Washington Capital Management Inc

ITEM 5                                                                              FEES & COMPENSATION

                                             Portfolio Management Fees

   Washington Capital has a different fee relationship with clients depending on the nature of the investment
   management services, the date the advisory relationship commenced, and the assets committed to both the
   investment program and in total to us. Fees are generally based on the market value of assets under
   management (whether managed as a separate account or in one or more of our Funds).

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   Our advisory fees for separate accounts are negotiable and are subject to minimums. We might group
   certain related client accounts for the purpose of achieving the minimum account size and determining the
   annualized fee rate. Client fees can differ from our proposed fee schedule. Our current proposed fee
   schedule, shown as an annual percentage rate based on assets under management tiers, is listed below.

       Institutional Accounts

                  Mid Cap Growth Equity                                 First $10 million .................................. 0.80%
                                                                        Next $15 million ................................. 0.70%
                                                                        Thereafter ............................................. 0.60%
                  Core Fixed Income                                     First $20 million .................................. 0.30%
                                                                        Next $30 million ................................. 0.25%
                                                                        Next $50 million ................................. 0.15%
                                                                        Thereafter ............................................. 0.05%
                  Core-Plus Fixed Income                                First $20 million .................................. 0.35%
                                                                        Next $30 million ................................. 0.30%
                                                                        Next $50 million ................................. 0.20%
                                                                        Thereafter ............................................. 0.10%
                  High-Yield Fixed Income                               First $20 million .................................. 0.45%
                                                                        Next $30 million ................................. 0.40%
                                                                        Next $50 million ................................. 0.30%
                                                                        Thereafter ............................................. 0.20%
                  Intermediate Maturity 1 to 10                         First $20 million .................................. 0.30%
                  Year Fixed Income                                     Next $30 million ................................. 0.25%
                                                                        Next $50 million ................................. 0.15%
                                                                        Thereafter .............................................. 0.05%
                  Short Maturity 1 to 5 Year &                          First $25 million .................................. 0.25%
                  Limited Maturity 1 to 3 Year                          Next $75 million ................................. 0.20%
                  Fixed Income                                          Thereafter………….…………….…………0.05%

                  Mortgage Real Estate Accounts* ........................................................................ 0.50%
                  Equity Real Estate Accounts ................................................................................. 1.00%

       Privately Offered Pooled Investment Vehicles
                   Real Asset Opportunities (Redeemable Funds) ............ 0.20% to 0.25% (depending on the fund)
                   Real Asset Opportunities (Closed End Funds) ............... 0.20% to 0.25% (depending on the fund)
       Non-Institutional, Individual Accounts ............................................................................ 1.00%

   The management fees for separately managed real asset opportunities accounts are generally based on the
   account’s net asset value, payable on a quarterly basis in advance. The advisory fee payable to Washington
   Capital for each real asset fund is set forth in each fund’s governing agreement and is generally based on the
   client’s (i) capital commitment to the fund or (ii) total invested capital. Some of our redeemable funds have a
   sliding fee scale; the fees shown above encompass the range of fees we expect based on our current
   commitments to the fund. Some fund expenses are accrued and billed quarterly.

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   Fees for accounts are generally payable quarterly in arrears, billed at the end of each calendar quarter, and
   computed upon the value of the assets as of the last day of the calendar quarter. If, during the calendar
   quarter, assets are added or withdrawn, the fee can be prorated based on the number of days the assets
   were managed during the quarter.

   We generally bill the client directly at the end of each quarter. For most account types, the client can, by
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ITEM 7                                                                                      TYPES OF CLIENTS

   Washington Capital provides advisory services to the following types of clients:

             •   Individuals (other than high net worth individuals)
             •   High net worth individuals
             •   Banking or thrift institutions
             •   Pooled investment vehicles
             •   Pension and profit-sharing plans (other than plan participants)
             •   Charitable organizations
             •   Corporations or other businesses not listed above
             •   State or municipal government entities
             •   Taft-Hartley Health & Welfare, Training Trust, and Cash Management Accounts

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   A minimum of $1,000,000 in assets under management or $10,000 in annual fees is generally requested for
   our services. Minimum account size or account fees can be negotiable under certain circumstances.