Real Estate Consultants and Other Fees Report

Real Estate Partners Asset Management Fees	Net Assets Managed at Fair Value	Fees (Dollars in Thousands)
Aetos Capital Asia	$189,912	$4,354
AEW Capital Management	83,184	2,299
AGI - TMG Housing Partners, LLC	9,446	625
Alinda Infrastructure	29,133	1,401
American Value Partners	-1,757	840
Apollo Real Estate Advisers	51,377	5,923
Black Bear, LTD	28,519	2,996
Buchanan Street Advisors, LP	246,491	1,710
Caleast La Salle	3,577,918	19,508
Calsmart, LLC	274,588	1,913
Calwest RREEF	384,564	24,924
Capmark Structured Real Estate Partners	45,192	777
Capri Capital Management	143,544	1,234
CBRE Strategic Partners	75,594	2,547
CIM Urban Fund Gp, LLC	648,584	12,452
CityView America Fund I, LLC	77,996	5,602
CVE Affordable Housing	934	2
CWP - Bishop Square	139,711	769
Fifth Street Properties CWP	145,243	3,263
Fillmore East Fund	50,473	183
Fortress Investment Fund	233,371	1,779
Global Innovation Partners	513,923	1,546
Global Retail Investors, LLC	5,687	41
Guggenheim	58,631	2,002
Hampshire	47,751	606
Harbert European	7,626	1,306
Hearthstone Housing Partners	226,581	3,334
Hines National Office Partnership - includes Int'l	46,178	6,403
Institutional Housing Partners	509,750	10,348
IL & FS India	27,660	1,833
Institutional Mall Investors, LLC	1,691,557	11,166
Integral Urban	(1,215)	528
JER Europe Fund III	(2,075)	97
Johnson Macfarland Partners	349,543	3,683
Karec CA Development	95,605	896
Kennedy Wilson	14,009	592
KSC	38,701	347
La Salle French Fund II	10,850	296
Lowe Resort Community Fund	474	308
Market Street Capital Partners	12,988	757
Meriweather Farms	66,599	886
MGP	117,419	1,622
MW	326,377	55,212
National Office Partners	808,332	5,472
Next Block Medical I	20,280	1,250
Olson Urban Housing LLC	33,234	119
Ora Multi-Family Investment I	41,381	2,093
Ora Residential Investments	84,803	7,248
Pacific Vinyard	80,538	1,242
Pacific City Homes (PCH)	60,847	6,663
Page Mill Properties	(9,835)	1,165
PLA	92,390	3,251
PRECO	32,966	750
Principle Mortgage Value Investors Fund	3,614	295
RE Senior Housing SHP	217,898	2,805
RLJ Urban Lodging	78,690	2,776
Rockpoint Group, LLC	37,153	753
RREEF GBL Opportunity Fund	73,455	1,988
San Diego Smart Growth	14,393	3,207
Savanna Real Estate Fund	(863)	479
SDL Hospitality	92,355	1,095
Secure Capital - Japan	112,337	4,781
Shea (Capital/Mountain)	124,489	16,261
Starwood Capital Hospitality Fund I	142,137	1,010
Stockbridge Real Estate	13,941	803
Strategic Capital Partners, LLC	11,982	1,158
Sun Appolo India Real Estate Fund	(1,462)	888
Timber International - UBS	145,045	1,095
TPG Hospitality Investments	140,841	84
Urban America, LP	9,056	832
Western Multifamily	2,835,960	10,759
Windsor Realty	138,231	1,072
Wells Fargo Housing Fund	48,503	2,577

Total Real Estate Partners Asset Management Fees		$282,881
Real Estate Partners Incentive Fees		215,009
Credit Enhancement Program		243
AIM Distributed Stock Management Fees		1,240
Internal Mortgage Loan Fees		1,165

Total Real Estate Partners, AIM, Mortgages & CEP

$500,538

Other Investment Consultants

Consultant Fees		Fees (Dollars in Thousands)
Altman Group Inc.		$           134
Altura Capital Group		10
Bard Consulting		75
Blackrock Financial Management, Inc.		2,311
Blomquist & Company		32
Brock Capital Group LLC		50
Corporate Library LLC		38
Courtland Partners, LTD		30
Eagle Management Group		15
Ed Friend Inc		95
Embassy Suites Hotel - Monterey Bay		8
Eva Dimensions LLC		43
Fan Asset Management		30
Fitch Training		19
Garland Associates, Inc.		38
Hamilton Lane Advisors		400
Innovest Strategic Value Advisors		50
Ivy Planning Group LLC		25
JDM Associates LLC		50
Kearnford Applications System Design		193
KPMG LLC		45
Le Plastrier Consulting Group, Inc		210
LP Capital Advisors		3,321
Mayer Hoffman McCann		19
McKinsey & Company Inc		1,109
Mellon Investor Services		90
Mosaic Investment Advisors		105
Org Portfolio Management LLC		47
Oxford Analyticia		62
Pacific Corporate Group LLC		958
Pacific Community Ventures		240
Parent Contract/AIM Vendor Pool		130
Parent Invt Corp Governance Research		44
Parent Invt Corp Governance Proxy		265
Parent Invt Diversity Consultant		1
Parent Invt/HRD Executive Search		923
Parent Invt RE/Special Project		641
Pension Consulting Alliance, INC		1,587
Pyramid Technical Consultants, LLC		336
R.V. Kuhns & Associates, Inc		72
Results Group		59
R & G Associates, Inc		25
Ridgeway Partners, LLC		298
Runyon, Saltzman & Einhorn Inc		163
Schweser/Kaplan CPA EDU		25
Situs Realty Services		347
Softsol Resources, Inc.		75
Stanfield Systems, Inc.		642
State Street - Private Edge		283
Strategic Investment Solutions, Inc.		277
Trinity Technology Group, Inc.		849
Trucost PLC		30
Westwood Consulting Group		13
Wilshire Associates Inc.		3,454

Total Consultant Fees

$20,391

 

Attorneys & Master Custodian		Fees (Dollars in Thousands)
Berman, Devalerio, Pease, Tabacco, Burt & P		$          16
Bingham McCrutchen		34
Chapman and Cutler LLP		441
Christensen, Miller, Fink, Jacobs, Glaser		146
Covington & Burling		277
Cox, Castle & Nicholson, LLP		1,311
Felderstein, Willoughby, Pascuzzi, LLP		14
Foster, Pepper & Shefelman PLLC		239
Gardner, Carton, & Douglas LLP		19
Investor Responsibility Support Services Inc		45
McDonough, Holland, & Allen		575
Morgan Lewis		1,292
Murphy, Austin, Adams & Schoenfeld LLP		247
Orrick, Herrington, & Sutcliffe LLP		72
Paul, Hastings, Janofsky & Walker		501
Pillsbury Winthrop		1,450
Preston, Gates & Ellis		1,225
Tory's LLP		77
State Street Bank and Trust Company		6,702

Total Attorney & Master Custodian Fees		$14,683
Total Other Investment Consultants		35,074
Miscellaneous Investment Expense		75,701
Directed Brokerage Expense		2,290

Total Investment Expenses - PERF

$754,139

Total Investment Expenses Other Funds		Fees (Dollars in Thousands)
Brown Capital Management - IRC 457
CalPERS Management Services - IRC 457
CitiStreet - IRC 457
Calif. Dept. of Personnel Admin. - IRC 457
State Street Global Advisors - SPOFF

Total Investment Expenses - All Funds		$754,139