2024-05-13T18:40:38-05:00 2023-06-30 814234542 BPM LLP 4200 BOHANNON DRIVE SUITE 250 MENLO PARK CA 940251021 990PF 2022-07-01 943148772 THE EUCALYPTUS FOUNDATION EUCA 4155613346 P O BOX 29550 SAN FRANCISCO CA 941290550 JEFFREY DOLAN CFO 4155613346 2024-05-13 1 JEFFREY DOLAN 999009999 0 TAMARA L MCINERNEY P00011797 6508556800 2024-05-13 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X 220917329 X 149112188 1185568 58339 2012265 2070199 1495649 18297211 928549 0 102477 153805670 3159564 16400 2132 14268 47500 0 47500 3674 0 3674 81744 14000 67744 330713 259843 0 4603 112773 15998 4229 1626 74368 418 594430 370944 137833 5509292 5509292 6103722 370944 5647125 147701948 2788620 48737 48737 587299 3469495 3469495 844664 880824 838486 29753804 106506701 118223219 15382029 69916664 70037671 13969455 13543827 14165815 0 14133906 14133906 60537251 208500154 220917329 0 0 X 60537251 208500154 60537251 208500154 60537251 208500154 60537251 147701948 260955 208500154 0 208500154 CAPITAL WORLD GROWTH & INCOME FUND 17228 20429 -3201 -3201 26281.405 SHS. VANGUARD TOT. STK. MKT. IDX. FUND 2450000 1623825 826175 826175 274,310.52 SHS. VANGUARD SHORT-TERM BOND IDX. FUND 2750000 2856558 -106558 -106558 GOLDMAN SACHS (KESTREL) 6996893 7202370 -205477 -205477 GOLDMAN SACHS (BOND) 5407408 5642861 -235453 -235453 CAPITAL WORLD GROWTH & INCOME FUND 6040 6757 -717 -717 PASSTHROUGH GAINS AND K-1 INCOME P -166150 -166150 PASSTHROUGH GAINS AND K-1 INCOME P 150288 150288 CAPITAL GAINS DIVIDENDS P 669642 669642 669642 928549 38762 0 38762 0 38762 72000 0 0 0 72000 0 33238 33238 0 0 0 0 0 0 0 0 0 0 0 1 1 CA 1 0 0 0 0 1 N/A JEFFREY DOLAN 4155613346 PO BOX 29550 SAN FRANCISCO CA 941290550 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 GORDON T GEBALLE PO BOX 29550 SAN FRANCISCO CA 941290550 PRESIDENT, DIRECTOR 1.00 0 0 0 ALISON F GEBALLE PO BOX 29550 SAN FRANCISCO CA 941290550 VICE PRES.,DIRECTOR 1.25 0 0 0 ADAM P GEBALLE PO BOX 29550 SAN FRANCISCO CA 941290550 VICE PRESIDENT, DIRECTOR 0.75 0 0 0 STEPHEN SCHWARZ PO BOX 29550 SAN FRANCISCO CA 941290550 SECRETARY, DIRECTOR 4.00 16400 0 0 JENNIFER G NORMAN PO BOX 29550 SAN FRANCISCO CA 941290550 DIRECTOR 0.75 0 0 0 NONE 0 KESTREL INVESTMENT MGMT 411 BOREL AVE 403 SAN MATEO CA 94402 INVESTMENT MANAGEMENT 235100 GOLDMAN SACHS 555 CALIFORNIA STREET 45TH FLR SAN FRANCISCO CA 94104 INVESTMENT MANAGEMENT & CUSTODY 72336 EUCALYPTUS ASSOCIATES PO BOX 29550 SAN FRANCISCO CA 94129 TAX AND ACCOUNTING 56000 0 0 116710359 7343463 14165815 138219637 1949263 0 138219637 2073295 136146342 6807317 6807317 38762 38762 6768555 0 6768555 0 6768555 5647125 0 5647125 6768555 0 0 765178 1938524 2502666 2545497 1339690 9091555 5647125 0 0 0 5647125 0 1121430 1121430 7970125 0 0 0 0 0 0 0 7970125 1582272 2502666 2545497 1339690 ALISON F GEBALLE ADAM P GEBALLE X 826 VALENCIA PO BOX 410595 SAN FRANCISCO CA 94141 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 ACHIEVE TAHOE PO BOX 8339 TRUCKEE CA 96162 NONE PUBLIC CHARITY GENERAL SUPPORT 1000 AIM HIGH PO BOX 410715 SAN FRANCISCO CA 94141 NONE PUBLIC CHARITY AIM HIGH SUMMER LEARNING PROGRAM 75000 AMERICAN PHYSICAL SOCIETY ONE PHYSICS ELLIPSE COLLEGE PARK MD 20740 NONE PUBLIC CHARITY PHYSICSQUEST PROGRAM 217000 BEAR LEAGUE PO BOX 393 HOMEWOOD CA 96141 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 BOYS AND GIRLS CLUBS OF SAN FRANCISCO 380 FULTON STREET SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY YOUTH MENTAL HEALTH AND EDUCATION 75000 BOYS AND GIRLS CLUBS OF THE PENINSULA 401 PIERCE ROAD MENLO PARK CA 94025 NONE PUBLIC CHARITY GENERAL SUPPORT 100000 BULAMU HEALTHCARE 1933 WAVERLY STREET PALO ALTO CA 94301 NONE PUBLIC CHARITY HEALTH CARE SYSTEMS IN UGANDA 200000 CAMPOLINDO ATHLETIC BOOSTERS 300 MORAGA ROAD MORAGA CA 94556 NONE PUBLIC CHARITY GENERAL SUPPORT 500 CANCER SUPPORT COMMUNITY 3276 MCNUTT AVENUE WALNUT CREEK CA 94597 NONE PUBLIC CHARITY GENERAL SUPPORT 4000 CHILDREN'S MUSEUM OF SONOMA COUNTY 1835 W STEELE LANE SANTA ROSA CA 95403 NONE PUBLIC CHARITY GENERAL SUPPORT 2500 CHRONICLE SEASON OF SHARING FUND PO BOX 44740 SAN FRANCISCO CA 94144 NONE PUBLIC CHARITY GENERAL SUPPORT 30000 CLASSICAL KDFC 200 VAN NESS AVENUE 219 SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY GENERAL SUPPORT 3500 CURIODYSSEY 1651 COYOTE POINT DRIVE SAN MATEO CA 94401 NONE PUBLIC CHARITY GENERAL SUPPORT 25000 DOUGLAS LAND MANAGEMENT CONSERVATORY PO BOX 462 CASTLE ROCK CO 80104 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 EASTSIDE COLLEGE PREPARATORY SCHOOL 1041 MYRTLE STREET E PALO ALTO CA 94303 NONE PUBLIC CHARITY HIGH SCHOOL PHYSICS PROGRAM 126300 ENVIRONMENTAL DEFENSE FUND 257 PARK AVENUE S 17TH FL NEW YORK NY 10010 NONE PUBLIC CHARITY CLIMATE CORPS FELLOWSHIP PROGRAM 500000 FOOD BANK OF THE ROCKIES 10700 E 45TH AVE DENVER CO 84239 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 FRED HUTCHINSON CANCER CENTER PO BOX 18024 SEATTLE WA 98109 NONE PUBLIC CHARITY MEDICAL RESEARCH 500000 FRENCH AMERICAN INTERNATIONAL SCHOOL 150 OAK STREET SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY NEW HIGH SCHOOL FACILITY 250000 FRIENDS OF THE SAN FRANCISCO PUBLIC LIBRARY 1630 17TH STREET SAN FRANCISCO CA 94107 NONE PUBLIC CHARITY MISSION BRANCH RENOVATION 50000 GEOHAZARDS INTERNATIONAL 960 GUINDA STREET PALO ALTO CA 94301 NONE PUBLIC CHARITY HISPANIOLA AND SOUTH ASIA COLLABORATIVE EXCHANGES 166667 GOOD SAMARITAN FAMILY RESOURCE CENTER 1294 POTRERO AVENUE SACRAMENTO CA 94110 NONE PUBLIC CHARITY SUPPORT COVID RESPONSE AND CORE PROGRAMS 40000 HEALTHRIGHT 360 1563 MISSION STREET SAN FRANCISCO CA 94103 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 HOLY FAMILY DAY HOME 299 DOLORES STREET SAN FRANCISCO CA 94103 NONE PUBLIC CHARITY MENTAL HEALTH PROGRAM 35000 HUCKLEBERRY YOUTH PROGRAMS 3450 GEARY BLVD 107 SAN FRANCISCO CA 94118 NONE PUBLIC CHARITY GENERAL SUPPORT 50000 INSTITUTE ON AGING 3575 GEARY BLVD SAN FRANCISCO CA 94118 NONE PUBLIC CHARITY GENERAL SUPPORT 7500 INTERNATIONAL FESTIVAL OF ARTS AND IDEAS 195 CHURCH STREET 12TH FL NEW HAVEN CT 06510 NONE PUBLIC CHARITY GENERAL SUPPORT 200000 KICKSTART INTERNATIONAL 459 FULTON STREET SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY ECONOMIC DEVELOPMENT - AFRICA 250000 LEGAL SERVICES FOR CHILDREN 870 MARKET ST STE 356 SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 LIFEMOVES 181 CONSTITUTION DRIVE MENLO PARK CA 94025 NONE PUBLIC CHARITY SUMMER ADVENTURE CAMP AND HAVEN FAMILY HOUSE 150000 LIGHTHAWK PO BOX 2751 GRAND JUNCTION CO 81502 NONE PUBLIC CHARITY CONSERVATION THROUGHOUT CALIFORNIA 50000 MICRO CREDIT ENTERPRISES SOCIAL CAPITAL 5758 GEARY BLVD STE 261 SAN FRANCISCO CA 94121 NONE PUBLIC CHARITY PORTFOLIO LOSSES 5825 MIDDLEBURY COLLEGE 480 PIERCE STREET MONTEREY CA 93940 NONE PUBLIC CHARITY MIDDLEBURY INSTITUTE FOR INTERNATIONAL STUDIES AT MONTEREY - CENTER ON TERRORISM; STUDENT FINANCIAL AID 500000 MID-PENINSULA HIGHSCHOOL 1340 WILLOW ROAD MENLO PARK CA 94025 NONE PUBLIC CHARITY STUDENT FINANCIAL AID 50000 MISSION GRADUATES 3040 16TH STREET SAN FRANCISCO CA 94103 NONE PUBLIC CHARITY COLLEGE CONNECT, COLLEGE & CAREER PROGRAM 50000 MORAGA EDUCATION FOUNDATION PO BOX 34 MORAGA CA 94556 NONE PUBLIC CHARITY CAMPOLINDO HIGH SCHOOL 10000 MORAGA PARK FOUNDATION PO BOX 302 MORAGA CA 94556 NONE PUBLIC CHARITY GENERAL SUPPORT 1000 NATURAL RESOURCES DEFENSE COUNCIL 40 W 20TH STREET NEW YORK NY 10011 NONE PUBLIC CHARITY GENERAL SUPPORT 100000 NATURE BRIDGE 1033 FORT CRONKHITE SAUSALITO CA 94965 NONE PUBLIC CHARITY NATIONAL ENVIRONMENTAL SCIENCE CENTER 250000 NORTHGATE HIGH SCHOOL EDUCATIONAL FOUNDATION 425 CASTLE ROCK ROAD WALNUT CREEK CA 94598 NONE PUBLIC CHARITY GENERAL SUPPORT 6000 OUTSIDE THE FRAME 800 NW 6TH AVENUE 335 PORTLAND OR 97209 NONE PUBLIC CHARITY GENERAL SUPPORT 75000 PACIFICA RESOURCE CENTER 1809 PALMETTO AVENUE PACIFICA CA 94044 NONE PUBLIC CHARITY GENERAL SUPPORT 1000 PARKINSON'S COMMUNITY LOS ANGELES 119 N FAIRFAX 421 LOS ANGELES CA 90030 NONE PUBLIC CHARITY GENERAL SUPPORT 2500 PLAYWORKS NORTHERN CALIFORNIA 1423 BROADWAY PMB 161 OAKLAND CA 94612 NONE PUBLIC CHARITY UNDER-RESOURCED NORTHERN CALIFORNIA SCHOOLS 50000 POPULATION MEDIA CENTER 30 KIMBALL AVENUE STE 206 S BURLINGTON VT 05403 NONE PUBLIC CHARITY GENERAL SUPPORT 30000 POSITIVE COACHING ALLIANCE 65 FRANKLIN STREET OAKLAND CA 94609 NONE PUBLIC CHARITY GENERAL SUPPORT 7500 PROJECT KNITWELL 2503D N HARRISON ST 1026 ARLINGTON VA 22207 NONE PUBLIC CHARITY GENERAL SUPPORT 500 RAVENSWOOD EDUCATION FOUNDATION PO BOX 396 MENLO PARK CA 94026 NONE PUBLIC CHARITY GENERAL SUPPORT INCLUDING VETERAN TEACHER PROFESSIONAL DEVELOPMENT 50000 RED TAB FOUNDATION 1155 BATTERY STREET SAN FRANCISCO CA 94111 NONE PUBLIC CHARITY GENERAL SUPPORT 15000 REGENTS OF THE UNIVERSITY OF CALIFORNIA 4900 BROADWAY 1830 SACRAMENTO CA 95820 NONE PUBLIC CHARITY UC DAVIS CANCER CENTER - RESEARCH 1000 RONALD MCDONALD HOUSE CHARITIES OF AUSTIN AND CENTRAL TEXAS 1315 BARBARA JORDAN BLVD AUSTIN TX 78723 NONE PUBLIC CHARITY GENERAL SUPPORT 10000 SAN FRANCISCO SYMPHONY DAVIES SYMPHONY HALL SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY MUSIC & MENTORS PROGRAM AND GENERAL SUPPORT 104000 SAVE THE BAY 560 14TH STREET 400 OAKLAND CA 94612 NONE PUBLIC CHARITY GENERAL SUPPORT 200000 SEACOLOGY 1623 SOLANO AVENUE BERKELEY CA 94707 NONE PUBLIC CHARITY THE DOMINICAN REPUBLIC NAT'L MANGROVE INITIATIVE 25000 SENIOR COASTSIDERS 925 MAIN STREET HALF MOON BAY CA 94019 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 SIDE BY SIDE 300 SUNNY HILLS DRIVEBLDG5 SAN ANSELMO CA 94960 NONE PUBLIC CHARITY REAL ALTERNATIVES PROGRAM 12500 SPIKE'S K9 FUND 5760 NORTHAMPTON BLVD 118 VIRGINIA BEACH VA 23455 NONE PUBLIC CHARITY GENERAL SUPPORT 5000 TENDERLOIN NEIGHBORHOOD DEVELOPMENT CORPORATION 201 EDDY STREET SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY GENERAL SUPPORT (LOW-INCOME HOUSING) 50000 UNIVERSITY OF CALIFORNIA MERCED FOUNDATION 5200 N LAKE ROAD MERCED CA 95343 NONE PUBLIC CHARITY ARTS PROGRAMMING; MEDICAL SCHOOL 375000 VIVALON 930 TAMALPAIS AVENUE SAN RAFAEL CA 94901 NONE PUBLIC CHARITY GENERAL SUPPORT 7500 WARRIOR FOUNDATION FREEDOM CENTER 1233 1/2 28TH STREET STE A SAN DIEGO CA 92102 NONE PUBLIC CHARITY GENERAL SUPPORT 1000 WESTERN CENTER ON LAW AND POVERTY 3701 WILSHIRE BLVD SUITE 208 LOS ANGELES CA 90010 NONE PUBLIC CHARITY GENERAL SUPPORT 40000 WESTERN REGIONAL ADVOCACY PROJECT 2940 16TH STREET SUITE 200-2 SAN FRANCISCO CA 94103 NONE PUBLIC CHARITY GENERAL SUPPORT 30000 YALE UNIVERSITY PO BOX 7611 NEW HAVEN CT 06519 NONE PUBLIC CHARITY SCHOOL OF PUBLIC HEALTH 300000 5509292 AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE 1200 NEW YORK AVE NW WASHINGTON DC 20005 NONE PUBLIC CHARITY SCILINE GEOTARGETING 249986 AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE 1200 NEW YORK AVE NW WASHINGTON DC 20005 NONE PUBLIC CHARITY SCIENCE AND TECHNOLOGY FELLOWSHIPS 389986 BULAMU HEALTHCARE 1933 WAVERLY STREET PALO ALTO CA 94301 NONE PUBLIC CHARITY HEALTH CARE SYSTEMS IN UGANDA 200000 COMPAGNIA DE COLOMBARI PO BOX 17 VILLAGE STATION NY 10014 NONE PUBLIC CHARITY GENERAL SUPPORT 68500 EAST PALO ALTO TENNIS & TUTORING PO BOX 60597 PALO ALTO CA 94306 NONE PUBLIC CHARITY PROFESSIONAL DEVELOPMENT 12000 EAST PALO ALTO TENNIS & TUTORING PO BOX 60597 PALO ALTO CA 94306 NONE PUBLIC CHARITY SITE COORDINATOR 28000 EAST PALO ALTO TENNIS & TUTORING PO BOX 60597 PALO ALTO CA 94306 NONE PUBLIC CHARITY TUTOR COMPENSATION 90000 EXPLORATORIUM PIER 15 SAN FRANCISCO CA 94111 NONE PUBLIC CHARITY STABILITY & REVITALIZATION FUND 1500000 HOLY FAMILY DAY HOME 299 DOLORES STREET SAN FRANCISCO CA 94103 NONE PUBLIC CHARITY MENTAL HEALTH PROGRAM 70000 HUCKLEBERRY YOUTH PROGRAMS 3450 GEARY BLVD 107 SAN FRANCISCO CA 94118 NONE PUBLIC CHARITY GENERAL SUPPORT 225000 KICKSTART INTERNATIONAL 459 FULTON STREET SAN FRANCISCO CA 94102 NONE PUBLIC CHARITY ECONOMIC DEVELOPMENT - AFRICA 750000 LIGHTHAWK PO BOX 2751 GRAND JUNCTION CO 81502 NONE PUBLIC CHARITY CONSERVATION THROUGHOUT CALIFORNIA 100000 MIDDLEBURY COLLEGE 480 PIERCE STREET MONTEREY CA 93940 NONE PUBLIC CHARITY MIDDLEBURY INSTITUTE FOR INTERNATIONAL STUDIES AT MONTEREY - CENTER ON TERRORISM; STUDENT FINANCIAL AID 1500000 MID-PENINSULA HIGHSCHOOL 1340 WILLOW ROAD MENLO PARK CA 94025 NONE PUBLIC CHARITY STUDENT FINANCIAL AID 150000 OUTSIDE THE FRAME 800 NW 6TH AVENUE 335 PORTLAND OR 97209 NONE PUBLIC CHARITY GENERAL SUPPORT 150000 RAVENSWOOD EDUCATION FOUNDATION PO BOX 396 MENLO PARK CA 94026 NONE PUBLIC CHARITY GENERAL SUPPORT INCLUDING VETERAN TEACHER PROFESSIONAL DEVELOPMENT 150000 SIDE BY SIDE 300 SUNNY HILLS DRIVEBLDG5 SAN ANSELMO CA 94960 NONE PUBLIC CHARITY REAL ALTERNATIVES PROGRAM 12500 5645972 14 1185568 14 2012265 18 1495649 0 4693482 0 4693482 0 0 0 0 0 0 0 0 0 0 X X 1 THEODORE H GEBALLE ADMIN TRUST PO BOX 29550 SAN FRANCISCO CA 94129 34507948 X X 2 THEODORE H GEBALLE ELECTED MAR TRUST PO BOX 29550 SAN FRANCISCO CA 94129 114600669 X X 1 LEVI STRAUSS & CO. CL B COMMON STOCK AND PUBLICLY TRADED SECURITIES 27913298 2023-01-01 2 PUBLICLY TRADED SECURITIES 106100970 2023-01-01 ACCTNG. & ADMIN. FEE 56000 14000 42000 AUDIT FEE 25744 0 25744 EXPLANATION OF SELF-DEALING EXCEPTION FORM 990-PF, PART VII-B, LINE A(A)(3) & (4) PART VII-B, LINE 1A(3) & (4) RE: PAYMENT OF COMPENSATION TO A DISQUALIFIED PERSONACCOUNTING SERVICES ARE PROVIDED TO THE FOUNDATION BY EUCALYPTUS ASSOCIATES, INC., THE OWNERS AND DIRECTORS OF WHICH INCLUDE DIRECTORS AND OFFICERS OF THE FOUNDATION. SUCH SERVICES ARE PROVIDED AT OR BELOW FAIR MARKET VALUE. EXPLANATION OF CLAIMED VALUATION REDUCTION FORM 990-PF, PART IX, LINE 1(E) 1. DESCRIPTION OF ASSET. 1,850,486 SHARES OF LEVI STRAUSS & CO. (THE "COMPANY") CLASS B COMMON STOCK ("CLASS B SHARES"), WHICH WERE BEQUEATHED TO THE FOUNDATION AS OF JANUARY 1, 2023. CLASS B SHARES ARE NOT TRADEABLE ON PUBLIC SECURITIES MARKETS AND ARE SUBJECT TO TRANSFER RESTRICTIONS. CLASS B SHARES MAY BE CONVERTED ON A 1-FOR-1 BASIS FOR CLASS A SHARES OF THE COMPANY, WHICH ARE LISTED ON THE NEW YORK STOCK EXCHANGE. THE PROCESS TO CONVERT CLASS B SHARES TO CLASS A SHARES GENERALLY TAKES UP TO THREE BUSINESS DAYS AND REQUIRES DELIVERY OF A WRITTEN NOTICE OF CONVERSION TO THE COMPANY FOLLOWED BY COORDINATION WITH ITS TRANSFER AGENT AND THEN PROVIDING INSTRUCTIONS TO THE SELLING SHAREHOLDER'S BROKER. 2. PERCENTAGE OF TOTAL ISSUED AND OUTSTANDING SECURITIES OF THE SAME CLASS REPRESENTED BY THE FOUNDATION'S HOLDINGS. AS OF 1/1/2023: 0.62% (BASED ON 297,962,327 CLASS B SHARES OUTSTANDING) AS OF 5/28/2023: 0.62% (BASED ON 297,365,829 CLASS B SHARES OUTSTANDING)OUTSTANDING SHARES ARE BASED ON THE BEST AVAILABLE INFORMATION FROM THE COMPANY'S SEC FILINGS.AS NOTED ABOVE, CLASS B SHARES MAY BE CONVERTED ON A 1-FOR-1 BASIS FOR PUBLICLY TRADEABLE CLASS A SHARES. BASED ON BEST AVAILABLE INFORMATION, THE TOTAL NUMBER OF CLASS A SHARES OUTSTANDING AT THE BEGINNING AND NEAR THE END OF THE VALUATION PERIOD WAS: AS OF 1/1/2023: 96,241,469 SHARES AS OF 5/28/2023: 99,295,195 SHARES 3. FAIR MARKET VALUE OF THE ASSET BEFORE ANY CLAIMED REDUCTION. FOR PURPOSES OF DETERMINING THE FOUNDATION'S MINIMUM INVESTMENT RETURN, THE FAIR MARKET VALUE OF CLASS B SHARES IS BASED INITIALLY ON THE CLOSING PRICE OF CLASS A SHARES ON THE NEW YORK STOCK EXCHANGE ON THE RELEVANT MONTHLY VALUATION DATES. THE CLOSING PRICES FOR CLASS A SHARES ON THOSE DATES WERE AS FOLLOWS: 1/1/2023 15.52 1/31/2023 18.40 2/28/2023 17.94 3/31/2023 18.23 4/30/2023 14.46 5/31/2023 13.23 6/30/2023 14.434. AMOUNT OF DISCOUNT CLAIMED. 6.5%5. EXPLANATION OF WHY DISCOUNT IS APPROPRIATE FOR 4942 PURPOSES. A DISCOUNT FOR LACK OF MARKETABILITY AND BLOCKAGE IS APPROPRIATE FOR THE FOUNDATION'S HOLDINGS OF CLASS B SHARES FOR THE FOLLOWING REASONS:(A) CLASS B SHARES ARE NOT TRADEABLE UNTIL THEY ARE CONVERTED TO CLASS A SHARES. BECAUSE THE CONVERSION PROCESS TAKES UP TO THREE BUSINESS DAYS AND REQUIRES APPROVAL BY THE COMPANY AND THE TRANSFER AGENT, THE LIQUIDITY OF CLASS B SHARES IS NEGATIVELY IMPACTED.(B) EVEN AFTER CLASS B SHARES ARE CONVERTED TO CLASS A SHARES, THE MARKETABILITY OF THE CLASS A SHARES IS STILL IMPAIRED BECAUSE THE LARGE SIZE OF THE FOUNDATION'S HOLDINGS RELATIVE TO THE TOTAL NUMBER OF CLASS A SHARES OUTSTANDING AND THE NORMAL TRADING VOLUME OF CLASS A SHARES MAKES IT MORE DIFFICULT TO SELL SUCH A LARGE BLOCK WITHOUT AFFECTING THE PRICE.THIS ANALYSIS AND THE AMOUNT OF THE VALUATION DISCOUNT IS BASED ON INDEPENDENT APPRAISALS PREPARED FOR FEDERAL ESTATE TAX PURPOSES FOR THE ESTATES FROM WHICH THE FOUNDATION RECEIVED ITS CLASS B SHARES. DODGE & COX INC. FUND 3576755 3425053 VANGD. SHORT-TERM BOND FUND 7285652 6918079 VANGD.TOT. BOND MKT. INDEX FUND 1970789 1827477 GOLDMAN SACHS MUNICIPLE BOND NOMINEE 57083468 57867062 CAPITAL WORLD GROWTH & INC. FUND 6131520 7448437 ISHARES MSCI ACWI LOW CARBON FUND 3163782 4876051 TIFF MULTI-ASSET FUND 9486401 8819479 VANGD. TOT. INT'L STK. IDX. INSTIT. 4429889 5129687 VANGD. TOTAL STK. MKT. FUND INSTIT. 6254002 10777741 LEVI STRAUSS & CO. CL. B STOCK 26852772 24966850 VANGD. TOT. INT'L STK. IDX. INSTIT. NOMINEE 5767059 6229196 KESTREL INVESTMENT MANAGEMENT NOMINEE 44421276 49975778 880824 838486 0 0 HCP ABSOLUTE RETURN FUND AT COST 3915000 5634512 IMPRINT THEMATIC OPPORTUNITIES AT COST 247864 230719 PRIV. EQUITY MGRS. IMPACT 2018 AT COST 500092 619736 TIFF SUSTAINABILITY FUND AT COST 8880871 7680848 LEGAL EXPENSE 3674 0 3674 CASH NOMINEE 0 11500000 11500000 REDEMPTION PROCEEDS RECEIVABLE 0 841939 841939 INTEREST AND DIVIDENDS RECEIVABLE 1791967 1791967 FILING FEES 400 0 400 BANK CHARGES 18 0 18 PAYROLL SERVICE 1208 0 0 K1 EXPENSES 0 74368 0 PARTNERSHIP PASSTHROUGH INCOME 102477 COST ADJUSTMENT 260955 INVESTMENT MANAGEMENT FEES 330713 259843 0 SEE STATEMENT #19 FEDERAL EXCISE TAX 96511 0 0 FOREIGN TAXES 12033 15998 0 EMPLOYER PAYROLL TAXES 4229 0 4229