TY 2021 Form 990PF

efile Public Visual Render ObjectId: 202213199349103686 - Submission: 2022-11-15 TIN: 04-6856456

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

For calendar year 2021, or tax year beginning 01-01-2021 , and ending 12-31-2021

Name of foundation
GRANTHAM FOUNDATION FOR THE PROTECTION
OF THE ENVIRONMENT

Number and street (or P.O. box number if mail is not delivered to street address)CO JEREMY GRANTHAM 40 ROWES WHARF
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
BOSTON, MA02110

A Employer identification number

04-6856456

B Telephone number (see instructions)

(617) 346-7500

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$1,061,499,692J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	81,525,504
2	Check .............
3	Interest on savings and temporary cash investments	2,193		2,193
4	Dividends and interest from securities...	2,856,161		2,851,576
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		120,130,723
b	Gross sales price for all assets on line 6a 219,159,742
7	Capital gain net income (from Part IV, line 2)...			161,715,668
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		5,943,219	2,021,675
12	Total. Add lines 1 through 11........	210,457,800		166,591,112
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		36,161	0	36,161
b	Accounting fees (attach schedule).......		78,000	39,000	39,000
c	Other professional fees (attach schedule)....		9,946,001	9,275,751	0
17	Interest...............	1,375,027		1,375,027	0
18	Taxes (attach schedule) (see instructions)...		1,958,197	457,197	1,000
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		195,556	0	30,291
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	13,588,942		11,146,975	106,452
25	Contributions, gifts, grants paid.......	35,114,310			35,114,310
26	Total expenses and disbursements. Add lines 24 and 25	48,703,252		11,146,975	35,220,762
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	161,754,548
b	Net investment income (if negative, enter -0-)			155,444,137
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2021)

Page 2

Form 990-PF (2021)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	58,579,429	188,601,844	188,601,772
	3	Accounts receivable 2,991,438
		Less: allowance for doubtful accounts	821,072	2,991,438	2,991,438
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule) 1,317,384
		Less: allowance for doubtful accounts 0	1,192,967	1,317,384	1,317,384
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	29,915,874	29,999,017	32,489,600
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	318,650,688	360,628,732	834,541,080
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	7,538,436	1,558,418	1,558,418
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	416,698,466	585,096,833	1,061,499,692
	17	Accounts payable and accrued expenses..........	301,872	1,352,343
	18	Grants payable.................		250,000
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	2,907,222	8,250,570
	23	Total liabilities (add lines 17 through 22).........	3,209,094	9,852,913
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	0	0
	27	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	28	Retained earnings, accumulated income, endowment, or other funds	413,489,372	575,243,920
	29	Total net assets or fund balances (see instructions).....	413,489,372	575,243,920
	30	Total liabilities and net assets/fund balances (see instructions).	416,698,466	585,096,833

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

413,489,372

Enter amount from Part I, line 27a .....................

161,754,548

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

575,243,920

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

575,243,920

Form 990-PF (2021)

Page 3

Form 990-PF (2021)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	BAUPOST K-1 STCG UBTI	P	2021-12-31	2021-12-31
b	BAUPOST K-1 LTCG UBTI	P	2021-12-31	2021-12-31
c	ENCAP FLATROCK MIDSTREAM LTCG- UBTI	P	2021-12-31	2021-12-31
d	SUSTAINABLE ASSET FUND SECTION 1231- UBTI	P	2021-12-31	2021-12-31
e	SAF HOLDINGS LLC SECTION 1231- UBTI	P	2021-12-31	2021-12-31
	BAUPOST K-1 SECTION 1231- UBTI	P	2021-12-31	2021-12-31
	ENCAP FLATROCK MIDSTREAM SECTION 1231-UBTI	P	2021-12-31	2021-12-31
	LEGACY K-1 SECTION 1231- UBTI	P	2021-12-31	2021-12-31
	LTCG FROM MORGAN STANLEY STOCK SALES		2021-12-31	2021-12-31
	GMO SPECIAL OPPORTUNITIES FD VI		2021-12-31	2021-12-31
	MORGAN STANLEY FUTURES -1256 LOSS	P	2021-12-31	2021-12-31
	ZOOX INC	P	2021-12-31	2021-12-31
	ELLIOTT REDEMPTION	P	2021-12-31	2021-12-31
	CHALKSTREAM	P	2021-12-31	2021-12-31
	ELLIOTT REDEMPTION	P	2021-12-31	2021-12-31
	ADJUSTMENT FOR UNREALIZED GAIN ON DONATED STOCK		2021-12-31	2021-12-31
	SAGACIA FUND STCG	P	2021-12-31	2021-12-31
	ACCOMPLICE STCG	P	2021-12-31	2021-12-31
	HIGHLAND EUROPE GROWTH II LP STCG	P	2021-12-31	2021-12-31
	UNDERSCORE LP STCG	P	2021-12-31	2021-12-31
	THRIVE VI GROWTH LP STCG	P	2021-12-31	2021-12-31
	THRIVE VI LP STCG	P	2021-12-31	2021-12-31
	THRIVE III K-1 STCG	P	2021-12-31	2021-12-31
	THRIVE CAPITAL V K-1 STCG	P	2021-12-31	2021-12-31
	THRIVE CAPITAL IV LP STCG	P	2021-12-31	2021-12-31
	THIRD ROCK V K-1 STCG	P	2021-12-31	2021-12-31
	THIRD ROCK IV K-1 STCL	P	2021-12-31	2021-12-31
	TECHNOLOGY IMPACT FUND K-1 STCG	P	2021-12-31	2021-12-31
	SUSTAINABLE ASSET FUND STCG	P	2021-12-31	2021-12-31
	RIEFF K-1 STCL	P	2021-12-31	2021-12-31
	OVERLOOK PARTNERS K-1 STCG	P	2021-12-31	2021-12-31
	LUX VENTURES VI K-1 STCG	P	2021-12-31	2021-12-31
	LUX VENTURES V K-1 STCG	P	2021-12-31	2021-12-31
	LUX VENTURES IV K-1 STCL	P	2021-12-31	2021-12-31
	LSVP SELECT II LP STCL	P	2021-12-31	2021-12-31
	LSVP XI K-1 STCL	P	2021-12-31	2021-12-31
	LSVP SELECT K-1 STCL	P	2021-12-31	2021-12-31
	LSVP X K-1 STCL	P	2021-12-31	2021-12-31
	LEGACY STCG	P	2021-12-31	2021-12-31
	ICON VENTURES V K-1 STCG	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK VII K-1 STCG	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK CO INVEST FEEDER STCL	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK VI K-1 STCG	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK VENTURE V K-1 STCL	P	2021-12-31	2021-12-31
	HILLHOUSE FUND IV K-1 STCG	P	2021-12-31	2021-12-31
	GREYCROFT IV K-1 STCG	P	2021-12-31	2021-12-31
	FOUNDER FUND VI STCG	P	2021-12-31	2021-12-31
	FOUNDERS FUND V K-1 STCG	P	2021-12-31	2021-12-31
	FOUNDATION CAPITAL K-1 STCG	P	2021-12-31	2021-12-31
	FORMATION8 PARTNERS II K-1 STCL	P	2021-12-31	2021-12-31
	FIRSTMARK CAPITAL OF III K-1 STCG	P	2021-12-31	2021-12-31
	FLAGSHIP VENTURE V K-1 STCL	P	2021-12-31	2021-12-31
	ENCAP ENERGY K-1 STCG	P	2021-12-31	2021-12-31
	DOEMMEKRAFT K-1 STCL	P	2021-12-31	2021-12-31
	DISCERENE K-1 STCL	P	2021-12-31	2021-12-31
	DENHAM K-1 STCL	P	2021-12-31	2021-12-31
	BAUPOST K-1 STCG	P	2021-12-31	2021-12-31
	BATTERY XI-A LP K-1 STCG	P	2021-12-31	2021-12-31
	BATTERY VENTURE X LP STCG	P	2021-12-31	2021-12-31
	ATLAS VENTURE FUND X K-1 STCG	P	2021-12-31	2021-12-31
	ATLAS VENTURE IX K-1 STCG	P	2021-12-31	2021-12-31
	ARCH VENTURE FUND IX K-1 STCG	P	2021-12-31	2021-12-31
	ARC ENERGY K-1 STCG	P	2021-12-31	2021-12-31
	ANNAPOLIS VII K-1 STCL	P	2021-12-31	2021-12-31
	ANNAPOLIS VI K-1 STCG	P	2021-12-31	2021-12-31
	ACRE VENTURE PARTNERS II LP STCL	P	2021-12-31	2021-12-31
	HIGHLAND EUROPE GROWTH III LP STCG	P	2021-12-31	2021-12-31
	SAGACIA FUND LTCG	P	2021-12-31	2021-12-31
	HIGHLAND EUROPE GROWTH III LP LTCG	P	2021-12-31	2021-12-31
	HIGHLAND EUROPE GROWTH II LP LTCG	P	2021-12-31	2021-12-31
	ENCAP FLATROCK MIDSTREAM III K-1 LTCL	P	2021-12-31	2021-12-31
	BAUPOST K-1 LTCG	P	2021-12-31	2021-12-31
	XPV WATER K-1 LTCG	P	2021-12-31	2021-12-31
	UNDERSCORE LP LTCL	P	2021-12-31	2021-12-31
	TRIBECA II K-1 LTCL	P	2021-12-31	2021-12-31
	TRIBECA FUND I LP LTCG	P	2021-12-31	2021-12-31
	THRIVE VI GROWTH LP LTCG	P	2021-12-31	2021-12-31
	THRIVE VI K-1 LTCG	P	2021-12-31	2021-12-31
	THRIVE III K-1 LTCG	P	2021-12-31	2021-12-31
	THRIVE CAPITAL V K-1 LTCG	P	2021-12-31	2021-12-31
	THRIVE CAPITAL IV K-1 LTCG	P	2021-12-31	2021-12-31
	THIRD ROCK V K-1 LTCG	P	2021-12-31	2021-12-31
	THIRD ROCK IV K-1 LTCG	P	2021-12-31	2021-12-31
	THIRD ROCK III K-1 LTCG	P	2021-12-31	2021-12-31
	TECHNOLOGY IMPACT FUND K-1 LTCG	P	2021-12-31	2021-12-31
	SUSA VENTURES II K-1 LTCG	P	2021-12-31	2021-12-31
	SUSTAINABLE ASSET FUND II K1 LTCG	P	2021-12-31	2021-12-31
	SUSTAINABLE ASSET FUND I K-1 LTCG	P	2021-12-31	2021-12-31
	SAF II INTERESTS LLC K-1 LTCG	P	2021-12-31	2021-12-31
	SAF HOLDINGS LLC K-1 LTCL	P	2021-12-31	2021-12-31
	SILVERLAKE KRAFTWERK LP K1 LTCG	P	2021-12-31	2021-12-31
	SILVERLAKE CAYMAN K-1 LTCG	P	2021-12-31	2021-12-31
	RINCON K-1 LTCG	P	2021-12-31	2021-12-31
	REAF II LP K-1 LTCL	P	2021-12-31	2021-12-31
	RIEFF K-1 LTCG	P	2021-12-31	2021-12-31
	PACIFIC ROAD K-1 LTCL	P	2021-12-31	2021-12-31
	OWL VENTURES K-1 LTCG	P	2021-12-31	2021-12-31
	OVERLOOK 3G K-1 LTCG	P	2021-12-31	2021-12-31
	OVERLOOK PARTNERS K-1 LTCG	P	2021-12-31	2021-12-31
	MUCKER K-1 LTCL	P	2021-12-31	2021-12-31
	LUX VENTURES V K-1 LTCG	P	2021-12-31	2021-12-31
	LUX VENTURES IV K-1 LTCL	P	2021-12-31	2021-12-31
	LUX VENTURES III K-1 LTCL	P	2021-12-31	2021-12-31
	LONGWOOD II K-1 LTCG	P	2021-12-31	2021-12-31
	LSVP SELECT K-1 LTCL	P	2021-12-31	2021-12-31
	LSVP XI K-1 LTCG	P	2021-12-31	2021-12-31
	LSVP SELECT K-1 LTCL	P	2021-12-31	2021-12-31
	LSVP X K-1 LTCG	P	2021-12-31	2021-12-31
	LEGACY LTCG	P	2021-12-31	2021-12-31
	LAKESTAR K-1 LTCG	P	2021-12-31	2021-12-31
	SINOVATION IV K-1 LTCL	P	2021-12-31	2021-12-31
	INNOVATION WORKS II K-1 LTCG	P	2021-12-31	2021-12-31
	SINOVATION FUND III K-1 LTCL	P	2021-12-31	2021-12-31
	ICON VENTURES V K-1 LTCL	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK VII K-1 LTCG	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK CO INVEST FEEDER LTCG	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK VI K-1 LTCL	P	2021-12-31	2021-12-31
	HV HOLTZBRINCK VENTURE V K-1 LTCG	P	2021-12-31	2021-12-31
	ALEPH II K-1 LTCG	P	2021-12-31	2021-12-31
	HILLHOUSE FUND IV K-1 LTCG	P	2021-12-31	2021-12-31
	HIGHLAND EUROPE GROWTH K-1 LTCG	P	2021-12-31	2021-12-31
	GREYCROFT IV K-1 LTCG	P	2021-12-31	2021-12-31
	GREYCROFT III K-1 LTCG	P	2021-12-31	2021-12-31
	GEF AFRICA K-1 LTCL	P	2021-12-31	2021-12-31
	FOUNDERS FUND VII K-1 LTCG	P	2021-12-31	2021-12-31
	FOUNDERS FUND VI K-1 LTCG	P	2021-12-31	2021-12-31
	FOUNDER FUND V LTCG	P	2021-12-31	2021-12-31
	FOUNDATION CAITAL LTCG	P	2021-12-31	2021-12-31
	FORMATION8 PARTNERS II K-1 LTCG	P	2021-12-31	2021-12-31
	FORMATION8 PARTNERS I K-1 LTCL	P	2021-12-31	2021-12-31
	FLAGSHIP VENTURE V K-1 LTCL	P	2021-12-31	2021-12-31
	FIRSTMARK OF II K-1 LTCG	P	2021-12-31	2021-12-31
	FIRSTMARK CAPITAL IV K-1 LTCG	P	2021-12-31	2021-12-31
	FIRSTMARK CAPITAL III K-1 LTCG	P	2021-12-31	2021-12-31
	ENCAP ENERGY K-1 LTCG	P	2021-12-31	2021-12-31
	ECLIPSE FUND II K-1 LTCL	P	2021-12-31	2021-12-31
	DOEMMEKRAFT K-1 LTCG	P	2021-12-31	2021-12-31
	DISCERENE K-1 LTCG	P	2021-12-31	2021-12-31
	THRESHOLD VENTURE II K-1 LTCG	P	2021-12-31	2021-12-31
	THRESHOLD VENTURE I K-1 LTCG	P	2021-12-31	2021-12-31
	DENHAM K-1 LTCL	P	2021-12-31	2021-12-31
	BIOTRACK CAPITAL K-1 LTCG	P	2021-12-31	2021-12-31
	BATTERY VENTURES XI-A LP LTCG	P	2021-12-31	2021-12-31
	BATTERY VENTURES XI-A SIDE FUND LTCG	P	2021-12-31	2021-12-31
	BATTERY VENTURES XI-A SIDE FUND AIV LTCL	P	2021-12-31	2021-12-31
	BATTERY VENTURES XI-A AIV LTCL	P	2021-12-31	2021-12-31
	BATTERY X SIDE FUND K-1 LTCG	P	2021-12-31	2021-12-31
	BATTERY VENTURES X K-1 LTCG	P	2021-12-31	2021-12-31
	ATLAS VENTURES FUND X K-1 LTCG	P	2021-12-31	2021-12-31
	ATLAS VENTURE IX K-1 LTCG	P	2021-12-31	2021-12-31
	ARCH VENTURE FUND X OVERAGE K-1 LTCL	P	2021-12-31	2021-12-31
	ARCH VENTURE FUND X LP K-1 LTCL	P	2021-12-31	2021-12-31
	ARCH VENTURE IX LP K-1 LTCG	P	2021-12-31	2021-12-31
	ARC ENERGY K-1 LTCL	P	2021-12-31	2021-12-31
	ANNAPOLIS VII K-1 LTCG	P	2021-12-31	2021-12-31
	ANNAPOLIS VI K-1 LTCG	P	2021-12-31	2021-12-31
	ALPINA K-1 LTCG	P	2021-12-31	2021-12-31
	ALEPH LP K-1 LTCG	P	2021-12-31	2021-12-31
	AIRDRIE LP K-1 LTCG	P	2021-12-31	2021-12-31
	ACCOMPLICE LTCG	P	2021-12-31	2021-12-31
	SUSTAINABLE ASSET FUND SECTION 1231 GAIN	P	2021-12-31	2021-12-31
	BATTERY VENTURES XI-A SIDE FUND SECTION 1231	P	2021-12-31	2021-12-31
	NCH NEW EUROPE SECTION 1231 GAIN	P	2021-12-31	2021-12-31
	LEGACY VENTURES SECTION 1231 LOSS	P	2021-12-31	2021-12-31
	ENCAP FLATROCK MIDSTREAM III K-1 SECTION 1231	P	2021-12-31	2021-12-31
	ENCAP ENERGY SECTION 1231 LOSS	P	2021-12-31	2021-12-31
	BAUPOST SECTION 1231 GAIN	P	2021-12-31	2021-12-31
	BATTERY XI-A LP SECTION 1231	P	2021-12-31	2021-12-31
	SAF HOLDINGS LLC SECTION 1231	P	2021-12-31	2021-12-31
	SUSTAINABLE ASSET FUND II SECTION 1256 GAIN	P	2021-12-31	2021-12-31
	SAF II INTERESTS LLC K-1 SECTION 1256	P	2021-12-31	2021-12-31
	AETOS CAPITAL K-1 SECTION 1256	P	2021-12-31	2021-12-31
	BAUPOST K-1 SECTION 1256	P	2021-12-31	2021-12-31
	DISCERENE K-1 SECTION 1256	P	2021-12-31	2021-12-31

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	3,168	3,168	0
b	10,922	10,922	0
c	61,012	61,012	0
d	26,118,634	26,118,634	0
e	1,115,772	1,115,772	0
	320,966	320,966	0
	144,940	144,940	0
	5,228	5,228	0
	107,410,039		107,410,039
	68,805		68,805
			-25,121,658
	95,668		95,668
	5,206,126		5,206,126
	179,255		179,255
	383,397		383,397
			0
			-420
	38,490		38,490
	1,008,610		1,008,610
	2,707		2,707
	424		424
	875		875
	2		2
	634		634
	671		671
	672,112		672,112
			-36,087
	278,028		278,028
	91,547		91,547
			-435,490
	95,928		95,928
	3,308		3,308
	4,661		4,661
			-11
			-169
			-12
			-583
			-803
	2,815		2,815
	22,260		22,260
	453		453
			-58,164
	13,761		13,761
			-20,211
	43,135		43,135
	1,056		1,056
	3,388		3,388
	374,636		374,636
	631,793		631,793
			-1,859
	20,141		20,141
			-5
	201		201
			-272,629
			-174,877
			-865
	39,764		39,764
	68		68
	60,827		60,827
	18,736		18,736
	61,277		61,277
	8,142		8,142
	3,317		3,317
			-2,672
	337,140		337,140
			-685
	103,886		103,886
	25,139		25,139
	194,007		194,007
	4,462,668		4,462,668
	89,122		89,122
	614,337		614,337
	4,806		4,806
			-208,405
			-519,788
	2,968,331		2,968,331
	10,538		10,538
	7,021		7,021
	281,747		281,747
	138,410		138,410
	69,352		69,352
	319,270		319,270
	2,559,481		2,559,481
	866,501		866,501
	664,191		664,191
	140,529		140,529
	847,529		847,529
	7,581		7,581
	364,357		364,357
			-5,380
	867,729		867,729
	2,690		2,690
	4,902,153		4,902,153
			-49,780
	452,754		452,754
			-200,067
	4,503,216		4,503,216
	167,647		167,647
	1,818,358		1,818,358
			-48,846
	27,220		27,220
			-1,590
			-1,009
	1,151,342		1,151,342
			-18,707
	787,772		787,772
			-1,787
	1,089,793		1,089,793
	2,074,705		2,074,705
	2,091,565		2,091,565
			-69,806
	582,974		582,974
			-86,951
			-313,858
	80,762		80,762
	3,473,714		3,473,714
			-108,409
	11,963,931		11,963,931
	73,223		73,223
	208,688		208,688
	1,258,120		1,258,120
	259,338		259,338
	286,479		286,479
			-58,915
	18,945		18,945
	282,316		282,316
	2,366,827		2,366,827
	3,095,468		3,095,468
	185,107		185,107
			-102,112
			-180,681
	496,958		496,958
	118,358		118,358
	1,981,632		1,981,632
	83,720		83,720
			-29,552
	6		6
	94,204		94,204
	229,143		229,143
	473,874		473,874
			-1,290
	132,456		132,456
	1,142,243		1,142,243
	882,986		882,986
			-449
			-553
	104,428		104,428
	469,718		469,718
	66,295		66,295
	3,455,359		3,455,359
			-9,605
			-5,370
	929,166		929,166
			-1,339,477
	57,231		57,231
	2,040,951		2,040,951
	322,775		322,775
	499,505		499,505
	130,887		130,887
	97,771		97,771
	732,484		732,484
			-7
	185,946		185,946
			-5,229
	211,426		211,426
			-102,545
	309,093		309,093
			-8
	459		459
	21,065		21,065
	9,056		9,056
			-66,056
	101,728		101,728
	2,341		2,341

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			0
b			0
c			0
d			0
e			0
			0
			0
			0
			107,410,039
			68,805
			-25,121,658
			95,668
			5,206,126
			179,255
			383,397
			0
			-420
			38,490
			1,008,610
			2,707
			424
			875
			2
			634
			671
			672,112
			-36,087
			278,028
			91,547
			-435,490
			95,928
			3,308
			4,661
			-11
			-169
			-12
			-583
			-803
			2,815
			22,260
			453
			-58,164
			13,761
			-20,211
			43,135
			1,056
			3,388
			374,636
			631,793
			-1,859
			20,141
			-5
			201
			-272,629
			-174,877
			-865
			39,764
			68
			60,827
			18,736
			61,277
			8,142
			3,317
			-2,672
			337,140
			-685
			103,886
			25,139
			194,007
			4,462,668
			89,122
			614,337
			4,806
			-208,405
			-519,788
			2,968,331
			10,538
			7,021
			281,747
			138,410
			69,352
			319,270
			2,559,481
			866,501
			664,191
			140,529
			847,529
			7,581
			364,357
			-5,380
			867,729
			2,690
			4,902,153
			-49,780
			452,754
			-200,067
			4,503,216
			167,647
			1,818,358
			-48,846
			27,220
			-1,590
			-1,009
			1,151,342
			-18,707
			787,772
			-1,787
			1,089,793
			2,074,705
			2,091,565
			-69,806
			582,974
			-86,951
			-313,858
			80,762
			3,473,714
			-108,409
			11,963,931
			73,223
			208,688
			1,258,120
			259,338
			286,479
			-58,915
			18,945
			282,316
			2,366,827
			3,095,468
			185,107
			-102,112
			-180,681
			496,958
			118,358
			1,981,632
			83,720
			-29,552
			6
			94,204
			229,143
			473,874
			-1,290
			132,456
			1,142,243
			882,986
			-449
			-553
			104,428
			469,718
			66,295
			3,455,359
			-9,605
			-5,370
			929,166
			-1,339,477
			57,231
			2,040,951
			322,775
			499,505
			130,887
			97,771
			732,484
			-7
			185,946
			-5,229
			211,426
			-102,545
			309,093
			-8
			459
			21,065
			9,056
			-66,056
			101,728
			2,341

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	161,715,668
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Form 990-PF (2021)

Page 4

Form 990-PF (2021)

Page 4

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	2,160,674
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	2,160,674
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	1,678,438
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	1,000,000
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	2,678,438
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	517,764
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax517,764	Refunded	11	0

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

Yes

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Yes

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2021)

Page 5

Form 990-PF (2021)

Page 5

Part VI-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

WWW.GRANTHAMFOUNDATION.ORG

The books are in care of bullet

JEREMY GRANTHAM Telephone no. bullet

(617) 346-7500

Located at bullet

40 ROWES WHARFBOSTONMA ZIP+4 bullet

02110

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ........ bullet

16 At any time during calendar year 2021, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

Organizations relying on a current notice regarding disaster assistance check here ........ bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2021? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2021, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2021?....................

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

Yes

If "Yes," did it have excess business holdings in 2021 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2021.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..

Form 990-PF (2021)

Page 6

Form 990-PF (2021)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check ......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
JEREMY GRANTHAM	TRUSTEE 5.00	0	0	0
C/O GMO 40 ROWES WHARF BOSTON,MA02110	TRUSTEE 5.00	0	0	0
HANNELORE GRANTHAM	TRUSTEE 5.00	0	0	0
71 MT VERNON STREET BOSTON,MA02108	TRUSTEE 5.00	0	0	0
OLIVER GRANTHAM	TRUSTEE 0.10	0	0	0
1644 GREAT HIGHWAY SAN FRANCISCO,CA94122	TRUSTEE 0.10	0	0	0
RUPERT GRANTHAM	TRUSTEE 0.10	0	0	0
16N MULLEN HILL ROAD WESTPORT,MA02790	TRUSTEE 0.10	0	0	0
ISABEL GRANTHAM RAPPOPORT	TRUSTEE 0.10	0	0	0
42 IVALOO STREET SOMERVILLE,MA02143	TRUSTEE 0.10	0	0	0
RAMSAY RAVENEL	PRESIDENT 40.00	0	0	0
C/O GMO 40 ROWES WHARF BOSTON,MA02110	PRESIDENT 40.00	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2021)

Page 7

Form 990-PF (2021)

Page 7

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
CAMBRIDGE ASSOCIATES	CONSULTING	1,690,409
100 SUMMER STREET BOSTON,MA02110	CONSULTING	1,690,409
RAPHAEL AND RAPHAEL LLP	ACCOUNTING AND TAX SERVICES	78,000
52 CHURCH STREET BOSTON,MA02116	ACCOUNTING AND TAX SERVICES	78,000

Total number of others receiving over $50,000 for professional services............. bullet

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2021)

Page 8

Form 990-PF (2021)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

11,470,842

Average of monthly cash balances.......................

133,374,147

Fair market value of all other assets (see instructions)................

859,813,672

Total (add lines 1a, b, and c).........................

1,004,658,661

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

1,004,658,661

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

15,069,880

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

989,588,781

Minimum investment return. Enter 5% (0.05) of line 5................

49,479,439

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part IX, line 6..................

49,479,439

Tax on investment income for 2021 from Part V, line 5.......

2,160,674

Income tax for 2021. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

2,160,674

Distributable amount before adjustments. Subtract line 2c from line 1............

47,318,765

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

47,318,765

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

47,318,765

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

35,220,762

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4.

35,220,762

Form 990-PF (2021)

Page 9

Form 990-PF (2021)

Page 9

Part XII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7				47,318,765
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......			33,984,254
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2021:
a From 2016......
b From 2017......
c From 2018......
d From 2019......
e From 2020......
f Total of lines 3a through e ........	0
4Qualifying distributions for 2021 from Part
XI, line 4: $ 35,220,762
a Applied to 2020, but not more than line 2a			33,984,254
b Applied to undistributed income of prior years (Election required—see instructions).....		0
c Treated as distributions out of corpus (Election required—see instructions)........	0
d Applied to 2021 distributable amount.....				1,236,508
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2021.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........				46,082,257
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8 Excess distributions carryover from 2016 not applied on line 5 or line 7 (see instructions) ...	0
9 Excess distributions carryover to 2022. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2017....
b Excess from 2018....
c Excess from 2019....
d Excess from 2020....
e Excess from 2021....

Form 990-PF (2021)

Page 10

Form 990-PF (2021)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2021, enter the date of the ruling ...... bullet

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

JEREMY GRANTHAM

HANNELORE GRANTHAM

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2021)

Page 11

Form 990-PF (2021)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
350 ORG 20 JAY STREET SUITE 732 BROOKLYN,NY11201	N/A	PC	CLIMATE & ENERGY OUTREACH	300,000
ACADIA CENTER 8 SUMMER STREET ROCKPORT,ME04856	N/A	PC	CLIMATE & ENERGY POLICY	8,000
ADVANCED ENERGY ECONOMY 1010 VERMONT AVE NW SUITE 1050 WASHINGTON DC,DC20005	N/A	PC	PUBLIC UNTILITY COMMISSIONER ID AND EDUCATION	250,000
AMERICAN ACADEMY OF ARTS 136 IRVING ST CAMBRIDGE,MA02138	N/A	PC	COMMISSION ON ACCELERATING ACTION ON CLIMATE CHANGE	250,000
CALIFORNIA INSTITUTE OF TECHNOLOGY 1200 E CALIFORNIA BLVD PASADENA,CA91125	N/A	PC	JESS ADKINS CARBON MINERALIZATION PROJECT	2,000,000
CAMBRIDGE IN AMERICA PO BOX 9123 JAF BLG NEW YORK,NY10087	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH	166,667
CARBON MAPPER 12 S RAYMOND AVE SUITE B PASADENA,CA91105	N/A	PC	NASA-JPL/PLANET HIGH RES METHANE MONITORING	2,000,000
CARBON TRACKER INITIATIVE 300 PARK AVENUE 12TH FLOOR NEW YORK,NY10022	N/A	PC	CLIMATE & ENERGY TRANSITION RESEARCH AND ANALYSIS TARGETING CAPITAL MARKET AUDIENCES	400,000
CERES INC 99 CHAUNCY STREET 6TH FLOOR BOSTON,MA02111	N/A	PC	CLIMATE & ENERGY OUTREACH	215,000
CLIENTEARTH USA INC 125 PARK AVENUE 26TH FLOOR NEW YORK,NY10017	N/A	PC	CLIMATE SMART AGRICULTURE POLICY IN EU AND ENERGY TRANSITION IN ASIA	2,500,000
CLIMATE CENTRAL ONE PALMER SQUARE STE 402 PRINCETON,NJ08542	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH ON EXTREME WEATHER EVENT ATTRIBUTION	50,000
CLIMATE SCIENCE LEGAL DEFENSE FUND 475 RIVERSIDE DRIVE SUITE 244 NEW YORK,NY10115	N/A	PC	CLIMATE & ENERGY OUTREACH	10,000
CLIMATEWORKS FOUNDATION 235 MONTGOMERY ST STE 1300 SAN FRANCISCO,CA94104	N/A	PC	CLIMATE & ENERGY POLICY	1,425,000
COLORADO STATE UNIVERSITY POBOX 1870 FORT COLLINS,CO80523	N/A	UNIVERSITY	MICROBIAL ENHANCEMENT OF SOIL CARBON SEQUESTRATION	750,000
COLUMBIA UNIVERSITY 622 WEST 113TH STREET MAIL CODE 4524 NEW YORK,NY10025	N/A	PC	JAMES HANSEN INSTITUTE ON CLIMATE SCIENCE & POLICY RESEARCH.	90,000
COMMUNITY FOUNDATION OF SOUTHEASTERN MA 128 UNION STREET SUITE 403 NEW BEDFORD,MA02740	N/A	PC	COMMUNITY ENVIRONMENTAL PROGRAMS	15,000
CONSERVATION LAW FOUNDATION 62 SUMMER STREET BOSTON,MA02110	N/A	PC	CLIMATE & ENERGY POLICY	250,000
DUKE UNIVERSITY ALUMNI DEVELOPMENT RECORDS DURHAM,NC27708	N/A	UNIVERSITY	PEAT FOREST CARBON SEQUESTRATION RESEARCH	175,000
EARTH INNOVATION INSTITUTE PO BOX 2739 BERKELEY,CA94702	N/A	PC	GUIDING BRAZILIAN GOVERNMENT ON AMAZON CONSERVATION	100,000
ENERGY FOUNDATION 301 BATTERY STREET 5TH FLOOR SAN FRANCISCO,CA94111	N/A	PC	CLIMATE & ENERGY OUTREACH	759,259
ENVIRONMENTAL DEFENSE FUND INCORPORATED 257 PARK AVENUE SOUTH 17TH FLOOR NEW YORK,NY10010	N/A	PC	MOMS CLEAN AIR FORCE	1,200,000
ENVIRONMENTAL LEAGUE OF MASSACHUSETTS INC 15 COURT SQUARE SUITE 1000 BOSTON,MA02108	N/A	PC	CLIMATE & ENERGY POLICY	70,000
GLOBAL WITNESS 1100 17TH STREET NW SUITE 501 WASHINGTON,DC20036	N/A	PC	FOSSIL FUEL INVESTIGATIVE WORK ON CORRUPTION	250,000
GREENPEACE 3804 SE BELMONT STREET PORTLAND,OR97214	N/A	PC	ASIA CLIMATE PROGRAM AND GENERAL SUPPORT	400,000
HEALTH IN HARMONY INC 3804 SE BELMONT STREET PORTLAND,OR97214	N/A	PC	RAINFOREST CONSERVATION IN BORNEO VIA COMMUNITY HEALTH CARE ACCESS	100,000
INDIAN INSTITUTE OF SCIENCE 897 INDEPENDENCE AVE STE 4C MOUNTAIN VIEW,CA94043	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH.	600,000
INNOVATION NETWORK 156 GROVER LANCE TAMWORTH,NH03886	N/A	PC	BOSTON GREEN RIBBON COMMISSION PROGRAM SUPPORT	50,000
LINDEN TRUST FOR CONSERVATION 156 WEST 56TH STREET SUITE 1100 NEW YORK,NY10019	N/A	POF	CLIMATE & ENERGY POLICY ON CARBON TAX	887,500
LOST LIGHTS PROJECTS INC 16 COURT STREET SUITE 2307 BROOKLYN,NY11241	N/A	PC	ENVIRONMENTAL MEDIA	300,000
MERIDIAN INSTITUTE PO BOX 1829 DILLON,CO80435	N/A	PC	CLIMATE FOOD AND AG DIALOGUE	50,000
METAFOUNDATION 8726 S SEPULVEDA BOULEVARD SUITE D 612 LOS ANGELES,CA90045	N/A	PC	POST-CARBON INSTITUTE RESEARCH AND OUTREACH	85,000
NATIONAL ACADEMY OF MEDICINE 500 FIFTH STREET NW WASHINGTON DC,DC20001	N/A	PC	GRAND CHALLENGE ON HUMAN HEALTH AND CLIMATE CHANGE	250,000
NEW ENGLAND FORESTRY FOUNDATION 32 FOSTER STREET LITTLETON,MA01460	N/A	PC	BUILD WOOD CAMPAIGN	50,000
NEXTGEN CLIMATE AMERICAN INC 111 SUTTER STREET 10TH FLOOR SAN FRANCISCO,CA94104	N/A	PC	YOUTH VOTER REGISTRATION	200,000
OXFAM AMERICA INC 226 CAUSEWAY STREET 5TH FLOOR BOSTON,MA02114	N/A	PC	CLIMATE & ENERGY POLICY ON ALTERNATIVES TO COAL	50,000
POTENTIAL ENERGY COALITION 477 MADISON AVE NEW YORK,NY10022	N/A	PC	CLIMATE & ENERGY OUTREACH	750,000
PUBLIC HEALTH WATCH 52 WHITE MAGNOLIA CIR AUSTIN,TX78734	N/A	PC	HEALTH EDUCATION	50,000
RAINFOREST ACTION NETWORK 425 BUSH STREET STE 300 SAN FRANCISCO,CA94108	N/A	PC	CLIMATE & ENERGY OUTREACH	50,000
RENSSELEAR POLYTECHNIC INSTITUTE 110 8TH ST TROY,NY12180	N/A	PC	SUSTAINABILITY RESEARCH ON CONTRACEPTIVE VACCINE	350,000
ROCKEFELLER FAMILY FUND (DAF) 475 RIVERSIDE DRIVE SUITE 900 NEW YORK,NY10115	N/A	PC	CLIMATE & ENERGY OUTREACH	1,500,000
RODALE INSTITUTE 611 SIEGFRIEDALE RD KUTZTOWN,PA19530	N/A	PC	RESEARCH ON HEALTH BENEFITS OF ORGANIC FOOD	250,000
SIERRA CLUB 2101 WEBSTER STREET SUITE 1300 OAKLAND,CA94612	N/A	PC	CLIMATE & ENERGY OUTREACH	100,000
STICHTING EUROPEAN CLIMATE FOUNDATION RIVIERVISMARKT 52513 AM DEN HAAG 2513 AM NL	N/A	FOREIGN CHARITY	CLIMATE & ENERGY OUTREACH	900,000
STICHTING SED FUND FLUWELEN BURGWAL 58 CJ DEN HAAG 2511 NL	N/A	FOREIGN CHARITY	CLIMATE & ENERGY OUTREACH ON INDIA CLIMATE	2,866,667
STITCHING SOIL HEROES FOUNDATION STOUGJESDIJK 168 MIJNSHEERENLAND 3271 NL	N/A	FOREIGN CHARITY	REGENERATIVE AGRICULTURE AND PODCASTING	39,367
THE RESEARCH FOUNDATION 2316 E MEYER BOULEVARD KANSAS CITY,MO64132	N/A	PC	HEALTH EDUCATION	1,600,000
UNION OF CONCERNED SCIENTISTS INC 2 BRATTLE SQUARE 6TH FLOOR CAMBRIDGE,MA02138	N/A	PC	CLIMATE ACCOUNTABILITY PROGRAM	750,000
UNIVERSITY OF BRITISH COLUMBIA 2386 EAST MALL VANCOUVER,BRITISH COLUMBIA CA	N/A	FOREIGN UNIVERSITY	CLIMATE SCIENCE & POLICY RESEARCH	900,000
UNIVERSITY OF CALIFORNIA LOS ANGELES 5151 STATE UNIVERSITY DRIVE ADM 809 LOS ANGELES,CA90032	N/A	PC	SINGLE STEP CARBON SEQUESTRATION AND STORAGE PROJECT, SEAWATER MINERALIZATION, AND FOREST CARBON MONITORING AND VERIFICATION	3,985,000
UNIVERSITY OF GLASGOW 1725 I ST NW SUITE 300 WASHINGTON DC,DC20006	N/A	FOREIGN UNIVERSITY	MISSION ZERO TECHNOLOGIES AND LOW ENERGY CATALYTIC DAC PROJECT	132,017
UNIVERSITY OF MICHIGAN 500 S STATE ST ANN ARBOR,MI48109	N/A	UNIVERSITY	CARBON REMOVAL AND UTILIZATION	300,000
UNIVERSITY OF SHEFFIELD WESTERN BANK SHEFFIELD,SOUTH YORKSHIRES10 2TN UK	N/A	FOREIGN UNIVERSITY	GRANTHAM CENTRE FOR SUSTAINABLE FUTURES	1,101,616
VIRGINIA ORGANIZING 703 CONCORD AVENUE CHARLOTTESVILLE,VA22903	N/A	PC	ENVIRONMENTAL EDUCATION	37,880
WGBH EDUCATIONAL FOUNDATION ONE GUEST STREET BOSTON,MA02135	N/A	PC	ENVIRONMENTAL JOURNALISM	50,000
WHITEHEAD INSTITUTE 9 CAMBRIDGE CENTER CAMBRIDGE,MA02142	N/A	PC	BIOLOGICAL RESEARCH ON PLANT ROOTS AND CARBON SEQUESTRATION	1,250,000
WILD AID 44 MONTGOMERY STREET SUITE 300 SAN FRANCISCO,CA94111	N/A	PC	ENVIRONMENTAL MEDIA ON ENVIRONMENTAL PUBLIC SERVICE ANNOUCEMENTS IN CHINA AND NIGERIA	500,000
WOODWELL CLIMATE RESEARCH 149 WOODS HOLE ROAD FALMOUTH,MA02540	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH	20,000
WORLD MEDIA PO BOX 990007 PRUDENTIAL STATION BOSTON,MA02199	N/A	PC	ENVIRONMENTAL JOURNALISM	70,000
YALE UNIVERSITY DEVELOPMENT POBOX 2038 NEW HAVEN,CT06521	N/A	PC	CLIMATE DEVELOPMENT AND RESEARCH VIA WASTEWATER MINERALIZATION AND DAC TESTING	1,100,000
YALE UNIVERSITY POBOX 2038 NEW HAVEN,CT06521	N/A	UNIVERSITY	CLIMATE & ENERGY OUTREACH	200,000
Total ................................. 3a				35,108,973

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2021)

Page 12

Form 990-PF (2021)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies	900001	4,585	14	2,851,576
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	2,193
4 Dividends and interest from securities ....
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............	900001	27,780,642	14	92,350,081
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		31,706,771		97,225,525	0

13Total. Add line 12, columns (b), (d), and (e)..................

128,932,296

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2021)

Page 13

Form 990-PF (2021)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
		2022-11-15		May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's nameADAM GORLOVSKY-SCHEPP	Preparer's Signature	Date	Check if self- employed	PTIN P00716178
	Firm's name RAPHAEL AND RAPHAEL LLP				Firm's EIN 04-2206126
	Firm's address 52 CHURCH STREET BOSTON, MA02116				Phone no. (617) 210-1200

Form 990-PF (2021)

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