BackgroundandOwnershipStructure KaufmanHallInvestmentManagement,LLC(“KHIM”)wasfoundedonSeptember15,2023and itsprincipalplaceofbusinessisBrentwood,Tennessee.KHIMiswholly-ownedbyKaufman,Hall &Associates,LLC(“KHA”).
AdvisoryServices KHIM provides discretionary and non-discretionary investment advisory services to state and localmunicipalentities,nonprofithospitals,healthcareinstitutions,highereducationinstitutions, cultural institutions, and other institutional investors. KHIM’s primary strategy focuses on the generationofattractivereturns/investmentincomewhilepreservingcapital,primarilythrough investmentsinamixofU.S.government/agencybonds,U.S.stateandlocalbonds,investment- gradecorporatebondsandasset-backedsecurities,includingmortgage-backedsecurities.
Any investment and divestment recommendations and advice are subject to the client’s investment objectives and guidelines, as set forth in the Investment Management Agreement.
Therefore, KHIM recommends investments to clients based on, and is restricted by, these guidelines.
KHIMdoesnotparticipateinwrapfeeprograms.
KHIMalsoprovides“investmentconsultantsearch”(“ICS”)services,whichassistclientsinthe searchforandselectionofnewinvestmentconsultantsandotherthird-partyserviceproviders, includingregisteredinvestmentadvisers,basedontheclient’sprofile,investmentobjectivesand criteriaestablishedbytheclient.ICSprovidesclientswithaholisticsearch,reviewandselection processthatinvolves(i)outliningclientobjectivesandtimelinesforinvestmentadvisorsearch process,(ii)identifyingfirmsthatwillbeinvitedtoparticipateintherequestforproposalprocess, interviewandselectionprocessbasedonclientobjectivesandselectioncriteriaestablished,(iii) preparationofrequestsforproposalbasedonclientobjectivesandcoordinatingresponsesfrom investment

advisers that are participating in the ICS process, (iv) summarizing and scoring responsesfromparticipatingadvisors,(v)conductingduediligenceonparticipatingfirms,and(vi) coordinating interviews and supporting ICS clients in the selection of an adviser, including advisingtheclientoncommercialtermsandtransitionprocesses. Any recommendations regarding particular investment advisors are subject to the criteria, objectivesandguidelinessetbytheclientundertheICSAgreement(intheformofanengagement letter) and meetings between KHIM and the client. Therefore, KHIM recommends investment advisersbasedon,andisrestrictedby,thoseobjectivesandguidelines. RegulatoryAssetsUnderManagement Currently, KHIM actively advised the investment of $1,170,770,900 of assets on a discretionary basis(andthereforeitsregulatoryassetsundermanagementcurrentlyis$1,170,770,900).