee computation. Clients will incur additional fees and expenses relating to third-party services,
including, but not limited to administration, custodian, transfer agent and other similar fees. Charges for custody arrangements are billed
to the client by the relevant custodian.

In addition to paying advisory fees, clients pay brokerage commissions, mark-ups, mark-downs and/or other commission equivalents
related to transactions in their advisory accounts. See Item 12 for a discussion on Brokerage Practices.

For securities separately managed accounts, fees that accrue for partial periods are prorated for the number of days remaining in the
quarter and are based upon the ending net asset value for the quarter. For non-securities separately managed accounts, fees that accrue
for partial periods are generally based upon the portfolio's ending net operating income or ending carrying value for the quarter. For
direct real estate pooled vehicles, fees that accrue for partial periods are generally based upon the ending net asset value for the quarter.

In addition to the fees paid to RREEF that are described above, clients are also generally responsible for operating expenses incurred on
their behalf in connection with RREEF’s services. In connection with RREEF’s services certain fees, costs and expenses are incurred for the
benefit of more than one client (including fees, costs and expenses relating to insurance, software and technological systems used for the
benefit of clients). Each client generally bears an allocable portion of any such fees, costs, and expenses in proportion to the size of its

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Form ADV Part 2A
RREEF America L.L.C.

investment in the activity or entity to which the fee, cost or expense relates or in such other manner as RREEF considers reasonable un-
der the circumstances.

RREEF faces a conflict of interest when allocating assets between clients (including, pooled investment vehicles and separately managed
accounts) with different fee structures. RREEF has policies and procedures reasonably designed to appropriately identify and manage the
conflicts of interest described above. For additional information regarding the investment allocation, please see Item 6 and Item 11 Code
of Ethics, Participation in Client Transactions and Personal Trading.

Model Portfolio Arrangements

The foregoing fee description does not include information about fees that may also apply to non-discretionary advisory services pro-
vided by RREEF through third-party model portfolio platforms/programs. For such platforms/programs, the terms of each client’s account
are governed by (i) the client’s agreement with the model portfolio platform/program sponsor and/or, if applicable, the client’s advisor
that participates in the platform/program; and (ii) the disclosure documents related to the platform/program. Model portfolio plat-
form/program clients are urged to refer to the appropriate client agreement and disclosure documents for more information about their
model portfolio platform/program account, including information about any associated platform/program fees. RREEF typically receives a
...

Item 7 / Types of Clients

RREEF provides investment advisory services to pooled investment vehicles, which include funds that are registered and not registered
under the Investment Company Act. With respect to these arrangements, RREEF views the funds to which it provides investment advice
as its clients. U.S. investors participating in unregistered pooled investment vehicles are required to meet certain suitability and/or net
worth qualifications.

RREEF may also enter into direct separately managed engagements to provide investment advisory services to U.S. and foreign institu-
tional clients, including:
_ Government/public entities;
_ International public authorities;
_ Banks or thrift institutions;
_ Pension and profit-sharing plans, including those covered under the Employee Retirement Income Security Act of 1974, as amended
     (“ERISA”);
_ Religious organizations;
_ Colleges and universities;
_ Foundations and endowments;
_ Trusts, estates, or charitable organizations;
_ Insurance companies; and
_ Corporations or business entities.

As noted above, for certain investment strategies, RREEF may also provide non-discretionary investment advice in the form of Model
Portfolios to Model Portfolio Advisors who may use such Model Portfolios in connection with the management of their Model Portfolio
Accounts.With regard to transactions for clients that are subject to the ERISA, RREEF may rely on various Prohibited Transaction
Exemptions (“PTEs”) available under ERISA, including with respect to certain of its affiliates, PTE 84-14, which is only available to qualified
professional asset managers (the “QPAM Class Exemption”). Because of Deutsche Bank Group’s past criminal conviction in the LIBOR
matter, which did not involve asset management activities, RREEF, together with DWS Investment Management Americas, Inc., DWS
Investments Australia Limited and DWS Alternatives Global Limited (collectively, the “DWS QPAMs”), has been required to seek an
individual QPAM exemption to avoid disqualification from relying on the QPAM Class Exemption. In April 2024, the U.S. Department of
Labor (“DOL”) extended the DWS QPAMs’ individual QPAM exemption (“PTE 2024-02”). PTE 2024-02 is now scheduled to expire on April
17, 2027, but may terminate earlier if, among other things, RREEF, its affiliates or any owner, direct or indirect, of a five percent or more
interest in RREEF, were to be convicted of crimes or were to engage in conduct set forth in the QPAM Class Exemption in other matters.
Under PTE 2024-02, RREEF’s ERISA clients have a right, among other rights, to obtain a copy of the summary of the written policies
developed in connection with the exemption.

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Form ADV Part 2A
RREEF America L.L.C.