American Assets Investment Management LLC

ITEM 5: FEES AND COMPENSATION
A. Management Fee for the Partnership

The General Partner receives a monthly management fee in an amount equal to 0.0625% (0.75%
per annum) for managing AAIF. A pro-rata management fee for AAIF will be charged to Limited
Partners on amounts invested and withdrawn during any month. The management fee will be
prorated for any month in which the General Partner does not act as General Partner for the entire
month. The General Partner has the right, in its sole and absolute discretion, to change the
management fee charged to any Limited Partner upon ninety (90) days’ written notice. AAIM
deducts the management fee from the Partnership’s account.

B. Management and Fees of Separate Accounts

For the management of separate accounts, AAIM 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 AAIM setting forth the terms and conditions, including the fees, under which AAIM will
render its services. Such fees are subject to negotiation under certain circumstances and at the sole
discretion of the Firm. AAIM may waive all or any portion of a management fee for any client in
its sole and absolute discretion.

Management fees generally are billed in arrears and calculated on a quarterly basis based upon the
fair market value of the account as calculated by the client’s account custodian as of the last day
of the calendar quarter. Should a client open an account during the quarter, management fees will
be prorated for assets held for a partial quarter based on the number of days that the account was
open during the quarter. In the event that AAIM’s services are terminated 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, AAIM sends an invoice to
clients billing them for separately managed account services on a quarterly basis. The client should
understand that the investment management fee does not include brokerage commissions,

American Assets Investment Management, LLC                                            March 25, 2026
Form ADV Part 2A

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
AAIM nor any of its advisory personnel receive compensation for the sale of securities or other
investment products purchased for a client’s account.

One of AAIM’s associated persons, a portfolio manager, may be entitled to compensation from
the Firm based on the performance of client accounts, and/or based on certain financial metrics of
the client themselves, including affiliated clients. These arrangements create an incentive to favor
these accounts over other client accounts and may cause the associated person to trade these
accounts differently than other client accounts in other ways, which poses an inherent conflict of
interest. AAIM addresses this conflict of interest by following each client’s investment guidelines
and restrictions, by trading in accordance with suitability considerations, risk tolerance, account
strategy, and other client-specific factors, and by allocating transactions and investment
opportunities in an equitable manner, as described in Item 12 below.

ITEM 7: TYPES OF CLIENTS

AAIM provides two types of investment management services: management of AAIF as the
General Partner, and portfolio management for separately managed accounts. An offer to purchase
interests in AAIF will be made only to persons who are qualified investors by an approved private
placement memorandum. In order to be eligible for this type of investment, a client must either
demonstrate a net worth of $2.2 million or at least $1.1 million under management with AAIM or
qualify for a recognized exception under applicable rules and regulations. The clients for AAIM’s
separately managed accounts may be institutional clientele, including high net worth individuals,
trusts, estates, charitable endowments, corporations, and pension and profit sharing plans.

The minimum initial investment is $500,000 for AAIF, which may be waived by AAIM in its sole
discretion. Separately managed accounts do not have a minimum investment, although AAIM has
the right to require one.

There may be times when a client places certain restrictions that prevent AAIM from accepting or
continuing to manage a client’s account. AAIM reserves the right to not accept or to terminate
management of a client’s account if the Firm feels that the client’s imposed restrictions would limit
or prevent AAIM from meeting or maintaining the account’s overall investment strategy, or for
other reasons.