# EDGAR Filing Document

**Accession Number:** 0001535695
**File Stem:** 0001398344-26-003256
**Filing Date:** 2026-2
**Character Count:** 6639
**Document Hash:** 4c57a0ea53d9fb4a7b517b55c1cfc35a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003256.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001398344-26-003256

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angeles Investment Advisors, LLC
- **CENTRAL INDEX KEY:** 0001535695

**ORGANIZATION NAME:**
- **EIN:** 954839031
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14642
- **FILM NUMBER:** 26638713

**BUSINESS ADDRESS:**
- **STREET 1:** 429 SANTA MONICA BLVD
- **STREET 2:** SUITE 650
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 310-857-5827

**MAIL ADDRESS:**
- **STREET 1:** 429 SANTA MONICA BLVD
- **STREET 2:** SUITE 650
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Angeles Investment Advisors LLC<br>**Address:** 429 SANTA MONICA BLVD<br>SUITE 650<br>SANTA MONICA, CA 90401

**Form 13F File Number:** 028-14642

**CRD Number (if applicable):** 000110213

**SEC File Number (if applicable):** 801-60042

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Nick Shaver<br>**Title:** Chief Compliance Officer<br>**Phone:** 310-393-1161

**Signature, Place, and Date of Signing:**

/s/ Nick Shaver  Santa Monica, CA  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 27

**Form 13F Information Table Value Total:** $1498800177

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| DIMENSIONAL ETF TRUST | INTERNATIONAL | 25434V690 |  | 4548425 | 106160 | SH |  | SOLE |  | 0 | 0 | 106160 |
| EVERUS CONSTR GROUP | COM | 300426103 |  | 5525550 | 64581 | SH |  | SOLE |  | 0 | 0 | 64581 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 17443590 | 259500 | SH |  | SOLE |  | 0 | 0 | 259500 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 30116020 | 373000 | SH |  | SOLE |  | 0 | 0 | 373000 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 61254454 | 248840 | SH |  | SOLE |  | 0 | 0 | 248840 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 1996141 | 14108 | SH |  | SOLE |  | 0 | 0 | 14108 |
| ISHARES TR | INTL SEL DIV ETF | 464288448 |  | 194883 | 4940 | SH |  | SOLE |  | 0 | 0 | 4940 |
| ISHARES TR | MBS ETF | 464288588 |  | 304704 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 6192 | 200 | SH |  | SOLE |  | 0 | 0 | 200 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 56806655 | 795500 | SH |  | SOLE |  | 0 | 0 | 795500 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 3487091 | 30610 | SH |  | SOLE |  | 0 | 0 | 30610 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 7141229 | 101510 | SH |  | SOLE |  | 0 | 0 | 101510 |
| MDU RES GROUP INC | COM | 552690109 |  | 4790481 | 245414 | SH |  | SOLE |  | 0 | 0 | 245414 |
| PEPSICO INC | COM | 713448108 |  | 448644 | 3126 | SH |  | SOLE |  | 0 | 0 | 3126 |
| TCW ETF TRUST | TRANSFRM 500 ETF | 29287L106 |  | 64261787 | 801039 | SH |  | SOLE |  | 0 | 0 | 801039 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 740350169 | 1180537 | SH |  | SOLE |  | 0 | 0 | 1180537 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 6753934 | 13844 | SH |  | SOLE |  | 0 | 0 | 13844 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 3506576 | 18360 | SH |  | SOLE |  | 0 | 0 | 18360 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 4187098 | 77885 | SH |  | SOLE |  | 0 | 0 | 77885 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 |  | 83620 | 925 | SH |  | SOLE |  | 0 | 0 | 925 |
| VANGUARD MALVERN FDS | TOTAL TREASURY | 922020680 |  | 3451259 | 45325 | SH |  | SOLE |  | 0 | 0 | 45325 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 90558380 | 1923500 | SH |  | SOLE |  | 0 | 0 | 1923500 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 54035540 | 712400 | SH |  | SOLE |  | 0 | 0 | 712400 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 214460379 | 2842794 | SH |  | SOLE |  | 0 | 0 | 2842794 |
| VANGUARD WORLD FD | ESG INTL STK ETF | 921910725 |  | 12052214 | 168280 | SH |  | SOLE |  | 0 | 0 | 168280 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 20910960 | 172875 | SH |  | SOLE |  | 0 | 0 | 172875 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 90124202 | 218340 | SH |  | SOLE |  | 0 | 0 | 218340 |

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