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 | 19087 |
Radnor, PA | |
(Address of chief executive offices) | (Zip code) |
Clarence Kane Brenan | |
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: | 12/31/2020 | ||
Date of reporting period: | 01/01/2020 – 06/30/2020 | ||
Item 1. Reports to Stockholders.
| | | TIFF Investment Program | | ||||
| 2020 Semi-Annual Report | | | JUNE 30, 2020 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Internet Availability of Shareholder Reports | | | | | 2 | | |
| Fund Expenses | | | | | 3 | | |
| Financial Highlights | | | | | 4 | | |
| Schedule of Investments | | | | | 5 | | |
| Statement of Assets and Liabilities | | | | | 23 | | |
| Statement of Operations | | | | | 24 | | |
| Statements of Changes in Net Assets | | | | | 25 | | |
| Statement of Cash Flows | | | | | 26 | | |
| Notes to Financial Statements | | | | | 27 | | |
| Additional Information | | | | | 44 | | |
| Approval of Money Manager Agreements | | | | | 45 | | |
| Index Descriptions | | | | | 49 | | |
| TIFF Short-Term Fund | | ||||||
| Internet Availability of Shareholder Reports | | | | | 50 | | |
| Fund Expenses | | | | | 51 | | |
| Financial Highlights | | | | | 52 | | |
| Schedule of Investments | | | | | 53 | | |
| Statement of Assets and Liabilities | | | | | 54 | | |
| Statement of Operations | | | | | 55 | | |
| Statements of Changes in Net Assets | | | | | 56 | | |
| Notes to Financial Statements | | | | | 57 | | |
| Additional Information | | | | | 61 | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | 62 | | |
| About TIFF | |
| TIFF Mutual Funds | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | June 30, 2020 |
| Internet Availability of Shareholder Reports | |
| Summary Schedule of Investments (Unaudited) | |
| Foreign Common Stocks | | | | | 32.9% | | |
| US Common Stocks | | | | | 28.4% | | |
| Private Investment Funds | | | | | 12.4% | | |
| US Treasury Bills | | | | | 10.1% | | |
| Repurchase Agreement | | | | | 8.1% | | |
| US Treasury Bonds/Notes | | | | | 6.8% | | |
| Exchange-Traded Funds (ETFs) | | | | | 3.7% | | |
| Preferred Stocks | | | | | 0.2% | | |
| Purchased Option Contracts | | | | | 0.2% | | |
| Structured Notes | | | | | 0.0% | | |
| Rights | | | | | 0.0% | | |
| Warrants | | | | | 0.0% | | |
| Corporate Bonds | | | | | 0.0% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 102.8% | | |
| Securities Sold Short | | | | | (6.8)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 4.0% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | June 30, 2020 |
| Fund Expenses (Unaudited) | |
| | | Including Expenses for Securities Sold Short* | | | Excluding Expenses for Securities Sold Short* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 1/1/20 | | | Ending Account Value 6/30/20 | | | Expenses Paid During the Period** 1/1/20 – 6/30/20 | | | Beginning Account Value 1/1/20 | | | Ending Account Value 6/30/20 | | | Expenses Paid During the Period** 1/1/20 – 6/30/20 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,000.70 | | | | | $ | 9.80 | | | | | $ | 1,000.00 | | | | | $ | 1,000.70 | | | | | $ | 8.31 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,015.07 | | | | | $ | 9.87 | | | | | $ | 1,000.00 | | | | | $ | 1,016.56 | | | | | $ | 8.37 | | |
TIFF Multi-Asset Fund | June 30, 2020 |
| Financial Highlights | |
| | | Six Months Ended June 30, 2020 (Unaudited) | | | 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 period | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | | | | $ | 14.25 | | | | | $ | 15.31 | | |
Income (loss) from investment operations | | ||||||||||||||||||||||||||||||||||||
Net investment loss (a) | | | | | 0.00(b) | | | | | | 0.12 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 0.10 | | | | | | 0.10 | | |
Net realized and unrealized gain (loss) on investments | | | | | 0.00(b) | | | | | | 2.05 | | | | | | (1.63) | | | | | | 2.48 | | | | | | 0.51 | | | | | | (0.38) | | |
Total from investment operations | | | | | 0.00(b) | | | | | | 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) | | | | | 0.02 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Net asset value, end of period | | | | $ | 14.24 | | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | | | | $ | 14.25 | | |
Total return (c) | | | | | 0.14%(d) | | | | | | 18.39% | | | | | | (10.27)% | | | | | | 18.24% | | | | | | 4.45% | | | | | | (1.72)% | | |
Ratios/supplemental data | | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000s) | | | | $ | 1,487,505 | | | | | $ | 1,912,954 | | | | | $ | 2,498,944 | | | | | $ | 3,754,026 | | | | | $ | 4,126,979 | | | | | $ | 4,837,688 | | |
Ratio of expenses to average net assets (e) | | | | | 1.97%(f)(g) | | | | | | 1.00% | | | | | | 0.78% | | | | | | 0.94% | | | | | | 0.90% | | | | | | 0.85% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (e) | | | | | 1.67%(f)(g) | | | | | | 0.78% | | | | | | 0.72% | | | | | | 0.93% | | | | | | 0.87% | | | | | | 0.76% | | |
Ratio of net investment income (loss) to average net assets | | | | | (0.70)%(f) | | | | | | 0.92% | | | | | | 0.85% | | | | | | 0.47% | | | | | | 0.70% | | | | | | 0.68% | | |
Portfolio turnover | | | | | 79% | | | | | | 114% | | | | | | 66% | | | | | | 58% | | | | | | 65% | | | | | | 62% | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Investments — 102.8% of net assets | | ||||||||||||
Common Stocks — 61.3% | | ||||||||||||
US Common Stocks — 28.4% | | ||||||||||||
Aerospace & Defense — 1.1% | | ||||||||||||
Axon Enterprise, Inc. (a) | | | | | 1,516 | | | | | $ | 148,765 | | |
Curtiss-Wright Corp. | | | | | 2,595 | | | | | | 231,682 | | |
General Dynamics Corp. | | | | | 1,892 | | | | | | 282,778 | | |
Hexcel Corp. | | | | | 1,265 | | | | | | 57,203 | | |
Howmet Aerospace, Inc. | | | | | 18,964 | | | | | | 300,579 | | |
Huntington Ingalls Industries, Inc. (b) | | | | | 2,195 | | | | | | 383,006 | | |
Lockheed Martin Corp. | | | | | 2,297 | | | | | | 838,221 | | |
Northrop Grumman Corp. | | | | | 2,069 | | | | | | 636,093 | | |
Raytheon Technologies Corp. | | | | | 4,111 | | | | | | 253,320 | | |
Textron, Inc. | | | | | 2,904 | | | | | | 95,571 | | |
TransDigm Group, Inc. | | | | | 28,275 | | | | | | 12,498,964 | | |
| | | | | | | | | | | 15,726,182 | | |
Airlines — 0.0% | | ||||||||||||
Delta Air Lines, Inc. | | | | | 5,081 | | | | | | 142,522 | | |
Auto Components — 0.0% | | ||||||||||||
Adient plc (a) | | | | | 2,317 | | | | | | 38,045 | | |
Goodyear Tire & Rubber Co. (The) | | | | | 3,621 | | | | | | 32,390 | | |
| | | | | | | | | | | 70,435 | | |
Automobiles — 0.5% | | ||||||||||||
Ford Motor Co. | | | | | 7,479 | | | | | | 45,472 | | |
General Motors Co. | | | | | 20,722 | | | | | | 524,267 | | |
Tesla, Inc. (a) | | | | | 6,599 | | | | | | 7,125,666 | | |
| | | | | | | | | | | 7,695,405 | | |
Beverages — 0.7% | | ||||||||||||
Brown-Forman Corp., Class B | | | | | 62,035 | | | | | | 3,949,148 | | |
Coca-Cola Co. (The) | | | | | 4,722 | | | | | | 210,979 | | |
Monster Beverage Corp. (a) | | | | | 4,098 | | | | | | 284,073 | | |
PepsiCo, Inc. | | | | | 40,426 | | | | | | 5,346,743 | | |
| | | | | | | | | | | 9,790,943 | | |
Biotechnology — 0.5% | | ||||||||||||
AbbVie, Inc. (b) | | | | | 10,211 | | | | | | 1,002,516 | | |
Alexion Pharmaceuticals, Inc. (a) | | | | | 8,921 | | | | | | 1,001,293 | | |
Alnylam Pharmaceuticals, Inc. (a) | | | | | 3,045 | | | | | | 450,995 | | |
Amgen, Inc. | | | | | 2,127 | | | | | | 501,674 | | |
Arrowhead Pharmaceuticals, Inc. (a) | | | | | 2,274 | | | | | | 98,214 | | |
Biogen, Inc. (a) (b) | | | | | 3,190 | | | | | | 853,484 | | |
Bluebird Bio, Inc. (a) | | | | | 182 | | | | | | 11,109 | | |
Exelixis, Inc. (a) | | | | | 20,486 | | | | | | 486,338 | | |
Gilead Sciences, Inc. (b) | | | | | 13,419 | | | | | | 1,032,458 | | |
Incyte Corp. (a) (b) | | | | | 1,113 | | | | | | 115,719 | | |
Moderna, Inc. (a) | | | | | 11,730 | | | | | | 753,183 | | |
Regeneron Pharmaceuticals, Inc. (a) | | | | | 793 | | | | | | 494,554 | | |
Sage Therapeutics, Inc. (a) | | | | | 696 | | | | | | 28,940 | | |
United Therapeutics Corp. (a) | | | | | 4,501 | | | | | | 544,621 | | |
Vertex Pharmaceuticals, Inc. (a) | | | | | 1,992 | | | | | | 578,298 | | |
| | | | | | | | | | | 7,953,396 | | |
Building Products — 0.1% | | ||||||||||||
Johnson Controls International plc | | | | | 16,776 | | | | | | 572,733 | | |
Masco Corp. (b) | | | | | 8,250 | | | | | | 414,232 | | |
| | | Number of Shares | | | Value | | ||||||
Owens Corning | | | | | 1,417 | | | | | $ | 79,012 | | |
| | | | | | | | | | | 1,065,977 | | |
Capital Markets — 0.2% | | ||||||||||||
Ameriprise Financial, Inc. | | | | | 1,841 | | | | | | 276,224 | | |
Bank of New York Mellon Corp. (The) | | | | | 16,796 | | | | | | 649,165 | | |
Federated Hermes, Inc., Class B | | | | | 7,475 | | | | | | 177,158 | | |
Franklin Resources, Inc. | | | | | 13,984 | | | | | | 293,244 | | |
Goldman Sachs Group, Inc. (The) | | | | | 2,542 | | | | | | 502,350 | | |
Morgan Stanley | | | | | 1,229 | | | | | | 59,361 | | |
State Street Corp. | | | | | 4,986 | | | | | | 316,860 | | |
T. Rowe Price Group, Inc. | | | | | 503 | | | | | | 62,121 | | |
| | | | | | | | | | | 2,336,483 | | |
Chemicals — 0.1% | | ||||||||||||
Cabot Corp. | | | | | 8,833 | | | | | | 327,263 | | |
Celanese Corp., Series A (b) | | | | | 2,076 | | | | | | 179,242 | | |
DuPont de Nemours, Inc. | | | | | 3,365 | | | | | | 178,782 | | |
Eastman Chemical Co. (b) | | | | | 5,375 | | | | | | 374,315 | | |
LyondellBasell Industries NV, Class A (b) | | | | | 3,293 | | | | | | 216,416 | | |
Minerals Technologies, Inc. | | | | | 1,157 | | | | | | 54,298 | | |
NewMarket Corp. | | | | | 797 | | | | | | 319,183 | | |
PolyOne Corp. | | | | | 12,278 | | | | | | 322,052 | | |
Sensient Technologies Corp. | | | | | 1,551 | | | | | | 80,900 | | |
Valvoline, Inc. | | | | | 3,197 | | | | | | 61,798 | | |
| | | | | | | | | | | 2,114,249 | | |
Commercial Banks — 0.1% | | ||||||||||||
Associated Banc-Corp. | | | | | 23,804 | | | | | | 325,639 | | |
BankUnited, Inc. | | | | | 2,055 | | | | | | 41,614 | | |
Citizens Financial Group, Inc. | | | | | 11,793 | | | | | | 297,655 | | |
Comerica, Inc. | | | | | 2,648 | | | | | | 100,889 | | |
Fifth Third Bancorp | | | | | 4,674 | | | | | | 90,115 | | |
First Citizens BancShares, Inc., Class A | | | | | 137 | | | | | | 55,488 | | |
Fulton Financial Corp | | | | | .2,053 | | | | | | 21,618 | | |
PNC Financial Services Group, Inc. (The) | | | | | 451 | | | | | | 47,449 | | |
Umpqua Holdings Corp. | | | | | 3,011 | | | | | | 32,037 | | |
Wintrust Financial Corp. | | | | | 2,345 | | | | | | 102,289 | | |
| | | | | | | | | | | 1,114,793 | | |
Commercial Services & Supplies — 0.1% | | ||||||||||||
Deluxe Corp. | | | | | 5,097 | | | | | | 119,984 | | |
Herman Miller, Inc. | | | | | 24,007 | | | | | | 566,805 | | |
HNI Corp. | | | | | 24,641 | | | | | | 753,275 | | |
Waste Management, Inc. (b) | | | | | 3,343 | | | | | | 354,057 | | |
| | | | | | | | | | | 1,794,121 | | |
Communications Equipment — 0.1% | | ||||||||||||
Ciena Corp. (a) (b) | | | | | 2,569 | | | | | | 139,137 | | |
Cisco Systems, Inc. (b) | | | | | 30,538 | | | | | | 1,424,292 | | |
F5 Networks, Inc. (a) | | | | | 1,297 | | | | | | 180,906 | | |
Juniper Networks, Inc. (b) | | | | | 7,291 | | | | | | 166,672 | | |
| | | | | | | | | | | 1,911,007 | | |
Computers & Peripherals — 0.5% | | ||||||||||||
Apple, Inc. (b) | | | | | 14,816 | | | | | | 5,404,877 | | |
Dell Technologies, Inc., Class C (a) | | | | | 1,084 | | | | | | 59,555 | | |
HP, Inc. | | | | | 64,104 | | | | | | 1,117,333 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Seagate Technology plc | | | | | 3,629 | | | | | $ | 175,680 | | |
Xerox Holdings Corp. (a) | | | | | 12,235 | | | | | | 187,073 | | |
| | | | | | | | | | | 6,944,518 | | |
Construction & Engineering — 0.1% | | ||||||||||||
D.R. Horton, Inc. | | | | | 3,561 | | | | | | 197,457 | | |
EMCOR Group, Inc. | | | | | 3,125 | | | | | | 206,688 | | |
KB Home | | | | | 11,913 | | | | | | 365,491 | | |
KBR, Inc. | | | | | 7,485 | | | | | | 168,787 | | |
NVR, Inc. (a) | | | | | 28 | | | | | | 91,245 | | |
PulteGroup, Inc. | | | | | 13,742 | | | | | | 467,640 | | |
Quanta Services, Inc. | | | | | 1,247 | | | | | | 48,920 | | |
TRI Pointe Group, Inc. (a) | | | | | 16,122 | | | | | | 236,832 | | |
| | | | | | | | | | | 1,783,060 | | |
Consumer Finance — 0.0% | | ||||||||||||
Capital One Financial Corp. (b) | | | | | 470 | | | | | | 29,417 | | |
Discover Financial Services | | | | | 1,243 | | | | | | 62,262 | | |
SLM Corp. | | | | | 5,961 | | | | | | 41,906 | | |
Synchrony Financial (b) | | | | | 16,015 | | | | | | 354,892 | | |
| | | | | | | | | | | 488,477 | | |
Containers & Packaging — 0.0% | | ||||||||||||
Graphic Packaging Holding Co. | | | | | 3,964 | | | | | | 55,456 | | |
O-I Glass, Inc. | | | | | 12,181 | | | | | | 109,386 | | |
Westrock Co. | | | | | 3,693 | | | | | | 104,364 | | |
| | | | | | | | | | | 269,206 | | |
Diversified Consumer Services — 0.0% | | ||||||||||||
WW International, Inc. (a) | | | | | 6,412 | | | | | | 162,737 | | |
Diversified Financial Services — 1.1% | | ||||||||||||
Bank of America Corp. | | | | | 1,966 | | | | | | 46,692 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 7,588 | | | | | | 1,354,534 | | |
Citigroup, Inc. | | | | | 9,672 | | | | | | 494,239 | | |
Evercore, Inc., Class A | | | | | 6,818 | | | | | | 401,717 | | |
JPMorgan Chase & Co. (b) | | | | | 6,093 | | | | | | 573,108 | | |
Moody’s Corp. (b) | | | | | 39,808 | | | | | | 10,936,452 | | |
S&P Global, Inc. | | | | | 1,132 | | | | | | 372,971 | | |
Subversive Capital Acquistion Corp., Class A (a) (b) | | | | | 73,700 | | | | | | 733,315 | | |
Washington Mutual, Inc. (a) (c) (d) | | | | | 33,600 | | | | | | — | | |
Wells Fargo & Co. (b) | | | | | 33,516 | | | | | | 858,010 | | |
| | | | | | | | | | | 15,771,038 | | |
Diversified Telecommunication Services — 0.1% | | ||||||||||||
AT&T, Inc. | | | | | 5,806 | | | | | | 175,515 | | |
Verizon Communications, Inc. (b) | | | | | 16,531 | | | | | | 911,354 | | |
| | | | | | | | | | | 1,086,869 | | |
Electric Utilities — 0.1% | | ||||||||||||
Exelon Corp. (b) | | | | | 9,696 | | | | | | 351,868 | | |
IDACORP, Inc. | | | | | 2,381 | | | | | | 208,028 | | |
NRG Energy, Inc. | | | | | 749 | | | | | | 24,388 | | |
Pinnacle West Capital Corp. | | | | | 3,560 | | | | | | 260,912 | | |
| | | | | | | | | | | 845,196 | | |
Electrical Equipment — 0.0% | | ||||||||||||
Acuity Brands, Inc. | | | | | 1,588 | | | | | | 152,035 | | |
Eaton Corp. plc (b) | | | | | 1,451 | | | | | | 126,933 | | |
GrafTech International, Ltd. | | | | | 15,104 | | | | | | 120,530 | | |
Regal Beloit Corp. | | | | | 2,368 | | | | | | 206,774 | | |
| | | | | | | | | | | 606,272 | | |
|
| | | Number of Shares | | | Value | | ||||||
Electronic Equipment, Instruments & Components — 0.3% | | ||||||||||||
Arrow Electronics, Inc. (a) (b) | | | | | 14,858 | | | | | $ | 1,020,596 | | |
Avnet, Inc. | | | | | 26,602 | | | | | | 741,797 | | |
CDW Corp. | | | | | 2,302 | | | | | | 267,446 | | |
Flex, Ltd. (a) | | | | | 30,907 | | | | | | 316,797 | | |
Jabil, Inc. | | | | | 14,235 | | | | | | 456,659 | | |
SYNNEX Corp. | | | | | 5,858 | | | | | | 701,612 | | |
Tech Data Corp. (a) | | | | | 340 | | | | | | 49,300 | | |
Vishay Intertechnology, Inc. (b) | | | | | 36,200 | | | | | | 552,774 | | |
| | | | | | | | | | | 4,106,981 | | |
Energy Equipment & Services — 0.1% | | ||||||||||||
Cactus, Inc., Class A (b) | | | | | 38,433 | | | | | | 792,873 | | |
Helmerich & Payne, Inc. (b) | | | | | 7,792 | | | | | | 152,022 | | |
NexTier Oilfield Solutions, Inc. (a) | | | | | 170,832 | | | | | | 418,538 | | |
| | | | | | | | | | | 1,363,433 | | |
Food & Staples Retailing — 0.1% | | ||||||||||||
Kroger Co. (The) | | | | | 7,760 | | | | | | 262,676 | | |
Sprouts Farmers Market, Inc. (a) | | | | | 13,211 | | | | | | 338,069 | | |
Walmart, Inc. (b) | | | | | 9,015 | | | | | | 1,079,817 | | |
| | | | | | | | | | | 1,680,562 | | |
Food Products — 0.5% | | ||||||||||||
Archer-Daniels-Midland Co. | | | | | 2,496 | | | | | | 99,591 | | |
Bunge, Ltd. | | | | | 839 | | | | | | 34,508 | | |
Hain Celestial Group, Inc. (The) (a) | | | | | 11,104 | | | | | | 349,887 | | |
Hershey Co. (The) | | | | | 431 | | | | | | 55,866 | | |
Ingredion, Inc. | | | | | 1,803 | | | | | | 149,649 | | |
McCormick & Co., Inc. | | | | | 37,258 | | | | | | 6,684,458 | | |
Pilgrim’s Pride Corp. (a) | | | | | 2,042 | | | | | | 34,489 | | |
Tyson Foods, Inc., Class A (b) | | | | | 7,230 | | | | | | 431,703 | | |
| | | | | | | | | | | 7,840,151 | | |
Health Care Equipment & Supplies — 1.5% | | ||||||||||||
Abbott Laboratories (b) | | | | | 1,593 | | | | | | 145,648 | | |
Align Technology, Inc. (a) | | | | | 627 | | | | | | 172,074 | | |
Baxter International, Inc. (b) | | | | | 12,141 | | | | | | 1,045,340 | | |
Becton Dickinson and Co. | | | | | 12,441 | | | | | | 2,976,758 | | |
Boston Scientific Corp. (a) | | | | | 6,134 | | | | | | 215,365 | | |
DENTSPLY SIRONA, Inc. | | | | | 3,717 | | | | | | 163,771 | | |
DexCom, Inc. (a) | | | | | 15,940 | | | | | | 6,462,076 | | |
Edwards Lifesciences Corp. (a) | | | | | 3,783 | | | | | | 261,443 | | |
Hologic, Inc. (a) | | | | | 12,706 | | | | | | 724,242 | | |
IDEXX Laboratories, Inc. (a) | | | | | 14,006 | | | | | | 4,624,221 | | |
Stryker Corp. | | | | | 30,647 | | | | | | 5,522,283 | | |
Zimmer Biomet Holdings, Inc. | | | | | 1,640 | | | | | | 195,750 | | |
| | | | | | | | | | | 22,508,971 | | |
Health Care Providers & Services — 0.3% | | ||||||||||||
AmerisourceBergen Corp. | | | | | 3,906 | | | | | | 393,608 | | |
Anthem, Inc. | | | | | 1,178 | | | | | | 309,790 | | |
Cardinal Health, Inc. (b) | | | | | 9,354 | | | | | | 488,185 | | |
Cerner Corp. | | | | | 4,867 | | | | | | 333,633 | | |
Cigna Corp. (a) | | | | | 120 | | | | | | 22,518 | | |
CVS Health Corp. | | | | | 5,038 | | | | | | 327,319 | | |
DaVita, Inc. (a) | | | | | 293 | | | | | | 23,188 | | |
HCA Healthcare, Inc. | | | | | 1,752 | | | | | | 170,049 | | |
Humana, Inc. (b) | | | | | 1,902 | | | | | | 737,501 | | |
McKesson Corp. (b) | | | | | 5,268 | | | | | | 808,217 | | |
MEDNAX, Inc. (a) | | | | | 8,802 | | | | | | 150,514 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Tenet Healthcare Corp. (a) | | | | | 9,348 | | | | | $ | 169,292 | | |
UnitedHealth Group, Inc. | | | | | 3,214 | | | | | | 947,969 | | |
Universal Health Services, Inc., Class B | | | | | 2,531 | | | | | | 235,105 | | |
| | | | | | | | | | | 5,116,888 | | |
Hotels, Restaurants & Leisure — 0.5% | | ||||||||||||
Boyd Gaming Corp. | | | | | 3,338 | | | | | | 69,764 | | |
Brinker International, Inc. | | | | | 23,552 | | | | | | 565,248 | | |
Caesars Entertainment Corp. (a) | | | | | 2,729 | | | | | | 33,103 | | |
Chipotle Mexican Grill, Inc. (a) | | | | | 147 | | | | | | 154,697 | | |
Darden Restaurants, Inc. | | | | | 3,330 | | | | | | 252,314 | | |
Domino’s Pizza, Inc. | | | | | 466 | | | | | | 172,159 | | |
Hilton Grand Vacations, Inc. (a) | | | | | 1,350 | | | | | | 26,393 | | |
International Game Technology plc | | | | | 34,046 | | | | | | 303,010 | | |
Jack in the Box, Inc. | | | | | 4,199 | | | | | | 311,104 | | |
Las Vegas Sands Corp. (b) | | | | | 515 | | | | | | 23,453 | | |
McDonald’s Corp. | | | | | 2,437 | | | | | | 449,553 | | |
Papa John’s International, Inc. | | | | | 2,405 | | | | | | 190,981 | | |
Starbucks Corp. | | | | | 54,424 | | | | | | 4,005,062 | | |
Texas Roadhouse, Inc. | | | | | 1,086 | | | | | | 57,091 | | |
Wendy’s Co. (The) | | | | | 8,612 | | | | | | 187,569 | | |
Wyndham Worldwide Corp. | | | | | 9,796 | | | | | | 276,051 | | |
Yum! Brands, Inc. | | | | | 4,867 | | | | | | 422,991 | | |
| | | | | | | | | | | 7,500,543 | | |
Household Durables — 0.0% | | ||||||||||||
Whirlpool Corp. | | | | | 642 | | | | | | 83,158 | | |
Household Products — 0.2% | | ||||||||||||
Colgate-Palmolive Co. | | | | | 4,794 | | | | | | 351,208 | | |
Kimberly-Clark Corp. | | | | | 6,733 | | | | | | 951,710 | | |
Procter & Gamble Co. (The) (b) | | | | | 10,840 | | | | | | 1,296,139 | | |
| | | | | | | | | | | 2,599,057 | | |
Industrial Conglomerates — 0.1% | | ||||||||||||
General Electric Co. | | | | | 102,035 | | | | | | 696,899 | | |
Honeywell International, Inc. | | | | | 1,037 | | | | | | 149,940 | | |
| | | | | | | | | | | 846,839 | | |
Insurance — 0.2% | | ||||||||||||
Aflac, Inc. (b) | | | | | 2,825 | | | | | | 101,785 | | |
Allstate Corp. (The) (b) | | | | | 9,142 | | | | | | 886,682 | | |
American National Insurance Co. | | | | | 501 | | | | | | 36,107 | | |
CNO Financial Group, Inc. | | | | | 8,396 | | | | | | 130,726 | | |
Fidelity National Financial, Inc. | | | | | 6,373 | | | | | | 195,396 | | |
First American Financial Corp. | | | | | 3,882 | | | | | | 186,414 | | |
Mercury General Corp. | | | | | 4,125 | | | | | | 168,094 | | |
MetLife, Inc. | | | | | 16,398 | | | | | | 598,855 | | |
Prudential Financial, Inc. | | | | | 1,677 | | | | | | 102,129 | | |
Travelers Companies, Inc. (The) (b) | | | | | 3,642 | | | | | | 415,370 | | |
Unum Group | | | | | 1,359 | | | | | | 22,546 | | |
| | | | | | | | | | | 2,844,104 | | |
Internet & Catalog Retail — 1.4% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 6,731 | | | | | | 18,569,617 | | |
Booking Holdings, Inc. (a) | | | | | 152 | | | | | | 242,036 | | |
eBay, Inc. (b) | | | | | 15,992 | | | | | | 838,780 | | |
Etsy, Inc. (a) | | | | | 1,969 | | | | | | 209,167 | | |
Qurate Retail, Inc., Series A (a) | | | | | 77,396 | | | | | | 735,262 | | |
Wayfair, Inc., Class A (a) | | | | | 1,559 | | | | | | 308,074 | | |
| | | | | | | | | | | 20,902,936 | | |
|
| | | Number of Shares | | | Value | | ||||||
Internet Software & Services — 2.5% | | ||||||||||||
Akamai Technologies, Inc. (a) | | | | | 2,403 | | | | | $ | 257,337 | | |
Alphabet, Inc., Class A (a) (b) | | | | | 1,715 | | | | | | 2,431,956 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 1,149 | | | | | | 1,624,238 | | |
Facebook, Inc., Class A (a) (b) | | | | | 114,203 | | | | | | 25,932,075 | | |
GrubHub, Inc. (a) | | | | | 345 | | | | | | 24,254 | | |
IAC/InterActiveCorp (a) (b) | | | | | 421 | | | | | | 136,151 | | |
Pinterest, Inc., Class A (a) | | | | | 298,489 | | | | | | 6,617,501 | | |
TripAdvisor, Inc. (b) | | | | | 8,066 | | | | | | 153,335 | | |
Uber Technologies, Inc. (a) | | | | | 4,239 | | | | | | 131,748 | | |
VeriSign, Inc. (a) | | | | | 2,094 | | | | | | 433,102 | | |
Yelp, Inc. (a) (b) | | | | | 4,345 | | | | | | 100,500 | | |
| | | | | | | | | | | 37,842,197 | | |
IT Services — 2.9% | | ||||||||||||
Alliance Data Systems Corp. | | | | | 5,801 | | | | | | 261,741 | | |
Amdocs, Ltd. | | | | | 4,463 | | | | | | 271,707 | | |
Automatic Data Processing, Inc. | | | | | 29,447 | | | | | | 4,384,364 | | |
Booz Allen Hamilton Holding Corp. | | | | | 859 | | | | | | 66,822 | | |
CACI International, Inc., Class A (a) | | | | | 2,450 | | | | | | 531,356 | | |
Cognizant Technology Solutions Corp., Class A | | | | | 11,713 | | | | | | 665,533 | | |
DXC Technology Co. (b) | | | | | 7,263 | | | | | | 119,840 | | |
Euronet Worldwide, Inc. (a) | | | | | 555 | | | | | | 53,180 | | |
Fidelity National Information Services, Inc. | | | | | 73,824 | | | | | | 9,899,060 | | |
International Business Machines Corp. (IBM) (b) | | | | | 8,547 | | | | | | 1,032,221 | | |
Mastercard, Inc., Class A | | | | | 2,511 | | | | | | 742,503 | | |
MAXIMUS, Inc. | | | | | 3,027 | | | | | | 213,252 | | |
PayPal Holdings, Inc. (a) | | | | | 48,957 | | | | | | 8,529,778 | | |
Perspecta, Inc. | | | | | 2,067 | | | | | | 48,016 | | |
Visa, Inc., Class A | | | | | 82,565 | | | | | | 15,949,081 | | |
| | | | | | | | | | | 42,768,454 | | |
Leisure Equipment & Products — 0.0% | | ||||||||||||
Brunswick Corp. | | | | | 670 | | | | | | 42,887 | | |
Life Sciences Tools & Services — 0.3% | | ||||||||||||
Agilent Technologies, Inc. (b) | | | | | 2,973 | | | | | | 262,724 | | |
Bio-Rad Laboratories, Inc., Class A (a) | | | | | 179 | | | | | | 80,817 | | |
Charles River Laboratories International, Inc. (a) | | | | | 482 | | | | | | 84,037 | | |
Illumina, Inc. (a) | | | | | 272 | | | | | | 100,735 | | |
IQVIA Holdings, Inc. (a) | | | | | 2,486 | | | | | | 352,714 | | |
PRA Health Sciences, Inc. (a) | | | | | 714 | | | | | | 69,465 | | |
Thermo Fisher Scientific, Inc. (b) | | | | | 1,949 | | | | | | 706,200 | | |
Waters Corp. (a) | | | | | 16,240 | | | | | | 2,929,696 | | |
| | | | | | | | | | | 4,586,388 | | |
Machinery — 1.1% | | ||||||||||||
AGCO Corp. | | | | | 2,396 | | | | | | 132,882 | | |
Allison Transmission Holdings, Inc. | | | | | 3,295 | | | | | | 121,190 | | |
Caterpillar, Inc. | | | | | 2,839 | | | | | | 359,133 | | |
Chart Industries, Inc. (a) (b) | | | | | 45,461 | | | | | | 2,204,404 | | |
Crane Co. | | | | | 4,062 | | | | | | 241,527 | | |
Cummins, Inc. (b) | | | | | 2,033 | | | | | | 352,238 | | |
Flowserve Corp. | | | | | 2,472 | | | | | | 70,501 | | |
Ingersoll Rand, Inc. (a) | | | | | 2,316 | | | | | | 65,126 | | |
ITT, Inc. | | | | | 7,710 | | | | | | 452,885 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Oshkosh Corp. (b) | | | | | 6,356 | | | | | $ | 455,217 | | |
Otis Worldwide Corp. | | | | | 196,532 | | | | | | 11,174,810 | | |
Terex Corp. | | | | | 5,920 | | | | | | 111,118 | | |
Timken Co. (The) | | | | | 7,178 | | | | | | 326,527 | | |
| | | | | | | | | | | 16,067,558 | | |
Media — 1.7% | | ||||||||||||
AMC Networks, Inc., Class A (a) | | | | | 15,902 | | | | | | 371,948 | | |
Cinemark Holdings, Inc. | | | | | 19,848 | | | | | | 229,244 | | |
Comcast Corp., Class A (b) | | | | | 26,395 | | | | | | 1,028,877 | | |
Netflix, Inc. (a) | | | | | 50,042 | | | | | | 22,771,112 | | |
Roku, Inc. (a) | | | | | 478 | | | | | | 55,701 | | |
ViacomCBS, Inc., Class B | | | | | 1,706 | | | | | | 39,784 | | |
Walt Disney Co. (The) (b) | | | | | 1,884 | | | | | | 210,085 | | |
World Wrestling Entertainment, Inc., Class A | | | | | 935 | | | | | | 40,626 | | |
| | | | | | | | | | | 24,747,377 | | |
Metals & Mining — 0.1% | | ||||||||||||
Allegheny Technologies, Inc. (a) | | | | | 34,521 | | | | | | 351,769 | | |
Commercial Metals Co. | | | | | 12,024 | | | | | | 245,290 | | |
Reliance Steel & Aluminum Co. (b) | | | | | 4,813 | | | | | | 456,898 | | |
Steel Dynamics, Inc. | | | | | 14,506 | | | | | | 378,461 | | |
| | | | | | | | | | | 1,432,418 | | |
Multi-Utilities — 0.0% | | ||||||||||||
Consolidated Edison, Inc. | | | | | 2,630 | | | | | | 189,176 | | |
NorthWestern Corp. | | | | | 446 | | | | | | 24,316 | | |
Public Service Enterprise Group, Inc. | | | | | 1,465 | | | | | | 72,019 | | |
| | | | | | | | | | | 285,511 | | |
Multiline Retail — 0.0% | | ||||||||||||
Kohl’s Corp. | | | | | 12,686 | | | | | | 263,488 | | |
Target Corp. | | | | | 2,615 | | | | | | 313,617 | | |
| | | | | | | | | | | 577,105 | | |
Oil, Gas & Consumable Fuels — 2.2% | | ||||||||||||
Brigham Minerals, Inc., Class A (b) | | | | | 237,561 | | | | | | 2,933,878 | | |
Cabot Oil & Gas Corp. (b) | | | | | 22,699 | | | | | | 389,969 | | |
Centennial Resource Development, Inc., Class A (a) | | | | | 1,823 | | | | | | 1,622 | | |
Cheniere Energy, Inc. (a) (b) | | | | | 21,490 | | | | | | 1,038,397 | | |
Chevron Corp. | | | | | 2,439 | | | | | | 217,632 | | |
Cimarex Energy Co. (b) | | | | | 133,290 | | | | | | 3,664,142 | | |
Cloud Peak Energy, Inc. (a) (c) (d) | | | | | 313,225 | | | | | | — | | |
CNX Resources Corp. (a) | | | | | 6,963 | | | | | | 60,230 | | |
Comstock Resources, Inc. (a) | | | | | 177,549 | | | | | | 777,665 | | |
Concho Resources, Inc. (b) | | | | | 47,747 | | | | | | 2,458,971 | | |
ConocoPhillips (b) | | | | | 10,874 | | | | | | 456,926 | | |
Devon Energy Corp. (b) | | | | | 34,791 | | | | | | 394,530 | | |
EOG Resources, Inc. (b) | | | | | 23,640 | | | | | | 1,197,602 | | |
EQT Corp. (b) | | | | | 21,766 | | | | | | 259,015 | | |
Equitrans Midstream Corp. (b) | | | | | 153,037 | | | | | | 1,271,738 | | |
Exxon Mobil Corp. (b) | | | | | 7,060 | | | | | | 315,723 | | |
Goodrich Petroleum Corp. (a) | | | | | 51,378 | | | | | | 369,922 | | |
HollyFrontier Corp. | | | | | 12,662 | | | | | | 369,730 | | |
Kinder Morgan, Inc. (b) | | | | | 34,433 | | | | | | 522,349 | | |
Kosmos Energy, Ltd. | | | | | 87,630 | | | | | | 145,466 | | |
Matador Resources Co. (a) | | | | | 24,263 | | | | | | 206,236 | | |
Noble Energy, Inc. (b) | | | | | 29,609 | | | | | | 265,297 | | |
Parsley Energy, Inc., Class A (b) | | | | | 214,631 | | | | | | 2,292,259 | | |
| | | Number of Shares | | | Value | | ||||||
PBF Energy, Inc., Class A | | | | | 2,445 | | | | | $ | 25,037 | | |
PDC Energy, Inc. (a) (b) | | | | | 171,001 | | | | | | 2,127,252 | | |
Pioneer Natural Resources Co. | | | | | 882 | | | | | | 86,171 | | |
Plains GP Holdings LP, Class A (a) | | | | | 24,446 | | | | | | 217,569 | | |
Range Resources Corp. | | | | | 435,945 | | | | | | 2,454,370 | | |
Schlumberger, Ltd. (b) | | | | | 64,496 | | | | | | 1,186,081 | | |
Southwestern Energy Co. (a) | | | | | 667,406 | | | | | | 1,708,559 | | |
Talos Energy, Inc. (a) (b) | | | | | 121,636 | | | | | | 1,119,051 | | |
Targa Resources Corp. (b) | | | | | 95,256 | | | | | | 1,911,788 | | |
Texas Pacific Land Trust | | | | | 838 | | | | | | 498,350 | | |
World Fuel Services Corp. | | | | | 21,814 | | | | | | 561,929 | | |
WPX Energy, Inc. (a) (b) | | | | | 314,565 | | | | | | 2,006,925 | | |
| | | | | | | | | | | 33,512,381 | | |
Paper & Forest Products — 0.0% | | ||||||||||||
International Paper Co. | | | | | 11,621 | | | | | | 409,175 | | |
Personal Products — 0.4% | | ||||||||||||
Estee Lauder Companies, Inc. (The), Class A | | | | | 31,587 | | | | | | 5,959,835 | | |
Pharmaceuticals — 0.9% | | ||||||||||||
Bristol-Myers Squibb Co. | | | | | 14,622 | | | | | | 859,774 | | |
Eli Lilly & Co. | | | | | 1,314 | | | | | | 215,732 | | |
Horizon Therapeutics plc (a) | | | | | 2,988 | | | | | | 166,073 | | |
Johnson & Johnson (b) | | | | | 51,337 | | | | | | 7,219,522 | | |
Merck & Co., Inc. (b) | | | | | 19,087 | | | | | | 1,475,998 | | |
Mylan NV (a) | | | | | 44,134 | | | | | | 709,675 | | |
Pfizer, Inc. (b) | | | | | 44,402 | | | | | | 1,451,945 | | |
Walgreens Boots Alliance, Inc. | | | | | 13,922 | | | | | | 590,154 | | |
| | | | | | | | | | | 12,688,873 | | |
Professional Services — 0.1% | | ||||||||||||
CoStar Group, Inc. (a) | | | | | 148 | | | | | | 105,179 | | |
ManpowerGroup, Inc. (b) | | | | | 4,613 | | | | | | 317,144 | | |
Robert Half International, Inc. | | | | | 7,139 | | | | | | 377,153 | | |
| | | | | | | | | | | 799,476 | | |
Real Estate Investment Trusts (REITs) — 0.1% | | ||||||||||||
Alexander & Baldwin, Inc. | | | | | 10,285 | | | | | | 125,374 | | |
Boston Properties, Inc. (b) | | | | | 1,853 | | | | | | 167,474 | | |
Brandywine Realty Trust | | | | | 10,488 | | | | | | 114,214 | | |
Brixmor Property Group, Inc. | | | | | 2,618 | | | | | | 33,563 | | |
Colony Capital, Inc. | | | | | 27,755 | | | | | | 66,612 | | |
Empire State Realty Trust, Inc., Class A, Class A | | | | | 7,106 | | | | | | 49,742 | | |
Equity Residential | | | | | 2,008 | | | | | | 118,110 | | |
Paramount Group, Inc. | | | | | 21,052 | | | | | | 162,311 | | |
Retail Properties of America, Inc., Class A | | | | | 32,928 | | | | | | 241,033 | | |
Simon Property Group, Inc. | | | | | 2,976 | | | | | | 203,499 | | |
SITE Centers Corp. | | | | | 14,618 | | | | | | 118,406 | | |
Urban Edge Properties | | | | | 4,718 | | | | | | 56,003 | | |
| | | | | | | | | | | 1,456,341 | | |
Road & Rail — 0.0% | | ||||||||||||
Schneider National, Inc., Class B | | | | | 9,359 | | | | | | 230,887 | | |
Semiconductors & Semiconductor Equipment — 0.6% | | ||||||||||||
Advanced Micro Devices, Inc. (a) | | | | | 3,167 | | | | | | 166,616 | | |
Analog Devices, Inc. | | | | | 1,352 | | | | | | 165,809 | | |
Applied Materials, Inc. (b) | | | | | 16,763 | | | | | | 1,013,323 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Broadcom, Inc. | | | | | 2,099 | | | | | $ | 662,465 | | |
Cirrus Logic, Inc. (a) | | | | | 7,095 | | | | | | 438,329 | | |
Intel Corp. (b) | | | | | 33,839 | | | | | | 2,024,587 | | |
Lam Research Corp. (b) | | | | | 1,999 | | | | | | 646,597 | | |
Micron Technology, Inc. (a) (b) | | | | | 15,970 | | | | | | 822,774 | | |
NVIDIA Corp. | | | | | 1,207 | | | | | | 458,551 | | |
Qorvo, Inc. (a) | | | | | 6,801 | | | | | | 751,715 | | |
QUALCOMM, Inc. | | | | | 10,599 | | | | | | 966,735 | | |
Skyworks Solutions, Inc. (b) | | | | | 4,354 | | | | | | 556,703 | | |
Synaptics, Inc. (a) | | | | | 3,591 | | | | | | 215,891 | | |
Texas Instruments, Inc. | | | | | 3,678 | | | | | | 466,996 | | |
Xilinx, Inc. | | | | | 3,582 | | | | | | 352,433 | | |
| | | | | | | | | | | 9,709,524 | | |
Software — 3.4% | | ||||||||||||
Activision Blizzard, Inc. (b) | | | | | 9,684 | | | | | | 735,016 | | |
Adobe, Inc. (a) (b) | | | | | 3,202 | | | | | | 1,393,863 | | |
Aspen Technology, Inc. (a) | | | | | 2,707 | | | | | | 280,472 | | |
Autodesk, Inc. (a) | | | | | 1,488 | | | | | | 355,915 | | |
Cadence Design Systems, Inc. (a) | | | | | 4,348 | | | | | | 417,234 | | |
CDK Global, Inc. | | | | | 1,765 | | | | | | 73,106 | | |
Cerence, Inc. (a) | | | | | 4,653 | | | | | | 190,029 | | |
CommVault Systems, Inc. (a) (b) | | | | | 8,248 | | | | | | 319,198 | | |
Coupa Software, Inc. (a) | | | | | 162 | | | | | | 44,880 | | |
Dropbox, Inc., Class A (a) | | | | | 16,073 | | | | | | 349,909 | | |
Electronic Arts, Inc. (a) | | | | | 8,730 | | | | | | 1,152,796 | | |
Fair Isaac Corp. (a) | | | | | 479 | | | | | | 200,241 | | |
Fortinet, Inc. (a) | | | | | 3,413 | | | | | | 468,502 | | |
Intuit, Inc. (b) | | | | | 23,923 | | | | | | 7,085,753 | | |
Manhattan Associates, Inc. (a) | | | | | 2,578 | | | | | | 242,848 | | |
Microsoft Corp. (b) | | | | | 125,209 | | | | | | 25,481,284 | | |
Nortonlifelock, Inc. | | | | | 25,385 | | | | | | 503,385 | | |
Oracle Corp. (b) | | | | | 24,483 | | | | | | 1,353,175 | | |
RingCentral, Inc., Class A (a) | | | | | 155 | | | | | | 44,177 | | |
SS&C Technologies Holdings, Inc. | | | | | 3,737 | | | | | | 211,066 | | |
Take-Two Interactive Software, Inc. (a) | | | | | 1,869 | | | | | | 260,856 | | |
Teradata Corp. (a) | | | | | 2,222 | | | | | | 46,218 | | |
Workday, Inc., Class A (a) | | | | | 259 | | | | | | 48,526 | | |
Zoom Video Communications, Inc., Class A (a) | | | | | 35,854 | | | | | | 9,090,423 | | |
Zscaler, Inc. (a) | | | | | 1,948 | | | | | | 213,306 | | |
| | | | | | | | | | | 50,562,178 | | |
Specialty Retail — 0.4% | | ||||||||||||
AutoNation, Inc. (a) | | | | | 3,051 | | | | | | 114,657 | | |
AutoZone, Inc. (a) (b) | | | | | 178 | | | | | | 200,805 | | |
Avis Budget Group, Inc. (a) | | | | | 9,440 | | | | | | 216,082 | | |
Bed Bath & Beyond, Inc. | | | | | 7,319 | | | | | | 77,581 | | |
Best Buy Co., Inc. | | | | | 8,835 | | | | | | 771,030 | | |
Dick’s Sporting Goods, Inc. | | | | | 3,194 | | | | | | 131,784 | | |
Foot Locker, Inc. | | | | | 1,465 | | | | | | 42,719 | | |
Gap, Inc. (The) | | | | | 9,714 | | | | | | 122,591 | | |
Home Depot, Inc. (The) (b) | | | | | 6,667 | | | | | | 1,670,150 | | |
L Brands, Inc. | | | | | 18,399 | | | | | | 275,433 | | |
Lowe’s Cos, Inc. (b) | | | | | 6,600 | | | | | | 891,792 | | |
Sally Beauty Holdings, Inc. (a) | | | | | 38,741 | | | | | | 485,425 | | |
Tiffany & Co. | | | | | 589 | | | | | | 71,823 | | |
Tractor Supply Co. | | | | | 4,892 | | | | | | 644,717 | | |
| | | | | | | | | | | 5,716,589 | | |
|
| | | Number of Shares | | | Value | | ||||||
Textiles, Apparel & Luxury Goods — 0.6% | | ||||||||||||
Deckers Outdoor Corp. (a) | | | | | 3,503 | | | | | $ | 687,954 | | |
NIKE, Inc., Class B | | | | | 54,950 | | | | | | 5,387,848 | | |
PVH Corp. | | | | | 1,713 | | | | | | 82,310 | | |
Ralph Lauren Corp. | | | | | 193 | | | | | | 13,997 | | |
Samsonite International SA (a) (e) | | | | | 2,269,500 | | | | | | 2,303,102 | | |
Skechers U.S.A., Inc., Class A (a) (b) | | | | | 3,982 | | | | | | 124,955 | | |
Tapestry, Inc. | | | | | 22,397 | | | | | | 297,432 | | |
Under Armour, Inc., Class A (a) | | | | | 4,622 | | | | | | 45,018 | | |
| | | | | | | | | | | 8,942,616 | | |
Thrifts & Mortgage Finance — 0.0% | | ||||||||||||
MGIC Investment Corp. | | | | | 13,535 | | | | | | 110,852 | | |
Mr Cooper Group, Inc. (a) | | | | | 2 | | | | | | 25 | | |
| | | | | | | | | | | 110,877 | | |
Tobacco — 0.4% | | ||||||||||||
Philip Morris International, Inc. | | | | | 85,939 | | | | | | 6,020,886 | | |
Trading Companies & Distributors — 0.1% | | ||||||||||||
HD Supply Holdings, Inc. (a) | | | | | 10,837 | | | | | | 375,502 | | |
MSC Industrial Direct Co., Inc., Class A | | | | | 1,141 | | | | | | 83,076 | | |
NOW, Inc. (a) | | | | | 36,015 | | | | | | 310,810 | | |
WESCO International, Inc. (a) | | | | | 7,849 | | | | | | 275,578 | | |
| | | | | | | | | | | 1,044,966 | | |
Total US Common Stocks (Cost $350,915,915) | | | | | | | | | | | 422,581,008 | | |
Foreign Common Stocks — 32.9% | | ||||||||||||
Australia — 1.5% | | ||||||||||||
Atlassian Corp. plc, Class A (a) | | | | | 103,985 | | | | | | 18,745,376 | | |
Newcrest Mining, Ltd. | | | | | 161,445 | | | | | | 3,599,458 | | |
| | | | | | | | | | | 22,344,834 | | |
Bermuda — 0.0% | | ||||||||||||
Assured Guaranty, Ltd. | | | | | 5,024 | | | | | | 122,636 | | |
Brazil — 0.1% | | ||||||||||||
BrasilAgro – Co. Brasileira de Propriedades Agricolas | | | | | 43,000 | | | | | | 165,734 | | |
Centrais Eletricas Brasileiras SA (a) | | | | | 132,500 | | | | | | 755,319 | | |
Embraer SA – ADR (a) | | | | | 38,020 | | | | | | 227,360 | | |
| | | | | | | | | | | 1,148,413 | | |
Canada — 5.4% | | ||||||||||||
Advantage Oil & Gas, Ltd. (a) | | | | | 367,475 | | | | | | 449,329 | | |
Alexco Resource Corp. (a) | | | | | 24,200 | | | | | | 54,368 | | |
ATS Automation Tooling Systems, Inc. (a) (b) | | | | | 20,100 | | | | | | 283,082 | | |
B2Gold Corp. | | | | | 15,600 | | | | | | 88,709 | | |
Bear Creek Mining Corp. (a) | | | | | 446,991 | | | | | | 796,787 | | |
CAE, Inc. (b) | | | | | 22,200 | | | | | | 360,080 | | |
Cameco Corp. | | | | | 324,561 | | | | | | 3,326,750 | | |
Canaccord Genuity Group, Inc. | | | | | 14,700 | | | | | | 74,821 | | |
Canadian Natural Resources, Ltd. – NYSE Shares (b) | | | | | 123,573 | | | | | | 2,143,595 | | |
Capital Power Corp. (b) | | | | | 21,300 | | | | | | 438,991 | | |
Capstone Mining Corp. (a) | | | | | 544,500 | | | | | | 332,893 | | |
Centerra Gold, Inc. | | | | | 208,780 | | | | | | 2,329,859 | | |
CGI, Inc. (a) (b) | | | | | 6,000 | | | | | | 378,005 | | |
Champignon Brands, Inc. (a) (c) (f) | | | | | 75,800 | | | | | | 50,250 | | |
Chorus Aviation, Inc. | | | | | 195,700 | | | | | | 429,571 | | |
Cineplex, Inc. | | | | | 41,900 | | | | | | 248,141 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
CloudMD Software & Services, Inc. (a) | | | | | 168,800 | | | | | $ | 83,306 | | |
Conic Metals Corp. (a) | | | | | 155,643 | | | | | | 19,490 | | |
Corus Entertainment, Inc., Class B | | | | | 161,600 | | | | | | 340,436 | | |
Crescent Point Energy Corp. | | | | | 262,713 | | | | | | 425,728 | | |
Denison Mines Corp. (a) | | | | | 1,739,819 | | | | | | 615,139 | | |
Dundee Corp., Class A (a) | | | | | 405,126 | | | | | | 402,858 | | |
Dundee Precious Metals, Inc. (b) | | | | | 72,200 | | | | | | 475,448 | | |
dynaCERT, Inc. (a) | | | | | 225,100 | | | | | | 104,459 | | |
Eclipse Gold Mining Corp. (a) | | | | | 136,000 | | | | | | 86,152 | | |
Enerplus Corp. | | | | | 111,595 | | | | | | 314,005 | | |
First Quantum Minerals, Ltd. | | | | | 44,200 | | | | | | 352,272 | | |
Fission Uranium Corp. (a) | | | | | 1,698,000 | | | | | | 300,177 | | |
Genworth MI Canada, Inc. (b) | | | | | 17,200 | | | | | | 420,751 | | |
Great Bear Resources (a) (c) (f) | | | | | 32,800 | | | | | | 465,569 | | |
Guyana Goldfields, Inc. (a) | | | | | 237,300 | | | | | | 304,141 | | |
International Tower Hill Mines, Ltd. (a) | | | | | 227,545 | | | | | | 405,030 | | |
Ivanhoe Mines, Ltd., Class A (a) | | | | | 354,478 | | | | | | 1,005,259 | | |
Labrador Iron Ore Royalty Corp. (b) | | | | | 18,100 | | | | | | 323,576 | | |
Liberty Gold Corp. (a) | | | | | 80,900 | | | | | | 126,332 | | |
Lightspeed POS, Inc. (a) (b) | | | | | 21,600 | | | | | | 515,975 | | |
Lululemon Athletica, Inc. (a) | | | | | 84 | | | | | | 26,209 | | |
Lundin Gold, Inc. (a) (b) | | | | | 56,200 | | | | | | 527,392 | | |
MAG Silver Corp. (a) (b) | | | | | 36,900 | | | | | | 520,775 | | |
MEG Energy Corp. (a) | | | | | 504,474 | | | | | | 1,400,904 | | |
Mercer Park Brand Acquisition Corp., Class A (a) | | | | | 154,200 | | | | | | 1,529,664 | | |
New Gold, Inc. (a) | | | | | 1,170,296 | | | | | | 1,579,900 | | |
NexGen Energy, Ltd. (a) | | | | | 647,292 | | | | | | 843,921 | | |
Norbord, Inc. (b) | | | | | 15,700 | | | | | | 358,385 | | |
Northern Dynasty Minerals, Ltd. (a) | | | | | 752,336 | | | | | | 1,075,082 | | |
Northern Dynasty Minerals, Ltd. – NYSE Shares (a) | | | | | 238,786 | | | | | | 341,464 | | |
Novagold Resources, Inc. (a) | | | | | 67,661 | | | | | | 621,128 | | |
Osisko Mining, Inc. (a) (c) (f) | | | | | 90,300 | | | | | | 254,750 | | |
Pan American Silver Corp. | | | | | 21,108 | | | | | | 641,045 | | |
Pasofino Gold, Ltd. (a) (c) (f) | | | | | 840,000 | | | | | | 126,841 | | |
Pipestone Energy Corp. (a) | | | | | 609,743 | | | | | | 211,092 | | |
Prime Mining Corp. (a) | | | | | 74,000 | | | | | | 70,860 | | |
Protech Home Medical Corp. (a) | | | | | 290,300 | | | | | | 241,632 | | |
Quisitive Technology Solutions, Inc. (a) | | | | | 116,500 | | | | | | 58,353 | | |
Seabridge Gold, Inc. (a) | | | | | 139,115 | | | | | | 2,442,915 | | |
Seven Aces, Ltd. (a) | | | | | 79,700 | | | | | | 128,567 | | |
Shopify, Inc., Class A (a) | | | | | 41,783 | | | | | | 39,660,424 | | |
Skeena Resources, Ltd. (a) | | | | | 44,000 | | | | | | 62,876 | | |
SNC-Lavalin Group, Inc. (b) | | | | | 20,700 | | | | | | 349,320 | | |
Sprott, Inc. | | | | | 36,345 | | | | | | 1,306,182 | | |
Suncor Energy, Inc. (b) | | | | | 33,436 | | | | | | 563,752 | | |
Teck Resources, Ltd., Class B (b) | | | | | 40,300 | | | | | | 422,117 | | |
Teranga Gold Corp. (a) (b) | | | | | 56,900 | | | | | | 515,520 | | |
Tourmaline Oil Corp. (b) | | | | | 14,516 | | | | | | 126,919 | | |
TransAlta Corp. (b) | | | | | 66,500 | | | | | | 394,317 | | |
Turquoise Hill Resources, Ltd. (a) | | | | | 2,556,732 | | | | | | 1,874,596 | | |
Unigold, Inc. (a) | | | | | 40,400 | | | | | | 12,350 | | |
Uranium Participation Corp. (a) | | | | | 448,077 | | | | | | 1,511,633 | | |
Wheaton Precious Metals Corp. | | | | | 25,231 | | | | | | 1,111,425 | | |
Xebec Adsorption, Inc. (a) | | | | | 48,900 | | | | | | 147,680 | | |
| | | | | | | | | | | 79,931,324 | | |
|
| | | Number of Shares | | | Value | | ||||||
China — 11.2% | | ||||||||||||
Air China, Ltd., Class H | | | | | 2,500,000 | | | | | $ | 1,492,186 | | |
Alibaba Group Holding, Ltd. – SPADR (a) | | | | | 10,700 | | | | | | 2,307,990 | | |
Anhui Conch Cement Co., Ltd., Class A | | | | | 379,585 | | | | | | 2,841,804 | | |
AVIC Jonhon Optronic Technology Co. Ltd., Class A | | | | | 543,011 | | | | | | 3,142,056 | | |
AVICOPTER plc, Class A | | | | | 538,610 | | | | | | 3,128,820 | | |
Beijing Capital International Airport Co., Ltd., Class H | | | | | 1,326,000 | | | | | | 830,142 | | |
Bilibili, Inc. – SPADR (a) | | | | | 48,032 | | | | | | 2,224,842 | | |
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (d) | | | | | 4,640,000 | | | | | | — | | |
China Eastern Airlines Corp., Ltd., Class H (a) | | | | | 674,000 | | | | | | 240,627 | | |
China Merchants Bank Co., Ltd., Class A | | | | | 600,010 | | | | | | 2,862,395 | | |
China Oilfield Services, Ltd., Class H | | | | | 362,000 | | | | | | 325,613 | | |
China Pacific Insurance Group Co., Ltd., Class A | | | | | 977,027 | | | | | | 3,767,139 | | |
China Pacific Insurance Group Co., Ltd., Class H | | | | | 919,400 | | | | | | 2,458,822 | | |
China Shenhua Energy Co., Ltd. | | | | | 144,500 | | | | | | 225,672 | | |
China Southern Airlines Co., Ltd., Class H (a) | | | | | 1,432,000 | | | | | | 632,409 | | |
China Telecom Corp., Ltd., Class H | | | | | 5,408,000 | | | | | | 1,515,974 | | |
CITIC Securities Co., Ltd., Class H | | | | | 1,630,500 | | | | | | 3,088,341 | | |
CNOOC, Ltd. | | | | | 1,016,172 | | | | | | 1,141,261 | | |
Daqin Railway Co., Ltd., Class A | | | | | 2,246,523 | | | | | | 2,231,450 | | |
Focus Media Information Technology Co., Ltd., Class A | | | | | 7,655,325 | | | | | | 6,025,263 | | |
Fufeng Group, Ltd. (a) | | | | | 792,000 | | | | | | 252,963 | | |
Fujian Star-net Communication Co., Ltd., Class A | | | | | 235,300 | | | | | | 1,176,344 | | |
Grandblue Environment Co., Ltd., Class A | | | | | 947,153 | | | | | | 2,931,141 | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | | | | 619,213 | | | | | | 4,978,002 | | |
Guangshen Railway Co., Ltd., Class H | | | | | 3,282,000 | | | | | | 615,794 | | |
Haier Smart Home Co., Ltd., Class A | | | | | 1,053,443 | | | | | | 2,649,354 | | |
Haitong Securities Co., Ltd., Class H | | | | | 534,462 | | | | | | 432,165 | | |
Hongfa Technology Co., Ltd., Class A | | | | | 653,321 | | | | | | 3,708,764 | | |
Huayu Automotive Systems Co., Ltd., Class A | | | | | 868,235 | | | | | | 2,554,400 | | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | | | 1,085,038 | | | | | | 4,757,337 | | |
iQIYI, Inc. – ADR (a) | | | | | 146,872 | | | | | | 3,405,962 | | |
JD.com, Inc. – ADR (a) | | | | | 60,000 | | | | | | 3,610,800 | | |
Jiangsu Hengrui Medicine Co., Ltd., Class A | | | | | 164,252 | | | | | | 2,144,339 | | |
Joincare Pharmaceutical Group Industry Co., Ltd., Class A | | | | | 173,938 | | | | | | 399,620 | | |
Kweichow Moutai Co., Ltd., Class A | | | | | 19,500 | | | | | | 4,035,592 | | |
Meituan Dianping, Class B (a) | | | | | 45,500 | | | | | | 1,010,705 | | |
Midea Group Co., Ltd., Class A | | | | | 574,845 | | | | | | 4,862,667 | | |
New Oriental Education & Technology Group, Inc. – SPADR (a) | | | | | 20,000 | | | | | | 2,604,600 | | |
Pinduoduo, Inc. – ADR (a) | | | | | 43,900 | | | | | | 3,768,376 | | |
Ping An Insurance Group Co. of China, Ltd., Class A | | | | | 283,960 | | | | | | 2,868,807 | | |
Ping An Insurance Group Co. of China, Ltd., Class H | | | | | 372,500 | | | | | | 3,720,178 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Poly Developments and Holdings Group Co., Ltd., Class A | | | | | 1,790,409 | | | | | $ | 3,724,443 | | |
Quectel Wireless Solutions Co., Ltd., Class A | | | | | 51,360 | | | | | | 1,511,872 | | |
Sany Heavy Industry Co., Ltd., Class A | | | | | 1,684,000 | | | | | | 4,470,075 | | |
SDIC Power Holdings Co., Ltd., Class A | | | | | 2,387,292 | | | | | | 2,646,875 | | |
Shengyi Technology Co., Ltd., Class A | | | | | 577,971 | | | | | | 2,410,963 | | |
Shenzhen Expressway Co., Ltd., Class A | | | | | 558,258 | | | | | | 719,855 | | |
Shenzhou International Group Holdings, Ltd. | | | | | 79,400 | | | | | | 954,524 | | |
Sichuan Kelun Pharmaceutical Co., Ltd., Class A | | | | | 686,950 | | | | | | 2,040,556 | | |
SINA Corp. (a) | | | | | 24,000 | | | | | | 861,840 | | |
Spring Airlines Co., Ltd., Class A | | | | | 271,776 | | | | | | 1,361,693 | | |
TAL Education Group – ADR (a) | | | | | 17,800 | | | | | | 1,217,164 | | |
Tencent Holdings, Ltd. | | | | | 279,400 | | | | | | 17,946,926 | | |
Tencent Holdings, Ltd. – ADR | | | | | 14,900 | | | | | | 953,600 | | |
Tencent Music Entertainment Group – ADR (a) | | | | | 2,500 | | | | | | 33,650 | | |
Tongkun Group Co., Ltd., Class A (a) | | | | | 1,108,400 | | | | | | 2,000,926 | | |
Trip.com Group, Ltd. ADR (a) | | | | | 111,000 | | | | | | 2,877,120 | | |
Vipshop Holdings, Ltd. – ADR (a) | | | | | 136,600 | | | | | | 2,719,706 | | |
Wanhua Chemical Group Co., Ltd., Class A | | | | | 313,451 | | | | | | 2,217,302 | | |
Weibo Corp. – SPADR (a) | | | | | 89,200 | | | | | | 2,997,120 | | |
Weichai Power Co., Ltd., Class A | | | | | 2,387,781 | | | | | | 4,635,265 | | |
Wens Foodstuffs Group Co., Ltd., Class A | | | | | 715,657 | | | | | | 2,196,899 | | |
Yunda Holding Co., Ltd., Class A | | | | | 434,037 | | | | | | 1,505,697 | | |
Yunji, Inc. – ADR (a) | | | | | 71,111 | | | | | | 191,289 | | |
Yunnan Energy New Material Co. Ltd., Class C | | | | | 162,351 | | | | | | 1,521,074 | | |
Zhejiang Dahua Technology Co. Ltd., Class A | | | | | 1,276,121 | | | | | | 3,468,760 | | |
ZTO Express Cayman, Inc. – ADR | | | | | 64,400 | | | | | | 2,364,124 | | |
| | | | | | | | | | | 166,520,034 | | |
Denmark — 0.9% | | ||||||||||||
Coloplast A/S, Class B | | | | | 37,857 | | | | | | 5,868,924 | | |
Novo Nordisk A/S, Class B (b) | | | | | 116,780 | | | | | | 7,556,971 | | |
| | | | | | | | | | | 13,425,895 | | |
Finland – 0.6% | | ||||||||||||
Enento Group Oyj (a) (b) (e) | | | | | 4,938 | | | | | | 204,094 | | |
Huhtamaki Oyj (a) (b) | | | | | 9,460 | | | | | | 371,952 | | |
Kone Oyj, Class B | | | | | 79,247 | | | | | | 5,445,596 | | |
Nanoform Finland plc (a) | | | | | 133,267 | | | | | | 650,732 | | |
Nordea Bank Abp (a) (b) | | | | | 18,923 | | | | | | 130,521 | | |
Sampo Oyj, Series A (b) | | | | | 43,548 | | | | | | 1,496,141 | | |
| | | | | | | | | | | 8,299,036 | | |
France — 0.6% | | ||||||||||||
Electricite de France SA | | | | | 214,931 | | | | | | 1,979,283 | | |
L’Oreal SA | | | | | 20,570 | | | | | | 6,594,536 | | |
Total SA – SPADR | | | | | 12,291 | | | | | | 472,712 | | |
| | | | | | | | | | | 9,046,531 | | |
Greece — 0.0% | | ||||||||||||
Diana Shipping, Inc. (a) | | | | | 211,343 | | | | | | 317,014 | | |
Tsakos Energy Navigation, Ltd. | | | | | 141,461 | | | | | | 284,337 | | |
| | | | | | | | | | | 601,351 | | |
|
| | | Number of Shares | | | Value | | ||||||
Hong Kong — 0.9% | | ||||||||||||
AIA Group, Ltd. | | | | | 382,200 | | | | | $ | 3,557,161 | | |
CECEP COSTIN New Materials Group, Ltd. (a)(c)(d) | | | | | 1,736,000 | | | | | | — | | |
China Taiping Insurance Holdings Co., Ltd. | | | | | 316,000 | | | | | | 507,049 | | |
Hong Kong Exchanges & Clearing, Ltd. | | | | | 105,300 | | | | | | 4,487,748 | | |
Hua Han Health Industry Holdings, Ltd. (a)(c)(d) | | | | | 6,984,000 | | | | | | — | | |
Luks Group Vietnam Holdings Co., Ltd. | | | | | 1,682,000 | | | | | | 249,823 | | |
PAX Global Technology, Ltd. | | | | | 1,893,000 | | | | | | 827,598 | | |
Shangri-La Asia, Ltd. | | | | | 2,236,000 | | | | | | 1,929,848 | | |
Sun Art Retail Group, Ltd. | | | | | 1,119,500 | | | | | | 1,911,515 | | |
| | | | | | | | | | | 13,470,742 | | |
Ireland — 0.1% | | ||||||||||||
Accenture plc, Class A | | | | | 2,146 | | | | | | 460,789 | | |
Alkermes plc (a) (b) | | | | | 17,630 | | | | | | 342,110 | | |
Jazz Pharmaceuticals plc (a) | | | | | 1,330 | | | | | | 146,752 | | |
Medtronic plc (b) | | | | | 10,744 | | | | | | 985,225 | | |
Trane Technologies plc | | | | | 3,715 | | | | | | 330,561 | | |
| | | | | | | | | | | 2,265,437 | | |
Japan — 5.4% | | ||||||||||||
Amano Corp. | | | | | 176,100 | | | | | | 3,653,148 | | |
BML, Inc. | | | | | 96,700 | | | | | | 2,527,517 | | |
Bunka Shutter Co., Ltd. | | | | | 148,500 | | | | | | 1,028,199 | | |
DTS Corp. | | | | | 27,000 | | | | | | 556,930 | | |
Fukuda Corp. | | | | | 4,200 | | | | | | 190,576 | | |
Fukuda Denshi Co., Ltd. | | | | | 4,200 | | | | | | 280,988 | | |
Fukushima Industries Corp. | | | | | 21,300 | | | | | | 674,563 | | |
Glory, Ltd. | | | | | 97,900 | | | | | | 2,224,813 | | |
Hakuhodo DY Holdings, Inc. | | | | | 365,600 | | | | | | 4,344,804 | | |
Hitachi, Ltd. | | | | | 129,400 | | | | | | 4,085,085 | | |
Hogy Medical Co., Ltd. | | | | | 143,800 | | | | | | 4,424,637 | | |
Hoshizaki Corp. | | | | | 23,900 | | | | | �� | 2,047,943 | | |
Inpex Corp. | | | | | 63,500 | | | | | | 393,127 | | |
Japan Petroleum Exploration Co., Ltd. | | | | | 2,300 | | | | | | 38,589 | | |
Japan Steel Works, Ltd. (The) | | | | | 32,200 | | | | | | 457,701 | | |
Kamigumi Co., Ltd. | | | | | 37,100 | | | | | | 727,614 | | |
Miraca Holdings, Inc. | | | | | 150,300 | | | | | | 3,542,675 | | |
Mitsubishi Corp. | | | | | 76,400 | | | | | | 1,608,450 | | |
Mitsubishi Estate Co., Ltd. | | | | | 243,300 | | | | | | 3,617,997 | | |
Mitsui & Co., Ltd. | | | | | 107,200 | | | | | | 1,585,166 | | |
Mitsui Fudosan Co., Ltd. | | | | | 190,300 | | | | | | 3,371,951 | | |
Morinaga & Co., Ltd. | | | | | 108,200 | | | | | | 4,206,281 | | |
NEC Corp. | | | | | 8,600 | | | | | | 412,429 | | |
Nippon Densetsu Kogyo Co., Ltd. | | | | | 6,800 | | | | | | 149,935 | | |
Nohmi Bosai, Ltd. | | | | | 34,900 | | | | | | 676,635 | | |
Noritz Corp. | | | | | 60,300 | | | | | | 733,376 | | |
OKUMA Corp. | | | | | 92,000 | | | | | | 3,937,424 | | |
Organo Corp. | | | | | 8,600 | | | | | | 464,238 | | |
Secom Co., Ltd. | | | | | 50,900 | | | | | | 4,447,139 | | |
Sekisui Jushi Corp. | | | | | 1,400 | | | | | | 28,216 | | |
Seven Bank, Ltd. | | | | | 1,668,100 | | | | | | 4,562,935 | | |
Sinko Industries, Ltd. | | | | | 56,500 | | | | | | 763,054 | | |
SK Kaken Co., Ltd. | | | | | 5,700 | | | | | | 1,956,822 | | |
Sumitomo Warehouse Co., Ltd. (The) | | | | | 354,500 | | | | | | 4,254,757 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Suzuken Co., Ltd. | | | | | 3,000 | | | | | $ | 111,819 | | |
Tachi-S Co., Ltd. | | | | | 1,200 | | | | | | 9,636 | | |
Takeuchi Manufacturing Co., Ltd. | | | | | 172,300 | | | | | | 2,862,204 | | |
TKC Corp. | | | | | 9,100 | | | | | | 481,748 | | |
Toei Co., Ltd. | | | | | 41,400 | | | | | | 5,530,787 | | |
TV Asahi Holdings Corp. | | | | | 218,800 | | | | | | 3,187,440 | | |
| | | | | | | | | | | 80,159,348 | | |
Kazakhstan — 0.1% | | ||||||||||||
NAC Kazatomprom JSC – GDR (c) (e) | | | | | 98,480 | | | | | | 1,366,278 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere -ADR (a) (c) (d) | | | | | 38,451 | | | | | | 149,959 | | |
Luxembourg — 0.0% | | ||||||||||||
Millicom International Cellular SA – SDR | | | | | 21,124 | | | | | | 551,923 | | |
Malta — 0.2% | | ||||||||||||
Kambi Group plc (a) | | | | | 141,320 | | | | | | 3,134,867 | | |
Kindred Group plc | | | | | 55,636 | | | | | | 332,091 | | |
| | | | | | | | | | | 3,466,958 | | |
Mexico — 0.1% | | ||||||||||||
Fresnillo plc | | | | | 79,824 | | | | | | 831,403 | | |
Vista Oil & Gas Sab de CV – ADR (a) | | | | | 177,532 | | | | | | 541,473 | | |
| | | | | | | | | | | 1,372,876 | | |
Netherlands — 0.0% | | ||||||||||||
Core Laboratories NV (b) | | | | | 21,871 | | | | | | 444,419 | | |
QIAGEN NV (a) | | | | | 956 | | | | | | 40,926 | | |
| | | | | | | | | | | 485,345 | | |
Puerto Rico — 0.1% | | ||||||||||||
Popular, Inc. (b) | | | | | 22,874 | | | | | | 850,227 | | |
Russia — 0.8% | | ||||||||||||
Etalon Group plc – GDR (g) | | | | | 599,848 | | | | | | 812,792 | | |
Federal Grid Co. Unified Energy System PJSC (a) (c) | | | | | 566,947,581 | | | | | | 1,482,568 | | |
Gazprom PJSC (c) | | | | | 1,026,795 | | | | | | 2,800,736 | | |
Lenta, Ltd. – GDR (a) (g) | | | | | 391,553 | | | | | | 932,864 | | |
LSR Group PJSC (a) (c) | | | | | 47,272 | | | | | | 467,396 | | |
Moscow Exchange MICEX-RTS PJSC (a) (c) | | | | | 341,367 | | | | | | 543,936 | | |
Polyus PJSC – GDR (g) | | | | | 10,823 | | | | | | 911,534 | | |
RusHydro PJSC (a) (c) | | | | | 240,386,380 | | | | | | 2,470,932 | | |
Sberbank of Russia PJSC (c) | | | | | 411,444 | | | | | | 1,176,712 | | |
| | | | | | | | | | | 11,599,470 | | |
Singapore — 1.2% | | ||||||||||||
First Resources, Ltd. | | | | | 4,400 | | | | | | 4,405 | | |
Golden Agri-Resources, Ltd. | | | | | 15,232,300 | | | | | | 1,620,782 | | |
Sea, Ltd. – ADR (a) | | | | | 146,452 | | | | | | 15,705,512 | | |
| | | | | | | | | | | 17,330,699 | | |
South Africa — 0.1% | | ||||||||||||
Gold Fields, Ltd. | | | | | 67,321 | | | | | | 636,453 | | |
Impala Platinum Holdings, Ltd. | | | | | 39,242 | | | | | | 262,123 | | |
| | | | | | | | | | | 898,576 | | |
South Korea — 0.4% | | ||||||||||||
Hankook Technology Group Co., Ltd. | | | | | 55,373 | | | | | | 595,916 | | |
Korea Electric Power Corp. – SPADR (a) | | | | | 109,433 | | | | | | 873,275 | | |
KT Corp. | | | | | 39,961 | | | | | | 788,225 | | |
| | | Number of Shares | | | Value | | ||||||
KT Corp. – SPADR | | | | | 255,311 | | | | | $ | 2,486,729 | | |
LG Corp. | | | | | 6,682 | | | | | | 395,368 | | |
Pyeong Hwa Automotive Co., Ltd. | | | | | 26,506 | | | | | | 125,337 | | |
| | | | | | | | | | | 5,264,850 | | |
Spain — 0.2% | | ||||||||||||
Amadeus IT Group SA | | | | | 63,500 | | | | | | 3,304,084 | | |
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings plc | | | | | 1,538,439 | | | | | | 524,786 | | |
Sweden — 0.8% | | ||||||||||||
AAK AB (a) (b) | | | | | 44,250 | | | | | | 759,467 | | |
AF POYRY AB (a) (b) | | | | | 18,449 | | | | | | 395,445 | | |
Atlas Copco AB, Class B (b) | | | | | 8,760 | | | | | | 323,483 | | |
Boule Diagnostics AB (a) | | | | | 34,627 | | | | | | 241,302 | | |
Bygghemma Group First AB (a) (b) | | | | | 18,914 | | | | | | 166,299 | | |
Eastnine AB | | | | | 105,392 | | | | | | 1,321,625 | | |
Essity AB, Class B (a) (b) | | | | | 29,077 | | | | | | 938,729 | | |
Fortnox AB (a) (b) | | | | | 25,342 | | | | | | 692,882 | | |
Greater Than AB (a) | | | | | 93,607 | | | | | | 1,018,896 | | |
Hennes & Mauritz AB, Class B (b) | | | | | 22,455 | | | | | | 324,692 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 17,167 | | | | | | 207,884 | | |
Karnov Group AB (b) | | | | | 151,470 | | | | | | 901,778 | | |
Lime Technologies AB | | | | | 18,702 | | | | | | 494,290 | | |
MIPS AB (b) | | | | | 3,786 | | | | | | 130,449 | | |
Modern Times Group MTG AB, Series B (a) (b) | | | | | 49,966 | | | | | | 541,547 | | |
Nolato AB, Class B (a) (b) | | | | | 6,249 | | | | | | 420,774 | | |
Nordic Entertainment Group AB, Class B (a) (b) | | | | | 75,101 | | | | | | 2,294,348 | | |
Saab AB, Class B (a) (b) | | | | | 15,145 | | | | | | 377,469 | | |
Skandinaviska Enskilda Banken AB, Class A (a) (b) | | | | | 90,882 | | | | | | 786,014 | | |
Storytel AB (a) (b) | | | | | 5,677 | | | | | | 116,443 | | |
Veoneer, Inc. – SDR (a) (b) | | | | | 14,899 | | | | | | 156,088 | | |
| | | | | | | | | | | 12,609,904 | | |
Switzerland — 0.0% | | ||||||||||||
Garmin, Ltd. | | | | | 2,999 | | | | | | 292,402 | | |
TE Connectivity, Ltd. | | | | | 1,254 | | | | | | 102,264 | | |
| | | | | | | | | | | 394,666 | | |
Turkey — 0.1% | | ||||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS – REIT (a) | | | | | 1,581,561 | | | | | | 472,843 | | |
Turkiye Halk Bankasi AS (a) | | | | | 368,405 | | | | | | 344,411 | | |
| | | | | | | | | | | 817,254 | | |
Ukraine — 0.2% | | ||||||||||||
Astarta Holding NV (a) | | | | | 84,067 | | | | | | 344,075 | | |
Kernel Holding SA | | | | | 65,366 | | | | | | 688,768 | | |
MHP SE – GDR – OTC Shares (g) | | | | | 220,701 | | | | | | 1,380,596 | | |
| | | | | | | | | | | 2,413,439 | | |
United Kingdom — 1.9% | | ||||||||||||
BP plc – SPADR | | | | | 25,364 | | | | | | 591,488 | | |
Delphi Technologies plc (a) | | | | | 6,733 | | | | | | 95,676 | | |
Diageo plc | | | | | 113,203 | | | | | | 3,757,655 | | |
Gabriel Resources, Ltd. (a) | | | | | 1,962,000 | | | | | | 664,791 | | |
InterContinental Hotels Group plc | | | | | 43,117 | | | | | | 1,911,094 | | |
Intertek Group plc | | | | | 68,383 | | | | | | 4,603,353 | | |
nVent Electric plc | | | | | 11,689 | | | | | | 218,935 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Reckitt Benckiser Group plc | | | | | 63,466 | | | | | $ | 5,840,683 | | |
Sage Group plc (The) | | | | | 459,587 | | | | | | 3,821,831 | | |
Standard Chartered plc | | | | | 183,850 | | | | | | 976,441 | | |
Stolt-Nielsen, Ltd. | | | | | 63,405 | | | | | | 576,571 | | |
Unilever plc | | | | | 85,216 | | | | | | 4,594,638 | | |
Yellow Cake plc (a)(e) | | | | | 245,681 | | | | | | 643,615 | | |
| | | | | | | | | | | 28,296,771 | | |
Total Foreign Common Stocks (Cost $427,759,261) | | | | | | | | | | | 489,033,646 | | |
Total Common Stocks (Cost $778,675,176) | | | | | | | | | | | 911,614,654 | | |
Structured Notes — 0.0% | | ||||||||||||
Royal Bank of Canada, Canadian Imperial Bank Of Commerce; National Bank Of Canada; Royal Bank Of Canada; The Toronto-Dominion Bank, Dividend Linked Notes, Expiring 12/31/21 (Canada) (a)(c)(d) (Cost $197,330) | | | | | 310,800 | | | | | | 227,033 | | |
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | ||||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) (Cost $77,784) | | | | | 367,492 | | | | | | 252,100 | | |
Warrants — 0.0% | | ||||||||||||
Algernon Pharmaceuticals, Inc., Expiring 05/13/22 (Canada) (a) (c) (d) | | | | | 52,700 | | | | | | 58 | | |
Champignon Brands, Inc., Expiring 06/11/22 (Canada) (a) (c) (d) | | | | | 37,900 | | | | | | 2,796 | | |
Charlottes Web Holdings, Inc., Expiring 12/03/21 (United States) (a) | | | | | 18,200 | | | | | | 3,485 | | |
Charlottes Web Holdings, Inc., Expiring 06/18/22 (United States) (a) | | | | | 29,900 | | | | | | 14,316 | | |
CloudMD Software & Services, Inc., Expiring 06/02/22 (Canada) (a) | | | | | 89,900 | | | | | | 11,919 | | |
Dundee Corp., Expiring 05/13/21 (Canada) (a) (c) (d) | | | | | 41,350 | | | | | | 51,442 | | |
dynaCERT, Inc., Expiring 06/18/22 (Canada) (a) (c) (d) | | | | | 112,550 | | | | | | 3,246 | | |
Excellon Resources, Inc., Expiring 08/27/21 (Canada) (a) | | | | | 250,000 | | | | | | 46,037 | | |
Marathon Gold Corp., Expiring 05/26/21 (Canada) (a) (c) (d) | | | | | 49,600 | | | | | | 11,353 | | |
Mind Medicine (MindMed), Inc., Expiring 05/26/22 (Canada) (a) (c) (d) | | | | | 57,500 | | | | | | 1,110 | | |
Osisko Mining, Inc., Expiring 12/23/21 (Canada) (a) (c) (d) | | | | | 45,150 | | | | | | 9,029 | | |
Planet 13 Holdings, Inc., Expiring 07/03/20 (Canada) (a) (c) (d) | | | | | 160,800 | | | | | | 265,594 | | |
Protech Home Medical Corp., Expiring 06/29/21 (Canada) (a) (c) (d) | | | | | 145,150 | | | | | | 4,622 | | |
Quisitive Technology Solution, Expiring 06/26/22 (Canada) (a) (c) (d) | | | | | 28,000 | | | | | | 833 | | |
| | | Number of Contracts | | | Value | | ||||||
Subversive Capital Acquistion Corp., Expiring 07/16/27 (Canada) (a) | | | | | 36,450 | | | | | $ | 21,870 | | |
Synaptive Medical, Inc., Expiring 12/06/22 (Canada) (a) (c) (d) (f) | | | | | 37,142 | | | | | | 8,886 | | |
Tetra Bio-Pharma, Inc., Expiring 02/13/23 (Canada) (a) | | | | | 100,000 | | | | | | 4,419 | | |
Voyager Digital, Ltd., Expiring 07/07/20 (Canada) (a) (c) (d) (f) | | | | | 200,000 | | | | | | 100,702 | | |
Total Warrants (Cost $343,657) | | | | | | | | | | | 561,717 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.0% | | ||||||||||||
Media – 0.0% | | ||||||||||||
Catena Media plc, 5.5%, 03/02/2022 (Malta) (Cost $205,364) | | | | $ | 200,000 | | | | | | 217,959 | | |
Convertible Bonds — 0.0% | | ||||||||||||
Airlines – 0.0% | | ||||||||||||
Air Canada, 4.000%, 07/01/25 (Canada) (e) (Cost $339,300) | | | | | 339,300 | | | | | | 358,810 | | |
US Treasury Bonds/Notes — 6.8% | | ||||||||||||
US Treasury Inflation Indexed Note, 0.375%, 07/15/23 | | | | | 3,242,899 | | | | | | 3,376,968 | | |
US Treasury Inflation Indexed Note, 0.625%, 01/15/24 | | | | | 4,981,095 | | | | | | 5,245,860 | | |
US Treasury Inflation Indexed Note, 0.500%, 04/15/24 | | | | | 16,158,376 | | | | | | 16,982,051 | | |
US Treasury Inflation Indexed Note, 0.125%, 07/15/24 | | | | | 4,896,811 | | | | | | 5,114,532 | | |
US Treasury Inflation Indexed Note, 0.125%, 10/15/24 | | | | | 16,781,277 | | | | | | 17,575,334 | | |
US Treasury Inflation Indexed Note, 0.250%, 01/15/25 | | | | | 4,907,970 | | | | | | 5,163,320 | | |
US Treasury Inflation Indexed Note, 2.375%, 01/15/25 | | | | | 3,527,876 | | | | | | 4,059,177 | | |
US Treasury Inflation-Indexed Bond, 0.125%, 04/15/25 | | | | | 9,540,007 | | | | | | 9,994,197 | | |
US Treasury Note, 2.250%, 03/31/21 | | | | | 358,000 | | | | | | 363,566 | | |
US Treasury Note, 1.125%, 09/30/21 | | | | | 4,593,000 | | | | | | 4,647,542 | | |
US Treasury Note, 1.750%, 04/30/22 | | | | | 2,064,000 | | | | | | 2,123,743 | | |
US Treasury Note, 1.375%, 10/15/22 | | | | | 3,463,000 | | | | | | 3,557,962 | | |
US Treasury Note, 1.500%, 03/31/23 | | | | | 3,335,000 | | | | | | 3,456,285 | | |
US Treasury Note, 1.375%, 09/30/23 | | | | | 2,738,000 | | | | | | 2,843,777 | | |
US Treasury Note, 2.500%, 05/15/24 | | | | | 1,501,000 | | | | | | 1,633,100 | | |
US Treasury Note, 1.500%, 09/30/24 | | | | | 2,807,000 | | | | | | 2,956,560 | | |
US Treasury Note, 2.125%, 05/15/25 | | | | | 2,070,000 | | | | | | 2,254,036 | | |
US Treasury Note, 2.250%, 11/15/25 | | | | | 2,546,000 | | | | | | 2,804,876 | | |
US Treasury Note, 2.000%, 11/15/26 | | | | | 1,335,000 | | | | | | 1,465,893 | | |
US Treasury Note, 0.500%, 05/31/27 | | | | | 1,051,000 | | | | | | 1,052,067 | | |
US Treasury Note, 2.250%, 08/15/27 | | | | | 1,052,000 | | | | | | 1,181,569 | | |
US Treasury Note, 2.750%, 02/15/28 | | | | | 1,372,000 | | | | | | 1,600,416 | | |
US Treasury Note, 1.625%, 08/15/29 | | | | | 1,149,000 | | | | | | 1,253,712 | | |
US Treasury Note, 1.500%, 02/15/30 | | | | | 817,000 | | | | | | 883,190 | | |
Total US Treasury Bonds/Notes (Cost $97,799,024) | | | | | | | | | | | 101,589,733 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds – 16.1% | | ||||||||||||
Exchange-Traded Fund (ETF) — 3.7% | | ||||||||||||
Financial Select Sector SPDR Fund | | | | | 2,401,776 | | | | | $ | 55,577,097 | | |
Private Investment Funds (h) — 12.4% | | ||||||||||||
Canyon Value Realization Fund, LP (a) (c) (d) (f) | | | | | | | | | | | 40,251,056 | | |
Eversept Global Healthcare Fund, LP (a) (c) (d) (f) | | | | | | | | | | | 32,618,177 | | |
Farallon Capital Institutional Partners, LP (a) (c) (d) (f) | | | | | | | | | | | 1,546,506 | | |
GSA Trend Fund, Ltd. (a) (c) (d) (f) | | | | | 156,179 | | | | | | 13,545,314 | | |
Honeycomb Partners, LP (a) (c) (d) (f) | | | | | | | | | | | 43,020,603 | | |
Lansdowne Developed Markets Fund, Ltd. (a) (c) (d) (f) | | | | | 13,037 | | | | | | 6,213,203 | | |
Neo Ivy Capital Fund, LP (a) (c) (d) (f) | | | | | | | | | | | 10,105,173 | | |
Northwest Feilong Fund, Ltd. (a) (c) (d) (f) | | | | | 7,235 | | | | | | 14,613,736 | | |
QVT Roiv Hldgs Onshore, Ltd. (a) (c) (d) (f) | | | | | 2,430 | | | | | | 6,539,306 | | |
Voloridge Fund, LP (a) (c) (d) (f) | | | | | | | | | | | 15,751,879 | | |
| | | | | | | | | | | 184,204,953 | | |
Total Acquired Funds (Cost $197,501,538) | | | | | | | | | | | 239,782,050 | | |
Preferred Stocks — 0.2% | | ||||||||||||
Draegerwerk AG & Co. KGAA, 0.26% (Germany) | | | | | 3,351 | | | | | | 273,179 | | |
Hyundai Motor Co., Ltd., 5.45% (South Korea) | | | | | 31,684 | | | | | | 1,513,216 | | |
Hyundai Motor Co., Ltd., 5.58% (South Korea) | | | | | 4,127 | | | | | | 190,920 | | |
Synaptive Medical, Inc., 0.00% (Canada) (a) (c) (d) (f) | | | | | 74,285 | | | | | | 185,713 | | |
Total Preferred Stocks (Cost $2,392,200) | | | | | | | | | | | 2,163,028 | | |
| | | Number of Contracts | | | Value | | ||||||
Purchased Option Contracts — 0.2% | | ||||||||||||
Calls — 0.0% | | ||||||||||||
CBOE Volatility Index, Notional Amount $532,000, Strike Price $40 Expiring 08/19/2020 (United States) | | | | | 133 | | | | | | 40,964 | | |
Cimarex Energy Co., Notional Amount $745,500, Strike Price $35 Expiring 09/18/2020 (United States) | | | | | 213 | | | | | | 21,300 | | |
Continental Resources, Inc., Notional Amount $354,000, Strike Price $20 Expiring 07/17/2020 (United States) | | | | | 177 | | | | | | 9,735 | | |
Continental Resources, Inc., Notional Amount $371,000, Strike Price $17.5 Expiring 07/17/2020 (United States) | | | | | 212 | | | | | | 27,560 | | |
Diamondback Energy, Inc., Notional Amount $445,500, Strike Price $55 Expiring 07/17/2020 (United States) | | | | | 81 | | | | | | 1,620 | | |
iShares Silver Trust, Notional Amount $416,500, Strike Price $17 Expiring 10/16/2020 (United States) | | | | | 245 | | | | | | 31,115 | | |
| | | Number of Contracts | | | Value | | ||||||
Marathon Oil Corp., Notional Amount $742,000, Strike Price $7 Expiring 07/17/2020 (United States) | | | | | 1,060 | | | | | $ | 14,840 | | |
Matador Resources Co., Notional Amount $442,500, Strike Price $12.5 Expiring 07/17/2020 (United States) | | | | | 354 | | | | | | 2,478 | | |
Occidental Petroleum Corp., Notional Amount $796,500, Strike Price $22.5 Expiring 07/17/2020 (United States) | | | | | 354 | | | | | | 8,142 | | |
Ovintiv, Inc., Notional Amount $389,400, Strike Price $11 Expiring 07/17/2020 (United States) | | | | | 354 | | | | | | 10,974 | | |
Parsley Energy, Inc., Notional Amount $531,250, Strike Price $12.5 Expiring 07/17/2020 (United States) | | | | | 425 | | | | | $ | 6,375 | | |
Patterson-UTI Energy, Inc., Notional Amount $707,000, Strike Price $5 Expiring 07/17/2020 (United States) | | | | | 1,414 | | | | | | 7,070 | | |
Propetro Holding Corp., Notional Amount $399,750, Strike Price $7.5 Expiring 09/18/2020 (United States) | | | | | 533 | | | | | | 29,315 | | |
Range Resources Corp., Notional Amount $639,900, Strike Price $9 Expiring 09/18/2020 (United States) | | | | | 711 | | | | | | 7,110 | | |
Total Calls (Cost $656,845) | | | | | | | | | | | 218,598 | | |
Puts – 0.2% | | ||||||||||||
Alfa Laval AB, Notional Amount $6,954,000, Strike Price $190 Expiring 08/21/2020 (Sweden) | | | | | 366 | | | | | | 21,210 | | |
California Resources Corp., Notional Amount $141,600, Strike Price $1.5 Expiring 07/17/2020 (United States) | | | | | 944 | | | | | | 56,640 | | |
Cheniere Energy, Inc., Notional Amount $796,500, Strike Price $45 Expiring 07/17/2020 (United States) | | | | | 177 | | | | | | 17,169 | | |
Chevron Corp., Notional Amount $1,278,000, Strike Price $90 Expiring 07/17/2020 (United States) | | | | | 142 | | | | | | 46,860 | | |
CNX Resources Corp., Notional Amount $700,200, Strike Price $9 Expiring 07/17/2020 (United States) | | | | | 778 | | | | | | 55,238 | | |
Electrolux AB, Notional Amount $10,846,000, Strike Price $145 Expiring 08/21/2020 (Sweden) | | | | | 748 | | | | | | 48,164 | | |
Hess Corp., Notional Amount $877,500, Strike Price $45 Expiring 07/17/2020 (United States) | | | | | 195 | | | | | | 13,650 | | |
Hexagon AB, Notional Amount $17,390,000, Strike Price $470 Expiring 07/17/2020 (Sweden) | | | | | 370 | | | | | | 3,177 | | |
iShares 20+ Year Treasury Bond ETF, Notional Amount $31,141,800, Strike Price $146 Expiring 01/15/2021 (United States) | | | | | 2,133 | | | | | | 437,265 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Contracts | | | Value | | ||||||
iShares China Large-Cap ETF, Notional Amount $18,907,000, Strike Price $35 Expiring 01/15/2021 (United States) | | | | | 5,402 | | | | | $ | 772,486 | | |
Murphy Oil Corp., Notional Amount $799,500, Strike Price $15 Expiring 07/17/2020 (United States) | | | | | 533 | | | | | | 111,930 | | |
Nibe Industrier AB, Notional Amount $3,607,500, Strike Price $195 Expiring 08/21/2020 (Sweden) | | | | | 185 | | | | | | 13,103 | | |
Occidental Petroleum Corp., Notional Amount $904,500, Strike Price $15 Expiring 07/17/2020 (United States) | | | | | 603 | | | | | | 19,899 | | |
Oneok, Inc., Notional Amount $480,000, Strike Price $30 Expiring 07/17/2020 (United States) | | | | | 160 | | | | | | 13,280 | | |
Ovintiv, Inc., Notional Amount $533,000, Strike Price $10 Expiring 07/17/2020 (United States) | | | | | 533 | | | | | | 66,625 | | |
S&P 500 Index, Notional Amount $21,000,000, Strike Price $2,800 Expiring 12/18/2020 (United States) | | | | | 75 | | | | | | 1,041,000 | | |
Skanska AB, Notional Amount $3,312,000, Strike Price $180 Expiring 08/21/2020 (Sweden) | | | | | 184 | | | | | | 10,465 | | |
Svenska Cellulosa AB, Notional Amount $7,875,000, Strike Price $105 Expiring 09/18/2020 (Sweden) | | | | | 750 | | | | | | 36,622 | | |
Targa Resources Corp., Notional Amount $774,000, Strike Price $15 Expiring 07/17/2020 (United States) | | | | | 516 | | | | | | 12,900 | | |
Total Puts (Cost $4,115,300) | | | | | | | | | | | 2,797,683 | | |
Total Purchased Option Contracts (Cost $4,772,145) | | | | | | | | | | | 3,016,281 | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (a) (c) (d) (f) | | | | | 260,322 | | | | | | — | | |
|
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 18.2% | | ||||||||||||
Repurchase Agreement — 8.1% | | ||||||||||||
Fixed Income Clearing Corp. issued on 06/30/20 (proceeds at maturity $119,868,333) (collateralized by US Treasury Inflation Indexed Notes, due 10/15/24 with a total par value of $2,235,400 and a total market value of $2,341,488; US Treasury Notes, due 02/29/24 with a total par value of $110,300,700 and a total market value of $119,924,286), 0.000%, 07/01/20 | | ||||||||||||
(Cost $119,868,333) | | | | $ | 119,868,333 | | | | | $ | 119,868,333 | | |
US Treasury Bills (i) — 10.1% | | ||||||||||||
US Treasury Bill, 1.537%, 07/09/20 (j) | | | | | 55,000,000 | | | | | | 54,981,612 | | |
US Treasury Bill, 1.537%, 07/23/20 | | | | | 50,000,000 | | | | | | 49,954,029 | | |
US Treasury Bill, 0.133%, 10/22/20 | | | | | 45,000,000 | | | | | | 44,977,400 | | |
Total US Treasury Bills (Cost $149,917,066) | | | | | | | | | | | 149,913,041 | | |
Total Short-Term Investments (Cost $269,785,399) | | | | | | | | | | | 269,781,374 | | |
| | | Principal Amount | | | Value | | |||
Total Investments – 102.8% (Cost $1,352,088,917) | | | | | | | $ | 1,529,564,739 | | |
Liabilities in Excess of Other Assets – (2.8)% | | | | | | | | (42,059,820) | | |
Net Assets – 100.0% | | | | | | | $ | 1,487,504,919 | | |
|
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (6.8)% | | ||||||||||||
Common Stocks — (6.8)% | | ||||||||||||
US Common Stocks — (5.0)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
Axon Enterprise, Inc. (a) | | | | | (2,626) | | | | | $ | (257,689) | | |
Boeing Co. (The) | | | | | (2,749) | | | | | | (503,892) | | |
HEICO Corp. | | | | | (1,496) | | | | | | (149,076) | | |
Mercury Systems, Inc. (a) | | | | | (1,042) | | | | | | (81,964) | | |
TransDigm Group, Inc. | | | | | (821) | | | | | | (362,923) | | |
| | | | | | | | | | | (1,355,544) | | |
Airlines — (0.1)% | | ||||||||||||
Delta Air Lines, Inc. | | | | | (12,604) | | | | | | (353,542) | | |
JetBlue Airways Corp. (a) | | | | | (13,789) | | | | | | (150,300) | | |
Southwest Airlines Co. | | | | | (5,372) | | | | | | (183,615) | | |
United Airlines Holdings, Inc. (a) | | | | | (9,667) | | | | | | (334,575) | | |
| | | | | | | | | | | (1,022,032) | | |
Auto Components — (0.0)% | | ||||||||||||
Adient plc (a) | | | | | (6,108) | | | | | | (100,293) | | |
Goodyear Tire & Rubber Co. (The) | | | | | (8,395) | | | | | | (75,093) | | |
Visteon Corp. (a) | | | | | (3,970) | | | | | | (271,945) | | |
| | | | | | | | | | | (447,331) | | |
Automobiles — (0.0)% | | ||||||||||||
General Motors Co. | | | | | (4,015) | | | | | | (101,580) | | |
Biotechnology — (0.2)% | | ||||||||||||
Agios Pharmaceuticals, Inc. (a) | | | | | (1,735) | | | | | | (92,788) | | |
Alnylam Pharmaceuticals, Inc. (a) | | | | | (6,110) | | | | | | (904,952) | | |
Exact Sciences Corp. (a) | | | | | (2,658) | | | | | | (231,087) | | |
Gilead Sciences, Inc. | | | | | (541) | | | | | | (41,625) | | |
Ionis Pharmaceuticals, Inc. (a) | | | | | (1,257) | | | | | | (74,113) | | |
Ligand Pharmaceuticals, Inc. (a) | | | | | (4,984) | | | | | | (557,460) | | |
Moderna, Inc. (a) | | | | | (12,924) | | | | | | (829,850) | | |
Repligen Corp. (a) | | | | | (468) | | | | | | (57,849) | | |
Sage Therapeutics, Inc. (a) | | | | | (2,164) | | | | | | (89,979) | | |
| | | | | | | | | | | (2,879,703) | | |
Building Products — (0.0)% | | ||||||||||||
Owens Corning | | | | | (668) | | | | | | (37,248) | | |
Trex Co., Inc. (a) | | | | | (4,654) | | | | | | (605,346) | | |
| | | | | | | | | | | (642,594) | | |
Capital Markets — (0.0)% | | ||||||||||||
Charles Schwab Corp. (The) | | | | | (972) | | | | | | (32,795) | | |
Invesco, Ltd. | | | | | (3,289) | | | | | | (35,390) | | |
| | | | | | | | | | | (68,185) | | |
Chemicals — (0.1)% | | ||||||||||||
Albemarle Corp. | | | | | (8,521) | | | | | | (657,906) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Chemours Co. (The) | | | | | (7,980) | | | | | $ | (122,493) | | |
International Flavors & Fragrances, Inc. | | | | | (3,360) | | | | | | (411,466) | | |
Olin Corp. | | | | | (28,013) | | | | | | (321,869) | | |
Westlake Chemical Corp. | | | | | (1,395) | | | | | | (74,842) | | |
| | | | | | | | | | | (1,588,576) | | |
Commercial Banks — (0.1)% | | ||||||||||||
BOK Financial Corp. | | | | | (1,901) | | | | | | (107,292) | | |
CIT Group, Inc. | | | | | (5,128) | | | | | | (106,303) | | |
Cullen/Frost Bankers, Inc. | | | | | (1,836) | | | | | | (137,168) | | |
First Horizon National Corp. | | | | | (19,626) | | | | | | (195,475) | | |
Pinnacle Financial Partners, Inc. | | | | | (1,938) | | | | | | (81,377) | | |
Prosperity Bancshares, Inc. | | | | | (453) | | | | | | (26,899) | | |
Sterling Bancorp | | | | | (15,488) | | | | | | (181,519) | | |
Texas Capital Bancshares, Inc. (a) | | | | | (3,111) | | | | | | (96,037) | | |
Truist Financial Corp. | | | | | (7,896) | | | | | | (296,495) | | |
United Bankshares, Inc. | | | | | (4,723) | | | | | | (130,638) | | |
| | | | | | | | | | | (1,359,203) | | |
Commercial Services & Supplies — (0.1)% | | ||||||||||||
IAA, Inc. (a) | | | | | (4,586) | | | | | | (176,882) | | |
Square, Inc., Class A (a) | | | | | (1,361) | | | | | | (142,823) | | |
Stericycle, Inc. (a) | | | | | (8,872) | | | | | | (496,655) | | |
| | | | | | | | | | | (816,360) | | |
Communications Equipment — (0.0)% | | ||||||||||||
Ubiquiti, Inc. | | | | | (811) | | | | | | (141,568) | | |
ViaSat, Inc. (a) | | | | | (769) | | | | | | (29,507) | | |
| | | | | | | | | | | (171,075) | | |
Computers & Peripherals — (0.0)% | | ||||||||||||
Pure Storage, Inc., Class A (a) | | | | | (2,372) | | | | | | (41,107) | | |
Construction & Engineering — (0.0)% | | ||||||||||||
Dycom Industries, Inc. (a) | | | | | (2,468) | | | | | | (100,917) | | |
Toll Brothers, Inc. | | | | | (1,338) | | | | | | (43,605) | | |
| | | | | | | | | | | (144,522) | | |
Containers & Packaging — (0.0)% | | ||||||||||||
Ball Corp. | | | | | (2,368) | | | | | | (164,552) | | |
Berry Global Group, Inc. (a) | | | | | (1,121) | | | | | | (49,683) | | |
O-I Glass, Inc. | | | | | (4,438) | | | | | | (39,853) | | |
| | | | | | | | | | | (254,088) | | |
Electric Utilities — (0.1)% | | ||||||||||||
Eversource Energy | | | | | (599) | | | | | | (49,879) | | |
PNM Resources, Inc. | | | | | (18,372) | | | | | | (706,220) | | |
Xcel Energy, Inc. | | | | | (3,385) | | | | | | (211,563) | | |
| | | | | | | | | | | (967,662) | | |
Electronic Equipment, Instruments & Components — (0.2)% | | ||||||||||||
Belden, Inc. | | | | | (5,427) | | | | | | (176,649) | | |
Cognex Corp. | | | | | (8,274) | | | | | | (494,123) | | |
Coherent, Inc. (a) | | | | | (913) | | | | | | (119,585) | | |
Corning, Inc. | | | | | (3,259) | | | | | | (84,408) | | |
FLIR Systems, Inc. | | | | | (653) | | | | | | (26,492) | | |
II-VI, Inc. (a) | | | | | (21,912) | | | | | | (1,034,685) | | |
IPG Photonics Corp. (a) | | | | | (373) | | | | | | (59,825) | | |
Littelfuse, Inc. | | | | | (1,137) | | | | | | (194,006) | | |
Rockwell Automation, Inc. | | | | | (666) | | | | | | (141,858) | | |
| | | Number of Shares | | | Value | | ||||||
Trimble, Inc. (a) | | | | | (4,354) | | | | | $ | (188,049) | | |
| | | | | | | | | | | (2,519,680) | | |
Energy Equipment & Services — (0.4)% | | ||||||||||||
Baker Hughes Co. | | | | | (61,836) | | | | | | (951,656) | | |
DMC Global, Inc. | | | | | (6,183) | | | | | | (170,651) | | |
Halliburton Co. | | | | | (97,623) | | | | | | (1,267,147) | | |
Liberty Oilfield Services, Inc., Class A | | | | | (21,400) | | | | | | (117,272) | | |
National Oilwell Varco, Inc. | | | | | (26,527) | | | | | | (324,956) | | |
Patterson-UTI Energy, Inc. | | | | | (676,352) | | | | | | (2,346,941) | | |
RPC, Inc. | | | | | (189,554) | | | | | | (583,826) | | |
Transocean, Ltd. (a) | | | | | (39,702) | | | | | | (72,655) | | |
| | | | | | | | | | | (5,835,104) | | |
Food & Beverage — (0.0)% | | ||||||||||||
Boston Beer Co., Inc. (The), Class A (a) | | | | | (359) | | | | | | (192,657) | | |
Food & Staples Retailing — (0.0)% | | ||||||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | | | | | (2,577) | | | | | | (96,045) | | |
Food Products — (0.1)% | | ||||||||||||
Conagra Brands, Inc. | | | | | (2,887) | | | | | | (101,536) | | |
Hain Celestial Group, Inc. (The) (a) | | | | | (15,644) | | | | | | (492,942) | | |
Lamb Weston Holdings, Inc. | | | | | (4,535) | | | | | | (289,923) | | |
Post Holdings, Inc. (a) | | | | | (353) | | | | | | (30,930) | | |
| | | | | | | | | | | (915,331) | | |
Gas Utilities — (0.0)% | | ||||||||||||
Atmos Energy Corp. | | | | | (1,780) | | | | | | (177,252) | | |
Southwest Gas Holdings, Inc. | | | | | (1,522) | | | | | | (105,094) | | |
| | | | | | | | | | | (282,346) | | |
Health Care Equipment & Supplies — (0.5)% | | ||||||||||||
DexCom, Inc. (a) | | | | | (16,123) | | | | | | (6,536,264) | | |
Insulet Corp. (a) | | | | | (919) | | | | | | (178,525) | | |
Penumbra, Inc. (a) | | | | | (2,575) | | | | | | (460,462) | | |
| | | | | | | | | | | (7,175,251) | | |
Health Care Providers & Services — (0.1)% | | ||||||||||||
Covetrus, Inc. (a) | | | | | (24,319) | | | | | | (435,067) | | |
Guardant Health, Inc. (a) | | | | | (3,004) | | | | | | (243,715) | | |
HealthEquity, Inc. (a) | | | | | (9,653) | | | | | | (566,342) | | |
| | | | | | | | | | | (1,245,124) | | |
Hotels, Restaurants & Leisure — (0.1)% | | ||||||||||||
Churchill Downs, Inc. | | | | | (605) | | | | | | (80,556) | | |
Hyatt Hotels Corp., Class A | | | | | (1,094) | | | | | | (55,017) | | |
Marriott International, Inc., Class A | | | | | (631) | | | | | | (54,096) | | |
Norwegian Cruise Line Holdings, Ltd. (a) | | | | | (12,525) | | | | | | (205,786) | | |
Penn National Gaming, Inc. (a) | | | | | (4,903) | | | | | | (149,738) | | |
Planet Fitness, Inc., Class A (a) | | | | | (2,771) | | | | | | (167,839) | | |
Royal Caribbean Cruises, Ltd. | | | | | (4,344) | | | | | | (218,503) | | |
Wynn Resorts, Ltd. | | | | | (155) | | | | | | (11,546) | | |
| | | | | | | | | | | (943,081) | | |
Household Products — (0.0)% | | ||||||||||||
Energizer Holdings, Inc. | | | | | (9,905) | | | | | | (470,388) | | |
Insurance — (0.0)% | | ||||||||||||
Cincinnati Financial Corp. | | | | | (1,081) | | | | | | (69,216) | | |
Travelers Companies, Inc. (The) | | | | | (406) | | | | | | (46,304) | | |
| | | | | | | | | | | (115,520) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Internet & Catalog Retail — (0.0)% | | ||||||||||||
eBay, Inc. | | | | | (643) | | | | | $ | (33,725) | | |
Expedia Group, Inc. | | | | | (1,545) | | | | | | (126,999) | | |
Qurate Retail, Inc., Series A (a) | | | | | (10,603) | | | | | | (100,729) | | |
| | | | | | | | | | | (261,453) | | |
Internet Software & Services — (0.0)% | | ||||||||||||
Snap, Inc., Class A (a) | | | | | (1,775) | | | | | | (41,695) | | |
Zillow Group, Inc., Class C (a) | | | | | (1,346) | | | | | | (77,543) | | |
| | | | | | | | | | | (119,238) | | |
IT Services — (0.1)% | | ||||||||||||
LiveRamp Holdings, Inc. (a) | | | | | (1,036) | | | | | | (43,999) | | |
MongoDB, Inc. (a) | | | | | (2,659) | | | | | | (601,838) | | |
Okta, Inc. (a) | | | | | (227) | | | | | | (45,452) | | |
Twilio, Inc., Class A (a) | | | | | (1,596) | | | | | | (350,194) | | |
| | | | | | | | | | | (1,041,483) | | |
Machinery — (0.1)% | | ||||||||||||
Colfax Corp. (a) | | | | | (8,375) | | | | | | (233,663) | | |
Fortive Corp. | | | | | (1,050) | | | | | | (71,043) | | |
Gates Industrial Corp. plc (a) | | | | | (3,322) | | | | | | (34,150) | | |
Ingersoll Rand, Inc. (a) | | | | | (24,903) | | | | | | (700,272) | | |
Woodward, Inc. | | | | | (2,984) | | | | | | (231,409) | | |
| | | | | | | | | | | (1,270,537) | | |
Media — (0.1)% | | ||||||||||||
Comcast Corp., Class A | | | | | (644) | | | | | | (25,103) | | |
Live Nation Entertainment, Inc. (a) | | | | | (6,429) | | | | | | (284,998) | | |
New York Times Co. (The), Class A | | | | | (11,131) | | | | | | (467,836) | | |
Nexstar Media Group, Inc., Class A | | | | | (1,642) | | | | | | (137,419) | | |
Sinclair Broadcast Group, Inc., Class A | | | | | (13,745) | | | | | | (253,733) | | |
World Wrestling Entertainment, Inc., Class A | | | | | (3,638) | | | | | | (158,071) | | |
| | | | | | | | | | | (1,327,160) | | |
Metals & Mining — (0.1)% | | ||||||||||||
Allegheny Technologies, Inc. (a) | | | | | (20,711) | | | | | | (211,045) | | |
Argonaut Gold, Inc. (a) | | | | | (30,700) | | | | | | (57,890) | | |
Freeport-McMoRan, Inc. | | | | | (42,980) | | | | | | (497,279) | | |
Royal Gold, Inc. | | | | | (856) | | | | | | (106,418) | | |
United States Steel Corp. | | | | | (55,895) | | | | | | (403,562) | | |
| | | | | | | | | | | (1,276,194) | | |
Multi-Utilities — (0.0)% | | ||||||||||||
CenterPoint Energy, Inc. | | | | | (26,354) | | | | | | (492,029) | | |
Consolidated Edison, Inc. | | | | | (787) | | | | | | (56,609) | | |
| | | | | | | | | | | (548,638) | | |
Multiline Retail — (0.0)% | | ||||||||||||
Macy’s, Inc. | | | | | (12,531) | | | | | | (86,213) | | |
Nordstrom, Inc. | | | | | (5,902) | | | | | | (91,422) | | |
Ollie’s Bargain Outlet Holdings, Inc. (a) | | | | | (2,988) | | | | | | (291,778) | | |
| | | | | | | | | | | (469,413) | | |
Oil, Gas & Consumable Fuels — (2.0)% | | ||||||||||||
Antero Midstream Corp. | | | | | (57,021) | | | | | | (290,807) | | |
Antero Resources Corp. (a) | | | | | (557,658) | | | | | | (1,416,451) | | |
Apache Corp. | | | | | (40,167) | | | | | | (542,255) | | |
| | | Number of Shares | | | Value | | ||||||
Centennial Resource Development, Inc., Class A (a) | | | | | (91,468) | | | | | $ | (81,407) | | |
Cheniere Energy, Inc. (a) | | | | | (4,698) | | | | | | (227,007) | | |
Chevron Corp. | | | | | (6,051) | | | | | | (539,931) | | |
CNX Resources Corp. (a) | | | | | (102,445) | | | | | | (886,149) | | |
ConocoPhillips | | | | | (34,756) | | | | | | (1,460,447) | | |
Continental Resources, Inc. | | | | | (142,271) | | | | | | (2,494,011) | | |
Diamondback Energy, Inc. | | | | | (26,771) | | | | | | (1,119,563) | | |
Equitrans Midstream Corp. | | | | | (9,489) | | | | | | (78,854) | | |
Exxon Mobil Corp. | | | | | (47,861) | | | | | | (2,140,344) | | |
Hess Corp. | | | | | (15,690) | | | | | | (812,899) | | |
Kosmos Energy, Ltd. | | | | | (232,987) | | | | | | (386,758) | | |
Magnolia Oil & Gas Corp., Class A (a) | | | | | (183,789) | | | | | | (1,113,761) | | |
Marathon Oil Corp. | | | | | (468,482) | | | | | | (2,867,110) | | |
Matador Resources Co. (a) | | | | | (304,546) | | | | | | (2,588,641) | | |
Murphy Oil Corp. | | | | | (93,427) | | | | | | (1,289,293) | | |
Noble Energy, Inc. | | | | | (13,063) | | | | | | (117,044) | | |
Occidental Petroleum Corp. | | | | | (123,715) | | | | | | (2,263,985) | | |
Oneok, Inc. | | | | | (37,381) | | | | | | (1,241,797) | | |
Ovintiv, Inc. | | | | | (283,035) | | | | | | (2,702,984) | | |
Range Resources Corp. | | | | | (181,968) | | | | | | (1,024,480) | | |
Schlumberger, Ltd. | | | | | (10,037) | | | | | | (184,580) | | |
SM Energy Co. | | | | | (163,608) | | | | | | (613,530) | | |
Southwestern Energy Co. (a) | | | | | (322,213) | | | | | | (824,865) | | |
Williams Cos., Inc. (The) | | | | | (55,054) | | | | | | (1,047,127) | | |
WPX Energy, Inc. (a) | | | | | (10,340) | | | | | | (65,969) | | |
| | | | | | | | | | | (30,422,049) | | |
Personal Products — (0.0)% | | ||||||||||||
Coty, Inc., Class A | | | | | (16,148) | | | | | | (72,182) | | |
Pharmaceuticals — (0.1)% | | ||||||||||||
Catalent, Inc. (a) | | | | | (6,776) | | | | | | (496,681) | | |
Nektar Therapeutics (a) | | | | | (25,456) | | | | | | (589,561) | | |
Planet 13 Holdings, Inc. (a) | | | | | (104,400) | | | | | | (163,798) | | |
| | | | | | | | | | | (1,250,040) | | |
Real Estate Investment Trusts (REITs) — (0.0)% | | ||||||||||||
Colony Capital, Inc. | | | | | (92,296) | | | | | | (221,510) | | |
Diversified Healthcare Trust | | | | | (11,220) | | | | | | (49,649) | | |
Park Hotels & Resorts, Inc. | | | | | (7,940) | | | | | | (78,527) | | |
Pebblebrook Hotel Trust | | | | | (7,989) | | | | | | (109,130) | | |
| | | | | | | | | | | (458,816) | | |
Road & Rail — (0.0)% | | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | | | | | (3,772) | | | | | | (157,330) | | |
Semiconductors & Semiconductor Equipment — (0.1)% | | ||||||||||||
Cabot Microelectronics Corp. | | | | | (594) | | | | | | (82,887) | | |
Cree, Inc. (a) | | | | | (9,512) | | | | | | (563,015) | | |
Marvell Technology Group, Ltd. | | | | | (2,234) | | | | | | (78,324) | | |
Skyworks Solutions, Inc. | | | | | (332) | | | | | | (42,450) | | |
| | | | | | | | | | | (766,676) | | |
Software — (0.1)% | | ||||||||||||
2U, Inc. (a) | | | | | (1,689) | | | | | | (64,114) | | |
Coupa Software, Inc. (a) | | | | | (1,036) | | | | | | (287,013) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Shares | | | Value | | ||||||
Pluralsight, Inc., Class A (a) | | | | | (6,392) | | | | | $ | (115,376) | | |
RingCentral, Inc., Class A (a) | | | | | (1,214) | | | | | | (346,002) | | |
Zscaler, Inc. (a) | | | | | (3,490) | | | | | | (382,155) | | |
| | | | | | | | | | | (1,194,660) | | |
Specialty Retail — (0.1)% | | ||||||||||||
Burlington Stores, Inc. (a) | | | | | (1,080) | | | | | | (212,684) | | |
CarMax, Inc. (a) | | | | | (1,950) | | | | | | (174,623) | | |
Carvana Co. (a) | | | | | (1,578) | | | | | | (189,676) | | |
Five Below, Inc. (a) | | | | | (3,533) | | | | | | (377,713) | | |
Mattel, Inc. (a) | | | | | (10,232) | | | | | | (98,943) | | |
TJX Cos, Inc. (The) | | | | | (1,394) | | | | | | (70,481) | | |
| | | | | | | | | | | (1,124,120) | | |
Textiles, Apparel & Luxury Goods — (0.0)% | | ||||||||||||
Columbia Sportswear Co. | | | | | (4,070) | | | | | | (327,961) | | |
Under Armour, Inc., Class A (a) | | | | | (35,129) | | | | | | (342,156) | | |
VF Corp. | | | | | (1,002) | | | | | | (61,062) | | |
| | | | | | | | | | | (731,179) | | |
Thrifts & Mortgage Finance — (0.0)% | | ||||||||||||
LendingTree, Inc. (a) | | | | | (1,806) | | | | | | (522,891) | | |
Trading Companies & Distributors — (0.0)% | | ||||||||||||
Air Lease Corp. | | | | | (7,277) | | | | | | (213,143) | | |
GATX Corp. | | | | | (1,229) | | | | | | (74,944) | | |
| | | | | | | | | | | (288,087) | | |
Total US Common Stocks (Proceeds $66,355,146) | | | | | | | | | | | (74,952,235) | | |
Foreign Common Stocks — (1.8)% | | ||||||||||||
Bermuda — (0.0)% | | ||||||||||||
Assured Guaranty, Ltd. | | | | | (662) | | | | | | (16,159) | | |
Athene Holding, Ltd., Class A (a) | | | | | (1,146) | | | | | | (35,744) | | |
| | | | | | | | | | | (51,903) | | |
Canada — (0.4)% | | ||||||||||||
Cascades, Inc. | | | | | (31,100) | | | | | | (338,810) | | |
Cenovus Energy, Inc. | | | | | (130,348) | | | | | | (609,686) | | |
Crescent Point Energy Corp. | | | | | (329,449) | | | | | | (533,874) | | |
Drone Delivery Canada Corp. (a) | | | | | (40,100) | | | | | | (25,993) | | |
Enbridge, Inc. | | | | | (9,604) | | | | | | (292,025) | | |
Gildan Activewear, Inc. | | | | | (11,700) | | | | | | (181,240) | | |
Goodfood Market Corp. (a) | | | | | (90,400) | | | | | | (310,301) | | |
Great Bear Resources, Ltd. (a) | | | | | (35,400) | | | | | | (502,473) | | |
Husky Energy, Inc. | | | | | (91,596) | | | | | | (300,912) | | |
IAMGOLD Corp. (a) | | | | | (31,200) | | | | | | (123,872) | | |
Imperial Oil, Ltd. | | | | | (66,616) | | | | | | (1,071,666) | | |
Laurentian Bank of Canada | | | | | (14,100) | | | | | | (297,039) | | |
Linamar Corp. | | | | | (9,300) | | | | | | (251,407) | | |
Organigram Holdings, Inc. (a) | | | | | (20,000) | | | | | | (31,232) | | |
Osisko Mining, Inc. (a) | | | | | (81,900) | | | | | | (231,053) | | |
Peyto Exploration & Development Corp. | | | | | (128,853) | | | | | | (169,893) | | |
Seven Generations Energy, Ltd., Class A (a) | | | | | (170,095) | | | | | | (379,632) | | |
Spin Master Corp. (a) (e) | | | | | (13,900) | | | | | | (251,154) | | |
Stella-Jones, Inc. | | | | | (6,800) | | | | | | (171,002) | | |
Victoria Gold Corp. (a) | | | | | (9,400) | | | | | | (98,251) | | |
| | | | | | | | | | | (6,171,515) | | |
|
| | | Number of Shares | | | Value | | ||||||
Denmark — (0.1)% | | ||||||||||||
Demant A/S (a) | | | | | (22,369) | | | | | $ | (589,478) | | |
Netcompany Group A/S (a) (e) | | | | | (9,436) | | | | | | (618,561) | | |
Novozymes A/S Shares — B | | | | | (12,666) | | | | | | (731,958) | | |
| | | | | | | | | | | (1,939,997) | | |
Finland — (0.1)% | | ||||||||||||
Citycon Oyj | | | | | (97,296) | | | | | | (676,060) | | |
Stora Enso Oyj Shares — R | | | | | (76,263) | | | | | | (909,455) | | |
TietoEVRY Oyj (a) | | | | | (3,891) | | | | | | (106,032) | | |
| | | | | | | | | | | (1,691,547) | | |
Ireland — (0.0)% | | ||||||||||||
Aptiv plc | | | | | (1,190) | | | | | | (92,725) | | |
Netherlands — (0.0)% | | ||||||||||||
Core Laboratories NV | | | | | (3,342) | | | | | | (67,909) | | |
Norway — (0.1)% | | ||||||||||||
Mowi ASA | | | | | (60,404) | | | | | | (1,148,057) | | |
Protector Forsikring ASA (a) | | | | | (78,073) | | | | | | (300,349) | | |
| | | | | | | | | | | (1,448,406) | | |
Sweden — (1.1)% | | ||||||||||||
Attendo AB (a) (e) | | | | | (68,099) | | | | | | (266,659) | | |
Betsson AB (a) | | | | | (37,192) | | | | | | (258,312) | | |
Bure Equity AB | | | | | (11,674) | | | | | | (253,010) | | |
Byggmax Group AB (a) | | | | | (57,439) | | | | | | (270,097) | | |
Cellavision AB (a) | | | | | (18,302) | | | | | | (551,470) | | |
Clas Ohlson AB, Class B | | | | | (43,465) | | | | | | (486,128) | | |
Epiroc AB, Class A | | | | | (38,918) | | | | | | (484,235) | | |
EQT AB | | | | | (62,499) | | | | | | (1,119,043) | | |
Fastighets AB Balder, Class B (a) | | | | | (23,592) | | | | | | (897,736) | | |
Hexagon AB, Class B (a) | | | | | (17,237) | | | | | | (1,004,684) | | |
Indutrade AB (a) | | | | | (23,096) | | | | | | (910,919) | | |
Investment AB Latour Shares — B | | | | | (134,347) | | | | | | (2,433,372) | | |
L E Lundbergforetagen AB Shares — B (a) | | | | | (13,088) | | | | | | (593,132) | | |
Lifco AB, Class B | | | | | (15,373) | | | | | | (972,153) | | |
Nibe Industrier AB Shares — B (a) | | | | | (13,412) | | | | | | (295,997) | | |
Recipharm AB, Class B (a) | | | | | (13,833) | | | | | | (170,581) | | |
Samhallsbyggnadsbolaget i Norden AB | | | | | (275,913) | | | | | | (703,117) | | |
SkiStar AB | | | | | (73,757) | | | | | | (755,578) | | |
Swedbank AB, Class A (a) | | | | | (62,298) | | | | | | (797,326) | | |
Thule Group AB (e) | | | | | (31,890) | | | | | | (804,029) | | |
Vitrolife AB (a) | | | | | (13,041) | | | | | | (291,401) | | |
| | | | | | | | | | | (14,318,979) | | |
United Kingdom — (0.0)% | | ||||||||||||
Amcor plc (a) | | | | | (50,264) | | | | | | (513,194) | | |
Total Foreign Common Stocks (Proceeds $22,974,123) | | | | | | | | | | | (26,296,175) | | |
Total Common Stocks (Proceeds $89,329,269) | | | | | | | | | | $ | (101,248,410) | | |
Total Securities Sold Short — (6.8)% (Proceeds $89,329,269) | | | | | | | | | | $ | (101,248,410) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/ (Proceeds) | | | Notional Value at June 30, 2020 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | | | | | | | | | | |
| | | 86 | | | | | | 09/21/2020 | | | | 10-Year US Treasury Note | | | | $ | 11,936,351 | | | | | $ | 11,968,782 | | | | | $ | 32,431 | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 686 | | | | | | 09/18/2020 | | | | S&P 500 e-Mini Index | | | | | 105,898,546 | | | | | | 105,993,860 | | | | | | 95,314 | | |
| | | 535 | | | | | | 09/18/2020 | | | | Russell 1000 e-Mini Index | | | | | 30,182,308 | | | | | | 29,622,950 | | | | | | (559,358) | | |
| | | 511 | | | | | | 09/18/2020 | | | | MSCI EAFE | | | | | 45,998,504 | | | | | | 45,438,120 | | | | | | (560,384) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,024,428) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (991,997) | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | (947) | | | | | | 09/18/2020 | | | | MSCI Emerging Markets | | | | | (46,367,656) | | | | | | (46,672,895) | | | | | $ | (305,239) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,297,236) | | |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
| Receive | | | Deliver | | |||||||||||||||||
07/01/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 497,486 | | | | | | DKK 3,300,000 | | | | | $ | (169) | | |
07/01/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 669,953 | | | | | | EUR 600,000 | | | | | | (4,327) | | |
07/01/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 2,952,966 | | | | | | SEK 27,550,000 | | | | | | (7,092) | | |
07/02/2020 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 15,000,000 | | | | | | CAD 20,716,410 | | | | | | (215,313) | | |
07/03/2020 | | | Goldman Sachs International | | | | | CNH 20,731,500 | | | | | | USD 2,932,942 | | | | | | (465) | | |
07/03/2020 | | | Goldman Sachs International | | | | | USD 3,000,000 | | | | | | CNH 20,731,500 | | | | | | 67,523 | | |
07/29/2020 | | | Goldman Sachs International | | | | | USD 16,975,389 | | | | | | CNH 117,257,500 | | | | | | 411,747 | | |
10/09/2020 | | | Barclays Bank plc | | | | | USD 7,000,000 | | | | | | CNH 50,243,809 | | | | | | (71,364) | | |
10/09/2020 | | | Goldman Sachs International | | | | | USD 5,814,084 | | | | | | CNH 41,777,100 | | | | | | (65,667) | | |
10/22/2020 | | | Goldman Sachs International | | | | | USD 3,945,328 | | | | | | CNH 28,144,000 | | | | | | (13,147) | | |
02/26/2021 | | | Barclays Bank plc | | | | | USD 4,000,000 | | | | | | CNH 28,401,620 | | | | | | 29,880 | | |
03/04/2021 | | | Barclays Bank plc | | | | | USD 5,709,496 | | | | | | CNH 40,205,700 | | | | | | 90,951 | | |
03/19/2021 | | | Goldman Sachs International | | | | | USD 6,612,479 | | | | | | CNH 47,001,500 | | | | | | 48,953 | | |
06/17/2021 | | | Barclays Bank plc | | | | | USD 7,247,904 | | | | | | CNH 52,248,000 | | | | | | (17,190) | | |
06/30/2021 | | | Barclays Bank plc | | | | | USD 6,000,000 | | | | | | CNH 43,276,650 | | | | | | (13,929) | | |
07/06/2021 | | | Goldman Sachs International | | | | | USD 2,880,375 | | | | | | CNH 20,731,500 | | | | | | 262 | | |
| | | | | | | | | | | | | | | | | | | $ | 240,653 | | |
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% (k) | | | Enterprise Products Partners LP | | | | | USD | | | | | | Monthly | | | | | $ | 1,505,401 | | | | | $ | — | | | | | $ | (106,329) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 0.40% (k) | | | Goodrich Petroleum Corp. | | | | | USD | | | | | | Monthly | | | | | | 260,324 | | | | | | — | | | | | | (24,904) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (k) | | | Noble Midstream Partners LP | | | | | USD | | | | | | Monthly | | | | | | 437,703 | | | | | | — | | | | | | (70,649) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 0.40% (k) | | | Parsley Energy Inc. | | | | | USD | | | | | | Monthly | | | | | | 190,055 | | | | | | — | | | | | | (6,897) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (k) | | | Phillips Partners LP | | | | | USD | | | | | | Monthly | | | | | | 194,840 | | | | | | — | | | | | | (20,002) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (228,781) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation | | | Unrealized Depreciation | | |||||||||||||||
Short Total Return Equity Swap Contracts | | |||||||||||||||||||||||||||||||||||||||
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 5.63% (k) | | | DCP Midstream LP | | | | | USD | | | | | | Monthly | | | | | $ | (350,514) | | | | | $ | 47,267 | | | | | $ | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 1.29% (k) | | | Enable Midstream Partners LP | | | | | USD | | | | | | Monthly | | | | | | (265,986) | | | | | | 41,155 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.35% (k) | | | Energy Transfer LP | | | | | USD | | | | | | Monthly | | | | | | (1,337,201) | | | | | | 157,461 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.35% (k) | | | MPLX LP | | | | | USD | | | | | | Monthly | | | | | | (1,768,043) | | | | | | 120,953 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.68% (k) | | | Viper Energy Partners LP | | | | | USD | | | | | | Monthly | | | | | | (2,075,318) | | | | | | 248,305 | | | | | | — | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 1.13% (k) | | | Western Midstream Partners LP | | | | | USD | | | | | | Monthly | | | | | | (820,924) | | | | | | 65,343 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 680,484 | | | | | $ | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 680,484 | | | | | $ | (228,781) | | |
|
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.2)% | | ||||||||||||
Calls — (0.1)% | | ||||||||||||
Antero Midstream Corp., Notional Amount $(956,000), Strike Price $5 Expiring 09/18/2020 (United States) | | | | | (1,912) | | | | | $ | (133,840) | | |
CBOE Volatility Index, Notional Amount $(731,500), Strike Price $55 Expiring 08/19/2020 (United States) | | | | | (133) | | | | | | (17,290) | | |
Cimarex Energy Co., Notional Amount $(356,000), Strike Price $40 Expiring 09/18/2020 (United States) | | | | | (89) | | | | | | (4,450) | | |
iShares Silver Trust, Notional Amount $(539,000), Strike Price $22 Expiring 10/16/2020 (United States) | | | | | (245) | | | | | | (6,615) | | |
MPLX LP, Notional Amount $(765,700), Strike Price $19 Expiring 09/18/2020 (United States) | | | | | (403) | | | | | | (30,225) | | |
Propetro Holding Corp., Notional Amount $(533,000), Strike Price $10 Expiring 09/18/2020 (United States) | | | | | (533) | | | | | | (23,985) | | |
S&P 500 Index, Notional Amount $(43,500,000), Strike Price $3,000 Expiring 07/17/2020 (United States) | | | | | (145) | | | | | | (1,789,445) | | |
Total Calls (Premiums received $1,654,715) | | | | | | | | | | | (2,005,850) | | |
Puts — (0.1)% | | ||||||||||||
California Resources Corp., Notional Amount $(47,200), Strike Price $0.5 Expiring 07/17/2020 (United States) | | | | | (944) | | | | | | (5,664) | | |
Cheniere Energy, Inc., Notional Amount $(496,000), Strike Price $40 Expiring 07/17/2020 (United States) | | | | | (124) | | | | | | (4,588) | | |
Chevron Corp., Notional Amount $(816,750), Strike Price $82.5 Expiring 07/17/2020 (United States) | | | | | (99) | | | | | | (9,108) | | |
CNX Resources Corp., Notional Amount $(622,400), Strike Price $8 Expiring 07/17/2020 (United States) | | | | | (778) | | | | | | (26,452) | | |
Continental Resources Inc., Notional Amount $(169,500), Strike Price $15 Expiring 09/18/2020 (United States) | | | | | (113) | | | | | | (24,295) | | |
Diamondback Energy, Inc., Notional Amount $(324,000), Strike Price $40 Expiring 09/18/2020 (United States) | | | | | (81) | | | | | | (43,740) | | |
Marathon Oil Corp., Notional Amount $(530,000), Strike Price $5 Expiring 10/16/2020 (United States) | | | | | (1,060) | | | | | | (63,600) | | |
Matador Resources Co., Notional Amount $(265,500), Strike Price $7.5 Expiring 09/18/2020 (United States) | | | | | (354) | | | | | | (47,790) | | |
Murphy Oil Corp., Notional Amount $(666,250), Strike Price $12.5 Expiring 07/17/2020 (United States) | | | | | (533) | | | | | | (34,645) | | |
Occidental Petroleum Corp., Notional Amount $(531,000), Strike Price $15 Expiring 08/21/2020 (United States) | | | | | (354) | | | | | | (38,586) | | |
Ovintiv, Inc., Notional Amount $(646,400), Strike Price $8 Expiring 07/17/2020 (United States) | | | | | (808) | | | | | | (24,240) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
| | | Number of Contracts | | | Value | | ||||||
Patterson-UTI Energy, Inc., Notional Amount $(565,600), Strike Price $4 Expiring 08/21/2020 (United States) | | | | | (1,414) | | | | | | (233,310) | | |
PDC Energy, Inc., Notional Amount $(774,000), Strike Price $10 Expiring 10/16/2020 (United States) | | | | | (774) | | | | | | (119,970) | | |
Range Resources Corp., Notional Amount $(474,600), Strike Price $6 Expiring 09/18/2020 (United States) | | | | | (791) | | | | | | (94,920) | | |
Targa Resources Corp., Notional Amount $(373,100), Strike Price $13 Expiring 07/17/2020 (United States) | | | | | (287) | | | | | | (5,740) | | |
Total Puts (Premiums received $561,267) | | | | | | | | | | | (776,648) | | |
Total Written Options (Premiums received $2,215,982) | | | | | | | | | | $ | (2,782,498) | | |
|
| ADR | | | American Depositary Receipt | |
| CBOE | | | Cbeo Global Markets, Inc. | |
| CAD | | | Canadian Dollar | |
| CNH | | | Yuan Renminbi Offshore | |
| DKK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| FEDL | | | US Federal Funds Effective Rate | |
| GDR | | | Global Depositary Receipt | |
| MSCI | | | Morgan Stanley Capital International | |
| NYSE | | | New York Stock Exchange | |
| OTC | | | Over-the-Counter | |
| REIT | | | Real Estate Investment Trust | |
| SDR | | | Swedish Depositary Receipts | |
| SEK | | | Swedish Krona | |
| SPADR | | | Sponsored ADR | |
| USD | | | US Dollar | |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
Foreign Common Stocks | | | | | | ||||||||||||||
Champignon Brands, Inc. | | | | | | 05/27/20 | | | | $ | 42,708 | | | | | $ | 50,250 | | |
Great Bear Resources | | | | | | 05/12/20 | | | | | 257,538 | | | | | | 465,569 | | |
Osisko Mining, Inc. | | | | | | 06/01/20 | | | | | 236,807 | | | | | | 254,750 | | |
Pasofino Gold, Ltd. | | | | | | 05/13/20 | | | | | 29,790 | | | | | | 126,841 | | |
| | | | | | | | | | | | | | | | | 897,410 | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc. | | | | | | 02/03/20 | | | | | 129,999 | | | | | | 185,713 | | |
Warrants | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc. | | | | | | 12/16/19 | | | | | — | | | | | | 8,886 | | |
Voyager Digital, Ltd. | | | | | | 06/04/20 | | | | | 29,621 | | | | | | 100,702 | | |
| | | | | | | | | | | | | | | | | 109,588 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* | June 30, 2020 |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
Private Investment Funds | | | | | | | | | | | | | | | | | | | |
Canyon Value Realization Fund, LP | | | Multi-Strategy | | | 12/31/97 – 04/03/06 | | | | | 17,066,687 | | | | | | 40,251,056 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 26,250,000 | | | | | | 32,618,177 | | |
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 1,310,787 | | | | | | 1,546,506 | | |
GSA Trend Fund, Ltd. | | | Trend Following | | | 09/01/16 – 12/01/16 | | | | | 15,388,913 | | | | | | 13,545,314 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 07/01/16 – 07/01/17 | | | | | 26,206,746 | | | | | | 43,020,603 | | |
Lansdowne Developed Markets Fund, Ltd. | | | Long-Short Global | | | 04/01/13 | | | | | 5,648,481 | | | | | | 6,213,203 | | |
Neo Ivy Capital Fund, LP | | | Relative Value | | | 05/01/19 | | | | | 10,500,000 | | | | | | 10,105,173 | | |
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 | | | | | 15,000,000 | | | | | | 14,613,736 | | |
QVT Roiv Hldgs Onshore, Ltd. | | | Multi-Strategy | | | 01/05/16 | | | | | 2,469,102 | | | | | | 6,539,306 | | |
Voloridge Fund, LP | | | Directional | | | 04/01/20 | | | | | 15,000,000 | | | | | | 15,751,879 | | |
| | | | | | | | | | | | | | | | | 184,204,953 | | |
Disputed Claims Receipt | | | | ||||||||||||||||
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | |
Total (12.5% of Net Assets) | | | | | | | | | | | | | | | | $ | 185,397,664 | | |
|
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities (Unaudited) | |
| | | June 30, 2020 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,232,220,584) | | | | $ | 1,409,696,406 | | |
Repurchase agreements (cost: $119,868,333) | | | | | 119,868,333 | | |
Total investments (cost: $1,352,088,917) | | | | | 1,529,564,739 | | |
Cash | | | | | 1,354,518 | | |
Cash denominated in foreign currencies (cost: $16,858,456) | | | | | 17,027,901 | | |
Total Cash | | | | | 18,382,419 | | |
Deposits with brokers for securities sold short | | | | | 27,842,908 | | |
Deposits with brokers | | | | | 19,448,810 | | |
Deposits with broker for swap contracts | | | | | 3,012,242 | | |
Due from broker for futures variation margin | | | | | 2,182,031 | | |
Unrealized appreciation on swap contracts | | | | | 680,484 | | |
Unrealized appreciation on forward currency contracts | | | | | 649,316 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 87,432,481 | | |
Dividends and tax reclaims | | | | | 1,438,135 | | |
Capital stock sold | | | | | 294,094 | | |
Interest | | | | | 213,092 | | |
Prepaid expenses | | | | | 23,367 | | |
Total Assets | | | | | 1,691,164,118 | | |
Liabilities | | | | | | | |
Securities sold short, at value (proceeds: $89,329,269) | | | | | 101,248,410 | | |
Foreign currencies sold short, at value (proceeds $1,368,637) | | | | | 1,377,169 | | |
Unrealized depreciation on forward currency contracts | | | | | 408,663 | | |
Unrealized depreciation on swap contracts | | | | | 228,781 | | |
Written options, at value (premium received $2,215,982) | | | | | 2,782,498 | | |
Due to broker for futures variation margin | | | | | 129,229 | | |
Payables: | | | | | | | |
Capital stock redeemed | | | | | 78,063,290 | | |
Investment securities purchased | | | | | 8,706,114 | | |
Money manager fees | | | | | 7,646,839 | | |
Fund administration and custody fees | | | | | 2,217,966 | | |
Investment advisory and administrative fees | | | | | 345,340 | | |
Dividends and interest on securities sold short | | | | | 70,972 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 12,185 | | |
Accrued expenses and other liabilities | | | | | 421,743 | | |
Total Liabilities | | | | | 203,659,199 | | |
Net Assets | | | | $ | 1,487,504,919 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 104,480,676 | | |
Net Asset Value Per Share | | | | $ | 14.24 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,469,227,006 | | |
Total distributable earnings (loss) | | | | | 18,277,913 | | |
Net Assets | | | | $ | 1,487,504,919 | | |
TIFF Multi-Asset Fund |
| Statement of Operations (Unaudited) | |
| | | Six Months Ended June 30, 2020 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $564,436) | | | | $ | 9,066,819 | | |
Interest | | | | | 1,466,073 | | |
Total Investment Income | | | | | 10,532,892 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 9,899,757 | | |
Investment advisory fees | | | | | 1,986,642 | | |
Fund administration and custody fees | | | | | 1,170,810 | | |
Professional fees | | | | | 265,164 | | |
Administrative fees | | | | | 165,788 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 119,532 | | |
Miscellaneous fees and other | | | | | 222,744 | | |
Total Operating Expenses | | | | | 13,830,437 | | |
Dividends and interest on securities sold short | | | | | 1,632,996 | | |
Broker fees on securities sold short | | | | | 861,587 | | |
Total Expenses | | | | | 16,325,020 | | |
Net Investment Loss | | | | | (5,792,128) | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | (9,523,373) | | |
Securities sold short | | | | | 27,526,419 | | |
Swap contracts | | | | | 254,780 | | |
Financial futures contracts | | | | | 29,372,217 | | |
Forward currency contracts | | | | | 2,337,843 | | |
Foreign currency-related transactions | | | | | (1,471,607) | | |
Written options | | | | | (3,964,944) | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 44,531,335 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | (54,819,827) | | |
Securities sold short | | | | | 8,226,118 | | |
Swap contracts | | | | | 185,833 | | |
Financial futures contracts | | | | | (2,691,943) | | |
Forward currency contracts | | | | | (589,428) | | |
Foreign currency-related transactions | | | | | (75,974) | | |
Written options | | | | | (564,699) | | |
Net Change in Unrealized Depreciation on Investments, Derivatives, and Foreign Currencies | | | | | (50,329,920) | | |
Net Realized and Unrealized Loss on Investments, Derivatives, and Foreign Currencies | | | | | (5,798,585) | | |
Net Decrease in Net Assets Resulting from Operations | | | | $ | (11,590,713) | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | (5,792,128) | | | | | $ | 21,072,856 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 44,531,335 | | | | | | 179,926,159 | | |
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies | | | | | (50,329,920) | | | | | | 188,702,023 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | (11,590,713) | | | | | | 389,701,038 | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 13,271,901 | | | | | | 14,488,040 | | |
Proceeds from distributions reinvested | | | | | — | | | | | | — | | |
Entry/exit fees | | | | | 1,695,633 | | | | | | 4,760,041 | | |
Cost of shares redeemed | | | | | (428,825,477) | | | | | | (994,939,533) | | |
Net Decrease From Capital Share Transactions | | | | | (413,857,943) | | | | | | (975,691,452) | | |
Total Decrease in Net Assets | | | | | (425,448,656) | | | | | | (585,990,414) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | 1,912,953,575 | | | | | | 2,498,943,989 | | |
End of period | | | | $ | 1,487,504,919 | | | | | $ | 1,912,953,575 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 966,094 | | | | | | 1,099,723 | | |
Shares reinvested | | | | | — | | | | | | — | | |
Shares redeemed | | | | | (30,972,550) | | | | | | (74,527,253) | | |
Net Decrease | | | | | (30,006,456) | | | | | | (73,427,530) | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Period Ended June 30, 2020 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | (11,590,713) | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (891,822,005) | | |
Investments sold | | | | | 1,133,829,516 | | |
Purchases to cover securities sold short | | | | | (343,135,141) | | |
Securities sold short | | | | | 317,053,324 | | |
(Purchase)/Sale of short term investments, net | | | | | 62,942,493 | | |
Amortization (accretion) of discount and premium, net | | | | | (1,011,326) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | 589,428 | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | (185,833) | | |
(Increase)/decrease in deposits with broker for securities sold short | | | | | 30,133,789 | | |
(Increase)/decrease in deposits with broker for swap contracts | | | | | 4,628,311 | | |
(Increase)/decrease in deposits with brokers | | | | | (4,328,466) | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | (1,820,493) | | |
(Increase)/decrease in interest receivable | | | | | 74,210 | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | 323,105 | | |
(Increase)/decrease in prepaid expenses | | | | | 46,225 | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | (262,865) | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | 1,375,538 | | |
Increase/(decrease) in payable for money manager fees | | | | | 6,130,797 | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | (246,832) | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | 289,762 | | |
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees | | | | | 39 | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | 121,206 | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | (116,066) | | |
Increase/(decrease) in premiums received on written options, net | | | | | 2,110,122 | | |
Net realized (gain) loss from investments | | | | | 9,523,373 | | |
Net realized (gain) loss from securities sold short | | | | | (27,526,419) | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | 1,471,607 | | |
Net realized (gain) loss from options written | | | | | | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | 54,819,827 | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | (8,226,118) | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | 75,974 | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | 564,699 | | |
Net cash provided by (used in) operating activities | | | | | 335,831,068 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Proceeds from shares sold | | | | | 13,043,022 | | |
Payment for shares redeemed | | | | | (349,131,769) | | |
Increase (decrease) in cash overdraft | | | | | (295,350) | | |
Net cash provided by (used in) financing activities | | | | | (336,384,097) | | |
Effect of exchange rate changes on cash | | | | | (1,547,581) | | |
Net increase (decrease) in cash | | | | | (2,100,610) | | |
Cash at beginning of period | | | | | 20,483,029 | | |
Cash at end of period | | | | $ | 18,382,419 | | |
Interest Paid: | | | | $ | 209 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 578,970,036 | | | | | $ | 332,494,659 | | | | | $ | 149,959 | | | | | $ | 911,614,654 | | |
Structured Notes | | | | | — | | | | | | — | | | | | | 227,033 | | | | | | 227,033 | | |
Rights | | | | | — | | | | | | 252,100 | | | | | | — | | | | | | 252,100 | | |
Warrants | | | | | 102,046 | | | | | | — | | | | | | 459,671 | | | | | | 561,717 | | |
Corporate Bonds | | | | | — | | | | | | 217,959 | | | | | | — | | | | | | 217,959 | | |
Convertible Bonds | | | | | — | | | | | | 358,810 | | | | | | — | | | | | | 358,810 | | |
US Treasury Bonds/Notes | | | | | — | | | | | | 101,589,733 | | | | | | — | | | | | | 101,589,733 | | |
Exchange-Traded Funds | | | | | 55,577,097 | | | | | | — | | | | | | — | | | | | | 55,577,097 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 184,204,953 | | | | | | 184,204,953 | | |
Preferred Stocks* | | | | | — | | | | | | 1,977,315 | | | | | | 185,713 | | | | | | 2,163,028 | | |
Purchased Options | | | | | 765,530 | | | | | | 2,250,751 | | | | | | — | | | | | | 3,016,281 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-Term Investments | | | | | — | | | | | | 269,781,374 | | | | | | — | | | | | | 269,781,374 | | |
Total Investments in Securities | | | | | 635,414,709 | | | | | | 708,922,701 | | | | | | 185,227,329 | | | | | | 1,529,564,739 | | |
Financial Futures Contracts – Equity Risk | | | | | 95,314 | | | | | | — | | | | | | — | | | | | | 95,314 | | |
Financial Futures Contracts – Interest Rate Risk | | | | | 32,431 | | | | | | — | | | | | | — | | | | | | 32,431 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 649,316 | | | | | | — | | | | | | 649,316 | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | 680,484 | | | | | | — | | | | | | 680,484 | | |
Total Other Financial Instruments | | | | | 127,745 | | | | | | 1,329,800 | | | | | | — | | | | | | 1,457,545 | | |
Total Assets | | | | $ | 635,542,454 | | | | | $ | 710,252,501 | | | | | $ | 185,227,329 | | | | | $ | 1,531,022,284 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | $ | (81,849,481) | | | | | $ | (19,398,929) | | | | | $ | — | | | | | $ | (101,248,410) | | |
Financial Futures Contracts – Equity Risk | | | | | (1,424,981) | | | | | | — | | | | | | — | | | | | | (1,424,981) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (408,663) | | | | | | — | | | | | | (408,663) | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | (228,781) | | | | | | — | | | | | | (228,781) | | |
Written Options – Equity Risk | | | | | (993,053) | | | | | | (1,789,445) | | | | | | — | | | | | | (2,782,498) | | |
Total Other Financial Instruments | | | | | (2,418,034) | | | | | | (2,426,889) | | | | | | — | | | | | | (4,844,923) | | |
Total Liabilities | | | | $ | (84,267,515) | | | | | $ | (21,825,818) | | | | | $ | — | | | | | $ | (106,093,333) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
Investments in Securities | | | Balance as of December 31, 2019 | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Purchases | | | Sales | | | Transfers in to Level 3 | | | Transfers out of Level 3 | | | Balance as of June 30, 2020 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 06/30/20 for the period ended 06/30/20 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | — | | | | | $ | (257,115) | | | | | $ | 126,382 | | | | | $ | — | | | | | $ | — | | | | | $ | 280,692 | | | | | $ | — | | | | | $ | 149,959 | | | | | $ | (130,733) | | |
Structured Notes | | | | | — | | | | | | — | | | | | | 29,703 | | | | | | 197,330 | | | | | | — | | | | | | — | | | | | | — | | | | | | 227,033 | | | | | | 29,703 | | |
Rights | | | | | 173,197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (173,197) | | | | | | — | | | | | | — | | |
Warrants | | | | | 10,771 | | | | | | — | | | | | | 140,175 | | | | | | 308,725 | | | | | | — | | | | | | — | | | | | | — | | | | | | 459,671 | | | | | | 140,175 | | |
Private Investment Funds | | | | | 246,374,573 | | | | | | 28,829,910 | | | | | | (28,904,480) | | | | | | 30,000,000 | | | | | | (92,095,050) | | | | | | — | | | | | | — | | | | | | 184,204,953 | | | | | | (28,904,480) | | |
Preferred Stocks | | | | | 185,713 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,713 | | | | | | — | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 246,744,254 | | | | | $ | 28,572,795 | | | | | $ | (28,608,220) | | | | | $ | 30,506,055 | | | | | $ | (92,095,050) | | | | | $ | 280,692 | | | | | $ | (173,197) | | | | | $ | 185,227,329 | | | | | $ | (28,865,335) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
As of June 30, 2020 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stock | | | | $ | 149,959 | | | | Last market price | | | Discount(%) | | | 70% – 100% | | | 70% | |
Structured Notes | | | | | 227,033 | | | | Net present value of expected future dividends | | | Expected future dividends | | | $0.71 – $1.46 | | | $1.93 | |
Warrants | | | | | 459,671 | | | | Black- Scholes pricing model | | | Volatility | | | 35.00% | | | 35.00% | |
Private Investment Funds | | | | | 184,204,953 | | | | Adjusted net asset value | | | Manager estimated returns | | | 0.00% – 6.48% | | | 2.71% | |
| | | | | | | | | | | ��� | Market returns** | | | (0.60)% – 11.16% | | | 0.80% | |
Preferred Stocks | | | | | 185,713 | | | | Recent transaction price | | | Recent transaction price | | | $2.50 | | | $2.50 | |
Disputed Claims Receipt | | | | | — | | | | Corporate Action Model | | | Future Claim Awards | | | 0.00% | | | 0.00% | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
Multi-Strategy (a) | | | | $ | 48,336,868 | | | | daily (83)% | | | 2 days | |
Long-Short Global Healthcare (b) | | | | | 32,618,177 | | | | quarterly | | | 45 days | |
Trend Following (c) | | | | | 13,545,314 | | | | daily | | | 2 days | |
Long-Short Global (d) | | | | | 49,233,806 | | | | monthly (13)% quarterly (87)% | | | 60 – 90 days | |
Relative Value (e) | | | | | 10,105,173 | | | | quarterly | | | 30 days | |
China Credit (f) | | | | | 14,613,736 | | | | monthly | | | 45 days | |
Directional (g) | | | | | 15,751,879 | | | | monthly | | | 30 days | |
Total | | | | $ | 184,204,953 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 3,016,281 | | | | | $ | — | | |
Written Options | | | | | — | | | | | | (2,782,498) | | |
Total Return Equity Swap Contracts | | | | | 680,484 | | | | | | (228,781) | | |
Forward Contracts | | | | | 649,316 | | | | | | (408,663) | | |
Futures Contracts* | | | | | 127,745 | | | | | | (1,424,981) | | |
Total derivative assets and liabilities | | | | | 4,473,826 | | | | | | (4,844,923) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 3,144,026 | | | | | | (4,207,479) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 1,329,800 | | | | | $ | (637,444) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
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 | | | | $ | 120,831 | | | | | $ | (102,483) | | | | | $ | — | | | | | $ | 18,348 | | |
Goldman Sachs International | | | | | 528,485 | �� | | | | | (79,279) | | | | | | — | | | | | | 449,206 | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services LLC | | | | | 680,484 | | | | | | (228,781) | | | | | | — | | | | | | 451,703 | | |
Total | | | | $ | 1,329,800 | | | | | $ | (410,543) | | | | | $ | — | | | | | $ | 919,257 | | |
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 | | | | $ | (102,483) | | | | | $ | 102,483 | | | | | $ | — | | | | | $ | — | | |
Goldman Sachs International | | | | | (79,279) | | | | | | 79,279 | | | | | | — | | | | | | — | | |
Morgan Stanley Capital Services, Inc. | | | | | (226,901) | | | | | | — | | | | | | 226,901 | | | | | | — | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services LLC | | | | | (228,781) | | | | | | 228,781 | | | | | | — | | | | | | — | | |
Total | | | | $ | (637,444) | | | | | $ | 410,543 | | | | | $ | 226,901 | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
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 | | | | $ | — | | | | | | —% | | | | | $ | 3,016,281 | | | | | | 0.13% | | | | | $ | — | | | | | | —% | | | | | $ | 3,016,281 | | |
Total Return Equity Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | 680,484 | | | | | | 0.03% | | | | | | — | | | | | | —% | | | | | | 680,484 | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 649,316 | | | | | | 0.06% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 649,316 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | — | | | | | | —% | | | | | | 95,314 | | | | | | 0.08% | | | | | | 32,431 | | | | | | 0.01% | | | | | | 127,745 | | |
Total Value — Assets | | | | | | | $ | 649,316 | | | | | | | | | | | $ | 3,792,079 | | | | | | | | | | | $ | 32,431 | | | | | | | | | | | $ | 4,473,826 | | |
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (2,782,498) | | | | | | 0.09% | | | | | $ | — | | | | | | —% | | | | | $ | (2,782,498) | | |
Total Return Equity Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (228,781) | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | (228,781) | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (408,663) | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (408,663) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | — | | | | | | —% | | | | | | (1,424,981) | | | | | | 0.14% | | | | | | — | | | | | | 0.00% | | | | | | (1,424,981) | | |
Total Value — Liabilities | | | | | | | $ | (408,663) | | | | | | | | | | | $ | (4,436,260) | | | | | | | | | | | $ | — | | | | | | | | | | | $ | (4,844,923) | | |
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 | | | | $ | — | | | | | $ | 3,098,733 | | | | | $ | — | | | | | $ | 3,098,733 | | |
Written Options | | | Net realized gain (loss) on Written options | | | | | — | | | | | | (3,964,944) | | | | | | — | | | | | | (3,964,944) | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | 254,780 | | | | | | — | | | | | | 254,780 | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | 2,337,843 | | | | | | — | | | | | | — | | | | | | 2,337,843 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | — | | | | | | 27,929,781 | | | | | | 1,442,436 | | | | | | 29,372,217 | | |
Total Realized Gain (Loss) | | | | | | | $ | 2,337,843 | | | | | $ | 27,318,350 | | | | | $ | 1,442,436 | | | | | $ | 31,098,629 | | |
|
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
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 | | | | $ | — | | | | | $ | (571,732) | | | | | $ | — | | | | | $ | (571,732) | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Written options | | | | | — | | | | | | (564,699) | | | | | | — | | | | | | (564,699) | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | 185,833 | | | | | | — | | | | | | 185,833 | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | (589,428) | | | | | | — | | | | | | — | | | | | | (589,428) | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | — | | | | | | (2,926,007) | | | | | | 234,064 | | | | | | (2,691,943) | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | (589,428) | | | | | $ | (3,876,605) | | | | | $ | 234,064 | | | | | $ | (4,231,969) | | |
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 (Unaudited) | June 30, 2020 |
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 | | |
Blended Asset-Based and Performance-Based Fee Schedules [b] | | |||||||||||||||||||||||||||||||||||||||
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 | | |||||||||||||||
AQR Capital Management – Europe, Australasia, Far East (“EAFE”)** | | | | | 0.30% | | | | | | — | | | | | | NO | | | | MSCI EAFE Index (net) | | | 17% (c) | | | Calendar Year | | | | | NO | | | | | | NO | | |
AQR Capital Management – US | | | | | 0.20% | | | | | | — | | | | | | NO | | | | Russell 1000 Total Return Index (net) | | | 17% (c) | | | Calendar Year | | | | | NO | | | | | | NO | | |
Deep Basin Capital LP (d) | | | | | 1.20% | | | | | | 1.325% | | | | | | NO | | | | | | | 16.25% (c) | | | Calendar Year | | | | | YES | | | | | | NO | | |
Keel Capital AB | | | | | 1.30% | | | | | | — | | | | | | — | | | | | | | 20% (c) | | | Calendar Year | | | | | YES | | | | | | NO | | |
Kopernik Global Investors, LLC | | | | | 0.10% | | | | | | — | | | | | | NO | | | | MSCI All Country World Index (net) | | | 20% (c) | | | 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% (c) | | | Calendar Year | | | | | YES | | | | | | NO | | |
Strategy Capital, LLC | | | Blended rate between 0.1875% and 0.10% (f) | | | | | 0.75% | | | | | | YES | | | | S&P 500 Index (net) | | | 10%-20% (c) (g) | | | Calendar Year | | | | | NO | | | | | | NO | | | |||
TB Alternative Assets Ltd | | | | | 0.75% | | | | | | — | | | | | | NO | | | | Blend: 50% MSCI China Index and 50% CSI 300 Index | | | 15% (c) | | | Calendar Year | | | | | NO | | | | | | NO | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
| | | Purchases | | | Sales | | ||||||
Non-US GovernmentSecurities | | | | $ | 946,972,683 | | | | | $ | 1,244,110,703 | | |
US Government Securities | | | | | 66,719,713 | | | | | | 89,663,517 | | |
| 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 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 119,868,333 | | | | | $ | — | | | | | $ | (119,868,333) | | | | | $ | — | | |
Total | | | | $ | 119,868,333 | | | | | $ | — | | | | | $ | (119,868,333) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Multi-Asset Fund | June 30, 2020 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | JUNE 30, 2020 |
| Approval of the Advisory Agreements and Money Manager Agreements | |
TIFF Multi-Asset Fund | JUNE 30, 2020 |
Bloomberg Barclays US Government Inflation-Linked Bond Index (US Treasury obligations, including TIPS, mandate)
Bloomberg Barclays Nominal US Treasury Index (Laddered US Treasury securities mandate)
Russell 1000
HFRI Equity Market Neutral
MSCI World Index
CSI 300 Index
MSCI All Country World Index
US CPI Urban Consumers Index plus a specified spread
70% MSCI Japan Index/30% MSCI World Index
S&P 500 Index
50% MSCI China Index/50% CSI 300 Index
TIFF Multi-Asset Fund | JUNE 30, 2020 |
TIFF Multi-Asset Fund | JUNE 30, 2020 |
TIFF Multi-Asset Fund | June 30, 2020 |
| Index Descriptions | |
TIFF Short-Term Fund | June 30, 2020 |
| Internet Availability of Shareholder Reports | |
TIFF Short-Term Fund | June 30, 2020 |
| Fund Expenses (Unaudited) | |
| | | Beginning Account Value 1/1/20 | | | Ending Account Value 6/30/20 | | | Expenses Paid During the Period* 1/1/20 – 6/30/20 | | |||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,005.40 | | | | | $ | 1.25 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.62 | | | | | $ | 1.26 | | |
| Summary Schedule of Investments (Unaudited) | |
| US Treasury Bills | | | | | 99.7% | | |
| Total Investments | | | | | 99.7% | | |
| Other Assets in Excess of Liabilities | | | | | 0.3% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Short-Term Fund | June 30, 2020 |
| Financial Highlights | |
| | | Six Months Ended June 30, 2020 (Unaudited) | | | 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 period | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.87 | | |
Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) | | | | | 0.05 | | | | | | 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 | | | | | | 0.00 | | |
Total from investment operations | | | | | 0.05 | | | | | | 0.21 | | | | | | 0.17 | | | | | | 0.06 | | | | | | 0.01 | | | | | | (0.01) | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.05) | | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.06) | | | | | | (0.01) | | | | | | — | | |
Total distributions | | | | | (0.05) | | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.06) | | | | | | (0.01) | | | | | | — | | |
Net asset value, end of period | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | |
Total return (c) | | | | | 0.54% (d) | | | | | | 2.20% | | | | | | 1.74% | | | | | | 0.64% | | | | | | 0.13% | | | | | | (0.10)% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | | | $ | 77,123 | | | | | $ | 75,891 | | | | | $ | 80,341 | | | | | $ | 84,612 | | | | | $ | 83,729 | | | | | $ | 97,168 | | |
Ratio of expenses to average net assets | | | | | 0.25% (e) | | | | | | 0.25% | | | | | | 0.23% | | | | | | 0.23% | | | | | | 0.24% | | | | | | 0.22% | | |
Ratio of net investment income (loss) to average net assets | | | | | 1.09% (e) | | | | | | 2.15% | | | | | | 1.69% | | | | | | 0.63% | | | | | | 0.15% | | | | | | (0.09)% | | |
Portfolio turnover (f) | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | |
TIFF Short-Term Fund | June 30, 2020 |
| Schedule of Investments (Unaudited) | |
| | | Principal Amount | | | Value | | ||||||
Investments — 99.7% of net assets | | | | | | | | | | | | | |
Short-Term Investments — 99.7% | | | | | | | | | | | | | |
US Treasury Bills (a) — 99.7% | | | | | | | | | | | | | |
US Treasury Bill, 1.537%, 07/09/20 | | | | $ | 4,000,000 | | | | | $ | 3,998,662 | | |
US Treasury Bill, 1.548%, 07/23/20 | | | | | 2,000,000 | | | | | | 1,998,142 | | |
US Treasury Bill, 1.558%, 08/06/20 | | | | | 3,000,000 | | | | | | 2,995,427 | | |
US Treasury Bill, 1.537%, 08/20/20 | | | | | 20,000,000 | | | | | | 19,958,208 | | |
US Treasury Bill, 0.005%, 09/17/20 | | | | | 5,000,000 | | | | | | 4,998,429 | | |
US Treasury Bill, 0.081%, 09/24/20 | | | | | 9,000,000 | | | | | | 8,996,919 | | |
US Treasury Bill, 0.131%, 10/01/20 | | | | | 2,000,000 | | | | | | 1,999,208 | | |
US Treasury Bill, 0.157%, 10/15/20 | | | | | 2,000,000 | | | | | | 1,999,073 | | |
US Treasury Bill, 0.133%, 10/22/20 | | | | | 1,000,000 | | | | | | 999,498 | | |
US Treasury Bill, 0.116%, 10/29/20 | | | | | 2,000,000 | | | | | | 1,998,950 | | |
US Treasury Bill, 0.164%, 11/27/20 | | | | | 5,000,000 | | | | | | 4,996,585 | | |
| | | Principal Amount | | | Value | | ||||||
US Treasury Bill, 0.173%, 12/03/20 | | | | $ | 5,000,000 | | | | | $ | 4,996,663 | | |
US Treasury Bill, 0.182%, 12/10/20 | | | | | 12,000,000 | | | | | | 11,991,360 | | |
US Treasury Bill, 0.172%, 12/17/20 | | | | | 2,000,000 | | | | | | 1,998,580 | | |
US Treasury Bill, 0.172%, 12/24/20 | | | | | 3,000,000 | | | | | | 2,997,580 | | |
Total US Treasury Bills (Cost $76,925,180) | | | | | | | | | | | 76,923,284 | | |
Total Short-Term Investments (Cost $76,925,180) | | | | | | | | | | | 76,923,284 | | |
Total Investments — 99.7% (Cost $76,925,180) | | | | | | | | | | | 76,923,284 | | |
Other Assets in Excess of Liabilities — 0.3% | | | | | | | | | | | 199,665 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 77,122,949 | | |
|
TIFF Short-Term Fund |
| Statement of Assets and Liabilities (Unaudited) | |
| | | June 30, 2020 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $76,925,180) | | | | $ | 76,923,284 | | |
Cash | | | | | 59,731 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 1,999,971 | | |
Interest | | | | | 62,264 | | |
Prepaid expenses | | | | | 7,974 | | |
Total Assets | | | | | 79,053,224 | | |
Liabilities | | | | | | | |
Payables: | | | | | | | |
Capital stock redeemed | | | | | 1,833,317 | | |
Fund administration and custody fees | | | | | 62,901 | | |
Accrued professional fees | | | | | 25,144 | | |
Distributions | | | | | 3,676 | | |
Investment advisory and administrative fees | | | | | 2,680 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 62 | | |
Accrued expenses and other liabilities | | | | | 2,495 | | |
Total Liabilities | | | | | 1,930,275 | | |
Net Assets | | | | $ | 77,122,949 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 7,820,982 | | |
Net Asset Value Per Share | | | | $ | 9.86 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 77,086,422 | | |
Total distributable earnings (loss) | | | | | 36,527 | | |
Net Assets | | | | $ | 77,122,949 | | |
TIFF Short-Term Fund |
| Statement of Operations (Unaudited) | |
| | | Six Months Ended June 30, 2020 | | |||
Investment Income | | | | | | | |
Interest | | | | $ | 523,178 | | |
Total Investment Income | | | | | 523,178 | | |
Expenses | | | | | | | |
Fund administration and custody fees | | | | | 36,646 | | |
Professional fees | | | | | 21,872 | | |
Shareholder Registration fees | | | | | 12,570 | | |
Investment advisory fees | | | | | 11,732 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 5,164 | | |
Administrative fees | | | | | 3,911 | | |
Miscellaneous fees and other | | | | | 5,131 | | |
Total Expenses | | | | | 97,026 | | |
Net Investment Income | | | | | 426,152 | | |
Net Realized Gain from Investments | | | | | 53,825 | | |
Net Change in Unrealized Depreciation on Investments | | | | | (10,569) | | |
Net Realized and Unrealized Gain on Investments | | | | | 43,256 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 469,408 | | |
TIFF Short-Term Fund |
| Statements of Changes in Net Assets | |
| | | Six Months Ended June 30, 2020 (Unaudited) | | | Year Ended December 31, 2019 | | ||||||
Increase (Decrease) in Net Assets from Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 426,152 | | | | | $ | 1,522,291 | | |
Net realized gain from investments | | | | | 53,825 | | | | | | 37,759 | | |
Net change in unrealized depreciation on investments | | | | | (10,569) | | | | | | (1,656) | | |
Net Increase in Net Assets Resulting from Operations | | | | | 469,408 | | | | | | 1,558,394 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (426,158) | | | | | | (1,532,333) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (426,158) | | | | | | (1,532,333) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 71,837,701 | | | | | | 86,559,493 | | |
Proceeds from distributions reinvested | | | | | 384,096 | | | | | | 1,379,524 | | |
Cost of shares redeemed | | | | | (71,033,302) | | | | | | (92,414,990) | | |
Net Increase (Decrease) From Capital Share Transactions | | | | | 1,188,495 | | | | | | (4,475,973) | | |
Total Increase (Decrease) in Net Assets | | | | | 1,231,745 | | | | | | (4,449,912) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | 75,891,204 | | | | | | 80,341,116 | | |
End of period | | | | $ | 77,122,949 | | | | | $ | 75,891,204 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 7,274,544 | | | | | | 8,768,976 | | |
Shares reinvested | | | | | 38,909 | | | | | | 139,877 | | |
Shares redeemed | | | | | (7,191,216) | | | | | | (9,360,608) | | |
Net Increase (Decrease) | | | | | 122,237 | | | | | | (451,755) | | |
TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
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 (Unaudited) | June 30, 2020 |
| Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Depreciation | | | Cost | |
| $1,604 | | | $(3,500) | | | $(1,896) | | | $76,925,180 | |
TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) | June 30, 2020 |
TIFF Short-Term Fund | June 30, 2020 |
| 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.; Greater Philadelphia Chamber of Commerce; 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) |
| Clarence Kane Brenan | | | | | |||
| Born 1968 President and CEO since July 2020 | | | Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc. (July 2020 – present); Partner, Global Head, and Co-CIO of the Global Portfolio Solutions (GPS) group, among other positions, Goldman Sachs (1998 – 2020). | | | ||
| 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). | | | ||
| 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. | | | ||
| 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). | | |
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)
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
Northwest Investment Management (Hong Kong) Limited (AF)
QVT Financial LP (AF)
Strategy Capital, LLC
TB Alternative Assets Ltd. (“Trustbridge”)
TIFF Advisory Services, Inc.
Voloridge Investment Management, LLC (AF)
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.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
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 is not applicable to this filing.
(a)(3) Not applicable.
(a)(4) Not applicable.
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/ Clarence Kane Brenan | |
Clarence Kane Brenan, President and Chief Executive Officer | ||
Date | August 26, 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/ Clarence Kane Brenan | |
Clarence Kane Brenan, President and Chief Executive Officer | ||
Date | August 26, 2020 | |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | August 26, 2020 |