Callan LLC

Item 5 – Fees and Compensation

The fees for each of Callan’s business lines are described below.

         Business Line                       Fee Range                            Notes
                                                                     Fixed- or asset-based fees
                                                                     are assessed per project,
                                   Up to approximately               service, or suite of services
 Fund Sponsor Consulting -         $2,000,000                        (retainer) per year; fees are
 Non Discretionary                                                   negotiable depending on the
                                   Median $115,650
                                                                     services provided, including
                                                                     the level of discretion
                                                                     delegated to Callan.
                                                                     Fees are negotiable and
                                                                     depend on level of discretion
                                                                     delegated to Callan and the
 Fund Sponsor Consulting -
                                   Up to approximately 25 bps        amount and type of services
 Discretionary
                                                                     provided.

 Independent Adviser Group         Up to approximately $400,000      Fixed- or asset-based fees
                                   for fixed fees; asset-based       are assessed per project,

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                                    fees are determined on a          service, or suite of services
                                    tiered structure and typically    (retainer) per year; fees are
                                    start at 15 bps                   negotiable depending on the
                                                                      services provided.*
                                    Median $128,700

                                    Up to approximately $113,000      Fees are assessed per
 Institutional Consulting Group                                       service or suite of services
                                    Median $56,500                    (retainer) per year.
    * Additional details for IAG:
         Clients of an IAG member who elect to participate in the Callan UMA program pay
             an asset-based fee to the overlay manager of the UMA program who, in turn, pays
             an asset-based fee to Callan for program coordination and to the sub-advisers for
             providing the investment strategy instructions to the overlay manager. Overlay
             manager fees also include payment for implementation and overlay services
             provided by the overlay manager. Fees payable by the IAG member are in most
             instances reduced or waived based on the fees received by Callan from the overlay
             manager.
         Participants in the UMA program are also responsible for paying separate fees to
             their respective fiduciary intermediary or investment adviser who is an IAG member
             and oversees such participant’s UMA program investment, as well as paying for
             portfolio execution and custody charges. Callan does not participate in any such
             fees or charges.
         Consulting fees for IAG Alternatives Consulting clients may be based, in part, on
             program assets.

While the suite of services for each business line is individually priced, there is one set of services
that spans all client types—our educational services. Fees for these services are up to $3,500 per
person, per session for “Callan College” and up to $65,000 per organization per year for the
Callan Institute.

Generally, a client may cancel an agreement for services with Callan at any time upon written
notice to Callan. If Callan is in the process of performing services for a client that the client does
not want completed, then Callan will bill the client for the services performed to the date of
cancellation. Fees are typically billed monthly or quarterly in arrears.

Callan has no soft-dollar arrangements with any broker and only accepts checks from brokers as
payment for its hard-dollar client fees.

Item 7 – Types of Clients

Callan works with a variety of clients, including asset owners of defined benefit, defined
contribution, operating funds, 529 plans, and others. Our clients include:
       Corporate, public, Taft-Hartley, and nonprofit organizations
       Family offices
       Endowments and foundations
       Insurers
       Religious organizations

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       Hospitals
       Nuclear decommissioning trusts
       Sovereign wealth funds
       Investment managers
       Investment consulting firms, investment advisers, family offices and financial
        intermediaries
FSC consultants may evaluate and recommend that a plan fiduciary consider Callan’s
discretionary services.

Generally, Callan does not maintain account minimums across all client types, though the firm’s
account size relationships for discretionary work are typically not less than $50 million.

Callan provides research and educational services to investment managers and receives
compensation from them for those services. Some of those investment managers are evaluated
or recommended by Callan to its other clients. Callan recognizes there is a potential conflict
between Callan's interest in receiving compensation from investment managers and Callan's
obligation to provide objective advice to our advisory clients who work or may work with those
managers. This includes investment manager searches Callan performs for FSC clients, our
selection of investment managers who participate in the UMA program offered to IAG clients, or
our manager selection activities conducted as part of our discretionary services.

Callan is committed to ensuring it does not consider an investment manager’s business
relationship with the firm, or lack thereof, in performing evaluations for or making
recommendations to its other clients. We inform our investment manager clients of this policy at
the start of the relationship and notify all clients of this policy and provide regular disclosure to our
discretionary and non-discretionary advisory clients, including FSC and IAG clients, of the
existence of our business relationships with investment managers. In all cases, employees are
required to carry out their duties solely in the best interests of our advisory clients and free from
all compromising influences and loyalties.