This report, based on a survey that Cambridge Associates administers annually to our foundation clients, summarizes returns, asset allocation, and other investment-related data for 115 foundations for the year ended December 31, 2019. Included in this year’s report are commentary and exhibits across five sections: Investment Portfolio Returns, Investment Policy, Portfolio Asset Allocation, Investment Manager Structures, Payout from the Long-Term Investment Portfolio, and Investment Office Staffing and Governance.