# Rreef America L.L.C.

> Rreef America L.L.C. is an SEC-registered investment advisory firm in Chicago, IL, registered since 1998, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 17, 2026.

- CRD: 109596
- Filed as: RREEF AMERICA L.L.C.
- Also doing business as: DWS, DWS-AMERICAS REAL ESTATE, DWS-LIQUID REAL ASSETS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: September 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109596
- AdvisorCensus page: https://advisorcensus.com/firm/rreef-america-l-l-c-chicago-il-109596

## Quick answers

**How is Rreef America L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), Rreef America L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is Rreef America L.L.C. located?**
Rreef America L.L.C.'s principal office is in Chicago, IL, according to its Form ADV; the October 2026 filing also lists 9 other offices (Schedule D, Section 1.F).

**Is Rreef America L.L.C. registered with the SEC or a state?**
Rreef America L.L.C. is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 109596.

**How much does Rreef America L.L.C. manage?**
Rreef America L.L.C. reports $34,340,065,747 in regulatory assets under management in its Form ADV filing dated September 17, 2026 (100% discretionary).

**How have Rreef America L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Rreef America L.L.C.: Regulatory assets under management: $38,099,691,088 in the October 2021 data and $34,340,065,747 in the October 2026 data, down 10%. Total employees: 166 in October 2021 and 175 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Rreef America L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (58); pension and profit sharing plans (but not the plan participants or government pension plans) (20); other (19).

**Which custodians does Rreef America L.L.C. use?**
Rreef America L.L.C.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan Chase & Co., Northern Trust Corporation and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Rreef America L.L.C. report any disciplinary disclosures?**
Reports 15 disclosure items on Form ADV Item 11: yes answers to 1 question about criminal matters, 10 questions about regulatory matters, and 4 questions about civil court matters (11.A(2), 11.C(1), 11.C(2), 11.C(4), 11.C(5), 11.D(1), 11.D(2), 11.D(4), 11.D(5), 11.E(2), 11.G, 11.H(1)(a), 11.H(1)(b), 11.H(1)(c), 11.H(2)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109596

**What changed in Rreef America L.L.C.'s recent Form ADV filings?**
In the May 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- JPMorgan Chase & Co.
- Northern Trust Corporation
- State Street Bank and Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $34,340,065,747
- Discretionary: $34,340,065,747
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 6 | $6,809,328,737 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 58 | $16,195,045,011 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 20 | $1,499,832,527 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 5 | $3,113,890,116 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 1 | $119,102,563 |
| Sovereign wealth funds and foreign official institutions | 11 | $6,602,866,793 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 19 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1998 (28 years)
- Employees: 175 total, 132 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, GA, ID, IL, MA, MD, NY, PA, TX, WA
- Disclosures (Item 11): Reports 15 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.A(2): In the past ten years, has the firm or an advisory affiliate been charged with a felony?
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(1): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.D(5): Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
- 11.G: Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?
- 11.H(1)(a): In the past ten years, has a domestic or foreign court issued an injunction against the firm or an advisory affiliate in connection with investment-related activity?
- 11.H(1)(b): Has a domestic or foreign court ever found that the firm or an advisory affiliate was involved in a violation of investment-related statutes or regulations?
- 11.H(1)(c): Has a domestic or foreign court ever dismissed, under a settlement agreement, an investment-related civil action brought against the firm or an advisory affiliate by a state or foreign financial regulator?
- 11.H(2): Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109596

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Atlanta, GA
- Boston, MA
- Costa Mesa, CA
- Dallas, TX
- Hunt Valley, MD
- Marina del Rey, CA
- New York, NY
- San Francisco, CA
- Seattle, WA

### Websites listed on Form ADV (Item 1.I)
- dws.com
- LinkedIn @dws-group-com
- X @DWS_Group

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $38,099,691,088 | 166 | September 28, 2021 |
| October 2022 | $50,892,496,579 | 166 | August 30, 2022 |
| October 2023 | $46,482,529,936 | 144 | August 9, 2023 |
| October 2024 | $31,829,902,745 | 149 | August 30, 2024 |
| October 2025 | $29,465,081,622 | 170 | July 30, 2025 |
| October 2026 | $34,340,065,747 | 175 | September 17, 2026 |

Regulatory assets under management: $38,099,691,088 in the October 2021 data and $34,340,065,747 in the October 2026 data, down 10%.
Total employees: 166 in October 2021 and 175 in October 2026.

## Changes in the filing (last 12 months)

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 135 to 132.
- Regulatory assets under management went from $29,465,081,622 to $34,340,065,747 (+17%).

### January 2026
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Rreef America L.L.C. (CRD 109596): Form ADV filing data as of October 2026.