D N U F T IMPAC
N E R D L I FOR CH
N N A 2026
T R O P E R UAL
CONTENTS Leadership Letter 5 FY26 Bridge Fund Impact in Practice 6 FY26 Bridge Fund Activity and Impact 8 The Bridge Fund Driving SDGs 10 Supply Division Impact Highlights 12 Introducing the Catalytic Fund 14 Child-Lens Investing Update 16 Impact Fund Capitalization and Portfolio Breakdown 18 Financials 20 Thank You to Our Supporters 21
DEAR IMPACT FUND SUPPORTERS, Children’s needs are evolving, and so are the ways we solve for them. The UNICEF USA Impact Fund for Children develops innovative finance solutions that improve the lives of children and help them reach their full potential. While that mission remains unchanged, our approach continues to adapt. Today, we complement philanthropy by mobilizing capital in new ways: using our balance sheet to accelerate impact, partnering with investors to fill financing gaps where conventional capital is insufficient, and helping build markets that direct more investment toward children. The Bridge Fund continues to demonstrate why time matters. To date, Bridge Fund investments have enabled more than $800 million in aggregate impact for children. During FY26, it accelerated funding for urgent priorities ranging from emergency response efforts in Sri Lanka to a landmark investment in UNICEF Supply Division’s new High-Impact Window, helping unlock larger, more complex transactions that expand access to lifesaving health supplies. Standing investments also continue to support vaccine procurement and the self-sufficiency of country health systems through the Vaccine Independence Initiative, which delivered 226.1 million vaccines for 169.6 million children by the end of 2025. The Impact Fund for Children also reached an important milestone this year with the launch of the Catalytic Fund, which is designed to address financing gaps where conventional capital alone is insufficient. By providing patient, flexible capital to fill financing gaps, the Catalytic Fund supports promising enterprises and development finance opportunities that can improve children’s lives while demonstrating investable models for others to follow. In doing so, it helps reduce investment barriers, crowd in additional capital over time, and expand the market for child-focused investing. The Impact Fund for Children also continues to build the future of child-focused investing. Through the inaugural year of our Child-Lens Investing Community of Practice, we convened investors to share lessons, develop guidance, and strengthen a growing movement that places children’s well-being at the center of investment decision-making. As the proverb reminds us, “If you want to go far, go together.” By working collectively, we are helping build the knowledge, partnerships, and confidence to mobilize greater capital for children worldwide. Together, the Bridge Fund, Catalytic Fund, and Child-Lens Investing reflect the evolution of the Impact Fund. We are proving that innovative finance can create lasting opportunities for every child to survive and thrive. None of this would be possible without your partnership. Your support enables UNICEF to respond more quickly, invest more strategically, and build stronger systems that improve children’s lives.
Cristina Shapiro President UNICEF USA Impact Fund for Children
Glen Baptist Board Chair UNICEF USA Impact Fund for Children 5
IN FY26 BRIDGE FUND INVESTORS ENABLED UNICEF TO... Respond Faster
Strengthen Health Systems
Improve Planning/Delivery
Children receive resources at the speed of need, removing timing gaps for critical services.
Strengthening supply chains, enabling countries to procure essential supplies and increasing domestic resource mobilization for health programming advances locally led efforts to progress better health outcomes for children.
Funding is available when programs need it, allowing UNICEF to plan earlier, maintain continuity, adapt to evolving requirements, and execute more effectively.
Nutrition Response
Vaccine Independence Initiative (VII)
Peru Country Office
Rather than allowing delayed funds to impact program delivery, the Bridge Fund advanced $15M to ensure more than 2.1M children received nutrition support without interruption.
Vaccine Independence Initiative (VII): By the end of 1H 2026, VII enabled countries to procure 48M critical vaccines to support ~36M children, while strengthening national ownership and reducing reliance on emergency financing.*
Significant budget gaps driven by global aid reductions threatened critical programming. The Bridge Fund unlocked future funding to address immediate needs.
Sri Lanka Emergency Response
High-Impact Window (HIW)
Polio Outbreak Response
$473K supported critical supplies and services for families affected by widespread landslides and flooding caused by Cyclone Ditwah, one of Sri Lanka’s worst disasters in 20 years.
Committed $5M to a new UNICEF Supply Division fund for high-impact needs (e.g., larger transactions, support for countries with large or rapidly growing child populations, and special contracts addressing challenging market dynamics).
$5.1M enabled UNICEF to plan and execute outbreak response activities based on operational needs, helping rapidly contain active outbreaks, prevent further transmission, and strengthen the effectiveness of broader immunization efforts.
“ Thanks to UNICEF USA’s Bridge Fund, we can ensure critical polio outbreak response activities continue without interruption. This contribution will provide essential flexibility to respond rapidly to evolving operational requirements in some of the most challenging contexts.” Steven Lauwerier, Global Director for Polio Eradication at UNICEF
*Impact does not represent an estimate of the UUSA Impact Fund’s proportion of impact. Children reached with vaccines are a UUSA Impact Fund For Children (IF4C) estimate. To estimate the number of children who will benefit from vaccine procurements, vaccine wastage rates must be included. Vaccine wastage rates vary by vaccine type, number of doses per vial, and local health care systems and social conditions. In addition, full immunization against some diseases may require more than one vaccination per child. Thus, there is not a one-to-one correspondence between vaccine doses procured and children reached. Assumed 25% wastage rate for reported figures.
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FY26 BRIDGE FUND ACTIVITY AND IMPACT The data below summarizes 12 new transactions that include funding for emergency needs and ongoing development programs, plus the impact achieved through the Bridge Fund’s investments in the Vaccine Independence Initiative (VII)1 and the High-Impact Window (HIW)2.
FY26 Highlights
Renewed commitment to the VII, providing $25M in cash and $5M in callable capital
Multiple
Committed $5M as an inaugural investor in the High-Impact Window (HIW)
Annual Aggregated Activity by Sector (Rounded Figures) $0.3 million
Emergency Response
Fast-tracked $15M to support delivery of Ready-to-Use Therapeutic Food and nutrition programs
$0.5 million
WASH
$0.6 million
Deployed ~$5M to support polio outbreak response campaigns
TOTAL
$62.1 million
FY26 BRIDGE FUND IMPACT ENABLED
$62.1M
Education
$1.4 million
Nutrition
$15.0 million
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Health
$44.4 million4
TOTAL BRIDGE FUND IMPACT ENABLED SINCE 2011
$804M
FY26 WEIGHTED AVERAGE MONTHS ACCELERATED
1.4 MONTHS
Note: Months accelerated is the weighted average time between each transaction’s disbursement and its repayment — i.e. the length of the funding gap the Bridge Fund closed. The 1.4-month average spans a couple of days in emergencies to over a year for longer program gaps; VII and HIW, with five-year tenures, are excluded.
FY26 ESTIMATED CHILDREN IMPACTED
~30M
FY26 ESTIMATED COUNTRIES SERVED
>60
1. A new VII term began in January 2026. The Bridge Fund renewed its commitment, providing $25M in cash and $5M in callable capital (currently uncalled) through December 2031. As of June 30, 2026, the Bridge Fund’s funded commitment was 12.8% of the total VII capital base (not including the VII $10M first-loss pool). Estimated revolved impact uses an average 1.05x revolver, a UUSA IF4C estimate based on total throughput and fund size. The revolver uses actuals for the first half of the year and an estimate for the second half, since Supply Division reporting often comes in after the Bridge Fund reporting date. Actuals we have received as of June point to a lower second-half revolver, which will factor into future estimates. 2. The HIW is a new Supply Division fund that complements the VII. The Bridge Fund made an inaugural investment, alongside other investors, of $5M in September 2025. As of June 30, 2026, the Bridge Fund’s funded commitment was 4.3% of the total HIW capital base. Revolved impact in addition to the $5M disbursed is based on a 0.93x revolver, a UUSA IF4C estimate calculated using cumulative throughput since inception and the weighted average fund size. 3. Impact-enabled figures include a UUSA IF4C estimate of revolved impact from investments in the VII and the HIW. 4. Includes UUSA IF4C estimates of revolved impact across both long-term investments in VII and the HIW, with calculation details in footnotes 1 and 2.
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THE BRIDGE FUND CONTINUES TO DRIVE SUSTAINABLE DEVELOPMENT GOALS IN FY26, THE BRIDGE FUND ENABLED
$61.3M
1
1
TO DRIVE PROGRESS ACROSS FOUR DISCRETE SUSTAINABLE DEVELOPMENT GOALS (SDGs).
The Bridge Fund’s SDG Impact 2 SDG
CHALLENGES ADDRESSED
BRIDGE FUND IMPACT
SDG
CHALLENGES ADDRESSED
BRIDGE FUND IMPACT
Zero Hunger
Child undernutrition contributes to nearly half of all child deaths worldwide. An estimated 150M children under five are stunted, 43M suffer from wasting, and 181M face severe food poverty – lacking access to even the most basic nutritious diets.
The Bridge Fund accelerated funds to sustain lifesaving nutrition services in countries facing severe funding gaps, supporting treatment for children with severe wasting, and strengthening national nutrition systems. In FY26, this included an estimated 120,000 children receiving lifesaving RUTF treatment and support for Benin’s National Nutrition Program, which reaches approximately 1.9M children.3
Quality Education
At the peak of the COVID-19 pandemic, 188 countries imposed countrywide school closures, affecting more than 1.6B children and youth.
The Bridge Fund provided rapid access to $1.4M in funding to support UNICEF’s Generation Unlimited program in India and Brazil, ensuring the continuity of localized creative-skilling courses and employment / entrepreneurship pathways for youth to increase access to jobs, self-employment, and livelihoods.
SDG 2 End hunger, achieve food security and improved nutrition, and promote sustainable agriculture. You can find detailed targets for SDG 2 by clicking on the link here.
Good Health and Well-Being
SDG 3 Ensure healthy lives and promote well-being for all at all ages. You can find detailed targets for SDG 3 by clicking on the link here.
Traditional funding models are fragmented and unpredictable.
Declining childhood immunization coverage globally has been linked to more widespread outbreaks of infectious diseases like polio, which is emerging in countries that had previously remained polio-free for decades. Both routine and outbreak response immunization services are critical to protecting children and families, as many communities impacted by disease outbreaks live in remote, fragile, or conflictaffected areas – making access to essential health services difficult.
The Bridge Fund accelerated a total of $9.1M across two transactions that supported UNICEF’s procurement and delivery of essential polio immunization supplies in northern Nigeria and rapid follow-on vaccination campaigns in priority outbreak settings. The latter included social and behavior change (SBC) interventions that build community trust, dispel misinformation, and raise awareness of campaigns.
1. $61.3M represents a subset of the full $62.1M impact enabled in FY26. Emergency response totaling $473K and $323K in transactions that span multiple SDGs are not included. 2. Please contact the Impact Fund for Children team for the full list of FY26 transactions and SDG targets. 3. Children impacted are both UUSA IF4C estimates of the Bridge Fund’s proportion of impact based on the amount accelerated.
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SDG 4 Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. You can find detailed targets for SDG 4 by clicking on the link here.
Clean Water and Sanitation
SDG 6 Ensure availability and sustainable management of water and sanitation for all. You can find detailed targets for SDG 6 by clicking on the link here.
Both the quality and level of access to education and skills training, particularly for the most vulnerable youth, including girls and children with disabilities, are limited and inadequate for a growing population.
The latest data shows (2024) that one in four households in Guinea lacks even a basic level of water service, meaning that accessing safe drinking water takes more than 30 minutes, often much longer. The task of fetching water typically falls to women and girls, interrupting education and putting their safety at risk.
The Bridge Fund fast-tracked $565K to support UNICEF’s construction and rehabilitation of water supply systems for unserved populations in all eight municipalities in Boffa Prefecture, Guinea. Activities improved safe and sustainable access to drinking water and strengthened local government capacity and long-term resilience of WASH services.
BUILDING THE NEXT GENERATION OF SUPPLY FINANCING
How UNICEF Supply Division and the Vaccine Independence Initiative (VII) have evolved to meet children’s changing needs. UNICEF Supply Division plays a vital role in getting life-saving and life-sustaining health supplies to children when and where they are needed most. Leveraging UNICEF’s deep local and global market intelligence, the Supply Division anticipates access challenges, designs the right solutions, and acts before crises. In turn, it has periodically evolved its
financing approach – expanding its suite of flexible, fit-for-purpose financing tools to meet rising demand, emerging threats, and persistent inequities. This work ensures countries have access to vaccines, medicines, diagnostics, nutrition supplies, and other essential commodities that save lives and strengthen health systems.
Responding to Changing Needs, Delivering Lasting Impact $650M Vaccine Independence Initiative Illustrative Throughput Over the Years
HIGH IMPACT WINDOW (HIW)
For the past decade, the consistent approach has been to assure flexible financing that meets dynamic challenges.
Created in 2025 to complement core VII financing, the HIW supports opportunities that were not met under pre-financing historically. • Targets higher-impact, higherrisk opportunities • Supports market shaping, supplier capacity expansion, localization, and health systems investments • Addresses unmet needs that traditional VII could not unlock
Impact in CY2025
226.1M VACCINES, HELPING APPROXIMATELY 169.6M CHILDREN. VII ENABLED
$40M
Strengthening Immunization Systems 2017 - 2020
Scaling Pandemic Response 2020 - 2021
Responding to the Nutrition Crisis 2021 - 2024
Building More Resilient Supply Systems 2025 - Beyond
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FY26 Bridge Fund Renewed VII Commitment The Bridge Fund renewed its five-year commitment to the VII while completing its inaugural investment in the High Impact Window (HIW), reinforcing its long-term partnership with UNICEF Supply Division.
Originally launched in 1991, VII improves access to vaccines and essential health commodities, helping countries strengthen routine immunization systems and build readiness for outbreaks.1
VII is rapidly scaled to secure critical supplies like vaccines, PPE, diagnostics, and oxygen, enabling countries to respond swiftly and protect lives during a global health emergency.
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VII continued to strengthen immunization and adapted to new post-pandemic steady states of activity. In 2022, scaled malnutrition response through the new Ready-to-Use Therapeutic Food Supplier Advance Payment Window (a new fund in the “VII Family”) and the traditional VII.
Years of implementation demonstrated that some emerging opportunities require larger transactions and a higher, but wellmanaged, risk appetite than VII was designed to support, leading to the HIW creation.
As children’s needs have changed, the Bridge Fund has been a partner throughout the evolution and creation of Supply Division facilities like VII, the RUTF Window, and the HIW, providing flexible capital that helps UNICEF respond quickly, adapt strategically, and deliver the right solutions at the right time. 1. The timeline starts in 2017 to reflect the inception of the Bridge Fund’s first direct investment in the VII. 2. All impact reported in this section does not represent an estimate of the UUSA Impact Fund’s proportion of impact. Children reached with vaccines are a UUSA IF4C estimate. To estimate the number of children who will benefit from vaccine procurements, vaccine wastage rates must be included. Vaccine wastage rates vary by vaccine type, number of doses per vial, and local health care systems and social conditions. In addition, full immunization against some diseases may require more than one vaccination per child. Thus, there is not a one-to-one correspondence between vaccine doses procured and children reached. Assumed 25% wastage rate for reported figures.
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INTRODUCING THE CATALYTIC FUND: A NEW INNOVATIVE FINANCE PILOT FUND
Building on the success of the Bridge Fund, the Impact Fund for Children has launched the Catalytic Fund, a new pilot fund designed to deploy flexible capital for high-impact opportunities that advance positive outcomes for children.
Our approach
Two funds, one mission.
Over the past decade, UNICEF teams and partners have repeatedly identified opportunities that could deliver significant benefits for children but fall outside of the Bridge Fund’s mandate and the risk appetite of traditional investors. The Catalytic Fund was created to fill that gap.
The Bridge Fund and Catalytic Fund work as complementary tools within the Impact Fund for Children.
ADVANCE UNICEF PRIORITIES
Together, they enable UNICEF to respond faster, strengthen local markets, and crowd in more capital toward positive child outcomes to work toward a world where all children are healthy, educated, protected, and respected.
While the Bridge Fund accelerates funding already committed to UNICEF, the Catalytic Fund unlocks investments that traditional financing may not support.
Support companies, investment funds, and partnerships that improve outcomes for children.
UNLOCK CAPITAL Provide flexible debt and/or equity financing when commercial capital is unavailable or hard to obtain.
CATALYZE INVESTMENT Help crowd in additional public and private investment by demonstrating viable child-focused investments.
$5M PILOT
FUND SIZE
BRIDGE FUND
CATALYTIC FUND
Solves timing gaps
Solves financing gaps
Enables UNICEF to act sooner and maintain program continuity
Catalyzes investments in child-aligned projects for which traditional financing is limited
Bridge financing
Flexible catalytic capital in the form of debt and/or equity
CHILDREN2
STRONG FOUNDATIONS ENABLE NEW SOLUTIONS The Catalytic Fund pilot is being seeded with up to $5 million of excess net assets generated by the Bridge Fund’s investment portfolio over the past decade. This approach enables the Impact Fund to expand into new financing solutions, addressing new financing challenges, while continuing to maximize the impact of its existing capital and the Bridge Fund’s core role in accelerating UNICEF programming.*
*The Catalytic Fund is established as a separate investment vehicle and maintains a segregated investment portfolio. Bridge Fund net worth grants and loans will remain dedicated to the Bridge Fund and are not available to support Catalytic Fund investments. Catalytic Fund investment performance cannot impair the Bridge Fund’s lending capacity or financial operations.
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PUTTING CHILD-LENS INVESTING (CLI) INTO PRACTICE In early 2026, UNICEF and UUSA recruited 10 investors to serve as inaugural members of the CLI Community of Practice and help drive increased adoption of the CLI framework across the market. Led by the UNICEF USA Impact Fund for Children (IF4C) team and UNICEF, this group of committed investors is working together to establish a shared theory of change for the lens, develop and share resources, and demonstrate through real-world case studies how investors can integrate children’s well-being into investment decisions and practices. We also aim to build credibility and legitimacy in CLI by integrating best practices into impact investing standards and regulatory frameworks. Over the next 2–3 years, we hope to grow Community of Practice membership to represent the full spectrum of asset classes and investor types.
Meet the investors
INVESTORS IN ACTION
Each member of the Community of Practice brings a unique perspective on how best to apply a child lens to investment decisions. From private markets investors, to funds of funds, to public equities investors, each investor plays an important role in the overall CLI ecosystem and shares a commitment to continuous learning and improvement.
Community of Practice members and investors interested in applying a child lens can take concrete actions toward one or more of the following child-specific outcomes: • Children are protected from harmful products and practices • Children benefit from economic empowerment and material security • Children are provided with solutions that enable them to survive, thrive, and learn in a sustainable environment These actions can vary depending on the type of investor, their investment strategy, and the types of investees they choose to partner with. One investor may focus on engaging portfolio companies on familyfriendly practices, while another investor may focus on driving capital into pediatric solutions in emerging markets. Each individual action builds up to the kind of collective action necessary to give the children of the world an opportunity to live healthy, fulfilling lives.
FEATURED INVESTORS CAF (Venezuela), the development bank of Latin America and the Caribbean, collaborated with UNICEF on the launch of the Banco Futuro Initiative, a $5B commitment over 5 years, designed to improve outcomes for 50M children, adolescents, and youth across Latin America and the Caribbean. Cross-Border Impact Ventures (Canada), a venture capital firm, is focused on addressing gender and pediatric health inequalities by investing in opportunities to expand access to affordable health technologies to advance maternal, newborn, and child health, among other core impact objectives, across the globe. Van Leer Foundation (Netherlands), is an independent Dutch organization working globally to foster inclusive societies where all children and communities can flourish. Van Leer brings together people with different perspectives and supports them to achieve large-scale impact. The Foundation also aims to align its endowment investments with its philanthropic work. Its Mission-Related Investment portfolio invests in impact funds covering care, education and housing, with a focus on babies, toddlers, parents, and other caregivers being able to realize lifelong social outcomes.
“Progress for children cannot happen until frameworks meet real-world practice. The Community of Practice provides a space where stakeholders come together to learn and build a common understanding of how to integrate child considerations into investment processes and strategies.” Cristina Shapiro, Chief Strategy Officer and President, Impact Fund for Children 16
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IMPACT FUND CAPITALIZATION AND PORTFOLIO BREAKDOWN Bridge Fund capitalization and portfolio breakdown as of June 30, 2026.
Bridge Fund Current Capital Base Outstanding Debt
First-Loss Net Assets
1,2
$41.9M Recoverable Grants
$2.7M
$23.9M Loans
$0.3M
The first-loss pool is made up of permanent donations and functions as a fully loss-absorbing pool of capital for the fund.
$41.7M
1. $10M drawable loan is fully drawn as of 6/30/2026. 2. $20M LOC available as of 6/30/26 with 0% drawn.
Leverage ratio 1.7 to 1
Portfolio Breakdown by Repayment Source Single Funder
Vaccine Independence Initiative (VII)
High Impact Window (HIW)
19.5%
67.1%
13.4%
Total Disbursed and Outstanding $37.3M Single Funder
Vaccine Independence Initiative (VII)
High Impact Window (HIW)
Accelerating funds for one entity (i.e., a UNICEF USA donor or a multilateral such as WHO through the Supply Division). Key repayment risk is one party fulfilling its commitment.
Revolving fund managed by the UNICEF Supply Division that partners with governments and multilaterals to ensure children maintain access to essential supplies such as vaccines. The fund works to assist countries in strengthening capacity to plan and execute procurement. Key repayment risk is a mix of exposure to sovereign governments, multilaterals, supplier performance, and shifts in market demand.
Revolving fund managed by the UNICEF Supply Division that complements the VII. The HIW provides financing for high-impact opportunities that would not be covered under the VII (i.e., larger transactions, special contracts for challenging market dynamics), allowing UNICEF to respond to urgent needs and maximize outcomes for children. Key repayment risk is a mix of exposure to sovereign governments, multilaterals, supplier performance, and shifts in market demand.
Portfolio Breakdown by Loan Watch Category Delays occur in the Bridge Fund portfolio due to the nature of the business. The outstanding portfolio is actively monitored, and diligent cash flow management policies mitigate effects on the portfolio. In Q4 FY26, 1.1% of the Bridge Fund portfolio was categorized as Medium Watch.
98.9% Low Watch
1.1% Medium Watch
Medium Watch: A single funder transaction advancing a donor pledge is being monitored. The Bridge Fund is coordinating closely with Philanthropy to mitigate any effects of a delayed/unpaid pledge. Low Watch: Low Watch is defined as performance as expected, without delays or foreseeable risk of non-repayment. Medium Watch: Indications confirmed by the team show there is an elevated risk that a transaction will not be paid in full or a transaction has been delayed over 270 days from the expected repayment date.
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UNICEF USA IMPACT FUND FOR CHILDREN CONSOLIDATED STATEMENT OF ACTIVITIES
THANK YOU TO OUR SUPPORTERS BRIDGE FUND NET-WORTH DONORS
Statement of Financial Position (unaudited) for the 12 months ended June 30, 2026 ASSETS Cash and Investments Contributions Receivable Total Assets
$36,087,155 $29,852,877 $65,940,032
Recoverable Grants Payable Loans Payable Accrued Interest and Other Liabilities Total Liabilities Net Assets
$250,000 $41,650,000 $143,779 $42,043,779 $23,896,253
LIABILITIES
TOTAL LIABILITIES AND NET ASSETS
$65,940,032
COVENANT CALCULATION* Leverage Ratio Loans Payable: Net Assets
Maximum 3.5 : 1
Actual 1.7 : 1
* Recoverable Grants and other Nonrecourse Arrangements, up to a combined 20 percent of the Bridge Fund Capital Pool, outstanding are excluded from the 3.5:1 debt-toequity ratio calculation. As reported here, Loans Payable only includes cash loans.
Statement of Activities (unaudited) for the 12 months ended June 30, 2026 REVENUE Contributions Revenue Investment and Interest Income Total Revenue
$32,575,032 $2,754,790 $35,329,822
Program Services Grants to UNICEF and Other NGOs Program Expenses (including interest expense) Management and General Fundraising Total Expenses
$33,828,842 $1,352,379 $162,193 $106,207 $35,449,621
Net Income Net Assets – Beginning Net Assets – Ending
($119,799) $24,016,052 $23,896,253
EXPENSES
Note: The $2.7M first-loss guarantee has a net-zero impact on the IF4C net assets because it creates an asset (Due From) and a corresponding contra-asset (Allowance for Doubtful) to account for the future coverage of uncollectible accounts. Net income shows negative on the year because the 5-year terms on our VII renewal and HIW investment moved $30M into long-term receivables, requiring a non-cash presentvalue discount that reverses as repayment approaches.
We certify that, as of the quarter ending June 30, 2026, there exists no default or Event of Default (as such term is defined in our Loan Agreements), and we are in compliance with the covenants set forth in the “Use of Proceeds” and “Tax Status” clauses of the Loan Agreement, including without limitation and as demonstrated in the above computations, the financial covenants set forth in the Loan Agreement: a) the net assets to total assets ratio, b) the leverage ratio, and c) net asset levels. Cristina Shapiro, President, UNICEF USA Impact Fund for Children 20 Dated: June 30, 2026
$10,000 or above Anonymous (14) Jenny Austin Glen and Anita Baptist Barnum Family Fund Mr. Andrew Beer and Ms. Eleanor Chai Bradley Belt George and Danielle Boutros Gary M. Cohen Kent and Elizabeth Dauten Bill and Cindee Dietz The Derek A.T. Drummond Fund Mr. and Mrs. Steve Eaton Laura Fenton Fidelity Charitable Trustees’ Initiative Fidelity Charitable Trustees Philanthropy Fund Susan Cummings-Findel and Stefan Findel Dolores and Thomas Gahan Mrs. Melba Gschneidner Carol Hamilton Ms. Deborah Hart and Dr. William Goodykoontz Sippi and Ajay Khurana Kathy Lai G. Barrie Landry Mr. Harry W. Lange Lopp Family Fund Mariner Investment Group, LLC Inspired by Dad: The Campaign to Honor Anthony Pantaleoni Jennifer Paradis-Behle and Tim Behle Sandra and Lawrence Post Qatalyst Partners Ian Rosenfield and Susanne Caballero Jen Rubio and Stewart Butterfield Luly and Maurice Samuels Schlessman Family Foundation Hilary & Sean Scott Nicole and Shahriar Shahida Cristina Shapiro Bernard Taylor, Sr. Mr. Jeffrey Urbina and Ms. Gaye Hill Kayhau Wu Memorial Fund
UNICEF USA IMPACT FUND FOR CHILDREN BOARD OF DIRECTORS Glen Baptist, Chair Michael J. Nyenhuis Jennifer Pryce Vidya Vasu-Devan Cristina Shapiro
BRIDGE FUND RECOVERABLE GRANT PROVIDERS
Claudine and Michael Ferrante The Karmani Fund Hal and Nancy Kurkowski The McClelland Fund David and Emily Merjan The Ken Olivier and Angela Nomellini Charitable Fund John A. and Susan Sobrato Fund, a donor-advised fund of Silicon Valley Community Foundation
BRIDGE FUND LENDERS
Loans of $1,000,000 or above Anonymous (1) Aflac JP Morgan Chase & Co. G. Barrie Landry Merck & Co., Inc. New Summit Investments Sandra and Lawrence Post Sisters of St. Francis Sobrato Family Foundation St. Joseph Province TD Bank, N.A. Loans under $1,000,000 Anonymous (3) Sheilah and Matt Burnham The Alison Carlson Trust Laura Fenton Franciscan Sisters of Perpetual Adoration (FSPA) Hal and Nancy Kurkowski Minneapolis Foundation Gloria Principe and John O’Farrell Eric Ross and Nicole MacNeel Sudip Thakor
New Bridge Fund Support in FY26 Loans
$1.0M
Grants
$0.05M
TOTAL
$1.05M
1.1 M in new capital from 2 Bridge Fund supporters
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Impact Fund for Children’s 12th Consecutive Year on the ImpactAssets 50 List The Bridge Fund was selected as an Emeritus Impact Manager for the ImpactAssets 50 (IA 50) 2026 list. The IA 50 recognizes managers who have demonstrated a consistent ability to generate positive impact and resilience within the impact investing market. We thank our investors and donors who have contributed to this inclusion for the 12th consecutive year.
To learn more, please visit our website at unicefusa.org/impact-fund-for-children or contact: Cristina Shapiro, President UNICEF USA Impact Fund for Children cshapiro@unicefusa.org 212-922-2556
Erin Egan, Managing Director UNICEF USA Impact Fund for Children eegan@unicefusa.org 212-922-2571
CREDITS Photographs — Front cover: © UNICEF/UNI897890/Pouget; page 2: © UNICEF/UNI939291/Bunsak; page 4: © UNICEF/UNI995350/Asrat; page 6: © UNICEF/ UN0885318/Meerzad, UNICEF/UNI953080/Jayasuriya, UNICEF/UN0891271/Keïta, UNICEF/UNI884216/Marin; page 7: © UNICEF/UNI883666/Marin, UNICEF/ UN0898952/Luu Thu Huong, UNICEF/UNI938868/Andrianantenaina; page 9: © UNICEF/UNI869130/Htet; page 11: © UNICEF/UNI878054/Aliyu; page 12: © UNICEF/ UNI990275/Phiennachit, © UNICEF/UN0587877/Bunsak, © UNICEF/UNI956769/Da; page 13: © UNICEF/UNI999059/Ndomba Mbikayi, © UNICEF/UNI898862/Gonzalez Yepes; page 15: © UNICEF/UNI856088/Pouget; page 17: © UNICEF/UNI862020/Kryvopyshyn; page 19: © UNICEF/UNI894717/Brizuela; page 22: © UNICEF/ UNI1008610/Meerzad; Back cover: © UNICEF/UNI936672/Silva © 2026 UNICEF USA. All rights reserved.