American Assets Capital Advisers LLC

ITEM 5: FEES AND COMPENSATION
A. Account Management and Fees.

For the management of separate accounts, AACA typically is compensated on a case-by-case
basis. The client (other than for proprietary accounts) will be required to enter into a written
agreement with AACA setting forth the terms and conditions, including the fees, under which
AACA shall render its services. Such fees are subject to negotiation under certain circumstances
and at the sole discretion of the Firm. AACA may waive all or any portion of a management fee
for any client in its sole and absolute discretion. AACA has waived, and may waive in the future,
management fees otherwise payable by clients who are members, officers, principals, directors, or
employees of AACA, or their family members.

Management fees (as distinct from performance fees, discussed below) for separate accounts and
advisory accounts generally are billed in arrears and calculated on a monthly or quarterly basis
based upon the value of the client’s account as of the last day of the month or quarter (as applicable)

American Assets Capital Advisers, LLC                                                  March 27, 2025
Form ADV Part 2A

as determined by AACA pursuant to the investment management/advisory agreement and
AACA’s valuation policies. Should a client open a separate account or advisory account during
the month or quarter (as the case may be), management fees will be prorated for assets held for a
partial month or quarter based on the number of days that the account was open during the month
or quarter. In the event that AACA’s services are terminated mid-month or mid-quarter, the annual
fee will be prorated through the date of termination and any earned, unpaid balance will be
immediately due and payable by the client.

In accordance with the client’s investment management agreement or advisory agreement, AACA
sends an invoice to clients billing them for investment management services on a monthly or
quarterly basis. The client should understand that the investment management fee does not include
brokerage commissions, transaction fees, or other related costs and expenses incurred by the client.
The client may incur certain charges imposed by third parties such as custodial fees, transfer taxes,
wire transfer and electronic fund fees, and other fees on brokerage accounts and securities
transactions. Further information concerning brokerage practices can be found in Item 12 of this
Brochure. Neither AACA nor any of its advisory personnel receive compensation for the sale of
securities or other investment products purchased for a client’s account.

For its services as sub-adviser to the Private Fund, AACA receives a monthly management fee and
(if applicable) a quarterly performance fee equal to a percentage of those fees charged by the
Private Fund’s adviser to the Private Fund in accordance with the Private Fund’s offering
documents.

For its services as sub-adviser to the Opportunistic Fund, AACA receives a monthly fee equal to
0.65% of the Fund’s average daily net assets. For its services as sub-adviser to the Real Estate
Fund, AACA receives a monthly fee with a base or fulcrum equal to 0.45% of the Fund’s average
daily net assets and can range from 0.15% to 0.75% based on the Real Estate Fund’s performance
relative to its benchmark index, and subject to certain terms specified in the Sub-Advisory
Agreement between AACA and Dunham & Associates Investment Counsel, Inc. (the Real Estate
Fund’s primary adviser). Additional information regarding the Funds’ advisory fees and other
expenses can be found in Funds’ Prospectuses and Statements of Additional Information as noted
below.

As discussed further in Item 6 below, AACA charges performance fees on certain separately
managed accounts and advisory accounts for “qualified clients.”

ITEM 7: TYPES OF CLIENTS
AACA provides three main types of investment management services: portfolio management for
separately managed accounts, portfolio management of two registered mutual funds (i.e.,
investment companies), and portfolio management of a private fund. AACA also offers advisory
services, such as making periodic securities recommendations to clients for their own accounts,
which are not managed by AACA. The clients for the separately managed accounts and advisory
accounts may be institutional clientele, including high net worth individuals, trusts, estates,
charitable endowments, corporations and other corporate entities, and pension and profit sharing
plans.

Separately managed accounts have a minimum investment requirement of $10 million, although
AACA has the right to waive or modify this requirement.

Information concerning the minimum investment requirements of the various share classes of the
Opportunistic Fund is set forth in the Opportunistic Fund’s Prospectus and Statement of Additional
Information, which are available at:
http://www.altegris.com/Funds/Mutual-Funds/Altegris-AACA-Opportunistic-Real-Estate-
Fund.aspx

Information concerning the minimum investment requirements of the various share classes of the
Real Estate Fund is set forth in the Real Estate Fund’s Prospectus and Statement of Additional
Information, which are available at: https://www.dunham.com/FA/FundInfo/RealEstateStock/C

Information concerning the minimum investment requirements of the Private Fund is set forth in
the Private Fund’s offering documents.

There may be times when certain restrictions are placed by a client that prevent AACA from
accepting or continuing to manage the client’s account. AACA reserves the right to not accept or
to terminate management of a client’s account if we feel that the client’s imposed restrictions
would limit or prevent us from meeting or maintaining our overall investment strategy, or for other
reasons.