Filing Details

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. ) RREEF Property Trust, Inc. -------------------------------------------------------------------------------- (NAME OF ISSUER) Common Stock Class I (par value $.01) -------------------------------------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 74972X205 -------------------------------------------------------------------------------- (CUSIP NUMBER) March 31, 2016 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |x| Rule 13d-1(b) |_| Rule 13d-1(c) |_| Rule 13d-1(d)

-------------------------------------------------------------------------------- 1. Names of Reporting Persons. Deutsche Bank AG* -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) |_| (b) |_| -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Federal Republic of Germany -------------------------------------------------------------------------------- 5. SOLE VOTING POWER 938,057 ------------------------------------------------------------- 6. SHARED VOTING POWER NUMBER OF SHARES 0 BENEFICIALLY ------------------------------------------------------------- OWNED BY EACH 7. SOLE DISPOSITIVE POWER REPORTING PERSON WITH 938,057 ------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 0 -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 938,057 -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) |_| -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 29.1% -------------------------------------------------------------------------------- 12. Type of Reporting Person FI -------------------------------------------------------------------------------- * In accordance with Securities Exchange Act Release No. 39538 (January 12, 1998), this filing reflects the securities beneficially owned by the Asset Management business group (collectively, "AM") of Deutsche Bank AG and its subsidiaries and affiliates (collectively, "DBAG"). This filing does not reflect securities, if any, beneficially owned by any other business group of DBAG. Consistent with Rule 13d-4 under the Securities Exchange Act of 1934 "Act"), this filing shall not be construed as an admission that AWM is, for purposes of Section 13(d) under the Act, the beneficial owner of any securities covered by the filing. -------------------------------------------------------------------------------- 1. Names of Reporting Persons. RREEF America LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) |_| (b) |_| -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- 5. SOLE VOTING POWER 938,057 ------------------------------------------------------------- 6. SHARED VOTING POWER NUMBER OF SHARES 0 BENEFICIALLY ------------------------------------------------------------- OWNED BY EACH 7. SOLE DISPOSITIVE POWER REPORTING PERSON WITH 938,057 ------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 0 -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 938,057 -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) |_| -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 29.1% -------------------------------------------------------------------------------- 12. Type of Reporting Person IA, CO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Item 1. (a) Name of Issuer: RREEF Property Trust, Inc. (b) Address of Issuer's Principal Executive Offices: 345 Park Avenue, 24th Fl. New York, NY 10154 United States Item 2. (a) Name of Person Filing: This statement is filed on behalf of Deutsche Bank AG ("Reporting Person"). (b) Address of the Principal Office or, if none, residence: Taunusanlage 12 60325 Frankfurt am Main Federal Republic of Germany (c) Citizenship: The citizenship of the Reporting Person is set forth on the cover page. (d) Title of Class of Securities: The title of the securities is Common Stock Class I, $.01 par value ("Common Stock"). (e) CUSIP Number: The CUSIP number of the Common Stock is set forth on the cover page. Item 3. If this statement is filed pursuant to SS.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) |_| Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) |X| An investment adviser in accordance with S.240.13d-1(b)(1)(ii)(E); RREEF America LLC (f) |_| An employee benefit plan or endowment fund in accordance with S.240.13d-1(b)(1)(ii)(F); (g) |_| A parent holding company or control person in accordance with S. 240.13d-1(b)(1)(ii)(G); (h) |_| A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) |X| A non-U.S. institution in accordance with Group, in accordance with Rule 13d-1 (b)(1)(ii)(J). Deutsche Bank AG (k) |_| Group, in accordance with S.240.13d-1(b)(1)(ii)(J). Item 4. Ownership. (a) Amount beneficially owned: The Reporting Person owns the amount of the Common Stock as set forth on the cover page. (b) Percent of class: The Reporting Person owns the percentage of the Common Stock as set forth on the cover page. (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote The Reporting Person has the sole power to vote or to direct the vote of the Common Stock as set forth on the cover page. (ii) Shared power to vote or to direct the vote The Reporting Person has the shared power to vote or to direct the vote of the Common Stock as set forth on the cover page. (iii) Sole power to dispose or to direct the disposition of The Reporting Person has the sole power to dispose or to direct the disposition of the Common Stock as set forth on the cover page. (iv) Shared power to dispose or to direct the disposition The Reporting Person has the shared power to dispose or to direct the disposition of the Common Stock as set forth on the cover page. Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following |_|. Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. Subsidiary Item 3 Classification RREEF America LLC Investment Advisor Item 8. Identification and Classification of Members of the Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to a bank organized under the laws of the Federal Republic of Germany is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution. I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: June 14, 2016 Deutsche Bank AG By: /s/ Daniela Pondeva Name: Daniela Pondeva Title: Vice President