UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08234 | ||||
TIFF Investment Program | |||||
(Exact name of Registrant as specified in charter) | |||||
170 N. Radnor Chester Road, Suite 300 Radnor, PA | 19087 | ||||
(Address of chief executive offices) | (Zip code) | ||||
Richard J. Flannery President and Chief Executive Officer TIFF Investment Program 170 N. Radnor Chester Road, Suite 300 Radnor, PA 19087
with a copy to: Kristin H. Ives, Esq. Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 | |||||
(Name and address of agent for service) | |||||
Registrant’s telephone number, including area code: | 610.684.8000 | ||||
Date of fiscal year end: | 12/31/19 | ||||
Date of reporting period: | 01/01/19 – 12/31/19 | ||||
Item 1. Reports to Stockholders.
(Annual Report for the period 01/01/19 through 12/31/19 is filed herewith)
| | | TIFF Investment Program | | ||||
| 2019 Annual Report | | | DECEMBER 31, 2019 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Internet Availability of Shareholder Reports | | | | | 2 | | |
| Portfolio Management Review | | | | | 2 | | |
| Fund Performance | | | | | 4 | | |
| Fund Expenses | | | | | 7 | | |
| Financial Highlights | | | | | 8 | | |
| Schedule of Investments | | | | | 9 | | |
| Statement of Assets and Liabilities | | | | | 30 | | |
| Statement of Operations | | | | | 31 | | |
| Statements of Changes in Net Assets | | | | | 32 | | |
| Statement of Cash Flows | | | | | 33 | | |
| Notes to Financial Statements | | | | | 34 | | |
| | | | | 53 | | | |
| Additional Information | | | | | 54 | | |
| Approval of Money Manager Agreements | | | | | 55 | | |
| Index Descriptions | | | | | 57 | | |
| TIFF Short-Term Fund | | ||||||
| Internet Availability of Shareholder Reports | | | | | 59 | | |
| Portfolio Management Review | | | | | 59 | | |
| Fund Performance | | | | | 60 | | |
| Fund Expenses | | | | | 61 | | |
| Financial Highlights | | | | | 62 | | |
| Schedule of Investments | | | | | 63 | | |
| Statement of Assets and Liabilities | | | | | 64 | | |
| Statement of Operations | | | | | 65 | | |
| Statements of Changes in Net Assets | | | | | 66 | | |
| Notes to Financial Statements | | | | | 67 | | |
| | | | | 71 | | | |
| Additional Information | | | | | 72 | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | 73 | | |
| About TIFF | |
| TIFF Mutual Funds | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Internet Availability of Shareholder Reports | |
| Portfolio Management Review (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Portfolio Management Review (Unaudited) (continued) | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. Performance data for the most recent month-end and additional performance information may be obtained by visiting https://tipfunds.org/files/performance/Mutual%20Fund%20Standardized%20Performance.pdf. MAF segment or category returns reflect the deduction of management fees earned by relevant managers but not the deduction of other fees and expenses of the fund. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses. Manager exposures and the performance described above may be achieved via separate accounts, via funds offered by such managers, or via swap. The fund may use leverage; invests in illiquid securities, non-US securities, small capitalization stocks, derivatives, and below investment grade bonds; and engages in shortselling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund’s assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor’s or Baa by Moody’s) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as “junk bonds.” As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager and the fund may not be able to combine money managers such that their styles are complementary. | |
| Fund Performance (Unaud ited)Total return for the periods ended 12/31/19 | |
| | | Calendar Year 2019 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Before Deduction of Entry/Exit Fees | | | | | 18.39% | | | | | | 7.89% | | | | | | 5.21% | | | | | | 6.53% | | | | | | 7.54% | | | | | | 504.92% | | |
After Deduction of Entry/Exit Fees | | | | | 17.21% | | | | | | 7.54% | | | | | | 5.00% | | | | | | 6.43% | | | | | | 7.50% | | | | | | 498.90% | | |
MSCI ACW Index | | | | | 26.60% | | | | | | 12.44% | | | | | | 8.40% | | | | | | 8.78% | | | | | | 7.24% | | | | | | 464.39% | | |
CPI + 5% per annum | | | | | 7.39% | | | | | | 7.20% | | | | | | 6.90% | | | | | | 6.83% | | | | | | 7.25% | | | | | | 466.59% | | |
MAF Constructed Index | | | | | 19.87% | | | | | | 9.40% | | | | | | 6.34% | | | | | | 6.37% | | | | | | 7.17% | | | | | | 456.29% | | |
65/35 Mix | | | | | 20.31% | | | | | | 9.61% | | | | | | 6.68% | | | | | | 7.26% | | | | | | 6.91% | | | | | | 422.78% | | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Performance of a $2,500,000 Investment (Unaudited) Ten year period ended 12/31/19 | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Summary Schedule of Investments (Unaudited) | |
| Foreign Common Stocks | | | | | 38.9% | | |
| US Common Stocks | | | | | 25.2% | | |
| Private Investment Funds | | | | | 12.9% | | |
| Repurchase Agreement | | | | | 9.6% | | |
| US Treasury Bonds/Notes | | | | | 6.3% | | |
| Exchange-Traded Funds (ETFs) | | | | | 3.9% | | |
| US Treasury Bills | | | | | 2.6% | | |
| Preferred Stocks | | | | | 0.1% | | |
| Corporate Bonds | | | | | 0.1% | | |
| Rights | | | | | 0.0% | | |
| Warrants | | | | | 0.0% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Purchased Option Contracts | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 99.6% | | |
| Securities Sold Short | | | | | (8.5)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 8.9% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Fund Expenses (Unaudited) | |
| | | Including Interest and Dividend Expense* | | | Excluding Interest and Dividend Expense* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 7/1/19 | | | Ending Account Value 12/31/19 | | | Expenses Paid During the Period** 7/1/19 – 12/31/19 | | | Beginning Account Value 7/1/19 | | | Ending Account Value 12/31/19 | | | Expenses Paid During the Period** 7/1/19 – 12/31/19 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,055.60 | | | | | $ | 5.34 | | | | | $ | 1,000.00 | | | | | $ | 1,055.60 | | | | | $ | 3.94 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,020.01 | | | | | $ | 5.24 | | | | | $ | 1,000.00 | | | | | $ | 1,021.37 | | | | | $ | 3.87 | | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Financial Highlights | |
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | |||||||||||||||
For a share outstanding throughout each period | | ||||||||||||||||||||||||||||||
Net asset value, beginning of year | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | | | | $ | 14.25 | | | | | $ | 15.31 | | |
Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
Net investment income (a) | | | | | 0.12 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.10 | | |
Net realized and unrealized gain (loss) on investments | | | | | 2.05 | | | | | | (1.63) | | | | | | 2.48 | | | | | | 0.51 | | | | | | (0.38) | | |
Total from investment operations | | | | | 2.17 | | | | | | (1.51) | | | | | | 2.55 | | | | | | 0.61 | | | | | | (0.28) | | |
Less distributions from | | ||||||||||||||||||||||||||||||
Net investment income | | | | | — | | | | | | (0.25) | | | | | | (0.75) | | | | | | (0.04) | | | | | | (0.20) | | |
Net realized gains | | | | | — | | | | | | (0.67) | | | | | | (1.41) | | | | | | (0.30) | | | | | | (0.50) | | |
Return of capital | | | | | — | | | | | | (0.10) | | | | | | — | | | | | | (0.42) | | | | | | (0.10) | | |
Total distributions | | | | | — | | | | | | (1.02) | | | | | | (2.16) | | | | | | (0.76) | | | | | | (0.80) | | |
Entry/exit fee per share (a) | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Net asset value, end of year | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | | | | $ | 14.25 | | |
Total return (b) | | | | | 18.39% | | | | | | (10.27)% | | | | | | 18.24% | | | | | | 4.45% | | | | | | (1.72)% | | |
Ratios/supplemental data | | ||||||||||||||||||||||||||||||
Net assets, end of year (000s) | | | | $ | 1,912,954 | | | | | $ | 2,498,944 | | | | | $ | 3,754,026 | | | | | $ | 4,126,979 | | | | | $ | 4,837,688 | | |
Ratio of expenses to average net assets (c) | | | | | 1.00% | | | | | | 0.78% | | | | | | 0.94% | | | | | | 0.90% | | | | | | 0.85% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (c) | | | | | 0.78% | | | | | | 0.72% | | | | | | 0.93% | | | | | | 0.87% | | | | | | 0.76% | | |
Ratio of net investment income to average net assets | | | | | 0.92% | | | | | | 0.85% | | | | | | 0.47% | | | | | | 0.70% | | | | | | 0.68% | | |
Portfolio turnover | | | | | 114% | | | | | | 66% | | | | | | 58% | | | | | | 65% | | | | | | 62% | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Investments — 99.6% of net assets | | ||||||||||||
Common Stocks — 64.1% | | ||||||||||||
US Common Stocks — 25.2% | | ||||||||||||
Aerospace & Defense — 0.3% | | ||||||||||||
Arconic, Inc. | | | | | 6,828 | | | | | $ | 210,098 | | |
Boeing Co. (The) (a) | | | | | 2,437 | | | | | | 793,877 | | |
Curtiss-Wright Corp. | | | | | 2,595 | | | | | | 365,609 | | |
Huntington Ingalls Industries, Inc. (a) | | | | | 2,195 | | | | | | 550,681 | | |
L3Harris Technologies, Inc. | | | | | 223 | | | | | | 44,126 | | |
Lockheed Martin Corp. | | | | | 2,436 | | | | | | 948,530 | | |
Northrop Grumman Corp. | | | | | 1,714 | | | | | | 589,564 | | |
Raytheon Co. | | | | | 1,340 | | | | | | 294,452 | | |
Spirit AeroSystems Holdings, Inc., Class A (a) | | | | | 12,176 | | | | | | 887,387 | | |
Teledyne Technologies, Inc. (b) | | | | | 794 | | | | | | 275,153 | | |
Textron, Inc. | | | | | 4,350 | | | | | | 194,010 | | |
| | | | | | | | | | | 5,153,487 | | |
Airlines — 2.2% | | ||||||||||||
American Airlines Group, Inc. | | | | | 85,287 | | | | | | 2,446,031 | | |
Delta Air Lines, Inc. | | | | | 378,325 | | | | | | 22,124,446 | | |
United Airlines Holdings, Inc. (b) | | | | | 207,499 | | | | | | 18,278,587 | | |
| | | | | | | | | | | 42,849,064 | | |
Auto Components — 0.1% | | ||||||||||||
Dana, Inc. | | | | | 19,432 | | | | | | 353,662 | | |
Goodyear Tire & Rubber Co. (The) | | | | | 17,110 | | | | | | 266,146 | | |
Lear Corp. (a) | | | | | 5,403 | | | | | | 741,292 | | |
| | | | | | | | | | | 1,361,100 | | |
Automobiles — 0.0% | | ||||||||||||
Ford Motor Co. | | | | | 7,479 | | | | | | 69,555 | | |
General Motors Co. | | | | | 18,510 | | | | | | 677,466 | | |
| | | | | | | | | | | 747,021 | | |
Beverages — 0.5% | | ||||||||||||
Brown-Forman Corp., Class B | | | | | 56,770 | | | | | | 3,837,652 | | |
Monster Beverage Corp. (b) | | | | | 11,637 | | | | | | 739,531 | | |
PepsiCo, Inc. | | | | | 40,758 | | | | | | 5,570,396 | | |
| | | | | | | | | | | 10,147,579 | | |
Biotechnology — 0.4% | | ||||||||||||
AbbVie, Inc. | | | | | 3,554 | | | | | | 314,671 | | |
Alexion Pharmaceuticals, Inc. (b) | | | | | 10,248 | | | | | | 1,108,321 | | |
Alnylam Pharmaceuticals, Inc. (b) | | | | | 3,045 | | | | | | 350,693 | | |
Amgen, Inc. | | | | | 1,640 | | | | | | 395,355 | | |
Biogen, Inc. (a) (b) | | | | | 7,272 | | | | | | 2,157,821 | | |
Exelixis, Inc. (b) | | | | | 30,330 | | | | | | 534,415 | | |
Gilead Sciences, Inc. (a) | | | | | 19,381 | | | | | | 1,259,377 | | |
Incyte Corp. (a) (b) | | | | | 6,051 | | | | | | 528,373 | | |
Regeneron Pharmaceuticals, Inc. (b) | | | | | 1,112 | | | | | | 417,534 | | |
United Therapeutics Corp. (b) | | | | | 2,706 | | | | | | 238,344 | | |
Vertex Pharmaceuticals, Inc. (b) | | | | | 1,343 | | | | | | 294,050 | | |
| | | | | | | | | | | 7,598,954 | | |
|
| | | Number of Shares | | | Value | | ||||||
Building Products — 0.0% | | ||||||||||||
Johnson Controls International plc | | | | | 647 | | | | | $ | 26,339 | | |
Masco Corp. (a) | | | | | 8,901 | | | | | | 427,159 | | |
Owens Corning | | | | | 2,788 | | | | | | 181,555 | | |
| | | | | | | | | | | 635,053 | | |
Capital Markets — 0.1% | | ||||||||||||
Ameriprise Financial, Inc. | | | | | 3,576 | | | | | | 595,690 | | |
BlackRock, Inc. | | | | | 366 | | | | | | 183,988 | | |
Goldman Sachs Group, Inc. (The) | | | | | 2,546 | | | | | | 585,402 | | |
Morgan Stanley | | | | | 6,352 | | | | | | 324,714 | | |
T. Rowe Price Group, Inc. | | | | | 503 | | | | | | 61,286 | | |
| | | | | | | | | | | 1,751,080 | | |
Chemicals — 0.2% | | ||||||||||||
Cabot Corp. | | | | | 4,607 | | | | | | 218,925 | | |
Celanese Corp., Series A (a) | | | | | 5,100 | | | | | | 627,912 | | |
DuPont de Nemours, Inc. | | | | | 3,365 | | | | | | 216,033 | | |
Eastman Chemical Co. (a) | | | | | 4,210 | | | | | | 333,685 | | |
Huntsman Corp. | | | | | 5,194 | | | | | | 125,487 | | |
LyondellBasell Industries NV, Class A (a) | | | | | 7,100 | | | | | | 670,808 | | |
Minerals Technologies, Inc. | | | | | 1,157 | | | | | | 66,678 | | |
NewMarket Corp. | | | | | 797 | | | | | | 387,756 | | |
PolyOne Corp. | | | | | 4,418 | | | | | | 162,538 | | |
Valvoline, Inc. | | | | | 3,197 | | | | | | 68,448 | | |
| | | | | | | | | | | 2,878,270 | | |
Commercial Banks — 0.1% | | ||||||||||||
Associated Banc-Corp. | | | | | 9,733 | | | | | | 214,515 | | |
BankUnited, Inc. | | | | | 789 | | | | | | 28,846 | | |
CIT Group, Inc. | | | | | 11,120 | | | | | | 507,406 | | |
Citizens Financial Group, Inc. | | | | | 12,198 | | | | | | 495,361 | | |
Comerica, Inc. | | | | | 6,651 | | | | | | 477,209 | | |
Fifth Third Bancorp | | | | | 8,337 | | | | | | 256,279 | | |
First Citizens BancShares, Inc., Class A | | | | | 85 | | | | | | 45,238 | | |
International Bancshares Corp. | | | | | 440 | | | | | | 18,951 | | |
PNC Financial Services Group, Inc. (The) | | | | | 451 | | | | | | 71,993 | | |
Umpqua Holdings Corp. | | | | | 3,011 | | | | | | 53,295 | | |
Wintrust Financial Corp. | | | | | 6,951 | | | | | | 492,826 | | |
| | | | | | | | | | | 2,661,919 | | |
Commercial Services & Supplies — 0.1% | | ||||||||||||
Clean Harbors, Inc. (b) | | | | | 1,058 | | | | | | 90,724 | | |
Deluxe Corp. | | | | | 5,097 | | | | | | 254,442 | | |
Herman Miller, Inc. | | | | | 16,997 | | | | | | 707,925 | | |
HNI Corp. | | | | | 27,103 | | | | | | 1,015,278 | | |
Waste Management, Inc. (a) | | | | | 3,569 | | | | | | 406,723 | | |
| | | | | | | | | | | 2,475,092 | | |
Communications Equipment — 0.1% | | ||||||||||||
Ciena Corp. (a) (b) | | | | | 7,584 | | | | | | 323,761 | | |
Cisco Systems, Inc. (a) | | | | | 39,357 | | | | | | 1,887,562 | | |
F5 Networks, Inc. (b) | | | | | 966 | | | | | | 134,902 | | |
Juniper Networks, Inc. (a) | | | | | 7,291 | | | | | | 179,577 | | |
| | | | | | | | | | | 2,525,802 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Computers & Peripherals — 0.3% | | ||||||||||||
Apple, Inc. (a) | | | | | 20,529 | | | | | $ | 6,028,341 | | |
HP, Inc. | | | | | 6,883 | | | | | | 141,446 | | |
Xerox Holdings Corp. (b) | | | | | 8,461 | | | | | | 311,957 | | |
| | | | | | | | | | | 6,481,744 | | |
Construction & Engineering — 0.1% | | ||||||||||||
D.R. Horton, Inc. | | | | | 3,561 | | | | | | 187,843 | | |
EMCOR Group, Inc. | | | | | 3,125 | | | | | | 269,687 | | |
KB Home | | | | | 13,445 | | | | | | 460,760 | | |
NVR, Inc. (b) | | | | | 166 | | | | | | 632,196 | | |
PulteGroup, Inc. | | | | | 17,834 | | | | | | 691,959 | | |
Quanta Services, Inc. | | | | | 1,247 | | | | | | 50,765 | | |
Toll Brothers, Inc. | | | | | 4,962 | | | | | | 196,049 | | |
TRI Pointe Group, Inc. (b) | | | | | 16,122 | | | | | | 251,181 | | |
| | | | | | | | | | | 2,740,440 | | |
Consumer Finance — 0.1% | | ||||||||||||
Capital One Financial Corp. (a) | | | | | 470 | | | | | | 48,368 | | |
SLM Corp. | | | | | 2,997 | | | | | | 26,703 | | |
Synchrony Financial | | | | | 31,849 | | | | | | 1,146,882 | | |
| | | | | | | | | | | 1,221,953 | | |
Containers & Packaging — 0.0% | | ||||||||||||
Sealed Air Corp. | | | | | 1,373 | | | | | | 54,687 | | |
Diversified Financial Services — 0.4% | | ||||||||||||
Bank of America Corp. | | | | | 16,013 | | | | | | 563,978 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 9,407 | | | | | | 2,130,685 | | |
Citigroup, Inc. | | | | | 9,672 | | | | | | 772,696 | | |
Evercore, Inc., Class A | | | | | 5,577 | | | | | | 416,937 | | |
JPMorgan Chase & Co. (a) | | | | | 6,093 | | | | | | 849,364 | | |
Moody’s Corp. (a) | | | | | 850 | | | | | | 201,798 | | |
S&P Global, Inc. | | | | | 1,339 | | | | | | 365,614 | | |
Subversive Capital Acquistion Corp., Class A (a) (b) | | | | | 65,400 | | | | | | 636,996 | | |
Tortoise Acquisition Corp. – Unit (b) | | | | | 128,669 | | | | | | 1,254,523 | | |
Washington Mutual, Inc. (b) (c) (d) | | | | | 33,600 | | | | | | — | | |
Wells Fargo & Co. (a) | | | | | 20,400 | | | | | | 1,097,520 | | |
| | | | | | | | | | | 8,290,111 | | |
Diversified Telecommunication Services — 0.1% | | ||||||||||||
AT&T, Inc. | | | | | 5,806 | | | | | | 226,899 | | |
Verizon Communications, Inc. (a) | | | | | 16,531 | | | | | | 1,015,003 | | |
| | | | | | | | | | | 1,241,902 | | |
Electric Utilities — 0.1% | | ||||||||||||
Exelon Corp. (a) | | | | | 36,526 | | | | | | 1,665,220 | | |
IDACORP, Inc. | | | | | 2,151 | | | | | | 229,727 | | |
Pinnacle West Capital Corp. | | | | | 5,454 | | | | | | 490,478 | | |
| | | | | | | | | | | 2,385,425 | | |
Electrical Equipment — 0.0% | | ||||||||||||
Acuity Brands, Inc. | | | | | 1,588 | | | | | | 219,144 | | |
Eaton Corp. plc (a) | | | | | 1,451 | | | | | | 137,439 | | |
GrafTech International, Ltd. | | | | | 26,049 | | | | | | 302,689 | | |
Regal Beloit Corp. | | | | | 1,027 | | | | | | 87,922 | | |
| | | | | | | | | | | 747,194 | | |
|
| | | Number of Shares | | | Value | | ||||||
Electronic Equipment, Instruments & Components — 0.2% | | ||||||||||||
Arrow Electronics, Inc. (b) | | | | | 12,162 | | | | | $ | 1,030,608 | | |
Avnet, Inc. | | | | | 23,967 | | | | | | 1,017,159 | | |
CDW Corp. | | | | | 2,302 | | | | | | 328,818 | | |
Flex, Ltd. (b) | | | | | 50,291 | | | | | | 634,672 | | |
Jabil, Inc. | | | | | 9,891 | | | | | | 408,795 | | |
Resideo Technologies, Inc. (b) | | | | | 3,740 | | | | | | 44,618 | | |
Tech Data Corp. (b) | | | | | 340 | | | | | | 48,824 | | |
Vishay Intertechnology, Inc. (a) | | | | | 37,550 | | | | | | 799,440 | | |
| | | | | | | | | | | 4,312,934 | | |
Energy Equipment & Services — 0.4% | | ||||||||||||
Baker Hughes Co. (a) | | | | | 82,998 | | | | | | 2,127,239 | | |
Cactus, Inc., Class A (a) | | | | | 36,116 | | | | | | 1,239,501 | | |
NexTier Oilfield Solutions, Inc. (a) (b) | | | | | 75,522 | | | | | | 505,997 | | |
ProPetro Holding Corp. (a) (b) | | | | | 302,131 | | | | | | 3,398,974 | | |
| | | | | | | | | | | 7,271,711 | | |
Food & Staples Retailing — 0.1% | | ||||||||||||
Walmart, Inc. (a) | | | | | 9,015 | | | | | | 1,071,343 | | |
Food Products — 0.5% | | ||||||||||||
Archer-Daniels-Midland Co. | | | | | 9,979 | | | | | | 462,527 | | |
Bunge, Ltd. | | | | | 10,002 | | | | | | 575,615 | | |
Ingredion, Inc. | | | | | 1,803 | | | | | | 167,589 | | |
McCormick & Co., Inc. | | | | | 35,347 | | | | | | 5,999,446 | | |
Pilgrim’s Pride Corp. (b) | | | | | 5,869 | | | | | | 192,004 | | |
Tyson Foods, Inc., Class A (a) | | | | | 18,618 | | | | | | 1,694,983 | | |
| | | | | | | | | | | 9,092,164 | | |
Health Care Equipment & Supplies — 1.1% | | ||||||||||||
Abbott Laboratories (a) | | | | | 1,593 | | | | | | 138,368 | | |
Align Technology, Inc. (b) | | | | | 1,285 | | | | | | 358,567 | | |
Baxter International, Inc. (a) | | | | | 13,307 | | | | | | 1,112,731 | | |
Becton Dickinson and Co. | | | | | 15,580 | | | | | | 4,237,293 | | |
Boston Scientific Corp. (b) | | | | | 1,038 | | | | | | 46,938 | | |
DENTSPLY SIRONA, Inc. | | | | | 3,717 | | | | | | 210,345 | | |
DexCom, Inc. (b) | | | | | 16,123 | | | | | | 3,526,745 | | |
Edwards Lifesciences Corp. (b) | | | | | 1,053 | | | | | | 245,654 | | |
Hologic, Inc. (b) | | | | | 2,308 | | | | | | 120,501 | | |
IDEXX Laboratories, Inc. (b) | | | | | 16,705 | | | | | | 4,362,177 | | |
Inogen, Inc. (a) (b) | | | | | 7,198 | | | | | | 491,839 | | |
Masimo Corp. (b) | | | | | 584 | | | | | | 92,307 | | |
NuVasive, Inc. (b) | | | | | 5,638 | | | | | | 436,043 | | |
Stryker Corp. | | | | | 27,395 | | | | | | 5,751,306 | | |
Zimmer Biomet Holdings, Inc. | | | | | 1,640 | | | | | | 245,475 | | |
| | | | | | | | | | | 21,376,289 | | |
Health Care Providers & Services — 0.2% | | ||||||||||||
AmerisourceBergen Corp. | | | | | 1,292 | | | | | | 109,846 | | |
Anthem, Inc. | | | | | 287 | | | | | | 86,683 | | |
Cardinal Health, Inc. (a) | | | | | 2,674 | | | | | | 135,251 | | |
Cerner Corp. | | | | | 4,867 | | | | | | 357,189 | | |
HCA Healthcare, Inc. | | | | | 1,383 | | | | | | 204,421 | | |
Humana, Inc. (a) | | | | | 2,316 | | | | | | 848,860 | | |
McKesson Corp. (a) | | | | | 8,654 | | | | | | 1,197,021 | | |
Molina Healthcare, Inc. (b) | | | | | 347 | | | | | | 47,084 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
UnitedHealth Group, Inc. | | | | | 2,114 | | | | | $ | 621,474 | | |
| | | | | | | | | | | 3,607,829 | | |
Hotels, Restaurants & Leisure — 0.2% | | ||||||||||||
Caesars Entertainment Corp. (b) | | | | | 2,729 | | | | | | 37,114 | | |
Carnival plc | | | | | 853 | | | | | | 40,733 | | |
Chipotle Mexican Grill, Inc. (b) | | | | | 147 | | | | | | 123,055 | | |
Hilton Grand Vacations, Inc. (b) | | | | | 1,350 | | | | | | 46,426 | | |
Las Vegas Sands Corp. (a) | | | | | 9,678 | | | | | | 668,169 | | |
Norwegian Cruise Line Holdings, Ltd. (b) | | | | | 21,763 | | | | | | 1,271,177 | | |
Starbucks Corp. | | | | | 6,354 | | | | | | 558,644 | | |
| | | | | | | | | | | 2,745,318 | | |
Household Products — 0.2% | | ||||||||||||
Clorox Co. (The) | | | | | 3,301 | | | | | | 506,836 | | |
Colgate-Palmolive Co. | | | | | 6,890 | | | | | | 474,308 | | |
Kimberly-Clark Corp. | | | | | 7,639 | | | | | | 1,050,744 | | |
Procter & Gamble Co. (The) (a) | | | | | 10,840 | | | | | | 1,353,916 | | |
Tupperware Brands Corp. | | | | | 32,064 | | | | | | 275,109 | | |
| | | | | | | | | | | 3,660,913 | | |
Industrial Conglomerates — 0.1% | | ||||||||||||
General Electric Co. | | | | | 22,512 | | | | | | 251,234 | | |
Honeywell International, Inc. | | | | | 6,859 | | | | | | 1,214,043 | | |
| | | | | | | | | | | 1,465,277 | | |
Insurance — 0.3% | | ||||||||||||
Aflac, Inc. (a) | | | | | 18,066 | | | | | | 955,691 | | |
Allstate Corp. (The) (a) | | | | | 9,142 | | | | | | 1,028,018 | | |
American National Insurance Co. | | | | | 1,031 | | | | | | 121,328 | | |
Fidelity National Financial, Inc. | | | | | 17,038 | | | | | | 772,673 | | |
First American Financial Corp. | | | | | 5,046 | | | | | | 294,283 | | |
Mercury General Corp. | | | | | 5,186 | | | | | | 252,714 | | |
MetLife, Inc. | | | | | 15,650 | | | | | | 797,680 | | |
Prudential Financial, Inc. | | | | | 1,677 | | | | | | 157,202 | | |
Reinsurance Group of America, Inc. | | | | | 3,513 | | | | | | 572,830 | | |
Travelers Companies, Inc. (The) (a) | | | | | 3,642 | | | | | | 498,772 | | |
Unum Group (a) | | | | | 9,666 | | | | | | 281,861 | | |
| | | | | | | | | | | 5,733,052 | | |
Internet & Catalog Retail — 0.8% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 7,657 | | | | | | 14,148,911 | | |
Booking Holdings, Inc. (b) | | | | | 333 | | | | | | 683,892 | | |
Qurate Retail, Inc., Series A (b) | | | | | 68,050 | | | | | | 573,661 | | |
TripAdvisor, Inc. (a) | | | | | 4,578 | | | | | | 139,080 | | |
| | | | | | | | | | | 15,545,544 | | |
Internet Software & Services — 1.7% | | | | ||||||||||
Akamai Technologies, Inc. (b) | | | | | 7,704 | | | | | | 665,471 | | |
Alphabet, Inc., Class A (a) (b) | | | | | 2,027 | | | | | | 2,714,944 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 1,438 | | | | | | 1,922,635 | | |
eBay, Inc. (a) | | | | | 29,387 | | | | | | 1,061,165 | | |
Facebook, Inc., Class A (a) (b) | | | | | 118,623 | | | | | | 24,347,371 | | |
GrubHub, Inc. (b) | | | | | 17,702 | | | | | | 861,025 | | |
IAC/InterActiveCorp (a) (b) | | | | | 375 | | | | | | 93,416 | | |
Twitter, Inc. (b) | | | | | 10,538 | | | | | | 337,743 | | |
VeriSign, Inc. (b) | | | | | 2,094 | | | | | | 403,472 | | |
| | | Number of Shares | | | Value | | ||||||
Yelp, Inc. (a) (b) | | | | | 1,370 | | | | | $ | 47,717 | | |
| | | | | | | | | | | 32,454,959 | | |
IT Services — 2.6% | | ||||||||||||
Alliance Data Systems Corp. | | | | | 4,491 | | | | | | 503,890 | | |
Amdocs, Ltd. | | | | | 4,463 | | | | | | 322,184 | | |
Automatic Data Processing, Inc. | | | | | 35,121 | | | | | | 5,988,131 | | |
CACI International, Inc., Class A (b) | | | | | 2,038 | | | | | | 509,480 | | |
Cognizant Technology Solutions Corp., Class A | | | | | 11,713 | | | | | | 726,440 | | |
DXC Technology Co. (a) | | | | | 7,263 | | | | | | 273,016 | | |
EPAM Systems, Inc. (b) | | | | | 246 | | | | | | 52,191 | | |
Fidelity National Information Services, Inc. | | | | | 93,700 | | | | | | 13,032,733 | | |
International Business Machines Corp. (IBM) (a) | | | | | 11,423 | | | | | | 1,531,139 | | |
Mastercard, Inc., Class A | | | | | 2,511 | | | | | | 749,759 | | |
MAXIMUS, Inc. | | | | | 3,027 | | | | | | 225,179 | | |
PayPal Holdings, Inc. (b) | | | | | 58,538 | | | | | | 6,332,055 | | |
Visa, Inc., Class A | | | | | 104,612 | | | | | | 19,656,595 | | |
| | | | | | | | | | | 49,902,792 | | |
Leisure Equipment & Products — 0.0% | | ||||||||||||
Brunswick Corp. | | | | | 670 | | | | | | 40,187 | | |
Life Sciences Tools & Services — 0.4% | | ||||||||||||
Agilent Technologies, Inc. (a) | | | | | 7,406 | | | | | | 631,806 | | |
Bio-Rad Laboratories, Inc., Class A (b) | | | | | 179 | | | | | | 66,235 | | |
Charles River Laboratories International, Inc. (b) | | | | | 1,600 | | | | | | 244,416 | | |
IQVIA Holdings, Inc. (b) | | | | | 950 | | | | | | 146,785 | | |
PRA Health Sciences, Inc. (b) | | | | | 714 | | | | | | 79,361 | | |
Thermo Fisher Scientific, Inc. (a) | | | | | 4,609 | | | | | | 1,497,326 | | |
Waters Corp. (b) | | | | | 23,594 | | | | | | 5,512,738 | | |
| | | | | | | | | | | 8,178,667 | | |
Machinery — 0.3% | | ||||||||||||
AGCO Corp. | | | | | 2,396 | | | | | | 185,091 | | |
Allison Transmission Holdings, Inc. | | | | | 3,295 | | | | | | 159,214 | | |
Caterpillar, Inc. | | | | | 4,217 | | | | | | 622,767 | | |
Crane Co. | | | | | 4,062 | | | | | | 350,876 | | |
Cummins, Inc. (a) | | | | | 8,294 | | | | | | 1,484,294 | | |
Gates Industrial Corp. plc (b) | | | | | 16,032 | | | | | | 220,600 | | |
Ingersoll-Rand plc | | | | | 4,124 | | | | | | 548,162 | | |
ITT, Inc. | | | | | 7,710 | | | | | | 569,846 | | |
Oshkosh Corp. (a) | | | | | 10,461 | | | | | | 990,134 | | |
Terex Corp. | | | | | 18,605 | | | | | | 554,057 | | |
Timken Co. (The) | | | | | 7,178 | | | | | | 404,193 | | |
Westinghouse Air Brake Technologies, Corp. | | | | | 145 | | | | | | 11,281 | | |
| | | | | | | | | | | 6,100,515 | | |
Media — 1.5% | | ||||||||||||
Altice USA, Inc., Class A (b) | | | | | 1,104 | | | | | | 30,183 | | |
AMC Networks, Inc., Class A (b) | | | | | 17,651 | | | | | | 697,214 | | |
Comcast Corp., Class A (a) | | | | | 324,978 | | | | | | 14,614,261 | | |
iHeartMedia, Inc., Class A (b) (c) (d) | | | | | 9,430 | | | | | | — | | |
Interpublic Group of Cos, Inc. (The) | | | | | 1,183 | | | | | | 27,327 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Netflix, Inc. (b) | | | | | 32,331 | | | | | $ | 10,461,342 | | |
Roku, Inc. (b) | | | | | 1,524 | | | | | | 204,064 | | |
Sinclair Broadcast Group, Inc., Class A | | | | | 4,575 | | | | | | 152,531 | | |
TEGNA, Inc. | | | | | 16,685 | | | | | | 278,473 | | |
ViacomCBS, Inc., Class B | | | | | 24,118 | | | | | | 1,012,232 | | |
Walt Disney Co. (The) (a) | | | | | 4,440 | | | | | | 642,157 | | |
| | | | | | | | | | | 28,119,784 | | |
Metals & Mining — 0.1% | | ||||||||||||
Alcoa Corp. (b) | | | | | 1,691 | | | | | | 36,374 | | |
Allegheny Technologies, Inc. (b) | | | | | 20,711 | | | | | | 427,889 | | |
Reliance Steel & Aluminum Co. (a) | | | | | 5,717 | | | | | | 684,668 | | |
Steel Dynamics, Inc. | | | | | 14,506 | | | | | | 493,784 | | |
| | | | | | | | | | | 1,642,715 | | |
Multi-Utilities — 0.1% | | ||||||||||||
Consolidated Edison, Inc. | | | | | 6,835 | | | | | | 618,362 | | |
NorthWestern Corp. | | | | | 6,383 | | | | | | 457,470 | | |
| | | | | | | | | | | 1,075,832 | | |
Multiline Retail — 0.0% | | ||||||||||||
Kohl’s Corp. | | | | | 9,055 | | | | | | 461,352 | | |
Target Corp. | | | | | 1,094 | | | | | | 140,262 | | |
| | | | | | | | | | | 601,614 | | |
Oil, Gas & Consumable Fuels — 2.7% | | ||||||||||||
Berry Petroleum Corp. (a) | | | | | 92,608 | | | | | | 873,293 | | |
Brigham Minerals, Inc., Class A (a) | | | | | 95,263 | | | | | | 2,042,439 | | |
Cabot Oil & Gas Corp. (a) | | | | | 180,486 | | | | | | 3,142,261 | | |
Callon Petroleum Co. (b) | | | | | 94,133 | | | | | | 454,662 | | |
Centennial Resource Development, Inc., Class A (b) | | | | | 136,651 | | | | | | 631,328 | | |
Cheniere Energy, Inc. (a) (b) | | | | | 12,033 | | | | | | 734,855 | | |
Chevron Corp. | | | | | 1,995 | | | | | | 240,417 | | |
Cimarex Energy Co. (a) | | | | | 66,995 | | | | | | 3,516,568 | | |
Cloud Peak Energy, Inc. (b) (c) (d) | | | | | 313,225 | | | | | | — | | |
Concho Resources, Inc. (a) | | | | | 44,727 | | | | | | 3,916,743 | | |
ConocoPhillips (a) | | | | | 46,386 | | | | | | 3,016,482 | | |
Continental Resources, Inc. (a) | | | | | 57,822 | | | | | | 1,983,295 | | |
Devon Energy Corp. (a) | | | | | 77,160 | | | | | | 2,003,845 | | |
EOG Resources, Inc. (a) | | | | | 17,577 | | | | | | 1,472,249 | | |
EQT Corp. (a) | | | | | 62,108 | | | | | | 676,977 | | |
Exxon Mobil Corp. (a) | | | | | 7,060 | | | | | | 492,647 | | |
Goodrich Petroleum Corp. (b) | | | | | 51,348 | | | | | | 515,534 | | |
HollyFrontier Corp. | | | | | 12,336 | | | | | | 625,559 | | |
Jagged Peak Energy, Inc. (a) (b) | | | | | 192,183 | | | | | | 1,631,634 | | |
Kosmos Energy, Ltd. (a) | | | | | 210,667 | | | | | | 1,200,802 | | |
Marathon Petroleum Corp. | | | | | 6,640 | | | | | | 400,060 | | |
Occidental Petroleum Corp. (a) | | | | | 36,542 | | | | | | 1,505,896 | | |
Parsley Energy, Inc., Class A (a) | | | | | 91,441 | | | | | | 1,729,149 | | |
Phillips 66 | | | | | 7,117 | | | | | | 792,905 | | |
Pioneer Natural Resources Co. (a) | | | | | 9,194 | | | | | | 1,391,696 | | |
Plains GP Holdings LP, Class A (b) | | | | | 143,848 | | | | | | 2,725,920 | | |
Range Resources Corp. | | | | | 713,057 | | | | | | 3,458,326 | | |
Southwestern Energy Co. (b) | | | | | 998,223 | | | | | | 2,415,700 | | |
SRC Energy, Inc. (b) | | | | | 358,727 | | | | | | 1,477,955 | | |
Targa Resources Corp. (a) | | | | | 52,555 | | | | | | 2,145,821 | | |
Valero Energy Corp. | | | | | 7,476 | | | | | | 700,127 | | |
| | | Number of Shares | | | Value | | ||||||
World Fuel Services Corp. | | | | | 24,282 | | | | | $ | 1,054,324 | | |
WPX Energy, Inc. (a) (b) | | | | | 240,463 | | | | | | 3,303,962 | | |
| | | | | | | | | | | 52,273,431 | | |
Paper & Forest Products — 0.0% | | ||||||||||||
International Paper Co. | | | | | 9,059 | | | | | | 417,167 | | |
Personal Products — 0.4% | | ||||||||||||
Estee Lauder Companies, Inc. (The), Class A | | | | | 34,091 | | | | | | 7,041,155 | | |
Nu Skin Enterprises, Inc., Class A | | | | | 2,996 | | | | | | 122,776 | | |
| | | | | | | | | | | 7,163,931 | | |
Pharmaceuticals — 0.7% | | ||||||||||||
Allergan plc | | | | | 1,562 | | | | | | 298,607 | | |
Bristol-Myers Squibb Co. | | | | | 13,654 | | | | | | 876,450 | | |
Eli Lilly & Co. | | | | | 1,828 | | | | | | 240,254 | | |
Johnson & Johnson (a) | | | | | 46,779 | | | | | | 6,823,653 | | |
Mallinckrodt plc (b) | | | | | 89,475 | | | | | | 312,268 | | |
Merck & Co., Inc. (a) | | | | | 19,087 | | | | | | 1,735,963 | | |
Mylan NV (b) | | | | | 17,934 | | | | | | 360,473 | | |
Pfizer, Inc. (a) | | | | | 44,402 | | | | | | 1,739,670 | | |
Trulieve Cannabis Corp. (a) (b) | | | | | 15,100 | | | | | | 178,728 | | |
| | | | | | | | | | | 12,566,066 | | |
Professional Services — 0.1% | | ||||||||||||
Insperity, Inc. | | | | | 1,083 | | | | | | 93,181 | | |
ManpowerGroup, Inc. (a) | | | | | 4,613 | | | | | | 447,922 | | |
Robert Half International, Inc. | | | | | 7,956 | | | | | | 502,422 | | |
| | | | | | | | | | | 1,043,525 | | |
Real Estate Investment Trusts (REITs) — 0.1% | | ||||||||||||
Boston Properties, Inc. (a) | | | | | 1,487 | | | | | | 204,998 | | |
Columbia Property Trust, Inc. | | | | | 4,047 | | | | | | 84,623 | | |
Diversified Healthcare Trust | | | | | 5,331 | | | | | | 44,994 | | |
Equity Residential | | | | | 2,008 | | | | | | 162,487 | | |
Outfront Media, Inc. | | | | | 3,289 | | | | | | 88,211 | | |
Retail Properties of America, Inc., Class A | | | | | 16,782 | | | | | | 224,879 | | |
Simon Property Group, Inc. | | | | | 965 | | | | | | 143,746 | | |
Vornado Realty Trust | | | | | 10,068 | | | | | | 669,522 | | |
| | | | | | | | | | | 1,623,460 | | |
Road & Rail — 0.0% | | ||||||||||||
Avis Budget Group, Inc. (b) | | | | | 418 | | | | | | 13,476 | | |
CSX Corp. (a) | | | | | 1,646 | | | | | | 119,105 | | |
Norfolk Southern Corp. (a) | | | | | 1,963 | | | | | | 381,077 | | |
Ryder System, Inc. | | | | | 658 | | | | | | 35,736 | | |
Schneider National, Inc., Class B | | | | | 2,072 | | | | | | 45,211 | | |
Union Pacific Corp. | | | | | 612 | | | | | | 110,644 | | |
| | | | | | | | | | | 705,249 | | |
Semiconductors & Semiconductor Equipment — 1.2% | | ||||||||||||
Analog Devices, Inc. | | | | | 15,563 | | | | | | 1,849,507 | | |
Applied Materials, Inc. (a) | | | | | 83,441 | | | | | | 5,093,239 | | |
Broadcom, Inc. | | | | | 1,158 | | | | | | 365,951 | | |
Cirrus Logic, Inc. (b) | | | | | 6,745 | | | | | | 555,855 | | |
Intel Corp. (a) | | | | | 33,340 | | | | | | 1,995,399 | | |
Lam Research Corp. (a) | | | | | 13,260 | | | | | | 3,877,224 | | |
Micron Technology, Inc. (a) (b) | | | | | 57,718 | | | | | | 3,104,074 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
ON Semiconductor Corp. (b) | | | | | 2,466 | | | | | $ | 60,121 | | |
Qorvo, Inc. (b) | | | | | 5,184 | | | | | | 602,536 | | |
QUALCOMM, Inc. | | | | | 12,572 | | | | | | 1,109,228 | | |
Skyworks Solutions, Inc. (a) | | | | | 6,385 | | | | | | 771,819 | | |
Synaptics, Inc. (b) | | | | | 888 | | | | | | 58,404 | | |
Texas Instruments, Inc. | | | | | 18,759 | | | | | | 2,406,592 | | |
Xilinx, Inc. | | | | | 5,238 | | | | | | 512,119 | | |
| | | | | | | | | | | 22,362,068 | | |
Software — 2.3% | | ||||||||||||
Activision Blizzard, Inc. (a) | | | | | 3,995 | | | | | | 237,383 | | |
Adobe, Inc. (a) (b) | | | | | 3,471 | | | | | | 1,144,770 | | |
Aspen Technology, Inc. (b) | | | | | 3,321 | | | | | | 401,609 | | |
Autodesk, Inc. (b) | | | | | 1,046 | | | | | | 191,899 | | |
Cadence Design Systems, Inc. (b) | | | | | 5,853 | | | | | | 405,964 | | |
CommVault Systems, Inc. (a) (b) | | | | | 10,607 | | | | | | 473,496 | | |
Dropbox, Inc., Class A (b) | | | | | 17,554 | | | | | | 314,392 | | |
Electronic Arts, Inc. (b) | | | | | 12,610 | | | | | | 1,355,701 | | |
Fair Isaac Corp. (b) | | | | | 218 | | | | | | 81,680 | | |
Fortinet, Inc. (b) | | | | | 4,152 | | | | | | 443,268 | | |
Intuit, Inc. (a) | | | | | 29,518 | | | | | | 7,731,650 | | |
Manhattan Associates, Inc. (b) | | | | | 2,578 | | | | | | 205,595 | | |
Microsoft Corp. (a) | | | | | 83,577 | | | | | | 13,180,093 | | |
Nortonlifelock, Inc. | | | | | 10,963 | | | | | | 279,776 | | |
Oracle Corp. (a) | | | | | 28,065 | | | | | | 1,486,884 | | |
Slack Technologies, Inc., Class A (b) | | | | | 561,200 | | | | | | 12,615,776 | | |
Take-Two Interactive Software, Inc. (b) | | | | | 1,869 | | | | | | 228,822 | | |
Teradata Corp. (b) | | | | | 2,222 | | | | | | 59,483 | | |
Zoom Video Communications, Inc., Class A (b) | | | | | 56,670 | | | | | | 3,855,827 | | |
| | | | | | | | | | | 44,694,068 | | |
Specialty Retail — 0.3% | | ||||||||||||
AutoZone, Inc. (a) (b) | | | | | 178 | | | | | | 212,053 | | |
Best Buy Co., Inc. | | | | | 4,084 | | | | | | 358,575 | | |
Cars.com, Inc. (b) | | | | | 19,072 | | | | | | 233,060 | | |
Gap, Inc. (The) | | | | | 7,048 | | | | | | 124,609 | | |
Home Depot, Inc. (The) | | | | | 7,163 | | | | | | 1,564,256 | | |
L Brands, Inc. | | | | | 6,717 | | | | | | 121,712 | | |
Lowe’s Cos, Inc. (a) | | | | | 4,016 | | | | | | 480,956 | | |
Michaels Companies, Inc. (The) (b) | | | | | 25,927 | | | | | | 209,749 | | |
Sally Beauty Holdings, Inc. (b) | | | | | 19,225 | | | | | | 350,856 | | |
Tiffany & Co. | | | | | 589 | | | | | | 78,720 | | |
TJX Cos, Inc. (The) (a) | | | | | 7,505 | | | | | | 458,255 | | |
Tractor Supply Co. | | | | | 4,892 | | | | | | 457,109 | | |
Ulta Salon Cosmetics & Fragrance, Inc. (b) | | | | | 264 | | | | | | 66,829 | | |
| | | | | | | | | | | 4,716,739 | | |
Textiles, Apparel & Luxury Goods — 0.9% | | ||||||||||||
Deckers Outdoor Corp. (a) (b) | | | | | 4,380 | | | | | | 739,607 | | |
Hanesbrands, Inc. | | | | | 1,833 | | | | | | 27,220 | | |
NIKE, Inc., Class B | | | | | 142,088 | | | | | | 14,394,935 | | |
PVH Corp. | | | | | 2,301 | | | | | | 241,950 | | |
Ralph Lauren Corp. | | | | | 2,898 | | | | | | 339,704 | | |
Skechers U.S.A., Inc., Class A (a) (b) | | | | | 20,769 | | | | | | 897,013 | | |
| | | | | | | | | | | 16,640,429 | | |
|
| | | Number of Shares | | | Value | | ||||||
Thrifts & Mortgage Finance — 0.1% | | ||||||||||||
MGIC Investment Corp. (a) | | | | | 98,342 | | | | | $ | 1,393,506 | | |
Tobacco — 0.3% | | ||||||||||||
Philip Morris International, Inc. | | | | | 74,007 | | | | | | 6,297,256 | | |
Trading Companies & Distributors — 0.1% | | ||||||||||||
HD Supply Holdings, Inc. (b) | | | | | 10,837 | | | | | | 435,864 | | |
NOW, Inc. (b) | | | | | 15,979 | | | | | | 179,604 | | |
WESCO International, Inc. (b) | | | | | 18,702 | | | | | | 1,110,712 | | |
| | | | | | | | | | | 1,726,180 | | |
Total US Common Stocks (Cost $422,235,576) | | | | | | | | | | | 481,570,391 | | |
Foreign Common Stocks — 38.9% | | ||||||||||||
Australia — 1.3% | | ||||||||||||
Afterpay Touch Group, Ltd. (b) | | | | | 11,506 | | | | | | 237,012 | | |
Ansell, Ltd. | | | | | 7,256 | | | | | | 148,119 | | |
Atlassian Corp. plc, Class A (b) | | | | | 120,482 | | | | | | 14,498,804 | | |
Aurizon Holdings, Ltd. | | | | | 43,255 | | | | | | 159,128 | | |
Australia & New Zealand Banking Group, Ltd. | | | | | 12,250 | | | | | | 212,226 | | |
Beach Energy, Ltd. | | | | | 58,493 | | | | | | 103,490 | | |
BHP Group plc | | | | | 12,388 | | | | | | 292,604 | | |
BHP Group, Ltd. | | | | | 9,965 | | | | | | 272,945 | | |
BlueScope Steel, Ltd. | | | | | 67,494 | | | | | | 715,151 | | |
Brambles, Ltd. | | | | | 16,340 | | | | | | 134,683 | | |
Caltex Australia, Ltd. | | | | | 1,368 | | | | | | 32,677 | | |
CIMIC Group, Ltd. | | | | | 17,503 | | | | | | 408,369 | | |
Coles Group, Ltd. | | | | | 8,384 | | | | | | 87,565 | | |
CSL, Ltd. | | | | | 94 | | | | | | 18,243 | | |
Dexus – REIT | | | | | 4,265 | | | | | | 35,095 | | |
Evolution Mining, Ltd. | | | | | 9,584 | | | | | | 25,473 | | |
Fortescue Metals Group, Ltd. | | | | | 124,929 | | | | | | 941,599 | | |
Goodman Group – REIT | | | | | 9,892 | | | | | | 92,987 | | |
Iluka Resources, Ltd. | | | | | 37,828 | | | | | | 247,376 | | |
Lendlease Group | | | | | 14,844 | | | | | | 183,713 | | |
Mirvac Group – REIT | | | | | 51,921 | | | | | | 116,125 | | |
Newcrest Mining, Ltd. | | | | | 240,124 | | | | | | 5,083,069 | | |
Northern Star Resources, Ltd. | | | | | 4,390 | | | | | | 34,728 | | |
QBE Insurance Group, Ltd. | | | | | 2,906 | | | | | | 26,338 | | |
Santos, Ltd. | | | | | 9,637 | | | | | | 55,465 | | |
Scentre Group – REIT | | | | | 54,471 | | | | | | 146,648 | | |
South32, Ltd. – ASX Shares | | | | | 288,029 | | | | | | 548,358 | | |
Stockland – REIT | | | | | 65,162 | | | | | | 211,663 | | |
Telstra Corp., Ltd. | | | | | 46,600 | | | | | | 116,095 | | |
TPG Telecom, Ltd. | | | | | 1,833 | | | | | | 8,648 | | |
Viva Energy Group, Ltd. (e) | | | | | 11,243 | | | | | | 15,187 | | |
WiseTech Global, Ltd. | | | | | 7,244 | | | | | | 118,926 | | |
| | | | | | | | | | | 25,328,509 | | |
Austria — 0.0% | | ||||||||||||
ams AG (b) | | | | | 9,533 | | | | | | 387,628 | | |
Belgium — 0.0% | | ||||||||||||
Ageas (a) | | | | | 8,245 | | | | | | 487,766 | | |
KBC Group NV (a) | | | | | 825 | | | | | | 62,210 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Solvay SA | | | | | 287 | | | | | $ | 33,375 | | |
| | | | | | | | | | | 583,351 | | |
Bermuda — 0.1% | | ||||||||||||
Arch Capital Group, Ltd. (b) | | | | | 2,959 | | | | | | 126,911 | | |
Assured Guaranty, Ltd. | | | | | 20,693 | | | | | | 1,014,371 | | |
Athene Holding, Ltd., Class A (b) | | | | | 5,260 | | | | | | 247,378 | | |
| | | | | | | | | | | 1,388,660 | | |
Brazil — 0.1% | | ||||||||||||
BrasilAgro – Co. Brasileira de Propriedades Agricolas | | | | | 88,100 | | | | | | 418,857 | | |
Centrais Eletricas Brasileiras SA | | | | | 199,300 | | | | | | 1,876,046 | | |
| | | | | | | | | | | 2,294,903 | | |
Canada — 4.4% | | ||||||||||||
Advantage Oil & Gas, Ltd. (b) | | | | | 507,258 | | | | | | 1,074,244 | | |
Air Canada (a) (b) | | | | | 13,600 | | | | | | 508,056 | | |
Andlauer Healthcare Group, Inc. (a) (b) | | | | | 15,400 | | | | | | 237,781 | | |
ARC Resources, Ltd. (a) | | | | | 57,500 | | | | | | 362,212 | | |
Argonaut Gold, Inc. (b) (c) (f) | | | | | 66,000 | | | | | | 99,111 | | |
Bear Creek Mining Corp. (b) | | | | | 470,891 | | | | | | 993,602 | | |
Boyd Group Income Fund | | | | | 3,200 | | | | | | 497,786 | | |
Cameco Corp. | | | | | 509,190 | | | | | | 4,531,791 | | |
Canadian Natural Resources, Ltd. – NYSE Shares (a) | | | | | 59,765 | | | | | | 1,933,025 | | |
Canfor Corp. (a) (b) | | | | | 34,500 | | | | | | 322,537 | | |
Cannaroyalty Corp. (b) | | | | | 6,827 | | | | | | 31,282 | | |
Centerra Gold, Inc. (b) | | | | | 399,972 | | | | | | 3,181,788 | | |
Conic Metals Corp. (b) | | | | | 155,643 | | | | | | 54,536 | | |
Constellation Software Inc. (a) | | | | | 400 | | | | | | 388,483 | | |
Corus Entertainment, Inc., Class B (a) | | | | | 130,200 | | | | | | 533,413 | | |
Crescent Point Energy Corp. (a) | | | | | 437,113 | | | | | | 1,949,008 | | |
Denison Mines Corp. (b) | | | | | 2,066,459 | | | | | | 859,334 | | |
Detour Gold Corp. (a) (b) | | | | | 26,800 | | | | | | 518,850 | | |
Docebo, Inc. (b) | | | | | 20,000 | | | | | | 261,676 | | |
Dundee Corp., Class A (b) | | | | | 405,126 | | | | | | 371,260 | | |
Element Fleet Management Corp. (a) | | | | | 65,500 | | | | | | 559,389 | | |
Finning International, Inc. (a) | | | | | 18,700 | | | | | | 364,337 | | |
First Quantum Minerals, Ltd. | | | | | 35,800 | | | | | | 363,087 | | |
Fission Uranium Corp. (b) | | | | | 1,698,000 | | | | | | 372,670 | | |
Franco-Nevada Corp. (a) | | | | | 8,100 | | | | | | 836,417 | | |
Genworth MI Canada, Inc. (a) | | | | | 11,400 | | | | | | 498,824 | | |
Gildan Activewear, Inc. (a) | | | | | 24,700 | | | | | | 730,224 | | |
International Tower Hill Mines, Ltd. (b) | | | | | 507,456 | | | | | | 273,925 | | |
Ivanhoe Mines, Ltd., Class A (b) | | | | | 517,204 | | | | | | 1,692,747 | | |
K92 Mining, Inc. (b) | | | | | 97,500 | | | | | | 216,241 | | |
Kinaxis, Inc. (a) (b) | | | | | 5,700 | | | | | | 439,039 | | |
Lululemon Athletica, Inc. (b) | | | | | 1,320 | | | | | | 305,804 | | |
MEG Energy Corp. (a) (b) | | | | | 1,045,780 | | | | | | 5,951,495 | | |
Mercer Park Brand Acquisition Corp., Class A (b) | | | | | 124,900 | | | | | | 1,224,020 | | |
New Gold, Inc. (b) | | | | | 1,806,253 | | | | | | 1,589,503 | | |
NexGen Energy, Ltd. (b) | | | | | 1,175,158 | | | | | | 1,511,312 | | |
Northern Dynasty Minerals, Ltd. (b) | | | | | 1,251,110 | | | | | | 539,542 | | |
Northern Dynasty Minerals, Ltd. – NYSE Shares (b) | | | | | 346,472 | | | | | | 148,290 | | |
| | | Number of Shares | | | Value | | ||||||
Novagold Resources, Inc. (b) | | | | | 103,392 | | | | | $ | 926,392 | | |
NuVista Energy, Ltd. (b) | | | | | 377,928 | | | | | | 928,413 | | |
Open Text Corp. (a) | | | | | 10,200 | | | | | | 449,458 | | |
Osisko Mining, Inc. (a) (b) | | | | | 115,000 | | | | | | 358,669 | | |
Pan American Silver Corp. | | | | | 21,108 | | | | | | 500,005 | | |
Parex Resources, Inc. (a) (b) | | | | | 27,700 | | | | | | 515,155 | | |
Pipestone Energy Corp. (b) | | | | | 626,898 | | | | | | 815,877 | | |
Seabridge Gold, Inc. (b) | | | | | 165,166 | | | | | | 2,284,380 | | |
Shopify, Inc., Class A (b) | | | | | 67,885 | | | | | | 26,989,718 | | |
SilverCrest Metals, Inc. (b) (c) (f) | | | | | 57,800 | | | | | | 390,363 | | |
SNC-Lavalin Group, Inc. (a) | | | | | 22,700 | | | | | | 523,557 | | |
Sprott, Inc. | | | | | 778,629 | | | | | | 1,786,850 | | |
Suncor Energy, Inc. (a) | | | | | 19,053 | | | | | | 624,462 | | |
Superior Plus Corp. (a) | | | | | 6,400 | | | | | | 61,903 | | |
Teranga Gold Corp. (a) (b) | | | | | 191,900 | | | | | | 1,019,684 | | |
Tourmaline Oil Corp. (a) | | | | | 68,399 | | | | | | 801,689 | | |
Turquoise Hill Resources, Ltd. (b) | | | | | 3,455,511 | | | | | | 2,543,947 | | |
Uranium Participation Corp. (b) | | | | | 970,249 | | | | | | 3,048,489 | | |
Village Farms International, Inc. (b) | | | | | 1,900 | | | | | | 11,837 | | |
Wesdome Gold Mines, Ltd. (a) (b) | | | | | 15,100 | | | | | | 118,260 | | |
Westshore Terminals Investment Corp. (a) | | | | | 22,900 | | | | | | 334,184 | | |
Wheaton Precious Metals Corp. | | | | | 75,463 | | | | | | 2,245,024 | | |
| | | | | | | | | | | 83,604,957 | | |
Chile — 0.0% | | ||||||||||||
Antofagasta plc | | | | | 4,817 | | | | | | 58,691 | | |
China — 10.4% | | ||||||||||||
58.com, Inc. – ADR (b) | | | | | 8,300 | | | | | | 537,259 | | |
Air China, Ltd., Class H | | | | | 758,000 | | | | | | 772,145 | | |
Alibaba Group Holding, Ltd. – SPADR (b) | | | | | 51,500 | | | | | | 10,923,150 | | |
Anhui Conch Cement Co., Ltd., Class A | | | | | 555,999 | | | | | | 4,381,328 | | |
Beijing Capital International Airport Co., Ltd., Class H | | | | | 1,326,000 | | | | | | 1,285,741 | | |
Bilibili, Inc. – SPADR (b) | | | | | 234,132 | | | | | | 4,359,538 | | |
Changgang Dunxin Enterprise Co., Ltd. (b) (c) (d) | | | | | 4,640,000 | | | | | | — | | |
China Construction Bank Corp., Class A | | | | | 3,133,300 | | | | | | 3,252,867 | | |
China Eastern Airlines Corp., Ltd., Class H (b) | | | | | 108,903 | | | | | | 60,394 | | |
China International Travel Service Corp., Ltd., Class A | | | | | 92,828 | | | | | | 1,187,128 | | |
China Jushi Co., Ltd., Class A | | | | | 470,016 | | | | | | 735,708 | | |
China Merchants Bank Co., Ltd., Class A | | | | | 897,710 | | | | | | 4,845,685 | | |
China Pacific Insurance Group Co., Ltd., Class A | | | | | 697,369 | | | | | | 3,790,019 | | |
China Pacific Insurance Group Co., Ltd., Class H | | | | | 210,400 | | | | | | 830,838 | | |
China Petroleum & Chemical Corp., Class A | | | | | 4,879,941 | | | | | | 3,581,978 | | |
China Southern Airlines Co., Ltd., Class H | | | | | 414,000 | | | | | | 279,346 | | |
China Telecom Corp., Ltd., Class H | | | | | 4,142,000 | | | | | | 1,699,953 | | |
Daqin Railway Co., Ltd., Class A | | | | | 3,945,691 | | | | | | 4,651,021 | | |
Focus Media Information Technology Co., Ltd., Class A | | | | | 8,522,679 | | | | | | 7,667,037 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Fosun International, Ltd. | | | | | 386,500 | | | | | $ | 564,787 | | |
Fufeng Group, Ltd. (b) | | | | | 792,000 | | | | | | 348,847 | | |
Grandblue Environment Co., Ltd., Class A | | | | | 1,276,480 | | | | | | 3,216,307 | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | | | | 371,313 | | | | | | 3,489,013 | | |
Guangshen Railway Co., Ltd., Class H | | | | | 5,020,000 | | | | | | 1,611,556 | | |
Guangzhou Baiyun International Airport Co., Ltd., Class A | | | | | 1,045,334 | | | | | | 2,620,303 | | |
Haier Smart Home Co., Ltd., Class A | | | | | 3,020,338 | | | | | | 8,470,186 | | |
Hengan International Group Co., Ltd. | | | | | 77,500 | | | | | | 553,326 | | |
Hongfa Technology Co., Ltd., Class A | | | | | 812,367 | | | | | | 4,023,832 | | |
Huayu Automotive Systems Co., Ltd., Class A | | | | | 464,212 | | | | | | 1,732,603 | | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | | | 1,044,411 | | | | | | 4,639,756 | | |
iQIYI, Inc. – ADR (b) | | | | | 192,200 | | | | | | 4,057,342 | | |
Jiangsu Hengrui Medicine Co., Ltd., Class A | | | | | 185,877 | | | | | | 2,337,380 | | |
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A | | | | | 192,600 | | | | | | 562,407 | | |
JOYY, Inc. (b) | | | | | 27,600 | | | | | | 1,457,004 | | |
Juneyao Airlines Co., Ltd., Class A (b) | | | | | 290,000 | | | | | | 624,590 | | |
Kweichow Moutai Co., Ltd., Class A | | | | | 32,523 | | | | | | 5,529,506 | | |
Lenovo Group, Ltd. | | | | | 164,000 | | | | | | 110,329 | | |
Midea Group Co., Ltd., Class A | | | | | 580,245 | | | | | | 4,840,263 | | |
Minth Group, Ltd. | | | | | 136,586 | | | | | | 482,897 | | |
NIO, Inc. – ADR (b) | | | | | 892,000 | | | | | | 3,585,840 | | |
NVC Lighting Holding, Ltd. | | | | | 3,631,000 | | | | | | 130,662 | | |
Ping An Insurance Group Co. of China, Ltd., Class A | | | | | 324,960 | | | | | | 3,988,683 | | |
Ping An Insurance Group Co. of China, Ltd., Class H | | | | | 488,000 | | | | | | 5,780,975 | | |
Poly Developments and Holdings Group Co., Ltd., Class A | | | | | 1,763,909 | | | | | | 4,098,340 | | |
Sany Heavy Industry Co., Ltd., Class A | | | | | 2,065,606 | | | | | | 5,060,854 | | |
SDIC Power Holdings Co., Ltd., Class A | | | | | 2,088,852 | | | | | | 2,754,672 | | |
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H | | | | | 1,201,500 | | | | | | 3,627,485 | | |
Shanghai International Airport Co., Ltd., Class A | | | | | 116,018 | | | | | | 1,312,386 | | |
Shengyi Technology Co., Ltd., Class A | | | | | 696,331 | | | | | | 2,091,895 | | |
Shenzhen Expressway Co., Ltd., Class A | | | | | 617,958 | | | | | | 1,020,434 | | |
Shenzhen Sunlord Electronics Co., Ltd., Class A | | | | | 278,900 | | | | | | 925,272 | | |
Sichuan Kelun Pharmaceutical Co., Ltd., Class A | | | | | 743,350 | | | | | | 2,507,723 | | |
SINA Corp. (b) | | | | | 55,700 | | | | | | 2,224,101 | | |
Sinopharm Group Co., Ltd., Class H | | | | | 189,600 | | | | | | 693,483 | | |
Spring Airlines Co., Ltd., Class A | | | | | 362,076 | | | | | | 2,282,016 | | |
TAL Education Group — ADR (b) | | | | | 117,643 | | | | | | 5,670,393 | | |
Tencent Holdings, Ltd. | | | | | 409,200 | | | | | | 19,739,212 | | |
Tongkun Group Co., Ltd., Class A | | | | | 534,200 | | | | | | 1,150,853 | | |
TravelSky Technology, Ltd., Class H | | | | | 109,000 | | | | | | 266,363 | | |
Vipshop Holdings, Ltd. – ADR (b) | | | | | 397,800 | | | | | | 5,636,826 | | |
Wanhua Chemical Group Co., Ltd., Class A | | | | | 348,156 | | | | | | 2,808,280 | | |
Weibo Corp. – SPADR (b) | | | | | 95,488 | | | | | | 4,425,869 | | |
| | | Number of Shares | | | Value | | ||||||
Weichai Power Co., Ltd., Class A | | | | | 1,045,240 | | | | | $ | 2,384,010 | | |
Wens Foodstuffs Group Co., Ltd., Class A | | | | | 580,276 | | | | | | 2,799,398 | | |
Yangzijiang Shipbuilding Holdings, Ltd. | | | | | 397,000 | | | | | | 331,689 | | |
Yunda Holding Co., Ltd., Class A | | | | | 348,902 | | | | | | 1,668,181 | | |
Yunji, Inc. – ADR (b) | | | | | 123,117 | | | | | | 563,876 | | |
ZTO Express Cayman, Inc. – ADR | | | | | 142,492 | | | | | | 3,327,188 | | |
| | | | | | | | | | | 198,970,328 | | |
Denmark — 0.9% | | ||||||||||||
Carlsberg A/S, Class B | | | | | 890 | | | | | | 132,766 | | |
Coloplast A/S, Class B | | | | | 45,151 | | | | | | 5,613,304 | | |
Danske Bank A/S (a) | | | | | 74,885 | | | | | | 1,211,070 | | |
FLSmidth & Co. A/S | | | | | 1,836 | | | | | | 73,250 | | |
Genmab A/S (b) | | | | | 172 | | | | | | 38,284 | | |
GN Store Nord A/S (a) | | | | | 30,773 | | | | | | 1,448,721 | | |
H Lundbeck A/S (a) | | | | | 9,770 | | | | | | 374,507 | | |
Jyske Bank A/S (b) | | | | | 832 | | | | | | 30,389 | | |
Novo Nordisk A/S, Class B (a) | | | | | 127,519 | | | | | | 7,396,061 | | |
Pandora A/S | | | | | 6,014 | | | | | | 261,608 | | |
Rockwool International A/S, Class B | | | | | 791 | | | | | | 187,257 | | |
| | | | | | | | | | | 16,767,217 | | |
Finland — 0.7% | | ||||||||||||
Fortum Oyj | | | | | 8,050 | | | | | | 198,590 | | |
Huhtamaki Oyj (a) | | | | | 7,438 | | | | | | 345,447 | | |
Kone Oyj, Class B (a) | | | | | 78,178 | | | | | | 5,110,991 | | |
Nokia Oyj | | | | | 24,526 | | | | | | 90,988 | | |
Nordea Bank Abp (a) | | | | | 11,429 | | | | | | 92,753 | | |
Orion Oyj, Class B | | | | | 340 | | | | | | 15,736 | | |
Sampo Oyj, Series A (a) | | | | | 84,286 | | | | | | 3,677,448 | | |
UPM-Kymmene Oyj | | | | | 117,088 | | | | | | 4,057,973 | | |
| | | | | | | | | | | 13,589,926 | | |
France — 1.0% | | ||||||||||||
Air France-KLM (b) | | | | | 4,518 | | | | | | 50,297 | | |
Airbus SE | | | | | 351 | | | | | | 51,498 | | |
Alstom SA | | | | | 1,217 | | | | | | 57,653 | | |
Amundi SA (e) | | | | | 275 | | | | | | 21,618 | | |
Atos SE | | | | | 3,879 | | | | | | 324,330 | | |
AXA SA (a) | | | | | 5,542 | | | | | | 156,354 | | |
BNP Paribas SA (a) | | | | | 3,795 | | | | | | 225,906 | | |
Bouygues SA | | | | | 369 | | | | | | 15,709 | | |
Capgemini SE | | | | | 3,954 | | | | | | 484,355 | | |
Carrefour SA | | | | | 1,182 | | | | | | 19,855 | | |
Cie de Saint-Gobain (a) | | | | | 7,637 | | | | | | 313,801 | | |
CNP Assurances | | | | | 9,835 | | | | | | 195,951 | | |
Credit Agricole SA | | | | | 3,864 | | | | | | 56,295 | | |
Dassault Aviation SA | | | | | 28 | | | | | | 36,879 | | |
Dassault Systemes SE | | | | | 673 | | | | | | 111,008 | | |
Electricite de France SA | | | | | 317,389 | | | | | | 3,540,584 | | |
Engie SA (a) | | | | | 16,320 | | | | | | 263,731 | | |
Eutelsat Communications SA | | | | | 2,749 | | | | | | 44,715 | | |
Ingenico Group SA | | | | | 699 | | | | | | 75,993 | | |
L’Oreal SA | | | | | 21,816 | | | | | | 6,478,783 | | |
Natixis SA | | | | | 60,638 | | | | | | 270,257 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Orange SA | | | | | 8,818 | | | | | $ | 129,575 | | |
Peugeot SA (a) | | | | | 22,598 | | | | | | 541,207 | | |
Publicis Groupe SA | | | | | 3,803 | | | | | | 172,195 | | |
Rexel SA | | | | | 4,054 | | | | | | 53,989 | | |
Safran SA (a) | | | | | 570 | | | | | | 88,358 | | |
Sanofi (a) | | | | | 8,501 | | | | | | 853,816 | | |
Schneider Electric SE | | | | | 2,926 | | | | | | 300,992 | | |
Societe BIC SA | | | | | 431 | | | | | | 30,015 | | |
Societe Generale SA (a) | | | | | 2,593 | | | | | | 90,601 | | |
Sopra Steria Group | | | | | 98 | | | | | | 15,791 | | |
Total SA (a) | | | | | 15,344 | | | | | | 847,944 | | |
Unibail-Rodamco-Westfield – REIT | | | | | 597 | | | | | | 94,322 | | |
Vinci SA | | | | | 1,472 | | | | | | 163,532 | | |
Vivendi SA | | | | | 126,952 | | | | | | 3,679,715 | | |
| | | | | | | | | | | 19,857,624 | | |
Germany — 1.6% | | ||||||||||||
Adidas AG (a) | | | | | 1,704 | | | | | | 553,812 | | |
Allianz SE (a) | | | | | 3,366 | | | | | | 825,379 | | |
Bayer AG | | | | | 9,603 | | | | | | 784,949 | | |
Carl Zeiss Meditec AG | | | | | 121 | | | | | | 15,432 | | |
CECONOMY AG (b) | | | | | 12,853 | | | | | | 78,276 | | |
Covestro AG (e) | | | | | 10,038 | | | | | | 466,626 | | |
Deutsche Boerse AG | | | | | 902 | | | | | | 141,856 | | |
Deutsche Lufthansa AG | | | | | 352,889 | | | | | | 6,494,155 | | |
Deutsche Wohnen SE | | | | | 2,457 | | | | | | 100,409 | | |
Fresenius Medical Care AG & Co. KGaA | | | | | 8,700 | | | | | | 645,261 | | |
Fresenius SE & Co. KGaA | | | | | 1,421 | | | | | | 80,210 | | |
HeidelbergCement AG | | | | | 2,183 | | | | | | 159,119 | | |
HOCHTIEF AG | | | | | 1,325 | | | | | | 169,587 | | |
HUGO BOSS AG | | | | | 4,257 | | | | | | 206,556 | | |
Infineon Technologies AG | | | | | 8,779 | | | | | | 201,319 | | |
KION Group AG | | | | | 408 | | | | | | 28,172 | | |
LEG Immobilien AG | | | | | 39,662 | | | | | | 4,697,476 | | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | | | | | 1,780 | | | | | | 525,126 | | |
ProSiebenSat.1 Media SE (a) | | | | | 11,163 | | | | | | 174,558 | | |
Rheinmetall AG | | | | | 1,508 | | | | | | 173,414 | | |
SAP SE (a) | | | | | 905 | | | | | | 121,967 | | |
Siemens AG (a) | | | | | 4,499 | | | | | | 588,109 | | |
Siemens Healthineers AG (e) | | | | | 2,661 | | | | | | 127,779 | | |
Software AG (a) | | | | | 15,902 | | | | | | 556,827 | | |
Uniper SE | | | | | 1,115 | | | | | | 36,904 | | |
Vonovia SE | | | | | 241,454 | | | | | | 12,998,943 | | |
| | | | | | | | | | | 30,952,221 | | |
Greece — 0.1% | | ||||||||||||
Diana Shipping, Inc. (b) | | | | | 254,828 | | | | | | 792,515 | | |
Tsakos Energy Navigation, Ltd. | | | | | 144,587 | | | | | | 630,399 | | |
| | | | | | | | | | | 1,422,914 | | |
Hong Kong — 0.8% | | ||||||||||||
AIA Group, Ltd. | | | | | 511,600 | | | | | | 5,382,879 | | |
Cathay Pacific Airways, Ltd. | | | | | 169,000 | | | | | | 250,010 | | |
| | | Number of Shares | | | Value | | ||||||
CECEP COSTIN New Materials Group, Ltd. (b) (c) (d) | | | | | 1,736,000 | | | | | $ | — | | |
China Mobile, Ltd. | | | | | 68,000 | | | | | | 574,178 | | |
CK Asset Holdings, Ltd. (a) | | | | | 59,000 | | | | | | 427,593 | | |
CK Hutchison Holdings, Ltd. | | | | | 18,000 | | | | | | 171,996 | | |
CLP Holdings, Ltd. | | | | | 4,500 | | | | | | 47,383 | | |
Duiba Group, Ltd. (b) | | | | | 516,200 | | | | | | 361,201 | | |
Hang Seng Bank, Ltd. | | | | | 25,300 | | | | | | 523,553 | | |
HKT Trust / HKT, Ltd. | | | | | 20,000 | | | | | | 28,195 | | |
Hong Kong Exchanges & Clearing, Ltd. | | | | | 73,200 | | | | | | 2,372,526 | | |
Hua Han Health Industry Holdings, Ltd. (b) (c) (d) | | | | | 6,984,000 | | | | | | — | | |
Hysan Development Co., Ltd. | | | | | 35,000 | | | | | | 137,711 | | |
Kerry Properties, Ltd. | | | | | 83,500 | | | | | | 266,096 | | |
Link – REIT | | | | | 6,000 | | | | | | 63,699 | | |
Luks Group Vietnam Holdings Co., Ltd. | | | | | 1,682,000 | | | | | | 347,804 | | |
New World Development Co., Ltd. | | | | | 39,000 | | | | | | 53,487 | | |
PAX Global Technology, Ltd. | | | | | 2,970,000 | | | | | | 1,392,440 | | |
Shangri-La Asia, Ltd. | | | | | 2,236,000 | | | | | | 2,338,921 | | |
SJM Holdings, Ltd. | | | | | 16,000 | | | | | | 18,264 | | |
Sun Hung Kai Properties, Ltd. | | | | | 14,500 | | | | | | 222,419 | | |
Swire Pacific, Ltd., Class A | | | | | 10,500 | | | | | | 97,858 | | |
WH Group, Ltd. (e) | | | | | 331,000 | | | | | | 342,964 | | |
Wheelock & Co., Ltd. | | | | | 4,000 | | | | | | 26,674 | | |
Yue Yuen Industrial Holdings, Ltd. | | | | | 27,000 | | | | | | 79,820 | | |
| | | | | | | | | | | 15,527,671 | | |
Ireland — 0.7% | | ||||||||||||
Accenture plc, Class A | | | | | 2,802 | | | | | | 590,017 | | |
Alkermes plc (a) (b) | | | | | 14,305 | | | | | | 291,822 | | |
Flutter Entertainment PLC – LSE Shares | | | | | 44,119 | | | | | | 5,397,246 | | |
Irish Bank Resolution Corp., Ltd. (b) (c) (d) | | | | | 38,180 | | | | | | — | | |
Jazz Pharmaceuticals plc (b) | | | | | 222 | | | | | | 33,140 | | |
Medtronic plc (a) | | | | | 10,744 | | | | | | 1,218,907 | | |
Smurfit Kappa Group plc | | | | | 127,475 | | | | | | 4,910,310 | | |
| | | | | | | | | | | 12,441,442 | | |
Isle of Man — 0.0% | | ||||||||||||
Playtech plc | | | | | 24,903 | | | | | | 131,152 | | |
Italy — 0.1% | | ||||||||||||
A2A SpA | | | | | 71,025 | | | | | | 133,187 | | |
Assicurazioni Generali SpA | | | | | 12,820 | | | | | | 264,645 | | |
Banca Generali SpA | | | | | 1,608 | | | | | | 52,225 | | |
BPER Banca | | | | | 36,740 | | | | | | 184,898 | | |
Buzzi Unicem SpA | | | | | 601 | | | | | | 15,146 | | |
Enel SpA (a) | | | | | 33,742 | | | | | | 268,431 | | |
Eni SpA | | | | | 14,538 | | | | | | 225,904 | | |
Intesa Sanpaolo SpA | | | | | 19,327 | | | | | | 50,949 | | |
Italgas SpA | | | | | 9,071 | | | | | | 55,481 | | |
Leonardo SpA (a) | | | | | 29,354 | | | | | | 344,004 | | |
Poste Italiane SpA (e) | | | | | 16,268 | | | | | | 184,636 | | |
Snam SpA | | | | | 7,636 | | | | | | 40,235 | | |
Unipol Gruppo SpA | | | | | 31,519 | | | | | | 180,692 | | |
| | | | | | | | | | | 2,000,433 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Japan — 6.1% | | ||||||||||||
Alfresa Holdings Corp. (a) | | | | | 7,200 | | | | | $ | 147,000 | | |
Alps Alpine Co., Ltd. (a) | | | | | 10,600 | | | | | | 239,444 | | |
Amano Corp. | | | | | 205,600 | | | | | | 6,256,630 | | |
Aozora Bank, Ltd. | | | | | 2,600 | | | | | | 68,674 | | |
Astellas Pharma, Inc. (a) | | | | | 12,400 | | | | | | 211,816 | | |
BML, Inc. | | | | | 101,400 | | | | | | 2,910,783 | | |
Brother Industries, Ltd. | | | | | 12,500 | | | | | | 257,382 | | |
Bunka Shutter Co., Ltd. | | | | | 183,100 | | | | | | 1,612,836 | | |
Capcom Co., Ltd. | | | | | 800 | | | | | | 22,219 | | |
Casio Computer Co., Ltd. | | | | | 1,100 | | | | | | 22,104 | | |
Citizen Watch Co., Ltd. | | | | | 13,500 | | | | | | 73,250 | | |
Credit Saison Co., Ltd. | | | | | 3,600 | | | | | | 62,398 | | |
Daicel Corp. | | | | | 3,300 | | | | | | 31,479 | | |
Daiwa House Industry Co., Ltd. | | | | | 1,900 | | | | | | 58,865 | | |
DTS Corp. | | | | | 2,000 | | | | | | 46,500 | | |
Fuji Electric Co., Ltd. | | | | | 2,200 | | | | | | 67,230 | | |
FUJIFILM Holdings Corp. | | | | | 1,200 | | | | | | 57,218 | | |
Fujitsu, Ltd. | | | | | 5,800 | | | | | | 547,305 | | |
Fukuda Corp. | | | | | 3,400 | | | | | | 152,438 | | |
Fukuda Denshi Co., Ltd. | | | | | 3,800 | | | | | | 275,093 | | |
Fukushima Industries Corp. | | | | | 25,500 | | | | | | 954,392 | | |
Glory, Ltd. | | | | | 169,700 | | | | | | 5,122,005 | | |
GungHo Online Entertainment, Inc. (a) | | | | | 7,660 | | | | | | 162,972 | | |
Hachijuni Bank, Ltd. (The) | | | | | 50,200 | | | | | | 218,603 | | |
Hakuhodo DY Holdings, Inc. | | | | | 371,500 | | | | | | 5,975,064 | | |
Haseko Corp. (a) | | | | | 26,900 | | | | | | 360,560 | | |
Hitachi High-Technologies Corp. (a) | | | | | 4,400 | | | | | | 310,925 | | |
Hitachi, Ltd. (a) | | | | | 49,700 | | | | | | 2,093,465 | | |
Hogy Medical Co., Ltd. | | | | | 186,300 | | | | | | 6,087,030 | | |
Hoshizaki Corp. | | | | | 43,500 | | | | | | 3,873,257 | | |
Hoya Corp. | | | | | 1,900 | | | | | | 181,412 | | |
Ibiden Co., Ltd. | | | | | 1,500 | | | | | | 35,587 | | |
Inpex Corp. | | | | | 54,500 | | | | | | 568,514 | | |
ITOCHU Corp. | | | | | 1,000 | | | | | | 23,158 | | |
Japan Airlines Co., Ltd. (a) | | | | | 25,500 | | | | | | 795,739 | | |
Japan Retail Fund Investment Corp. – REIT | | | | | 17 | | | | | | 36,549 | | |
Japan Steel Works, Ltd. (The) | | | | | 26,700 | | | | | | 521,703 | | |
JGC Holdings Corp. | | | | | 1,000 | | | | | | 16,092 | | |
Kajima Corp. (a) | | | | | 14,700 | | | | | | 196,452 | | |
Kamigumi Co., Ltd. (a) | | | | | 48,500 | | | | | | 1,062,604 | | |
Kaneka Corp. | | | | | 1,000 | | | | | | 31,975 | | |
KDDI Corp. (a) | | | | | 3,200 | | | | | | 95,199 | | |
Koito Manufacturing Co., Ltd. | | | | | 2,300 | | | | | | 106,452 | | |
Konica Minolta, Inc. | | | | | 13,500 | | | | | | 88,358 | | |
Kyocera Corp. | | | | | 800 | | | | | | 54,517 | | |
Kyushu Railway Co. | | | | | 1,800 | | | | | | 60,347 | | |
Mabuchi Motor Co., Ltd. | | | | | 2,700 | | | | | | 102,032 | | |
Marubeni Corp. | | | | | 39,700 | | | | | | 293,360 | | |
Mazda Motor Corp. | | | | | 25,500 | | | | | | 217,032 | | |
MINEBEA MITSUMI, Inc. (a) | | | | | 3,800 | | | | | | 78,419 | | |
Miraca Holdings, Inc. | | | | | 175,500 | | | | | | 4,295,639 | | |
Mitsubishi Corp. | | | | | 83,300 | | | | | | 2,209,934 | | |
| | | Number of Shares | | | Value | | ||||||
Mitsubishi Electric Corp. | | | | | 2,000 | | | | | $ | 27,194 | | |
Mitsubishi Estate Co., Ltd. | | | | | 237,400 | | | | | | 4,538,425 | | |
Mitsubishi Gas Chemical Co., Inc. (a) | | | | | 5,400 | | | | | | 82,060 | | |
Mitsubishi Heavy Industries, Ltd. | | | | | 600 | | | | | | 23,205 | | |
Mitsui & Co., Ltd. | | | | | 118,100 | | | | | | 2,100,053 | | |
Mitsui Fudosan Co., Ltd. | | | | | 224,000 | | | | | | 5,470,961 | | |
Mixi, Inc. | | | | | 7,000 | | | | | | 132,756 | | |
Morinaga & Co., Ltd. | | | | | 125,400 | | | | | | 6,046,638 | | |
MS&AD Insurance Group Holdings, Inc. | | | | | 3,900 | | | | | | 128,412 | | |
Murata Manufacturing Co., Ltd. | | | | | 2,800 | | | | | | 173,110 | | |
NEC Corp. | | | | | 8,600 | | | | | | 357,342 | | |
Nihon Unisys, Ltd. | | | | | 900 | | | | | | 28,283 | | |
Nikon Corp. (a) | | | | | 30,300 | | | | | | 370,361 | | |
Nintendo Co., Ltd. (a) | | | | | 600 | | | | | | 242,188 | | |
Nippon Densetsu Kogyo Co., Ltd. | | | | | 8,000 | | | | | | 164,764 | | |
Nippon Express Co., Ltd. (a) | | | | | 1,300 | | | | | | 76,062 | | |
Nippon Telegraph & Telephone Corp. | | | | | 7,600 | | | | | | 192,507 | | |
Nitto Denko Corp. | | | | | 4,700 | | | | | | 263,694 | | |
Nohmi Bosai, Ltd. | | | | | 41,200 | | | | | | 922,439 | | |
Noritz Corp. | | | | | 71,300 | | | | | | 955,043 | | |
NTT DOCOMO, Inc. | | | | | 4,600 | | | | | | 128,549 | | |
Obayashi Corp. (a) | | | | | 9,100 | | | | | | 100,900 | | |
OKUMA Corp. | | | | | 93,600 | | | | | | 4,917,077 | | |
Olympus Corp. (a) | | | | | 2,400 | | | | | | 36,958 | | |
Organo Corp. | | | | | 8,600 | | | | | | 530,823 | | |
ORIX Corp. | | | | | 15,600 | | | | | | 259,668 | | |
Otsuka Corp. | | | | | 900 | | | | | | 35,946 | | |
Panasonic Corp. | | | | | 2,900 | | | | | | 27,200 | | |
Pola Orbis Holdings, Inc. (a) | | | | | 9,200 | | | | | | 219,782 | | |
Resona Holdings, Inc. | | | | | 37,500 | | | | | | 163,514 | | |
Rohm Co., Ltd. | | | | | 1,100 | | | | | | 88,662 | | |
Sankyo Co., Ltd. | | | | | 800 | | | | | | 26,516 | | |
SCSK Corp. | | | | | 500 | | | | | | 26,074 | | |
Secom Co., Ltd. | | | | | 7,800 | | | | | | 696,080 | | |
Sekisui House, Ltd. | | | | | 2,000 | | | | | | 42,712 | | |
Sekisui Jushi Corp. | | | | | 1,700 | | | | | | 35,864 | | |
Seven Bank, Ltd. | | | | | 1,940,900 | | | | | | 6,378,614 | | |
Shimamura Co., Ltd. (a) | | | | | 1,500 | | | | | | 114,464 | | |
Shimizu Corp. | | | | | 1,500 | | | | | | 15,261 | | |
Shinsei Bank, Ltd. | | | | | 17,500 | | | | | | 267,143 | | |
Shionogi & Co., Ltd. (a) | | | | | 4,800 | | | | | | 296,559 | | |
Showa Denko KK | | | | | 7,900 | | | | | | 208,093 | | |
Sinko Industries, Ltd. | | | | | 67,100 | | | | | | 1,175,503 | | |
SK Kaken Co., Ltd. | | | | | 6,200 | | | | | | 2,838,785 | | |
SoftBank Group Corp. | | | | | 5,700 | | | | | | 248,158 | | |
Sojitz Corp. | | | | | 122,500 | | | | | | 394,261 | | |
Sony Corp. (a) | | | | | 9,500 | | | | | | 646,635 | | |
Subaru Corp. | | | | | 2,100 | | | | | | 51,923 | | |
Sumitomo Corp. (a) | | | | | 21,500 | | | | | | 320,543 | | |
Sumitomo Dainippon Pharma Co., Ltd. | | | | | 2,300 | | | | | | 44,873 | | |
Sumitomo Heavy Industries, Ltd. (a) | | | | | 7,300 | | | | | | 206,933 | | |
Sumitomo Mitsui Financial Group, Inc. (a) | | | | | 8,300 | | | | | | 305,541 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | | | | | 400 | | | | | $ | 15,785 | | |
Sumitomo Realty & Development Co., Ltd. (a) | | | | | 2,300 | | | | | | 80,222 | | |
Sumitomo Warehouse Co., Ltd. (The) | | | | | 459,300 | | | | | | 6,157,274 | | |
Sundrug Co., Ltd. | | | | | 2,000 | | | | | | 72,280 | | |
Suzuken Co., Ltd. | | | | | 700 | | | | | | 28,485 | | |
Sysmex Corp. | | | | | 300 | | | | | | 20,391 | | |
Taiheiyo Cement Corp. | | | | | 7,000 | | | | | | 204,810 | | |
Taisei Corp. (a) | | | | | 3,300 | | | | | | 136,628 | | |
Takeuchi Manufacturing Co., Ltd. | | | | | 202,700 | | | | | | 3,032,589 | | |
TDK Corp. | | | | | 500 | | | | | | 56,197 | | |
Teijin, Ltd. | | | | | 2,200 | | | | | | 41,050 | | |
TIS, Inc. | | | | | 600 | | | | | | 35,467 | | |
TKC Corp. | | | | | 10,000 | | | | | | 475,990 | | |
Toei Co., Ltd. | | | | | 51,800 | | | | | | 7,733,094 | | |
Tokyo Electron, Ltd. | | | | | 2,300 | | | | | | 505,432 | | |
Toshiba Corp. | | | | | 1,700 | | | | | | 57,593 | | |
Tosoh Corp. | | | | | 9,000 | | | | | | 138,507 | | |
Toyota Boshoku Corp. (a) | | | | | 1,800 | | | | | | 28,869 | | |
Toyota Tsusho Corp. (a) | | | | | 1,300 | | | | | | 45,566 | | |
TV Asahi Holdings Corp. | | | | | 253,200 | | | | | | 4,683,495 | | |
Yamaguchi Financial Group, Inc. | | | | | 6,200 | | | | | | 41,943 | | |
| | | | | | | | | | | 116,086,789 | | |
Jersey — 0.0% | | ||||||||||||
Breedon Group plc (b) | | | | | 659,862 | | | | | | 726,104 | | |
Kazakhstan — 0.1% | | ||||||||||||
NAC Kazatomprom JSC – GDR (c) (e) | | | | | 91,858 | | | | | | 1,194,154 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere -ADR (b) (c) | | | | | 38,451 | | | | | | 280,692 | | |
Luxembourg — 0.3% | | ||||||||||||
ArcelorMittal SA | | | | | 285,435 | | | | | | 5,042,022 | | |
Millicom International Cellular SA – SDR | | | | | 19,338 | | | | | | 926,862 | | |
SES SA | | | | | 3,829 | | | | | | 53,836 | | |
| | | | | | | | | | | 6,022,720 | | |
Macau — 0.0% | | ||||||||||||
Wynn Macau, Ltd. | | | | | 30,000 | | | | | | 74,209 | | |
Malta — 0.2% | | ||||||||||||
Kambi Group plc (b) | | | | | 167,163 | | | | | | 2,368,684 | | |
Kindred Group plc | | | | | 167,513 | | | | | | 1,026,988 | | |
| | | | | | | | | | | 3,395,672 | | |
Mexico — 0.1% | | ||||||||||||
Fresnillo plc | | | | | 108,168 | | | | | | 916,825 | | |
Vista Oil & Gas Sab de CV – ADR (b) | | | | | 96,531 | | | | | | 757,768 | | |
| | | | | | | | | | | 1,674,593 | | |
Netherlands — 0.2% | | ||||||||||||
Akzo Nobel NV | | | | | 225 | | | | | | 22,941 | | |
ASM International NV | | | | | 4,143 | | | | | | 468,252 | | |
ASML Holding NV (a) | | | | | 957 | | | | | | 285,004 | | |
ASR Nederland NV (a) | | | | | 14,172 | | | | | | 531,384 | | |
ING Groep NV (a) | | | | | 13,306 | | | | | | 159,912 | | |
Koninklijke Ahold Delhaize NV (a) | | | | | 32,398 | | | | | | 811,954 | | |
Koninklijke Philips NV (a) | | | | | 11,410 | | | | | | 557,825 | | |
| | | Number of Shares | | | Value | | ||||||
Randstad NV | | | | | 5,680 | | | | | $ | 347,830 | | |
Royal Dutch Shell plc, Class A – BATS Europe Shares | | | | | 10,307 | | | | | | 306,371 | | |
Royal Dutch Shell plc, Class B | | | | | 12,896 | | | | | | 384,270 | | |
Signify NV (a) (e) | | | | | 15,609 | | | | | | 488,100 | | |
Wolters Kluwer NV | | | | | 1,109 | | | | | | 81,060 | | |
| | | | | | | | | | | 4,444,903 | | |
Norway — 0.1% | | ||||||||||||
DNB ASA | | | | | 5,416 | | | | | | 101,496 | | |
Equinor ASA – SPADR | | | | | 50,640 | | | | | | 1,008,242 | | |
Leroy Seafood Group ASA (a) | | | | | 2,271 | | | | | | 15,100 | | |
Salmar ASA (a) | | | | | 9,826 | | | | | | 503,641 | | |
Tomra Systems ASA (a) | | | | | 11,229 | | | | | | 356,108 | | |
| | | | | | | | | | | 1,984,587 | | |
Portugal — 0.0% | | | | | | | | | | | | | |
EDP – Energias de Portugal SA | | | | | 8,288 | | | | | | 35,930 | | |
Galp Energia SGPS SA (a) | | | | | 3,389 | | | | | | 56,682 | | |
| | | | | | | | | | | 92,612 | | |
Puerto Rico — 0.1% | | ||||||||||||
Popular, Inc. (a) | | | | | 23,716 | | | | | | 1,393,315 | | |
Russia — 1.0% | | ||||||||||||
Etalon Group plc – GDR (g) | | | | | 891,013 | | | | | | 1,552,225 | | |
Evraz plc | | | | | 26,297 | | | | | | 141,142 | | |
Federal Grid Co. Unified Energy System PJSC (b) (c) | | | | | 933,586,654 | | | | | | 3,021,086 | | |
Gazprom PJSC (c) | | | | | 950,593 | | | | | | 3,927,551 | | |
Lenta, Ltd. – GDR (b) (g) | | | | | 512,202 | | | | | | 1,506,129 | | |
LSR Group PJSC (b) (c) | | | | | 22,724 | | | | | | 280,072 | | |
Moscow Exchange MICEX-RTS PJSC (b) (c) | | | | | 478,466 | | | | | | 830,164 | | |
Polyus PJSC – GDR (g) | | | | | 31,609 | | | | | | 1,789,028 | | |
RusHydro PJSC (b) (c) | | | | | 351,705,243 | | | | | | 3,149,520 | | |
RusHydro PJSC – ADR | | | | | 1,338,766 | | | | | | 1,133,812 | | |
Sberbank of Russia PJSC (c) | | | | | 510,878 | | | | | | 2,096,856 | | |
| | | | | | | | | | | 19,427,585 | | |
Singapore — 0.9% | | ||||||||||||
ComfortDelGro Corp., Ltd. | | | | | 189,300 | | | | | | 335,292 | | |
Genting Singapore, Ltd. | | | | | 268,500 | | | | | | 183,818 | | |
Golden Agri-Resources, Ltd. | | | | | 20,474,600 | | | | | | 3,583,097 | | |
Sea, Ltd. – ADR (b) | | | | | 341,900 | | | | | | 13,751,218 | | |
Venture Corp., Ltd. | | | | | 8,300 | | | | | | 100,149 | | |
| | | | | | | | | | | 17,953,574 | | |
South Africa — 0.1% | | ||||||||||||
Gold Fields, Ltd. | | | | | 91,076 | | | | | | 611,998 | | |
Impala Platinum Holdings, Ltd. (b) | | | | | 94,570 | | | | | | 970,224 | | |
Investec plc | | | | | 20,615 | | | | | | 121,402 | | |
| | | | | | | | | | | 1,703,624 | | |
South Korea — 0.5% | | ||||||||||||
Hankook Technology Group Co., Ltd. | | | | | 54,003 | | | | | | 671,297 | | |
Hyundai Motor Co., Ltd. | | | | | 15,147 | | | | | | 1,574,995 | | |
Korea Electric Power Corp. | | | | | 2,154 | | | | | | 51,649 | | |
Korea Electric Power Corp. – SPADR | | | | | 126,443 | | | | | | 1,495,821 | | |
KT Corp. | | | | | 39,961 | | | | | | 933,085 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
KT Corp. – SPADR | | | | | 345,451 | | | | | $ | 4,007,232 | | |
LG Corp. | | | | | 8,726 | | | | | | 555,459 | | |
Pyeong Hwa Automotive Co., Ltd. | | | | | 14,462 | | | | | | 107,929 | | |
| | | | | | | | | | | 9,397,467 | | |
Spain — 0.4% | | ||||||||||||
ACS, Actividades de Construccion y Servicios SA | | | | | 3,251 | | | | | | 130,321 | | |
Amadeus IT Group SA | | | | | 75,735 | | | | | | 6,205,486 | | |
Banco Bilbao Vizcaya Argentaria SA | | | | | 60,369 | | | | | | 340,207 | | |
Enagas SA (a) | | | | | 12,777 | | | | | | 326,404 | | |
Endesa SA | | | | | 15,942 | | | | | | 425,621 | | |
Iberdrola SA (a) | | | | | 35,743 | | | | | | 368,118 | | |
Mediaset Espana Comunicacion SA | | | | | 5,658 | | | | | | 35,983 | | |
Naturgy Energy Group SA | | | | | 3,865 | | | | | | 97,298 | | |
Red Electrica Corp. SA (a) | | | | | 15,208 | | | | | | 305,912 | | |
Repsol SA | | | | | 3,530 | | | | | | 55,376 | | |
| | | | | | | | | | | 8,290,726 | | |
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings plc | | | | | 1,538,439 | | | | | | 704,024 | | |
Sweden — 1.0% | | ||||||||||||
AAK AB (a) | | | | | 58,369 | | | | | | 1,109,449 | | |
AF POYRY AB (a) | | | | | 41,647 | | | | | | 972,739 | | |
Atlas Copco AB, Class B (a) | | | | | 9,711 | | | | | | 336,926 | | |
Boule Diagnostics AB | | | | | 11,429 | | | | | | 83,176 | | |
Eastnine AB | | | | | 124,241 | | | | | | 1,823,496 | | |
Electrolux AB, Series B (a) | | | | | 8,287 | | | | | | 203,383 | | |
Essity AB, Class B (a) | | | | | 6,223 | | | | | | 200,618 | | |
Fortnox AB (a) (b) | | | | | 28,572 | | | | | | 513,515 | | |
Getinge AB, Class B (a) | | | | | 16,406 | | | | | | 304,643 | | |
Greater Than AB (b) | | | | | 86,936 | | | | | | 792,983 | | |
Hennes & Mauritz AB, Class B (a) | | | | | 58,026 | | | | | | 1,179,539 | | |
ICA Gruppen AB | | | | | 342 | | | | | | 15,972 | | |
Infant Bacterial Therapeutics AB (b) | | | | | 17,275 | | | | | | 263,890 | | |
Investor AB, Class B | | | | | 1,535 | | | | | | 83,867 | | |
Karnov Group AB (a) (b) | | | | | 204,314 | | | | | | 1,153,464 | | |
Lime Technologies AB | | | | | 15,840 | | | | | | 247,464 | | |
MIPS AB (a) | | | | | 7,952 | | | | | | 168,372 | | |
Modern Times Group MTG AB, Series B (a) (b) | | | | | 59,512 | | | | | | 709,246 | | |
Nolato AB, Class B (a) | | | | | 8,572 | | | | | | 503,477 | | |
Nordic Entertainment Group AB, Class B (a) | | | | | 117,648 | | | | | | 3,804,284 | | |
Saab AB, Class B (a) | | | | | 83,621 | | | | | | 2,800,368 | | |
Sandvik AB | | | | | 10,883 | | | | | | 212,704 | | |
Swedish Match AB | | | | | 784 | | | | | | 40,418 | | |
Swedish Orphan Biovitrum AB (b) | | | | | 11,832 | | | | | | 195,457 | | |
Telefonaktiebolaget LM Ericsson, Series B (a) | | | | | 57,483 | | | | | | 503,684 | | |
Veoneer, Inc. SDR (a) (b) | | | | | 17,359 | | | | | | 277,551 | | |
Volvo AB, Class B | | | | | 11,293 | | | | | | 189,513 | | |
| | | | | | | | | | | 18,690,198 | | |
Switzerland — 0.3% | | ||||||||||||
Adecco Group AG (a) | | | | | 8,783 | | | | | | 555,262 | | |
Coca-Cola HBC AG (b) | | | | | 1,712 | | | | | | 58,391 | | |
Credit Suisse Group AG (b) | | | | | 15,570 | | | | | | 211,300 | | |
| | | Number of Shares | | | Value | | ||||||
Garmin, Ltd. | | | | | 3,457 | | | | | $ | 337,265 | | |
Glencore plc (b) | | | | | 60,968 | | | | | | 190,642 | | |
Helvetia Holding AG | | | | | 582 | | | | | | 82,236 | | |
LafargeHolcim, Ltd. (b) | | | | | 4,601 | | | | | | 255,133 | | |
Nestle SA (a) | | | | | 11,633 | | | | | | 1,260,279 | | |
Novartis AG | | | | | 6,599 | | | | | | 625,205 | | |
Roche Holding AG (a) | | | | | 5,242 | | | | | | 1,699,761 | | |
Sonova Holding AG | | | | | 1,867 | | | | | | 427,143 | | |
STMicroelectronics NV | | | | | 4,279 | | | | | | 115,487 | | |
TE Connectivity, Ltd. | | | | | 1,258 | | | | | | 120,567 | | |
UBS Group AG (a) (b) | | | | | 32,724 | | | | | | 413,005 | | |
| | | | | | | | | | | 6,351,676 | | |
Taiwan — 0.2% | | ||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. – SPADR | | | | | 63,318 | | | | | | 3,678,776 | | |
Turkey — 0.1% | | ||||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS – REIT | | | | | 2,041,481 | | | | | | 501,331 | | |
Turkiye Halk Bankasi AS (b) | | | | | 524,450 | | | | | | 521,378 | | |
| | | | | | | | | | | 1,022,709 | | |
Ukraine — 0.2% | | ||||||||||||
Astarta Holding NV (b) | | | | | 90,707 | | | | | | 382,999 | | |
Kernel Holding SA | | | | | 99,236 | | | | | | 1,183,486 | | |
MHP SE – GDR – OTC Shares (g) | | | | | 241,044 | | | | | | 2,338,620 | | |
| | | | | | | | | | | 3,905,105 | | |
United Kingdom — 4.8% | | ||||||||||||
Aggreko plc | | | | | 10,176 | | | | | | 112,332 | | |
Anglo American plc | | | | | 7,853 | | | | | | 226,652 | | |
Ashmore Group plc | | | | | 4,106 | | | | | | 28,251 | | |
Ashtead Group plc | | | | | 1,757 | | | | | | 56,225 | | |
AstraZeneca plc | | | | | 3,289 | | | | | | 329,060 | | |
Aviva plc | | | | | 19,499 | | | | | | 108,777 | | |
BAE Systems plc | | | | | 21,275 | | | | | | 159,405 | | |
Balfour Beatty plc | | | | | 6,811 | | | | | | 23,645 | | |
Barclays plc | | | | | 109,981 | | | | | | 262,641 | | |
Barratt Developments plc | | | | | 17,039 | | | | | | 168,892 | | |
Bellway plc | | | | | 2,720 | | | | | | 137,435 | | |
Berkeley Group Holdings plc (UNIT) | | | | | 2,488 | | | | | | 161,336 | | |
BP plc | | | | | 49,166 | | | | | | 308,632 | | |
BP plc – SPADR | | | | | 53,800 | | | | | | 2,030,412 | | |
British American Tobacco plc | | | | | 4,760 | | | | | | 202,801 | | |
BT Group plc | | | | | 3,305,351 | | | | | | 8,470,993 | | |
Burberry Group plc | | | | | 4,208 | | | | | | 123,150 | | |
Compass Group plc | | | | | 623 | | | | | | 15,607 | | |
ConvaTec Group plc (e) | | | | | 15,497 | | | | | | 40,849 | | |
Delphi Technologies plc | | | | | 16,427 | | | | | | 210,758 | | |
Diageo plc | | | | | 101,829 | | | | | | 4,291,040 | | |
Dialog Semiconductor plc (b) | | | | | 7,684 | | | | | | 389,330 | | |
Drax Group plc | | | | | 46,263 | | | | | | 192,200 | | |
Dunelm Group plc | | | | | 7,173 | | | | | | 110,049 | | |
easyJet plc | | | | | 130,430 | | | | | | 2,481,030 | | |
Fiat Chrysler Automobiles NV (a) | | | | | 53,819 | | | | | | 797,072 | | |
Forterra plc (e) | | | | | 180,999 | | | | | | 830,983 | | |
Gabriel Resources, Ltd. (b) | | | | | 1,962,000 | | | | | | 710,131 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
GlaxoSmithKline plc | | | | | 12,115 | | | | | $ | 285,015 | | |
Hays plc | | | | | 41,353 | | | | | | 99,693 | | |
Howden Joinery Group plc | | | | | 4,545 | | | | | | 40,736 | | |
HSBC Holdings plc – LSE Shares | | | | | 53,638 | | | | | | 421,227 | | |
Ibstock plc (e) | | | | | 495,872 | | | | | | 2,087,414 | | |
Inchcape plc | | | | | 13,705 | | | | | | 128,147 | | |
Indivior plc (b) | | | | | 229,781 | | | | | | 118,955 | | |
InterContinental Hotels Group plc | | | | | 51,424 | | | | | | 3,542,296 | | |
International Consolidated Airlines Group SA | | | | | 687,159 | | | | | | 5,706,326 | | |
Intertek Group plc | | | | | 81,558 | | | | | | 6,329,937 | | |
JD Sports Fashion plc | | | | | 10,947 | | | | | | 122,269 | | |
Kingfisher plc | | | | | 49,706 | | | | | | 144,151 | | |
Lloyds Banking Group plc | | | | | 9,439,999 | | | | | | 7,878,872 | | |
London Stock Exchange Group plc | | | | | 1,073 | | | | | | 110,832 | | |
Man Group PLC | | | | | 70,110 | | | | | | 146,955 | | |
Marks & Spencer Group plc | | | | | 49,333 | | | | | | 139,903 | | |
Marshalls plc | | | | | 108,088 | | | | | | 1,237,463 | | |
Meggitt plc | | | | | 16,473 | | | | | | 143,545 | | |
Melrose Industries plc | | | | | 36,085 | | | | | | 115,341 | | |
Micro Focus International plc | | | | | 2,733 | | | | | | 38,588 | | |
Mondi plc | | | | | 3,923 | | | | | | 92,609 | | |
Moneysupermarket.com Group plc | | | | | 30,002 | | | | | | 131,715 | | |
National Grid plc | | | | | 2,124 | | | | | | 26,692 | | |
Next plc | | | | | 759 | | | | | | 70,671 | | |
nVent Electric plc | | | | | 15,964 | | | | | | 408,359 | | |
Persimmon plc | | | | | 4,691 | | | | | | 168,989 | | |
Polypipe Group plc | | | | | 112,984 | | | | | | 808,689 | | |
Prudential plc | | | | | 2,025 | | | | | | 38,964 | | |
Reckitt Benckiser Group plc | | | | | 62,565 | | | | | | 5,080,653 | | |
RELX plc | | | | | 1,890 | | | | | | 47,679 | | |
Rio Tinto plc | | | | | 83,844 | | | | | | 4,981,756 | | |
Rio Tinto, Ltd. | | | | | 1,842 | | | | | | 130,270 | | |
Royal Bank of Scotland Group plc | | | | | 1,490,462 | | | | | | 4,777,160 | | |
Royal Mail plc | | | | | 40,815 | | | | | | 122,464 | | |
Sage Group plc (The) | | | | | 554,955 | | | | | | 5,514,256 | | |
Savills plc | | | | | 17,056 | | | | | | 256,671 | | |
Smith & Nephew plc | | | | | 4,782 | | | | | | 115,517 | | |
Smiths Group plc | | | | | 28,669 | | | | | | 640,962 | | |
Standard Chartered plc | | | | | 4,034 | | | | | | 38,100 | | |
Standard Life Aberdeen plc | | | | | 36,447 | | | | | | 158,811 | | |
Stolt-Nielsen, Ltd. | | | | | 86,206 | | | | | | 1,119,455 | | |
Tate & Lyle plc | | | | | 12,227 | | | | | | 123,239 | | |
Taylor Wimpey plc | | | | | 62,514 | | | | | | 161,785 | | |
Tesco plc | | | | | 2,319,899 | | | | | | 7,858,697 | | |
Travis Perkins plc | | | | | 1,576 | | | | | | 33,717 | | |
Unilever plc | | | | | 78,435 | | | | | | 4,490,346 | | |
Vodafone Group plc | | | | | 26,192 | | | | | | 50,848 | | |
WH Smith plc | | | | | 482 | | | | | | 16,630 | | |
Whitbread plc | | | | | 14,523 | | | | | | 934,595 | | |
William Hill plc | | | | | 24,496 | | | | | | 61,232 | | |
| | | Number of Shares | | | Value | | ||||||
Yellow Cake plc (b) (e) | | | | | 345,099 | | | | | $ | 919,703 | | |
| | | | | | | | | | | 91,198,587 | | |
Total Foreign Common Stocks (Cost $662,606,821) | | | | | | | | | | | 745,002,028 | | |
Total Common Stocks (Cost $1,084,842,397) | | | | | | | | | | | 1,226,572,419 | | |
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | ||||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (b) (c) (d) (Cost $77,784) | | | | | 367,492 | | | | | $ | 173,197 | | |
Warrants — 0.0% | | ||||||||||||
AYR Strategies, Inc., Expiring 12/21/25 (Canada) (b) | | | | | 32,400 | | | | | | 74,853 | | |
Charlottes Web Holdings, Inc., Expiring 12/03/21 (United States) (b) | | | | | 26,200 | | | | | | 23,405 | | |
Excellon Resources, Inc., Expiring 08/27/21 (Canada) (b) | | | | | 250,000 | | | | | | 41,392 | | |
Green Organic Dutchman Holdings, Ltd. (The), Expiring 12/19/22 (Canada) (b) | | | | | 132,200 | | | | | | 16,798 | | |
Subversive Capital Acquistion Corp., Expiring 07/16/27 (Canada) (b) | | | | | 31,650 | | | | | | 33,232 | | |
Synaptive Medical, Inc., Expiring 12/06/22 (Canada) (b) (c) (d) (f) | | | | | 37,142 | | | | | | 10,771 | | |
Total Warrants (Cost $122,526) | | | | | | | | | | | 200,451 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.1% | | ||||||||||||
Media — 0.0% | | | |||||||||||
Catena Media plc, 5.5%, 03/02/2021 (Malta) | | | | $ | 200,000 | | | | | $ | 205,047 | | |
Metals & Mining — 0.1% | | ||||||||||||
IAMGOLD Corp., 7.0%, 04/15/2025 (Canada) (e) | | | | | 382,000 | | | | | | 397,990 | | |
Total Corporate Bonds (Cost $601,997) | | | | | | | | | | | 603,037 | | |
Convertible Bonds — 0.0% | | ||||||||||||
Food & Beverage — 0.0% | | ||||||||||||
TerraVia Holdings, Inc., 5.000%, 01/13/20(b) (h) (Cost $0) | | | | | 501,400 | | | | | | 1,905 | | |
US Treasury Bonds/Notes — 6.3% | | ||||||||||||
US Treasury Inflation Indexed Note, 0.125%, 01/15/23 | | | | | 12,160,249 | | | | | | 12,159,037 | | |
US Treasury Inflation Indexed Note, 0.625%, 04/15/23 | | | | | 13,002,169 | | | | | | 13,203,392 | | |
US Treasury Inflation Indexed Note, 0.375%, 07/15/23 | | | | | 12,056,563 | | | | | | 12,223,120 | | |
US Treasury Inflation Indexed Note, 0.625%, 01/15/24 | | | | | 12,021,087 | | | | | | 12,275,557 | | |
US Treasury Inflation Indexed Note, 0.500%, 04/15/24 | | | | | 8,761,652 | | | | | | 8,903,300 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Principal Amount | | | Value | | ||||||
US Treasury Inflation Indexed Note, 0.125%, 07/15/24 | | | | $ | 11,821,344 | | | | | $ | 11,891,726 | | |
US Treasury Inflation Indexed Note, 0.125%, 10/15/24 | | | | | 4,752,079 | | | | | | 4,779,432 | | |
US Treasury Note, 2.250%, 03/31/21 | | | | | 6,651,000 | | | | | | 6,701,662 | | |
US Treasury Note, 1.125%, 09/30/21 | | | | | 6,058,000 | | | | | | 6,009,252 | | |
US Treasury Note, 1.750%, 04/30/22 | | | | | 2,064,000 | | | | | | 2,071,740 | | |
US Treasury Note, 1.375%, 10/15/22 | | | | | 3,912,000 | | | | | | 3,888,161 | | |
US Treasury Note, 1.500%, 03/31/23 | | | | | 4,022,000 | | | | | | 4,007,389 | | |
US Treasury Note, 1.375%, 09/30/23 | | | | | 2,870,000 | | | | | | 2,841,412 | | |
US Treasury Note, 2.500%, 05/15/24 | | | | | 2,590,000 | | | | | | 2,679,942 | | |
US Treasury Note, 1.500%, 09/30/24 | | | | | 3,340,000 | | | | | | 3,312,210 | | |
US Treasury Note, 2.125%, 05/15/25 | | | | | 2,861,000 | | | | | | 2,920,008 | | |
US Treasury Note, 2.250%, 11/15/25 | | | | | 3,017,000 | | | | | | 3,099,143 | | |
US Treasury Note, 1.625%, 10/31/26 | | | | | 728,000 | | | | | | 718,928 | | |
US Treasury Note, 2.000%, 11/15/26 | | | | | 1,335,000 | | | | | | 1,350,488 | | |
US Treasury Note, 2.250%, 08/15/27 | | | | | 1,052,000 | | | | | | 1,082,040 | | |
US Treasury Note, 2.750%, 02/15/28 | | | | | 1,372,000 | | | | | | 1,462,734 | | |
US Treasury Note, 3.125%, 11/15/28 | | | | | 1,892,000 | | | | | | 2,081,717 | | |
US Treasury Note, 1.625%, 08/15/29 | | | | | 1,402,000 | | | | | | 1,366,895 | | |
Total US Treasury Bonds/Notes (Cost $119,201,983) | | | | | | | | | | | 121,029,285 | | |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds — 16.8% | | ||||||||||||
Exchange-Traded Fund (ETF) — 3.9% | | ||||||||||||
Financial Select Sector SPDR Fund | | | | | 2,401,776 | | | | | $ | 73,926,665 | | |
Private Investment Funds (i) — 12.9% | | ||||||||||||
Canyon Value Realization Fund, LP (b) (c) (d) (f) | | | | | | | | | | | 63,732,675 | | |
Eversept Global Healthcare Fund, LP (b) (c) (d) (f) | | | | | | | | | | | 42,098,344 | | |
Farallon Capital Institutional Partners, LP (b) (c) (d) (f) | | | | | | | | | | | 1,912,778 | | |
GSA Trend Fund, Ltd. (b) (c) (d) (f) | | | | | 322,417 | | | | | | 28,169,056 | | |
Honeycomb Partners, LP (b) (c) (d) (f) | | | | | | | | | | | 73,198,987 | | |
Lansdowne Developed Markets Fund, Ltd. (b) (c) (d) (f) | | | | | 36,435 | | | | | | 22,308,437 | | |
Neo Ivy Capital Fund, LP (b) (c) (d) (f) | | | | | | | | | | | 9,564,119 | | |
QVT Roiv Hldgs Onshore, Ltd. (b) (c) (d) (f) | | | | | 3,114 | | | | | | 5,390,177 | | |
| | | | | | | | | | | 246,374,573 | | |
Total Acquired Funds (Cost $230,766,678) | | | | | | | | | | | 320,301,238 | | |
Preferred Stocks — 0.1% | | ||||||||||||
Draegerwerk AG & Co. KGAA, 0.34% (Germany) | | | | | 10,976 | | | | | | 685,700 | | |
Hyundai Motor Co., Ltd., 1.27% (South Korea) | | | | | 21,579 | | | | | | 1,481,354 | | |
Hyundai Motor Co., Ltd., 1.40% (South Korea) | | | | | 716 | | | | | | 44,380 | | |
Synaptive Medical, Inc., 0.00% (Canada) (b) (c) (d) (f) | | | | | 74,285 | | | | | | 185,713 | | |
Volkswagen AG, 2.72% (Germany) | | | | | 528 | | | | | | 104,376 | | |
Total Preferred Stocks (Cost $2,289,908) | | | | | | | | | | | 2,501,523 | | |
| | | Number of Contracts | | | Value | | ||||||
Purchased Option Contracts — 0.0% | | ||||||||||||
Calls — 0.0% | | ||||||||||||
Cimarex Energy Co., Notional Amount $850,000, Strike Price $50 Expiring 01/17/2020 (United States) | | | | | 170 | | | | | $ | 54,400 | | |
Eog Resources, Inc., Notional Amount $1,831,500, Strike Price $82.5 Expiring 01/17/2020 (United States) | | | | | 222 | | | | | | 58,164 | | |
Eqt Corp., Notional Amount $815,100, Strike Price $11 Expiring 01/17/2020 (United States) | | | | | 741 | | | | | | 37,049 | | |
Laredo Petroleum, Inc., Notional Amount $600,000, Strike Price $3 Expiring 01/17/2020 (United States) | | | | | 2,000 | | | | | | 26,000 | | |
Range Resources Corp., Notional Amount $927,000, Strike Price $5 Expiring 01/24/2020 (United States) | | | | | 1,854 | | | | | | 61,182 | | |
Saab AB, Notional Amount $5,040,000, Strike Price $350 Expiring 02/21/2020 (Sweden) | | | | | 144 | | | | | | 3,844 | | |
Targa Resources Corp., Notional Amount $2,960,000, Strike Price $40 Expiring 01/17/2020 (United States) | | | | | 740 | | | | | | 111,000 | | |
Total Calls (Cost $309,165) | | | | | | | | | | | 351,639 | | |
Puts — 0.0% | | ||||||||||||
Alfa Laval AB, Notional Amount $11,400,000, Strike Price $200 Expiring 03/20/2020 (Sweden) | | | | | 570 | | | | | | 6,086 | | |
Apache Corp., Notional Amount $1,214,000, Strike Price $20 Expiring 01/17/2020 (United States) | | | | | 607 | | | | | | 2,428 | | |
Epiroc AB, Notional Amount $5,770,000, Strike Price $100 Expiring 03/20/2020 (Sweden) | | | | | 577 | | | | | | 4,620 | | |
Essity AB, Notional Amount $7,410,000, Strike Price $260 Expiring 01/17/2020 (Sweden) (c) | | | | | 285 | | | | | | — | | |
Exxon Mobil Corp., Notional Amount $3,009,500, Strike Price $65 Expiring 02/21/2020 (United States) | | | | | 463 | | | | | | 32,873 | | |
Hess Corp., Notional Amount $2,310,000, Strike Price $60 Expiring 01/17/2020 (United States) | | | | | 385 | | | | | | 8,855 | | |
Mowi ASA, Notional Amount $9,008,538, Strike Price $207.57 Expiring 03/20/2020 (Norway) | | | | | 434 | | | | | | 12,233 | | |
Murphy Oil Corp., Notional Amount $925,000, Strike Price $25 Expiring 01/17/2020 (United States) | | | | | 370 | | | | | | 11,840 | | |
Oneok, Inc., Notional Amount $2,158,000, Strike Price $65 Expiring 01/17/2020 (United States) | | | | | 332 | | | | | | 1,660 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Contracts | | | Value | | ||||||
Sandvik AB, Notional Amount $13,456,000, Strike Price $160 Expiring 03/20/2020 (Sweden) | | | | | 841 | | | | | $ | 14,815 | | |
Sandvik AB, Notional Amount $4,692,000, Strike Price $170 Expiring 03/20/2020 (Sweden) | | | | | 276 | | | | | | 9,724 | | |
Skf AB, Notional Amount $17,391,000, Strike Price $155 Expiring 01/17/2020 (Sweden) | | | | | 1,122 | | | | | | 119 | | |
Skf AB, Notional Amount $9,605,000, Strike Price $170 Expiring 03/20/2020 (Sweden) | | | | | 565 | | | | | | 13,271 | | |
Skf AB, Notional Amount $4,968,000, Strike Price $180 Expiring 03/20/2020 (Sweden) | | | | | 276 | | | | | | 12,376 | | |
Southwestern Energy Co., Notional Amount $740,200, Strike Price $2 Expiring 01/17/2020 (United States) | | | | | 3,701 | | | | | | 14,804 | | |
Southwestern Energy Co., Notional Amount $370,800, Strike Price $2 Expiring 03/20/2020 (United States) | | | | | 1,854 | | | | | | 35,041 | | |
SPDR S&P 500 ETF Trust, Notional Amount $23,190,000, Strike Price $300 Expiring 01/17/2020 (United States) | | | | | 773 | | | | | | 26,282 | | |
Trelleborg AB, Notional Amount $12,525,000, Strike Price $150 Expiring 03/20/2020 (Sweden) | | | | | 835 | | | | | | 11,590 | | |
Trelleborg AB, Notional Amount $4,278,000, Strike Price $155 Expiring 03/20/2020 (Sweden) | | | | | 276 | | | | | | 6,630 | | |
Total Puts (Cost $1,451,853) | | | | | | | | | | | 225,247 | | |
Total Purchased Option Contracts (Cost $1,761,018) | | | | | | | | | | | 576,886 | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (b) (c) (d) (f) | | | | | 260,322 | | | | | | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 12.2% | | ||||||||||||
Repurchase Agreement — 9.6% | | ||||||||||||
Fixed Income Clearing Corp. issued on 12/31/19 (proceeds at maturity $182,812,044) (collateralized by US Treasury Note, due 12/31/21 with a total par value of $184,045,000 and a total market value of $184,275,056; and US Treasury Bond, due 08/15/45 with a total par value of $1,975,000 and a total market value of $2,197,995) 0.120%, 01/02/20 | | ||||||||||||
(Cost $182,810,826) | | | | $ | 182,810,826 | | | | | $ | 182,810,826 | | |
US Treasury Bill (j) — 2.6% | | ||||||||||||
US Treasury Bill, 2.033%, 01/16/20(k) (Cost $49,958,656) | | | | | 50,000,000 | | | | | | 49,958,655 | | |
Total Short-Term Investments (Cost $232,769,482) | | | | | | | | | | | 232,769,481 | | |
Total Investments – 99.6% (Cost $1,672,433,773) | | | | | | | | | | | 1,904,729,422 | | |
Other Assets in Excess of Liabilities – 0.4% | | | | | | | | | | | 8,224,153 | | |
Net Assets – 100.0% | | | | | | | | | | $ | 1,912,953,575 | | |
|
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (8.5)% | | ||||||||||||
Common Stocks — (8.5)% | | ||||||||||||
US Common Stocks — (5.2)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
Axon Enterprise, Inc. (b) | | | | | (15,411) | | | | | $ | (1,129,318) | | |
TransDigm Group, Inc. | | | | | (903) | | | | | | (505,680) | | |
| | | | | | | | | | | (1,634,998) | | |
Airlines — (0.0)% | | ||||||||||||
American Airlines Group, Inc. | | | | | (11,439) | | | | | | (328,071) | | |
Delta Air Lines, Inc. | | | | | (5,081) | | | | | | (297,137) | | |
| | | | | | | | | | | (625,208) | | |
Auto Components — (0.0)% | | ||||||||||||
Adient plc (b) | | | | | (10,635) | | | | | | (225,994) | | |
Visteon Corp. (b) | | | | | (1,426) | | | | | | (123,477) | | |
| | | | | | | | | | | (349,471) | | |
Automobiles — (0.0)% | | ||||||||||||
General Motors Co. | | | | | (4,015) | | | | | | (146,949) | | |
Tesla, Inc. (b) | | | | | (1,261) | | | | | | (527,514) | | |
| | | | | | | | | | | (674,463) | | |
Biotechnology — (0.2)% | | ||||||||||||
Agios Pharmaceuticals, Inc. (b) | | | | | (4,610) | | | | | | (220,128) | | |
Alnylam Pharmaceuticals, Inc. (b) | | | | | (8,380) | | | | | | (965,125) | | |
Bluebird Bio, Inc. (b) | | | | | (8,484) | | | | | | (744,471) | | |
Exact Sciences Corp. (b) | | | | | (5,984) | | | | | | (553,400) | | |
Gilead Sciences, Inc. | | | | | (541) | | | | | | (35,154) | | |
Ionis Pharmaceuticals, Inc. (b) | | | | | (1,257) | | | | | | (75,935) | | |
Ligand Pharmaceuticals, Inc. (b) | | | | | (8,254) | | | | | | (860,810) | | |
Sage Therapeutics, Inc. (b) | | | | | (7,603) | | | | | | (548,861) | | |
| | | | | | | | | | | (4,003,884) | | |
Building Products — (0.0)% | | ||||||||||||
Owens Corning | | | | | (668) | | | | | | (43,500) | | |
Trex Co., Inc. (b) | | | | | (2,636) | | | | | | (236,924) | | |
| | | | | | | | | | | (280,424) | | |
Capital Markets — (0.0)% | | ||||||||||||
Virtu Financial, Inc., Class A | | | | | (44,550) | | | | | | (712,355) | | |
Chemicals — (0.1)% | | ||||||||||||
Albemarle Corp. | | | | | (10,317) | | | | | | (753,554) | | |
Chemours Co. (The) | | | | | (12,745) | | | | | | (230,557) | | |
International Flavors & Fragrances, Inc. | | | | | (10,326) | | | | | | (1,332,261) | | |
Mosaic Co. (The) | | | | | (9,916) | | | | | | (214,582) | | |
| | | | | | | | | | | (2,530,954) | | |
Commercial Services & Supplies — (0.1)% | | ||||||||||||
Square, Inc., Class A (b) | | | | | (5,868) | | | | | | (367,102) | | |
Stericycle, Inc. (b) | | | | | (10,662) | | | | | | (680,342) | | |
| | | | | | | | | | | (1,047,444) | | |
Communications Equipment — (0.0)% | | ||||||||||||
Lumentum Holdings, Inc. (b) | | | | | (633) | | | | | | (50,197) | | |
Ubiquiti, Inc. | | | | | (811) | | | | | | (153,263) | | |
ViaSat, Inc. (b) | | | | | (1,857) | | | | | | (135,923) | | |
| | | | | | | | | | | (339,383) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Construction & Engineering — (0.0)% | | ||||||||||||
Dycom Industries, Inc. (b) | | | | | (517) | | | | | $ | (24,377) | | |
Granite Construction, Inc. | | | | | (1,507) | | | | | | (41,699) | | |
| | | | | | | | | | | (66,076) | | |
Containers & Packaging — (0.0)% | | ||||||||||||
O-I Glass, Inc. | | | | | (4,438) | | | | | | (52,945) | | |
Diversified Consumer Services — (0.0)% | | ||||||||||||
WW International, Inc. (b) | | | | | (2,083) | | | | | | (79,591) | | |
Electric Utilities — (0.0)% | | ||||||||||||
Edison International | | | | | (4,833) | | | | | | (364,457) | | |
Electronic Equipment, Instruments & Components — (0.1)% | | ||||||||||||
Cognex Corp. | | | | | (8,662) | | | | | | (485,418) | | |
IPG Photonics Corp. (b) | | | | | (3,580) | | | | | | (518,814) | | |
Littelfuse, Inc. | | | | | (767) | | | | | | (146,727) | | |
| | | | | | | | | | | (1,150,959) | | |
Energy Equipment & Services — (0.5)% | | ||||||||||||
Baker Hughes Co. | | | | | (9,745) | | | | | | (249,764) | | |
Halliburton Co. | | | | | (64,661) | | | | | | (1,582,255) | | |
Helmerich & Payne, Inc. | | | | | (13,126) | | | | | | (596,314) | | |
National Oilwell Varco, Inc. | | | | | (21,908) | | | | | | (548,795) | | |
Patterson-UTI Energy, Inc. | | | | | (361,258) | | | | | | (3,793,209) | | |
RPC, Inc. | | | | | (335,129) | | | | | | (1,756,076) | | |
Transocean, Ltd. (b) | | | | | (58,148) | | | | | | (400,058) | | |
| | | | | | | | | | | (8,926,471) | | |
Food Products — (0.1)% | | ||||||||||||
Conagra Brands, Inc. | | | | | (22,362) | | | | | | (765,675) | | |
Hain Celestial Group, Inc. (The) (b) | | | | | (17,594) | | | | | | (456,652) | | |
TreeHouse Foods, Inc. (b) | | | | | (540) | | | | | | (26,190) | | |
| | | | | | | | | | | (1,248,517) | | |
Health Care Equipment & Supplies — (0.3)% | | ||||||||||||
Cantel Medical Corp. | | | | | (621) | | | | | | (44,029) | | |
DexCom, Inc. (b) | | | | | (17,396) | | | | | | (3,805,201) | | |
Insulet Corp. (b) | | | | | (1,507) | | | | | | (257,998) | | |
NuVasive, Inc. (b) | | | | | (4,851) | | | | | | (375,176) | | |
Penumbra, Inc. (b) | | | | | (2,977) | | | | | | (489,032) | | |
| | | | | | | | | | | (4,971,436) | | |
Health Care Providers & Services — (0.1)% | | ||||||||||||
Acadia Healthcare Co., Inc. (b) | | | | | (18,987) | | | | | | (630,748) | | |
Covetrus, Inc. (b) | | | | | (15,620) | | | | | | (206,184) | | |
HealthEquity, Inc. (b) | | | | | (3,349) | | | | | | (248,060) | | |
Premier, Inc., Class A (b) | | | | | (907) | | | | | | (34,357) | | |
| | | | | | | | | | | (1,119,349) | | |
Hotels, Restaurants & Leisure — (0.1)% | | ||||||||||||
Eldorado Resorts, Inc. (b) | | | | | (698) | | | | | | (41,629) | | |
Papa John’s International, Inc. | | | | | (9,859) | | | | | | (622,596) | | |
Scientific Games Corp., Class A (b) | | | | | (22,679) | | | | | | (607,344) | | |
| | | | | | | | | | | (1,271,569) | | |
Household Durables — (0.0)% | | ||||||||||||
Newell Brands, Inc. | | | | | (17,881) | | | | | | (343,673) | | |
Household Products — (0.0)% | | ||||||||||||
Energizer Holdings, Inc. | | | | | (10,245) | | | | | | (514,504) | | |
|
| | | Number of Shares | | | Value | | ||||||
Insurance — (0.0)% | | ||||||||||||
Travelers Companies, Inc. (The) | | | | | (406) | | | | | $ | (55,602) | | |
Internet & Catalog Retail — (0.0)% | | ||||||||||||
Etsy, Inc. (b) | | | | | (667) | | | | | | (29,548) | | |
Qurate Retail, Inc., Series A (b) | | | | | (10,603) | | | | | | (89,383) | | |
Wayfair, Inc., Class A (b) | | | | | (1,729) | | | | | | (156,250) | | |
| | | | | | | | | | | (275,181) | | |
Internet Software & Services — (0.0)% | | ||||||||||||
eBay, Inc. | | | | | (643) | | | | | | (23,219) | | |
Snap, Inc., Class A (b) | | | | | (6,961) | | | | | | (113,673) | | |
Zillow Group, Inc., Class C (b) | | | | | (10,795) | | | | | | (495,922) | | |
| | | | | | | | | | | (632,814) | | |
IT Services — (0.1)% | | ||||||||||||
MongoDB, Inc. (b) | | | | | (3,668) | | | | | | (482,745) | | |
Okta, Inc. (b) | | | | | (227) | | | | | | (26,189) | | |
Twilio, Inc., Class A (b) | | | | | (9,139) | | | | | | (898,181) | | |
| | | | | | | | | | | (1,407,115) | | |
Machinery — (0.1)% | | ||||||||||||
Colfax Corp. (b) | | | | | (13,952) | | | | | | (507,574) | | |
Gardner Denver Holdings, Inc. (b) | | | | | (2,316) | | | | | | (84,951) | | |
Westinghouse Air Brake Technologies, Corp. | | | | | (12,789) | | | | | | (994,984) | | |
| | | | | | | | | | | (1,587,509) | | |
Media — (0.0)% | | | | | | | | | | | | | |
Charter Communications, Inc., Class A (b) | | | | | (1,098) | | | | | | (532,618) | | |
Comcast Corp., Class A | | | | | (644) | | | | | | (28,961) | | |
Discovery, Inc., Series A (b) | | | | | (2,359) | | | | | | (77,234) | | |
Meredith Corp. | | | | | (2,185) | | | | | | (70,947) | | |
New York Times Co. (The), Class A | | | | | (7,204) | | | | | | (231,753) | | |
| | | | | | | | | | | (941,513) | | |
Metals & Mining — (0.2)% | | ||||||||||||
Allegheny Technologies, Inc. (b) | | | | | (33,503) | | | | | | (692,172) | | |
Compass Minerals International, Inc. | | | | | (717) | | | | | | (43,708) | | |
Freeport-McMoRan, Inc. | | | | | (85,428) | | | | | | (1,120,815) | | |
Royal Gold, Inc. | | | | | (9,068) | | | | | | (1,108,563) | | |
United States Steel Corp. | | | | | (25,575) | | | | | | (291,811) | | |
| | | | | | | | | | | (3,257,069) | | |
Movies & Entertainment — (0.0)% | | ||||||||||||
World Wrestling Entertainment, Inc., Class A | | | | | (13,752) | | | | | | (892,092) | | |
Multi-Utilities — (0.0)% | | ||||||||||||
Consolidated Edison, Inc. | | | | | (787) | | | | | | (71,200) | | |
Multiline Retail — (0.0)% | | ||||||||||||
Nordstrom, Inc. | | | | | (1,646) | | | | | | (67,371) | | |
Ollie’s Bargain Outlet Holdings, Inc. (b) | | | | | (681) | | | | | | (44,476) | | |
| | | | | | | | | | | (111,847) | | |
Oil, Gas & Consumable Fuels — (2.8)% | | ||||||||||||
Antero Midstream Corp. | | | | | (451,712) | | | | | | (3,428,494) | | |
Antero Resources Corp. (b) | | | | | (151,076) | | | | | | (430,567) | | |
Apache Corp. | | | | | (72,317) | | | | | | (1,850,592) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
California Resources Corp. (b) | | | | | (134,391) | | | | | $ | (1,213,551) | | |
Centennial Resource Development, Inc., Class A (b) | | | | | (1,823) | | | | | | (8,422) | | |
Cheniere Energy, Inc. (b) | | | | | (13,217) | | | | | | (807,162) | | |
Chevron Corp. | | | | | (6,645) | | | | | | (800,789) | | |
CNX Resources Corp. (b) | | | | | (134,037) | | | | | | (1,186,227) | | |
Concho Resources, Inc. | | | | | (4,951) | | | | | | (433,559) | | |
Diamondback Energy, Inc. | | | | | (16,200) | | | | | | (1,504,332) | | |
EQT Corp. | | | | | (13,665) | | | | | | (148,949) | | |
Equitrans Midstream Corp. | | | | | (49,586) | | | | | | (662,469) | | |
Extraction Oil & Gas, Inc. (b) | | | | | (304,875) | | | | | | (646,335) | | |
Exxon Mobil Corp. | | | | | (25,817) | | | | | | (1,801,510) | | |
Gulfport Energy Corp. (b) | | | | | (150,155) | | | | | | (456,471) | | |
Hess Corp. | | | | | (15,690) | | | | | | (1,048,249) | | |
HighPoint Resources Corp. (b) | | | | | (190,193) | | | | | | (321,426) | | |
Kinder Morgan, Inc. | | | | | (69,188) | | | | | | (1,464,710) | | |
Laredo Petroleum, Inc. (b) | | | | | (1,087,252) | | | | | | (3,120,413) | | |
Magnolia Oil & Gas Corp., Class A (b) | | | | | (356,563) | | | | | | (4,485,563) | | |
Marathon Oil Corp. | | | | | (55,715) | | | | | | (756,610) | | |
Matador Resources Co. (b) | | | | | (301,841) | | | | | | (5,424,083) | | |
Murphy Oil Corp. | | | | | (140,861) | | | | | | (3,775,075) | | |
National Fuel Gas Co. | | | | | (17,914) | | | | | | (833,718) | | |
Noble Energy, Inc. | | | | | (133,306) | | | | | | (3,311,321) | | |
Oasis Petroleum, Inc. (b) | | | | | (54,721) | | | | | | (178,390) | | |
ONEOK, Inc. | | | | | (59,816) | | | | | | (4,526,277) | | |
QEP Resources, Inc. | | | | | (252,610) | | | | | | (1,136,745) | | |
Range Resources Corp. | | | | | (29,719) | | | | | | (144,137) | | |
Schlumberger, Ltd. | | | | | (1,048) | | | | | | (42,130) | | |
SM Energy Co. | | | | | (25,971) | | | | | | (291,914) | | |
Southwestern Energy Co. (b) | | | | | (1,556,539) | | | | | | (3,766,824) | | |
Talos Energy, Inc. (b) | | | | | (65,070) | | | | | | (1,961,861) | | |
Targa Resources Corp. | | | | | (23,011) | | | | | | (939,539) | | |
WPX Energy, Inc. (b) | | | | | (3,419) | | | | | | (46,977) | | |
| | | | | | | | | | | (52,955,391) | | |
Personal Products — (0.0)% | | ||||||||||||
Coty, Inc., Class A | | | | | (7,096) | | | | | | (79,827) | | |
Pharmaceuticals — (0.1)% | | ||||||||||||
Catalent, Inc. (b) | | | | | (8,307) | | | | | | (467,684) | | |
Nektar Therapeutics (b) | | | | | (35,248) | | | | | | (760,828) | | |
Prestige Consumer Healthcare, Inc. (b) | | | | | (2,328) | | | | | | (94,284) | | |
| | | | | | | | | | | (1,322,796) | | |
Real Estate Investment Trusts (REITs) — (0.0)% | | ||||||||||||
Colony Capital, Inc. | | | | | (7,012) | | | | | | (33,307) | | |
Road & Rail — (0.0)% | | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | | | | | (10,665) | | | | | | (382,234) | | |
Semiconductors & Semiconductor Equipment — (0.1)% | | ||||||||||||
Advanced Micro Devices, Inc. (b) | | | | | (5,905) | | | | | | (270,803) | | |
Cree, Inc. (b) | | | | | (841) | | | | | | (38,812) | | |
Marvell Technology Group, Ltd. | | | | | (18,777) | | | | | | (498,717) | | |
Microchip Technology, Inc. | | | | | (2,411) | | | | | | (252,480) | | |
MKS Instruments, Inc. | | | | | (1,964) | | | | | | (216,060) | | |
| | | Number of Shares | | | Value | | ||||||
Skyworks Solutions, Inc. | | | | | (332) | | | | | $ | (40,132) | | |
| | | | | | | | | | | (1,317,004) | | |
Software — (0.1)% | | ||||||||||||
2U, Inc. (b) | | | | | (3,221) | | | | | | (77,272) | | |
Coupa Software, Inc. (b) | | | | | (3,343) | | | | | | (488,914) | | |
DocuSign, Inc. (b) | | | | | (941) | | | | | | (69,738) | | |
Pluralsight, Inc., Class A (b) | | | | | (2,345) | | | | | | (40,357) | | |
RingCentral, Inc., Class A (b) | | | | | (1,538) | | | | | | (259,414) | | |
Zscaler, Inc. (b) | | | | | (2,710) | | | | | | (126,015) | | |
| | | | | | | | | | | (1,061,710) | | |
Specialty Retail — (0.0)% | | ||||||||||||
Carvana Co. (b) | | | | | (4,244) | | | | | | (390,660) | | |
Mattel, Inc. (b) | | | | | (7,043) | | | | | | (95,433) | | |
| | | | | | | | | | | (486,093) | | |
Textiles, Apparel & Luxury Goods — (0.0)% | | ||||||||||||
Columbia Sportswear Co. | | | | | (1,156) | | | | | | (115,820) | | |
Under Armour, Inc., Class A (b) | | | | | (20,373) | | | | | | (440,057) | | |
| | | | | | | | | | | (555,877) | | |
Thrifts & Mortgage Finance — (0.0)% | | ||||||||||||
LendingTree, Inc. (b) | | | | | (347) | | | | | | (105,294) | | |
Total US Common Stocks (Proceeds $86,841,148) | | | | | | | | | | | (99,839,606) | | |
Foreign Common Stocks — (3.3)% | | ||||||||||||
Argentina — (0.0)% | | ||||||||||||
MercadoLibre, Inc. (b) | | | | | (94) | | | | | | (53,762) | | |
Australia — (0.1)% | | ||||||||||||
Alumina, Ltd. | | | | | (50,097) | | | | | | (80,910) | | |
AMP, Ltd. | | | | | (30,613) | | | | | | (41,162) | | |
Atlassian Corp. plc, Class A (b) | | | | | (1,823) | | | | | | (219,380) | | |
Challenger, Ltd. | | | | | (83,571) | | | | | | (475,981) | | |
Domino’s Pizza Enterprises, Ltd. | | | | | (5,044) | | | | | | (185,374) | | |
Oil Search, Ltd. | | | | | (36,712) | | | | | | (187,281) | | |
SEEK, Ltd. | | | | | (28,666) | | | | | | (454,861) | | |
Worley Ltd. | | | | | (55,451) | | | | | | (598,227) | | |
| | | | | | | | | | | (2,243,176) | | |
Belgium — (0.0)% | | ||||||||||||
Umicore SA | | | | | (7,564) | | | | | | (368,763) | | |
Bermuda — (0.0)% | | ||||||||||||
Assured Guaranty, Ltd. | | | | | (662) | | | | | | (32,451) | | |
Canada — (0.9)% | | ||||||||||||
ARC Resources, Ltd. | | | | | (216,720) | | | | | | (1,365,192) | | |
Argonaut Gold, Inc. (b) | | | | | (66,000) | | | | | | (99,108) | | |
Baytex Energy Corp. (b) | | | | | (334,527) | | | | | | (481,742) | | |
BRP, Inc. | | | | | (10,300) | | | | | | (469,253) | | |
Canaccord Genuity Group, Inc. | | | | | (52,400) | | | | | | (195,307) | | |
CCL Industries, Inc., Class B | | | | | (8,700) | | | | | | (370,632) | | |
Celestica, Inc. (b) | | | | | (30,700) | | | | | | (254,622) | | |
Cenovus Energy, Inc. | | | | | (191,261) | | | | | | (1,944,203) | | |
Crescent Point Energy Corp. | | | | | (495,253) | | | | | | (2,208,244) | | |
Cresco Labs, Inc. (b) | | | | | (4,800) | | | | | | (32,750) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
DIRTT Environmental Solutions (b) | | | | | (55,600) | | | | | $ | (181,972) | | |
Encana Corp. | | | | | (58,455) | | | | | | (274,154) | | |
Enerplus Corp. | | | | | (79,228) | | | | | | (564,367) | | |
ERO Copper Corp. (b) | | | | | (5,700) | | | | | | (103,636) | | |
Husky Energy, Inc. | | | | | (47,831) | | | | | | (383,812) | | |
Imperial Oil, Ltd. | | | | | (22,523) | | | | | | (595,792) | | |
Kelt Exploration, Ltd. (b) | | | | | (251,765) | | | | | | (944,204) | | |
Laurentian Bank of Canada | | | | | (14,400) | | | | | | (492,697) | | |
Metro, Inc. | | | | | (12,800) | | | | | | (528,245) | | |
MTY Food Group, Inc. | | | | | (6,100) | | | | | | (260,667) | | |
Peyto Exploration & Development Corp. | | | | | (859,119) | | | | | | (2,514,075) | | |
Real Matters, Inc. (b) | | | | | (15,300) | | | | | | (145,159) | | |
Rogers Communications, Inc., Class B | | | | | (8,700) | | | | | | (432,002) | | |
SilverCrest Metals, Inc. (b) | | | | | (11,600) | | | | | | (78,343) | | |
Stella-Jones, Inc. | | | | | (17,100) | | | | | | (494,083) | | |
Teranga Gold Corp. (b) | | | | | (99,700) | | | | | | (538,981) | | |
Tetra Bio-Pharma, Inc. (b) | | | | | (86,600) | | | | | | (30,677) | | |
Uni-Select, Inc. | | | | | (13,300) | | | | | | (116,659) | | |
Village Farms International, Inc. (b) | | | | | (1,900) | | | | | | (11,808) | | |
| | | | | | | | | | | (16,112,386) | | |
Denmark — (0.2)% | | ||||||||||||
ALK-Abello A/S (b) | | | | | (570) | | | | | | (140,206) | | |
Ambu A/S, Class B | | | | | (6,975) | | | | | | (116,880) | | |
AP Moller – Maersk A/S, Class B | | | | | (35) | | | | | | (50,503) | | |
Chr Hansen Holding A/S | | | | | (16,535) | | | | | | (1,313,543) | | |
Demant A/S (b) | | | | | (13,292) | | | | | | (418,857) | | |
Dfds A/S | | | | | (4,407) | | | | | | (216,069) | | |
Novozymes A/S Shares – B | | | | | (24,995) | | | | | | (1,223,756) | | |
Orsted A/S (e) | | | | | (439) | | | | | | (45,483) | | |
| | | | | | | | | | | (3,525,297) | | |
Finland — (0.1)% | | ||||||||||||
Citycon Oyj | | | | | (64,379) | | | | | | (676,184) | | |
Huhtamaki Oyj | | | | | (486) | | | | | | (22,572) | | |
Outokumpu Oyj | | | | | (23,921) | | | | | | (75,225) | | |
TietoEVRY Oyj | | | | | (14,363) | | | | | | (447,077) | | |
| | | | | | | | | | | (1,221,058) | | |
France — (0.0)% | | ||||||||||||
Altran Technologies SA | | | | | (11,826) | | | | | | (187,983) | | |
Elior Group SA (e) | | | | | (6,825) | | | | | | (100,400) | | |
Faurecia SE | | | | | (590) | | | | | | (31,990) | | |
Iliad SA | | | | | (522) | | | | | | (67,733) | | |
JCDecaux SA | | | | | (1,018) | | | | | | (31,417) | | |
Remy Cointreau SA | | | | | (197) | | | | | | (24,229) | | |
Valeo SA | | | | | (2,037) | | | | | | (72,125) | | |
Worldline SA (b) (e) | | | | | (845) | | | | | | (59,972) | | |
| | | | | | | | | | | (575,849) | | |
Germany — (0.1)% | | ||||||||||||
Aurubis AG | | | | | (508) | | | | | | (31,182) | | |
Delivery Hero SE (b) (e) | | | | | (7,470) | | | | | | (591,240) | | |
Deutsche Bank AG | | | | | (95,727) | | | | | | (742,637) | | |
K+S AG | | | | | (2,281) | | | | | | (28,452) | | |
| | | Number of Shares | | | Value | | ||||||
thyssenkrupp AG | | | | | (57,753) | | | | | $ | (779,841) | | |
United Internet AG (g) | | | | | (11,547) | | | | | | (379,474) | | |
Zalando SE (b) (e) | | | | | (2,735) | | | | | | (138,583) | | |
| | | | | | | | | | | (2,691,409) | | |
Ireland — (0.0)% | | ||||||||||||
James Hardie Industries plc | | | | | (36,013) | | | | | | (706,046) | | |
Perrigo Co. plc | | | | | (1,011) | | | | | | (52,228) | | |
| | | | | | | | | | | (758,274) | | |
Italy — (0.1)% | | ||||||||||||
FinecoBank Banca Fineco SpA | | | | | (44,827) | | | | | | (538,068) | | |
Freni Brembo SpA | | | | | (24,165) | | | | | | (300,091) | | |
Pirelli & C SpA (e) | | | | | (31,907) | | | | | | (183,915) | | |
Saipem SpA (b) | | | | | (58,384) | | | | | | (285,473) | | |
| | | | | | | | | | | (1,307,547) | | |
Japan — (0.1)% | | ||||||||||||
Coca-Cola Bottlers Japan Holdings, Inc. | | | | | (3,800) | | | | | | (97,576) | | |
CyberAgent, Inc. | | | | | (4,400) | | | | | | (153,185) | | |
Daiichi Sankyo Co., Ltd. | | | | | (2,000) | | | | | | (132,066) | | |
FamilyMart Co., Ltd. | | | | | (1,600) | | | | | | (38,322) | | |
Japan Airport Terminal Co., Ltd. | | | | | (3,300) | | | | | | (182,631) | | |
Kansai Electric Power Co., Inc. (The) | | | | | (7,000) | | | | | | (80,944) | | |
Kobe Bussan Co., Ltd. | | | | | (1,800) | | | | | | (61,840) | | |
Kobe Steel, Ltd. | | | | | (8,700) | | | | | | (46,621) | | |
M3, Inc. | | | | | (1,700) | | | | | | (51,336) | | |
MonotaRO Co., Ltd. | | | | | (4,700) | | | | | | (125,983) | | |
Nippon Paint Holdings Co., Ltd. | | | | | (5,600) | | | | | | (289,724) | | |
Suzuki Motor Corp. | | | | | (10,000) | | | | | | (418,866) | | |
Taiyo Nippon Sanso Corp. | | | | | (6,700) | | | | | | (148,428) | | |
Yaskawa Electric Corp. | | | | | (1,900) | | | | | | (71,696) | | |
| | | | | | | | | | | (1,899,218) | | |
Luxembourg — (0.0)% | | ||||||||||||
ArcelorMittal SA | | | | | (23,959) | | | | | | (423,220) | | |
Eurofins Scientific SE | | | | | (234) | | | | | | (129,949) | | |
Millicom International Cellular SA – SDR | | | | | (1,220) | | | | | | (58,474) | | |
| | | | | | | | | | | (611,643) | | |
Malta — (0.0)% | | ||||||||||||
Catena Media plc (b) | | | | | (91,733) | | | | | | (387,615) | | |
Raketech Group Holding plc (b) | | | | | (35,970) | | | | | | (36,395) | | |
| | | | | | | | | | | (424,010) | | |
Netherlands — (0.2)% | | ||||||||||||
Altice Europe NV, Class A (b) | | | | | (74,060) | | | | | | (478,597) | | |
Boskalis Westminster NV – CVA | | | | | (9,255) | | | | | | (237,556) | | |
Core Laboratories NV | | | | | (21,395) | | | | | | (805,950) | | |
Koninklijke Vopak NV | | | | | (445) | | | | | | (24,159) | | |
OCI NV (b) | | | | | (7,194) | | | | | | (152,129) | | |
Royal Dutch Shell plc, Class A – SPADR | | | | | (29,960) | | | | | | (1,767,041) | | |
SBM Offshore NV | | | | | (11,188) | | | | | | (209,004) | | |
Takeaway.com NV (b) (e) | | | | | (3,058) | | | | | | (282,470) | | |
| | | | | | | | | | | (3,956,906) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Shares | | | Value | | ||||||
Norway — (0.1)% | | ||||||||||||
Mowi ASA | | | | | (45,442) | | | | | $ | (1,181,887) | | |
Norsk Hydro ASA | | | | | (23,704) | | | | | | (88,493) | | |
Protector Forsikring ASA (b) | | | | | (74,848) | | | | | | (447,083) | | |
| | | | | | | | | | | (1,717,463) | | |
Spain — (0.0)% | | ||||||||||||
Cellnex Telecom SA (e) | | | | | (19,706) | | | | | | (849,316) | | |
Sweden — (1.3)% | | ||||||||||||
Assa Abloy AB, Class B | | | | | (22,870) | | | | | | (534,423) | | |
Attendo AB (e) | | | | | (56,069) | | | | | | (322,800) | | |
Avanza Bank Holding AB | | | | | (22,711) | | | | | | (237,331) | | |
Axfood AB | | | | | (14,445) | | | | | | (321,436) | | |
Betsson AB (b) | | | | | (32,861) | | | | | | (153,346) | | |
Bilia AB, Class A | | | | | (28,599) | | | | | | (324,752) | | |
Byggmax Group AB (b) | | | | | (57,150) | | | | | | (161,241) | | |
Cellavision AB | | | | | (19,450) | | | | | | (664,083) | | |
Clas Ohlson AB, Class B | | | | | (39,695) | | | | | | (478,413) | | |
Cloetta AB, Class B | | | | | (171,525) | | | | | | (580,720) | | |
Elekta AB, Class B | | | | | (48,847) | | | | | | (643,536) | | |
Embracer Group AB (b) | | | | | (112,773) | | | | | | (852,931) | | |
Epiroc AB, Class A | | | | | (71,988) | | | | | | (879,772) | | |
Evolution Gaming Group AB (e) | | | | | (14,094) | | | | | | (424,132) | | |
Fastighets AB Balder, Class B (b) | | | | | (19,628) | | | | | | (908,228) | | |
Hexagon AB, Class B | | | | | (11,046) | | | | | | (618,892) | | |
Hexpol AB | | | | | (96,402) | | | | | | (944,385) | | |
Indutrade AB | | | | | (44,790) | | | | | | (1,605,058) | | |
Investment AB Latour Shares – B | | | | | (181,439) | | | | | | (2,959,288) | | |
Lifco AB, Class B | | | | | (18,685) | | | | | | (1,142,290) | | |
Loomis AB, Class B | | | | | (37,960) | | | | | | (1,572,530) | | |
Recipharm AB, Class B | | | | | (17,205) | | | | | | (273,949) | | |
SkiStar AB | | | | | (91,362) | | | | | | (1,159,541) | | |
Swedbank AB, Class A | | | | | (68,580) | | | | | | (1,022,772) | | |
Thule Group AB (e) | | | | | (50,430) | | | | | | (1,163,739) | | |
Trelleborg AB, Class B | | | | | (40,214) | | | | | | (723,296) | | |
Vitrolife AB | | | | | (40,162) | | | | | | (847,390) | | |
| | | | | | | | | | | (21,520,274) | | |
Switzerland — (0.0)% | | ||||||||||||
Idorsia, Ltd. (b) | | | | | (2,462) | | | | | | (76,212) | | |
| | | Number of Shares | | | Value | | ||||||
Lonza Group AG (b) | | | | | (444) | | | | | $ | (161,933) | | |
Sika AG | | | | | (632) | | | | | | (119,018) | | |
Temenos AG (b) | | | | | (1,951) | | | | | | (308,457) | | |
Vifor Pharma AG | | | | | (1,477) | | | | | | (269,803) | | |
| | | | | | | | | | | (935,423) | | |
United Arab Emirates — (0.0)% | | ||||||||||||
NMC Health plc | | | | | (3,426) | | | | | | (80,427) | | |
United Kingdom — (0.1)% | | ||||||||||||
Amcor plc (b) | | | | | (28,892) | | | | | | (313,189) | | |
ASOS plc (b) | | | | | (3,041) | | | | | | (136,421) | | |
Capri Holdings, Ltd. (b) | | | | | (4,421) | | | | | | (168,661) | | |
DS Smith plc | | | | | (3,027) | | | | | | (15,446) | | |
easyJet plc | | | | | (960) | | | | | | (18,261) | | |
GVC Holdings plc | | | | | (8,746) | | | | | | (102,569) | | |
Hargreaves Lansdown plc | | | | | (3,922) | | | | | | (100,986) | | |
John Wood Group plc | | | | | (26,079) | | | | | | (138,098) | | |
Melrose Industries plc | | | | | (19,750) | | | | | | (63,128) | | |
Ocado Group plc (b) | | | | | (6,066) | | | | | | (102,996) | | |
Severn Trent plc | | | | | (3,320) | | | | | | (110,800) | | |
Spirax-Sarco Engineering plc | | | | | (131) | | | | | | (15,512) | | |
St James’s Place plc | | | | | (6,540) | | | | | | (101,197) | | |
Subsea 7 SA | | | | | (12,554) | | | | | | (150,517) | | |
Tesco plc | | | | | (5,705) | | | | | | (19,326) | | |
United Utilities Group plc | | | | | (3,135) | | | | | | (39,377) | | |
Valaris plc (b) | | | | | (81,159) | | | | | | (532,402) | | |
Virgin Money UK plc | | | | | (11,044) | | | | | | (27,913) | | |
Weir Group plc (The) | | | | | (5,544) | | | | | | (110,934) | | |
| | | | | | | | | | | (2,267,733) | | |
Total Foreign Common Stocks (Proceeds $56,016,817) | | | | | | | | | | | (63,152,385) | | |
Total Common Stocks (Proceeds $142,857,965) | | | | | | | | | | | (162,991,991) | | |
Preferred Stocks — (0.0)% | | ||||||||||||
Sartorius AG, 0.29% (Germany) (Proceeds $79,540) | | | | | (424) | | | | | | (90,773) | | |
Total Securities Sold Short – (8.5)% (Proceeds $142,937,505) | | | | | | | | | | | (163,082,764) | | |
|
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/(Proceeds) | | | Notional Value at December 31, 2019 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | | | | | | | | | | |
| | | 328 | | | | | | 03/20/2020 | | | | 10-Year US Treasury Note | | | | $ | 42,324,008 | | | | | $ | 42,122,375 | | | | | $ | (201,633) | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 1,217 | | | | | | 03/20/2020 | | | | S&P 500 e-Mini Index | | | | | 194,632,345 | | | | | | 196,612,435 | | | | | | 1,980,090 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,778,457 | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | (581) | | | | | | 03/20/2020 | | | | MSCI EAFE | | | | | (59,024,110) | | | | | | (59,160,325) | | | | | | (136,215) | | |
| | | (701) | | | | | | 03/20/2020 | | | | MSCI Emerging Markets | | | | | (39,015,475) | | | | | | (39,263,010) | | | | | | (247,535) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (383,750) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,394,707 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
| Receive | | | Deliver | | |||||||||||||||||
01/02/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 829,542 | | | | | | DKK 5,600,000 | | | | | $ | (11,804) | | |
01/02/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 2,982,278 | | | | | | EUR 2,700,000 | | | | | | (48,876) | | |
01/22/2020 | | | Goldman Sachs International | | | | | USD 8,309,146 | | | | | | CNH 56,540,000 | | | | | | 191,677 | | |
01/31/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 15,000,000 | | | | | | CAD 19,596,000 | | | | | | (117,669) | | |
01/31/2020 | | | Barclays Bank plc | | | | | USD 4,000,000 | | | | | | CNH 27,075,200 | | | | | | 113,630 | | |
02/11/2020 | | | Barclays Bank plc | | | | | USD 4,000,000 | | | | | | CNH 26,882,400 | | | | | | 142,372 | | |
03/04/2020 | | | Barclays Bank plc | | | | | USD 6,000,000 | | | | | | CNH 40,205,700 | | | | | | 233,728 | | |
03/23/2020 | | | Goldman Sachs International | | | | | USD 7,000,000 | | | | | | CNH 47,001,500 | | | | | | 262,101 | | |
04/29/2020 | | | Barclays Bank plc | | | | | USD 6,286,582 | | | | | | CNH 42,516,000 | | | | | | 196,898 | | |
06/17/2020 | | | Barclays Bank plc | | | | | USD 7,471,250 | | | | | | CNH 52,248,000 | | | | | | (4,015) | | |
07/03/2020 | | | Goldman Sachs International | | | | | USD 3,000,000 | | | | | | CNH 20,731,500 | | | | | | 34,968 | | |
07/29/2020 | | | Goldman Sachs International | | | | | USD 16,975,389 | | | | | | CNH 117,257,500 | | | | | | 216,959 | | |
10/09/2020 | | | Barclays Bank plc | | | | | USD 7,000,000 | | | | | | CNH 50,243,809 | | | | | | (166,903) | | |
10/09/2020 | | | Goldman Sachs International | | | | | USD 5,814,084 | | | | | | CNH 41,777,100 | | | | | | (145,106) | | |
10/22/2020 | | | Goldman Sachs International | | | | | USD 3,945,328 | | | | | | CNH 28,144,000 | | | | | | (67,879) | | |
| | | | | | | | | | | | | | | | | | | $ | 830,081 | | |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation | | | Unrealized (Depreciation) | | |||||||||||||||
Long Total Return Equity Swap Contracts | | |||||||||||||||||||||||||||||||||||||||
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (l) | | | Energy Transfer LP | | | | | USD | | | | | | Monthly | | | | | $ | 2,241,920 | | | | | $ | — | | | | | $ | (4,397) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (l) | | | Enterprise Products Partners LP | | | | | USD | | | | | | Monthly | | | | | | 4,262,970 | | | | | | 58,834 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (l) | | | EQM Midstream Partners LP | | | | | USD | | | | | | Monthly | | | | | | 1,223,461 | | | | | | 213,000 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 0.40% (l) | | | Goodrich Petroleum Corp. | | | | | USD | | | | | | Monthly | | | | | | 321,153 | | | | | | 6,951 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 0.40% (l) | | | Jagged Peak Energy, Inc. | | | | | USD | | | | | | Monthly | | | | | | 298,941 | | | | | | 26,636 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (l) | | | Plains All American Pipeline LP | | | | | USD | | | | | | Monthly | | | | | | 3,660,873 | | | | | | 138,757 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 444,178 | | | | | $ | (4,397) | | |
Short Total Return Equity Swap Contracts | | |||||||||||||||||||||||||||||||||||||||
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 4.20% (l) | | | Antero Midstream Corp. | | | | | USD | | | | | | Monthly | | | | | $ | (347,731) | | | | | $ | — | | | | | $ | (95,318) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.80% (m) | | | DCP Midstream LP | | | | | USD | | | | | | Monthly | | | | | | (1,597,756) | | | | | | — | | | | | | (26,818) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 2.15% (l) | | | Enable Midstream Partners LP | | | | | USD | | | | | | Monthly | | | | | | (354,970) | | | | | | 9,298 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.35% (m) | | | Magellan Midstream | | | | | USD | | | | | | Monthly | | | | | | (2,848,316) | | | | | | 17,197 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.35% (m) | | | MPLX LP | | | | | USD | | | | | | Monthly | | | | | | (631,101) | | | | | | 5,945 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 3.10% (l) | | | Noble Midstream Partners LP | | | | | USD | | | | | | Monthly | | | | | | (1,866,883) | | | | | | — | | | | | | (85,315) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.35% (m) | | | Viper Energy Partners LP | | | | | USD | | | | | | Monthly | | | | | | (297,357) | | | | | | 1,100 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 33,540 | | | | | | (207,451) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 477,718 | | | | | $ | (211,848) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Calls — (0.0)% | | ||||||||||||
Eog Resources, Inc., Notional Amount ($999,000), Strike Price $90 Expiring 01/17/2020 (United States) | | | | | (111) | | | | | $ | (3,552) | | |
Eqt Corp., Notional Amount ($889,200), Strike Price $12 Expiring 01/17/2020 (United States) | | | | | (741) | | | | | | (13,338) | | |
Range Resources Corp., Notional Amount ($1,112,400), Strike Price $6 Expiring 01/24/2020 (United States) | | | | | (1,854) | | | | | | (18,540) | | |
Southwestern Energy Co., Notional Amount ($486,900), Strike Price $3 Expiring 03/20/2020 (United States) | | | | | (1,623) | | | | | | (22,722) | | |
Talos Energy, Inc., Notional Amount ($486,000), Strike Price $30 Expiring 04/17/2020 (United States) | | | | | (162) | | | | | | (48,600) | | |
Total Calls (Premiums received $99,015) | | | | | | | | | | | (106,752) | | |
Puts — (0.0)% | | ||||||||||||
Murphy Oil Corp., Notional Amount ($370,000), Strike Price $20 Expiring 01/17/2020 (United States) | | | | | (185) | | | | | | (925) | | |
Total Puts (Premiums received $6,845) | | | | | | | | | | | (925) | | |
Total Written Options (Premiums received $105,860) | | | | | | | | | | $ | (107,677) | | |
|
| ADR | | | American Depositary Receipt | |
| ASX | | | Australian Securities Exchange | |
| BATS | | | Better Alternative Trading System | |
| CAD | | | Canadian Dollar | |
| CNH | | | Yuan Renminbi Offshore | |
| CVA | | | Certification Van Aandelen | |
| DDK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| FEDL | | | US Federal Funds Effective Rate | |
| GDR | | | Global Depositary Receipt | |
| LSE | | | London Stock Exchange | |
| MSCI | | | Morgan Stanley Capital International | |
| NYSE | | | New York Stock Exchange | |
| OTC | | | Over-the-Counter | |
| REIT | | | Real Estate Investment Trust | |
| SDR | | | Swedish Depositary Receipts | |
| SPADR | | | Sponsored ADR | |
| 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 | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2019 |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
Foreign Common Stocks | | | | | | ||||||||||||||
Argonaut Gold, Inc. | | | | | | 08/19/19 | | | | $ | 111,361 | | | | | $ | 99,111 | | |
SilverCrest Metals, Inc. | | | | | | 12/30/19 | | | | | 373,974 | | | | | | 390,363 | | |
| | | | | | | | | | | | | | | | | 489,474 | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc. | | | | | | 12/17/19 | | | | | 129,999 | | | | | | 185,713 | | |
Warrants | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc. | | | | | | 12/16/19 | | | | | — | | | | | | 10,771 | | |
Private Investment Funds | | | | | | | | | | | | | | | | | | | |
Canyon Value Realization Fund, LP | | | Multi-Strategy | | | 12/31/97 – 04/03/06 | | | | | 19,257,955 | | | | | | 63,732,675 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 35,000,000 | | | | | | 42,098,344 | | |
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 1,465,128 | | | | | | 1,912,778 | | |
GSA Trend Fund, Ltd. | | | Trend Following | | | 09/01/16 – 12/01/16 | | | | | 31,989,987 | | | | | | 28,169,056 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 07/01/16 – 07/01/17 | | | | | 51,000,000 | | | | | | 73,198,987 | | |
Lansdowne Developed Markets Fund, Ltd. | | | Long-Short Global | | | 04/01/13 | | | | | 15,778,541 | | | | | | 22,308,437 | | |
Neo Ivy Capital Fund, LP | | | Relative Value | | | 05/01/19 | | | | | 10,500,000 | | | | | | 9,564,119 | | |
QVT Roiv Hldgs Onshore, Ltd. | | | Multi-Strategy | | | 01/05/16 | | | | | 3,114,245 | | | | | | 5,390,177 | | |
| | | | | | | | | | | | | | | | | 246,374,573 | | |
Disputed Claims Receipt | | | | | | | | | | | | | | | | | | | |
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | |
Total (12.9% of Net Assets) | | | | | | | | | | | | | | | | $ | 247,060,531 | | |
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2019 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,489,622,947) | | | | $ | 1,721,918,596 | | |
Repurchase agreements (cost: $182,810,826) | | | | | 182,810,826 | | |
Total investments (cost: $1,672,433,773) | | | | | 1,904,729,422 | | |
Deposits with broker for securities sold short | | | | | 57,976,697 | | |
Deposits with brokers | | | | | 15,120,344 | | |
Deposits with broker for swap contracts | | | | | 7,640,553 | | |
Unrealized appreciation on forward currency contracts | | | | | 1,392,333 | | |
Cash denominated in foreign currencies (cost: $20,290,465) | | | | | 20,483,029 | | |
Unrealized appreciation on swap contracts | | | | | 477,718 | | |
Due from broker for futures variation margin | | | | | 361,538 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 89,438,309 | | |
Dividends and tax reclaims | | | | | 1,761,240 | | |
Interest | | | | | 287,302 | | |
Prepaid expenses | | | | | 69,592 | | |
Total Assets | | | | | 2,099,738,077 | | |
Liabilities | | | | | | | |
Cash Overdraft | | | | | 295,350 | | |
Securities sold short, at value (proceeds: $142,937,505) | | | | | 163,082,764 | | |
Unrealized depreciation on forward currency contracts | | | | | 562,252 | | |
Due to broker for futures variation margin | | | | | 392,094 | | |
Unrealized depreciation on swap contracts | | | | | 211,848 | | |
Foreign currencies sold short, at value (proceeds $1,590) | | | | | 1,631 | | |
Written options, at value (premium received $105,860) | | | | | 107,677 | | |
Payables: | | | | | | | |
Investment securities purchased | | | | | 17,594,747 | | |
Fund administration and custody fees | | | | | 1,928,204 | | |
Money manager fees | | | | | 1,516,042 | | |
Investment advisory and administrative fees | | | | | 461,406 | | |
Dividends and interest on securities sold short | | | | | 317,804 | | |
Trustee’s fees | | | | | 12,146 | | |
Accrued expenses and other liabilities | | | | | 300,537 | | |
Total Liabilities | | | | | 186,784,502 | | |
Net Assets | | | | $ | 1,912,953,575 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 134,487,132 | | |
Net Asset Value Per Share | | | | $ | 14.22 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,883,084,949 | | |
Total distributable earnings (loss) | | | | | 29,868,626 | | |
Net Assets | | | | $ | 1,912,953,575 | | |
TIFF Multi-Asset Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2019 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $2,026,437) | | | | $ | 34,152,456 | | |
Interest | | | | | 9,917,839 | | |
Other Income | | | | | 79,450 | | |
Total Investment Income | | | | | 44,149,745 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 8,251,334 | | |
Investment advisory fees | | | | | 5,396,035 | | |
Fund administration and custody fees | | | | | 2,491,208 | | |
Professional fees | | | | | 472,870 | | |
Administrative fees | | | | | 459,651 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 243,698 | | |
Miscellaneous fees and other | | | | | 583,949 | | |
Total Operating Expenses | | | | | 17,898,745 | | |
Dividends and interest on securities sold short | | | | | 4,361,266 | | |
Broker fees on securities sold short | | | | | 816,878 | | |
Total Expenses | | | | | 23,076,889 | | |
Net Investment Income | | | | | 21,072,856 | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments (net of foreign withholding taxes on capital gains of $1,006) | | | | | 112,824,598 | | |
Securities sold short | | | | | 18,102,329 | | |
Swap contracts | | | | | 18,236,421 | | |
Financial futures contracts | | | | | 30,596,044 | | |
Forward currency contracts | | | | | 1,523,579 | | |
Foreign currency-related transactions | | | | | 90,104 | | |
Written options | | | | | (1,446,916) | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 179,926,159 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | 214,891,778 | | |
Securities sold short | | | | | (30,665,936) | | |
Swap contracts | | | | | 786,306 | | |
Financial futures contracts | | | | | 4,480,084 | | |
Forward currency contracts | | | | | (990,506) | | |
Foreign currency-related transactions | | | | | 202,114 | | |
Written options | | | | | (1,817) | | |
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies | | | | | 188,702,023 | | |
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies | | | | | 368,628,182 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 389,701,038 | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 21,072,856 | | | | | $ | 28,344,814 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 179,926,159 | | | | | | 77,263,957 | | |
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies | | | | | 188,702,023 | | | | | | (434,753,592) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | 389,701,038 | | | | | | (329,144,821) | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | — | | | | | | (186,960,357) | | |
Return of capital | | | | | — | | | | | | (21,207,626) | | |
Decrease in Net Assets Resulting from Distributions | | | | | — | | | | | | (208,167,983) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 14,488,040 | | | | | | 42,765,294 | | |
Proceeds from distributions reinvested | | | | | — | | | | | | 181,489,626 | | |
Entry/exit fees | | | | | 4,760,041 | | | | | | 4,544,895 | | |
Cost of shares redeemed | | | | | (994,939,533) | | | | | | (946,569,392) | | |
Net Decrease From Capital Share Transactions | | | | | (975,691,452) | | | | | | (717,769,577) | | |
Total Decrease in Net Assets | | | | | (585,990,414) | | | | | | (1,255,082,381) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 2,498,943,989 | | | | | | 3,754,026,370 | | |
End of year | | | | $ | 1,912,953,575 | | | | | $ | 2,498,943,989 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 1,099,723 | | | | | | 2,950,128 | | |
Shares reinvested | | | | | — | | | | | | 14,962,506 | | |
Shares redeemed | | | | | (74,527,253) | | | | | | (68,351,309) | | |
Net Decrease | | | | | (73,427,530) | | | | | | (50,438,675) | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Year Ended December 31, 2019 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | 389,701,038 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (2,544,358,724) | | |
Investments sold | | | | | 3,313,003,956 | | |
Purchases to cover securities sold short | | | | | (539,804,591) | | |
Securities sold short | | | | | 629,413,547 | | |
(Purchase)/Sale of short term investments, net | | | | | 108,074,366 | | |
Amortization (accretion) of discount and premium, net | | | | | (5,962,206) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | 990,506 | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | (786,306) | | |
(Increase)/decrease in deposits with broker for securities sold short | | | | | (57,976,697) | | |
(Increase)/decrease in deposits with broker for swap contracts | | | | | (7,640,553) | | |
(Increase)/decrease in due from with brokers | | | | | (12,507,978) | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | 348,328 | | |
(Increase)/decrease in interest receivable | | | | | 269,921 | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | 498,533 | | |
(Increase)/decrease in prepaid expenses | | | | | (367) | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | 392,094 | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | (41,275) | | |
Increase/(decrease) in payable for money manager fees | | | | | (1,277,913) | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | 225,790 | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | (162,920) | | |
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees | | | | | (17,684) | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | (2,488,073) | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | (112,156) | | |
Increase/(decrease) in premiums received on written options, net | | | | | 105,860 | | |
Net realized (gain) loss from investments | | | | | (112,824,598) | | |
Net realized (gain) loss from securities sold short | | | | | (18,102,329) | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | (90,104) | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | (214,891,778) | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | 30,665,936 | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | (202,114) | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | 1,817 | | |
Net cash provided by (used in) operating activities | | | | | 954,443,326 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Proceeds from shares sold | | | | | 14,622,787 | | |
Payment for shares redeemed | | | | | (990,252,296) | | |
Increase (decrease) in cash overdraft | | | | | 295,350 | | |
Net cash provided by (used in) financing activities | | | | | (975,334,159) | | |
Effect of exchange rate changes on cash | | | | | 292,218 | | |
Net increase (decrease) in cash | | | | | (20,598,615) | | |
Cash at beginning of year | | | | | 41,081,644 | | |
Cash at end of year | | | | $ | 20,483,029 | | |
Interest Paid: | | | | $ | 62 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 662,968,820 | | | | | $ | 563,603,599 | | | | | $ | — | | | | | $ | 1,226,572,419 | | |
Rights | | | | | — | | | | | | — | | | | | | 173,197 | | | | | | 173,197 | | |
Warrants | | | | | 189,680 | | | | | | — | | | | | | 10,771 | | | | | | 200,451 | | |
Corporate Bonds | | | | | | | | | | | 603,037 | | | | | | | | | | | | 603,037 | | |
Convertible Bonds | | | | | — | | | | | | 1,905 | | | | | | — | | | | | | 1,905 | | |
US Treasury Bonds/Notes | | | | | — | | | | | | 121,029,285 | | | | | | — | | | | | | 121,029,285 | | |
Exchange-Traded Funds | | | | | 73,926,665 | | | | | | — | | | | | | — | | | | | | 73,926,665 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 246,374,573 | | | | | | 246,374,573 | | |
Preferred Stocks* | | | | | — | | | | | | 2,315,810 | | | | | | 185,713 | | | | | | 2,501,523 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-Term Investments | | | | | — | | | | | | 232,769,481 | | | | | | — | | | | | | 232,769,481 | | |
Purchased Options | | | | | 550,604 | | | | | | 26,282 | | | | | | — | | | | | | 576,886 | | |
Total Investments in Securities | | | | | 737,635,769 | | | | | | 920,349,399 | | | | | | 246,744,254 | | | | | | 1,904,729,422 | | |
Financial Futures Contracts – Equity Risk | | | | | 1,980,090 | | | | | | — | | | | | | — | | | | | | 1,980,090 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 1,392,333 | | | | | | — | | | | | | 1,392,333 | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | 477,718 | | | | | | — | | | | | | 477,718 | | |
Total Other Financial Instruments | | | | | 1,980,090 | | | | | | 1,870,051 | | | | | | — | | | | | | 3,850,141 | | |
Total Assets | | | | $ | 739,615,859 | | | | | $ | 922,219,450 | | | | | $ | 246,744,254 | | | | | $ | 1,908,579,563 | | |
| | ||||||||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | | (119,897,056) | | | | | | (43,094,935) | | | | | | — | | | | | | (162,991,991) | | |
Preferred Stock Sold Short* | | | | | — | | | | | | (90,773) | | | | | | — | | | | | | (90,773) | | |
Total Securities Sold Short | | | | | (119,897,056) | | | | | | (43,185,708) | | | | | | — | | | | | | (163,082,764) | | |
Financial Futures Contracts – Equity Risk | | | | | (383,750) | | | | | | — | | | | | | — | | | | | | (383,750) | | |
Financial Futures Contracts – Interest Rate Risk | | | | | (201,633) | | | | | | — | | | | | | — | | | | | | (201,633) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (562,252) | | | | | | — | | | | | | (562,252) | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | (211,848) | | | | | | — | | | | | | (211,848) | | |
Written Options – Equity Risk | | | | | (107,677) | | | | | | — | | | | | | — | | | | | | (107,677) | | |
Total Other Financial Instruments | | | | | (693,060) | | | | | | (774,100) | | | | | | — | | | | | | (1,467,160) | | |
Total Liabilities | | | | $ | (120,590,116) | | | | | $ | (43,959,808) | | | | | $ | — | | | | | $ | (164,549,924) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
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 December 31, 2019 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 12/31/19 for the period ended 12/31/19 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | 143,541 | | | | | $ | (42,303) | | | | | $ | (714,921) | | | | | $ | — | | | | | $ | (2,725) | | | | | $ | 616,408 | | | | | $ | — | | | | | $ | — | | | | | $ | (714,921) | | |
Preferred Stocks | | | | | — | | | | | | — | | | | | | 55,714 | | | | | | 129,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,713 | | | | | | 55,714 | | |
Rights | | | | | — | | | | | | — | | | | | | 95,413 | | | | | | 77,784 | | | | | | — | | | | | | — | | | | | | — | | | | | | 173,197 | | | | | | 95,413 | | |
Warrants | | | | | — | | | | | | — | | | | | | 10,771 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,771 | | | | | | 10,771 | | |
Private Investment Funds | | | | | 362,048,738 | | | | | | 9,897,393 | | | | | | 7,115,727 | | | | | | 45,500,000 | | | | | | (178,187,285) | | | | | | — | | | | | | — | | | | | | 246,374,573 | | | | | | 9,656,330 | | |
Disputed Claims Receipt* | | | | | 351,435 | | | | | | — | | | | | | (351,435) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (351,435) | | |
Total Return Basket Swaps | | | | | (520,436) | | | | | | 18,843,195 | | | | | | 520,436 | | | | | | 3,558,779,881 | | | | | | (3,577,623,076) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 362,023,278 | | | | | $ | 28,698,285 | | | | | $ | 6,731,705 | | | | | $ | 3,604,487,664 | | | | | $ | (3,755,813,086) | | | | | $ | 616,408 | | | | | $ | — | | | | | $ | 246,744,254 | | | | | $ | 8,751,872 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
As of December 31, 2019 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stock | | | | $ | — | | | | Last market price | | | Discount(%) | | | 100% | | | 100% | |
Preferred Stocks | | | | | 185,713 | | | | Recent transaction price | | | Recent transaction price | | | $2.50 | | | $2.50 | |
Rights | | | | | 173,197 | | | | Last market price of parent company | | | Exchange Ratio | | | 4.97% | | | 4.97% | |
| | | | | | | | | | | | Probability of contingent event | | | 40.22% | | | 40.22% | |
Warrants | | | | | 10,771 | | | | Black-Scholes pricing model | | | Volatility | | | 35.00% | | | 35.00% | |
Private Investment Funds | | | | | 246,374,573 | | | | Adjusted net asset value | | | Manager estimated returns | | | (1.33)% – 5.00% | | | 1.99% | |
| | | | | | | | | | | | Market returns** | | | (1.02)% – 0.54% | | | 0.06% | |
Disputed Claims Receipt | | | | | — | | | | Corporate Action Model | | | Future Claim Awards | | | 0.00% | | | 0.00% | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
Multi-Strategy (a) | | | | $ | 71,035,630 | | | | daily (90)% | | | 2 days | |
Long-Short Global Healthcare (b) | | | | | 42,098,344 | | | | quarterly | | | 45 days | |
Trend Following (c) | | | | | 28,169,056 | | | | daily | | | 2 days | |
Long-Short Global (d) | | | | | 95,507,424 | | | | monthly (23)%, quarterly (77)% | | | 60 – 90 days | |
Relative Value (e) | | | | | 9,564,119 | | | | quarterly | | | 30 days | |
Total | | | | $ | 246,374,573 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 576,886 | | | | | $ | — | | |
Written Options | | | | | — | | | | | | (107,677) | | |
Total Return Equity Swap Contracts | | | | | 477,718 | | | | | | (211,848) | | |
Forward Contracts | | | | | 1,392,333 | | | | | | (562,252) | | |
Futures Contracts* | | | | | 1,980,090 | | | | | | (585,383) | | |
Total derivative assets and liabilities | | | | | 4,427,027 | | | | | | (1,467,160) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 2,556,976 | | | | | | (693,060) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 1,870,051 | | | | | $ | (774,100) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
Counterparty | | | Derivative Assets Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Bank plc | | | | $ | 686,628 | | | | | $ | (170,918) | | | | | $ | — | | | | | $ | 515,710 | | |
Goldman Sachs International | | | | | 705,705 | | | | | | (212,985) | | | | | | — | | | | | | 492,720 | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services LLC | | | | | 477,718 | | | | | | (211,848) | | | | | | — | | | | | | 265,870 | | |
Total | | | | $ | 1,870,051 | | | | | $ | (595,751) | | | | | $ | — | | | | | $ | 1,274,300 | | |
Counterparty | | | Derivative Liabilities Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Pledged | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Bank plc | | | | $ | (170,918) | | | | | $ | 170,918 | | | | | $ | — | | | | | $ | — | | |
Goldman Sachs International | | | | | (212,985) | | | | | | 212,985 | | | | | | — | | | | | | — | | |
Morgan Stanley Capital Services, Inc. | | | | | (178,349) | | | | | | — | | | | | | 178,349 | | | | | | — | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services LLC | | | | | (211,848) | | | | | | 211,848 | | | | | | — | | | | | | — | | |
Total | | | | $ | (774,100) | | | | | $ | 595,751 | | | | | $ | 178,349 | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
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 | | | | $ | — | | | | | | —% | | | | | $ | 576,886 | | | | | | 0.09% | | | | | $ | — | | | | | | —% | | | | | $ | 576,886 | | |
Total Return Equity Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | 477,718 | | | | | | 0.01% | | | | | | — | | | | | | —% | | | | | | 477,718 | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 1,392,333 | | | | | | 0.08% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 1,392,333 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | — | | | | | | —% | | | | | | 1,980,090 | | | | | | 0.05% | | | | | | — | | | | | | —% | | | | | | 1,980,090 | | |
Total Value — Assets | | | | | | | $ | 1,392,333 | | | | | | | | | | | $ | 3,034,694 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 4,427,027 | | |
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (107,677) | | | | | | 0.01% | | | | | $ | — | | | | | | —% | | | | | $ | (107,677) | | |
Total Return Equity Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (211,848) | | | | | | 0.01% | | | | | | — | | | | | | —% | | | | | | (211,848) | | |
Total Return Basket Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | 0.01% | | | | | | — | | | | | | —% | | | | | | — | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (562,252) | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (562,252) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | — | | | | | | —% | | | | | | (383,750) | | | | | | 0.08% | | | | | | (201,633) | | | | | | 0.00% | | | | | | (585,383) | | |
Total Value — Liabilities | | | | | | | $ | (562,252) | | | | | | | | | | | $ | (703,275) | | | | | | | | | | | $ | (201,633) | | | | | | | | | | | $ | (1,467,160) | | |
Derivative Type | | | Statement of Operations Location | | | Foreign Currency Risk | | | Equity Risk | | | Interest Rate Risk | | | Total | | ||||||||||||
Realized Gain (Loss) | | |||||||||||||||||||||||||||
Purchased Options | | | Net realized gain (loss) on Investments | | | | $ | — | | | | | $ | 977,764 | | | | | $ | — | | | | | $ | 977,764 | | |
Written Options | | | Net realized gain (loss) on Written options | | | | | — | | | | | | (1,446,916) | | | | | | — | | | | | | (1,446,916) | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | 18,236,421 | | | | | | — | | | | | | 18,236,421 | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | 1,523,579 | | | | | | — | | | | | | — | | | | | | 1,523,579 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | — | | | | | | 30,432,647 | | | | | | 163,397 | | | | | | 30,596,044 | | |
Total Realized Gain (Loss) | | | | | | | $ | 1,523,579 | | | | | $ | 48,199,916 | | | | | $ | 163,397 | | | | | $ | 49,886,892 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
Derivative Type | | | Statement of Operations Location | | | Foreign Currency Risk | | | Equity Risk | | | Interest Rate Risk | | | Total | | ||||||||||||
Change in Appreciation (Depreciation) | | |||||||||||||||||||||||||||
Purchased Options | | | Net Change in Unrealized Appreciation (Depreciation) on Investments | | | | $ | — | | | | | $ | (5,212,950) | | | | | $ | — | | | | | $ | (5,212,950) | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Written options | | | | | — | | | | | | (1,817) | | | | | | — | | | | | | (1,817) | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | 786,306 | | | | | | — | | | | | | 786,306 | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | (990,506) | | | | | | — | | | | | | — | | | | | | (990,506) | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | — | | | | | | 4,681,717 | | | | | | (201,633) | | | | | | 4,480,084 | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | (990,506) | | | | | $ | 253,256 | | | | | $ | (201,633) | | | | | $ | (938,883) | | |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.25% | | |
On the next $1 billion | | | | | 0.23% | | |
On the next $1 billion | | | | | 0.20% | | |
On the remainder (> $3 billion) | | | | | 0.18% | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
Assets-Based Schedules [a] All paid Monthly | | | | | | | | | | | | | | | | | | | |
Money Manager/Strategy | | | Minimum | | | Maximum | | | Breakpoints | | |||||||||
Amundi Pioneer Institutional Asset Management, Inc. – Beta | | | | | 0.02% | | | | | | 0.03% | | | | | | YES | | |
Fundsmith, LLP | | | | | 0.90% | | | | | | — | | | | | | NO | | |
Green Court Capital Management Limited | | | | | 0.60% | | | | | | 0.90% | | | | | | YES | | |
Lansdowne Partners (UK) LLC | | | | | 0.80% | | | | | | — | | | | | | NO | | |
Fulcrum Fee Schedule [b] paid Monthly | | | | | | | | | | | | | | | | | ||||||||||||
Money Manager/Strategy | | | Floor | | | Cap | | | Fulcrum Fee | | | Benchmark | | | Excess Return to achieve Fulcrum fee | | ||||||||||||
AJO, LP* – Domestic Large Cap | | | | | 0.10% | | | | | | 0.50% | | | | | | 0.30% | | | | S&P 500 Index | | | | | 2.00% | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
Blended Asset-Based and Performance-Based Fee Schedules [c] | | | |||||||||||||||||||||||||||||||||||
Asset-Based Portion – All Paid Monthly | | | Performance-Based Portion – All Paid Annually | | |||||||||||||||||||||||||||||||||
Money Manager/Strategy | | | Minimum | | | Maximum | | | Breakpoints | | | Benchmark/Hurdle | | | Performance Fee | | | Performance Measurement Period | | | High Water Mark | | | Performance Fee Cap | | | |||||||||||
AJO, LP* – Emerging Markets | | | | | — | | | | | | — | | | | — | | | MSCI Emerging Markets Small Cap Index (net) | | | 16.6% (d) (e) | | | Rolling 60 months | | | | | NO | | | | 1.33%(d) ANA | | | ||
AQR Capital Management – Europe, Australasia, Far East (“EAFE”) | | | | | 0.30% | | | | | | — | | | | NO | | | MSCI EAFE Index (net) | | | 17% (f) | | | Calendar year | | | NO | | | NO | | | |||||
AQR Capital Management – US | | | | | 0.20% | | | | | | — | | | | NO | | | Russell 1000 Total Return Index (net) | | | 17% (f) | | | Calendar year | | | NO | | | NO | | | |||||
Deep Basin Capital LP (g) | | | | | 1.325% | | | | | | 1.50% | | | | NO | | | | | | 16.25% (f) | | | Calendar year | | | YES | | | NO | | | |||||
Hosking Partners LLP ** | | | | | 0.28% | | | | | | — | | | | NO | | | Blend: 50% MSCI All Country World Index (net dividends reinvested) and 50% MSCI All Country World Index (gross dividends reinvested) | | | 18% (e) | | | Rolling 60 months | | | NO | | | NO | | | |||||
Keel Capital AB | | | | | 1.30% | | | | | | — | | | | — | | | | | | 20% (f) | | | Calendar year | | | YES | | | NO | | | |||||
Kopernik Global Investors, LLC | | | | | 0.10% | | | | | | — | | | | NO | | | MSCI All Country World Index (net) | | | 20% (f) | | | Calendar year | | | NO | | | NO | | | |||||
Mission Value Partners, LLC | | | | | 0.50% | | | | | | 0.75% | | | | YES | | | 36 month blended hurdle of avg monthly change in Consumer Price Index x 12 + spread of 4% for months prior to April 1, 2019 and a flat 4.5%-5.5% thereafter | | | 10% (e) | | | Rolling 36 months | | | NO | | | 1.00% | | | |||||
NewGen Asset Management Limited | | | | | 1.50% | | | | | | — | | | | NO | | | | | | 10% (f) | | | Calendar year | | | YES | | | NO | | | |||||
Strategy Capital, LLC | | | Blended rate between 0.1875% and 0.10% (h) | | | | | 0.75% | | | | YES | | | S&P 500 Index (net) | | | 10%-20% (f) (i) | | | Calendar year | | | NO | | | NO | | | ||||||||
TB Alternative Assets Ltd | | | | | 0.75% | | | | | | — | | | | NO | | | Blend: 50% MSCI China Index and 50% CSI 300 Index | | | 15% (f) | | | Calendar year | | | NO | | | NO | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 1,962,569,469 | | | | | $ | 2,636,747,485 | | |
US Government Securities | | | | | 141,757,235 | | | | | | 244,127,064 | | |
| | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | ||||||||||||
Investments in securities | | | | $ | 290,408,876 | | | | | | (220,384,788) | | | | | | 70,024,088 | | | | | | 1,834,128,448 | | |
Securities sold short | | | | | 2,791,087 | | | | | | (32,405,305) | | | | | | (29,614,218) | | | | | | (133,468,546) | | |
| | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Derivatives | | ||||||||||||
Purchased option contracts | | | | | — | | | | | | (1,184,132) | | | | | | (1,184,132) | | | | | | 1,761,018 | | |
Financial futures contracts | | | | | — | | | | | | — | | | | | | — | | | | | | 1,394,707 | | |
Forward currency contracts | | | | | — | | | | | | (11,804) | | | | | | (11,804) | | | | | | 841,885 | | |
Swap contracts | | | | | 281,072 | | | | | | — | | | | | | 281,072 | | | | | | (15,202) | | |
Written option contracts | | | | | — | | | | | | (1,817) | | | | | | (1,817) | | | | | | (105,860) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
| Undistributed (Distribution in Excess of) Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/ (Depreciation) (a) | | |||||||||
| $— | | | | $ | 2,930,292 | | | | | $ | — | | | | | $ | 26,938,334 | | |
| 2019 | | | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Return of Capital | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | | ||||||||||||||||||||||||
| | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | $ | 128,469,575 | | | | | $ | 58,490,782 | | | | | $ | 21,207,626 | | | | | $ | 208,167,983 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 182,810,826 | | | | | $ | — | | | | | $ | (182,810,826) | | | | | $ | — | | |
Total | | | | $ | 182,810,826 | | | | | $ | — | | | | | $ | (182,810,826) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2019 |
February 27, 2020
TIFF Multi-Asset Fund | December 31, 2019 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2019 |
| Approval of Money Manager Agreements (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2019 |
TIFF Multi-Asset Fund | December 31, 2019 |
| Index Descriptions | |
TIFF Multi-Asset Fund | December 31, 2019 |
TIFF Short-Term Fund | December 31, 2019 |
| Internet Availability of Shareholder Reports | |
| Portfolio Management Review (Unaudited) | |
TIFF Short-Term Fund | December 31, 2019 |
| Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 610-684-8200 or visiting https://tipfunds.org/files/performance/Mutual%20Fund%20Standardized%20Performance.pdf. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. Investments in debt securities typically decrease in value when interest rates rise although the risk is less for short-term debt securities than for longer-term debt securities. | |
| Fund Performance (Unaudited)Total return for the periods ended 12/31/19 | |
| | | Calendar Year 2019 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Short-Term Fund | | | | | 2.20% | | | | | | 1.52% | | | | | | 0.92% | | | | | | 0.43% | | | | | | 2.59% | | | | | | 92.40% | | |
BofA ML US 6-Month T- Bill* | | | | | 2.57% | | | | | | 1.81% | | | | | | 1.26% | | | | | | 0.74% | | | | | | 2.79% | | | | | | 102.08% | | |
| Performance of a $50,000 Investment (Unaudited)Ten year period ended 12/31/19 | |
TIFF Short-Term Fund | December 31, 2019 |
| Fund Expenses (Unaudited) | |
| | | Beginning Account Value 7/1/19 | | | Ending Account Value 12/31/19 | | | Expenses Paid During the Period* 7/1/19 – 12/31/19 | | |||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,008.80 | | | | | $ | 1.32 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.89 | | | | | $ | 1.33 | | |
| Summary Schedule of Investments (Unaudited) | |
| US Treasury Bills | | | | | 99.6% | | |
| Repurchase Agreement | | | | | 4.3% | | |
| Total Investments | | | | | 103.9% | | |
| Liabilities in Excess of Other Assets | | | | | (3.9)% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Short-Term Fund | December 31, 2019 |
| Financial Highlights | |
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | | Year Ended December 31, 2015 | | |||||||||||||||
For a share outstanding throughout each period | | ||||||||||||||||||||||||||||||
Net asset value, beginning of year | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.87 | | |
Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
Net investment income (loss) (a) | | | | | 0.21 | | | | | | 0.17 | | | | | | 0.06 | | | | | | 0.01 | | | | | | (0.01) | | |
Net realized and unrealized gain on investments (b) | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Total from investment operations | | | | | 0.21 | | | | | | 0.17 | | | | | | 0.06 | | | | | | 0.01 | | | | | | (0.01) | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.06) | | | | | | (0.01) | | | | | | — | | |
Total distributions | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.06) | | | | | | (0.01) | | | | | | — | | |
Net asset value, end of year | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | |
Total return (c) | | | | | 2.20% | | | | | | 1.74% | | | | | | 0.64% | | | | | | 0.13% | | | | | | (0.10)% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000s) | | | | $ | 75,891 | | | | | $ | 80,341 | | | | | $ | 84,612 | | | | | $ | 83,729 | | | | | $ | 97,168 | | |
Ratio of expenses to average net assets | | | | | 0.25% | | | | | | 0.23% | | | | | | 0.23% | | | | | | 0.24% | | | | | | 0.22% | | |
Ratio of net investment income (loss) to average net assets | | | | | 2.15% | | | | | | 1.69% | | | | | | 0.63% | | | | | | 0.15% | | | | | | (0.09)% | | |
Portfolio turnover (d) | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | |
TIFF Short-Term Fund | December 31, 2019 |
| Schedule of Investments | |
| | | Principal Amount | | | Value | | ||||||
Investments — 103.9% of net assets | | | | | | | | | | | | | |
Short-Term Investments — 103.9% | | | | | | | | | | | | | |
Repurchase Agreement — 4.3% | | | | | | | | | | | | | |
Fixed Income Clearing Corp. issued on 12/31/19 (proceeds at maturity $3,303,101) (collateralized by US Treasury Bonds, due 08/15/45 with a total par value of $3,030,000 and a total market value of $3,372,114) 0.120%, 01/02/20 | | ||||||||||||
(Cost $3,303,079) | | | | $ | 3,303,079 | | | | | $ | 3,303,079 | | |
US Treasury Bills (a) — 99.6% | | | | | | | | | | | | | |
US Treasury Bill, 2.552%, 02/27/20 | | | | | 16,000,000 | | | | | | 15,937,820 | | |
US Treasury Bill, 1.857%, 03/26/20 | | | | | 2,000,000 | | | | | | 1,992,964 | | |
US Treasury Bill, 1.668%, 04/09/20 | | | | | 14,000,000 | | | | | | 13,941,871 | | |
US Treasury Bill, 1.563%, 05/14/20 | | | | | 5,000,000 | | | | | | 4,971,779 | | |
US Treasury Bill, 1.591%, 05/28/20 | | | | | 15,000,000 | | | | | | 14,905,966 | | |
US Treasury Bill, 1.563%, 06/04/20 | | | | | 7,000,000 | | | | | | 6,953,990 | | |
| | | Principal Amount | | | Value | | ||||||
US Treasury Bill, 1.547%, 06/11/20 | | | | $ | 11,000,000 | | | | | $ | 10,924,425 | | |
US Treasury Bill, 1.563%, 06/18/20 | | | | | 2,000,000 | | | | | | 1,985,625 | | |
US Treasury Bill, 1.589%, 06/25/20 | | | | | 1,000,000 | | | | | | 992,533 | | |
US Treasury Bill, 1.573%, 07/02/20 | | | | | 3,000,000 | | | | | | 2,976,651 | | |
Total US Treasury Bills (Cost $75,574,951) | | | | | | | | | | | 75,583,624 | | |
Total Short-Term Investments (Cost $78,878,030) | | | | | | | | | | | 78,886,703 | | |
Total Investments — 103.9% (Cost $78,878,030) | | | | | | | | | | | 78,886,703 | | |
Liabilities in Excess of Other Assets — (3.9)% | | | | | | | | | | | (2,995,499) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 75,891,204 | | |
|
TIFF Short-Term Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2019 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $75,574,951) | | | | $ | 75,583,624 | | |
Repurchase agreements (cost: $3,303,079) | | | | | 3,303,079 | | |
Total investments (cost: $78,878,030) | | | | | 78,886,703 | | |
Receivables: | | | | | | | |
Interest | | | | | 62,275 | | |
Prepaid expenses | | | | | 2,426 | | |
Total Assets | | | | | 78,951,404 | | |
Liabilities | | | | | | | |
Payables: | | | | | | | |
Investment securities purchased | | | | | 2,976,651 | | |
Fund administration and custody fees | | | | | 47,480 | | |
Accrued professional fees | | | | | 22,174 | | |
Distributions | | | | | 9,761 | | |
Investment advisory and administrative fees | | | | | 2,535 | | |
Trustee’s fees | | | | | 354 | | |
Accrued expenses and other liabilities | | | | | 1,245 | | |
Total Liabilities | | | | | 3,060,200 | | |
Net Assets | | | | $ | 75,891,204 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 7,698,745 | | |
Net Asset Value Per Share | | | | $ | 9.86 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 75,897,927 | | |
Total distributable earnings (loss) | | | | | (6,723) | | |
Net Assets | | | | $ | 75,891,204 | | |
TIFF Short-Term Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2019 | | |||
Investment Income | | | | | | | |
Interest | | | | $ | 1,702,825 | | |
Total Investment Income | | | | | 1,702,825 | | |
Expenses | | | | | | | |
Fund administration and custody fees | | | | | 68,945 | | |
Professional fees | | | | | 38,429 | | |
Shareholder Registration fees | | | | | 27,097 | | |
Investment advisory fees | | | | | 21,275 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 7,528 | | |
Administrative fees | | | | | 7,092 | | |
Miscellaneous fees and other | | | | | 10,168 | | |
Total Expenses | | | | | 180,534 | | |
Net Investment Income | | | | | 1,522,291 | | |
Net Realized Gain from Investments | | | | | 37,759 | | |
Net Change in Unrealized Depreciation on Investments | | | | | (1,656) | | |
Net Realized and Unrealized Gain on Investments | | | | | 36,103 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 1,558,394 | | |
TIFF Short-Term Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 1,522,291 | | | | | $ | 1,395,913 | | |
Net realized gain (loss) from investments | | | | | 37,759 | | | | | | (40,538) | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | (1,656) | | | | | | 26,022 | | |
Net Increase in Net Assets Resulting from Operations | | | | | 1,558,394 | | | | | | 1,381,397 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (1,532,333) | | | | | | (1,386,422) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (1,532,333) | | | | | | (1,386,422) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 86,559,493 | | | | | | 100,495,407 | | |
Proceeds from distributions reinvested | | | | | 1,379,524 | | | | | | 1,257,658 | | |
Cost of shares redeemed | | | | | (92,414,990) | | | | | | (106,018,603) | | |
Net Decrease From Capital Share Transactions | | | | | (4,475,973) | | | | | | (4,265,538) | | |
Total Decrease in Net Assets | | | | | (4,449,912) | | | | | | (4,270,563) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 80,341,116 | | | | | | 84,611,679 | | |
End of year | | | | $ | 75,891,204 | | | | | $ | 80,341,116 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 8,768,976 | | | | | | 10,191,037 | | |
Shares reinvested | | | | | 139,877 | | | | | | 127,660 | | |
Shares redeemed | | | | | (9,360,608) | | | | | | (10,751,401) | | |
Net Decrease | | | | | (451,755) | | | | | | (432,704) | | |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2019 |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2019 |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.03% | | |
On the next $1 billion | | | | | 0.02% | | |
On the remainder (> $2 billion) | | | | | 0.01% | | |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2019 |
| Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation | | | Cost | |
| $9,110 | | | $(437) | | | $8,673 | | | $78,878,030 | |
| Undistributed (Distribution in Excess of) Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/(Depreciation) | | | Qualified Later-year Losses | | ||||||||||||
| $4 | | | | $ | — | | | | | $ | (15,400) | | | | | $ | 8,673 | | | | | $ | — | | |
| 2019 | | | | 2018 | | |||||||||||||||||||||||||||||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Return of Capital | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | | |||||||||||||||||||||
| $1,532,333 | | | | $ | — | | | | | $ | — | | | | | $ | 1,532,333 | | | | | | $ | 1,386,422 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,386,422 | | |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2019 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 3,303,079 | | | | | $ | — | | | | | $ | (3,303,079) | | | | | $ | — | | |
Total | | | | $ | 3,303,079 | | | | | $ | — | | | | | $ | (3,303,079) | | | | | $ | — | | |
February 27, 2020
TIFF Short-Term Fund | December 31, 2019 |
| Additional Information (Unaudited) | |
Trustees and Principal Officers (Unaudited) |
| William F. McCalpin | | |||
| Born 1957 Trustee since February 2008 Board Chair since 2008 2 funds overseen | | | Principal Occupation(s) During the Past Five Years: Independent consultant. Chair of the Board of Trustees of The Janus Henderson Funds (2008 – present); Trustee of The Janus Henderson Funds (2002 – present) (oversees 58 portfolios). Formerly, Managing Partner, Impact Investments, Athena Capital Advisors, LLC, an independent, registered advisor (2016 – 2019); Managing Director, Holos Consulting LLC, a consultant to foundations and non-profit organizations (2009 – 2016); Chief Executive Officer, Imprint Capital Advisors, LLC, an investment advisor exclusively focused on impact investing (2013 – 2015). Other Directorships: F.B. Heron Foundation; Mutual Fund Directors Forum. | |
| Craig R. Carnaroli | | |||
| Born 1963 Trustee since January 2012 2 funds overseen | | | Principal Occupation(s) During the Past Five Years: Executive Vice President, University of Pennsylvania. Other Directorships: University City District; University City Science Center; Philadelphia Industrial Development Corp.; Visit Philadelphia; The Connelly Foundation, a private grantmaking foundation. | |
| Mark L. Baumgartner | | |||
| Born 1969 Trustee since September 2016 2 funds overseen | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, Institute for Advanced Study, a private, independent academic institution (2014 – present). Other Directorships: Trustee, YMCA Retirement Fund. | |
Trustees and Principal Officers (Unaudited) |
| Richard J. Flannery | | |||
| Born 1957 President and CEO since September 2003 | | | Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc.; President and CEO, TIFF Investment Program. Directorships: TIFF Advisory Services, Inc., Investment Committee Member of the Financial Industry Regulatory Authority (FINRA), and Advisor to the Board, Catholic Investment Services, Inc. | |
| Jay L. Willoughby | | |||
| Born 1958 Chief Investment Officer since October 2015 | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present); CIO, Alaska Permanent Fund Corp., a sovereign wealth fund of the State of Alaska (2011 – 2015). Directorships: Sustainability Accounting Standards Board (SASB) Foundation. | |
| Katherine M. Billings | | |||
| Born 1980 CFO and Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present); Director, among other positions, PricewaterhouseCoopers, LLP (2002 – 2017). | |
| Zane T. Hamid | | |||
| Born 1981 Vice President since December 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Head of Fund Operations (2017 – present); Deputy Head of Fund Operations (2013 – 2017), TIFF Advisory Services, Inc. | |
| Kelly A. Lundstrom | | |||
| Born 1964 Vice President since September 2006 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Strategy and People Officer (2018 – present); Vice President and Head of Operations (2006 – 2017), TIFF Advisory Services, Inc. | |
| Christian A. Szautner | | |||
| Born 1972 CCO since July 2008; Vice President, Secretary, and Chief Legal Officer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Compliance Officer, TIFF Advisory Services, Inc.; General Counsel – Regulatory and Assistant Secretary (2017 – present), TIFF Advisory Services, Inc. | |
| Robert J. Zion | | |||
| Born 1961 Vice President and COO since March 2017, Assistant Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. (March 2017 – present); Chief Operating Officer, among other positions, Hirtle Callaghan & Co. (1991 – 2017). | |
AHL Partners LLP (AF)*
AJO, LP*
Amundi Pioneer Institutional Asset Management, Inc.
AQR Capital Management, LLC
Canyon Capital Advisors LLC (AF)
Deep Basin Capital LP
Eversept Partners, LP (AF)
Farallon Capital Management, LLC (AF)
Fundsmith, LLP
Green Court Capital Management Limited
GSA Capital Ltd. (AF)
Honeycomb Asset Management LP (AF)
Hosking Partners LLP*
Keel Capital AB
Kopernik Global Investors, LLC
Lansdowne Partners (UK) LLP
Lansdowne Partners Limited (AF)
Mission Value Partners, LLC
Neo Ivy Capital Management, LLC (AF)
NewGen Asset Management Limited
Och-Ziff Capital Management Group (AF)*
QVT Financial LP (AF)
RK Capital Management, LLC (“Tessera”) (AF)*
Strategy Capital, LLC
TB Alternative Assets Ltd. (“Trustbridge”)
TIFF Advisory Services, Inc.
TIFF Advisory Services, Inc.
| | | ADVISOR | | |
| | | | TIFF Advisory Services, Inc. | |
| 170 N. Radnor Chester Road Suite 300 Radnor, PA 19087 phone 610-684-8200 fax 610-684-8210 CUSTODIAN ACCOUNTING AGENT TRANSFER AGENT DIVIDEND DISBURSING AGENT FUND ADMINISTRATOR State Street Bank and Trust Company One Iron Street Boston, MA 02210 FUND DISTRIBUTOR Foreside Fund Services, LLC 3 Canal Plaza Suite 100 Portland, ME 04101 FUND COUNSEL Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 2001 Market Street Suite 1800 Philadelphia, PA 19103 | |
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2019, there were no amendments or waivers granted from any provision of the Code of Ethics. A copy of the Registrant’s Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The audit committee financial expert serving on the Registrant’s audit committee is Craig R. Carnaroli, who is “independent” as defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | AUDIT FEES: The aggregate fees billed for professional services rendered by the Registrant’s independent auditors, PricewaterhouseCoopers LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2019 and 2018 were $175,900 and $174,750. |
(b) | AUDIT-RELATED FEES: Audit-Related Fees are for assurance and related services by the Registrant’s independent accountant that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but are not reported as audit fees. No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal years ended December 31, 2019 or 2018. |
(c) | TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by PricewaterhouseCoopers LLP, for the fiscal years ended December 31, 2019 and 2018 were $90,984 and $73,695. These fees were for tax compliance, tax advice, and tax planning, including excise tax distribution and tax return review services. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant for the fiscal years ended December 31, 2019 or 2018. |
(e) | (1)AUDIT COMMITTEE PRE-APPROVAL POLICY: The Registrant's audit committee has delegated the authority to pre-approve the provision of audit and non-audit services to the chair of the audit committee; provided, however, that such pre-approval of audit or non-audit services is subject to ratification by the full audit committee at their next regularly scheduled audit committee meeting. |
(2) Not applicable.
(f) | Not applicable. |
(g) | In addition to amounts reported in (a) through (d) above, the aggregate non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant, and to the Registrant’s Investment Adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2019 and 2018 were $272,185 and $289,184. |
(h) | The Registrant’s audit committee of the Board of Trustees has considered the provision of non-audit services rendered to or paid for by the Registrant’s Investment Adviser to be compatible with maintaining the principal accounting firm’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of Ethics as described in Item 2 is attached.
(a)(2) Certification of Chief Executive Officer and Chief Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable to this filing.
(a)(4) Not applicable to this filing.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | TIFF Investment Program | |
By (Signature and Title) | /s/ Richard J. Flannery | |
Richard J. Flannery, President and Chief Executive Officer | ||
Date | February 27, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Richard J. Flannery | |
Richard J. Flannery, President and Chief Executive Officer | ||
Date | February 27, 2020 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | February 27, 2020 |