LaSalle Investment Management Securities LLC

Item 5.    Fees and Compensation
   A.      Description of Compensation Arrangements
The majority of clients compensate LaSalle Securities based on fixed or tiered percentage
of assets under management, as those assets change in value from time to time. Some
clients compensate LaSalle Securities based on a blended fee structure consisting of a
(i) reduced fixed or tiered percentage of assets under management and (ii) performance-
based fee structure. All incentive fee arrangements agreed to by LaSalle Securities
comply with Rule 205-3 under the Investment Advisers Act of 1940 (Advisers Act). The
fees charged by LaSalle are negotiable and in certain cases it may defer or waive fees for
advisory services provided to affiliate accounts.
   B.      Manner of Fee Payment
LaSalle Securities generates an invoice for its fee and bills the client for fees incurred.
These fees may be paid out of the client account but ultimately this is determined and
directed by the client. In the substantial majority of cases, the payment procedures are
described in the client agreement. These procedures usually include such detail as the
manner in which fees are calculated and the process for generating an invoice.
For those accounts in which LaSalle Securities serves as subadvisor to SGH, an invoice is
provided to LaSalle Securities that breaks out the fees payable to LaSalle Securities and
SGH.
   C.      Other Fees Clients May Be Charged
In addition to fees that LaSalle Securities charges clients for its management services,
clients will also be charged brokerage commission fees for trades executed on behalf of
the account. The brokerage commission fees charged for execution will include execution
costs, and depending on the broker used, costs for permissible research and brokerage
services as permitted under Section 28(e) of the Securities Exchange Act of 1934
(referenced as "Section 28(e)"). A brokerage fee for a particular trade will also include
any applicable transaction fees and taxes, such as stamp taxes, that are required in a foreign
jurisdiction; LaSalle Securities in general does not obtain from the broker-dealer these
miscellaneous charges and therefore does not report these miscellaneous charges in client
reports. LaSalle Securities furthermore does not unbundle brokerage commission costs so
as to allocate between the brokerage commission fee the portion charged by the broker-
dealer for execution and the portion charged by the broker-dealer for permissible research
and services under Section 28(e). More information about brokerage commission and
LaSalle Securities’ use of soft dollars is set forth in Item 12 below.
Clients should also expect to pay fees to the custodian that the client hires to hold its assets.
LaSalle Securities does not participate in the negotiation process between the client and
the custodian so it does not know the fees that the custodian will charge a client.
As of February 1, 2022, the Central Securities Depositories Regulation (CSDR) is effective
in the European Union governing the settlement of European based securities. As part of

CSDR, if one party of a trade submits trade instructions late or otherwise causes a delay
or fail in trade settlement, they will be assessed a penalty to be paid to the counterparty on
the trade. The penalties are only charged monthly on a net basis between counterparties.
Clients will incur such a penalty if there is a net charge with a counterparty at month end.
LaSalle Securities generally will not reimburse clients for such penalties, regardless of
cause, if the total amount charged for the month is less than $500. LaSalle Securities
believes this approach is reasonable given the relative minimal number of historical trade
settlement delays and fails and the procedures it has in place to prevent delays in trade
settlement.
LaSalle Securities’ clients may also incur costs for de minimus losses associated with
LaSalle Securities’ trade or operational errors, which LaSalle Securities has identified in
its policies and procedures as an amount in each case that is less than $500. LaSalle
Securities believes this approach is reasonable given the relative minimal number of
historical trade or operational errors and the procedures it has in place to prevent trade
errors from occurring. Similarly, clients may incur miscellaneous custodial charges that
arise from LaSalle Securities’ portfolio management activities and foreign exchange
operations, such as interest charges or overdraft fees in sub-custodial accounts. LaSalle
Securities generally will not reimburse clients for such custodial fees, regardless of cause,
if the amount is less than $500. LaSalle Securities believes instances giving rise to
custodial and sub-custodial charges are both infrequent and difficult (and sometimes
impossible) to identify even with significant effort by the custodian.
   D.      Timing of Fee Payments
LaSalle Securities’ current client relationships provide for investment management fees to
be paid to LaSalle Securities in arrears. In general, LaSalle Securities would require
prospective clients to agree to a payment in arrears structure even upon the request of the
client that fees be paid in advance.
   E.      Receipt of Compensation for Sales
LaSalle Securities has one account relationship that is managed by an affiliate pursuant to
which LaSalle Securities arranges and effects trades on behalf of the account at the
direction of the affiliate investment manager, and LaSalle Securities is compensated on a
transaction basis for such activities. LaSalle Securities and its personnel otherwise do not
receive sales-based compensation.

Item 7.    Types of Clients
LaSalle Securities provides investment advice to institutional clients such as U.S.
registered investment companies, U.S. state and local municipal pension funds, foreign
pension funds, endowment funds and ERISA pension plans. LaSalle Securities also
serves as the subadvisor to foreign investment vehicles through which retail, high-net
worth and institutional investors invest. High net worth clients represent a very small
percentage of LaSalle Securities’ assets under management. LaSalle Securities does not
have a minimum account size requirement, although it generally seeks prospective
institutional clients with at least fifty million dollars to invest with LaSalle Securities.