(f)
Asset based fee minimum rate is a blended rate between 0.1875% and 0.10% based on manager assets.
(g)
Performance fee rate based on average assets managed by Strategy Capital, LLC, excluding TIFF advised assets and assets of Strategy Capital, LLC and its affiliates.
*
Lansdowne Partners (UK) LLC ceased managing assets for the fund as of March 2020.
**
AQR Capital Management — EAFE ceased managing assets for the fund as of March 2020.
Fees for such services paid to the individual money managers are reflected as money manager fees on the Statement of Operations. As of June 30, 2020, $7,646,839 remained payable and reflected as money manager fees on the Statement of Assets and Liabilities.
With respect to MAF’s investments in other registered investment companies, private investment funds, exchange-traded funds, and other acquired funds, MAF bears its ratable share of each such entity’s expenses, including its share of the management and performance fees, if any, charged by such entity through that entity’s NAV. MAF’s share of management and performance fees charged by such entities is in addition to fees paid by MAF to TAS and the money managers.
6. Fund Administration and Custody Agreement
Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing core fund administration, fund accounting, domestic custody, and transfer agent services. Fees paid for non-core services rendered by State Street include, but are not limited to, foreign custody and transactional fees, which are based upon assets of the fund and/or on transactions entered into by the fund during the period, and out-of-pocket expenses. Fees for such services paid to State Street by the fund are reflected as fund administration and custody fees on the Statement of Operations. As of June 30, 2020, $2,217,966 remained payable and reflected as fund administration and custody fees on the Statement of Assets and Liabilities.
7. Investment Transactions
Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the period ended June 30, 2020 were as follows:
| | | | Purchases | | | Sales | |
| Non-US GovernmentSecurities | | | | $ | 946,972,683 | | | | | $ | 1,244,110,703 | | |
| US Government Securities | | | | | 66,719,713 | | | | | | 89,663,517 | | |
8. Federal Tax Information
For federal income tax purposes, the cost of investments owned at June 30, 2020 has been estimated since the final tax characteristic cannot be determined until subsequent to fiscal year end.
| | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | | | Tax Cost of
Investments | |
| | $250,519,562 | | | | $ | (257,320,567) | | | | | $ | (6,801,005) | | | | | $ | 1,431,844,768 | | |
The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses, mark to market on derivatives, mark to market on passive foreign investment companies, total return swaps, partnerships, and tax adjustments related to holding offsetting positions such as constructive sales.
Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.
The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2020.
9. Repurchase and Reverse Repurchase Agreements
The fund will engage in repurchase and reverse repurchase transactions under the terms of master repurchase agreements with parties approved by TAS or the relevant money manager.
In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into
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