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One of the biggest strategic questions facing any endowed foundation is whether or not to limit grantmaking so that investments can provide philanthropic funding in perpetuity. A contrasting approach, often referred to as “sunset,” involves making grants at a faster rate than the investment portfolio is able to regenerate. While the sunset approach challenges the benefits of perpetuity, it allows the foundation’s leadership to address near term social challenges more aggressively. Either path has strategic benefits and pitfalls: in the one case stepping back from big opportunities where funds at hand are too limited; in the other case missing chances to take your time or act at a small scale because of the need to move funds out the door on a timeline. blue moon fund seeks to maximize its impact by taking from the best aspects, and avoiding the pitfalls, of both approaches. We have adopted a partnership-focused model aimed at building problem-solving institutions that will exist as long as it takes to address cutting edge challenges. We remain committed to our sunset, yet we have decided not to make grants driven by a timetable, but instead as creative, boundary-pushing and leveraged solutions emerge. As a result, rather than pursue regular grantmaking on a budget and schedule it is possible that we will grant out the entire portfolio this year and just as possible that we will still be in business ten or more years from now. Over the past year we have built a series of partnerships that exemplify our approach. Examples of these partnerships include: blue moon has long been interested in the ability of impact investing to support for-profit solutions to critical environmental and social challenges. In order to continue to build the field, bmf together with its former chief investment officer has created Mosaico Management. Founded on blue moon's long history of mission-driven investing, Mosaico Management pursues investment strategies with superior risk-adjusted returns that demonstrably benefit society and the natural environment. The headwaters of the Amazon represent the world’s largest and most biodiverse expanse of tropical forest. Focused on building and sustaining a large mosaic of protected but economically-integrated tropical habitat in the headwaters, bmf has partnered with others to establish an independent multi-donor grantmaking initiative called the Andes Amazon Fund. In China and Southeast Asia, our efforts have shifted toward either seeding or launching indigenous philanthropic initiatives. We have joined other international and Chinese philanthropies to support the South China Environmental Fund project of the Guangdong Harmony Foundation, which is focused on strengthening the role of NGOs and public participation in issues such as green supply chain management and industrial pollution control; watershed pollution prevention and water resources conservation; and sustainable community development amid rapid urbanization. In the decade since Katrina, bmf has invested in partners focused on building south Louisiana’s cultural, economic and environmental resilience. Those partners have used this investment to play a major role in creating a Louisiana focused on coastal restoration, resilient neighborhoods as well as a diversified and equitable economy. To help experienced and emerging leaders take this work forward bmf has issued a significant challenge grant to the Foundation for Louisiana. FFL’s first task is to secure the participation of other regional and national philanthropies, an effort well underway. As the coal industry’s decline has hastened, the people Appalachia have worked to identify ways to build a more diverse, environmentally and economically sustainable future - a Just Transition. The flow of federal funds from the POWER Initiative is only the beginning. To help augment the distribution of these funds and leverage additional private philanthropic investment, blue moon fund will be working closely with our partners through Appalachia Funders Network. Our grantmaking support in the region through pooled and aligned funding vehicles, such as the Just Transition Fund, will focus on building the capacity of the NGOs on the ground and leveraging new philanthropic dollars. We will follow these partnerships and look to other projects and partners to learn what was effective, what was not, and inform our strategy moving forward. Most immediately blue moon is entering a review and strategy development period. This review and strategy development period will refine our investing, grantmaking and partnership approach moving forward. Our appreciation goes out to our partners for their inspiration and leadership in advancing positive social change for people, their communities, their environment, and our world.