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)

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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.

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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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