Background The Firm is an SEC registered public securities investment adviser that has been in business since 1989 and has its principal place of business in Chicago, Illinois. Ownership Structure Heitman LLC (“HLLC”), the sole Member and parent of HRES, is the only entity that controls 25% or more of the Firm. In addition, the only entity that owns 25% or more of HLLC is KE I LLC, which holds a 99.95% stake in HLLC and acts as its managing member. The other member of HLLC is KE 2 LLC, which holds a nominal non - voting stake of 0.05%. Other Related Entities Section 7.A of Schedule D in the Firm’s Form ADV, Part 1, which is accessible by following the directions on the Cover Page of this Brochure, discloses entities that are subsidiaries of the Firm’s parent entity (hereafter collectively, “Heitman Affiliates”). This disclosure includes all registered investment adviser and broker dealer Heitman Affiliates. Heitman Affiliates utilize limited partnerships or other pooled investment vehicles (the “Heitman Funds”) for investment purposes that are structured for clients of Heitman Affiliates that principally consist of institutional investors. Heitman Affiliates also act as general partner, manager, or in ot her similar capacities and serve as the investment advisers of these Heitman Funds. As a matter of practice, Heitman Affiliates provide prospective investors in a Heitman Fund with the fund’s private placement memorandum or comparable offering document, which contains information specific to that investment opportunity. Additionally, in certain cases, Heitman Affiliates create special purpose entities, including limited partnerships or similar vehicles that are comprised of one or more investors, but which are not organized as Heitman Funds (“Client SPV Entities”). Similar to Heitman Funds, in these cases, Heitman Affiliates may act as general partner, managing member, or in a similar capacity and also serve as the investment adviser for the Clien t SPV Entities. As a practical matter, these entities are created to facilitate certain investments in real estate on behalf of one or more clients. These structures are common for real estate investments and are generally utilized for tax efficiency and to protect stakeholders from potential liabilities and third-party claims associated with the underlying real estate. Advisory Services The Firm provides investment advice and investment management services with respect to investments in equity, convertible and debt instruments of publicly traded real estate related companies, including real estate investment trusts (“REITs”), REIT-like entities and real estate operating companies (“REOCs”). In connection with the provision of the services described above, t he Firm provides advice to clients regarding the investment of client funds based on each client’s stated objectives and strategies. Through direct discussions ©2023 Heitman LLC. All rights reserved. 6 of 30 with each client, from which investment goals and objectives are identified, the Firm implements an investment policy that is documented in a separately negotiated investment management agreement or other comparable agreement or document (“IMA”). The Firm provides advisory and sub-advisory services to institutions. Examples of such advisory and sub - advisory clients are registered investment companies, investment advisers, pension and profit-sharing plans, including government pension plans, sovereign wealth funds and pooled investment vehicles. The Firm also presents the opportunity to invest in registered investment companies to its clients. The Firm manages these advisory clients on a discretionary and non-discretionary basis. Clients may impose reasonable restrictions on investing in certain securities, types of securities, industry sectors, or other factors such as geographic location and social concerns. The Firm’s investment management is generally limited to securities of publicly traded real estate related companies as well as managing currency exposure to facilitate our trading activity, as r equired. Such securities are typically in one or more of the following categories: − Exchange-listed securities in both US and developed foreign markets; − Securities traded in over-the-counter markets; − Newly issued securities by domestic and f oreign issuers; or − Rights and warrants. Because some types of investments involve certain additional degrees of risk, they will only be implemented or recommended when consistent with the client’s stated investment objectives. For example, the Firm may use a covered call strategy to derive more income for a client’s portfolio; however, selling covered calls can impart more risk to the portfolio. Please see Item 8, Methods of Analysis, Investment Strategies and Risk of Loss for more information. The Firm’s discretionary investment advisory services include a variety of investment strategies from which clients may select. These strategies include US Real Estate Securities Total Return, US Real Estate Securities Focused, US Preferred REIT, Global Real Estate Securities, Global Real Estate Securities Concentrated, Global Prime, European

Tactical Income Strategies and the Alternative REITs Completion Solution. The Firm also provides variations of certain of these strategies to accommodate, among other things, country exclusions or targeted yields. The Firm may also provide investment advice or license its models to non -discretionary clients, such as providing models to other investment advisers and Unified Managed Accounts. From time to time, the Firm establishes vehicles or managed accounts funded by Heitman or its employees to establish new strategies. Such strategies do not overlap with existing investment strategies managed for clients. Mutual Fund Portfolio Management. The Firm is an investment adviser to the Heitman US Real Estate Securities Fund (the “Mutual Fund”), which is a mutual fund registered under the Investment Company Act of 1940. The Mutual Fund is organized under the Series Portfolio Trust (“SPT”) series of mutual funds. As the investment adviser and investment manager to this Mutual Fund, the Firm is responsible for developing, constructing and monitoring the asset allocation and portfolio management of the Mutual Fund, in accordance ©2023 Heitman LLC. All rights reserved. 7 of 30 with the investment objectives, policies, and restrictions, as stated in the Mutual Fund’s Prospectus and Statement of Additional Information (“SAI”) in effect, and as amended from time to time. The Prospectus and SAI include important information regarding objectives, investmen ts, time-horizon, risks, fees, and additional disclosures. These documents are available on request by calling William Pogorelec at 312- 855-5700 or on the Mutual Fund’s website, https://mutualfunds.heitman.com. Prior to making any investment in the Mutual Fund, investors and prospective investors should carefully review these documents for a comprehensive understanding of the terms and conditions applicable for investment in the Mutual Fund. UCITS Fund Portfolio Management. Heitman UCITS, a societe d’investissement a capital variable (investment company with variable capital) is incorporated as a societe anonyme under the laws of Luxembourg and is structured as an umbrella fund (“Heitman UCITS”). Heitman Global Prime is a Sub -Fund under Heitman UCITS. The Firm serves as the investment adviser to the Heitman UCITS. Heitman UCITS is regulated by the Luxembourg Commission de Surveillance du Secteur Financier (“CSSF”). As the investment adviser and investment manager to the Heitman UCITS, the Firm is responsible for developing, constructing and monitoring the asset allocation and portfolio management for the Heitman Global Prime Sub-Fund, in accordance with the investment objectives, policies, and restrictions, as stated in the prospectus for Heitman UCITS. The Firm provides advisory services to the Heitman Global Prime Sub-Fund as described in the prospectus and Key Investor Information document, which includes important information regarding objectives, investments, time-horizon, risks, fees, and additional disclosures. These documents are available on request by calling William Pogorelec at 312-855-5700 or on the Heitman Global Prime Sub-Fund’s website, https://heitman-ucits.com. Prior to making any investment in the Heitman Global Prime Sub-Fund, investors and prospective investors should carefully review these documents for a comprehensive understanding of the terms and conditions applicable for investment in Heitman UCITS. Collective Investment Trust. The Firm serves as the discretionary investment manager to the Heitman Global Prime Collective Investment Trust, Heitman Global Real Estate Collective Investment Trust and the Heitman US Diversified Collective Investment Trust (the “Trusts”). The Trusts are bank collective trusts offering units of beneficial ownership to qualified and eligible investors. Benefit Trust Company, a Kansas trust company, is the Trustee of the Trust. The Trust is only offered to certain eligible investors that are qualified plans, such as pension, profit sharing and 401(k) plans. More information is available upon request by contacting the Firm’s Client Service and Marketing department at 312-855-5700. Other Services HRES also provides, on a limited basis, other investment advisory services on a non -discretionary basis. These services include providing model portfolios to certain institutional clients or sponsors and licensing one or more of its strategies for a fee. The Firm exercises no discretion over the assets in either situation. The institutional client or sponsor have the discretionary responsibility for the determination of securities to be purchased or sold and effects all security transactions in connection with such determination. In these cases, the Firm generally ©2023 Heitman LLC. All rights reserved. 8 of 30 does not have any knowledge as to which securities were ultimately purchased or sold or the ending portfolio weighting of the resultant portfolios. Amount of Managed Assets As of December 31, 2023, the Firm managed approximately $2,306,501,865 of client assets on a discretionary basis and approximately $1,495,140,725 of client assets on a non-discretionary basis.