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HomeMy WebLinkAboutAgenda Packet - LB - 2022.02.15CITY v 0 ticow � � rPORATED Tuesday, February 15, 2022 City of Burlingame Meeting Agenda - Final Library Board of Trustees 5:30 PM BURLINGAME CITY HALL 501 PRIMROSE ROAD BURLINGAME, CA 94010 On September 16, 2021, Governor Newsom signed into law AB 361 which allows a local agency to meet remotely when: 1. The local agency holds a meeting during a declared state of emergency 2. State or local health officials have imposed or recommended measures to promote social distancing 3. Legislative bodies declare the need to meet remotely due to present imminent risks to the health or safety of attendees On January 18, 2022, the City Council adopted Resolution Number 007-2022 stating that the City Council and Commissions will continue to meet remotely for at least thirty days for the following reasons: 1. There is still a declared state of emergency 2. County Health Orders require that all individuals in public spaces maintain social distancing and wear masks 3. The City can't maintain social distancing requirements for the public, staff, Councilmembers, and Commissioners in their meeting spaces Members of the public may view the meeting by logging into the Zoom Meeting listed below. Members of the public may provide written comments by email to publiccomment@burlingame.org. The length of the emailed comment should be commensurate with the three minutes customarily allowed for verbal comments, which is approximately 250-300 words. To ensure that your comment is received and read to the Library Board of Trustees for the appropriate agenda item, please submit your email no later than 5:00 p.m. on February 15, 2022. The City will make every effort to read emails received after the 5:00 p.m. deadline which are not read into the record, will be provided to the Library Board of Trustees after the meeting. Online City of Burlingame Page 1 Printed on 211112022 Library Board of Trustees Meeting Agenda - Final February 15, 2022 1. CALL TO ORDER - 5:30 p.m. - Online To access the meeting by computer: Go to www.zoom.us/join Meeting ID: 810 2513 4719 Passcode: 176259 To access the meeting by phone: Dial 1-669-900-6833 Meeting ID: 810 2513 4719 Passcode: 176259 2. ROLL CALL 3. PUBLIC COMMENTS Members of the public may speak about any item not on the agenda. Members of the public may suggest an item for a future Library Board of Trustees' agenda during the public comment period. The Ralph M. Brown Act (the State local agency open meeting law) prohibits Trustees from acting on any matter that is not on the agenda. 4. APPROVAL OF MINUTES a. Approval of the Library Board of Trustee Meeting Minutes for the January 18, 2022 Meeting Attachments: Meeting Minutes 5. CORRESPONDENCE AND INFORMATION a. January Statistics Attachments: Adult Service Statistics Childrens, Teens, and Easton Statistics 6. REPORTS a. City Librarian's Report Attachments: Report b. Foundation Reoort - Library SUDDort Reauest Attachments: Library Support Request 7. OLD BUSINESS City of Burlingame Page 2 Printed on 211112022 Library Board of Trustees Meeting Agenda - Final February 15, 2022 a. Public Art Including Peninsula Museum of Art donation, Parking Area Wall Mural and Year Round Lighting Around the Library 8. NEW BUSINESS a. Monthlv Togic - Silicon Vallev Communitv Foundation Attachments: Donor Pools Summary - Duncan Fund Statement - Duncan Fund Summary - Farrel Fund Statement - Farrel Fund b. Form 700 9. ANNOUNCEMENTS 10. ADJOURNMENT Any writings or documents provided to a majority of the Library Board of Trustees will be made available for public inspection at the City of Burlingame's website: www.burlingame.org. City of Burlingame Page 3 Printed on 211112022 Burlingame Library Board of Trustees January 18, 2022 Roll Call Trustees Present: Kris Cannon, Danielle Garcia, Mike Nagler, Elisabeth Ostrow Staff Present: Brad McCulley, City Librarian Sidney Poland, Recorder Guest: Kay Coskey (Possible Candidate for Trustee Position) II. Library Board of Trustees Minutes The Trustees unanimously approved the minutes of the December 21, 2021 Trustee Meeting. M/S/C (Nagler/Cannon) III. December Statistics • Children's programs which include Story Times, Class Visits and special programs totaled 24 with an attendance of 1039. Winter reading ended with a total of 451 finishers from both Main and Easton. The categories were Adult - 53, Teens - 24 and and kids - 374. • There were 5 programs for teens with an attendance of 117. • There were 12 adult programs with an attendance of 61. IV. Reports A. City Librarian's Report • Recruitment - The 2nd recruitment panel for the 30 hour Permanent Part -Time Librarian in Adult Services has been completed. • Hourly Budget - Brad noted that the hourly budget for the next fiscal year was more promising due to the fact that 2 vacant full time positions were not filled immediately. • Easton Staffing - Kathy Von Mayrhauser, Children's Dept. Manger, is still having difficulties staffing the Easton Branch. • Covid Update - Library staff is 100% vaccinated. Unfortunately, the recent surge in the Omicron strain has led to a delay in the library's plan to increase weekend hours to pre -pandemic times. The new date to return to before pandemic weekend hours is March 6th. • Internet Policy - The Trustees reviewed the current Internet Policy. Current library policies will be included in future board packets for the Trustees to review. • New Library Trustee - At the City Council meeting tonight the new Library Trustee will be appointed. B. Foundation Report Brad gave his yearly request for items he would like the Foundation to Fund in the amount of $123,000. He noted that one of his goals is to engage a lighting contractor to provide a plan to upgrade the lighting in the Reading Room where the large type books are located. The lighting is inadequate and there have been complaints from those patrons who use this collection. The son of Rhoda Laks made a $10,000 donation specifically for the Reading Room in honor of his mother who was an avid user of the large type collection. It might be possible to use these funds for a lighting upgrade. C. Citizen Request for Reconsideration of Library Materials • Brad contacted some of the county libraries and San Mateo Public to find out what procedures were used to determine whether to remove a particular library book or other materials from the library collection. • Some of the county libraries form a committee of library staff and sometimes include staff from other libraries. The City Librarian from San Mateo Public makes the final decision. • The current procedure for the Citizen Request for Reconsideration of Library Materials is that Brad, as the City Librarian, will request input from his staff and make a recommendation to the Trustees. The Trustees were in agreement with this procedure. V. Old Business A. Staff Appreciation Event The Trustees are sending gift cards to each current library employee in the amount of $25.00 with a special note of appreciation. B. Public Art 1. Robert Barry Donation The possibility of the library receiving a specific "illuminated word" from the Robert Barry collection has been put on hold. Currently the artist is keeping all the "illuminated words". 2. Peninsula Museum of Art Brad is planning to initiate the procedures for the library to receive the sculpture of the owl from the collection of Benny Bufano that is being donated by the Peninsula Museum of Arts. C. Teen Poet Laureate The Trustees reviewed the Staff Report which provided them with specific details regarding this project. Highlights of the discussion follow. • Project is managed by Urban World which requires a start up fee of $2,500.00 • There is an annual fee which is based on the partner's yearly operating budget. The Trustees have expressed a strong interest in financing the project. Brad advised the Trustees that Trustee funds are considered City money and would be part of the Library's budget. • An alternative suggestion would be to ask the Foundation to support the project as their operating budget is lower than the Library's operating budget. • Brad has discussed the this project with the Foundation. The Foundation Board felt that they could not provide support for the project this coming year. • Both Kathy Von Mayrhauser and Jenny Miner have determined that starting the project this year is not feasible partially due to the fact that Jenny already has her Teen activities planned. • The City of Burlingame has also been mentioned as possible partner to the Teen Laureate Project. Perhaps the City Council would consider a City Poet Laureate. • In conclusion, the Trustees want to strongly confirm that they are supportive of the Teen Laureate program and want to make certain that it happens when the timing is expedient for the Teen Librarian. VII. New Business A. Parking Area Mural A group from The Skyline Chapter of the National Charity reached out to Jennnie Miner regarding the possibility of doing a project for the library. • The group suggested a mural, held a contest, and selected two of the drawings for library staff and the Trustees to review. • The site Brad suggested for the mural is the north wall of the parking lot just outside the staff entrance of the library. • The Trustees reviewed the two drawings and unanimously passed a motion to approve the drawing entitled "What change will You make?" M/S/C/ (Nagler/Garcia) B. Monthly Topic - Circulation - Manuel Caneri One of Manuel's new responsibilities is to select and order items for our DVD/Blue Ray collection. Trustee Nagler acknowledged Manuel's expertise in the movie world and noted how helpful he is in assisting patrons with their movie selections. The Trustees also commented on the success of CPU and how much the patrons appreciated that they were able to have access to library materials during the pandemic even though they could not come into the library. VIII. Action Items • Trustee Nagler inquired as to whether there is a possibility that the Christmas lights could remain on the building year round. Brad will contact the lighting company that puts up the lights and discuss options. • Brad will begin the required process for the library to be able to accept the owl sculpture from the Benny Bufano collection and the parking area mural donated by the National Charity League Skyline Chapter. Part of this process includes posting a Public Art notice in the local newspaper for the purpose of allowing the public to comment on the art object/mural. The City Council makes the final decision. • Brad will meet with the artist of the National Charity League to review the site for the mural and determine if the power box on the wall would interfere with one of the faces in drawing the mural. VIII. Adjournment The meeting was adjourned at 7:OOPM The next Zoom meeting of the Library Board of Trustees will be February 15, 2022 at 5:30pm Respectfully Submitted Brad McCulley City Librarian Burlingame Public Library Adult Services Stats January 2022 Program Date # Programs Attendance Sit N Stitch Tuesdays 4 15 English Learners Group Wednesdays & Thursdays 6 17 Sterling Court outreach 1/19 1 9 Bite Sized Embroidery 1/22 1 20 Booked on Crime Book Club 1/20 1 5 Total 13 66 Kanopy Month Plays Cost per Kanopy Kids and K Series (Great Monthly play Books) Invoice $5/month for unlimited plays January 418 $2 3 KIDS and $951 2022 20 Great Courses 441 total plays Pronunciator (Language Learning) New registrations Sessions Top 3 languages 4 9 Chinese (Cantonese), Kodava, Spanish Ancestry.com 90 Sessions with 2399 searches run. Ancestry will no longer allow remote access in 2022, patrons will need to use it in the library. Usage remained about the same, even though access was limited to inside the library. Interviews for a new 30/hour per week Adult Services Librarian were held. A new staff member will be joining the department in March, replacing the vacancy left when Brenda Chavez retired. After Brenda retired, Jason Yap filled her position, but moved up to 40 hours/week when Elaine Tai took a new position in Berkeley. Children's and Teen Monthly Statistics Jan-22 Children's Desk Reference Questions 635 Easton Branch Reference Questions 124 Programs Attendance STORYTIMES Live Storytime with Miss Jenny Virtual 4 65 Miss Jenny Storytime IGTV views 4 356 Miss Jenny Storytime YouTube views 4 19 Miss Jennifer Storytime Recorded 2 32 Miss Kelly Storytime Recorded 2 14 NOTE: Live Storytimes postponed because of Omicron spike TOTAL STORYTIMES 16 486 CLASS VISITS Preschool Class Visits at Schools Preschool Class Visits at Library Virtual Elementary School Class Visits on Zoom Elementary School Class Visits at Library Middle School Class Visits at Schools Middle School Class Visits at Library TOTAL CLASS VISITS 0 0 SPECIAL PROGRAMS FOR CHILDREN Winter Scavenger Hunt in Children's Room 1 82 Winter Reading finishers 1 374 Food & Fiction with Lily Lamotte 1 14 Baby Sign Language 1 44 Music Party 1 12 Homework Center (children) 6 26 Mandarin Lunar New Year Storytime via Zoom 1 52 TOTAL SPECIAL PROGRAMS FOR CHILDREN 12 604 SPECIAL PROGRAMS FOR TEENS Homework Center (teens) 6 29 Teen Advisory Board 1 12 First Look Book Group 1 5 Teen Homework Center Training 1 14 Teen Winter Reading finishers 1 24 TOTAL SPECIAL PROGRAMS FOR TEENS 10 84 TOTAL CHILDREN'S & TEEN PROGRAMS City Librarian Report to Board of Trustees February 15, 2022 BURL i NGAMI Personnel Updates: o Main Staff: A 30-hour Permanent Part-time Librarian has been hired and will start March 14tn Circulation has hired three new staff members (aides and LA's) that are being trained. o Part-time Budget: N/A o Easton staff: Staffing at the Branch has been dealt with for the moment. Two hourly staff have been hired and being trained. In the meantime, full time staff from Children's Dept will help take shifts to continue with hour increases. General Updates: o Covid/CPU Update Mask mandate sunsets Feb 15t" however, the City of Burlingame will continue requiring masks for anyone entering a City building but we will reassess monthly. The Library will continue to require masks until the 5 y/o and under age group are vaccinated. • _ .. Monday - Friday 10 AM - 6 PM QR Saturday 10 AM - 5 PM Sunday 1 PM - 5 PM • NEL ftgiMonday - Thursday gm 2PM-6PM Starting Monday, March T" Frlday 8F Saturday GPM-5PM o Committees — The Equity Committee has begun an Equity 101 Newsletter February is Black History Month. I would like to welcome you all to think about what that means and consider the weight that it holds. As many of you may have probably noticed, there has been a lot of controversy around Critical Race Theory-- and the classroom is the main battleground for this issue. The Florida Individual Freedom Bill prohibits lessons that fall under Critical Race Theory. Many believe that this bill will create a barrier against "discomfort" for students and teachers. Governor of Florida, Ron DeSantis quotes Martin Luther King to back up this bill. But Black History is an integral part of American History. While it is true that it holds a dark past for the United States, it is our history and we must acknowledge it and try to understand it with deep empathy. To fully understand our history, we need to understand our complicated relationship with race. Making sense of the past allows for a community, a nation, to improve and grow. Please check out the article below for more context: s://www.cnn.com/2022/02/02/opinions/black-historv-month-white-discomfort-critical-race-theo Joseph/index.html To further embrace Black History Month, I would also like to share my learning experience with the Harlem Renaissance. I have heard of it before, but it was only recently that I had learned so much about it in a classroom setting. As an Art History major, I have studied numerous art pieces but have realized that it was mostly from the European perspective. When learning about American Art, I learned mostly about artists like Edward Hopper or Norman Rockwell. The Harlem Renaissance and its artists were barely given the spotlight! The Harlem Renaissance was a period in America where Black culture flourished. Black music, art, and literary work expanded, creating such a widespread influence. Check out the Migration Series by Jacob Lawrence: https://smarthistory.org/jacob-lawrence-the- migration-series/ For more on the Harlem Renaissance, please watch this video: https://www.youtube.com/watch?v=9gboEyr!02g If you are interested in discussing anything that inspires you from any of the semi-monthly Equity 101 Newsletters, or any other thoughts you have about Equity, Diversity, and Inclusion in the library or society at large, please feel free to reach out to a member of the Equity Team and we would love to have a conversation with you! The current BPL Equity Team members include: Megan, Jenny, Geralyn, Tiffany, and Olma o Policy— See Library Behavior Policy attached o Facilities update — N/A o PLS/PLP (Peninsula Library System / Pacific Library Partnership) • PLS has begun its budget process for 22/23 FY. Budgets will be slightly higher this year due to deferred maintenance and other issues. January 13, 2022 To: Board of Directors -- Burlingame Library Foundation From: Brad McCulley —City Librarian Re: Library Support Request for 2022 LIBRARY COLLECTIONS TOTAL: $74,500 This fund augments the adequate budget provided by the City of Burlingame to help us remain a well curated library collection that provides popular, educational, and entertaining materials. Print and Media Materials $10,000 eBooks $43,500 Overdrive Advantage $5,000 eMagazines $3,000 Kanopy Streaming Movies (DVD demand is still up but many shows/movies skip DVD and go directly to streaming) $13,000 LIBRARY PROGRAMS & TECHNOLOGY TOTAL: $44,693 Burlingame Library continues to meet the ever-increasing need for entertaining and educational programs in our community. Adult Svcs $10,200 Childrens/Teen Svcs $22,905 Circulation $1,000. Tech/Media Lab $10,588 LIBRARY "PITCH YOUR IDEA" GRANT: $500 This grant has been very successful in the past for giving staff an opportunity to "make their bones" and do something creative or outside of their pay classification and/or comfort zone while also giving the Library a new program or service. We took a hiatus for the last 2 years for this line item and reduced to $500 this year. 1. 2015 Library Voice — Ray DeLara 2. 2016 Get Real for Teens — Kim Day 3. 2017 Video Game Collection —Tiffany Nacion 4. 2019 Computer Classes —Jason Yap LIBRARY INITIATIVES: $6,488 * The Library is requesting funds for two initiatives this year. The Lane Room Technology Upgrade project *Special Project: Lane Room Technology Discuss possibility of overage contingency Upgrade *Special Donation Project: Childrens Room Tables $4,888 (see explanation below) Outdoor message boards 2 x $800 = $1,600 LIBRARY SUPPLIES: $ N/A Printing-toner/paper N/A LIBRARY REQUESTS THREE YEARS RUNNING: 2022 2021 2020 Cc) I I e ct i o n s 74,500 61600 68800 Programs 44,693 31030 46425 Staff grant 500 O 0 Iniatives 6,488 O 0 Supplies O 0 800 Total Support Request 126,181 92,630 116,025 POSSIBLE FUTURE REQUESTS AND PROJECT GOALS: 1. Possible Maker Lab upgrade funding requests to be discussed once new Technical Services Manager has been hired. 2. Lighting Upgrade in Large Type area TBD 3. Lane room projects: a. Short-term — Tech assessment and upgrade with $100K Smart Family grant TBD b. Long-term — Renovate kitchen area and possibly more TBD 4. Children's Mural additions, timeline to be determined. Estimate $10,000 - $20,000 Respectfully, Brad McCulley City Librarian BUDGET REQUEST DETAILS BY DIVISION OR PROJECT: * Ip-Toma Donation / Childrens Tables Project This project began sometime in 2019 when the Childrens Dept Manager began a discussion about the replacement of the older rectangular study tables with three more group -friendly round tables. Later during the Pandemic the Ip-Tomas, who's son had recently died of cancer, asked if they could donate his graphic novels in his name. Our Co -president, Christina Funk, and Randi Murray worked with the Ip- Toma's on the book donations as well as a $5,000 donation. This donation would cover the cost of two of the three rectangular tables Childrens Dept wanted to replace. The remaining requested $4,888 will pay for one more round table, two plaques, and the alteration of one of the current rectangular tables into a "study bar" that will be attached along the window in that area. 2022 ADULT SERVICES Adult Summer Reading Prizes and programming Programming Phase2Career x 4 @ $300 Small Business Start-up classes x 2 Docent lectures Comic Arts Fest Adult technology learning classes Adult Craft programs (cooking, arts, etc.) Author talks, Travel programs, etc. presenter fees Adult movie night license fee Music programs $750.00 $1, 200 $600 $450 $400 $1000 $ 2, 000 $2,500 $300 $1000 Other 2022 Foundation Funding Request for Children's & Teen Services Children's Total requested Poetry Month paperback book prizes (500 @ $6.00) $3,000 Poetry Month grand prize animals for top two schools 350 Summer Reading Kickoff Celebrations at Main and Easton 1,000 Summer Reading Family Fun Nights ($450 x 6 shows) 2,700 Summer Reading program grand prize stuffed animals 350 Summer Reading program weekly prizes 200 Summer Reading Finisher book prizes 5,000 Winter Reading prizes 200 Baby Signing - monthly program (12 at $120 per session) 1,440 Music Together - monthly program (12 at $120 per session) 1,440 Food and Fiction for Tweens - monthly program 1,200 In -Library Monthly Scavenger Hunts 2,400 StoryWalk quarterly program supplies, books, etc. 875 January -May virtual programs 1,500 June -August programs (virtual or in person) 1,000 September -December programs (virtual or in person) 1,500 Storytime Kits 1,850 BPL Backdrop for Virtual Programs 500 Printing costs for reading programs, storytime booklets, etc. 500 Author Events - Jan Newman donation for 2022 2,000 Author Event - Jan Eustis donation from 2021 11000 Children's Total before subtracting donations $30,005 Donations: - Jan Newman author events donation for 2022 -2,000 - Jan Eustis author event donation from 2021 -1,000 - Lions Club donation -8,000 Children's Total Request after subtracting donations $19,005 $10,200 Teen Teen Summer Reading grand prize gift cards (100 @$10.00) $1,000 Teen Summer Reading weekly drawing prizes (8 @ $25.00) 200 Teen Summer Reading special programs 300 General Teen programming (12 months @ $200 per month) 2,400 Teen Total Request $3,900 TOTAL REQUEST FOR CHILDREN'S AND TEEN SERVICES $22,905 2022 CHILDREN'S & TEEN SERVICES Children's Poetry Month paperback book prizes (500 @ $6.00) $3,000 Poetry Month grand prize animals for top two schools 350 Summer Reading Kickoff Celebrations at Main and Easton 1,000 Summer Reading Family Fun Nights ($450 x 6 shows) 2,700 Summer Reading program grand prize stuffed animals 350 Summer Reading program weekly prizes 200 Summer Reading Finisher book prizes (350 @ $6.00) 2,100 Winter Reading prizes 200 Baby Signing - monthly program (12 at $120 per session) 1,440 Music Together - monthly program (12 at $120 per session) 1,440 Food and Fiction for Tweens - monthly program 1,200 In -Library Monthly Scavenger Hunts 2,400 StoryWalk quarterly program supplies, books, etc. 875 January -May virtual programs 1,500 June -August programs (virtual or in person) 1,000 September -December programs (virtual or in person) 1,500 Storytime Kits 1,850 BPL Backdrop for Virtual Programs 500 Printing costs for reading programs, storytime booklets, etc. 500 Author Events - Jan Newman donation for 2022 2,000 Author Event - Jan Eustis donation from 2021 11000 Children's Total before subtracting donations $27,105 Donations: - Jan Newman author events donation for 2022 -2,000 - Jan Eustis author event donation from 2021 -1,000 - Lions Club donation -8,000 Children's Total Request after subtracting donations $16,105 Teen Teen Summer Reading grand prize gift cards (100 @$10.00) $1,000 Teen Summer Reading weekly drawing prizes (8 @ $25.00) 200 Teen Summer Reading special programs 300 General Teen programming (12 months @ $200 per month) 2,400 Teen Total Request $3,900 TOTAL REQUEST FOR CHILDREN'S AND TEEN SERVICES $20,005 2022 TECH SERVICES Item Description Qty Price Total Photos scanners (for photos, negatives, & 35 mm slides)* 2 179. 360. VHS / DVD Converter* 2 160. 320. Carry cases* 2 100. 200. Scanner for Photo Restoration 1 250. 250. Adobe Suite Licenses 1898. Hot Spot Data Plans 5520. New purchase Hot Spots 11 1540. Programs or events 500. Grand Total $10,588 * to be loaned out to patrons not for Tech Lab use. SILICON VA111Y COMMUNITY IOUNDATION - LONG TERM INVESTMENT PERFORMANCE REPORT CAMBRIDGE ASSOCIATES DECEMBER 2021 Copyright © 2022 by Cambridge Associates LLC. All rights reserved. CAMBRIDGE ASSOCIATES The information and material published in this report is nontransferable. Therefore, recipients may not disclose any information or material derived from this report to third parties or use information or material from this report without prior written authorization unless such use is in accordance with an agreement with Cambridge Associates ("CA"). Nothing contained in this document should be construed as the provision of tax, accounting, or legal advice. 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The terms "CA" or "Cambridge Associates" may refer to any one or more CA entity including: Cambridge Associates, LLC (a registered investment adviser with the US Securities and Exchange Commission, a Commodity Trading Adviser registered with the US Commodity Futures Trading Commission and National Futures Association, and a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; Menlo Park, CA, New York, NY; and San Francisco, CA), Cambridge Associates Limited (a registered limited company in England and Wales, No. o6135829, that is authorized and regulated by the UK Financial Conduct Authority in the conduct of Investment Business, reference number: 474331); Cambridge Associates GmbH (authorised and regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht ('BaFin'), Identification Number: 155510), Cambridge Associates Limited, LLC (a registered investment adviser with the US Securities and Exchange Commission, an Exempt Market Dealer and Portfolio Manager in the Canadian provinces of Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan, and a Massachusetts limited liability company with a branch office in Sydney, Australia, ARBN 109 366 654), Cambridge Associates Investment Consultancy (Beijing) Ltd (a wholly owned subsidiary of Cambridge Associates, LLC which is registered with the Beijing Administration for Industry and Commerce, registration No. 110000450174972), and Cambridge Associates Asia Pte Ltd (a Singapore corporation, registration No. 2001oio63G, which holds a Capital Market Services License to conduct Fund Management for Accredited and/or Institutional Investors only by the Monetary Authority of Singapore). PORTFOLIO SUMMARY ALLOCATION (%) As of 12/31/2021 CURRENT MARKET VALUE ACTUAL ALLOCATION Total Assets*' $724,509,047 Global Equities $119,542,502 16.5 U.S. Equities* $197,197,952 27.2 Developed ex -US Equity $95,443,793 13.2 Emerging Markets Equity* $40,266,649 5.6 Private Investments*2 $65,438,133 9.0 Diversifying Strategies* $40,295,588 5.6 TIPS $35,684,011 4.9 Non -US Govt Bonds $13,899,353 1.9 Core Bonds* $43,814,105 6.0 U.S. Treasuries $35,210,874 4.9 Cash3 $37,716,088 5.2 PERFORMANCE (%) As of 12/31/2021 CALENDAR MONTH YEAR TO DATE TO DATE ANNUALIZED TRAILING 3 YEAR Total Assets*' 2.2 11.6 14.7 Long -Term Policy Benchmark4 2.6 13.3 16.7 DECEMBER 31, 2021 16.7 11.6 13.3 14.7 2.2 2.6 _EW_ 0 Month To Date Calendar Year To Date Annualized Trailing 3 Year ■ Total Assets Long -Term Policy Benchmark Rows marked with " * " contain preliminary data. p. ge 13 PERFORMANCE DECEMBER 31, 2021 CUMULATIVE ANNUALIZED ANNUALIZED ANNUALIZED INCEPTION CURRENT MONTH TRAILING TRAILING TRAILING TRAILING Returns (%) DATE MARKET VALUE TO DATE 1 YEAR 3 YEARS 5 YEARS 10 YEARS Total Assets*1 12/31/1998 $724,509,047 2.2 11.6 14.7 10.7 dL 9.1 Long -Term Policy Benchmark' 1213111998 2.6 13.3 16.7 11.6 9.5 75% MSCI ACWI (N)/25% BBG Barc Agg 1213111998 2.9 13.3 16.6 11.8 9.7 Global Equities 12/31/2011 $119,542,502 _ 16.3 1.9 7.7 MSCI ACWI Index (N) 1213112011 4.0 18.5 20.4 14.4 11.9 AltraVue Fund I, LP 4/30/2018 $11,976,424 3.4 11.8 20.2 --- --- Channing Global Equity Value Strategy 10/05/2021 $24,956,235 5.1 --- --- --- --- Metis Global Equity Portfolio 10/06/2021 $70,679,306 4.4 --- --- --- --- Ownership Capital Global Equity Fund 10/31/2021 $11,930,536 4.7 --- --- --- --- U.S. Equities* 3/31/2007 A&L $197,197,952 21.4 13.5 S&P 500Index 313112007 4.5 28.7 26.1 18.5 16.6 Russell Midcap®Index 313112007 4.1 22.6 23.3 15.1 14.9 Vanguard Institutional Index Fund 10/31/2007 $15,288,414 4.5 28.7 26.0 18.4 16.5 Adage Capital Partners, L.P. 9/30/2009 $36,257,114 4.5 30.4 30.0 21.1 19.1 HCIF Offshore LP 5/31/2012 $21,038,832 -5.4 -25.7 13.3 10.5 --- HS Management Partners 9/30/2017 $21,260,960 4.9 30.8 27.3 --- --- Heard High Conviction Long Only Fund LLC 6/30/2021 $12,223,995 1.8 --- --- --- --- BNYM Mellon CF NSL Dynamic US Equity Fund* 7/30/2021 $19,250,422 5.0 --- --- --- --- GQG Partners US Select Quality Equity Fund 8/04/2021 $18,185,550 1.5 --- --- --- --- Metis US Equity Index Portfolio 10/13/2021 $29,642,234 4.5 --- --- --- --- Aperio Group S&P 600 SRI - SIP* 10/31/2021 $3,980,660 4.8 --- --- --- --- Ariel Fund - SIP 10/31/2021 $4,761,970 4.1 --- --- --- --- Vanguard ESG ETF-SIP 10/31/2021 $15,307,801 4.0 --- --- --- --- Developed ex -US Equity MSCI EAFE Index (N) 7/31/2006 $95,443,793 4.6 713112006 5.1 13.7 12.8 8.5 9.1 11.3 13.5 9.5 8.0 Rows marked with " * " contain preliminary data. I e 14 PERFORMANCE CONTINUED DECEMBER 31, 2021 CUMULATIVE ANNUALIZED ANNUALIZED ANNUALIZED INCEPTION CURRENT MONTH TRAILING TRAILING TRAILING TRAILING Returns I%) DATE MARKET VALUE TO DATE 1 YEAR 3 YEARS 5 YEARS 10 YEARS Artisan International Value Fund 7/31/2006 $14,907,437 6.1 17.0 16.5 10.7 10.7 Vanguard Developed Markets Index Fund 12/31/2007 $13,963,086 4.8 11.4 14.5 10.2 8.5 Silchester International Investors 4/30/2009 $23,300,883 4.9 11.4 8.8 6.8 8.2 Cevian Capital II Ltd. 12/31/2011 $23,261,239 5.3 23.4 16.3 9.0 10.0 Aberdeen Sustainable Fund - SIP 10/31/2021 $10,470,971 2.0 --- --- --- --- Boston Common International Social - SIP 10/31/2021 $6,378,207 3.0 --- --- --- --- Kabouter International Opp. Fund - SIP 10/31/2021 $3,161,971 1.5 --- --- --- --- Emerging Markets Equity* 3/31/2007 $40,266,649 3.2 1.7 8.2 8.2 5.3 MSCI Emerging Markets Index (N) 313112007 1.9 -2.5 10.9 9.9 5.5 DFA Emerging Markets Portfolio 6/30/2008 $13,010,168 3.4 2.5 10.7 9.8 5.5 WGI Emerging Markets Fund, LLC 4/30/2009 $8,267,176 5.4 2.0 7.4 7.4 5.3 Rondure New World Fund 8/02/2021 $10,093,677 3.1 --- --- --- --- Generation IM Asia Fund - SIP* 10/31/2021 $8,895,628 0.8 --- --- --- --- Private Investments*Z 6/30/2020 $65,438,133 --- --- --- --- --- Diversifying Strategies* 7/31/2007 $40,295,588 -1.6 2.9 7.1 4.9 4.9 60% MSCI ACWI (N)/40% BBG BarcAgg 713112007 2.3 10.2 14.3 10.2 8.4 HFRI Fund of Funds Composite Index 713112007 0.2 6.0 8.4 5.7 4.5 Canyon Value Realization Fund (Cayman), Ltd.* 6/30/2013 $4,358,787 0.7 10.4 5.5 5.2 --- King Street Capital, Ltd. - Class A* 6/30/2013 $3,213,164 0.6 14.8 8.7 5.9 --- Davidson Kempner Institutional Partners, L.P.* 8/31/2013 $5,802,059 0.2 7.0 7.3 6.0 --- Standard General Offshore Fund Ltd.* 3/31/2015 $0 0.0 -0.1 12.3 7.2 --- Gobi Investment Fund Ltd 1/31/2017 $7,123,831 6.0 29.6 22.6 --- --- Tybourne Equity (Offshore) Fund 6/30/2017 $5,317,522 -6.3 -21.6 4.4 --- --- SQN Investors Offshore Ltd* 11/30/2017 $7,288,459 -9.2 -10.8 8.4 --- --- Bayberry Offshore Fund Ltd* 10/31/2019 $6,697,368 4.2 -2.6 --- --- --- King Street Capital, Ltd. - Sidepocket* 6/30/2020 $494,398 0.0 2.8 --- --- --- TIPS 5/31/2009 $35,684,011 0.2 5.7 8.3 5.2 3.0 BBG US TIPS Index 513112009 0.3 6.0 8.4 5.3 3.1 Rows marked with " * " contain preliminary data. 5 PERFORMANCE CONTINUED DECEMBER 31, 2021 CUMULATIVE ANNUALIZED ANNUALIZED ANNUALIZED INCEPTION CURRENT MONTH TRAILING TRAILING TRAILING TRAILING Returns (%) DATE MARKET VALUE TO DATE 1 YEAR 3 YEARS 5 YEARS 10 YEARS Vanguard Inflation Protected Securities 5/31/2009 $32,058,520 0.2 5.7 8.3 5.2 3.0 Vanguard Inflation Protected Securities - SIP 10/31/2021 $3,625,490 0.2 --- --- --- --- Non-US Govt Bonds 3/31/2007 $13,899,353 W 3.1 3.3 2.0 FTSE WGBI Index 313112007 -0.6 -7.0 2.7 2.9 1.0 The Colchester Global Bond Fund 8/31/2007 $13,899,353 0.1 -8.2 3.1 3.3 1.8 e Bonds* 3/31/200 $43,814,105 - - . 4. BBG Aggregate Bond Index 313112007 -0.3 -1.5 4.8 3.6 2.9 GHA Fixed Income 7/31/2014 $14,666,779 -0.4 -2.2 4.2 3.5 --- Ramirez Core Strategy 7/30/2021 $14,787,502 -0.4 --- --- --- --- MicroVest Short Duration Fund, LP - SIP* 10/31/2021 $3,759,792 0.0 --- --- --- --- Nikko AM Global Green Bond Fund - SIP* 10/31/2021 $2,032,554 0.0 --- --- --- --- RBC Impact Bond Fund - SIP 10/31/2021 $4,734,220 -0.3 --- --- --- --- TIAA-CREF Core Impact Bond Fund - SIP 10/31/2021 $3,833,257 -0.3 --- --- --- --- U.S. Treasuries 8/16/2021 h $35,210,874 --- - AIL --- BBG 5+ Yr Treasury Bond Index 811612021 -0.8 --- --- --- --- Breckinridge U.S. Treasury Index 8/16/2021 $35,210,874 -0.8 --- --- --- --- Cash3 3/31/200 $37,716,088 0.0 0.1 0.8 0.9 0.5 91-Day Treasury Bill Index 313112007 0.0 0.0 1.0 1.1 0.6 PRIVATE INVESTMENT IMPACT CUMULATIVE ANNUALIZED ANNUALIZED ANNUALIZED INCEPTION CURRENT MONTH TRAILING TRAILING TRAILING TRAILING Returns (%) DATE MARKET VALUE TO DATE 1 YEAR 3 YEARS 5 YEARS 10 YEARS Total Assets*1 12/31/1998 $724,509,047 2.2 11.6 14.7 10.7 9.1 Total Assets ex Private Investments* 12/31/1998 $659,070,914 2.4 9.1 13.7 10.2 8.8 Total Private Investments* 6/30/2020 $65,438,133 --- --- --- --- --- ® Rows marked with " * " contain preliminary data. se 16 END NOTES DECEMBER 31, 2021 Due to the nature of Exchange Traded Funds (ETFs), passive index funds, and futures, options and other derivatives, these investments/contracts are not subject to the same monitoring or due diligence requirement as active managers. A list of investments in this portfolio that are excluded from monitoring can be provided upon request. r. SIP assets added as of 10/31/21. 2. Market values are as of 09/30/2021.; updated with capital calls and distributions through the current month. 3. Cash Pending consists of distribution proceeds from New Enterprise Associates X ($719K) and the Lizard International Fund Holdback ($r.oM) as well as redemptions from from Canyon Value ($2.1M), King Street ($i.6M), SQN ($3.6M), Standard General ($3.8M), and Tybourne ($2.7M). 4. The Long -Term Growth Policy Benchmark is 55% MSCI AC World / ro% MSCI ACWI + 3% (PI portion quarterly and lagged) / 2.5% Bloomberg Commodity Index Total Return / 7% Bloomberg Capital US Aggregate / 5% FTSE World Gov't Bond / 3% Bloomberg US TIPS Index / 15% 6o% MSCI ACWI (G)/40% BBG Agg Index / 2.5% NCREIF Global Real Estate Fund Index. CA Yee 17 METHODOLOGY & CALCULATIONS DECEMBER 31, 2021 Cambridge Associates LLC (CA) has established a proprietary database to monitor a client's portfolio across managers, asset classes, and at the total assets level. Users of the analysis may find the following description of the data sources, classification of investments, and the calculation techniques helpful in their interpretation of information that maybe presented in the Investment Performance Report. Please note that certain data and calculation methodologies have evolved over time and may be time boxed to specific periods using a methodology wall specific to each client. i. Investment manager statements are the primary source of information concerning client market values, returns, and cash flow transactions. In cases where managers are unable to provide data or where CA is otherwise instructed, other data sources may be substituted including, but not limited to custodian and/or client provided data. CA may also make use of third party data vendors to source fund -level returns. 2. Investment manager inception dates represent the initial funding dates unless otherwise indicated. Tracked performance begins on the first day after the manager inception date unless otherwise instructed. 3. All performance figures are shown on a total return basis and in U.S. Dollars unless otherwise indicated. All return time periods over one year are annualized unless otherwise indicated. Annualized returns follow an actual month/12 convention with the exception of the annualized since inception return, which follows an actual day/365 convention to account for non -month -end inception dates. 4. All returns presented in marketable performance reports are time -weighted unless otherwise indicated. A time -weighted return (TWR) measures the return of a single dollar invested continuously for a specific time period. TWRs provide equal weight to each time period, thereby neutralizing the impact of external cash flows. In contrast to money -weighted returns, TWRs are not influenced by withdrawals or contributions to the portfolio. Due to most long -only and hedge fund managers' lack of direct influence over the timing of investor cash flows, a TWR allows for more appropriate performance evaluation for marketable investments. 5. Preliminary Data is used in cases when the final performance figures for the period have not been supplied by a manager or custodian at the time the report is produced. To arrive at preliminary figures, CA may utilize one of the following approaches: ■ CA may report preliminary performance figures as provided by a manager or custodian when available. ■ CA may calculate performance using the previous period ending market value, cash flows that occurred during the period, and current period ending market value, as reported by a manager or custodian. If there are no cash flows, CA will use the o% return that results from the calculation. For any situations that CA rolls forward performance using cash flows that are in a currency other than the reporting currency, CA applies the exchange rate at the end of the period to the preliminary market value at the end of the period. ■ CA may use proxy return information to estimate a preliminary market value. A proxy might be an investment vehicle offered the same manager with a similar strategy, but using a different fund structure, e.g. a mutual fund version in place of a separate account. A proxy could also be an index that has been set by the investment team that closely mirrors the investment goals of the investment, potentially the same index as the benchmark for the investment. For information on the specific approach used, please reach out to your performance analyst or team. 6. Marketable investment manager returns are tracked through CA's proprietary performance database system on a monthly basis. If monthly returns are unavailable, quarterly returns maybe substituted. All returns for periods longer than one month are calculated by geometrically linking the monthly returns. All returns are net of management fees unless otherwise indicated. 7. In some cases, performance figures reported by a manager are gross of fees. CA will attempt to convert gross returns to returns net of fees to allow for a more fair comparison across managers. CA may utilize one of the following approaches for handling performance received as gross: ■ CA may leave the reported performance figure as a gross return and footnote that the performance is gross. ■ CA may calculate the return by revising the reported ending market value based on cash flow information from the custodian or manager that is specifically for fees. ■ CA may calculate the return using the reported fee structure of the investment. For information on the specific approach used, please reach out to your performance analyst or team. 8. In cases where CA is instructed to report a return net of CA fees, the quarterly fee paid by the client is divided into equal monthly tranches. Each monthly tranche is divided by the respective average capital base and multiplied by ioo to be additive with the time weighted return. For more information on adjusting performance for CA fees, please reach out to your performance analyst or investment team. 9. Hedge Fund (HF) manager returns are presented net of both management and incentive fees unless otherwise labeled. Loge 18 METHODOLOGY & CALCULATIONS DECEMBER 31, 2021 io. For periods prior to the methodology wall, returns for Private Investments (PI) included in marketable reports are quarterly Internal Rates of Return (IRA's) calculated by CA's proprietary PI database. The IRR (Net to Limited Partner) reflects the client's return on its investment in the partnership net of fees, expenses, and carried interest received by the general partners. In order to transform the quarterly money -weighted return (IRR) series into a monthly time -weighted series for use in marketable reporting, CA follows the following convention: o% return (first month), quarterly IRR (second month), o% return (third month). Aggregated PI cash flows are stored on the quarterly mid -point. For periods after the methodology wall, PI returns included in marketable reports are calculated monthly using Modified Dietz. PI cash flows are tracked daily on the specific dates they occur. Since PI valuations are typically reported quarterly, market values in the first and second months of the quarter will be reported using the last known quarterly valuation adjusted for interim cash flows. As a result, the primary performance impact of PI will be realized in the third month of the quarter, consistent with the reporting date of most PI funds. Due to the timing of information availability from private investment managers, PI returns are reported on a one - quarter lag. See section ii below to understand how performance is calculated for current periods given the lag in PI reporting. Detailed analysis of PI money -weighted returns, commitments, and strategy exposures are available in a separate PI Performance Report for PI Performance Reporting subscribers. i i. Given the majority of Private Investment managers provide performance on a quarter lag and will not typically report a preliminary number, CA may utilize one of the following approaches: ■ CA may carry forward the ending market value of the previous period resulting in a o% return (excluding any currency effects). ■ CA may roll forward the market value from the previous period using cash flows as reported to a custodian. For any situations that CA rolls forward performance using cash flows that are in a currency other than the reporting currency, CA applies the exchange rate at the end of the period to the preliminary market value at the end of the period. ■ CA may use a public index as a proxy return for a private investment. For information on the specific approach used, please reach out to your performance analyst or team. iz. CA utilizes trade date accounting, with purchases or sales recognized on the date of purchase or sale and not the settlement date. Additionally, CA utilizes an end -of -day cash flow methodology, with all cash flows assumed to occur after the close of business for calculation purposes. It is possible that CA's cash flow dates may deviate from the dates reported from other sources due to differences in methodology, timing, intended consumer, etc. 13. Composites (synonymous with sleeves) represent a collective value for a grouping of similar investments as if their underlying assets were pooled into one "master portfolio". Investments are assigned to a particular composite according to the classification of their investments and the specific objectives of the client. For periods prior to the methodology wall, composite performance is calculated by asset -weighting individual investment -level returns by each investment's average capital base (ACB) as a percentage of the total composite ACB. The ACB consists of an investment's beginning market value adjusted for the daily -weighted cash flows during the period. Due to the daily weighting methodology, cash flows occurring earlier (later) in the period will have a greater (lesser) weight in the ACB calculation. For periods after the methodology wall, composite performance is calculated using Modified Dietz. Modified Dietz involves pooling the market values and cash flows of the underlying investments and calculating a return based on the net profit or loss of the composite divided by the composite's ACB. If a composite experiences a large intra-month cash flow (defined as a net cash flow of greater than zo% of the composite's beginning market value), the composite will be revalued and divided into one or more sub -periods that will be geometrically linked to calculate the monthly return. 14. The CA Manager statistics, consisting of Medians, Universe Size, and Percentile Ranking are derived from CA's proprietary database covering investment managers and exclude managers that exclude cash from their reported total returns. For calculations including any years from 1998 to the present, those managers with less than $5o million in product assets are excluded. Returns for inactive (discontinued) managers are included if performance is available for the entire performance period measured. The Medians will not include simulated performance series provided by managers. 15. CA Manager Medians are compiled at each quarter end. CA Percentile Rankings are based upon a scale of o to ioo, where o represents the best performing and ioo the worst. Returns in place for less than the full quarterly period are not ranked. 16. As a result of CA's methodology, it is incorrect to link quarterly medians to come up with a median over an extended time period. The compounded median that would result from such a calculation would be different from the 5oth percentile manager ranking for the complete time under consideration. 17. The CA Preliminary Peer Medians are populated from CA's Client base, the majority of which are tracked by the Performance Reporting department. All Taxable Clients are excluded from the universe. The CA Preliminary Peer Medians are compiled on a quarterly basis and Median returns are available approximately starting four weeks after quarter end. As CA's Client base reports in, the universe size will grow accordingly. A minimum of 15 Clients must be present for the CA Preliminary Peer Medians to be generated for the given time period. Approximately six weeks to eight weeks after quarter end, the CA Preliminary Peer Medians have the capability to be filtered by asset size and institution type. The Preliminary Peer Medians return and percentile rankings within the universe reported in any given Performance Report will be dependent on the available universe of similar institutions at the time the report is prepared. 18. Index returns are reported on the same basis as investment manager returns. Performance is shown on a total return basis, where tracked performance begins first day after investment manager inception unless otherwise stated. If an index is unavailable for the current period or a partial period, CA will use an assumption -based method, including but not limited to, a o% return, the trailing twelve month average for the index, or a constant daily return derived from the monthly return in the case of partial periods. Please see Index Vendor list for source disclosure. p.,ge19 INDEX SOURCES AND DISCLAIMERS The Investment Performance Report was prepared using a subset of the listed Index Data providers below: Barclay Trading Group Barclays BARRA Barron's Bloomberg L.P. BofA Merrill Lynch British Bankers' Association Cambridge Associates LLC Chase Manhattan Bank Commodity Research Bureau Common -Stock Indexes (Cowles Commission) Credit Lyonnais Securities Asia Credit Suisse CS First Boston Corp. CS First Boston High -Yield Market Research Group Deutsche Bank Dow Jones Indexes Edward I. Altman - NYU Salomon Center Eurekahedge European Public Real Estate Association FactSet Research Systems, Inc. FBC High Yield Research Federal Reserve Frank Russell Company FTSE Fixed Income LLC FTSE International Limited Goldman, Sachs & Co. Grantham, Mayo, Van Otterloo & Company Hambrecht & Quist Hedge Fund Research, Inc. Hoare Govett Corporate Finance Ltd. HSBC ING Barings International Finance Corporation J.P. Morgan Securities, Inc. JPMorgan H&Q Kinder, Lydenberg, Domini & Co., Inc. Lipper Inc. MSCI Inc. Morgan Stanley Dean Witter National Association of Real Estate Investment Trusts DECEMBER 31, 2021 National Council of Real Estate Investment Fiduciaries OECD Property & Portfolio Research, Inc. Price Group Prudential Real Estate Investors Salomon Smith Barney Standard & Poor's Standard & Poor's Compustat SWX Swiss Exchange Thomson Reuters Datastream UBS Global Asset Management U.S. Dept of Labor - Bureau of Labor Statistics The Wall Street Journal Wilshire Associates, Inc. WM Company Notwithstanding any specific disclosure provided below, indexes listed above and used in this report are the property of the named provider of such index. Each index is used with the permission of, or has been property of the named provider of such index. Each index is used with the permission of, or has been the index provider. Neither CA nor individual index providers are responsible for any loss, damage, cost or expense suffered as a result of any use of, or reliance on, any of the information. Broad -based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. Note: The 9r-Day Treasury Bill Index sources the BofA Merrill Lynch gr-Day Treasury Bills Index from Jan 1978 to present. The BofA Merrill Lynch Indices are used with permission. Copyright aozz, Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. The BofA Merrill Lynch Indices may not be copied, used, or distributed without BofA Merrill Lynch's prior written approval. The Wilshire Indexes are produced by Wilshire Associates Incorporated and have been licensed for use. All content of the Wilshire Indexes © 2022 is proprietary to Wilshire Associates Incorporated. Pre-1978 data represents returns calculated by Cambridge Associates using yields from the Federal Reserve. Total returns for MSCI Emerging Markets and All Country indices are gross of dividend taxes unless specifically noted with (NET). Total returns for MSCI developed markets indices are net of dividend taxes MSCI data provided "as is" without any express or implied warranties. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Cambridge Associates. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products, or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the 'MSCI Parties') makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Source: FTSE zozz. To the extent permissible by law, FTSE accepts no liability for errors or omissions in the data. The Industry Classification Benchmark is property of FTSE International Limited and has been licensed for use. 10 GENERAL DISCLAIMERS DECEMBER 31, 2021 The performance report represents Cambridge Associates LLC (CA) highest confidence estimate of investment performance and portfolio positioning prepared using the best information set available at the time of report production. It is a snapshot at a point in time and is subject to change. Historical results can and likely will adjust over time as updated information is received and processed. Estimated, preliminary, and/or proxy information may be displayed and can change with finalized information over time, and CA disclaims any obligation to update a previously provided performance report when such changes occur. The performance report is not intended as a Book of Record nor is it intended for valuation, reconciliation, accounting, auditing, or staff compensation purposes, and CA assumes no responsibility if the report is used in any of these ways. The primary data source for CA reporting is the investment manager and/or fund administrator, as such; data may not match to custodial or other client records due to differences in data sourcing, methodology, valuation practices, etc. Estimated values may include prior quarter end data adjusted by a proxy benchmark or by subsequent cash flows. In some instances, data maybe sourced directly from a client and/or prior advisors or service providers. CA makes no representations that data reported by unaffiliated parties is accurate, and reporting services provided do not include reconciliation services between manager, custodian, and client records. The nature of performance measurement is such that it is a best estimate of performance. As such, performance is displayed to a one decimal place level of precision, accommodating up to nine basis points (o.o9%) of imprecision in reported returns. There are multiple methodologies available for use in the calculation of portfolio performance, each correct on their own merits, each with their own unique challenges, and each may yield different results. Differences in both data inputs and calculation methodologies can lead to different calculation results. As part of the reporting process, errors can and do occur. For the purpose of CA reports, an error represents any component of the performance report that is missing or inaccurate, including, but not limited to, composite returns and market values, manager returns and market values, benchmark returns, risk and other statistical measures, holdings and exposures. Errors can be a result of incorrect aspects of data, calculations, setup, and software or may be a result of an omission, incorrect value, incorrect systematic computation, incorrect report production, and other similar reasons. For classification as an error, the item in question must be objectively incorrect according to the standard policies, procedures, and methodologies utilized by CA. Differences due to changes in methodology over time, the difference between preliminary and final data and other related changes do not constitute errors, but rather normal course of business for the reporting process. Though CA makes reasonable efforts to discover inaccuracies in the input data used in the performance report, CA cannot guarantee the accuracy and are ultimately not liable for inaccurate information provided by external sources. Clients should compare the values shown on our performance reports with the statements sent directly from their custodians, administrators or investment managers. In the event that an error is discovered, CA will correct the error and maintain the most accurate information possible. In the event of a material error, CA will disclose the error to the report recipient along with an updated version of the report from the most recent period. CA's performance report is intended to be offered as a standardized product. CA may be instructed by the client to customize aspects of the report outside of CA's standard policies and procedures. Deviating from CA's standard operating policies and procedures can compromise the quality of the report and increase the risk of errors. Customization requests cannot be accommodated in all cases if it is deemed that necessary systems and controls are not in place to minimize errors or reduce the validity of the report. Customizations including but not limited to data sourcing, data input, methodologies and report display are acknowledged by the recipient as potentially compromising to the quality of the deliverable and the recipient bears joint responsibility for any ensuing quality breaches as a result of these customizations. pd&e 111 SILICON VA111Y COMMUNITY IOUNDATION - MEDIUM -TERM INVESTMENT PERFORMANCE REPORT CAMBRIDGE ASSOCIATES DECEMBER 2021 Copyright © 2022 by Cambridge Associates LLC. All rights reserved. CAMBRIDGE ASSOCIATES The information and material published in this report is nontransferable. Therefore, recipients may not disclose any information or material derived from this report to third parties or use information or material from this report without prior written authorization unless such use is in accordance with an agreement with Cambridge Associates ("CA"). Nothing contained in this document should be construed as the provision of tax, accounting, or legal advice. Past performance is not indicative of future performance. Broad -based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. This performance report represents CA's estimates of investment performance, portfolio positioning and manager information including but not limited to fees, liquidity, attribution and strategy and are prepared using information available at the time of production. Historical results can and likely will adjust over time as updated information is received and processed. Estimated, preliminary, and/or proxy information may be displayed and can change with finalized information, and CA disclaims any obligation to update previously provided performance reports when such changes occur. This report is not intended as a Book of Record nor is it intended for valuation, reconciliation, accounting, auditing, or staff compensation purposes, and CA assumes no responsibility if the report is used in any of these ways. The primary data source for information is the investment manager and/or fund administrator, therefore data may not match custodial or other client records due to differences in data sourcing, methodology, valuation practices, etc. Estimated values may include prior quarter end data adjusted by a proxy benchmark or by subsequent cash flows. In some instances, data may be sourced directly from a client and/or prior advisors or service providers. CA makes no representations that data reported by unaffiliated parties is accurate, and the information contained herein is not reconciled with manager, custodian, and/or client records. The nature of performance measurement is such that it is a best estimate of performance. As such, performance is displayed to a one decimal place level of precision, accommodating up to nine basis points (o.ogi) of imprecision in reported returns. There are multiple methodologies available for use in the calculation of portfolio performance, and each may yield different results. Differences in both data inputs and calculation methodologies can lead to different calculation results. As part of the reporting process, errors can and do occur. For the purpose of CA reports, an error represents any component of the performance report that is missing or inaccurate, including, but not limited to, composite returns and market values, manager returns and market values, benchmark returns, risk and other statistical measures, holdings and exposures. Errors can be a result of incorrect aspects of data, calculations, setup, software or may be a result of an omission, incorrect value, incorrect systematic computation, incorrect report production, and other similar reasons. For classification as an error, the item in question must be objectively incorrect according to the standard policies, procedures, and methodologies utilized by CA. Differences due to changes in methodology over time, the difference between preliminary and final data and other related changes do not constitute errors, but rather normal course of business for the reporting process. Though CA makes reasonable efforts to discover inaccuracies in the input data used in the performance report, CA cannot guarantee the accuracy and are ultimately not liable for inaccurate information provided by external sources. Clients should compare the values shown on our performance reports with the statements sent directly from their custodians, administrators or investment managers. In the event that an error is discovered, CA will correct the error and maintain the most accurate information possible. In the event of a material error, CA will disclose the error to the report recipient along with an updated version of the report from the most recent period. CA's performance report is intended to be offered as a standardized product. CA may be instructed by the client to customize aspects of the report outside of CA's standard policies and procedures. Deviating from CA's standard operating policies and procedures can compromise the quality of the report and increase the risk of error. Customization requests cannot be accommodated in all cases if it is deemed that necessary systems and controls are not in place to minimize errors or reduce the validity of the report. Customizations, including but not limited to, data sourcing, data input, calculation methodologies and report display are acknowledged by the recipient as potentially compromising to the quality of the deliverable and the recipient assumes the risk for any ensuing quality breaches as a result of these customizations. The terms "CA" or "Cambridge Associates" may refer to any one or more CA entity including: Cambridge Associates, LLC (a registered investment adviser with the US Securities and Exchange Commission, a Commodity Trading Adviser registered with the US Commodity Futures Trading Commission and National Futures Association, and a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; Menlo Park, CA, New York, NY; and San Francisco, CA), Cambridge Associates Limited (a registered limited company in England and Wales, No. o6135829, that is authorized and regulated by the UK Financial Conduct Authority in the conduct of Investment Business, reference number: 474331); Cambridge Associates GmbH (authorised and regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht ('BaFin'), Identification Number: 155510), Cambridge Associates Limited, LLC (a registered investment adviser with the US Securities and Exchange Commission, an Exempt Market Dealer and Portfolio Manager in the Canadian provinces of Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan, and a Massachusetts limited liability company with a branch office in Sydney, Australia, ARBN 109 366 654), Cambridge Associates Investment Consultancy (Beijing) Ltd (a wholly owned subsidiary of Cambridge Associates, LLC which is registered with the Beijing Administration for Industry and Commerce, registration No. 110000450174972), and Cambridge Associates Asia Pte Ltd (a Singapore corporation, registration No. 2001oio63G, which holds a Capital Market Services License to conduct Fund Management for Accredited and/or Institutional Investors only by the Monetary Authority of Singapore). PORTFOLIO SUMMARY ALLOCATION (%) CURRENT ACTUAL As of 12/31/2021 MARKET VALUE ALLOCATION Total Assets* $143,026,376 U.S. Large/Mid Cap Equity* $34,752,757 24.3 U.S. Small Cap Equity* $1,987,761 1.4 Non-U.S. Developed Equity $16,666,643 11.7 Non-U.S. Emerging Markets Equity* $6,241,377 4.4 Global Equity $14,683,974 10.3 U.S. Aggregate Bonds* $25,180,514 17.6 TIPS $10,670,223 7.5 Global Bonds $6,452,319 4.5 High Yield Credit* $5,252,625 3.7 U.S. Treasuries $14,267,562 10.0 Cash' $6,870,620 4.8 PERFORMANCE (%) MONTH As of 12/31/2021 TO DATE CALENDAR YEAR TO DATE ANNUALIZED TRAILING 3 YEAR Total Assets* 1.9 8.6 12.1 Medium -Term Policy 2.0 Benchmark2 8.3 12.9 DECEMBER 31, 2021 12.1 12.9 8.6 8.3 1.9 2.0E 0 Month To Date Calendar Year To Date Annualized Trailing 3 Year ■ Total Assets ■ Medium -Term Policy Benchmark Rows marked with " * " contain preliminary data. p. ge 13 PERFORMANCE DECEMBER 31, 2021 CUMULATIVE ANNUALIZED ANNUALIZED ANNUALIZED INCEPTION CURRENT MONTH TRAILING TRAILING TRAILING TRAILING Returns (%) DATE MARKET VALUE TO DATE 1 YEAR 3 YEARS 5 YEARS 10 YEARS Total Assets* 7/31/2003 $143,026,376 1.9 ".6 12.1 8.8 7.1 Medium -Term Policy Benchmarkz 713112003 2.0 8.3 12.9 9.0 7.0 50% MSCI ACW/50% BBG Capital USAgg 713112003 1.9 8.2 12.7 9.2 7.5 U.S. Large/Mid Cap Equity* 3/31/2007 $34,752,757 4.1 18.4 15.6 S&P 500Index 313112007 4.5 28.7 26.1 18.5 16.6 Russell Midcap®Index 313112007 4.1 22.6 23.3 15.1 14.9 Vanguard Institutional Index Fund 10/31/2007 $13,126,946 4.5 28.7 26.0 18.4 16.5 HS Management Partners 9/30/2017 $4,229,473 4.6 30.5 27.4 --- --- Heard High Conviction Long Only Fund LLC 6/30/2021 $1,971,612 1.8 --- --- --- --- BNYM Mellon CF NSL Dynamic US Equity Fund* 7/30/2021 $4,400,096 5.0 --- --- --- --- GQG Partners US Select Quality Equity Fund 8/04/2021 $4,156,697 1.5 --- --- --- --- Metis US Equity Index Portfolio 10/06/2021 $6,867,933 4.5 --- --- --- --- U.S. Small Cap Equity* 3/31/2DO $1,987,761 9.2 Russell 2000® Index 313112007 2.2 14.8 20.0 12.0 13.2 SQN Investors Offshore Ltd* 11/30/2017 $1,987,761 -9.2 -10.8 8.4 --- --- Non-U.S. Developed Equity $16,666,643 MSCI EAFE Index (N) 313112007 5.1 11.3 13.5 9.5 8.0 Vanguard Developed Markets Index Fund 11/30/2007 $7,517,259 4.8 11.4 14.5 10.2 8.5 Artisan International Value Fund 12/31/2007 $9,149,384 6.1 17.0 16.5 10.7 10.7 Non-U.S. Emerging Markets Equity* 9/30/2007 $6,241,377 3.9 4.0 MSCI Emerging Markets Index (N) 913012007 1.9 -2.5 10.9 9.9 5.5 DFA Emerging Markets Portfolio 11/30/2007 $2,216,493 3.4 2.5 10.7 9.8 5.5 WGI Emerging Markets Fund, LLC* 3/31/2009 $1,801,986 5.5 2.1 7.5 7.5 5.3 Rondure New World Fund 8/02/2021 $2,222,899 3.1 --- --- --- --- Global Equity _ 1/31/2017 $14,683,974 4.7 19.5 MSCI World Index (N) 113112017 4.3 21.8 21.7 --- --- ® Rows marked with " * " contain preliminary data. page 14 PERFORMANCE CONTINUED DECEMBER 31, 2021 CUMULATIVE ANNUALIZED ANNUALIZED ANNUALIZED INCEPTION CURRENT MONTH TRAILING TRAILING TRAILING TRAILING Returns (%) DATE MARKET VALUE TO DATE 1 YEAR 3 YEARS 5 YEARS 10 YEARS Ownership Capital Global Equity Fund 7/31/2021 $5,086,930 4.7 --- --- --- --- Channing Global Equity Value Strategy 9/30/2021 $4,342,259 5.1 --- --- --- --- Metis Global Equity Portfolio 10/06/2021 $5,254,785 4.4 --- --- --- --- U.S. Aggregate Bonds* E 3/31/2007 $25,180,514 -0.3 -1.8 4.7 BBG Aggregate Bond Index 313112007 -0.3 -1.5 4.8 3.6 2.9 IR&M Core Bond Fund LLC 6/30/2009 $6,101,280 -0.4 -1.2 5.7 4.2 3.8 GHA- Fixed Income Aggregate Strategy* 7/31/2014 $14,714,303 -0.3 -2.2 4.3 3.5 --- Ramirez Core Strategy 7/30/2021 $4,364,931 -0.3 --- --- --- --- 6/30/2009 $10,670,223 6.2 8.5 3.0 BBG US TIPS Index 613012009 0.3 6.0 8.4 5.3 3.1 Vanguard Inflation Protected Securities Fund 6/30/2009 $10,670,223 0.2 5.7 8.3 5.2 3.0 Global Bonds 1 -8.1 3.1 FTSE WGBI Index 813112007 -0.6 -7.0 2.7 2.9 1.0 The Colchester Global Bond Fund 8/31/2007 $6,452,319 0.1 -8.2 3.1 3.3 1.8 High Yield Credit* 11/01/2021 $5,252,625 1.8 BofA ML U.S. High Yield Master H 1110112021 1.9 --- --- --- Blackstone High Yield Systematic Fund* 11/01/2021 $5,252,625 1.8 --- --- --- --- U.S. Treasuries 8/16/2021 $14,267,562 -0.8 BBG 5+ Yr Treasury Bond Index 811612021 -0.8 --- --- --- --- Breckinridge U.S. Treasury Index 8/16/2021 $14,267,562 -0.8 --- --- --- --- 3/31/2007 $6,870,620 --- --- Rows marked with " * " contain preliminary data. page 15 END NOTES DECEMBER 31, 2021 Due to the nature of Exchange Traded Funds (ETFs), passive index funds, and futures, options and other derivatives, these investments/contracts are not subject to the same monitoring or due diligence requirement as active managers. A list of investments in this portfolio that are excluded from monitoring can be provided upon request. 1. Total Cash Pending includes the holdbacks from Gobi ($772K) and Lizard ($373K) as well as the pending redemption for SQN ($993k)• a. Policy Benchmark is 48% MSCI AC World / 24% Bloomberg Capital US Agg / 14% FTSE World Gov't Bond / 7% Bloomberg US TIPS / 7% - 6o% MSCI AC World (Net) 4o% Bloomberg Aggregate. ® Pdge 16 METHODOLOGY & CALCULATIONS DECEMBER 31, 2021 Cambridge Associates LLC (CA) has established a proprietary database to monitor a client's portfolio across managers, asset classes, and at the total assets level. Users of the analysis may find the following description of the data sources, classification of investments, and the calculation techniques helpful in their interpretation of information that maybe presented in the Investment Performance Report. Please note that certain data and calculation methodologies have evolved over time and may be time boxed to specific periods using a methodology wall specific to each client. i. Investment manager statements are the primary source of information concerning client market values, returns, and cash flow transactions. In cases where managers are unable to provide data or where CA is otherwise instructed, other data sources may be substituted including, but not limited to custodian and/or client provided data. CA may also make use of third party data vendors to source fund -level returns. 2. Investment manager inception dates represent the initial funding dates unless otherwise indicated. Tracked performance begins on the first day after the manager inception date unless otherwise instructed. 3. All performance figures are shown on a total return basis and in U.S. Dollars unless otherwise indicated. All return time periods over one year are annualized unless otherwise indicated. Annualized returns follow an actual month/12 convention with the exception of the annualized since inception return, which follows an actual day/365 convention to account for non -month -end inception dates. 4. All returns presented in marketable performance reports are time -weighted unless otherwise indicated. A time -weighted return (TWR) measures the return of a single dollar invested continuously for a specific time period. TWRs provide equal weight to each time period, thereby neutralizing the impact of external cash flows. In contrast to money -weighted returns, TWRs are not influenced by withdrawals or contributions to the portfolio. Due to most long -only and hedge fund managers' lack of direct influence over the timing of investor cash flows, a TWR allows for more appropriate performance evaluation for marketable investments. 5. Preliminary Data is used in cases when the final performance figures for the period have not been supplied by a manager or custodian at the time the report is produced. To arrive at preliminary figures, CA may utilize one of the following approaches: ■ CA may report preliminary performance figures as provided by a manager or custodian when available. ■ CA may calculate performance using the previous period ending market value, cash flows that occurred during the period, and current period ending market value, as reported by a manager or custodian. If there are no cash flows, CA will use the o% return that results from the calculation. For any situations that CA rolls forward performance using cash flows that are in a currency other than the reporting currency, CA applies the exchange rate at the end of the period to the preliminary market value at the end of the period. ■ CA may use proxy return information to estimate a preliminary market value. A proxy might be an investment vehicle offered the same manager with a similar strategy, but using a different fund structure, e.g. a mutual fund version in place of a separate account. A proxy could also be an index that has been set by the investment team that closely mirrors the investment goals of the investment, potentially the same index as the benchmark for the investment. For information on the specific approach used, please reach out to your performance analyst or team. 6. Marketable investment manager returns are tracked through CA's proprietary performance database system on a monthly basis. If monthly returns are unavailable, quarterly returns may be substituted. All returns for periods longer than one month are calculated by geometrically linking the monthly returns. All returns are net of management fees unless otherwise indicated. 7. In some cases, performance figures reported by a manager are gross of fees. CA will attempt to convert gross returns to returns net of fees to allow for a more fair comparison across managers. CA may utilize one of the following approaches for handling performance received as gross: ■ CA may leave the reported performance figure as a gross return and footnote that the performance is gross. ■ CA may calculate the return by revising the reported ending market value based on cash flow information from the custodian or manager that is specifically for fees. ■ CA may calculate the return using the reported fee structure of the investment. For information on the specific approach used, please reach out to your performance analyst or team. 8. In cases where CA is instructed to report a return net of CA fees, the quarterly fee paid by the client is divided into equal monthly tranches. Each monthly tranche is divided by the respective average capital base and multiplied by ioo to be additive with the time weighted return. For more information on adjusting performance for CA fees, please reach out to your performance analyst or investment team. g. Hedge Fund (HF) manager returns are presented net of both management and incentive fees unless otherwise labeled. Y,ge17 METHODOLOGY & CALCULATIONS DECEMBER 31, 2021 ro. For periods prior to the methodology wall, returns for Private Investments (PI) included in marketable reports are quarterly Internal Rates of Return (IRA's) calculated by CA's proprietary PI database. The IRR (Net to Limited Partner) reflects the client's return on its investment in the partnership net of fees, expenses, and carried interest received by the general partners. In order to transform the quarterly money -weighted return (IRR) series into a monthly time -weighted series for use in marketable reporting, CA follows the following convention: o% return (first month), quarterly IRR (second month), o% return (third month). Aggregated PI cash flows are stored on the quarterly mid -point. For periods after the methodology wall, PI returns included in marketable reports are calculated monthly using Modified Dietz. PI cash flows are tracked daily on the specific dates they occur. Since PI valuations are typically reported quarterly, market values in the first and second months of the quarter will be reported using the last known quarterly valuation adjusted for interim cash flows. As a result, the primary performance impact of PI will be realized in the third month of the quarter, consistent with the reporting date of most PI funds. Due to the timing of information availability from private investment managers, PI returns are reported on a one - quarter lag. See section rr below to understand how performance is calculated for current periods given the lag in PI reporting. Detailed analysis of PI money -weighted returns, commitments, and strategy exposures are available in a separate PI Performance Report for PI Performance Reporting subscribers. ri. Given the majority of Private Investment managers provide performance on a quarter lag and will not typically report a preliminary number, CA may utilize one of the following approaches: ■ CA may carry forward the ending market value of the previous period resulting in a o% return (excluding any currency effects). ■ CA may roll forward the market value from the previous period using cash flows as reported to a custodian. For any situations that CA rolls forward performance using cash flows that are in a currency other than the reporting currency, CA applies the exchange rate at the end of the period to the preliminary market value at the end of the period. ■ CA may use a public index as a proxy return for a private investment. For information on the specific approach used, please reach out to your performance analyst or team. rz. CA utilizes trade date accounting, with purchases or sales recognized on the date of purchase or sale and not the settlement date. Additionally, CA utilizes an end -of -day cash flow methodology, with all cash flows assumed to occur after the close of business for calculation purposes. It is possible that CA's cash flow dates may deviate from the dates reported from other sources due to differences in methodology, timing, intended consumer, etc. 13. Composites (synonymous with sleeves) represent a collective value for a grouping of similar investments as if their underlying assets were pooled into one "master portfolio'. Investments are assigned to a particular composite according to the classification of their investments and the specific objectives of the client. For periods prior to the methodology wall, composite performance is calculated by asset -weighting individual investment -level returns by each investment's average capital base (ACB) as a percentage of the total composite ACB. The ACB consists of an investment's beginning market value adjusted for the daily -weighted cash flows during the period. Due to the daily weighting methodology, cash flows occurring earlier (later) in the period will have a greater (lesser) weight in the ACB calculation. For periods after the methodology wall, composite performance is calculated using Modified Dietz. Modified Dietz involves pooling the market values and cash flows of the underlying investments and calculating a return based on the net profit or loss of the composite divided by the composite's ACB. If a composite experiences a large intra-month cash flow (defined as a net cash flow of greater than zo% of the composite's beginning market value), the composite will be revalued and divided into one or more sub -periods that will be geometrically linked to calculate the monthly return. 14. The CA Manager statistics, consisting of Medians, Universe Size, and Percentile Ranking are derived from CA's proprietary database covering investment managers and exclude managers that exclude cash from their reported total returns. For calculations including any years from 1998 to the present, those managers with less than $50 million in product assets are excluded. Returns for inactive (discontinued) managers are included if performance is available for the entire performance period measured. The Medians will not include simulated performance series provided by managers. 15. CA Manager Medians are compiled at each quarter end. CA Percentile Rankings are based upon a scale of o to roo, where o represents the best performing and ioo the worst. Returns in place for less than the full quarterly period are not ranked. 16. As a result of CA's methodology, it is incorrect to link quarterly medians to come up with a median over an extended time period. The compounded median that would result from such a calculation would be different from the 5oth percentile manager ranking for the complete time under consideration. 17. The CA Preliminary Peer Medians are populated from CA's Client base, the majority of which are tracked by the Performance Reporting department. All Taxable Clients are excluded from the universe. The CA Preliminary Peer Medians are compiled on a quarterly basis and Median returns are available approximately starting four weeks after quarter end. As CA's Client base reports in, the universe size will grow accordingly. A minimum of 15 Clients must be present for the CA Preliminary Peer Medians to be generated for the given time period. Approximately six weeks to eight weeks after quarter end, the CA Preliminary Peer Medians have the capability to be filtered by asset size and institution type. The Preliminary Peer Medians return and percentile rankings within the universe reported in any given Performance Report will be dependent on the available universe of similar institutions at the time the report is prepared. 18. Index returns are reported on the same basis as investment manager returns. Performance is shown on a total return basis, where tracked performance begins first day after investment manager inception unless otherwise stated. If an index is unavailable for the current period or a partial period, CA will use an assumption -based method, including but not limited to, a o% return, the trailing twelve month average for the index, or a constant daily return derived from the monthly return in the case of partial periods. Please see Index Vendor list for source disclosure. pie 18 INDEX SOURCES AND DISCLAIMERS The Investment Performance Report was prepared using a subset of the listed Index Data providers below: Barclay Trading Group Barclays BARRA Barron's Bloomberg L.P. BofA Merrill Lynch British Bankers' Association Cambridge Associates LLC Chase Manhattan Bank Commodity Research Bureau Common -Stock Indexes (Cowles Commission) Credit Lyonnais Securities Asia Credit Suisse CS First Boston Corp. CS First Boston High -Yield Market Research Group Deutsche Bank Dow Jones Indexes Edward I. Altman - NYU Salomon Center Eurekahedge European Public Real Estate Association FactSet Research Systems, Inc. FBC High Yield Research Federal Reserve Frank Russell Company FTSE Fixed Income LLC FTSE International Limited Goldman, Sachs & Co. Grantham, Mayo, Van Otterloo & Company Hambrecht & Quist Hedge Fund Research, Inc. Hoare Govett Corporate Finance Ltd. HSBC ING Barings International Finance Corporation J.P. Morgan Securities, Inc. JPMorgan H&Q Kinder, Lydenberg, Domini & Co., Inc. Lipper Inc. MSCI Inc. Morgan Stanley Dean Witter National Association of Real Estate Investment Trusts DECEMBER 31, 2021 National Council of Real Estate Investment Fiduciaries OECD Property & Portfolio Research, Inc. Price Group Prudential Real Estate Investors Salomon Smith Barney Standard & Poor's Standard & Poor's Compustat SWX Swiss Exchange Thomson Reuters Datastream UBS Global Asset Management U.S. Dept of Labor - Bureau of Labor Statistics The Wall Street Journal Wilshire Associates, Inc. WM Company Notwithstanding any specific disclosure provided below, indexes listed above and used in this report are the property of the named provider of such index. Each index is used with the permission of, or has been property of the named provider of such index. Each index is used with the permission of, or has been the index provider. Neither CA nor individual index providers are responsible for any loss, damage, cost or expense suffered as a result of any use of, or reliance on, any of the information. Broad -based securities indexes are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. Note: The 9r-Day Treasury Bill Index sources the BofA Merrill Lynch gr-Day Treasury Bills Index from Jan 1978 to present. The BofA Merrill Lynch Indices are used with permission. Copyright aozz, Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. The BofA Merrill Lynch Indices may not be copied, used, or distributed without BofA Merrill Lynch's prior written approval. The Wilshire Indexes are produced by Wilshire Associates Incorporated and have been licensed for use. All content of the Wilshire Indexes © 2022 is proprietary to Wilshire Associates Incorporated. Pre-1978 data represents returns calculated by Cambridge Associates using yields from the Federal Reserve. Total returns for MSCI Emerging Markets and All Country indices are gross of dividend taxes unless specifically noted with (NET). Total returns for MSCI developed markets indices are net of dividend taxes MSCI data provided "as is" without any express or implied warranties. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Cambridge Associates. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products, or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the 'MSCI Parties') makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Source: FTSE zozz. To the extent permissible by law, FTSE accepts no liability for errors or omissions in the data. The Industry Classification Benchmark is property of FTSE International Limited and has been licensed for use. 9 GENERAL DISCLAIMERS DECEMBER 31, 2021 The performance report represents Cambridge Associates LLC (CA) highest confidence estimate of investment performance and portfolio positioning prepared using the best information set available at the time of report production. It is a snapshot at a point in time and is subject to change. Historical results can and likely will adjust over time as updated information is received and processed. Estimated, preliminary, and/or proxy information may be displayed and can change with finalized information over time, and CA disclaims any obligation to update a previously provided performance report when such changes occur. The performance report is not intended as a Book of Record nor is it intended for valuation, reconciliation, accounting, auditing, or staff compensation purposes, and CA assumes no responsibility if the report is used in any of these ways. The primary data source for CA reporting is the investment manager and/or fund administrator, as such; data may not match to custodial or other client records due to differences in data sourcing, methodology, valuation practices, etc. Estimated values may include prior quarter end data adjusted by a proxy benchmark or by subsequent cash flows. In some instances, data maybe sourced directly from a client and/or prior advisors or service providers. CA makes no representations that data reported by unaffiliated parties is accurate, and reporting services provided do not include reconciliation services between manager, custodian, and client records. The nature of performance measurement is such that it is a best estimate of performance. As such, performance is displayed to a one decimal place level of precision, accommodating up to nine basis points (o.o9%) of imprecision in reported returns. There are multiple methodologies available for use in the calculation of portfolio performance, each correct on their own merits, each with their own unique challenges, and each may yield different results. Differences in both data inputs and calculation methodologies can lead to different calculation results. As part of the reporting process, errors can and do occur. For the purpose of CA reports, an error represents any component of the performance report that is missing or inaccurate, including, but not limited to, composite returns and market values, manager returns and market values, benchmark returns, risk and other statistical measures, holdings and exposures. Errors can be a result of incorrect aspects of data, calculations, setup, and software or may be a result of an omission, incorrect value, incorrect systematic computation, incorrect report production, and other similar reasons. For classification as an error, the item in question must be objectively incorrect according to the standard policies, procedures, and methodologies utilized by CA. Differences due to changes in methodology over time, the difference between preliminary and final data and other related changes do not constitute errors, but rather normal course of business for the reporting process. Though CA makes reasonable efforts to discover inaccuracies in the input data used in the performance report, CA cannot guarantee the accuracy and are ultimately not liable for inaccurate information provided by external sources. Clients should compare the values shown on our performance reports with the statements sent directly from their custodians, administrators or investment managers. In the event that an error is discovered, CA will correct the error and maintain the most accurate information possible. In the event of a material error, CA will disclose the error to the report recipient along with an updated version of the report from the most recent period. CA's performance report is intended to be offered as a standardized product. CA may be instructed by the client to customize aspects of the report outside of CA's standard policies and procedures. Deviating from CA's standard operating policies and procedures can compromise the quality of the report and increase the risk of errors. Customization requests cannot be accommodated in all cases if it is deemed that necessary systems and controls are not in place to minimize errors or reduce the validity of the report. Customizations including but not limited to data sourcing, data input, methodologies and report display are acknowledged by the recipient as potentially compromising to the quality of the deliverable and the recipient bears joint responsibility for any ensuing quality breaches as a result of these customizations. mPdge 110 Roger and Jean Hunt Duncan Fund (1012) Current Gift and Grant Information as of 02/09/2022 Year - To - Date Last Year Gifts Gains or Losses on Gifted Assets Other Additions Investment Activity Grants Paid Grants Approved for Future Payment Pending Recommendations Interfund Transfers Support Fees Other Expenses Fund Balance and Investment Allocation Balance Available for Grants When reviewing your fund balance, please note the following: 0.00 $0.00 0.00 $0.00 0.00 $0.00 0.00 $277,568.69 0.00 $0.00 0.00 0.00 $0.00 0.00 $0.00 912.70 ($10.442.78) 0.00 $0.00 $2,241,153.63 As of 02/09/2022 $90,702.92 1. All gift and grant transactions through the previous business day are reflected in the current balance of your fund 2. Investment activity for your fund is updated once per month. The community foundation posts investment activity from the preceding month during the third week of each month, after we receive this information from our managers. To determine when the last investment activity was posted to your fund, click on the amount in the Investment Activity line of your fund summary. 3. Support fees for the preceding month are posted by the second week of the following month. One -twelfth of the annual support fee is assessed based on the fund's average daily balance of the previous month. Fees are assessed before investment earnings are allocated. To view the date when the last fees were posted to your fund, click on the amount in Support Fees. Statement Period �co LICON VALLEY January 1, 2021 through December31, 2021 community foundation° Fund Name/Number Roger and Jean Hunt Duncan Fund (1012) SVCF Main Contact: Cheryl Platon Operations Manager 650.450.5495 CPlaton@siliconvalleycf.org Your philanthropy advisor - listed above - is here to help you make the most of our partnership. As you review your statement and make plans for your fund, always let us know what we can do. For all of the good that you do in our community and our world, thank you! Fund Activity Beginning Balance Investment Activity Endowment Pool Support Fees Ending Balance Fund Assets Investment Pools Endowment Pool Total Fund Assets Restricted Balance Permanently/Temporarily Restricted Assets Total Restricted Balance Balance Available for Grants Statement Period Y-T-D $1,974,940.42 $1,974,940.42 277,568.69 277,568.69 (10,442.78) (10,442.78) $2,242,066.33 $2,242,066.33 2,242,066.33 $2,242,066.33 555,584.12 $555, 584.12 $156,734.12 SILICON VALLEY community foundation° Fund Name/Number Statement Period January 1, 2021 through December 31, 2021 Roger and Jean Hunt Duncan Fund (1012) Investment Information As announced in previous quarterly statements, SVCF is pleased to have engaged Cambridge Associates as our new investment consultant. All pool -level investment performance will be reported by Cambridge Associates in the monthly performance reports found on the donor portal. Your quarterly donor statement will continue to report the dollar amount of investment gains, losses, interest and dividends that accrue to your fund during the statement period. We look forward to introducing you to the Cambridge Associates team later this year so you may learn more about them and how they will be supporting SVCF and our donors. Investment Pool Allocation Guidelines Long -Term Growth: For funds seeking maximum growth. Appropriate for funds distributing less than 7% annually or that portion of a fund that can tolerate volatility and will remain invested for at least seven years to realize growth opportunities. Social Impact: For funds seeking maximum growth from companies with strong financial and social records. Appropriate for that portion of a fund that can tolerate volatility and will remain invested for at least seven years to realize growth. Balanced: For funds seeking more moderate levels of growth and risk. Appropriate for funds distributing over 7% annually or that portion of a fund that will remain invested for at least three years to realize return objectives. Short -Term: For funds that seek above -money-market returns and can tolerate some volatility. Appropriate for funds or that portion of a fund to be distributed in one to two years. Capital Preservation: For funds seeking stability, or the portion of a fund to be distributed within one year. About Your Fund Statement Accounts Payable: Expenses that have been approved, but are scheduled for payment on a future date. Assets to be Invested: Assets that have yet to be invested, but will be at the beginning of the following month. Gains or (Losses) on Gifted Asset: Difference in the value of property when donated and the value when liquidated. Gifts: Contributions/donations made to your fund. Grants Authorized: Reflects all grants to qualified organizations that have been recommended by the donor and approved by Silicon Valley Community Foundation. If the grant is scheduled for payment on a future date, it will also appear in the Restricted Assets section as Grants Payable, reducing the balance available for granting. Grants Payable: Grants that have been approved, but are scheduled for payment on a future date. Illiquid Assets: Donated property that has not been sold. Interfund Gifts: Transfers to your fund from another fund at Silicon Valley Community Foundation. Interfund Grants: Transfers from your fund to another fund at Silicon Valley Community Foundation. Investment Returns: Reflects the total return in the investment pool, net of investment management fees. Other Additions: Deposits to your fund that do not represent gifts such as partnership income, dividends/interest earned on gifted securities, other assets received in exchange for goods or services. Other Expenses: Administrative expenses paid from your fund, such as legal, consulting and credit card processing fees. Receivables: Assets in the form of obligations due from others. Restricted Assets: Assets that may not be used for granting purposes Securities Being Liquidated: Gifted securities pending sale or settlement. Support Fees: An allocation to the community foundation's operating fund to enable ongoing work with donors and the nonprofit community. Fees are computed and paid on a monthly basis (1/12) according to the stated fee schedule. Julia M. Farrell Memorial Fund (1014) Current Gift and Grant Information as of 02/09/2022 Year - To - Date Last Year Gifts Gains or Losses on Gifted Assets Other Additions Investment Activity Grants Paid Grants Approved for Future Payment Pending Recommendations Interfund Transfers Support Fees Other Expenses Fund Balance and Investment Allocation Balance Available for Grants When reviewing your fund balance, please note the following: 0.00 $0.00 0.00 $0.00 0.00 $0.00 0.00 $893.57 0.00 $282.40 0.00 0.00 $0.00 0.00 $0.00 2.91 33.72 0.00 $0.00 7 147.99 As of 02/09/2022 303.25 1. All gift and grant transactions through the previous business day are reflected in the current balance of your fund 2. Investment activity for your fund is updated once per month. The community foundation posts investment activity from the preceding month during the third week of each month, after we receive this information from our managers. To determine when the last investment activity was posted to your fund, click on the amount in the Investment Activity line of your fund summary. 3. Support fees for the preceding month are posted by the second week of the following month. One -twelfth of the annual support fee is assessed based on the fund's average daily balance of the previous month. Fees are assessed before investment earnings are allocated. To view the date when the last fees were posted to your fund, click on the amount in Support Fees. Statement Period �co LICON VALLEY January 1, 2021 through December31, 2021 community foundation° Fund Name/Number Julia M. Farrell Memorial Fund (1014) SVCF Main Contact: Cheryl Platon Operations Manager 650.450.5495 CPlaton@siliconvalleycf.org Your philanthropy advisor - listed above - is here to help you make the most of our partnership. As you review your statement and make plans for your fund, always let us know what we can do. For all of the good that you do in our community and our world, thank you! Fund Activity Beginning Balance Investment Activity Endowment Pool Grants Authorized Support Fees Ending Balance Fund Assets Statement Period Y-T-D $6,573.45 $6,573.45 893.57 893.57 (282.40) (282.40) (33.72) (33.72) $7,150.90 $7,150.90 Investment Pools Endowment Pool 7,150.90 Total Fund Assets $7,150.90 Restricted Balance Permanently/Temporarily Restricted Assets Total Restricted Balance Balance Available for Grants 5,000.00 $5,000.00 $0.00 SILICON VALLEY community foundation° Fund Name/Number Statement Period January 1, 2021 through December 31, 2021 Julia M. Farrell Memorial Fund (1014) Investment Information As announced in previous quarterly statements, SVCF is pleased to have engaged Cambridge Associates as our new investment consultant. All pool -level investment performance will be reported by Cambridge Associates in the monthly performance reports found on the donor portal. Your quarterly donor statement will continue to report the dollar amount of investment gains, losses, interest and dividends that accrue to your fund during the statement period. We look forward to introducing you to the Cambridge Associates team later this year so you may learn more about them and how they will be supporting SVCF and our donors. Investment Pool Allocation Guidelines Long -Term Growth: For funds seeking maximum growth. Appropriate for funds distributing less than 7% annually or that portion of a fund that can tolerate volatility and will remain invested for at least seven years to realize growth opportunities. Social Impact: For funds seeking maximum growth from companies with strong financial and social records. Appropriate for that portion of a fund that can tolerate volatility and will remain invested for at least seven years to realize growth. Balanced: For funds seeking more moderate levels of growth and risk. Appropriate for funds distributing over 7% annually or that portion of a fund that will remain invested for at least three years to realize return objectives. Short -Term: For funds that seek above -money-market returns and can tolerate some volatility. Appropriate for funds or that portion of a fund to be distributed in one to two years. Capital Preservation: For funds seeking stability, or the portion of a fund to be distributed within one year. About Your Fund Statement Accounts Payable: Expenses that have been approved, but are scheduled for payment on a future date. Assets to be Invested: Assets that have yet to be invested, but will be at the beginning of the following month. Gains or (Losses) on Gifted Asset: Difference in the value of property when donated and the value when liquidated. Gifts: Contributions/donations made to your fund. Grants Authorized: Reflects all grants to qualified organizations that have been recommended by the donor and approved by Silicon Valley Community Foundation. If the grant is scheduled for payment on a future date, it will also appear in the Restricted Assets section as Grants Payable, reducing the balance available for granting. Grants Payable: Grants that have been approved, but are scheduled for payment on a future date. Illiquid Assets: Donated property that has not been sold. Interfund Gifts: Transfers to your fund from another fund at Silicon Valley Community Foundation. Interfund Grants: Transfers from your fund to another fund at Silicon Valley Community Foundation. Investment Returns: Reflects the total return in the investment pool, net of investment management fees. Other Additions: Deposits to your fund that do not represent gifts such as partnership income, dividends/interest earned on gifted securities, other assets received in exchange for goods or services. Other Expenses: Administrative expenses paid from your fund, such as legal, consulting and credit card processing fees. Receivables: Assets in the form of obligations due from others. Restricted Assets: Assets that may not be used for granting purposes Securities Being Liquidated: Gifted securities pending sale or settlement. Support Fees: An allocation to the community foundation's operating fund to enable ongoing work with donors and the nonprofit community. Fees are computed and paid on a monthly basis (1/12) according to the stated fee schedule. SILICON VALLEY community foundation° Grants Authorized Date Grant Number Statement Period January 1, 2021 through December 31, 2021 Fund Name/Number Julia M. Farrell Memorial Fund (1014) Detailed Schedule(s) Grantee Amount 03/18/21 2021-231383 Burlingame Public Library (282.40) ($282.40)