TY 2020 Form 990PF

- TIN:

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. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020

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

$746,854,341J 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)	9,456,098
2	Check .............
3	Interest on savings and temporary cash investments	78,932		78,932
4	Dividends and interest from securities...	3,219,491		3,209,647
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		18,082,401
b	Gross sales price for all assets on line 6a 91,477,347
7	Capital gain net income (from Part IV, line 2)...			17,129,673
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).......		2,114,618	237,459
12	Total. Add lines 1 through 11........	32,951,540		20,655,711
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).........		4,348	0	4,348
b	Accounting fees (attach schedule).......		69,625	34,813	34,812
c	Other professional fees (attach schedule)....		9,610,741	9,221,132	0
17	Interest...............	298,432		294,150	0
18	Taxes (attach schedule) (see instructions)...		323,805	322,765	500
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	1,930		0	1,930
22	Printing and publications..........
23	Other expenses (attach schedule).......		109,802	0	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	10,418,683		9,872,860	41,590
25	Contributions, gifts, grants paid.......	29,915,097			29,915,097
26	Total expenses and disbursements. Add lines 24 and 25	40,333,780		9,872,860	29,956,687
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-7,382,240
b	Net investment income (if negative, enter -0-)			10,782,851
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2020)

Form 990-PF (2020)

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.........	23,106,358	58,579,429	58,579,429
	3	Accounts receivable 821,072
		Less: allowance for doubtful accounts	4,275,572	821,072
	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) 1,192,967
		Less: allowance for doubtful accounts 0	1,192,967	1,192,967	1,192,967
	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).......	36,033,450	29,915,874	38,865,681
	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)..........	353,170,625	318,650,688	648,138,581
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	5,416,538	7,538,436	77,683
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	423,195,510	416,698,466	746,854,341
	17	Accounts payable and accrued expenses..........	900,000	301,872
	18	Grants payable.................
	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 )	603,495	2,907,222
	23	Total liabilities (add lines 17 through 22).........	1,503,495	3,209,094
		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	421,692,015	413,489,372
	29	Total net assets or fund balances (see instructions).....	421,692,015	413,489,372
	30	Total liabilities and net assets/fund balances (see instructions).	423,195,510	416,698,466

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) ...............

421,692,015

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

-7,382,240

Other increases not included in line 2 (itemize) bullet

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

414,309,775

Decreases not included in line 2 (itemize) bullet

820,403

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

413,489,372

Form 990-PF (2020)

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
1 a	LEGACY VENTURE IV LLC	P
b	SUSA VENTURES II LP	P
c	DISCERENE GROUP LP	P
d	DODDINGTON EMERGING MARKETS FUND	P
e	DODDINGTON EMERGING MARKETS FUND	P
	DODDINGTON EMERGING MARKETS FUND -FULL REDEMPTION	P
	DOEMMEKRAFT	P
	LEGACY VENTURE IV LLC	P
	HOLTZBRINK V	P
	ECLIPSE FUND II	P
	SAF II INTERESTS LLC- SECTION 1256	P
	RINCON	P
	LSVP XI	P
	ENCAP ENERGY CAPITAL FUND IX LP	P
	ENCAP ENERGY CAPITAL FUND IX LP-SECTION 1231	P
	RENAIISANCE INSTITUTIONAL EQUITIES FUND	P
	ENCAP FLATROCK MIDSTREAM FUND III LP	P
	LSVP XI	P
	LUX VENTURES III	P
	GREYCROFT IV	P
	FOUDNERS FUND 6	P
	LUX VENTURES IV LP	P
	LUX VENTURES V LP	P
	HIGHFIELDS IV CAPITAL- ADDL LOSS ON REDEMPTION	P
	LUX VENTURES III	P
	FOUNDATION CAPITAL	P
	FORMATION 8 I LP	P
	MISSIONPOINT CAPITAL PARTNERS FUND I	P
	MISSIONPOINT RE COMMUNITY COINVEST	P
	FIRSTMARK CAPITAL IV LP	P
	MISSIONPOINT RE COMMUNITY COINVEST -FULL REDEMPTION	P
	NEW EUROPE PROPERTY FUND-SECTION 1231	P
	FORMATION 8 II LP	P
	DENHAM CAPITAL	P
	DENHAM CAPITAL	P
	SUSA VENTURES II LP	P
	ACCOMPLICE FUND I	P
	CALL SPY	P
	ANNAPOLIS ENERGY FUND VI	P
	ARTIMAN VENTURES SELECT 2014 LP	P
	ARTIMAN VENTURES SELECT 2014 LP	P
	ARTIMAN SPECIAL	P
	ARTIMAN SPECIAL	P
	UNDERSCORE VC ASSEMBLE	P
	MORGAN STANLEY FUTURES -1256 LOSS	P
	LAKESTAR II LP	P
	MORGAN STANLEY FUTURES -1256 LOSS
	BATTERY VENTURES X LP	P
	BATTERY VENTURES X LP	P
	DEEMED SALES ON 1256 FUTURES	P
	LAKESTAR II LP	P
	LSVP SELECT	P
	LEGACY VENTURE IV LLC-SECTION 1231	P
	HOLTZBRINK V	P
	HOLTZBRINK VI	P
	BAUPOST LIMITED PARTNERSHIP-SECTION 1256	P
	BAUPOST LIMITED PARTNERSHIP-SECTION 1231	P
	SUSTAINABLE ASSET FUND LP- SECTION 1256	P
	THIRD ROCK VENTURES III LP	P
	SUSTAINABLE ASSET FUND LP	P
	HOLTZBRINK VI	P
	LSVP X	P
	BATTERY VENTURES XI-A LP-SECTION 1231	P
	LSVP IX	P
	BATTERY VENTURES XI-A SIDE FUND LP-SECTION 1231	P
	FOUDNERS FUND 6	P
	BAUPOST LIMITED PARTNERSHIP	P
	TELADOC HEALTH CASH IN LIEU
	ENCAP ENERGY CAPITAL FUND IX LP- SECTION 1256	P
	DISCERENE GROUP LP-SECTION 1256	P
	BATTERY VENTURES X SIDE FUND LP	P
	BATTERY VENTURES X SIDE FUND AIV LP	P
	BATTERY VENTURES X AIV LP	P
	ECLIPSE FUND I LP	P
	LUX VENTURES V LP	P
	BAUPOST LIMITED PARTNERSHIP-SECTION 1231	P
	THIRD ROCK VENTURES IV LP	P
	ENCAP ENERGY CAPITAL FUND IX LP	P
	LEGACY VENTURE IV LLC	P
	ENCAP FLATROCK MIDSTREAM FUND III LP-SECTION 1231	P
	ACCOMPLICE FUND I	P
	THIRD ROCK VENTURES IV LP	P
	BATTERY VENTURES XI-A SIDE FUND LP	P
	HIGHFIELDS IV CAPITAL	P
	BAUPOST LIMITED PARTNERSHIP	P
	BATTERY VENTURES XI-A LP	P
	LUX VENTURES IV LP	P
	ATLAS VENTURE FUND IX LP	P
	THRIVE CAPITAL PARTNERS VI GROWTH	P
	SINOVATION WORKS III	P
	KENSICO REDEMPTION	P
	NEW EUROPE PROPERTY FUND	P
	ENCAP ENERGY CAPITAL FUND IX LP-SECTION 1231	P
	HOLTZBRINK VII	P
	GEF AFRICA	P
	LSVP IX	P
	MISSIONPOINT CAPITAL PARTNERS FUND I REDEMPTION	P
	BATTERY VENTURES XI-A LP	P
	GREYCROFT IV	P
	NORTHBRIDGE GROWTH EQUITY II AIV LP	P
	FIRSTMARK CAPITAL III LP	P
	SUSTAINABLE ASSET FUND LP-SECTION 1231	P
	SUSA VENTURE I LP	P
	RENEWABLE ENERGY ASIA FUND II LP	P
	LSVP SELECT II LP	P
	THRESHOLD II LP	P
	OVERLOOK 3G INVESTMENTS	P
	KARUNA THERAPEUTICS
	LSVP SELECT II LP	P
	OVERLOOK PARTNERS	P
	THRIVE CAPITAL PARTNERS V	P
	BATTERY VENTURES X SIDE FUND LP	P
	ECLIPSE FUND I LP	P
	FIRSTMARK CAPITAL III LP	P
	LIVONGO HEALTH- RETURN OF CAPITAL
	ALEPH LP	P
	LONGWOOD FUND III LP	P
	GREYCROFT III PTRS	P
	FOUNDERS FUND V LP	P
	FIRSTMARK CAPITAL OF II LP	P
	CHALKSTREAM LTD REDEMPTIONS
	ICON VENTURES V	P
	ATLAS VENTURE X	P
	DISCERENE GROUP LP	P
	THRIVE PARTNERS III LP	P
	BAUPOST LIMITED PARTNERSHIP	P
	HILLHOUSE	P
	LSVP X	P
	GREYCROFT III PTRS	P
	FOUNDERS FUND V LP	P
	THRIVE CAPITAL PARTNERS VI GROWTH	P
	AVROBIO INC
	THRIVE CAPITAL PARTNERS V	P
	SILVER LAKE KRAFWERK FUND LP	P
	FLAGSHIP VENTURES V LP	P
	SERES
	JFROG
	TRIBECA FUND I	P
	FOUNDATION CAPITAL	P
	NORTHBRIDGE GROWTH EQUITY II	P
	REVOLUTION MEDICINES
	REVOLUTION MEDICINES
	THRIVE CAPITAL PARTNERS IV	P
	BAUPOST LIMITED PARTNERSHIP	P
	ATLAS VENTURE X	P
	SBC LATIN PFIC CAPITAL GAIN DISTRIBUTIONS	P
	TRIBECA FUND II LP	P
	XPV WATER LP	P
	THRESHOLD I LP	P
	PACIFIC ROAD RESOURCES LP	P
	SALESFORCE.COM
	ALPINA	P
	BATTERY VENTURES XI-A SIDE FUND AIV LP	P
	GMO SPECIAL OPPORTUNITIES FUND VI- LTCG REINVEST
	INNOVATION WORKS DEVELOPMENT	P
	BATTERY VENTURES XI-A AIV FUND LP	P
	ZOOX INC
	EUR SAVINGS DEPOSIT	P
	HIGHLAND EUROPE TECH GROWTH II LP	P
	TELADOC HEALTH
	SUSTAINABLE ASSET FUND LP-SECTION 1231	P
	REPLIMUNE GROUP
	LEMONADE INC
	DENALI THERAPEUTICS
	GMO SPECIAL OPPORTUNITIES FUND VI
	LEMONADE INC
	OVERLOOK PARTNERS	P
	GMO EMERGING DOMESTIC OPPORTUNITIES
	FORTY SEVEN
	LEGACY VENTURE IV LLC	P
	GMO SPECIAL OPPORTUNITIES FUND VI
	ATLAS VENTURE FUND IX LP	P
	GMO EMERGING MARKETS FUND VI
	RENAIISANCE INSTITUTIONAL EQUITIES FUND	P
	RENAIISANCE INSTITUTIONAL EQUITIES FUND	P
	LSVP IX- SALE TO POMONA	P
	ELLIOTT INTERNATIONAL LTD	P
	NORTHBRIDGE GROWTH EQUITY II -SALE TO POMONA	P
	ELLIOTT INTERNATIONAL LTD	P
	SUSTAINABLE ASSET FUND LP	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a			0
b			-14,850
c			-120,613
d			-17,013
e			-749,884
			-770,369
			-218,508
			0
			-6,554
			-9,986
			-10,152
			-22,442
			-3,403
			-368,021
			-81,385
			-348
			-4,872
			-49,788
			-111,920
			-80,800
			-36,779
			-8,019
			-323
			-37,596
			-2,569
			-27
			-268,233
			-11,279
			-75,541
			-6,563
			-27
			-55,282
			-174,048
			-64,077
			-557,333
			-140,545
			-159,390
			-2,834,204
			-733,326
			-17,299
			-820,783
			-137,536
			-954,112
			-241,675
			-44,914,134
			-48,273
			0
			-5,790
			-65,722
			0
			-18,680
			-22,896
			-5
			-23,455
			-10,500
			-87,045
			-27,182
			-28,937
			-137,728
			-43,648
			-257,250
			-102,635
			-48
			-311,471
			-39
	12		12
	72	72	0
	111		111
	118		118
	224		224
	465		465
	639		639
	655		655
	689		689
	837		837
	1,068	1,068	0
	1,142		1,142
	1,168		1,168
	1,306		1,306
	1,656		1,656
	2,491		2,491
	2,617		2,617
	3,096		3,096
	3,251		3,251
	3,449	3,449	0
	4,122		4,122
	4,608		4,608
	4,802		4,802
	5,297		5,297
	8,409		8,409
	9,078	64,077	-54,999
	9,878		9,878
	10,178	10,178	0
	10,540		10,540
	10,697		10,697
	11,472		11,472
	11,877		11,877
	13,056		13,056
	15,370		15,370
	15,573		15,573
	18,400		18,400
	20,672		20,672
	31,468		31,468
	38,177		38,177
	40,206		40,206
	43,412		43,412
	46,779		46,779
	49,792	5,992	43,800
	54,336		54,336
	67,511		67,511
	70,341		70,341
	79,247		79,247
	82,086		82,086
	83,450		83,450
	86,459		86,459
	86,552		86,552
	86,786		86,786
	95,629		95,629
	102,363		102,363
	106,172		106,172
	107,530	64,420	43,110
	109,247		109,247
	118,785		118,785
	127,331		127,331
	127,881		127,881
	130,005		130,005
	156,665		156,665
	162,911		162,911
	210,260		210,260
	230,465		230,465
	230,540		230,540
	235,503	76,471	159,032
	262,636		262,636
	277,026		277,026
	279,396		279,396
	314,387	26,968	287,419
	315,884	12,003	303,881
	338,043		338,043
	392,362		392,362
	400,293		400,293
	405,508	57,761	347,747
	406,213	47,187	359,026
	437,281		437,281
	450,987		450,987
	451,880		451,880
	470,000		470,000
	476,241		476,241
	504,255		504,255
	534,240		534,240
	564,141		564,141
	578,974	83,183	495,791
	625,579		625,579
	642,636		642,636
	666,094		666,094
	744,741		744,741
	791,010		791,010
	830,696	1,000,000	-169,304
	835,170		835,170
	846,489		846,489
	867,900	42,969	824,930
	946,551	946,551	0
	1,025,576	98,926	926,650
	1,036,191	20,294	1,015,897
	1,086,155	56,972	1,029,183
	1,293,721	962,748	324,504
	1,439,215	33,824	1,405,391
	1,470,300		1,470,300
	1,676,826	2,031,593	-354,766
	1,924,185	161,272	1,763,912
	2,030,978		2,030,978
	2,080,755	1,720,000	350,351
	3,527,694		3,527,694
	3,661,027	4,008,676	-347,649
	5,974,604		5,974,604
	6,086,795		6,086,795
	6,904,553		6,904,553
	7,122,374	3,356,117	3,766,257
	7,228,537		7,228,537
	7,582,079	3,356,117	4,225,962
	9,262,185		9,262,185

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			-14,850
c			-120,613
d			-17,013
e			-749,884
			-770,369
			-218,508
			0
			-6,554
			-9,986
			-10,152
			-22,442
			-3,403
			-368,021
			-81,385
			-348
			-4,872
			-49,788
			-111,920
			-80,800
			-36,779
			-8,019
			-323
			-37,596
			-2,569
			-27
			-268,233
			-11,279
			-75,541
			-6,563
			-27
			-55,282
			-174,048
			-64,077
			-557,333
			-140,545
			-159,390
			-2,834,204
			-733,326
			-17,299
			-820,783
			-137,536
			-954,112
			-241,675
			-44,914,134
			-48,273
			0
			-5,790
			-65,722
			0
			-18,680
			-22,896
			-5
			-23,455
			-10,500
			-87,045
			-27,182
			-28,937
			-137,728
			-43,648
			-257,250
			-102,635
			-48
			-311,471
			-39
			12
			0
			111
			118
			224
			465
			639
			655
			689
			837
			0
			1,142
			1,168
			1,306
			1,656
			2,491
			2,617
			3,096
			3,251
			0
			4,122
			4,608
			4,802
			5,297
			8,409
			-54,999
			9,878
			0
			10,540
			10,697
			11,472
			11,877
			13,056
			15,370
			15,573
			18,400
			20,672
			31,468
			38,177
			40,206
			43,412
			46,779
			43,800
			54,336
			67,511
			70,341
			79,247
			82,086
			83,450
			86,459
			86,552
			86,786
			95,629
			102,363
			106,172
			43,110
			109,247
			118,785
			127,331
			127,881
			130,005
			156,665
			162,911
			210,260
			230,465
			230,540
			159,032
			262,636
			277,026
			279,396
			287,419
			303,881
			338,043
			392,362
			400,293
			347,747
			359,026
			437,281
			450,987
			451,880
			470,000
			476,241
			504,255
			534,240
			564,141
			495,791
			625,579
			642,636
			666,094
			744,741
			791,010
			-169,304
			835,170
			846,489
			824,930
			0
			926,650
			1,015,897
			1,029,183
			324,504
			1,405,391
			1,470,300
			-354,766
			1,763,912
			2,030,978
			350,351
			3,527,694
			-347,649
			5,974,604
			6,086,795
			6,904,553
			3,766,257
			7,228,537
			4,225,962
			9,262,185

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	17,129,673
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

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE

1 Reserved

(a) Reserved	(b) Reserved	(c) Reserved	(d) Reserved

Reserved...........................

Reserved,..........................

Form 990-PF (2020)

Page 4

Part VI

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	Reserved................................	1	149,882
c	All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% 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	149,882
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	149,882
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	328,320
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	328,320
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	178,438
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax178,438	Refunded	11	0

Part VII-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 XV..................................

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 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

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

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

Form 990-PF (2020)

Page 5

Part VII-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 2020, 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 VII-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? YesNo

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

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

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

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

(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)?...............YesNo

(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.).......YesNo

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 2020?.............

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 2020, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2020?.............YesNo

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?......................YesNo

If "Yes," did it have excess business holdings in 2020 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 2020.)..................

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 2020?

Form 990-PF (2020)

Page 6

Part VII-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))? YesNo

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

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

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

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

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

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

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

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 here......... 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?..........YesNo

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?.....................YesNo

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? YesNo

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? .................YesNo

Part VIII

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	EXECUTIVE DIRECTOR 40.00	0	0	0
C/O GMO 40 ROWES WHARF BOSTON,MA02110	EXECUTIVE DIRECTOR 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 (2020)

Page 7

Part VIII

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	1,091,360
100 SUMMER STREET BOSTON,MA02110	CONSULTING	1,091,360
ZACHARY TAYLOR THOMAS	CONSULTING	71,393
38 BROWNLOW ROAD CAPETOWN,CAPE TOWN SF	CONSULTING	71,393
RAPHAEL AND RAPHAEL LLP	ACCOUNTING AND TAX SERVICES	67,000
52 CHURCH STREET BOSTON,MA02116	ACCOUNTING AND TAX SERVICES	67,000

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

Part IX-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 IX-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 (2020)

Page 8

Part X

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...................

4,261,193

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

48,380,272

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

679,772,238

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

732,413,703

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.........................

732,413,703

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

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

10,986,206

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

721,427,497

Minimum investment return. Enter 5% of line 5..................

36,071,375

Part XI

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 X, line 6....................

36,071,375

Tax on investment income for 2020 from Part VI, line 5......

149,882

Income tax for 2020. (This does not include the tax from Part VI.)...

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

149,882

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

35,921,493

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

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

35,921,493

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

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

35,921,493

Part XII

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 ..........

29,956,687

Program-related investments—total from Part IX-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 V, line 8, and Part XIII, line 4

29,956,687

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b. See instructions.................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

29,956,687

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

	(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7				35,921,493
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......			28,019,448
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2020:
a From 2015......
b From 2016......
c From 2017......
d From 2018......
e From 2019......
fTotal of lines 3a through e........	0
4Qualifying distributions for 2020 from Part
XII, line 4: $ 29,956,687
a Applied to 2019, but not more than line 2a			28,019,448
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 2020 distributable amount.....				1,937,239
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2020.	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 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........				33,984,254
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 2015 not applied on line 5 or line 7 (see instructions) ...	0
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2016....
b Excess from 2017....
c Excess from 2018....
d Excess from 2019....
e Excess from 2020....

Form 990-PF (2020)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-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 2020, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2020	(b) 2019	(c) 2018	(d) 2017	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, 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 X, 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 XV

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 (2020)

Page 11

Part XV

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	100,000
ACADIA CENTER 8 SUMMER STREET ROCKPORT,ME04856	N/A	PC	CLIMATE & ENERGY POLICY	9,000
BETTER FUTURES PROJECT 30 BOW STREET CAMBRIDGE,MA02138	N/A	PC	CLIMATE & ENERGY OUTREACH	15,000
BIGELOW LABORATORY FOR OCEAN SCIENCES 60 BIGELOW DRIVE EAST BOOTHBAY,ME04544	N/A	PC	CLIMATE SCIENCE RESEARCH AND DEVELOPMENT	149,751
BROWN UNIVERSITY 69 BROWN STREET PROVIDENCE,RI02912	N/A	PC	CLIMATE & ENERGY OUTREACH	25,000
CALIFORNIA INSTITUTE OF TECHNOLOGY 1200 E CALIFORNIA BLVD PASADENA,CA91125	N/A	PC	CLIMATE TECHNOLOGY RESEARCH AND DEVELOPMENT	334,038
CAMBRIDGE IN AMERICA PO BOX 9123 JAF BLG NEW YORK,NY10087	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH	166,667
CARBON TRACKER INITIATIVE 300 PARK AVENUE 12TH FLOOR NEW YORK,NY10022	N/A	PC	CLIMATE & ENERGY TRANSITION RESEARCH AND ANALYSIS TARGETING CAPITAL MARKET AUDIENCES	500,000
CERES INC 99 CHAUNCY STREET 6TH FLOOR BOSTON,MA02111	N/A	PC	CLIMATE & ENERGY OUTREACH	60,000
CLIMATE CENTRAL ONE PALMER SQUARE STE 402 PRINCETON,NJ08542	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH	75,000
CLIMATE SCIENCE LEGAL DEFENSE FUND 475 RIVERSIDE DRIVE SUITE 244 NEW YORK,NY10115	N/A	PC	CLIMATE & ENERGY OUTREACH	30,000
CLIMATEWORKS FOUNDATION 235 MONTGOMERY ST STE 1300 SAN FRANCISCO,CA94104	N/A	PC	CLIMATE & ENERGY POLICY	35,000
COLORADO STATE UNIVERSITY POBOX 1870 FORT COLLINS,CO80523	N/A	PC	CLIMATE TECHNOLOGY RESEARCH AND DEVELOPMENT	185,000
COLUMBIA UNIVERSITY 622 WEST 113TH STREET MAIL CODE 4524 NEW YORK,NY10025	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH.	232,000
COMMUNITY FOUNDATION OF SOUTHEASTERN MA 128 UNION STREET SUITE 403 NEW BEDFORD,MA02740	N/A	PC	COMMUNITY ENVIRONMENTAL PROGRAMS	25,000
CONSERVATION LAW FOUNDATION 62 SUMMER STREET BOSTON,MA02110	N/A	PC	CLIMATE & ENERGY POLICY	300,000
ENERGY FOUNDATION 301 BATTERY STREET 5TH FLOOR SAN FRANCISCO,CA94111	N/A	PC	CLIMATE & ENERGY OUTREACH	864,198
ENVIRONMENTAL DEFENSE FUND INCORPORATED 257 PARK AVENUE SOUTH 17TH FLOOR NEW YORK,NY10010	N/A	PC	CLIMATE & ENERGY POLICY	1,500,000
ENVIRONMENTAL LEAGUE OF MASSACHUSETTS INC 15 COURT SQUARE SUITE 1000 BOSTON,MA02108	N/A	PC	CLIMATE & ENERGY POLICY	70,000
FILE FOUNDATION KRAANSPOOR 24 AMSTERDAM 1033SE NL	N/A	FOREIGN CHARITY	INTERNATIONAL ENVIRONMENTAL LAW	100,000
FOODSHOT GLOBAL 43 W 61ST ST APT 22P NEW YORK,NY10023	N/A	PC	SOIL HEALTH STARTUP ACCELERATOR PROGRAM	25,000
GLOBAL WITNESS 1100 17TH STREET NW SUITE 501 WASHINGTON,DC20036	N/A	PC	CLIMATE & ENERGY OUTREACH	200,000
HADASSAH THE WOMEN'S ZIONIST ORGANIZATION OF AMERICA INC 40 WALL STREET 8TH FLOOR NEW YORK,NY10005	N/A	PC	ENVIRONMENTAL EDUCATION	60,000
HEALTH IN HARMONY INC 3804 SE BELMONT STREET PORTLAND,OR97214	N/A	PC	GLOBAL BIODIVERSITY CONSERVATION AND PLANETARY HEALTH	15,000
IMPERIAL COLLEGE SOUTH KENSINGTON CAMPUS EXHIBITION ROAD LONDON SW7 2AZ UK	N/A	FOREIGN UNIVERSITY	CLIMATE SCIENCE & POLICY RESEARCH	4,242,349
INDIAN INSTITUTE OF SCIENCE 897 INDEPENDENCE AVE STE 4C MOUNTAIN VIEW,CA94043	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH.	1,200,000
INNOVATION NETWORK 156 GROVER LANCE TAMWORTH,NH03886	N/A	PC	BOSTON GREEN RIBBON COMMISSION PROGRAM SUPPORT	50,000
KEYSTONE CENTER 1628 STS JOHN ROAD KEYSTON,CO80435	N/A	PC	PROMOTE SUSTAINABLE ECOSYSTEMS AND COMMUNITIES	100,000
LINDEN TRUST FOR CONSERVATION 156 WEST 56TH STREET SUITE 1100 NEW YORK,NY10019	N/A	POF	CLIMATE & ENERGY POLICY	725,000
LONDON SCHOOL OF ECONOMICS HOUGHTON STREET LONDON WC2A 2AE UK	N/A	FOREIGN UNIVERSITY	CLIMATE SCIENCE & POLICY RESEARCH.	4,718,473
LOST LIGHTS PROJECTS INC 16 COURT STREET SUITE 2307 BROOKLYN,NY11241	N/A	PC	INSIDECLIMATE NEWS, CLIMATE JOURNALISM	200,000
MASSACHUSETTS INSTITUTE OF TECHNOLOGY 77 MASSACHUSETTS AVE 49-3 CAMBRIDGE,MA02139	N/A	PC	CLIMATE TECHNOLOGY RESEARCH AND DEVELOPMENT	450,000
METAFOUNDATION 8726 S SEPULVEDA BOULEVARD SUITE D 612 LOS ANGELES,CA90045	N/A	PC	POST-CARBON INSTITUTE RESEARCH AND OUTREACH	70,000
NEW ENGLAND FORESTRY FOUNDATION INC 32 FOSTER STREET LITTLETON,MA01460	N/A	PC	SUSTAINABLE FORESTRY PROGRAMS	70,000
OXFAM AMERICA INC 226 CAUSEWAY STREET 5TH FLOOR BOSTON,MA02114	N/A	PC	CLIMATE & ENERGY POLICY	100,000
RAINFOREST ACTION NETWORK 425 BUSH STREET STE 300 SAN FRANCISCO,CA94108	N/A	PC	CLIMATE & ENERGY OUTREACH	50,000
REGENTS OF THE UNIVERSITY OF CALIFORNIA 1156 HIGH ST SANTA CRUZ,CA95064	N/A	PC	ECOLOGICAL ASSESSMENT OF MARINE PERMACULTURE	100,000
RENSSELEAR POLYTECHNIC INSTITUTE 110 8TH ST TROY,NY12180	N/A	PC	SUSTAINABILITY RESEARCH	486,484
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	SUSTAINABLE AGRICULTURE	350,000
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	4,000,000
THE CENTER FOR PUBLIC INTEGRITY 910 17TH STREET NW 7TH FLOOR WASHINGTON,DC20006	N/A	PC	ENVIRONMENTAL JOURNALISM	250,000
THE JEREMY AND HANNELORE GRANTHAM ENVIRONMENTAL TRUST 40 ROWES WHARG BOSTON,MA02110	N/A	PC	REDUCING AND REVERSING GLOBAL ENVIRONMENTAL DEGRADATION	295,694
THE PENNSYLVANIA STATE UNIVERSITY 408 OLD MAIN UNIVERSITY PARK,PA16802	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH	50,000
THE YEARS PROJECT 630 9TH AVE SUITE 305 NEW YORK,NY10036	N/A	PC	ENVIRONMENTAL JOURNALISM	75,000
TRUSTED CLIMATE DATA INITIATIVE 222 THIRD STREET SUITE 2163 CAMBRIDGE,MA02142	N/A	PC	CLIMATE TECHNOLOGY RESEARCH AND DEVELOPMENT	150,000
UNION OF CONCERNED SCIENTISTS INC 2 BRATTLE SQUARE 6TH FLOOR CAMBRIDGE,MA02138	N/A	PC	CLIMATE & ENERGY OUTREACH	800,000
UNIVERSITY OF MICHIGAN 500 S STATE ST ANN ARBOR,MI48109	N/A	PC	CLIMATE TECHNOLOGY RESEARCH AND DEVELOPMENT	50,000
UNIVERSITY OF SHEFFIELD WESTERN BANK SHEFFIELD,SOUTH YORKSHIRES10 2TN UK	N/A	FOREIGN UNIVERSITY	CLIMATE SCIENCE & POLICY RESEARCH	1,156,650
VIRGINIA ORGANIZING 703 CONCORD AVENUE CHARLOTTESVILLE,VA22903	N/A	PC	ENVIRONMENTAL EDUCATION	200,000
WGBH EDUCATIONAL FOUNDATION ONE GUEST STREET BOSTON,MA02135	N/A	PC	ENVIRONMENTAL JOURNALISM	75,000
WILD AID 44 MONTGOMERY STREET SUITE 300 SAN FRANCISCO,CA94111	N/A	PC	CLIMATE & ENERGY OUTREACH	500,000
WINDWARD FUND 1201 CONNECTICUT AVE NW SUITE 300 WASHINGTON,DC20036	N/A	PC	CLIMATE & ENERGY OUTREACH	1,000,000
WOODS HOLE RESEARCH CENTER INC 149 WOODS HOLE ROAD FALMOUTH,MA02540	N/A	PC	CLIMATE SCIENCE & POLICY RESEARCH	24,000
WORCESTER POLYTECHNIC INSTITUTE 100 INSTITUTE ROAD WORCESTER,MA01609	N/A	PC	CLIMATE TECHNOLOGY RESEARCH AND DEVELOPMENT	400,000
WORLD MEDIA PO BOX 990007 PRUDENTIAL STATION BOSTON,MA02199	N/A	PC	ENVIRONMENTAL JOURNALISM	100,000
YALE UNIVERSITY POBOX 2038 NEW HAVEN,CT06521	N/A	PC	CLIMATE & ENERGY OUTREACH	300,000
Total ................................. 3a				29,914,304

bApproved for future payment

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

Form 990-PF (2020)

Page 12

Part XVI-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
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	78,932
4 Dividends and interest from securities....	900000	9,844	14	3,209,647
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.....	900000	1,877,159	14	237,459
8 Gain or (loss) from sales of assets other than inventory ............	900000	952,728	14	17,129,673
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aUBTI FROM PASSTHROUGHTS
bOTHER INCOME FROM PASSTHROUGHS			14
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		2,839,731		20,655,711	0

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

23,495,442

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

Part XVI-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 XVI-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 (2020)

Page 13

Part XVII

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.
				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 name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2020

Name of the organization

GRANTHAM FOUNDATION FOR THE PROTECTION
OF THE ENVIRONMENT

Employer identification number

04-6856456

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2020)

Schedule B (Form 990, 990-EZ, or 990-PF) (2020) Page 2

Name of organization GRANTHAM FOUNDATION FOR THE PROTECTION OF THE ENVIRONMENT

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	R JEREMY GRANTHAM 71 MOUNT VERNON STREET BOSTON, MA02108	$ 9,156,098	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	ARJUN DIVECHA 1612 BRET HARTE ROAD BERKELEY, CA94708	$ 300,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Page 3

Name of organization GRANTHAM FOUNDATION FOR THE PROTECTION OF THE ENVIRONMENT		Employer identification number 04-6856456

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
1	DONATION OF 180,386.212 SHARES IN GMO SPECIAL OPPORTUNITIES FUND VI	$ 4,156,098	2020-05-18
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Page 4


Name of organization GRANTHAM FOUNDATION FOR THE PROTECTION OF THE ENVIRONMENT			Employer identification number 04-6856456
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2020)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2020 AccountingFeesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	69,625	34,813		34,812

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Name of Stock	End of Year Book Value	End of Year Fair Market Value
BERKELEY ENERGY WIND MAURITIUS LTD	2,452,453	329,074
CHALKSTREAM INVESTMENT FUND (INTERNATIONAL),LTD	1,331,485	2,403,228
DENALI THERAPEUTICS	185,160	3,877,250
ELLIOTT INTERNATIONAL LIMITED	4,665,151	22,746,237
GENERATION BIO CO	23,272	488,612
INDIGO TECHNOLOGIES INC	2,250,000	2,250,000
INTUIT INC	1,500	43,683
KENSICO OFFSHORE FUND LTD	0	4,680
LILAC SOLUTIONS INC	1,499,998	216,315
NUCLEUS SCIENTIFIC	6,064,219	0
OAKTREE POWER OPPORTUNITIES FUND III (CAYMAN), L.P.	1,818,677	667,874
ORION MINE FINANCE (BERMUDA) FUND I LP	4,873,966	4,147,776
POLYJOULE INC	0	337,704
SBC CAYMAN FUND II, LP	4,749,993	1,353,248

- TIN:

TY 2020 InvestmentsOtherSchedule2

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ACCOMPLICE FUND I LP	AT COST	3,154,881	8,513,070
ACRE VENTURE PARTNERS II LP	AT COST	1,449,285	2,237,830
ACRE VENTURE PARTNERS SPV LP	AT COST	2,050,285	2,044,018
AFRICA FORESTRY FUND II LIMITED	AT COST	298,137	331,094
AFRICA SUSTAINABLE FORESTRY PARTNERS II LLC	AT COST	45,995	45,995
AIRDRIE PARTNERS I LP	AT COST	16,206,810	1,322,280
ALEPH LP	AT COST	2,717,573	8,576,999
ALEPH II LP	AT COST	2,959,552	3,884,846
ALEPH III LP	AT COST	1,053,148	546,710
ALPINA PARTNERS FUND LP	AT COST	1,735,369	2,111,698
ANNAPOLIS INVESTMENT (US) LIMITED PARTNERSHIP VI	AT COST	6,192,904	6,173,035
ANNAPOLIS INVESTMENT (US) LIMITED PARTNERSHIP VII	AT COST	3,170,660	3,532,125
ARC ENERGY FUND 7 US LIMITED PARTNERSHIP	AT COST	6,700,859	5,695,507
ARCH VENTURE FUND IX LP	AT COST	3,434,062	10,160,424
ARCH VENTURE FUND X LP	AT COST	832,412	1,432,297
ARCH VENTURE FUND X OVERAGE LP	AT COST	919,818	1,580,069
ARTIMAN VENTURES 2014 LP	AT COST	2,607,366	6,986,207
ARTIMAN VENTURES SELECT 2014 LP	AT COST	1,462,823	1,659,933
ARTIMAN VENTURES SPECIAL OPPORTUNITIES FUND LP	AT COST	1,762,399	0
ASF BELGIUM SPRL	AT COST	5,621,414	5,298,909
ATLAS VENTURE FUND IX LP	AT COST	4,242,832	17,993,236
ATLAS VENTURE FUND X LP	AT COST	4,354,966	20,536,676
BATTERY VENTURES X LP	AT COST	2,501,826	4,313,984
BATTERY VENTURES X AIV I LP	AT COST	3,755	6,481
BATTERY VENTURES X SIDE FUND LP	AT COST	787,274	1,072,209
BATTERY VENTURES X SIDE FUND AIV I LP	AT COST	2,503	3,442
BATTERY VENTURES XI-A LP	AT COST	2,380,157	4,935,245
BATTERY VENTURES XI-A SIDE FUND AIV LP	AT COST	370,286	936,068
BATTERY VENTURES XI-A AIV LP	AT COST	1,056,398	2,190,433
BATTERY VENTURES XI-A SIDE FUND LP	AT COST	987,282	2,495,268
BAUPOST VALUE PARTNERS, L.P. - III	AT COST	5,427,690	6,620,813
BIOTRACK CAPITAL FUND I LP	AT COST	1,414,573	2,336,207
CALL STANDARD & POORS	AT COST	227,815	227,815
CLEAN ENERGY VENTURE FUND I LP	AT COST	566,076	587,113
CRITERION AFRICA PARTNERS	AT COST	1,000,033	1,000,033
DEEP VALLEY PARTNERS LP	AT COST	781,496	761,335
DENHAM COMMODITY PARTNERS FUND VI-A LP	AT COST	3,405,689	2,966,842
THRESHOLD VENTURES I LP (DFJ VENTURE XI, L.P.)	AT COST	2,129,909	5,785,919
THRESHOLD VENTURES II (DFJ VENTURE XII, L.P.)	AT COST	2,383,918	4,679,084
DISCERENE FUND LP	AT COST	1,079,393	1,062,722
DOEMMEKRAFT FUND LP	AT COST	3,562,831	3,157,912
ECLIPSE CONTINUITY FUND I, LP	AT COST	712,042	1,252,286
ECLIPSE FUND II, LP	AT COST	1,497,046	3,819,354
ECLIPSE FUND III LP	AT COST	1,108,279	1,447,040
ENCAP ENERGY CAPITAL FUND IX, LP	AT COST	3,257,269	2,554,447
ENCAP FLATROCK MIDSTREAM FUND III, LP	AT COST	3,912,586	8,113,012
FIRST MARK CAPITAL III LP	AT COST	3,822,285	9,938,723
FIRST MARK CAPITAL IV LP	AT COST	1,802,541	2,741,426
FIRST MARK CAPITAL V LP	AT COST	263,505	117,746
FIRSTMARK CAPITAL OF II, LP	AT COST	2,417,193	4,590,649
FIRSTMARK CAPITAL OF III, LP	AT COST	393,738	234,241
FLAGSHIP VENTURES FUND V, L.P.	AT COST	4,529,696	22,448,670
FLAGSHIP PIONEERING FUND VI LP	AT COST	2,962,053	9,880,694
FLAGSHIP PIONEERING FUND VII LP	AT COST	183,409	118,544
FORMATION8 PARTNERS FUND I LP	AT COST	2,562,622	11,367,177
FORMATION8 PARTNERS FUND II LP	AT COST	3,443,435	7,301,102
FOUNDATION CAPITAL VIII LP	AT COST	2,267,402	7,350,449
THE FOUNDERS FUND V, LP	AT COST	4,185,147	17,562,795
THE FOUNDERS FUND VI, LP	AT COST	4,827,811	8,951,362
THE FOUNDERS FUND VII LP	AT COST	1,357,641	1,541,442
GEF AFRICA SUSTAINABLE FORESTRY FUND, LP	AT COST	1,854,915	1,967,024
GENAGRO LTD	AT COST	222,566	20,070
GMO MUTUAL FUNDS	AT COST	2,563,507	2,594,664
GREYCROFT PARTNERS III, LP	AT COST	1,811,501	6,182,381
GREYCROFT PARTNERS IV, LP	AT COST	2,885,627	6,544,815
HIGHFIELDS CAPITAL IV LP	AT COST	0	9,685
HIGHLAND EUROPE TECHNOLOGY GROWTH LP	AT COST	4,942,481	10,901,408
HIGHLAND EUROPE TECHNOLOGY GROWTH II LP	AT COST	4,927,271	10,122,639
HIGHLAND EUROPE TECHNOLOGY GROWTH III LP	AT COST	2,524,066	4,450,855
HILLHOUSE FUND IV LP	AT COST	1,882,782	3,158,733
HV HOLTZBRINCK VENTURES FUND VII FEEDER LIMITED	AT COST	1,158,676	5,729,981
HV HOLTZBRINCK VENTURES FUND V FEEDER LIMITED	AT COST	3,297,271	9,899,907
HV HOLTZBRINCK VENTURES CO-INVEST I FEEDER LIMITED	AT COST	1,897,284	3,072,562
HV HOLTZBRINCK VENTURES FUND VI SCS	AT COST	3,517,665	5,730,309
ICON VENTURES V, L.P.	AT COST	2,442,830	2,706,992
INNOVATION WORKS DEVELOPMENT FUND II, L.P.	AT COST	3,305,076	2,944,831
LAKESTAR II LP	AT COST	4,224,818	8,789,828
LEGACY VENTURE IV, LLC	AT COST	3,017,286	6,993,676
LIGHTSPEED VENTURE PARTNERS XI LP	AT COST	2,524,630	3,701,221
LIGHTSPEED VENTURE PARTNERS IX, L.P	AT COST	0	3,098,947
LIGHTSPEED VENTURE PARTNERS SELECT, L.P.	AT COST	1,085,453	2,394,593
LIGHTSPEED VENTURE PARTNERS X, LP	AT COST	3,868,812	11,765,177
LIGHTSPEED VENTURE PARTNERS SELECT II, L.P	AT COST	905,760	1,650,341
LONG WOOD FUND III LP	AT COST	1,463,801	1,926,296
LONGWOOD FUND II LP	AT COST	1,061,813	1,860,409
LUX VENTURES III, LP	AT COST	1,319,629	1,716,533
LUX VENTURES IV LP	AT COST	3,411,922	10,152,540
LUX VENTURES V LP	AT COST	2,705,152	4,404,935
LUX VENTURES VI LP	AT COST	1,042,925	1,275,786
MISSIONPOINT AEROFARMS COINVEST FUND, LP	AT COST	464,164	1,353,772
MISSIONPOINT CAPITAL PARTNERS FUND I, L.P.	AT COST	0	1,464
MISSIONPOINT RE COMMUNITY COINVEST FUND, LP	AT COST	0	3,361
MP STARLING IMPACT HOLDINGS LLC	AT COST	100,260	100,260
MUCKER III, L.P.	AT COST	2,143,893	9,496,230
NCH NEW EUROPE PROPERTY FUND II, L.P.	AT COST	11,528,751	7,031,373
NBGE II (ER) AIV I LP	AT COST	0	131,282
NORTH BRIDGE GROWTH EQUITY II, LP	AT COST	0	10,464,240
OLDFIELD PARTNERS DODDINGTON EMERGING MARKETS	AT COST	0	2,673,517
OVERLOOK 3G INVESTMENTS, L.P.	AT COST	2,648,164	3,739,442
THE OVERLOOK PARTNERS FUND L.P.	AT COST	7,691,409	12,017,580
OWL VENTURES	AT COST	3,536,135	11,764,870
PACIFIC ROAD RESOURCES FUND II L.P.	AT COST	3,229,849	2,372,001
PATAGONIA SUR LLC	AT COST	110,177	121,500
RENAISSANCE INSTITUTIONAL EQUITIES FUND LLC	AT COST	0	10,805,893
RENEWABLE ENERGY ASIA FUND LP	AT COST	1,291,182	615,283
RENEWABLE ENERGY ASIA FUND II LP	AT COST	2,501,480	2,770,983
RINCON VENTURE PARTNERS III, L.P.	AT COST	2,875,607	0
RIVA CAPITAL PARTNERS II LP	AT COST	117,388	0
SAF II INTERESTS LLC	AT COST	645,956	794,127
SINOVATION FUND III, L.P.	AT COST	2,470,443	6,010,427
SINOVATION FUND IV, L.P.	AT COST	2,159,558	3,144,019
SILVER LAKE KRAFTWERK FUND, L.P.	AT COST	1,794,111	2,243,861
SILVER LAKE KRAFTWERK FUND CAYMAN, L.P.	AT COST	1,517,287	1,897,632
SUSA VENTURES I, L.P.	AT COST	705,604	756,396
SUSA VENTURES II, L.P.	AT COST	2,180,615	4,762,963
SUSA VENTURES III, L.P.	AT COST	711,054	895,250
SUSTAINABLE ASSET FUND I LP	AT COST	17,790,297	48,841,413
SUSTAINABLE ASSET FUND II LP	AT COST	1,497,675	1,847,722
TARA INDIA FUND III, LLC	AT COST	5,171,606	91,453
TECHNOLOGY IMPACT FUND LP	AT COST	2,098,124	7,220,296
THE ENGINE ACCELERATOR FUND I, L.P.	AT COST	917,303	1,278,299
THIRD ROCK VENTURES III, L.P.	AT COST	3,307,022	10,150,300
CA RESOURCES FUND (US TAX EXEMPT) LP THIRD ROCK IV	AT COST	3,682,238	7,587,662
CA RESOURCES FUND- SERIES THIRD ROCK VENTURES V	AT COST	1,482,442	2,143,855
THRIVE CAPITAL PARTNERS III, L.P.	AT COST	1,998,943	17,138,341
THRIVE CAPITAL PARTNERS IV AND SUPPLEMENTAL FUND, LP	AT COST	2,872,470	11,954,998
THRIVE CAPITAL PARTNERS V, L.P.	AT COST	2,701,041	5,328,356
THRIVE CAPITAL PARTNERS VI L.P.	AT COST	554,179	629,052
THRIVE CAPITAL PARTNERS VI GROWTH LP	AT COST	1,489,081	1,620,622
TRIBECA VENTURE FUND I, L.P.	AT COST	1,949,959	7,173,675
TRIBECA VENTURE FUND II, L.P.	AT COST	2,686,017	8,221,970
UNDERSCORE.VC FUND I, L.P.	AT COST	2,088,825	3,379,915
XPV WATER FUND II LIMITED PARTNERSHIP	AT COST	1,426,706	4,612,473
CAPSHIFT LLC	AT COST	100,000	50,273

- TIN:

TY 2020 LegalFeesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL	4,348	0		4,348

- TIN:

TY 2020 OtherAssetsSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
DISTRIBUTION RECEIVABLE FROM LIMITED PARTNERSHIPS	5,391,810	7,460,753
RECEIVABLE FROM RELATED PARTY	9,653	0
ACCRUED INTEREST ON PROMISSORY NOTE	15,075	77,683	77,683

- TIN:

TY 2020 OtherDecreasesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Description	Amount
UNREALIZED LOSS POLYJOULE	104,305
UNREALIZED LOSS ON NONCASH CONTRIBUTION	716,098

- TIN:

TY 2020 OtherExpensesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
MISCELLANEOUS	7	0		0
NONDEDUCTIBLE EXPENSES FROM PASSTHROUGH ENTITIES	109,795	0		0

- TIN:

TY 2020 OtherIncomeSchedule2

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OTHER INCOME FROM PASSTHROUGH ENTITIES	90,927	90,927	90,927
UBI FROM PASSTHROUGH ENTITIES	1,877,159	0	1,877,159
UNREALIZED APPRECIATION IN INVESTMENTS - MARKED TO MARKET		0
MISCELLANEOUS INCOME	146,532	146,532	146,532

- TIN:

TY 2020 OtherLiabilitiesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Description	Beginning of Year - Book Value	End of Year - Book Value
OPEN TRADE EQUITY -FUTURES ACCOUNTS	603,495	2,907,222

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ADVISORY FEES	1,415,655	1,415,655		0
PORTFOLIO FEES FROM K-1 INVESTMENTS	8,195,086	7,805,477		0

- TIN:

TY 2020 TaxesSchedule

Name:

GRANTHAM FOUNDATION FOR THE PROTECTION

OF THE ENVIRONMENT

EIN:

04-6856456

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
STATE TAX EXPENSE	540	0	0
FOREIGN TAXES FROM PASSTHROUGH ENTITIES	167,500	167,500	0
FOREIGN TAXES	155,265	155,265	0
ANNUAL FEES	500	0	500