LFL ADVISERS, LLC

Advisory Business

Type of Organization	Limited Liability Company
Fiscal Year End	DECEMBER
Legal Location	Delaware, United States

Employees

Total Number of Employees	3
Investment Advisory/Research	2
Registered Broker-Dealer Representatives	0
Registered State Investment Advisers	0
Licensed Agents of an Insurance Company	0
No. of Firms/People that Solicit Clients	0

RAUM

Provides Management of Securities Portfolios	Yes

Type	Accounts	RAUM
Discretionary	2	$369.9M
Non-Discretionary	0	$0
Total	2	$369.9M

Clients

Type	Number	RAUM
Individuals	0	$0
HNW Individuals	0	$0
Banking or thrift institutions	0	$0
Investment companies	0	$0
Business development companies	0	$0
Pooled investment vehicles	1	$294.1M
Pension and profit sharing plans	0	$0
Charitable organizations	0	$0
State or municipal gov entities	<5	$75.8M
Other investment advisers	0	$0
Insurance companies	0	$0
Sovereign wealth funds and foreign official institutions	0	$0
Corporations or other businesses	0	$0
Other	0	$0

Type	Number
No. of Non-RAUM Clients	0
No. of Non-U.S. Clients	0

Services

Advisory Services	Portfolio management for pooled investment vehiclesPortfolio management for businesses or institutional clients
Compensation	% of AUMPerformance-based feesPERFORMANCE-BASED PROFIT ALLOCATION

Identifiers

SEC RIA File Number	801-107937
SEC ERA File Number	801-107937
SEC CIK Numbers	1694127
SEC CRD Numbers	163963
Legal Entity Identifier	None

Principal Office

1560 SHERMAN AVE
SUITE 530
EVANSTON
IL
United States

Chief Compliance Officer

No. Employees, Historic

RAUM, Historic

No. Clients, Historic