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Long Term Investment Portfolios:

Global Growth Portfolio

This investment pool has been developed by the Foundations Investment Committee as the primary investment vehicle for funds invested for the long-term. Its purpose is the generation of maximum long-term total returns within levels of risk determined to be prudent by the Foundation Trustees. The Global Growth Pools objective can best be described in one word, diversification. The Investment Committee believes that a multi-asset class portfolio, consisting of many different types of investments from around the world, best fulfills that objective. It also recognizes that the best investment ideas come from many different sources. As such, the Global Growth Portfolio is managed by three distinct investment groups, its own Investment Committee, and two distinct highly diversified investment programs.

The portion (approx 75%) of the portfolio managed by the Investment Committee invests in publicly traded US & International equities and US bonds exclusively using low cost indexed mutual funds and invests directly in a number of alternative investment fund of funds including equity and multi-strategy hedge funds, private equity, venture capital, private real estate, natural resources and mezzanine debt.

The remaining portion of this portfolio is invested in two separate programs one run by The Investment Fund for Foundations (TIFF) and the other by High Vista Strategies. Both funds invest in a highly diversified manner across all asset classes using a very disciplined active management approach which seeks to respond to anticipated market changes by adjusting each programs asset mix in a more nimble and opportunistic way. In addition, because of their size and structure each fund is able to invest in a variety of asset classes and individual managers unavailable to our Investment Committee, thus increasing the overall portfolios diversification, and lowering risk.

Total Portfolio

25% of the portfolio is split evenly between two investment programs:

TIFF Multi-Asset Fund:

SEC registered fund offering daily valuation and liquidity.

U.S. EQUITY 40%

NON-US EQUITIES 30%

BONDS & CASH 15%

ALTERNATIVE INVESTMENTS 15%

(Private Equity & Venture Capital

Private Real Estate, Natural Resources

Hedge Funds and a Mezzanine Debt Fund)

Note: Percentages refer to the allocation only within that portion of the portfolio managed by the

CFWM Investment Committee.

Asset Manager(s): Various low cost mutual funds for all investments other than alternatives. Alternatives consist of private equity and venture capital, real estate and natural resources, and hedge fund of funds.

Benchmark (blended): 40% Wilshire 5000 // 30% FTSE All World Ex-US// 30% Barclays Aggregate Bond Index

Fee: Approximately 12 basis points (.12%) for all index fund investments while the TIFF and High Vista funds along with the various alternative assets carry fees of up to 150 basis points (1.5%).

Global Growth performance for quarter ending December 2014

Bank of America Portfolio

This portfolio is a collection of funds that were received by the CFWM over several years from a number of donors who recommended Bank of America or its predecessors as the investment manager. The primary objective of this pool is the generation of long-term total returns, and is available to those donors upon request.

Asset Manager: Bank of America

Benchmark (blended ): 50% Wilshire 5000 // 20% EAFE // 30% Barclays Aggregate Bond Index

Underlying Investment Vehicle(s): Various Exchange Traded Index Funds (ETFs) as recommended by Bank of America

Fee: Approximately 60 basis points (.60%)

Socially Responsible Portfolio

This pool has been developed as a long-term portfolio for those donors who strongly believe that investments can make a positive difference on social and environmental issues. To this end, the Committee has employed Trillium Asset Management an active portfolio manager that specializes in structuring portfolios based on an intensive screening process. As in any investment endeavor that limits the scope of investments, this portfolio may tend to be more volatile than one that is able to diversify across the entire universe of investment opportunities.

Asset Manager: Trillium Asset Management

Benchmark (blended): 50% Wilshire 5000 // 20% EAFE // 30% Barclays Aggregate Bond Index

Investment Vehicle(s): Actively managed by Trillium Asset Management using

socially responsible criteria.

Fee: Approximately 40 basis points (.40%)

Other Investment Portfolios :

Intermediate Term Portfolio

This is the Foundations most conservative intermediate term investment portfolio. Its primary objective is to provide relatively stable value with the potential for principal growth. An emphasis has been placed on achieving market rates of returns, with broad diversification and low management cost. The higher debt and cash component dampen the volatility of the portfolio, but may limit appreciation potential and thus is not consistent with the Foundations spending policy.

Asset Manager: Vanguard Group

Benchmark (blended): 50% Wilshire 5000 // 25% Barclays Aggregate Bond Index // 25% 90-Day T-Bill

Underlying Investment Vehicle(s): 50% Vanguard Total Stock Market Index Institutional Fund,

25% Vanguard Total Bond Market Index Institutional Fund, 12.5% Various Vanguard Money Market Funds, 12.5% Vanguard Short Term Bond Index Fund

Fee: Approximately 10 basis points (.10%)

Short Term Portfolio

This portfolio is available only for those donor advised and other funds where the bulk of the principal will be expended in a relatively short time. The main objective of the pool is preservation of capital and current income. The money market portfolios investment objectives are not consistent with the Foundations spending policy or with the growth of principal and thus represent a poor long-term investment.

Asset Manager. Vanguard Group

Underlying Investment Vehicle: Vanguard Admiral Treasury Money Market Fund and Prime Money Market Fund, The Investment Fund for Foundations (TIFF-Short Term), and Nuvo Bank CD