Form ADV Part 2A, Item 4 Angeles Investment Advisors LLC, (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 owns greater than 25% of the firm. Angeles is 100% employee-owned. The firm operates out of one office in Santa Monica, California, and has no parent company. Angeles’s client base consists primarily of institutional, tax-exempt entities such as foundations, endowments, operating charities, and retirement plans. Angeles does not usually 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 “Fund of Funds” section of this document for additional details). Angeles offers a variety of services, each of which is described in more detail below. CONSULTING SERVICES 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: We will assist clients with a review of custodial relationships, help negotiate fees and conduct a custodian search, if necessary.  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 may assist 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. DISCRETIONARY SERVICES 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 may provide 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, separately managed accounts, ETF's, government securities, exchange-listed closed-end funds, limited partnerships, offshore corporations, and/or private placements, including hedge funds. 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. LIMITED DISCRETIONARY SERVICES 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”. HEDGE FUND AND PRIVATE EQUITY CONSULTING SERVICES 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 may recommend 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. FUND OF FUNDS Angeles acts as the investment adviser to the Angeles Absolute Return Fund LTD; a Cayman Islands exempted company, the Angeles Absolute Return Fund LLC a Delaware Limited Liability Company, the Angeles Global Equity Opportunities Fund LLC, a Delaware Limited Liability Company, the Angeles Private Markets Fund, LP a Delaware Limited Partnership, and the Angeles Private Markets Fund 2 LP a Delaware Limited Partnership, the Angeles Private Markets Fund 3 LP, a Delaware Limited Partnership, Angeles Private Markets Fund 4 LP, a Delaware Limited Partnership, and the Diversified Income Fund LLC, a Delaware Limited Liability Company (individually a “Fund” and collectively the “Funds”). Howard Perlow and Michael Rosen serve as directors of the Angeles Absolute Return Fund, LTD, and Angeles serves as the sole director of the Angeles Absolute Return Fund LLC and The Angeles Global Equity Opportunities Fund LLC, and as the investment manager of the Angeles Private Markets Fund, LP, the Angeles Private Markets Fund 2 LP, the Angeles Private Markets Fund 3, LP, and the Angeles Private Markets Fund 4, LP. The Funds rely on the exclusion 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, it does not invest the Funds’ capital directly. Instead, Angeles identifies third-party managers (Investment Managers) whose investment strategies and styles are suited to the investment objective, policies, and restrictions of the Funds. Angeles then allocates 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. 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. ASSETS UNDER MANAGEMENT Angeles separates its assets into the broad categories described above: 1) Discretionary Services, both full and limited, and 2) Consulting Services. As of December 31, 2019, Discretionary Services regulatory assets under management were approximately $5.7 billion and represented 56 clients. Consulting Services assets were approximately $29.6 billion and represented 16 clients. The Discretionary Services regulatory assets under management are reported in the Angeles ADV Part IA. Angeles does not report the additional $29.6 billion in Item 5.F of Part 1A of Form ADV because the SEC definition requires us to exclude these hybrid and consulting assets. We are including those assets here to give a more complete description of our business.