TY 2021 Form 990PF

Part I	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	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)	2,068,667
2	Check .............
3	Interest on savings and temporary cash investments	0	0	0
4	Dividends and interest from securities...	19	19	0
5a	Gross rents............	0	0	0
b	Net rental income or (loss) 0
6a	Net gain or (loss) from sale of assets not on line 10		5,548,325
b	Gross sales price for all assets on line 6a 5,548,325
7	Capital gain net income (from Part IV, line 2)...		4,982,367
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances	0
b	Less: Cost of goods sold....	0
c	Gross profit or (loss) (attach schedule).....		0
11	Other income (attach schedule).......		555,105	540,664	0
12	Total. Add lines 1 through 11........	8,172,116	5,523,050	0
	13	Compensation of officers, directors, trustees, etc.	0	0	0	0
14	Other employee salaries and wages......	0	0	0	0
15	Pension plans, employee benefits.......	0	0	0	0
16a	Legal fees (attach schedule).........		8,381	0	0	8,381
b	Accounting fees (attach schedule).......		0	0	0	0
c	Other professional fees (attach schedule)....		1,477	1,477	0	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		33,000	0	0	0
19	Depreciation (attach schedule) and depletion...		0	330	0
20	Occupancy..............	0	0	0	0
21	Travel, conferences, and meetings.......	0	0	0	0
22	Printing and publications..........	0	0	0	0
23	Other expenses (attach schedule).......		2,186	0	0	2,186
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	45,044	1,807	0	10,567
25	Contributions, gifts, grants paid.......	3,173,200			3,171,918
26	Total expenses and disbursements. Add lines 24 and 25	3,218,244	1,807	0	3,182,485
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	4,953,872
b	Net investment income (if negative, enter -0-)		5,521,243
c	Adjusted net income (if negative, enter -0-)...			0

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.............	-581,698	-73,869	-73,869
	2	Savings and temporary cash investments.........	0	0	0
	3	Accounts receivable 0
		Less: allowance for doubtful accounts 0	0	0	0
	4	Pledges receivable 0
		Less: allowance for doubtful accounts 0	0	0	0
	5	Grants receivable.................	0	0	0
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....	0	0	0
	7	Other notes and loans receivable (attach schedule) 0
		Less: allowance for doubtful accounts 0	0	0	0
	8	Inventories for sale or use..............	0	0	0
	9	Prepaid expenses and deferred charges..........	0	0	0
	10a	Investments—U.S. and state government obligations (attach schedule)	62,525	1,005,140	1,005,140
	b	Investments—corporate stock (attach schedule).......	0	0	0
	c	Investments—corporate bonds (attach schedule).......	0		0
	11	Investments—land, buildings, and equipment: basis 0
		Less: accumulated depreciation (attach schedule) 0	0		0
	12	Investments—mortgage loans.............	0	0	0
	13	Investments—other (attach schedule)..........	24,940,645	28,444,073	32,747,205
	14	Land, buildings, and equipment: basis 0
		Less: accumulated depreciation (attach schedule) 0	0		0
	15	Other assets (describe )	0	0	0
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	24,421,472	29,375,344	33,678,476
	17	Accounts payable and accrued expenses..........	0	0
	18	Grants payable.................	0	0
	19	Deferred revenue.................	0	0
	20	Loans from officers, directors, trustees, and other disqualified persons	0	0
	21	Mortgages and other notes payable (attach schedule)......	0	0
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	0	0
	25	Net assets with donor restrictions............	0	0
		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	24,421,472	29,375,344
	29	Total net assets or fund balances (see instructions).....	24,421,472	29,375,344
	30	Total liabilities and net assets/fund balances (see instructions).	24,421,472	29,375,344

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	4,982,367
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	0

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	76,745
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	76,745
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	32,082
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	65,000
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............	7	97,082
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.	8	240
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	20,097
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax20,000	Refunded	11	97

(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
Donald C Graham	Trustee 1.000	0	0	0
1420 Sixth Avenue York,PA17403
William H Kerlin Jr	Trustee 1.000	0	0	0
1420 Sixth Avenue York,PA17403
Ingrid A Graham	Trustee 1.000	0	0	0
1420 Sixth Avenue York,PA17403
Kristin R Graham	Trustee 1.000	0	0	0
1420 Sixth Avenue York,PA17403

		(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7					1,608,031
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......				0
b Total for prior years:20, 20, 2017			0
3 Excess distributions carryover, if any, to 2021:
a From 2016......	0
b From 2017......	0
c From 2018......	0
d From 2019......	0
e From 2020......	790,931
f Total of lines 3a through e ........		790,931
4Qualifying distributions for 2021 from Part
XI, line 4: $ 3,182,485
a Applied to 2020, but not more than line 2a				0
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.....					1,608,031
e Remaining amount distributed out of corpus		1,574,454
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		2,365,385
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 ..........					0
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 ......		2,365,385
10 Analysis of line 9:
a Excess from 2017....	0
b Excess from 2018....	0
c Excess from 2019....	0
d Excess from 2020....	790,931
e Excess from 2021....	1,574,454

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) 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

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
American Heart Association 610 Community Way Lancaster,PA17603	None	PC	General Fund	3,000
American Red Cross 431 18th Street NW Washington,DC20006	None	PC	General Fund	7,500
Byrnes Health Education Center 515 South George Street York,PA17401	None	PC	Capital Campaign	12,000
Creative York (York Arts) 10 N Beaver Street York,PA17401	None	PC	General Fund	1,000
Cultural Alliance of York County Inc 2536 Eastern Blvd PMB 402 York,PA17402	None	PC	General Fund	14,000
Dartmouth College 6066 Development Office Hanover,NH03755	None	PC	Building	1,000,000
Downtown Inc 144 Roosevelt Avenue Suite 100 York,PA17401	None	PC	General Fund	2,500
Dreamwrights Center for Community Arts 100 Carlisle Avenue York,PA17401	None	PC	Capital Campaign	11,000
Farm & Natural Lands Trust 350 North George Street York,PA17401	None	PC	General Fund	750
Garden Club of York 970 Summit Circle North York,PA17403	None	PC	General Fund	250
HACC Foundation One HACC Drive Harrisburg,PA17110	None	PC	Scholarship Fund Campaign	2,000
Keystone Kidspace PO Box 2442 York,PA17405	None	PC	Capital Campaign	5,000
Leg Up Farm 4880 North Serman Street Mt Wolf,PA17347	None	PC	Capital Campaign	8,000
Logos Academy 250 West King Street York,PA17401	None	PC	Capital Campaign	10,000
Make a Wish Foundation 2951 Whiteford Road Suite 304 York,PA17402	None	PC	General Fund	1,500
Miss PA Scholarship Foundation 180 Rosalia Circle York,PA17402	None	PC	General Fund	10,000
National Alliance on Mental Illness NAMI 140 Roosevelt Avenue Suite 200 York,PA17401	None	PC	General Fund	500
New Birth of Freedom Council 2139 White Street York,PA17404	None	PC	General Fund	2,000
Olivia's House 830 South George Street York,PA17403	None	PC	General Fund	250
Our Daily Bread 331 South George Street York,PA17401	None	PC	General Fund	200
Pappus House 253 Cherry Street York,PA17402	None	PC	Capital Campaign	2,000
Pink Power 10 Bentzel Mill Road York,PA17404	None	PC	General Fund	250
Steam Into History PO Box 128 New Freedom,PA17349	None	PC	Capital Campaign	10,000
Susquehanna National Heritage Area 1706 Long Level Road Wrightsville,PA17368	None	PC	General Fund	500
Susquehanna Score 410 Kings Mill Rd York,PA17401	None	PC	General Fund	500
Tennis for Kids Inc 1985 High Rock Road York,PA17406	None	PC	General Fund	500
The Arc of York County 497 Hill Street York,PA17403	None	PC	General Fund	500
The Junior League of York 2 West Market Street Suite 502 York,PA17401	None	PC	General Fund	1,500
The Pennsylvania State University 2583 Gateway Dr Suite 130 State College,PA16801	None	PC	General Fund	468
The Pennsylvania State University 2583 Gateway Dr Suite 130 State College,PA16801	None	PC	Graham Center Innovation & Collaboration	600,000
The York County Bar Foundation 137 E Market Street York,PA17401	None	PC	Hard Bargains 1777 Project	2,000
United Way of York County 800 East King Street PO Box 1663 York,PA17405	None	PC	General Fund	50,500
University of Michigan 3003 South State Street Suite 8000 Ann Arbor,MI48109	None	PC	Graham Sustainability Institute	500,000
University of Pennsylvania 3260 South Street Philadelphia,PA19104	None	PC	Egypt Galleries	500,000
UPMC Pinnacle Foundation PO Box 8700 Harrisburg,PA17105	None	PC	Capital Campaign	3,000
White Rose Leadership Institute 144 Roosevelt Avenue Suite 206 York,PA17401	None	PC	General Fund	3,500
YMCA of York 90 North Newberry Street York,PA17401	None	PC	Capital Campaign	40,000
York Academy Foundation 32 W North Street York,PA17401	None	PC	Regional Charter School	5,000
York Benevolent Association 301 Kings Mill Road York,PA17401	None	PC	General Fund	250
York City Parks Conservancy 15 East Philadelphia Street York,PA17401	None	PC	Campaign to Transform Parks	10,000
York County Rail Trail Authority PO Box 335 Sevens Valley,PA17360	None	PC	General Fund	500
York City Parks & Recreation 101 South George Street York,PA17401	None	PC	Summer Program	2,000
York County Literacy Council 1416 6th Avenue York,PA17403	None	PC	General Fund	1,500
York College of Pennsylvania 441 Country Club Road York,PA17403	None	PC	Graham Innovation Scholars Program	62,500
York College of Pennsylvania 441 Country Club Road York,PA17403	None	PC	Graham Collaborative Innovation Fellows	150,000
York College of Pennsylvania 441 Country Club Road York,PA17403	None	PC	Graham Center for Collaborative Innovations	125,000
York County Food Bank 254 West Princess Street York,PA17401	None	PC	General Fund	1,000
York County Honors Choirs PO Box 827 York,PA17405	None	PC	General Fund	500
York County Libraries 159 East Market Street 3rd Floor York,PA17401	None	PC	Capital Campaign	2,000
York Symphony Orchestra 50 N George Street York,PA17401	None	PC	General Fund	5,000
Total ................................. 3a				3,171,918

bApproved for future payment
Belmont Theatre 27 S Belmont Street York,PA17403	None	PC	Capital Campaign	50,000
Byrnes Health Education Center Campaign 515 South George Street York,PA17401	None	PC	Capital Campaign	48,000
Dartmouth 6066 Development Office Hanover,NH03755	None	PC	Building	11,280,000
HACC Foundation 610 S George Street York,PA17401	None	PC	Scholarship Fund Campaign	2,000
Keystone Kidspace PO Box 2442 York,PA17405	None	PC	Capital Campaign	15,000
Leg Up Farm 4880 North Serman Street Mt Wolf,PA17347	None	PC	Capital Campaign	32,000
Logos Academy 250 West King Street York,PA17401	None	PC	Capital Campaign	40,000
Pappus House 253 Cherry Street York,PA17402	None	PC	Capital Campaign	42,000
Penn State Graham Center for InnovationEndowment 1031 Edgecomb Avenue York,PA17403	None	GOV	Building	600,000
Squam Lakes Conservation Society PO Box 696 Holderness,NH03241	None	PC	Capital Campaign	75,000
University of Michigan Gift Admin Office 3003 South State Street Room 8070 Ann Arbor,MI48109	None	PC	Michigan Athletics	2,000,000
University of Michigan Gift Admin Office 3003 South State Street Room 8070 Ann Arbor,MI48109	None	PC	School of Natural Resources	2,500,000
University of Michigan Gift Admin Office 3003 South State Street Room 8070 Ann Arbor,MI48109	None	PC	Graham Sustainability Institute	4,000,000
University of Pennsylvania Development Dept 3260 South Street Philadelphia,PA19104	None	PC	Egypt Galleries	3,000,000
UPMC Pinnacle Memorial PO Box 8700 Harrisburg,PA17105	None	PC	Capital Campaign	9,000
YMCA of York 90 North Newberry Street York,PA17401	None	PC	Transformation & Preservation Campaign	20,000
YMCA of York 90 North Newberry Street York,PA17401	None	PC	Annual Campaign	20,000
York Academy Foundation 32 W North Street York,PA17401	None	PC	Regional Charter School	5,000
York City Parks Conservancy 15 East Philadelphia Street York,PA17401	None	GOV	Campaign to Transform Parks	20,000
York College of Pennsylvania 441 Country Club Road York,PA17403	None	PC	Graham Innovation Scholars Program	62,500
York College of Pennsylvania 441 Country Club Road York,PA17403	None	PC	Graham Collaborative Fellows Program	600,000
York College of Pennsylvania 441 Country Club Road York,PA17403	None	PC	Graham Collaborative Innovation Program	2,250,000
York County Bar Foundation 137 E Market Street York,PA17401	None	PC	Hard Bargains 1777	2,000
York County Libraries 159 E Market Street York,PA17401	None	PC	Imagine. Discover. Connect.	6,000
YWCA York 320 East Market Street York,PA17403	None	PC	Capital Campaign	50,000
Total ................................. 3b				26,728,500

(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	(d) Date sold (mo., day, yr.)
1 a	Flow Through from Graham Capital Partners I, LP	P	2021-12-31
b	Flow Through from Graham Capital Hedge Fund Partners I, LP	P	2021-12-31
c
d
e

(e) Gross sales price		(h) Gain or (loss) (e) plus (f) minus (g)
a	4,612,588	4,612,588
b	369,779	369,779
c
d
e

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	4,612,588
b		0	369,779
c
d
e

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

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 ...........
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 ............	523000	565,958	18	4,982,367
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aGraham Capital Partners I, LP	523000	-2,554	1	510,448
bGraham Capital Hedge Fund Partners I, LP	523000	18,025	1	30,216
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		581,429		5,523,050	0


(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










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

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.

Name of organization The Graham Foundation

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	Graham Architectural Products Company 1551 Mt Rose Avenue York, PA17403	$ 9,167	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	Graham Engineering Corporation 1203 Eden Road York, PA17402	$ 55,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
3	Doanld C Graham PO Box 1104 York, PA17405	$ 2,004,500	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) (2021)

Name of organization The Graham Foundation		Employer identification number 23-6805421

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
		$
(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) (2021)


Name of organization The Graham Foundation			Employer identification number 23-6805421
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.

Name	Date Acquired	How Acquired	Date Sold	Purchaser Name	Gross Sales Price	Basis	Basis Method	Sales Expenses	Total (net)	Accumulated Depreciation
Flow Through from Graham Capital Partners I, LP		P			5,064,738				5,064,738
Flow Through from Graham Capital Hedge Fund Partners I, LP		P			483,587				483,587

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
GCP I LP	FMV	22,422,645	26,382,404
GCHFP I LP	FMV	6,021,428	6,364,801

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Gift Agreement	7,003	0	0	7,003
CARES Act - Charitable Contributions	1,378			1,378

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Bank Service Charge	500	500	0	0
Northern Trust Custody Fee	977	977	0	0

Software ID:	21014044
Software Version:	2021v4.2