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: 12/31/18                          

Date of reporting period: 01/01/18 – 06/30/18       

Item 1. Reports to Stockholders.

	TIFF Investment Program
	2018 Semi-Annual Report	JUNE 30, 2018 (Unaudited)

Contents

TIFF Multi-Asset Fund
Fund Expenses		3
Financial Highlights		4
Schedule of Investments		5
Statement of Assets and Liabilities		36
Statement of Operations		37
Statements of Changes in Net Assets		38
Statement of Cash Flows		39
Notes to Financial Statements		40
Additional Information		57
Approval of Money Manager Agreements		58
Index Descriptions		62
TIFF Short-Term Fund
Fund Expenses		63
Financial Highlights		64
Schedule of Investments		65
Statement of Assets and Liabilities		66
Statement of Operations		67
Statements of Changes in Net Assets		68
Notes to Financial Statements		69
Additional Information		73
Governance
Trustees and Principal Officers		74

About TIFF

TIFF is a mission-driven, not-for-profit organization dedicated to delivering investment solutions to foundations, endowments, and other charitable institutions. Since its inception in 1991, TIFF has exclusively served the non-profit community by providing experienced manager selection and access, risk-sensitive asset allocation, and integrated member service to institutions with long-term investment horizons.

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 all-important task of 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, 2018. Additional information regarding the performance of the mutual funds described herein has been provided to members via the MAF 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, 2018

Copyright © 2018 • 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, 2018 

Summary Schedule of Investments (Unaudited)

Foreign Common Stocks		34.7	%
US Common Stocks		19.6	%
Private Investment Funds		16.7	%
US Treasury Bills		14.6	%
US Treasury Bonds/Notes		6.6	%
Exchange-Traded Funds (ETFs)		6.5	%
Repurchase Agreement		4.8	%
Preferred Stocks		0.1	%
Warrants		0.1	%
Purchased Option Contracts		0.0	%
Disputed Claims Receipt		0.0	%
Publicly Traded Limited Partnerships		0.0	%
Convertible Bonds		0.0	%
Rights		0.0	%
Total Investments		103.7	%
Securities Sold Short		(2.3	)%
Liabilities in Excess of Other Assets		(1.4	)%
Net Assets		100.0	%

2

TIFF Multi-Asset Fund  June 30, 2018 

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, 2018 to June 30, 2018.

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 Expenses on Securities Sold Short*						Excluding Expenses on Securities Sold Short*
	Beginning Account Value 1/1/18		Ending Account Value 6/30/18		Expenses Paid During the Period** 1/1/18 – 6/30/18		Beginning Account Value 1/1/18		Ending Account Value 6/30/18		Expenses Paid During the Period** 1/1/18 – 6/30/18
1) Actual	$	1,000.00	$	981.30	$	4.32	$	1,000.00	$	981.30	$	3.93
2) Hypothetical	$	1,000.00	$	1,020.43	$	4.41	$	1,000.00	$	1,020.83	$	4.01

* Expenses on Securities Sold Short include dividends and interest on securities sold short and broker fees on securities sold short.

** Expenses are equal to the fund’s annualized expense ratio of 0.88% (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 0.80%. 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.

3

TIFF Multi-Asset Fund  June 30, 2018 

Financial Highlights

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
For a share outstanding throughout each period
Net asset value, beginning of period	$	14.53		$	14.12		$	14.25		$	15.31		$	16.26		$	15.80
Income (loss) from investment operations
Net investment income (a)		0.06			0.07			0.10			0.10			0.09			0.01
Net realized and unrealized gain (loss) on investments		(0.34	)		2.48			0.51			(0.38	)		0.05			2.15
Total from investment operations		(0.28	)		2.55			0.61			(0.28	)		0.14			2.16
Less distributions from
Net investment income		(0.04	)		(0.75	)		(0.04	)		(0.20	)		(0.11	)		(0.17	)
Net realized gains		—			(1.41	)		(0.30	)		(0.50	)		(0.99	)		(1.55	)
Return of capital		—			—			(0.42	)		(0.10	)		—			—
Total distributions		(0.04	)		(2.16	)		(0.76	)		(0.80	)		(1.10	)		(1.72	)
Entry/exit fee per share (a)		0.01			0.02			0.02			0.02			0.01			0.02
Net asset value, end of period	$	14.22		$	14.53		$	14.12		$	14.25		$	15.31		$	16.26
Total return (b)		(1.87	)%(c)		18.24	%		4.45	%		(1.72	)%		1.00	%		14.02	%
Ratios/supplemental data
Net assets, end of period (000s)	$	3,337,950		$	3,754,026		$	4,126,979		$	4,837,688		$	5,757,318		$	5,770,761
Ratio of expenses to average net assets (d)		0.88	%(e)		0.94	%		0.90	%		0.85	%		1.18	%		1.31	%
Ratio of expenses to average net assets, excluding expenses on securities sold short (d)		0.80	%(e)		0.93	%		0.87	%		0.76	%		0.85	%		0.90	%
Ratio of net investment income to average net assets		0.78	%(e)		0.47	%		0.70	%		0.68	%		0.52	%		0.06	%
Portfolio turnover		27	%		58	%		65	%		62	%		94	%		106	%

(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.

4

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Investments — 103.7% of net assets
Common Stocks — 54.3%
US Common Stocks — 19.6%
Aerospace & Defense — 0.3%
Cavium, Inc. (a)		337	$	29,150
Esterline Technologies Corp. (a)		5,115		377,487
General Dynamics Corp. (r)		1,144		213,253
Honeywell International, Inc.		6,859		988,039
Huntington Ingalls Industries, Inc. (r)		8,726		1,891,710
L3 Technologies, Inc. (r)		395		75,966
Lockheed Martin Corp.		3,000		886,290
Raytheon Co.		6,520		1,259,534
Spirit AeroSystems Holdings, Inc., Class A (r)		21,073		1,810,381
Textron, Inc.		11,037		727,449
United Technologies Corp.		3,569		446,232
				8,705,491
Air Freight & Logistics — 0.0%
FedEx Corp.		3,748		851,021
Airlines — 0.7%
American Airlines Group, Inc.		100,943		3,831,796
Delta Air Lines, Inc.		335,472		16,619,283
Southwest Airlines Co.		3,884		197,618
Spirit Airlines, Inc. (a)		3,076		111,812
United Continental Holdings, Inc. (a)		46,986		3,276,334
				24,036,843
Auto Components — 0.1%
Goodyear Tire & Rubber Co. (The)		5,230		121,807
Lear Corp. (r)		14,311		2,659,127
				2,780,934
Automobiles — 0.1%
Ford Motor Co.		42,824		474,062
General Motors Co. (r)		44,581		1,756,491
Thor Industries, Inc.		5,844		569,147
				2,799,700
Beverages — 0.3%
Constellation Brands, Inc., Class A		5,587		1,222,827
PepsiCo, Inc. (r)		77,550		8,442,868
				9,665,695
Biotechnology — 0.2%
Alnylam Pharmaceuticals, Inc. (a)		3,045		299,902
Amgen, Inc.		4,445		820,503
Biogen, Inc. (a)		4,082		1,184,760
Celgene Corp. (a) (r)		10,021		795,868
Exelixis, Inc. (a)		22,966		494,228
Gilead Sciences, Inc. (r)		25,829		1,829,726
Shire plc		6,136		345,074
United Therapeutics Corp. (a) (r)		7,613		861,411
Vertex Pharmaceuticals, Inc. (a)		3,141		533,844
				7,165,316

	Number of Shares		Value
Building Products — 0.0%
Armstrong World Industries, Inc. (a) (r)		2,150	$	135,880
Masco Corp.		27,098		1,014,007
Owens Corning		668		42,331
USG Corp. (a)		5,544		239,058
				1,431,276
Capital Markets — 0.1%
Ameriprise Financial, Inc.		9,708		1,357,955
BlackRock, Inc.		366		182,649
E*TRADE Financial Corp. (a)		9,684		592,273
Federated Investors, Inc., Class B		13,275		309,573
Morgan Stanley		14,036		665,306
S&P Global, Inc.		5,485		1,118,337
Stifel Financial Corp.		1,566		81,824
T. Rowe Price Group, Inc.		3,104		360,343
				4,668,260
Chemicals — 1.1%
Axalta Coating Systems, Ltd. (a)		295,653		8,961,242
Cabot Corp.		5,991		370,064
Celanese Corp., Series A (r)		14,097		1,565,613
Chemours Co. (The)		13,978		620,064
DowDuPont, Inc.		5,843		385,171
Eastman Chemical Co. (r)		2,891		288,984
Huntsman Corp.		28,377		828,608
Ingevity Corp. (a)		439		35,498
LyondellBasell Industries NV, Class A (r)		27,501		3,020,985
Mosaic Co. (The)		264,900		7,430,445
Olin Corp.		7,982		229,243
PQ Group Holdings, Inc. (a)		148,600		2,674,800
Scotts Miracle-Gro Co. (The), Class A		1,919		159,584
Sherwin-Williams Co. (The)		1,898		773,568
Valvoline, Inc.		412,393		8,895,317
Westlake Chemical Corp.		5,281		568,394
				36,807,580
Commercial Banks — 0.2%
Bank of the Ozarks, Inc.		609		27,429
Citizens Financial Group, Inc.		46,068		1,792,045
Huntington Bancshares, Inc.		6,214		91,719
KeyCorp		3,626		70,852
PNC Financial Services Group, Inc. (The)		10,390		1,403,689
Regions Financial Corp. (r)		10,772		191,526
US Bancorp		8,080		404,162
Wells Fargo & Co. (r)		28,856		1,599,777
				5,581,199
Commercial Services & Supplies — 0.0%
Herman Miller, Inc.		3,289		111,497
Waste Management, Inc.		3,569		290,303
				401,800
Communications Equipment — 0.4%
Arista Networks, Inc. (a)		606		156,039
Ciena Corp. (a)		357,304		9,472,129

5

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Cisco Systems, Inc.		44,474	$	1,913,716
F5 Networks, Inc. (a)		3,280		565,636
				12,107,520
Computers & Peripherals — 0.6%
Apple, Inc. (r)		76,643		14,187,386
Diebold Nixdorf, Inc.		179,994		2,150,928
Hewlett Packard Enterprise Co.		45,792		669,021
HP, Inc.		61,940		1,405,419
Seagate Technology plc		23,285		1,314,904
Western Digital Corp. (r)		8,016		620,518
				20,348,176
Construction & Engineering — 0.1%
D.R. Horton, Inc.		28,380		1,163,580
EMCOR Group, Inc. (r)		3,212		244,690
Fluor Corp.		1,004		48,975
KB Home (r)		3,120		84,989
KBR, Inc.		26,425		473,536
NVR, Inc. (a)		285		846,550
PulteGroup, Inc.		41,109		1,181,884
Quanta Services, Inc. (a)		18,958		633,197
Toll Brothers, Inc.		464		17,163
				4,694,564
Consumer Finance — 0.2%
Ally Financial, Inc.		32,271		847,759
American Express Co.		11,255		1,102,990
Capital One Financial Corp. (r)		11,598		1,065,856
Discover Financial Services		10,294		724,801
FirstCash, Inc.		3,345		300,548
Synchrony Financial		43,144		1,440,147
				5,482,101
Containers & Packaging — 0.0%
WestRock Co.		2,381		135,765
Diversified Consumer Services — 0.0%
Sotheby’s (a)		5,527		300,337
Diversified Financial Services — 1.3%
Bank of America Corp.		623,099		17,565,161
Citigroup, Inc.		139,369		9,326,574
CME Group, Inc.		1,199		196,540
Jefferies Financial Group, Inc.		31,307		711,921
JPMorgan Chase & Co. (r)		157,820		16,444,844
Moody’s Corp. (r)		1,649		281,253
				44,526,293
Diversified Telecommunication Services — 0.1%
AT&T, Inc.		5,806		186,431
CenturyLink, Inc.		13,271		247,371
Verizon Communications, Inc.		43,605		2,193,768
				2,627,570
Electric Utilities — 0.1%
Entergy Corp.		10,095		815,575
Exelon Corp. (r)		50,426		2,148,148
Pinnacle West Capital Corp.		801		64,528
	��			3,028,251

	Number of Shares		Value
Electrical Equipment — 0.2%
Acuity Brands, Inc.		2,000	$	231,740
BWX Technologies, Inc.		93,900		5,851,848
Eaton Corp. plc (r)		1,451		108,448
Generac Holdings, Inc. (a)		35,658		1,844,588
				8,036,624
Electronic Equipment, Instruments & Components — 0.2%
Coherent, Inc. (a)		510		79,774
Corning, Inc.		2,896		79,669
FLIR Systems, Inc.		32,200		1,673,434
Jabil Circuit, Inc.		2,897		80,131
Knowles Corp. (a)		302,894		4,634,278
				6,547,286
Energy Equipment & Services — 0.0%
Halliburton Co.		9,818		442,399
Nabors Industries, Ltd.		16,012		102,637
Patterson-UTI Energy, Inc.		6,576		118,368
RPC, Inc.		9,065		132,077
				795,481
Food & Staples Retailing — 0.2%
Costco Wholesale Corp.		10,095		2,109,653
Kroger Co. (The)		39,939		1,136,265
Sysco Corp.		10,973		749,346
Wal-Mart Stores, Inc. (r)		40,940		3,506,511
				7,501,775
Food Products — 0.1%
Archer-Daniels-Midland Co.		15,205		696,845
Conagra Brands, Inc.		8,067		288,234
Hain Celestial Group, Inc. (The) (a)		2,634		78,493
Sanderson Farms, Inc.		5,618		590,733
Simply Good Foods Co. (The) (a)		1		15
Tyson Foods, Inc., Class A (r)		6,318		434,994
				2,089,314
Health Care Equipment & Supplies — 0.8%
ABIOMED, Inc. (a)		178		72,811
Align Technology, Inc. (a)		3,120		1,067,477
Baxter International, Inc. (r)		43,077		3,180,806
Danaher Corp.		10,613		1,047,291
DexCom, Inc. (a)		16,123		1,531,362
Globus Medical, Inc., Class A (a)		1,157		58,382
Haemonetics Corp. (a)		3,470		311,190
IDEXX Laboratories, Inc. (a)		46,584		10,152,517
Intuitive Surgical, Inc. (a) (r)		1,290		617,239
NuVasive, Inc. (a)		4,851		252,834
Stryker Corp.		50,071		8,454,989
				26,746,898
Health Care Providers & Services — 0.3%
Aetna, Inc.		1,679		308,097
Anthem, Inc.		1,774		422,265
Brookdale Senior Living, Inc. (a)		2,612		23,743
Centene Corp. (a)		6,015		741,108
CIGNA Corp.		1,811		307,779

6

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Envision Healthcare Corp. (a)		595	$	26,186
Express Scripts Holding Co. (a)		2,958		228,387
Humana, Inc. (r)		8,363		2,489,080
Laboratory Corp. of America Holdings (a)		5,128		920,630
McKesson Corp. (r)		10,121		1,350,141
Patterson Companies, Inc.		143,100		3,244,077
Quest Diagnostics, Inc.		2,486		273,311
UnitedHealth Group, Inc.		1,102		270,365
WellCare Health Plans, Inc. (a)		843		207,580
				10,812,749
Hotels, Restaurants & Leisure — 0.6%
Caesars Entertainment Corp. (a)		794,800		8,504,360
Carnival Corp.		8,890		509,486
Hyatt Hotels Corp., Class A (r)		6,230		480,645
ILG, Inc.		2,592		85,614
International Game Technology plc		1,018		23,658
Las Vegas Sands Corp.		18,751		1,431,826
Marriott International, Inc., Class A		57,643		7,297,604
MGM Resorts International		39,840		1,156,555
Papa John’s International, Inc.		2,071		105,041
Royal Caribbean Cruises, Ltd.		5,570		577,052
Wynn Resorts, Ltd.		4,762		796,873
Yum China Holdings, Inc. (China)		5,143		197,800
				21,166,514
Household Durables — 0.0%
Mohawk Industries, Inc. (a)		1,513		324,191
TopBuild Corp. (a)		799		62,594
Whirlpool Corp.		393		57,468
				444,253
Household Products — 0.2%
Colgate-Palmolive Co.		84,238		5,459,465
Procter & Gamble Co. (The) (r)		11,021		860,299
				6,319,764
Independent Power Producers & Energy Traders — 0.0%
AES Corp. (The)		37,946		508,856
Vistra Energy Corp. (a)		1,674		39,607
				548,463
Industrial Conglomerates — 0.3%
3M Co.		43,077		8,474,107
Insurance — 0.4%
Aflac, Inc. (r)		43,348		1,864,831
Allstate Corp. (The)		19,927		1,818,737
American International Group, Inc.		27,339		1,449,514
Berkshire Hathaway, Inc., Class B (a) (r)		16,982		3,169,690
Everest Re Group, Ltd. (Bermuda)		613		141,284
FNF Group		18,346		690,177
Hanover Insurance Group, Inc. (The)		393		46,987
Hartford Financial Services Group, Inc. (The)		7,804		399,019
Lincoln National Corp.		16,110		1,002,848
Loews Corp.		4,163		200,990

	Number of Shares		Value
Markel Corp. (a)		320	$	346,992
MBIA, Inc. (a)		86,774		784,437
Prudential Financial, Inc.		17,950		1,678,504
Reinsurance Group of America, Inc.		3,513		468,915
Travelers Companies, Inc. (The)		3,856		471,743
Unum Group (r)		12,878		476,357
				15,011,025
Internet & Catalog Retail — 0.7%
Amazon.com, Inc. (a) (r)		10,063		17,105,087
Booking Holdings, Inc. (a)		1,548		3,137,935
Expedia, Inc. (r)		1,051		126,320
Liberty Expedia Holdings, Inc., Class A (a)		793		34,844
Liberty TripAdvisor Holdings, Inc., Class A (a)		5,472		88,099
Netflix, Inc. (a)		2,962		1,159,416
Qurate Retail Group, Inc. QVC Group (a)		22,375		474,798
TripAdvisor, Inc. (a)		3,779		210,528
				22,337,027
Internet Software & Services — 1.3%
Akamai Technologies, Inc. (a)		11,098		812,707
Alphabet, Inc., Class A (a) (r)		11,483		12,966,489
Alphabet, Inc., Class C (a) (r)		3,744		4,176,994
ChannelAdvisor Corp. (a)		237,502		3,336,903
eBay, Inc. (a) (r)		33,208		1,204,122
Facebook, Inc., Class A (a) (r)		74,583		14,492,969
GrubHub, Inc. (a)		19,924		2,090,227
IAC/InterActiveCorp (a)		7,813		1,191,404
Pandora Media, Inc. (a)		52,788		415,969
Twitter, Inc. (a)		20,435		892,396
VeriSign, Inc. (a)		6,498		892,955
				42,473,135
IT Services — 0.9%
Alliance Data Systems Corp.		803		187,260
Automatic Data Processing, Inc.		53,178		7,133,297
Cognizant Technology Solutions Corp., Class A		29,595		2,337,709
CoreLogic, Inc. (a)		8,745		453,865
DXC Technology Co. (r)		10,450		842,374
EPAM Systems, Inc. (a)		4,680		581,864
First Data Corp., Class A (a)		4,329		90,606
Gartner, Inc. (a)		3,151		418,768
Genpact, Ltd.		4,248		122,895
Hackett Group, Inc. (The)		20,576		330,656
International Business Machines Corp. (IBM) (r)		13,483		1,883,575
Mastercard, Inc., Class A		7,651		1,503,575
MAXIMUS, Inc.		3,724		231,298
PayPal Holdings, Inc. (a)		43,784		3,645,894
Perspecta, Inc.		2,350		48,292
Science Applications International Corp.		6,044		489,141
Total System Services, Inc.		11,473		969,698
Visa, Inc., Class A		69,126		9,155,739
				30,426,506

7

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Leisure Equipment & Products — 0.2%
Acushnet Holdings Corp.		279,400	$	6,834,124
Brunswick Corp.		7,657		493,723
Vista Outdoor, Inc. (a)		12,026		186,283
				7,514,130
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc. (r)		19,422		1,201,056
AquaVenture Holdings, Ltd. (a)		4,634		72,198
Bio-Rad Laboratories, Inc., Class A (a)		1,698		489,941
Bruker Corp.		2,019		58,632
Charles River Laboratories International, Inc. (a)		1,196		134,263
Waters Corp. (a)		42,526		8,232,608
				10,188,698
Machinery — 0.1%
Caterpillar, Inc.		2,443		331,442
Cummins, Inc. (r)		11,126		1,479,758
Graco, Inc.		5,162		233,426
Ingersoll-Rand plc		8,246		739,914
ITT, Inc.		11,376		594,623
Oshkosh Corp.		9,422		662,555
PACCAR, Inc.		5,573		345,303
Terex Corp.		3,369		142,138
Welbilt, Inc. (a)		13,632		304,130
				4,833,289
Marine — 0.0%
Kirby Corp. (a)		1,305		109,098
Scorpio Bulkers, Inc.		18,025		127,977
				237,075
Media — 0.9%
AMC Networks, Inc., Class A (a)		158,300		9,846,260
CBS Corp., Class B		65,600		3,688,032
Charter Communications, Inc., Class A (a)		525		153,935
Comcast Corp., Class A		44,728		1,467,526
Discovery Communications, Inc., Series A (a)		13,519		371,773
GCI Liberty, Inc., Class A (a)		1,337		60,272
Iheartmedia, Inc. (a)		13,262		3,317
Liberty Broadband Corp., Class A (a)		160		12,102
Liberty Broadband Corp., Class C (a)		1,354		102,525
Liberty Media Corp-Liberty Braves, Class A (a)		114		2,931
Liberty Media Corp-Liberty Braves, Class C (a)		317		8,198
Liberty Media Corp-Liberty Formula One, Class A (a)		1,095		38,665
Liberty Media Corp-Liberty Formula One, Class C (a)		1,178		43,739
Liberty Media Corp-Liberty SiriusXM, Class A (a)		4,783		215,474
Liberty Media Corp-Liberty SiriusXM, Class C (a)		5,285		239,728
Lions Gate Entertainment Corp., Class B		301,131		7,064,533
Live Nation Entertainment, Inc. (a)		93,313		4,532,212

	Number of Shares		Value
News Corp., Class A		32,406	$	502,293
tronc, Inc. (a)		955		16,502
Twenty-First Century Fox, Inc., Class A		5,416		269,121
Viacom, Inc., Class B		5,196		156,711
Walt Disney Co. (The)		9,394		984,585
				29,780,434
Metals & Mining — 0.4%
Alcoa Corp. (a)		27,412		1,285,075
Allegheny Technologies, Inc. (a)		20,711		520,260
Compass Minerals International, Inc.		106,309		6,989,817
Freeport-McMoRan, Inc.		57,775		997,196
Reliance Steel & Aluminum Co. (r)		5,717		500,466
Southern Copper Corp. (Peru)		5,192		243,349
Steel Dynamics, Inc.		31,708		1,456,983
				11,993,146
Multi-Utilities — 0.1%
Ameren Corp. (r)		7,728		470,249
CenterPoint Energy, Inc.		1,873		51,901
Consolidated Edison, Inc.		10,538		821,753
DTE Energy Co.		2,242		232,339
Public Service Enterprise Group, Inc.		10,296		557,425
UGI Corp.		4,328		225,359
				2,359,026
Multiline Retail — 0.1%
Big Lots, Inc. (r)		3,694		154,335
Kohl’s Corp.		7,559		551,051
Macy’s, Inc.		19,123		715,774
Target Corp.		3,779		287,658
				1,708,818
Office Electronics — 0.0%
Zebra Technologies Corp., Class A (a)		177		25,355
Oil, Gas & Consumable Fuels — 1.1%
Anadarko Petroleum Corp.		5,987		438,548
Andeavor		1,532		200,968
Apache Corp.		3,630		169,702
Cabot Oil & Gas Corp.		5,183		123,355
Centennial Resource Development, Inc., Class A (a)		1,823		32,923
Chevron Corp.		13,788		1,743,217
Cloud Peak Energy, Inc. (a)		313,225		1,093,155
CNX Resources Corp. (a) (r)		13,376		237,825
ConocoPhillips		35,556		2,475,409
CONSOL Energy, Inc. (a) (r)		21,637		829,779
Devon Energy Corp.		19,382		852,033
Energen Corp. (a)		9,708		706,937
EOG Resources, Inc.		2,452		305,102
Exxon Mobil Corp.		13,388		1,107,589
HollyFrontier Corp.		19,406		1,327,953
International Seaways, Inc. (a)		4,248		98,299
Marathon Oil Corp. (r)		46,068		960,978
Marathon Petroleum Corp. (r)		20,061		1,407,480
Newfield Exploration Co. (a)		2,576		77,924
Occidental Petroleum Corp.		11,617		972,111

8

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
PBF Energy, Inc., Class A		1,913	$	80,212
Peabody Energy Corp.		15,040		684,019
Phillips 66		10,903		1,224,516
Pioneer Natural Resources Co.		882		166,910
QEP Resources, Inc. (a) (r)		13,426		164,603
Range Resources Corp.		319,778		5,349,886
SemGroup Corp., Class A		133,950		3,402,330
SM Energy Co.		1,490		38,278
Southwestern Energy Co. (a)		120,487		638,581
Valero Energy Corp.		21,752		2,410,774
World Fuel Services Corp.		8,691		177,383
WPX Energy, Inc. (a)		385,300		6,946,959
				36,445,738
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		4,060		110,513
Personal Products — 0.1%
Coty, Inc., Class A		2,923		41,214
Estee Lauder Companies, Inc. (The), Class A		15,437		2,202,706
Nu Skin Enterprises, Inc., Class A (r)		2,996		234,257
				2,478,177
Pharmaceuticals — 0.3%
AbbVie, Inc.		9,125		845,431
Bristol-Myers Squibb Co.		11,383		629,935
Eli Lilly & Co.		6,096		520,172
Johnson & Johnson		31,037		3,766,030
Merck & Co., Inc. (r)		33,316		2,022,281
Pfizer, Inc. (r)		71,960		2,610,709
Zoetis, Inc.		1,938		165,098
				10,559,656
Professional Services — 0.2%
Dun & Bradstreet Corp. (The)		50,624		6,209,034
Robert Half International, Inc.		18,495		1,204,024
Verisk Analytics, Inc. (a)		1,598		172,009
				7,585,067
Real Estate — 0.1%
CBRE Group, Inc., Class A (a)		64,378		3,073,406
Real Estate Investment Trusts (REITs) — 0.2%
American Tower Corp. (r)		3,406		491,043
AvalonBay Communities, Inc.		156		26,815
Boston Properties, Inc. (r)		822		103,095
Crown Castle International Corp.		1,511		162,916
Digital Realty Trust, Inc.		1,796		200,398
Equinix, Inc.		64		27,513
Equity Residential		3,281		208,967
Host Hotels & Resorts, Inc.		40,049		843,832
Prologis, Inc. (r)		6,382		419,234
Public Storage		3,124		708,711
Realty Income Corp. (r)		6,903		371,312
SBA Communications Corp. (a) (r)		627		103,530
Simon Property Group, Inc.		2,627		447,089
SL Green Realty Corp.		4,725		475,004

	Number of Shares		Value
Ventas, Inc.		3,643	$	207,469
Welltower, Inc.		3,445		215,967
Weyerhaeuser Co.		5,443		198,452
				5,211,347
Road & Rail — 0.1%
Avis Budget Group, Inc. (a)		3,244		105,430
CSX Corp. (r)		1,646		104,982
Hertz Global Holdings, Inc. (a)		1,080		16,567
Kansas City Southern		9,731		1,031,097
Norfolk Southern Corp. (r)		3,748		565,461
Ryder System, Inc. (r)		744		53,464
Union Pacific Corp.		9,309		1,318,899
				3,195,900
Semiconductors & Semiconductor Equipment — 1.0%
Applied Materials, Inc.		84,266		3,892,246
Boeing Co. (The) (r)		8,324		2,792,785
Broadcom, Inc.		612		148,496
Cirrus Logic, Inc. (a) (r)		960		36,797
Entegris, Inc.		169,754		5,754,661
First Solar, Inc. (a)		8,365		440,501
Intel Corp. (r)		49,510		2,461,142
KLA-Tencor Corp. (r)		8,576		879,297
Lam Research Corp.		6,435		1,112,290
Maxim Integrated Products, Inc.		911		53,439
Micron Technology, Inc. (a) (r)		63,530		3,331,513
MKS Instruments, Inc.		806		77,134
NVIDIA Corp.		5,111		1,210,796
ON Semiconductor Corp. (a)		3,352		74,532
Skyworks Solutions, Inc.		9,487		916,919
Texas Instruments, Inc.		55,575		6,127,144
Veeco Instruments, Inc. (a)		9,162		130,558
Versum Materials, Inc.		85,330		3,170,009
				32,610,259
Software — 1.4%
Activision Blizzard, Inc. (r)		15,080		1,150,906
Adobe Systems, Inc. (a)		6,302		1,536,491
Aspen Technology, Inc. (a)		269		24,947
CA, Inc.		16,878		601,701
Cadence Design Systems, Inc. (a)		20,568		890,800
Citrix Systems, Inc. (a)		10,390		1,089,288
Dell Technologies, Inc., Class V (a)		2,129		180,071
Electronic Arts, Inc. (a)		4,603		649,115
FireEye, Inc. (a)		585,028		9,003,581
Fortinet, Inc. (a)		1,568		97,890
Guidewire Software, Inc. (a)		3,223		286,138
Intuit, Inc.		25,141		5,136,432
Manhattan Associates, Inc. (a)		2,578		121,192
Microsoft Corp. (r)		222,846		21,974,844
Oracle Corp. (r)		49,999		2,202,956
Red Hat, Inc. (a) (r)		885		118,917
Splunk, Inc. (a)		983		97,425
Synopsys, Inc. (a)		7,990		683,704

9

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Take-Two Interactive Software, Inc. (a) (r)		2,696	$	319,098
VMware, Inc., Class A (a)		175		25,720
Zynga, Inc., Class A (a)		125,064		509,010
				46,700,226
Specialty Retail — 0.2%
Advance Auto Parts, Inc.		968		131,358
American Eagle Outfitters, Inc.		18,316		425,847
AutoZone, Inc. (a)		516		346,200
Best Buy Co., Inc.		19,085		1,423,359
Burlington Stores, Inc. (a)		1,086		163,475
Foot Locker, Inc.		13,042		686,661
Gap, Inc. (The)		7,158		231,848
Lowe’s Companies, Inc. (r)		6,423		613,846
Michaels Companies, Inc. (The) (a)		2,987		57,261
Ross Stores, Inc. (r)		11,368		963,438
TJX Companies, Inc. (The) (r)		6,878		654,648
Tractor Supply Co.		8,563		654,984
Urban Outfitters, Inc. (a) (r)		6,612		294,565
				6,647,490
Textiles, Apparel & Luxury Goods — 0.4%
Carter’s, Inc.		1,474		159,767
Hanesbrands, Inc.		459,693		10,122,440
Lululemon Athletica, Inc. (Canada) (a)		3,330		415,751
PVH Corp.		4,064		608,462
Ralph Lauren Corp.		1,503		188,957
Skechers U.S.A., Inc., Class A (a) (r)		17,826		534,958
				12,030,335
Thrifts & Mortgage Finance — 0.0%
Fannie Mae (a)		7,825		11,111
Tobacco — 0.2%
Altria Group, Inc.		6,160		349,826
Philip Morris International, Inc.		89,900		7,258,526
				7,608,352
Trading Companies & Distributors — 0.1%
HD Supply Holdings, Inc. (a)		21,274		912,442
NOW, Inc. (a)		17,835		237,740
United Rentals, Inc. (a)		3,785		558,742
W.W. Grainger, Inc.		1,949		601,071
WESCO International, Inc. (a)		3,308		188,887
				2,498,882
Wireless Telecommunication Services — 0.0%
NII Holdings, Inc. (a)		11,980		46,722
Total US Common Stocks (Cost $555,922,140)				653,329,765
Foreign Common Stocks — 34.7%
Australia — 0.7%
AGL Energy, Ltd.		21,924		365,411
ALS, Ltd.		57,396		321,821
Alumina, Ltd.		390,080		807,489
Ansell, Ltd.		8,822		178,024
Asaleo Care, Ltd.		134,746		139,526

	Number of Shares		Value
Aurizon Holdings, Ltd.		105,934	$	340,588
Australia & New Zealand Banking Group, Ltd.		14,342		301,040
BHP Billiton plc		89,718		2,007,724
BHP Billiton, Ltd.		30,241		757,765
BlueScope Steel, Ltd.		54,946		700,386
Brambles, Ltd.		19,165		126,127
Caltex Australia, Ltd.		28,260		682,525
carsales.com, Ltd.		24,201		271,382
CIMIC Group, Ltd.		5,375		168,145
Cleanaway Waste Management, Ltd.		342,215		429,864
Coca-Cola Amatil, Ltd.		46,053		313,377
Crown Resorts, Ltd.		39,225		392,831
Dexus – REIT		4,265		30,754
Domain Holdings Australia, Ltd.		33,957		81,207
DuluxGroup, Ltd.		19,467		110,117
Fairfax Media, Ltd.		211,630		117,405
Fortescue Metals Group, Ltd.		8,681		28,161
Goodman Group – REIT		9,892		70,609
GUD Holdings, Ltd.		18,550		195,143
GWA Group, Ltd.		36,995		93,005
IPH, Ltd.		48,254		159,652
Kogan.com, Ltd.		63,280		318,907
Lend Lease Group		45,610		670,893
Macquarie Group, Ltd.		458		42,095
Metcash, Ltd.		71,414		138,393
Mirvac Group – REIT		51,921		83,608
National Australia Bank, Ltd.		5,812		118,305
Newcrest Mining, Ltd.		492,243		7,979,202
Orica, Ltd.		56,374		742,012
Origin Energy, Ltd. (a)		61,650		459,839
Qantas Airways, Ltd.		223,245		1,020,840
QBE Insurance Group, Ltd.		44,696		323,170
Scentre Group – REIT		54,471		177,462
South32, Ltd. – ASX Shares		300,490		809,270
Stockland – REIT		65,162		192,048
Suncorp Group, Ltd.		53,633		580,717
Woodside Petroleum, Ltd.		3,401		89,501
				22,936,340
Austria — 0.1%
ams AG		625		46,291
Andritz AG		2,570		136,374
Erste Group Bank AG		4,057		169,128
Immofinanz AG		66,792		1,590,617
Oesterreichische Post AG		5,399		246,381
Wienerberger AG		16,634		415,286
				2,604,077
Belgium — 0.1%
Ageas		5,128		258,559
Anheuser-Busch InBev SA/NV		9,248		932,929
Bekaert SA		1,769		57,357
Greenyard NV		3,122		44,808
KBC Groep NV (r)		8,147		628,009
Solvay SA (r)		558		70,245

10

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
UCB SA		12,501	$	979,965
				2,971,872
Bermuda — 0.1%
Assured Guaranty, Ltd. (r)		35,994		1,286,066
DHT Holdings, Inc.		8,774		41,150
Golar LNG, Ltd.		5,087		149,863
Liberty Latin America, Ltd., Class A (a)		5,930		113,382
Liberty Latin America, Ltd., Class C (a)		10,117		196,067
Marvell Technology Group, Ltd.		1,937		41,529
Signet Jewelers, Ltd.		5,498		306,514
				2,134,571
Brazil — 0.3%
BrasilAgro – Co. Brasileira de Propriedades Agricolas		116,200		406,247
CCR SA		13,120		34,258
Centrais Eletricas Brasileiras SA (a)		1,217,500		3,829,278
Cia de Saneamento de Minas Gerais-COPASA		64,769		685,499
Cia Paranaense de Energia – SPADR		9,056		50,533
Cia Siderurgica Nacional SA (a)		41,959		85,093
Cosan, Ltd.		51,995		396,722
Localiza Rent a Car SA		37,949		232,350
Magnesita Refratarios SA		15,658		256,136
Mahle-Metal Leve SA		30,324		203,581
MRV Engenharia e Participacoes SA		28,258		87,783
Odontoprev SA		36,795		124,082
Petroleo Brasileiro SA		52,018		260,644
Petroleo Brasileiro SA – ADR		32,713		328,111
Porto Seguro SA		11,482		120,515
Portobello SA		19,716		18,975
Sao Martinho SA		90,502		416,812
SLC Agricola SA		12,903		169,654
Sul America SA (UNIT)		8,557		40,359
Tegma Gestao Logistica SA		43,100		171,366
Tupy SA		46,893		216,936
WEG SA		28,412		119,124
				8,254,058
Canada — 2.3%
Aimia, Inc.		9,180		16,200
Air Canada (a)		7,782		125,788
Altius Minerals Corp.		7,029		70,309
Barrick Gold Corp. – NYSE Shares		276,711		3,633,215
Bear Creek Mining Corp. (a)		478,091		643,685
Cameco Corp.		676,735		7,613,269
Cameco Corp. – TSX Shares		6,964		78,346
Canadian Natural Resources, Ltd. – NYSE Shares		10,723		387,028
Centerra Gold, Inc. (a)		609,758		3,390,508
Denison Mines Corp. (a)		2,066,459		1,005,997
Dundee Corp., Class A (a)		405,126		486,897
Dundee Precious Metals, Inc. (a)		331,755		792,386
Fairfax Financial Holdings, Ltd.		787		440,993
First Quantum Minerals, Ltd.		7,609		112,111
Fission Uranium Corp. (a)		2,181,500		1,111,783

	Number of Shares		Value
Goldcorp., Inc.		95,725	$	1,312,390
IMAX Corp. (a)		322,352		7,140,097
Imperial Oil, Ltd.		14,172		471,088
International Tower Hill Mines, Ltd. (a)		507,456		256,215
Ivanhoe Mines, Ltd., Class A (a)		222,724		457,426
Kinross Gold Corp. – NYSE Shares (a)		429,036		1,613,175
Kinross Gold Corp. – TSX Shares (a)		16,394		61,728
Lundin Gold, Inc. (a)		777,249		2,707,793
Magna International, Inc.		9,465		550,200
Maxar Technologies, Ltd.		189,004		9,548,482
MEG Energy Corp. (a)		511,156		4,261,415
Mountain Province Diamonds, Inc. (a)		32,352		81,209
New Gold, Inc. (a)		883,456		1,837,588
NexGen Energy, Ltd. (a)		1,572,483		2,906,579
Northern Dynasty Minerals, Ltd. (a)		2,256,947		1,218,904
NOVAGOLD Resources, Inc. (a)		201,971		898,771
Onex Corp.		1,513		111,048
PrairieSky Royalty, Ltd.		179		3,533
Rogers Communications, Inc., Class B		18,611		883,939
Seabridge Gold, Inc. (a)		229,616		2,583,213
Sprott, Inc.		1,598,898		3,697,296
Suncor Energy, Inc.		15,580		634,032
Tahoe Resources, Inc.		266,831		1,313,199
Teck Resources, Ltd., Class B		8,438		214,747
Turquoise Hill Resources, Ltd. (a)		913,357		2,593,934
Uranium Participation Corp. (a)		1,643,208		5,087,177
Wheaton Precious Metals Corp.		191,465		4,223,718
				76,577,411
Chile — 0.1%
Antofagasta plc		100,265		1,302,540
CAP SA		26,867		267,188
				1,569,728
China — 7.5%
3SBio, Inc. (b)		638,500		1,443,506
AAC Technologies Holdings, Inc.		40,255		563,324
Agricultural Bank of China, Ltd., Class H		136,102		63,210
Alibaba Group Holding, Ltd. – ADR (a)		26,564		4,928,419
Aluminum Corp. of China, Ltd., Class H (a)		93,415		40,960
Anhui Conch Cement Co., Ltd., Class A		1,143,199		5,732,788
Anhui Conch Cement Co., Ltd., Class H		93,937		533,611
Anhui Expressway Co., Ltd., Class H		198,000		119,236
Anhui Zhongding Sealing Parts Co., Ltd., Class A		518,045		1,122,069
Asia Cement China Holdings Corp.		155,500		92,906
Baidu, Inc. – SPADR (a)		3,488		847,584
Bank of China, Ltd., Class A		5,533,300		3,017,071
Baoshan Iron & Steel Co., Ltd., Class A		1,992,983		2,332,947
Baozun, Inc. – ADR (a)		119,500		6,536,650
Beijing Capital Land, Ltd., Class H		607,049		261,130
Bilibili, Inc. – SPADR (a)		142,100		1,987,979
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (d)		4,640,000		76,884

11

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
China Aerospace Times Electronics Co., Ltd., Class A (a)		1,081,000	$	1,145,348
China Communications Services Corp., Ltd., Class H		482,000		305,050
China Construction Bank Corp., Class A		9,142,115		9,017,524
China Construction Bank Corp., Class H		219,547		201,319
China CYTS Tours Holding Co., Ltd., Class A		449,772		1,352,219
China Fortune Land Development Co., Ltd., Class A		593,571		2,302,258
China Jushi Co., Ltd., Class A		1,738,795		2,681,653
China Lesso Group Holdings, Ltd.		72,000		45,618
China Lilang, Ltd.		107,468		154,004
China Medical System Holdings, Ltd.		664,000		1,320,887
China Merchants Bank Co., Ltd., Class A		973,889		3,870,680
China Merchants Bank Co., Ltd., Class H		2,070,000		7,568,485
China Pacific Insurance Group Co., Ltd., Class A		1,177,917		5,631,021
China Pacific Insurance Group Co., Ltd., Class H		617,400		2,371,237
China Pioneer Pharma Holdings, Ltd.		508,809		142,396
China Sanjiang Fine Chemicals Co., Ltd.		528,836		176,175
China Shineway Pharmaceutical Group, Ltd.		20,690		40,343
China Suntien Green Energy Corp., Ltd., Class H		465,887		134,249
China Telecom Corp., Ltd., Class H		704,000		328,288
China Yurun Food Group, Ltd. (a)		2,125,000		283,851
Consun Pharmaceutical Group, Ltd.		227,110		211,930
Ctrip.com International, Ltd. – ADR (a)		45,819		2,182,359
Daqin Railway Co., Ltd., Class A		1,864,526		2,310,844
Dong-E-E-Jiao Co., Ltd., Class A		304,335		2,467,751
Dongjiang Environmental Co., Ltd., Class A		592,429		1,165,143
Focus Media Information Technology Co., Ltd., Class A		427,776		614,037
Goodbaby International Holdings, Ltd.		28,000		16,942
Grandblue Environment Co., Ltd., Class A		1,062,488		2,434,812
Grandblue Environment Co., Ltd., Class A – SEHK Shares		897,130		2,055,875
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,034,920		7,326,329
Guangdong Provincial Expressway Development Co., Ltd., Class B		140,055		110,641
Guangshen Railway Co., Ltd., Class H		2,656,000		1,493,081
Guangzhou Baiyun International Airport Co., Ltd., Class A		1,432,689		2,828,132
Han’s Laser Technology Industry Group Co., Ltd., Class A		200,161		1,602,609
Henan Shuanghui Investment & Development Co., Ltd., Class A		1,069,730		4,257,184
Hengan International Group Co., Ltd.		22,246		212,747
Hiroca Holdings, Ltd.		60,584		204,460
Hongfa Technology Co., Ltd., Class A		507,200		2,292,155
Huadong Medicine Co., Ltd., Class A		850,752		6,185,589
Huaxin Cement Co., Ltd., Class B		186,706		252,167
Huayu Automotive Systems Co., Ltd., Class A		1,719,334		6,151,425

	Number of Shares		Value
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		1,600,114	$	6,731,439
JD.com, Inc. – ADR (a)		21,324		830,570
Jiangsu Hengrui Medicine Co., Ltd., Class A		565,325		6,457,963
Kingsoft Corp, Ltd.		128,000		386,308
Kweichow Moutai Co., Ltd., Class A		52,741		5,815,414
Lens Technology Co., Ltd., Class A		473,117		1,488,367
Leoch International Technology, Ltd. (a)		437,148		49,514
Li Ning Co., Ltd. (a)		319,541		349,850
LONGi Green Energy Technology Co., Ltd., Class A		589,274		1,481,777
Lonking Holdings, Ltd.		1,062,344		487,926
Luxshare Precision Industry Co., Ltd., Class A		683,627		2,313,499
Luye Pharma Group, Ltd.		224,500		229,227
Midea Group Co., Ltd., Class A		364,943		2,862,487
Minth Group, Ltd.		1,062,000		4,449,215
NetEase, Inc. – ADR		7,239		1,829,078
New Oriental Education & Technology Group, Inc. – SPADR		29,600		2,801,936
Noah Holdings, Ltd. – ADR (a)		4,034		210,373
NVC Lighting Holding, Ltd.		6,103,000		511,528
Ping An Insurance Group Co. of China, Ltd., Class A		674,054		5,921,431
Ping An Insurance Group Co. of China, Ltd., Class H		795,000		7,264,870
Poly Real Estate Group Co., Ltd., Class A		2,057,006		3,776,181
Powerlong Real Estate Holdings, Ltd.		292,000		156,831
Qingdao Haier Co., Ltd., Class A		1,728,275		5,003,025
SAIC Motor Corp., Ltd., Class A		556,631		2,935,153
Shandong Hi-Speed Road & Bridge Co., Ltd., Class A (a)		635,400		408,163
Shanghai Haohai Biological Technology Co., Ltd., Class H (b)		28,695		178,646
Shanghai Jin Jiang International Hotels (Group) Co., Ltd., Class H		582,000		234,867
Shenzhen Expressway Co., Ltd., Class A		497,039		588,616
Shenzhou International Group Holdings, Ltd.		969,835		11,892,033
Sichuan Kelun Pharmaceutical Co., Ltd., Class A		1,570,667		7,606,907
Sino-Ocean Group Holding, Ltd.		80,892		46,885
Sinotruk Hong Kong, Ltd.		419,560		689,776
Sogou, Inc. – ADR (a)		68,400		781,812
Spring Airlines Co., Ltd., Class A		258,639		1,360,312
TAL Education Group – ADR (a)		302,352		11,126,554
Tasly Pharmaceutical Group Co., Ltd., Class A		1,218,043		4,742,369
Tencent Holdings, Ltd.		286,500		14,267,173
Tianneng Power International, Ltd.		338,000		525,478
Tianyun International Holdings, Ltd.		939,539		151,987
Tingyi Cayman Islands Holding Corp.		421,746		977,776
Tsingtao Brewery Co., Ltd., Class H		56,600		310,169
Vipshop Holdings, Ltd. – ADR (a)		27,935		303,095
Want Want China Holdings, Ltd.		397,529		351,214
Weifu High-Technology Group Co., Ltd., Class A		901,583		3,005,330

12

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Weiqiao Textile Co., Ltd., Class H		173,385	$	79,817
West China Cement, Ltd.		1,767,918		280,101
Xinyuan Real Estate Co., Ltd. – ADR		29,333		130,532
Xiwang Special Steel Co., Ltd.		772,609		152,464
XTEP International Holdings, Ltd.		383,527		261,975
Yangzijiang Shipbuilding Holdings, Ltd.		41,500		27,451
Yonghui Superstores Co., Ltd., Class A		792,100		911,621
Yuan Longping High-tech Agriculture Co., Ltd., Class A		1,248,630		3,551,820
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A		259,881		4,385,681
				248,823,677
Cyprus — 0.0%
Global Ports Investments plc – GDR (a) (e)		61,491		162,291
Hellenic Bank plc (a)		56,461		51,429
TCS Group Holding plc – GDR (e)		50,883		1,053,313
				1,267,033
Denmark — 0.6%
Ambu A/S, Class B		4,158		140,099
AP Moller – Maersk A/S, Class B		349		434,068
Bang & Olufsen A/S, Class B (a)		12,916		280,350
Carlsberg A/S, Class B		9,820		1,156,250
Coloplast A/S, Class B		28,984		2,895,013
Danske Bank A/S (r)		14,253		445,476
Dfds A/S		2,206		140,763
DSV A/S		1,199		96,778
GN Store Nord (GN Great Nordic) A/S (r)		56,695		2,582,544
H Lundbeck A/S (r)		1,685		118,314
Jyske Bank A/S		6,262		343,277
Novo Nordisk A/S, Class B (r)		186,121		8,596,783
Rockwool International A/S, Class B		268		104,551
Vestas Wind Systems A/S		18,493		1,143,258
William Demant Holding A/S (a)		27,677		1,113,092
				19,590,616
Finland — 0.4%
Amer Sports Oyj		7,568		238,479
Fortum OYJ		8,237		196,473
Kone Oyj, Class B		160,978		8,197,471
Neste Oyj (r)		11,214		876,795
Sampo Oyj, Class A		29,180		1,422,934
UPM-Kymmene Oyj (r)		36,247		1,294,307
Valmet Corp.		3,318		63,923
Wartsila Corp.		17,427		342,070
				12,632,452
France — 1.4%
Aeroports de Paris (r)		255		57,615
Air France-KLM SA (a) (r)		28,076		228,927
Airbus SE		8,805		1,029,115
Amundi SA (b) (r)		3,195		220,944
Atos Origin SA (r)		3,817		520,137
AXA SA		16,330		400,072
BioMerieux		647		58,025
BNP Paribas SA (r)		32,160		1,993,422

	Number of Shares		Value
Bouygues SA (r)		14,805	$	637,340
Capgemini SE		4,254		571,024
Cie Generale des Etablissements Michelin (r)		6,120		744,225
CNP Assurances		6,846		155,561
Compagnie de Saint-Gobain (r)		12,238		545,784
Edenred SA		15,199		479,668
Electricite de France SA		427,875		5,865,233
Elior Group SA (b)		1,803		25,968
Elis SA		14,987		343,273
Engie SA (r)		43,029		658,511
Eutelsat Communications SA (r)		3,074		63,663
Faurecia SA		1,189		84,610
Groupe Eurotunnel SE		52,739		723,062
Hermes International		120		73,344
Imerys SA		1,521		122,546
JCDecaux SA		5,282		176,550
Kering		181		102,094
L’Oreal SA		42,258		10,426,144
Legrand SA		21,692		1,588,811
LVMH Moet Hennessy Louis Vuitton SA		325		108,036
Neopost SA		5,422		145,782
Orange SA (r)		1,743		29,156
Peugeot SA (r)		64,300		1,466,250
Renault SA (r)		12,500		1,061,001
Rothschild & Co.		3,032		102,353
Safran SA (r)		2,699		327,409
Sanofi SA (r)		15,151		1,213,178
Societe BIC SA		2,128		197,246
Societe Generale SA (r)		3,809		160,389
Technicolor SA (a)		18,164		22,328
Teleperformance		2,149		379,573
Thales SA		3,345		430,668
Total SA (r)		39,218		2,384,899
Unibail-Rodamco-Westfield		597		131,453
Vicat SA		1,989		130,459
Vinci SA		4,446		427,016
Vivendi SA		367,143		8,981,718
Worldline SA (a) (b)		7,048		399,021
				45,993,603
Germany — 1.5%
Adidas AG		3,114		680,025
Allianz SE (r)		3,689		762,289
AURELIUS Equity Opportunities SE & Co KGaA		4,925		292,819
Aurubis AG		7,802		595,294
Axel Springer AG		8,727		631,127
BASF SE		18,995		1,815,831
Bayer AG (r)		8,059		887,913
Bayerische Motoren Werke AG (r)		8,937		810,614
Beiersdorf AG		2,862		325,004
Brenntag AG		15,126		842,482
Commerzbank AG (a)		5,473		52,439
Continental AG		403		92,112

13

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Covestro AG (b) (r)		11,677	$	1,041,199
CTS Eventim AG & Co KGaA		8,961		439,594
Deutsche Bank AG		4,038		43,670
Deutsche Boerse AG		1,334		177,737
Deutsche Lufthansa AG (r)		344,338		8,280,473
Deutsche Telekom AG		47,525		737,555
Deutsche Wohnen AG		2,457		118,666
Deutz AG		11,149		85,833
E.ON SE		34,114		364,446
Fresenius Medical Care AG & Co.		15,514		1,566,037
Fresenius SE & Co. KGaA		2,894		232,378
GEA Group AG		2,494		84,066
Gerresheimer AG		2,133		173,002
Hannover Rueck SE		1,312		163,576
HeidelbergCement AG (r)		1,081		90,997
Hella GmbH & Co. KGaA (r)		825		46,223
Hochtief AG		1,601		289,271
Infineon Technologies AG (r)		44,349		1,130,158
Leoni AG		1,269		64,321
Linde AG (r)		1,294		308,791
MTU Aero Engines AG		1,448		278,111
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (r)		239		50,650
Puma SE (c)		15		8,758
Rheinmetall AG		3,155		348,408
RWE AG (r)		27,412		624,779
Salzgitter AG (r)		7,507		327,079
SAP SE		9,235		1,066,892
Software AG		9,499		442,452
Suedzucker AG		4,701		74,878
Symrise AG		4,749		416,315
Talanx AG (a)		3,266		119,240
TUI AG		20,918		458,843
TUI AG – Xetra Shares		40,642		890,445
United Internet AG		1,707		97,739
Vonovia SE		426,693		20,302,262
Wacker Neuson SE		9,018		228,524
Wirecard AG		931		149,862
zooplus AG (a)		1,633		304,604
				49,415,783
Greece — 0.2%
Aegean Airlines SA		8,343		82,216
Diana Shipping, Inc. (a)		540,822		2,601,354
Ellaktor SA (a)		5,748		12,876
Hellenic Exchanges – Athens Stock Exchange SA Holdings		7,763		42,134
Motor Oil Hellas Corinth Refineries SA		41,939		842,179
Navios Maritime Acquisition Corp.		24,537		14,968
OPAP SA		9,537		106,871
Piraeus Bank SA (a)		15,944		54,291
Terna Energy SA		7,327		43,963
Tsakos Energy Navigation, Ltd.		475,040		1,767,149
				5,568,001

	Number of Shares		Value
Hong Kong — 1.2%
AIA Group, Ltd.		48,401	$	419,019
Ajisen China Holdings, Ltd.		144,000		56,705
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		114,833		234,778
Cathay Pacific Airways, Ltd.		440,000		688,666
CECEP COSTIN New Materials Group, Ltd. (a) (c) (d)		1,736,000		66,381
China Everbright, Ltd.		38,000		69,668
China Mengniu Dairy Co., Ltd.		88,000		296,792
China Merchants Land, Ltd.		1,033,683		177,443
China Merchants Port Holdings Co., Ltd.		29,572		59,679
China Mobile, Ltd.		349,000		3,095,576
China Resources Beer Holdings Co., Ltd.		842,455		4,076,546
China Resources Cement Holdings, Ltd.		800,000		805,205
China South City Holdings, Ltd.		1,246,000		242,363
CK Asset Holdings, Ltd. (r)		10,000		79,012
CK Hutchison Holdings, Ltd.		69,139		729,689
CLP Holdings, Ltd.		6,000		64,374
Dah Chong Hong Holdings, Ltd.		223,296		110,967
Dairy Farm International Holdings, Ltd.		13,600		119,591
Dawnrays Pharmaceutical Holdings, Ltd.		47,989		29,734
Esprit Holdings, Ltd. (a)		1,116,399		346,033
First Pacific Co., Ltd.		208,000		100,203
Galaxy Entertainment Group, Ltd.		25,000		191,888
Guoco Group, Ltd.		54,000		811,707
Hang Lung Properties, Ltd.		83,000		170,464
Henderson Land Development Co., Ltd. (r)		148,658		782,432
Hong Kong & Shanghai Hotels, Ltd. (The)		410,834		586,089
Hong Kong Exchanges & Clearing, Ltd.		124,698		3,736,390
Hua Han Health Industry Holdings, Ltd. (a) (c)		7,412,000		500,709
Huabao International Holdings, Ltd.		195,021		124,396
i-Cable Communications, Ltd. (a)		14,260		223
Jardine Matheson Holdings, Ltd.		29,351		1,849,674
Jardine Strategic Holdings, Ltd.		32,036		1,167,106
Johnson Electric Holdings, Ltd.		34,232		99,586
K Wah International Holdings, Ltd.		521,409		298,939
Kerry Properties, Ltd.		55,000		262,767
Li & Fung, Ltd.		876,000		319,819
Link (The) – REIT		6,000		54,549
Man Wah Holdings, Ltd.		500,000		391,752
Midland Holdings, Ltd.		917,549		248,183
Midland IC&I, Ltd. (a)		568,613		23,553
New World Development Co., Ltd.		751,464		1,050,159
Pacific Basin Shipping, Ltd. (a)		993,422		271,409
PAX Global Technology, Ltd.		6,139,000		3,017,713
Sino Biopharmaceutical, Ltd.		4,162,000		6,351,064
Sino Land Co., Ltd.		200,000		324,382
SmarTone Telecommunications Holdings, Ltd.		483,555		498,639
Stella International Holdings, Ltd.		69,480		85,617
Sun Hung Kai Properties, Ltd. (r)		54,000		810,195
Swire Pacific, Ltd., Class B		220,000		389,986

14

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Television Broadcasts, Ltd.		178,902	$	566,285
Texhong Textile Group, Ltd.		71,656		107,391
WH Group, Ltd. (b)		2,546,500		2,058,841
Wharf (Holdings), Ltd. (The)		16,000		51,249
Wheelock & Co., Ltd.		54,688		380,129
Yue Yuen Industrial Holdings, Ltd.		48,000		134,708
Yuexiu Property Co., Ltd.		3,288,000		626,674
				40,213,091
Hungary — 0.0%
Magyar Telekom Telecommunications plc		91,739		130,716
OTP Bank plc		8,412		304,450
				435,166
India — 0.3%
Andhra Sugars, Ltd. (The)		6,961		35,444
Axis Bank, Ltd.		39,095		289,724
Bank of Baroda		205,037		336,952
Bharti Airtel, Ltd.		20,989		116,769
Bliss Gvs Pharma, Ltd.		55,101		134,635
Century Enka, Ltd.		19,777		73,041
Cyient, Ltd.		7,302		81,701
Dish TV India, Ltd. (a)		79,144		82,909
GHCL, Ltd.		16,899		67,228
Godfrey Phillips India, Ltd.		3,888		41,222
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		61,616		360,934
Hikal, Ltd.		27,442		58,252
Hikal, Ltd. – ENT (c)		13,721		29,126
ICICI Bank, Ltd.		49,302		197,799
Idea Cellular, Ltd. (a)		265,619		228,373
IRB Infrastructure Developers, Ltd.		214,301		658,740
Jammu & Kashmir Bank, Ltd. (The) (a)		265,950		197,565
Jindal Poly Films, Ltd.		19,821		62,399
JK Paper, Ltd.		54,507		91,806
Jubilant Life Sciences, Ltd.		31,209		319,664
KEC International, Ltd.		73,657		359,447
KPIT Technologies, Ltd.		150,815		597,321
Larsen & Toubro Infotech, Ltd. (b)		19,267		468,341
LIC Housing Finance, Ltd.		33,078		225,776
Lupin, Ltd.		4,699		62,088
Maithan Alloys, Ltd.		4,371		36,082
Mastek, Ltd.		23,573		175,593
Meghmani Organics, Ltd.		41,623		49,624
Mindtree, Ltd.		71,579		1,029,110
Multi Commodity Exchange of India, Ltd.		4,426		47,118
National Aluminium Co., Ltd.		194,925		183,718
NIIT Technologies, Ltd.		63,102		1,016,957
Oil India, Ltd.		89,143		273,325
PNB Gilts, Ltd.		64,630		27,128
Punjab National Bank (a)		252,790		280,514
Radico Khaitan, Ltd.		38,595		232,330
Rural Electrification Corp., Ltd.		469,954		722,401
Shriram Transport Finance Co., Ltd.		3,702		69,930

	Number of Shares		Value
Sonata Software, Ltd.		37,983	$	173,450
State Bank of India (a)		120,394		454,926
Tata Metaliks, Ltd.		15,713		151,577
Tata Sponge Iron, Ltd.		19,046		264,373
Torrent Power, Ltd.		71,936		237,235
Uflex, Ltd.		42,638		161,222
Visaka Industries, Ltd.		17,977		135,994
Wipro, Ltd.		22,917		87,484
				10,987,347
Indonesia — 0.0%
Indo Tambangraya Megah Tbk PT		188,913		294,813
Indosat Tbk PT		138,038		30,601
Media Nusantara Citra Tbk PT		1,386,100		88,743
Mitra Adiperkasa Tbk PT		2,032,780		127,626
Tambang Batubara Bukit Asam Persero Tbk PT		2,796,144		772,731
Waskita Beton Precast Tbk PT		1,224,744		31,208
				1,345,722
Ireland — 0.1%
Accenture plc, Class A		3,033		496,168
Adient plc		910		44,763
Bank of Ireland Group plc		13,767		107,447
Bank of Ireland Group plc – LSE Shares		82,354		641,912
CRH plc		2,738		96,627
CRH plc – BATS Europe Shares		5,436		192,116
DCC plc		8,253		750,758
Irish Bank Resolution Corp., Ltd. (a) (c) (d)		38,180		—
Irish Continental Group plc		40,374		238,821
Medtronic plc (r)		1,343		114,974
Paddy Power Betfair plc		3,563		399,574
Paddy Power Betfair plc – LSE Shares		7,978		873,775
Permanent TSB Group Holdings plc (a)		130,222		304,062
Ryanair Holdings plc – SPADR (a)		2,195		250,735
				4,511,732
Isle of Man — 0.0%
Playtech plc		18,695		185,728
Italy — 0.3%
A2A SpA		164,347		284,916
Autogrill SpA		14,485		179,587
Banca IFIS SpA		15,912		478,437
Banca Monte dei Paschi di Siena SpA (a)		1,327		3,815
Banco BPM SpA (a)		173,007		505,153
BPER Banca		13,956		76,448
Credito Valtellinese SpA (a)		7,956,880		894,471
Davide Campari-Milano SpA		39,495		324,585
DiaSorin SpA		311		35,451
Enel SpA (r)		136,845		758,139
Eni SpA (r)		47,074		874,027
Ferrari NV		1,847		250,661
Hera SpA		26,114		81,369
Intesa Sanpaolo SpA		417,069		1,207,213
Luxottica Group SpA		24,907		1,605,972

15

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Mediobanca SpA		18,838	$	174,571
Piaggio & C SpA		64,033		160,651
Poste Italiane SpA (b)		39,586		330,508
Saipem SpA (a)		122,972		565,759
Tamburi Investment Partners SpA		108,242		745,054
UniCredit SpA		50,446		838,994
Unione di Banche Italiane SpA		20,409		78,172
				10,453,953
Japan — 7.1%
ABC-Mart, Inc.		1,100		60,138
Advantest Corp.		5,500		114,288
Aeon Delight Co., Ltd.		1,700		57,816
AEON Financial Service Co., Ltd.		8,300		176,210
Aisin Seiki Co., Ltd.		900		40,973
Alfresa Holdings Corp. (r)		27,200		638,710
Alps Electric Co., Ltd.		5,200		133,378
Amada Holdings Co., Ltd.		9,100		87,315
Amano Corp.		138,200		3,263,821
ANA Holdings, Inc.		13,130		481,658
Aozora Bank, Ltd.		2,500		95,068
Asahi Glass Co., Ltd.		3,900		151,672
Asahi Group Holdings, Ltd.		2,700		138,155
Asahi Intecc Co., Ltd.		3,100		117,032
Astellas Pharma, Inc. (r)		56,700		863,803
Azbil Corp.		94,200		4,103,738
BML, Inc.		296,500		7,637,208
Bridgestone Corp.		8,913		348,244
Brother Industries, Ltd.		11,800		232,687
Bunka Shutter Co., Ltd.		315,400		2,673,691
Canon, Inc.		3,400		111,361
Casio Computer Co., Ltd.		19,700		320,123
Chiba Bank, Ltd. (The)		9,000		63,412
Citizen Watch Co., Ltd. (r)		21,500		141,036
Coca-Cola Bottlers Japan, Inc.		3,493		139,471
Concordia Financial Group, Ltd.		13,300		67,604
Cosmos Pharmaceutical Corp.		1,164		236,000
Credit Saison Co., Ltd.		4,700		73,879
CyberAgent, Inc.		8,294		497,834
Dai-ichi Life Holdings, Inc.		43,600		775,526
Daicel Corp.		19,000		209,981
Daifuku Co., Ltd.		6,000		262,291
Daiwa House Industry Co., Ltd.		8,500		289,412
Daiwa Securities Group, Inc.		32,318		187,513
Disco Corp.		200		34,055
DMG Mori Co., Ltd.		10,262		141,539
East Japan Railway Co.		7,400		708,720
FamilyMart Co., Ltd.		500		52,582
FANUC Corp.		800		158,614
Fuji Electric Co., Ltd.		12,000		91,234
Fuji Media Holdings, Inc.		25,000		426,671
FUJIFILM Holdings Corp.		25,900		1,010,384
Fujitsu, Ltd. (r)		48,000		290,732
Fukuda Denshi Co., Ltd.		3,000		196,915
Fukuoka Financial Group, Inc.		27,000		135,572

	Number of Shares		Value
Fukushima Industries Corp.		36,200	$	1,658,589
Glory, Ltd.		191,600		5,356,214
GungHo Online Entertainment, Inc.		86,400		219,715
Hakuhodo DY Holdings, Inc.		648,200		10,392,681
Haseko Corp.		50,200		692,744
Hirata Corp.		800		57,242
Hirose Electric Co., Ltd.		600		74,296
Hitachi Construction Machinery Co., Ltd.		1,200		38,909
Hitachi High-Technologies Corp.		3,300		134,455
Hitachi, Ltd. (r)		327,031		2,303,625
Hogy Medical Co., Ltd.		243,000		10,876,369
Hoshizaki Corp.		2,600		262,811
Hoya Corp. (r)		11,900		675,843
Idemitsu Kosan Co., Ltd. (r)		2,500		88,991
Inpex Corp.		45,110		466,217
Isetan Mitsukoshi Holdings, Ltd.		18,300		228,385
ITOCHU Corp.		31,100		562,892
Itochu Techno-Solutions Corp.		8,600		148,394
Japan Airlines Co., Ltd. (r)		57,172		2,026,019
Japan Exchange Group, Inc.		5,200		96,568
Japan Post Holdings Co., Ltd.		56,600		619,664
Japan Retail Fund Investment Corp. – REIT		17		30,668
Japan Steel Works, Ltd. (The)		27,200		683,457
Japan Tobacco, Inc.		5,100		142,466
JFE Holdings, Inc.		16,400		309,362
JTEKT Corp.		2,500		33,951
JX Holdings, Inc.		158,700		1,101,961
Kajima Corp. (r)		59,000		456,428
Kamigumi Co., Ltd.		74,500		1,544,423
Kao Corp.		16,400		1,249,962
KDDI Corp.		10,800		295,278
Kenedix, Inc.		11,200		68,073
Keyence Corp.		600		338,392
Kirin Holdings Co., Ltd.		38,900		1,039,827
Koito Manufacturing Co., Ltd.		2,000		131,944
Komatsu, Ltd.		1,100		31,309
Konami Holdings Corp.		4,400		223,661
Kubota Corp.		7,400		116,204
Kurita Water Industries, Ltd.		288,700		8,225,369
Kyocera Corp.		16,100		904,620
Lawson, Inc.		2,200		137,415
Lion Corp.		9,100		166,812
LIXIL Group Corp.		13,300		265,816
Maeda Corp.		17,500		200,710
Makita Corp.		2,300		102,881
Mandom Corp.		1,400		43,554
Marubeni Corp.		86,300		657,640
Marui Group Co., Ltd.		11,000		231,499
Matsumotokiyoshi Holdings Co., Ltd. (r)		20,700		928,800
Mebuki Financial Group, Inc.		74,481		249,839
Medipal Holdings Corp.		5,100		102,458
MEIJI Holdings Co., Ltd.		1,500		126,421
MINEBEA MITSUMI, Inc. (r)		18,600		313,397

16

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Miraca Holdings, Inc.		198,200	$	5,901,173
Mitsubishi Corp.		190,000		5,272,888
Mitsubishi Electric Corp. (r)		22,600		300,282
Mitsubishi Estate Co., Ltd.		45,155		788,776
Mitsubishi Gas Chemical Co., Inc. (r)		11,000		248,808
Mitsubishi Heavy Industries, Ltd.		7,400		269,004
Mitsubishi Logistics Corp.		4,900		105,700
Mitsubishi UFJ Financial Group, Inc.		70,223		398,289
Mitsui & Co., Ltd. (r)		289,800		4,828,113
Mitsui Fudosan Co., Ltd.		371,400		8,952,491
Mixi, Inc.		4,500		113,658
Mizuho Financial Group, Inc.		240,400		404,468
MS&AD Insurance Group Holdings, Inc. (r)		43,337		1,346,111
Nabtesco Corp.		900		27,641
Namco Bandai Holdings, Inc. (r)		276,800		11,405,578
NEC Corp.		10,200		279,730
Nexon Co., Ltd. (a)		34,816		505,001
NH Foods, Ltd.		200		8,077
NHK Spring Co., Ltd.		25,400		239,107
Nikon Corp.		15,800		250,688
Nintendo Co., Ltd. (r)		1,000		326,364
Nippon Densetsu Kogyo Co., Ltd.		11,400		250,836
Nippon Electric Glass Co., Ltd. (r)		4,300		119,372
Nippon Express Co., Ltd.		6,200		449,464
Nippon Suisan Kaisha, Ltd.		18,800		92,597
Nippon Telegraph & Telephone Corp. (r)		30,700		1,394,990
Nippon Television Holdings, Inc.		20,220		340,963
Nissan Chemical Industries, Ltd.		8,500		396,010
Nitto Denko Corp.		3,200		241,762
Nohmi Bosai, Ltd.		41,900		895,301
Nomura Co., Ltd.		6,700		147,797
Nomura Holdings, Inc.		55,000		266,246
Nomura Research Institute, Ltd.		2,000		96,811
Noritz Corp.		100,600		1,638,152
NTT Data Corp.		47,100		541,751
NTT DoCoMo, Inc.		18,600		473,717
NTT Urban Development Corp.		22,900		245,803
Obayashi Corp. (r)		103,300		1,073,870
Obic Co., Ltd.		3,300		272,817
OKUMA Corp.		186,100		9,820,184
OLYMPUS Corp.		3,000		112,055
OMRON Corp. (r)		10,900		506,830
Onward Holdings Co., Ltd.		13,300		101,842
Oracle Corp.		1,100		89,679
Organo Corp.		55,100		1,568,485
Oriental Land Co., Ltd. (r)		1,800		188,621
ORIX Corp.		20,300		320,609
Otsuka Corp.		9,800		383,895
Otsuka Holdings Co., Ltd.		4,300		208,233
Panasonic Corp.		2,200		29,558
Pola Orbis Holdings, Inc.		8,800		386,706
Rakuten, Inc.		8,825		59,589
Recruit Holdings Co., Ltd.		12,600		348,152

	Number of Shares		Value
Renesas Electronics Corp. (a)		35,800	$	350,280
Resona Holdings, Inc.		154,600		826,070
Rinnai Corp.		1,000		88,019
Rohm Co., Ltd. (r)		6,000		502,472
Ryohin Keikaku Co., Ltd.		900		316,553
Sapporo Holdings, Ltd.		298,700		7,482,613
Sawai Pharmaceutical Co., Ltd.		2,500		113,682
SCSK Corp.		4,700		218,327
Secom Co., Ltd.		94,200		7,225,270
Sekisui Chemical Co., Ltd.		13,000		221,337
Sekisui Jushi Corp.		2,400		50,304
Senko Group Holdings Co., Ltd.		12,000		94,786
Seven & I Holdings Co., Ltd.		18,400		802,005
Seven Bank, Ltd.		2,603,200		7,960,521
Shimadzu Corp.		9,800		295,471
Shimamura Co., Ltd.		1,100		96,816
Shimano, Inc.		800		117,367
Shimizu Corp. (r)		66,100		683,863
Shin-Etsu Chemical Co., Ltd.		1,800		159,678
Shinsei Bank, Ltd.		2,000		30,738
Shionogi & Co., Ltd. (r)		4,400		225,801
Shiseido Co., Ltd.		11,600		920,327
SHO-BOND Holdings Co., Ltd.		1,400		97,331
Sinko Industries, Ltd.		91,600		1,638,002
SK Kaken Co., Ltd.		45,000		4,149,533
SMC Corp. (r)		1,200		439,176
SoftBank Group Corp.		2,200		157,861
Sohgo Security Services Co., Ltd.		3,000		141,222
Sojitz Corp.		48,000		173,929
Sompo Holdings, Inc.		11,600		468,623
Sony Corp.		21,769		1,116,881
Sony Financial Holdings, Inc.		6,300		119,963
Square Enix Holdings Co., Ltd. (r)		30,590		1,501,267
Subaru Corp.		7,300		212,378
SUMCO Corp.		3,300		66,453
Sumitomo Corp.		10,900		178,890
Sumitomo Dainippon Pharma Co., Ltd.		13,500		285,525
Sumitomo Electric Industries, Ltd.		8,700		129,405
Sumitomo Heavy Industries, Ltd. (r)		3,000		100,944
Sumitomo Mitsui Financial Group, Inc.		30,400		1,178,058
Sumitomo Mitsui Trust Holdings, Inc.		15,355		608,270
Sumitomo Realty & Development Co., Ltd.		2,476		91,141
Sumitomo Warehouse Co., Ltd. (The)		1,259,000		7,632,527
Sundrug Co., Ltd.		2,000		80,870
Suntory Beverage & Food, Ltd.		5,900		251,853
Suzuki Motor Corp.		5,000		275,739
T&D Holdings, Inc.		5,600		83,901
Taisei Corp. (r)		18,900		1,041,319
Takeuchi Manufacturing Co., Ltd.		316,000		6,632,667
TDK Corp.		2,000		203,939
TechnoPro Holdings, Inc.		2,200		134,972
Temp Holdings Co., Ltd.		9,100		202,770
THK Co., Ltd. (r)		6,200		177,256

17

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Toei Co., Ltd.		82,500	$	8,448,519
Toho Co., Ltd.		2,900		97,160
Tohoku Electric Power Co., Inc.		20,800		253,990
Tokio Marine Holdings, Inc.		10,800		505,713
Tokyo Electron, Ltd. (r)		9,000		1,540,906
Tokyo Gas Co., Ltd.		6,600		175,137
Toray Industries, Inc.		34,700		273,154
Toshiba Corp. (a)		43,000		129,092
Tosoh Corp. (r)		33,400		516,869
Toyo Seikan Kaisha Group Holdings, Ltd.		10,500		184,268
Toyo Suisan Kaisha, Ltd.		9,000		320,395
Toyo Tire & Rubber Co., Ltd.		5,890		86,054
Toyota Boshoku Corp.		5,800		106,611
Toyota Industries Corp.		8,854		495,646
Toyota Motor Corp.		30,108		1,946,297
Toyota Tsusho Corp. (r)		1,100		36,774
Trend Micro, Inc.		1,600		91,121
TV Asahi Holdings Corp.		420,400		9,209,776
Ushio, Inc.		8,100		102,704
USS Co., Ltd.		6,700		127,363
West Japan Railway Co.		27,400		2,018,231
Yamada Denki Co., Ltd.		42,500		210,729
Yamaha Motor Co., Ltd.		1,400		35,146
Yamato Holdings Co., Ltd.		10,700		315,053
Yaskawa Electric Corp.		800		28,207
Zenkoku Hosho Co., Ltd.		2,653		119,951
ZOJIRUSHI Corp.		68,800		839,965
				237,077,726
Lebanon — 0.0%
Solidere – GDR (a) (c) (e)		38,451		278,020
Luxembourg — 0.3%
APERAM SA		2,975		127,647
ArcelorMittal		228,801		6,681,675
d’Amico International Shipping SA (a)		677,901		141,778
Eurofins Scientific		1,578		876,555
Reinet Investments SCA (a)		24,746		435,800
Stabilus SA		6,915		622,204
Tenaris SA		29,904		545,333
				9,430,992
Macau — 0.0%
Wynn Macau, Ltd.		127,200		408,468
Malaysia — 0.1%
AirAsia Berhad		1,540,868		1,140,855
Carlsberg Brewery Malaysia Berhad, Class B		19,500		93,030
CIMB Group Holdings Berhad		95,300		128,613
Dufu Technology Corp. Berhad		322,340		79,637
Genting Malaysia Berhad		327,210		394,671
Hong Leong Financial Group Berhad		25,339		112,773
Insas Berhad		482,400		104,372
Malaysia Airports Holdings Berhad		63,300		137,916
Muhibbah Engineering M Berhad		2		2
OSK Holdings Berhad		601,822		145,270

	Number of Shares		Value
Padini Holdings Berhad		161,627	$	238,565
Sime Darby Berhad		363,254		220,113
Sime Darby Plantation Berhad		316,294		417,055
Sime Darby Property Berhad		277,494		82,221
Supermax Corp. Berhad		367,688		378,831
Top Glove Corp. Berhad		287,200		860,725
TRC Synergy Berhad		304,281		32,008
				4,566,657
Malta — 0.0%
Kindred Group plc		44,408		558,661
Mexico — 0.1%
America Movil SAB de CV, Series L – ADR		6,216		103,559
Cemex SAB de CV – SPADR (a)		108,880		714,253
Consorcio ARA SAB de CV, Series C		642,956		218,525
Grupo Aeroportuario del Centro Norte SAB de CV		41,400		216,211
Grupo Carso SAB de CV, Series A		59,246		200,437
Grupo Comercial Chedraui SA de CV		110,826		256,693
Grupo Herdez SAB de CV, Series C		108,418		225,677
Grupo Mexico SAB de CV, Series B		49,800		141,148
Megacable Holdings SAB de CV (UNIT)		28,637		117,993
Qualitas Controladora SAB de CV		6,276		15,475
Rassini SAB de CV		37,316		127,748
				2,337,719
Monaco — 0.0%
Scorpio Tankers, Inc.		172,835		485,666
Netherlands — 0.4%
Aalberts Industries NV		2,240		107,181
ABN AMRO Group NV (b) (r)		19,527		505,383
Aegon NV (r)		31,391		187,586
Akzo Nobel NV		10,490		893,859
ASM International NV		5,150		283,884
ASML Holding NV		5,944		1,172,282
ASR Nederland NV (r)		12,456		507,324
Boskalis Westminster NV – CVA		11,764		342,356
HAL Trust		1,260		213,196
Heineken Holding NV		541		51,769
Heineken NV		11,167		1,119,616
IMCD Group NV		2,089		140,017
ING Groep NV (r)		26,953		386,757
Koninklijke (Royal) KPN NV		210,432		572,006
Koninklijke Ahold Delhaize NV		58,724		1,404,921
Koninklijke DSM NV (r)		4,155		417,215
Koninklijke Philips NV (r)		44,929		1,904,375
Randstad Holding NV (r)		12,578		738,190
Royal Dutch Shell plc, Class A – BATS Europe Shares		32,836		1,137,916
Royal Dutch Shell plc, Class A – Quote MTF Shares		17,493		607,008
Royal Dutch Shell plc, Class B		47,945		1,714,922
Signify NV (b) (r)		13,299		345,117
Takeaway.com NV (a) (b)		702		46,857
				14,799,737

18

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
New Zealand — 0.0%
SKY Network Television, Ltd.		43,652	$	76,485
Spark New Zealand, Ltd.		34,835		87,938
				164,423
Nigeria — 0.0%
Access Bank plc		1,261,143		36,073
FBN Holdings plc		1,238,803		36,318
United Bank for Africa plc		5,943,571		174,257
Zenith Bank plc		2,550,265		176,432
				423,080
Norway — 0.1%
DNB ASA		15,841		308,988
Golden Ocean Group, Ltd.		7,484		64,468
Leroy Seafood Group ASA		44,050		296,739
Norsk Hydro ASA (r)		37,468		224,317
Norwegian Finans Holding ASA (a)		19,566		216,760
Salmar ASA		13,060		548,017
Schibsted ASA, Class A		6,612		200,700
Schibsted ASA, Class B		5,704		160,927
Statoil ASA		61,997		1,640,838
Telenor ASA		2,945		60,361
				3,722,115
Pakistan — 0.0%
Askari Bank, Ltd.		143,076		25,910
Engro Fertilizers, Ltd.		334,289		205,466
Fauji Fertilizer Co., Ltd.		56,000		45,510
Indus Motor Co., Ltd.		5,001		57,929
				334,815
Peru — 0.0%
Alicorp SAA		64,426		216,811
Ferreycorp SAA		187,112		133,909
				350,720
Philippines (The) — 0.0%
ABS-CBN Holdings Corp. – PDR		675,013		306,184
Cebu Air, Inc.		69,195		89,824
Cosco Capital, Inc.		128,214		14,608
DMCI Holdings, Inc.		515,804		101,452
First Gen Corp.		131,400		35,598
Globe Telecom, Inc.		9,022		260,200
Jollibee Foods Corp.		37,981		187,158
Lopez Holdings Corp.		2,380,923		159,507
PLDT, Inc.		2,870		68,572
SM Investments Corp.		19,546		320,326
				1,543,429
Portugal — 0.0%
EDP – Energias de Portugal SA		8,288		32,869
Galp Energia SGPS SA (r)		3,397		64,594
				97,463
Puerto Rico — 0.0%
Popular, Inc. (r)		19,551		883,901

	Number of Shares		Value
Qatar — 0.0%
United Development Co. QSC		39,479	$	151,458
Russia — 0.9%
Aeroflot – Russian Airlines PJSC		222,381		495,256
Bank St Petersburg PJSC		254,956		203,516
Etalon Group plc – GDR (e)		878,364		2,406,717
Europlan PJSC		16,996		200,951
Evraz plc		29,727		199,380
Federal Grid Co. Unified Energy System PJSC (a) (c)		1,410,374,876		4,187,403
Gazprom PAO (c)		2,593,636		5,802,376
Gazprom PAO – SPADR		194,401		857,308
Gazprom PJSC		55,840		124,923
Gazprom PJSC – SPADR		37,558		164,908
Lenta, Ltd. (a) (e)		223,838		1,233,347
Lenta, Ltd. – GDR (a) (e)		36,530		201,152
Lukoil PJSC – SPADR		20,772		1,417,733
Magnitogorsk Iron & Steel Works PJSC		82,194		55,764
MD Medical Group Investments plc – GDR		21,327		184,479
MegaFon PJSC – GDR (e)		6,025		53,099
MMC Norilsk Nickel PJSC		845		152,706
MMC Norilsk Nickel PJSC – ADR		11,063		197,608
Moscow Exchange MICEX-RTS PJSC (a) (c)		615,678		1,066,755
Mosenergo PJSC (c)		992,000		37,045
Polymetal International plc		19,175		169,554
Protek PJSC (a) (c)		470,855		612,995
Rosneft PJSC – GDR		67,591		418,779
RusHydro PJSC (c)		129,682,128		1,394,861
RusHydro PJSC – ADR		3,548,452		3,708,853
Sberbank of Russia PJSC (c)		859,608		2,964,366
Sberbank PAO – SPADR – OTC Shares		70,343		1,012,606
Sistema JSFC – SPGDR – LSE Shares (e)		15,429		42,058
Sistema PJSC FC		50,742		7,158
Sollers PJSC (a)		18,874		156,589
Synergy PJSC (a)		6,874		73,939
TMK PJSC		5,007		6,059
TMK PJSC – GDR (e)		84,437		416,430
X5 Retail Group NV – GDR		11,819		312,839
Yandex NV, Class A (a)		8,658		310,822
				30,850,334
Singapore — 0.2%
DBS Group Holdings, Ltd.		7,100		137,866
Genting Singapore, Ltd.		595,800		535,167
GL, Ltd.		69,500		40,026
Golden Agri-Resources, Ltd.		21,657,700		4,843,361
Great Eastern Holdings, Ltd.		30,937		658,773
Haw Par Corp., Ltd.		10,106		99,487
IGG, Inc.		192,161		244,780
Oversea-Chinese Banking Corp.		11,300		96,230
Singapore Airlines, Ltd.		22,700		177,687
United Overseas Bank, Ltd.		12,239		241,035
				7,074,412

19

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
South Africa — 0.3%
AECI, Ltd.		7,497	$	57,735
African Phoenix Investments, Ltd. (a)		3,640,881		175,162
Alexander Forbes Group Holdings, Ltd.		226,811		95,373
Anglo American Platinum, Ltd.		3,231		84,533
ArcelorMittal South Africa, Ltd. (a)		159,558		24,662
Astral Foods, Ltd.		27,099		563,301
Discovery, Ltd.		33,028		354,839
Emira Property Fund, Ltd. – REIT		20,887		21,853
Gold Fields, Ltd.		363,104		1,293,581
Hosken Consolidated Investments, Ltd.		49,615		505,858
Hosken Passenger Logistics and Rail, Ltd. (a)		19,368		7,413
Impala Platinum Holdings, Ltd. (a)		1,295,644		1,912,923
Investec plc		29,468		208,930
Kumba Iron Ore, Ltd.		16,335		348,384
Liberty Holdings, Ltd.		46,819		395,934
Metair Investments, Ltd.		142,827		161,507
MiX Telematics, Ltd. – SPADR		12,810		226,993
Montauk Holdings, Ltd.		49,746		333,182
MTN Group, Ltd.		6,372		50,078
Naspers, Ltd.		784		198,693
Net 1 UEPS Technologies, Inc. (a)		9,050		82,174
Niveus Investments, Ltd.		43,270		11,040
Old Mutual, Ltd. (a)		71,064		141,055
Remgro, Ltd.		17,826		265,058
Sappi, Ltd.		4,474		29,774
Sibanye Gold, Ltd. (a)		1,264,317		756,359
Telkom SA SOC, Ltd.		29,533		105,591
Tsogo Sun Holdings, Ltd.		68,388		102,106
				8,514,091
South Korea — 0.9%
AK Holdings, Inc.		3,333		225,426
Chongkundang Holdings Corp.		1,225		71,174
CJ O Shopping Co., Ltd.		3,100		777,410
CKD Bio Corp.		7,675		135,751
Daehan Steel Co., Ltd.		9,846		70,692
Daelim Industrial Co., Ltd.		2,624		179,994
Daesang Corp.		18,480		439,978
Daesang Holdings Co., Ltd.		6,974		57,171
Daewon Pharmaceutical Co., Ltd.		7,270		130,295
Daihan Pharmaceutical Co., Ltd.		5,918		231,277
Danawa Co., Ltd.		3,750		54,278
DongKook Pharmaceutical Co., Ltd.		1,963		113,224
Dongwon Industries Co., Ltd.		686		210,355
F&F Co., Ltd.		4,461		326,790
Fila Korea, Ltd.		1,622		48,918
Global Standard Technology Co., Ltd.		18,614		130,064
GS Home Shopping, Inc.		469		75,676
Hana Financial Group, Inc.		3,381		129,826
Handsome Co., Ltd.		6,472		241,802
Hankook Tire Worldwide Co. Ltd.		5,131		80,478
Hansae Yes24 Holdings Co., Ltd.		8,151		55,577
Hansol Paper Co., Ltd.		3,427		51,459

	Number of Shares		Value
Hanyang Eng Co., Ltd.		9,674	$	155,653
Hite Jinro Co., Ltd.		2,471		43,539
Huchems Fine Chemical Corp.		9,202		241,465
Huons Global Co., Ltd.		7,730		412,808
Hyundai Elevator Co., Ltd.		1,774		142,329
Hyundai Mobis Co., Ltd.		393		74,674
Hyundai Motor Co.		28,747		3,234,352
Hyundai Telecommunication Co., Ltd.		20,399		187,302
Il Dong Pharmaceutical Co., Ltd.		11,798		225,758
Interpark Holdings Corp.		34,394		87,129
JASTECH, Ltd.		19,478		164,826
JB Financial Group Co., Ltd.		41,152		205,500
Jeju Air Co., Ltd.		10,713		403,756
KC Tech Co., Ltd.		12,162		207,230
KM Corp.		16,978		150,794
Korea Autoglass Corp.		12,959		151,077
Korea Real Estate Investment & Trust Co., Ltd.		89,338		217,481
Korea United Pharm, Inc.		1,614		37,360
Korea Zinc Co., Ltd.		152		52,617
Kortek Corp.		14,627		217,630
KT Corp.		127,991		3,146,016
KT Corp. – SPADR		211,038		2,802,585
Kwangju Bank Co., Ltd.		19,871		190,404
Kyungdong Pharm Co., Ltd.		15,276		167,140
LF Corp.		9,388		236,513
LG Corp.		2,893		186,949
LMS Co., Ltd.		19,472		131,822
Lotte Food Co., Ltd.		337		256,941
LOTTE Himart Co., Ltd.		6,607		466,865
Lotte Shopping Co., Ltd.		603		113,517
MAKUS, Inc.		27,164		132,738
Meritz Financial Group, Inc.		9,691		116,432
Meritz Fire & Marine Insurance Co., Ltd.		21,800		375,397
MiCo, Ltd. (a)		13,335		48,024
Mirae Asset Life Insurance Co., Ltd.		5,290		26,330
MonAmi Co., Ltd.		10,990		29,471
PSK, Inc.		21,772		498,386
S-1 Corp.		1,412		122,492
Sajo Industries Co., Ltd.		1,986		113,169
Samchully Co., Ltd.		1,852		186,006
Samjin Pharmaceutical Co., Ltd.		6,505		263,418
Samsung Electronics Co., Ltd.		19,600		818,417
Samsung Electronics Co., Ltd. – GDR		4,930		5,138,192
Samsung Fire & Marine Insurance Co., Ltd.		1,471		348,349
Samsung SDI Co., Ltd.		249		47,781
Shinhan Financial Group Co., Ltd.		17,237		667,216
Shinsegae, Inc.		2,375		854,404
SK Hynix, Inc.		15,514		1,189,209
Spigen Korea Co., Ltd.		735		29,888
Taeyoung Engineering & Construction Co., Ltd.		35,635		442,205
Union Semiconductor Equipment & Materials Co., Ltd.		63,657		441,489

20

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Value Added Technology Co., Ltd.		3,205	$	96,198
Woongjin Thinkbig Co., Ltd.		28,764		157,579
YeaRimDang Publishing Co., Ltd. (a)		15,987		200,604
				30,493,041
Spain — 0.5%
Acerinox SA		28,292		373,824
ACS, Actividades de Construcciony Servicios SA		3,064		123,939
Amadeus IT Group SA, Class A (r)		107,278		8,452,583
Banco Bilbao Vizcaya Argentaria SA		83,497		589,737
Banco Santander SA (r)		76,122		406,373
Bankia SA		152,516		568,667
CIE Automotive SA		1,709		50,330
Endesa SA		28,287		623,439
Ferrovial SA		3,457		70,871
Fomento de Construcciones y Contratas SA (a)		16,558		208,747
Gestamp Automocion SA (a) (b)		11,250		84,066
Global Dominion Access SA (a) (b)		1,123		6,084
Grifols SA		12,886		386,467
Industria de Diseno Textil SA		14,741		502,997
Inmobiliaria Colonial SA – REIT		6,463		71,373
Inmobiliaria del Sur SA		3,498		54,396
Mapfre SA		155,238		467,155
Mediaset Espana Comunicacion SA		15,846		133,358
Melia Hotels International SA		2,190		30,001
Prosegur Cia de Seguridad SA		8,663		56,527
Realia Business SA (a)		161,369		201,138
Repsol SA (r)		82,444		1,609,933
Viscofan SA		7,459		507,711
				15,579,716
Sri Lanka — 0.0%
Aitken Spence plc		179,312		58,241
Dialog Axiata plc		2,966,071		269,792
Hemas Holdings plc		554,383		392,406
Richard Pieris & Co. plc		759,184		52,749
				773,188
Sweden — 0.3%
Assa Abloy AB, Class B		87,296		1,857,844
Atlas Copco AB, Class B		2,705		70,741
Boliden AB		32,791		1,061,080
Electrolux AB, Series B		19,008		432,576
Epiroc AB, Class B (a)		2,705		24,765
Essity AB, Class B (r)		4,106		101,277
G5 Entertainment AB		3,231		160,817
Investor AB, Class B		8,566		348,473
Kinnevik AB, Class B		2,103		71,953
Modern Times Group AB, Class B		7,636		319,303
Nordea Bank AB		34,586		332,764
Saab AB, Class B		2,000		82,997
Sandvik AB		61,431		1,088,673
Securitas AB, Class B		5,464		89,856
Spotify Technology SA (a)		10,050		1,690,812

	Number of Shares		Value
SSAB AB, Class A		38,625	$	182,106
Svenska Cellulosa AB SCA, Class B (r)		21,752		236,049
Svenska Handelsbanken AB, Class A		75,089		833,478
Swedish Match AB		7,725		382,393
Swedish Orphan Biovitrum AB (a)		5,414		117,993
Telefonaktiebolaget LM Ericsson, Class B		9,978		76,797
Volvo AB, Class B (r)		70,006		1,115,103
				10,677,850
Switzerland — 0.7%
ABB, Ltd. – SIX Swiss Exchange		3,995		87,174
Adecco Group AG (r)		31,898		1,884,481
Baloise Holding AG		768		111,689
Barry Callebaut AG		85		152,635
Belimo Holding AG		13		56,544
Bucher Industries AG		358		119,844
Cie Financiere Richemont SA (r)		11,496		973,904
Cie Financiere Richemont SA – JSE Shares		12,444		105,329
Coca-Cola HBC AG		10,688		356,964
DKSH Holding AG		1,274		89,750
GAM Holding AG		18,857		260,471
Garmin, Ltd.		4,334		264,374
Geberit AG		3,009		1,292,680
Georg Fischer AG		203		260,148
Glencore plc		238,701		1,131,725
Helvetia Holding AG		736		420,594
Logitech International SA		16,286		717,038
Nestle SA (r)		22,430		1,736,458
Novartis AG (r)		38,833		2,941,388
OC Oerlikon Corp. AG		6,822		104,444
Partners Group Holding AG		87		63,815
Roche Holding AG (r)		15,914		3,541,107
Schindler Holding AG		325		68,425
Sika AG		2,640		363,810
Sonova Holding AG		4,035		723,858
STMicroelectronics NV		4,279		95,079
STMicroelectronics NV – Borsa Italiana Shares (r)		46,070		1,026,081
Swiss Life Holding AG		572		198,951
Swiss Re, Ltd. (r)		5,534		478,183
TE Connectivity, Ltd.		10,327		930,050
Tecan Group AG		456		110,862
Temenos Group AG		2,404		363,536
UBS Group AG		37,088		570,602
Zurich Insurance Group AG		762		226,032
				21,828,025
Taiwan — 0.7%
Acter Co., Ltd.		50,275		317,051
Advanced International Multitech Co., Ltd.		102,213		118,090
Ampire Co., Ltd.		299,222		178,058
Anpec Electronics Corp.		46,000		88,792
Argosy Research, Inc.		138,923		183,685

21

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Avita Corp.		42,000	$	59,793
Bionime Corp.		7,389		13,860
Bioteque Corp.		66,000		229,488
Chia Chang Co., Ltd.		17,000		12,988
China Life Insurance Co., Ltd.		556,182		585,225
China Man-Made Fiber Corp. (a)		664,537		226,494
China Synthetic Rubber Corp.		180,533		276,547
Chong Hong Construction Co., Ltd.		27,397		84,513
Chroma ATE, Inc.		56,000		300,792
Chyang Sheng Dyeing & Finishing Co., Ltd.		229,664		170,089
Cleanaway Co., Ltd.		32,000		200,386
Delta Electronics, Inc.		65,363		234,498
Depo Auto Parts Ind Co., Ltd.		60,602		159,963
Elan Microelectronics Corp.		311,000		530,760
ETREND Hightech Corp.		66,483		77,214
Excelsior Biopharma, Inc.		63,250		101,692
Fuburg Industrial, Ltd.		11,000		14,566
Gallant Precision Machining Co., Ltd.		107,000		96,259
Giant Manufacturing Co., Ltd.		22,138		93,564
Gigabyte Technology Co., Ltd.		172,000		380,253
Globe Union Industrial Corp.		151,237		87,750
Grand Pacific Petrochemical		804,813		772,374
Great Wall Enterprise Co., Ltd.		220,807		294,929
Hannstar Board Corp.		192,602		189,513
Hanpin Electron Co., Ltd.		44,523		47,665
Hon Hai Precision Industry Co., Ltd. – GDR (e)		25,679		138,255
Hotron Precision Electronic Industrial Co., Ltd.		107,294		163,508
ITE Technology, Inc.		125,133		152,572
K Laser Technology, Inc.		24,000		11,721
Kinik Co.		102,000		235,999
Lingsen Precision Industries, Ltd.		76,716		31,052
Mercuries & Associates Holding, Ltd.		233,000		185,236
Micro-Star International Co., Ltd.		238,000		734,461
momo.com, Inc.		12,056		85,346
Namchow Chemical Industrial Co., Ltd.		84,149		167,760
Nang Kuang Pharmaceutical Co., Ltd.		25,351		30,824
PChome Online, Inc.		35,116		147,783
Powertech Technology, Inc.		218,000		632,099
Radiant Opto-Electronics Corp.		219,998		439,660
Sampo Corp.		234,000		104,727
Sigurd Microelectronics Corp.		215,000		267,222
Sinmag Equipment Corp.		29,400		147,034
Sino-American Silicon Products, Inc.		268,000		1,079,018
Sunrex Technology Corp.		83,969		45,424
Taiwan Semiconductor Manufacturing Co., Ltd.		59,000		419,764
Taiwan Semiconductor Manufacturing Co., Ltd. – SPADR		287,068		10,495,206
Taiwan Styrene Monomer		402,000		303,682
Taiwan Surface Mounting Technology Corp.		155,373		139,001
Teco Electric and Machinery Co., Ltd.		288,689		216,622
Test Rite International Co., Ltd.		136,069		102,423

	Number of Shares		Value
TOPBI International Holdings, Ltd.		53,000	$	180,657
TURVO International Co., Ltd.		48,679		172,324
United Integrated Services Co., Ltd.		99,190		216,248
Walsin Lihwa Corp.		1,263,013		857,671
Walton Advanced Engineering, Inc.		296,690		135,137
Wan Hai Lines, Ltd.		94,756		52,496
Wholetech System Hitech, Ltd.		106,012		108,956
Xxentria Technology Materials Corp.		77,517		200,766
Youngtek Electronics Corp.		26,555		48,295
Yungtay Engineering Co., Ltd.		124,000		196,731
				24,772,531
Thailand — 0.2%
AAPICO Hitech PCL, Class F		170,509		174,987
Advanced Info Service PCL, Class F		81,712		456,285
Ananda Development PCL, Class F		1,869,638		269,752
Asia Plus Group Holdings PCL, Class F		1,405,296		156,945
Bangkok Bank PCL		29,869		176,116
Bangkok Bank PCL – Foreign Registered Shares		116,007		695,061
BEC World PCL		115,400		27,343
Esso Thailand PCL, Class F		619,700		216,979
Kasikornbank PCL, Class F		21,100		127,377
KGI Securities Thailand PCL		737,038		84,983
Land and Houses PCL		390,255		133,108
MBK PCL, Class F		2,074,735		1,346,417
Mega Lifesciences PCL, Class F		70,115		84,125
Padaeng Industry PCL, Class F		278,959		139,774
Quality Houses PCL, Class F		5,692,700		529,234
Sansiri PCL, Class F		6,796,675		315,934
Somboon Advance Technology PCL		291,900		189,431
SPCG PCL, Class F		101,300		59,013
Syntec Construction PCL, Class F		1,224,000		143,348
				5,326,212
Turkey — 0.1%
Aksigorta AS		176,285		148,881
Anel Elektrik Proje Taahhut ve Ticaret AS		253,028		142,615
BIM Birlesik Magazalar AS		6,531		95,452
Ford Otomotiv Sanayi AS		34,476		459,245
KOC Holding AS		87,997		271,968
Tekfen Holding AS		213,913		807,425
Tofas Turk Otomobil Fabrikasi AS		122,379		640,328
Turkiye Garanti Bankasi AS		26,286		47,803
Turkiye Halk Bankasi AS		496,077		798,361
				3,412,078
Ukraine — 0.2%
Astarta Holding NV (a)		76,778		686,647
Kernel Holding SA		58,329		740,274
MHP SA – GDR – OTC Shares		288,550		3,838,809
				5,265,730
United Kingdom — 4.4%
3i Group plc		108,981		1,294,784
Abcam plc		11,908		209,382

22

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Admiral Group plc		29,389	$	739,230
Anglo American plc		87,215		1,936,846
Ashtead Group plc		13,315		396,604
Associated British Foods plc		10,551		380,419
Auto Trader Group plc (b)		54,495		306,257
Aviva plc		20,915		139,080
Awilco Drilling plc		14,842		81,077
BAE Systems plc		95,068		811,277
Bank of Georgia Group plc		981		24,405
Barclays plc		882,382		2,200,272
Barratt Developments plc		90,894		618,084
BBA Aviation plc		34,054		153,391
Bellway plc		8,093		320,755
Belmond, Ltd., Class A (a)		51,417		573,300
Berkeley Group Holdings plc (UNIT)		11,436		571,153
BP plc		541,968		4,126,663
British American Tobacco plc		3,660		184,844
Britvic plc		7,528		77,357
BT Group plc		2,319,540		6,674,083
Bunzl plc		40,364		1,222,337
Burberry Group plc		18,361		522,647
Capita plc		167,990		354,081
Carnival plc		8,940		511,389
Close Brothers Group plc		14,903		292,147
CNH Industrial NV		88,543		938,113
Compass Group plc		70,734		1,506,933
ConvaTec Group plc (b)		209,930		587,974
Countrywide plc (a)		174,942		86,997
Croda International plc		629		39,850
Daily Mail & General Trust plc, Class A		44,014		429,866
Dechra Pharmaceuticals plc		4,607		168,985
Devro plc		46,851		123,132
Diageo plc		295,379		10,602,834
Dixons Carphone plc		248,942		612,853
DS Smith plc		12,602		86,643
easyJet plc		20,403		448,979
Ensco plc, Class A		32,610		236,749
Experian plc		35,833		886,177
Ferroglobe plc		8,489		72,751
Ferroglobe plc – ENT (a) (c) (d)		17,904		—
Fiat Chrysler Automobiles NV (a) (r)		41,491		789,821
Fiat Chrysler Automobiles NV – NYSE Shares		18,408		347,727
Flybe Group plc (a)		730,581		396,234
Foxtons Group plc		213,700		159,842
G4S plc		207,935		733,565
Gabriel Resources, Ltd. (a)		1,962,000		522,344
Gem Diamonds, Ltd. (a)		131,246		210,592
Georgia Capital plc (a)		981		13,335
GKN plc (c)		11,803		75,144
GlaxoSmithKline plc		1,651		33,310
Greene King plc		37,676		286,019
GVC Holdings plc		30,605		424,082

	Number of Shares		Value
Hammerson plc – REIT		8,002	$	55,041
Hansteen Holdings plc – REIT		30,010		41,263
Hays plc		235,047		578,669
HomeServe plc		88,986		1,053,035
Howden Joinery Group plc		119,926		848,186
HSBC Holdings plc – LSE Shares		18,743		175,747
HSBC Holdings plc – SEHK Shares		59,373		554,503
Hummingbird Resources plc (a)		143,127		57,600
IG Group Holdings plc		44,708		507,966
IMI plc		5,549		82,860
Imperial Brands plc		3,277		122,020
Inchcape plc		68,216		702,504
Indivior plc (a)		17,649		88,495
Informa plc		46,035		507,191
Inmarsat plc		20,845		151,238
InterContinental Hotels Group plc		126,612		7,876,698
International Consolidated Airlines Group SA		1,001,071		8,736,516
International Personal Finance plc		68,550		184,433
Intertek Group plc		95,529		7,204,455
ITV plc		274,290		629,650
J D Wetherspoon plc		8,364		138,988
J Sainsbury plc		32,559		137,972
Janus Henderson Group plc		2,488		76,456
JD Sports Fashion plc		47,148		274,064
John Wood Group plc		30,884		254,901
Jupiter Fund Management plc		37,282		219,218
Just Eat plc (a)		50,531		519,435
Land Securities Group plc – REIT		10,305		129,724
Liberty Global plc, Class A (a)		24,026		661,676
Liberty Global plc, Class C (a)		27,564		733,478
LivaNova plc (a)		6,122		611,098
Lloyds Banking Group plc		17,077,491		14,207,183
London Stock Exchange Group plc		2,161		127,319
Luceco plc (b)		114,534		75,575
Man Group plc		153,912		356,950
McCarthy & Stone plc (b)		33,076		42,799
Melrose Industries plc		135,523		380,307
Merlin Entertainments plc (b)		207,276		1,057,571
Michael Kors Holdings, Ltd. (a)		14,222		947,185
Michelmersh Brick Holdings plc		423,841		492,388
Micro Focus International plc – ADR		9,734		168,106
Moneysupermarket.com Group plc		118,320		491,599
National Express Group plc		17,007		90,086
National Grid plc		16,434		181,817
Nex Group plc		65,061		880,966
Next plc		3,627		289,546
Non-Standard Finance plc (b)		85,726		68,787
Pagegroup plc		61,675		457,983
Paragon Banking Group plc		53,220		336,419
Pendragon plc		1,325,743		427,936
Persimmon plc		20,602		688,523

23

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Petrofac, Ltd.		12,527	$	96,516
Pets at Home Group plc		57,706		98,564
Provident Financial plc (a)		36,602		289,668
QinetiQ Group plc		48,585		172,443
Quilter plc (a) (b)		23,688		45,305
Rathbone Brothers plc		2,163		74,029
Reckitt Benckiser Group plc		79,533		6,538,044
Reed Elsevier NV		6,545		139,324
RELX plc (r)		58,711		1,256,914
Rightmove plc		24,372		1,707,703
Rio Tinto plc		128,060		7,062,875
Rio Tinto, Ltd.		2,908		180,534
Rockhopper Exploration plc (a)		332,981		180,428
Rolls Royce Holdings plc – ENT (a) (c)		1,151,194		1,519
Rolls Royce Holdings plc – LSE Shares (a)		66,838		871,141
Rotork plc		22,500		99,195
Royal Bank of Scotland Group plc (a)		177,233		598,826
Sage Group plc (The)		936,445		7,733,626
Segro plc – REIT		13,225		116,815
Serco Group plc (a)		256,195		333,777
Sky plc		20,408		393,622
Smith & Nephew plc		41,582		764,695
Spectris plc		14,811		509,214
SSP Group plc		96,614		808,090
St James’s Place plc		23,386		354,032
Stagecoach Group plc		77,871		145,465
Standard Chartered plc		53,967		493,100
Standard Life Aberdeen plc		96,820		416,073
Stolt-Nielsen, Ltd.		1,592		24,765
TalkTalk Telecom Group plc		56,142		77,430
Taylor Wimpey plc		241,138		569,203
TechnipFMC plc		2,993		95,114
Tesco plc		469,922		1,591,640
Thomas Cook Group plc		538,450		765,175
TP ICAP plc		2,895		16,089
Travis Perkins plc		1,934		36,298
Unilever plc		129,487		7,162,828
Venator Materials plc (a)		3,043		49,783
Vodafone Group plc		216,746		525,214
WH Smith plc		25,475		671,921
William Hill plc		111,054		443,854
Willis Towers Watson plc		3,976		602,762
Wm Morrison Supermarkets plc		58,530		194,449
WPP plc		31,786		500,188
Yellow Cake plc (a) (b) (c)		323,637		854,240
ZPG plc (b)		12,981		83,691
				146,973,021
Vietnam — 0.0%
Luks Group Vietnam Holdings Co., Ltd.		1,682,000		503,598
Total Foreign Common Stocks (Cost $1,067,299,610)				1,158,130,838
Total Common Stocks (Cost $1,623,221,750)				1,811,460,603

	Number of Contracts		Value
Right —  0.0%
Intesa Sanpaolo Spa Rights, Expiring 07/17/18 (Italy) (a) (c) (Cost $0)		417,069	$	—
Warrants  —  0.1%
American International Group, Inc., Expiring 01/19/21 (United States) (a)		66,187		959,712
Bank of America Corp., Expiring 10/28/18 (United States) (a)		31,272		19,076
Bank of America Corp., Expiring 01/16/19 (United States) (a)		94,372		1,540,151
Citigroup, Inc., Expiring 01/04/19 (United States) (a)		284,129		3,552
d’Amico International Shipping SA, Expiring 06/30/22 (Luxembourg) (a)		228,133		7,726
JPMorgan Chase & Co., Expiring 10/28/18 (United States) (a)		4,084		259,048
OSK Holdings Berhad, Expiring 07/22/20 (Malaysia) (a)		126,690		3,293
Padaeng Industry Public Co., Ltd., Expiring 05/14/21 (Thailand) (a)		92,986		4,771
Tamburi Investment Partners SpA, Expiring 06/30/20 (Italy) (a)		9,533		14,472
Wells Fargo & Co., Expiring 10/28/18 (United States) (a)		12,483		274,876
Total Warrants (Cost $2,266,461)				3,086,677

	Principal Amount		Value
Convertible Bonds —  0.0%
Food & Beverage —  0.0%
Terravia Holdings, Inc., 5.000%, 10/01/19 (f) (Cost $0)	$	501,400	$	15,042
US Treasury Bonds/Notes  —  6.6%
US Treasury Inflation Indexed Note, 0.625%, 07/15/21		19,396,612		19,468,973
US Treasury Inflation Indexed Note, 0.125%, 01/15/22		16,058,851		15,784,119
US Treasury Inflation Indexed Note, 0.125%, 07/15/22		22,347,510		21,975,397
US Treasury Inflation Indexed Note, 0.625%, 04/15/23		14,089,304		14,063,290
US Treasury Inflation Indexed Note, 0.375%, 07/15/23		9,396,950		9,311,352
US Treasury Note, 1.625%, 04/30/19		9,021,000		8,969,200
US Treasury Note, 1.375%, 05/31/20		28,236,000		27,626,058
US Treasury Note, 2.250%, 03/31/21		23,157,000		22,933,571
US Treasury Note, 1.125%, 09/30/21		2,461,000		2,344,775
US Treasury Note, 1.750%, 04/30/22		19,312,000		18,651,922
US Treasury Note, 1.500%, 03/31/23		21,575,000		20,404,388
US Treasury Note, 2.500%, 05/15/24		7,580,000		7,460,970
US Treasury Note, 2.125%, 05/15/25		11,242,000		10,757,628
US Treasury Note, 2.250%, 11/15/25		6,190,000		5,953,281
US Treasury Note, 2.000%, 11/15/26		13,015,000		12,196,987
US Treasury Note, 2.250%, 08/15/27		2,446,000		2,328,000
Total US Treasury Bonds/Notes (Cost $224,556,130)				220,229,911

24

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares		Value
Acquired Funds — 23.2%
Exchange-Traded Funds (ETFs) — 6.5%
Energy Select Sector SPDR Fund		573,000	$	43,513,620
Financial Select Sector SPDR Fund		647,000		17,203,730
Vanguard FTSE Developed Markets ETF		336,843		14,450,565
Vanguard S&P 500 ETF		559,752		139,663,721
				214,831,636
Private Investment Funds (g) — 16.7%
Adage Capital Partners, LP (a) (c) (d) (h)				55,036,111
Canyon Value Realization Fund, LP (a) (c) (d) (h)				91,995,369
Convexity Capital Offshore, LP (a) (c) (d) (h)				22,598,583
Deep Basin Long-Short Fund, LP (a) (c) (d) (h)				29,299,769
Farallon Capital Institutional Partners, LP (a) (c) (d) (h)				2,530,093
GSA Trend Fund, Ltd. (a) (c) (d) (h)		552,077		47,017,137
Honeycomb Partners, LP (a) (c) (d) (h)				69,605,658
Hudson Bay International, Ltd. (a) (c) (d) (h)		16,875		19,434,850
Lansdowne Developed Markets Fund, Ltd. (a) (c) (d) (h)		105,438		69,946,404
Latimer Light Partners, LP (a) (c) (d) (h)				46,423,519
Man AHL Short Term Trading Limited (a) (c) (d) (h)		19,713,233		19,866,317
OZ Domestic Partners, LP (a) (c) (d) (h)				164,378
QVT Roiv Hldgs Onshore, Ltd. (a) (c) (d) (h)		3,114		3,430,892
Soroban Cayman Fund, Ltd. (a) (c) (d) (h)		20,839		53,674,304
Tessera Offshore Fund, Ltd. (a) (c) (d) (h)		2,500		27,308,663
				558,332,047
Total Acquired Funds (Cost $647,867,141)				773,163,683
Publicly Traded Limited Partnerships — 0.0%
KKR & Co., LP		16,716		415,392
Lazard, Ltd.		19,058		932,127
Total Publicly Traded Limited Partnerships (Cost $1,284,264)				1,347,519
Preferred Stocks — 0.1%
Banco do Estado do Rio Grande do Sul SA, 7.13% (Brazil)		123,797		471,136
Bancolombia SA, 2.76% (Colombia)		19,681		239,848
Cia Ferro Ligas da Bahia – FERBASA, 7.63% (Brazil)		27,052		127,033
Hyundai Motor Co., Ltd., 3.55% (South Korea)		1,320		107,494
Itausa – Investimentos Itau SA, 6.71% (Brazil)		50,855		120,454
Porsche Automobil Holding SE, 3.20% (Germany)		3,722		237,070
Samsung SDI Co., Ltd., 2.48% (South Korea)		68,550		2,311,562

	Number of Shares		Value
Saraiva SA Livreiros Editores, 6.79% (Brazil)		30,742	$	24,192
Schaeffler AG, 4.93% (Germany) (r)		32,133		417,842
Transneft PJSC, 6.89% (Russia)		17		45,194
Volkswagen AG, 2.75% (Germany)		4,425		734,793
Total Preferred Stocks (Cost $4,231,836)				4,836,618

	Number of Contracts		Value
Purchased Option Contracts — 0.0%
Puts — 0.0%
S&P 500 Index Strike Price $2,730, Expiring 07/20/18 (United States) Jefferies & Co., Inc, Unrealized depreciation of $495,566 (Cost $1,762,926)		35,600		$1,267,360

	Number of Units		Value
Disputed Claims Receipt —  0.0%
AMR Corp. (Cost $0) (a) (c) (d) (h)		260,322		$364,451

	Principal Amount		Value
Short-Term Investments  — 19.4%
Repurchase Agreement — 4.8%
Fixed Income Clearing Corp. issued on 06/29/18 (proceeds at maturity $159,716,032) (collateralized by US Treasury Notes and US Treasury Bonds, due 03/15/21 through 05/15/46 with a total par value of $168,340,000 and a total market value of $162,913,432), 0.350%, 07/02/18
(Cost $159,711,374)	$	159,711,374	$	159,711,374
US Treasury Bills (i) —  14.6%
US Treasury Bill, 1.811%, 07/19/18		9,220,000		9,211,889
US Treasury Bill, 1.894%, 09/13/18 (j) (k) (l)		70,000,000		69,733,145
US Treasury Bill, 1.925%, 10/11/18 (j)		170,000,000		169,080,092
US Treasury Bill, 2.131%, 11/23/18 (j) (l)		50,000,000		49,598,500
US Treasury Bill, 2.085%, 12/13/18		100,000,000		99,073,514
US Treasury Bill, 2.105%, 12/20/18 (j)		90,000,000		89,132,709
Total US Treasury Bills (Cost $485,806,139)				485,829,849
Total Short-Term Investments (Cost $645,517,513)				645,541,223
Total Investments —  103.7% (Cost $3,150,708,021)				3,461,313,087
Liabilities in Excess of Other Assets —  (3.7)%				(123,362,852	)
Net Assets —  100.0%				$3,337,950,235

25

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares			Value
Securities Sold Short  —  (2.3)%
Common Stocks — (2.3)%
US Common Stocks — (1.3)%
Aerospace & Defense — (0.0)%
Arconic, Inc.		(2,668	)	$	(45,383	)
TransDigm Group, Inc.		(2,415	)		(833,513	)
					(878,896	)
Airlines — (0.0)%
American Airlines Group, Inc.		(20,769	)		(788,391	)
Delta Air Lines, Inc.		(5,081	)		(251,713	)
Southwest Airlines Co.		(3,884	)		(197,618	)
					(1,237,722	)
Automobiles — (0.0)%
General Motors Co.		(4,015	)		(158,191	)
Thor Industries, Inc.		(198	)		(19,283	)
					(177,474	)
Biotechnology — (0.1)%
Agios Pharmaceuticals, Inc. (a)		(11,025	)		(928,636	)
Alnylam Pharmaceuticals, Inc. (a)		(6,126	)		(603,350	)
BioMarin Pharmaceutical, Inc. (a)		(9,362	)		(881,900	)
Bluebird Bio, Inc. (a)		(1,472	)		(231,030	)
Exact Sciences Corp. (a)		(6,071	)		(362,985	)
Gilead Sciences, Inc.		(541	)		(38,324	)
Intrexon Corp. (a)		(6,231	)		(86,860	)
Ionis Pharmaceuticals, Inc. (a)		(6,379	)		(265,813	)
Neurocrine Biosciences, Inc. (a)		(3,114	)		(305,919	)
OPKO Health, Inc. (a)		(31,395	)		(147,557	)
Sage Therapeutics, Inc. (a)		(488	)		(76,387	)
Seattle Genetics, Inc. (a)		(10,139	)		(673,128	)
Syneos Health, Inc. (a)		(3,545	)		(166,261	)
					(4,768,150	)
Building Products — (0.0)%
Owens Corning		(668	)		(42,331	)
Capital Markets — (0.0)%
Stifel Financial Corp.		(2,691	)		(140,605	)
Chemicals — (0.1)%
Albemarle Corp.		(14,278	)		(1,346,844	)
Axalta Coating Systems, Ltd. (a)		(5,638	)		(170,888	)
Valvoline, Inc.		(4,360	)		(94,045	)
					(1,611,777	)
Commercial Banks — (0.1)%
Bank of the Ozarks, Inc.		(6,333	)		(285,238	)
Chemical Financial Corp.		(8,959	)		(498,748	)
Sterling Bancorp		(26,188	)		(615,418	)
United Bankshares, Inc.		(23,440	)		(853,216	)
					(2,252,620	)
Commercial Services & Supplies — (0.0)%
Stericycle, Inc. (a)		(8,148	)		(531,983	)
Communications Equipment — (0.1)%
EchoStar Corp., Class A (a)		(1,936	)		(85,959	)

	Number of Shares			Value
NetScout Systems, Inc. (a)		(959	)	$	(28,482	)
ViaSat, Inc. (a)		(20,395	)		(1,340,359	)
					(1,454,800	)
Computers & Peripherals — (0.0)%
Seagate Technology plc		(6,826	)		(385,464	)
Containers & Packaging — (0.0)%
Crown Holdings, Inc. (a)		(1,609	)		(72,019	)
Diversified Telecommunication Services — (0.0)%
CenturyLink, Inc.		(10,796	)		(201,237	)
Electric Utilities — (0.0)%
FirstEnergy Corp.		(1,960	)		(70,384	)
PPL Corp.		(44,777	)		(1,278,383	)
					(1,348,767	)
Electronic Equipment, Instruments & Components — (0.0)%
Belden, Inc.		(15,158	)		(926,457	)
Cognex Corp.		(3,318	)		(148,016	)
Coherent, Inc. (a)		(510	)		(79,774	)
Dril-Quip, Inc. (a)		(552	)		(28,373	)
					(1,182,620	)
Energy Equipment & Services —  (0.0)%
Nabors Industries, Ltd.		(90,427	)		(579,637	)
Rowan Cos plc, Class A (a)		(13,149	)		(213,277	)
RPC, Inc.		(6,318	)		(92,053	)
					(884,967	)
Food Products — (0.1)%
Campbell Soup Co.		(15,619	)		(633,194	)
Dean Foods Co.		(1,152	)		(12,108	)
Hain Celestial Group, Inc.(The) (a)		(10,176	)		(303,245	)
Kraft Heinz Co.(The)		(7,559	)		(474,856	)
McCormick & Co., Inc.		(426	)		(49,454	)
Post Holdings, Inc. (a)		(3,398	)		(292,296	)
TreeHouse Foods, Inc. (a)		(8,099	)		(425,279	)
					(2,190,432	)
Health Care Equipment & Supplies —  (0.0)%
NuVasive, Inc. (a)		(4,851	)		(252,834	)
Health Care Providers & Services —  (0.2)%
Acadia Healthcare Co., Inc. (a)		(14,881	)		(608,782	)
Brookdale Senior Living, Inc. (a)		(31,783	)		(288,907	)
DexCom, Inc. (a)		(21,545	)		(2,046,344	)
Henry Schein, Inc. (a)		(834	)		(60,582	)
LifePoint Hospitals, Inc. (a)		(8,000	)		(390,400	)
Premier, Inc., Class A (a)		(39,275	)		(1,428,824	)
					(4,823,839	)
Health Care Technology — (0.0)%
Medidata Solutions, Inc. (a)		(855	)		(68,879	)
Hotels, Restaurants & Leisure —  (0.0)%
Caesars Entertainment Corp. (a)		(59,471	)		(636,340	)
International Game Technology plc		(1,018	)		(23,658	)
Scientific Games Corp., Class A (a)		(12,658	)		(622,141	)
					(1,282,139	)

26

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares			Value
Household Durables — (0.0)%
Newell Rubbermaid, Inc.		(14,964	)	$	(385,921	)
Insurance — (0.0)%
Hanover Insurance Group, Inc.(The)		(393	)		(46,987	)
Hartford Financial Services Group, Inc. (The)		(7,804	)		(399,019	)
Kemper Corp.		(2,670	)		(201,985	)
Travelers Companies, Inc.(The)		(406	)		(49,670	)
					(697,661	)
Internet & Catalog Retail — (0.0)%
Liberty Expedia Holdings, Inc., Class A (a)		(457	)		(20,080	)
Qurate Retail Group, Inc. QVC Group (a)		(10,603	)		(224,996	)
					(245,076	)
Internet Software & Services — (0.0)%
eBay, Inc. (a)		(643	)		(23,315	)
Pandora Media, Inc. (a)		(52,313	)		(412,227	)
					(435,542	)
IT Services — (0.0)%
First Data Corp., Class A (a)		(4,329	)		(90,606	)
Gartner, Inc. (a)		(4,684	)		(622,504	)
					(713,110	)
Machinery — (0.0)%
Colfax Corp. (a)		(8,021	)		(245,844	)
Flowserve Corp.		(5,372	)		(217,029	)
Wabtec Corp.		(2,709	)		(267,053	)
Welbilt, Inc. (a)		(13,632	)		(304,130	)
					(1,034,056	)
Media — (0.1)%
Altice USA, Inc., Class A		(20,425	)		(348,450	)
Chesapeake Energy CorpMeredith Corp.		(6,380	)		(325,380	)
Comcast Corp., Class A		(644	)		(21,130	)
Discovery Communications, Inc., Class A (a)		(65,430	)		(1,799,325	)
DISH Network Corp., Class A (a)		(2,842	)		(95,520	)
Liberty Broadband Corp., Class C (a)		(1,772	)		(134,176	)
New York Times Co.(The), Class A		(21,244	)		(550,219	)
					(3,274,200	)
Metals & Mining — (0.1)%
Allegheny Technologies, Inc. (a)		(47,013	)		(1,180,966	)
Royal Gold, Inc.		(5,389	)		(500,315	)
					(1,681,281	)
Multi-Utilities — (0.0)%
Ameren Corp.		(5,817	)		(353,964	)
Consolidated Edison, Inc.		(787	)		(61,370	)
DTE Energy Co.		(2,242	)		(232,339	)
					(647,673	)
Oil, Gas & Consumable Fuels — (0.1)%
Callon Petroleum Co. (a)		(2,039	)		(21,899	)
Centennial Resource Development, Inc., Class A (a)		(1,823	)		(32,923	)

	Number of Shares			Value
Cheniere Energy, Inc. (a)		(4,324	)	$	(281,882	)
Chesapeake Energy Corp. (a)		(18,753	)		(98,266	)
Chevron Corp.		(461	)		(58,284	)
Extraction Oil & Gas, Inc. (a)		(33,276	)		(488,825	)
Hess Corp.		(1,791	)		(119,800	)
Newfield Exploration Co. (a)		(1,592	)		(48,158	)
RSP Permian, Inc. (a)		(1,005	)		(44,240	)
SM Energy Co.		(3,560	)		(91,456	)
Targa Resources Corp.		(8,574	)		(424,327	)
					(1,710,060	)
Personal Products — (0.0)%
Coty, Inc., Class A		(46,679	)		(658,174	)
Pharmaceuticals — (0.1)%
Akorn, Inc. (a)		(31,468	)		(522,054	)
Allergan plc		(1,288	)		(214,735	)
Catalent, Inc. (a)		(2,456	)		(102,882	)
Nektar Therapeutics (a)		(5,791	)		(282,775	)
Prestige Brands Holdings, Inc. (a)		(12,187	)		(467,737	)
					(1,590,183	)
Semiconductors & Semiconductor Equipment — (0.1)%
Advanced Micro Devices, Inc. (a)		(61,205	)		(917,463	)
Cree, Inc. (a)		(11,775	)		(489,487	)
Cypress Semiconductor Corp.		(17,684	)		(275,516	)
Skyworks Solutions, Inc.		(332	)		(32,088	)
					(1,714,554	)
Software — (0.0)%
Dell Technologies, Inc., Class V (a)		(366	)		(30,956	)
FireEye, Inc. (a)		(28,091	)		(432,321	)
Guidewire Software, Inc. (a)		(3,223	)		(286,138	)
Splunk, Inc. (a)		(983	)		(97,425	)
					(846,840	)
Specialty Retail — (0.1)%
Advance Auto Parts, Inc.		(252	)		(34,196	)
CarMax, Inc. (a)		(4,774	)		(347,881	)
L Brands, Inc.		(12,159	)		(448,424	)
Mattel, Inc.		(7,114	)		(116,812	)
Office Depot, Inc.		(300,303	)		(765,773	)
					(1,713,086	)
Trading Companies & Distributors — (0.0)%
NOW, Inc. (a)		(20,651	)		(275,278	)
Total US Common Stocks (Proceeds $41,334,420)					(43,412,250	)
Foreign Common Stocks — (1.0)%
Australia — (0.1)%
Boral, Ltd.		(124,475	)		(600,674	)
Challenger, Ltd.		(38,429	)		(337,876	)
Healthscope, Ltd.		(6,920	)		(11,318	)
Magellan Financial Group, Ltd.		(13,403	)		(232,676	)
Oil Search, Ltd.		(5,147	)		(34,008	)
SEEK, Ltd.		(28,732	)		(465,841	)
Tabcorp Holdings, Ltd.		(9,736	)		(32,226	)
TPG Telecom, Ltd.		(56,202	)		(214,957	)

27

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares			Value
Vocus Group, Ltd. (a)		(127,090	)	$	(217,090	)
					(2,146,666	)
Belgium — (0.0)%
Telenet Group Holding NV (a)		(4,085	)		(190,406	)
Bermuda — (0.0)%
Assured Guaranty, Ltd.		(662	)		(23,654	)
Everest Re Group, Ltd.		(613	)		(141,284	)
					(164,938	)
Denmark — (0.1)%
AP Moller – Maersk A/S, Class B		(787	)		(978,830	)
Chr Hansen Holding A/S		(2,558	)		(236,011	)
Genmab A/S (a)		(1,594	)		(245,849	)
ISS A/S		(1,655	)		(56,837	)
Vestas Wind Systems A/S		(5,001	)		(309,168	)
					(1,826,695	)
Finland — (0.0)%
Amer Sports Oyj		(10,132	)		(319,275	)
Huhtamaki Oyj		(4,551	)		(168,025	)
Orion Oyj, Class B		(5,155	)		(138,671	)
					(625,971	)
France — (0.1)%
Accor SA		(3,310	)		(162,143	)
Bollore SA		(31,505	)		(146,428	)
Edenred SA		(7,337	)		(231,550	)
Electricite de France SA		(39,547	)		(542,103	)
Iliad SA		(3,788	)		(598,106	)
Ingenico Group SA		(2,734	)		(245,366	)
JCDecaux SA		(3,171	)		(105,990	)
SPIE SA		(1,985	)		(40,210	)
Suez		(19,946	)		(258,619	)
Technicolor SA (a)		(139,063	)		(170,944	)
					(2,501,459	)
Germany — (0.0)%
Deutsche Bank AG		(37,162	)		(401,900	)
GEA Group AG		(2,016	)		(67,954	)
					(469,854	)
Ireland — (0.0)%
Alkermes plc (a)		(15,447	)		(635,799	)
Endo International plc (a)		(3,780	)		(35,645	)
James Hardie Industries plc		(27,041	)		(455,161	)
					(1,126,605	)
Italy — (0.0)%
Banco BPM SpA (a)		(14,566	)		(42,531	)
Brembo SpA		(9,277	)		(125,424	)
Buzzi Unicem SpA		(6,426	)		(157,334	)
Finmeccanica SpA		(63,552	)		(627,502	)
Recordati SpA		(4,199	)		(166,616	)
Saipem SpA (a)		(48,049	)		(221,060	)
Unione di Banche Italiane SpA		(21,773	)		(83,396	)
					(1,423,863	)

	Number of Shares			Value
Japan — (0.2)%
Acom Co., Ltd.		(69,900	)	$	(268,504	)
AEON Financial Service Co., Ltd.		(6,300	)		(133,750	)
Bank of Kyoto, Ltd.(The)		(3,800	)		(175,692	)
Calbee, Inc.		(5,100	)		(191,744	)
Chugoku Electric Power Co., Inc.(The)		(29,200	)		(377,378	)
Fukuoka Financial Group, Inc.		(19,000	)		(95,402	)
Hitachi Metals, Ltd.		(10,000	)		(103,710	)
Hokuriku Electric Power Co. (a)		(45,100	)		(453,031	)
Isetan Mitsukoshi Holdings, Ltd.		(5,900	)		(73,632	)
Kansai Paint Co., Ltd.		(16,400	)		(340,064	)
Keikyu Corp.		(23,800	)		(390,024	)
Kintetsu Group Holdings Co., Ltd.		(800	)		(32,638	)
Kyushu Electric Power Co., Inc.		(26,800	)		(299,651	)
LINE Corp. (a)		(6,300	)		(259,077	)
Marui Group Co., Ltd.		(13,500	)		(284,112	)
Mitsubishi Materials Corp.		(1,700	)		(46,612	)
Mitsui OSK Lines, Ltd.		(1,100	)		(26,417	)
MonotaRO Co., Ltd.		(3,800	)		(167,948	)
Nagoya Railroad Co., Ltd.		(2,000	)		(51,626	)
NGK Spark Plug Co., Ltd.		(9,300	)		(264,901	)
Nippon Paint Holdings Co., Ltd.		(18,000	)		(773,568	)
Odakyu Electric Railway Co., Ltd.		(18,900	)		(405,491	)
Ricoh Co., Ltd.		(23,500	)		(215,120	)
Sawai Pharmaceutical Co., Ltd.		(1,200	)		(54,567	)
Seven Bank, Ltd.		(13,900	)		(42,506	)
Shizuoka Bank, Ltd.(The)		(3,100	)		(27,823	)
Sony Financial Holdings, Inc.		(27,100	)		(516,030	)
Sosei Group Corp. (a)		(15,200	)		(244,411	)
Suruga Bank, Ltd.		(28,000	)		(250,192	)
T&D Holdings, Inc.		(12,100	)		(181,286	)
Toho Gas Co., Ltd.		(1,200	)		(41,517	)
Toray Industries, Inc.		(12,800	)		(100,760	)
Toyota Industries Corp.		(3,500	)		(195,930	)
Yamato Holdings Co., Ltd.		(11,900	)		(350,385	)
Yokohama Rubber Co., Ltd.(The)		(1,400	)		(29,056	)
					(7,464,555	)
Luxembourg — (0.1)%
Eurofins Scientific SE		(624	)		(346,623	)
Millicom International Cellular SA		(5,810	)		(341,749	)
SES SA		(2,064	)		(37,774	)
Tenaris SA		(69,698	)		(1,271,021	)
					(1,997,167	)
Netherlands — (0.1)%
Altice NV, Class A (a)		(49,064	)		(199,682	)
Boskalis Westminster		(16,246	)		(472,791	)
Koninklijke KPN NV		(67,501	)		(183,484	)
Koninklijke Vopak NV		(7,327	)		(338,217	)
OCI NV (a)		(21,947	)		(591,556	)
QIAGEN NV (a)		(10,921	)		(397,625	)
SBM Offshore NV		(9,970	)		(154,551	)
					(2,337,906	)

28

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

	Number of Shares			Value
Norway — (0.0)%
Schibsted ASA, Class A		(4,797	)	$	(145,607	)
Yara International ASA		(11,613	)		(480,748	)
					(626,355	)
Portugal — (0.0)%
Banco Comercial Portugues SA, Class R (a)		(94,173	)		(28,264	)
Singapore — (0.0)%
Singapore Press Holdings, Ltd.		(108,500	)		(206,679	)
Spain — (0.0)%
Bankia SA		(144,032	)		(537,034	)
Cellnex Telecom SA (b)		(15,985	)		(402,244	)
Grifols SA		(1,205	)		(36,139	)
Telefonica SA		(40,048	)		(341,347	)
					(1,316,764	)
Sweden — (0.0)%
Getinge AB, Class B		(7,510	)		(68,244	)
Hennes & Mauritz AB, Shares B		(16,266	)		(242,120	)
Hexpol AB		(10,890	)		(113,150	)
Telefonaktiebolaget LM Ericsson, Class B		(87,444	)		(673,028	)
					(1,096,542	)
Switzerland — (0.1)%
Aryzta AG (a)		(24,902	)		(374,043	)
Transocean, Ltd. (a)		(5,428	)		(72,952	)
Vifor Pharma AG		(4,419	)		(705,088	)
Weatherford International plc (a)		(145,575	)		(478,942	)
					(1,631,025	)

	Number of Shares			Value
United Kingdom — (0.2)%
Avon Products, Inc. (a)		(176,263	)	$	(285,546	)
Babcock International Group plc		(10,625	)		(114,583	)
Balfour Beatty plc		(7,369	)		(27,581	)
BTG plc (a)		(11,800	)		(80,372	)
ConvaTec Group plc (b)		(118,397	)		(331,608	)
Ensco plc, Class A		(101,642	)		(737,921	)
Greene King plc		(4,685	)		(35,566	)
Hargreaves Lansdown plc		(1,296	)		(33,710	)
Inmarsat plc		(86,323	)		(626,306	)
ITV plc		(29,172	)		(66,966	)
John Wood Group plc		(131,006	)		(1,081,258	)
Merlin Entertainments plc (b)		(97,021	)		(495,024	)
Micro Focus International plc		(7,713	)		(134,121	)
Pennon Group plc		(19,010	)		(199,246	)
Petrofac, Ltd.		(12,806	)		(98,666	)
Severn Trent plc		(9,860	)		(257,354	)
United Utilities Group plc		(48,397	)		(487,340	)
					(5,093,168	)
Total Foreign Common Stocks (Proceeds $33,389,474)					(32,274,882	)
Total Common Stocks (Proceeds $74,381,220)					(75,687,132	)
Total Securities Sold Short (Proceeds $74,381,220)					(75,687,132	)

Financial Futures Contracts

Number of Contracts	Type		Initial Notional Value/(Proceeds)		Notional Value at June 30, 2018		Unrealized Appreciation/ (Depreciation)
		Long Financial Futures Contracts
		Equity-Related
325		MSCI EAFE	$	32,927,882	$	31,775,250	$	(1,152,632	)
82		S&P 500 e-Mini Index		11,423,047		11,158,560		(264,487	)
							$	(1,417,119	)

Forward Currency Contracts

Contract Settlement Date	Counterparty		Contract Amount				Unrealized Appreciation/ (Depreciation)
			Receive		Deliver
07/12/2018		Goldman Sachs International		USD     6,000,000		CNH   41,828,400	$	(304,252	)
07/27/2018		Goldman Sachs International		USD  17,000,000		CNH  117,257,500		(663,598	)
08/22/2018		Goldman Sachs International		USD   5,000,000		CNH   34,145,000		(138,370	)
10/22/2018		Goldman Sachs International		USD   9,000,000		CNH   61,002,000		(158,924	)
11/19/2018		Goldman Sachs International		USD  28,232,916		CNH  191,701,500		(522,077	)
04/04/2019		Goldman Sachs International		USD   8,873,195		CNH   56,540,000		427,857
04/30/2019		Barclays Bank plc		USD   6,628,108		CNH   42,516,000		282,365
06/20/2019		Barclays Bank plc		USD  16,000,000		CNH  104,496,000		426,712
							$	(650,287	)

29

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

Swap Contracts

Expiration Date

Counterparty

Pay

Receive

Currency

Payment Frequency Paid/Received

Notional Amount

Unrealized Depreciation

Net Value of Reference Entity

Total Return Swap Contracts

Long Total Return Swap Contracts

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus 0.35%

Alphas Managed Accounts Platform LXII Limited – KCP Long Segregated Portfolio (d)

USD

Monthly

$

190,762,502

$

(318,031

)

$

190,444,471

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus 0.35%

Alphas Managed Accounts Platform LXII Limited – KCP Short Segregated Portfolio (d)

USD

Monthly

30,000,000

(51,018

)

29,948,982

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus 0.28%

Alphas Managed Accounts Platform LXIII Limited – KGCP Long Segregated Portfolio (d)

USD

Monthly

48,226,600

(79,536

)

48,147,064

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus 0.28%

Alphas Managed Accounts Platform LXIII Limited – KGCP Short Segregated Portfolio (d)

USD

Monthly

20,108,728

(33,180

)

20,075,548

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus 0.45%

Alphas Managed Accounts Platform LXV Limited – Clinton Quantitative Segregated Portfolio (d)

USD

Monthly

89,676,273

(161,444

)

89,514,829

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus 0.45%

Alphas Managed Accounts Platform LXVI Limited – Welton Nexus Segregated Portfolio (d)

USD

Monthly

42,888,671

(79,442

)

42,809,229

$

(722,651

)

The following table represents the individual positions in the KCP Long Segregated Portfolio total return basket swap as of June 30, 2018:

Reference Entity	Units		Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Long Total Return Swap Contracts
MSCI International USA Momentum Price		9,024	$	(665,473	)		(0.35	)%
MSKYSH02 Custom Index (o)		362,995		(394,358	)		(0.21	)%
Russell 2000 Index		12,909		5,905,326			3.10	%
S&P 400 Citigroup Growth		38,201		(892,793	)		(0.47	)%
S&P 500 Index		71,559		42,915,037			22.54	%
S&P Midcap 400 Index		10,887		4,710,728			2.48	%
S&P Smallcap 600 Growth Index		49,037		(696,411	)		(0.37	)%
Cash and other (p)				139,562,415			73.28	%
			$	190,444,471

The following table represents individual positions in the KGCP Long Segregated Portfolio total return basket swap as of June 30, 2018:

Reference Entity	Units		Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Long Total Return Swap Contracts
DJ STOXX Mid 200		1,714	$	(28,249	)		(0.06	)%
DJ STOXX Small 200		2,793		233,346			0.49	%
Emerging Markets EMEA Index		2,722		142,055			0.30	%
MSCI Australia NR		247		241,005			0.50	%
MSCI Canada NR Index		294		263,385			0.55	%
MSCI China NR		36,390		336,433			0.70	%
MSCI EM Latin America		1,321		28,494			0.06	%
MSCI Emerging Markets		3,504		414,657			0.86	%
MSCI Emerging Markets Asia		7,688		1,215,279			2.53	%
MSCI Europe Momentum Price Eur Index		226		(18,652	)		(0.04	)%

30

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

Reference Entity	Units		Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
MSCI Europe Net Total Return		21,975		1,103,660			2.29	%
MSCI Hong Kong NR Index		61		174,799			0.36	%
MSCI International Denmark Net Index		85		(991	)		(0.02	)%
MSCI International Norway Net Index		102		37,621			0.08	%
MSCI International Sweden Net Index		105		92,367			0.19	%
Msci International USA Momentum Price		1,412		(115,212	)		(0.24	)%
MSCI Japan Islamic Index		208,883		1,080,723			2.25	%
MSCI Singapore NR		48		40,201			0.08	%
MSCI Switzerland NR		515		166,320			0.35	%
MSCI United Kingdom NR		175		559,530			1.16	%
MSCI USA Index		3,600		6,339,719			13.17	%
MSKYSH02 Custom Index (o)		91,181		(99,059	)		(0.21	)%
Russell 2000 Index		1,766		591,305			1.23	%
S&P 400 Citigroup Growth		5,336		(158,662	)		(0.33	)%
S&P Midcap 400 Index		1,489		458,104			0.95	%
S&P Smallcap 600 Growth Index		6,351		(120,829	)		(0.25	)%
Topix Index		31,895		47,464			0.10	%
Cash and other (p)				35,122,251			72.95	%
			$	48,147,064

The following table represents the top 50 individual positions in the Clinton Quantitative Segregated Portfolio total return basket swap as of June 30, 2018:

Reference Entity	Units		Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Long Total Return Swap Contracts
Aristocrat Leisure, Ltd.		96,374	$	511,790			0.57	%
Banco Santander Brasil SA		107,772		(394,351	)		(0.44	)%
Bellamy’s Australia, Ltd.		67,936		(146,840	)		(0.16	)%
Bellway plc		42,434		(190,930	)		(0.21	)%
China Evergrande Group		300,406		(186,894	)		(0.21	)%
CJ Corp.		9,124		(324,992	)		(0.36	)%
Deutsche Lufthansa AG		53,051		(254,789	)		(0.28	)%
Electrocomponents plc		138,776		199,827			0.22	%
Energia Y Celulosa SA		68,610		156,705			0.17	%
Faurecia SA		33,072		(179,701	)		(0.20	)%
Genscript Biotech Corp.		315,218		(154,048	)		(0.17	)%
Great Wall Motor Co., Ltd.		704,137		(175,312	)		(0.20	)%
Hyundai Glovis Co., Ltd.		2,151		(132,815	)		(0.15	)%
LG Display Co., Ltd.		115,298		(754,750	)		(0.84	)%
LG Electronics, Inc.		10,723		(236,291	)		(0.26	)%
Localiza Rent a Car SA		278,955		(265,929	)		(0.30	)%
Mixi, Inc.		7,534		(137,840	)		(0.15	)%
Mondi, Ltd.		56,813		173,419			0.19	%
Outotec Oyj		123,004		(158,912	)		(0.18	)%
Phison Electronics Corp.		100,959		(392,432	)		(0.44	)%
SSAB AB, Class A		284,534		(190,323	)		(0.21	)%
Sunac China Holdings, Ltd.		177,542		(150,719	)		(0.17	)%
Tingyi Cayman Islands Holding		457,698		176,643			0.20	%
Tripod Technology Corp.		238,678		(158,802	)		(0.18	)%
Uni-President Enterprises Corp.		711,721		157,298			0.18	%

31

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

Reference Entity	Units			Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Short Total Return Swap Contracts
Boskalis Westminster		(53,223	)	$	144,291			0.16	%
CCR SA		(582,969	)		516,405			0.58	%
Cencosud SA		(404,705	)		189,826			0.21	%
China Airlines, Ltd.		(1,883,582	)		161,363			0.18	%
Delta Electronics, Inc.		(489,523	)		596,399			0.66	%
GEA Group AG		(50,067	)		235,021			0.26	%
Hanesbrands, Inc.		(97,687	)		(181,926	)		(0.20	)%
Holcim, Ltd.		(40,625	)		168,802			0.19	%
Hon Hai Precision Industry Co., Ltd. – GDR		(1,267,502	)		222,072			0.25	%
Hyundai Motor Co.		(6,889	)		184,310			0.20	%
Intrum Justitia AB		(25,680	)		233,185			0.26	%
John Wood Group plc		(200,907	)		(173,657	)		(0.19	)%
Largan Precision Co., Ltd.		(3,926	)		(130,231	)		(0.15	)%
Leonardo SpA		(139,885	)		134,979			0.15	%
LG Chem, Ltd.		(2,834	)		148,726			0.17	%
Lojas Americanas SA – Preferred		(378,259	)		396,457			0.44	%
M Dias Branco SA		(114,030	)		147,501			0.16	%
OSRAM Licht AG		(44,257	)		627,942			0.70	%
Reckitt Benckiser Group plc		(27,322	)		(146,798	)		(0.16	)%
RPM International, Inc.		(29,870	)		(169,525	)		(0.19	)%
Seattle Genetics, Inc.		(12,794	)		(188,306	)		(0.21	)%
Telstra Corp., Ltd.		(1,196,097	)		631,189			0.71	%
Wayfair, Inc.		(8,449	)		(395,306	)		(0.44	)%
Winbond Electronics Corp.		(1,326,995	)		281,040			0.31	%
Yue Yuen Industrial Holdings, Ltd.		(292,515	)		190,055			0.21	%
Cash and other (q)					88,902,003			99.32	%
				$	89,514,829

The following table represents the top 50 individual positions in the Welton Nexus Segregated Portfolio total return basket swap as of June 30, 2018:

Reference Entity	Units		Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Long Total Return Swap Contracts
Axfood AB		60,755	$	41,814			0.10	%
BASF SE		6,043		(35,641	)		(0.08	)%
Berkeley Group Holdings plc (UNIT)		23,466		(92,951	)		(0.22	)%
Boliden AB		34,423		(50,680	)		(0.12	)%
Bollore SA		145,646		(39,267	)		(0.09	)%
Ceconomy AG		106,836		(81,745	)		(0.19	)%
Cie Financiere Richemont SA		13,816		(99,089	)		(0.23	)%
Dassault Aviation SA		570		(43,172	)		(0.10	)%
easyJet plc		53,245		(54,117	)		(0.13	)%
Euronext NV		17,388		(51,645	)		(0.12	)%
Faurecia SA		16,371		(166,102	)		(0.39	)%
H Lundbeck A/S		12,351		(44,572	)		(0.10	)%
Hermes International		1,507		(40,750	)		(0.10	)%
Imperial Brands plc		30,602		79,109			0.18	%
KAZ Minerals plc		85,657		(49,086	)		(0.11	)%
Maisons du Monde SA		12,078		(36,426	)		(0.09	)%

32

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

Reference Entity	Units			Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Microchip Technology, Inc.		7,053			(68,848	)		(0.16	)%
Oriflame Holding AG		14,842			(58,007	)		(0.14	)%
Outotec Oyj		91,041			(78,158	)		(0.18	)%
ProSiebenSat.1 Media SE		20,605			(51,965	)		(0.12	)%
Rexel SA		68,255			(67,862	)		(0.16	)%
SSAB AB		244,910			(99,489	)		(0.23	)%
Swedish Match AB		22,905			46,805			0.11	%
TomTom NV		45,158			(43,016	)		(0.10	)%
Tullow Oil plc		150,997			33,888			0.08	%
Short Total Return Swap Contracts
ASOS plc		(8,848	)		66,702			0.16	%
British American Tobacco plc		(22,800	)		(40,056	)		(0.09	)%
Daimler AG		(18,151	)		137,206			0.32	%
Deutsche Post AG		(26,302	)		63,559			0.15	%
E.ON SE		(109,795	)		39,947			0.09	%
Elementis plc		(66,926	)		38,017			0.09	%
Europcar		(58,822	)		44,339			0.10	%
GEA Group AG		(20,880	)		70,477			0.16	%
Holcim, Ltd.		(18,671	)		53,916			0.13	%
Huhtamaki Oyj		(27,982	)		66,828			0.16	%
Kingfisher plc		(242,519	)		36,121			0.08	%
Naspers, Ltd.		(3,187	)		(44,575	)		(0.10	)%
NCC AB		(42,045	)		36,205			0.08	%
Nexans SA		(15,862	)		51,715			0.12	%
Nokian Renkaat Oyj		(17,948	)		37,929			0.09	%
OCI NV		(24,321	)		33,003			0.08	%
OSRAM Licht AG		(9,122	)		69,483			0.16	%
Rolls Royce Holdings plc – LSE Shares		(68,414	)		(37,178	)		(0.09	)%
RPC Group plc		(120,281	)		(82,264	)		(0.19	)%
RPM International, Inc.		(11,193	)		(74,563	)		(0.17	)%
SAP AG		(7,989	)		43,120			0.10	%
Subsea 7 SA		(73,223	)		(56,531	)		(0.13	)%
Tecnicas Reunidas		(15,551	)		(37,043	)		(0.09	)%
United Internet AG		(5,097	)		56,067			0.13	%
Worldline SA		(4,480	)		33,154			0.08	%
Cash and other (q)					43,354,623			101.27	%
				$	42,809,229

33

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

ADR	American Depositary Receipt
ASX	Australian Securities Exchange
BATS	Better Alternative Trading System
CNH	Yuan Renminbi Offshore
CVA	Certification Van Aandelen
EAFE	Europe, Australasia, and Far East
ENT	Entitlement Shares
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
GDR	Global Depositary Receipt
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

* Approximately 7% of the fund’s total investments are maintained to cover “senior securities transactions” which may include, but are not limited to forwards, TBAs, options, futures, swaps, and securities sold short. These securities are marked-to-market daily and reviewed against the value of the fund’s “senior securities” holdings to maintain proper coverage for the transactions.

(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 are generally determined to be liquid in accordance with procedures approved by the board of trustees. At June 30, 2018 the aggregate value of these securities was $11,505,555, which represents 0.3% of net assets.

(c) Security is valued in good faith under procedures established by the board of trustees. The aggregate amount of securities fair valued amounts to $576,653,080, which represents 17.3% of the fund’s net assets.

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Security exempt from registration under 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.

(f) Security in default.

(g) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2018. These positions are therefore grouped into their own industry classification.

(h) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2018, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund’s net assets. All of the below securities are illiquid, with the exception of GSA Trend Fund, Ltd. and Canyon Value Realization Fund, LP. TIP’s valuation committee has deemed 10% of Canyon Value Realization Fund, LP to be illiquid in accordance with procedures approved by the TIP board of trustees. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.

Private Investment Funds	Investment Strategy		Date of Acquisition		Cost		Value
Adage Capital Partners, LP		US Equity		07/01/16	$	40,000,000	$	55,036,111
Canyon Value Realization Fund, LP		Multi-Strategy		12/31/97 – 04/03/06		23,797,936		91,995,369
Convexity Capital Offshore, LP		Relative Value		02/16/06 – 04/01/13		32,058,353		22,598,583
Deep Basin Long- Short Fund, LP		Long-Short US Energy		05/01/18		30,000,000		29,299,769
Farallon Capital Institutional Partners, LP		Multi-Strategy		01/01/13		1,824,074		2,530,093
GSA Trend Fund, Ltd.		Trend Following		09/01/16 – 12/01/16		55,000,000		47,017,137
Honeycomb Partners, LP		Long-Short Global		07/01/16 – 07/01/17		51,000,000		69,605,658
Hudson Bay International, Ltd.		Relative Value		07/01/14		16,876,459		19,434,850
Lansdowne Developed Markets Fund, Ltd.		Long-Short Global		04/01/13		45,767,862		69,946,404
Latimer Light Partners, LP		Long-Short Global		10/01/15 – 01/01/16		43,088,781		46,423,519
Man AHL Short Term Trading Limited		Currency Trading		08/01/16		20,000,000		19,866,317
OZ Domestic Partners, LP		Multi-Strategy		09/30/03		782,078		164,378
QVT Roiv Hldgs Onshore, Ltd.		Multi-Strategy		01/05/06		3,114,245		3,430,892
Soroban Cayman Fund, Ltd.		Long-Short Global		07/01/16 – 07/01/17		48,400,000		53,674,304

34

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2018 

Private Investment Funds	Investment Strategy		Date of Acquisition		Cost		Value
Tessera Offshore Fund, Ltd.		Long-Short US Small-Cap		01/01/17		25,000,000		27,308,663
								558,332,047
AMR Corp.				12/09/13		—		364,451
Total (16.7% of Net Assets)							$	558,696,498

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

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

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

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

(m) The net unrealized appreciation/depreciation amount represents appreciation/depreciation of the individual total return swaps underlying the MAF investment.

(n) The percent of net assets represents the net unrealized appreciation/depreciation of the individual underlying total return swaps as a percent of the ending notional amount of the MAF investment.

(o) MSKYSH02 references a custom index created by Morgan Stanley Capital Services LLC. The index is comprised of 50 small to mid-cap US equities across multiple sectors.

(p) These balances are predominantly comprised of cash and other immaterial income and expense accruals.

(q) These balances are predominantly comprised of cash, the remaining investment positions, and immaterial income and expense accruals.

(r) Security or a portion thereof is pledged as collateral for securities sold short.

See accompanying Notes to Financial Statements.

35

TIFF Multi-Asset Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2018
Assets
Investments in securities, at value (cost: $2,990,996,647)	$	3,301,601,713
Repurchase agreements (cost: $159,711,374)		159,711,374
Total investments (cost: $3,150,708,021)		3,461,313,087
Unrealized appreciation on forward currency contracts		1,136,934
Cash		1,552,571
Cash denominated in foreign currencies (cost: $10,786,579)		10,745,217
Total Cash		12,297,788
Receivables:
Investment securities sold		61,100,070
Capital stock sold		30,145,270
Dividends and tax reclaims		3,581,193
Interest		588,046
Prepaid expenses		62,216
Total Assets		3,570,224,604
Liabilities
Securities sold short, at value (proceeds: $74,381,220)		75,687,132
Unrealized depreciation on forward currency contracts		1,787,221
Due to broker for futures variation margin		1,415,900
Unrealized depreciation on swap contracts		722,651
Foreign currencies sold short, at value (proceeds $164)		164
Payables:
Investment securities purchased		114,734,849
Capital stock redeemed		30,625,091
Money manager fees		4,551,775
Fund administration and custody fees		805,667
Investment advisory and administrative fees		689,723
Distributions		651,335
Dividends and interest on securities sold short		106,004
Trustee’s fees		12,111
Other accrued expense and liabilities		484,746
Total Liabilities		232,274,369
Net Assets	$	3,337,950,235
Shares Outstanding (unlimited authorized shares, par value $0.001)		234,806,097
Net Asset Value Per Share	$	14.22
Net Assets Consist of:
Capital stock	$	3,346,443,387
Distributions in excess of net investment income		(259,706,885	)
Accumulated net realized loss on investments, derivatives, and foreign currencies		(55,147,520	)
Net unrealized appreciation on investments, derivatives, and foreign currencies		306,361,253
	$	3,337,950,235

See accompanying Notes to Financial Statements.

36

TIFF Multi-Asset Fund

Statement of Operations (Unaudited)

	Six Months Ended June 30, 2018
Investment Income
Dividends (net of foreign withholding taxes of $1,698,761)	$	23,009,183
Interest		6,754,031
Other Income		55,339
Total Investment Income		29,818,553
Expenses
Money manager fees		7,234,182
Investment advisory fees		3,918,051
Fund administration and custody fees		2,303,935
Administrative fees		358,200
Professional fees		327,711
Chief compliance officer’s and Trustee’s fees		129,132
Miscellaneous fees and other		140,347
Total Operating Expenses		14,411,558
Dividends and interest on securities sold short		1,017,665
Broker fees on securities sold short		370,715
Total Expenses		15,799,938
Net Investment Income		14,018,615
Net Realized Gain (Loss) on:
Investments (net of foreign withholding taxes on capital gains of $55,401)		129,702,750
Securities sold short		(5,577,933	)
Swap contracts		(44,886,557	)
Financial futures contracts		(4,201,078	)
Forward currency contracts		(3,899,491	)
Foreign currency-related transactions		1,103,993
Net Realized Gain from Investments, Derivatives, and Foreign Currencies		72,241,684
Net Change in Unrealized Appreciation (Depreciation) from:
Investments		(160,369,026	)
Securities sold short		1,984,791
Swap contracts		(84,138	)
Financial futures contracts		(993,285	)
Forward currency contracts		4,970,580
Foreign currency-related transactions		26,810
Net Change in Unrealized Depreciation on Investments, Derivatives, and Foreign Currencies		(154,464,268	)
Net Realized and Unrealized Loss on Investments, Derivatives, and Foreign Currencies		(82,222,584	)
Net Decrease in Net Assets Resulting from Operations	$	(68,203,969	)

See accompanying Notes to Financial Statements.

37

TIFF Multi-Asset Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets From Operations
Net investment income	$	14,018,615		$	18,678,155
Net realized gain from investments, derivatives, and foreign currencies		72,241,684			331,656,779
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies		(154,464,268	)		311,240,975
Net Increase (Decrease) in Net Assets Resulting from Operations		(68,203,969	)		661,575,909
Distributions
From net investment income		(9,168,380	)		(173,381,717	)
From net realized gains		—			(339,227,808	)
Decrease in Net Assets Resulting from Distributions		(9,168,380	)		(512,609,525	)
Capital Share Transactions
Proceeds from shares sold		34,427,130			57,853,612
Proceeds from distributions reinvested		8,343,856			460,965,773
Entry/exit fees		1,849,838			5,145,526
Cost of shares redeemed		(383,324,610	)		(1,045,883,458	)
Net Decrease From Capital Share Transactions		(338,703,786	)		(521,918,547	)
Total Decrease in Net Assets		(416,076,135	)		(372,952,163	)
Net Assets
Beginning of period		3,754,026,370			4,126,978,533
End of period	$	3,337,950,235		$	3,754,026,370
Including distributions in excess of net investment income	$	(259,706,885	)	$	(264,557,120	)
Capital Share Transactions (in shares)
Shares sold		2,323,484			3,768,150
Shares reinvested		584,770			30,733,516
Shares redeemed		(26,455,494	)		(68,487,106	)
Net Decrease		(23,547,240	)		(33,985,440	)

See accompanying Notes to Financial Statements.

38

TIFF Multi-Asset Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2018
Cash flows provided by (used in) operating activities
Net increase (decrease) in net assets resulting from operations	$	(68,203,969	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(1,206,894,633	)
Investments sold		1,571,739,372
Purchases to cover securities sold short		(47,504,293	)
Securities sold short		42,865,431
(Purchase)/Sale of short term investments, net		75,761,837
Amortization (accretion) of discount and premium, net		(3,405,563	)
Unrealized depreciation on swap contracts		84,138
(Increase)/decrease in due from broker for futures variation margin		1,282,988
(Increase)/decrease in unrealized appreciation on forward currency contracts		(4,970,580	)
(Increase)/decrease in interest receivable		192,874
(Increase)/decrease in receivable for dividends and tax reclaims		(1,320,359	)
(Increase)/decrease in prepaid expenses		23,587
Increase/(decrease) in payable for foreign currencies sold short		(1,771	)
Increase/(decrease) in payable for money manager fees		(4,347,667	)
Increase/(decrease) in payable for dividends and interest for securities sold short		69,937
Increase/(decrease) in payable for fund administration and custody fees		61,302
Increase/(decrease) in payable for trustee’s fees		(130	)
Increase/(decrease) in other accrued expense and liabilities		(85,430	)
Increase/(decrease) in payable for investment advisory and administrative fees		(80,354	)
Net realized (gain) loss from investments		(129,702,750	)
Net realized (gain) loss from securities sold short		5,577,933
Net change in unrealized (appreciation) depreciation on investments		160,369,026
Net change in unrealized (appreciation) depreciation on securities sold short		(1,984,791	)
Net cash provided by (used in) operating activities		389,526,135
Cash flows provided by (used in) financing activities
Increase (decrease) in cash overdraft		(67,376	)
Distributions paid to shareholders		(17,616,626	)
Proceeds from shares sold		4,453,748
Payment for shares redeemed		(380,063,033	)
Net cash provided by (used in) financing activities		(393,293,287	)
Net increase (decrease) in cash		(3,767,152	)
Cash at beginning of period		16,064,940
Cash at end of period	$	12,297,788
Non cash financing activities not included herein consist of reinvestment of distributions of:	$	8,343,856
Interest paid:	$	27,316

See accompanying Notes to Financial Statements.

39

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2018, 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

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

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

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

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

The fund has established a pricing hierarchy to determine the order of pricing sources utilized in valuing its portfolio holdings. The pricing hierarchy has been approved by the TIP board of trustees (the “board”).

Generally, the following valuation policies are applied to securities for which market quotations are readily available. Securities listed on a securities exchange or traded on the National Association of Securities Dealers National Market System (“NASDAQ”) for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded or at the NASDAQ official closing price, respectively, on the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. The fund employs an international fair value pricing model to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and OTC markets) and the time at which the net asset value of the fund is determined. If the TIP Valuation Committee believes that a particular event would materially affect net asset value, further adjustment is considered. Securities which use the international pricing model are typically categorized as Level 2 for the fair value hierarchy and securities that do not use the international pricing model are typically categorized as Level 1.

40

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services, which consider such factors as security prices, yields, maturities, and ratings, and are deemed representative of market values at the close of the market. Debt securities valuations are typically categorized as Level 2 for the fair value hierarchy.

Over-the-counter (“OTC”) stocks not quoted on NASDAQ and foreign stocks that are traded OTC are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the first session of the New York Stock Exchange and are typically categorized as Level 2 in the valuation hierarchy.

Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Short-term debt securities, which include repurchase agreements and US Treasury Bills, are typically categorized as Level 2 in the fair value hierarchy.

Exchange-traded 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). Exchange-traded contracts are typically categorized as Level 1 in the fair value hierarchy and OTC options and futures contracts are typically categorized as Level 2 in the fair value hierarchy.

Forward foreign currency contracts are valued at their respective fair market values and are typically categorized as Level 2 in the fair value hierarchy.

Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value and are typically categorized as Level 1 in the fair value hierarchy.

MAF invests in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by MAF are generally securities for which market quotations are not readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The board has approved valuation procedures pursuant to which MAF values its interests in private investment funds at “fair value.” MAF determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time MAF values its portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that MAF could reasonably expect to receive from the private investment fund if MAF’s interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that MAF believes is reliable. Private investment fund valuations are categorized as Level 3 in the valuation hierarchy.

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.

41

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2014 – December 31, 2017), 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.

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.

42

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

3.  Investment Valuation and Fair Value Measurements

The following is a summary of the inputs used as of June 30, 2018 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* +	$	803,054,659		$	1,008,262,679		$	143,265		$	1,811,460,603
Rights*		—			—			—			—
Warrants*		3,056,415			30,262			—			3,086,677
Convertible Bonds		—			15,042			—			15,042
US Treasury Bonds/Notes		—			220,229,911			—			220,229,911
Exchange-Traded Funds and Mutual Funds		214,831,636			—			—			214,831,636
Private Investment Funds		—			—			558,332,047			558,332,047
Publicly Traded Limited Partnerships		1,347,519			—			—			1,347,519
Preferred Stocks*		—			4,836,618			—			4,836,618
Disputed Claims Receipt		—			—			364,451			364,451
Short-Term Investments		—			645,541,223			—			645,541,223
Purchased Options		1,267,360			—			—			1,267,360
Total Investments in Securities		1,023,557,589			1,878,915,735			558,839,763			3,461,313,087
Forward Currency Contracts – Foreign Currency Risk		—			1,136,934			—			1,136,934
Total Assets	$	1,023,557,589		$	1,880,052,669		$	558,839,763		$	3,462,450,021
Liabilities
Common Stocks Sold Short*	$	(45,823,993	)	$	(29,863,139	)	$	—		$	(75,687,132	)
Financial Futures Contracts – Equity Risk		(1,417,119	)		—			—			(1,417,119	)
Forward Currency Contracts – Foreign Currency Risk		—			(1,787,221	)		—			(1,787,221	)
Swap Contracts – Equity Risk		—			—			(722,651	)		(722,651	)
Total Other Financial Instruments		(1,417,119	)		(1,787,221	)		(722,651	)		(3,926,991	)
Total Liabilities	$	(47,241,112	)	$	(31,650,360	)	$	(722,651	)	$	(79,614,123	)

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

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

During the period ended June 30, 2018, 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 2, 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.

43

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2017			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Balance as of June 30, 2018			Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 06/30/18 for the period ended 06/30/18
Common Stocks*	$	143,865		$	—		$	(600	)	$	—	$	—		$	143,265		$	(600	)
Disputed Claims Receipt		400,896			—			(36,445	)		—		—			364,451			(36,445	)
Private Investment Funds		607,956,269			813,964			6,159,655			30,000,000		(86,597,841	)		558,332,047			(5,860,870	)
Swap Contracts		(638,513	)		(44,886,557	)		(84,138	)		5,666,695,630		(5,621,809,073	)		(722,651	)		(84,138	)
Total	$	607,862,517		$	(44,072,593	)	$	6,038,472		$	5,696,695,630	$	(5,708,406,914	)	$	558,117,112		$	(5,982,053	)

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

44

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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

As of June 30, 2018	Fair Value		Valuation Methodology		Significant Unobservable Inputs		Range		Weighted Average
Common Stocks	$	143,265		Last market price		Discount(%)		50% – 100%		63.42%
Disputed Claims Receipt		364,451		Corporate Action Model		Future claim awards		4.01%		4.01%
Private Investment Funds		558,332,047		Adjusted net asset value		Manager estimated returns		(1.63)% – 4.70%		0.94%
						Market returns*		(2.40)% – 22.17%		(0.78)%

* 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 chart above reflects the methodology and significant unobservable inputs of securities held at period ended June 30, 2018. The discount and estimate of future claims 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 or estimate of future claims would result in a lower or higher fair value measurement.

Private Investment Funds.  The range of manager estimates and market returns reflected in the above chart identify the range of estimates and returns used in valuing the private investment funds at period ended June 30, 2018. 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)	$	55,036,111		quarterly		60 days
Multi-Strategy (b)		98,120,732		daily (94%)		2 days
Long-Short Global (c)		239,649,885		monthly (29%), quarterly (52%), 3 year rolling (19%)		45 – 90 days
Relative Value (d)		42,033,433		quarterly		65 – 90 days
Trend Following (e)		47,017,137		daily		2 days
Currency Trading (f)		19,886,317		daily		30 days
Long-Short US Small-Cap (g)		27,308,663		quarterly		45 days
Long-Short US Energy (h)		29,299,769		quarterly		60 days
Total	$	558,332,047

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

(b) This strategy primarily comprises capital allocated to various strategies based on risk and return profiles. This strategy includes $6,125,363 of redemption residuals.

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

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

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

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

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

(h) This strategy primarily comprises long and short positions in US energy securities.

45

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

4.  Derivatives and Other Financial Instruments

During the period ended June 30, 2018, the fund invested in derivatives, such as but not limited to futures 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 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 and swaps, expose the fund to an obligation to another party and may give rise to a form of leverage. It is the fund’s policy to segregate assets to cover derivative transactions that might be deemed to create leverage under Section 18 of the 1940 Act. In that regard, the fund will not enter into any such transactions unless it has covered such transactions by owning and segregating either (1) an offsetting (“covered”) position in securities, currencies, or other derivative instruments or (2) cash and/or liquid securities with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (1) above. When the fund is required to segregate cash or liquid securities, it will instruct its custodian as to which cash holdings or liquid assets are to be marked on the books of the fund or its custodian as segregated for purposes of Section 18 of the 1940 Act. The fund will monitor the amount of these segregated assets on a daily basis and will not enter into additional transactions that would require the segregation of cash or liquid securities unless the fund holds a sufficient amount of cash or liquid securities that can be segregated.

Financial Futures Contracts

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

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

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

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 six 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

46

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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 six strategies held at period end are described below.

KCP Long Segregated Portfolio:
The typical portfolio construction is a US focused long portfolio. The long portfolio is primarily comprised of passive equity exposure (such as S&P 500, S&P Midcap 400, and Russell 2000).

KCP Short Segregated Portfolio:
The typical portfolio construction is a US focused short portfolio with specific positions selected by the manager.

KGCP Long Segregated Portfolio:
The typical portfolio construction is a global focused long portfolio. The long portfolio is primarily comprised of passive equity exposure (such as MSCI ACWI and MSCI USA).

KGCP Short Segregated Portfolio:
The typical portfolio construction is a global focused short portfolio with 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.

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

47

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

fund, net of the independent amount, if any. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the fund, the amount pledged by the counterparty and available to the fund may not be sufficient to cover all the amounts due to the fund and the fund may sustain a loss. Other risks may apply if an independent amount has been posted.

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

Options

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

48

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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 fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Securities segregated as collateral are denoted on the Schedule of Investments. The liability is marked-to-market while it remains open to reflect the current settlement obligation. Until the security or currency is replaced, the fund is required to pay the lender any dividend or interest earned. Such payments are recorded as expenses to the fund. When a closing purchase is entered into by the fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is recorded in the Statement of Operations.

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

Derivative Disclosure

The 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.

49

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

At June 30, 2018, the fund’s derivative assets and liabilities (by contract type) are as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Purchased Options	$	1,267,360	$	—
Swap Contracts		—		(722,651	)
Forward Contracts		1,136,934		(1,787,221	)
Futures Contracts		—		(1,417,119	)
Total derivative assets and liabilities		2,404,294		(3,926,991	)
Derivatives not subject to a netting provision or similar arrangement		1,267,360		(1,417,119	)
Total assets and liabilities subject to a netting provision or similar arrangement	$	1,136,934	$	(2,509,872	)

The following table presents the fund’s derivative assets net of amounts available for offset under a netting provision or similar arrangement and net of the related collateral (excluding any independent amounts) received by the fund as of June 30, 2018:

Counterparty	Derivative Assets Subject to a Netting Provision or Similar Arrangement		Derivatives Available for Offset			Collateral Received		Net Amount
Forward Currency Contracts
Barclays Bank plc	$	709,077	$	—		$	—	$	709,077
Goldman Sachs International		427,857		(427,857	)		—		—
Total	$	1,136,934	$	(427,857	)	$	—	$	709,077

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, 2018:

Counterparty	Derivative Liabilities Subject to a Netting Provision or Similar Arrangement			Derivatives Available for Offset		Collateral Pledged		Net Amount
Forward Currency Contracts
Goldman Sachs International	$	(1,787,221	)	$	427,857	$	1,359,364	$	—
Swaps
Morgan Stanley Capital Services LLC		(722,651	)		—		722,651		—
Total	$	(2,509,872	)	$	427,857	$	2,082,015	$	—

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, 2018. These derivatives are not accounted for as hedging instruments.

50

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

The following table lists the fair values of the fund’s derivative holdings as of June 30, 2018, grouped by contract type and risk exposure category:

Derivative Type	Statement of Assets and Liability and Location		Foreign Currency Risk			Quarterly Average %**			Equity Risk			Quarterly Average %**			Total
Asset Derivatives
Purchased Options		Investments in securities, at value	$	—			—	%	$	1,267,360			0.06	%	$	1,267,360
Forward Currency Contracts		Unrealized appreciation on forward currency contracts		1,136,934			0.01	%		—			—	%		1,136,934
Total Value – Assets			$	1,136,934					$	1,267,360					$	2,404,294
Liability Derivatives
Swap Contracts		Unrealized depreciation on swap contracts	$	—			—	%	$	(722,651	)		0.02	%	$	(722,651	)
Forward Currency Contracts		Unrealized depreciation on forward currency contracts		(1,787,221	)		0.13	%		—			—	%		(1,787,221	)
Financial Futures Contracts		Due to broker for futures variation margin*		—			—	%		(1,417,119	)		0.02	%		(1,417,119	)
Total Value – Liabilities			$	(1,787,221	)				$	(2,139,770	)				$	(3,926,991	)

* Includes appreciation (depreciation) on the date the contracts are opened through June 30, 2018. 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, 2017 to and including June 30, 2018, the absolute value of the applicable fair value amount was divided by net assets to derive a percentage of net assets for each quarter end. The Quarterly Average % amount represents the average of these three percentages.

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, 2018, 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	$	—		$	(4,436,111	)	$	(4,436,111	)
Swap Contracts		Net realized gain (loss) on Swaps contracts		—			(44,886,557	)		(44,886,557	)
Forward Currency Contracts		Net realized gain (loss) on Forward currency contracts		(3,899,491	)		—			(3,899,491	)
Financial Futures Contracts		Net realized gain (loss) on Financial futures contracts		(1,023,552	)		(3,177,526	)		(4,201,078	)
Total Realized Gain (Loss)			$	(4,923,043	)	$	(52,500,194	)	$	(57,423,237	)

51

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2018, 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	$	—	$	1,513,627		$	1,513,627
Swap Contracts		Net Change in Unrealized Appreciation (Depreciation) on Swap contracts		—		(84,138	)		(84,138	)
Forward Currency Contracts		Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts		4,970,580		—			4,970,580
Financial Futures Contracts		Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts		37,995		(1,031,280	)		(993,285	)
Total Change in Appreciation (Depreciation)			$	5,008,575	$	398,209		$	5,406,784

5.  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	%

Fees paid for such services paid to TAS by the fund are reflected as investment advisory fees on the Statement of Operations. As of June 30, 2018, $632,327 remained payable and included in investment advisory and administrative fees on the Statement of Assets and Liabilities.

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. As of June 30, 2018, $57,396 remained payable and included in investment advisory and administrative fees on the Statement of Assets and Liabilities.

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. Fees for such services paid to TAS by the fund were $104,800 for period ended June 30, 2018. As of June 30, 2018, no amount remained payable.

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 $24,332 from MAF for the period ended for service as independent chair. As of June 30, 2018, $12,111 remained payable and reflected as trustee’s fees on the Statement of Assets and Liabilities.

52

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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 period ended June 30, 2018 were as follows:

Assets-Based Schedules [a] All paid Monthly
Money Manager/Strategy	Minimum			Maximum			Breakpoints
Amundi Pioneer Institutional Asset Management, Inc. – Beta		0.02	%		0.03	%		YES
Fundsmith, LLP		0.90	%		—			NO
Green Court Capital Management Limited		0.60	%		0.90	%		YES
Lansdowne Partners (UK) LLP		0.80	%		—			NO

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 - Europe, Australasia, Far East (“EAFE”)		0.15	%		1.60	%		0.88	%		MSCI EAFE Index		4.24	%
Shapiro Capital Management LLC		0.50	%		0.95	%		0.73	%		Russell 2000 Index		3.25	%

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

Asset-Based Portion – All Paid Monthly

Performance-Based Portion – All Paid Annually

Money Manager/Strategy

Minimum

Maximum

Breakpoints

Benchmark/Hurdle

Performance Fee

Performance Measurement Period

High Water Mark

Cap

AJO, LP - Emerging Markets

—

—

—

MSCI Emerging Markets Small Cap Index (net)

16.6%*ˆ

Rolling 60 months

NO

1.33%* ANA

AQR Capital Management – EAFE

0.30

%

—

NO

MSCI EAFE Index (net)

17

%

Calendar year

NO

NO

AQR Capital Management – US

0.20

%

—

NO

Russell 1000 Total Return Index (net)

17

%

Calendar year

NO

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

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

%

SandPointe Asset Management, LLC

0.20

%

0.70

%

YES

Rate of return equal to 5.00% per annum

12.5

%ˆˆ

Calendar year

YES

NO

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.

53

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

* During the first five years after a contribution to the account (the “transitional period”), the performance fee is similarly structured, with the measurement periods starting at a specified inception date and running through each annual calculation date but with performance fee rates and fee caps for each measurement period that decline from 20.2% to 17.21%, with respect to the performance fee rates, and 1.615% of average net assets to 1.38% of average net assets, with respect to the fee caps.

ˆ Performance-based fees earned on excess return (portfolio over benchmark) expressed as a percentage times average net assets.

ˆˆ Percentage represents maximum potential fee rate.

Fees for such services paid to the individual money managers are reflected as money manager fees on the Statement of Operations. As of June 30, 2018, $4,551,775 remained payable and reflected as money manager fees on the Statement of Assets and Liabilities.

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

6.  Fund Administration and Custody Agreement

Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing core fund administration, fund accounting, domestic custody, and transfer agent services. Fees paid for non-core services rendered by State Street include, but are not limited to, foreign custody and transactional fees, which are based upon assets of the fund and/or on transactions entered into by the fund during the period, and out-of-pocket expenses. Fees for such services paid to State Street by the fund are reflected as fund administration and custody fees on the Statement of Operations. As of June 30, 2018, $805,667 remained payable and reflected as fund administration and custody fees on the Statement of Assets and Liabilities.

7.  Investment Transactions

Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the period ended June 30, 2018 were as follows:

	Purchases		Sales
Non-US Government Securities	$	729,923,088	$	955,199,738
US Government Securities		73,929,310		160,238,012

8.  Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2018 has been estimated since the final tax characteristic cannot be determined until subsequent to fiscal year end. The cost of securities, the aggregate gross unrealized appreciation/(depreciation), and the net unrealized appreciation/(depreciation) on securities, other than proceeds from securities sold short, at June 30, 2018 are as follows:

	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)			Tax Cost of Investments
Investments in securities	$	431,821,623	$	(717,549,717	)	$	285,728,094		$	3,745,773,821
Securities sold short		4,705,767		(6,011,679	)		(1,305,912	)		(74,381,220	)

	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)		Tax Cost of Derivatives
Purchased option contracts		—		—		—		1,267,360
Financial futures contracts		—		—		—		(1,417,119	)
Forward currency contracts		—		—		—		(650,287	)
Swap contracts		—		—		—		(722,651	)

The difference between the tax cost of investments and the cost of investments for US 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

54

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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.

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, 2018.

9.  Repurchase and Reverse Repurchase Agreements

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

In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into 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.

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, 2018:

Counterparty	Assets Subject to a Netting Provision or Similar Arrangement		Liabilities Available for Offset		Collateral Received			Net Amount
Fixed Income Clearing Corp.	$	159,711,374	$	—	$	(159,711,374	)	$	—
Total	$	159,711,374	$	—	$	(159,711,374	)	$	—

Please see Note 4, Derivatives and Other Financial Instruments, for further discussion of netting provisions and similar arrangements.

10.  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.

Members of the fund have the ability to elect a systematic withdrawal plan option and can redeem 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 systematic withdrawal option will be required to reinvest their quarterly dividends and distributions.

55

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

11.  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.

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.

12.  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.

13.  Subsequent Events

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

56

TIFF Multi-Asset Fund  June 30, 2018 

Additional Information (Unaudited)

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.

57

TIFF Multi-Asset Fund  June 30, 2018 

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

During an in-person meeting held on June 12-13, 2018 (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), including one such agreement to be amended as part of the annual review process (“Money Manager Agreements”)¹. 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, its profitability and process to select, monitor and oversee the money managers. 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 Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, 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 to 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, 2017; (7) certain financial information about TAS, including its audited financial statements for the year ended December 31, 2017; and (8) the direct and indirect benefits that accrue to TAS and its affiliates, or to the money managers, from their relationships with the Funds, which includes fees paid to TAS by the Funds for TAS to perform certain administrative and other services for the 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.

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.

¹ The money managers that the Board considered for renewal are: AJO, LP; Amundi Pioneer Institutional Asset Management, Inc.; 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; Shapiro Capital Management, LLC; and TB Alternative Assets Ltd.

58

TIFF Multi-Asset Fund  June 30, 2018 

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, 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. 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 such Fund. 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.

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 Pioneer Institutional Asset Management, Inc.
Bloomberg Barclays US Government Inflation-Linked Bond Index (US Treasury obligations, including TIPS, mandate)
Bloomberg Barclays Nominal US Treasury Index (Laddered US Treasury securities mandate)

Fundsmith, LLP
MSCI World Index

Green Court Capital Management Limited
CSI 300 Index

Hosking Partners LLP
50% MSCI All Country World Index (net dividends reinvested) and 50% MSCI All Country World Index (gross dividends reinvested)

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

59

TIFF Multi-Asset Fund  June 30, 2018 

Shapiro Capital Management, LLC
Russell 2000 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 Mix², 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 three-year period ended March 31, 2018, and exceeded the MAF Constructed Index for the one-, five-, and ten-year periods ended March 31, 2018. Multi-Asset Fund’s returns lagged the 65/35 Mix for the three- and five-year periods ended March 31, 2018, but exceeded the 65/35 Mix for the one- and ten-year periods ended March 31, 2018. 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, 2018. Multi-Asset Fund’s returns exceeded the average of the Broadridge MAF peer universe for the one-, three-, five- and ten-year periods ended March 31, 2018.

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 when money managers perform well. 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 MAF’s 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.

Additionally, the Board considered the direct and indirect benefits that accrue to certain money managers as a result of their use of brokerage commissions paid by MAF, with respect to portfolio transactions undertaken by such money managers, to obtain research products and services. In this regard, the Board also considered a recommendation from TAS that the Board approve an amended money manager agreement with Lansdowne Partners (UK) LLP (“Lansdowne”) to permit MAF to directly compensate Lansdowne for third-party research costs, rather than having these same costs paid pursuant to the current terms of the agreement. In considering this recommendation, the Board noted that it arose in connection with regulatory changes in the United Kingdom, TAS was not recommending any other changes to the current money manager agreement in place with Lansdowne, and TAS obtained confirmation from Lansdowne that this change is not expected to alter the amount MAF paid Lansdowne for third-party research.

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

60

TIFF Multi-Asset Fund  June 30, 2018 

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 produced modestly positive total returns for the one-, three- five- and ten-year periods ended March 31, 2018 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, 2018. 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, 2018, for the reasons stated above. 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 eleven 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 also approved the amendment to the money manager agreement for Lansdowne. 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, including the Lansdowne amendment, 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 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.

61

TIFF Multi-Asset Fund  June 30, 2018 

Index Descriptions

Consumer Price Index is based on the Consumer Price Index-All Urban Consumers (CPI- U), a widely recognized measure of US inflation that represents changes in the prices paid by consumers for a representative basket of goods and services.

CSI 300 Index tracks 300 stocks traded in the Shanghai and Shenzhen stock exchanges.

MSCI All Country World IndexSM is a free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Unlike certain other broad-based indices, the number of stocks included in the MSCI All Country World Index is not fixed and may vary to enable the index to continue to reflect the primary home markets of the constituent countries. MSCI All Country World Index returns include reinvested dividends, gross of foreign withholding taxes through December 31, 2000 and net of foreign withholding tax thereafter.

MSCI China Index tracks large and mid-cap segments of the China equity universe across China H shares, B shares, P chips, and foreign listings and is comprised of 150 constituents.

MSCI EAFE Index tracks developed markets in Europe, Australia, and the Far East.

MSCI Emerging Markets Small Cap Index tracks small-capitalization companies whose market capitalization represents approximately the bottom 14% of the market capitalization of companies in the global emerging markets.

MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 630 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

Russell 1000 Index tracks the largest 1,000 US companies.

Russell 2000 Index (Russell 2000 Total Return Index) is a market capitalization weighted index that measures the performance of the small-cap segment of the US equity universe. The index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

S&P 500 Index (S&P 500 Total Return Index) includes 500 companies in leading industries of the US economy, capturing 75% coverage of US equities. The S&P 500 Index is maintained by the S&P Index Committee, based on published guidelines governing additions to and removal from the index. Criteria for index additions include US companies, market capitalization in excess of $4 billion, public float, financial viability, adequate liquidity and reasonable price, sector representation, and company type. Criteria for index removals include violating or no longer meeting one or more criteria for index inclusion.

S&P Midcap 400 index is designed to measure the performance of 400 mid-sized companies in the US, reflecting this market segment’s distinctive risk and return characteristics. Mid-cap exposure generally captures a phase in the typical corporate life cycle in which firms have successfully navigated the challenges specific to small companies, such as raising initial capital and managing early growth. At the same time, mid-caps tend to be quite dynamic and not so large that continued growth is unattainable. As a result, the mid-cap segment may offer aspects of the markets not covered by the large and small-cap worlds.

One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses.

62

TIFF Short-Term Fund  June 30, 2018 

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, 2018 to June 30, 2018.

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 1/1/18		Ending Account Value 6/30/18		Expenses Paid During the Period* 1/1/18 – 6/30/18
1) Actual	$	1,000.00	$	1,005.30	$	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).

Summary Schedule of Investments (Unaudited)

US Treasury Bills		82.9	%
US Treasury Bond/Note		15.4	%
Repurchase Agreement		3.2	%
Total Investments		101.5	%
Liabilities in Excess of Other Assets		(1.5	)%
Net Assets		100.0	%

63

TIFF Short-Term Fund  June 30, 2018 

Financial Highlights

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
For a share outstanding throughout each period
Net asset value, beginning of period	$	9.86		$	9.86		$	9.86		$	9.87		$	9.89		$	9.90
Income (loss) from investment operations
Net investment income (loss)		0.06			0.06			0.01			(0.01	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.01	)		0.00	(a)		0.00	(a)		0.00	(a)		0.01			0.00	(a)
Total from investment operations		0.05			0.06			0.01			(0.01	)		(0.02	)		(0.01	)
Less distributions from
Net investment income		(0.06	)		(0.06	)		(0.01	)		—			—			—
Total distributions		(0.06	)		(0.06	)		(0.01	)		—			—			—
Net asset value, end of period	$	9.85		$	9.86		$	9.86		$	9.86		$	9.87		$	9.89
Total return(b)		0.53	%(c)		0.64	%		0.13	%		(0.10	)%		(0.20	)%		(0.10	)%
Ratios/supplemental data
Net assets, end of period (000s)	$	83,919		$	84,612		$	83,729		$	97,168		$	104,383		$	148,294
Ratio of expenses to average net assets		0.22	%(d)		0.23	%		0.24	%		0.22	%		0.35	%		0.20	%
Ratio of net investment income (loss) to average net assets		1.27	%(d)		0.63	%		0.15	%		(0.09	)%		(0.28	)%		(0.11	)%
Portfolio turnover(e)		—	%		—	%		—	%		—	%		—	%		—	%

(a) Rounds to less than $0.01.

(b) Total return assumes dividend reinvestment.

(c) Not annualized.

(d) Annualized.

(e) 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.

See accompanying Notes to Financial Statements.

64

TIFF Short-Term Fund  June 30, 2018 

Schedule of Investments (Unaudited)

	Principal Amount		Value
Investments — 101.5% of net assets
Short-Term Investments — 101.5%
Repurchase Agreement — 3.2%
Fixed Income Clearing Corp. issued on 06/29/18 (proceeds at maturity $2,664,177) (collateralized by US Treasury Notes, due 03/15/21 with a total par value of $2,715,000 and a total market value of $2,717,872) 0.350%, 07/02/18
(Cost $2,664,099)	$	2,664,099	$	2,664,099
US Treasury Bond/Note — 15.4%
U.S. Treasury Note 1.250%, 12/31/18 (Cost $12,967,787)		13,000,000		12,941,094
US Treasury Bills (a) — 82.9%
US Treasury Bill 1.874%, due on 08/30/18		8,000,000		7,975,613
US Treasury Bill 1.911%, due on 09/27/18		25,000,000		24,886,115
US Treasury Bill 1.934%, due on 10/11/18		8,000,000		7,956,710
US Treasury Bill 2.043%, due on 11/08/18		1,000,000		992,878

	Principal Amount		Value
US Treasury Bill 2.069%, due on 11/15/18		12,000,000	$	11,909,220
US Treasury Bill 2.134%, due on 11/23/18		12,000,000		11,903,640
US Treasury Bill 2.100%, due on 12/06/18		3,000,000		2,973,441
US Treasury Bill 2.110%, due on 12/27/18		1,000,000		989,814
Total US Treasury Bills — 82.9% (Cost $69,581,735)				69,587,431
Total Short-Term Investments (Cost $85,213,621)				85,192,624
Total Investments — 101.5% (Cost $85,213,621)				85,192,624
Liabilities in Excess of Other Assets — (1.5)%				(1,273,401	)
Net Assets — 100.0%				$83,919,223

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

See accompanying Notes to Financial Statements.

65

TIFF Short-Term Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2018
Assets
Investments in securities, at value (cost: $82,549,522)	$	82,528,525
Repurchase agreements (cost: $2,664,099)		2,664,099
Total investments (cost: $85,213,621)		85,192,624
Receivables:
Capital stock sold		2,494,113
Interest		52
Prepaid expenses		8,501
Total Assets		87,695,290
Liabilities
Cash overdraft		2,445,774
Payables:
Investment securities purchased		989,816
Capital stock redeemed		290,250
Accrued professional fees		27,552
Fund administration and custody fees		10,087
Distributions		7,465
Investment advisory and administrative fees		2,883
Trustee’s fees		256
Accrued expense and other liabilities		1,984
Total Liabilities		3,776,067
Net Assets	$	83,919,223
Shares Outstanding (unlimited authorized shares, par value $0.001)		8,516,718
Net Asset Value Per Share	$	9.85
Net Assets Consist of:
Capital stock	$	83,986,111
Accumulated net investment income		3,400
Accumulated net realized loss on investments		(49,291	)
Net unrealized depreciation on investments		(20,997	)
Net Assets	$	83,919,223

See accompanying Notes to Financial Statements.

66

TIFF Short-Term Fund

Statement of Operations (Unaudited)

	Six Months Ended June 30, 2018
Investment Income
Interest	$	630,698
Total Investment Income		630,698
Expenses
Fund administration and custody fees		32,620
Professional fees		24,596
Shareholder Registration fees		13,489
Investment advisory fees		12,682
Administrative fees		4,227
Chief compliance officer’s and Trustee’s fees		2,900
Miscellaneous fees and other		4,215
Total Expenses		94,729
Net Investment Income		535,969
Net Realized Loss from Investments		(36,670	)
Net Change in Unrealized Depreciation on Investments		(5,304	)
Net Realized and Unrealized Loss on Investments		(41,974	)
Net Increase in Net Assets Resulting from Operations	$	493,995

See accompanying Notes to Financial Statements.

67

TIFF Short-Term Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets From Operations
Net investment income	$	535,969		$	511,144
Net realized loss from investments		(36,670	)		(11,710	)
Net change in unrealized depreciation on investments		(5,304	)		(13,633	)
Net Increase in Net Assets Resulting from Operations		493,995			485,801
Distributions
From net investment income		(533,124	)		(511,479	)
Decrease in Net Assets Resulting from Distributions		(533,124	)		(511,479	)
Capital Share Transactions
Proceeds from shares sold		41,745,787			119,822,916
Proceeds from distributions reinvested		486,501			492,539
Cost of shares redeemed		(42,885,615	)		(119,406,680	)
Net Increase (Decrease) From Capital Share Transactions		(653,327	)		908,775
Total Increase (Decrease) in Net Assets		(692,456	)		883,097
Net Assets
Beginning of period		84,611,679			83,728,582
End of period	$	83,919,223		$	84,611,679
Including undistributed net investment income	$	3,400		$	555
Capital Share Transactions (in shares)
Shares sold		4,234,212			12,146,994
Shares reinvested		49,383			49,953
Shares redeemed		(4,350,081	)		(12,104,879	)
Net Increase (Decrease)		(66,486	)		92,068

See accompanying Notes to Financial Statements.

68

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2018, TIP consisted of two mutual funds, TIFF Multi-Asset Fund and TIFF Short-Term Fund (“STF” or the “fund”), each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). The 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

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

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

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

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

Short-term debt securities having a remaining maturity of less than 60 days are valued at amortized cost using straight-line amortization, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Short-term debt securities are typically categorized as Level 2 in the fair value hierarchy.

During the period ended June 30, 2018, all of the fund’s investments were valued using Level 2 inputs and, as a result, there were no transfers between any of the fair value hierarchy levels that had a significant impact to the fund.

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.

69

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2014 - December 31, 2017), 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 Agreement and Other Transactions with Affiliates

TIP’s board of trustees (the “board”) has approved an investment advisory agreement with TIFF Advisory Services, Inc. (“TAS”), an affiliate of TIP. 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	%

Fees for such services paid to TAS by the fund are reflected as investment advisory fees on the Statement of Operations. As of June 30, 2018, $2,163 remained payable and included in investment advisory and administrative fees on the Statement of Assets and Liabilities.

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. As of June 30, 2018, $720 remained payable and included in investment advisory and administrative fees on the Statement of Assets and Liabilities.

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. Fees for such services paid to TAS by the fund were $2,365 for the period ended June 30, 2018. As of June 30, 2018, no amount remained payable.

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 $535 from STF for the period ended June 30, 2018 for service as independent chair. As of June 30, 2018, $256 remained payable and reflected as Trustee’s fees on the Statement of Assets and Liabilities.

70

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

4.   Fund Administration and Custody Agreement

Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing core fund administration, fund accounting, 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 and custody fees on the Statement of Operations. As of June 30, 2018, $10,087 remained payable and reflected as fund administrative and custody fees on the Statement of Assets and Liabilities.

5.  Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2018 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, 2018 are as follows:

Gross Unrealized           Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation/(Depreciation)		Cost
$6,491		$(27,488)		$(20,997)		$85,213,621

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 US 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, 2018.

6.  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.	$	2,664,099	$	—	$	(2,664,099	)	$	—
Total	$	2,664,099	$	—	$	(2,664,099	)	$	—

7.  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.

71

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2018 

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, 2018, TAS, the advisor to the fund, owned 34% of STF.

8.  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.

9.  Subsequent Events

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

72

TIFF Short-Term Fund  June 30, 2018 

Additional Information (Unaudited)

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.

73

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 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 Henderson Funds (2008 – present); Trustee of The Janus Henderson Funds (2002 – present) (oversees 63 portfolios). 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 Corp.; Visit Philadelphia; The Connelly Foundation, a private grant-making 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, a private, national foundation that works to expand opportunities in America’s cities. 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, Member of the Foundation Financial Officers Group.
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); Director of Asset Allocation and Risk, Ford Foundation (2009 – 2013). Other Directorships: Trustee, YMCA Retirement Fund.

74

Trustees and Principal Officers (Unaudited)

Principal Officers

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., Financial Industry Regulatory Authority (FINRA), Compensation Committee member, Mercy Investment Services, Inc., and Advisor to the Board, Catholic Investment Services, Inc.
Jay L. Willoughby
Born 1958 Chief Investment Officer since October 2015	Principal Occupation(s) During the Past Five Years: Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present); CIO, Alaska Permanent Fund Corp., a sovereign wealth fund of the State of Alaska (2011 – 2015).
Katherine M. Billings
Born 1980 CFO and Treasurer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present); Director, among other positions, PricewaterhouseCoopers LLP (2002 – 2017).
Zane T. Hamid
Born 1981 Vice President since December 2017	Principal Occupation(s) During the Past Five Years: Deputy Head of Fund Operations (2013 – present) and Vice President (2017 – present), TIFF Advisory 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 CCO since July 2008; Vice President, Secretary, and Chief Legal Officer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President and Chief Compliance Officer, TIFF Advisory Services, Inc.; General Counsel — Regulatory and Assistant Secretary (2017 – present), TIFF Advisory Services, Inc.
Robert J. Zion
Born 1961 Vice President and COO since March 2017; Assistant Treasurer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. (March 2017 – present); Chief Operating Officer, among other positions, Hirtle Callaghan & Co. (1991 – 2017).

75

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 Pioneer Institutional Asset Management, Inc.
AQR Capital Management
Canyon Capital Advisors LLC (AF)
City Financial Investment Company Limited
  (“Cumulus”) (AF)
Convexity Capital Management LP (AF)
Deep Basin Capital LP (AF)
Farallon Capital Management, LLC (AF)
Fundsmith, LLP
Green Court Capital Management Limited
GSA Capital Ltd. (AF)
Honeycomb Asset Management LP (AF)
Hosking Partners LLP
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
Och-Ziff Capital Management Group (AF)
QVT Financial LP (AF)
RK Capital Management, LLC (“Tessera”) (AF)
SandPointe Asset Management, LLC
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. 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.

(a)(4) Not applicable to this filing.

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

SIGNATURES

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

(Registrant)	TIFF Investment Program
By (Signature and Title)	/s/ Richard J. Flannery
	Richard J. Flannery, President and Chief Executive Officer
Date	August 29, 2018

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	August 29, 2018

By (Signature and Title)	/s/ Katherine M. Billings
	Katherine M. Billings, Treasurer and Chief Financial Officer
Date	August 29, 2018