CALLAN OPEN ARCHITECTURE TRUST, TRUSTEED BY …

CALLAN OPEN ARCHITECTURE TRUST, TRUSTEED BY WILMINGTON TRUST, N.A.

FINANCIAL STATEMENTS

DECEMBER 31, 2020

WITH

INDEPENDENT AUDITOR'S REPORT

Callan Open Architecture Trust, Trusteed by Wilmington Trust, N.A.

CONTENTS Independent Auditor's Report ..................................................................................................................................................................... 1 Fund Index ................................................................................................................................................................................................. 3 Callan Glidepath® Retirement Income Fund ............................................................................................................................................... 6 Callan Glidepath® 2015 Fund ................................................................................................................................................................... 11 Callan Glidepath® 2020 Fund ................................................................................................................................................................... 16 Callan Glidepath® 2025 Fund ................................................................................................................................................................... 21 Callan Glidepath® 2030 Fund ................................................................................................................................................................... 26 Callan Glidepath® 2035 Fund ................................................................................................................................................................... 31 Callan Glidepath® 2040 Fund ................................................................................................................................................................... 35 Callan Glidepath® 2045 Fund ................................................................................................................................................................... 39 Callan Glidepath® 2050 Fund ................................................................................................................................................................... 43 Callan Glidepath® 2055 Fund ................................................................................................................................................................... 47 Callan Glidepath® 2060 Fund ................................................................................................................................................................... 51 Callan Glidepath® 2065 Fund ................................................................................................................................................................... 55 Callan Core Bond Fund ............................................................................................................................................................................ 59 Callan Diversified Real Assets Fund ........................................................................................................................................................ 63 Callan Emerging Markets Equity Fund ..................................................................................................................................................... 67 Callan Growth Equity Fund ...................................................................................................................................................................... 71 Callan High Yield Bond Fund ................................................................................................................................................................... 75 Callan International Equity Fund .............................................................................................................................................................. 79 Callan Large Cap Equity Fund ................................................................................................................................................................. 83 Callan Small Cap Equity Fund ................................................................................................................................................................. 87 Callan Value Equity Fund ......................................................................................................................................................................... 91 Notes to the Financial Statements............................................................................................................................................................ 95

1

INDEPENDENT AUDITOR'S REPORT Wilmington Trust, N.A., Trustee for Wilmington Trust Collective Investment Trust Report on the Financial Statements We have audited the accompanying financial statements of Callan Open Architecture Trust, Trusteed by Wilmington Trust, N.A. (the "Trust"), comprising the funds (the "Funds") on the Fund Index on pages 3 – 5, which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2020, the related statements of operations and changes in net assets, the financial highlights for the year then ended, or for the period then ended for inception dates in 2020, and the related notes to the financial statements. These financial statements and financial highlights are hereinafter collectively referred to as financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of its operations, changes in its net assets and its financial highlights for the year then ended, or for the period then ended for inception dates in 2020, in accordance with accounting principles generally accepted in the United States of America.

www.hogantaylor.com

2

Other Matter Our audits were conducted for the purpose of forming an opinion on the financial statements of each Fund as a whole. The supplementary information for the year ended December 31, 2020, or for the period then ended for inception dates in 2020, following the schedule of investments, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Tulsa, Oklahoma April 30, 2021

Callan LLC


3

FUND INDEX

FUND NAME FUND GROUP FUND OBJECTIVE Callan Glidepath® Retirement

Income Fund Callan Glidepath® Fund

Series The Fund seeks to achieve long-term capital growth, by

investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time, designed for participants of qualified retirement plans who have retired.

Callan Glidepath® 2015 Fund Callan Glidepath® Fund








investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time, designed for participants of qualified retirement plans that intend to retire within five years of the year 2025.














4

FUND INDEX (continued)

FUND NAME FUND GROUP FUND OBJECTIVE Callan Glidepath® 2050 Fund Callan Glidepath® Fund












Callan Core Bond Fund Callan MultiManager Core

Funds The Fund seeks to provide high current income consistent

with long-term preservation of capital by investing in funds that primarily invest in high-quality bonds and other fixed-income securities, including U.S. government obligations, corporate bonds, mortgages and asset-backed securities. To a lesser extent, the Fund may invest in funds that invest in below investment-grade fixed income securities. Capital appreciation is a secondary objective.

Callan Diversified Real Assets

Fund Callan MultiManager Core

Funds The Fund seeks to provide long-term capital growth as well

as preservation of purchasing power during periods of rising or high inflation by investing in funds that allocate to asset classes that are expected to perform well in periods of rising or high inflation, including: infrastructure, natural resources, public real estate, private real estate, and certain bonds and fixed income securities (such as inflation-indexed bonds, U.S. treasury and agency notes and bonds, and floating rate debt).

Callan Emerging Markets

Equity Fund Callan MultiManager Core

Funds The Fund seeks to provide long-term growth by investing in

funds that primarily invest in companies domiciled or operating in, or that derive a majority of their income from, emerging markets, as presented by the MSCI Emerging Markets Investable Market Index, with a focus on Latin America, the Pacific Basin and Eastern Europe.


5

FUND INDEX (continued)

FUND NAME FUND GROUP FUND OBJECTIVE Callan Growth Equity Fund Callan MultiManager Core

Funds The Fund seeks to provide long-term capital growth by

investing in funds that primarily invest in the equity securities of growth-oriented companies across diversified economic sectors. Growth-oriented companies are generally considered to be those companies with higher rates of revenue or profit growth relative to the overall market.

Callan High Yield Bond Fund Callan MultiManager Core

Funds The Fund seeks to provide maximum total return by investing

in funds that primarily invest in the diversified portfolio of high yield securities ("junk bonds") and that also may invest in bank loans, investment grade securities, asset-backed securities, mortgage-backed securities, securities dominated in foreign currencies and in emerging markets, derivative instruments, and other fixed income securities deemed appropriate by the investment manager of the fund. The Fund also may invest in funds that primarily invest in bank loans.

Callan International Equity

Fund Callan MultiManager Core


investing in funds that primarily invest in companies domiciled or operating in, or that derive a majority of their income from, developed and emerging market countries represented in the MSCI ACWI ex U.S. Investable Market Index.

Callan Large Cap Equity Fund Callan MultiManager Core


investing in Underlying Funds that primarily invest in the equity securities of large capitalization companies across diversified economic sectors. Large capitalization companies generally are considered to be those companies with market capitalizations within the range of market capitalizations of those companies included in the Russell 1000® Index.

Callan Small Cap Equity Fund Callan MultiManager Core

Funds The Fund seeks to provide long-term capital appreciation by

investing in funds that primarily invest in small capitalization stocks across diversified economic sectors. Small capitalization companies are generally considered to be those companies with market capitalizations within the range of those companies included in the Russell 2000® Index.

Callan Value Equity Fund Callan MultiManager Core


investing in funds that primarily invest in the equity securities of value-oriented companies across diversified economic sectors. Value-oriented companies are generally considered to be those companies with lower measures of valuation, often expressed as ratios such as price/earnings or price/sales, than the broad equity market.


See Notes to the Financial Statements. 6

Callan Glidepath® Retirement Income Fund

Schedule of Investments December 31, 2020

Principal

Amount or FairShares Cost Value

Collective Funds - 94.1%BBH Intermediate Inflation Indexed Securities Fund 673,854 7,263,849$ 7,789,751$ BlackRock 1 - 3 Year Government/Credit Bond Index Fund F 132,807 1,523,679 1,555,418 Callan International Equity Fund Class Z 361,679 3,779,492 4,676,505 Callan Small Cap Equity Fund Class Z 179,835 1,723,677 2,364,824 Callan Trust Core Bond Fund Class Z 2,073,054 23,481,506 24,980,301 PGIM Retirement Real Estate Fund II 3,107,894 4,563,525 4,614,066 Russell 1000® Index Fund F 313,317 13,008,044 16,139,252 Voya Senior Loan Trust Fund 255,758 4,387,471 4,702,503 Wells Fargo Stable Value Fund W 106,244 6,129,436 6,223,083

Total Collective Funds 65,860,679 73,045,703

Separate Account - 5.9%Principal Life Insurance Company U.S. Property Separate Account Class T 78,199 4,561,574 4,618,300

Total Investments - 100.0% 70,422,253$ 77,664,003 Other Assets and Liabilities, Net - (0.0%) (21,759) Net Assets - 100% 77,642,244$

The following is a summary of the fair value of the investments in the Fund based on the inputs used to value them as of December 31, 2020 (see Note 3):

InvestmentsMeasured at

Level 1 Level 2 Level 3 Net Asset Value* Total

Collective Funds -$ -$ -$ 73,045,703$ 73,045,703$ Separate Account - - - 4,618,300 4,618,300 Total -$ -$ -$ 77,664,003$ 77,664,003$

Fair Value Measurements

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 75.4% of the Fund's total units outstanding.




Schedule of Investments (continued) December 31, 2020

Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:

Purchases Sales Realizedat Cost Proceeds Gain

Investments 25,853,455$ 29,990,891$ 1,894,983$



AssetsInvestments in securities, at fair value (cost $70,422,253) 77,664,003$ Receivable for fund units sold 67,487 Receivable for reimbursement 3,106 Miscellaneous receivable 1,368 Total assets 77,735,964 Liabilities and Net AssetsPayable for investment securities purchased 65,350 Payable for fund units redeemed 2,137 Accrued expenses 26,233 Total liabilities 93,720 Net assets 77,642,244$

ExpensesTrustee, advisor and service provider fees 38,084$ Professional services and other operating expenses 33,351 Expense reimbursement from advisor (12,356) Total expenses 59,079 Net investment loss (59,079) Net realized gain on:Investments 1,894,983 Net change in unrealized appreciation on:Investments 5,276,604 Net realized and unrealized gain on investments 7,171,587 Net increase in net assets resulting from operations 7,112,508$


Statement of OperationsFor the year ended December 31, 2020

Statement of Assets and LiabilitiesDecember 31, 2020



Increase in net assets resulting from operationsNet investment loss (59,079)$ Net realized gain on investments 1,894,983 Net change in unrealized appreciation on investments 5,276,604 Net increase in net assets resulting from operations 7,112,508 Fund unit transactionsProceeds from units issuedClass MO 4,506,127 Class R6 181,137 Class R7 1,698,164 Class R11 9,648,655 Class Z 1,168,682 Total proceeds from units issued 17,202,765 Value of units redeemedClass MO (5,577,654) Class R6 (642,050) Class R7 (1,260,303) Class R11 (13,721,355) Class Z (87,960) Total value of units redeemed (21,289,322) Decrease in net assets resulting from fund unit transactions (4,086,557) Increase in net assets 3,025,951 Net assets, beginning of year 74,616,293 Net assets, end of year 77,642,244$

Statement of Changes in Net AssetsFor the year ended December 31, 2020




Per Unit Operating Performance Class MO Class R6 Class R7 Class R11 Class ZNet asset value, beginning of year 19.15$ 19.04$ 19.15$ 19.21$ 19.44$ Income from investment operations:

Net investment loss (1) (0.03) (0.05) (0.03) (0.01) (0.01) Net realized and unrealized gain on investments (1) 1.96 1.95 1.97 1.97 2.00

Total income from investment operations 1.93 1.90 1.94 1.96 1.99 Net asset value, end of year 21.08$ 20.94$ 21.09$ 21.17$ 21.43$

Total Return 10.08% 9.98% 10.13% 10.20% 10.24%Supplemental DataRatio to average net assets:

Gross expenses (excluding reimbursement) 0.18% 0.30% 0.18% 0.08% 0.05%Net expenses 0.16% 0.28% 0.16% 0.06% 0.03%Net investment loss (0.16%) (0.28%) (0.16%) (0.06%) (0.03%)

Fund Unit ActivityUnits, beginning of year 422,411 64,411 339,912 2,988,139 72,277 Issued 234,528 9,235 88,251 490,843 62,023 Redeemed (286,369) (34,641) (62,413) (714,111) (4,842) Units, end of year 370,570 39,005 365,750 2,764,871 129,458 (1) Based on average units outstanding.

For the year ended December 31, 2020


Financial Highlights



Callan Glidepath® 2015 Fund


Principal


Collective Funds - 93.3%BBH Intermediate Inflation Indexed Securities Fund 578,134 6,203,485$ 6,683,235$ BlackRock 1 - 3 Year Government/Credit Bond Index Fund F 107,594 1,236,505 1,260,129 Callan International Equity Fund Class Z 517,040 5,279,532 6,685,331 Callan Small Cap Equity Fund Class Z 256,866 2,383,177 3,377,788 Callan Trust Core Bond Fund Class Z 1,457,482 16,671,079 17,562,654 PGIM Retirement Real Estate Fund II 3,332,279 4,571,641 4,947,195 Russell 1000® Index Fund F 383,969 16,225,214 19,778,565 Voya Senior Loan Trust Fund 216,929 3,574,361 3,988,563 Wells Fargo Stable Value Fund W 86,077 4,958,249 5,041,828









*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 83.0% of the Fund's total units outstanding.







Investments 29,282,076$ 43,485,374$ 3,453,412$



AssetsInvestments in securities, at fair value (cost $65,966,563) 74,278,405$ Receivable for fund units sold 5,213 Receivable for reimbursement 3,110 Miscellaneous receivable 1,366 Total assets 74,288,094

Liabilities and Net AssetsPayable for investment securities purchased 4,163 Payable for fund units redeemed 1,050 Accrued expenses 27,317 Total liabilities 32,530 Net assets 74,255,564$

ExpensesTrustee, advisor and service provider fees 49,787$ Professional services and other operating expenses 36,456 Expense reimbursement from advisor (12,371) Total expenses 73,872 Net investment loss (73,872)

Net realized gain on:Investments 3,453,412

Net change in unrealized appreciation on:Investments 3,503,635 Net realized and unrealized gain on investments 6,957,047 Net increase in net assets resulting from operations 6,883,175$






Increase in net assets resulting from operationsNet investment loss (73,872)$ Net realized gain on investments 3,453,412 Net change in unrealized appreciation on investments 3,503,635 Net increase in net assets resulting from operations 6,883,175

Fund unit transactionsProceeds from units issuedClass MO 8,392,820 Class R6 200,642 Class R7 270,952 Class R11 7,173,644 Class Z 48,887 Total proceeds from units issued 16,086,945

Value of units redeemedClass MO (11,851,781) Class R6 (1,370,689) Class R7 (586,948) Class R11 (15,723,177) Class Z (695,669) Total value of units redeemed (30,228,264)

Decrease in net assets resulting from fund unit transactions (14,141,319)

Decrease in net assets (7,258,144)

Net assets, beginning of year 81,513,708 Net assets, end of year 74,255,564$








Total Return 10.77% 10.63% 10.78% 10.91% 10.97%

Supplemental DataRatio to average net assets:


Fund Unit ActivityUnits, beginning of year 859,367 166,404 349,657 2,585,538 157,783 Issued 422,258 10,608 13,763 357,586 2,500 Redeemed (599,284) (72,921) (29,524) (803,103) (36,308) Units, end of year 682,341 104,091 333,896 2,140,021 123,975 (1) Based on average units outstanding.

Financial HighlightsFor the year ended December 31, 2020






Principal


Collective Funds - 92.6%BBH Intermediate Inflation Indexed Securities Fund 1,840,816 19,787,264$ 21,279,832$ BlackRock 1 - 3 Year Government/Credit Bond Index Fund F 317,403 3,620,833 3,717,391 Callan International Equity Fund Class Z 2,469,092 25,328,334 31,925,355 Callan Small Cap Equity Fund Class Z 1,226,699 11,460,444 16,131,098 Callan Trust Core Bond Fund Class Z 3,430,774 38,895,338 41,340,832 PGIM Retirement Real Estate Fund II 13,261,087 18,833,293 19,687,781 Russell 1000® Index Fund F 1,637,894 66,042,430 84,369,373 Voya Senior Loan Trust Fund 647,173 10,962,993 11,899,256 Wells Fargo Stable Value Fund W 253,940 14,637,881 14,874,190
















Investments 69,047,550$ 135,661,095$ 9,432,432$



AssetsInvestments in securities, at fair value (cost $228,928,603) 264,934,773$ Receivable for investment securities sold 315,563 Receivable for fund units sold 17,093 Receivable for reimbursement 3,776 Total assets 265,271,205 Liabilities and Net AssetsPayable for fund units redeemed 332,656 Accrued expenses 83,984 Total liabilities 416,640 Net assets 264,854,565$







Increase in net assets resulting from operationsNet investment loss (244,490)$ Net realized gain on investments 9,432,432 Net change in unrealized appreciation on investments 17,401,878 Net increase in net assets resulting from operations 26,589,820 Fund unit transactionsProceeds from units issuedClass MO 11,022,137 Class R6 730,281 Class R7 3,744,871 Class R11 17,294,695 Class Z 368,175 Total proceeds from units issued 33,160,159 Value of units redeemedClass MO (19,848,758) Class R6 (1,922,397) Class R7 (4,336,698) Class R11 (71,925,965) Class Z (1,534,294) Total value of units redeemed (99,568,112) Decrease in net assets resulting from fund unit transactions (66,407,953) Decrease in net assets (39,818,133) Net assets, beginning of year 304,672,698 Net assets, end of year 264,854,565$










Fund Unit ActivityUnits, beginning of year 1,951,027 426,824 1,206,305 11,198,362 237,617 Issued 549,002 38,109 176,138 844,714 17,847 Redeemed (1,009,839) (96,227) (217,079) (3,586,570) (76,357) Units, end of year 1,490,190 368,706 1,165,364 8,456,506 179,107 (1) Based on average units outstanding.

Financial HighlightsFor the year ended December 31, 2020






Principal


Collective Funds - 92.6%BBH Intermediate Inflation Indexed Securities Fund 2,643,542 28,452,395$ 30,559,351$ BlackRock 1-3 Year Government/Credit Bond Index Fund F 260,458 3,000,049 3,050,464 Callan International Equity Fund Class Z 6,302,951 65,241,481 81,497,159 Callan Small Cap Equity Fund Class Z 3,130,975 29,743,343 41,172,324 Callan Trust Core Bond Fund Class Z 5,414,890 61,628,864 65,249,422 PGIM Retirement Real Estate Fund II 25,387,761 35,891,786 37,691,381 Russell 1000® Index Fund F 3,570,623 140,699,686 183,926,007 Voya Senior Loan Trust Fund 886,085 15,077,335 16,291,998 Wells Fargo Stable Value Fund W 208,391 12,031,279 12,206,211
















Investments 105,857,737$ 162,866,252$ 10,816,289$



AssetsInvestments in securities, at fair value (cost $428,911,345) 509,368,382$ Receivable for investment securities sold 95,486 Receivable for fund units sold 42,277 Receivable for reimbursement 3,677 Total assets 509,509,822

Liabilities and Net AssetsPayable for fund units redeemed 137,763 Accrued expenses 149,831 Total liabilities 287,594 Net assets 509,222,228$

ExpensesTrustee, advisor and service provider fees 269,804$ Professional services and other operating expenses 156,290 Expense reimbursement from advisor (14,629) Total expenses 411,465 Net investment loss (411,465)

Net realized gain on:Investments 10,816,289

Net change in unrealized appreciation on:Investments 45,498,377 Net realized and unrealized gain on investments 56,314,666 Net increase in net assets resulting from operations 55,903,201$






Increase in net assets resulting from operationsNet investment loss (411,465)$ Net realized gain on investments 10,816,289 Net change in unrealized appreciation on investments 45,498,377 Net increase in net assets resulting from operations 55,903,201

Fund unit transactionsProceeds from units issuedClass MO 24,361,415 Class R6 2,098,869 Class R7 2,882,648 Class R11 35,096,544 Class Z 3,360,838 Total proceeds from units issued 67,800,314

Value of units redeemedClass MO (35,199,838) Class R6 (2,494,690) Class R7 (4,003,989) Class R11 (78,605,834) Class Z (4,160,443) Total value of units redeemed (124,464,794)

Decrease in net assets resulting from fund unit transactions (56,664,480)

Decrease in net assets (761,279)

Net assets, beginning of year 509,983,507 Net assets, end of year 509,222,228$








Total Return 13.29% 13.14% 13.33% 13.40% 13.44%

Supplemental DataRatio to average net assets:


Fund Unit ActivityUnits, beginning of year 3,854,355 779,283 1,591,973 17,412,639 1,135,012 Issued 1,191,805 104,463 137,279 1,694,718 151,185 Redeemed (1,779,953) (125,547) (197,311) (3,933,916) (200,071) Units, end of year 3,266,207 758,199 1,531,941 15,173,441 1,086,126 (1) Based on average units outstanding.








Principal


Collective Funds - 92.6%BBH Intermediate Inflation Indexed Securities Fund 1,358,264 14,729,130$ 15,701,536$ BlackRock 1-3 Year Government/Credit Bond Index Fund F 13 152 152 Callan International Equity Fund Class Z 7,665,099 79,966,622 99,109,735 Callan Small Cap Equity Fund Class Z 4,017,657 38,668,276 52,832,194 Callan Trust Core Bond Fund Class Z 4,872,005 56,225,482 58,707,660 PGIM Retirement Real Estate Fund II 26,087,268 36,721,992 38,729,888 Russell 1000® Index Fund F 3,980,293 152,318,279 205,028,500 Voya Senior Loan Trust Fund 796,680 13,709,972 14,648,160









*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 82.7% of the Fund's total units outstanding.







Investments 105,535,288$ 118,438,001$ 4,194,158$










Increase in net assets resulting from operationsNet investment loss (402,735)$ Net realized gain on investments 4,194,158 Net change in unrealized appreciation on investments 56,265,033 Net increase in net assets resulting from operations 60,056,456 Fund unit transactionsProceeds from units issuedClass MO 20,065,362 Class R6 2,849,910 Class R7 2,897,193 Class R11 46,966,123 Class Z 3,631,522 Total proceeds from units issued 76,410,110 Value of units redeemedClass MO (23,616,871) Class R6 (2,351,806) Class R7 (2,634,823) Class R11 (57,959,902) Class Z (2,414,005) Total value of units redeemed (88,977,407) Decrease in net assets resulting from fund unit transactions (12,567,297) Increase in net assets 47,489,159 Net assets, beginning of year 475,882,136 Net assets, end of year 523,371,295$










Fund Unit ActivityUnits, beginning of year 3,399,558 996,599 1,514,057 16,175,176 595,437 Issued 969,700 141,837 137,965 2,161,257 164,826 Redeemed (1,186,646) (125,261) (125,061) (2,892,834) (115,959) Units, end of year 3,182,612 1,013,175 1,526,961 15,443,599 644,304 (1) Based on average units outstanding.








Principal


Collective Funds - 93.1%Callan International Equity Fund Class Z 7,322,675 76,640,551$ 94,682,184$ Callan Small Cap Equity Fund Class Z 3,476,098 33,426,809 45,710,684 Callan Trust Core Bond Fund Class Z 2,746,735 31,467,660 33,098,158 PGIM Retirement Real Estate Fund II 19,183,383 26,948,684 28,480,188 Russell 1000® Index Fund F 3,381,431 128,965,337 174,180,569 Voya Senior Loan Trust Fund 448,299 7,668,304 8,242,644









*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 81.3% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 68,537,061$ 89,956,607$ 3,142,317$



AssetsInvestments in securities, at fair value (cost $333,231,688) 412,893,982$ Receivable for fund units sold 141,449 Receivable for reimbursement 3,675 Total assets 413,039,106 Liabilities and Net AssetsPayable for investment securities purchased 86,240 Payable for fund units redeemed 55,209 Accrued expenses 127,062 Total liabilities 268,511 Net assets 412,770,595$







Increase in net assets resulting from operationsNet investment loss (347,304)$ Net realized gain on investments 3,142,317 Net change in unrealized appreciation on investments 47,612,574 Net increase in net assets resulting from operations 50,407,587 Fund unit transactionsProceeds from units issuedClass MO 18,532,241 Class R6 2,774,154 Class R7 2,766,216 Class R11 30,289,524 Class Z 1,251,768 Total proceeds from units issued 55,613,903 Value of units redeemedClass MO (22,701,930) Class R6 (2,207,511) Class R7 (3,542,119) Class R11 (47,798,891) Class Z (491,730) Total value of units redeemed (76,742,181) Decrease in net assets resulting from fund unit transactions (21,128,278) Increase in net assets 29,279,309 Net assets, beginning of year 383,491,286 Net assets, end of year 412,770,595$










Fund Unit ActivityUnits, beginning of year 2,764,584 1,184,261 1,398,944 12,150,586 499,494 Issued 886,070 136,258 131,792 1,423,989 60,220 Redeemed (1,136,197) (105,278) (162,967) (2,373,209) (23,123) Units, end of year 2,514,457 1,215,241 1,367,769 11,201,366 536,591 (1) Based on average units outstanding.








Principal


Collective Funds - 93.6%Callan International Equity Fund Class Z 6,370,314 66,844,556$ 82,368,155$ Callan Small Cap Equity Fund Class Z 3,040,898 29,325,651 39,987,808 Callan Trust Core Bond Fund Class Z 1,342,336 15,665,458 16,175,146 PGIM Retirement Real Estate Fund II 14,264,562 20,236,547 21,177,568 Russell 1000® Index Fund F 2,836,472 107,907,666 146,109,205 Voya Senior Loan Trust Fund 215,401 3,672,538 3,960,464











Investments 53,443,469$ 62,258,522$ 2,505,420$










Increase in net assets resulting from operationsNet investment loss (282,733)$ Net realized gain on investments 2,505,420 Net change in unrealized appreciation on investments 40,674,245 Net increase in net assets resulting from operations 42,896,932 Fund unit transactionsProceeds from units issuedClass MO 16,617,663 Class R6 3,594,302 Class R7 2,314,667 Class R11 25,141,115 Class Z 1,101,959 Total proceeds from units issued 48,769,706 Value of units redeemedClass MO (18,007,268) Class R6 (2,478,095) Class R7 (3,122,701) Class R11 (33,356,574) Class Z (383,839) Total value of units redeemed (57,348,477) Decrease in net assets resulting from fund unit transactions (8,578,771) Increase in net assets 34,318,161 Net assets, beginning of year 296,553,312 Net assets, end of year 330,871,473$










Fund Unit ActivityUnits, beginning of year 2,545,777 969,352 956,071 9,066,660 347,029 Issued 788,448 175,375 111,846 1,209,612 51,362 Redeemed (903,434) (117,177) (144,206) (1,651,077) (18,693) Units, end of year 2,430,791 1,027,550 923,711 8,625,195 379,698 (1) Based on average units outstanding.








Principal


Collective Funds - 95.1%Callan International Equity Fund Class Z 4,506,917 47,390,050$ 58,274,440$ Callan Small Cap Equity Fund Class Z 2,221,910 21,484,645 29,218,112 Callan Trust Core Bond Fund Class Z 747,596 8,697,215 9,008,526 PGIM Retirement Real Estate Fund II 7,482,744 10,586,312 11,109,091 Russell 1000® Index Fund F 2,020,016 76,478,110 104,052,852 Voya Senior Loan Trust Fund 122,337 2,041,564 2,249,353











Investments 35,763,631$ 41,555,041$ 899,701$



AssetsInvestments in securities, at fair value (cost $177,651,954) 225,028,865$ Receivable for fund units sold 121,659 Receivable for reimbursement 3,059 Receivable for investment securities sold 603 Total assets 225,154,186 Liabilities and Net AssetsPayable for fund units redeemed 122,263 Accrued expenses 79,619 Total liabilities 201,882 Net assets 224,952,304$

ExpensesTrustee, advisor and service provider fees 160,843$ Professional services and other operating expenses 67,019 Expense reimbursement from advisor (12,170) Total expenses 215,692 Net investment loss (215,692) Net realized gain on:Investments 899,701 Net change in unrealized appreciation on:Investments 29,110,512 Net realized and unrealized gain on investments 30,010,213 Net increase in net assets resulting from operations 29,794,521$






Increase in net assets resulting from operationsNet investment loss (215,692)$ Net realized gain on investments 899,701 Net change in unrealized appreciation on investments 29,110,512 Net increase in net assets resulting from operations 29,794,521 Fund unit transactionsProceeds from units issuedClass MO 14,248,044 Class R6 4,406,746 Class R7 1,746,899 Class R11 18,005,024 Class Z 1,261,557 Total proceeds from units issued 39,668,270 Value of units redeemedClass MO (17,909,087) Class R6 (2,644,867) Class R7 (2,712,064) Class R11 (20,199,437) Class Z (1,812,039) Total value of units redeemed (45,277,494) Decrease in net assets resulting from fund unit transactions (5,609,224) Increase in net assets 24,185,297 Net assets, beginning of year 200,767,007 Net assets, end of year 224,952,304$










Fund Unit ActivityUnits, beginning of year 2,287,650 930,689 803,059 4,857,837 465,406 Issued 682,627 215,655 84,145 871,339 65,374 Redeemed (919,182) (130,635) (123,490) (985,986) (85,876) Units, end of year 2,051,095 1,015,709 763,714 4,743,190 444,904 (1) Based on average units outstanding.








Principal


Collective Funds - 95.1%Callan International Equity Fund Class Z 3,762,002 39,530,408$ 48,642,679$ Callan Small Cap Equity Fund Class Z 1,852,504 17,962,244 24,360,422 Callan Trust Core Bond Fund Class Z 632,222 7,374,557 7,618,275 PGIM Retirement Real Estate Fund II 6,230,651 8,777,184 9,250,199 Russell 1000® Index Fund F 1,683,075 64,265,758 86,696,684 Voya Senior Loan Trust Fund 101,865 1,731,082 1,872,950











Investments 31,507,350$ 32,978,506$ 1,046,350$










Increase in net assets resulting from operationsNet investment loss (165,981)$ Net realized gain on investments 1,046,350 Net change in unrealized appreciation on investments 24,341,025 Net increase in net assets resulting from operations 25,221,394 Fund unit transactionsProceeds from units issuedClass MO 13,643,414 Class R6 3,552,631 Class R7 1,592,916 Class R11 14,587,529 Class Z 698,809 Total proceeds from units issued 34,075,299 Value of units redeemedClass MO (12,513,028) Class R6 (1,064,805) Class R7 (1,923,928) Class R11 (19,036,360) Class Z (866,342) Total value of units redeemed (35,404,463) Decrease in net assets resulting from fund unit transactions (1,329,164) Increase in net assets 23,892,230 Net assets, beginning of year 163,741,342 Net assets, end of year 187,633,572$










Fund Unit ActivityUnits, beginning of year 1,498,289 386,632 309,159 3,669,577 139,961 Issued 516,139 135,670 58,845 549,105 27,102 Redeemed (495,162) (40,131) (69,206) (730,891) (32,149) Units, end of year 1,519,266 482,171 298,798 3,487,791 134,914 (1) Based on average units outstanding.








Principal


Collective Funds - 95.1%Callan International Equity Fund Class Z 2,162,822 22,702,204$ 27,965,285$ Callan Small Cap Equity Fund Class Z 1,074,863 10,443,514 14,134,452 Callan Trust Core Bond Fund Class Z 369,929 4,335,252 4,457,643 PGIM Retirement Real Estate Fund II 3,582,642 5,108,968 5,318,890 Russell 1000® Index Fund F 967,753 37,265,440 49,849,824 Voya Senior Loan Trust Fund 58,584 993,232 1,077,151











Investments 24,144,106$ 16,083,734$ 938,866$










Increase in net assets resulting from operationsNet investment loss (127,366)$ Net realized gain on investments 938,866 Net change in unrealized appreciation on investments 14,508,674 Net increase in net assets resulting from operations 15,320,174 Fund unit transactionsProceeds from units issuedClass MO 11,582,294 Class R6 3,049,977 Class R7 840,901 Class R11 11,164,164 Class Z 399,910 Total proceeds from units issued 27,037,246 Value of units redeemedClass MO (8,404,478) Class R6 (1,065,238) Class R7 (1,095,424) Class R11 (8,249,497) Class Z (58,369) Total value of units redeemed (18,873,006) Increase in net assets resulting from fund unit transactions 8,164,240 Increase in net assets 23,484,414 Net assets, beginning of year 84,590,988 Net assets, end of year 108,075,402$










Fund Unit ActivityUnits, beginning of year 1,061,528 268,218 87,203 1,600,336 81,709 Issued 440,310 116,589 31,853 422,827 14,964 Redeemed (327,590) (40,739) (37,917) (310,577) (2,115) Units, end of year 1,174,248 344,068 81,139 1,712,586 94,558 (1) Based on average units outstanding.








Principal


Collective Funds - 95.1%Callan International Equity Fund Class Z 1,033,412 10,804,581$ 13,362,023$ Callan Small Cap Equity Fund Class Z 514,225 4,940,808 6,762,058 Callan Trust Core Bond Fund Class Z 180,271 2,118,895 2,172,263 PGIM Retirement Real Estate Fund II 1,708,842 2,459,420 2,536,994 Russell 1000® Index Fund F 462,551 18,119,392 23,826,430 Voya Senior Loan Trust Fund 27,962 476,979 514,141











Investments 16,755,101$ 10,040,003$ 583,427$










Increase in net assets resulting from operationsNet investment loss (59,017)$ Net realized gain on investments 583,427 Net change in unrealized appreciation on investments 7,068,328 Net increase in net assets resulting from operations 7,592,738 Fund unit transactionsProceeds from units issuedClass MO 6,725,278 Class R6 2,233,470 Class R7 446,573 Class R11 8,943,164 Class Z 640,847 Total proceeds from units issued 18,989,332 Value of units redeemedClass MO (4,295,304) Class R6 (1,327,607) Class R7 (67,206) Class R11 (6,077,198) Class Z (455,774) Total value of units redeemed (12,223,089) Increase in net assets resulting from fund unit transactions 6,766,243 Increase in net assets 14,358,981 Net assets, beginning of year 37,332,874 Net assets, end of year 51,691,855$










Fund Unit ActivityUnits, beginning of year 756,203 183,426 27,424 977,245 126,030 Issued 386,353 130,412 25,829 513,072 36,182 Redeemed (249,030) (72,691) (3,613) (345,963) (26,879) Units, end of year 893,526 241,147 49,640 1,144,354 135,333 (1) Based on average units outstanding.








Principal


Collective Funds - 95.2%Callan International Equity Fund Class Z 81,341 924,239$ 1,051,745$ Callan Small Cap Equity Fund Class Z 41,294 455,369 543,014 Callan Trust Core Bond Fund Class Z 15,484 185,121 186,592 PGIM Retirement Real Estate Fund II 132,598 194,956 196,858 Russell 1000® Index Fund F 36,799 1,710,750 1,895,569 Voya Senior Loan Trust Fund 2,151 38,004 39,557


Separate Account - 4.8%Principal Life Insurance Company U.S. Property Separate Account Class T 3,339 197,223 197,191

Total Investments - 100.0% 3,705,662$ 4,110,526 Other Assets and Liabilities, Net - (0.0%) (512) Net Assets - 100% 4,110,014$




Collective Funds -$ -$ -$ 3,913,335$ 3,913,335$ Separate Account - - - 197,191 197,191 Total -$ -$ -$ 4,110,526$ 4,110,526$


*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 85.7% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 4,428,442$ 1,095,002$ 80,393$



AssetsInvestments in securities, at fair value (cost $3,705,662) 4,110,526$ Receivable for fund units sold 21,990 Receivable for reimbursement 379 Total assets 4,132,895 Liabilities and Net AssetsPayable for investment securities purchased 21,964 Payable for fund units redeemed 25 Accrued expenses 892 Total liabilities 22,881 Net assets 4,110,014$

Investment incomeMiscellaneous income 1,282$ ExpensesTrustee, advisor and service provider fees 633 Professional services and other operating expenses 666 Expense reimbursement from advisor (423) Total expenses 876 Net investment income 406 Net realized gain on:Investments 80,393 Net change in unrealized appreciation on:Investments 396,863 Net realized and unrealized gain on investments 477,256 Net increase in net assets resulting from operations 477,662$






Increase in net assets resulting from operationsNet investment income 406$ Net realized gain on investments 80,393 Net change in unrealized appreciation on investments 396,863 Net increase in net assets resulting from operations 477,662 Fund unit transactionsProceeds from units issuedClass MO ^ 492,055 Class R7 ^ 89,184 Class R11 3,457,654 Class Z ^ 222,755 Total proceeds from units issued 4,261,648 Value of units redeemedClass MO ^ (80,411) Class R7 (802) Class R11 (846,472) Total value of units redeemed (927,685) Increase in net assets resulting from fund unit transactions 3,333,963 Increase in net assets 3,811,625 Net assets, beginning of year 298,389 Net assets, end of year 4,110,014$

^Class MO, Class R7 and Class Z funded on 5/19/2020, 2/4/2020 and 8/28/2020, respectively.





Per Unit Operating Performance Class MO Class R7 Class R11 Class ZNet asset value, beginning of year or at inception 9.59$ 10.76$ 10.72$ 11.40$ Income from investment operations:

Net investment income (loss) (1) (0.01) 0.01 0.01 (0.00)Net realized and unrealized gain on investments (1) 3.23 1.99 2.10 1.42

Total income from investment operations 3.22 2.00 2.11 1.42 Net asset value, end of year 12.81$ 12.76$ 12.83$ 12.82$

Total Return 33.58% ^ 18.59% ^ 19.68% 12.46% ^Supplemental DataRatio to average net assets:

Gross expenses (excluding reimbursement) 0.17% # 0.18% # 0.08% 0.03% #Net expenses 0.14% # 0.15% # 0.05% 0.00% #Net investment income (loss) (0.14%) # 0.08% # 0.05% (0.00%) #

Fund Unit ActivityUnits, beginning of year - - 27,836 - Issued 44,403 8,740 305,808 19,535 Redeemed (6,770) (89) (78,969) - Units, end of year 37,633 8,651 254,675 19,535 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class MO, Class R7 and Class Z funded on 5/19/2020, 2/4/2020 and 8/28/2020, respectively.#Annualized except audit expense.






Callan Core Bond Fund


Principal


Collective Funds - 100.0%FIAM Core Plus Commingled Pool Class F 3,471,948 77,611,069$ 82,632,358$ BlackRock Total Return Bond Fund F 8,134,626 93,426,213 99,219,664 Loomis Sayles Core Disciplined Alpha Fund 6,442,874 78,675,263 82,726,496 U.S. Debt Index Fund F 1,855,178 67,326,821 67,586,344





Collective Funds -$ -$ -$ 332,164,862$ 332,164,862$ Total -$ -$ -$ 332,164,862$ 332,164,862$


*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 13.3% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 363,260,353$ 324,984,876$ 8,695,366$




ExpensesTrustee, advisor and service provider fees 6,372$ Professional services and other operating expenses 263,942 Expense reimbursement from advisor (12,375) Total expenses 257,939 Net investment loss (257,939) Net realized gain on:Investments 8,695,366 Net change in unrealized appreciation of:Investments 14,082,656 Net realized and unrealized gain on investments 22,778,022 Net increase in net assets resulting from operations 22,520,083$






Increase in net assets resulting from operationsNet investment loss (257,939)$ Net realized gain on investments 8,695,366 Net change in unrealized appreciation on investments 14,082,656 Net increase in net assets resulting from operations 22,520,083 Fund unit transactionsProceeds from units issuedClass F 48,776,535 Class R7 ^ 103,715 Class Z 160,884,586 Total proceeds from units issued 209,764,836 Value of units redeemedClass F (5,223,985) Class R7 ^ (68) Class Z (166,128,414) Total value of units redeemed (171,352,467) Increase in net assets resulting from fund unit transactions 38,412,369 Increase in net assets 60,932,452 Net assets, beginning of year 271,104,426 Net assets, end of year 332,036,878$

^Class R7 funded on 11/19/2020.





Per Unit Operating Performance Class F Class R7 Class ZNet asset value, beginning of year or at inception 11.09$ 11.96$ 11.08$ Income from investment operations:

Net investment loss (1) (0.02) (0.00) (0.01) Net realized and unrealized gain on investments (1) 0.98 0.08 0.98

Total income from investment operations 0.96 0.08 0.97 Net asset value, end of year 12.05$ 12.04$ 12.05$

Total Return 8.66% 0.67% ^ 8.75%Supplemental DataRatio to average net assets:

Gross expenses (excluding reimbursement) 0.19% 0.19% # 0.09%Net expenses 0.19% 0.19% # 0.08%Net investment loss (0.19%) (0.19%) # (0.08%)

Fund Unit ActivityUnits, beginning of year 612,678 - 23,845,694 Issued 4,103,011 8,669 13,696,652 Redeemed (440,883) (6) (14,259,568) Units, end of year 4,274,806 8,663 23,282,778 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class R7 funded on 11/19/2020.#Annualized except audit expense.






Callan Diversified Real Assets Fund


Principal


Collective Funds - 44.5%PGIM Retirement Real Estate Fund II 1,345,793 1,976,172$ 1,998,002$ Voya Senior Loan Trust Fund 50,667 892,845 931,595


Mutual Funds - 55.5%BBH Inflation Indexed Securities Fund 90,223 1,252,457 1,320,858 DFA Global Real Estate Securities Portfolio Institutional Class 62,881 656,748 675,969 Lazard Global Listed Infrastructure Portfolio Institutional Class 67,222 1,001,192 984,809 T. Rowe Price New Era Fund Class I 20,525 578,599 670,359

Total Mutual Funds 3,488,996 3,651,995 Total Investments - 100.0% 6,358,013$ 6,581,592 Other Assets and Liabilities, Net - (0.0%) 3,281 Net Assets - 100% 6,584,873$




Collective Funds -$ -$ -$ 2,929,597$ 2,929,597$ Mutual Funds 3,651,995 - - - 3,651,995 Total 3,651,995$ -$ -$ 2,929,597$ 6,581,592$


*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had three unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 96.5% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended December 31, 2020, were:

Purchases Sales Realizedat Cost Proceeds Loss

Investments 5,146,916$ 2,390,950$ (55,217)$



AssetsInvestments in securities, at fair value (cost $6,358,013) 6,581,592$ Receivable for investment securities sold 33,378 Receivable for reimbursement 10,538 Receivable for fund units sold 3,111 Total assets 6,628,619 Liabilities and Net AssetsPayable for fund units redeemed 36,489 Accrued expenses 7,257 Total liabilities 43,746 Net assets 6,584,873$

Investment incomeDividends 51,111$ ExpensesTrustee, advisor and service provider fees 1,411 Professional services and other operating expenses 9,624 Expense reimbursement from advisor (6,017) Total expenses 5,018 Net investment income 46,093 Net realized loss on:Investments (55,217) Net change in unrealized appreciation of:Investments 110,390 Net realized and unrealized gain on investments 55,173 Net increase in net assets resulting from operations 101,266$






Increase in net assets resulting from operationsNet investment income 46,093$ Net realized loss on investments (55,217) Net change in unrealized appreciation on investments 110,390 Net increase in net assets resulting from operations 101,266 Fund unit transactionsProceeds from units issued - Class F 4,891,534 Value of units redeemed - Class F (2,175,506) Increase in net assets resulting from fund unit transactions 2,716,028 Increase in net assets 2,817,294 Net assets, beginning of year 3,767,579 Net assets, end of year 6,584,873$





Per Unit Operating Performance Class FNet asset value, beginning of year 11.03$ Income from investment operations:

Net investment income (1) 0.10 Net realized and unrealized gain on investments (1) 0.11

Total income from investment operations 0.21 Net asset value, end of year 11.24$

Total Return 1.90%Supplemental DataRatio to average net assets:

Gross expenses (excluding reimbursement) 0.24%Net expenses 0.11%Net investment income 0.97%

Fund Unit ActivityUnits, beginning of year 341,594 Issued 450,919 Redeemed (206,555) Units, end of year 585,958 (1) Based on average units outstanding.






Callan Emerging Markets Equity Fund


Principal


Collective Funds - 55.7%Acadian Emerging Markets Equity CIT Fund 303,420 3,713,452$ 4,445,099$ Emerging Markets Index Fund F 181,278 2,355,220 2,686,460


Mutual Funds - 44.3%American Century Emerging Markets Fund R-6 282,057 3,259,128 4,426,912 DFA Emerging Markets Small Cap Porfolio Institutional Class 53,539 1,014,265 1,239,969

Total Mutual Funds 4,273,393 5,666,881 Total Investments - 100.0% 10,342,065$ 12,798,440 Other Assets and Liabilities, Net - 0.0% 4,310 Net Assets - 100% 12,802,750$






*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 100% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended December 31, 2020, were:


Investments 13,051,510$ 12,138,839$ (552,092)$




Investment incomeDividends 51,183$ ExpensesTrustee, advisor and service provider fees 3,014 Professional services and other operating expenses 7,022 Expense reimbursement from advisor (6,017) Total expenses 4,019 Net investment income 47,164 Net realized loss on:Investments (552,092) Net change in unrealized appreciation of:Investments 2,111,629 Net realized and unrealized gain on investments 1,559,537 Net increase in net assets resulting from operations 1,606,701$






Increase in net assets resulting from operationsNet investment income 47,164$ Net realized loss on investments (552,092) Net change in unrealized appreciation on investments 2,111,629 Net increase in net assets resulting from operations 1,606,701 Fund unit transactionsProceeds from units issued - Class F 3,255,320 Value of units redeemed - Class F (2,383,393) Increase in net assets resulting from fund unit transactions 871,927 Increase in net assets 2,478,628 Net assets, beginning of year 10,324,122 Net assets, end of year 12,802,750$
















Callan Growth Equity Fund


Principal


Collective Funds - 30.6%Russell 1000® Growth Fund F 182,146 7,224,982$ 8,438,630$ TCW Concentrated Core Fund 98,581 2,699,532 4,040,822


Mutual Funds - 69.4%Harbor Capital Appreciation Fund Retirement Class 136,969 10,730,456 14,277,635 PRIMECAP Odyssey Stock Fund 398,423 12,784,984 14,000,594

Total Mutual Funds 23,515,440 28,278,229 Total Investments - 100.0% 33,439,954$ 40,757,681 Other Assets and Liabilities, Net - (0.0%) (1,523) Net Assets - 100% 40,756,158$








Investments 15,846,878$ 10,131,648$ 1,861,472$




Investment incomeDividends 2,575,745$ ExpensesTrustee, advisor and service provider fees 9,329 Professional services and other operating expenses 9,126 Expense reimbursement from advisor (6,017) Total expenses 12,438 Net investment income 2,563,307 Net realized gain on:Investments 1,861,472 Net change in unrealized appreciation on:Investments 5,363,221 Net realized and unrealized gain on investments 7,224,693 Net increase in net assets resulting from operations 9,788,000$






Increase in net assets resulting from operationsNet investment income 2,563,307$ Net realized gain on investments 1,861,472 Net change in unrealized appreciation on investments 5,363,221 Net increase in net assets resulting from operations 9,788,000 Fund unit transactionsProceeds from units issuedClass F 10,091,369 Class R7 ^ 7,945 Total proceeds from units issued 10,099,314 Value of units redeemedClass F (6,943,581) Total value of units redeemed (6,943,581) Increase in net assets resulting from fund unit transactions 3,155,733 Increase in net assets 12,943,733 Net assets, beginning of year 27,812,425 Net assets, end of year 40,756,158$






Per Unit Operating Performance Class F Class R7Net asset value, beginning of year or at inception 12.00$ 14.96$ Income from investment operations:

Net investment income (1) 1.07 1.01 Net realized and unrealized gain on investments (1) 2.90 0.00

Total income from investment operations 3.97 1.01 Net asset value, end of year 15.97$ 15.97$

Total Return 33.08% 6.75% ^Supplemental DataRatio to average net assets:

Gross expenses (excluding reimbursement) 0.06% 0.14% #Net expenses 0.04% 0.13% #Net investment income 8.23% 56.70% #

Fund Unit ActivityUnits, beginning of year 2,318,232 - Issued 787,823 531 Redeemed (554,811) - Units, end of year 2,551,244 531 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class R7 funded on 11/19/2020.#Annualized except audit expense.






Callan High Yield Bond Fund


Principal


Collective Funds - 79.8%Mackay Shields High Yield Bond CIT 147,370 1,855,392$ 1,855,392$ Prudential High Yield Fund 35,490 1,670,998 1,855,746


Mutual Fund - 20.2%AB High Income Fund Class Z 116,705 911,913 938,308

Total Investments - 100.0% 4,438,303$ 4,649,446 Other Assets and Liabilities, Net - (0.0%) (757) Net Assets - 100% 4,648,689$




Collective Funds -$ -$ -$ 3,711,138$ 3,711,138$ Mutual Fund 938,308 - - - 938,308 Total 938,308$ -$ -$ 3,711,138$ 4,649,446$


*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 100% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 2,897,267$ 2,285,263$ 18,115$



AssetsInvestments in securities, at fair value (cost $4,438,303) 4,649,446$ Receivable for reimbursement 11,029 Dividends and interest receivable 2,870 Receivable for fund units sold 2,705 Total assets 4,666,050 Liabilities and Net AssetsPayable for investment securities purchased 11,903 Payable for fund units redeemed 259 Accrued expenses 5,199 Total liabilities 17,361 Net assets 4,648,689$

Investment incomeDividends 141,356$ ExpensesTrustee, advisor and service provider fees 1,223 Professional services and other operating expenses 6,017 Expense reimbursement from advisor (6,425) Total expenses 815 Net investment income 140,541 Net realized gain on:Investments 18,115 Net change in unrealized appreciation on:Investments 102,804 Net realized and unrealized gain on investments 120,919 Net increase in net assets resulting from operations 261,460$






Increase in net assets resulting from operationsNet investment income 140,541$ Net realized gain on investments 18,115 Net change in unrealized appreciation on investments 102,804 Net increase in net assets resulting from operations 261,460 Fund unit transactionsProceeds from units issued - Class F 856,867 Value of units redeemed - Class F (384,512) Increase in net assets resulting from fund unit transactions 472,355 Increase in net assets 733,815 Net assets, beginning of year 3,914,874 Net assets, end of year 4,648,689$
















Callan International Equity Fund


Principal


Collective Funds - 63.7%American Century Emerging Markets Equity Trust Class I 2,456,809 30,182,743$ 38,559,871$ EAFE Equity Index Fund F 1,855,461 85,066,898 91,189,576 Lazard/Wilmington EAFE Small Cap Equity Advantage Fund 6,690,789 68,318,544 76,341,906 Marathon-London Global ex U.S. Collective Investment Fund 7,725,841 76,454,119 91,705,732 Sprucegrove All Country World Ex-U.S. CIT 8,582,668 74,905,195 91,577,064


Mutual Funds - 36.3%American Funds EuroPacific Growth Fund Class R6 1,324,113 69,363,309 91,760,996 DFA Emerging Markets Core Equity Portfolio Institutional Class 1,586,918 31,098,422 38,514,499 Dodge & Cox International Stock Fund 2,097,768 83,703,660 91,672,471







*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the year ended December 31, 2020, were:


Investments 441,003,826$ 436,200,110$ 11,807,582$










Increase in net assets resulting from operationsNet investment income 2,692,295$ Net realized gain on investments 11,807,582 Net change in unrealized appreciation on investments 54,917,255 Net increase in net assets resulting from operations 69,417,132 Fund unit transactionsProceeds from units issuedClass F 38,968,963 Class R7 ^ 38,011 Class Z 90,152,395 Total proceeds from units issued 129,159,369 Value of units redeemedClass F (5,253,373) Class Z (121,872,268) Total value of units redeemed (127,125,641) Increase in net assets resulting from fund unit transactions 2,033,728 Increase in net assets 71,450,860 Net assets, beginning of year 539,764,247 Net assets, end of year 611,215,107$







Net investment income (1) 0.09 0.11 0.05 Net realized and unrealized gain on investments (1) 1.16 1.99 1.20



Gross expenses (excluding reimbursement) 0.04% 0.12% # 0.02%Net expenses 0.04% 0.12% # 0.02%Net investment income 0.80% 6.11% # 0.50%

Fund Unit ActivityUnits, beginning of year 1,642,466 - 44,554,740 Issued 3,545,201 3,026 9,410,659 Redeemed (485,112) - (11,410,055) Units, end of year 4,702,555 3,026 42,555,344 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class R7 funded on 10/2/2020.#Annualized except audit expense.






Callan Large Cap Equity Fund


Principal


Collective Funds - 59.3%Equity Index Fund F 659,840 45,092,284$ 49,148,281$ MFS Large Cap Value CIT Class 4 1,623,515 48,510,629 53,754,583 T. Rowe Price Large-Cap Growth Trust Class C 3,591,145 50,677,442 54,154,462


Mutual Funds - 40.7%Dodge & Cox Stock Fund 279,089 48,504,192 53,741,285 PRIMECAP Odyssey Stock Fund 1,543,376 50,857,253 54,234,219







*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had one unitholder holding 10% or more of the outstanding units of the Fund, and aggregated to 100% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized gain for the period ended December 31, 2020, were:

Purchases Sales Realizedat Cost Proceeds Gain*

Investments 307,542,440$ 63,985,430$ 2,378,363$

* Includes capital gains (losses).



AssetsInvestments in securities, at fair value (cost $243,641,800) 265,032,830$ Receivable for investment securities sold 52,446 Total assets 265,085,276 Liabilities and Net AssetsPayable for fund units redeemed 52,446 Accrued expenses 37,531 Total liabilities 89,977 Net assets 264,995,299$

Investment incomeDividends 4,267,520$ ExpensesTrustee, advisor and service provider fees 25,362 Professional services and other operating expenses 18,212 Total expenses 43,574 Net investment income 4,223,946 Net realized gain on:Investments 2,378,363 Net change in unrealized appreciation on:Investments 21,391,030 Net realized and unrealized gain on investments 23,769,393 Net increase in net assets resulting from operations 27,993,339$


Statement of OperationsFor the period from August 31, 2020 (date of inception) to December 31, 2020




Increase in net assets resulting from operationsNet investment income 4,223,946$ Net realized gain on investments 2,378,363 Net change in unrealized appreciation on investments 21,391,030 Net increase in net assets resulting from operations 27,993,339 Fund unit transactionsProceeds from units issued - Class F 273,931,987 Value of units redeemed - Class F (36,930,027) Increase in net assets resulting from fund unit transactions 237,001,960 Increase in net assets 264,995,299 Net assets, beginning of period - Net assets, end of period 264,995,299$

Statement of Changes in Net AssetsFor the period from August 31, 2020 (date of inception) to December 31, 2020




Per Unit Operating Performance Class FNet asset value, at inception 10.00$ Income from investment operations:


Total income from investment operations 1.17 Net asset value, end of period 11.17$

Total Return 11.70% ^Supplemental DataRatio to average net assets:

Expenses 0.04% #Net investment income 7.66% #

Fund Unit ActivityUnits, beginning of period - Issued 27,385,579 Redeemed (3,666,483) Units, end of period 23,719,096 (1) Based on average units outstanding.^Not annualized for periods less than one year. #Annualized except audit expense.

For the period from August 31, 2020 (date of inception) to December 31, 2020





Callan Small Cap Equity Fund


Principal


Collective Funds - 80.1%S&P SmallCap 600® Equity Index Fund F 4,667,019 59,569,458$ 63,603,998$ Callan Collective Investment Trust Pleiades Small Cap Equity Fund 9,808,884 253,564,866 327,991,430 PIMCO StocksPLUS® Small CIT 9,031,731 95,793,390 129,695,654


Mutual Fund - 19.9%BlackRock Advantage Small Cap Core Fund Class K 7,180,155 103,981,993 129,601,804





Collective Funds -$ -$ -$ 521,291,082$ 521,291,082$ Mutual Fund 129,601,804 - - - 129,601,804 Total 129,601,804$ -$ -$ 521,291,082$ 650,892,886$




Investments 452,323,142$ 434,801,488$ 12,464,265$










Increase in net assets resulting from operationsNet investment income 3,046,092$ Net realized gain on investments 12,464,265 Net change in unrealized appreciation on investments 100,228,597 Net increase in net assets resulting from operations 115,738,954 Fund unit transactionsProceeds from units issuedClass F 141,432,908 Class R7 ^ 32,644 Class Z 56,204,166 Total proceeds from units issued 197,669,718 Value of units redeemedClass F (88,495,247) Class Z (94,752,082) Total value of units redeemed (183,247,329) Increase in net assets resulting from fund unit transactions 14,422,389 Increase in net assets 130,161,343 Net assets, beginning of year 520,637,633 Net assets, end of year 650,798,976$







Net investment income (1) 0.07 0.05 0.06 Net realized and unrealized gain on investments (1) 2.04 2.88 2.05



Gross expenses (excluding reimbursement) 0.04% 0.14% # 0.02%Net expenses 0.04% 0.14% # 0.02%Net investment income 0.68% 1.55% # 0.56%

Fund Unit ActivityUnits, beginning of year 23,592,861 - 23,559,584 Issued 13,622,065 2,908 6,637,176 Redeemed (8,777,318) - (9,162,937) Units, end of year 28,437,608 2,908 21,033,823 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class R7 funded on 9/15/2020.#Annualized except audit expense.






Callan Value Equity Fund


Principal


Collective Funds - 30.0%Lazard/Wilmington US Equity Concentrated Fund Class 0C 84,287 1,006,370$ 1,185,073$ Russell 1000® Value Fund F 61,144 1,988,220 2,372,596


Mutual Funds - 70.0%Dodge & Cox Stock Fund 21,446 4,054,921 4,129,683 LSV Value Equity Fund 162,053 4,239,332 4,148,566

Total Open-End Investment Companies 8,294,253 8,278,249 Total Investments - 100.0% 11,288,843$ 11,835,918 Other Assets and Liabilities, Net - 0.0% 3,416 Net Assets - 100% 11,839,334$






*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Concentration of Ownership: As of December 31, 2020, the Fund had two unitholders holding 10% or more of the outstanding units of the Fund, and aggregated to 99.8% of the Fund's total units outstanding. Supplementary Information: Total investment purchases, sales proceeds, and realized loss for the year ended December 31, 2020, were:


Investments 4,981,082$ 3,096,585$ (65,236)$



AssetsInvestments in securities, at fair value (cost $11,288,843) 11,835,918$ Dividends and interest receivable 97,401 Receivable for reimbursement 10,538 Receivable for fund units sold 7,337 Total assets 11,951,194 Liabilities and Net AssetsPayable for investment securities purchased 103,802 Payable for fund units redeemed 936 Accrued expenses 7,122 Total liabilities 111,860 Net assets 11,839,334$

Investment incomeDividends 482,829$ ExpensesTrustee, advisor and service provider fees 2,859 Professional services and other operating expenses 6,968 Expense reimbursement from advisor (6,017) Total expenses 3,810 Net investment income 479,019 Net realized loss on:Investments (65,236) Net change in unrealized appreciation on:Investments 237,412 Net realized and unrealized gain on investments 172,176 Net increase in net assets resulting from operations 651,195$






Increase in net assets resulting from operationsNet investment income 479,019$ Net realized loss on investments (65,236) Net change in unrealized appreciation on investments 237,412 Net increase in net assets resulting from operations 651,195 Fund unit transactionsProceeds from units issuedClass F 3,412,965 Class R7 ^ 24,796 Total proceeds from units issued 3,437,761 Value of units redeemedClass F (2,025,827) Total value of units redeemed (2,025,827) Increase in net assets resulting from fund unit transactions 1,411,934 Increase in net assets 2,063,129 Net assets, beginning of year 9,776,205 Net assets, end of year 11,839,334$






Per Unit Operating Performance Class F Class R7Net asset value, beginning of year or at inception 11.29$ 10.03$ Income from investment operations:

Net investment income (1) 0.50 0.47 Net realized and unrealized gain (loss) on investments (1) (0.12) 1.17

Total income from investment operations 0.38 1.64 Net asset value, end of year 11.67$ 11.67$

Total Return 3.37% 16.35% ^Supplemental DataRatio to average net assets:

Gross expenses (excluding reimbursement) 0.10% 0.17% #Net expenses 0.04% 0.11% #Net investment income 5.03% 15.33% #

Fund Unit ActivityUnits, beginning of year 865,819 - Issued 356,426 2,405 Redeemed (209,834) - Units, end of year 1,012,411 2,405 (1) Based on average units outstanding.^Not annualized for periods less than one year. Class R7 funded on 9/15/2020.#Annualized except audit expense.





Notes to the Financial Statements

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Note 1 – Organization Callan Open Architecture Trust, Trusteed by Wilmington Trust, N.A. (the "Trust") is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and a group trust within the meaning of Rev. Rul. 81-100, as clarified and amended. The Trust is exempt from registration under the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended. Wilmington Trust, N.A. ("WTNA" or the "Trustee") serves as the Trustee of the Trust. The Trustee is responsible for maintaining and administering the Trust and its various funds (the "Funds" – see Fund Index) and also serves as the investment manager (the "Investment Manager") to the Funds. M&T Bank Corporation is the ultimate parent of the Trustee. State Street Bank and Trust Company provides custody, transfer agency, and accounting services for the Funds. The Trust consists of the Callan Glidepath® Fund Series and the Callan MultiManager Core Funds. The Funds included in each group are indicated on the Fund Index. The purpose of the Trust is to allow collective investments by plan sponsors of retirement plans which qualify for exemption from federal income taxation pursuant to Section 501(a) of the Code, by reason of qualifying under Section 401(a) of the Code; tax-exempt governmental plans under Section 414(d) or Section 818(a)(6) of the Code; eligible deferred compensation plans under Section 457(b) of the Code established by a government employer; group trusts or separate accounts consisting solely of assets of the foregoing; and other investors eligible for participation in the Trust. The Trust consists of separate funds with differing investment objectives, which are available for investment by participating plans. An eligible plan may join the Trust, subject to the Trustee's acceptance, and become a participating plan by executing participation documents specified by the Trustee. Not all funds within the Trust are presented herein. WTNA has engaged Callan LLC (the "Advisor") to provide investment advice and recommendations with respect to investment of the Funds' assets. While the Trustee generally relies on the Advisor to manage the Funds' assets, the Trustee maintains ultimate fiduciary authority over the management of and investments made in each Fund. The Advisor is engaged pursuant to an advisor agreement. Note 2 – Significant Accounting Policies The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic No. 946. Net Asset Value ("NAV") – Units of each fee class of each Fund are valued each day on which the New York Stock Exchange ("NYSE") is open for trading in accordance with the valuation procedures established by the Trustee. The NAV per unit is calculated as of the close of trading on the NYSE (generally, 4:00 p.m. U.S. Eastern time). The NAV per unit is computed by dividing the total fair value of the assets of a Fund, less its liabilities, by the total number of units outstanding at the time of such computation. Investment income earned is reinvested in the Fund and included in the determination of unit values. Fund Unit Transactions – The Funds sell new units and repurchase outstanding units on a daily basis. Unit purchases and redemptions are transacted at the NAV per fee class of the Funds determined as of the close of business each day. A summary of the Fund unit activity for each Fund is included with its Financial Highlights.


Notes to the Financial Statements (continued)

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The Funds require the plan sponsors to provide advance written notice of five business days for plan sponsor directed withdrawals and 60 calendar days for plan sponsor directed withdrawals which will exceed $10 million and $50 million, respectively, in the aggregate from all Funds. Investment Valuation – Investments are valued at their current fair value determined as follows:

Investments in Collective Funds – The Funds may hold investments in units of other funds within the Trust or similar funds for which other unrelated entities are trustee. The Trustee or an unrelated trustee estimates the fair value of investments in collective funds that have calculated net asset value per unit in accordance with the specialized accounting guidance for investment companies. Accordingly, as a practical expedient, investments in other such funds are valued at their net asset value as reported by the investee funds. The Funds have the ability to redeem their investments in the collective funds at net asset value without restrictions. Where one fund invests in another fund within the Trust, the Trustee fee allocated to the investment by such investee fund is waived. Securities – Securities, other than bonds, listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the closing price on the primary exchange or market on which they are traded on the day of valuation or, if there is no such reported sale on the valuation date, at the most recent bid quotation on the principal exchange. If a market price is not readily available or if such price is deemed unreliable, it will be valued at fair value in accordance with valuation procedures established by the Trustee. The Trustee's determination of fair value involves consideration of a number of subjective factors, and therefore, no single standard for determining fair value will apply.

When the valuation methods described above are not reflective of fair value, investments are valued at fair value following procedures and/or guidelines determined by or under the direction of the valuation committee established by the Trustee. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular investment is accurate. Cash and Cash Equivalents – The Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents. Investment Transactions and Investment Income – The Funds record security transactions on a trade date basis. Dividend income is recorded on the ex-dividend date. Net realized gains and losses on investments are determined by the first-in, first-out method. Interest income and expenses are recorded daily on the accrual basis. Fee Classes and Allocations – Most of the Funds offer multiple fee classes. Not all fee classes are available for investment by all plans. Each class is allocated expenses on the basis of expense loads assigned to that class. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each fee class based on the units outstanding for the fee class in proportion to the total outstanding units. Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.



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Guarantees and Indemnifications – Under the Funds' organizational documents, each trustee, officer, employee and agent of the Trust is indemnified, to the extent permitted by law, against certain liabilities that may arise in the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, none of the Funds has had prior claims or losses pursuant to these contracts and the Trustee believes the risk of loss to be remote. Income Tax Status – The Trust has received a determination from the Internal Revenue Service that the Trust is exempt from federal income taxation under Section 501(a) of the Code. Accordingly, no federal income tax provision is required. Subsequent Events – The Trustee has evaluated the effect of subsequent events on the Funds' financial statements through April 30, 2021, which is the date the financial statements were available to be issued, and has determined that there are no material subsequent events, except as noted below, that would require disclosure or adjustment in the Funds' financial statements through this date. Effective March 22, 2021, the Trustee has engaged The Northern Trust Company as the Custodian of the Funds. The Northern Trust Company will also provide transfer agent, recordkeeping and accounting services. Note 3 – Fair Value Measurements Fair value is defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Various inputs are used in determining the fair value of the Funds' investments. The Trustee has performed an analysis of the significance and character of these inputs to the fair value determination. These inputs are summarized in the three broad levels listed below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, and others).

• Level 3 – Significant unobservable inputs (including the Trustee's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The aggregate fair value of the investments in each Fund, by input level used as of December 31, 2020, is included following each Fund's Schedule of Investments.



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Note 4 – Fees and Expenses Trustee and Advisor Fees All asset-based fees are based upon the net assets as determined at the end of each preceding business day as set forth in the table below (in basis points). Except as otherwise noted, all asset-based fees are paid from the assets of the Fund. Additional Fee Classes may be available.

Fee Class Trustee Fee Advisor Fee Service Provider Fee Class F 3 0 0 Class MO 6 7 0 Class R6 10 15 0 Class R7 3 10 0 Class R11 3 0 0 Class Z 0 0 0

Trustee Fee – The Trustee receives an annual fee for trustee and administrative services provided to each Fund. Trustee fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund. Such Trustee fees for the year ended December 31, 2020, are included in the Statement of Operations for each respective Fund. Advisor Fee – The Advisor is compensated for its investment advisory services provided to each Fund. These fees are based upon the average daily value of the Fund and are accrued daily, paid quarterly in arrears and charged against the assets invested in the Fund. Service Provider Fee – Service provider fees, if any, are used to compensate other service providers to the Funds, including brokers and financial intermediaries and other parties providing services to retirement plans participating in the Funds. Service provider fees may also be paid to plan service providers, such as third-party administrators and recordkeepers that provide sub-transfer agency, recordkeeping and other administrative services to participating plans invested in the Funds. Operating Expenses – In addition to the fees described above, each Fund bears expenses related to its operation, including, but not limited to, audit, custody, tax and legal services ("Annual Administration Expenses"). Expenses incurred in connection with the investment and reinvestment of Fund assets, including, without limitation, transfer agency fees, brokerage commission and other expenses, are also charged against the Fund. For the Callan Glidepath® Fund Series, the Advisor has agreed to cap the Annual Administration Expenses to two basis points per annum for all classes except Class F. For Class F, the cap is one basis point. The Advisor will bear any Annual Administration Expenses in excess of these caps. For the Callan MultiManager Core Funds, the Advisor has agreed to cap the Annual Administration Expenses to one basis point per annum and the Advisor will bear any Annual Administration Expenses in excess of the cap except for Class Z. For Class Z, the Advisor will bear all Annual Administration Expenses.



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When assets of a Fund are invested in other investment vehicles, such as other collective funds or Exchange-Traded Funds, those investment vehicles will incur fees and expenses, which will be reflected in the operating results and value of the Fund's investment in such investment vehicle, and are separate and distinct from the fees and expenses of the Fund described above. Note 5 – Related Party Transactions The Trustee is a national bank that provides trust and custodial services for tax-advantaged retirement plans as well as trust and investment services to business pension and retirement plans. The Trustee is responsible for managing the Trust's investment and business affairs. Note 6 – Risks Associated with Investing in the Funds The Funds invest in Underlying Funds. In the normal course of business, the Underlying Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the fair value of the investments. The Funds' risks are closely associated with the risks of the securities and other investments held by the Underlying Funds, and the ability of the Funds to meet their investment objectives likewise depends on the ability of the Underlying Funds to meet their objectives. Investment in the Underlying Funds may subject the Funds to higher costs than owning the underlying securities directly because of their management fees and administrative costs. The principal risks associated with investing in the Underlying Funds are:

• Active Management. The Fund is actively managed and subject to the risk that the sub-advisor's usage of investment techniques and risk analyses to make investment decisions fails to perform as expected, which may cause the Fund to lose value or underperform investments with similar objectives and strategies or the market in general.

• Alternative Strategy. Funds employing alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors.

• Bank Loans. Investments in bank loans, also known as senior loans or floating-rate loans, are rated below investment grade and may be subject to a greater risk of default than are investment-grade loans, reducing the potential for income and potentially leading to impairment of the collateral provided by the borrower. Bank loans pay interest at rates that are periodically reset based on changes in interest rates and may be subject to increased prepayment and liquidity risks. Concentrating assets in stocks of one or more capitalizations (small, mid, or large) may be subject to both the specific risks of those capitalizations as well as increased volatility because stocks of specific capitalizations tend to go through cycles of beating or lagging the market as a whole.

• Capitalization. Concentrating assets in stocks of one or more capitalizations (small, mid, or large) may be subject to both the specific risks of those capitalizations as well as increased volatility because stocks of specific capitalizations tend to go through cycles of beating or lagging the market as a whole.

• Cash Drag. The Fund may fail to meet its investment objective because of positions in cash and equivalents.



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• Convertible Securities. Investments in convertible securities may be subject to increased interest rate risks, rising in value as interest rates decline and falling in value when interest rates rise, in addition to their market value depending on the performance of the common stock of the issuer. Convertible securities which are typically unrated or rated lower than other debt obligations, are secondary to debt obligations in order of priority during a liquidation in the event the issuer defaults.

• Country or Region. Investments in securities from a particular country or region may be subject to the risk of adverse social, political, regulatory, or economic events occurring in that country or region. Country or region-specific risks also include the risk that adverse securities markets or exchange rates may impact the value of securities from those areas.

• Credit and Counterparty. The issuer or guarantor of a fixed income security, counterparty to an OTC derivatives contract, or other borrower may not be able to make timely principal, interest, or settlement payments on an obligation. In this event, the issuer of a fixed income security may have its credit rating downgraded or defaulted, which may reduce the potential for income and value of the Fund.

• Currency. Investments in securities traded in foreign currencies or more directly in foreign currencies are subject to the risk that the foreign currency will decline in value relative to the U.S. dollar, which may reduce the value of the Fund. Investments in currency hedging positions are subject to the risk that the value of the U.S. dollar will decline relative to the currency being hedged, which may result in a loss of money on the investment as well as the position designed to act as a hedge. Cross-currency hedging strategies and active currency positions may increase currency risk because actual currency exposure may be substantially different from that suggested by the Fund's holdings.

• Depositary Receipts. Investments in depositary receipts generally reflect the risks of the securities they represent, although they may be subject to increased liquidity risk and higher expenses and may not pass through voting and other shareholder rights. Depositary receipts cannot be directly exchanged for the securities they represent and may trade at either a discount or premium to those securities.

• Derivatives. Investments in derivatives may be subject to the risk that the sub-advisor does not correctly predict the movement of the underlying security, interest rate, market index, or other financial asset, or that the value of the derivative does not correlate perfectly with either the overall market or the underlying asset from which the derivative's value is derived. Because derivatives usually involve a small investment relative to the magnitude of liquidity and other risks assumed, the resulting gain or loss from the transaction will be disproportionately magnified. These investments may result in a loss if the counterparty to the transaction does not perform as promised.

• Distressed Investments. Investments in distressed or defaulted investments, which may include loans, loan participations, bonds, notes and issuers undergoing bankruptcy organization, are often not publicly traded and face increased price volatility and liquidity risk. These securities are subject to the risk that the sub-advisor does not correctly estimate their future value, which may result in a loss or part or all of the investment.

• Dollar Rolls. Dollar roll transactions in the mortgage pass-through securities market may be subject to the risk that the market value of securities sold to the counterparty declines below the repurchase price, the counterparty defaults on its obligations, or the portfolio turnover rate increases because of these



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transactions. In addition, any investments purchased with the proceeds of a security sold in a dollar roll transaction may lose value.

• Emerging Markets. Investments in emerging markets securities may be subject to greater market, credit,

currency, liquidity, legal, political, and other risks compared with assets invested in developed foreign countries (see Foreign Securities below). Emerging markets countries may have restrictive national policies that limit investment opportunities, limited information about issuers, a general lack of uniform accounting, auditing and financial reporting standards as compared to the standards of developed countries, less liquidity and more volatility, limitations on the movement of funds, difficulties in enforcing contractual obligations and the possibility of expropriation or nationalization.

• Equity Securities. The value of equity securities, which include common, preferred, and convertible

preferred stocks, will fluctuate based on changes in their issuers' financial conditions, as well as overall market and economic conditions, and can decline in the event of deteriorating issuer, market, or economic conditions.

• Fixed Income Securities. The value of fixed income or debt securities may be susceptible to general

movements in the bond market and are subject to interest rate and credit risk.

• Foreign Securities. Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than the value of U.S. securities. Factors that increase the risk of investing in foreign securities include but are not limited to the following: less public information about issuers of non-U.S. securities; less governmental regulation and supervision over the issuance and trading of securities, the unavailability of financial information regarding the non-U.S. issuer or the difficulty of interpreting financial information prepared under non-U.S. accounting standards, less liquidity, the imposition of withholding and other taxes, and adverse political, social or diplomatic developments. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance.

• Forwards. Investments in forwards may increase volatility and be subject to additional market, active management, currency, and counterparty risks as well as liquidity risk if the contract cannot be closed when desired. Forwards purchased on a when-issued or delayed-delivery basis may be subject to risk of loss if they decline in value prior to delivery, or if the counterparty defaults on its obligation.

• Futures. Investments in futures contracts and options on futures contracts may increase volatility and be subject to additional market, active management, interest, currency, and other risks if the contract cannot be closed when desired.

• Growth Investing. Growth securities may be subject to increased volatility as the value of these securities is

highly sensitive to market fluctuations and future earnings expectations. These securities typically trade at higher multiples of current earnings than do other securities and may lose value if it appears their earnings expectations may not be met.



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• High Portfolio Turnover. Active trading may create high portfolio turnover, or a turnover of 100% or more, resulting in increased transaction costs. These higher costs may have an adverse impact on performance.

• High-Yield Securities. Investments in below investment-grade debt securities and unrated securities of similar credit quality, commonly known as "junk bonds" or "high-yield securities," may be subject to increased interest rate, credit, and liquidity risks.

• Income. The investment's income payments may decline depending on fluctuations in interest rates and the

dividend payments of its underlying securities. In this event, some investments may attempt to pay the same dividend amount by returning capital.

• Industry and Sector Investing. Concentrating assets in a particular industry, sector of the economy, or markets may increase volatility because the investment will be more susceptible to the impact of market, economic, regulatory, and other factors affecting that industry or sector compared with a more broadly diversified asset allocation.

• Inflation/Deflation. A change of asset value may occur because of inflation or deflation, causing the Fund to underperform. Inflation may cause the present value of future payments to decrease, causing a decline in the future value of assets or income. Deflation causes prices to decline throughout the economy over time, impacting issuers' creditworthiness and increasing their risk for default, which may reduce the value of the Fund.

• Inflation-Protected Securities. Unlike other fixed income securities, the values of inflation-protected

securities are not significantly impacted by inflation expectations because their interest rates are adjusted for inflation. Generally, the value of inflation-protected securities will fall when real interest rates rise and rise when real interest rates fall.

• Interest Rate. Securities are subject to the risk that changes in interest rates will reduce their market value.

• Investment-Grade Securities. Investments in investment-grade debt securities that are not rated in the highest rating categories may lack the capacity to pay principal and interest compared with higher-rated securities and may be subject to increased credit risk.

• Issuer. A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security's value. Issuer-related declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments.

• Large Cap. Concentrating assets in large-capitalization stocks may subject the Fund to the risk that those

stocks underperform other capitalizations or the market as a whole. Large-cap companies may be unable to respond as quickly as small- and mid-cap companies can to new competitive pressures and may lack the growth potential of those securities. Historically, large-cap companies do not recover as quickly as smaller companies do from market declines.



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• Loss of Money. An investment's market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the investment.

• Management. Performance is subject to the risk that the sub-advisor's asset allocation and investment

strategies do not perform as expected, which may cause the Fund to underperform its benchmark, other investments with similar objectives, or the market in general. The investment is subject to the risk of loss of income and capital invested, and the sub-advisor does not guarantee its value, performance, or any particular rate of return.

• Market/Market Volatility. The market value of the Fund's securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the Fund.

• Maturity/Duration. Securities with longer maturities or durations typically have higher yields but may be subject to increased interest rate risk and price volatility compared with securities with shorter maturities, which have lower yields but greater price stability.

• Mid-Cap. Concentrating assets in mid-capitalization stocks may subject the Fund to the risk that those stocks underperform other capitalizations or the market as a whole. Mid-cap companies may be subject to increased liquidity risk compared with large-cap companies and may experience greater price volatility than do those securities because of more limited product lines or financial resources, among other factors.

• Mortgage-Backed and Asset-Backed Securities. Investments in mortgage-backed ("MBS") and asset-backed securities ("ABS") may be subject to increased price volatility because of changes in interest rates, issuer information availability, credit quality of the underlying assets, market perception of the issuer, availability of credit enhancement, and prepayment of principal. The value of MBS and ABS may be adversely affected if the underlying borrower fails to pay the loan included in the security.

• Multi-Manager. Multi-Manager Funds consist of multiple specialized "sleeves," each holding investments

recommended by different sub-advisors. The sleeves' individual investing styles may not complement each other. This can result in both higher portfolio turnover and enhanced or reduced concentration in a particular region, country, industry, or investing style compared with an investment in a single sub-advised fund.

• New Fund. Investments with a limited history of operations may be subject to the risk that they do not grow to an economically viable size in order to continue operations.

• Not FDIC Insured. The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency.

• Options. Investments in options may be subject to the risk that the sub-advisor does not correctly predict the movement of an option's underlying stock. Option purchases may result in the loss of part or all of the amount paid for the option plus commission costs. Option sales may result in a forced sale or purchase of a security at a price higher or lower than its current market price.

• OTC. Investments traded and privately negotiated in the over-the-counter ("OTC") market, including securities and derivatives, may be subject to greater price volatility and liquidity risk than transactions made



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on organized exchanges. Because the OTC market is less regulated, OTC transactions may be subject to increased credit and counterparty risk. The investment's performance may be impacted by its concentration in a certain type of security, adherence to a particular investing strategy, or a unique aspect of its structure and costs.

• Passive Management. The investment is not actively managed, and the Fund does not attempt to manage volatility or take defensive positions in declining markets. This passive management strategy may subject the investment to greater losses during general market declines than actively managed investments.

• Prepayment (Call). The issuer of a debt security may be able to repay principal prior to the security's maturity because of an improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income.

• Quantitative Investing. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time.

• Real Estate/REIT Sector. Concentrating assets in the real estate sector or Real Estate Investment Trusts

("REITs") may disproportionately subject the Fund to the risks of that industry, including loss of value because of changes in real estate values, interest rates, and taxes, as well as changes in zoning, building, environmental, and other laws, among other factors. Investments in REITs may be subject to increased price volatility and liquidity risk, and investors indirectly bear their proportionate share of expenses because of their management fees.

• Reinvestment. Payments from debt securities may have to be reinvested in securities with lower interest rates than the original securities.

• Restricted/Illiquid Securities. Restricted and illiquid securities may fall in price because of an inability to sell the securities when desired. Investing in restricted securities may subject the Fund to higher costs and liquidity risk.

• Securities Lending. The fund may engage in securities lending, which involves borrower credit risk, settlement risk, and cash collateral-related risks, such as the risk that the return on the cash collateral is insufficient to cover the fees the Fund is committed to pay and the risk that cash collateral may be invested in securities or other instruments that suffer losses or become illiquid.

• Small Cap. Concentrating assets in small-capitalization stocks may subject the Fund to the risk that those

stocks underperform other capitalizations or the market as a whole. Smaller, less-seasoned companies may be subject to increased liquidity risk compared with mid- and large-cap companies.

• Sovereign Debt. Investments in debt securities issued or guaranteed by governments or governmental entities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign reserves, or political or other considerations. In this event, there may be no legal process for collecting sovereign debts that a governmental entity has not repaid.



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• Swaps. Investments in swaps, such as interest rate swaps, currency swaps and total return swaps, may increase volatility and be subject to increased liquidity, credit, and counterparty risks. Depending on their structure, swaps may increase or decrease the Fund's exposure to long- or short-term interest rates, foreign currency values, corporate borrowing rates, security prices, index values, inflation rates, credit, or other factors.

• U.S. Government Obligations. Investments in U.S. government obligations are subject to varying levels of government support. In the event of default, some U.S. government securities, including U.S. Treasury obligations and Ginnie Mae securities, are issued and guaranteed as to principal and interest by the full faith and credit of the U.S. government. Other securities are obligations of U.S. government-sponsored entities but are neither issued nor guaranteed by the U.S. government. U.S. State or Territory-Specific Investments in the municipal securities of a particular state or territory may be subject to the risk that changes in the economic conditions of that state or territory will negatively impact performance.

• Unrated Securities. Investments in unrated securities may be subject to increased interest, credit and liquidity risks if the sub-advisor does not accurately assess the quality of those securities.

• Value Investing. Value securities may be subject to the risk that these securities cannot overcome the

adverse factors the sub-advisor believes are responsible for their low price or that the market may not recognize their fundamental value as the sub-advisor predicted. Value securities are not expected to experience significant earnings growth and may underperform growth stocks in certain markets.

• Variable-Rate Securities. Investments in variable-rate securities, which periodically adjust the interest rate paid on the securities, may be subject to greater liquidity risk than are other fixed income securities. Because variable-rate securities are subject to less interest rate risk than other fixed income securities, their opportunity to provide capital appreciation is comparatively reduced.

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