CALLAN

Founded in 1973 and headquartered in San Francisco, California, Callan LLC (Callan) is an SEC-registered investment adviser with over 200 employees. Callans discretionary and non-discretionary institutional investor clients oversee more than $4.5 trillion in combined assets. Callan is one of the largest independent, employee-owned investment consulting firms in the country and is 100% owned by a corporation, which is owned by the companys employees or their trusts. We provide tailored advice primarily to institutional investors supported by proprietary research, an in-depth investment manager database, and ongoing fiduciary education. Our solutions are designed to fit each clients particular needs specific to asset allocation; manager search, selection, and evaluation; ongoing performance measurement; and education.

Callan provides services through three lines of business:

Fund Sponsor Consulting (FSC): FSC serves institutional investors of defined benefit and defined contribution plans, endowments, foundations, insurers, hospitals, health care systems, and nuclear decommissioning trusts, as well as other large institutional asset pools. Our discretionary and non-discretionary institutional investor clients oversee more than $4.5 trillion in combined assets. FSC delivers customized solutions that meet the needs of sophisticated institutional investment programs, including strategic planning; plan implementation, monitoring and evaluation; public and private investment program design and implementation; and continuing education. Together, these services constitute what we believe is a disciplined and comprehensive process for the decision-making and oversight of institutional investors asset pools.

Discretionary services for FSC clients include the design, implementation, and ongoing management of multi-manager and discretionary portfolios for institutional investors. Callan manages multi-manager portfolios in collective investment trusts (CITs), including CITs managed on behalf of clients and the Callan funds, and designs and acts as an adviser for custom target date funds as well as white label asset class funds. Callan also serves as the outsourced chief investment officer (OCIO) for selected institutional investors. As of December 31, 2024, Callans total discretionary assets under management were $37.78 billion.

Independent Adviser Group (IAG): IAG serves a select group of independent investment advisers and financial intermediaries (IAG members) who provide services to high-net-worth individuals and small to mid-sized institutional funds. IAG members receive consulting guidance, research, and analytical tools necessary to address their clients' strategic planning, portfolio structure, manager due diligence and performance measurement needs. Access to educational forums and resources are also provided to support professional development and education initiatives. Callans Unified Managed Account (UMA) program offers clients of IAG members with access to independent investment managers (sub-advisers) who Callan has screened and recommended, and whose investment strategy models are coordinated and traded by an independent overlay manager selected by Callan. IAG members can coordinate the opening of a single-custodial UMA account for their clients and create customized individual manager allocations on a per-account basis. IAG serves as a non-discretionary consultant to several investment advisers overseeing private markets investment programs (IAG Alternatives Consulting clients) and provides services which include identifying, evaluating and monitoring private markets funds for consideration by such investment advisers for their program investment. Callan entered into an agreement with Callan Family Office LLC (CFO) to provide IAG services. In addition to the services agreement, Callan has licensed the Callan trademark to CFO for use in CFO providing investment advisory services to ultra-high net worth clients, family foundations, and endowments. CFO and Callan are independent, unaffiliated investment advisory firms separately registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.

Institutional Consulting Group (ICG): ICG provides investment manager clients with research, education, performance measurement, and database and analytical tools that help them better serve the needs of institutional investors. Callans educational services are available to our clients, including institutional investors, investment managers, and financial intermediaries through the Callan Institute and the Center for Investment Training (Callan College). The Callan Institute functions as an education institution servicing clients and our employees by independently analyzing trends in the industry via research communications and conference programs. The Callan College, featuring sessions offered over several days throughout the year and on a customized basis, provides investment fiduciaries and their advisers with basic- to intermediate-level of classroom-style instruction on prudent investment practices.

Each line of business, coupled with our client education services, contributes to the overall strength and stability of the organization, and fits well within our mission of helping institutional investors achieve their investment objectives. The firm maintains policies to ensure each division is compliant with our business, governance, ethics, and oversight practices.