In addition to summarizing asset allocation, total investment performance, and payout characteristics for 118 of Cambridge Associates’ foundation clients, this year’s report takes a closer look at additional portfolio attributes and investor trends relevant to clients. Included in the report are exhibits on performance attribution, risk analytics, and policy portfolio benchmarking. We also highlight private investment programs and their impact on portfolio liquidity. Other exhibits cover payout rates, payout distribution components, and payout objectives. Our section on investment management structures reviews the use of external managers by asset class, with new exhibits detailing portfolio implementation techniques.