| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Investments — 99.0% of net assets | ||||||||
| Common Stocks — 63.1% | ||||||||
| US Common Stocks — 22.5% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Boeing Co. (The) (a) | 4,295 | $ | 1,634,119 | |||||
| Curtiss-Wright Corp. | 2,595 | 335,715 | ||||||
| Huntington Ingalls Industries, Inc. (a) | 2,195 | 464,879 | ||||||
| Lockheed Martin Corp. | 2,436 | 950,186 | ||||||
| Raytheon Co. | 2,196 | 430,833 | ||||||
| Spirit AeroSystems Holdings, Inc., Class A (a) | 12,176 | 1,001,355 | ||||||
| Teledyne Technologies, Inc. (b) | 794 | 255,660 | ||||||
| 5,072,747 | ||||||||
| Airlines — 1.3% | ||||||||
| American Airlines Group, Inc. | 129,212 | 3,484,848 | ||||||
| Delta Air Lines, Inc. | 247,572 | 14,260,147 | ||||||
| Southwest Airlines Co. | 4,217 | 227,760 | ||||||
| Spirit Airlines, Inc. (b) | 2,152 | 78,118 | ||||||
| United Airlines Holdings, Inc. (b) | 102,271 | 9,041,779 | ||||||
| 27,092,652 | ||||||||
| Auto Components — 0.1% | ||||||||
| Adient plc | 7,190 | 165,082 | ||||||
| Dana, Inc. | 19,432 | 280,598 | ||||||
| Goodyear Tire & Rubber Co. (The) | 36,560 | 526,647 | ||||||
| Lear Corp. (a) | 4,209 | 496,241 | ||||||
| 1,468,568 | ||||||||
| Automobiles — 0.0% | ||||||||
| Ford Motor Co. | 22,630 | 207,291 | ||||||
| General Motors Co. | 4,015 | 150,482 | ||||||
| Thor Industries, Inc. | 2,860 | 161,990 | ||||||
| 519,763 | ||||||||
| Beverages — 0.6% | ||||||||
| Brown-Forman Corp., Class B | 69,423 | 4,358,376 | ||||||
| Monster Beverage Corp. (b) | 16,615 | 964,667 | ||||||
| PepsiCo, Inc. | 55,022 | 7,543,516 | ||||||
| 12,866,559 | ||||||||
| Biotechnology — 0.3% | ||||||||
| AbbVie, Inc. | 5,896 | 446,445 | ||||||
| Alexion Pharmaceuticals, Inc. (b) | 5,379 | 526,819 |
| 1 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Alnylam Pharmaceuticals, Inc. (b) | 3,045 | $ | 244,879 | |||||
| Amgen, Inc. | 1,640 | 317,357 | ||||||
| Biogen, Inc. (a) (b) | 9,344 | 2,175,470 | ||||||
| Celgene Corp. (a) (b) | 3,447 | 342,287 | ||||||
| Exelixis, Inc. (b) | 66,556 | 1,177,043 | ||||||
| Gilead Sciences, Inc. (a) | 19,381 | 1,228,368 | ||||||
| Incyte Corp. (a) (b) | 6,051 | 449,166 | ||||||
| Regeneron Pharmaceuticals, Inc. (b) | 491 | 136,203 | ||||||
| 7,044,037 | ||||||||
| Building Products — 0.0% | ||||||||
| Masco Corp. | 12,683 | 528,627 | ||||||
| Owens Corning | 668 | 42,218 | ||||||
| 570,845 | ||||||||
| Capital Markets — 0.1% | ||||||||
| Ameriprise Financial, Inc. | 3,576 | 526,030 | ||||||
| BlackRock, Inc. | 366 | 163,104 | ||||||
| KKR & Co., Inc., Class A | 8,833 | 237,166 | ||||||
| Morgan Stanley | 10,833 | 462,244 | ||||||
| Stifel Financial Corp. | 1,566 | 89,857 | ||||||
| T. Rowe Price Group, Inc. | 503 | 57,468 | ||||||
| 1,535,869 | ||||||||
| Chemicals — 0.1% | ||||||||
| Cabot Corp. | 4,085 | 185,132 | ||||||
| Celanese Corp. (a) | 5,768 | 705,369 | ||||||
| Corteva, Inc. (b) | 1,209 | 33,852 | ||||||
| Dow, Inc. | 1,209 | 57,609 | ||||||
| DuPont de Nemours, Inc. | 1,209 | 86,214 | ||||||
| Eastman Chemical Co. (a) | 3,559 | 262,761 | ||||||
| Huntsman Corp. | 2,213 | 51,474 | ||||||
| Ingevity Corp. (b) | 277 | 23,501 | ||||||
| LyondellBasell Industries NV, Class A (a) | 8,135 | 727,838 | ||||||
| PolyOne Corp. | 4,418 | 144,248 | ||||||
| Scotts Miracle-Gro Co. (The) | 1,214 | 123,609 | ||||||
| Sherwin-Williams Co. (The) | 895 | 492,134 | ||||||
| 2,893,741 | ||||||||
| Commercial Banks — 0.1% | ||||||||
| Bank OZK | 609 | 16,607 | ||||||
| CIT Group, Inc. | 693 | 31,400 | ||||||
| Citizens Financial Group, Inc. | 11,866 | 419,700 | ||||||
| Comerica, Inc. | 1,027 | 67,772 | ||||||
| Huntington Bancshares, Inc. | 3,932 | 56,110 | ||||||
| PNC Financial Services Group, Inc. (The) | 2,605 | 365,117 |
| 2 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| SunTrust Banks, Inc. | 2,233 | $ | 153,630 | |||||
| 1,110,336 | ||||||||
| Commercial Services & Supplies — 0.1% | ||||||||
| Clean Harbors, Inc. (b) | 3,400 | 262,480 | ||||||
| Deluxe Corp. | 5,623 | 276,427 | ||||||
| Herman Miller, Inc. | 10,053 | 463,343 | ||||||
| HNI Corp. | 26,657 | 946,323 | ||||||
| Waste Management, Inc. (a) | 3,569 | 410,435 | ||||||
| 2,359,008 | ||||||||
| Communications Equipment — 0.1% | ||||||||
| Ciena Corp. (a) (b) | 7,584 | 297,520 | ||||||
| Cisco Systems, Inc. (a) | 39,357 | 1,944,630 | ||||||
| F5 Networks, Inc. (b) | 784 | 110,089 | ||||||
| Juniper Networks, Inc. (a) | 7,291 | 180,452 | ||||||
| 2,532,691 | ||||||||
| Computers & Peripherals — 0.4% | ||||||||
| Apple, Inc. (a) | 23,755 | 5,320,407 | ||||||
| Dell Technologies, Inc., Class C (b) | 236 | 12,239 | ||||||
| Hewlett Packard Enterprise Co. | 3,783 | 57,388 | ||||||
| HP, Inc. | 55,889 | 1,057,420 | ||||||
| Seagate Technology plc | 11,443 | 615,519 | ||||||
| Western Digital Corp. | 1,473 | 87,850 | ||||||
| Xerox Holdings Corp. | 4,062 | 121,494 | ||||||
| 7,272,317 | ||||||||
| Construction & Engineering — 0.1% | ||||||||
| EMCOR Group, Inc. | 903 | 77,766 | ||||||
| Fluor Corp. | 4,671 | 89,356 | ||||||
| NVR, Inc. (b) | 166 | 617,080 | ||||||
| PulteGroup, Inc. | 14,381 | 525,626 | ||||||
| Quanta Services, Inc. | 1,247 | 47,137 | ||||||
| Toll Brothers, Inc. | 2,700 | 110,835 | ||||||
| TopBuild Corp. (b) | 594 | 57,279 | ||||||
| 1,525,079 | ||||||||
| Consumer Finance — 0.2% | ||||||||
| American Express Co. | 7,332 | 867,229 | ||||||
| Capital One Financial Corp. (a) | 6,701 | 609,657 | ||||||
| FirstCash, Inc. | 2,340 | 214,508 | ||||||
| Synchrony Financial | 52,604 | 1,793,270 | ||||||
| 3,484,664 |
| 3 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Containers & Packaging — 0.0% | ||||||||
| Berry Global Group, Inc. (b) | 6,743 | $ | 264,798 | |||||
| Sealed Air Corp. | 1,373 | 56,993 | ||||||
| Westrock Co. | 1,506 | 54,894 | ||||||
| 376,685 | ||||||||
| Diversified Consumer Services — 0.0% | ||||||||
| Sotheby's (b) | 2,920 | 166,382 | ||||||
| WW International, Inc. (a) (b) | 5,856 | 221,474 | ||||||
| 387,856 | ||||||||
| Diversified Financial Services — 0.7% | ||||||||
| Bank of America Corp. | 109,360 | 3,190,031 | ||||||
| Berkshire Hathaway, Inc., Class B (a) (b) | 13,871 | 2,885,445 | ||||||
| Citigroup, Inc. | 35,205 | 2,431,961 | ||||||
| CME Group, Inc. | 123 | 25,995 | ||||||
| Jefferies Financial Group, Inc. | 11,615 | 213,716 | ||||||
| JPMorgan Chase & Co. (a) | 10,721 | 1,261,754 | ||||||
| Moody's Corp. (a) | 850 | 174,106 | ||||||
| S&P Global, Inc. | 1,339 | 328,028 | ||||||
| Subversive Capital Acquistion Corp., Class A (b) | 63,700 | 617,890 | ||||||
| Tortoise Acquisition Corp. - Unit (b) | 128,669 | 1,296,984 | ||||||
| Washington Mutual, Inc. (b) (c) (d) | 33,600 | — | ||||||
| Wells Fargo & Co. (a) | 34,311 | 1,730,647 | ||||||
| 14,156,557 | ||||||||
| Diversified Telecommunication Services — 0.1% | ||||||||
| AT&T, Inc. | 5,806 | 219,699 | ||||||
| CenturyLink, Inc. | 10,674 | 133,212 | ||||||
| Verizon Communications, Inc. (a) | 16,531 | 997,811 | ||||||
| 1,350,722 | ||||||||
| Electric Utilities — 0.1% | ||||||||
| American Electric Power Co., Inc. | 315 | 29,512 | ||||||
| Exelon Corp. (a) | 46,081 | 2,226,173 | ||||||
| IDACORP, Inc. | 2,151 | 242,353 | ||||||
| Pinnacle West Capital Corp. | 5,454 | 529,420 | ||||||
| 3,027,458 | ||||||||
| Electrical Equipment — 0.0% | ||||||||
| Eaton Corp. plc (a) | 1,451 | 120,651 | ||||||
| GrafTech International, Ltd. | 26,784 | 342,835 | ||||||
| 463,486 |
| 4 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Electronic Equipment, Instruments & Components — 0.1% | ||||||||
| Arrow Electronics, Inc. (b) | 389 | $ | 29,011 | |||||
| Avnet, Inc. | 7,822 | 347,962 | ||||||
| Belden, Inc. | 5,174 | 275,981 | ||||||
| CDW Corp. | 4,561 | 562,098 | ||||||
| Coherent, Inc. (b) | 510 | 78,397 | ||||||
| Corning, Inc. | 2,159 | 61,575 | ||||||
| Resideo Technologies, Inc. (b) | 3,740 | 53,669 | ||||||
| Tech Data Corp. (b) | 3,711 | 386,835 | ||||||
| Vishay Intertechnology, Inc. (a) | 37,550 | 635,721 | ||||||
| 2,431,249 | ||||||||
| Energy Equipment & Services — 0.2% | ||||||||
| Baker Hughes a GE Co. (a) | 58,237 | 1,351,098 | ||||||
| Cactus, Inc., Class A (a) (b) | 21,191 | 613,268 | ||||||
| Halliburton Co. | 7,012 | 132,176 | ||||||
| Nabors Industries, Ltd. | 16,012 | 29,943 | ||||||
| ProPetro Holding Corp. (a) (b) | 148,127 | 1,346,474 | ||||||
| RPC, Inc. | 6,318 | 35,444 | ||||||
| 3,508,403 | ||||||||
| Food & Staples Retailing — 0.2% | ||||||||
| Costco Wholesale Corp. | 5,911 | 1,703,018 | ||||||
| Kroger Co. (The) | 16,446 | 423,978 | ||||||
| Walmart, Inc. (a) | 19,599 | 2,326,009 | ||||||
| 4,453,005 | ||||||||
| Food Products — 0.4% | ||||||||
| Archer-Daniels-Midland Co. | 15,205 | 624,469 | ||||||
| Bunge, Ltd. | 6,388 | 361,689 | ||||||
| Ingredion, Inc. | 1,803 | 147,377 | ||||||
| McCormick & Co., Inc. | 32,902 | 5,142,583 | ||||||
| Pilgrim's Pride Corp. (b) | 5,869 | 188,072 | ||||||
| Tyson Foods, Inc., Class A (a) | 18,065 | 1,556,119 | ||||||
| 8,020,309 | ||||||||
| Health Care Equipment & Supplies — 1.4% | ||||||||
| Abbott Laboratories (a) | 1,593 | 133,286 | ||||||
| Align Technology, Inc. (b) | 1,749 | 316,429 | ||||||
| Baxter International, Inc. (a) | 17,949 | 1,569,999 | ||||||
| Becton Dickinson and Co. | 8,674 | 2,194,175 | ||||||
| Boston Scientific Corp. (b) | 1,038 | 42,236 | ||||||
| Danaher Corp. (a) | 10,260 | 1,481,852 | ||||||
| DENTSPLY SIRONA, Inc. | 5,327 | 283,982 | ||||||
| DexCom, Inc. (b) | 16,123 | 2,406,197 | ||||||
| Edwards Lifesciences Corp. (b) | 1,053 | 231,565 | ||||||
| Haemonetics Corp. (b) | 370 | 46,672 |
| 5 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| IDEXX Laboratories, Inc. (b) | 34,811 | $ | 9,466,155 | |||||
| Inogen, Inc. (a) (b) | 13,122 | 628,675 | ||||||
| Masimo Corp. (b) | 1,704 | 253,538 | ||||||
| NuVasive, Inc. (b) | 5,638 | 357,337 | ||||||
| Stryker Corp. | 41,016 | 8,871,761 | ||||||
| Zimmer Biomet Holdings, Inc. | 1,640 | 225,123 | ||||||
| 28,508,982 | ||||||||
| Health Care Providers & Services — 0.2% | ||||||||
| Anthem, Inc. | 1,608 | 386,081 | ||||||
| Brookdale Senior Living, Inc. (b) | 2,612 | 19,799 | ||||||
| Cardinal Health, Inc. (a) | 8,393 | 396,066 | ||||||
| HCA Healthcare, Inc. | 1,383 | 166,541 | ||||||
| Humana, Inc. (a) | 1,401 | 358,194 | ||||||
| McKesson Corp. (a) | 9,258 | 1,265,198 | ||||||
| MEDNAX, Inc. (b) | 2,715 | 61,413 | ||||||
| UnitedHealth Group, Inc. | 2,114 | 459,414 | ||||||
| 3,112,706 | ||||||||
| Health Care Technology — 0.0% | ||||||||
| Cerner Corp. | 7,418 | 505,685 | ||||||
| Hotels, Restaurants & Leisure — 0.5% | ||||||||
| Caesars Entertainment Corp. (b) | 2,729 | 31,820 | ||||||
| Eldorado Resorts, Inc. (b) | 2,112 | 84,205 | ||||||
| International Game Technology plc | 1,018 | 14,466 | ||||||
| Las Vegas Sands Corp. (a) | 12,722 | 734,823 | ||||||
| Marriott International, Inc., Class A | 47,218 | 5,872,502 | ||||||
| Marriott Vacations Worldwide Corp. | 470 | 48,697 | ||||||
| MGM Resorts International | 23,032 | 638,447 | ||||||
| Norwegian Cruise Line Holdings, Ltd. (b) | 22,966 | 1,188,950 | ||||||
| Starbucks Corp. | 6,354 | 561,821 | ||||||
| 9,175,731 | ||||||||
| Household Durables — 0.0% | ||||||||
| Mohawk Industries, Inc. (b) | 1,287 | 159,678 | ||||||
| Whirlpool Corp. | 292 | 46,241 | ||||||
| 205,919 | ||||||||
| Household Products — 0.2% | ||||||||
| Colgate-Palmolive Co. | 6,480 | 476,345 | ||||||
| Kimberly-Clark Corp. | 7,835 | 1,112,962 | ||||||
| Procter & Gamble Co. (The) (a) | 13,762 | 1,711,717 | ||||||
| Spectrum Brands Holdings, Inc. | 290 | 15,309 | ||||||
| Tupperware Brands Corp. | 18,291 | 290,278 | ||||||
| 3,606,611 |
| 6 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Industrial Conglomerates — 0.2% | ||||||||
| General Electric Co. | 231,060 | $ | 2,065,676 | |||||
| Honeywell International, Inc. | 6,859 | 1,160,543 | ||||||
| 3,226,219 | ||||||||
| Insurance — 0.4% | ||||||||
| Aflac, Inc. (a) | 27,578 | 1,442,881 | ||||||
| Allstate Corp. (The) (a) | 9,142 | 993,553 | ||||||
| American International Group, Inc. | 16,926 | 942,778 | ||||||
| American National Insurance Co. | 1,031 | 127,566 | ||||||
| Athene Holding, Ltd., Class A (b) | 4,672 | 196,504 | ||||||
| Everest Re Group, Ltd. | 613 | 163,113 | ||||||
| Fidelity National Financial, Inc. | 17,659 | 784,236 | ||||||
| First American Financial Corp. | 5,046 | 297,764 | ||||||
| Hanover Insurance Group, Inc. (The) | 393 | 53,267 | ||||||
| Hartford Financial Services Group, Inc. (The) | 7,804 | 473,000 | ||||||
| Loews Corp. | 2,199 | 113,205 | ||||||
| Markel Corp. (b) | 223 | 263,564 | ||||||
| MBIA, Inc. (b) | 44,768 | 413,209 | ||||||
| Mercury General Corp. | 1,692 | 94,549 | ||||||
| MetLife, Inc. | 12,913 | 608,977 | ||||||
| Prudential Financial, Inc. | 1,677 | 150,846 | ||||||
| Reinsurance Group of America, Inc. | 3,513 | 561,658 | ||||||
| Travelers Companies, Inc. (The) (a) | 3,642 | 541,529 | ||||||
| Unum Group (a) | 9,666 | 287,274 | ||||||
| 8,509,473 | ||||||||
| Internet & Catalog Retail — 0.9% | ||||||||
| Amazon.com, Inc. (a) (b) | 8,786 | 15,251,705 | ||||||
| Booking Holdings, Inc. (b) | 895 | 1,756,536 | ||||||
| Expedia Group, Inc. | 227 | 30,511 | ||||||
| Liberty TripAdvisor Holdings, Inc., Class A (b) | 221 | 2,080 | ||||||
| Qurate Retail, Inc., Class A (b) | 37,953 | 391,485 | ||||||
| TripAdvisor, Inc. (a) (b) | 12,636 | 488,761 | ||||||
| 17,921,078 | ||||||||
| Internet Software & Services — 1.6% | ||||||||
| Akamai Technologies, Inc. (b) | 10,813 | 988,092 | ||||||
| Alphabet, Inc., Class A (a) (b) | 2,159 | 2,636,441 | ||||||
| Alphabet, Inc., Class C (a) (b) | 2,722 | 3,318,118 | ||||||
| eBay, Inc. (a) | 30,317 | 1,181,757 | ||||||
| Facebook, Inc., Class A (a) (b) | 111,910 | 19,928,933 | ||||||
| GrubHub, Inc. (b) | 28,752 | 1,616,150 | ||||||
| IAC/InterActiveCorp (a) (b) | 2,492 | 543,181 | ||||||
| Twitter, Inc. (b) | 33,718 | 1,389,182 |
| 7 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| VeriSign, Inc. (b) | 2,094 | $ | 394,991 | |||||
| Yelp, Inc. (a) (b) | 3,227 | 112,138 | ||||||
| 32,108,983 | ||||||||
| IT Services — 1.8% | ||||||||
| Alliance Data Systems Corp. | 1,895 | 242,806 | ||||||
| Amdocs, Ltd. | 4,463 | 295,049 | ||||||
| Automatic Data Processing, Inc. | 43,561 | 7,031,617 | ||||||
| Broadridge Financial Solutions, Inc. | 385 | 47,906 | ||||||
| CACI International, Inc., Class A (b) | 2,038 | 471,308 | ||||||
| Cognizant Technology Solutions Corp., Class A | 15,421 | 929,347 | ||||||
| CoreLogic, Inc. (b) | 4,620 | 213,767 | ||||||
| DXC Technology Co. (a) | 32,469 | 957,835 | ||||||
| EPAM Systems, Inc. (b) | 5,062 | 922,904 | ||||||
| Fiserv, Inc. (b) | 1,311 | 135,806 | ||||||
| Gartner, Inc. (b) | 1,993 | 284,979 | ||||||
| Hackett Group, Inc. (The) | 13,019 | 214,293 | ||||||
| International Business Machines Corp. (IBM) (a) | 12,423 | 1,806,553 | ||||||
| Mastercard, Inc., Class A | 2,511 | 681,912 | ||||||
| MAXIMUS, Inc. | 3,027 | 233,866 | ||||||
| PayPal Holdings, Inc. (b) | 48,984 | 5,074,253 | ||||||
| Perspecta, Inc. | 1,344 | 35,105 | ||||||
| Twilio, Inc., Class A (b) | 62,149 | 6,833,904 | ||||||
| Visa, Inc., Class A | 56,625 | 9,740,066 | ||||||
| 36,153,276 | ||||||||
| Leisure Equipment & Products — 0.0% | ||||||||
| Brunswick Corp. | 670 | 34,920 | ||||||
| Vista Outdoor, Inc. (b) | 6,355 | 39,338 | ||||||
| 74,258 | ||||||||
| Life Sciences Tools & Services — 0.6% | ||||||||
| Agilent Technologies, Inc. (a) | 11,102 | 850,746 | ||||||
| AquaVenture Holdings, Ltd. (b) | 4,340 | 84,326 | ||||||
| Bio-Rad Laboratories, Inc., Class A (b) | 1,354 | 450,530 | ||||||
| Bruker Corp. | 6,066 | 266,480 | ||||||
| Charles River Laboratories International, Inc. (b) | 1,600 | 211,792 | ||||||
| IQVIA Holdings, Inc. (b) | 950 | 141,911 | ||||||
| PRA Health Sciences, Inc. (b) | 714 | 70,850 | ||||||
| Thermo Fisher Scientific, Inc. (a) | 5,042 | 1,468,583 | ||||||
| Waters Corp. (b) | 34,835 | 7,776,217 | ||||||
| 11,321,435 | ||||||||
| Machinery — 0.3% | ||||||||
| Allison Transmission Holdings, Inc. | 576 | 27,101 | ||||||
| Caterpillar, Inc. | 7,251 | 915,874 | ||||||
| Crane Co. | 957 | 77,163 | ||||||
| Cummins, Inc. (a) | 10,981 | 1,786,279 |
| 8 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Gates Industrial Corp. plc (b) | 8,554 | $ | 86,139 | |||||
| Graco, Inc. | 3,266 | 150,367 | ||||||
| Ingersoll-Rand plc | 4,124 | 508,118 | ||||||
| ITT, Inc. | 7,710 | 471,775 | ||||||
| Kennametal, Inc. | 4,289 | 131,844 | ||||||
| Oshkosh Corp. (a) | 8,118 | 615,344 | ||||||
| Timken Co. (The) | 5,681 | 247,180 | ||||||
| Wabtec Corp. | 145 | 10,420 | ||||||
| Welbilt, Inc. (b) | 13,632 | 229,835 | ||||||
| 5,257,439 | ||||||||
| Marine — 0.0% | ||||||||
| Scorpio Bulkers, Inc. | 12,883 | 78,329 | ||||||
| Media — 0.8% | ||||||||
| Altice USA, Inc., Class A (b) | 5,593 | 160,407 | ||||||
| AMC Networks, Inc., Class A (b) | 17,651 | 867,723 | ||||||
| CBS Corp., Class B | 23,092 | 932,224 | ||||||
| Charter Communications, Inc., Class A (b) | 332 | 136,824 | ||||||
| Comcast Corp., Class A (a) | 36,278 | 1,635,412 | ||||||
| Discovery, Inc., Series A (b) | 3,640 | 96,933 | ||||||
| GCI Liberty, Inc., Class A (b) | 867 | 53,815 | ||||||
| iHeartMedia, Inc., Class A (b) | 34 | 510 | ||||||
| iHeartMedia, Inc. - ENT (b) (c) (d) | 9,430 | — | ||||||
| Interpublic Group of Cos, Inc. (The) | 1,183 | 25,505 | ||||||
| Liberty Broadband Corp., Class A (b) | 84 | 8,780 | ||||||
| Liberty Broadband Corp., Class C (b) | 951 | 99,541 | ||||||
| Liberty Latin America, Ltd., Class A (b) | 3,408 | 58,174 | ||||||
| Liberty Latin America, Ltd., Class C (b) | 4,505 | 77,013 | ||||||
| Liberty Media Corp-Liberty Braves, Class A (b) | 61 | 1,698 | ||||||
| Liberty Media Corp-Liberty Braves, Class C (b) | 167 | 4,634 | ||||||
| Liberty Media Corp-Liberty Formula One, Class A (b) | 691 | 27,357 | ||||||
| Liberty Media Corp-Liberty Formula One, Class C (b) | 749 | 31,151 | ||||||
| Liberty Media Corp-Liberty SiriusXM, Class A (b) | 3,193 | 132,733 | ||||||
| Liberty Media Corp-Liberty SiriusXM, Class C (b) | 3,947 | 165,616 | ||||||
| Lions Gate Entertainment Corp., Class B (b) | 335 | 2,928 | ||||||
| Netflix, Inc. (b) | 32,019 | 8,568,925 | ||||||
| Nexstar Media Group, Inc., Class A | 819 | 83,792 | ||||||
| Sinclair Broadcast Group, Inc., Class A | 24,863 | 1,062,645 | ||||||
| TEGNA, Inc. | 48,760 | 757,243 | ||||||
| Tribune Publishing Co. | 504 | 4,324 | ||||||
| Viacom, Inc., Class B | 1,722 | 41,380 | ||||||
| Walt Disney Co. (The) (a) | 13,117 | 1,709,407 | ||||||
| 16,746,694 | ||||||||
| Metals & Mining — 0.1% | ||||||||
| Alcoa Corp. (b) | 8,718 | 174,970 | ||||||
| Allegheny Technologies, Inc. (b) | 20,711 | 419,398 | ||||||
| Freeport-McMoRan, Inc. | 17,291 | 165,475 | ||||||
| Reliance Steel & Aluminum Co. (a) | 5,717 | 569,756 |
| 9 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares |
Value | |||||||
| Southern Copper Corp. | 3,633 | $ | 123,994 | |||||
| Steel Dynamics, Inc. | 16,234 | 483,773 | ||||||
| Warrior Met Coal, Inc. | 5,445 | 106,287 | ||||||
| 2,043,653 | ||||||||
| Multi-Utilities — 0.1% | ||||||||
| Ameren Corp. | 5,817 | 465,651 | ||||||
| Black Hills Corp. (a) | 4,890 | 375,210 | ||||||
| Consolidated Edison, Inc. | 7,409 | 699,928 | ||||||
| DTE Energy Co. | 2,242 | 298,097 | ||||||
| NorthWestern Corp. | 6,383 | 479,044 | ||||||
| OGE Energy Corp. | 1,314 | 59,629 | ||||||
| Public Service Enterprise Group, Inc. | 3,077 | 191,020 | ||||||
| UGI Corp. | 752 | 37,803 | ||||||
| 2,606,382 | ||||||||
| Multiline Retail — 0.1% | ||||||||
| Kohl's Corp. | 1,592 | 79,059 | ||||||
| Macy's, Inc. | 34,116 | 530,163 | ||||||
| Target Corp. | 7,383 | 789,316 | ||||||
| 1,398,538 | ||||||||
| Oil, Gas & Consumable Fuels — 2.9% | ||||||||
| Antero Resources Corp. (b) | 26,445 | 79,864 | ||||||
| Apache Corp. | 1,056 | 27,034 | ||||||
| Berry Petroleum Corp. (a) | 35,193 | 329,406 | ||||||
| Cabot Oil & Gas Corp. (a) | 146,804 | 2,579,346 | ||||||
| Callon Petroleum Co. (b) | 520,425 | 2,258,644 | ||||||
| Centennial Resource Development, Inc., Class A (b) | 78,852 | 356,017 | ||||||
| Cheniere Energy, Inc. (a) (b) | 43,376 | 2,735,291 | ||||||
| Chevron Corp. | 4,311 | 511,285 | ||||||
| Cimarex Energy Co. (a) | 101,974 | 4,888,633 | ||||||
| Cloud Peak Energy, Inc. (b) | 313,225 | 6,421 | ||||||
| ConocoPhillips (a) | 52,872 | 3,012,647 | ||||||
| Continental Resources, Inc. (a) (b) | 68,173 | 2,099,047 | ||||||
| Devon Energy Corp. (a) | 78,122 | 1,879,615 | ||||||
| EOG Resources, Inc. (a) | 29,026 | 2,154,310 | ||||||
| EQT Corp. (a) | 198,383 | 2,110,795 | ||||||
| Equitrans Midstream Corp. (a) | 69,940 | 1,017,627 | ||||||
| Exxon Mobil Corp. (a) | 13,114 | 925,979 | ||||||
| Goodrich Petroleum Corp. (b) | 45,711 | 485,908 | ||||||
| HollyFrontier Corp. | 12,173 | 652,960 | ||||||
| International Seaways, Inc. (b) | 4,703 | 90,580 | ||||||
| Jagged Peak Energy, Inc. (a) (b) | 620,071 | 4,501,715 | ||||||
| Kosmos Energy, Ltd. (a) | 191,301 | 1,193,718 | ||||||
| Marathon Oil Corp. | 8,537 | 104,749 | ||||||
| Marathon Petroleum Corp. | 3,701 | 224,836 | ||||||
| Oasis Petroleum, Inc. (b) | 121,822 | 421,504 | ||||||
| Occidental Petroleum Corp. (a) | 81,392 | 3,619,502 | ||||||
| Peabody Energy Corp. | 18,854 | 277,531 |
| 10 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Phillips 66 | 11,043 | $ | 1,130,803 | |||||
| Pioneer Natural Resources Co. (a) | 17,680 | 2,223,614 | ||||||
| Plains GP Holdings LP, Class A (b) | 199,646 | 4,238,485 | ||||||
| Range Resources Corp. | 780,793 | 2,982,629 | ||||||
| SM Energy Co. | 1,490 | 14,438 | ||||||
| Southwestern Energy Co. (b) | 767,343 | 1,480,972 | ||||||
| SRC Energy, Inc. (b) | 404,953 | 1,887,081 | ||||||
| Targa Resources Corp. (a) | 54,808 | 2,201,637 | ||||||
| Valero Energy Corp. | 9,691 | 826,061 | ||||||
| World Fuel Services Corp. | 23,206 | 926,848 | ||||||
| WPX Energy, Inc. (a) (b) | 113,492 | 1,201,880 | ||||||
| 57,659,412 | ||||||||
| Paper & Forest Products — 0.0% | ||||||||
| International Paper Co. | 8,372 | 350,117 | ||||||
| Louisiana-Pacific Corp. | 3,026 | 74,379 | ||||||
| 424,496 | ||||||||
| Personal Products — 0.2% | ||||||||
| Coty, Inc., Class A | 2,203 | 23,153 | ||||||
| Estee Lauder Companies, Inc. (The), Class A | 22,586 | 4,493,485 | ||||||
| Nu Skin Enterprises, Inc., Class A | 2,996 | 127,420 | ||||||
| 4,644,058 | ||||||||
| Pharmaceuticals — 0.4% | ||||||||
| Allergan plc | 1,562 | 262,869 | ||||||
| Bristol-Myers Squibb Co. | 15,446 | 783,266 | ||||||
| Eli Lilly & Co. | 1,828 | 204,425 | ||||||
| Johnson & Johnson | 18,523 | 2,396,506 | ||||||
| Merck & Co., Inc. (a) | 21,016 | 1,769,127 | ||||||
| Mylan NV (b) | 42,791 | 846,406 | ||||||
| Pfizer, Inc. (a) | 44,402 | 1,595,364 | ||||||
| Walgreens Boots Alliance, Inc. | 280 | 15,487 | ||||||
| 7,873,450 | ||||||||
| Professional Services — 0.1% | ||||||||
| H&R Block, Inc. | 6,160 | 145,499 | ||||||
| Insperity, Inc. | 2,689 | 265,189 | ||||||
| ManpowerGroup, Inc. (a) | 4,613 | 388,599 | ||||||
| Robert Half International, Inc. | 7,956 | 442,831 | ||||||
| 1,242,118 | ||||||||
| Real Estate — 0.1% | ||||||||
| CBRE Group, Inc., Class A (b) | 24,516 | 1,299,593 | ||||||
| Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
| AvalonBay Communities, Inc. | 156 | 33,592 |
| 11 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Boston Properties, Inc. (a) | 1,487 | $ | 192,805 | |||||
| Columbia Property Trust, Inc. | 4,047 | 85,594 | ||||||
| Equity Residential | 3,281 | 283,019 | ||||||
| Outfront Media, Inc. | 3,289 | 91,368 | ||||||
| Park Hotels & Resorts, Inc. | 1,085 | 27,093 | ||||||
| Retail Properties of America, Inc., Class A | 16,782 | 206,754 | ||||||
| Senior Housing Properties Trust | 12,899 | 119,380 | ||||||
| Simon Property Group, Inc. | 965 | 150,202 | ||||||
| SL Green Realty Corp. | 2,496 | 204,048 | ||||||
| Uniti Group, Inc. | 13,365 | 103,779 | ||||||
| VICI Properties, Inc. | 2,295 | 51,982 | ||||||
| Vornado Realty Trust | 10,523 | 669,999 | ||||||
| 2,219,615 | ||||||||
| Road & Rail — 0.1% | ||||||||
| Avis Budget Group, Inc. (b) | 3,304 | 93,371 | ||||||
| CSX Corp. (a) | 1,646 | 114,018 | ||||||
| Hertz Global Holdings, Inc. (b) | 1,153 | 15,958 | ||||||
| Kansas City Southern | 1,644 | 218,668 | ||||||
| Norfolk Southern Corp. (a) | 2,102 | 377,645 | ||||||
| Ryder System, Inc. | 658 | 34,065 | ||||||
| Union Pacific Corp. | 5,074 | 821,887 | ||||||
| 1,675,612 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.1% | ||||||||
| Analog Devices, Inc. | 1,352 | 151,059 | ||||||
| Applied Materials, Inc. (a) | 98,384 | 4,909,361 | ||||||
| Broadcom, Inc. | 1,614 | 445,577 | ||||||
| Cirrus Logic, Inc. (b) | 8,015 | 429,444 | ||||||
| Intel Corp. (a) | 36,934 | 1,903,209 | ||||||
| KLA Corp. | 1,593 | 254,004 | ||||||
| Lam Research Corp. | 15,070 | 3,482,828 | ||||||
| Micron Technology, Inc. (a) (b) | 95,648 | 4,098,517 | ||||||
| NVIDIA Corp. | 518 | 90,168 | ||||||
| ON Semiconductor Corp. (b) | 2,466 | 47,372 | ||||||
| QUALCOMM, Inc. | 19,124 | 1,458,779 | ||||||
| Skyworks Solutions, Inc. (a) | 12,317 | 976,122 | ||||||
| Texas Instruments, Inc. | 27,486 | 3,552,290 | ||||||
| Veeco Instruments, Inc. (b) | 5,222 | 60,993 | ||||||
| Xilinx, Inc. | 5,238 | 502,324 | ||||||
| 22,362,047 | ||||||||
| Software — 1.9% | ||||||||
| 2U, Inc. (b) | 5,072 | 82,572 | ||||||
| Activision Blizzard, Inc. (a) | 14,590 | 772,103 | ||||||
| Adobe, Inc. (a) (b) | 3,471 | 958,864 | ||||||
| Aspen Technology, Inc. (b) | 3,321 | 408,749 | ||||||
| Autodesk, Inc. (b) | 1,683 | 248,579 | ||||||
| Cadence Design Systems, Inc. (b) | 9,754 | 644,544 | ||||||
| CommVault Systems, Inc. (a) (b) | 10,607 | 474,239 | ||||||
| 12 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Dropbox, Inc., Class A (b) | 23,370 | $ | 471,373 | |||||
| Electronic Arts, Inc. (b) | 12,610 | 1,233,510 | ||||||
| FireEye, Inc. (b) | 10,928 | 145,780 | ||||||
| Fortinet, Inc. (b) | 4,709 | 361,463 | ||||||
| Guidewire Software, Inc. (b) | 3,223 | 339,640 | ||||||
| Intuit, Inc. (a) | 28,123 | 7,479,031 | ||||||
| Manhattan Associates, Inc. (b) | 2,578 | 207,967 | ||||||
| Microsoft Corp. (a) | 131,379 | 18,265,622 | ||||||
| New Relic, Inc. (b) | 1,749 | 107,476 | ||||||
| Oracle Corp. (a) | 28,065 | 1,544,417 | ||||||
| Paylocity Holding Corp. (b) | 199 | 19,419 | ||||||
| Pluralsight, Inc., Class A (b) | 14,959 | 251,236 | ||||||
| PTC, Inc. (b) | 1,055 | 71,930 | ||||||
| Splunk, Inc. (b) | 983 | 115,856 | ||||||
| Symantec Corp. | 2,913 | 68,834 | ||||||
| Take-Two Interactive Software, Inc. (b) | 199 | 24,943 | ||||||
| Zoom Video Communications, Inc., Class A (b) | 45,932 | 3,500,018 | ||||||
| 37,798,165 | ||||||||
| Specialty Retail — 0.3% | ||||||||
| Advance Auto Parts, Inc. | 704 | 116,442 | ||||||
| AutoZone, Inc. (a) (b) | 395 | 428,425 | ||||||
| Bed Bath & Beyond, Inc. | 1,359 | 14,460 | ||||||
| Best Buy Co., Inc. | 13,426 | 926,260 | ||||||
| Cars.com, Inc. (b) | 30,620 | 274,968 | ||||||
| Foot Locker, Inc. | 2,281 | 98,448 | ||||||
| Gap, Inc. (The) | 7,048 | 122,353 | ||||||
| Home Depot, Inc. (The) | 1,077 | 249,886 | ||||||
| L Brands, Inc. | 8,361 | 163,792 | ||||||
| Lowe's Cos, Inc. (a) | 4,761 | 523,520 | ||||||
| Michaels Companies, Inc. (The) (b) | 56,391 | 552,068 | ||||||
| Ross Stores, Inc. (a) | 1,790 | 196,631 | ||||||
| Sally Beauty Holdings, Inc. (b) | 32,252 | 480,232 | ||||||
| Signet Jewelers, Ltd. | 10,848 | 181,812 | ||||||
| TJX Companies, Inc. (The) (a) | 14,000 | 780,360 | ||||||
| Tractor Supply Co. | 7,514 | 679,566 | ||||||
| Urban Outfitters, Inc. (a) (b) | 7,289 | 204,748 | ||||||
| 5,993,971 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
| Deckers Outdoor Corp. (a) (b) | 5,823 | 858,078 | ||||||
| Hanesbrands, Inc. | 11,006 | 168,612 | ||||||
| NIKE, Inc., Class B | 5,288 | 496,649 | ||||||
| PVH Corp. | 2,036 | 179,636 | ||||||
| Ralph Lauren Corp. | 1,932 | 184,448 | ||||||
| Skechers U.S.A., Inc., Class A (a) (b) | 19,509 | 728,661 | ||||||
| 2,616,084 | ||||||||
| Thrifts & Mortgage Finance — 0.1% | ||||||||
| Fannie Mae (b) | 5,834 | 22,169 | ||||||
| 13 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| MGIC Investment Corp. | 133,704 | $ | 1,681,997 | |||||
| 1,704,166 | ||||||||
| Tobacco — 0.3% | ||||||||
| Altria Group, Inc. | 3,897 | 159,387 | ||||||
| Philip Morris International, Inc. | 81,315 | 6,174,248 | ||||||
| 6,333,635 | ||||||||
| Trading Companies & Distributors — 0.1% | ||||||||
| HD Supply Holdings, Inc. (b) | 10,837 | 424,539 | ||||||
| NOW, Inc. (b) | 6,692 | 76,757 | ||||||
| WESCO International, Inc. (b) | 18,702 | 893,395 | ||||||
| 1,394,691 | ||||||||
| Wireless Telecommunication Services — 0.0% | ||||||||
| United States Cellular Corp. (b) | 445 | 16,723 | ||||||
| Total US Common Stocks (Cost $397,599,476) | 453,343,833 | |||||||
| Foreign Common Stocks — 40.6% | ||||||||
| Argentina — 0.0% | ||||||||
| YPF SA - SPADR | 18,423 | 170,413 | ||||||
| Australia — 1.4% | ||||||||
| Afterpay Touch Group, Ltd. (b) | 4,054 | 98,149 | ||||||
| AGL Energy, Ltd. | 9,626 | 124,401 | ||||||
| Alumina, Ltd. | 114,525 | 183,343 | ||||||
| Ansell, Ltd. | 7,256 | 134,441 | ||||||
| Atlas Arteria, Ltd. | 3,781 | 19,905 | ||||||
| Atlassian Corp. plc, Class A (b) | 97,771 | 12,264,394 | ||||||
| Aurizon Holdings, Ltd. | 36,906 | 147,125 | ||||||
| Australia & New Zealand Banking Group, Ltd. | 16,981 | 328,142 | ||||||
| BHP Group plc | 94,984 | 2,031,413 | ||||||
| BHP Group, Ltd. | 14,362 | 355,568 | ||||||
| BlueScope Steel, Ltd. | 64,873 | 526,400 | ||||||
| Brambles, Ltd. | 15,170 | 116,872 | ||||||
| Caltex Australia, Ltd. | 2,083 | 37,149 | ||||||
| CIMIC Group, Ltd. | 14,927 | 317,563 | ||||||
| Coles Group, Ltd. | 8,384 | 87,253 | ||||||
| Dexus - REIT | 4,265 | 34,362 | ||||||
| Evolution Mining, Ltd. | 13,234 | 40,176 | ||||||
| Fortescue Metals Group, Ltd. | 134,521 | 806,778 | ||||||
| Goodman Group - REIT | 9,892 | 94,654 | ||||||
| Iluka Resources, Ltd. | 82,513 | 447,366 | ||||||
| Kogan.com, Ltd. | 47,625 | 195,196 | ||||||
| LendLease Group | 20,856 | 247,606 | ||||||
| Mirvac Group - REIT | 51,921 | 107,382 | ||||||
| 14 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Newcrest Mining, Ltd. | 255,628 | $ | 5,959,831 | |||||
| OceanaGold Corp. | 83,700 | 218,592 | ||||||
| Orica, Ltd. | 14,691 | 223,789 | ||||||
| Qantas Airways, Ltd. | 254,711 | 1,083,112 | ||||||
| QBE Insurance Group, Ltd. | 9,583 | 81,440 | ||||||
| Santos, Ltd. | 9,637 | 50,524 | ||||||
| Scentre Group - REIT | 54,471 | 144,626 | ||||||
| South32, Ltd. - ASX Shares | 512,469 | 910,712 | ||||||
| Stockland - REIT | 65,162 | 200,245 | ||||||
| Telstra Corp., Ltd. | 76,636 | 181,802 | ||||||
| TPG Telecom, Ltd. | 1,833 | 8,600 | ||||||
| Treasury Wine Estates, Ltd. | 8,610 | 108,070 | ||||||
| Viva Energy Group, Ltd. (e) | 22,467 | 29,613 | ||||||
| Vocus Group, Ltd. (b) | 4,989 | 11,789 | ||||||
| WiseTech Global, Ltd. | 1,836 | 43,038 | ||||||
| 28,001,421 | ||||||||
| Austria — 0.0% | ||||||||
| ams AG (b) | 5,329 | 237,757 | ||||||
| Erste Group Bank AG (b) | 2,839 | 93,987 | ||||||
| 331,744 | ||||||||
| Belgium — 0.0% | ||||||||
| Ageas (a) | 7,749 | 430,026 | ||||||
| Anheuser-Busch InBev SA/NV | 343 | 32,654 | ||||||
| Greenyard NV | 2,327 | 7,231 | ||||||
| KBC Group NV (a) | 1,657 | 107,826 | ||||||
| UCB SA | 4,684 | 340,124 | ||||||
| 917,861 | ||||||||
| Bermuda — 0.1% | ||||||||
| Arch Capital Group, Ltd. (b) | 2,959 | 124,219 | ||||||
| Assured Guaranty, Ltd. | 24,230 | 1,077,266 | ||||||
| DHT Holdings, Inc. | 38,429 | 236,338 | ||||||
| Golar LNG, Ltd. | 3,792 | 49,258 | ||||||
| 1,487,081 | ||||||||
| Brazil — 0.2% | ||||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 88,100 | 377,424 | ||||||
| Centrais Eletricas Brasileiras SA | 199,300 | 1,925,870 | ||||||
| Cia Siderurgica Nacional SA | 21,459 | 68,329 | ||||||
| Localiza Rent a Car SA | 9,757 | 106,753 | ||||||
| LOG Commercial Properties e Participacoes SA | 1,248 | 7,284 | ||||||
| MRV Engenharia e Participacoes SA | 19,658 | 83,459 | ||||||
| Odontoprev SA | 25,595 | 99,548 | ||||||
| Petroleo Brasileiro SA | 30,003 | 217,714 | ||||||
| Petroleo Brasileiro SA - SPADR | 19,653 | 284,379 | ||||||
| Porto Seguro SA | 8,082 | 114,550 | ||||||
| Sul America SA | 5,957 | 68,402 | ||||||
| 15 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| WEG SA | 19,912 | $ | 116,119 | |||||
| 3,469,831 | ||||||||
| Canada — 4.0% | ||||||||
| A&W Revenue Royalties Income Fund (UNIT) | 6,300 | 182,840 | ||||||
| Advantage Oil & Gas, Ltd. (b) | 159,519 | 258,871 | ||||||
| Aecon Group, Inc. | 5,600 | 77,098 | ||||||
| Aimia, Inc. (b) | 5,808 | 14,818 | ||||||
| Air Canada (b) | 5,801 | 189,200 | ||||||
| Altius Minerals Corp. | 7,100 | 59,164 | ||||||
| Americas Gold & Silver Corp. (b) | 11,100 | 27,732 | ||||||
| Argonaut Gold, Inc. (b) (f) | 66,000 | 104,616 | ||||||
| Artis Real Estate Investment Trust - REIT (a) | 51,200 | 486,165 | ||||||
| Barkerville Gold Mines, Ltd. (b) | 237,900 | 77,214 | ||||||
| Bear Creek Mining Corp. (b) | 478,091 | 714,511 | ||||||
| Cameco Corp. | 538,614 | 5,116,833 | ||||||
| Cameco Corp. - TSX Shares | 5,192 | 49,300 | ||||||
| Canadian Natural Resources, Ltd. - NYSE Shares (a) | 56,929 | 1,514,698 | ||||||
| Canfor Corp. (a) (b) | 77,200 | 904,945 | ||||||
| Centerra Gold, Inc. (a) (b) | 545,274 | 4,634,325 | ||||||
| Cobalt 27 Capital Corp. (b) | 155,643 | 469,919 | ||||||
| Corus Entertainment, Inc., Class B | 121,900 | 486,735 | ||||||
| Crescent Point Energy Corp. | 618,303 | 2,641,503 | ||||||
| Denison Mines Corp. (b) | 2,066,459 | 998,252 | ||||||
| Dundee Corp., Class A (b) | 405,126 | 308,848 | ||||||
| Encana Corp. | 4,254 | 19,567 | ||||||
| Fairfax Financial Holdings, Ltd. | 558 | 245,969 | ||||||
| Fairfax India Holdings Corp. (b) (e) | 9,794 | 117,528 | ||||||
| First Quantum Minerals, Ltd. | 5,678 | 47,701 | ||||||
| Fission Uranium Corp. (b) | 1,698,000 | 461,396 | ||||||
| Genworth MI Canada, Inc. (a) | 11,400 | 452,610 | ||||||
| Home Capital Group, Inc. (a) (b) | 16,700 | 324,836 | ||||||
| Imperial Oil, Ltd. | 4,947 | 128,823 | ||||||
| Inter Pipeline, Ltd. (a) | 26,600 | 466,807 | ||||||
| International Tower Hill Mines, Ltd. (b) | 507,456 | 263,928 | ||||||
| Ivanhoe Mines, Ltd., Class A (b) | 715,759 | 1,858,483 | ||||||
| K92 Mining, Inc. (b) | 143,200 | 230,227 | ||||||
| Kinross Gold Corp. - TSX Shares (b) | 10,374 | 47,765 | ||||||
| Lightspeed POS, Inc. (b) | 8,000 | 185,017 | ||||||
| Lundin Gold, Inc. (b) | 159,218 | 919,363 | ||||||
| MEG Energy Corp. (b) | 1,323,181 | 5,792,693 | ||||||
| Mercer Park Brand Acquisit A (b) | 122,900 | 1,170,008 | ||||||
| Mountain Province Diamonds, Inc. | 24,121 | 22,576 | ||||||
| New Gold, Inc. (b) | 2,196,642 | 2,218,608 | ||||||
| NexGen Energy, Ltd. (b) | 1,354,058 | 1,757,920 | ||||||
| Northern Dynasty Minerals, Ltd. (b) | 1,251,110 | 727,142 | ||||||
| Northern Dynasty Minerals, Ltd. - NYSE Shares (b) | 53,669 | 31,530 | ||||||
| Novagold Resources, Inc. (b) | 291,875 | 1,771,681 | ||||||
| Onex Corp. | 1,131 | 70,113 | ||||||
| Open Text Corp. (a) | 6,500 | 265,132 | ||||||
| Osisko Mining, Inc. (b) (f) | 500,000 | 1,181,266 | ||||||
| Pan American Silver Corp. | 141,889 | 2,222,287 | ||||||
| Parex Resources, Inc. (a) (b) | 24,300 | 372,336 | ||||||
| 16 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Pipestone Energy Corp. (b) | 587,809 | $ | 550,163 | |||||
| PrairieSky Royalty, Ltd. | 132 | 1,841 | ||||||
| Pure Multi-Family REIT LP - REIT | 82,100 | 625,890 | ||||||
| Restaurant Brands International, Inc. (a) | 2,800 | 199,087 | ||||||
| Rogers Communications, Inc., Class B | 10,385 | 505,826 | ||||||
| Roxgold, Inc. (b) | 306,500 | 242,914 | ||||||
| Seabridge Gold, Inc. (b) | 165,166 | 2,085,691 | ||||||
| Shopify, Inc., Class A (b) | 63,411 | 19,762,672 | ||||||
| SilverCrest Metals, Inc. (b) | 39,600 | 206,541 | ||||||
| Sprott, Inc. | 778,629 | 1,833,658 | ||||||
| Suncor Energy, Inc. (a) | 62,598 | 1,974,541 | ||||||
| Superior Plus Corp. (a) | 30,500 | 276,718 | ||||||
| Teck Resources, Ltd., Class B | 8,094 | 131,229 | ||||||
| Tidewater Midstream and Infrastructure, Ltd. | 202,600 | 172,803 | ||||||
| Tourmaline Oil Corp. (a) | 44,683 | 442,159 | ||||||
| Transat AT, Inc. (b) | 23,300 | 259,407 | ||||||
| Tricon Capital Group, Inc. | 1,500 | 11,503 | ||||||
| Turquoise Hill Resources, Ltd. (b) | 3,455,511 | 1,642,059 | ||||||
| Uranium Participation Corp. (b) | 970,249 | 3,112,472 | ||||||
| Wheaton Precious Metals Corp. | 112,858 | 2,961,394 | ||||||
| 79,689,467 | ||||||||
| Chile — 0.0% | ||||||||
| Antofagasta plc | 64,022 | 709,140 | ||||||
| China — 10.5% | ||||||||
| 58.com, Inc. - ADR (b) | 2,244 | 110,652 | ||||||
| A-Living Services Co., Ltd., Class H (e) | 5,750 | 13,392 | ||||||
| Air China, Ltd., Class H | 500,000 | 442,805 | ||||||
| Alibaba Group Holding, Ltd. - SPADR (b) | 89,467 | 14,961,566 | ||||||
| Aluminum Corp. of China, Ltd., Class H (b) | 63,415 | 20,091 | ||||||
| Anhui Conch Cement Co., Ltd., Class A | 663,299 | 3,859,453 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 58,437 | 348,558 | ||||||
| AVICOPTER plc, Class A | 181,300 | 1,140,284 | ||||||
| Baidu, Inc. - SPADR (b) | 996 | 102,349 | ||||||
| Beijing Capital International Airport Co., Ltd., Class H | 1,326,000 | 1,134,461 | ||||||
| Bilibili, Inc. - SPADR (b) | 175,932 | 2,484,160 | ||||||
| BTG Hotels Group Co., Ltd., Class A | 169,000 | 399,586 | ||||||
| Changgang Dunxin Enterprise Co., Ltd. (b) (c) (d) | 4,640,000 | — | ||||||
| China Construction Bank Corp., Class A | 4,082,800 | 4,007,141 | ||||||
| China Construction Bank Corp., Class H | 153,547 | 116,764 | ||||||
| China International Travel Service Corp., Ltd., Class A | 112,528 | 1,468,407 | ||||||
| China Jushi Co., Ltd., Class A | 570,216 | 651,118 | ||||||
| China Merchants Bank Co., Ltd., Class A | 1,070,410 | 5,237,043 | ||||||
| China Pacific Insurance Group Co., Ltd., Class A | 732,300 | 3,596,098 | ||||||
| China Pacific Insurance Group Co., Ltd., Class H | 652,400 | 2,410,527 | ||||||
| China Petroleum & Chemical Corp., Class A | 5,491,258 | 3,871,810 | ||||||
| China Southern Airlines Co., Ltd., Class H | 182,000 | 111,187 | ||||||
| China Telecom Corp., Ltd., Class H | 5,020,000 | 2,293,974 | ||||||
| Country Garden Services Holdings Co., Ltd. | 4,000 | 11,596 | ||||||
| Ctrip.com International, Ltd. - ADR (b) | 1,482 | 43,408 | ||||||
| Daqin Railway Co., Ltd., Class A | 4,026,691 | 4,283,638 | ||||||
| 17 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Focus Media Information Technology Co., Ltd., Class A | 5,888,551 | $ | 4,346,508 | |||||
| Foshan Haitian Flavouring & Food Co., Ltd., Class A | 7,100 | 109,553 | ||||||
| Fosun International, Ltd. | 386,500 | 480,940 | ||||||
| Fufeng Group, Ltd. (b) | 792,000 | 363,733 | ||||||
| Grandblue Environment Co., Ltd., Class A | 1,689,920 | 4,198,914 | ||||||
| Great Wall Motor Co., Ltd., Class H | 1,031,000 | 694,929 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 450,213 | 3,632,869 | ||||||
| Guangshen Railway Co., Ltd., Class H | 5,020,000 | 1,592,387 | ||||||
| Guangzhou Baiyun International Airport Co., Ltd., Class A | 1,126,234 | 3,555,883 | ||||||
| Haier Smart Home Co., Ltd., Class A | 3,941,238 | 8,486,295 | ||||||
| Hengan International Group Co., Ltd. | 77,500 | 506,079 | ||||||
| Hongfa Technology Co., Ltd., Class A | 985,667 | 3,504,910 | ||||||
| Huadong Medicine Co., Ltd., Class A | 780,388 | 2,867,344 | ||||||
| Huayu Automotive Systems Co., Ltd., Class A | 563,012 | 1,855,084 | ||||||
| HUYA, Inc. - ADR (b) | 2,300 | 54,372 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 1,267,211 | 5,090,016 | ||||||
| iQIYI, Inc. - ADR (b) | 57,300 | 924,249 | ||||||
| JD.com, Inc. - ADR (b) | 54,482 | 1,536,937 | ||||||
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 225,599 | 1,223,064 | ||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 240,717 | 2,730,115 | ||||||
| Kingsoft Corp., Ltd. (b) | 105,000 | 224,540 | ||||||
| Kweichow Moutai Co., Ltd., Class A | 53,523 | 8,628,973 | ||||||
| Lenovo Group, Ltd. | 164,000 | 109,112 | ||||||
| Meituan Dianping, Class B (b) | 260,909 | 2,660,543 | ||||||
| Midea Group Co., Ltd., Class A | 563,445 | 4,057,615 | ||||||
| Minth Group, Ltd. | 638,000 | 2,164,549 | ||||||
| NetEase, Inc. - ADR | 1,356 | 360,940 | ||||||
| Noah Holdings, Ltd. - SPADR (b) | 2,240 | 65,408 | ||||||
| NVC Lighting Holding, Ltd. (b) | 5,341,000 | 701,611 | ||||||
| Pinduoduo, Inc. - ADR (b) | 3,100 | 99,882 | ||||||
| Ping An Insurance Group Co. of China, Ltd., Class A | 393,860 | 4,827,274 | ||||||
| Ping An Insurance Group Co. of China, Ltd., Class H | 628,500 | 7,273,446 | ||||||
| Poly Developments and Holdings Group Co., Ltd., Class A | 2,111,609 | 4,251,147 | ||||||
| Sany Heavy Industry Co., Ltd., Class A | 2,506,606 | 5,037,597 | ||||||
| SDIC Power Holdings Co., Ltd., Class A | 3,325,499 | 4,204,929 | ||||||
| Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H | 1,201,500 | 3,248,185 | ||||||
| Shanghai Henlius Biotech, Inc., Class H (b) (e) | 18,100 | 112,234 | ||||||
| Shanghai International Airport Co., Ltd., Class A | 141,118 | 1,582,859 | ||||||
| Shengyi Technology Co., Ltd., Class A | 704,231 | 2,478,916 | ||||||
| Shenzhen Expressway Co., Ltd., Class A | 746,084 | 1,089,608 | ||||||
| Shenzhen Sunlord Electronics Co., Ltd., Class A | 238,300 | 729,881 | ||||||
| Sichuan Kelun Pharmaceutical Co., Ltd., Class A | 822,550 | 2,981,825 | ||||||
| SINA Corp. (b) | 55,700 | 2,182,883 | ||||||
| Sinopharm Group Co., Ltd., Class H | 189,600 | 596,020 | ||||||
| Spring Airlines Co., Ltd., Class A | 438,876 | 2,624,108 | ||||||
| TAL Education Group - ADR (b) | 145,652 | 4,987,124 | ||||||
| Tencent Holdings, Ltd. | 455,910 | 19,348,682 | ||||||
| Tencent Music Entertainment Group - ADR (b) | 88,800 | 1,133,976 | ||||||
| Tingyi Cayman Islands Holding Corp. | 175,056 | 247,296 | ||||||
| TravelSky Technology, Ltd., Class H | 109,000 | 227,435 | ||||||
| Tsingtao Brewery Co., Ltd., Series H | 14,600 | 88,381 | ||||||
| Vipshop Holdings, Ltd. - ADR (b) | 498,824 | 4,449,510 | ||||||
| Wanhua Chemical Group Co., Ltd., Class A | 422,056 | 2,622,850 | ||||||
| 18 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Weibo Corp. - SPADR (b) | 100,800 | $ | 4,510,800 | |||||
| Wens Foodstuffs Group Co., Ltd., Class A | 309,673 | 1,617,810 | ||||||
| WUS Printed Circuit Kunshan Co., Ltd., Class A | 413,934 | 1,431,842 | ||||||
| Xiaomi Corp., Class B (b) (e) | 95,400 | 107,440 | ||||||
| Yangzijiang Shipbuilding Holdings, Ltd. | 572,800 | 398,056 | ||||||
| Yunji, Inc. - ADR (b) | 270,100 | 1,855,587 | ||||||
| YY, Inc. - ADR (b) | 27,600 | 1,551,948 | ||||||
| ZTO Express Cayman, Inc. - ADR | 221,194 | 4,718,068 | ||||||
| 212,465,139 | ||||||||
| Cyprus — 0.0% | ||||||||
| Global Ports Investments plc - GDR (b) (g) | 58,218 | 173,490 | ||||||
| Hellenic Bank plc (b) | 45,512 | 43,157 | ||||||
| TCS Group Holding plc - GDR (g) | 31,330 | 548,633 | ||||||
| 765,280 | ||||||||
| Denmark — 0.6% | ||||||||
| AP Moller - Maersk A/S, Class B | 299 | 339,001 | ||||||
| Bang & Olufsen A/S (b) | 8,172 | 47,840 | ||||||
| Carlsberg A/S, Class B | 890 | 131,682 | ||||||
| Coloplast A/S, Class B | 33,613 | 4,052,185 | ||||||
| Danske Bank A/S | 4,869 | 67,784 | ||||||
| Demant A/S (b) | 1,246 | 31,947 | ||||||
| Drilling Co. of 1972 A/S (The) (b) | 524 | 29,428 | ||||||
| GN Store Nord A/S (a) | 11,686 | 474,883 | ||||||
| H Lundbeck A/S (a) | 9,539 | 316,501 | ||||||
| Jyske Bank A/S (b) | 832 | 26,877 | ||||||
| Novo Nordisk A/S, Class B (a) | 128,403 | 6,630,092 | ||||||
| Pandora A/S (a) | 12,013 | 482,767 | ||||||
| Rockwool International A/S, Class B | 766 | 153,237 | ||||||
| 12,784,224 | ||||||||
| Finland — 0.6% | ||||||||
| Fortum Oyj | 2,174 | 51,429 | ||||||
| Kone Oyj, Class B | 135,289 | 7,706,549 | ||||||
| Neste Oyj (a) | 5,264 | 173,929 | ||||||
| Nokia Oyj | 85,410 | 432,837 | ||||||
| Nordea Bank Abp | 60 | 425 | ||||||
| Orion Oyj, Class B (a) | 1,482 | 55,266 | ||||||
| Sampo Oyj, Class A | 1,646 | 65,483 | ||||||
| UPM-Kymmene Oyj (a) | 137,155 | 4,058,796 | ||||||
| Valmet Oyj | 2,472 | 47,974 | ||||||
| 12,592,688 | ||||||||
| France — 1.4% | ||||||||
| Air France-KLM (b) | 15,377 | 161,030 | ||||||
| Airbus SE | 351 | 45,642 | ||||||
| Alstom SA | 754 | 31,264 | ||||||
| Atos SE (a) | 4,282 | 302,218 | ||||||
| AXA SA (a) | 16,517 | 422,182 | ||||||
| 19 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| BNP Paribas SA (a) | 6,896 | $ | 336,227 | |||||
| Bureau Veritas SA | 1,598 | 38,533 | ||||||
| Capgemini SE | 4,372 | 515,705 | ||||||
| Carrefour SA | 16,236 | 284,150 | ||||||
| Cie de Saint-Gobain (a) | 5,959 | 234,076 | ||||||
| CNP Assurances | 9,339 | 180,582 | ||||||
| Credit Agricole SA | 7,607 | 92,499 | ||||||
| Dassault Aviation SA | 28 | 39,600 | ||||||
| Dassault Systemes SE | 1,644 | 234,200 | ||||||
| Electricite de France SA (a) | 406,546 | 4,549,716 | ||||||
| Engie SA (a) | 15,822 | 258,498 | ||||||
| EssilorLuxottica SA | 1,908 | 275,243 | ||||||
| Eutelsat Communications SA | 2,749 | 51,187 | ||||||
| Getlink SE | 11,347 | 170,494 | ||||||
| Hermes International (a) | 60 | 41,500 | ||||||
| Kering SA (a) | 1,492 | 761,684 | ||||||
| L'Oreal SA (a) | 35,620 | 9,981,025 | ||||||
| Legrand SA | 2,680 | 191,424 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 668 | 265,911 | ||||||
| Natixis SA | 32,263 | 133,987 | ||||||
| Orange SA | 9,490 | 148,959 | ||||||
| Peugeot SA (a) | 45,639 | 1,139,876 | ||||||
| Publicis Groupe SA | 1,987 | 97,691 | ||||||
| Renault SA | 1,121 | 64,414 | ||||||
| Rothschild & Co. | 2,260 | 64,790 | ||||||
| Safran SA (a) | 570 | 89,856 | ||||||
| Sanofi SA (a) | 9,365 | 868,403 | ||||||
| Sartorius Stedim Biotech | 142 | 19,868 | ||||||
| Schneider Electric SE | 2,633 | 230,915 | ||||||
| Societe BIC SA | 1,777 | 119,354 | ||||||
| Societe Generale SA (a) | 6,432 | 176,463 | ||||||
| SPIE SA | 2,312 | 46,318 | ||||||
| Technicolor SA (b) | 13,542 | 11,722 | ||||||
| Teleperformance | 151 | 32,762 | ||||||
| Total SA (a) | 15,344 | 798,807 | ||||||
| Unibail-Rodamco-Westfield - REIT | 597 | 87,031 | ||||||
| Vinci SA | 3,930 | 423,607 | ||||||
| Vivendi SA | 179,616 | 4,932,677 | ||||||
| Worldline SA (b) (e) | 2,453 | 154,941 | ||||||
| 29,107,031 | ||||||||
| Germany — 1.9% | ||||||||
| Adidas AG (a) | 2,882 | 896,943 | ||||||
| Allianz SE (a) | 7,042 | 1,642,165 | ||||||
| AURELIUS Equity Opportunities SE & Co KGaA | 3,573 | 147,377 | ||||||
| BASF SE | 812 | 56,802 | ||||||
| Bayer AG | 1,246 | 87,852 | ||||||
| Carl Zeiss Meditec AG (a) | 1,744 | 198,715 | ||||||
| CECONOMY AG (b) | 21,151 | 114,492 | ||||||
| Commerzbank AG | 3,462 | 20,091 | ||||||
| Covestro AG (a) (e) | 6,434 | 318,364 | ||||||
| Deutsche Bank AG | 2,555 | 19,140 | ||||||
| Deutsche Boerse AG | 902 | 141,001 | ||||||
| 20 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Deutsche Lufthansa AG | 439,427 | $ | 6,983,301 | |||||
| Deutsche Telekom AG | 8,833 | 148,284 | ||||||
| Deutsche Wohnen SE | 2,457 | 89,721 | ||||||
| Deutz AG | 10,202 | 59,165 | ||||||
| E.ON SE (a) | 63,380 | 615,944 | ||||||
| Fresenius Medical Care AG & Co. KGaA | 6,333 | 425,626 | ||||||
| Fresenius SE & Co. KGaA | 2,894 | 135,295 | ||||||
| Hannover Rueck SE | 126 | 21,311 | ||||||
| HOCHTIEF AG | 1,330 | 151,484 | ||||||
| Infineon Technologies AG | 29,152 | 524,037 | ||||||
| KION Group AG | 2,253 | 118,352 | ||||||
| LEG Immobilien AG | 49,659 | 5,684,435 | ||||||
| Leoni AG (b) | 946 | 11,909 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 1,688 | 436,724 | ||||||
| ProSiebenSat.1 Media SE | 20,125 | 277,014 | ||||||
| Rheinmetall AG | 659 | 83,417 | ||||||
| RWE AG | 3,422 | 107,072 | ||||||
| Salzgitter AG | 3,751 | 62,956 | ||||||
| SAP SE (a) | 8,682 | 1,020,694 | ||||||
| Siemens AG (a) | 5,941 | 636,659 | ||||||
| Siemens Healthineers AG (e) | 2,269 | 89,265 | ||||||
| Software AG | 15,757 | 432,973 | ||||||
| Talanx AG (b) | 466 | 20,141 | ||||||
| Uniper SE | 680 | 22,302 | ||||||
| Vonovia SE | 338,888 | 17,191,009 | ||||||
| Wacker Neuson SE | 6,138 | 107,147 | ||||||
| zooplus AG (b) | 1,192 | 141,874 | ||||||
| 39,241,053 | ||||||||
| Greece — 0.2% | ||||||||
| Autohellas SA | 5,800 | 43,136 | ||||||
| Diana Shipping, Inc. (b) | 353,883 | 1,196,124 | ||||||
| Ellaktor SA (b) | 4,128 | 8,242 | ||||||
| Motor Oil Hellas Corinth Refineries SA | 28,027 | 655,296 | ||||||
| OPAP SA | 6,375 | 65,612 | ||||||
| Piraeus Bank SA (b) | 10,551 | 35,544 | ||||||
| Tsakos Energy Navigation, Ltd. | 328,498 | 969,069 | ||||||
| 2,973,023 | ||||||||
| Hong Kong — 1.0% | ||||||||
| AIA Group, Ltd. | 262,001 | 2,458,397 | ||||||
| Cathay Pacific Airways, Ltd. | 169,000 | 212,033 | ||||||
| CECEP COSTIN New Materials Group, Ltd. (b) (c) (d) | 1,736,000 | — | ||||||
| China Mobile, Ltd. | 81,500 | 676,389 | ||||||
| CK Asset Holdings, Ltd. | 111,500 | 759,267 | ||||||
| CK Hutchison Holdings, Ltd. | 9,655 | 84,881 | ||||||
| CLP Holdings, Ltd. | 10,500 | 109,942 | ||||||
| Duiba Group, Ltd. (b) | 516,200 | 307,290 | ||||||
| Esprit Holdings, Ltd. (b) | 370,999 | 69,343 | ||||||
| Geely Automobile Holdings, Ltd. | 345,000 | 589,971 | ||||||
| Hang Seng Bank, Ltd. | 25,300 | 547,361 | ||||||
| 21 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Henderson Land Development Co., Ltd. | 73,223 | $ | 341,383 | |||||
| HKT Trust / HKT, Ltd. | 36,000 | 57,238 | ||||||
| Hong Kong & Shanghai Hotels, Ltd. (The) | 260,248 | 253,987 | ||||||
| Hong Kong Exchanges & Clearing, Ltd. | 24,500 | 719,975 | ||||||
| Hua Han Health Industry Holdings, Ltd. (b) (c) (d) | 6,984,000 | 236,136 | ||||||
| Huabao International Holdings, Ltd. | 123,021 | 45,224 | ||||||
| Hysan Development Co., Ltd. | 29,000 | 117,329 | ||||||
| Jardine Matheson Holdings, Ltd. | 11,407 | 611,832 | ||||||
| Jardine Strategic Holdings, Ltd. | 18,746 | 561,211 | ||||||
| Johnson Electric Holdings, Ltd. | 26,211 | 47,130 | ||||||
| Kerry Properties, Ltd. | 65,000 | 201,160 | ||||||
| Link - REIT | 6,000 | 65,871 | ||||||
| Luks Group Vietnam Holdings Co., Ltd. | 1,682,000 | 360,958 | ||||||
| Midland Holdings, Ltd. (b) | 499,092 | 62,197 | ||||||
| Midland IC&I, Ltd. (b) | 368,613 | 5,665 | ||||||
| New World Development Co., Ltd. | 483,464 | 631,566 | ||||||
| Nine Dragons Paper Holdings, Ltd. | 215,000 | 182,017 | ||||||
| Pacific Basin Shipping, Ltd. | 1,405,422 | 285,319 | ||||||
| PAX Global Technology, Ltd. | 3,644,000 | 1,646,581 | ||||||
| Shangri-La Asia, Ltd. | 2,236,000 | 2,286,187 | ||||||
| Sino Biopharmaceutical, Ltd. | 2,526,000 | 3,230,119 | ||||||
| SmarTone Telecommunications Holdings, Ltd. | 291,216 | 252,803 | ||||||
| Sun Hung Kai Properties, Ltd. | 9,000 | 130,113 | ||||||
| Swire Pacific, Ltd., Class A | 10,500 | 97,850 | ||||||
| Swire Pacific, Ltd., Class B | 127,500 | 185,646 | ||||||
| Swire Properties, Ltd. | 39,800 | 125,455 | ||||||
| Techtronic Industries Co., Ltd. | 16,000 | 112,287 | ||||||
| Television Broadcasts, Ltd. | 86,102 | 140,799 | ||||||
| WH Group, Ltd. (e) | 1,679,000 | 1,519,364 | ||||||
| Wheelock & Co., Ltd. | 38,688 | 220,516 | ||||||
| Yue Yuen Industrial Holdings, Ltd. | 27,000 | 74,109 | ||||||
| 20,622,901 | ||||||||
| Hungary — 0.0% | ||||||||
| OTP Bank Nyrt | 5,634 | 234,738 | ||||||
| India — 0.1% | ||||||||
| Bank of Baroda (b) | 157,431 | 207,103 | ||||||
| Dish TV India, Ltd. | 55,395 | 14,206 | ||||||
| Godfrey Phillips India, Ltd. | 2,460 | 33,263 | ||||||
| Gulf Oil Lubricants India, Ltd. | 4,059 | 49,465 | ||||||
| ICICI Bank, Ltd. | 34,508 | 211,586 | ||||||
| Jammu & Kashmir Bank, Ltd. (The) (b) | 178,914 | 84,646 | ||||||
| LIC Housing Finance, Ltd. | 76,026 | 403,672 | ||||||
| Lupin, Ltd. | 2,973 | 30,032 | ||||||
| Multi Commodity Exchange of India, Ltd. | 14,406 | 194,057 | ||||||
| Punjab National Bank (b) | 194,099 | 169,308 | ||||||
| Radico Khaitan, Ltd. | 20,966 | 93,427 | ||||||
| State Bank of India (b) | 25,407 | 97,529 | ||||||
| Vodafone Idea, Ltd. (b) | 882,172 | 79,187 | ||||||
| 1,667,481 | ||||||||
| 22 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Indonesia — 0.0% | ||||||||
| Indosat Tbk PT (b) | 102,838 | $ | 20,652 | |||||
| Ireland — 0.4% | ||||||||
| Accenture plc, Class A | 3,033 | 583,397 | ||||||
| Alkermes plc (a) (b) | 14,305 | 279,091 | ||||||
| Bank of Ireland Group plc | 9,311 | 37,106 | ||||||
| CRH plc | 3,438 | 118,003 | ||||||
| Experian plc | 1,769 | 56,517 | ||||||
| Irish Bank Resolution Corp., Ltd. (b) (c) (d) | 38,180 | — | ||||||
| Medtronic plc (a) | 11,808 | 1,282,585 | ||||||
| Paddy Power Betfair plc (b) | 3,401 | 318,049 | ||||||
| Paddy Power Betfair plc - LSE Shares | 36,440 | 3,410,807 | ||||||
| Permanent TSB Group Holdings plc (b) | 69,514 | 91,840 | ||||||
| Ryanair Holdings plc - SPADR (b) | 9,534 | 632,867 | ||||||
| Smurfit Kappa Group plc | 33,618 | 1,000,022 | ||||||
| 7,810,284 | ||||||||
| Isle of Man — 0.0% | ||||||||
| Playtech plc | 14,338 | 75,264 | ||||||
| Italy — 0.2% | ||||||||
| A2A SpA | 199,763 | 366,954 | ||||||
| Assicurazioni Generali SpA | 8,927 | 173,120 | ||||||
| Banca IFIS SpA | 14,207 | 236,850 | ||||||
| Banca Monte dei Paschi di Siena SpA (b) | 881 | 1,470 | ||||||
| Banco BPM SpA (b) | 113,898 | 233,063 | ||||||
| BPER Banca | 70,314 | 272,128 | ||||||
| Credito Valtellinese SpA (b) | 5,522,765 | 376,727 | ||||||
| Enel SpA (a) | 102,578 | 766,451 | ||||||
| Eni SpA (a) | 3,772 | 57,609 | ||||||
| Intesa Sanpaolo SpA | 149,800 | 355,626 | ||||||
| Italgas SpA | 10,316 | 66,643 | ||||||
| Leonardo SpA | 29,354 | 345,606 | ||||||
| Poste Italiane SpA (e) | 3,931 | 44,688 | ||||||
| Snam SpA | 3,942 | 19,910 | ||||||
| Tamburi Investment Partners SpA | 82,583 | 559,159 | ||||||
| UniCredit SpA | 3,377 | 39,896 | ||||||
| Unione di Banche Italiane SpA | 12,914 | 36,325 | ||||||
| Unipol Gruppo SpA | 18,445 | 98,323 | ||||||
| UnipolSai Assicurazioni SpA | 9,251 | 24,623 | ||||||
| 4,075,171 | ||||||||
| Japan — 7.6% | ||||||||
| Aisin Seiki Co., Ltd. | 1,400 | 44,279 | ||||||
| Alfresa Holdings Corp. (a) | 7,200 | 161,548 | ||||||
| Alps Alpine Co., Ltd. (a) | 15,100 | 283,645 | ||||||
| Amano Corp. | 291,600 | 8,931,708 | ||||||
| ANA Holdings, Inc. | 3,930 | 132,164 | ||||||
| Aozora Bank, Ltd. | 2,600 | 65,249 | ||||||
| 23 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Astellas Pharma, Inc. (a) | 48,900 | $ | 698,858 | |||||
| BML, Inc. | 127,700 | 3,448,070 | ||||||
| Bridgestone Corp. | 1,370 | 53,274 | ||||||
| Brother Industries, Ltd. | 11,900 | 217,183 | ||||||
| Bunka Shutter Co., Ltd. | 251,400 | 2,157,337 | ||||||
| Chubu Electric Power Co., Inc. | 5,700 | 82,558 | ||||||
| Citizen Watch Co., Ltd. | 13,500 | 66,292 | ||||||
| Coca-Cola Bottlers Japan Holdings, Inc. | 2,493 | 56,215 | ||||||
| Cosmos Pharmaceutical Corp. | 864 | 169,105 | ||||||
| Credit Saison Co., Ltd. | 2,000 | 26,977 | ||||||
| CyberAgent, Inc. | 5,794 | 223,853 | ||||||
| Dai-ichi Life Holdings, Inc. | 11,100 | 168,678 | ||||||
| Daicel Corp. | 2,400 | 20,265 | ||||||
| Daiwa House Industry Co., Ltd. | 4,000 | 130,331 | ||||||
| Daiwa Securities Group, Inc. | 17,018 | 76,225 | ||||||
| DMG Mori Co., Ltd. | 7,562 | 108,270 | ||||||
| East Japan Railway Co. | 500 | 47,831 | ||||||
| Eisai Co., Ltd. (a) | 1,500 | 76,611 | ||||||
| Electric Power Development Co., Ltd., Class C | 2,600 | 59,547 | ||||||
| FANUC Corp. | 900 | 170,730 | ||||||
| Fuji Electric Co., Ltd. | 6,200 | 191,302 | ||||||
| FUJIFILM Holdings Corp. | 1,200 | 52,884 | ||||||
| Fujitsu, Ltd. (a) | 7,800 | 626,462 | ||||||
| Fukuda Corp. | 6,100 | 236,179 | ||||||
| Fukuda Denshi Co., Ltd. | 5,200 | 329,972 | ||||||
| Fukushima Industries Corp. | 36,200 | 1,055,350 | ||||||
| Glory, Ltd. | 232,000 | 6,547,218 | ||||||
| GungHo Online Entertainment, Inc. (a) | 7,660 | 173,667 | ||||||
| Hachijuni Bank, Ltd. (The) | 50,200 | 205,457 | ||||||
| Hakuhodo DY Holdings, Inc. | 537,800 | 7,820,087 | ||||||
| Haseko Corp. (a) | 37,600 | 440,270 | ||||||
| Hitachi High-Technologies Corp. | 4,400 | 254,236 | ||||||
| Hitachi, Ltd. (a) | 20,006 | 749,209 | ||||||
| Hogy Medical Co., Ltd. | 243,000 | 6,976,796 | ||||||
| Hoshizaki Corp. | 68,000 | 5,365,368 | ||||||
| Hoya Corp. | 1,900 | 155,110 | ||||||
| IHI Corp. | 4,100 | 89,688 | ||||||
| Inpex Corp. | 88,110 | 803,742 | ||||||
| Isuzu Motors, Ltd. | 3,600 | 39,953 | ||||||
| ITOCHU Corp. | 1,000 | 20,730 | ||||||
| Japan Airlines Co., Ltd. (a) | 29,272 | 870,030 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 2,000 | 50,467 | ||||||
| Japan Post Holdings Co., Ltd. | 12,300 | 113,591 | ||||||
| Japan Retail Fund Investment Corp. - REIT | 17 | 35,944 | ||||||
| Japan Steel Works, Ltd. (The) | 36,600 | 703,487 | ||||||
| Japan Tobacco, Inc. | 13,000 | 284,868 | ||||||
| JTEKT Corp. | 5,600 | 64,727 | ||||||
| Kajima Corp. (a) | 19,100 | 251,930 | ||||||
| Kamigumi Co., Ltd. (a) | 67,200 | 1,522,376 | ||||||
| KDDI Corp. | 3,600 | 94,104 | ||||||
| Kenedix, Inc. | 16,800 | 84,963 | ||||||
| Konica Minolta, Inc. | 5,000 | 34,775 | ||||||
| Kose Corp. (a) | 1,200 | 202,778 | ||||||
| 24 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Kurita Water Industries, Ltd. | 14,000 | $ | 377,012 | |||||
| Kyushu Railway Co. | 1,800 | 57,566 | ||||||
| Mabuchi Motor Co., Ltd. | 2,600 | 97,625 | ||||||
| Makita Corp. | 2,000 | 63,480 | ||||||
| Marubeni Corp. | 60,700 | 405,145 | ||||||
| Matsumotokiyoshi Holdings Co., Ltd. (a) | 2,500 | 91,960 | ||||||
| Mazda Motor Corp. | 51,600 | 461,547 | ||||||
| Medipal Holdings Corp. | 5,400 | 120,722 | ||||||
| MINEBEA MITSUMI, Inc. (a) | 4,500 | 71,907 | ||||||
| Miraca Holdings, Inc. | 250,800 | 5,743,304 | ||||||
| Mitsubishi Corp. | 102,600 | 2,526,484 | ||||||
| Mitsubishi Electric Corp. (a) | 6,700 | 89,515 | ||||||
| Mitsubishi Estate Co., Ltd. | 211,096 | 4,087,545 | ||||||
| Mitsubishi Gas Chemical Co., Inc. (a) | 5,400 | 72,580 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 5,300 | 27,012 | ||||||
| Mitsui & Co., Ltd. | 267,100 | 4,388,749 | ||||||
| Mitsui Fudosan Co., Ltd. | 313,500 | 7,802,265 | ||||||
| Mixi, Inc. | 7,000 | 147,715 | ||||||
| Morinaga & Co., Ltd. | 174,100 | 8,458,178 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 7,237 | 235,436 | ||||||
| Murata Manufacturing Co., Ltd. | 2,800 | 135,556 | ||||||
| NEC Corp. | 8,600 | 364,448 | ||||||
| Nexon Co., Ltd. (b) | 3,516 | 42,672 | ||||||
| NHK Spring Co., Ltd. | 10,800 | 82,975 | ||||||
| Nihon Unisys, Ltd. | 900 | 28,966 | ||||||
| Nikon Corp. (a) | 28,800 | 361,853 | ||||||
| Nintendo Co., Ltd. (a) | 700 | 260,618 | ||||||
| Nippon Densetsu Kogyo Co., Ltd. | 11,400 | 237,012 | ||||||
| Nippon Express Co., Ltd. (a) | 5,800 | 295,911 | ||||||
| Nippon Telegraph & Telephone Corp. (a) | 4,200 | 200,881 | ||||||
| Nitto Denko Corp. | 800 | 38,774 | ||||||
| Nohmi Bosai, Ltd. | 42,700 | 820,486 | ||||||
| Noritz Corp. | 100,600 | 1,173,004 | ||||||
| NSK, Ltd. | 3,700 | 31,401 | ||||||
| NTT DOCOMO, Inc. | 6,400 | 163,422 | ||||||
| Obayashi Corp. (a) | 9,100 | 91,086 | ||||||
| OKUMA Corp. | 157,300 | 8,609,408 | ||||||
| Olympus Corp. (a) | 18,800 | 254,455 | ||||||
| Organo Corp. | 37,400 | 1,667,331 | ||||||
| Otsuka Corp. | 900 | 35,834 | ||||||
| Persol Holdings Co., Ltd. | 10,800 | 205,578 | ||||||
| Pola Orbis Holdings, Inc. (a) | 11,700 | 263,347 | ||||||
| Rakuten, Inc. | 6,525 | 64,350 | ||||||
| Renesas Electronics Corp. (b) | 18,000 | 117,061 | ||||||
| Resona Holdings, Inc. | 32,200 | 138,685 | ||||||
| Rohm Co., Ltd. | 2,100 | 161,943 | ||||||
| Sankyo Co., Ltd. | 600 | 20,696 | ||||||
| SCSK Corp. | 500 | 23,445 | ||||||
| Secom Co., Ltd. | 200 | 18,308 | ||||||
| Sekisui Jushi Corp. | 2,400 | 47,476 | ||||||
| Seven Bank, Ltd. | 2,717,900 | 7,466,139 | ||||||
| SG Holdings Co., Ltd. | 800 | 19,586 | ||||||
| Shimamura Co., Ltd. (a) | 1,500 | 119,254 | ||||||
| 25 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Shinsei Bank, Ltd. | 17,500 | $ | 255,923 | |||||
| Shionogi & Co., Ltd. (a) | 4,400 | 245,480 | ||||||
| Showa Denko KK | 1,300 | 33,965 | ||||||
| Sinko Industries, Ltd. | 91,600 | 1,485,906 | ||||||
| SK Kaken Co., Ltd. | 9,000 | 3,631,427 | ||||||
| SoftBank Group Corp. (a) | 9,100 | 357,422 | ||||||
| Sojitz Corp. | 122,500 | 381,320 | ||||||
| Sony Corp. (a) | 19,269 | 1,132,256 | ||||||
| Square Enix Holdings Co., Ltd. | 9,690 | 470,864 | ||||||
| SUMCO Corp. | 16,000 | 217,117 | ||||||
| Sumitomo Corp. (a) | 23,600 | 370,219 | ||||||
| Sumitomo Dainippon Pharma Co., Ltd. (a) | 14,600 | 241,291 | ||||||
| Sumitomo Heavy Industries, Ltd. (a) | 7,000 | 208,918 | ||||||
| Sumitomo Metal Mining Co., Ltd. | 700 | 21,668 | ||||||
| Sumitomo Mitsui Financial Group, Inc. (a) | 10,200 | 350,349 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 3,255 | 117,985 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 2,300 | 87,905 | ||||||
| Sumitomo Warehouse Co., Ltd. (The) | 554,200 | 7,331,600 | ||||||
| Sundrug Co., Ltd. | 3,200 | 100,671 | ||||||
| Suzuken Co., Ltd. | 1,600 | 86,342 | ||||||
| Sysmex Corp. (a) | 4,800 | 322,637 | ||||||
| Taiheiyo Cement Corp. | 9,900 | 266,137 | ||||||
| Taisei Corp. (a) | 3,300 | 128,487 | ||||||
| Taisho Pharmaceutical Holdings Co., Ltd. | 1,000 | 73,024 | ||||||
| Takeuchi Manufacturing Co., Ltd. | 280,400 | 4,386,996 | ||||||
| Teijin, Ltd. | 1,100 | 21,234 | ||||||
| THK Co., Ltd. (a) | 2,400 | 63,629 | ||||||
| TIS, Inc. | 600 | 34,571 | ||||||
| Toei Co., Ltd. | 67,000 | 9,515,196 | ||||||
| Tohoku Electric Power Co., Inc. | 4,400 | 43,054 | ||||||
| Tokyo Electric Power Co. Holdings, Inc. (b) | 13,700 | 67,073 | ||||||
| Tokyo Electron, Ltd. | 3,300 | 633,867 | ||||||
| Tosoh Corp. (a) | 8,200 | 109,159 | ||||||
| Toyo Seikan Kaisha Group Holdings, Ltd. | 1,600 | 24,983 | ||||||
| Toyo Tire Corp. | 4,290 | 54,567 | ||||||
| Toyota Boshoku Corp. | 7,700 | 108,405 | ||||||
| Toyota Industries Corp. | 2,383 | 137,544 | ||||||
| Toyota Motor Corp. | 7,008 | 470,056 | ||||||
| Toyota Tsusho Corp. (a) | 2,400 | 77,831 | ||||||
| Trend Micro, Inc. | 900 | 42,784 | ||||||
| TV Asahi Holdings Corp. | 360,000 | 5,680,218 | ||||||
| Yamaguchi Financial Group, Inc. | 6,200 | 42,835 | ||||||
| Zenkoku Hosho Co., Ltd. | 3,153 | 123,344 | ||||||
| 152,568,490 | ||||||||
| Kazakhstan — 0.1% | ||||||||
| NAC Kazatomprom JSC - GDR (c) (e) | 91,858 | 1,212,526 | ||||||
| Lebanon — 0.0% | ||||||||
| Solidere -ADR (b) | 38,451 | 224,169 | ||||||
| 26 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Luxembourg — 0.3% | ||||||||
| ArcelorMittal | 357,432 | $ | 5,038,342 | |||||
| d'Amico International Shipping SA (b) | 1,081,608 | 107,444 | ||||||
| SES SA | 7,778 | 141,853 | ||||||
| Tenaris SA | 24,060 | 255,266 | ||||||
| 5,542,905 | ||||||||
| Macau — 0.0% | ||||||||
| Wynn Macau, Ltd. | 16,400 | 32,244 | ||||||
| Malaysia — 0.1% | ||||||||
| AirAsia Group Berhad | 227,832 | 95,656 | ||||||
| CIMB Group Holdings Berhad | 121,675 | 146,302 | ||||||
| Genting Malaysia Berhad | 273,710 | 198,537 | ||||||
| Hong Leong Financial Group Berhad | 13,439 | 52,149 | ||||||
| OSK Holdings Berhad | 422,522 | 97,519 | ||||||
| Sime Darby Berhad | 262,754 | 141,417 | ||||||
| Sime Darby Plantation Berhad | 191,867 | 216,506 | ||||||
| Sime Darby Property Berhad | 165,494 | 33,266 | ||||||
| TIME dotCom Berhad | 21,500 | 46,922 | ||||||
| 1,028,274 | ||||||||
| Malta — 0.0% | ||||||||
| Kindred Group plc | 39,028 | 228,114 | ||||||
| Mexico — 0.1% | ||||||||
| America Movil SAB de CV, Series L - ADR | 3,932 | 58,430 | ||||||
| Cemex SAB de CV - SPADR | 97,258 | 381,251 | ||||||
| Consorcio ARA SAB de CV | 395,515 | 82,775 | ||||||
| Fresnillo plc | 43,247 | 363,870 | ||||||
| Grupo Carso SAB de CV, Series A1 | 40,438 | 118,646 | ||||||
| Grupo Mexico SAB de CV, Series B | 34,856 | 81,726 | ||||||
| Megacable Holdings SAB de CV (UNIT) | 10,345 | 41,670 | ||||||
| Vista Oil & Gas Sab de CV - ADR (b) | 69,448 | 359,046 | ||||||
| 1,487,414 | ||||||||
| Monaco — 0.0% | ||||||||
| Scorpio Tankers, Inc. | 13,907 | 413,872 | ||||||
| Netherlands — 0.3% | ||||||||
| Aegon NV | 23,674 | 98,452 | ||||||
| Akzo Nobel NV | 836 | 74,581 | ||||||
| ASM International NV | 3,299 | 304,338 | ||||||
| ASML Holding NV | 1,837 | 455,947 | ||||||
| ASR Nederland NV (a) | 13,470 | 497,748 | ||||||
| HAL Trust | 482 | 71,244 | ||||||
| Heineken Holding NV | 403 | 40,150 | ||||||
| ING Groep NV (a) | 19,710 | 206,613 | ||||||
| Koninklijke (Royal) KPN NV | 23,285 | 72,645 | ||||||
| 27 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Koninklijke Ahold Delhaize NV (a) | 37,022 | $ | 926,122 | |||||
| Koninklijke Philips NV | 7,307 | 338,714 | ||||||
| Prosus NV (b) | 692 | 50,798 | ||||||
| Randstad NV (a) | 5,322 | 261,449 | ||||||
| Royal Dutch Shell plc, Class A - BATS Europe Shares | 18,916 | 552,900 | ||||||
| Royal Dutch Shell plc, Class B | 23,533 | 691,330 | ||||||
| Signify NV (a) (e) | 15,609 | 429,122 | ||||||
| Wolters Kluwer NV (a) | 4,784 | 349,408 | ||||||
| 5,421,561 | ||||||||
| Norway — 0.2% | ||||||||
| DNB ASA | 5,416 | 95,621 | ||||||
| Equinor ASA (a) | 15,247 | 289,216 | ||||||
| Equinor ASA - SPADR | 115,440 | 2,187,588 | ||||||
| Golden Ocean Group, Ltd. | 5,217 | 30,337 | ||||||
| Leroy Seafood Group ASA (a) | 17,568 | 106,707 | ||||||
| Norwegian Finans Holding ASA (b) | 10,427 | 88,173 | ||||||
| Salmar ASA (a) | 14,057 | 617,169 | ||||||
| 3,414,811 | ||||||||
| Philippines (The) — 0.0% | ||||||||
| ABS-CBN Holdings Corp. - PDR | 354,913 | 120,456 | ||||||
| Cosco Capital, Inc. | 229,894 | 28,938 | ||||||
| DMCI Holdings, Inc. | 366,404 | 58,806 | ||||||
| Globe Telecom, Inc. | 5,592 | 197,373 | ||||||
| Jollibee Foods Corp. | 19,001 | 81,419 | ||||||
| Lopez Holdings Corp. | 1,029,523 | 87,226 | ||||||
| SM Investments Corp. | 13,666 | 255,740 | ||||||
| 829,958 | ||||||||
| Portugal — 0.0% | ||||||||
| EDP - Energias de Portugal SA | 8,288 | 32,193 | ||||||
| Galp Energia SGPS SA (a) | 3,389 | 50,976 | ||||||
| 83,169 | ||||||||
| Puerto Rico — 0.0% | ||||||||
| Popular, Inc. (a) | 16,515 | 893,131 | ||||||
| Russia — 1.3% | ||||||||
| Aeroflot PJSC - Foreign Registered Shares | 124,641 | 199,371 | ||||||
| Bank St Petersburg PJSC | 190,961 | 150,179 | ||||||
| Beluga Group PJSC (b) | 4,548 | 46,758 | ||||||
| Etalon Group plc - GDR (g) | 1,094,333 | 2,079,226 | ||||||
| Evraz plc | 83,901 | 482,775 | ||||||
| Federal Grid Co. Unified Energy System PJSC (b) (c) | 1,229,751,154 | 3,496,182 | ||||||
| Gazprom PAO (c) | 1,433,250 | 4,996,539 | ||||||
| Gazprom PJSC | 35,330 | 123,166 | ||||||
| Gazprom PJSC - SPADR | 17,108 | 117,864 | ||||||
| Lenta, Ltd. - GDR (b) (g) | 535,481 | 1,787,427 | ||||||
| 28 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| LSR Group PJSC (b) (c) | 36,566 | $ | 407,129 | |||||
| LUKOIL PJSC - SPADR | 494 | 40,793 | ||||||
| Magnitogorsk Iron & Steel Works PJSC | 57,494 | 34,615 | ||||||
| MD Medical Group Investments plc - GDR | 12,184 | 59,702 | ||||||
| MMC Norilsk Nickel PJSC | 534 | 137,326 | ||||||
| MMC Norilsk Nickel PJSC - ADR | 6,610 | 169,176 | ||||||
| Moscow Exchange MICEX-RTS PJSC (b) (c) | 798,330 | 1,164,166 | ||||||
| Polymetal International plc | 11,976 | 167,971 | ||||||
| Polyus PJSC - GDR (g) | 48,241 | 2,786,517 | ||||||
| Rosneft Oil Co. PJSC - GDR | 36,638 | 234,637 | ||||||
| RusHydro PJSC (b) (c) | 351,705,243 | 2,822,083 | ||||||
| RusHydro PJSC - ADR | 2,192,911 | 1,777,644 | ||||||
| Safmar Financial Investment | 6,847 | 49,094 | ||||||
| Sberbank of Russia PJSC (c) | 672,017 | 2,361,438 | ||||||
| Sberbank of Russia PJSC - SPADR - OTC Shares | 45,221 | 640,788 | ||||||
| Sistema PJSFC | 26,742 | 5,242 | ||||||
| Sistema PJSFC - SPGDR - LSE Shares (g) | 9,009 | 34,836 | ||||||
| Sollers PJSC (b) | 9,974 | 45,676 | ||||||
| TMK PJSC | 2,647 | 2,284 | ||||||
| TMK PJSC - GDR (g) | 46,670 | 157,739 | ||||||
| X5 Retail Group NV - GDR | 8,355 | 292,002 | ||||||
| Yandex NV, Class A (b) | 6,060 | 212,161 | ||||||
| 27,082,506 | ||||||||
| Singapore — 0.2% | ||||||||
| ComfortDelGro Corp., Ltd. | 189,300 | 329,222 | ||||||
| Genting Singapore, Ltd. | 269,500 | 171,649 | ||||||
| Golden Agri-Resources, Ltd. | 20,926,500 | 3,412,663 | ||||||
| Great Eastern Holdings, Ltd. | 9,637 | 158,477 | ||||||
| Singapore Telecommunications, Ltd. | 11,700 | 26,337 | ||||||
| Venture Corp., Ltd. | 5,000 | 55,418 | ||||||
| 4,153,766 | ||||||||
| South Africa — 0.3% | ||||||||
| African Phoenix Investments, Ltd. (b) | 3,640,881 | 187,387 | ||||||
| Anglo American Platinum, Ltd. | 2,043 | 123,209 | ||||||
| ArcelorMittal South Africa, Ltd. (b) | 107,514 | 15,190 | ||||||
| Bidvest Group, Ltd. (The) | 5,180 | 65,344 | ||||||
| Discovery, Ltd. | 26,550 | 200,181 | ||||||
| Gold Fields, Ltd. | 164,669 | 816,637 | ||||||
| Hosken Consolidated Investments, Ltd. | 30,144 | 188,583 | ||||||
| Hosken Passenger Logistics and Rail, Ltd. | 14,440 | 3,727 | ||||||
| Impala Platinum Holdings, Ltd. (b) | 389,722 | 2,451,088 | ||||||
| Investec plc | 22,364 | 115,102 | ||||||
| Kumba Iron Ore, Ltd. | 6,726 | 166,365 | ||||||
| Montauk Holdings, Ltd. | 32,593 | 64,525 | ||||||
| Multichoice Group (b) | 692 | 5,391 | ||||||
| Naspers, Ltd. | 692 | 105,133 | ||||||
| Nedbank Group, Ltd. | 1,700 | 25,509 | ||||||
| Net 1 UEPS Technologies, Inc. (b) | 6,746 | 24,083 | ||||||
| Niveus Investments, Ltd. (b) | 27,381 | 4,231 | ||||||
| Old Mutual, Ltd. | 52,984 | 67,717 | ||||||
| 29 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Remgro, Ltd. | 12,900 | $ | 139,168 | |||||
| Sibanye Gold, Ltd. (b) | 762,765 | 1,038,306 | ||||||
| Tsogo Sun Gaming, Ltd. | 49,930 | 43,489 | ||||||
| Tsogo Sun Hotels, Ltd. (b) | 49,930 | 13,350 | ||||||
| 5,863,715 | ||||||||
| South Korea — 0.6% | ||||||||
| Hankook Technology Group Co., Ltd. | 49,798 | 596,163 | ||||||
| Hyundai Motor Co., Ltd. | 15,147 | 1,697,276 | ||||||
| Korea Electric Power Corp. (b) | 40,389 | 874,736 | ||||||
| Korea Electric Power Corp. - SPADR (b) | 126,443 | 1,370,642 | ||||||
| Korea Zinc Co., Ltd. | 158 | 59,290 | ||||||
| KT Corp. | 121,557 | 2,789,845 | ||||||
| KT Corp. - SPADR | 320,789 | 3,628,124 | ||||||
| Samsung SDI Co., Ltd. | 75 | 13,989 | ||||||
| Shinhan Financial Group Co., Ltd. | 3,560 | 124,081 | ||||||
| SK Hynix, Inc. | 7,824 | 538,035 | ||||||
| 11,692,181 | ||||||||
| Spain — 0.5% | ||||||||
| ACS, Actividades de Construcciony Servicios SA | 7,374 | 295,000 | ||||||
| Amadeus IT Group SA | 82,699 | 5,930,627 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 147,388 | 768,970 | ||||||
| Banco de Sabadell SA | 35,473 | 34,463 | ||||||
| Banco Santander SA | 30,696 | 125,166 | ||||||
| Bankia SA | 51,665 | 97,697 | ||||||
| CaixaBank SA | 7,554 | 19,868 | ||||||
| Enagas SA | 10,038 | 232,774 | ||||||
| Endesa SA | 32,543 | 856,165 | ||||||
| Fomento de Construcciones y Contratas SA | 10,850 | 124,408 | ||||||
| Grifols SA | 4,668 | 137,543 | ||||||
| Iberdrola SA (a) | 53,178 | 552,638 | ||||||
| Industria de Diseno Textil SA | 9,328 | 288,947 | ||||||
| Inmobiliaria Colonial Socimi SA | 4,818 | 58,131 | ||||||
| Inmobiliaria del Sur SA | 2,608 | 27,459 | ||||||
| Mediaset Espana Comunicacion SA | 5,658 | 36,463 | ||||||
| Naturgy Energy Group SA | 4,321 | 114,631 | ||||||
| Realia Business SA (b) | 160,504 | 155,564 | ||||||
| Red Electrica Corp. SA (a) | 15,208 | 308,738 | ||||||
| Telefonica SA | 67,143 | 512,701 | ||||||
| 10,677,953 | ||||||||
| Sri Lanka — 0.0% | ||||||||
| Aitken Spence plc | 124,322 | 30,081 | ||||||
| Ceylon Guardian Investment Trust plc | 59,412 | 22,836 | ||||||
| CT Holdings plc | 92,900 | 84,663 | ||||||
| Dialog Axiata plc | 1,950,679 | 113,515 | ||||||
| Hemas Holdings plc | 1,436,119 | 590,670 | ||||||
| Richard Pieris & Co. plc | 401,198 | 22,683 | ||||||
| 864,448 | ||||||||
| 30 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Sweden — 0.2% | ||||||||
| Assa Abloy AB, Class B | 10,924 | $ | 243,353 | |||||
| Atlas Copco AB, Class B (a) | 2,705 | 73,399 | ||||||
| Essity AB, Class B | 10,254 | 299,187 | ||||||
| Fingerprint Cards AB, Class B (b) | 41,689 | 84,573 | ||||||
| G5 Entertainment AB | 3,121 | 40,132 | ||||||
| Getinge AB, Class B (a) | 17,099 | 239,640 | ||||||
| Investor AB, Class B | 6,935 | 339,196 | ||||||
| Kinnevik AB, Class B | 1,568 | 41,268 | ||||||
| Modern Times Group MTG AB, Series B (b) | 74 | 614 | ||||||
| Nordic Entertainment Group AB, Class B | 2,594 | 61,353 | ||||||
| Sandvik AB | 9,672 | 150,619 | ||||||
| Securitas AB, Class B | 2,150 | 32,957 | ||||||
| SSAB AB, Class A | 12,336 | 34,343 | ||||||
| Svenska Handelsbanken AB, Class A | 6,197 | 58,103 | ||||||
| Swedish Match AB (a) | 6,423 | 265,704 | ||||||
| Swedish Orphan Biovitrum AB (b) | 26,335 | 403,483 | ||||||
| Telefonaktiebolaget LM Ericsson, Series B (a) | 63,797 | 509,906 | ||||||
| Telia Co. AB | 4,475 | 20,044 | ||||||
| Volvo AB, Class B | 10,038 | 141,159 | ||||||
| 3,039,033 | ||||||||
| Switzerland — 0.4% | ||||||||
| Adecco Group AG (a) | 12,866 | 711,656 | ||||||
| Alcon, Inc. (b) | 1,190 | 69,451 | ||||||
| Coca-Cola HBC AG (b) | 9,343 | 305,221 | ||||||
| Garmin, Ltd. | 7,891 | 668,289 | ||||||
| Glencore plc (b) | 158,539 | 477,639 | ||||||
| Helvetia Holding AG | 665 | 91,786 | ||||||
| Nestle SA (a) | 16,229 | 1,760,426 | ||||||
| Novartis AG (a) | 10,367 | 900,014 | ||||||
| Roche Holding AG (a) | 6,473 | 1,887,689 | ||||||
| Sonova Holding AG | 2,957 | 687,649 | ||||||
| STMicroelectronics NV | 11,954 | 231,787 | ||||||
| TE Connectivity, Ltd. | 276 | 25,718 | ||||||
| UBS Group AG (b) | 31,164 | 354,278 | ||||||
| Zurich Insurance Group AG | 1,176 | 450,003 | ||||||
| 8,621,606 | ||||||||
| Taiwan — 0.4% | ||||||||
| Hon Hai Precision Industry Co., Ltd. - GDR (g) | 14,378 | 67,904 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. - SPADR | 151,282 | 7,031,588 | ||||||
| 7,099,492 | ||||||||
| Thailand — 0.1% | ||||||||
| Advanced Info Service PCL | 44,912 | 323,055 | ||||||
| Bangkok Bank PCL - Foreign Registered Shares | 52,707 | 303,300 | ||||||
| Land and Houses PCL | 246,855 | 78,290 | ||||||
| 31 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| MBK PCL | 1,056,635 | $ | 773,864 | |||||
| 1,478,509 | ||||||||
| Turkey — 0.1% | ||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 25,688 | 99,563 | ||||||
| BIM Birlesik Magazalar AS | 37,832 | 329,503 | ||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS - REIT | 2,854,380 | 702,902 | ||||||
| KOC Holding AS | 58,680 | 196,660 | ||||||
| Tekfen Holding AS | 74,712 | 253,372 | ||||||
| Tofas Turk Otomobil Fabrikasi AS | 9,681 | 34,784 | ||||||
| Turkiye Garanti Bankasi AS (b) | 16,633 | 30,092 | ||||||
| Turkiye Halk Bankasi AS (b) | 697,779 | 812,502 | ||||||
| 2,459,378 | ||||||||
| Ukraine — 0.2% | ||||||||
| Astarta Holding NV (b) | 90,707 | 452,420 | ||||||
| Kernel Holding SA | 88,868 | 976,162 | ||||||
| MHP SE - GDR - OTC Shares (g) | 293,077 | 2,567,018 | ||||||
| 3,995,600 | ||||||||
| United Kingdom — 5.0% | ||||||||
| 3i Group plc | 32,480 | 465,735 | ||||||
| Admiral Group plc | 4,860 | 126,592 | ||||||
| Aggreko plc | 6,770 | 69,134 | ||||||
| Anglo American plc | 76,735 | 1,767,779 | ||||||
| Ashtead Group plc | 9,489 | 264,043 | ||||||
| Associated British Foods plc | 3,779 | 106,990 | ||||||
| AstraZeneca plc | 4,452 | 397,464 | ||||||
| Aviva plc | 14,492 | 71,070 | ||||||
| Awilco Drilling plc (b) | 14,955 | 24,666 | ||||||
| Babcock International Group plc | 5,209 | 35,776 | ||||||
| Bank of Georgia Group plc | 731 | 12,008 | ||||||
| Barclays plc | 415,455 | 767,782 | ||||||
| Barratt Developments plc | 4,082 | 32,533 | ||||||
| Berkeley Group Holdings plc (UNIT) | 447 | 22,968 | ||||||
| BP plc | 1,447,352 | 9,152,393 | ||||||
| BP plc - SPADR | 80,458 | 3,056,599 | ||||||
| British American Tobacco plc | 13,336 | 493,053 | ||||||
| BT Group plc | 3,218,317 | 7,071,334 | ||||||
| Burberry Group plc | 21,740 | 581,485 | ||||||
| Capita plc (b) | 68,507 | 122,008 | ||||||
| Compass Group plc | 1,088 | 27,999 | ||||||
| ConvaTec Group plc (e) | 11,447 | 24,658 | ||||||
| Countrywide plc (b) | 1,361,214 | 66,527 | ||||||
| Delphi Technologies plc | 17,605 | 235,907 | ||||||
| Diageo plc | 124,875 | 5,109,904 | ||||||
| Dialog Semiconductor plc (b) | 7,684 | 364,038 | ||||||
| Dixons Carphone plc | 114,549 | 167,499 | ||||||
| Drax Group plc | 73,909 | 251,156 | ||||||
| DS Smith plc | 4,545 | 20,140 |
| 32 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Ferroglobe plc (b) | 8,619 | $ | 9,739 | |||||
| Ferroglobe plc - ENT (b) (c) (d) | 17,904 | — | ||||||
| Fiat Chrysler Automobiles NV (a) | 69,577 | 901,510 | ||||||
| Foxtons Group plc (b) | 152,549 | 93,795 | ||||||
| G4S plc | 20,774 | 48,375 | ||||||
| Gabriel Resources, Ltd. (b) | 1,962,000 | 844,126 | ||||||
| Gem Diamonds, Ltd. (b) | 79,402 | 67,462 | ||||||
| Georgia Capital plc (b) | 731 | 9,167 | ||||||
| GlaxoSmithKline plc | 15,883 | 339,985 | ||||||
| Hansteen Holdings plc - REIT | 23,548 | 26,753 | ||||||
| Hays plc | 19,356 | 35,880 | ||||||
| Howden Joinery Group plc | 70,143 | 483,220 | ||||||
| HSBC Holdings plc - LSE Shares | 63,242 | 485,684 | ||||||
| Hummingbird Resources plc (b) | 90,569 | 26,169 | ||||||
| Imperial Brands plc | 20,288 | 455,749 | ||||||
| Inchcape plc | 19,947 | 154,876 | ||||||
| Indivior plc (b) | 307,569 | 183,516 | ||||||
| Inmarsat plc | 15,732 | 113,119 | ||||||
| InterContinental Hotels Group plc | 104,531 | 6,523,460 | ||||||
| International Consolidated Airlines Group SA | 700,803 | 4,092,884 | ||||||
| Intertek Group plc | 54,919 | 3,697,859 | ||||||
| J D Wetherspoon plc | 5,853 | 111,544 | ||||||
| John Wood Group plc | 4,224 | 19,678 | ||||||
| Kingfisher plc | 13,854 | 35,218 | ||||||
| Land Securities Group plc - REIT | 10,305 | 108,511 | ||||||
| Liberty Global plc, Class A (b) | 13,235 | 327,566 | ||||||
| Liberty Global plc, Series C (b) | 13,928 | 331,347 | ||||||
| LivaNova plc (b) | 3,625 | 267,489 | ||||||
| Lloyds Banking Group plc | 13,578,729 | 9,055,199 | ||||||
| London Stock Exchange Group plc | 2,161 | 194,071 | ||||||
| Luceco plc (e) | 85,820 | 101,794 | ||||||
| Man Group PLC | 203,447 | 437,365 | ||||||
| Marks & Spencer Group plc | 32,606 | 73,946 | ||||||
| Marshalls plc | 10,486 | 85,426 | ||||||
| Meggitt plc | 13,422 | 104,879 | ||||||
| Melrose Industries plc | 93,236 | 230,975 | ||||||
| Michelmersh Brick Holdings plc | 274,186 | 360,723 | ||||||
| Micro Focus International plc - SPADR | 4,337 | 61,369 | ||||||
| Moneysupermarket.com Group plc | 68,526 | 318,963 | ||||||
| National Grid plc | 1,823 | 19,768 | ||||||
| Next plc | 2,123 | 161,481 | ||||||
| nVent Electric plc | 23,432 | 516,441 | ||||||
| Pagegroup plc | 29,452 | 159,056 | ||||||
| Paragon Banking Group plc | 36,848 | 218,555 | ||||||
| Pendragon plc | 1,104,719 | 124,284 | ||||||
| Persimmon plc | 3,590 | 95,820 | ||||||
| Prudential plc | 9,804 | 177,978 | ||||||
| QinetiQ Group plc | 34,081 | 121,024 | ||||||
| Quilter plc (e) | 17,660 | 29,600 | ||||||
| Reckitt Benckiser Group plc | 54,737 | 4,268,878 | ||||||
| RELX plc | 2,352 | 55,886 | ||||||
| Rio Tinto plc | 123,005 | 6,389,129 | ||||||
| Rio Tinto, Ltd. | 1,842 | 115,849 |
| 33 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Rockhopper Exploration plc (b) | 210,709 | $ | 50,054 | |||||
| Royal Bank of Scotland Group plc | 1,680,136 | 4,292,785 | ||||||
| Royal Mail plc | 40,631 | 105,734 | ||||||
| Sage Group plc (The) | 770,863 | 6,558,181 | ||||||
| Segro plc - REIT | 13,225 | 131,844 | ||||||
| Smith & Nephew plc | 7,715 | 185,840 | ||||||
| Spectris plc | 1,153 | 34,684 | ||||||
| Standard Chartered plc | 4,034 | 33,914 | ||||||
| Standard Life Aberdeen plc | 51,755 | 181,865 | ||||||
| Stolt-Nielsen, Ltd. | 95,981 | 1,103,496 | ||||||
| TalkTalk Telecom Group plc | 35,526 | 45,763 | ||||||
| Tate & Lyle plc | 21,514 | 194,808 | ||||||
| Taylor Wimpey plc | 22,454 | 44,586 | ||||||
| Tesco plc | 2,196,214 | 6,512,668 | ||||||
| TP ICAP plc | 2,284 | 9,555 | ||||||
| Travis Perkins plc | 1,492 | 23,679 | ||||||
| Treatt plc | 16,689 | 83,299 | ||||||
| Unilever plc | 90,101 | 5,417,629 | ||||||
| Valaris plc (b) | 9,814 | 47,205 | ||||||
| Venator Materials plc (b) | 8,251 | 20,132 | ||||||
| Vodafone Group plc | 140,962 | 280,724 | ||||||
| Willis Towers Watson plc | 2,068 | 399,062 | ||||||
| Wm Morrison Supermarkets plc | 56,916 | 140,169 | ||||||
| Yellow Cake plc (b) (e) | 345,099 | 844,859 | ||||||
| 100,924,915 | ||||||||
| Total Foreign Common Stocks (Cost $799,906,995) | 820,545,627 | |||||||
| Total Common Stocks (Cost $1,197,506,471) | 1,273,889,460 |
| Number of Contracts | Value | |||||||
| Right — 0.0% | ||||||||
| Pan American Silver Corp., Expiring 02/22/29 (Canada) (b) (c) (d) (Cost $77,784) | 367,492 | 114,559 | ||||||
| Warrants — 0.1% | ||||||||
| American International Group, Inc., Expiring 01/19/21 (United States) (b) | 46,035 | 656,501 | ||||||
| Ayr Strategies, Inc., Expiring 12/21/25 (Canada) (b) | 38,400 | 97,098 | ||||||
| d'Amico International Shipping SA, Expiring 06/30/22 (Luxembourg) (b) | 144,361 | 976 | ||||||
| Excellon Resources, Inc., Expiring 08/27/21 (Canada) (b) | 250,000 | 50,949 | ||||||
| OSK Holdings Berhad, Expiring 07/22/20 (Malaysia) (b) | 106,690 | 764 | ||||||
| Royal Nickel Corp., Expiring 09/20/21 (Canada) (b) | 69,600 | 5,516 | ||||||
| Subversive Capital Acquistion Corp., Expiring 07/16/27 (Canada) (b) | 31,850 | 24,843 | ||||||
| Total Warrants (Cost $960,904) | 836,647 |
| 34 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Principal Amount | Value | |||||||
| Convertible Bonds — 0.0% | ||||||||
| Food & Beverage — 0.0% | ||||||||
| TerraVia Holdings, Inc., 5.000%, 10/01/19 (h) | $ | 501,400 | $ | 10,028 | ||||
| Health Care Equipment & Supplies — 0.0% | ||||||||
| Synaptive Medical, Inc., 15.000%, 12/31/20 (c) (f) | 130,000 | 130,000 | ||||||
| Total Convertible Bonds (Cost $129,857) | 140,028 | |||||||
| US Treasury Bonds/Notes — 5.3% | ||||||||
| US Treasury Inflation Indexed Note, 0.125%, 01/15/23 | 11,928,177 | 11,824,179 | ||||||
| US Treasury Inflation Indexed Note, 0.625%, 04/15/23 | 12,714,320 | 12,814,448 | ||||||
| US Treasury Inflation Indexed Note, 0.375%, 07/15/23 | 11,831,937 | 11,898,499 | ||||||
| US Treasury Inflation Indexed Note, 0.625%, 01/15/24 | 11,802,572 | 11,980,673 | ||||||
| US Treasury Inflation Indexed Note, 0.500%, 04/15/24 | 8,579,809 | 8,682,499 | ||||||
| US Treasury Inflation Indexed Note, 0.125%, 07/15/24 | 11,600,033 | 11,585,486 | ||||||
| US Treasury Note, 1.375%, 05/31/20 | 707,000 | 704,597 | ||||||
| US Treasury Note, 2.250%, 03/31/21 | 7,801,000 | 7,858,289 | ||||||
| US Treasury Note, 1.125%, 09/30/21 | 4,419,000 | 4,373,774 | ||||||
| US Treasury Note, 1.750%, 04/30/22 | 4,064,000 | 4,079,557 | ||||||
| US Treasury Note, 1.500%, 03/31/23 | 3,707,000 | 3,698,457 | ||||||
| US Treasury Note, 1.375%, 09/30/23 | 2,870,000 | 2,848,923 | ||||||
| US Treasury Note, 2.500%, 05/15/24 | 2,590,000 | 2,696,635 | ||||||
| US Treasury Note, 2.125%, 05/15/25 | 2,861,000 | 2,941,913 | ||||||
| US Treasury Note, 2.250%, 11/15/25 | 3,017,000 | 3,128,841 | ||||||
| US Treasury Note, 2.000%, 11/15/26 | 1,335,000 | 1,369,053 | ||||||
| US Treasury Note, 2.250%, 08/15/27 | 1,052,000 | 1,099,792 | ||||||
| US Treasury Note, 2.750%, 02/15/28 | 1,372,000 | 1,489,585 | ||||||
| US Treasury Note, 3.125%, 11/15/28 | 1,892,000 | 2,124,066 | ||||||
| Total US Treasury Bonds/Notes (Cost $105,343,352) | 107,199,266 |
| Number of Shares | Value | |||||||
| Acquired Funds — 21.1% | ||||||||
| Exchange-Traded Funds (ETFs) — 6.1% | ||||||||
| Consumer Discretionary Select Sector SPDR Fund | 25,191 | $ | 3,040,554 | |||||
| Energy Select Sector SPDR Fund | 300,678 | 17,800,138 | ||||||
| Financial Select Sector SPDR Fund | 2,044,030 | 57,232,840 | ||||||
| Health Care Select Sector SPDR Fund | 163,258 | 14,714,443 | ||||||
| Technology Select Sector SPDR Fund | 97,807 | 7,876,398 | ||||||
| Vanguard S&P 500 ETF | 83,965 | 22,888,859 | ||||||
| 123,553,232 | ||||||||
| Private Investment Funds (i) — 15.0% | ||||||||
| Canyon Value Realization Fund, LP (b) (c) (d) (f) | $ | 62,781,107 | ||||||
| Eversept Global Healthcare Fund, LP (b) (c) (d) (f) | 37,982,079 |
| 35 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Farallon Capital Institutional Partners, LP (b) (c) (d) (f) | $ | 2,124,854 | ||||||
| GSA Trend Fund, Ltd. (b) (c) (d) (f) | 552,831 | 50,976,136 | ||||||
| Honeycomb Partners, LP (b) (c) (d) (f) | 71,515,865 | |||||||
| Lansdowne Developed Markets Fund, Ltd. (b) (c) (d) (f) | 62,539 | 35,545,845 | ||||||
| Neo Ivy Capital Fund, LP (b) (c) (d) (f) | 9,934,998 | |||||||
| QVT Roiv Hldgs Onshore, Ltd. (b) (c) (d) (f) | 3,114 | 4,320,894 | ||||||
| Tessera Offshore Fund, Ltd. (b) (c) (d) (f) | 2,500 | 27,873,545 | ||||||
| 303,055,323 | ||||||||
| Total Acquired Funds (Cost $343,309,434) | 426,608,555 | |||||||
| Publicly Traded Limited Partnerships — 0.1% | ||||||||
| Lazard, Ltd. | 10,385 | 363,475 | ||||||
| Rattler Midstream LP (a) (b) | 40,273 | 717,665 | ||||||
| Total Publicly Traded Limited Partnerships (Cost $1,283,709) | 1,081,140 | |||||||
| Preferred Stocks — 0.2% | ||||||||
| Bancolombia SA, 2.49% (Colombia) | 13,774 | 170,196 | ||||||
| Draegerwerk AG & Co. KGaA, 0.42% (Germany) | 17,990 | 799,004 | ||||||
| Hyundai Motor Co., Ltd., 5.06% (South Korea) | 22,414 | 1,592,140 | ||||||
| Hyundai Motor Co., Ltd., 5.53% (South Korea) | 716 | 45,743 | ||||||
| Itausa - Investimentos Itau SA, 5.82% (Brazil) | 61,677 | 195,647 | ||||||
| Porsche Automobil Holding SE, 3.67% (Germany) | 3,256 | 211,823 | ||||||
| Samsung Electronics Co., Ltd., 2.68% (South Korea) | 41,910 | 1,377,386 | ||||||
| Schaeffler AG, 7.86% (Germany) | 4,910 | 37,659 | ||||||
| Transneft PJSC, 6.99% (Russia) | 13 | 30,166 | ||||||
| Total Preferred Stocks (Cost $3,898,828) | 4,459,764 |
| Number of Contracts | Value | |||||||
| Purchased Option Contracts — 0.1% | ||||||||
| Calls — 0.0% | ||||||||
| Apache Corp., Notional Amount $552,500, Strike Price $25 Expiring 10/18/2019 (United States) Unrealized appreciation $9,061 | 221 | $ | 31,161 | |||||
| Centennial Resource Development, Inc., Notional Amount $441,500, Strike Price $5 Expiring 10/18/2019 (United States) Unrealized depreciation $(22,091) | 883 | 17,660 | ||||||
| Cimarex Energy Co., Notional Amount $1,860,000, Strike Price $50 Expiring 10/18/2019 (United States) Unrealized appreciation $12,738 | 372 | 56,916 | ||||||
| Cimarex Energy Co., Notional Amount $370,000, Strike Price $50 Expiring 12/20/2019 (United States) Unrealized appreciation $8,510 | 74 | 28,120 | ||||||
| Marathon Oil Corp., Notional Amount $956,800, Strike Price $13 Expiring 10/18/2019 (United States) Unrealized depreciation $(5,226) | 736 | 16,928 | ||||||
| Oasis Petroleum, Inc., Notional Amount $232,200, Strike Price $4.5 Expiring 10/18/2019 (United States) Unrealized depreciation $(13,870) | 516 | 2,580 | ||||||
| Oasis Petroleum, Inc., Notional Amount $589,600, Strike Price $4 Expiring 10/18/2019 (United States) Unrealized depreciation $(19,052) | 1,474 | 19,162 |
| 36 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Contracts | Value | |||||||
| Occidental Petroleum Corp., Notional Amount $6,588,250, Strike Price $47.5 Expiring 10/18/2019 (United States) Unrealized depreciation $(46,188) | 1,387 | $ | 42,997 | |||||
| Pioneer Natural Resources Co., Notional Amount $1,770,000, Strike Price $150 Expiring 12/20/2019 (United States) Unrealized depreciation $(11,132) | 118 | 20,060 | ||||||
| SM Energy Co., Notional Amount $460,000, Strike Price $12.5 Expiring 10/18/2019 (United States) Unrealized depreciation $(11,489) | 368 | 3,680 | ||||||
| Targa Resources Corp., Notional Amount $3,384,100, Strike Price $43 Expiring 10/18/2019 (United States) Unrealized depreciation $(79,827) | 787 | 15,740 | ||||||
| Total Calls (Cost $433,570) | 255,004 | |||||||
| Puts — 0.1% | ||||||||
| Cabot Oil & Gas Corp., Notional Amount $1,761,600, Strike Price $16 Expiring 10/18/2019 (United States) Unrealized depreciation $(71,565) | 1,101 | $ | — | |||||
| Chesapeake Energy Corp., Notional Amount $630,150, Strike Price $1.5 Expiring 10/18/2019 (United States) Unrealized appreciation $37,169 | 4,201 | 75,618 | ||||||
| Diamondback Energy, Inc., Notional Amount $2,193,000, Strike Price $85 Expiring 10/18/2019 (United States) Unrealized depreciation $(19,244) | 258 | 29,670 | ||||||
| Encana Corp., Notional Amount $894,600, Strike Price $4.5 Expiring 10/25/2019 (United States) Unrealized depreciation $(1,862) | 1,988 | 49,700 | ||||||
| Hess Corp., Notional Amount $2,868,000, Strike Price $60 Expiring 10/18/2019 (United States) Unrealized appreciation $6,247 | 478 | 80,304 | ||||||
| Murphy Oil Corp., Notional Amount $966,000, Strike Price $17.5 Expiring 10/18/2019 (United States) Unrealized depreciation $(66,240) | 552 | — | ||||||
| Murphy Oil Corp., Notional Amount $442,000, Strike Price $20 Expiring 11/15/2019 (United States) Unrealized depreciation $(2,811) | 221 | 18,785 | ||||||
| Noble Energy, Inc., Notional Amount $1,546,000, Strike Price $20 Expiring 11/15/2019 (United States) Unrealized depreciation $(7,471) | 773 | 42,515 | ||||||
| Oneok, Inc., Notional Amount $1,443,000, Strike Price $65 Expiring 10/18/2019 (United States) Unrealized depreciation $(17,902) | 222 | 1,110 | ||||||
| Oneok, Inc., Notional Amount $1,677,000, Strike Price $65 Expiring 01/17/2020 (United States) Unrealized appreciation $253 | 258 | 37,410 | ||||||
| Pioneer Natural Resources Co., Notional Amount $770,000, Strike Price $110 Expiring 10/18/2019 (United States) Unrealized depreciation $(18,760) | 70 | 1,750 | ||||||
| Southwestern Energy Co., Notional Amount $206,800, Strike Price $2 Expiring 10/18/2019 (United States) Unrealized depreciation $(2,087) | 1,034 | 20,680 | ||||||
| SPDR S&P 500 ETF Trust, Notional Amount $46,410,000, Strike Price $300 Expiring 01/17/2020 (United States) Unrealized depreciation $(99,008) | 1,547 | 1,687,777 | ||||||
| Total Puts (Cost $2,308,600) | 2,045,319 | |||||||
| Total Purchased Option Contracts (Cost $2,742,170) | 2,300,323 |
|
| Number of Units | Value | |||||||
| Disputed Claims Receipt — 0.0% | ||||||||
| AMR Corp. (b) (c) (d) (f) (Cost $0) | 260,322 | — | ||||||
| 37 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Principal Amount | Value | |||||||
| Short-Term Investments — 9.0% | ||||||||
| Repurchase Agreement — 2.8% | ||||||||
| Fixed Income Clearing Corp. issued on 09/30/19 (proceeds at maturity $56,709,891) (collateralized by US Treasury Notes, due 12/31/21 through 12/31/23 with a total par value of $55,170,000 and a total market value of $57,847,715), 0.250%, 10/01/19 (Cost $56,709,497) | $ | 56,709,497 | $ | 56,709,497 | ||||
| US Treasury Bills (j) — 6.2% | ||||||||
| US Treasury Bill, 2.059%, 10/08/19 | 70,000,000 | 69,972,367 | ||||||
| US Treasury Bill, 1.776%, 10/22/19 | 5,978,700 | 5,972,444 | ||||||
| US Treasury Bill, 2.033%, 01/16/20 (k) (l) | 50,000,000 | 49,734,085 | ||||||
| Total US Treasury Bills (Cost $125,650,045) | 125,678,896 | |||||||
| Total Short-Term Investments (Cost $182,359,542) | 182,388,393 | |||||||
| Total Investments — 99.0% (Cost $1,837,612,051) | 1,999,018,135 | |||||||
| Other Assets in Excess of Liabilities — 1.0% | 19,578,941 | |||||||
| Net Assets — 100.0% | $ | 2,018,597,076 | ||||||
| Number of Shares | Value | |||||||
| Securities Sold Short — (6.9)% | ||||||||
| Common Stocks — (6.9)% | ||||||||
| US Common Stocks — (5.0)% | ||||||||
| Aerospace & Defense — (0.0)% | ||||||||
| BWX Technologies, Inc. | (4,178 | ) | $ | (239,023 | ) | |||
| TransDigm Group, Inc. | (903 | ) | (470,165 | ) | ||||
| (709,188 | ) | |||||||
| Airlines — (0.0)% | ||||||||
| Delta Air Lines, Inc. | (5,081 | ) | (292,666 | ) | ||||
| Southwest Airlines Co. | (3,884 | ) | (209,775 | ) | ||||
| (502,441 | ) | |||||||
| Auto Components — (0.1)% | ||||||||
| Adient plc | (26,782 | ) | (614,915 | ) | ||||
| 38 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| Visteon Corp. (b) | (4,847 | ) | $ | (400,071 | ) | |||
| (1,014,986 | ) | |||||||
| Automobiles — (0.1)% | ||||||||
| General Motors Co. | (4,015 | ) | (150,482 | ) | ||||
| Tesla, Inc. (b) | (3,306 | ) | (796,316 | ) | ||||
| Thor Industries, Inc. | (198 | ) | (11,215 | ) | ||||
| (958,013 | ) | |||||||
| Biotechnology — (0.3)% | ||||||||
| Agios Pharmaceuticals, Inc. (b) | (6,041 | ) | (195,728 | ) | ||||
| Alnylam Pharmaceuticals, Inc. (b) | (7,942 | ) | (638,696 | ) | ||||
| Bluebird Bio, Inc. (b) | (15,315 | ) | (1,406,223 | ) | ||||
| Exact Sciences Corp. (b) | (11,180 | ) | (1,010,337 | ) | ||||
| Gilead Sciences, Inc. | (541 | ) | (34,289 | ) | ||||
| Ionis Pharmaceuticals, Inc. (b) | (12,842 | ) | (769,364 | ) | ||||
| Ligand Pharmaceuticals, Inc. (b) | (5,816 | ) | (578,925 | ) | ||||
| Neurocrine Biosciences, Inc. (b) | (1,735 | ) | (156,341 | ) | ||||
| Sage Therapeutics, Inc. (b) | (10,427 | ) | (1,462,804 | ) | ||||
| Seattle Genetics, Inc. (b) | (1,417 | ) | (121,012 | ) | ||||
| Syneos Health, Inc. (b) | (1,279 | ) | (68,056 | ) | ||||
| (6,441,775 | ) | |||||||
| Building Products — (0.0)% | ||||||||
| Owens Corning | (668 | ) | (42,218 | ) | ||||
| Trex Co., Inc. (b) | (1,787 | ) | (162,492 | ) | ||||
| (204,710 | ) | |||||||
| Capital Markets — (0.0)% | ||||||||
| Stifel Financial Corp. | (1,566 | ) | (89,857 | ) | ||||
| Virtu Financial, Inc., Class A | (32,577 | ) | (532,960 | ) | ||||
| (622,817 | ) | |||||||
| Chemicals — (0.1)% | ||||||||
| Albemarle Corp. | (10,317 | ) | (717,238 | ) | ||||
| Chemours Co. (The) | (1,076 | ) | (16,075 | ) | ||||
| Element Solutions, Inc. (b) | (30,892 | ) | (314,481 | ) | ||||
| International Flavors & Fragrances, Inc. | (5,449 | ) | (668,538 | ) | ||||
| (1,716,332 | ) | |||||||
| Commercial Banks — (0.0)% | ||||||||
| Bank OZK | (609 | ) | (16,607 | ) | ||||
| Home BancShares Inc. | (1,435 | ) | (26,971 | ) | ||||
| Pinnacle Financial Partners, Inc. | (2,776 | ) | (157,538 | ) | ||||
| Sterling Bancorp | (1,244 | ) | (24,955 | ) | ||||
| 39 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of Shares | Value | |||||||
| United Bankshares, Inc. | (15,333 | ) | $ | (580,661 | ) | |||
| (806,732 | ) | |||||||
| Commercial Services & Supplies — (0.0)% | ||||||||
| Global Payments, Inc. | (233 | ) | (37,047 | ) | ||||
| Square, Inc., Class A (b) | (400 | ) | (24,780 | ) | ||||
| Stericycle, Inc. (b) | (10,662 | ) | (543,016 | ) | ||||
| (604,843 | ) | |||||||
| Communications Equipment — (0.1)% | ||||||||
| Lumentum Holdings, Inc. (b) | (11,637 | ) | (623,278 | ) | ||||
| ViaSat, Inc. (b) | (3,085 | ) | (232,362 | ) | ||||
| (855,640 | ) | |||||||
| Computers & Peripherals — (0.0)% | ||||||||
| Dell Technologies, Inc., Class C (b) | (2,935 | ) | (152,209 | ) | ||||
| Seagate Technology plc | (6,826 | ) | (367,171 | ) | ||||
| Western Digital Corp. | (3,374 | ) | (201,225 | ) | ||||
| (720,605 | ) | |||||||
| Construction & Engineering — (0.0)% | ||||||||
| Granite Construction, Inc. | (8,002 | ) | (257,104 | ) | ||||
| Electronic Equipment, Instruments & Components — (0.1)% | ||||||||
| Cognex Corp. | (9,717 | ) | (477,396 | ) | ||||
| Coherent, Inc. (b) | (913 | ) | (140,346 | ) | ||||
| IPG Photonics Corp. (b) | (2,890 | ) | (391,884 | ) | ||||
| Littelfuse, Inc. | (2,218 | ) | (393,274 | ) | ||||
| (1,402,900 | ) | |||||||
| Energy Equipment & Services — (0.3)% | ||||||||
| Baker Hughes a GE Co. | (16,345 | ) | (379,204 | ) | ||||
| Halliburton Co. | (15,748 | ) | (296,850 | ) | ||||
| Helmerich & Payne, Inc. | (77,851 | ) | (3,119,490 | ) | ||||
| Nabors Industries, Ltd. | (16,012 | ) | (29,942 | ) | ||||
| National Oilwell Varco, Inc. | (18,692 | ) | (396,270 | ) | ||||
| RPC, Inc. | (183,897 | ) | (1,031,662 | ) | ||||
| Transocean, Ltd. (b) | (198,494 | ) | (887,268 | ) | ||||
| (6,140,686 | ) | |||||||
| Food Products — (0.1)% | ||||||||
| Conagra Brands, Inc. | (32,737 | ) | (1,004,371 | ) | ||||
| Hain Celestial Group, Inc. (The) (b) | (18,648 | ) | (400,466 | ) | ||||
| (1,404,837 | ) | |||||||
| 40 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Health Care Equipment & Supplies — (0.2)% | ||||||||
| DexCom, Inc. (b) | (17,355 | ) | $ | (2,590,060 | ) | |||
| Insulet Corp. (b) | (6,195 | ) | (1,021,741 | ) | ||||
| NuVasive, Inc. (b) | (4,851 | ) | (307,456 | ) | ||||
| (3,919,257 | ) | |||||||
| Health Care Providers & Services — (0.1)% | ||||||||
| Acadia Healthcare Co., Inc. (b) | (35,698 | ) | (1,109,494 | ) | ||||
| Brookdale Senior Living, Inc. (b) | (2,612 | ) | (19,799 | ) | ||||
| Covetrus, Inc. (b) | (2,852 | ) | (33,910 | ) | ||||
| (1,163,203 | ) | |||||||
| Hotels, Restaurants & Leisure — (0.1)% | ||||||||
| International Game Technology plc | (1,018 | ) | (14,466 | ) | ||||
| Papa John's International, Inc. | (9,859 | ) | (516,119 | ) | ||||
| Penn National Gaming, Inc. (b) | (26,919 | ) | (501,366 | ) | ||||
| Scientific Games Corp., Class A (b) | (25,425 | ) | (517,399 | ) | ||||
| (1,549,350 | ) | |||||||
| Household Products — (0.0)% | ||||||||
| Energizer Holdings, Inc. | (7,649 | ) | (333,343 | ) | ||||
| Insurance — (0.0)% | ||||||||
| Everest Re Group, Ltd. | (613 | ) | (163,113 | ) | ||||
| Hanover Insurance Group, Inc. (The) | (393 | ) | (53,267 | ) | ||||
| Hartford Financial Services Group, Inc. (The) | (7,804 | ) | (473,000 | ) | ||||
| Travelers Companies, Inc. (The) | (406 | ) | (60,368 | ) | ||||
| (749,748 | ) | |||||||
| Internet & Catalog Retail — (0.0)% | ||||||||
| Expedia Group, Inc. | (164 | ) | (22,043 | ) | ||||
| Qurate Retail, Inc., Series A (b) | (10,603 | ) | (109,370 | ) | ||||
| (131,413 | ) | |||||||
| Internet Software & Services — (0.0)% | ||||||||
| eBay, Inc. | (643 | ) | (25,064 | ) | ||||
| GrubHub, Inc. (b) | (5,563 | ) | (312,696 | ) | ||||
| Zillow Group, Inc., Class C (b) | (10,795 | ) | (321,907 | ) | ||||
| (659,667 | ) | |||||||
| IT Services — (0.1)% | ||||||||
| Fiserv, Inc. (b) | (1,311 | ) | (135,806 | ) | ||||
| MongoDB, Inc. (b) | (5,547 | ) | (668,303 | ) | ||||
| Okta, Inc. (b) | (7,840 | ) | (771,926 | ) |
| 41 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Switch, Inc., Class A | (17,829 | ) | $ | (278,489 | ) | |||
| (1,854,524 | ) | |||||||
| Machinery — (0.1)% | ||||||||
| Wabtec Corp. | (21,177 | ) | (1,521,779 | ) | ||||
| Welbilt, Inc. (b) | (32,524 | ) | (548,355 | ) | ||||
| (2,070,134 | ) | |||||||
| Media — (0.0)% | ||||||||
| Charter Communications, Inc., Class A (b) | (1,098 | ) | (452,508 | ) | ||||
| Comcast Corp., Class A | (644 | ) | (29,032 | ) | ||||
| Meredith Corp. | (5,332 | ) | (195,471 | ) | ||||
| New York Times Co. (The), Class A | (3,215 | ) | (91,563 | ) | ||||
| (768,574 | ) | |||||||
| Metals & Mining — (0.1)% | ||||||||
| Allegheny Technologies, Inc. (b) | (35,008 | ) | (708,912 | ) | ||||
| Compass Minerals International, Inc. | (717 | ) | (40,503 | ) | ||||
| Freeport-McMoRan, Inc. | (44,288 | ) | (423,836 | ) | ||||
| Hecla Mining Co. | (74,400 | ) | (130,944 | ) | ||||
| Royal Gold, Inc. | (2,702 | ) | (332,913 | ) | ||||
| United States Steel Corp. | (29,620 | ) | (342,111 | ) | ||||
| (1,979,219 | ) | |||||||
| Movies & Entertainment — (0.0)% | ||||||||
| World Wrestling Entertainment, Inc., Class A | (7,578 | ) | (539,175 | ) | ||||
| Multi-Utilities — (0.0)% | ||||||||
| Ameren Corp. | (5,817 | ) | (465,651 | ) | ||||
| Consolidated Edison, Inc. | (787 | ) | (74,348 | ) | ||||
| DTE Energy Co. | (2,242 | ) | (298,096 | ) | ||||
| (838,095 | ) | |||||||
| Oil, Gas & Consumable Fuels — (2.7)% | ||||||||
| Antero Midstream Corp. | (419,023 | ) | (3,100,770 | ) | ||||
| Antero Resources Corp. (b) | (176,016 | ) | (531,568 | ) | ||||
| Apache Corp. | (3,450 | ) | (88,320 | ) | ||||
| California Resources Corp. (b) | (145,137 | ) | (1,480,397 | ) | ||||
| Callon Petroleum Co. (b) | (37,432 | ) | (162,455 | ) | ||||
| Centennial Resource Development, Inc., Class A (b) | (98,853 | ) | (446,321 | ) | ||||
| Cheniere Energy, Inc. (b) | (13,656 | ) | (861,147 | ) | ||||
| Chesapeake Energy Corp. (b) | (715,834 | ) | (1,009,326 | ) | ||||
| Chevron Corp. | (461 | ) | (54,675 | ) | ||||
| CNX Resources Corp. (b) | (194,232 | ) | (1,410,124 | ) | ||||
| Concho Resources, Inc. | (866 | ) | (58,801 | ) | ||||
| Denbury Resources, Inc. (b) | (178,701 | ) | (212,654 | ) | ||||
| Diamondback Energy, Inc. | (15,505 | ) | (1,394,055 | ) | ||||
| 42 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| EnLink Midstream LLC (UNIT) | (35,276 | ) | $ | (299,846 | ) | |||
| EQT Corp. | (10,905 | ) | (116,029 | ) | ||||
| Equitrans Midstream Corp. | (32,204 | ) | (468,568 | ) | ||||
| Extraction Oil & Gas, Inc. (b) | (223,063 | ) | (655,805 | ) | ||||
| Exxon Mobil Corp. | (67,504 | ) | (4,766,457 | ) | ||||
| Gulfport Energy Corp. (b) | (78,312 | ) | (212,226 | ) | ||||
| Hess Corp. | (25,083 | ) | (1,517,020 | ) | ||||
| HighPoint Resources Corp. (b) | (429,949 | ) | (683,619 | ) | ||||
| Kinder Morgan, Inc. | (55,965 | ) | (1,153,439 | ) | ||||
| Laredo Petroleum, Inc. (b) | (288,603 | ) | (695,533 | ) | ||||
| Magnolia Oil & Gas Corp. (b) | (268,306 | ) | (2,978,197 | ) | ||||
| Marathon Oil Corp. | (255,434 | ) | (3,134,175 | ) | ||||
| Matador Resources Co. (b) | (362,787 | ) | (5,996,869 | ) | ||||
| Murphy Oil Corp. | (173,345 | ) | (3,832,658 | ) | ||||
| National Fuel Gas Co. | (22,573 | ) | (1,059,125 | ) | ||||
| Noble Energy, Inc. | (124,663 | ) | (2,799,931 | ) | ||||
| ONEOK, Inc. | (75,000 | ) | (5,526,750 | ) | ||||
| QEP Resources, Inc. | (240,850 | ) | (891,145 | ) | ||||
| Roan Resources, Inc. (b) | (247,987 | ) | (305,024 | ) | ||||
| SM Energy Co. | (109,817 | ) | (1,064,127 | ) | ||||
| Southwestern Energy Co. (b) | (832,768 | ) | (1,607,242 | ) | ||||
| Talos Energy, Inc. (b) | (52,197 | ) | (1,061,165 | ) | ||||
| Targa Resources Corp. | (27,505 | ) | (1,104,876 | ) | ||||
| Whiting Petroleum Corp. (b) | (112,068 | ) | (899,906 | ) | ||||
| Williams Cos., Inc. (The) | (37,438 | ) | (900,758 | ) | ||||
| (54,541,103 | ) | |||||||
| Personal Products — (0.0)% | ||||||||
| Coty, Inc., Class A | (7,096 | ) | (74,579 | ) | ||||
| Pharmaceuticals — (0.1)% | ||||||||
| Catalent, Inc. (b) | (8,307 | ) | (395,912 | ) | ||||
| Charlottes Web Holdings, Inc. (b) | (15,100 | ) | (209,144 | ) | ||||
| Harvest Health & Recreation, Inc. (b) | (36,500 | ) | (115,436 | ) | ||||
| Nektar Therapeutics (b) | (37,028 | ) | (674,465 | ) | ||||
| (1,394,957 | ) | |||||||
| Real Estate Investment Trusts (REITs) — (0.0)% | ||||||||
| Colony Capital, Inc. | (55,881 | ) | (336,404 | ) | ||||
| Road & Rail — (0.0)% | ||||||||
| Knight-Swift Transportation Holdings, Inc. | (14,429 | ) | (523,773 | ) | ||||
| Semiconductors & Semiconductor Equipment — (0.1)% | ||||||||
| Advanced Micro Devices, Inc. (b) | (5,129 | ) | (148,690 | ) | ||||
| Marvell Technology Group, Ltd. | (27,013 | ) | (674,515 | ) | ||||
| Microchip Technology, Inc. | (2,411 | ) | (224,006 | ) | ||||
| Skyworks Solutions, Inc. | (332 | ) | (26,311 | ) | ||||
| 43 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Universal Display Corp. | (1,194 | ) | $ | (200,473 | ) | |||
| (1,273,995 | ) | |||||||
| Software — (0.1)% | ||||||||
| Coupa Software, Inc. (b) | (3,343 | ) | (433,153 | ) | ||||
| FireEye, Inc. (b) | (10,928 | ) | (145,780 | ) | ||||
| Guidewire Software, Inc. (b) | (3,223 | ) | (339,640 | ) | ||||
| Splunk, Inc. (b) | (983 | ) | (115,856 | ) | ||||
| (1,034,429 | ) | |||||||
| Specialty Retail — (0.1)% | ||||||||
| Advance Auto Parts, Inc. | (252 | ) | (41,681 | ) | ||||
| CarMax, Inc. (b) | (1,761 | ) | (154,968 | ) | ||||
| Carvana Co. (b) | (3,554 | ) | (234,564 | ) | ||||
| Mattel, Inc. (b) | (7,043 | ) | (80,220 | ) | ||||
| Tiffany & Co. | (6,817 | ) | (631,459 | ) | ||||
| (1,142,892 | ) | |||||||
| Textiles, Apparel & Luxury Goods — (0.0)% | ||||||||
| Under Armour, Inc., Class A (b) | (9,398 | ) | (187,396 | ) | ||||
| Thrifts & Mortgage Finance — (0.0)% | ||||||||
| LendingTree, Inc. (b) | (347 | ) | (107,719 | ) | ||||
| Trading Companies & Distributors — (0.0)% | ||||||||
| Univar, Inc. (b) | (10,159 | ) | (210,901 | ) | ||||
| Total US Common Stocks (Proceeds $102,371,531) | (101,747,459 | ) | ||||||
| Foreign Common Stocks — (1.9)% | ||||||||
| Argentina — (0.0)% | ||||||||
| MercadoLibre, Inc. (b) | (268 | ) | (147,730 | ) | ||||
| Australia — (0.1)% | ||||||||
| Alumina, Ltd. | (27,181 | ) | (43,480 | ) | ||||
| AMP, Ltd. | (12,365 | ) | (15,261 | ) | ||||
| Atlassian Corp. plc,Class A (b) | (208 | ) | (26,092 | ) | ||||
| Challenger, Ltd. | (96,575 | ) | (482,338 | ) | ||||
| Domino's Pizza Enterprises, Ltd. | (4,755 | ) | (149,051 | ) | ||||
| Oil Search, Ltd. | (36,209 | ) | (179,756 | ) | ||||
| REA Group, Ltd. | (482 | ) | (35,351 | ) | ||||
| SEEK, Ltd. | (30,305 | ) | (439,874 | ) | ||||
| WorleyParsons, Ltd. | (40,736 | ) | (360,345 | ) | ||||
| (1,731,548 | ) | |||||||
| 44 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Belgium — (0.0)% | ||||||||
| Umicore SA | (11,702 | ) | $ | (442,152 | ) | |||
| Bermuda — (0.0)% | ||||||||
| Assured Guaranty, Ltd. | (662 | ) | (29,433 | ) | ||||
| Canada — (0.8)% | ||||||||
| ARC Resources, Ltd. | (170,215 | ) | (810,701 | ) | ||||
| Argonaut Gold, Inc. (b) | (66,000 | ) | (104,616 | ) | ||||
| CCL Industries, Inc., Class B | (7,600 | ) | (306,558 | ) | ||||
| Cenovus Energy, Inc. | (356,184 | ) | (3,341,787 | ) | ||||
| Crescent Point Energy Corp. | (391,717 | ) | (1,673,486 | ) | ||||
| DHX Media, Ltd. (b) | (279,600 | ) | (403,092 | ) | ||||
| Eldorado Gold Corp. (b) | (22,300 | ) | (172,697 | ) | ||||
| Encana Corp. | (286,614 | ) | (1,318,423 | ) | ||||
| Endeavour Silver Corp. (b) | (60,500 | ) | (135,170 | ) | ||||
| Guyana Goldfields, Inc. (b) | (38,000 | ) | (26,962 | ) | ||||
| IGM Financial, Inc. | (7,600 | ) | (215,807 | ) | ||||
| Imperial Oil, Ltd. | (22,476 | ) | (585,290 | ) | ||||
| Kelt Exploration, Ltd. (b) | (258,496 | ) | (678,995 | ) | ||||
| Laurentian Bank of Canada | (11,100 | ) | (377,275 | ) | ||||
| Linamar Corp. | (10,200 | ) | (331,595 | ) | ||||
| Maple Leaf Foods, Inc. | (18,200 | ) | (408,276 | ) | ||||
| Medical Facilities Corp. | (49,100 | ) | (297,598 | ) | ||||
| New Pacific Metals Corp. (b) | (45,600 | ) | (148,346 | ) | ||||
| NFI Group, Inc. | (3,400 | ) | (72,165 | ) | ||||
| Novo Resources Corp. (b) | (146,400 | ) | (260,787 | ) | ||||
| Nutrien, Ltd. | (4,200 | ) | (209,231 | ) | ||||
| Osisko Gold Royalties, Ltd. | (8,300 | ) | (77,120 | ) | ||||
| Osisko Mining, Inc. (b) | (500,000 | ) | (1,181,266 | ) | ||||
| Peyto Exploration & Development Corp. | (504,741 | ) | (1,272,472 | ) | ||||
| Stantec, Inc. | (11,200 | ) | (247,865 | ) | ||||
| Teranga Gold Corp. (b) | (45,500 | ) | (167,596 | ) | ||||
| TFI International, Inc. | (15,000 | ) | (459,222 | ) | ||||
| Tricon Capital Group, Inc. | (101,500 | ) | (778,382 | ) | ||||
| (16,062,780 | ) | |||||||
| Denmark — (0.1)% | ||||||||
| AP Moller - Maersk A/S, Class B | (390 | ) | (442,175 | ) | ||||
| Chr Hansen Holding A/S | (4,950 | ) | (420,267 | ) | ||||
| Dfds A/S | (4,067 | ) | (147,692 | ) | ||||
| (1,010,134 | ) | |||||||
| Finland — (0.0)% | ||||||||
| Huhtamaki Oyj | (4,747 | ) | (189,368 | ) | ||||
| Outokumpu Oyj | (108,232 | ) | (284,985 | ) | ||||
| (474,353 | ) | |||||||
| 45 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| France — (0.1)% | ||||||||
| Altran Technologies SA | (25,125 | ) | $ | (394,747 | ) | |||
| Bollore SA | (15,411 | ) | (63,908 | ) | ||||
| Elior Group SA (e) | (6,825 | ) | (90,664 | ) | ||||
| Iliad SA | (2,644 | ) | (248,298 | ) | ||||
| JCDecaux SA | (1,646 | ) | (44,586 | ) | ||||
| Valeo SA | (21,998 | ) | (714,546 | ) | ||||
| (1,556,749 | ) | |||||||
| Germany — (0.2)% | ||||||||
| 1&1 Drillisch AG | (1,545 | ) | (48,156 | ) | ||||
| Aurubis AG | (508 | ) | (22,637 | ) | ||||
| Delivery Hero SE (b) (e) | (12,291 | ) | (545,991 | ) | ||||
| Deutsche Bank AG | (89,083 | ) | (667,321 | ) | ||||
| thyssenkrupp AG | (80,790 | ) | (1,119,581 | ) | ||||
| TUI AG | (19,068 | ) | (221,908 | ) | ||||
| United Internet AG | (8,988 | ) | (320,594 | ) | ||||
| Wacker Chemie AG | (290 | ) | (19,038 | ) | ||||
| Zalando SE (b) (e) | (4,438 | ) | (202,547 | ) | ||||
| (3,167,773 | ) | |||||||
| Ireland — (0.1)% | ||||||||
| Aptiv plc | (4,055 | ) | (354,488 | ) | ||||
| James Hardie Industries plc | (67,202 | ) | (1,128,609 | ) | ||||
| (1,483,097 | ) | |||||||
| Italy — (0.1)% | ||||||||
| DiaSorin SpA | (179 | ) | (20,814 | ) | ||||
| Ferrari NV | (732 | ) | (113,051 | ) | ||||
| FinecoBank Banca Fineco SpA | (28,212 | ) | (299,053 | ) | ||||
| Freni Brembo SpA | (19,946 | ) | (194,528 | ) | ||||
| Pirelli & C SpA (e) | (53,952 | ) | (319,730 | ) | ||||
| Prysmian SpA | (3,748 | ) | (80,557 | ) | ||||
| Saipem SpA (b) | (26,409 | ) | (119,701 | ) | ||||
| (1,147,434 | ) | |||||||
| Japan — (0.1)% | ||||||||
| CyberAgent, Inc. | (4,400 | ) | (169,996 | ) | ||||
| Daiichi Sankyo Co., Ltd. | (4,500 | ) | (283,793 | ) | ||||
| Hitachi Chemical Co., Ltd. | (800 | ) | (26,167 | ) | ||||
| Hokuriku Electric Power Co. (b) | (1,900 | ) | (12,768 | ) | ||||
| Japan Airport Terminal Co., Ltd. | (3,300 | ) | (143,727 | ) | ||||
| Kansai Paint Co., Ltd. | (5,200 | ) | (121,540 | ) | ||||
| Kobe Steel, Ltd. | (6,100 | ) | (32,496 | ) | ||||
| LINE Corp. (b) | (1,400 | ) | (50,044 | ) | ||||
| MonotaRO Co., Ltd. | (6,000 | ) | (158,130 | ) | ||||
| Nippon Paint Holdings Co., Ltd. | (12,000 | ) | (625,989 | ) | ||||
| 46 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Sosei Group Corp. (b) | (3,400 | ) | $ | (76,583 | ) | |||
| Taiyo Nippon Sanso Corp. | (7,700 | ) | (156,337 | ) | ||||
| Yaskawa Electric Corp. | (10,000 | ) | (371,450 | ) | ||||
| (2,229,020 | ) | |||||||
| Luxembourg — (0.0)% | ||||||||
| Millicom International Cellular SA SDR | (683 | ) | (33,135 | ) | ||||
| Tenaris SA | (2,958 | ) | (31,383 | ) | ||||
| (64,518 | ) | |||||||
| Netherlands — (0.1)% | ||||||||
| Altice Europe NV, Class A (b) | (74,060 | ) | (387,832 | ) | ||||
| Boskalis Westminster NV - CVA | (6,672 | ) | (139,293 | ) | ||||
| Core Laboratories NV | (5,767 | ) | (268,858 | ) | ||||
| Koninklijke Vopak NV | (3,416 | ) | (175,402 | ) | ||||
| OCI NV (b) | (6,446 | ) | (152,122 | ) | ||||
| Royal Dutch Shell plc, Class A - SPADR | (14,728 | ) | (866,743 | ) | ||||
| SBM Offshore NV | (9,480 | ) | (157,785 | ) | ||||
| (2,148,035 | ) | |||||||
| Norway — (0.0)% | ||||||||
| Adevinta ASA, Class A (b) | (1,083 | ) | (12,547 | ) | ||||
| Schibsted ASA, Class A | (2,124 | ) | (62,926 | ) | ||||
| Yara International ASA | (3,226 | ) | (139,176 | ) | ||||
| (214,649 | ) | |||||||
| Singapore — (0.0)% | ||||||||
| Keppel Corp., Ltd. | (17,600 | ) | (75,741 | ) | ||||
| Spain — (0.1)% | ||||||||
| Cellnex Telecom SA (b) (e) | (26,626 | ) | (1,099,872 | ) | ||||
| Grifols SA | (1,987 | ) | (58,561 | ) | ||||
| (1,158,433 | ) | |||||||
| Sweden — (0.0)% | ||||||||
| BillerudKorsnas AB | (7,925 | ) | (85,877 | ) | ||||
| Epiroc AB, Class A | (4,218 | ) | (45,793 | ) | ||||
| Hexpol AB | (12,862 | ) | (98,778 | ) | ||||
| Husqvarna AB | (9,865 | ) | (75,134 | ) | ||||
| Svenska Cellulosa AB, Series B | (11,226 | ) | (100,193 | ) | ||||
| Tele2 AB, Class B | (7,631 | ) | (113,487 | ) | ||||
| (519,262 | ) | |||||||
| Switzerland — (0.0)% | ||||||||
| Idorsia, Ltd. (b) | (1,924 | ) | (47,295 | ) | ||||
| 47 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
| Number of | ||||||||
| Shares | Value | |||||||
| Lonza Group AG (b) | (857 | ) | $ | (289,996 | ) | |||
| Sika AG | (1,362 | ) | (199,354 | ) | ||||
| Vifor Pharma AG | (1,080 | ) | (172,652 | ) | ||||
| (709,297 | ) | |||||||
| United Arab Emirates — (0.0)% | ||||||||
| NMC Health plc | (21,895 | ) | (729,268 | ) | ||||
| United Kingdom — (0.1)% | ||||||||
| ASOS plc (b) | (5,990 | ) | (182,283 | ) | ||||
| Beazley plc | (2,668 | ) | (20,404 | ) | ||||
| easyJet plc | (10,603 | ) | (149,899 | ) | ||||
| GVC Holdings plc | (41,830 | ) | (382,760 | ) | ||||
| Hargreaves Lansdown plc | (4,780 | ) | (122,146 | ) | ||||
| John Wood Group plc | (125,695 | ) | (585,562 | ) | ||||
| Melrose Industries plc | (19,750 | ) | (48,927 | ) | ||||
| Merlin Entertainments plc (e) | (37,148 | ) | (206,698 | ) | ||||
| Ocado Group plc (b) | (12,758 | ) | (207,664 | ) | ||||
| Petrofac, Ltd. | (5,697 | ) | (27,954 | ) | ||||
| Schroders plc | (599 | ) | (22,647 | ) | ||||
| Severn Trent plc | (11,577 | ) | (308,295 | ) | ||||
| St James's Place plc | (10,709 | ) | (128,926 | ) | ||||
| Subsea 7 SA | (10,444 | ) | (107,506 | ) | ||||
| Valaris plc (b) | (38,616 | ) | (185,744 | ) | ||||
| Weir Group plc (The) | (3,883 | ) | (68,144 | ) | ||||
| (2,755,559 | ) | |||||||
| Total Foreign Common Stocks (Proceeds $37,417,245) | (37,856,965 | ) | ||||||
| Total Common Stocks (Proceeds $139,788,776) | (139,604,424 | ) | ||||||
| Preferred Stocks — (0.0)% | ||||||||
| Sartorius AG, 0.37% (Germany) (Proceeds $58,622) | (313 | ) | (57,107 | ) | ||||
| Total Securities Sold Short—(6.9)% (Proceeds $139,847,398) | $ | (139,661,531 | ) | |||||
| 48 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
Financial Futures Contracts
| Number
of Contracts | Expiration Date | Type | Initial
Notional Value/ (Proceeds) | Notional
Value at September 30, 2019 | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| Long Financial Futures Contracts | |||||||||||||||||
| Interest Rate-Related | |||||||||||||||||
| 226 | 12/19/2019 | 10-Year US Treasury Note | $ | 29,687,674 | $ | 29,450,625 | $ | (237,049 | ) | ||||||||
| Equity-Related | |||||||||||||||||
| 1,314 | 12/20/2019 | S&P 500 e-Mini Index | 197,501,913 | 195,687,450 | (1,814,463 | ) | |||||||||||
| $ | (2,051,512 | ) | |||||||||||||||
| Short Financial Futures Contracts | |||||||||||||||||
| Equity-Related | |||||||||||||||||
| (1,038) | 12/20/2019 | MSCI EAFE | $ | (98,689,214 | ) | $ | (98,526,960 | ) | $ | 162,254 | |||||||
| (1,270) | 12/20/2019 | MSCI Emerging Markets | (64,523,612 | ) | (63,620,650 | ) | 902,962 | ||||||||||
| $ | 1,065,216 | ||||||||||||||||
| $ | (986,296 | ) | |||||||||||||||
Forward Currency Contracts
| Contract Amount | |||||||||||||||
| Contract Settlement Date | Counterparty | Receive | Deliver | Unrealized Appreciation/ (Depreciation) | |||||||||||
| 10/09/2019 | Goldman Sachs International | USD | 6,000,000 | CNH | 41,777,100 | $ | 148,895 | ||||||||
| 10/22/2019 | Goldman Sachs International | USD | 4,000,000 | CNH | 28,144,000 | 59,852 | |||||||||
| 01/22/2020 | Goldman Sachs International | USD | 8,309,146 | CNH | 56,540,000 | 411,573 | |||||||||
| 01/31/2020 | Barclays Bank plc | USD | 4,000,000 | CNH | 27,075,200 | 218,872 | |||||||||
| 02/11/2020 | Barclays Bank plc | USD | 4,000,000 | CNH | 26,882,400 | 246,729 | |||||||||
| 03/04/2020 | Barclays Bank plc | USD | 6,000,000 | CNH | 40,205,700 | 389,338 | |||||||||
| 03/23/2020 | Goldman Sachs International | USD | 7,000,000 | CNH | 47,001,500 | 443,800 | |||||||||
| 04/29/2020 | Barclays Bank plc | USD | 6,286,582 | CNH | 42,516,000 | 360,582 | |||||||||
| 06/17/2020 | Barclays Bank plc | USD | 7,471,250 | CNH | 52,248,000 | 195,602 | |||||||||
| 07/03/2020 | Goldman Sachs International | USD | 3,000,000 | CNH | 20,731,500 | 113,976 | |||||||||
| 07/29/2020 | Goldman Sachs International | USD | 16,975,389 | CNH | 117,257,500 | 661,849 | |||||||||
| 10/09/2020 | Barclays Bank plc | USD | 7,000,000 | CNH | 50,243,809 | 21,948 | |||||||||
| $ | 3,273,016 | ||||||||||||||
| 49 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
Swap contracts
| Expiration Date | Counterparty | Pay | Receive | Currency | Payment Frequency Paid/Received | Notional Amount | Unrealized Appreciation/ Depreciation | Net
Value of Reference Entity | ||||||||||||||||||
| Long Total Return Equity Swap Contracts | ||||||||||||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL plus 1.25% | Enterprise Products Partners LP | USD | Monthly | $ | 3,982,540 | $ | (43,524 | ) | $ | 3,939,016 | ||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL plus 1.25% | EQM Midstream Partners LP | USD | Monthly | 1,444,030 | 43,847 | 1,487,877 | ||||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL plus 0.40% | Goodrich Petroleum Corp. | USD | Monthly | 373,382 | (34,549 | ) | 338,833 | |||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL plus 0.40% | Jagged Peak Energy, Inc. | USD | Monthly | 327,339 | (49,022 | ) | 278,317 | |||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL plus 1.25% | Phillips 66 Partners LP | USD | Monthly | 1,726,549 | (49,656 | ) | 1,676,893 | |||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL plus 1.25% | Plains All American Pipeline LP | USD | Monthly | 2,011,386 | (115,833 | ) | 1,895,553 | |||||||||||||||||
| $ | (248,737 | ) | ||||||||||||||||||||||||
| Short Total Return Equity Swap Contracts | ||||||||||||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.35% | Antero Midstream Corp. | USD | Monthly | $ | (466,930 | ) | $ | 21,369 | $ | (445,561 | ) | |||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.63% | DCP Midstream LP | USD | Monthly | (1,922,937 | ) | 113,543 | (1,809,394 | ) | ||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.35% | Enable Midstream Partners LP | USD | Monthly | (344,112 | ) | 19,894 | (324,218 | ) | ||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.35% | Magellan Midstream | USD | Monthly | (2,884,771 | ) | 2,179 | (2,882,592 | ) | ||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.35% | MPLX LP | USD | Monthly | (3,114,920 | ) | 86,915 | (3,028,005 | ) | ||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.35% | Noble Midstream Partners LP | USD | Monthly | (428,016 | ) | 5,386 | (422,630 | ) | ||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 1.07% | Viper Energy Partners LP | USD | Monthly | (144,926 | ) | 20,560 | (124,366 | ) | ||||||||||||||||
| 02/22/2022 | Morgan Stanley Capital Services LLC | 1 Month FEDL less 0.35% | Western Midstream Partners LP | USD | Monthly | (1,708,078 | ) | 86,042 | (1,622,036 | ) | ||||||||||||||||
| $ | 355,888 | |||||||||||||||||||||||||
| $ | 107,151 | |||||||||||||||||||||||||
| 50 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2019 |
Swap contracts
| Expiration Date |
Counterparty | Pay | Receive | Currency | Payment Frequency Paid/Received |
Notional Amount |
Unrealized Depreciation |
Net Value of Reference Entity |
||||||||||||
| Long Total Return Basket Swap Contracts | ||||||||||||||||||||
| 09/30/2022 | Morgan Stanley Capital Services LLC | Alphas Managed Accounts Platform LXVI Limited - Welton Nexus Segregated Portfolio (d) | 1 Month LIBOR plus 0.45% | USD | Monthly | $ | 2,279,248 | $ | (84,829 | ) | $ | 2,194,419 | ||||||||
| Number of Contracts |
Value | |||||
| Written Options Contracts — (0.0)% | ||||||
| Puts — (0.0)% | ||||||
| Cabot Oil & Gas Corp., Notional Amount ($2,055,200), Strike Price $14 Expiring 10/18/2019 (United States) Unrealized appreciation $0 | (1,468 | ) | $ | (14,680 | ) | |
| SM Energy Co., Notional Amount ($204,000), Strike Price $10 Expiring 10/18/2019 (United States) Unrealized depreciation $(8,036) | (204 | ) | (20,400 | ) | ||
| Total
Written Options Contracts (Premiums received $27,044) |
$ | (35,080 | ) | |||
| ADR | American Depositary Receipt | ||
| ASX | Australian Securities Exchange | ||
| BATS | Better Alternative Trading System | ||
| CNH | Yuan Renminbi Offshore | ||
| CVA | Certification Van Aandelen | ||
| EAFE | Europe, Australasia, and Far East | ||
| ENT | Entitlement Shares | ||
| ETF | Exchange-Traded Fund | ||
| FEDL | US Federal Funds Effective Rate | ||
| GDR | Global Depositary Receipt | ||
| LIBOR | London Interbank Offered Rate | ||
| LSE | London Stock Exchange | ||
| MSCI | Morgan Stanley Capital International | ||
| NYSE | New York Stock Exchange | ||
| OTC | Over-the-Counter | ||
| PDR | Philippine Depositary Receipt | ||
| REIT | Real Estate Investment Trust | ||
| SDR | Swedish Depositary Receipts | ||
| SPADR | Sponsored ADR | ||
| SPGDR | Sponsored GDR | ||
| TSX | Toronto Stock Exchange | ||
| UNIT | A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a predetermined date. | ||
| USD | US Dollar |
| * | Approximately 30% of the fund's total investments are maintained to cover “senior securities transactions” which may include, but are not limited to forwards, TBAs, options, futures, swaps, and securities sold short. These securities are marked-to-market daily and reviewed against the value of the fund's “senior securities” holdings to maintain proper coverage for the transactions. |
| 51 |
| TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)* |
| September 30, 2018 |
| (a) | Security or a portion thereof is pledged as collateral for securities sold short. | |
| (b) | Non income-producing security. | |
| (c) | Security is valued in good faith under procedures established by the board of trustees. The aggregate amount of securities fair valued amounts to $319,996,081, which represents 15.9% of the fund's net assets. | |
| (d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. | |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are generally determined to be liquid in accordance with procedures approved by the board of trustees. At September 30, 2019, the aggregate value of these securities was $7,614,890, which represents 0.4% of net assets. | |
| (f) | Restricted Securities. The following restricted securities were held by the fund as of September 30, 2019, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund’s net assets. All of the below securities are illiquid, with the exception of GSA Trend Fund, Ltd. and Canyon Value Realization Fund, LP. TIP’s valuation committee has deemed 10% of Canyon Value Realization Fund, LP to be illiquid in accordance with procedures approved by the TIP board of trustees. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted. |
| Investments | Investment Strategy | Date of Acquisition | Cost | Value | ||||||||
| Foreign Common Stocks | ||||||||||||
| Argonaut Gold, Inc. | 08/19/19 | $ | 111,361 | $ | 104,616 | |||||||
| Osisko Mining, Inc. | 07/10/19 | 1,204,128 | 1,181,266 | |||||||||
| 1,285,882 | ||||||||||||
| Convertible Bond | ||||||||||||
| Synaptive Medical, Inc. | 07/30/19 | 129,857 | 130,000 | |||||||||
| Private Investment Funds | ||||||||||||
| Canyon Value Realization Fund, LP | Multi-Strategy | 12/31/97 - 04/03/06 | 19,257,955 | 62,781,107 | ||||||||
| Eversept Global Healthcare Fund, LP | Long-Short Global Healthcare | 02/01/19 | 35,000,000 | 37,982,079 | ||||||||
| Farallon Capital Institutional Partners, LP | Multi-Strategy | 01/01/13 | 1,566,845 | 2,124,854 | ||||||||
| GSA Trend Fund, Ltd. | Trend Following | 09/01/16 – 12/01/16 | 55,000,000 | 50,976,136 | ||||||||
| Honeycomb Partners, LP | Long-Short Global | 07/01/16 - 07/01/17 | 51,000,000 | 71,515,865 | ||||||||
| Lansdowne Developed Markets Fund, Ltd. | Long-Short Global | 04/01/13 | 27,095,185 | 35,545,845 | ||||||||
| Neo Ivy Capital Fund, LP | Relative Value | 05/01/19 | 10,500,000 | 9,934,998 | ||||||||
| QVT Roiv Hldgs Onshore, Ltd. | Multi-Strategy | 01/05/16 | 3,114,245 | 4,320,894 | ||||||||
| Tessera Offshore Fund, Ltd. | Long-Short US Small-Cap | 01/01/17 | 25,000,000 | 27,873,545 | ||||||||
| 303,055,323 | ||||||||||||
| Disputed Claims Receipt | ||||||||||||
| AMR Corp. | 12/09/13 | — | — | |||||||||
| Total (15.1% of Net Assets) | $ | 304,471,205 | ||||||||||
| (g) | Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to investors outside the United States. | ||
| (h) | Security in default. | ||
| (i) | Portfolio holdings information of the Private Investment Funds is not available as of September 30, 2019. These positions are therefore grouped into their own industry classification. For any private investment funds structured as a limited partnership, no share value is included as these investments are not unitized. | ||
| (j) | Treasury bills and discount notes do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. | ||
| (k) | Security or a portion thereof is held as initial margin for financial futures contracts. | ||
| (l) | Security or a portion thereof is pledged as collateral for swap contracts. |
| 52 |
| TIFF MULTI-ASSET FUND NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED) | September 30, 2019 |
1. Organization
TIFF Investment Program (“TIP”) is a no-load, open-end management investment company that seeks to improve the net investment returns of its members through two investment vehicles, each with its own investment objective and policies. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of September 30, 2019, TIP consisted of two mutual funds, TIFF Multi-Asset Fund (“MAF” or the “fund”) and TIFF Short-Term Fund, each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). The schedule of investments and notes presented here relate only to MAF.
Investment Objective
The fund's investment objective is to attain a growing stream of current income and appreciation of principal that at least offset inflation.
2. Summary of Significant Accounting Policies
The fund operates as a diversified investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The preparation of financial statements in conformity with US generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.
Valuation of Investments
Fair value is defined as the price that the fund could reasonably expect to receive upon selling an asset or pay to transfer a liability in a timely transaction to an independent buyer in the principal or most advantageous market for the asset or liability, respectively. A three-tier fair value hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier fair value hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical assets and liabilities
Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the fund’s own assumptions in determining the fair value of assets and liabilities)
| 53 |
The fund has established a pricing hierarchy to determine the order of pricing sources utilized in valuing its portfolio holdings. The pricing hierarchy has been approved by the TIP board of trustees (the “board”).
Generally, the following valuation policies are applied to securities for which market quotations are readily available. Securities listed on a securities exchange or traded on the National Association of Securities Dealers National Market System (“NASDAQ”) for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded or at the NASDAQ official closing price, respectively, on the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. The fund employs an international fair value pricing model using other observable market-based inputs to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and OTC markets) and the time at which the net asset value of the fund is determined. If the TIP Valuation Committee believes that a particular event would materially affect net asset value, further adjustment is considered. Securities which use the international pricing model are typically categorized as Level 2 for the fair value hierarchy and securities that do not use the international pricing model are typically categorized as Level 1.
Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services, which consider such factors as security prices, yields, maturities, and ratings, and are deemed representative of market values at the close of the market. Debt securities valuations are typically categorized as Level 2 for the fair value hierarchy.
Over-the-counter (“OTC”) stocks not quoted on NASDAQ and foreign stocks that are traded OTC are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the first session of the New York Stock Exchange and are typically categorized as Level 2 in the valuation hierarchy.
Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Short-term debt securities, which include repurchase agreements and US Treasury Bills, are typically categorized as Level 2 in the fair value hierarchy.
Exchange-traded option contracts are valued at the last quoted sales price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open written option contracts). Future contracts are valued at the last posted settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short futures contracts). OTC open options contracts are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the actively quote markets. Exchange-traded contracts are typically categorized as Level 1 in the fair value hierarchy and OTC options and futures contracts are typically categorized as Level 2 in the fair value hierarchy.
Forward foreign currency contracts are valued at their respective fair market values and are typically categorized as Level 2 in the fair value hierarchy.
| 54 |
Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value and are typically categorized as Level 1 in the fair value hierarchy.
MAF invests in both total return equity and total return basket swaps with Morgan Stanley Capital Services LLC as the counterparty. The total return equity swaps are valued at the last traded price of the reference entity net of interest and are typically categorized as Level 2 in the fair value hierarchy. The total return basket swap is valued at the net value of the reference entity provided by the administrator and are typically categorized as Level 3 in the fair value hierarchy.
MAF invests in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by MAF are generally securities for which market quotations are not readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The board has approved valuation procedures pursuant to which MAF values its interests in private investment funds at “fair value.” MAF determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time MAF values its portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that MAF could reasonably expect to receive from the private investment fund if MAF's interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that MAF believes is reliable. Private investment fund valuations are categorized as Level 3 in the valuation hierarchy.
3. Investment Valuation and Fair Value Measurements
The following is a summary of the inputs used as of September 30, 2019 in valuing the fund’s assets and liabilities carried at fair value:
| TIFF Multi-Asset Fund | ||||||||||||||||
| Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Common Stocks*+ | $ | 624,123,894 | $ | 649,529,430 | $ | 236,136 | $ | 1,273,889,460 | ||||||||
| Rights | — | — | 114,559 | 114,559 | ||||||||||||
| Warrants | 836,647 | — | — | 836,647 | ||||||||||||
| Convertible Bonds | — | 140,028 | — | 140,028 | ||||||||||||
| US Treasury Bonds/Notes | — | 107,199,266 | — | 107,199,266 | ||||||||||||
| Exchange-Traded Funds | 123,553,232 | — | — | 123,553,232 | ||||||||||||
| Private Investment Funds | — | — | 303,055,323 | 303,055,323 | ||||||||||||
| Publicly Traded Limited Partnerships | 1,081,140 | — | — | 1,081,140 | ||||||||||||
| Preferred Stocks* | — | 4,459,764 | — | 4,459,764 | ||||||||||||
| Disputed Claims Receipt+ | — | — | — | — | ||||||||||||
| Short-Term Investments | — | 182,388,393 | — | 182,388,393 | ||||||||||||
| Purchased Options | 612,546 | 1,687,777 | — | 2,300,323 | ||||||||||||
| Total Investments in Securities | 750,207,459 | 945,404,658 | 303,406,018 | 1,999,018,135 | ||||||||||||
| Financial Futures Contracts - Equity Risk | 1,065,216 | — | — | 1,065,216 | ||||||||||||
| Forward Currency Contracts - Foreign Currency Risk | — | 3,273,016 | — | 3,273,016 | ||||||||||||
| Total Return Equity Swap Contracts - Equity Risk | — | 399,735 | — | 399,735 | ||||||||||||
| Total Other Financial Instruments | 1,065,216 | 3,672,751 | — | 4,737,967 | ||||||||||||
| Total Assets | $ | 751,272,675 | $ | 949,077,409 | $ | 303,406,018 | $ | 2,003,756,102 | ||||||||
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| TIFF Multi-Asset Fund | ||||||||||||||||
| Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Liabilities | ||||||||||||||||
| Common Stocks Sold Short* | (119,689,327 | ) | (19,915,097 | ) | — | (139,604,424 | ) | |||||||||
| Preferred Stock Sold Short* | — | (57,107 | ) | — | (57,107 | ) | ||||||||||
| Total Securities Sold Short | (119,689,327 | ) | (19,972,204 | ) | — | (139,661,531 | ) | |||||||||
| Financial Futures Contracts - Equity Risk | (1,814,463 | ) | — | — | (1,814,463 | ) | ||||||||||
| Financial Futures Contracts - Interest Rate Risk | (237,049 | ) | — | — | (237,049 | ) | ||||||||||
| Total Return Equity Swap Contracts - Equity Risk | — | (292,584 | ) | — | (292,584 | ) | ||||||||||
| Total Return Basket Swap Contracts - Equity Risk | — | — | (84,829 | ) | (84,829 | ) | ||||||||||
| Written Options - Equity Risk | (35,080 | ) | — | — | (35,080 | ) | ||||||||||
| Total Other Financial Instruments | (2,086,592 | ) | (292,584 | ) | (84,829 | ) | (2,464,005 | ) | ||||||||
| Total Liabilities | $ | (121,775,919 | ) | $ | (20,264,788 | ) | $ | (84,829 | ) | $ | (142,125,536 | ) | ||||
| * | Securities categorized as Level 2 primarily include listed foreign equities whose value has been adjusted with factors to reflect changes to foreign markets after market close. | |
| + | There are securities in this category that have a market value of zero and are categorized as Level 3. |
During the period ended September 30, 2019, there were no transfers to or from Level 3 investments that had a significant impact to the fund.
The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | Balance
as of December 31, 2018 |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Purchases | Sales | Transfers
in to Level 3 |
Transfers
out of Level 3 |
Balance
as of September 30, 2019 |
Net
Change in Unrealized Appreciation (Depreciation) from Investments still held as of 09/30/19 for the period ended 09/30/19 |
|||||||||||||||||||||||||||
| Common Stocks* | $ | 143,541 | $ | (42,303 | ) | $ | (364,051 | ) | $ | - | $ | (2,725 | ) | $ | 501,674 | $ | - | $ | 236,136 | $ | (364,051 | ) | ||||||||||||||
| Rights | - | - | 36,775 | 77,784 | - | - | - | 114,559 | 36,775 | |||||||||||||||||||||||||||
| Disputed Claims Receipt | 351,435 | - | (351,435 | ) | - | - | - | - | - | (351,435 | ) | |||||||||||||||||||||||||
| Private Investment Funds | 362,048,738 | 4,319,839 | 4,368,103 | 45,500,000 | (113,181,357 | ) | - | - | 303,055,323 | 6,380,147 | ||||||||||||||||||||||||||
| Total Return Basket Swaps | (520,436 | ) | 18,853,643 | 435,607 | 3,556,500,633 | (3,575,354,276 | ) | - | - | (84,829 | ) | 17,530 | ||||||||||||||||||||||||
| Total | $ | 362,023,278 | $ | 23,131,179 | $ | 4,124,999 | $ | 3,602,078,417 | $ | (3,688,538,358 | ) | $ | 501,674 | $ | - | $ | 303,321,189 | $ | 5,718,966 | |||||||||||||||||
*There are Common Stocks categorized as Level 3 that have a market value of zero.
Securities designated as Level 3 in the fair value hierarchy are valued using methodologies and procedures established by the board, and the TIP Valuation Committee, which was established to serve as an agent of the board. Management is responsible for the execution of these valuation procedures. Transfers to/from, or additions to, Level 3 require a determination of the valuation methodology, including the use of unobservable inputs, by the TIP Valuation Committee.
The TIP Valuation Committee meets no less than quarterly to review the methodologies and significant unobservable inputs currently in use, and to adjust the pricing models as necessary. Any adjustments to the pricing models are documented in the minutes of the TIP Valuation Committee meetings, which are provided to the board on a quarterly basis.
The following is a summary of the procedures and significant unobservable inputs used in Level 3 investments:
Common Stocks, Rights and Disputed Claims Receipt. Securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith under procedures established by the board. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer's financial position, and any other event which could have a significant impact on the value of the security. On a quarterly basis, the TIP Valuation Committee reviews the valuations in light of current information available about the issuer, security, or market trends to adjust the pricing models, if deemed necessary.
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Private Investment Funds. Private investment funds are valued at fair value using net asset values received on monthly statements, adjusted for the most recent estimated value or performance provided by the management of the private investment fund. In most cases, values are adjusted further by the total returns of indices or exchange-traded funds that track markets to which the private investment fund is fully or partially exposed, as determined by the TIP Valuation Committee upon review of information provided by the private investment fund. On a quarterly basis, the TIP Valuation Committee compares the valuations as determined by the pricing models at each month-end during the quarter to statements provided by management of the private investment funds in order to recalibrate the market exposures, the indices, or exchange-traded funds used in the pricing models as necessary.
Total Return Basket Swaps. These swap contracts held expose MAF to the returns, either positive or negative, of special purpose vehicles ("SPVs") that hold actively managed portfolios of marketable investments. The SPVs were created by Morgan Stanley Capital Services LLC, the swap counterparty, and are valued daily by the administrators of the SPVs based on the value of the assets held by the SPVs. Although independently received on a daily basis, the fund does not have the transparency to view the underlying inputs which support the value. Significant changes in the value would have direct and proportional changes in the fair value of the security. There is a third-party pricing exception to the quantitative disclosure requirement when prices are not determined by the reporting entity. The fund is exercising this exception and has made a reasonable attempt to obtain quantitative information from the third-party pricing vendors regarding the unobservable inputs used.
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets were as follows:
| As of September 30, 2019 | Fair Value | Valuation Methodology | Significant Unobservable Inputs | Range | Weighted Average* | |||||||||
| Common Stocks | $ | 236,136 | Last market price | Discount(%) | 50% - 100% | 50 | % | |||||||
| Rights | 114,559 | Last market price of parent company | Exchange Ratio | 4.97% | 4.97 | % | ||||||||
| Probability of contingent event | 40.22% | 40.22 | % | |||||||||||
| Private Investment Funds | 303,055,323 | Adjusted net asset value | Manager estimated returns | (5.06)% - 3.61% | (0.57 | )% | ||||||||
| Market returns** | (5.03)% - 1.77% | (0.22 | )% | |||||||||||
| Disputed Claims Receipt | — | Corporate Action Model | Future Claim Awards | 0.00% | 0.00 | % | ||||||||
* Weighted by market value of investments as a percentage of the total market value of level three investments within each valuation methodology.
** Weighted by estimated exposure to chosen indices, exchange-traded funds, other marketable securities or other proxy.
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The following are descriptions of the sensitivity of the Level 3 recurring fair value measurements to changes in the significant unobservable inputs presented in the table above:
Common Stocks, Rights and Disputed Claims Receipt. The chart above reflects the methodology and significant unobservable inputs of securities held at period ended September 30, 2019. The discount for lack of marketability and estimate of future claims used to determine fair value may include other factors such as liquidity or credit risk. An increase (decrease) in the discount or estimate of future claims would result in a lower or higher fair value measurement.
Private Investment Funds. The range of manager estimates and market returns reflected in the above chart identify the range of estimates and returns used in valuing the private investment funds at period ended September 30, 2019. A significant increase (decrease) in the estimates received from the manager of the private investment funds would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the market return weighted by estimated exposures to chosen indices would result in a significantly higher or lower fair value measurement.
The table below details the fund’s ability to redeem from private investment funds that are classified as Level 3 assets. The private investment funds in this category generally impose a “lockup” or "gating" provision, which may restrict the timing, amount, or frequency of redemptions. All or a portion of the interests in these privately offered funds generally are deemed to be illiquid.
| Fair Value | Redemption Frequency | Redemption Notice Period | ||||||
| Multi-Strategy (a) | $ | 69,226,855 | daily (91%) | 2 days | ||||
| Long-Short Global Healthcare (b) | 37,982,079 | quarterly | 45 days | |||||
| Trend Following (c) | 50,976,136 | daily | 2 days | |||||
| Long-Short Global (d) | 107,061,710 | monthly (33%), quarterly (67%) | 60-90 days | |||||
| Relative Value (e) | 9,934,998 | quarterly | 30 days | |||||
| Long-Short US Small-Cap (f) | 27,873,545 | quarterly | 45 days | |||||
| Total | $ | 303,055,323 | ||||||
| (a) | This strategy primarily comprises capital allocated to various strategies based on risk and return profiles. This strategy includes $6,445,748 of redemption residuals. |
| (b) | This strategy primarily comprises long and short positions in global healthcare securities. |
| (c) | This strategy primarily comprises long and short investments in commodity, equity index, currency, and fixed income futures, based on trailing price movements. |
| (d) | This strategy primarily comprises long and short positions in global common stocks. |
| (e) | This strategy primarily comprises long and short positions in US large-cap common stocks selected using artificial intelligence. |
| (f) | This strategy primarily comprises long and short positions in US small-cap common stocks. |
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4. Derivative and Other Financial Instruments
During the period ended September 30, 2019, the fund invested in derivatives, such as but not limited to futures, currency forwards, purchased and written options, and total return equity and basket swaps for hedging, liquidity, index exposure, and active management strategies. Derivatives are used for “hedging” when TIFF Advisory Services, Inc. (“TAS”) or a money manager seeks to protect the fund’s investments from a decline in value. Derivative strategies are also used when TAS or a money manager seeks to increase liquidity, implement a cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the fund’s portfolio investments and/or for purposes of total return. Depending on the purpose for which the derivative instruments are being used, the successful use of derivative instruments may depend on, among other factors, TAS’s or the money manager’s general understanding of how derivative instruments act in relation to referenced securities or markets but also on market conditions, which are out of control of TAS or the money manager.
Cover for Strategies Using Derivative Instruments
Transactions using derivative instruments, including futures contracts, written options and swaps, expose the fund to an obligation to another party and may give rise to a form of leverage. It is the fund's policy to segregate assets to cover derivative transactions that might be deemed to create leverage under Section 18 of the 1940 Act. In that regard, the fund will not enter into any such transactions unless it has covered such transactions by owning and segregating either (1) an offsetting (“covered”) position in securities, currencies, or other derivative instruments or (2) cash and/or liquid securities with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (1) above. When the fund is required to segregate cash or liquid securities, it will instruct its custodian as to which cash holdings or liquid assets are to be marked on the books of the fund or its custodian as segregated for purposes of Section 18 of the 1940 Act. The fund will monitor the amount of these segregated assets on a daily basis and will not enter into additional transactions that would require the segregation of cash or liquid securities unless the fund holds a sufficient amount of cash or liquid securities that can be segregated.
Financial Futures Contracts
The fund may use futures contracts, generally in one of three ways: (1) to gain exposures, both long and short, to the total returns of broad equity indices, globally; (2) to gain exposures, both long and short, to the returns of non-dollar currencies relative to the US dollar; and (3) to manage the duration of the fund's fixed income holdings to targeted levels.
Futures contracts involve varying degrees of risk. Such risks include the imperfect correlation between the price of a derivative and that of the underlying security and the possibility of an illiquid secondary market for these securities. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instrument at a set price for delivery at a future date. At the time a futures contract is purchased or sold, the fund must allocate cash or securities as a deposit payment (“initial margin”). An outstanding futures contract is valued daily, and the payment in cash of “variation margin” will be required, a process known as “marking to the market.” Each day, the fund will be required to provide (or will be entitled to receive) variation margin in an amount equal to any decline (in the case of a long futures position) or increase (in the case of a short futures position) in the contract’s value since the preceding day. The daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities. When the contracts are closed, a realized gain or loss is recorded as net realized gain (loss) from financial futures contracts in the Statement of Operations, equal to the difference between the opening and closing values of the contracts.
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US futures contracts have been designed by exchanges that have been designated as “contract markets” by the Commodity Futures Trading Commission and such contracts must be executed through a futures commission merchant or brokerage firm that is a member of the relevant contract market. Futures contracts may trade on a number of exchange markets, and through their clearing corporations, the exchanges guarantee performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Securities designated as collateral for market value on futures contracts are noted in the Schedule of Investments.
Swap Contracts
The fund may use swaps and generally uses them in the following ways: (1) to gain exposures, both long and short, to the total returns of broad equity indices; (2) to gain exposure, both long and short, to the total returns of individual equities and bonds; and (3) to gain long-term exposures to the total returns of selected investment strategies. While swaps falling into the first and third categories are often held for multiple quarters, if not years, swaps in the second category can at times be held for shorter time periods or adjusted frequently based on the managers' evolving views of the expected risk/reward of the trade.
The fund maintained long and short total return equity swap contracts to indirectly gain exposure to both long and short total returns of individual equities.
The fund also had maintained one total return basket swap contract in order to indirectly gain exposure to the investment strategies of selected investment advisors. With Morgan Stanley Capital Services LLC as the counterparty, MAF had entered into a total return basket swap with respect to each investment strategy to which it sought exposure. Under each swap, MAF receives the return (or pays, if the return is negative) of a special purpose vehicle that invests in accordance with the applicable strategy and pays one-month Libor + an additional interest rate. During the period, TAS has terminated certain contracts and started to wind down Welton Nexus Segregated Portfolio which consisted of cash and cash equivalent holdings in various currencies to settle remaining receivables/payables as the portfolio was winding down as of September 30, 2019.
Generally, swap agreements are contracts between a fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through a Futures Commission Merchant and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular “notional amount” or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-US currency, or a “basket” of securities representing a particular index or portfolio of securities and other instruments. Swaps can also be based on credit and other events.
A fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the fund and its counterparty with respect to a particular swap agreement are netted out, with the fund receiving or paying, as the case may be, only the net difference in the two payments. The fund’s obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the fund). If the swap agreement does not provide for that type of netting, the full amount of the fund’s obligations will be accrued on a daily basis.
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Cleared swaps are subject to mandatory central clearing. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to bilateral swaps because central clearing interposes the central clearinghouse as the counterparty to each participant’s swap, but it does not eliminate those risks completely and may involve additional costs and risks not involved with uncleared swaps.
Upon entering into a swap agreement, the fund may be required to pledge to the swap counterparty an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. In certain circumstances, the fund may be required to pledge an additional amount, known as an independent amount, which is typically equal to a specified percentage of the notional amount of the trade. In some instances, the independent amount can be a significant percentage of the notional amount. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to the fund, net of the independent amount, if any. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the fund, the amount pledged by the counterparty and available to the fund may not be sufficient to cover all the amounts due to the fund and the fund may sustain a loss. Other risks may apply if an independent amount has been posted.
The fund records a net receivable or payable for the amount expected to be received or paid in the period. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation (depreciation) on investments. The swap is valued at fair market value as determined by valuation models developed and approved in accordance with the fund’s valuation procedures. In addition, the fund could be exposed to risk if the counterparties are unable to meet the terms of the contract or if the value of foreign currencies change unfavorably to the US dollar.
Options
The fund generally uses options to hedge a portion (but not all) of the downside risk in its long or short equity positions and also opportunistically to generate total returns. The fund may also engage in writing options, for example, to express a long view on a security. When writing a put option, the risk to the fund is equal to the notional value of the position.
Generally, an option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy a specified security, currency or other instrument (an “underlying instrument”) from the writer of the option (in the case of a call option), or to sell a specified security, currency, or other instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option or at the expiration date of the option. Put and call options that the fund purchases may be traded on a national securities exchange or in the OTC market. All option positions entered into on a national securities exchange are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. There can be no assurance that a liquid secondary market will exist for any option purchased.
As the buyer of a call option, the fund has a right to buy the underlying instrument (e.g., a security) at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). The fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire unexercised. As the buyer of a put option, the fund has the right to sell the underlying instrument at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). Like a call option, the fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire unexercised. When buying options, the fund’s potential loss is limited to the cost (premium plus transaction costs) of the option.
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As the writer of a put option, the fund retains the risk of loss should the underlying instrument decline in value. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, the fund, as the writer of the put option, will be required to buy the instrument at the exercise price. The fund will incur a loss to the extent that the current market value of the underlying instrument is less than the exercise price of the put option net of the premium received by the fund for the sale of the put option. If a put option written by the fund expires unexercised, the fund will realize a gain in the amount of the premium received. As the writer of a put option, the fund may be required to pledge cash and/or other liquid assets at least equal to the value of the fund’s obligation under the written put.
The fund may write “covered” call options, meaning that the fund owns the underlying instrument that is subject to the call, or has cash and/or liquid securities with a value at all times sufficient to cover its potential obligations under the option. When the fund writes a covered call option covered by the underlying instrument that is subject to the call, the underlying instruments that are held by the fund and are subject to the call option will be earmarked as segregated on the books of the fund or the fund’s custodian. A fund will be unable to sell the underlying instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying instruments from segregation, for example, by segregating sufficient cash and/or liquid assets necessary to enable the fund to purchase the underlying instrument in the event the call option is exercised by the buyer.
When the fund writes an option, an amount equal to the premium received by the fund is included in the fund’s Statement of Assets and Liabilities as a liability and subsequently marked to market to reflect the current value of the option written. These contracts may also involve market risk in excess of the amounts stated in the Statement of Assets and Liabilities. In addition, the fund could be exposed to risk if the counter-parties are unable to meet the terms of the contract or if the value of foreign currencies change unfavorably to the US dollar. The current market value of a written option is the last sale price on the market on which it is principally traded. If the written option expires unexercised, the fund realizes a gain in the amount of the premium received. If the fund enters into a closing transaction, it recognizes a gain or loss, depending on whether the cost of the purchase is less than or greater than the premium received.
Forward Currency Contracts
At times, the fund enters into forward currency contracts to manage the foreign currency exchange risk to which it is subject in the normal course of pursuing international investment objectives. The primary objective of such transactions is to protect (hedge) against a decrease in the US dollar equivalent value of its foreign securities or the payments thereon that may result from an adverse change in foreign currency exchange rates in advance of pending transaction settlements.
A forward currency contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, which is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked-to-market daily, and the change in value is recorded by the fund as an unrealized gain or loss. The fund may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the US dollar cost of the original contract and the value of the foreign currency in US dollars upon closing a contract is included in net realized gain (loss) from forward currency contracts on the Statement of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the fund’s Statement of Assets and Liabilities. In addition, the fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the US dollar.
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Forward currency contracts held by the fund are fully collateralized by other securities, as disclosed in the accompanying Schedule of Investments. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.
Short Selling
At times, the fund sells securities it does not own in anticipation of a decline in the market price of such securities or in order to hedge portfolio positions. The fund generally will borrow the security sold in order to make delivery to the buyer. Upon entering into a short position, the fund records the proceeds as a deposit with broker for securities sold short in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities or foreign currencies sold under the short sale agreement. The fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited at the fund’s custodian for the benefit of the broker is recorded as Deposits with broker for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the Schedule of Investments. The liability is marked-to-market while it remains open to reflect the current settlement obligation. Until the security or currency is replaced, the fund is required to pay the lender any dividend or interest earned. Such payments are recorded as expenses to the fund. When a closing purchase is entered into by the fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is recorded in the Statement of Operations.
In “short selling,” the fund sells borrowed securities or currencies which must at some date be repurchased and returned to the lender. If the market value of securities or currencies sold short increases, the fund may realize losses upon repurchase in amounts which may exceed the liability on the Statement of Assets and Liabilities. Further, in unusual circumstances, the fund may be unable to repurchase securities to close its short position except at prices significantly above those previously quoted in the market.
Derivative Disclosure
The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund's derivative instruments grouped by contract type and primary risk exposure category as of September 30, 2019. These derivatives are not accounted for as hedging instruments.
The following table lists the fair values of the fund's derivative holdings as of September 30, 2019, grouped by contract type and risk exposure category:
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| Derivative Type | Statement of Assets and Liability and Location | Foreign Currency Risk | Quarterly Average %* | Equity Risk | Quarterly Average %* | Interest Rate Risk | Quarterly Average %* | Total | ||||||||||||||||||||||
| Purchased Options | Investments in securities, at value | $ | — | —% | $ | 2,300,323 | 0.10 | % | $ | — | —% | $ | 2,300,323 | |||||||||||||||||
| Total Return Equity Swap Contracts | Unrealized appreciation on swap contracts | — | —% | 399,735 | 0.01 | % | — | —% | 399,735 | |||||||||||||||||||||
| Forward Currency Contracts | Unrealized appreciation on forward currency contracts | 3,273,016 | 0.08% | — | — | % | — | —% | 3,273,016 | |||||||||||||||||||||
| Financial Futures Contracts | Due from broker for futures variation margin** | — | —% | 1,065,216 | 0.04 | % | — | —% | 1,065,216 | |||||||||||||||||||||
| Total Value - Assets | $ | 3,273,016 | $ | 3,765,274 | $ | — | $ | 7,038,290 | ||||||||||||||||||||||
| Written Options | Written option, at value | $ | — | —% | $ | (35,080 | ) | 0.01 | % | $ | — | —% | $ | (35,080 | ) | |||||||||||||||
| Total Return Equity Swap Contracts | Unrealized depreciation on swap contracts | — | —% | (292,584 | ) | 0.01 | % | — | —% | (292,584 | ) | |||||||||||||||||||
| Total Return Basket Swap Contracts | Unrealized depreciation on swap contracts | — | —% | (84,829 | ) | 0.01 | % | — | —% | (84,829 | ) | |||||||||||||||||||
| Forward Currency Contracts | Unrealized depreciation on forward currency contracts | — | 0.01 | % | — | —% | — | —% | — | |||||||||||||||||||||
| Financial Futures Contracts | Due to broker for futures variation margin** | — | —% | (1,814,463 | ) | 0.10 | % | (237,049 | ) | 0.00% | (2,051,512 | ) | ||||||||||||||||||
| Total Value - Liabilities | $ | — | $ | (2,226,956 | ) | $ | (237,049 | ) | $ | (2,464,005 | ) | |||||||||||||||||||
* The Quarterly Average % is a representation of the volume of derivative activity. Quarterly Average % was calculated as follows: At each quarter end from and including December 31, 2018 to and including September 30, 2019, the absolute value of the applicable fair value amount was divided by net assets to derive a percentage of net assets for each quarter end. The Quarterly Average % amount represents the average of these four percentages.
** Includes appreciation (depreciation) on the date the contracts are opened through September 30, 2019. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
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5. Federal Tax Information
For federal income tax purposes, the cost of investments owned at September 30, 2019 has been estimated since the final tax characteristic cannot be determined until subsequent to fiscal year end. The cost of securities, the aggregate gross unrealized appreciation/(depreciation), and the net unrealized appreciation/(depreciation) on securities, other than proceeds from securities sold short, at September 30, 2019, are as follows:
| Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation | Tax Cost of Investments | |||||||||||||
| Investments in securities | $ | 281,307,205 | $ | (289,864,902 | ) | $ | (8,557,697 | ) | $ | 2,005,275,509 | ||||||
| Securities sold short | 8,287,305 | (8,101,438 | ) | 185,867 | (139,847,398 | ) | ||||||||||
| Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net
Unrealized Appreciation/ (Depreciation) | Tax Cost of Derivatives | |||||||||||||
| Purchased option contracts | — | — | — | 2,300,323 | ||||||||||||
| Financial futures contracts | — | — | — | (986,296 | ) | |||||||||||
| Forward currency contracts | — | — | — | 3,273,016 | ||||||||||||
| Swap contracts | — | — | — | 22,322 | ||||||||||||
| Written option contracts | — | — | — | (35,080 | ) | |||||||||||
The difference between the tax cost of securities and the cost of securities for GAAP purposes is primarily due to the tax treatment of wash sale losses, mark to market on derivatives, mark to market on passive foreign investment companies, total return equity swaps, total return basket swaps, partnerships, and tax adjustments related to holding offsetting positions such as straddles.
Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.
The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of September 30, 2019.
6. Repurchase and Reverse Repurchase Agreements
The fund will engage in repurchase and reverse repurchase transactions under the terms of master repurchase agreements with parties approved by TAS or the relevant money manager.
In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into repurchase agreements with one counterparty, but face another counterparty at settlement. Repurchase agreements may be characterized as loans secured by the underlying securities. Such transactions afford an opportunity for the fund to earn a return on available cash at minimal market risk, although the fund may be subject to various delays and risks of loss if the counterparty becomes subject to a proceeding under the US Bankruptcy Code or is otherwise unable to meet its obligation to repurchase the securities. In transactions that are considered to be collateralized fully, the securities underlying a repurchase agreement will be marked to market every business day so that the value of such securities is at least equal to the repurchase price thereof, including accrued interest.
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In a reverse repurchase agreement, the fund sells US Government securities and simultaneously agrees to repurchase them at an agreed-upon price and date. The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Reverse repurchase agreements create leverage, a speculative factor, but will not be considered borrowings for the purposes of limitations on borrowings. When a fund enters into a reverse repurchase agreement, it must segregate on its or its custodian's books cash and/or liquid securities in an amount equal to the amount of the fund's obligation (cost) to repurchase the securities, including accrued interest.
The following table presents the fund’s repurchase agreements net of amounts available for offset and net of the related collateral received as of September 30, 2019:
| Counterparty | Assets Subject to a Netting Provision or Similar Arrangement | Liabilities Available for Offset | Collateral Received | Net Amount | ||||||||||||
| Fixed Income Clearing Corp. | $ | 56,709,497 | $ | — | $ | (56,709,497 | ) | $ | — | |||||||
| Total | $ | 56,709,497 | $ | — | $ | (56,709,497 | ) | $ | — | |||||||
Please see Note 4, Derivatives and Other Financial Instruments, for further discussion of netting provisions and similar arrangements.
7. Concentration of Risks
MAF may engage in transactions with counterparties, including but not limited to repurchase and reverse repurchase agreements, forward contracts, futures and options, and total return, credit default, interest rate, and currency swaps. The fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations.
The fund engages multiple external money managers, each of which manages a portion of the fund's assets. A multi-manager fund entails the risk, among others, that the advisor may not be able to (1) identify and retain money managers who achieve superior investment returns relative to similar investments; (2) combine money managers in the fund such that their investment styles are complementary; or (3) allocate cash among the money managers to enhance returns and reduce volatility or risk of loss relative to a fund with a single manager.
The fund invests in private investment funds that entail liquidity risk to the extent they are difficult to sell or convert to cash quickly at favorable prices.
The fund invests in fixed income securities issued by banks and other financial companies, the market values of which may change in response to interest rate fluctuations. Although the fund generally maintains a diversified portfolio, the ability of the issuers of the fund’s portfolio securities to meet their obligations may be affected by changing business and economic conditions in a specific industry, state, or region.
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The fund invests in US Government securities. Because of the rising US Government debt burden, it is possible that the US Government may not be able to meet its financial obligations or that securities issued or backed by the US Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.
The fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the US, a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
The fund invests in small capitalization stocks. These investments may entail different risks than larger capitalizations stocks, including potentially lesser degrees of liquidity.
The fund may engage in short sales in which it sells a security it does not own. To complete such a transaction, the fund must borrow or otherwise obtain the security to make delivery to the buyer. The fund then is obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. The fund’s investment performance will suffer if a security that it has sold short appreciates in value.
8. Subsequent Events
Management has evaluated the possibility of subsequent events and has determined that there are no material events that would require disclosure.
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| TIFF Short-Term Fund / schedule of investments (UNAUDITED) |
| September 30, 2019 |
| Principal | ||||||||
| Amount | Value | |||||||
| Investments — 100.9% of net assets | ||||||||
| Short-Term Investments — 100.9% | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp. issued on 09/30/19 (proceeds at maturity $878,140) (collateralized by US Treasury Notes, due 12/31/21 with a total par value of $885,000 and a total market value of $896,547), 0.250%, 10/01/19 (Cost $878,134) | $ | 878,134 | $ | 878,134 | ||||
| US Treasury Bills (a) — 71.0% | ||||||||
| US Treasury Bill, 2.212%, 10/03/19 | 7,000,000 | 6,999,156 | ||||||
| US Treasury Bill, 2.050%, 10/08/19 | 4,000,000 | 3,998,432 | ||||||
| US Treasury Bill, 2.253%, 10/10/19 | 4,000,000 | 3,997,791 | ||||||
| US Treasury Bill, 2.003%, 10/29/19 | 11,000,000 | 10,983,150 | ||||||
| US Treasury Bill, 2.053%, 01/16/20 | 1,000,000 | 994,682 | ||||||
| US Treasury Bill, 2.552%, 02/27/20 | 16,000,000 | 15,881,628 | ||||||
| US Treasury Bill, 1.857%, 03/26/20 | 2,000,000 | 1,982,521 | ||||||
| Total US Treasury Bills (Cost $44,792,186) | 44,837,360 | |||||||
| US Treasury Bonds/Notes — 28.5% | ||||||||
| US Treasury Note, 1.000%, 10/15/19 | 6,000,000 | 5,996,299 | ||||||
| US Treasury Note, 1.000%, 11/15/19 | 6,000,000 | 5,992,259 | ||||||
| US Treasury Note, 1.000%, 11/30/19 | 6,000,000 | 5,989,639 | ||||||
| Total US Treasury Bonds/Notes (Cost $17,966,930) | 17,978,197 | |||||||
| Total Short-Term Investments (Cost $63,637,250) | 63,693,691 | |||||||
| Total Investments — 100.9% (Cost $63,637,250) | $ | 63,693,691 | ||||||
| Liabilities in Excess of Other Assets — (0.9)% | (556,907 | ) | ||||||
| Net Assets — 100.0% | $ | 63,136,784 | ||||||
| (a) | Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount. |
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|
TIFF SHORT-TERM FUND NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED) |
September 30, 2019 |
1. Organization
TIFF Investment Program ("TIP") is a no-load, open-end management investment company that seeks to improve the net investment returns of its members through two investment vehicles, each with its own investment objective and policies. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of September 30, 2019, TIP consisted of two mutual funds, TIFF Multi-Asset Fund and TIFF Short-Term Fund (“STF” or the “fund”), each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The schedule of investments and notes presented here relate only to STF.
Investment Objective
STF's investment objective is to attain as high a rate of current income as is consistent with ensuring that the fund’s risk of principal loss does not exceed that of a portfolio invested in six-month US Treasury bills.
2. Summary of Significant Accounting Policies
The fund operates as a diversified investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
The preparation of financial statements in conformity with US generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.
Valuation of Investments
Fair value is defined as the price that the fund could reasonable expect to receive upon selling an asset or pay to transfer a liability in a timely transaction to an independent buyer in the principal or most advantageous market for the asset or liability, respectively. A three-tier fair value hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier fair value hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical assets and liabilities
Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)
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Level 3 – significant unobservable inputs (including the fund’s own assumptions in determining the fair value of assets and liabilities)
Short-term debt securities having a remaining maturity of less than 60 days are valued at amortized cost using straight-line amortization, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Short-term debt securities are typically categorized as Level 2 in the fair value hierarchy.
During the period ended September 30, 2019, all of the fund’s investments were valued using Level 2 inputs; therefore, there were no transfers to or from Level 3 investments.
3. Federal Tax Information
For federal income tax purposes, the cost of investments owned at September 30, 2019 has been estimated since the final tax characteristic cannot be determined until fiscal year end. The cost of investments, the aggregate gross unrealized appreciation/ (depreciation) and the net unrealized appreciation/ (depreciation) on investment securities, at September 30, 2019, are as follows:
| Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation | Cost | |||||||||||
| $ | 56,441 | $ | - | $ | 56,441 | $ | 63,637,250 | |||||||
Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.
The amount and character of tax basis distributions and composition of net assets are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of September 30, 2019.
4. Repurchase Agreements
The fund will engage in repurchase transactions under the terms of master repurchase agreements with parties approved by TAS.
In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into repurchase agreements with one counterparty, but face another counterparty at settlement. Repurchase agreements may be characterized as loans secured by the underlying securities. Such transactions afford an opportunity for the fund to earn a return on available cash at minimal market risk, although the fund may be subject to various delays and risks of loss if the counterparty becomes subject to a proceeding under the US Bankruptcy Code or is otherwise unable to meet its obligation to repurchase the securities. Securities pledged as collateral for repurchase agreements are held by the custodial bank until maturity of the repurchase agreements. Provisions of the repurchase agreements and the procedures adopted by the fund require that the market value of the collateral, including accrued interest thereon, be at least equal to the value of the securities sold or purchased in order to protect against loss in the event of default by the counterparty.
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| Counterparty | Assets
Subject to a Netting Provision or Similar Arrangement | Liabilities Available for Offset | Collateral Received | Net Amount | ||||||||||||
| Fixed Income Clearing Corp. | $ | 878,134 | $ | — | $ | (878,134 | ) | $ | — | |||||||
| Total | $ | 878,134 | $ | — | $ | (878,134 | ) | $ | — | |||||||
5. Concentration of Risks
The fund may engage in transactions with counterparties, including but not limited to repurchase agreements. The fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations.
The fund invests in US Government securities. Because of the rising US Government debt burden, it is possible that the US Government may not be able to meet its financial obligations or that securities issued or backed by the US Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.
From time to time, a fund may have members that hold significant portions of the fund’s outstanding shares. Investment activities of such members could have a material impact on the fund. As of September 30, 2019, TAS, the advisor to the fund, owned 46% of STF.
6. Subsequent Events
Management has evaluated the possibility of subsequent events and has determined that there are no material events that would require disclosure.
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