ANGELES INVESTMENT ADVISORS

Angeles Investment Advisors LLC (AIA, or Angeles), a California limited liability company, was formed in 2001 by Leslie B. Kautz, CFA, Howard D. Perlow, CFA, and Michael A. Rosen. Howard Perlow and Michael Rosen are still active, and each own greater than 25% of the firm. Angeles is 100% employee owned. The firm primarily operates out of its office in Santa Monica, California, and has no parent company. Angeles Private Investment Company LLC (APIC) is a relying advisor to Angeles. AIA and Derrick Cruz are the principal owners of APIC. APIC does not have revenue, operations, or employees. APIC shares key employees with Angeles as detailed in the ADV Part 1.

Angeles client base consists primarily of institutional, tax-exempt entities such as foundations, endowments, operating charities, high net worth individuals, and retirement plans. Angeles generally does not invest directly in stocks and bonds, but instead acts as a manager of managers for its client base, including investment vehicles managed by Angeles (see Funds section of this document for additional details). Angeles offers a variety of services, each of which is described in more detail below. Angeles does not participate in wrap fee programs.

Angeles provides several consulting services separately or in combination. The primary clients for these services will be charitable organizations, pension, profit-sharing, 401(k) plans, trusts, estates, charitable organizations, insurance companies, and governmental entities. Clients may choose to use any or all of these services.

Asset Allocation, Spending Analysis and Asset-Liability Analysis: Studies to determine the target percentage allocation to specific asset classes and the minimum and maximum ranges taking into account the client's investment objectives, risk tolerances, special or unique circumstances, investment time horizon and taxes are conducted. These studies may also integrate the analysis of spending policies or liability characteristics.

Investment Policy Development and Implementation: An Investment Policy Statement is developed (or reviewed in the case of an existing policy statement) for each client that provides guidance for the management and oversight of assets.

Portfolio Structure Analysis: Studies to determine the percentage policy allocation and the minimum and maximum ranges to sub-asset category attributes such as style, size, active, passive, quality, maturity, and market allocations are conducted.

Investment Manager Research and Selection: Proprietary manager research is conducted on public and private category managers, funds and private placements are evaluated to determine success factors and suitability for clients. This manager research is used to conduct manager searches and selection for clients.

Custody Review and Search: Upon request, we will assist clients with a review of custodial relationships, help negotiate fees and conduct a custodian search, if necessary and upon client request.

Manager Fiduciary Oversight: Angeles monitors investment managers for changes in organization, ownership, personnel, investment philosophy, investment process, historical performance, and policies and procedures on behalf of our clients. Return information supplied by the client or third-party data vendor is analyzed and interpreted.

Performance Measurement and Evaluation: With return information supplied by the client or third-party data vendor, Angeles performs performance measurement services and provides appropriate reporting to clients. As part of this service, we will routinely monitor and evaluate the performance of the client's money managers and the overall portfolio.

Negotiation and Handling of Manager Transitions: If a manager is terminated or added, we provide services to assist clients in developing a cost-efficient transition plan.

Negotiation for Investment Manager and Custodian Fees: Angeles offers its assistance in the negotiation of investment vendor fees.

On-site Consultation/Board and Staff Education: We can provide education services, coordinate annual investment forums, and meet with staff and board members on education topics as needed.

Angeles provides continuous advice regarding investments based on the individual needs of a client. Through discussions in which goals and objectives based on a client's particular circumstances are established, Angeles develops a client's investment policy and creates and manages a portfolio based on that policy. Angeles offers this service to individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, and corporations. Angeles will manage these advisory accounts on a discretionary basis only. Account supervision is guided by the stated objectives of the client as outlined in the Investment Policy Statement or advisor guideline statement.

Angeles will create a portfolio typically consisting of no-load mutual funds, load-waived mutual funds, Exchange-Traded Funds (ETF's), government securities, exchange-listed closed-end funds, limited partnerships, offshore corporations, and/or private placements, including hedge funds and Angeles proprietary pooled investment vehicles. Angeles will allocate the client's assets among various investments, taking into consideration the overall asset allocation and management style selected by the client. The underlying managers will be selected on the basis of any or all of the following criteria: The fund/manager's performance history; the industry sector in which the fund/manager invests; the track record of the fund/manager; the fund/manager's investment objectives; the fund/manager's management style and philosophy; and the fund/manager's management fee structure. Portfolio weighting between funds and managers will be determined by each client's individual needs and circumstances. Clients will have the opportunity to place reasonable restrictions on the types of investments that will be made on the client's behalf. Clients will retain individual ownership of all securities.

Angeles will provide advisory services to certain clients that are similar to those services described in the above summary. However, pre-approval by the client is required before Angeles can implement an investment idea on that client's behalf. Therefore, this group of clients would not be considered fully discretionary. Under the SEC definition of regulatory assets under management in ADV Part 1, these clients will be listed as Non-Discretionary.

Angeles also provides consulting services whereby it provides direct private placement (hedge fund or private equity) research and ongoing monitoring on behalf of clients. If contracted, Angeles will monitor such private placements and provide investment recommendations as it deems appropriate regarding the sale or purchase of new interests. As this is a consulting service, it is the client's responsibility to determine which, if any, of such recommendations to implement. Angeles is not responsible for the purchase or sale of such interests.

Angeles acts as the investment adviser to investment vehicles sponsored by Angeles (individually a Fund and collectively the Funds) relating to the portfolios of such vehicles. The Funds rely on the exclusions to the definition of Investment Company provided by Section 3(c)(1) and Section 3(c)(7) of the Investment Company Act of 1940. The funds are managed in reliance on the Commodity Futures Trading Commission Regulation 4.7(b), which requires that investors be limited to qualified eligible persons (including non-US persons). While Angeles has complete discretion and authority to manage and direct the investment capital for the Funds, Angeles identifies third-party managers (Investment Managers) whose investment strategies and styles Angeles evaluates as being suited to the investment objective, policies, and restrictions of the Funds. For certain Funds, Angeles then allocates the majority of the capital of the Funds to the investment discretion of one or more Investment Managers and/or invests the Funds capital in selected investment funds advised by the Investment Managers (Sub-Funds). This structure is commonly referred to as a Fund of Funds, and it is utilized by certain Funds. Angeles will occasionally buy bonds or ETFs in the Funds to obtain market exposure not otherwise covered by the Investment Managers. Angeles will (where applicable) manage the domestic and offshore versions of the Funds identically, but there will be allocation differences due to the size and timing of the investments.

As of December 31, 2024, Angeles managed $5,804,180,857 of client assets on a discretionary basis, and $1,265,908,784 client assets on a non-discretionary basis.