Kaufman Hall Investment Management LLC

Item	5	–	Fees	and	Compensation

Advisory	Services	Compensation

With	 respect	 to	 its	 Investment	 Strategy	 offering,	 KHIM	 receives	 fixed	 fees	 as	 reflected	 in	 the
Investment	Strategy	Agreement.	Clients	are	provided	with	a	monthly	invoice	for	services	rendered
and	 amounts	 are	 due	 and	 payable	 in	 accordance	 with	 the	 terms	 of	 the	 Investment	 Strategy
Agreement.	 Clients	 will	 not	 incur	 brokerage,	 termination,	 or	 other	 fees	 in	 connection	 with
Investment	Strategy.

With	 respect	 to	 Asset	 Allocation	 Support,	 KHIM	 receives	 fixed	 fees	 as	 reflected	 in	 the	 Strategic
Resource	Allocation	Agreement.	Clients	are	provided	with	a	monthly	invoice	for	services	rendered
and	 amounts	 are	 due	 and	 payable	 in	 accordance	 with	 the	 terms	 of	 the	 Strategic	 Resource
Allocation	Agreement.	Clients	will	not	incur	brokerage,	termination,	or	other	fees	in	connection
with	Asset	Allocation	Support.

With	respect	to	Investment	Management	offering,	KHIM	receives	fees	based	on	a	percentage	of	a
client’s	assets	under	management.	Fees	are	generally	paid	quarterly	in	advance.

KHIM’s	Investment	Strategy,	Asset	Allocation	Support,	and	Investment	Management	Agreements
identify	all	applicable	fees,	including	calculation	methodologies.	KHIM	invoices	these	fees	directly
to	a	client.

Brokerage	Fees	or	Costs

KHIM	 is	 not	 a	 broker-dealer,	 agent	 or	 trader.	 Clients	 will	 also	 incur	 brokerage	 and	 other
transaction	charges	in	connection	with	the	management	of	their	accounts.	Clients	have	the	option
to	purchase	investment	products	through	broker-dealers	or	agents	that	are	unaffiliated	with	KHIM.

Item	7	–	Types	of	Clients

As	noted	in	Item	4	above,	KHIM’s	target	clients	generally	include	state	and	local	municipal	entities,
nonprofit	hospitals,	healthcare	institutions,	higher	education	institutions,	cultural	institutions	and
other	institutional	investors.