CapShift Advisors LLC (“CapShift Advisors” or “the Firm”) is a registered investment adviser, focused on impact and sustainable investments. The Firm’s parent company, CapShift LLC (“CapShift”), has created an impact investing platform that empowers philanthropic and financial institutions along with their clients to mobilize capital for social and environmental change. On this cloud-based software platform, CapShift maintains an extensive database of public, private, and nonprofit ventures and funds, operating globally and locally, supporting a wide range of impact themes. CapShift Advisors’ clients may take advantage of three core services: Research Services, Investment Advisory Services and CapShift’s Technology Platform. CapShift Advisors’ Research Services help clients identify and better understand specific impact investment opportunities. Clients may focus on a sector, region or catalyzing a type of change. CapShift Advisors will provide the client with information to help them better understand a sector and support the client in doing their own due diligence on any investment opportunities. With CapShift Advisors’ Investment Advisory Services, clients are utilizing all of CapShift Advisors’ Research Services and the Firm’s expertise in portfolio construction that can strive to meet a client’s risk, return, liquidity, and impact objectives. CapShift Advisors will help clients identify and manage those investment opportunities that are suitable for them. Collectively, CapShift Advisors’ Research and Investment Advisory Services may include impact investment sourcing; operational, financial, and impact due diligence; research and analysis of funds and segments of the impact market; as well as discretionary investment advisory services, including separately managed client-accounts and pooled investment vehicles. CapShift Advisors brings expertise across major asset classes (public funds, private funds, and direct investments), as well as core impact themes and sectors (for example, environmental stewardship and conservation, economic and community development, and racial and gender equity). CapShift’s Technology Platform helps CapShift Advisors’ institutional clients highlight investments to the institutions’ clients. The cloud-based platform is by invitation only, through an affiliation with a CapShift or CapShift Advisors institutional client. The platform provides key details regarding the institution’s clients’ recommended investments, allowing the institution’s clients to monitor their recommended portfolios, and allows them to recommend new impact investments to their institution. CapShift Advisors’ clients tend to be Donor Advised Fund (DAF) Providers, Registered Investment Advisers, and philanthropic entities such as private foundations. CapShift Advisors is wholly owned by CapShift LLC. Percentage ranges of ownership are outlined in Schedule A of CapShift Advisors’ Form ADV Part 1A. The Firm provides the following services to clients:
• Research Services
• Investment Advisory Services
• CapShift Software Platform Research Services CapShift Advisors provides impact investment research to its clients. CapShift Advisors works with a network of domain partners that have deep expertise in various impact themes to source impact investments that may be relevant to our clients. CapShift Advisors provides certain services tailored to needs of each client, including sourcing, research, due diligence, and impact reporting. Investment Advisory Services CapShift Advisors also provides discretionary and non-discretionary investment advisory services to its clients in separately managed accounts to meet client-specific mandates. CapShift Advisors’ clients are mainly DAF providers

and Registered Investment Advisers but may include other institutions such as foundations or family offices, as well as high net worth individuals. CapShift Advisors generally provides the following services to such accounts: impact investment management; administrative and support services; risk management; impact reporting; and other typical investment advisory services. Separately managed accounts are permitted to invest in a wide variety of securities depending on the investment mandate agreed upon with the client, generally with a focus on impact or sustainable investing. CapShift may also provide philanthropic advisory services to certain clients with a focus on recoverable grants. In addition, CapShift Advisors constructs, manages, and oversees diversified investment pools primarily for DAF providers and foundations. These portfolios consist of diversified mutual funds, ETFs, or separately managed account strategies, focused on sustainable investing or ESG (environmental, social, and corporate governance) screened funds. CapShift Advisors selects funds for inclusion based on its evaluation of each manager and then presents these funds to the client (typically the DAF provider investment committee) for approval. These diversified portfolios allow DAF holders to allocate their accounts to a managed commingled investment vehicle that provides diversified market exposure along with liquidity for grant-making. Through CapShift Advisors’ FlexDAF for Impact Program, the Firm works with donors to establish and fund an account at a DAF provider that will allow them to best meet their impact investment and liquidity objectives at a competitive cost. After establishing an account at the most suitable DAF provider, donors have access to the CapShift Software Platform to recommend impact investment opportunities, and CapShift Advisors may support the DAF provider as the investment adviser for the account. CapShift Advisors offers DAF Provider accounts thematic separately managed portfolios, focused on a specific impact objective, such as environmental stewardship, gender equity, and economic mobility. CapShift Advisors utilizes underlying ESG data to build diversified portfolios of best-in-class companies within each sector. These separately managed portfolios can be customized to exclude sectors or companies that do not align with the donor’s values. CapShift Advisors serves as a sub-adviser to certain unaffiliated registered investment advisers per the terms and conditions of a written agreement. The unaffiliated investment advisers who are a party to such agreement with CapShift Advisors, will maintain both the initial and ongoing day-to-day relationship with the underlying client. The unaffiliated investment adviser will make available to CapShift Advisors the necessary information, to determine suitability for designated investment strategies. In these arrangements, the unaffiliated investment adviser shall provide the underlying client with a copy of CapShift Advisors’ written disclosure Brochure (Part 2A of Form ADV). When deemed appropriate for the client, CapShift Advisors may also hire a sub-adviser to manage some or all of the assets in a client account or provide investment oversight. This arrangement allows CapShift Advisors to access model managers, strategists, third party money managers and portfolio recommendations. When CapShift Advisors engages a sub-adviser to provide advisory services on behalf of its clients, the client will be provided with a copy of the unaffiliated investment adviser’s disclosure Brochure (Part 2A of Form ADV). As of December 31, 2023, CapShift Advisors managed approximately $222,545,734, in regulatory assets under management on a discretionary basis, and $140,556,182 on a non- discretionary basis.