Tiff Investment Program N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811-08234

 TIFF Investment Program

(Exact name of Registrant as specified in charter)

170 N. Radnor Chester Road, Suite 300 Radnor, PA	19087
(Address of chief executive offices)	(Zip code)

Richard J. Flannery

President and Chief Executive Officer

TIFF Investment Program

170 N. Radnor Chester Road, Suite 300

Radnor, PA 19087

with a copy to:

Kristin H. Ives, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

(Name and address of agent for service)

Registrant’s telephone number, including area code:  610.684.8000

Date of fiscal year end:  12/31/17

Date of reporting period:  01/01/17 – 06/30/17

Item 1. Reports to Stockholders.

(Semi-Annual Report for the period 01/01/2017 through 06/30/2017 is filed herewith)

	TIFF Investment Program
	2017 Semi-Annual Report	JUNE 30, 2017 (Unaudited)

Contents

TIFF Multi-Asset Fund
Fund Expenses	2
Financial Highlights	3
Schedule of Investments	6
Statement of Assets and Liabilities	26
Statement of Operations	27
Statements of Changes in Net Assets	28
Statement of Cash Flows	29
Notes to Financial Statements	30
TIFF Short-Term Fund
Fund Expenses	49
Financial Highlights	50
Schedule of Investments	51
Statement of Assets and Liabilities	52
Statement of Operations	53
Statements of Changes in Net Assets	54
Statement of Cash Flows	55
Notes to Financial Statements	56
Additional Information
Proxy Voting Policy and Voting Record	60
Quarterly Reporting	60
Approval of the Money Manager Agreements and Advisory Agreements	60
Trustees and Principal Officers	70

About TIFF

The Investment Fund for Foundations (TIFF), founded in 1991, is a not-for-profit organization that seeks to improve the investment returns of endowed non-profits by making available to them a series of multi-manager investment strategies, plus resources aimed at enhancing fiduciaries’ knowledge of investing.

TIFF Mutual Funds

TIFF Investment Program (TIP) is comprised of no-load mutual funds available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations meeting specified accreditation requirements. TIP consists of two mutual funds at present: TIFF Multi-Asset Fund (MAF) and TIFF Short-Term Fund (STF). TIFF Advisory Services, Inc. (TAS) serves as the investment advisor to the funds. MAF operates primarily on a multi-manager basis, and TAS has responsibility for the time-intensive task of selecting money managers and other vendors for the fund as well as for the fund’s asset allocation. With respect to STF, TAS is responsible for the day-to-day management of all of the fund’s assets.

Financial Statements

TIP is pleased to provide this Semi-Annual Report for the period ended June 30, 2017. Additional information regarding the performance of the mutual funds described herein has been provided to members via the TIFF Multi-Asset Fund quarterly reports and at www.tiff.org for STF reporting.

For Further Information

As always, we welcome the opportunity to discuss any aspect of TIFF’s services as well as answer any questions about these financial statements. For further information about TIFF, please call us at 610-684-8200 or visit www.tiff.org.

August 29, 2017

Copyright © 2017 • All rights reserved • This report is intended for institutional investors only and may not be reproduced or distributed without written permission from TIFF.

TIFF Multi-Asset Fund   June 30, 2017 

Fund Expenses (Unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transaction costs, including entry and exit fees; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Including Interest and Dividend Expense**						Excluding Interest and Dividend Expense**
	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During the Period* 1/1/17 – 6/30/17		Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During the Period* 1/1/17 – 6/30/17
1) Actual	$	1,000.00	$	1,082.30	$	4.80	$	1,000.00	$	1,082.30	$	4.75
2) Hypothetical	$	1,000.00	$	1,020.18	$	4.66	$	1,000.00	$	1,020.23	$	4.61

* Expenses are equal to the fund’s annualized expense ratio of 0.93% (calculated over a six-month period, which may differ from the fund’s actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Excluding interest and dividend expense, expenses incurred by the fund were 0.92%. The expense ratios do not include the fees and expenses associated with investments made in acquired funds; such fees and expenses are reflected in the acquired funds’ total return.

** Interest expense may be related to interest paid on securities sold short or derivative instruments; dividend expense may be related to dividends paid on securities sold short.

2

TIFF Multi-Asset Fund   June 30, 2017 

Financial Highlights

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
For a share outstanding throughout each period
Net asset value, beginning of period	$	14.12		$	14.25		$	15.31		$	16.26		$	15.80		$	14.54
Income (loss) from investment operations
Net investment income (a)		0.05			0.10			0.10			0.09			0.01			0.17
Net realized and unrealized gain (loss) on investments		1.10			0.51			(0.38	)		0.05			2.15			1.84
Total from investment operations		1.15			0.61			(0.28	)		0.14			2.16			2.01
Less distributions from
Net investment income		(0.04	)		(0.04	)		(0.20	)		(0.11	)		(0.17	)		(0.30	)
Net realized gains		—			(0.30	)		(0.50	)		(0.99	)		(1.55	)		(0.47	)
Return of capital		��			(0.42	)		(0.10	)		—			—			—
Total distributions		(0.04	)		(0.76	)		(0.80	)		(1.10	)		(1.72	)		(0.77	)
Entry/exit fee per share (a)		0.01			0.02			0.02			0.01			0.02			0.02
Net asset value, end of period	$	15.24		$	14.12		$	14.25		$	15.31		$	16.26		$	15.80
Total return (b)		8.23	%(c)		4.45	%		(1.72	)%		1.00	%		14.02	%		14.00	%
Ratios/supplemental data
Net assets, end of period (000s)	$	3,900,666		$	4,126,979		$	4,837,688		$	5,757,318		$	5,770,761		$	4,923,265
Ratio of expenses to average net assets (d)		0.93	%(e)		0.90	%		0.85	%		1.18	%		1.31	%		0.94	%
Ratio of expenses to average net assets, excluding interest and dividend expense (d)		0.92	%(e)		0.87	%		0.76	%		0.85	%		0.90	%		0.81	%
Ratio of net investment income to average net assets		0.68	%(e)		0.70	%		0.68	%		0.52	%		0.06	%		1.07	%
Portfolio turnover		25	%		65	%		62	%		94	%		106	%		54	%

(a) Calculation based on average shares outstanding.

(b) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund; however, it does not reflect the deduction of such fees from a member’s purchase or redemption transaction. Therefore, a member’s total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member.

(c) Not annualized.

(d) The expense ratio does not include the fees and expenses associated with investments made in acquired funds; such fees and expenses are reflected in the acquired funds’ total return.

(e) Annualized.

See accompanying Notes to Financial Statements.

3

 
 
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4

TIFF Multi-Asset Fund   June 30, 2017 

Summary Schedule of Investments (Unaudited)

Foreign Common Stocks		32.4%
US Common Stocks		20.1%
Private Investment Funds		17.9%
US Treasury Bills		11.8%
US Treasury Bonds/Notes		8.8%
Exchange-Traded Funds (ETFs)		3.8%
Repurchase Agreement		3.5%
Participation Notes		0.8%
Preferred Stocks		0.3%
Warrants		0.1%
Publicly Traded Limited Partnerships		0.0%
Purchased Option Contracts		0.0%
Convertible Bonds		0.0%
Rights		0.0%
Disputed Claims Receipt		0.0%
Total Investments		99.5%
Other Assets in Excess of Liabilities		0.5%
Net Assets		100.0%

Fund holdings and sector weightings are subject to change and should not be considered a recommendation to buy or sell any security. Please refer to the Schedule of Investments for complete holdings information. Current and future holdings are subject to risk. Diversification does not ensure a profit or protect against loss in declining markets.

5

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Investments — 99.5% of net assets
Common Stocks — 52.5%
US Common Stocks — 20.1%
Aerospace & Defense — 0.3%
DigitalGlobe, Inc. (a)		327,600	$	10,909,080
NII Holdings, Inc. (a)		27,332		21,975
Northrop Grumman Corp.		6,113		1,569,268
Raytheon Co.		1,981		319,892
				12,820,215
Air Freight & Logistics — 0.0%
FedEx Corp.		2,391		519,636
Airlines — 1.0%
Alaska Air Group, Inc.		5,971		535,957
American Airlines Group, Inc.		81,063		4,079,090
Delta Air Lines, Inc.		615,017		33,051,014
Southwest Airlines Co.		3,388		210,530
United Continental Holdings, Inc. (a)		29,401		2,212,425
				40,089,016
Auto Components — 0.0%
Goodyear Tire & Rubber Co. (The)		20,719		724,336
Johnson Controls International plc		1,251		54,243
Lear Corp.		7,686		1,092,027
				1,870,606
Automobiles — 0.1%
Ford Motor Co.		66,864		748,208
General Motors Co.		39,007		1,362,515
Thor Industries, Inc.		1,079		112,777
				2,223,500
Beverages — 0.3%
Dr Pepper Snapple Group, Inc.		20,758		1,891,261
PepsiCo, Inc.		83,301		9,620,433
				11,511,694
Biotechnology — 0.1%
Biogen, Inc. (a)		4,102		1,113,119
Gilead Sciences, Inc.		17,979		1,272,553
Vertex Pharmaceuticals, Inc. (a)		4,446		572,956
				2,958,628
Building Products — 0.2%
Masco Corp.		42,478		1,623,084
USG Corp. (a)		247,749		7,189,676
				8,812,760
Capital Markets — 0.1%
Charles Schwab Corp. (The)		22,620		971,755
Morgan Stanley		12,468		555,574
Northern Trust Corp.		608		59,104
S&P Global, Inc.		4,056		592,135
				2,178,568
Chemicals — 0.6%
Calgon Carbon Corp.		364,000		5,496,400
Celanese Corp., Series A		1,873		177,823
CF Industries Holdings, Inc.		3,957		110,638

	Number of Shares		Value
Dow Chemical Co. (The)		6,061	$	382,267
Eastman Chemical Co.		2,229		187,214
Ingevity Corp. (a)		608		34,899
LyondellBasell Industries NV, Class A		17,828		1,504,505
Monsanto Co.		358		42,373
Mosaic Co. (The)		415,143		9,477,715
Scotts Miracle-Gro Co. (The), Class A		4,440		397,202
Sherwin-Williams Co. (The)		2,795		980,933
Valvoline, Inc.		232,793		5,521,850
				24,313,819
Commercial Banks — 0.1%
Citizens Financial Group, Inc.		73,913		2,637,216
Huntington Bancshares Inc.		9,578		129,494
SunTrust Banks, Inc.		16,543		938,319
Wells Fargo & Co.		33,612		1,862,441
				5,567,470
Commercial Services & Supplies — 0.0%
Waste Management, Inc.		15,702		1,151,742
Communications Equipment — 0.0%
Cisco Systems, Inc.		1,972		61,724
F5 Networks, Inc. (a)		4,104		521,454
Juniper Networks, Inc.		22,974		640,515
				1,223,693
Computers & Peripherals — 0.5%
Apple, Inc.		114,362		16,470,415
Hewlett Packard Enterprise Co.		34,055		564,972
HP, Inc.		57,068		997,549
NetApp, Inc.		26,374		1,056,279
Seagate Technology plc		13,608		527,310
Western Digital Corp.		3,589		317,985
				19,934,510
Construction & Engineering — 0.1%
Fluor Corp.		1,460		66,839
KBR, Inc.		82,585		1,256,944
Quanta Services, Inc. (a)		40,485		1,332,766
				2,656,549
Consumer Finance — 0.2%
American Express Co.		19,682		1,658,012
Capital One Financial Corp.		17,949		1,482,946
Discover Financial Services		22,691		1,411,153
FirstCash, Inc.		5,064		295,231
Synchrony Financial		49,792		1,484,798
				6,332,140
Containers & Packaging — 0.0%
Crown Holdings, Inc. (a)		1,255		74,873
WestRock Co.		24,063		1,363,410
				1,438,283
Diversified Consumer Services — 0.0%
Sotheby’s (a)		10,152		544,858

6

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Diversified Financial Services — 2.5%
Bank of America Corp.		1,739,015	$	42,188,504
Citigroup, Inc.		187,268		12,524,484
Conyers Park Acquisition Corp. (UNIT) (a)		1		13
JPMorgan Chase & Co.		462,502		42,272,683
Leucadia National Corp.		7,845		205,225
Moody’s Corp.		1,123		136,646
				97,327,555
Diversified Telecommunication Services — 0.1%
AT&T, Inc.		21,286		803,121
Level 3 Communications, Inc. (a)		12,196		723,223
Verizon Communications, Inc.		53,878		2,406,191
				3,932,535
Electric Utilities — 0.1%
Edison International		12,874		1,006,618
Entergy Corp.		19,502		1,497,168
Exelon Corp.		7,023		253,320
				2,757,106
Electrical Equipment — 0.3%
BWX Technologies, Inc.		169,200		8,248,500
Generac Holdings, Inc. (a)		58,600		2,117,218
				10,365,718
Electronic Equipment, Instruments & Components — 0.6%
Corning, Inc.		53,428		1,605,511
Dolby Laboratories, Inc., Class A		76,579		3,749,308
FLIR Systems, Inc.		223,800		7,756,908
Knowles Corp. (a)		529,194		8,953,963
				22,065,690
Energy Equipment & Services — 0.0%
Halliburton Co.		1,816		77,561
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		15,667		2,505,623
Kroger Co. (The)		15,998		373,073
Wal-Mart Stores, Inc.		235,266		17,804,931
Walgreens Boots Alliance, Inc.		1,683		131,796
				20,815,423
Food Products — 0.1%
Bunge, Ltd.		5,047		376,506
Conagra Brands, Inc.		19,035		680,692
Hershey Co. (The)		14,087		1,512,521
Tyson Foods, Inc., Class A		5,217		326,741
				2,896,460
Health Care Equipment & Supplies —  1.1%
Baxter International, Inc.		28,490		1,724,785
CR Bard, Inc.		42,788		13,525,715
IDEXX Laboratories, Inc. (a)		85,584		13,814,969
Stryker Corp.		89,071		12,361,273
				41,426,742

	Number of Shares		Value
Health Care Providers & Services — 0.3%
Anthem, Inc.		3,273	$	615,750
Centene Corp. (a)		2,945		235,247
Henry Schein, Inc. (a)		4,717		863,305
Laboratory Corp. of America Holdings (a)		6,874		1,059,558
McKesson Corp.		3,622		595,964
Patterson Companies, Inc.		143,700		6,746,715
Quest Diagnostics, Inc.		14,901		1,656,395
UnitedHealth Group, Inc.		416		77,135
				11,850,069
Hotels, Restaurants & Leisure — 0.5%
Boyd Gaming Corp.		9,498		235,645
Caesars Entertainment Corp. (a)		176,185		2,114,220
Carnival Corp.		16,225		1,063,873
ILG, Inc.		3,894		107,046
Las Vegas Sands Corp.		6,138		392,157
Marriott International Inc., Class A		112,643		11,299,219
McDonald’s Corp.		14,866		2,276,877
MGM Resorts International		62,023		1,940,700
Papa John’s International, Inc.		2,272		163,039
Wyndham Worldwide Corp.		2,743		275,425
Yum China Holdings, Inc. (a)		4,666		183,980
Yum! Brands, Inc.		2,054		151,503
				20,203,684
Household Durables — 0.0%
Mohawk Industries, Inc. (a)		2,248		543,319
TopBuild Corp. (a)		1,123		59,597
Whirlpool Corp.		1,219		233,585
				836,501
Household Products — 0.2%
Colgate-Palmolive Co.		84,238		6,244,563
Procter & Gamble Co. (The)		543		47,322
				6,291,885
Independent Power Producers & Energy Traders — 0.0%
AES Corp. (The)		98,057		1,089,413
Industrial Conglomerates — 0.2%
3M Co.		40,667		8,466,463
Insurance — 0.4%
Aflac, Inc.		21,305		1,654,972
Allstate Corp. (The)		19,646		1,737,492
American International Group, Inc.		55,585		3,475,174
Berkshire Hathaway, Inc., Class B (a)		10,822		1,832,922
Lincoln National Corp.		19,890		1,344,166
Loews Corp.		4,733		221,552
Markel Corp. (a)		500		487,930
MBIA, Inc. (a)		174,650		1,646,950
Prudential Financial, Inc.		16,103		1,741,379
Travelers Companies, Inc. (The)		3,244		410,463
Unum Group		14,393		671,146
				15,224,146

7

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Internet & Catalog Retail — 1.0%
Amazon.com, Inc. (a)		34,198	$	33,103,664
Liberty Expedia Holdings, Inc., Class A (a)		775		41,865
Liberty Interactive Corp. QVC Group, Class A (a)		18,003		441,794
Liberty TripAdvisor Holdings, Inc., Class A (a)		8,256		95,770
Liberty Ventures, Series A (a)		1,845		96,475
Priceline.com, Inc. (a)		1,618		3,026,501
TripAdvisor, Inc. (a)		5,766		220,261
				37,026,330
Internet Software & Services — 1.2%
Alphabet, Inc., Class A (a)		21,570		20,053,198
Alphabet, Inc., Class C (a)		4,231		3,844,837
ChannelAdvisor Corp. (a)		237,502		2,743,148
CommerceHub, Inc., Series A (a)		464		8,083
CommerceHub, Inc., Series C (a)		928		16,184
eBay, Inc. (a)		52,919		1,847,931
Facebook, Inc., Class A (a)		92,536		13,971,085
Pandora Media, Inc. (a)		314,441		2,804,814
VeriSign, Inc. (a)		16,007		1,488,011
				46,777,291
IT Services — 0.8%
Alliance Data Systems Corp.		1,939		497,722
Automatic Data Processing, Inc.		97,278		9,967,104
Cognizant Technology Solutions Corp., Class A		8,019		532,462
CoreLogic, Inc. (a)		13,502		585,717
DXC Technology Co.		6,306		483,796
EPAM Systems, Inc. (a)		7,965		669,777
Fiserv, Inc. (a)		5,179		633,599
Gartner, Inc. (a)		4,840		597,788
Genpact, Ltd.		3,535		98,379
Hackett Group, Inc. (The)		32,366		501,673
Mastercard, Inc., Class A		1,056		128,251
PayPal Holdings, Inc. (a)		106,496		5,715,640
Visa, Inc., Class A		110,319		10,345,716
				30,757,624
Leisure Equipment & Products — 0.1%
Hasbro, Inc.		44,828		4,998,770
Life Sciences Tools & Services — 0.4%
Bio-Rad Laboratories, Inc., Class A (a)		2,563		580,032
PerkinElmer, Inc.		59,950		4,084,993
Waters Corp. (a)		61,663		11,336,126
				16,001,151
Machinery — 0.2%
Actuant Corp., Class A		1,714		42,164
Cummins, Inc.		7,708		1,250,392
Graco, Inc.		3,678		401,932
Hyster-Yale Materials Handling, Inc.		21,321		1,497,800
Lindsay Corp.		45,915		4,097,914
				7,290,202

	Number of Shares		Value
Marine — 0.0%
Kirby Corp. (a)		2,008	$	134,235
Scorpio Bulkers, Inc. (a)		28,221		200,369
				334,604
Media — 1.7%
AMC Networks, Inc., Class A (a)		198,600		10,607,226
CBS Corp., Class B		70,300		4,483,734
Charter Communications, Inc., Class A (a)		807		271,838
Comcast Corp., Class A		626,173		24,370,653
Discovery Communications, Inc., Series A (a)		21,116		545,426
Iheartmedia, Inc. (a)		17,662		29,142
Liberty Braves Group, Class A (a)		403		9,628
Liberty Braves Group, Class C (a)		912		21,861
Liberty Broadband Corp., Class A (a)		572		49,072
Liberty Broadband Corp., Class C (a)		3,122		270,834
Liberty Media Group, Class A (a)		1,295		45,364
Liberty Media Group, Class C (a)		1,561		57,164
Liberty SiriusXM Group, Class A (a)		7,226		303,347
Liberty SiriusXM Group, Class C (a)		8,108		338,104
Lions Gate Entertainment Corp., Class A		233,197		6,580,819
Lions Gate Entertainment Corp., Class B (a)		234,031		6,150,335
Live Nation Entertainment, Inc. (a)		238,513		8,312,178
News Corp., Class A		20,912		286,494
Tribune Media Co., Class A		8,279		337,535
tronc, Inc. (a)		1,405		18,110
Walt Disney Co. (The)		38,712		4,113,150
				67,202,014
Metals & Mining — 0.3%
Compass Minerals International, Inc.		80,009		5,224,588
Freeport-McMoRan, Inc. (a)		25,136		301,883
Royal Gold, Inc.		59,441		4,646,503
Southern Copper Corp.		7,998		276,971
				10,449,945
Multi-Utilities — 0.0%
CenterPoint Energy, Inc.		8,486		232,347
Oil, Gas & Consumable Fuels — 0.5%
Anadarko Petroleum Corp.		8,214		372,423
Apache Corp.		2,631		126,104
Chevron Corp.		9,165		956,184
Cloud Peak Energy, Inc. (a)		491,479		1,734,921
ConocoPhillips		14,830		651,927
Exxon Mobil Corp.		10,713		864,860
Marathon Oil Corp.		231,734		2,746,048
Marathon Petroleum Corp.		25,078		1,312,332
Murphy Oil Corp.		9,241		236,847
Southwestern Energy Co. (a)		39,055		237,454
Tesoro Corp.		10,832		1,013,875
Valero Energy Corp.		16,909		1,140,681
WPX Energy, Inc. (a)		687,600		6,642,216
				18,035,872

8

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp. (a)		6,290	$	151,652
Personal Products — 0.0%
Coty, Inc., Class A		4,477		83,989
Pharmaceuticals — 0.6%
Allergan plc		376		91,402
Bristol-Myers Squibb Co.		5,511		307,073
Catalent, Inc. (a)		150,300		5,275,530
Eli Lilly & Co.		10,012		823,987
Johnson & Johnson		91,619		12,120,277
Merck & Co., Inc.		36,663		2,349,732
Pfizer, Inc.		80,586		2,706,884
				23,674,885
Professional Services — 0.2%
Dun & Bradstreet Corp. (The)		70,800		7,657,020
Verisk Analytics, Inc. (a)		4,562		384,896
				8,041,916
Real Estate — 0.1%
CBRE Group, Inc., Class A (a)		99,235		3,612,154
Real Estate Investment Trusts (REITs) — 0.1%
Host Hotels & Resorts, Inc.		48,420		884,633
SL Green Realty Corp.		12,157		1,286,211
				2,170,844
Road & Rail — 0.0%
Avis Budget Group, Inc. (a)		5,147		140,359
Hertz Global Holdings, Inc. (a)		1,548		17,802
Kansas City Southern		3,349		350,473
Union Pacific Corp.		8,222		895,458
				1,404,092
Semiconductors & Semiconductor Equipment — 0.6%
Applied Materials, Inc.		40,961		1,692,099
Entegris, Inc. (a)		391,325		8,589,584
Intel Corp.		74,918		2,527,733
KLA-Tencor Corp.		10,729		981,811
Lam Research Corp.		7,994		1,130,591
Micron Technology, Inc. (a)		64,531		1,926,896
Texas Instruments, Inc.		2,568		197,556
Veeco Instruments, Inc. (a)		9,980		277,943
Versum Materials, Inc.		239,130		7,771,725
				25,095,938
Software — 0.9%
Activision Blizzard, Inc.		11,189		644,151
CA, Inc.		17,968		619,357
Cadence Design Systems, Inc. (a)		9,800		328,202
Citrix Systems, Inc. (a)		9,108		724,815
Electronic Arts, Inc. (a)		4,471		472,674
FireEye, Inc. (a)		819,700		12,467,637
Intuit, Inc.		20,673		2,745,581
Microsoft Corp.		215,269		14,838,492
Oracle Corp.		10,747		538,855
Synopsys, Inc. (a)		15,665		1,142,448
				34,522,212

	Number of Shares		Value
Specialty Retail — 0.4%
Advance Auto Parts, Inc.		1,028	$	119,855
Bed Bath & Beyond, Inc.		24,245		737,048
Best Buy Co., Inc.		4,106		235,397
Home Depot, Inc. (The)		1,695		260,013
L Brands, Inc.		56,743		3,057,880
Lowe’s Companies, Inc.		21,131		1,638,286
Tractor Supply Co.		13,931		755,200
Urban Outfitters, Inc. (a)		482,000		8,936,280
				15,739,959
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc.		18,217		421,906
Nike, Inc., Class B		33,985		2,005,115
Ralph Lauren Corp.		5,194		383,317
				2,810,338
Thrifts & Mortgage Finance — 0.0%
Fannie Mae (a)		12,239		28,517
Tobacco — 0.3%
Altria Group, Inc.		25,874		1,926,837
Philip Morris International, Inc.		91,695		10,769,578
				12,696,415
Trading Companies & Distributors — 0.1%
Herc Holdings, Inc. (a)		515		20,250
NOW, Inc. (a)		210,857		3,390,581
United Rentals, Inc. (a)		3,382		381,185
				3,792,016
Total US Common Stocks (Cost $678,557,467)				784,705,715
Foreign Common Stocks — 32.4%
Australia — 0.3%
ALS, Ltd.		57,050		326,271
Alumina, Ltd.		118,089		174,016
Asaleo Care, Ltd.		152,998		172,729
BHP Billiton, Ltd.		7,899		140,897
BlueScope Steel, Ltd.		29,721		301,346
Brambles, Ltd.		29,493		220,568
Caltex Australia, Ltd.		3,879		94,136
carsales.com, Ltd.		21,793		192,903
Cleanaway Waste Management, Ltd.		288,033		304,022
Coca-Cola Amatil, Ltd.		41,671		295,352
DuluxGroup, Ltd.		15,555		82,913
Fairfax Media, Ltd.		200,664		169,507
GUD Holdings, Ltd.		15,432		153,545
Iluka Resources, Ltd.		25,571		170,396
Metcash, Ltd. (a)		97,619		180,326
Newcrest Mining, Ltd.		567,035		8,803,044
Orica, Ltd.		38,028		603,701
QBE Insurance Group, Ltd. – ASE Shares		10,773		97,794
Santos, Ltd. (a)		16,535		38,458
Scentre Group		5,239		16,292
Spotless Group Holdings, Ltd.		146,352		129,552
				12,667,768

9

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Austria — 0.1%
Andritz AG		3,002	$	181,056
Erste Group Bank AG		6,430		246,643
IMMOFINANZ AG		1,521,741		3,481,359
Oesterreichische Post AG		6,307		274,136
Wienerberger AG		19,433		441,701
				4,624,895
Belgium — 0.0%
Anheuser-Busch InBev SA/NV		11,081		1,226,169
Greenyard NV		4,954		117,370
UCB SA		4,246		292,186
				1,635,725
Bermuda — 0.0%
Golar LNG, Ltd.		4,910		109,248
Signet Jewelers, Ltd.		3,475		219,759
				329,007
Brazil — 0.2%
Ambev SA – ADR		3,900		21,411
BrasilAgro – Co. Brasileira de Propriedades Agricolas		179,900		662,495
Centrais Eletricas Brasileiras SA (a)		450,300		1,692,244
EcoRodovias Infraestrutura e Logistica SA		148,962		465,380
Localiza Rent a Car SA		24,046		327,712
Magnesita Refratarios SA		23,947		266,006
Odontoprev SA		58,310		205,050
Petroleo Brasileiro SA (a)		56,723		226,009
Porto Seguro SA		18,195		168,115
SLC Agricola SA		440,400		2,804,926
Smiles SA		30,427		554,554
Sul America SA (UNIT)		13,560		72,448
WEG SA		34,635		185,046
				7,651,396
Canada — 1.7%
Aimia, Inc.		14,505		19,350
Air Canada (a)		12,290		164,713
Altius Minerals Corp.		11,119		92,515
Barrick Gold Corp. – NYSE Shares		186,175		2,962,044
Bear Creek Mining Corp. (a)		411,499		666,370
Cameco Corp.		834,641		7,595,233
Canadian Natural Resources, Ltd. – NYSE Shares		16,887		487,285
Centerra Gold, Inc.		691,588		3,775,789
Denison Mines Corp. (a)		2,041,459		881,568
Dundee Corp., Class A (a)		405,126		890,353
Dundee Precious Metals, Inc. (a)		644,250		1,202,256
Fairfax Financial Holdings, Ltd.		417		180,720
First Quantum Minerals Ltd.		11,884		100,530
Fission Uranium Corp. (a)		2,159,500		1,015,804
Gabriel Resources, Ltd. (a)		1,962,000		423,627
Goldcorp., Inc.		104,781		1,352,723
Imperial Oil, Ltd.		21,564		628,562
Ivanhoe Mines, Ltd., Class A (a)		500,586		1,609,688
Kinross Gold Corp. – NYSE Shares (a)		1,361,342		5,540,662
Kinross Gold Corp. – TSX Shares (a)		52,115		211,788
Lundin Gold, Inc. (a)		849,667		3,603,615

	Number of Shares		Value
Magna International, Inc.		20,537	$	951,479
MEG Energy Corp. (a)		1,657,015		4,868,312
New Gold, Inc. (a)		542,215		1,724,244
NexGen Energy, Ltd. (a)		729,188		1,613,795
Northern Dynasty Minerals, Ltd. – TSX Shares (a)		2,256,947		3,150,119
NOVAGOLD Resources, Inc. (a)		201,971		920,988
Onex Corp.		4,491		359,509
PrairieSky Royalty, Ltd.		179		4,076
Rogers Communications, Inc., Class B		27,863		1,316,015
Seabridge Gold, Inc. (a)		215,149		2,314,411
Sprott, Inc.		2,586,058		4,546,740
Suncor Energy, Inc.		23,288		680,431
Teck Resources, Ltd., Class B		12,114		209,936
Turquoise Hill Resources, Ltd. (a)		1,159,782		3,073,422
Uranium Participation Corp. (a)		1,643,208		4,941,788
Wheaton Precious Metals Corp.		223,505		4,445,515
				68,525,975
Chile — 0.1%
Antofagasta plc		112,529		1,175,003
CAP SA		74,585		594,478
Inversiones La Construccion SA		16,295		201,287
				1,970,768
China — 5.4%
361 Degrees International, Ltd.		154,340		56,538
3SBio, Inc. (a) (b)		476,000		631,641
Agile Property Holdings, Ltd.		843,722		772,736
Ajisen China Holdings, Ltd.		262,592		106,160
Aluminum Corp. of China, Ltd., Class H (a)		145,415		74,990
Anhui Conch Cement Co., Ltd., Class A		898,609		3,010,074
Asia Plastic Recycling Holding, Ltd.		407,276		180,091
Baidu, Inc. – SPADR (a)		4,254		760,870
Bank of China, Ltd., Class A		3,999,200		2,174,748
Beijing Originwater Technology Co., Ltd., Class A		439,405		1,208,777
Changgang Dunxin Enterprise Co., Ltd. (a) (c)		4,640,000		77,260
Cheetah Mobile, Inc. – ADR (a)		99,300		1,070,454
China Aoyuan Property Group, Ltd.		398,046		119,817
China Construction Bank Corp., Class A		5,933,096		5,373,543
China Construction Bank Corp., Class H		27,000		20,930
China CYTS Tours Holding Co., Ltd., Class A		1,485,853		4,614,464
China Eastern Airlines Corp., Ltd., Class H		4,482,000		2,767,086
China Fortune Land Development Co., Ltd.		552,806		2,738,741
China Greenfresh Group Co., Ltd.		69,326		12,706
China International Travel Service Corp., Ltd., Class A		248,126		1,102,405
China Lesso Group Holdings, Ltd.		386,426		297,049
China Mengniu Dairy Co., Ltd.		95,000		186,328
China Merchants Bank Co., Ltd., Class A		1,729,845		6,098,936

10

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
China Merchants Bank Co., Ltd., Class H		1,475,500	$	4,452,515
China National Materials Co., Ltd., Class H		398,722		132,305
China Pacific Insurance Group Co., Ltd., Class H		487,400		1,991,580
China Pioneer Pharma Holdings, Ltd.		167,771		55,346
China Resources Beer Holdings Co., Ltd.		82,352		207,802
China Shineway Pharmaceutical Group, Ltd.		165,690		167,673
China Vanke Co., Ltd., Class H		862,200		2,440,708
China Yurun Food Group, Ltd. (a)		4,853,000		640,475
CIFI Holdings Group Co., Ltd.		540,000		240,058
CITIC Securities Co., Ltd., Class H		808,000		1,670,685
Coland Holdings, Ltd.		8,000		11,065
Consun Pharmaceutical Group, Ltd.		110,110		85,485
Ctrip.com International, Ltd. –  ADR (a)		36,848		1,984,633
Dongfeng Motor Group Co., Ltd., Class H		18,000		21,280
GoerTek, Inc., Class A		1,135,260		3,228,529
Goodbaby International Holdings, Ltd.		252,878		104,671
Grandblue Environment Co., Ltd., Class A		1,062,488		2,273,552
Great Wall Motor Co., Ltd., Class H		4,229,000		5,221,879
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,467,054		14,981,726
Guangdong Provincial Expressway Development Co., Ltd.		223,744		169,376
Guangshen Railway Co., Ltd., Class H		4,004,000		1,984,736
Guangzhou Baiyun International Airport Co, Ltd.		398,700		1,084,010
Guangzhou R&F Properties Co., Ltd., Class H		284,400		442,244
Haitian International Holdings, Ltd.		87,454		245,326
Haitong Securities Co., Ltd., Class H		1,260,200		2,037,091
Hangzhou Robam Appliances Co, Ltd.		36,110		231,590
Harbin Electric Co., Ltd., Class H		122,000		61,740
Henan Shuanghui Investment & Development Co, Ltd.		156,600		548,602
Hengan International Group Co., Ltd.		20,475		151,062
Hisense Kelon Electrical Holdings Co., Ltd., Class H		472,425		804,799
Hollysys Automation Technologies, Ltd.		68,195		1,132,719
Hongfa Technology Co., Ltd., Class A		326,955		1,922,912
Hua Hong Semiconductor, Ltd. (b)		1,168,096		1,585,974
Huadong Medicine Co, Ltd. ‘A’		130,693		958,100
Huayu Automotive Systems Co., Ltd., Class A		531,917		1,901,410
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		1,680,864		5,348,564
JA Solar Holdings Co., Ltd. – ADR (a)		11,324		71,907
JD.com, Inc. – ADR (a)		298,433		11,704,542
Jiangsu Hengrui Medicine Co., Ltd., Class A		509,972		3,803,931
Johnson Electric Holdings, Ltd.		30,232		105,155
Kweichow Moutai Co., Ltd., Class A		69,073		4,807,424
Leoch International Technology, Ltd.		659,790		119,415

	Number of Shares		Value
Li Ning Co., Ltd. (a)		337,541	$	256,612
Livzon Pharmaceutical Group, Inc., Class H		172,000		1,211,914
Lonking Holdings, Ltd.		286,605		90,352
Midea Group Co., Ltd., Class A		110,600		702,150
Minth Group, Ltd.		316,000		1,340,150
Nam Tai Property, Inc.		19,507		156,056
NetEase, Inc. – ADR		24,731		7,434,881
New China Life Insurance Co., Ltd.		289,590		2,195,281
New China Life Insurance Co., Ltd., Class H		86,900		442,013
New Oriental Education & Technology Group, Inc. – SPADR (a)		35,200		2,481,248
Noah Holdings, Ltd. – ADR (a)		6,161		176,513
NVC Lighting Holding, Ltd.		6,484,000		705,468
PICC Property & Casualty Co., Ltd., Class A		2,464,000		4,115,553
Ping An Insurance Group Co. of China, Ltd., Class A		666,152		4,874,722
Ping An Insurance Group Co. of China, Ltd., Class H		1,310,000		8,637,015
Poly Real Estate Group Co., Ltd., Class A		2,561,606		3,763,879
Qingdao Port International Co., Ltd., Class H (b)		312,107		179,896
SAIC Motor Corp., Ltd., Class A		556,631		2,544,523
Shandong Weigao Group Medical Polymer Co., Ltd.,Class H		400,090		314,211
Shanghai International Airport Co., Ltd., Class A		781,679		4,297,565
Shanghai Prime Machinery Co., Ltd., Class H		327,806		63,385
Shenzhen Airport Co., Ltd., Class A		1,699,920		2,344,458
Shenzhen Expressway Co., Ltd., Class H		234,974		214,013
Shenzhou International Group Holdings, Ltd.		1,097,835		7,220,296
Sino-Ocean Group Holding, Ltd.		817,408		400,102
Sinotruk Hong Kong, Ltd.		430,563		312,699
TAL Education Group – ADR		87,092		10,652,223
Tencent Holdings, Ltd.		546,800		19,512,661
Tianneng Power International, Ltd.		424,000		346,502
Tianyun International Holdings, Ltd.		643,903		94,861
Tingyi Cayman Islands Holding Corp.		541,668		642,496
TravelSky Technology, Ltd., Class H		44,000		129,702
Tsingtao Brewery Co., Ltd., Class H		64,600		285,872
Vipshop Holdings, Ltd. – ADR (a)		12,162		128,309
Want Want China Holdings, Ltd.		369,529		249,447
Weiqiao Textile Co., Ltd., Class H (c)		900,088		644,448
Wuliangye Yibin Co., Ltd., Class A		566,223		4,648,716
Xinyuan Real Estate Co., Ltd. – ADR		18,430		95,467
Yangzijiang Shipbuilding Holdings, Ltd.		819,800		708,677
Yusin Holding Corp.		19,070		48,029
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A		149,906		1,349,062
Zhengzhou Yutong Bus Co., Ltd., Class A		509,762		1,651,969
Zhongsheng Group Holdings, Ltd.		14,500		27,053
				212,281,389

11

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Colombia — 0.0%
Grupo Nutresa SA		32,498	$	281,526
Cyprus — 0.0%
Hellenic Bank plc (a)		82,361		84,662
TCS Group Holding plc – GDR (d)		104,567		1,202,760
				1,287,422
Czech Republic — 0.0%
Philip Morris CR AS		304		200,597
Denmark — 0.5%
AP Moller – Maersk A/S, Class B		325		656,713
Bang & Olufsen A/S, Class B (a)		22,656		379,449
Carlsberg A/S, Class B		6,188		662,427
Coloplast A/S, Class B		19,513		1,634,449
Danske Bank A/S		4,324		166,914
GN Store Nord (GN Great Nordic) A/S		43,992		1,285,491
ISS A/S		4,162		163,850
Novo Nordisk A/S, Class B		234,694		10,067,207
Vestas Wind Systems A/S		22,485		2,083,308
William Demant Holding A/S (a)		34,649		899,682
				17,999,490
Finland — 0.3%
Amer Sports Oyj		10,348		259,420
Kone Oyj, Class B		159,690		8,143,548
Sampo Oyj, Class A		36,988		1,901,447
UPM-Kymmene Oyj		4,141		118,101
Valmet Corp.		5,265		102,330
Wartsila Corp.		5,577		329,662
				10,854,508
France — 1.2%
Airbus SE		10,940		901,419
Areva SA (a)		148,339		743,513
AXA SA		21,351		588,417
BNP Paribas SA		18,361		1,335,430
Edenred SA		17,169		448,150
Electricite de France SA		812,378		8,872,074
Elis SA		5,053		115,814
Eurofins Scientific		1,500		845,678
Groupe Eurotunnel SE		69,975		746,706
Imerys SA		1,056		91,933
JCDecaux SA		7,309		240,061
L’Oreal SA		42,258		8,807,332
Legrand SA		28,083		1,966,937
Neopost SA		7,428		345,121
Renault SA		2,387		216,534
Rothschild & Co.		4,812		176,227
Sanofi SA		3,261		313,421
Societe BIC SA		2,705		321,039
Societe Generale SA		3,031		164,798
Technicolor SA		8,191		35,745
Teleperformance		2,678		344,509
Thales SA		3,908		421,042
Total SA		5,365		265,817
Vallourec SA (a)		14,324		87,739
Vicat SA		2,324		163,730
Virbac SA (a)		223		35,796

	Number of Shares		Value
Vivendi SA		703,239	$	15,654,793
Worldline SA/France (a) (b)		11,062		379,989
Zodiac Aerospace		23,904		650,018
				45,279,782
Georgia — 0.0%
BGEO Group plc		1,557		70,874
Germany — 1.5%
Adidas AG		4,083		782,711
Allianz SE		227		44,735
AURELIUS Equity Opportunities SE & Co KGaA		2,882		154,992
Axel Springer AG		9,382		563,612
BASF SE		12,740		1,184,234
Bayer AG		1,716		222,023
Bayerische Motoren Werke AG		9,355		870,732
Brenntag AG		12,936		749,011
Commerzbank AG (a)		8,631		103,369
Continental AG		1,244		268,465
CTS Eventim AG & Co KGaA		9,638		426,190
Deutsche Bank AG		6,366		113,049
Deutsche Lufthansa AG		114,666		2,618,388
Deutsche Telekom AG		67,538		1,213,773
Deutsche Wohnen AG		205,500		7,866,243
Deutz AG		12,294		103,743
Fielmann AG		2,459		189,682
Fresenius Medical Care AG & Co.		18,432		1,773,235
GEA Group AG		2,914		119,578
Gerresheimer AG		1,469		118,200
Hannover Rueck SE		1,135		136,400
Leoni AG		2,012		103,943
SAP AG		3,969		414,836
Symrise AG		5,097		361,140
TUI AG		38,470		561,440
TUI AG – Xetra Shares		14,470		210,710
Vonovia SE		899,342		35,735,091
Wacker Neuson SE		14,273		346,065
zooplus AG (a)		2,122		421,706
				57,777,296
Greece — 0.2%
Diana Shipping, Inc. (a)		418,356		1,698,525
Ellaktor SA (a)		7,895		13,088
FF Group (a)		7,008		171,197
Hellenic Exchanges – Athens Stock Exchange SA Holdings		23,043		149,440
Motor Oil Hellas Corinth Refineries SA		80,571		1,754,941
OPAP SA		15,035		170,012
Piraeus Bank SA (a)		503,937		123,597
Titan Cement Co. SA		3,004		84,957
Tsakos Energy Navigation, Ltd.		408,388		1,960,262
				6,126,019
Hong Kong — 0.7%
AIA Group, Ltd.		76,601		559,887
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		106,639		155,999
Cathay Pacific Airways, Ltd.		1,290,000		2,003,969

12

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
CECEP COSTIN New Materials Group, Ltd. (a) (c)		1,736,000	$	97,835
China Everbright, Ltd.		262,000		570,644
China Merchants Land, Ltd.		797,683		162,503
China Merchants Port Holdings Co., Ltd.		22,744		63,081
China Mobile, Ltd.		2,000		21,183
China Resources Cement Holdings, Ltd.		837,776		416,372
China Resources Power Holdings Co., Ltd.		10,062		19,745
China Water Affairs Group, Ltd.		424,845		255,778
CK Hutchison Holdings, Ltd.		69,639		874,341
CP Pokphand Co., Ltd.		1,816,000		139,580
Dairy Farm International Holdings, Ltd.		13,400		105,669
Dawnrays Pharmaceutical Holdings, Ltd.		135,989		88,502
Esprit Holdings, Ltd. (a)		1,388,930		740,080
First Pacific Co., Ltd.		202,000		149,029
Guoco Group, Ltd.		93,000		1,066,402
Haitong International Securities Group, Ltd.		986,000		582,448
Henderson Land Development Co., Ltd.		74,144		413,595
Hong Kong & Shanghai Hotels, Ltd. (The)		658,455		1,189,195
Hong Kong Exchanges and Clearing, Ltd.		22,600		584,304
Hua Han Health Industry Holdings, Ltd. (a) (c)		7,412,000		503,155
Huabao International Holdings, Ltd. (a)		307,021		183,296
Jardine Matheson Holdings, Ltd.		45,019		2,891,096
Jardine Strategic Holdings, Ltd.		50,965		2,126,460
Ju Teng International Holdings, Ltd.		448,682		183,383
K Wah International Holdings, Ltd.		394,534		239,588
Kingboard Chemical Holdings, Ltd.		218,500		870,618
Kingboard Laminates Holdings, Ltd.		320,400		386,706
Midland Holdings, Ltd. (a)		1,433,549		387,876
Midland IC&I, Ltd. (a)		934,453		49,853
New World Development Co., Ltd.		1,067,515		1,355,089
Pacific Basin Shipping, Ltd. (a)		1,574,422		349,023
PAX Global Technology, Ltd.		2,498,000		1,603,002
Real Nutriceutical Group, Ltd. (a)		670,129		31,765
Shanghai Industrial Holdings, Ltd.		77,000		228,365
Sino Biopharmaceutical, Ltd.		3,364,000		2,974,323
SmarTone Telecommunications Holdings, Ltd.		713,843		934,515
Stella International Holdings, Ltd.		22,980		41,207
Television Broadcasts, Ltd.		213,102		802,288
Tianjin Development Holdings, Ltd.		290,820		162,070
WH Group, Ltd. (b)		633,000		638,915
Wheelock & Co., Ltd.		77,688		586,241
Yuexiu Transport Infrastructure, Ltd.		264,000		189,995
				27,978,970
Hungary — 0.0%
OTP Bank plc		13,301		444,999

	Number of Shares		Value
India — 0.3%
Andhra Bank		327,141	$	275,577
Apollo Tyres, Ltd.		85,604		317,868
Avanti Feeds, Ltd.		8,611		199,014
Axis Bank, Ltd.		14,958		120,015
Axis Bank, Ltd. – GDR (d)		594		23,641
Balrampur Chini Mills, Ltd.		25,821		60,498
Bharti Airtel, Ltd.		20,123		118,652
Bliss Gvs Pharma, Ltd.		13,659		32,074
Century Enka, Ltd.		27,284		165,842
CESC, Ltd.		50,076		671,264
Chennai Petroleum Corp., Ltd.		63,133		345,515
Cosmo Films, Ltd. (a)		25,034		160,756
Deep Industries, Ltd.		27,451		118,448
Dish TV India, Ltd. (a)		125,424		155,017
Exide Industries, Ltd.		175,569		602,254
GHCL, Ltd.		62,195		217,541
Gujarat Mineral Development Corp, Ltd.		30,941		69,737
HCL Technologies, Ltd.		28,658		377,317
ICICI Bank, Ltd.		99,243		446,146
IDFC, Ltd. (a)		333,277		279,723
Indian Bank		8,103		35,406
Indian Metals & Ferro Alloys, Ltd.		1,092		7,949
Infosys, Ltd. – SPADR		1,500		22,530
Jammu & Kashmir Bank, Ltd. (The)		327,154		429,097
Jamna Auto Industries, Ltd.		18,318		70,523
Jay Bharat Maruti, Ltd.		297		2,890
Jindal Poly Films, Ltd.		13,758		84,332
JK Paper, Ltd.		64,386		89,640
JK Tyre & Industries, Ltd.		38,867		96,979
KEI Industries, Ltd.		3,136		11,258
Kopran, Ltd. (a)		26,965		34,344
LIC Housing Finance, Ltd.		52,286		602,113
Lincoln Pharmaceuticals, Ltd.		15,074		42,757
Mahindra Holidays & Resorts India, Ltd.		7,392		66,755
Man Industries India, Ltd.		43,575		51,198
Manappuram Finance, Ltd.		700,688		1,055,404
Merck Ltd/India		1,226		20,338
MOIL, Ltd.		349		1,726
Multi Commodity Exchange of India, Ltd.		6,975		117,692
Natco Pharma, Ltd.		23,239		362,729
National Aluminium Co., Ltd.		274,184		274,341
National Fertilizers, Ltd.		14,551		15,890
NCL Industries, Ltd., Class I		14,199		47,373
NHPC, Ltd.		193,664		94,253
Phillips Carbon Black, Ltd.		22,791		213,620
Power Finance Corp., Ltd.		198,738		378,438
Punjab National Bank (a)		183,863		388,920
Shriram Transport Finance Co., Ltd.		3,268		50,519
SITI Networks, Ltd. (a)		251,756		109,107
Srikalahasthi Pipes, Ltd.		22,279		116,892
Tamil Nadu Newsprint & Papers, Ltd.		31,162		149,780
Tata Metaliks, Ltd.		16,644		182,969
Tata Sponge Iron, Ltd.		11,979		143,384

13

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Uflex, Ltd.		35,378	$	210,596
Vardhman Textiles, Ltd. (a)		8,654		152,574
Venky’s India, Ltd.		5,264		137,642
Visaka Industries, Ltd.		6,422		50,584
Wipro, Ltd.		24,616		98,695
WNS Holdings, Ltd. – ADR (a)		6,225		213,891
Zee Entertainment Enterprises, Ltd.		24,153		183,763
				11,175,790
Indonesia — 0.0%
Adaro Energy Tbk PT		889,800		106,037
Indo Tambangraya Megah Tbk PT		224,313		291,019
Indosat Tbk PT		218,838		106,881
Japfa Comfeed Indonesia Tbk PT		113,210		11,484
Media Nusantara Citra Tbk PT		947,300		130,813
Panin Financial Tbk PT (a)		1,029,200		18,136
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		253,300		25,995
Ramayana Lestari Sentosa Tbk PT		1,136,506		104,620
				794,985
Ireland — 0.1%
Adient plc		1,352		88,394
Bank of Ireland (a)		652,849		171,705
CRH plc		3,199		114,019
CRH plc – BATS Europe Shares		8,370		296,975
DCC plc		8,272		753,862
Experian plc		40,526		832,234
Governor & Co. of the Bank of Ireland (The) (a)		3,019,225		798,682
Irish Bank Resolution Corp., Ltd. (a) (c)		38,180		—
Irish Continental Group plc		47,164		273,519
Mallinckrodt plc (a)		6,322		283,289
Paddy Power Betfair plc		6,821		728,141
Paddy Power Betfair plc – LSE Shares		6,360		677,866
Permanent TSB Group Holdings plc (a)		125,778		395,288
Ryanair Holdings plc – SPADR (a)		3,237		348,333
				5,762,307
Isle of Man — 0.0%
Playtech plc		17,844		220,952
Italy — 0.4%
Banca IFIS SpA		21,714		885,096
Banca Monte dei Paschi di Siena SpA (a) (c)		2,294		29,633
Banco BPM SpA (a)		461,251		1,557,139
BPER Banca		9,592		48,211
Credito Valtellinese SC		119,503		510,761
Davide Campari-Milano SpA		25,590		180,891
ERG SpA		82,763		1,163,933
Ferrari NV		2,910		250,756
Intesa Sanpaolo SpA		1,442,433		4,601,538
Luxottica Group SpA		32,583		1,890,587
Piaggio & C SpA		227,393		562,383
Saipem SpA (a)		140,108		517,898
Tamburi Investment Partners SpA		170,549		979,751
Technogym SpA (b)		937		7,221

	Number of Shares			Value
UniCredit SpA (a)		68,029		$	1,282,837
Unione di Banche Italiane SpA		81,594	��		354,053
					14,822,688
Japan — 9.6%
Aeon Delight Co., Ltd.		1,800			58,314
AEON Financial Service Co., Ltd.		7,300			154,821
Alfresa Holdings Corp.		31,700			612,188
Amano Corp.		272,400			5,674,201
Asahi Diamond Industrial Co., Ltd.		690,700			5,084,817
Asatsu-DK, Inc.		259,600			6,502,613
Azbil Corp.		490,400			18,652,803
BML, Inc.		640,600			12,464,453
Bridgestone Corp.		13,588			586,760
Bunka Shutter Co., Ltd.		392,800			3,017,936
Casio Computer Co., Ltd.		9,400			144,799
Coca-Cola Bottlers Japan, Inc.		5,493			159,060
Cosmos Pharmaceutical Corp.		1,864			363,081
CyberAgent, Inc.		12,894			400,434
Dai-ichi Life Holdings, Inc.		81,100			1,472,564
Daifuku Co., Ltd.		5,200			155,658
Daiichikosho Co., Ltd.		235,000			11,026,285
Daiwa House Industry Co., Ltd.		4,000			136,859
Daiwa Securities Group, Inc.		49,318			293,040
DMG Mori Co., Ltd.		16,062			264,954
East Japan Railway Co.		12,000			1,148,550
Fuji Media Holdings, Inc.		43,600			593,459
FUJIFILM Holdings Corp.		36,800			1,324,695
Fukuda Denshi Co., Ltd.		3,800			274,560
Fukuoka Financial Group, Inc.		19,000			90,507
Fukushima Industries Corp.		46,500			1,790,948
Hakuhodo DY Holdings, Inc.		1,378,800			18,333,414
Hitachi Capital Corp.		4,000			96,399
Hitachi, Ltd.		245,031			1,506,855
Hogy Medical Co., Ltd.		267,800			17,872,101
Honda Motor Co., Ltd.		2,500			68,308
Hoshizaki Corp.		600			54,314
Inpex Corp.		8,810			84,965
Isetan Mitsukoshi Holdings, Ltd.		38,200			383,787
Isuzu Motors, Ltd.		400			4,947
ITOCHU Corp.		9,600			142,881
Japan Airlines Co., Ltd.		27,290			844,249
Japan Post Holdings Co., Ltd.		40,400			501,581
Japan Steel Works, Ltd. (The)		424,600			6,655,764
Japan Tobacco, Inc.		7,317			257,176
JFE Holdings, Inc.		21,000			365,312
Kamigumi Co., Ltd.		176,000			1,847,021
Kao Corp.		17,200			1,022,309
KDDI Corp.		2,600			68,879
Kirin Holdings Co., Ltd.		75,100			1,531,298
Kubota Corp.		10,000			168,516
Kurita Water Industries, Ltd.		798,400			21,787,253
Kyocera Corp.		10,800			626,144
Kyushu Railway Co.		800			25,969
LIXIL Group Corp.		31,946			799,814
Maeda Corp.		15,000			165,453
Marui Group Co., Ltd.		8,300			122,546

14

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Matsumotokiyoshi Holdings Co., Ltd.		3,600	$	204,989
Mebuki Financial Group, Inc.		55,581		207,194
Miraca Holdings, Inc.		341,700		15,394,136
Mitsubishi Corp.		324,700		6,820,998
Mitsubishi Electric Corp.		4,400		63,464
Mitsubishi Estate Co., Ltd.		53,255		994,875
Mitsubishi Heavy Industries, Ltd.		146,000		599,054
Mitsubishi Logistics Corp.		21,000		279,876
Mitsubishi UFJ Financial Group, Inc.		39,123		263,831
Mitsui & Co., Ltd.		512,500		7,336,822
Mizuho Financial Group, Inc.		404,400		741,142
Morita Holdings Corp.		3,300		51,792
MS&AD Insurance Group Holdings, Inc.		43,637		1,471,335
Nakanishi, Inc.		294,700		11,934,966
Namco Bandai Holdings, Inc.		658,000		22,453,053
NEC Corp.		193,000		512,644
Nexon Co., Ltd. (a)		3,708		73,420
NH Foods, Ltd.		7,000		212,798
Nikon Corp.		32,700		523,349
Nippon Signal Company, Ltd.		5,000		46,102
Nippon Suisan Kaisha, Ltd.		44,700		261,714
Nippon Telegraph & Telephone Corp.		45,500		2,152,326
Nippon Television Holdings, Inc.		27,920		469,894
Nissan Chemical Industries, Ltd.		6,000		198,473
Nissan Motor Co., Ltd.		17,900		178,455
Nohmi Bosai, Ltd.		51,300		739,714
Nomura Co., Ltd.		5,600		127,802
Nomura Holdings, Inc.		108,700		654,184
Noritz Corp.		59,200		1,175,938
NTT Data Corp.		100,000		1,114,483
NTT Urban Development Corp.		38,800		373,953
Obayashi Corp.		88,400		1,040,529
Obic Co., Ltd.		2,500		153,866
OKUMA Corp.		2,191,000		20,880,440
OMRON Corp.		3,700		160,964
Onward Holdings Co., Ltd.		27,000		199,921
Organo Corp.		370,000		1,816,706
OSG Corp.		1,500		30,582
Otsuka Holdings Co., Ltd.		10,300		439,269
Rakuten, Inc.		13,825		162,973
Renesas Electronics Corp. (a)		19,400		169,735
Resona Holdings, Inc.		168,000		928,352
Rinnai Corp.		15,200		1,418,209
Ryohin Keikaku Co., Ltd.		600		149,967
Sanshin Electronics Co., Ltd.		55,000		707,774
Santen Pharmaceutical Co., Ltd.		5,100		69,267
Sawai Pharmaceutical Co., Ltd.		2,300		129,282
SCSK Corp.		3,400		152,751
Secom Co., Ltd.		204,500		15,537,882
Sekisui Chemical Co., Ltd.		9,900		177,605
Sekisui Jushi Corp.		3,100		56,961
Senko Group Holdings Co., Ltd.		10,100		65,711
Seven & I Holdings Co., Ltd.		30,700		1,265,872
Seven Bank, Ltd.		5,111,000		18,327,320
Shimizu Corp.		42,000		445,879

	Number of Shares		Value
Shiseido Co., Ltd.		12,700	$	452,433
SHO-BOND Holdings Co., Ltd.		1,700		85,853
Sinko Industries, Ltd.		117,700		1,887,100
SK Kaken Co., Ltd.		63,000		5,802,890
SoftBank Group Corp.		10,100		820,570
Sompo Holdings, Inc.		15,500		601,279
Sony Corp.		21,369		815,119
Square Enix Holdings Co., Ltd.		29,621		972,194
Subaru Corp.		5,200		175,762
Sumitomo Chemical Co., Ltd.		51,000		294,180
Sumitomo Dainippon Pharma Co., Ltd.		22,700		310,109
Sumitomo Electric Industries, Ltd.		20,500		316,351
Sumitomo Mitsui Financial Group, Inc.		29,300		1,146,238
Sumitomo Mitsui Trust Holdings, Inc.		29,755		1,067,477
Sumitomo Realty & Development Co., Ltd.		3,402		105,153
Sumitomo Warehouse Co., Ltd. (The)		1,283,000		8,148,149
Suntory Beverage & Food, Ltd.		3,300		153,519
Takeda Pharmaceutical Co., Ltd.		1,000		50,843
Takeuchi Manufacturing Co., Ltd.		541,700		9,963,571
TDK Corp.		1,800		118,769
TechnoPro Holdings, Inc.		2,500		100,747
Temp Holdings Co., Ltd.		8,500		159,400
Toei Co., Ltd.		2,028,000		19,276,169
Tohoku Electric Power Co., Inc.		46,000		637,264
TOKAI Corp. – Gifu		190,100		7,540,437
Tokio Marine Holdings, Inc.		5,100		211,893
Tokyo Electron, Ltd.		1,500		203,212
Tokyo Gas Co., Ltd.		33,000		171,862
Toray Industries, Inc.		40,100		335,944
Toyo Seikan Kaisha Group Holdings, Ltd.		22,100		373,746
Toyo Suisan Kaisha, Ltd.		7,700		295,302
Toyo Tire & Rubber Co., Ltd.		9,090		185,625
Toyota Industries Corp.		11,454		604,274
Toyota Motor Corp.		32,408		1,699,959
TV Asahi Holdings Corp.		665,500		12,017,009
Ushio, Inc.		4,000		50,399
West Japan Railway Co.		46,400		3,280,965
Yamada Denki Co., Ltd.		83,800		416,416
Yamato Holdings Co., Ltd.		22,600		459,039
Zenkoku Hosho Co., Ltd.		4,053		165,698
ZOJIRUSHI Corp.		235,400		2,681,095
				374,060,221
Lebanon — 0.0%
Solidere – GDR (c) (d)		38,451		298,162
Luxembourg — 0.1%
ArcelorMittal (a)		16,209		368,937
d’Amico International Shipping SA (a)		1,068,111		358,818
Kernel Holding SA		42,651		746,251
Stabilus SA		8,176		634,870
Tenaris SA		9,725		151,660
				2,260,536

15

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Malaysia — 0.1%
AirAsia Berhad		2,161,122	$	1,636,279
AMMB Holdings Berhad		18,900		21,489
Ann Joo Resources Berhad		36,676		26,914
AWC Berhad		34,200		8,796
CSC Steel Holdings Berhad		346,170		145,261
Dufu Technology Corp. Berhad		723,104		238,280
Econpile Holdings Berhad		28,500		16,599
Genting Malaysia Berhad		530,610		680,448
George Kent Malaysia Berhad		165,975		159,467
Hartalega Holdings Berhad		46,400		79,771
Hong Leong Financial Group Berhad		39,439		154,252
Lii Hen Industries Berhad		12,800		9,751
Malaysian Pacific Industries Berhad		54,000		169,859
OSK Holdings Berhad		631,748		239,385
Padini Holdings Berhad		261,227		214,209
Sime Darby Berhad		321,603		711,753
Supermax Corp. Berhad		126,209		58,565
Top Glove Corp. Berhad		28,400		38,043
Unisem M Berhad		221,300		184,569
				4,793,690
Mexico — 0.1%
America Movil SAB de CV, Series L – ADR		9,520		151,559
Cemex SAB de CV – SPADR (a)		211,777		1,994,939
Consorcio ARA SAB de CV, Series C		1,013,380		333,908
Corp. Inmobiliaria Vesta SAB de CV		186,900		275,993
Fibra Uno Administracion SA de CV – REIT		12,700		24,030
Grupo Carso SAB de CV, Series A		92,709		391,703
Grupo Herdez SAB de CV, Series C		34,723		74,004
Grupo Mexico SAB de CV, Series B		78,922		221,736
Industrias Bachoco SAB de CV, Series B		10,711		51,127
Megacable Holdings SAB de CV (UNIT)		45,383		183,795
Nemak SAB de CV (b)		270,747		260,323
Qualitas Controladora SAB de CV		22,000		36,669
Rassini SAB de CV (a)		39,616		195,365
Telesites SAB de CV (a)		11,810		8,681
				4,203,832
Monaco — 0.0%
Navios Maritime Acquisition Corp.		38,642		56,804
Scorpio Tankers, Inc.		234,618		931,433
				988,237
Netherlands — 0.3%
Akzo Nobel NV		14,385		1,248,775
ASML Holding NV		1,544		201,031
Astarta Holding NV (a)		66,213		1,193,490
Boskalis Westminster NV – CVA		14,218		461,983
HAL Trust		1,960		404,157
Heineken Holding NV		859		78,946
Heineken NV		13,543		1,319,342
Koninklijke (Royal) KPN NV		322,284		1,034,150
Koninklijke Ahold Delhaize NV		30,889		592,059
Koninklijke Philips NV		23,086		821,780

	Number of Shares		Value
Randstad Holding NV		2,178	$	127,364
Royal Dutch Shell plc, Class A – BATS Europe Shares		1,949		51,771
Royal Dutch Shell plc, Class A – Quote MTF Shares		22,316		593,560
Royal Dutch Shell plc, Class B		30,266		812,922
Yandex NV, Class A (a)		74,007		1,941,944
				10,883,274
New Zealand — 0.0%
Spark New Zealand, Ltd.		38,907		107,880
Norway — 0.1%
DNB ASA		18,506		315,835
Golden Ocean Group, Ltd. (a)		174,419		1,158,441
Schibsted ASA, Class A		7,724		186,706
Schibsted ASA, Class B		7,916		175,053
Statoil ASA		23,886		396,986
				2,233,021
Pakistan — 0.0%
Askari Bank, Ltd.		426,457		81,740
Bank of Punjab (The) (a)		1,261,589		141,002
Faysal Bank, Ltd. (a)		612,233		131,343
Maple Leaf Cement Factory, Ltd.		84,000		88,921
National Bank of Pakistan		176,614		99,371
Nishat Chunian, Ltd.		240,622		117,065
Pakistan Telecommunication Co., Ltd.		238,500		35,480
Pioneer Cement, Ltd.		104,000		128,827
				823,749
Panama — 0.0%
Copa Holdings SA, Class A		2,684		314,028
Philippines (The) — 0.1%
ABS-CBN Holdings Corp. – PDR		1,199,587		990,387
Cebu Air, Inc.		133,365		259,010
Cosco Capital, Inc.		203,392		31,851
DMCI Holdings, Inc.		817,670		228,460
Energy Development Corp.		834,800		100,104
Globe Telecom, Inc.		14,119		572,964
Jollibee Foods Corp.		69,207		280,275
Lopez Holdings Corp.		3,548,276		505,425
Semirara Mining & Power Corp.		96,909		308,177
SM Investments Corp.		30,967		495,042
				3,771,695
Poland — 0.0%
Ciech SA		324		5,336
Qatar — 0.0%
United Development Co. QSC		16,119		75,294
Russia — 1.0%
Aeroflot – Russian Airlines PJSC (a) (c)		266,300		879,840
Aeroflot – Russian Airlines PJSC MOEX (a)		365,885		1,209,051
Bank St Petersburg PJSC		338,834		328,621
Etalon Group, Ltd. – GDR (d)		447,220		1,607,756
Europlan PJSC (a)		26,745		353,028
Federal Grid Co. Unified Energy System PJSC (c)		1,724,887,830		5,017,699
Gazprom PAO (c)		2,421,729		4,878,905

16

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Gazprom PAO – SPADR		970,621	$	3,867,925
Gazprom PJSC – SPADR		58,822		233,247
Global Ports Investments plc –  GDR (a)		89,911		314,626
Lenta, Ltd. – GDR (a)		44,236		257,504
Lukoil PJSC – SPADR		34,742		1,694,627
M.Video PJSC (a) (c)		24,370		162,150
Mail.Ru Group, Ltd. – GDR (a)		42,231		1,112,787
MD Medical Group Investments plc – GDR (d)		23,200		244,760
MegaFon PJSC – GDR (d)		9,549		87,531
MMC Norilsk Nickel PJSC		1,339		183,170
MMC Norilsk Nickel PJSC – ADR		17,319		239,486
Moscow Exchange MICEX-RTS PJSC (c)		820,228		1,461,041
NOVATEK OAO – GDR (d)		1,461		163,131
Polymetal International plc		13,154		147,795
Protek PJSC (c)		470,855		774,393
Rosneft PJSC – GDR (d)		105,754		575,226
RusHydro PJSC (c)		45,659,188		613,522
RusHydro PJSC – ADR		4,148,798		5,315,859
Sberbank of Russia PJSC (a) (c)		418,729		1,037,170
Sberbank PAO – SPADR – OTC Shares		508,314		5,265,453
Sistema JSFC – SPGDR – LSE Shares (d)		24,119		100,660
Sistema PJSC FC (c)		68,642		14,239
Sollers PJSC (a)		22,344		222,663
Synergy PJSC (a)		7,003		71,138
TMK PJSC		6,767		8,774
TMK PJSC – GDR (d)		60,018		318,262
United Co. RUSAL plc		369,782		180,988
X5 Retail Group NV – GDR (a)		20,663		716,476
				39,659,503
Singapore — 0.2%
Ascendas Real Estate Investment Trust – REIT		30,200		57,264
GL, Ltd.		68,900		35,787
Golden Agri-Resources, Ltd.		22,760,300		6,199,812
Great Eastern Holdings, Ltd.		40,137		724,538
Haw Par Corp., Ltd.		8,433		68,604
Singapore Telecommunications, Ltd.		18,100		51,143
United Overseas Bank, Ltd.		11,235		188,759
				7,325,907
South Africa — 0.3%
African Phoenix Investments, Ltd. (a)		3,640,881		183,705
Anglo American Platinum, Ltd. (a)		7,869		180,466
Astral Foods, Ltd.		12,562		142,174
AVI, Ltd.		41,069		298,301
Barloworld, Ltd.		18,560		154,321
Discovery, Ltd.		52,367		511,958
Emira Property Fund, Ltd. – REIT		46,719		49,468
Gold Fields, Ltd.		261,392		901,724
Gold Fields, Ltd. – SPADR		43,805		152,441
Hosken Consolidated Investments, Ltd.		87,559		893,221
Impala Platinum Holdings, Ltd. (a)		879,406		2,478,955
Kumba Iron Ore, Ltd. (a)		38,433		503,585
Lewis Group, Ltd.		69,239		172,784

	Number of Shares		Value
Liberty Holdings, Ltd.		55,383	$	476,445
Montauk Holdings, Ltd.		93,626		151,872
Naspers, Ltd.		1,243		241,743
Net 1 UEPS Technologies, Inc. (a)		7,338		72,353
Niveus Investments, Ltd.		64,512		190,445
Peregrine Holdings, Ltd.		75,390		166,484
Raubex Group, Ltd.		95,363		175,059
Rebosis Property Fund, Ltd.		124,367		108,840
Remgro, Ltd.		28,269		461,217
Sibanye Gold, Ltd.		978,533		1,124,925
Wilson Bayly Holmes-Ovcon, Ltd.		9,266		99,261
Woolworths Holdings Ltd/South Africa		4,439		20,929
				9,912,676
South Korea — 0.6%
Ahn-Gook Pharmaceutical Co., Ltd.		5,338		54,760
Binggrae Co., Ltd.		1,615		96,240
Chong Kun Dang Pharmaceutical Corp.		4,493		479,102
CJ O Shopping Co., Ltd.		348		58,190
CKD Bio Corp.		2,634		52,632
Daeduck Electronics Co.		3,978		38,456
Daehan Steel Co., Ltd.		17,592		206,323
Daewon Pharmaceutical Co., Ltd.		9,090		155,264
Daihan Pharmaceutical Co., Ltd.		5,200		156,428
Dong-Ah Geological Engineering Co., Ltd.		7,268		83,217
DongKook Pharmaceutical Co., Ltd.		2,254		124,507
Dongwha Pharm Co., Ltd.		18,996		140,693
Dongwon Industries Co., Ltd.		608		171,643
DY Corp.		4,164		28,254
F&F Co., Ltd.		5,561		134,148
Farmsco		4,210		48,939
GS Home Shopping, Inc.		2,033		411,160
GS Retail Co., Ltd.		5,617		253,227
Hana Financial Group, Inc.		5,286		209,754
Hanil Cement Co., Ltd.		1,059		106,387
Hanwha Chemical Corp.		31,987		844,323
Hanwha Corp.		16,194		670,905
Hanwha General Insurance Co., Ltd.		27,105		200,875
Harim Co., Ltd.		9,810		43,177
Hite Jinro Co., Ltd.		2,963		60,379
HwaSung Industrial Co., Ltd.		11,307		152,848
Hyundai Elevator Co., Ltd.		1,883		100,887
Hyundai Mobis Co., Ltd.		621		135,660
Hyundai Motor Co.		34,326		4,785,295
Hyundai Telecommunication Co., Ltd.		10,355		85,166
Interpark Holdings Corp.		28,605		151,260
Kia Motors Corp.		4,045		135,197
Komelon Corp.		685		6,017
Korea Aerospace Industries, Ltd.		1,365		67,990
Korea Autoglass Corp.		8,209		136,360
Korea United Pharm, Inc.		9,618		170,228
Kortek Corp.		11,245		130,227
KT Corp.		123,429		3,521,149
KT Corp. – SPADR		118,924		1,978,895
KT Skylife Co., Ltd.		1		14

17

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Kwangju Bank Co., Ltd.		17,488	$	200,002
Kyungdong Pharm Co., Ltd.		2,994		49,703
LF Corp.		10,544		276,339
LG Corp.		2,850		192,115
Lotte Shopping Co., Ltd.		667		176,935
Ls Cable & System Asia, Ltd.		14,250		79,816
LS Corp.		445		28,354
Meritz Fire & Marine Insurance Co., Ltd.		16,025		280,729
Mobase Co., Ltd.		1,668		11,269
Modetour Network, Inc.		13,132		363,438
MonAmi Co., Ltd.		10,990		36,947
Nice Information & Telecommunication, Inc.		267		6,129
Nice Total Cash Management Co., Ltd., Class C		20,536		155,798
Okong Corp.		7,606		32,940
PSK, Inc.		15,987		275,649
Pyeong Hwa Automotive Co., Ltd.		12,183		155,576
S-1 Corp.		1,170		99,228
Samjin Pharmaceutical Co., Ltd.		6,505		187,621
Samsung Electronics Co., Ltd.		571		1,184,701
Samsung Fire & Marine Insurance Co., Ltd.		349		85,829
Samsung SDI Co., Ltd.		395		59,053
Samyang Foods Co., Ltd.		11,579		513,113
Seohan Co., Ltd.		68,983		158,947
Seoho Electric Co., Ltd.		5,697		67,718
SFA Engineering Corp.		20,574		806,479
Shinhan Financial Group Co., Ltd.		12,858		555,094
Shinsegae Engineering & Construction Co., Ltd.		1,189		34,346
SK Hynix, Inc.		25,444		1,499,888
SK Telecom Co., Ltd.		98		22,750
Sungdo Engineering & Construction Co., Ltd.		30,667		199,092
Sungwoo Hitech Co., Ltd.		23,454		158,049
Visang Education, Inc.		7,070		88,010
WiSoL Co., Ltd.		26,831		367,488
				24,795,321
Spain — 0.4%
Acerinox SA		33,634		461,843
Amadeus IT Group SA, Class A		184,157		11,016,634
Banco Bilbao Vizcaya Argentaria SA		13,367		111,719
Banco Santander SA		10,910		72,635
Fomento de Construcciones y Contratas SA (a)		26,106		282,287
Grifols SA		11,633		324,419
Iberdrola SA		3,389		26,909
Industria de Diseno Textil SA		23,242		895,034
Inmobiliaria Colonial SA		4,794		41,830
Inmobiliaria del Sur SA		5,489		62,344
Mediaset Espana Comunicacion SA		26,122		325,461
Realia Business SA (a)		256,051		314,488
Telefonica SA		3,179		32,869
Viscofan SA		9,794		580,264
				14,548,736

	Number of Shares		Value
Sri Lanka — 0.0%
Dialog Axiata plc		3,558,015	$	278,419
Sweden — 0.2%
Assa Abloy AB, Class B		105,764		2,324,886
Investor AB, Class B		8,610		416,476
Kinnevik AB, Class B		3,337		102,442
Modern Times Group AB, Class B		8,920		307,248
Nordea Bank AB		30,426		388,273
Sandvik AB		51,566		812,016
Svenska Handelsbanken AB		95,128		1,366,012
Swedish Match AB		6,848		241,453
Telefonaktiebolaget LM Ericsson, Class B		69,447		500,881
Telia Co. AB		14,359		66,239
				6,525,926
Switzerland — 0.4%
ABB, Ltd. – SIX Swiss Exchange		1,076		26,620
Adecco Group AG		13,814		1,051,671
Cie Financiere Richemont SA		12,805		1,056,637
Cie Financiere Richemont SA – JSE Shares		12,269		101,433
DKSH Holding AG		1,059		86,283
Garmin, Ltd.		6,706		342,207
Geberit AG		3,662		1,709,475
Glencore plc		176,108		661,004
Helvetia Holding AG		199		114,077
Logitech International SA		22,514		826,734
Nestle SA		27,547		2,399,619
Novartis AG		28,938		2,416,582
Roche Holding AG		8,040		2,052,902
Sonova Holding AG		2,953		479,424
TE Connectivity, Ltd.		9,342		735,029
UBS Group AG		48,319		820,247
				14,879,944
Taiwan — 0.8%
Accton Technology Corp.		119,000		302,763
Acter Co., Ltd.		34,000		181,680
All Ring Tech Co., Ltd.		68,052		129,563
Allied Circuit Co., Ltd.		49,000		74,593
Ampire Co., Ltd.		295,546		164,704
AU Optronics Corp.		2,023,227		924,711
Avita Corp.		57,000		101,573
Bionime Corp.		24,652		57,557
Chang Type Industrial Co., Ltd.		11,630		19,332
Chia Chang Co., Ltd.		17,000		13,974
Chian Hsing Forging Industrial Co., Ltd.		64,818		130,462
China General Plastics Corp.		431,267		399,901
China Man-Made Fiber Corp.		138,803		37,329
China Metal Products		111,147		110,999
Chroma ATE, Inc.		53,000		170,768
Compeq Manufacturing Co., Ltd.		302,000		244,767
Darfon Electronics Corp.		177,745		164,447
Delta Electronics, Inc.		32,363		177,108
Elite Advanced Laser Corp.		70,539		318,922
Gallant Precision Machining Co., Ltd.		163,125		134,978

18

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Getac Technology Corp.		386,452	$	514,602
Globe Union Industrial Corp.		153,059		97,731
Grand Pacific Petrochemical		679,813		472,930
Hanpin Electron Co., Ltd.		101,546		132,560
Highwealth Construction Corp.		143,000		236,947
Hon Hai Precision Industry Co., Ltd. – GDR (d)		40,695		312,975
Hong YI Fiber Industry Co.		108,125		92,785
Intai Technology Corp.		24,795		98,720
ITEQ Corp.		246,452		358,962
K Laser Technology, Inc.		438,513		225,280
Kinik Co.		99,579		251,463
Kwong Lung Enterprise Co., Ltd.		153,227		224,948
Lite-On Semiconductor Corp.		80,000		82,773
Lite-On Technology Corp.		151,622		249,252
Mega Financial Holding Co., Ltd.		26,167		21,766
Namchow Chemical Industrial Co., Ltd.		81,000		171,621
Nang Kuang Pharmaceutical Co., Ltd.		25,351		34,050
Nishoku Technology, Inc.		102,568		306,557
Nuvoton Technology Corp.		95,000		137,853
PChome Online, Inc.		16,000		123,637
Powertech Technology, Inc.		187,000		577,672
Ruentex Industries, Ltd.		63,642		95,014
Sampo Corp.		210,000		121,512
Sigurd Microelectronics Corp.		188,710		170,925
Sinmag Equipment Corp.		27,400		160,351
Sunnic Technology & Merchandise, Inc.		83,668		60,932
Sunrex Technology Corp.		125,564		84,904
Taiwan FU Hsing Industrial Co., Ltd.		57,860		80,372
Taiwan PCB Techvest Co., Ltd.		51,871		53,381
Taiwan Semiconductor Co., Ltd.		62,000		84,768
Taiwan Semiconductor Manufacturing Co., Ltd.		52,655		359,315
Taiwan Semiconductor Manufacturing Co., Ltd. – SPADR		534,436		18,683,883
Taiwan Surface Mounting Technology Corp.		14,734		12,256
Teco Electric and Machinery Co., Ltd.		231,689		221,738
Thinking Electronic Industrial Co., Ltd.		56,000		155,240
Topoint Technology Co., Ltd.		167,953		136,676
Tripod Technology Corp.		130,000		414,945
Unimicron Technology Corp.		375,871		218,036
United Orthopedic Corp.		23,581		54,993
Universal Vision Biotechnology Co., Ltd.		142,989		122,487
Well Shin Technology Co., Ltd.		10,000		17,524
Wistron Corp.		780,897		796,041
Yungtay Engineering Co., Ltd.		110,000		187,322
Zeng Hsing Industrial Co., Ltd.		28,024		133,583
Zhen Ding Technology Holding, Ltd.		32,000		75,951
				31,087,364
Thailand — 0.2%
Advanced Info Service PCL, Class F		137,504		718,486
AgriPure Holdings plc		137,646		10,535
Ananda Development PCL, Class F		1,538,238		233,204

	Number of Shares		Value
Asia Plus Group Holdings PCL, Class F		351,196	$	37,632
Asian Marine Services PCL, Class F		333,100		25,495
Bangkok Bank PCL		80,169		436,565
Bangkok Bank PCL – Foreign Reg		110,507		640,856
BEC World PCL		102,700		63,488
Chiangmai Frozen Foods PCL		17,362		3,348
GFPT PCL		277,600		158,535
Kasikornbank PCL, Class F		14,100		82,807
KGI Securities Thailand PCL		1,843,295		217,050
Kiatnakin Bank PCL, Class F		52,500		110,502
Land & Houses PCL		615,255		181,206
MBK PCL, Class F		3,371,538		1,498,682
MC Group PCL, Class F		287,910		155,100
MCS Steel PCL, Class F		254,797		115,510
Mega Lifesciences PCL, Class F		220,987		182,150
Quality Houses PCL, Class F		2,760,985		209,695
Sansiri PCL, Class F		7,550,397		502,323
SPCG PCL, Class F		251,299		153,132
Syntec Construction PCL, Class F		1,130,300		166,367
TKS Technologies PCL, Class F		403,737		154,506
				6,057,174
Turkey — 0.1%
Aksa Akrilik Kimya Sanayii AS		43,440		165,167
Aksigorta AS (a)		138,123		127,940
BIM Birlesik Magazalar AS		10,351		191,791
Ford Otomotiv Sanayi AS		37,239		454,016
KOC Holding AS		139,095		639,902
Tekfen Holding AS		274,848		681,673
Tofas Turk Otomobil Fabrikasi AS		21,919		179,746
Trakya Cam Sanayii AS		55,412		60,945
Turkiye Garanti Bankasi AS		41,444		115,296
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (a)		69,300		235,357
				2,851,833
Ukraine — 0.1%
MHP SA – GDR – OTC Shares (d)		479,938		4,686,227
United Arab Emirates — 0.0%
Al Waha Capital PJSC		82,382		38,516
Dubai Investments PJSC		382,701		216,488
RAK Properties PJSC		406,411		70,701
				325,705
United Kingdom — 4.7%
3i Group plc		159,246		1,874,922
Admiral Group plc		34,725		906,241
AMEC Foster Wheeler plc		26,782		163,383
Anglo American plc – LSE Shares (a)		109,883		1,472,638
Associated British Foods plc		2,500		95,622
AstraZeneca plc		3,297		220,962
Auto Trader Group plc (b)		27,601		136,663
Aviva plc		31,360		215,057
BAE Systems plc		112,997		933,689
Barclays plc		5,455,126		14,435,980
Barratt Developments plc		20,318		149,189
Belmond, Ltd., Class A (a)		98,646		1,311,992
Berendsen plc		17,422		279,337

19

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
BHP Billiton plc		25,525	$	391,057
Bovis Homes Group plc		7,323		91,189
BP plc		384,195		2,219,516
British American Tobacco plc		1,358		92,456
BT Group plc		5,337,527		20,496,871
Bunzl plc		47,463		1,415,776
Capita plc		78,497		707,094
Carnival plc		11,454		758,422
Centrica plc		16,182		42,181
Close Brothers Group plc		5,996		117,921
CNH Industrial NV – ISE Shares		113,335		1,289,897
Compass Group plc		84,278		1,779,490
ConvaTec Group plc (a) (b)		233,350		970,410
Daily Mail & General Trust plc, Class A		44,505		386,797
Devro plc		54,731		147,354
Diageo plc		301,793		8,921,416
Dixons Carphone plc		44,129		163,165
easyJet plc		19,809		350,755
EI Group plc (a)		84,920		142,136
Ferroglobe plc		13,305		158,995
Ferroglobe plc – ENT (c)		17,904		—
Fiat Chrysler Automobiles NV – NYSE Shares (a)		43,888		466,529
Flybe Group plc (a)		1,004,065		479,169
G4S plc		234,765		998,861
Gem Diamonds, Ltd. (a)		208,821		249,972
GKN plc		64,960		276,124
GlaxoSmithKline plc		3,132		66,715
GVC Holdings plc		35,753		352,385
Hansteen Holdings plc – REIT		66,435		107,818
Hays plc		320,838		694,241
HomeServe plc		85,481		819,377
Howden Joinery Group plc		157,032		832,836
HSBC Holdings plc – LSE Shares		28,108		260,900
HSBC Holdings plc – SEHK Shares		53,646		499,319
Hummingbird Resources plc (a)		322,316		110,728
IG Group Holdings plc		60,447		447,517
IMI plc		4,555		70,940
Inchcape plc		13,720		134,933
Informa plc		49,105		428,247
InterContinental Hotels Group plc		221,505		12,310,405
International Consolidated Airlines Group SA		2,343,932		18,665,924
International Personal Finance plc		80,080		175,883
Intertek Group plc		101,005		5,555,379
ITV plc		393,006		929,486
J D Wetherspoon plc		13,254		168,399
John Wood Group plc		15,750		131,746
Jupiter Fund Management plc		43,553		286,630
Just Eat plc (a)		43,424		370,727
Kingfisher plc, Class A		18,097		70,877
Liberty Global plc, Class A (a)		37,159		1,193,547
Liberty Global plc, Class C (a)		42,644		1,329,640
Liberty Global plc LiLAC, Class A (a)		11,811		257,125
Liberty Global plc LiLAC, Class C (a)		8,575		183,591

	Number of Shares		Value
LivaNova plc (a)		5,717	$	349,938
Lloyds Banking Group plc		28,219,182		24,356,734
Luceco plc (b)		48,278		150,989
McCarthy & Stone plc (b)		38,639		82,935
Merlin Entertainments plc (b)		148,534		930,225
Michael Kors Holdings, Ltd. (a)		19,578		709,703
Michelmersh Brick Holdings plc		973,360		963,868
Moneysupermarket.com Group plc		81,681		376,216
National Express Group plc		19,868		94,851
National Grid plc		21,310		264,494
Nex Group plc		105,092		855,389
Next plc		5,115		256,891
Non-Standard Finance plc (b)		100,146		95,493
Old Mutual plc – LSE Shares		112,761		284,144
Pagegroup plc		86,947		538,947
Paragon Group of Co. plc		84,191		468,517
Petrofac, Ltd.		5,968		34,454
Pets at Home Group plc		78,481		164,746
Provident Financial plc		25,030		793,623
Reckitt Benckiser Group plc		71,783		7,283,288
RELX plc		55,568		1,202,487
Rightmove plc		28,409		1,573,465
Rio Tinto plc		24,938		1,051,478
Rockhopper Exploration plc (a)		128,450		38,957
Rolls Royce Holdings plc (a) (c)		1,789,555		2,331
Rolls Royce Holdings plc – LSE Shares		91,536		1,063,790
Rotork plc		26,285		80,713
Royal Bank of Scotland Group plc (a)		92,352		297,613
Sage Group plc (The)		936,445		8,397,522
Serco Group plc (a)		331,697		496,880
Sky plc		18,142		234,875
Smith & Nephew plc		21,036		363,361
Spectris plc		16,145		531,408
SSP Group plc		136,977		848,865
St James’s Place plc		26,945		414,984
Stagecoach Group plc		99,257		240,932
Standard Chartered plc – LSE (a)		34,823		353,222
TalkTalk Telecom Group plc		88,510		208,151
Taylor Wimpey plc		38,177		87,649
TechnipFMC plc (a)		3,497		95,075
Tesco plc (a)		599,143		1,319,576
Thomas Cook Group plc		476,787		558,587
TP ICAP plc		21,542		131,194
Travis Perkins plc		2,972		56,362
Tungsten Corp. plc (a)		41,268		35,761
Unilever plc		209,980		11,373,919
Vodafone Group plc		234,660		665,916
WH Smith plc		29,514		659,707
Willis Towers Watson plc		7,593		1,104,478
Worldpay Group plc (b)		92,235		378,325
WPP plc		31,500		662,761
				185,350,332

20

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Number of Shares		Value
Vietnam — 0.0%
Luks Group Vietnam Holdings Co., Ltd.		1,682,000	$	547,107
Masan Group Corp.		351,310		649,393
				1,196,500
Total Foreign Common Stocks (Cost $1,109,706,931)				1,265,065,650
Total Common Stocks (Cost $1,788,264,398)				2,049,771,365
Participation Notes — 0.8%
Citigroup Global Markets Holdings Inc., Midea Group Co., Ltd., Equity Linked Notes, Expiring 02/08/18 (China) (b) (c)		65,600		416,444
HSBC Bank plc, China Merchants Bank Co., Ltd., Equity Linked Notes, Expiring 02/11/19 (China) (b) (c)		343,200		1,210,024
HSBC Bank plc, Gree Electric Appliances, Inc., Equity Linked Notes, Expiring 12/04/18 (China) (b) (c)		123,000		746,976
HSBC Bank plc, Hangzhou Robam Appliances Co., Equity Linked Notes, Expiring 06/20/19 (China) (b) (c)		681,850		4,370,271
HSBC Bank plc, Henan Shuanghui Investment & Development Co., Ltd., Equity Linked Notes, Expiring 06/12/23 (China) (b) (c)		417,400		1,461,562
HSBC Bank plc, New China Life Insurance Co., Ltd., Equity Linked Notes, Expiring 06/06/22 (China) (b) (c)		141,300		1,071,146
HSBC Bank plc, Ningbo Xinhai Electric Co., Ltd., Equity Linked Notes, Expiring 09/09/19 (China) (b) (c)		290,527		2,204,947
Morgan Stanley Asia Products Limited, Midea Group Co., Ltd., Equity Linked Notes, Expiring 07/03/18 (China) (b) (c)		429,500		2,726,566
UBS AG, Beijing Originwater Technology Co., Ltd., Equity Linked Notes, Expiring 04/13/18 (China) (b) (c)		404,448		1,112,465
UBS AG, China Merchants Bank Co., Ltd., Equity Linked Notes, Expiring 01/22/18 (China) (b) (c)		337,430		1,189,681
UBS AG, Hangzhou Hikvision Digital Technology Co., Ltd., Equity Linked Notes, Expiring 07/17/17 (China) (b) (c)		433,062		2,057,818
UBS AG, Huadong Medicine Group Co., Ltd., Equity Linked Notes, Expiring 01/10/18 (China) (b) (c)		481,260		3,528,412
UBS AG, Midea Group Co., Ltd., Equity Linked Notes, Expiring 01/10/18 (China) (b) (c)		831,224		5,276,804
UBS AG, Ningbo Xinhai Electric Co., Ltd., Equity Linked Notes, Expiring 12/18/17 (China) (b) (c)		282,011		2,140,315
Total Participation Notes (Cost $21,562,695)				29,513,431

	Number of Contracts		Value
Rights — 0.0%
Bank of Punjab (The), Expiring 07/12/17 (Pakistan) (a) (Cost $0)		1,822,509	$	521
Warrants — 0.1%
American International Group, Inc., Expiring 01/19/21 (United States) (a)		91,566		1,930,211
Bank of America Corp., Expiring 01/16/19 (United States) (a)		149,293		1,797,488
Bank of America Corp., Expiring 10/28/18 (United States) (a)		49,322		38,964
Capital One Financial Corp., Expiring 11/14/18 (United States) (a)		3,334		138,328
Citigroup, Inc., Expiring 01/04/19 (United States) (a)		177,799		26,670
Conyers Park Acquisition Corp, Expiring 09/06/21 (United States) (a)		24,837		65,073
d’Amico International Shipping SA, Expiring 06/30/22 (Luxembourg)		311,203		31,599
JPMorgan Chase & Co., Expiring 10/28/18 (United States) (a)		6,319		317,782
OSK Holdings Berhad, Expiring 07/22/20 (Malaysia) (a)		114,260		7,719
PNC Financial Services Group, Inc. (The), Expiring 12/31/18 (United States) (a)		8,025		462,481
Tamburi Investment Partners SpA, Expiring 06/30/20 (Italy) (a)		13,006		15,286
Wells Fargo & Co., Expiring 10/28/18 (United States) (a)		7,817		173,537
Total Warrants (Cost $3,466,456)				5,005,138

	Principal Amount		Value
Convertible Bonds — 0.0%
Industrial — 0.0%
Scorpio Tankers, Inc. (b) 2.375%, 07/01/19	$	90,000	$	80,437
Materials — 0.0%
TerraVia Holdings, Inc. 5.000%, 10/01/19		501,400		180,504
Total Convertible Bonds (Cost $298,592)				260,941
US Treasury Bonds/Notes — 8.8%
US Treasury Inflation Indexed Note 0.125%, 04/15/20		32,679,391		32,729,685
US Treasury Inflation Indexed Note 1.125%, 01/15/21		12,987,674		13,486,414
US Treasury Inflation Indexed Note 0.125%, 04/15/21		23,933,352		23,896,902
US Treasury Inflation Indexed Note 0.625%, 07/15/21		6,975,393		7,148,745
US Treasury Inflation Indexed Note 0.125%, 01/15/22		11,774,834		11,757,219
US Treasury Inflation Indexed Note 0.125%, 07/15/22		31,704,922		31,664,467
US Treasury Note 0.625%, 04/30/18		26,477,000		26,336,354
US Treasury Note 1.625%, 04/30/19		43,292,000		43,479,714
US Treasury Note 1.375%, 05/31/20		43,570,000		43,360,646
US Treasury Note 2.250%, 03/31/21		8,503,000		8,670,739

21

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

	Principal Amount		Value
US Treasury Note 1.750%, 04/30/22	$	35,267,000	$	35,064,497
US Treasury Note 1.500%, 03/31/23		38,715,000		37,653,357
US Treasury Note 2.500%, 05/15/24		3,585,000		3,673,083
US Treasury Note 2.125%, 05/15/25		4,400,000		4,372,328
US Treasury Note 2.000%, 11/15/26		21,720,000		21,178,694
Total US Treasury Bonds/Notes (Cost $347,051,733)				344,472,844

	Number of Shares		Value
Acquired Funds — 21.7%
Exchange-Traded Funds (ETFs) — 3.8%
Energy Select Sector SPDR Fund		573,000	$	37,199,160
Financial Select Sector SPDR Fund		2,567,000		63,327,890
Vanguard FTSE Europe ETF		825,900		45,540,126
				146,067,176
Private Investment Funds (e) — 17.9%
Adage Capital Partners, LP (a) (c) (f)				47,853,016
AJO Emerging Markets Hedge Fund, LP (a) (c) (f)				20,203,435
AJO Emerging Markets Offshore Fund, Ltd. (a) (c) (f)		15,000		15,155,653
Canyon Value Realization Fund, LP (a) (c) (f)				85,152,748
Convexity Capital Offshore, LP (a) (c) (f)				42,806,287
Cumulus Fund, Ltd. (a) (c) (f)		70,391		41,928,755
Farallon Capital Institutional Partners, LP (a) (c) (f)				3,315,911
GSA Trend Fund, Ltd. (a) (c) (f)		552,831		48,442,251
Honeycomb Partners, LP (a) (c) (f)				57,778,677
Hudson Bay International, Ltd. (a) (c) (f)		45,000		45,876,463
Lansdowne Developed Markets Fund, Ltd. (a) (c) (f)		223,619		143,716,292
Latimer Light Partners, LP (a) (c) (f)				47,231,746
Man AHL Short Term Trading Limited (a) (c) (f)		19,679,229		19,715,475
OZ Domestic Partners, LP (a) (c) (f)				248,512
QVT Roiv Hldgs Onshore, Ltd. (a) (c) (f)		3,114		4,512,881
Soroban Cayman Fund, Ltd. (a) (c) (f)		22,382		46,584,421
Tessera Offshore Fund, Ltd. (a) (c) (f)		2,500		25,590,624
				696,113,147
Total Acquired Funds (Cost $722,436,047)				842,180,323
Publicly Traded Limited Partnerships — 0.0%
KKR & Co., LP		26,009		483,767
Lazard Ltd.		29,515		1,367,430
Total Publicly Traded Limited Partnerships (Cost $2,072,017)				1,851,197
Preferred Stocks — 0.3%
Banco ABC Brasil SA, 6.73% (Brazil)		42,223		213,989
Banco do Estado do Rio Grande do Sul SA, 5.07% (Brazil)		48,798		193,548
Bancolombia SA, 2.71% (Colombia)		31,190		346,955
Bayerische Motoren Werke AG, 4.80% (Germany)		84		6,931
Centrais Eletricas Brasileiras SA, 10.41% (Brazil)		737,600		3,653,602

	Number of Shares		Value
Cia de Saneamento do Parana, 6.09% (Brazil)		21,237	$	69,873
Hyundai Motor Co., Ltd., 3.45% (South Korea)		2,083		212,102
Hyundai Motor Co., Ltd., 3.58% (South Korea)		2,077		204,721
Itausa – Investimentos Itau SA, 6.42% (Brazil)		71,584		194,901
Marcopolo SA, 4.67% (Brazil)		38,802		33,263
Porsche Automobil Holding SE, 2.00% (Germany)		5,867		329,642
Samsung SDI Co., Ltd., 1.50% (South Korea)		2,122		3,449,266
Saraiva SA Livreiros Editores, 3.73% (Brazil)		55,100		79,501
Sberbank of Russia PJSC, 4.98% (Russia)		107,020		218,231
Volkswagen AG, 1.52% (Germany)		4,803		732,548
Total Preferred Stocks (Cost $10,425,420)				9,939,073

	Number of Contracts		Value
Purchased Option Contracts — 0.0%
Puts — 0.0%
S&P 500 Index Strike Price $2395.00, Expiring 07/21/17 (United States)
(Cost $2,338,536)		63,600	$	739,668

	Number of Units		Value
Disputed Claims Receipt — 0.0%
AMR Corp. (a) (c) (f)
(Cost $0)		260,322	$	398,293

	Principal Amount		Value
Short-Term Investments — 15.3%
Repurchase Agreement — 3.5%
Fixed Income Clearing Corp. issued on 06/30/17 (proceeds at maturity $136,996,972) (collateralized by US Treasury Notes, due 03/31/24 through 06/30/24 with a total par value of $140,765,000 and a total market value of $139,741,352) 0.120%, 07/03/17
(Cost $136,995,602)	$	136,995,602	$	136,995,602
US Treasury Bills (g) — 11.8%
US Treasury Bill, due on 08/03/17		80,000,000		79,954,167
US Treasury Bill, due on 08/31/17		5,000,000		4,992,480
US Treasury Bill, due on 09/21/17 (h) (i)		70,000,000		69,849,500
US Treasury Bill, due on 10/05/17 (j)		50,000,000		49,868,150
US Treasury Bill, due on 10/19/17 (j)		50,000,000		49,846,400
US Treasury Bill, due on 12/07/17 (h) (i) (j)		30,000,000		29,860,650
US Treasury Bill, due on 12/14/17 (j)		40,000,000		39,806,400
US Treasury Bill, due on 12/21/17 (j)		60,000,000		59,695,500
US Treasury Bill, due on 12/28/17 (j)		75,000,000		74,585,625
Total US Treasury Bills (Cost $458,471,513)				458,458,872
Total Short-Term Investments (Cost $595,467,115)				595,454,474
Total Investments — 99.5% (Cost $3,493,383,009)				3,879,587,268
Other Assets in Excess of Liabilities — 0.5%				21,078,674
Net Assets — 100.0%			$	3,900,665,942

22

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

Financial Futures Contracts

Number of Contracts	Type		Initial Notional Value/(Proceeds)			Notional Value at June 30, 2017			Unrealized Appreciation/ (Depreciation)
		Long Financial Futures Contracts
		Equity-Related
614		September 2017 Mini MSCI Emerging Market	$	30,752,236		$	30,954,810		$	202,574
408		September 2017 S&P 500 e-Mini Index		49,625,772			49,386,360			(239,412	)
										(36,838	)
		Short Financial Futures Contracts
		Foreign Currency-Related
(1,057)		September 2017 Japanese Yen		(120,526,284	)		(117,723,375	)		2,802,909
		Equity-Related
(318)		September 2017 Mini MSCI EAFE		(30,022,227	)		(30,044,640	)		(22,413	)
										2,780,496
									$	2,743,658

Forward Currency Contracts

Contract Settlement Date	Counterparty		Contract Amount				Unrealized Depreciation
			Receive		Deliver
11/17/2017		Goldman Sachs International		USD  27,000,000		CNH  191,701,500	$	(1,009,024	)
01/17/2018		Goldman Sachs International		USD  27,000,000		CNH  191,088,500		(801,750	)
05/04/2018		Barclays Bank plc		USD   6,000,000		CNH   42,516,000		(141,435	)
05/29/2018		Goldman Sachs International		USD   8,000,000		CNH   56,540,000		(153,885	)
							$	(2,106,094	)

Swap Contracts

Expiration Date

Counterparty

Pay

Receive

Currency

Notional Amount

Unrealized Depreciation

Total Return Swap Contracts

Long Total Return Swap Contracts

07/02/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXII Limited – KCP Segregated Portfolio

USD

$

197,997,601

$

(2,644,577

)

07/02/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXIII Limited – KGCP Segregated Portfolio

USD

75,374,110

(1,381,915

)

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXV Limited – Clinton Quantitative Segregated Portfolio

USD

72,996,343

(727,434

)

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXVI Limited – Welton Nexus Segregated Portfolio

USD

42,707,325

(453,215

)

$

(5,207,141

)

ADR	American Depositary Receipt
ASE	American Stock Exchange
BATS	Better Alternative Trading System
CNH	Yuan Renminbi Offshore
CVA	Certification Van Aandelen or Certificate of Share
EAFE	Europe, Australasia, and Far East
ENT	Entitlement Shares
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
GDR	Global Depositary Receipt
ISE	Italian Stock Exchange
JSE	Johannesburg Stock Exchange
LIBOR	London Interbank Offered Rate
LSE	London Stock Exchange

MOEX	Moscow Exchange
MSCI	Morgan Stanley Capital International
MTF	Multilateral Trading Facility
NYSE	New York Stock Exchange
OTC	Over-the-Counter
PDR	Philippine Depositary Receipt
REIT	Real Estate Investment Trust
SEHK	Stock Exchange of Hong Kong
SPADR	Sponsored ADR
SPGDR	Sponsored GDR
TSX	Toronto Stock Exchange
UNIT	A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a predetermined date.
USD	US Dollar

23

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)* June 30, 2017 

* Approximately 8% of the fund’s total investments are maintained to cover “senior securities transactions” which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund’s “senior securities” holdings to maintain proper coverage for the transactions.

(a) Non income-producing security.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid in accordance with procedures approved by the board of trustees.

(c) Security is valued in good faith under procedures established by the board of trustees. The aggregate amount of securities fair valued amounts to $742,516,654, which represents 19.0% of the fund’s net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to investors outside the United States.

(e) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2017. These positions are therefore grouped into their own industry classification.

(f) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2017, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid, with the exception of Canyon Value Realization Fund, LP, AJO Emerging Markets Hedge Fund, LP and AJO Emerging Markets Offshore Fund, Ltd. TIP’s valuation committee has deemed 10% of Canyon Value Realization Fund, LP and 5% of AJO Emerging Markets Hedge Fund, LP and AJO Emerging Markets Offshore Fund, Ltd., respectively, to be illiquid in accordance with procedures approved by the TIP board of trustees. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.

Private Investment Funds	Investment Strategy		Date of Acquisition		Cost		Value
Adage Capital Partners, LP		US Equity		07/01/16	$	40,000,000	$	47,853,016
AJO Emerging Markets Hedge Fund, LP		Long-Short Emerging Markets Equity		03/01/17		20,000,000		20,203,435
AJO Emerging Markets Offshore Fund, Ltd.		Long-Short Emerging Markets Equity		03/01/17		15,000,000		15,155,653
Canyon Value Realization Fund, LP		Multi-Strategy		12/31/97 – 04/03/06		23,797,935		85,152,748
Convexity Capital Offshore, LP		Relative Value		02/16/06 – 04/01/13		52,029,177		42,806,287
Cumulus Fund, Ltd.		Macro Energy		09/01/16 – 03/01/17		53,000,000		41,928,755
Farallon Capital Institutional Partners, LP		Multi-Strategy		01/01/13		2,525,747		3,315,911
GSA Trend Fund, Ltd.		Trend Following		09/01/16 – 12/01/16		55,000,000		48,442,251
Honeycomb Partners, LP		Long-Short Global		07/01/16 – 03/01/17		50,000,000		57,778,677
Hudson Bay International, Ltd.		Relative Value		07/01/14		45,003,892		45,876,463
Lansdowne Developed Markets Fund, Ltd.		Long-Short Global		06/01/06 – 04/01/13		88,096,421		143,716,292
Latimer Light Partners, LP		Long-Short Global		10/01/15 – 01/01/16		47,479,807		47,231,746
Man AHL Short Term Trading Limited		Currency Trading		08/01/16		20,000,000		19,715,475
OZ Domestic Partners, LP		Multi-Strategy		09/30/03		782,078		248,512
QVT Roiv Hldgs Onshore, Ltd.		Multi-Strategy		01/05/16		3,114,245		4,512,881
Soroban Cayman Fund, Ltd.		Long-Short Global		07/01/16 – 01/01/17		41,000,000		46,584,421
Tessera Offshore Fund, Ltd.		Long-Short US Small-Cap		01/01/17		25,000,000		25,590,624
								696,113,147
Disputed Claims Receipt
AMR Corp.				12/09/13		—		398,293
Total (17.9% of Net Assets)							$	696,511,440

(g) Treasury bills and discount notes do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.

(h) Security or a portion thereof is pledged as collateral for swap contracts.

(i) Security or a portion thereof is held as initial margin for financial futures contracts.

(j) Security or a portion thereof is pledged as collateral for forward currency contracts.

See accompanying Notes to Financial Statements.

24

 
 
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25

TIFF Multi-Asset Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2017
Assets
Investments in securities, at value (cost: $3,356,387,407)	$	3,742,591,666
Repurchase agreements (cost: $136,995,602)		136,995,602
Total investments (cost: $3,493,383,009)		3,879,587,268
Advance purchase of investments		8,400,190
Due from broker for futures variation margin		740,241
Cash		22,138
Cash denominated in foreign currencies (cost: $21,946,372)		21,829,853
Total Cash		21,851,991
Receivables:
Investment securities sold		12,804,815
Dividends and tax reclaims		4,658,579
Capital stock sold		3,012,053
Interest		709,501
Prepaid expenses		24,514
Total Assets		3,931,789,152
Liabilities
Swap contracts, at value		5,207,141
Unrealized depreciation on forward currency contracts		2,106,094
Foreign currencies sold short, at value (proceeds $164)		164
Payables:
Investment securities purchased		10,540,070
Money manager fees		5,444,805
Capital stock redeemed		3,060,302
Distributions		2,372,230
Accrued expenses and other liabilities		1,602,570
Investment advisory and administrative fees		789,834
Total Liabilities		31,123,210
Net Assets	$	3,900,665,942
Shares Outstanding (unlimited authorized shares, par value $0.001)		255,933,946
Net Asset Value Per Share	$	15.24
Net Assets Consist of:
Capital stock	$	3,641,327,229
Distributions in excess of net investment income		(133,128,962	)
Accumulated net realized gain on investments		11,188,401
Net unrealized appreciation on investments, derivatives, and foreign currencies		381,279,274
	$	3,900,665,942

See accompanying Notes to Financial Statements.

26

TIFF Multi-Asset Fund

Statement of Operations (Unaudited)

	Six Months Ended June 30, 2017
Investment Income
Dividends (net of foreign withholding taxes of $1,867,538)	$	27,530,376
Interest		5,129,024
Other Income		101,842
Total Investment Income		32,761,242
Expenses
Money manager fees		10,926,696
Investment advisory fees		4,367,335
Fund administration fees		2,552,050
Administrative fees		408,121
Professional fees		321,740
Chief compliance officer fees		105,306
Dividends and interest		16,786
Miscellaneous fees and other		178,779
Total Expenses		18,876,813
Net Investment Income		13,884,429
Net Realized Gain (Loss) on:
Investments (net of foreign withholding taxes on capital gains of $804,910)		67,521,690
Swap contracts		14,031,700
Financial futures contracts		(880,683	)
Foreign currency-related transactions		(529,172	)
Options written		26,564
Net Realized Gain (Loss) on Investments, Derivatives, and Foreign Currencies		80,170,099
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		235,545,861
Swap contracts		(4,251,299	)
Financial futures contracts		2,699,754
Forward currency contracts		(2,855,478	)
Foreign currency-related transactions		555,890
Net Change in Unrealized Appreciation (Depreciation) on Investments, Derivatives, and Foreign Currencies		231,694,728
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies		311,864,827
Net Increase in Net Assets Resulting from Operations	$	325,749,256

See accompanying Notes to Financial Statements.

27

TIFF Multi-Asset Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets From Operations
Net investment income	$	13,884,429		$	30,932,614
Net realized gain (loss) on investments, derivatives, and foreign currencies		80,170,099			94,584,243
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies		231,694,728			57,084,881
Net Increase in Net Assets Resulting from Operations		325,749,256			182,601,738
Distributions
From net investment income		(10,815,219	)		(13,850,820	)
From net realized gains		—			(87,100,676	)
Return of capital		—			(121,495,664	)
Decrease in Net Assets Resulting from Distributions		(10,815,219	)		(222,447,160	)
Capital Share Transactions
Proceeds from shares sold		27,767,543			86,206,165
Proceeds from distributions reinvested		7,359,003			115,173,284
Entry/exit fees		2,850,330			4,779,031
Cost of shares redeemed		(579,223,504	)		(877,022,191	)
Net Decrease From Capital Share Transactions		(541,246,628	)		(670,863,711	)
Total Decrease in Net Assets		(226,312,591	)		(710,709,133	)
Net Assets
Beginning of period		4,126,978,533			4,837,687,666
End of period	$	3,900,665,942		$	4,126,978,533
Including distributions in excess of net investment income	$	(133,128,962	)	$	(136,198,172	)
Capital Share Transactions (in shares)
Shares sold		1,889,067			6,007,010
Shares reinvested		477,287			8,135,478
Shares redeemed		(38,771,185	)		(61,171,510	)
Net Decrease		(36,404,831	)		(47,029,022	)

See accompanying Notes to Financial Statements.

28

TIFF Multi-Asset Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2017
Cash flows provided by (used in) operating activities
Net increase (decrease) in net assets resulting from operations	$	325,749,256
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(847,970,420	)
Investments sold		1,235,658,085
(Purchase)/Sale of short term investments, net		146,021,049
Amortization (accretion) of discount and premium, net		(1,089,320	)
Change in swap contracts, at value		4,251,299
(Increase)/decrease in advance purchase of investments		20,099,810
(Increase)/decrease in due from broker for futures variation margin		(1,017,561	)
(Increase)/decrease in unrealized appreciation on forward currency contracts		2,855,478
(Increase)/decrease in interest receivable		323,520
(Increase)/decrease in receivable for dividends and tax reclaims		(1,105,251	)
(Increase)/decrease in prepaid expenses		66,409
Increase/(decrease) in payable for foreign currencies sold short		(236	)
Increase/(decrease) in payable for money manager fees		(3,846,947	)
Increase/(decrease) in accrued expenses and other liabilities		(670,951	)
Increase/(decrease) in payable for investment advisory and administrative fees		(47,976	)
Net realized (gain) loss from investments		(67,521,690	)
Net change in unrealized (appreciation) depreciation on investments		(235,545,861	)
Net cash provided by (used in) operating activities		576,208,693
Cash flows provided by (used in) financing activities
Increase (decrease) in cash overdraft		(201,272	)
Distributions paid to shareholders		(1,083,986	)
Proceeds from shares sold		24,974,755
Payment for shares redeemed		(589,398,229	)
Net cash provided by (used in) financing activities		(565,708,732	)
Net increase (decrease) in cash		10,499,961
Cash at beginning of period		11,352,030
Cash at end of period	$	21,851,991
Non cash financing activities not included herein consist of reinvestment of distributions of:	$	7,359,003
Cash paid for interest expense	$	16,786

See accompanying Notes to Financial Statements.

29

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

1.  Organization

TIFF Investment Program (“TIP”) is a no-load, open-end management investment company that seeks to improve the net investment returns of its members through two investment vehicles, each with its own investment objective and policies. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of June 30, 2017, TIP consisted of two mutual funds, TIFF Multi-Asset Fund (“MAF” or the “fund”) and TIFF Short-Term Fund, each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). The financial statements and notes presented here relate only to MAF.

Investment Objective

The fund’s investment objective is to attain a growing stream of current income and appreciation of principal that at least offset inflation.

2.  Summary of Significant Accounting Policies

The fund operates as a diversified investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

The preparation of financial statements in conformity with US generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

Valuation of Investments

Generally, the following valuation policies are applied to securities for which market quotations are readily available. Securities listed on a securities exchange or traded on the National Association of Securities Dealers National Market System (“NASDAQ”) for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded or at the NASDAQ official closing price, respectively, on the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services, which consider such factors as security prices, yields, maturities, and ratings, and are deemed representative of market values at the close of the market. Over-the-counter (“OTC”) stocks not quoted on NASDAQ and foreign stocks that are traded OTC are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the first session of the New York Stock Exchange. Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Exchange-traded and OTC options and futures contracts are valued at the last posted settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short futures and written option sales contracts). Forward foreign currency exchange contracts are valued at their respective fair market values. Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value. The fund has established a pricing hierarchy to determine the order of pricing sources utilized in valuing its portfolio holdings. The pricing hierarchy has been approved by the TIP board of trustees (the “board”).

The fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and OTC markets) and the time at which the net asset value of the fund is determined. If the TIP Valuation Committee believes that a particular event would materially affect net asset value, further adjustment is considered.

MAF invests in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by MAF are generally securities for which market quotations are not readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The board has approved valuation procedures pursuant to which MAF values its

30

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

interests in private investment funds at “fair value.” MAF determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time MAF values its portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that MAF could reasonably expect to receive from the private investment fund if MAF’s interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that MAF believes is reliable.

Securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith under procedures established by the board. Such procedures use fundamental valuation methods, which may include, but are not limited to, the analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

Fair value is defined as the price that the fund could reasonably expect to receive upon selling an asset or pay to transfer a liability in a timely transaction to an independent buyer in the principal or most advantageous market for the asset or liability, respectively. A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1  — quoted prices in active markets for identical assets and liabilities

Level 2  —  other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)

Level 3  —  significant unobservable inputs (including the fund’s own assumptions in determining the fair value of assets and liabilities)

31

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

The following is a summary of the inputs used as of June 30, 2017 in valuing the fund’s assets and liabilities carried at fair value:

TIFF Multi-Asset Fund

Valuation Inputs	Level 1			Level 2			Level 3			Total
Assets
Common Stocks* +	$	939,382,410		$	1,110,388,955		$	—		$	2,049,771,365
Participation Notes		—			29,513,431			—			29,513,431
Rights*		—			521			—			521
Warrants*		4,950,534			54,604			—			5,005,138
Convertible Bonds		—			260,941			—			260,941
US Treasury Bonds/Notes		344,472,844			—			—			344,472,844
Exchange-Traded Funds		146,067,176			—			—			146,067,176
Private Investment Funds		—			—			696,113,147			696,113,147
Publicly Traded Limited Partnerships		1,851,197			—			—			1,851,197
Preferred Stocks*		—			9,939,073			—			9,939,073
Purchased Options		739,668			—			—			739,668
Disputed Claims Receipt		—			—			398,293			398,293
Short-Term Investments		595,454,474			—			—			595,454,474
Total Investments in Securities		2,032,918,303			1,150,157,525			696,511,440			3,879,587,268
Financial Futures Contracts – Equity Risk		202,574			—			—			202,574
Financial Futures Contracts – Foreign Currency Risk		2,802,909			—			—			2,802,909
Total Other Financial Instruments		3,005,483			—			—			3,005,483
Total Assets	$	2,035,923,786		$	1,150,157,525		$	696,511,440		$	3,882,592,751
Liabilities
Financial Futures Contracts – Equity Risk	$	(261,825	)	$	—		$	—		$	(261,825	)
Forward Currency Contracts – Foreign Currency Risk		—			(2,106,094	)		—			(2,106,094	)
Swap Contracts – Equity Risk		—			—			(5,207,141	)		(5,207,141	)
Total Other Financial Instruments		(261,825)			(2,106,094)			(5,207,141)			(7,575,060)
Total Liabilities	$	(261,825)		$	(2,106,094)		$	(5,207,141)		$	(7,575,060)

* Securities categorized as Level 2 primarily include listed foreign equities whose values have been adjusted with factors to reflect changes to foreign markets after market close.

+ There are securities in this category that have a market value of zero and are categorized as Level 3.

During the period ended June 30, 2017, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the fund. This does not include transfers between Level 1 investments and Level 2 investments due to the fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described earlier within Note 1, international fair value pricing of securities occurs on certain portfolio securities when available. International fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The fund recognizes transfers into and transfers out of the valuation levels at the beginning of the reporting period.

32

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2016			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, 2017			Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 06/30/17 for the period ended 06/30/17
Common Stocks*	$	—		$	—	$	3,712,321		$	—	$	—		$	—	$	(3,712,321	)	$	—		$	—
Disputed Claims Receipt		471,183			—		(72,890	)		—		—			—		—			398,293			(72,890	)
Private Investment Funds		608,111,181			18,694		31,982,505			81,500,000		(25,499,233	)		—		—			696,113,147			31,982,502
Swap Contracts		(955,842	)		14,031,700		(4,251,299	)		4,597,526,464		(4,611,558,164	)		—		—			(5,207,141	)		(4,251,299	)
Total	$	607,626,522		$	14,050,394	$	31,370,637		$	4,679,026,464	$	(4,637,057,397	)	$	—	$	(3,712,321	)	$	691,304,299		$	27,658,313

* There are Common Stocks categorized as Level 3 that have a market value of zero.

Securities designated as Level 3 in the fair value hierarchy are valued using methodologies and procedures established by the board, and the TIP Valuation Committee, which was established to serve as an agent of the board. Management is responsible for the execution of these valuation procedures. Transfers to/from, or additions to, Level 3 require a determination of the valuation methodology, including the use of unobservable inputs, by the TIP Valuation Committee.

The TIP Valuation Committee meets no less than quarterly to review the methodologies and significant unobservable inputs currently in use, and to adjust the pricing models as necessary. Any adjustments to the pricing models are documented in the minutes of the TIP Valuation Committee meetings, which are provided to the board on a quarterly basis.

The following is a summary of the procedures and significant unobservable inputs used in Level 3 investments:

Common Stocks and Disputed Claims Receipt.  Securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith under procedures established by the board. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. On a quarterly basis, the TIP Valuation Committee reviews the valuations in light of current information available about the issuer, security, or market trends to adjust the pricing models, if deemed necessary.

Swap Contracts.  The swap contracts held expose MAF to the returns, either positive or negative, of special purpose vehicles (SPVs) that hold actively managed portfolios of marketable investments. The SPVs were created by Morgan Stanley Capital Services LLC, the swap counterparty, and are valued daily by the administrators of the SPVs based on the value of the assets held by the SPVs. Although independently received on a daily basis, the fund does not have the transparency to view the underlying inputs which support the value. Significant changes in the value would have direct and proportional changes in the fair value of the security. There is a third-party pricing exception to the quantitative disclosure requirement when prices are not determined by the reporting entity. The fund is exercising this exception and has made a reasonable attempt to obtain quantitative information from the third-party pricing vendors regarding the unobservable inputs used.

Private Investment Funds.  Private investment funds are valued at fair value using net asset values received on monthly statements, adjusted for the most recent estimated value or performance provided by the management of the private investment fund. In most cases, values are adjusted further by the total returns of indices or exchange-traded funds that track markets to which the private investment fund is fully or partially exposed, as determined by the TIP Valuation Committee upon review of information provided by the private investment fund. On a quarterly basis, the TIP Valuation Committee compares the valuations as determined by the pricing models at each month-end during the quarter to statements provided by management of the

33

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

private investment funds in order to recalibrate the market exposures, the indices, or exchange-traded funds used in the pricing models as necessary.

The valuation techniques and significant observable inputs used in recurring Level 3 fair value measurements of assets were as follows:

As of June 30, 2017	Fair Value		Valuation Methodology		Significant Unobservable Inputs		Range		Weighted Average
Common Stocks	$	—		Last market price		Discount (%)		100%		100%
Disputed Claims Receipt		398,293		Corporate action model		Future claim awards		—		—
Private Investment Funds		696,113,147		Adjusted net asset value		Manager estimates		(2.37)% – 3.80%		0.60%
						Market returns*		(3.10)% – 39.49%		(0.07)%

* Weighted by estimated exposure to chosen indices or exchange-traded funds.

The following are descriptions of the sensitivity of the Level 3 recurring fair value measurements to changes in the significant unobservable inputs presented in the table above:

Common Stocks and Disputed Claims Receipt.  The methodology and unobservable inputs in the above chart reflect the methodology and significant unobservable inputs of securities held at period ended June 30, 2017. The discount for lack of marketability used to determine fair value may include other factors such as liquidity or credit risk. An increase (decrease) in the discount would result in a lower or higher fair value measurement.

Private Investment Funds.  The range of manager estimates and market returns reflected in the above chart identify the range of estimates and returns used in valuing the private investment funds at period ended June 30, 2017. A significant increase (decrease) in the estimates received from the manager of the private investment funds would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the market return weighted by estimated exposures to chosen indices would result in a significantly higher or lower fair value measurement.

The table below details the fund’s ability to redeem from private investment funds that are classified as Level 3 assets. The private investment funds in this category generally impose a “lockup” or “gating” provision, which may restrict the timing, amount, or frequency of redemptions. All or a portion of the interests in these privately offered funds generally are deemed to be illiquid.

	Fair Value		Redemption Frequency		Redemption Notice Period
US Equity (a)	$	47,853,016		quarterly		60 days
Long-Short Emerging Markets Equity (b)		35,359,088		daily		7 days
Multi-Strategy (c)		93,230,052		daily (91%)		2 days
Long-Short Global (d)		295,311,136		monthly (49%),		45 – 90 days
				quarterly (20%),
				semi-annually (16%),
				3 year rolling (16%)
Relative Value (e)		88,682,750		quarterly		65 – 90 days
Macro Energy (f)		41,928,755		monthly		30 days
Trend Following (g)		48,442,251		daily		2 days
Currency Trading (h)		19,715,475		daily		30 days
Long-Short US Small-Cap (i)		25,590,624		quarterly		45 days
Total	$	696,113,147

(a) This strategy primarily comprises long positions in US common stock.

(b) This strategy primarily comprises long and short positions in Emerging Market common stocks.

(c) This strategy primarily comprises capital allocated to various strategies based on risk and return profiles. This strategy includes $8,077,304 of redemption residuals that are illiquid.

(d) This strategy primarily comprises long and short positions in global common stocks.

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TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

(e) This strategy primarily seeks to exploit price differences between similar securities through both long and short positions.

(f) This strategy primarily comprises long and short positions in commodity related instruments, with a key input being weather forecasts.

(g) This strategy primarily comprises long and short investments in commodity, equity index, currency, and fixed income futures, based on trailing price movements.

(h) This strategy primarily comprises long and short positions in currency pairs.

(i) This strategy primarily comprises long and short positions in in US small-cap common stocks.

Investment Transactions and Investment Income

Securities transactions are recorded on the trade date (the date on which the buy or sell order is executed) for financial reporting purposes. Interest income and expenses are recorded on an accrual basis. The fund accretes discounts or amortizes premiums using the yield-to-maturity method on a daily basis, except for mortgage-backed securities that record paydowns. The fund recognizes paydown gains and losses for such securities and reflects them in investment income. Inflation (deflation) adjustments on inflation-protected securities are included in interest income. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the fund, using reasonable diligence, becomes aware of such dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. The fund uses the specific identification method for determining realized gain or loss on sales of securities and foreign currency transactions.

Income Taxes

There is no provision for federal income or excise tax since the fund has elected to be taxed as a regulated investment company (“RIC”) and intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to RICs and to distribute substantially all of its taxable income. The fund may be subject to foreign taxes on income, gains on investments, or currency repatriation. The fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned and gains are recognized.

The fund evaluates tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the fund’s tax positions taken or to be taken on federal income tax returns for all open tax years (tax years ended December 31, 2013 through December 31, 2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

Expenses

Expenses directly attributable to MAF are charged to the fund’s operations; expenses that are applicable to all TIP funds are allocated based on the relative average daily net assets of each TIP fund.

Dividends to Members

It is the fund’s policy to declare dividends from net investment income quarterly and distributions from capital gains at least annually.

Dividends from net short-term capital gains and net long-term capital gains of the fund, if any, are normally declared and paid in December, but the fund may make distributions on a more frequent basis in accordance with the distribution requirements of the Code. To the extent that a net realized capital gain could be reduced by a capital loss carryover, such gain will not be distributed. Dividends and distributions are recorded on the ex-dividend date.

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TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

Foreign Currency Translation

The books and records of the fund are maintained in US dollars. Foreign currency amounts are translated into US dollars on the following basis:

(i) the foreign currency value of investments and other assets and liabilities denominated in foreign currency are translated into US dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date;

(ii) purchases and sales of investments, income, and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.

The resulting net realized and unrealized foreign currency gain or loss is included in the Statement of Operations.

The fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the fund does isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon the sale or maturity of foreign-currency denominated debt obligations pursuant to US federal income tax regulations; such an amount is categorized as foreign currency gain or loss for income tax reporting purposes.

Net realized gains and losses from foreign currency-related transactions represent net gains and losses from sales and maturities of forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of net investment income accrued and the US dollar amount actually received.

Net Asset Value

The net asset value per share is calculated on a daily basis by dividing the assets of the fund, less its liabilities, by the number of outstanding shares of the fund.

3.  Derivatives and Other Financial Instruments

During the period ended June 30, 2017, the fund invested in derivatives, such as but not limited to futures, currency forwards, purchased and written options, and total return swaps for hedging, liquidity, index exposure, and active management strategies. Derivatives are used for “hedging” when TIFF Advisory Services, Inc. (“TAS”) or a money manager seeks to protect the fund’s investments from a decline in value. Derivative strategies are also used when TAS or a money manager seeks to increase liquidity, implement a cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the fund’s portfolio investments and/or for purposes of total return. Depending on the purpose for which the derivative instruments are being used, the successful use of derivative instruments may depend on, among other factors, TAS’s or the money manager’s general understanding of how derivative instruments act in relation to referenced securities or markets but also on market conditions, which are out of control of TAS or the money manager.

Cover for Strategies Using Derivative Instruments

Transactions using derivative instruments, including futures contracts, written options and swaps, expose the fund to an obligation to another party and may give rise to a form of leverage. It is the fund’s policy to segregate assets to cover derivative transactions that might be deemed to create leverage under Section 18 of the 1940 Act. In that regard, the fund will not enter into any such transactions unless it has covered such transactions by owning and segregating either (1) an offsetting (“covered”) position in securities, currencies, or other derivative instruments or (2) cash and/or liquid securities with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (1) above. When the fund is required to segregate cash or liquid securities, it will instruct its custodian as to which cash holdings or liquid assets are to be marked on the books of the fund or its custodian as segregated for purposes of Section 18 of the 1940 Act. The fund will monitor the amount of these segregated assets on a daily basis and will not enter into additional transactions that would require the segregation of cash or liquid securities unless the fund holds a sufficient amount of cash or liquid securities that can be segregated.

36

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

Financial Futures Contracts

The fund may use futures contracts, generally in one of three ways: (1) to gain exposures, both long and short, to the total returns of broad equity indices, globally; (2) to gain exposures, both long and short, to the returns of non-dollar currencies relative to the US dollar; and (3) to manage the duration of the fund’s fixed income holdings to targeted levels.

Futures contracts involve varying degrees of risk. Such risks include the imperfect correlation between the price of a derivative and that of the underlying security and the possibility of an illiquid secondary market for these securities. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instrument at a set price for delivery at a future date. At the time a futures contract is purchased or sold, the fund must allocate cash or securities as a deposit payment (“initial margin”). An outstanding futures contract is valued daily, and the payment in cash of “variation margin” will be required, a process known as “marking to the market.” Each day, the fund will be required to provide (or will be entitled to receive) variation margin in an amount equal to any decline (in the case of a long futures position) or increase (in the case of a short futures position) in the contract’s value since the preceding day. The daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities. When the contracts are closed, a realized gain or loss is recorded as net realized gain (loss) from financial futures contracts in the Statement of Operations, equal to the difference between the opening and closing values of the contracts.

US futures contracts have been designed by exchanges that have been designated as “contract markets” by the Commodity Futures Trading Commission and such contracts must be executed through a futures commission merchant or brokerage firm that is a member of the relevant contract market. Futures contracts may trade on a number of exchange markets, and through their clearing corporations, the exchanges guarantee performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Securities designated as collateral for market value on futures contracts are noted in the Schedule of Investments.

Swap Contracts

The fund may use swaps and generally uses them in the following ways: (1) to gain exposures, both long and short, to the total returns of broad equity indices (2) to gain exposure, both long and short, to the total returns of individual stocks and bonds and (3) to gain long-term exposures to the total returns of selected investment strategies. While swaps falling into the first and third categories are often held for multiple quarters, if not years, swaps in the second category can at times be held for shorter time periods or adjusted frequently based on the managers’ evolving views of the expected risk/reward of the trade.

The fund maintained four swap contracts in order to indirectly gain exposure to the investment strategies of selected investment advisors. With Morgan Stanley Capital Services LLC as the counterparty, MAF entered into a total return swap with respect to each investment strategy to which it sought exposure. Under each swap, MAF receives the return (or pays, if the return is negative) of a special purpose vehicle that invests in accordance with the applicable strategy and pays one-month Libor + an additional interest rate. The four strategies held at period end are described below.

KCP Segregated Portfolio:
The typical portfolio construction is a US focused long-short portfolio. The long portfolio is passive equity exposure (primarily S&P 500, S&P 400, and Russell 2000) and the short portfolio is security-specific positions selected by the manager.

KGCP Segregated Portfolio:
The typical portfolio construction is a global looking long-short portfolio. The long portfolio is passive equity exposure (primarily MSCI ACWI and MSCI USA) and the short portfolio is security-specific positions selected by the manager.

Welton Nexus Segregated Portfolio:
The typical portfolio construction is a market neutral statistical arbitrage strategy in which computers attempt to identify and take advantage of small mispricings between stocks across North America and Europe.

37

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

Clinton Quantitative Segregated Portfolio:
The typical portfolio construction is a market neutral statistical arbitrage strategy in which computers attempt to identify and take advantage of small mispricings between stocks across North America, Latin America, Europe and Asia.

Generally, swap agreements are contracts between a fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through a Futures Commission Merchant and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular “notional amount” or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-US currency, or a “basket” of securities representing a particular index or portfolio of securities and other instruments. Swaps can also be based on credit and other events.

A fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the fund and its counterparty with respect to a particular swap agreement are netted out, with the fund receiving or paying, as the case may be, only the net difference in the two payments. The fund’s obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the fund). If the swap agreement does not provide for that type of netting, the full amount of the fund’s obligations will be accrued on a daily basis.

Cleared swaps are subject to mandatory central clearing. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to bilateral swaps because central clearing interposes the central clearinghouse as the counterparty to each participant’s swap, but it does not eliminate those risks completely and may involve additional costs and risks not involved with uncleared swaps.

Upon entering into a swap agreement, the fund may be required to pledge to the swap counterparty an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. In certain circumstances, the fund may be required to pledge an additional amount, known as an independent amount, which is typically equal to a specified percentage of the notional amount of the trade. In some instances, the independent amount can be a significant percentage of the notional amount. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to the fund, net of the independent amount, if any. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the fund, the amount pledged by the counterparty and available to the fund may not be sufficient to cover all the amounts due to the fund and the fund may sustain a loss. Other risks may apply if an independent amount has been posted.

The fund records a net receivable or payable for the amount expected to be received or paid in the period. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation (depreciation) on investments. The swap is valued at fair market value as determined by valuation models developed and approved in accordance with the fund’s valuation procedures. In addition, the fund could be exposed to risk if the counterparties are unable to meet the terms of the contract or if the value of foreign currencies change unfavorably to the US dollar.

38

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

Options

The fund generally uses options to hedge a portion (but not all) of the downside risk in its long or short equity positions and also opportunistically to generate total returns. The fund may also engage in writing options, for example, to express a long view on a security. When writing a put option, the risk to the fund is equal to the notional value of the position. Refer to written options table on page 40 for information on written option activity during the period.

Generally, an option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy a specified security, currency or other instrument (an “underlying instrument”) from the writer of the option (in the case of a call option), or to sell a specified security, currency, or other instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option or at the expiration date of the option. Put and call options that the fund purchases may be traded on a national securities exchange or in the OTC market. All option positions entered into on a national securities exchange are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. There can be no assurance that a liquid secondary market will exist for any option purchased.

As the buyer of a call option, the fund has a right to buy the underlying instrument (e.g., a security) at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). The fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire unexercised. As the buyer of a put option, the fund has the right to sell the underlying instrument at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). Like a call option, the fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire unexercised. When buying options, the fund’s potential loss is limited to the cost (premium plus transaction costs) of the option.

As the writer of a put option, the fund retains the risk of loss should the underlying instrument decline in value. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, the fund, as the writer of the put option, will be required to buy the instrument at the exercise price. The fund will incur a loss to the extent that the current market value of the underlying instrument is less than the exercise price of the put option net of the premium received by the fund for the sale of the put option. If a put option written by the fund expires unexercised, the fund will realize a gain in the amount of the premium received. As the writer of a put option, the fund may be required to pledge cash and/or other liquid assets at least equal to the value of the fund’s obligation under the written put.

The fund may write “covered” call options, meaning that the fund owns the underlying instrument that is subject to the call, or has cash and/or liquid securities with a value at all times sufficient to cover its potential obligations under the option. When the fund writes a covered call option covered by the underlying instrument that is subject to the call, the underlying instruments that are held by the fund and are subject to the call option will be earmarked as segregated on the books of the fund or the fund’s custodian. A fund will be unable to sell the underlying instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying instruments from segregation, for example, by segregating sufficient cash and/or liquid assets necessary to enable the fund to purchase the underlying instrument in the event the call option is exercised by the buyer.

When the fund writes an option, an amount equal to the premium received by the fund is included in the fund’s Statement of Assets and Liabilities as a liability and subsequently marked to market to reflect the current value of the option written. These contracts may also involve market risk in excess of the amounts stated in the Statement of Assets and Liabilities. In addition, the fund could be exposed to risk if the counter-parties are unable to meet the terms of the contract or if the value of foreign currencies change unfavorably to the US dollar. The current market value of a written option is the last sale price on the market on which it is principally traded. If the written option expires unexercised, the fund realizes a gain in the amount of the premium received. If the fund enters into a closing transaction, it recognizes a gain or loss, depending on whether the cost of the purchase is less than or greater than the premium received.

39

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

For the period ended June 30, 2017, the fund had the following transactions in written options.

	Number of Contracts			Premiums Received
Options outstanding at December 31, 2016		—		$	—
Options written		223,400			183,581
Options terminated in closing purchase transactions		(223,400	)		(183,581	)
Options expired		—			—
Options assigned		—			—
Options outstanding at June 30, 2017		—		$	—

Forward Currency Contracts

At times, the fund enters into forward currency contracts to manage the foreign currency exchange risk to which it is subject in the normal course of pursuing international investment objectives. The primary objective of such transactions is to protect (hedge) against a decrease in the US dollar equivalent value of its foreign securities or the payments thereon that may result from an adverse change in foreign currency exchange rates in advance of pending transaction settlements.

A forward currency contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, which is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked-to-market daily, and the change in value is recorded by the fund as an unrealized gain or loss. The fund may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the US dollar cost of the original contract and the value of the foreign currency in US dollars upon closing a contract is included in net realized gain (loss) from forward currency contracts on the Statement of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the fund’s Statement of Assets and Liabilities. In addition, the fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the US dollar.

Forward currency contracts held by the fund are fully collateralized by other securities, as disclosed in the accompanying Schedule of Investments. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.

Short Selling

At times, the fund sells securities it does not own in anticipation of a decline in the market price of such securities or in order to hedge portfolio positions. The fund generally will borrow the security sold in order to make delivery to the buyer. Upon entering into a short position, the fund records the proceeds as a deposit with broker for securities sold short in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities or foreign currencies sold under the short sale agreement. The cash is retained by the fund’s broker as collateral for the short position. The fund must also post an additional amount of margin of 50% of the value of the short sale. Additional margin may be required as the value of the borrowed security fluctuates. The liability is marked-to-market while it remains open to reflect the current settlement obligation. Until the security or currency is replaced, the fund is required to pay the lender any dividend or interest earned. Such payments are recorded as expenses to the fund. When a closing purchase is entered into by the fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is recorded in the Statement of Operations.

In “short selling,” the fund sells borrowed securities or currencies which must at some date be repurchased and returned to the lender. If the market value of securities or currencies sold short increases, the fund may realize losses upon repurchase in amounts which may exceed the liability on the Statement of Assets and Liabilities. Further, in unusual circumstances, the fund may be unable to repurchase securities to close its short position except at prices significantly above those previously quoted in the market.

40

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

Interest Only Securities

The fund may invest in interest only securities (“IOs”), which entitle the holder to the interest payments in a pool of mortgages, Treasury bonds, or other bonds. With respect to mortgage-backed IOs, if the underlying mortgage assets experience greater than anticipated prepayments of principal, a portfolio may fail to recoup fully its initial investment in an IO. The fair market value of these securities is volatile in response to changes in interest rates.

Derivative Disclosure

The fund is a party to agreements which include netting provisions or other similar arrangements. While the terms and conditions of these agreements may vary, all transactions under each such agreements constitute a single contractual relationship, and each party’s obligation to make any payments, deliveries, or other transfers in respect of any transaction under such agreement may be applied against the other party’s obligations under such agreement and netted. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from the defaulting party to the other. The fund is required to disclose positions held at period-end that were entered into pursuant to agreements that allow the fund to net the counterparty’s obligations against those of the fund in the event of a default by the counterparty.

At June 30, 2017, the fund’s derivative assets and liabilities (by contract type) are as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Purchased Options		739,668		—
Swap Contracts		—		(5,207,141	)
Forward Contracts		—		(2,106,094	)
Futures Contracts		3,005,483		(261,825	)
Total derivative assets and liablities		3,745,151		(7,575,060	)
Derivatives not subject to a netting provision or similar arrangement		3,745,151		(261,825	)
Total assets and liabilities subject to a netting provision or similar arrangement	$	—	$	(7,313,235	)

The following table presents the fund’s derivative liabilities net of amounts available for offset under a netting provision or similar arrangement and net of the related collateral (excluding any independent amounts) pledged by the fund as of June 30, 2017:

Counterparty	Derivative Liabilitites Subject to a Netting Provision or Similar Arrangement			Derivatives Available for Offset		Collateral Pledged		Net Amount
Forward Currency Contracts
Barclays Bank plc	$	(141,435	)	$	—	$	—	$	(141,435	)
Goldman Sachs International		(1,964,659	)		—		1,660,000		(304,659	)
Swaps
Morgan Stanley Capital Services LLC		(5,207,141	)		—		5,207,141		—
Total	$	(7,313,235	)	$	—	$	6,867,141	$	(446,094	)

41

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund’s derivative instruments grouped by contract type and primary risk exposure category as of June 30, 2017. These derivatives are not accounted for as hedging instruments.

The following table lists the fair values of the fund’s derivative holdings as of June 30, 2017, grouped by contract type and risk exposure category.

Derivative Type	Statement of Assets and Liabilities Location		Foreign Currency Risk			Quarterly Average %**			Equity Risk			Quarterly Average %**			Total
Asset Derivatives
Purchased Options		Investments in securities, at value	$	—			—		$	739,668			0.02	%	$	739,668
Financial Futures Contracts		Variation margin*		2,802,909			0.03	%		202,574			0.00	%		3,005,483
Forward Currency Contracts		N/A		—			0.01	%		—			—			—
Swap Contracts		N/A		—			—			—			0.07	%		—
Total Value – Assets			$	2,802,909					$	942,242					$	3,745,151
Liability Derivatives
Swap Contracts		Swap contracts, at value	$	—			—		$	(5,207,141	)		0.09	%	$	(5,207,141	)
Forward Currency Contracts		Unrealized depreciation on forward currency contracts		(2,106,094	)		0.02	%		—			—			(2,106,094	)
Financial Futures Contracts		Variation margin*		—			0.03	%		(261,825	)		0.01	%		(261,825	)
Written Options		N/A		—			—			—			0.00	%		—
Total Value – Liabilities			$	(2,106,094)					$	(5,468,966)					$	(7,575,060)

* Cumulative appreciation (depreciation) of futures contracts is reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

** The Quarterly Average % is a representation of the volume of derivative activity. Quarterly Average % was calculated as follows: At each quarter end from and including December 31, 2016 to and including June 30, 2017, the applicable fair value amount was divided by Net Assets to derive a percentage of Net Assets for each quarter end. The Quarterly Average % amount represents the average of these three percentages.

N/A  MAF did not hold this derivative type as of June 30, 2017 and therefore is not present on the Statement of Assets and Liabilities. There was however a balance at one or more prior quarters-end within the period of December 31, 2016 to June 30, 2017.

The following table lists the amounts of gains or losses included in net increase in net assets resulting from operations for the period ended June 30, 2017, grouped by contract type and risk exposure category.

Derivative Type	Statement of Operations Location		Foreign Currency Risk			Equity Risk			Total
Realized Gain (Loss)
Purchased Options		Net realized gain (loss) on Investments	$	—		$	(2,234,713	)	$	(2,234,713	)
Written Options		Net realized gain (loss) on Options written		—			26,564			26,564
Swap Contracts		Net realized gain (loss) on Swaps contracts		—			14,031,700			14,031,700
Financial Futures Contracts		Net realized gain (loss) on Financial futures contracts		(4,886,160	)		4,005,477			(880,683	)
Total Realized Gain (Loss)				$(4,886,160)			$15,829,028			$10,942,868

42

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

The following table lists the change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the period ended June 30, 2017, grouped by contract type and risk exposure category.

Derivative Type	Statement of Operations Location		Foreign Currency Risk			Equity Risk			Total
Change in Appreciation (Depreciation)
Purchased Options		Net Change in Unrealized Appreciation (Depreciation) on Investments	$	—		$	(1,598,868	)	$	(1,598,868	)
Swap Contracts		Net Change in Unrealized Appreciation (Depreciation) on Swap contracts		—			(4,251,299	)		(4,251,299	)
Forward Currency Contracts		Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts		(2,855,478	)		—			(2,855,478	)
Financial Futures Contracts		Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts		1,924,573			775,181			2,699,754
Total Change in Appreciation (Depreciation)				$(930,905)			$(5,074,986)			$(6,005,891)

4.  Investment Advisory Agreement, Money Manager Agreements, and Other Transactions with Affiliates

TIP’s board has approved an investment advisory agreement for the fund with TAS. The fund pays TAS a monthly fee calculated by applying the annual rates set forth below to the fund’s average daily net assets for the month:

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	%

TIP’s board has approved money manager agreements with each of the money managers. Certain money managers will receive fees based in whole or in part on performance of the money manager’s portfolio. Other money managers will receive management fees equal to a specified percentage per annum of the assets under management by such money manager with a single rate or on a descending scale. Money managers who provided services to the fund and their fee terms during the six months ended June 30, 2017 were as follows:

Assets-Based Schedules [a] All paid Monthly
Money Manager/Strategy	Minimum			Maximum			Breakpoints
Amundi Smith Breeden LLC – 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
Mondrian Investment Partners Limited		0.30	%		0.43	%		YES

Fulcrum Fee Schedules [b] All paid Monthly
Money Manager/Strategy	Floor			Cap			Fulcrum Fee			Benchmark		Excess Return to achieve Fulcrum fee
AJO, LP  –  Domestic Large Cap		0.10	%		0.50	%		0.30	%		S&P 500 Index		2.00	%
Marathon Asset Management, LLP –  EAFE		0.15	%		1.60	%		0.88	%		MSCI Europe, Australasia, Far East (EAFE) Index		4.24	%
Shapiro Capital Management LLC		0.50	%		0.95	%		0.73	%		Russell 2000 Index		3.25	%

43

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

Blended Asset-Based and Performance-Based Fee Schedules [c]

Asset-Based Portion – All Paid Monthly

Performance-Based Portion – All Paid Annually Except@

Money Manager/Strategy

Minimum

Maximum

Breakpoints

Benchmark/Hurdle

Performance Fee

Performance Measurement Period

High Water Mark

Cap

AJO, LP  –  Emerging Markets

—

—

—

MSCI Emerging Markets Small Cap Index (net)

20.2

%

Rolling 60 months

NO

1.615% xANA

Glenhill Capital Advisors, LLC*

0.55

%

0.75

%

YES

Russell 3000 Total Return Index

15

%

Calendar year

YES

NO

Hosking Partners LLP

0.28

%

—

NO

Blend: 50% MSCI All Country World Index (net dividends reinvested) and 50% MSCI All Country World Index (gross dividends reinvested)

18

%ˆ

Rolling 60 months

NO

NO

Kopernik Global Investors, LLC

0.10

%

—

NO

MSCI All Country World Index (net)

20

%

Calendar year

NO

NO

Marathon Asset Management, LLP – EM

0.35

%

—

NO

MSCI Emerging Markets Index

20

%ˆ

Rolling 36 months

YES

NO

Mission Value Partners, LLC

0.25

%

1.00

%

YES

Avg monthly change in CPI over 36 months x 12 + spread of 2% – 4%

10

%ˆ

Rolling 36 months

NO

1.00

%

TB Alternative Assets Ltd

0.75

%

—

NO

Blend: 50% MSCI China Index and 50% CSI 300 Index

15

%

Calendar year

NO

NO

(a) Fee schedules are based on assets under management, irrespective of performance. The fee rate is applied to average net assets.

(b) Fee schedules embody the concept of a “fulcrum” fee (i.e., a fee midway between the minimum and the maximum). Actual fees paid to such money managers are proportionately related to performance above or below the fulcrum point. The formula is designed to augment the fee if the portfolio’s excess return (i.e., its actual return less the total return of the portfolio’s benchmark) exceeds a specified level and to reduce the fee if the portfolio’s excess return falls below this level. The fee rate is applied to average net assets.

(c) The performance-based portion of the fee schedule is generally based on a specified percentage of the amount by which the return generated by the money manager’s portfolio exceeds the return of the portfolio’s benchmark or a specified percentage of the net appreciation of the manager’s portfolio over a hurdle, in certain cases subject to a high water mark, a performance fee cap, or the recovery of prior years’ losses, if any. Total returns are generally computed over rolling time periods of varying lengths and are in most cases determined gross of fund expenses and fees, except custodian transaction charges and, in certain cases, the asset-based fee and/or performance-based fee applicable to the money manager’s account.

* Glenhill Capital Advisors, LLC ceased managing assets for the fund as of June 2017.

ˆ Performance fees earned at performance fee % rate of excess times average net assets.

With respect to MAF’s investments in other registered investment companies, private investment funds, exchange-traded funds, and other acquired funds, MAF bears its ratable share of each such entity’s expenses, including its share of the management and performance fees, if any, charged by such entity through that entity’s NAV. MAF’s share of management and performance fees charged by such entities is in addition to fees paid by MAF to TAS and the money managers.

Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing core fund administration, fund accounting, domestic custody, and transfer agent services. Fees paid for non-core services rendered by State Street include, but are not limited to, foreign custody and transactional fees, which are based upon assets of the fund and/or on transactions entered into by the fund during the period, and out-of-pocket expenses. Fees for such services paid to State Street by the fund are reflected as fund administration fees on the Statement of Operations.

TAS provides certain administrative services to the fund under a Services Agreement. For these services, the fund pays a monthly fee calculated by applying an annual rate of 0.02% to the fund’s average daily net assets for the month. Fees for such services paid to TAS by the fund are reflected as administrative fees on the Statement of Operations.

TIP has designated an employee of TAS as its Chief Compliance Officer. For these services provided to TIP, which include the monitoring of TIP’s compliance program pursuant to Rule 38a-1 under the 1940 Act, TIP reimburses TAS. MAF pays a pro rata portion of such costs based on its share of TIP’s net assets.

44

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

TIP’s board, all of whom are considered “disinterested trustees” as defined in the 1940 Act, serve as volunteers and receive no fees or salary for their service as board members. The independent chair of the board received compensation of $24,193 from MAF for the period ended June 30, 2017 for service as independent chair. As of June 30, 2017, $24,179 remained payable on the Statement of Assets and Liabilities.

5.  Investment Transactions

Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the period ended June 30, 2017 were as follows:

	Purchases		Sales
Non-US Government Securities	$	761,813,175	$	1,065,422,478
US Government Securities		83,585,994		133,100,330

6.  Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2017, has been estimated since the final tax characteristic cannot be determined until subsequent to fiscal year end. The cost of investments, the aggregate gross unrealized appreciation/(depreciation) and the net unrealized appreciation/(depreciation) on investment securities, other than proceeds from securities sold short, at June 30, 2017 are as follows:

Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation		Cost
$509,604,179		$(297,596,976)		$212,007,203		$3,667,580,065

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses, TIPs deflationary adjustments, income/losses from underlying partnerships, marked-to-market of investments in passive foreign investment companies, and constructive sales.

Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital account based on their federal tax-basis treatment; temporary differences do not require reclassification.

7.  Repurchase and Reverse Repurchase Agreements

The fund will engage in repurchase and reverse repurchase transactions under the terms of master repurchase agreements with parties approved by TAS or the relevant money manager.

In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into repurchase agreements with one counterparty, but face another counterparty at settlement. Repurchase agreements may be characterized as loans secured by the underlying securities. Such transactions afford an opportunity for the fund to earn a return on available cash at minimal market risk, although the fund may be subject to various delays and risks of loss if the counterparty becomes subject to a proceeding under the US Bankruptcy Code or is otherwise unable to meet its obligation to repurchase the securities. In transactions that are considered to be collateralized fully, the securities underlying a repurchase agreement will be marked to market every business day so that the value of such securities is at least equal to the repurchase price thereof, including accrued interest.

In a reverse repurchase agreement, the fund sells US Government securities and simultaneously agrees to repurchase them at an agreed-upon price and date. The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Reverse repurchase agreements create leverage, a speculative factor, but will not be considered borrowings for the purposes of limitations on borrowings. When a fund enters into a reverse repurchase agreement, it must segregate on its or its custodian’s books cash and/or liquid securities in an amount equal to the amount of the fund’s obligation (cost) to repurchase the securities, including accrued interest.

45

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

The following table presents the fund’s repurchase agreements net of amounts available for offset and net of the related collateral received as of June 30, 2017:

Counterparty	Assets Subject to a Netting Provision or Similar Arrangement		Liabilities Available for Offset		Collateral Received			Net Amount
Fixed Income Clearing Corp.	$	136,995,602	$	—	$	(136,995,602	)	$	—
Total	$	136,995,602	$	—	$	(136,995,602	)	$	—

Please see Note 3, Derivatives and Other Financial Instruments, for further discussion of netting provisions and similar arrangements.

8.  Capital Share Transactions

While there are no sales commissions (loads) or 12b-1 fees, MAF assesses entry and exit fees of 0.50% of capital invested or redeemed. These fees, which are paid to the fund directly, not to TAS or other vendors supplying services to the fund, are designed, in part, to protect non-transacting members from bearing the transaction costs, including market impact, that may arise from a transacting member’s purchases, exchanges, and redemptions of MAF shares. They are also designed to encourage investment only by members with a long-term investment horizon. Further, they are designed to discourage market timing or other inappropriate short-term trading by members. The entry and exit fees are assessed irrespective of the length of time a member’s shares are held. These fees are deducted from the amount invested or redeemed; they cannot be paid separately. Entry and exit fees may be waived at TAS’s discretion when the purchase or redemption will not result in significant transaction costs for the fund (e.g., for transactions involving in-kind purchases and redemptions). Such fees are retained by the fund and included in proceeds from shares sold or deducted from distributions for redemptions.

As of April 11, 2017, MAF has adopted a new Systematic Withdrawal Plan. Under the plan, members have the option of redeeming up to 6% of the value of their account each fiscal year without paying the 0.50% exit fee normally assessed on redemptions, subject to certain conditions. Members that elect to take this withdrawal enhancement will be required to reinvest their quarterly dividends and distributions.

9.  Concentration of Risks

MAF may engage in transactions with counterparties, including but not limited to repurchase and reverse repurchase agreements, forward contracts, futures and options, and total return, credit default, interest rate, and currency swaps. The fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations.

The fund engages multiple external money managers, each of which manages a portion of the fund’s assets. A multi-manager fund entails the risk, among others, that the advisor may not be able to (1) identify and retain money managers who achieve superior investment returns relative to similar investments; (2) combine money managers in the fund such that their investment styles are complementary; or (3) allocate cash among the money managers to enhance returns and reduce volatility or risk of loss relative to a fund with a single manager.

The fund invests in private investment funds that entail liquidity risk to the extent they are difficult to sell or convert to cash quickly at favorable prices.

The fund invests in fixed income securities issued by banks and other financial companies, the market values of which may change in response to interest rate fluctuations. Although the fund generally maintains a diversified portfolio, the ability of the issuers of the fund’s portfolio securities to meet their obligations may be affected by changing business and economic conditions in a specific industry, state, or region.

The fund invests in US Government securities. Because of the rising US Government debt burden, it is possible that the US Government may not be able to meet its financial obligations or that securities issued or backed by the US Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

46

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2017  

The fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the US, a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The fund invests in small capitalization stocks. These investments may entail different risks than larger capitalizations stocks, including potentially lesser degrees of liquidity.

10.  Indemnifications

In the normal course of business, the fund enters into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

11.  Recent Accounting Pronouncement  

In October 2016, the SEC adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the fund’s financial statements and related disclosures.

12.  Subsequent Events

Management has evaluated the possibility of subsequent events and has determined that there are no material events that would require disclosure.

47

 
 
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48

TIFF Short-Term Fund June 30, 2017 

Fund Expenses (Unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2017 to June 30, 2017.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During the Period* 1/1/17 – 6/30/17
1) Actual	$	1,000.00	$	1,001.80	$	1.09
2) Hypothetical	$	1,000.00	$	1,023.70	$	1.10

* Expenses are equal to the fund’s annualized expense ratio of 0.22% (calculated over a six-month period, which may differ from the fund’s actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

49

TIFF Short-Term Fund June 30, 2017 

Financial Highlights

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
For a share outstanding throughout each period
Net asset value, beginning of period	$	9.86		$	9.86		$	9.87		$	9.89		$	9.90		$	9.90
Income (loss) from investment operations
Net investment income (loss)		0.02			0.01			(0.01	)		(0.03	)		(0.01	)		(0.01	)
Net realized and unrealized gain on investments		(0.00	)(a)		0.00	(a)		0.00	(a)		0.01			0.00	(a)		0.01
Total from investment operations		0.02			0.01			(0.01	)		(0.02	)		(0.01	)		(0.00	)
Less distributions from
Net investment income		(0.02	)		(0.01	)		—			—			—			—
Total distributions		(0.02	)		(0.01	)		—			—			—			—
Net asset value, end of period	$	9.86		$	9.86		$	9.86		$	9.87		$	9.89		$	9.90
Total return (b)		0.18	%(e)		0.13	%		(0.10	)%		(0.20	)%		(0.10	)%		(0.00	)%(c)
Ratios/supplemental data
Net assets, end of period (000s)	$	102,330		$	83,729		$	97,168		$	104,383		$	148,294		$	136,549
Ratio of expenses to average net assets		0.22	%(f)		0.24	%		0.22	%		0.35	%		0.20	%		0.20	%
Ratio of net investment income (loss) to average net assets		0.41	%(f)		0.15	%		(0.09	)%		(0.28	)%		(0.11	)%		(0.09	)%
Portfolio turnover (d)		—	%		—	%		—	%		—	%		—	%		—	%

(a) Rounds to less than $0.01.

(b) Total return assumes dividend reinvestment.

(c) The actual return is (0.001)%, which rounds to (0.00)%.

(d) Because the fund holds primarily securities with maturities at the time of acquisition of one year or less, and such securities are excluded by definition from the calculation of portfolio turnover, the fund’s portfolio turnover rate was 0% of the average value of its portfolio.

(e) Not Annualized.

(f) Annualized.

See accompanying Notes to Financial Statements.

50

TIFF Short-Term Fund June 30, 2017  

Summary Schedule of Investments (Unaudited)

US Treasury Bills		74.0	%
Repurchase Agreement		29.7	%
Total Investments		103.7	%
Liabilities in Excess of Other Assets		(3.7	)%
Net Assets		100.0	%

Schedule of Investments (Unaudited)*

	Principal Amount		Value
Investments — 103.7% of net assets
Short-Term Investments — 103.7%
Repurchase Agreement — 29.7%
Fixed Income Clearing Corp. issued on 06/30/17 (proceeds at maturity $30,391,789) (collateralized by US Treasury Notes, due 02/29/24 with a total par value of $30,680,000 and a total market value of $31,002,631) 0.120%, 07/03/17
(Cost $30,391,485)	$	30,391,485	$	30,391,485
US Treasury Bills (a) — 74.0%
US Treasury Bill, due on 08/03/17		3,000,000		2,997,819
US Treasury Bill, due on 08/17/17		1,000,000		998,897
US Treasury Bill, due on 08/31/17		23,000,000		22,965,500
US Treasury Bill, due on 10/05/17		2,000,000		1,994,728
US Treasury Bill, due on 10/12/17		1,000,000		997,181
US Treasury Bill, due on 10/26/17		1,000,000		996,751

	Principal Amount		Value
US Treasury Bill, due on 11/02/17	$	4,000,000	$	3,986,100
US Treasury Bill, due on 11/09/17		2,000,000		1,992,618
US Treasury Bill, due on 11/24/17		5,000,000		4,978,875
US Treasury Bill, due on 11/30/17		13,000,000		12,943,684
US Treasury Bill, due on 12/07/17		1,000,000		995,404
US Treasury Bill, due on 12/28/17		17,000,000		16,907,333
US Treasury Bill, due on 01/04/18		3,000,000		2,983,140
Total US Treasury Bills — 74.0% (Cost $75,745,777)				75,738,030
Total Short-Term Investments (Cost $106,137,262)				106,129,515
Total Investments — 103.7% (Cost $106,137,262)				106,129,515
Liabilities in Excess of Other Assets — (3.7)%				(3,799,687	)
Net Assets — 100.0%			$	102,329,828

(a) Treasury bills do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.

* Approximately 1% of the fund’s total investments are maintained to cover “senior securities transactions” which may include, but are not limited to TBAs. These securities are marked-to-market daily and reviewed against the value of the funds “senior securities” holdings to maintain proper coverage for these transactions.

51

TIFF Short-Term Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2017
Assets
Investments in securities, at value (cost: $75,745,777)	$	75,738,030
Repurchase agreements (cost: $30,391,485)		30,391,485
Total investments (cost: $106,137,262)		106,129,515
Receivables:
Capital stock sold		359,574
Interest		101
Prepaid expenses		8,081
Total Assets		106,497,271
Liabilities
Payables:
Investment securities purchased		2,983,114
Capital stock redeemed		1,133,416
Accrued professional fees		37,624
Accrued fund administration fees		8,461
Investment advisory and administrative fees		2,607
Accrued expenses and other liabilities		2,221
Total Liabilities		4,167,443
Net Assets	$	102,329,828
Shares Outstanding (unlimited authorized shares, par value $0.001)		10,376,305
Net Asset Value Per Share	$	9.86
Net Assets Consist of:
Capital stock	$	102,312,876
Accumulated net investment income		30,864
Accumulated net realized loss on investments		(6,165	)
Net unrealized depreciation on investments		(7,747	)
	$	102,329,828

See accompanying Notes to Financial Statements.

52

TIFF Short-Term Fund

Statement of Operations (Unaudited)

	Six Months Ended June 30, 2017
Investment Income
Interest	$	258,721
Total Investment Income		258,721
Expenses
Fund administration fees		31,476
Professional fees		23,594
Investment advisory fees		12,305
Shareholder registration fees		11,431
Administrative fees		4,102
Chief compliance officer fees		2,086
Miscellaneous fees and other		4,041
Total Expenses		89,035
Net Investment Income		169,686
Net Realized Gain (Loss) on:
Investments		(5,254	)
Net Realized Loss		(5,254	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(5,687	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(5,687	)
Net Realized and Unrealized Loss on Investments		(10,941	)
Net Increase in Net Assets Resulting from Operations	$	158,745

See accompanying Notes to Financial Statements.

53

TIFF Short-Term Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets From Operations
Net investment income	$	169,686		$	113,287
Net realized gain (loss) on investments		(5,254	)		2,151
Net change in unrealized appreciation (depreciation) on investments		(5,687	)		5,660
Net Increase in Net Assets Resulting from Operations		158,745			121,098
Distributions
From net investment income		(139,712	)		(112,397	)
Decrease in Net Assets Resulting from Distributions		(139,712	)		(112,397	)
Capital Share Transactions
Proceeds from shares sold		63,737,068			80,812,812
Proceeds from distributions reinvested		135,852			110,071
Cost of shares redeemed		(45,290,707	)		(94,370,572	)
Net Increase (Decrease) From Capital Share Transactions		18,582,213			(13,447,689	)
Total Increase (Decrease) in Net Assets		18,601,246			(13,438,988	)
Net Assets
Beginning of period		83,728,582			97,167,570
End of period	$	102,329,828		$	83,728,582
Including accumulated net investment income (loss)	$	30,864		$	890
Capital Share Transactions (in shares)
Shares sold		6,462,610			8,188,822
Shares reinvested		13,778			11,164
Shares redeemed		(4,591,218	)		(9,564,288	)
Net Increase (Decrease)		1,885,170			(1,364,302	)

See accompanying Notes to Financial Statements.

54

TIFF Short-Term Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2017
Cash flows provided by (used in) operating activities
Net increase (decrease) in net assets resulting from operations	$	158,745
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
(Purchase)/Sale of short term investments, net		(19,293,690	)
(Increase)/decrease in interest receivable		(96	)
(Increase)/decrease in prepaid expenses		(6,645	)
Increase/(decrease) in accrued expenses and other liabilities		(17,539	)
Increase/(decrease) in payable for investment advisory and administrative fees		17
Net realized (gain) loss from investments		5,254
Net change in unrealized (appreciation) depreciation on investments		5,687
Net cash provided by (used in) operating activities		(19,148,267	)
Cash flows provided by (used in) financing activities
Distributions paid to shareholders		(6,186	)
Proceeds from shares sold		63,476,494
Payment for shares redeemed		(44,322,041	)
Net cash provided by (used in) financing activities		19,148,267
Net increase (decrease) in cash		—
Cash at beginning of period		—
Cash at end of period	$	—
Non cash financing activities not included herein consist of reinvestment of distributions of:	$	135,852

See accompanying Notes to Financial Statements.

55

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) June 30, 2017 

1.  Organization

TIFF Investment Program (“TIP”) is a no-load, open-end management investment company that seeks to improve the net investment returns of its members through two investment vehicles, each with its own investment objective and policies. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of June 30, 2017, TIP consisted of two mutual funds, TIFF Multi-Asset Fund (“MAF”) and TIFF Short-Term Fund (“STF” or the “fund”), each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). The financial statements and notes presented here relate only to STF.

Investment Objective

STF’s investment objective is to attain as high a rate of current income as is consistent with ensuring that the fund’s risk of principal loss does not exceed that of a portfolio invested in six-month US Treasury bills.

2.  Summary of Significant Accounting Policies

The fund operates as a diversified investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

The preparation of financial statements in conformity with US generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

Valuation of Investments

Short-term debt securities having a remaining maturity of less than one year are valued at amortized cost using straight-line amortization, which approximates fair value, and short-term debt securities having a remaining maturity of greater than one year are valued at amortized cost using yield to maturity amortization.

Fair value is defined as the price that the fund could reasonable expect to receive upon selling an asset or pay to transfer a liability in a timely transaction to an independent buyer in the principal or most advantageous market for the asset or liability, respectively. A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 — quoted prices in active markets for identical assets and liabilities

Level 2 — other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of assets and liabilities)

During the period ended June 30, 2017, all of the fund’s investments were valued using Level 1 inputs and, as a result, there were no transfers between any of the fair value hierarchy levels.

Investment Transactions and Investment Income

Securities transactions are recorded on the trade date (the date on which the buy or sell order is executed) for financial reporting purposes. Interest income and expenses are recorded on an accrual basis. The fund accretes discounts or amortizes premiums using the yield-to-maturity method on a daily basis.

56

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) June 30, 2017 

Income Taxes

There is no provision for federal income or excise tax since the fund has elected to be taxed as a regulated investment company (“RIC”) and intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to RICs and to distribute substantially all of its taxable income.

The fund evaluates tax positions taken or expected to be taken in the course of preparing the fund tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended December 31, 2013 through December 31, 2016), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

Expenses

Expenses directly attributable to STF are charged to that fund’s operations; expenses that are applicable to all TIP funds are allocated among them based on the relative average daily net assets of each TIP fund.

Dividends to Members

It is the policy of the fund to declare dividends, if any, from net investment income monthly and capital gains distributions at least annually.

Dividends from net short-term capital gains and net long-term capital gains of the fund, if any, are normally declared and paid in December, but the fund may make distributions on a more frequent basis in accordance with the distribution requirements of the Code. To the extent that a net realized capital gain could be reduced by a capital loss carryover, such gain will not be distributed. Dividends and distributions are recorded on the ex-dividend date.

Net Asset Value

The net asset value per share is calculated on a daily basis by dividing the fund’s assets, less its liabilities, by the number of outstanding shares of the fund.

3.  Investment Advisory and Other Agreements, and Other Transactions with Affiliates

TIP’s board of trustees (the “board”) has approved an investment advisory agreement with TIFF Advisory Services, Inc. (“TAS”). The fund pays TAS a monthly fee calculated by applying the annual rates set forth below to the fund’s average daily net assets for the month:

Assets
On the first $1 billion		0.03	%
On the next $1 billion		0.02	%
On the remainder (> $2 billion)		0.01	%

Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing core fund administration, fund accounting, custody, and transfer agent services. Fees paid for non-core services rendered by State Street include, but are not limited to, transactions entered into by the fund during the period, and out-of-pocket expenses. Fees for such services paid to State Street by the fund are reflected as fund administration fees on the Statement of Operations.

TAS provides certain administrative services to TIP under a Services Agreement. For these services, the fund pays a monthly fee calculated by applying an annual rate of 0.01% to the fund’s average daily net assets for the month. Fees for such services paid to TAS by the fund are reflected as administrative fees on the Statement of Operations.

57

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) June 30, 2017 

TIP has designated an employee of TAS as its Chief Compliance Officer. For these services provided to TIP, which include the monitoring of TIP’s compliance program pursuant to Rule 38a-1 under the 1940 Act, TIP reimburses TAS. STF pays a pro rata portion of such costs based on its share of TIP’s net assets.

TIP’s board, all of whom are considered “disinterested trustees” as defined in the 1940 Act, serve as volunteers and receive no fees or salary for their service as board members. The independent chair of the board received compensation of $399 from STF for the six months ended June 30, 2017 for service as independent chair. As of June 30, 2017, $413 remained payable on the Statement of Assets and Liabilities.

4.  Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2017, has been estimated since the final tax characteristic cannot be determined until fiscal year end. The cost of investments, the aggregate gross unrealized appreciation/(depreciation) and the net unrealized appreciation/(depreciation) on investment securities, at June 30, 2017, are as follows:

Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Depreciation		Cost
$3,257		$(11,004)		$7,747		$106,137,262

Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

The amount and character of tax basis distributions and composition of net assets are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of June 30, 2017.

5.  Repurchase Agreements

The fund will engage in repurchase transactions under the terms of master repurchase agreements with parties approved by TAS.

In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into repurchase agreements with one counterparty, but face another counterparty at settlement. Repurchase agreements may be characterized as loans secured by the underlying securities. Such transactions afford an opportunity for the fund to earn a return on available cash at minimal market risk, although the fund may be subject to various delays and risks of loss if the counterparty becomes subject to a proceeding under the US Bankruptcy Code or is otherwise unable to meet its obligation to repurchase the securities. Securities pledged as collateral for repurchase agreements are held by the custodial bank until maturity of the repurchase agreements. Provisions of the repurchase agreements and the procedures adopted by the fund require that the market value of the collateral, including accrued interest thereon, be at least equal to the value of the securities sold or purchased in order to protect against loss in the event of default by the counterparty.

Counterparty	Assets Subject to a Netting Provision or Similar Arrangement		Liabilities Available for Offset		Collateral Received			Net Amount
Fixed Income Clearing Corp.	$	30,391,485	$	—	$	(30,391,485	)	$	—
Total	$	30,391,485	$	—	$	(30,391,485	)	$	—

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TIFF Short-Term Fund / Notes to Financial Statements (Unaudited) June 30, 2017 

6.  Concentration of Risks

The fund may engage in transactions with counterparties, including but not limited to repurchase agreements. The fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations.

The fund invests in US Government securities. Because of the rising US Government debt burden, it is possible that the US Government may not be able to meet its financial obligations or that securities issued or backed by the US Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

From time to time, a fund may have members that hold significant portions of the fund’s outstanding shares. Investment activities of such members could have a material impact on the fund. As of June 30, 2017, TAS, the advisor to the fund, owned 31% of STF.

7.  Indemnifications

In the normal course of business, the fund enters into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

8.  Recent Accounting Pronouncement

In October 2016, the SEC adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the fund’s financial statements and related disclosures.

9.  Subsequent Events

Management has evaluated the possibility of subsequent events and has determined that there are no material events that would require disclosure.

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Additional Information (Unaudited) June 30, 2017 

Proxy Voting Policy and Voting Record

A description of the policies and procedures that TIP uses to determine how to vote proxies relating to portfolio securities is available on TIFF’s website at http://www.tiff.org and without charge, upon request, by calling 800-984-0084. This information is also available on the website of the US Securities and Exchange Commission (“SEC”) at http://www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month year ended June 30 is also available on the websites noted above and without charge, upon request, by calling 800-984-0084.

Quarterly Reporting

TIP files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. TIP’s Form N-Q is available without charge, upon request, by calling 800-984-0084. This information is also available on the website of the SEC at http://www.sec.gov. TIP’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. In addition TIP’s portfolio holdings are available on a monthly basis on the TIFF website at http://www.tiff.org.

Approval of the Advisory Agreements and Money Manager Agreements (Unaudited)

During an in-person meeting held on March 22, 2017 (the “March meeting”), the board of trustees of TIFF Investment Program (“TIP”), all of whom are not “interested persons” of TIP (the “board” or “trustees”), as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), evaluated and approved a new money manager agreement (“new money manager agreement”) for TIFF Multi-Asset Fund (“Multi-Asset Fund”) with Shapiro Capital Management, LLC (“Shapiro”). The board was asked to approve the new money manager agreement because of an anticipated change of control of Shapiro, which would result in an automatic termination of Multi-Asset Fund’s money manager agreement with Shapiro. After considering information about the proposed change of control received from Shapiro, TIFF Advisory Services, Inc. (“TAS”) recommended to the board that the new money manager agreement be approved. The change of control occurred and the new money manager agreement became effective on April 13, 2017, when Resolute Investment Managers, Inc. (“RIM”), the parent company of American Beacon Advisors, Inc., acquired a majority interest in Shapiro (the “Shapiro Transaction”).

Consideration of New Money Manager Agreement with Shapiro Capital Management, LLC

In considering the new money manager agreement with Shapiro for Multi-Asset Fund at the March meeting, the board took into account information it had received in connection with its annual review of TIP’s investment advisory and money manager agreements and fees (the “Annual Review”), including the money manager agreement with Shapiro, on June 9-10, 2016. The board noted that, at that time, it had approved the continuance of the money manager agreement between TIP, on behalf of Multi-Asset Fund, and Shapiro for another one-year term commencing July 1, 2016. In connection with the Annual Review meeting, the board had requested and considered a wide range of information from TAS and Shapiro of the type it regularly considers when determining whether to continue Multi-Asset Fund’s money manager agreements as in effect from year to year. In approving the new money manager agreement with Shapiro at the March meeting, the board considered the same factors and information that it considered in approving the money manager agreement with Shapiro at the Annual Review meeting, as well as such other information as the board considered appropriate. The board considered information regarding Shapiro’s personnel and services, investment mandate, investment strategies and philosophies, portfolio management, and fees and expenses. The board noted that Shapiro’s fee schedule, which was the same fee schedule as in effect under the money manager agreement, did not include breakpoints that could enable Multi-Asset Fund to benefit from economies of scale, but did include a performance fee which aligned Shapiro’s interests with those of Multi-Asset Fund. Information about Shapiro’s proposed brokerage practices was also provided, including proposed allocation methodologies, best execution policies, and soft dollar program. In addition, the board considered information with respect to the compliance and administration of Shapiro, including, but not limited to, its code of ethics and business continuity procedures, as well as information concerning any material violations of such compliance programs, the background of the individual serving as the chief compliance officer, and disclosure about regulatory examinations or other inquiries and litigation proceedings

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Additional Information (Unaudited) June 30, 2017 

affecting Shapiro. The board noted that the change of control at Shapiro was not expected to result in any material changes in the nature, quality, or extent of services to be provided by Shapiro; was not expected to result in any material changes to the investment advisory or other services provided to Multi-Asset Fund or in the personnel providing such services; and was not expected to affect Shapiro’s ability to meet its obligations, as proposed, under the new money manager agreement. It was noted that RIM expected to provide enhanced resources to Shapiro and enable Shapiro to implement certain succession and transition plans that were necessary for the continued success of its business. The terms of new money manager agreement were substantially similar to the terms of the money manager agreement that was in effect between TAS and Shapiro prior to the Shapiro Transaction.

The board also considered a memorandum from its independent counsel setting forth the board’s fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the board should consider in its evaluation of the new money manager agreement. The board also reviewed Shapiro’s responses to a questionnaire prepared by the trustees’ independent counsel requesting information necessary for the trustees’ evaluation of the new money manager agreement, as well as responses to additional questions posed by the board.

The board also noted the information received at regular meetings throughout the year related to the services rendered by Shapiro concerning the management of Multi-Asset Fund’s portfolio. The board’s evaluation of the services provided by Shapiro took into account the board’s knowledge and familiarity gained as board members regarding the scope and quality of Shapiro’s investment management capabilities. The board concluded that, overall, it was satisfied with the nature, quality, and extent of the services currently being provided, and expected to be provided, by Shapiro. Consistent with the approach taken by the board at the Annual Review meeting, the board did not specifically consider the profitability or expected profitability of Shapiro resulting from its relationship with Multi-Asset Fund because Shapiro is not affiliated with TAS or TIP, except by virtue of serving as a money manager to Multi-Asset Fund, and the fees to be paid to Shapiro were negotiated on an arm’s-length basis in a competitive marketplace.

The board based its evaluation on the material factors presented to it at the March meeting and at the Annual Review meeting and discussed above, including: (1) the terms of the new money manager agreement; (2) the reasonableness of the money manager’s fees in light of the nature and quality of the services expected to be provided and any additional benefits to be received by Shapiro in connection with providing services to Multi-Asset Fund after the Shapiro Transaction was completed; (3) the nature, quality, and extent of the services expected to be performed by Shapiro after the Shapiro Transaction was completed; (4) the overall organization, skills, and experience of Shapiro in managing the existing portfolio for Multi-Asset Fund; and (5) the contribution of Shapiro towards the overall performance of Multi-Asset Fund.

In arriving at its decision to approve the new money manager agreement with Shapiro, the board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward future long-term considerations. After carefully considering the information summarized above and all factors deemed to be relevant, the board unanimously voted to approve the new money manager agreement with Shapiro for Multi-Asset Fund. Prior to a vote being taken, the board met separately in executive session to discuss the appropriateness of the agreement and other considerations.

In their deliberations with respect to these matters, the trustees were advised by their independent legal counsel. The trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the consideration of investment advisory contracts. The trustees concluded that the new money manager agreement with Shapiro was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fees provided in the agreement were fair and reasonable. In the board’s view, approving the new money manager agreement with Shapiro was desirable and in the best interests of Multi-Asset Fund and its members.

*    *    *

Also at the March meeting, the board evaluated and approved the assignment of the original money manager agreement between Neuberger Berman Asia Limited (“Neuberger Berman”) and Multi-Asset Fund to Green Court Capital Management Limited (“Green Court”). Neuberger Berman notified TAS and TIP of a pending assignment of the original money manager agreement, which would occur as a result of a transaction (the

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Additional Information (Unaudited) June 30, 2017 

“Green Court Transaction”) in which former members of the Neuberger Berman Greater China Investment Team (“GCI Team”) would establish an independent asset management business by the name of Green Court Capital Management Limited. Neuberger Berman and its affiliates would retain an ongoing passive minority ownership stake in Green Court, and all other equity in Green Court would be owned by the GCI Team’s professionals, with a controlling interest held by Yulin (Frank) Yao as Managing Partner. After considering the matter, TAS recommended to the board that the assignment be approved. The assignment was accomplished through a novation agreement. Under the novation agreement, Green Court assumed Neuberger Berman’s obligations under the original money manager agreement. The novation agreement, together with the original money manager agreement, is referred to herein as the “Novated Agreement.” The Green Court Transaction was effected on April 28, 2017, and the Novated Agreement became effective at that time.

Consideration of the Novated Agreement for Green Court Capital Management Limited

In considering the Novated Agreement by and among Neuberger Berman, Green Court, and TIP, the board took into account information it had received at the Annual Review meeting in connection with its initial approval of the original money manager agreement with Neuberger Berman for a two-year term commencing June 13, 2016. In connection with the initial approval, the board had requested and considered a wide range of information from TAS and Neuberger Berman. In approving the Novated Agreement, the board considered many of the same factors and information that it considered in approving the original money manager agreement with Neuberger Berman, as well as such other information as the board considered appropriate. The board considered information regarding Green Court’s personnel and services, investment strategies and philosophies, portfolio management, potential portfolio holdings, and fees and expenses. The board also considered the performance achieved for Multi-Asset Fund and other accounts that had been managed by the GCI Team during their time at Neuberger Berman. The board considered that most of the direct support functions of the GCI Team would move to Green Court as part of the Green Court Transaction, including a portfolio specialist, business manager, and a dedicated operations staff. At the close of the Green Court Transaction, Green Court was expected to have in place senior professionals in the areas of compliance, finance, and human resources, some of whom were existing Neuberger Berman employees currently supporting the GCI Team. The board noted that the fee schedule in the Novated Agreement, which is the same as the fee schedule in the original money manager agreement with Neuberger Berman, included breakpoints that could enable Multi-Asset Fund to benefit from economies of scale and is consistent with the terms Green Court would offer to other investors. Information about Green Court’s proposed brokerage practices was also provided, including its proposed allocation methodologies, best execution policies, and soft dollar program. In addition, the board considered information with respect to the compliance and administration of Green Court, including, its code of ethics and business continuity procedures, and the background of the person that would serve as the chief compliance officer. As a new entity, Green Court had no material violations of its compliance programs, had not been subject to regulatory examinations or other inquiries, and was not aware of any litigation proceedings affecting Green Court. The board noted that the Green Court Transaction was not expected to result in any material change in the nature, quality, or extent of services to be provided by Green Court; was not expected to result in any material change to the investment advisory or other services provided to Multi-Asset Fund, or to the personnel providing such services; and was not expected to materially affect the GCI Team’s ability to fulfill Green Court’s obligations under the Novated Agreement. It was noted that Green Court would continue to receive certain operational and infrastructure support from Neuberger Berman for a period of time pursuant to a transition services agreement.

The board considered a memorandum from its independent counsel setting forth the board’s fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the board should consider in its evaluation of the Novated Agreement. The board also reviewed Green Court’s responses to a questionnaire prepared by the trustees’ independent counsel requesting information necessary for the trustees’ evaluation of the Novated Agreement, as well as responses to additional questions posed by the board regarding, among other things, Green Court’s expected investment opportunities and strategies, those Neuberger Berman investment professionals who were expected to become investment professionals at Green Court, Green Court’s continuing relationship with Neuberger Berman, and support Neuberger Berman was expected to provide Green Court with respect to compliance and various back office functions. The board noted certain risks, which it had also considered at the Annual Review meeting, including political, financial, and trade

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Additional Information (Unaudited) June 30, 2017 

execution risks associated with investing in China and Green Court’s strategy of holding a concentrated portfolio with low name turnover but high share turnover.

The board also noted the information received at regular meetings throughout the year related to the services rendered by Neuberger Berman and the GCI Team in the management of Multi-Asset Fund’s portfolio. The board’s evaluation of the services provided by Neuberger Berman and the GCI Team took into account the board’s knowledge and familiarity gained as board members regarding the scope and quality of the GCI Team’s investment management capabilities. The board concluded that, overall, it was satisfied with the nature, quality, and extent of the services expected to be provided by Green Court. Consistent with the approach taken by the board at the initial approval of the original money manager agreement, the board did not specifically consider the profitability or expected profitability of Green Court resulting from its relationship with Multi-Asset Fund because Green Court is not affiliated with TAS or TIP, except by virtue of its pending role as a money manager to Multi-Asset Fund, and the fees to be paid to Green Court were negotiated on an arm’s-length basis in a competitive marketplace.

The board based its evaluation on the material factors presented to it at the March meeting and discussed above, including: (1) the terms of the Novated Agreement; (2) the reasonableness of Green Court’s fees in light of the nature and quality of the services expected to be provided and any additional benefits to be received by Green Court in connection with providing services to Multi-Asset Fund after the Green Court Transaction; (3) the nature, quality, and extent of the services expected to be performed by Green Court after the Green Court Transaction; (4) the overall organization, skills, and experience of the GCI Team in managing the existing portfolio for Multi-Asset Fund; and (5) the contribution of the GCI Team towards the overall performance of Multi-Asset Fund.

In arriving at its decision to approve the Novated Agreement, the board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward future long-term considerations. After carefully considering the information summarized above and all factors deemed to be relevant, the board unanimously voted to approve the Novated Agreement by and among Neuberger Berman, Green Court, and TIP for Multi-Asset Fund. Prior to a vote being taken, the board met separately in executive session to discuss the appropriateness of the agreement and other considerations.

In their deliberations with respect to these matters, the trustees were advised by their independent legal counsel. The trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the consideration of investment advisory contracts. The trustees concluded that the Novated Agreement was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fees provided in the Novated Agreement were fair and reasonable. In the board’s view, approving the Novated Agreement was desirable and in the best interests of Multi-Asset Fund and its members.

*    *    *

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Additional Information (Unaudited) June 30, 2017 

During an in-person meeting held on June 28-29, 2017 (the “June Meeting”), the board of trustees of TIFF Investment Program (“TIP”), all of whom are not “interested persons” of TIP (the “Board” or “trustees”), as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), conducted its annual review (the “Annual Review”) of the investment advisory agreements between each of the TIP funds and TIFF Advisory Services, Inc. (“TAS”) (“Investment Advisory Agreements”), the advisor to TIFF Multi-Asset Fund (“Multi-Asset Fund” or “MAF”) and TIFF Short-Term Fund (“Short-Term Fund”), as well as the money manager agreements between Multi-Asset Fund and its money managers (as sub-advisors) (“Money Manager Agreements”). Also at the June Meeting, the Board evaluated and approved a money manager agreement between TIP and SandPointe Asset Management LLP (“SandPointe”), a new money manager managing assets on behalf of MAF. The Investment Advisory Agreements and the Money Manager Agreements are collectively referred to herein as “Advisory Agreements,” and Multi-Asset Fund and Short-Term Fund may be referred to individually as a “Fund” or collectively as the “Funds.”

Consideration of the Advisory Agreements at the Annual Review

The Board requested and received information from TAS and the money managers in advance of the June Meeting, which the trustees reviewed separately in executive sessions with their independent legal counsel at the June Meeting. The materials provided included information regarding personnel and services, investment process and strategies, portfolio management, fees and expenses, performance, and with respect to TAS, profitability. Information about brokerage practices was also supplied, including allocation methodologies, best execution, commission rates, and soft dollar arrangements. Information with respect to compliance, administration, and risk management was supplied, such as information on TAS’s and the money managers’ compliance programs, including codes of ethics and business continuity procedures, as well as information concerning any material violations of such programs, chief compliance officer backgrounds, disclosure about regulatory examinations or other inquiries, and litigation proceedings affecting TAS or the money managers.

In addition, the Board considered the following: (1) a memorandum from the Board’s independent legal counsel setting forth the Board’s fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the Board should consider in its evaluation of the Advisory Agreements; (2) responses by TAS and each money manager to questionnaires prepared by the Board’s independent legal counsel requesting information necessary for the trustees’ evaluation of the Advisory Agreements; (3) a report prepared by Broadridge comparing the performance of each Fund to the performance of its applicable peer groups, and comparing each Fund’s advisory fees and expenses to those of its respective peer groups; (4) additional information from TAS regarding the fees charged by TAS to each Fund and certain other private funds managed by TAS; (5) money manager profiles detailing the individual portfolio managers, fee schedules, and fees paid to each money manager, and an advisor profile detailing similar information for TAS; (6) a report of the ten brokers receiving the highest aggregate brokerage commissions by manager for the year ended December 31, 2016; and (7) certain financial information about TAS, including its audited financial statements for the year ended December 31, 2016.

Nature, Extent, and Quality of Services

The Board considered a number of factors in evaluating TAS and the money managers in connection with the Annual Review. The Board noted that it receives information at regular meetings throughout the year related to the services rendered by TAS and the money managers, as well as the Funds’ performance, expenses, and compliance information. It also noted that it receives information between regular meetings as the need arises. The Board’s evaluation of the services provided by TAS and the money managers took into account the trustees’ knowledge and familiarity gained as Board members, including the scope and quality of TAS’s investment management capabilities in selecting money managers, allocating Fund assets across money managers and asset classes, managing certain asset types in-house (e.g., Treasuries, futures contracts, swaps, and other instruments), and its compliance responsibilities.

The Board also considered each money manager’s skills and experience in managing the underlying portfolios given the amount of assets and particular universe of asset types available to the manager, its trading acumen,

¹ The money managers that the Board considered for renewal are: AJO, LP; Amundi Smith Breeden, LLC; Fundsmith, LLP; Green Court Capital Management Limited; Hosking Partners LLP; Kopernik Global Investors, LLC; Lansdowne Partners (UK) LLP; Marathon Asset Management, LLP; Mission Value Partners, LLC; Mondrian Investment Partners Limited (continuation of agreement approved through July 3, 2017); and TB Alternative Assets Ltd.

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Additional Information (Unaudited) June 30, 2017 

its performance tendencies in various market cycles, and its process for risk monitoring and management. The Board considered reports from TAS regarding the operations of certain money managers, the performance and investment strategies of certain money managers in light of current market conditions, as well as the role that each money manager plays in Multi-Asset Fund’s portfolio. With respect to Mondrian Investment Partners Limited, TAS proposed approval of the continuation of the firm’s money manager agreement through July 3, 2017, when at that time the money manager agreement would be terminated. The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services provided under the Advisory Agreements by TAS and each of the money managers.

Profitability

In addition, the Board considered the profitability of TAS as the investment advisor and the likelihood that TAS would remain financially viable moving forward. The Board did not specifically consider the profitability of each money manager resulting from its relationship with Multi-Asset Fund because none of the money managers is affiliated with TAS or Multi-Asset Fund except by virtue of serving as a money manager, and the fees paid to each money manager by TIP were negotiated on an arm’s-length basis in a competitive marketplace.

TIFF Multi-Asset Fund Performance, Fees, and Expenses

Multi-Asset Fund operates on a “multi-manager” basis, which means that its assets are divided into multiple segments and those segments are managed by different investment management firms as money managers to TIP. In addition, TAS manages a portion of Multi-Asset Fund’s assets directly and is also responsible for determining the appropriate manner in which to allocate assets among money managers. There is no pre-specified target allocation of assets to any particular money manager. Each money manager manages one or more segments of Multi-Asset Fund pursuant to a money manager agreement between the money manager and TIP, on behalf of Multi-Asset Fund. Multi-Asset Fund also invests a portion of its assets in other investment funds (which are sometimes referred to as “underlying funds” or “acquired funds”), such as exchange-traded funds, open-end mutual funds, and private investment funds, such as hedge funds. As an investor in an acquired fund, Multi-Asset Fund will bear its ratable share of expenses, including advisory and administration fees and other fees, of the acquired fund. Such fees and expenses are referred to as “underlying fund expenses” and represent the approximate fees and expenses indirectly incurred by Multi-Asset Fund as a result of its investments in acquired funds.

While attention was given to all information furnished, the following discusses the primary factors relevant to the Board’s decisions. In each case, the Board concluded that the Funds’ performance was acceptable and that the Funds’ advisory fees and total expenses were reasonable in light of the quality and nature of services provided.

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Additional Information (Unaudited) June 30, 2017 

Money Managers Under Consideration and Performance Benchmarks Reviewed:	AJO, LP S&P 500 Index (US Large Cap mandate) MSCI Emerging Markets Small Cap Index (Emerging Markets Small Cap mandate)
	Amundi Smith Breeden, LLC Bloomberg Barclays US Government Inflation-Linked Bond Index (US Treasury obligations, including TIPS, mandate) TIFF Custom Laddered Treasury Index (prior to 9/30/2015, benchmark was Blended Bloomberg Barclays Breakeven Inflation Index) (Laddered US Treasury securities mandate)
	Fundsmith, LLP MSCI World Index
	Green Court Capital Management Limited CSI 300 Index
	Hosking Partners LLP MSCI All Country World Index (Benchmark changed to 50% MSCI All Country World Index (net dividends reinvested) and 50% MSCI All Country World Index (gross dividends reinvested), effective 8/1/2015)
	Kopernik Global Investors, LLC MSCI All Country World Index
	Lansdowne Partners (UK) LLP MSCI World Index
	Marathon Asset Management, LLP MSCI Europe, Australasia, Far East (EAFE) Index
	Mission Value Partners, LLC US CPI Urban Consumers Index plus a specified spread 70% MSCI Japan Index/30% MSCI World Index
	Mondrian Investment Partners Limited MSCI All Country World Index
	TB Alternative Assets Ltd. 50% MSCI China Index/50% CSI 300 Index

The Board reviewed various comparative data provided to it in connection with its consideration of the renewal of the Advisory Agreements, including, among other information, a comparison of the Fund's total return with three self-selected benchmarks and with that of other mutual funds deemed to be in its peer group and peer universe by Broadridge.

In particular, the Board reviewed Multi-Asset Fund’s performance against its benchmarks (the three self-selected benchmarks were the MAF Constructed Index, based on the normal allocation to each asset class, the 65/35 Mix, and the Consumer Price Index (“CPI”) + 5% per annum), and a Broadridge peer universe. The Broadridge peer universe consisted of Multi-Asset Fund and all retail and institutional flexible portfolio funds as classified by Broadridge (the “Broadridge MAF peer universe”). The Board considered TAS’s implementation of Multi-Asset Fund’s investment strategy across multiple asset classes and money managers. Multi-Asset Fund’s returns lagged the MAF Constructed Index for the one- and three-year periods ended March 31, 2017, and exceeded the MAF

² The 65/35 Mix is comprised of 65% MSCI All Country World Index and 35% Barclays US Aggregate Bond Index.

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Additional Information (Unaudited) June 30, 2017 

Constructed Index for the five-, and ten-year periods ended March 31, 2017. Multi-Asset Fund’s returns lagged the 65/35 Mix for the one-, three- and five-year periods ended March 31, 2017, but exceeded the 65/35 Mix for the ten-year period ended March 31, 2017. Multi-Asset Fund’s returns exceeded the CPI + 5% benchmark for the one-year period and lagged the CPI + 5% benchmark for the three-, five- and ten-year periods ended March 31, 2017. Multi-Asset Fund’s returns lagged the average of the Broadridge MAP peer universe for the one-year period and exceeded the average of the Broadridge MAF peer universe for the three-, five- and ten-year periods ended March 31, 2017.

The Board also reviewed the fees and expenses of Multi-Asset Fund against an expense peer group provided by Broadridge. This expense peer group (the “MAF expense peer group”) consisted of Multi-Asset Fund and twelve other institutional flexible portfolio funds as classified by Broadridge. The actual advisory fees of Multi-Asset Fund exceeded the median advisory fees of the MAF expense peer group for the latest fiscal year. The trustees noted that MAF makes substantial use of performance-based fee arrangements, which can lead to higher advisory fees. The total expenses of Multi-Asset Fund including and excluding the underlying fund expenses exceeded the median of the MAF expense peer group. The Board noted that, because the acquired funds in which Multi-Asset Fund invests typically use performance-based fee arrangements, the underlying fund expenses will tend to be higher when the acquired funds perform well. Further, most of the other funds in the MAF expense peer group do not invest in acquired funds and, therefore, do not incur underlying fund expenses. The Board took into consideration management’s discussion of the acquired funds’ contributions to MAF’s overall performance and the role such funds play in the portfolio, as well as management’s view that these factors offset the higher fees and expenses resulting from such investments.

The Board reviewed and discussed TAS’s fee schedule and the fee schedules of the money managers, noting that each of the money managers had an asset-based fee arrangement, a performance-based fee arrangement, or a fee arrangement which included a combination of both an asset-based fee and a performance-based fee. The Board assessed the extent to which Multi-Asset Fund enjoyed economies of scale resulting from the fee structures provided by each of the money managers, noting that certain money managers’ asset-based fee schedules did not include breakpoints, but their fee schedules were consistent with the fee schedules such managers had in place with, or offered to, other clients having substantially similar investment mandates. Further, with respect to those money managers that received performance-based fees, the Board felt that such fee schedules appropriately aligned the money managers’ interests with those of Multi-Asset Fund’s members. As part of its analysis, the Board also considered the fees charged by TAS to MAF and certain other private funds managed by TAS.

TIFF Short-Term Fund Performance, Fees, and Expenses

The Board reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement with TAS, including, among other information, a comparison of the Fund's total return with a self-selected benchmark and with that of other mutual funds deemed to be in its peer group and peer universe by Broadridge.

In particular, the Board reviewed Short-Term Fund’s performance against its self-selected benchmark (BofA Merrill Lynch US 6-Month Treasury Bill Index (the “Index”)), and a Broadridge peer universe. The Broadridge peer universe consisted of Short-Term Fund and all retail and institutional ultra-short obligation funds as classified by Broadridge (the “Broadridge STF peer universe”). The Board considered TAS’s internal management of Short-Term Fund since 2004. It noted that Short-Term Fund typically invests substantially all of its assets in US Treasury bills and normally maintains a duration of within three months of the duration of the Index. In contrast, the Broadridge STF peer universe used for comparison purposes, which closely matches Short-Term Fund in certain respects, includes funds that do not limit their investments to US Treasury bills and may maintain portfolio dollar-weighted average maturities up to 365 days. Short-Term Fund has produced negative total returns for the three- and five- year periods ended March 31, 2017 due to the extremely low yields on US Treasury bills resulting from Federal Reserve Board policy and Short-Term Fund’s operational costs, including the cost of portfolio rebalancing. Short-Term Fund underperformed the Index for the one-, three-, five- and ten-year periods ended March 31, 2017. The Board noted that the Index does not reflect any fees or expenses and has an average maturity of six months compared to Short-Term Fund’s average maturity of about three months. Similarly, Short-Term Fund’s returns lagged the average of the Broadridge STF peer universe for the one-, three-, five-, and ten-year periods ended March 31, 2017, for the reasons stated above.

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Additional Information (Unaudited) June 30, 2017 

The Board considered these results in light of Short-Term Fund’s investment strategy and the purposes for which Short-Term Fund members use the Fund.

The Board also reviewed the fees and expenses of Short-Term Fund against an expense peer group provided by Broadridge. This expense peer group (the “STF expense peer group”) consisted of Short-Term Fund and eight other institutional ultra-short obligation funds as classified by Broadridge. The Board noted that the actual advisory fee and total expenses of Short-Term Fund were well below the median of the STF expense peer group. The Board also noted that TAS’s fee schedule included breakpoints that could enable Short-Term Fund to benefit from economies of scale should the Fund’s assets grow.

Results of Review of Advisory Agreements

After considering responses from TAS and each money manager to the questionnaire prepared on behalf of the Board and further discussion, the Board voted at the June Meeting to approve the continuance of the Investment Advisory Agreements for another year with respect to both Multi-Asset Fund and Short-Term Fund and to continue the Money Manager Agreements for another year with respect to Multi-Asset Fund. The Board based its evaluation on the material factors presented to it at the June Meeting and discussed below, including: (1) the terms of the agreements; (2) the reasonableness of the advisory and money manager fees in light of the nature and quality of the advisory services provided and any additional benefits received by TAS or the money managers in connection with providing services to the Funds; (3) the nature, quality, and extent of the services performed by TAS and each of the money managers, as well as the cost to TAS of providing such services; (4) in the case of the Multi-Asset Fund, the contribution of each money manager toward the overall performance of the Fund; (5) the fees charged by TAS and each of the money managers; and (6) the overall organization and experience of TAS and each of the money managers.

Prior to a vote being taken to approve the continuance of the Investment Advisory Agreements and the Money Manager Agreements, the trustees met separately in executive session to discuss the appropriateness of the agreements and other considerations. In their deliberations with respect to these matters, the trustees were advised by their independent legal counsel. The trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. The trustees concluded that the Advisory Agreements were reasonable, fair, and in the best interests of the Funds and their members, and that the fees set forth in the agreements were fair and reasonable. In reaching its conclusion to approve the continuance of the Investment Advisory Agreements and the Money Manager Agreements for another year, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward past and future long-term considerations.

Approval of the Money Manager Agreement between TIP and SandPointe

During the in-person June Meeting, the Board evaluated and approved the money manager agreement for Multi-Asset Fund with new money manager, SandPointe.

In considering the money manager agreement with SandPointe for Multi-Asset Fund, the Board requested and considered a wide range of information from TAS and SandPointe in advance of the June Meeting. The Board approved the money manager agreement with SandPointe at the June Meeting. The Board considered information regarding SandPointe’s personnel and services, investment strategies and philosophies and portfolio management, including the experience of SandPointe’s investment personnel. The Board also considered SandPointe’s potential portfolio holdings, fees and expenses, and the performance of other accounts that had been managed by SandPointe’s investment professionals. The Board noted that the proposed management fee did not include breakpoints but included provisions that would reduce the asset-based fee rate and the performance fee rate if assets in the strategy exceed certain thresholds. Information about SandPointe’s proposed brokerage practices was also provided, including proposed allocation methodologies and best execution policies. In addition, the Board considered information with respect to the compliance and administration of SandPointe, including, but not limited to, its code of ethics and business continuity procedures, as well as information concerning any material violations of such compliance programs, the background of the individual serving as the chief compliance officer, and disclosure about regulatory examinations or other inquiries and litigation proceedings affecting SandPointe.

The Board also considered a memorandum from its independent counsel setting forth the Board’s fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the Board should

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Additional Information (Unaudited) June 30, 2017 

consider in its evaluation of the money manager agreement. The Board also reviewed SandPointe’s responses to a questionnaire prepared by the trustees’ independent counsel requesting information necessary for the trustees’ evaluation of the money manager agreement, as well as responses to additional questions posed by the Board regarding SandPointe’s limited track record and operating history, risks inherent to managers in the volatility space, “key man” risk, and risks associated with the strategy’s tactical allocation which could result in extended periods where the SandPointe portfolio remains in cash earning only a risk-free cash return. At a telephonic executive session held June 23, 2017, the trustees discussed the proposed money manager agreement with their independent counsel and directed counsel to request additional information regarding SandPointe’s expected investment opportunities, strategies and investment professionals. In addition, TAS staff provided responses post-meeting to certain additional questions from the Board regarding, among other things, expectations for SandPointe’s potential long-term performance, including contributing factors potentially driving projected outcomes, performance benchmarks, and the investment team’s criteria for determining timing of investing with and withdrawing from SandPointe.

The Board considered a number of additional factors in evaluating the money manager agreement with SandPointe on behalf of Multi-Asset Fund. The Board considered the advisory services SandPointe was expected to provide to the Fund; the potential benefits of including SandPointe as a money manager to the Fund; and other information deemed relevant.

The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services expected to be provided under the money manager agreement with SandPointe. The Board did not specifically consider the profitability of SandPointe expected to result from its relationship with Multi-Asset Fund because SandPointe is not affiliated with TAS or TIP except by virtue of serving as a money manager, and the fees to be paid to SandPointe were negotiated on an arm’s-length basis in a competitive marketplace.

The Board based its evaluation on the material factors presented to it at the June Meeting and discussed above, including: (1) the terms of the agreement; (2) the reasonableness of the money manager’s fees in light of the nature and quality of the services to be provided and any additional benefits to be received by SandPointe in connection with providing services to Multi-Asset Fund; (3) the nature, quality, and extent of the services expected to be performed by SandPointe; and (4) the nature and expected effects of adding SandPointe as a money manager of Multi-Asset Fund.

In arriving at its decision to approve the money manager agreement with SandPointe at the June Meeting, the Board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together with a view toward future long-term considerations. After carefully considering the information summarized above and all factors deemed to be relevant, the Board unanimously voted to approve the money manager agreement with SandPointe for Multi-Asset Fund at the June Meeting. Prior to the vote being taken, the Board met separately in executive session at the June Meeting to discuss the appropriateness of the agreement and other considerations.

In their deliberations with respect to these matters, the trustees were advised by their independent legal counsel. The trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the consideration of investment advisory contracts. The trustees concluded that the money manager agreement with SandPointe was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fees provided in the agreement were fair and reasonable. In the Board’s view, approving the money manager agreement with SandPointe was desirable and in the best interests of Multi-Asset Fund and its members.

69

Trustees and Principal Officers (Unaudited)

The board of TIP comprises experienced institutional investors, including current or former senior officers of leading endowments and foundations. Among the responsibilities of the board are approving the selection of the investment advisor and money managers for TIP; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees; and electing TIP officers.

Each trustee serves the fund until his or her termination, or until the trustee’s retirement, resignation, or death, or otherwise as specified in TIP’s Agreement and Declaration of Trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is 170 N. Radnor Chester Road, Suite 300, Radnor, PA, 19087.

The Statement of Additional Information has additional information regarding the board. A copy is available upon request without charge by calling 800-984-0084. This information is also available on the website of the SEC at http://www.sec.gov.

Independent Trustees

William F. McCalpin
Born 1957 Trustee since February 2008 Board Chair since 2008 2 funds overseen	Principal Occupation(s) During the Past Five Years: Managing Partner, Impact Investments, Athena Capital Advisors, LLC, an independent registered investment advisor (2016 – present); Managing Director, Holos Consulting LLC, a consultant to foundations and non-profit organizations (2009 - present); Chair of the Board of Trustees of The Janus Funds (2008 – present); Trustee of The Janus Funds (2002 – present) (58 funds overseen). Formerly, Chief Executive Officer, Imprint Capital Advisors, LLC, an investment advisor exclusively focused on impact investing (2013 – 2015). Other Directorships: FB 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 Corporation; Visit Philadelphia; The Connelly Foundation.
Amy B. Robinson
Born 1967 Trustee since September 2013 2 funds overseen	Principal Occupation(s) During the Past Five Years: Vice President, Chief Financial Officer and Chief Administrative Officer, The Kresge Foundation. Other Directorships: Member of the Detroit Riverfront Conservancy Audit Committee, Non-Trustee Advisor to the UAW Retiree Medical Benefits Trust Audit Committee, Member of Financial Accounting Standards Board (FASB) Not-For-Profit Advisory Committee.
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); Direct of Asset Allocation and Risk, Ford Foundation (2009 - 2013). Other Directorships: Trustee, YMCA Retirement Fund.

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Trustees and Principal Officers (Unaudited)

Principal Officers

Katherine M. Billings
Born 1980 CFO and Treasurer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President/Treasurer, TIFF Advisory Services, Inc. (June 2017 – present); and prior to that Director, PricewaterhouseCoopers (2002 – 2017).
Richard J. Flannery
Born 1957 President and CEO since September 2003	Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc.; President and CEO, TIFF Investment Program. Directorships: TIFF Advisory Services, Inc., The Nelson Foundation. Investment Committee member, Financial Industry Regulatory Authority (FINRA), and Compensation Committee member, Mercy Investment Services, Inc., and Advisor to the Board, Catholic Investment Services, Inc.
Kelly A. Lundstrom
Born 1964 Vice President since September 2006	Principal Occupation(s) During the Past Five Years: Vice President, TIFF Advisory Services, Inc.
Christian A. Szautner
Born 1972 Vice President, Chief Legal Officer, and Secretary since June 2017 CCO since July 2008	Principal Occupation(s) During the Past Five Years: Vice President/Chief Compliance Officer, TIFF Advisory Services, Inc. General Counsel — Regulatory, Assistant Secretary, TIFF Advisory Services, Inc. (June 2017 - present).
Jay L. Willoughby
Born 1958 Chief Investment Officer since December 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); Co-Managing Partner, Ironbound Capital Management, a global long-short equity hedge fund (2006 – 2011).
Robert J. Zion
Born 1961 Vice President and COO since March 2017	Principal Occupation(s) During the Past Five Years: Vice President/Chief Operating Officer, TIFF Advisory Services, Inc. (Feb 2017 – present); Chief Operating Officer, and prior to that Chief Financial Officer, Hirtle Callaghan & Co. (1991 – 2017).

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TIFF Investment Program

MONEY MANAGERS AND ACQUIRED FUND (“AF”) MANAGERS

TIFF Multi-Asset Fund
Adage Management, LLC (AF)
AHL Partners LLP (AF)
AJO, LP
AJO, LP (AF)
Amundi Smith Breeden LLC
Canyon Capital Advisors LLC (AF)
City Financial Investment Company Limited   (“Cumulus”) (AF)
Convexity Capital Management LP (AF)
Farallon Capital Management, LLC (AF)
Fundsmith, LLP
Glenhill Capital Advisors, LLC
Green Court Capital Management Limited
GSA Capital Ltd. (AF)
Honeycomb Asset Management LP (AF)
Hosking Partners LLP
Hudson Bay Capital Management LP (AF)
Kopernik Global Investors, LLC
Lansdowne Partners (UK), LLP
Lansdowne Partners Limited (AF)
Latimer Light Capital, LP (AF)
Marathon Asset Management, LLP
Mission Value Partners, LLC
Mondrian Investment Partners Limited
Och-Ziff Capital Management Group (AF)
QVT Financial LP (AF)
RK Capital Management, LLC (“Tessera”) (AF)
Shapiro Capital Management LLC
Soroban Capital Partners, LP (AF)
TB Alternative Assets Ltd. (“Trustbridge”)
TIFF Advisory Services, Inc.

TIFF Short-Term Fund
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
 

Investors should consider the investment objectives, risks and charges and expenses of a fund carefully before investing. The prospectus contains this and other information about the funds. A prospectus may be obtained by contacting TIFF at 800-984-0084 or by visiting TIFF’s website at www.tiff.org. Please read the prospectus carefully before investing. The SEC does not approve or disapprove of the securities mentioned in this report. Mutual fund investing involves risk. Principal loss is possible.

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. Schedule of Investments.

Included in Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedure 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 Registrant’s most recent fiscal quarter of the period covered by this report that has 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.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits

(a)(1) Code of Ethics is not applicable to this filing.

(a)(2) Certification of Chief Executive Officer and Chief Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable to this filing.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	TIFF Investment Program
By (Signature and Title)	/s/ Richard J. Flannery
	Richard J. Flannery, President and Chief Executive Officer
Date	8/29/17

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Richard J. Flannery
	Richard J. Flannery, President and Chief Executive Officer
Date	8/29/17

By (Signature and Title)	/s/ Katherine M. Billings
	Katherine M. Billings, Treasurer and Chief Financial Officer
Date	8/29/17