Uniplan Real Estate Advisors Inc

ITEM 5 - Fees and Compensation

       We perform our investment advisory services for compensation based on a
percentage of assets under management.

       The following information describes how we are compensated for each type of
advisory services arrangement that we have with our clients.

A.     Fees for Wrap Program Accounts and UMA Program Accounts.

       As for our fees for our discretionary investment management services to wrap
program sponsors and our nondiscretionary services to UMA account sponsors, we charge
the wrap program sponsor and the UMA program sponsor, rather than the investor account
owner, a fee for our services to the accounts designated by the program sponsor. A
schedule of our standard fees for our services under wrap program and UMA program
arrangements is set forth in the chart at sub. C., below.

        As to wrap program accounts, the program sponsor calculates and pays our fee out
of the proceeds of the “wrap fee” that the account owner pays the program sponsor (in this
regard, a portion of the wrap fee paid by the account owner to the program sponsor also is
used to pay brokerage commissions and other costs incurred for securities trades in the
account). Typically, our fees are deducted from client accounts by the wrap program
sponsors.

B.     Fees for Private/Institutional Separately Managed Accounts.

        Since we enter into an investment advisory agreement with the investor client in
our private/institutional separate account arrangements under both “dual contract” and
“single contract” arrangements described in Item 4.I.C., above, the client account

owner may elect for us to invoice either the custodian or the investor client for our fees
(although in certain circumstances, the custodian may calculate our fees itself and
arrange for payment of our fees out of the investor client’s account). Our standard fees
under dual contract and single contract arrangements are based on the amount of assets
under management at the annual percentage rates set forth in sub. A., above. Our
standard fees do not include, and are separate from, any brokerage commissions or
other trading costs that the account may incur, as well as any other fees or costs that
any third party service provider may charge for related services such as custodial fees,
third party investment advisory fees, consulting fees, and the like.

        If the client is an employee benefit plan sponsor or trustee, the plan is obligated
to pay our fees, but the plan sponsor may choose to pay our fees by delivering to us
written notice of same.

  C.   Fee Schedule.

         Our schedule of standard fees for our investment management services, which
  are based on the amount of assets under management, is as follows:

   INVESTMENT                         FOCUS                            Fee
   TYPE
 Real Estate            Both U.S. domestic and global         0.75% per annum 0.50% per
 Investment Trusts      REIT Opportunities.`                  on the first    annum for
 (REITs) and Real                                             $5,000,000      excess
 Estate Operating                                                             above
 Companies                                                                    $5,000,000
 (REOCs)

 Small Cap Equities     U.S. domestic and global equities     0.75% per annum 0.50%
                        with a market capitalization of       on the first    per
                        $500 Million to $2.5 Billion          $5,000,000      annum
                                                                              for
                                                                              excess
 Micro Cap Equities U.S. domestic and global equities         1% per annum
                    with a market capitalization of
                    $100 Million to
                    $500 Million

 Nano Cap Equities      U.S. domestic and global equities     2% per annum
                        with a market capitalization
                        below $100 Million

 Equity Income         Providing current income with a    0.75% per               0.50%
 Strategies (High      total return framework focusing on annum on the            per
 Income Total          dividend paying common stocks, first $500,000              annum
 Return)               REITs, publicly traded master                              for
                       limited partnerships, preferred                            excess
                       securities and closed- end funds                           above
                                                                                  $500,000

D.     Specialized Strategies.

        A client may pay fees greater than those listed above if the client decides to use
one or more of our additional specialized portfolio building and enhancement custom
overlay strategies described in Item 4.II., above. Generally, the additional fee for each
of those additional services is 0.10% per annum (with a minimum fee of $10,000 per
annum) of the assets under management utilizing such service.

E.     Other Information about Our Fees.

       1.      Quarterly Calculation and Billing of Fees/Refunds of Pre-Paid and
Unearned Advisory Fees: Generally, advisory fees are paid quarterly based on the
market value of assets in the account as of the last day of the immediately preceding
calendar quarter. Initial fees are billed based on the beginning asset value of the
account and prorated through the end of the quarter. Either party to any our
investment advisory arrangements may typically terminate the agreement at any time
upon written notice to the other party. If an investment advisory agreement or a wrap
program or UMA program arrangement is terminated, we will refund to the client any
unearned and pre-paid advisory fees, except in the case of certain wrap program
arrangements as may be determined by the wrap program sponsor
...

Item 7 - Types of Clients

         As more fully described in Item 4, above, we provide investment advisory services to
various types of clients pursuant to various types of arrangements, as summarized below. Our
minimum account size is $1,000,000 (which may be comprised of more than one account
with us), except that the minimum account size is $100,000 for wrap program accounts.

       See Item 5, above, for a discussion of our compensation for managing each of the
following types of client accounts.

A.     Wrap Account Programs: As more fully described in Item 4.I.A., above, we
provide investment advisory services on a subadvisory basis to wrap program accounts
pursuant to arrangements with wrap program sponsors, all of which are unaffiliated with us.

B.       Unified Managed Account (“UMA”) Programs: We also offer model portfolios
to UMA program sponsors on a subadvisory basis, all as more fully described in Item
4.I.B., above.

C.      Private/Institutional Separate Accounts: As more fully described in Item 4.I.C.,
above, we provide portfolio management services to private and institutional separate
accounts, either pursuant to “dual” contract or “single” contract arrangements. As stated
above, account owners with respect to the private and institutional account arrangements
may be high net worth individuals, corporations and other business entities, other
investment advisers, banks and other financial institutions, pension and profit-sharing
plans subject to the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) and their sponsors, trusts, estates, and charitable organizations. When we
perform these investment advisory services to ERISA plan clients and have an investment
advisory agreement directly with the plan client, we acknowledge that we area “fiduciary”
within the meaning of ERISA.