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:	12/31/19
Date of reporting period:	01/01/19 – 06/30/19

Item 1. Reports to Stockholders.

(Semi-Annual Report for the period 01/01/2019 through 06/30/2019 is filed herewith)

	TIFF Investment Program
	2019 Semi-Annual Report	JUNE 30, 2019 (Unaudited)

Contents

TIFF Multi-Asset Fund
Internet Availability of Shareholder Reports		2
Fund Expenses		3
Financial Highlights		4
Schedule of Investments		5
Statement of Assets and Liabilities		33
Statement of Operations		34
Statements of Changes in Net Assets		35
Statement of Cash Flows		36
Notes to Financial Statements		37
Additional Information		54
Approval of Money Manager Agreements		55
Index Descriptions		62
TIFF Short-Term Fund
Internet Availability of Shareholder Reports		63
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, founded in 1991, is a not-for-profit organization that seeks to improve the investment returns of endowed non-profits by making available to them a series of multi-manager investment strategies, plus resources aimed at enhancing fiduciaries’ knowledge of investing.

TIFF Mutual Funds

TIFF Investment Program (TIP) is comprised of no-load mutual funds available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations meeting specified accreditation requirements. TIP consists of two mutual funds at present: TIFF Multi-Asset Fund (MAF) and TIFF Short-Term Fund (STF). TIFF Advisory Services, Inc. (TIFF) serves as the investment advisor to the funds. MAF operates primarily on a multi-manager basis, and TIFF 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, TIFF 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, 2019.

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 26, 2019

Copyright © 2019 • 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, 2019 

Internet Availability of Shareholder Reports

Beginning on January 2, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of TIFF Multi-Asset Fund’s (the “Fund”) annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of these reports from the Fund. Instead, these reports will be made available on the Fund’s website, and you will be notified by e-mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by calling TIFF Member Services at 800-984-0084 or by sending an e-mail request to memberservices@tiff.org.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling TIFF Member Services at 800-984-0084 or by sending an e-mail request to memberservices@tiff.org. Your election to receive reports in paper will apply to all TIP funds that you hold.

Summary Schedule of Investments (Unaudited)

Foreign Common Stocks		38.0	%
US Common Stocks		22.0	%
Private Investment Funds		13.1	%
US Treasury Bills		9.5	%
US Treasury Bonds/Notes		8.1	%
Exchange-Traded Funds (ETFs)		7.4	%
Repurchase Agreement		4.3	%
Preferred Stocks		0.2	%
Publicly Traded Limited Partnerships		0.1	%
Rights		0.0	%
Warrants		0.0	%
Convertible Bonds		0.0	%
Purchased Option Contracts		0.0	%
Disputed Claims Receipt		0.0	%
Total Investments		102.7	%
Securities Sold Short		(6.6	)%
Other Assets in Excess of Other Liabilities		3.9	%
Net Assets		100.0	%

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

2

TIFF Multi-Asset Fund  June 30, 2019 

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, 2019 to June 30, 2019.

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 for Securities Sold Short*						Excluding Expenses for Securities Sold Short*
	Beginning Account Value 1/1/19		Ending Account Value 6/30/19		Expenses Paid During the Period** 1/1/19 – 6/30/19		Beginning Account Value 1/1/19		Ending Account Value 6/30/19		Expenses Paid During the Period** 1/1/19 – 6/30/19
1) Actual	$	1,000.00	$	1,121.50	$	5.15	$	1,000.00	$	1,121.50	$	4.21
2) Hypothetical	$	1,000.00	$	1,019.93	$	4.91	$	1,000.00	$	1,020.83	$	4.01

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

** Expenses are equal to the fund’s annualized expense ratio of 0.98% (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, 2019 

Financial Highlights

	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
For a share outstanding throughout each period
Net asset value, beginning of period	$	12.02		$	14.53		$	14.12		$	14.25		$	15.31		$	16.26
Income (loss) from investment operations
Net investment income (a)		0.08			0.12			0.07			0.10			0.10			0.09
Net realized and unrealized gain (loss) on investments		1.37			(1.63	)		2.48			0.51			(0.38	)		0.05
Total from investment operations		1.45			(1.51	)		2.55			0.61			(0.28	)		0.14
Less distributions from
Net investment income		—			(0.25	)		(0.75	)		(0.04	)		(0.20	)		(0.11	)
Net realized gains		—			(0.67	)		(1.41	)		(0.30	)		(0.50	)		(0.99	)
Return of capital		—			(0.10	)		—			(0.42	)		(0.10	)		—
Total distributions		—			(1.02	)		(2.16	)		(0.76	)		(0.80	)		(1.10	)
Entry/exit fee per share (a)		0.01			0.02			0.02			0.02			0.02			0.01
Net asset value, end of period	$	13.48		$	12.02		$	14.53		$	14.12		$	14.25		$	15.31
Total return (b)		12.15	%(c)		(10.27	)%		18.24	%		4.45	%		(1.72	)%		1.00	%
Ratios/supplemental data
Net assets, end of period (000s)	$	2,324,090		$	2,498,944		$	3,754,026		$	4,126,979		$	4,837,688		$	5,757,318
Ratio of expenses to average net assets (d)		0.98	%(e)		0.78	%		0.94	%		0.90	%		0.85	%		1.18	%
Ratio of expenses to average net assets, excluding expenses for securities sold short (d)		0.80	%(e)		0.72	%		0.93	%		0.87	%		0.76	%		0.85	%
Ratio of net investment income to average net assets		1.19	%(e)		0.85	%		0.47	%		0.70	%		0.68	%		0.52	%
Portfolio turnover		52	%		66	%		58	%		65	%		62	%		94	%

(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, 2019 

	Number of Shares		Value
Investments — 102.7% of net assets
Common Stocks — 60.0%
US Common Stocks — 22.0%
Airlines — 1.2%
American Airlines Group, Inc.		115,205	$	3,756,835
Delta Air Lines, Inc.		244,047		13,849,667
Southwest Airlines Co.		15,243		774,040
Spirit Airlines, Inc. (a)		2,152		102,715
United Continental Holdings, Inc. (a)		98,016		8,581,301
				27,064,558
Auto Components — 0.0%
Adient plc		7,190		174,501
Dana, Inc.		1,286		25,643
Lear Corp. (b)		4,209		586,188
				786,332
Automobiles — 0.0%
Ford Motor Co.		22,630		231,505
General Motors Co.		5,471		210,798
Thor Industries, Inc.		1,163		67,977
				510,280
Beverages — 0.4%
Coca-Cola Co. (The)		2,425		123,481
Monster Beverage Corp. (a)		16,537		1,055,557
PepsiCo, Inc.		58,499		7,670,974
				8,850,012
Biotechnology — 0.3%
Alexion Pharmaceuticals, Inc. (a)		2,081		272,569
Alnylam Pharmaceuticals, Inc. (a)		3,045		220,945
Amgen, Inc.		4,445		819,125
Biogen, Inc. (a) (b)		9,227		2,157,919
Celgene Corp. (a) (b)		3,447		318,641
Exelixis, Inc. (a)		71,376		1,525,305
Gilead Sciences, Inc. (b)		19,381		1,309,380
Incyte Corp. (a) (b)		2,879		244,600
Ionis Pharmaceuticals, Inc. (a)		1,038		66,712
Regeneron Pharmaceuticals, Inc. (a)		491		153,683
United Therapeutics Corp. (a) (b)		7,399		577,566
				7,666,445
Building Products — 0.0%
Masco Corp.		17,603		690,742
Owens Corning		668		38,877
				729,619
Capital Markets — 0.1%
Ameriprise Financial, Inc.		5,127		744,235
BlackRock, Inc.		366		171,764
KKR & Co., Inc., Class A		8,833		223,210
Morgan Stanley		8,876		388,857
S&P Global, Inc.		1,339		305,011
Stifel Financial Corp.		1,566		92,488
T. Rowe Price Group, Inc.		503		55,184
				1,980,749

	Number of Shares		Value
Chemicals — 0.2%
Cabot Corp.		1,768	$	84,351
Celanese Corp. (b)		5,768		621,790
Corteva, Inc. (a)		1,209		35,750
Dow, Inc. (a)		1,209		59,616
DuPont de Nemours, Inc.		1,209		90,760
Eastman Chemical Co. (b)		2,891		225,007
Huntsman Corp.		2,213		45,234
Ingevity Corp. (a)		277		29,132
LyondellBasell Industries NV, Class A (b)		20,996		1,808,385
Mosaic Co. (The)		5,203		130,231
Scotts Miracle-Gro Co. (The)		1,214		119,579
Sherwin-Williams Co. (The)		895		410,170
				3,660,005
Commercial Banks — 0.2%
Bank OZK		609		18,325
Citizens Financial Group, Inc.		30,313		1,071,868
Huntington Bancshares, Inc.		3,932		54,340
PNC Financial Services Group, Inc. (The)		4,265		585,499
SunTrust Banks, Inc.		2,233		140,344
Wells Fargo & Co. (b)		34,311		1,623,597
				3,493,973
Commercial Services & Supplies — 0.1%
Clean Harbors, Inc. (a)		3,400		241,740
Deluxe Corp.		5,623		228,631
Herman Miller, Inc.		1,868		83,500
HNI Corp.		14,463		511,701
MSA Safety, Inc.		1,571		165,568
Waste Management, Inc. (b)		3,569		411,755
				1,642,895
Communications Equipment — 0.2%
Arista Networks, Inc. (a) (b)		524		136,041
Ciena Corp. (a) (b)		7,584		311,930
Cisco Systems, Inc.		51,315		2,808,470
CommScope Holding Co., Inc. (a)		12,960		203,861
F5 Networks, Inc. (a)		1,620		235,920
Juniper Networks, Inc. (b)		24,026		639,812
QUALCOMM, Inc.		15,199		1,156,188
				5,492,222
Computers & Peripherals — 0.4%
Apple, Inc. (b)		29,091		5,757,691
Dell Technologies, Inc., Class C (a)		236		11,989
Hewlett Packard Enterprise Co.		46,370		693,231
HP, Inc.		51,995		1,080,976
NetApp, Inc.		5,945		366,807
Seagate Technology plc		11,443		539,194
Western Digital Corp.		1,473		70,041
Xerox Corp.		1,132		40,084
				8,560,013
Construction & Engineering — 0.1%
Fluor Corp.		748		25,200
NVR, Inc. (a)		166		559,461

5

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
PulteGroup, Inc.		20,996	$	663,894
Quanta Services, Inc.		9,966		380,602
Toll Brothers, Inc.		2,700		98,874
				1,728,031
Consumer Finance — 0.2%
Ally Financial, Inc.		20,087		622,496
American Express Co.		6,314		779,400
Capital One Financial Corp. (b)		12,670		1,149,676
Discover Financial Services		8,021		622,349
FirstCash, Inc.		2,340		234,047
Synchrony Financial		51,738		1,793,757
				5,201,725
Containers & Packaging — 0.0%
Sealed Air Corp.		6,330		270,797
WestRock Co.		1,506		54,924
				325,721
Diversified Consumer Services — 0.0%
Sotheby's (a)		2,920		169,740
Weight Watchers International, Inc. (a) (b)		24,952		476,583
				646,323
Diversified Financial Services — 0.4%
AXA Equitable Holdings, Inc.		14,568		304,471
Bank of America Corp.		109,360		3,171,440
Citigroup, Inc.		46,108		3,228,943
CME Group, Inc.		123		23,876
Jefferies Financial Group, Inc.		11,615		223,356
JPMorgan Chase & Co. (b)		17,387		1,943,867
Moody's Corp. (b)		1,193		233,005
Tortoise Acquisition Corp. - Unit (a)		128,669		1,286,690
Washington Mutual, Inc. (a) (c) (d)		33,600		—
				10,415,648
Diversified Telecommunication Services — 0.1%
AT&T, Inc.		9,776		327,594
CenturyLink, Inc.		10,674		125,526
Verizon Communications, Inc.		33,949		1,939,506
				2,392,626
Electric Utilities — 0.1%
American Electric Power Co., Inc.		315		27,723
Exelon Corp. (b)		57,075		2,736,175
IDACORP, Inc.		2,151		216,025
Pinnacle West Capital Corp.		2,429		228,545
				3,208,468
Electrical Equipment — 0.0%
AMETEK, Inc.		4,620		419,681
Eaton Corp. plc (b)		1,451		120,839
GrafTech International, Ltd.		7,616		87,584
				628,104
Electronic Equipment, Instruments & Components — 0.1%
Avnet, Inc.		905		40,969
Belden, Inc.		1,196		71,246

	Number of Shares		Value
CDW Corp.		5,622	$	624,042
Coherent, Inc. (a)		510		69,549
Corning, Inc.		2,159		71,743
Keysight Technologies, Inc. (a) (b)		4,794		430,549
Tech Data Corp. (a)		3,711		388,171
Vishay Intertechnology, Inc.		10,562		174,484
				1,870,753
Energy Equipment & Services — 0.0%
Halliburton Co.		913		20,762
McDermott International, Inc. (a)		33,081		319,562
Nabors Industries, Ltd.		16,012		46,435
Patterson-UTI Energy, Inc.		12,800		147,328
RPC, Inc.		6,318		45,553
				579,640
Food & Beverage — 0.2%
Curtiss-Wright Corp.		213		27,079
Huntington Ingalls Industries, Inc. (b)		4,141		930,648
L3 Technologies, Inc. (b)		395		96,842
Lockheed Martin Corp.		1,517		551,490
Raytheon Co.		6,042		1,050,583
Spirit AeroSystems Holdings, Inc., Class A		12,176		990,761
				3,647,403
Food & Staples Retailing — 0.2%
Costco Wholesale Corp.		6,070		1,604,058
Kroger Co. (The)		40,172		872,134
Walmart, Inc. (b)		19,599		2,165,494
				4,641,686
Food Products — 0.4%
Archer-Daniels-Midland Co.		15,205		620,364
General Mills, Inc.		1,921		100,891
Hershey Co. (The)		2,124		284,680
McCormick & Co., Inc.		32,902		5,100,139
Pilgrim's Pride Corp. (a)		5,869		149,014
Tyson Foods, Inc., Class A		23,341		1,884,552
				8,139,640
Health Care Equipment & Supplies — 1.3%
Align Technology, Inc. (a)		1,608		440,110
Baxter International, Inc. (b)		17,949		1,470,023
Becton Dickinson and Co.		8,674		2,185,935
Boston Scientific Corp. (a)		1,038		44,613
Danaher Corp. (b)		10,700		1,529,244
DENTSPLY SIRONA, Inc.		2,405		140,356
DexCom, Inc. (a)		21,074		3,157,728
Edwards Lifesciences Corp. (a)		1,623		299,833
Globus Medical, Inc., Class A (a)		1,157		48,941
Haemonetics Corp. (a)		4,918		591,832
IDEXX Laboratories, Inc. (a)		34,811		9,584,513
Inogen, Inc. (a) (b)		10,601		707,723
Intuitive Surgical, Inc. (a) (b)		68		35,669
Masimo Corp. (a)		1,882		280,079
NuVasive, Inc. (a)		5,638		330,048

6

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Stryker Corp.		41,016	$	8,432,069
Varian Medical Systems, Inc. (a)		4,506		613,402
				29,892,118
Health Care Providers & Services — 0.3%
Anthem, Inc.		2,373		669,684
Brookdale Senior Living, Inc. (a)		2,612		18,833
Cardinal Health, Inc. (b)		14,807		697,410
HCA Healthcare, Inc.		2,473		334,275
Humana, Inc. (b)		7,009		1,859,488
McKesson Corp. (b)		14,005		1,882,132
MEDNAX, Inc. (a)		4,438		111,971
Tenet Healthcare Corp. (a)		1,903		39,316
UnitedHealth Group, Inc.		1,720		419,697
				6,032,806
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc. (a)		6,100		70,943
Cerner Corp.		10,199		747,587
Veeva Systems, Inc., Class A (a) (b)		6,041		979,306
				1,797,836
Hotels, Restaurants & Leisure — 0.4%
Carnival Corp.		1,884		87,700
Eldorado Resorts, Inc. (a)		2,112		97,300
International Game Technology plc		1,018		13,203
Las Vegas Sands Corp. (b)		12,722		751,743
Marriott International, Inc., Class A		47,218		6,624,213
Marriott Vacations Worldwide Corp.		470		45,308
MGM Resorts International		23,032		658,024
Norwegian Cruise Line Holdings, Ltd. (a)		11,187		599,959
Starbucks Corp.		11,742		984,332
Yum! Brands, Inc.		5,401		597,729
				10,459,511
Household Durables — 0.0%
Mohawk Industries, Inc. (a)		1,287		189,794
TopBuild Corp. (a)		594		49,159
Whirlpool Corp.		292		41,569
				280,522
Household Products — 0.1%
Colgate-Palmolive Co.		5,127		367,452
Kimberly-Clark Corp.		2,183		290,950
Procter & Gamble Co. (The) (b)		13,762		1,509,004
Tupperware Brands Corp.		13,538		257,628
				2,425,034
Independent Power Producers & Energy Traders — 0.0%
AES Corp. (The)		34,646		580,667
NRG Energy, Inc.		1,448		50,854
				631,521
Industrial Conglomerates — 0.3%
3M Co.		26,106		4,525,214
General Electric Co. (b)		132,160		1,387,680
Honeywell International, Inc.		6,859		1,197,513
Textron, Inc.		6,638		352,079
				7,462,486

	Number of Shares		Value
Insurance — 0.6%
Aflac, Inc. (b)		37,028	$	2,029,505
Alleghany Corp. (a)		323		219,999
Allstate Corp. (The) (b)		10,047		1,021,680
American International Group, Inc.		16,926		901,817
Athene Holding, Ltd., Class A (a)		621		26,740
Berkshire Hathaway, Inc., Class B (a) (b)		13,871		2,956,881
Everest Re Group, Ltd.		613		151,521
Fidelity National Financial, Inc.		17,659		711,658
Hanover Insurance Group, Inc. (The)		393		50,422
Hartford Financial Services Group, Inc. (The)		19,619		1,093,171
Lincoln National Corp.		9,394		605,443
Loews Corp.		2,199		120,219
Markel Corp. (a)		223		242,981
MBIA, Inc. (a)		44,768		416,790
MetLife, Inc.		8,742		434,215
Principal Financial Group, Inc.		6,301		364,954
Prudential Financial, Inc.		4,679		472,579
Reinsurance Group of America, Inc.		3,513		548,133
Travelers Companies, Inc. (The) (b)		3,642		544,552
Unum Group (b)		464		15,567
				12,928,827
Internet & Catalog Retail — 1.2%
Amazon.com, Inc. (a) (b)		8,285		15,688,725
Booking Holdings, Inc. (a)		1,448		2,714,580
Expedia Group, Inc.		2,733		363,571
Liberty Expedia Holdings, Inc., Class A (a)		634		30,299
Liberty TripAdvisor Holdings, Inc., Class A (a)		3,757		46,587
Netflix, Inc. (a)		22,648		8,319,063
Qurate Retail, Inc. (a)		18,485		229,029
TripAdvisor, Inc. (a) (b)		12,636		584,920
Wayfair, Inc., Class A (a)		170		24,820
				28,001,594
Internet Software & Services — 1.6%
Akamai Technologies, Inc. (a)		10,813		866,554
Alphabet, Inc., Class A (a) (b)		4,964		5,375,019
Alphabet, Inc., Class C (a) (b)		4,639		5,014,342
Altaba, Inc. (a)		4,085		283,376
eBay, Inc. (b)		46,726		1,845,677
Facebook, Inc., Class A (a) (b)		99,525		19,208,325
GrubHub, Inc. (a)		28,752		2,242,369
IAC/InterActiveCorp (a) (b)		4,652		1,011,950
Match Group, Inc. (b)		255		17,154
Nutanix, Inc., Class A (a)		5,246		136,081
Twitter, Inc. (a)		8,716		304,188
VeriSign, Inc. (a)		5,538		1,158,328
Yelp, Inc. (a) (b)		8,102		276,926
				37,740,289

7

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
IT Services — 1.7%
Alliance Data Systems Corp.		1,895	$	265,546
Amdocs, Ltd.		1,039		64,512
Automatic Data Processing, Inc.		43,561		7,201,940
Broadridge Financial Solutions, Inc.		7,351		938,576
Cognizant Technology Solutions Corp., Class A		17,057		1,081,243
Conduent, Inc. (a)		30,934		296,657
CoreLogic, Inc. (a)		4,620		193,255
DXC Technology Co. (b)		13,822		762,283
EPAM Systems, Inc. (a)		6,710		1,161,501
First Data Corp., Class A (a)		4,329		117,186
Gartner, Inc. (a)		1,993		320,753
Hackett Group, Inc. (The)		13,019		218,589
International Business Machines Corp. (IBM) (b)		18,421		2,540,256
Mastercard, Inc., Class A		4,805		1,271,067
MAXIMUS, Inc.		3,027		219,579
PayPal Holdings, Inc. (a)		49,311		5,644,137
Perspecta, Inc.		1,344		31,463
Sabre Corp.		9,280		206,016
Square, Inc., Class A (a)		634		45,984
Twilio, Inc., Class A (a)		45,284		6,174,473
Visa, Inc., Class A		56,625		9,827,269
Worldpay, Inc., Class A (a)		1,470		180,148
				38,762,433
Leisure Equipment & Products — 0.0%
Brunswick Corp.		5,725		262,720
Vista Outdoor, Inc. (a)		6,355		56,433
				319,153
Life Sciences Tools & Services — 0.5%
Agilent Technologies, Inc. (b)		18,086		1,350,482
AquaVenture Holdings, Ltd. (a)		3,455		68,996
Bio-Rad Laboratories, Inc., Class A (a)		1,175		367,293
Bruker Corp.		6,066		302,997
Charles River Laboratories International, Inc. (a)		1,600		227,040
Illumina, Inc. (a)		703		258,809
IQVIA Holdings, Inc. (a)		950		152,855
Mettler-Toledo International, Inc. (a)		403		338,520
PRA Health Sciences, Inc. (a)		3,761		372,903
Thermo Fisher Scientific, Inc. (b)		736		216,149
Waters Corp. (a)		35,705		7,685,144
				11,341,188
Machinery — 0.1%
Caterpillar, Inc.		1,398		190,533
Cummins, Inc. (b)		8,549		1,464,786
Gardner Denver Holdings, Inc. (a)		1,006		34,808
Graco, Inc.		3,266		163,888
ITT, Inc.		2,238		146,544
Oshkosh Corp. (b)		2,417		201,795
PACCAR, Inc.		8,837		633,260
Wabtec Corp.		145		10,405

	Number of Shares		Value
Welbilt, Inc. (a)		13,632	$	227,654
				3,073,673
Marine — 0.0%
Scorpio Bulkers, Inc.		12,883		59,262
Media — 0.3%
Altice USA, Inc., Class A (a)		9,342		227,478
AMC Networks, Inc., Class A (a)		10,265		559,340
CBS Corp., Class B		23,092		1,152,291
Charter Communications, Inc., Class A (a)		332		131,200
Comcast Corp., Class A		43,213		1,827,046
Discovery, Inc., Series A (a)		3,640		111,748
GCI Liberty, Inc., Class A (a)		867		53,286
IheartMedia, Inc. (a)		34		512
IheartMedia, Inc.- ENT (a) (c) (d)		9,430		—
Liberty Broadband Corp., Class A (a)		84		8,638
Liberty Broadband Corp., Class C (a)		951		99,113
Liberty Latin America, Ltd., Class A (a)		3,408		58,720
Liberty Latin America, Ltd., Class C (a)		4,505		77,441
Liberty Media Corp-Liberty Braves, Class A (a)		61		1,696
Liberty Media Corp-Liberty Braves, Class C (a)		167		4,671
Liberty Media Corp-Liberty Formula One, Class A (a)		691		24,779
Liberty Media Corp-Liberty Formula One, Class C (a)		749		28,020
Liberty Media Corp-Liberty SiriusXM, Class A (a)		3,193		120,727
Liberty Media Corp-Liberty SiriusXM, Class C (a)		3,947		149,907
Lions Gate Entertainment Corp., Class B		335		3,889
TEGNA, Inc.		48,760		738,714
Tribune Publishing Co.		504		4,017
Viacom, Inc., Class B		29,282		874,653
Walt Disney Co. (The) (b)		13,117		1,831,658
				8,089,544
Metals & Mining — 0.1%
Alcoa Corp. (a)		7,027		164,502
Allegheny Technologies, Inc. (a)		20,711		521,917
Freeport-McMoRan, Inc.		21,723		252,204
Nucor Corp.		750		41,325
Reliance Steel & Aluminum Co. (b)		5,717		540,943
Southern Copper Corp.		3,633		141,142
Steel Dynamics, Inc.		25,325		764,815
Warrior Met Coal, Inc.		1,891		49,393
				2,476,241
Multi-Utilities — 0.1%
Ameren Corp.		5,817		436,915
Black Hills Corp. (b)		4,890		382,251
CenterPoint Energy, Inc.		21,747		622,617
Consolidated Edison, Inc.		787		69,004
DTE Energy Co.		2,242		286,707
NorthWestern Corp.		6,383		460,533
OGE Energy Corp.		1,314		55,924

8

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Public Service Enterprise Group, Inc.		3,077	$	180,989
UGI Corp.		1,246		66,549
				2,561,489
Multiline Retail — 0.0%
Kohl's Corp.		4,048		192,482
Macy's, Inc.		3,094		66,397
Target Corp.		9,747		844,188
				1,103,067
Office Electronics — 0.0%
Zebra Technologies Corp., Class A (a)		493		103,279
Oil, Gas & Consumable Fuels — 3.7%
Anadarko Petroleum Corp.		2,109		148,811
Apache Corp.		1,056		30,592
Berry Petroleum Corp. (b)		54,795		580,827
Cabot Oil & Gas Corp. (b)		208,255		4,781,535
Carrizo Oil & Gas, Inc. (a) (b)		135,964		1,362,359
Centennial Resource Development, Inc., Class A (a)		1,823		13,837
Cheniere Energy, Inc. (a) (b)		59,198		4,052,103
Chevron Corp. (b)		36,921		4,594,449
Cimarex Energy Co. (b)		82,524		4,896,149
Cloud Peak Energy, Inc. (a)		313,225		18,606
Concho Resources, Inc. (b)		34,873		3,598,196
ConocoPhillips (b)		73,422		4,478,742
Continental Resources, Inc. (a) (b)		83,771		3,525,921
Devon Energy Corp. (b)		120,725		3,443,077
Diamondback Energy, Inc. (b)		18,834		2,052,341
EOG Resources, Inc. (b)		45,402		4,229,650
EQT Corp. (b)		177,031		2,798,860
Equitrans Midstream Corp. (a) (b)		104,760		2,064,820
Exxon Mobil Corp. (b)		13,114		1,004,926
Goodrich Petroleum Corp. (a)		45,711		593,786
HollyFrontier Corp.		26,303		1,217,303
International Seaways, Inc. (a)		4,703		89,357
Jagged Peak Energy, Inc. (a) (b)		583,044		4,821,774
Kosmos Energy, Ltd. (b)		77,244		484,320
Marathon Oil Corp.		10,587		150,441
Marathon Petroleum Corp. (b)		7,104		396,972
Oasis Petroleum, Inc. (a) (b)		187,975		1,067,698
Occidental Petroleum Corp. (b)		14,455		726,797
PDC Energy, Inc. (a) (b)		39,986		1,441,895
Peabody Energy Corp.		18,854		454,381
Phillips 66		14,245		1,332,477
Pioneer Natural Resources Co.		882		135,705
Plains GP Holdings LP, Class A (a)		326,250		8,146,463
Range Resources Corp.		697,135		4,866,002
SM Energy Co.		6,422		80,403
Southwestern Energy Co. (a)		43,097		136,187
SRC Energy, Inc. (a)		546,612		2,711,196
Targa Resources Corp. (b)		42,010		1,649,313
Valero Energy Corp.		16,110		1,379,177
Whiting Petroleum Corp. (a)		8,196		153,101
World Fuel Services Corp.		20,242		727,902

	Number of Shares		Value
WPX Energy, Inc. (a) (b)		564,349	$	6,495,657
				86,934,108
Paper & Forest Products — 0.0%
International Paper Co.		2,738		118,610
Louisiana-Pacific Corp.		3,026		79,342
				197,952
Personal Products — 0.2%
Coty, Inc., Class A		2,189		29,333
Estee Lauder Companies, Inc. (The), Class A		22,586		4,135,722
Nu Skin Enterprises, Inc., Class A		2,996		147,763
				4,312,818
Pharmaceuticals — 0.6%
Abbott Laboratories		1,593		133,971
AbbVie, Inc.		14,080		1,023,898
Bristol-Myers Squibb Co.		27,865		1,263,678
Eli Lilly & Co.		6,150		681,359
Johnson & Johnson		26,062		3,629,915
Merck & Co., Inc. (b)		35,695		2,993,026
Mylan NV (a)		1,999		38,061
Pfizer, Inc. (b)		74,945		3,246,617
Walgreens Boots Alliance, Inc.		857		46,852
				13,057,377
Professional Services — 0.1%
H&R Block, Inc.		13,275		388,957
Insperity, Inc.		2,440		298,022
ManpowerGroup, Inc. (b)		4,613		445,616
Robert Half International, Inc.		17,037		971,279
Verisk Analytics, Inc.		830		121,562
				2,225,436
Real Estate — 0.1%
CBRE Group, Inc., Class A (a)		37,198		1,908,257
Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp. (b)		2,583		528,094
Apartment Investment & Management Co., Class A		3,971		199,027
AvalonBay Communities, Inc.		156		31,696
Boston Properties, Inc. (b)		822		106,038
Brixmor Property Group, Inc.		3,284		58,718
Equity Residential		3,281		249,093
Host Hotels & Resorts, Inc.		5,153		93,888
Outfront Media, Inc.		4,512		116,364
Public Storage		1,793		427,039
Simon Property Group, Inc.		2,627		419,689
SL Green Realty Corp.		2,496		200,604
Ventas, Inc.		2,086		142,578
VICI Properties, Inc.		2,295		50,582
				2,623,410
Road & Rail — 0.1%
Avis Budget Group, Inc. (a)		2,051		72,113
CSX Corp. (b)		1,646		127,351
Hertz Global Holdings, Inc. (a)		683		10,901

9

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Kansas City Southern		1,644	$	200,272
Norfolk Southern Corp. (b)		2,102		418,992
Union Pacific Corp.		5,691		962,405
				1,792,034
Semiconductors & Semiconductor Equipment — 0.8%
Applied Materials, Inc.		77,238		3,468,759
Boeing Co. (The) (b)		4,295		1,563,423
Broadcom, Inc.		456		131,264
Cirrus Logic, Inc. (a)		8,015		350,255
Intel Corp. (b)		37,626		1,801,157
KLA-Tencor Corp.		1,593		188,293
Lam Research Corp.		13,636		2,561,386
Micron Technology, Inc. (a) (b)		94,623		3,651,501
NVIDIA Corp.		518		85,071
ON Semiconductor Corp. (a)		2,466		49,838
Skyworks Solutions, Inc.		10,303		796,113
Texas Instruments, Inc.		28,112		3,226,133
Veeco Instruments, Inc. (a)		5,222		63,813
Xilinx, Inc.		5,238		617,665
				18,554,671
Software — 1.8%
Activision Blizzard, Inc. (b)		14,590		688,648
Adobe, Inc. (a) (b)		3,566		1,050,722
ANSYS, Inc. (a)		612		125,350
Aspen Technology, Inc. (a)		3,321		412,734
Autodesk, Inc. (a)		1,683		274,161
Cadence Design Systems, Inc. (a)		17,796		1,260,135
Citrix Systems, Inc.		6,194		607,879
CommVault Systems, Inc. (a)		10,607		526,319
Electronic Arts, Inc. (a)		15,623		1,581,985
FireEye, Inc. (a)		10,928		161,844
Fortinet, Inc. (a)		4,709		361,792
Guidewire Software, Inc. (a)		3,223		326,748
Intuit, Inc.		31,657		8,272,924
Manhattan Associates, Inc. (a)		2,578		178,733
Microsoft Corp. (b)		156,501		20,964,874
Oracle Corp. (b)		34,123		1,943,987
Red Hat, Inc. (a) (b)		885		166,167
ServiceNow, Inc. (a)		581		159,525
Splunk, Inc. (a)		983		123,612
Symantec Corp.		27,296		593,961
Synopsys, Inc. (a)		3,527		453,890
Zynga, Inc., Class A (a)		123,126		754,762
				40,990,752
Specialty Retail — 0.3%
Advance Auto Parts, Inc.		704		108,515
AutoZone, Inc. (a)		428		470,573
Bed Bath & Beyond, Inc.		20,289		235,758
Best Buy Co., Inc.		16,468		1,148,314
Foot Locker, Inc.		20,131		843,892
Gap, Inc. (The)		1,728		31,052
Home Depot, Inc. (The)		1,077		223,984
Lowe's Cos, Inc. (b)		4,761		480,432

	Number of Shares		Value
Michaels Companies, Inc. (The) (a)		23,375	$	203,362
Ross Stores, Inc. (b)		2,208		218,857
Sally Beauty Holdings, Inc. (a)		11,300		150,742
Signet Jewelers, Ltd.		5,060		90,473
TJX Companies, Inc. (The) (b)		19,200		1,015,296
Tractor Supply Co.		7,514		817,523
Urban Outfitters, Inc. (a) (b)		16,370		372,417
				6,411,190
Textiles, Apparel & Luxury Goods — 0.2%
Deckers Outdoor Corp. (a) (b)		7,408		1,303,586
Hanesbrands, Inc.		11,006		189,523
Lululemon Athletica, Inc. (a) (b)		5,405		974,035
Nike, Inc., Class B		8,234		691,244
Ralph Lauren Corp.		6,273		712,550
Skechers U.S.A., Inc., Class A (a) (b)		25,271		795,784
				4,666,722
Thrifts & Mortgage Finance — 0.0%
Fannie Mae (a)		5,834		15,734
Tobacco — 0.3%
Altria Group, Inc.		3,897		184,523
Philip Morris International, Inc.		90,091		7,074,846
				7,259,369
Trading Companies & Distributors — 0.1%
NOW, Inc. (a)		6,692		98,774
W.W. Grainger, Inc.		1,949		522,780
WESCO International, Inc. (a)		20,455		1,036,046
				1,657,600
Wireless Telecommunication Services — 0.0%
T-Mobile US, Inc. (a)		3,910		289,888
United States Cellular Corp. (a)		445		19,878
				309,766
Total US Common Stocks (Cost $438,473,513)				512,321,940
Foreign Common Stocks — 38.0%
Argentina — 0.0%
Banco BBVA Argentina SA - ADR		23,753		268,885
Transportadora de Gas del Sur SA - ADR		12,486		180,548
				449,433
Australia — 1.1%
AGL Energy, Ltd.		9,626		135,315
Alumina, Ltd.		114,525		187,662
Ansell, Ltd.		7,184		135,671
Atlassian Corp. plc, Class A (a)		69,534		9,097,829
Aurizon Holdings, Ltd.		13,018		49,443
Australia & New Zealand Banking Group, Ltd.		14,046		278,534
BHP Group plc		98,886		2,523,806
BHP Group, Ltd.		14,362		416,048
BlueScope Steel, Ltd.		77,529		658,109
Brambles, Ltd.		17,072		154,686
Caltex Australia, Ltd.		11,374		197,819
CIMIC Group, Ltd.		15,141		476,827

10

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Coca-Cola Amatil, Ltd.		5	$	36
Coles Group, Ltd. (a)		8,384		78,676
Dexus - REIT		4,265		38,926
Fortescue Metals Group, Ltd.		107,461		684,032
Goodman Group - REIT		9,892		104,545
Iluka Resources, Ltd.		75,486		572,098
Kogan.com, Ltd.		47,625		159,179
Lend Lease Group		27,315		249,502
Mirvac Group - REIT		51,921		114,298
Newcrest Mining, Ltd.		283,532		6,372,540
Orica, Ltd.		14,537		207,144
Origin Energy, Ltd.		9,307		47,864
Qantas Airways, Ltd.		257,368		976,748
QBE Insurance Group, Ltd.		11,664		97,069
Santos, Ltd.		31,435		156,653
Scentre Group - REIT		54,471		147,098
South32, Ltd. - ASX Shares		458,471		1,024,636
Stockland - REIT		65,162		190,939
Telstra Corp., Ltd.		47,749		129,164
TPG Telecom, Ltd.		1,833		8,295
Woodside Petroleum, Ltd.		11,521		294,918
				25,966,109
Austria — 0.0%
Erste Group Bank AG (a)		2,839		105,385
Belgium — 0.0%
Ageas (b)		5,876		305,599
Greenyard NV		2,327		9,149
KBC Group NV (b)		1,657		108,621
UCB SA		5,826		483,109
				906,478
Bermuda — 0.1%
Arch Capital Group, Ltd. (a)		6,102		226,262
Assured Guaranty, Ltd.		24,230		1,019,599
DHT Holdings, Inc.		38,429		227,115
Golar LNG, Ltd.		3,792		70,076
				1,543,052
Brazil — 0.3%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		88,100		380,854
Centrais Eletricas Brasileiras SA		294,900		2,707,125
Cia Siderurgica Nacional SA		21,459		93,381
Construtora Tenda SA		70,640		439,666
Direcional Engenharia SA		63,715		185,838
International Meal Co. Alimentacao SA, Class A		93,289		191,925
Localiza Rent a Car SA		9,757		104,127
LOG Commercial Properties e Participacoes SA		1,248		6,477
MRV Engenharia e Participacoes SA		19,658		100,186
Nexa Resources SA		859		8,238
Odontoprev SA		25,595		121,711
Petroleo Brasileiro SA		30,003		234,558
Petroleo Brasileiro SA - SPADR		19,653		305,997

	Number of Shares		Value
Porto Seguro SA		8,082	$	108,772
Qualicorp Consultoria e Corretora de Seguros SA		149,114		891,977
Ser Educacional SA (e)		69,100		447,176
Sul America SA (UNIT)		22,757		222,358
Transmissora Alianca de Energia Eletrica SA (UNIT)		53,700		379,821
Tupy SA		62,260		338,705
WEG SA		19,912		110,762
				7,379,654
Canada — 3.1%
Aimia, Inc. (a)		5,808		16,942
Air Canada (a)		5,801		175,817
Altius Minerals Corp.		7,100		68,964
Bear Creek Mining Corp. (a)		478,091		606,034
Cameco Corp.		538,614		5,779,328
Cameco Corp. - TSX Shares		5,192		55,665
Canadian Natural Resources, Ltd. - NYSE Shares		7,679		207,052
Centerra Gold, Inc. (a)		682,427		4,804,686
Cobalt 27 Capital Corp. (a)		155,643		502,745
Crescent Point Energy Corp.		476,832		1,576,635
Denison Mines Corp. (a)		2,066,459		1,104,594
Dundee Corp., Class A (a)		405,126		309,363
Encana Corp. - NYSE Shares		4,254		21,821
Fairfax Financial Holdings, Ltd.		558		273,880
Fairfax India Holdings Corp. (a) (e)		9,794		124,384
First Quantum Minerals, Ltd.		5,676		53,919
Fission Uranium Corp. (a)		1,698,000		622,382
Imperial Oil, Ltd.		4,918		136,174
International Tower Hill Mines, Ltd. (a)		507,456		284,226
Ivanhoe Mines, Ltd., Class A (a)		499,663		1,587,261
Kinross Gold Corp. - TSX Shares (a)		10,374		40,084
Lundin Gold, Inc. (a)		396,907		1,988,248
MEG Energy Corp. (a)		1,497,901		5,742,021
Mountain Province Diamonds, Inc.		24,121		23,761
New Gold, Inc. (a)		1,579,358		1,518,237
NexGen Energy, Ltd. (a)		1,354,058		2,109,334
Northern Dynasty Minerals, Ltd. (a)		1,251,110		754,746
Northern Dynasty Minerals, Ltd. - NYSE Shares (a)		53,669		32,309
NOVAGOLD Resources, Inc. (a)		291,875		1,724,981
NuVista Energy, Ltd. (a)		356,313		710,150
Onex Corp.		1,130		68,160
Pan American Silver Corp.		141,889		1,834,356
Pipestone Energy Corp. (a)		529,564		509,527
PrairieSky Royalty, Ltd.		132		1,855
Rogers Communications, Inc., Class B		10,313		552,053
Seabridge Gold, Inc. (a)		165,166		2,232,399
Shopify, Inc., Class A (a)		44,936		13,487,540
Sprott, Inc.		1,028,363		2,646,393
Suncor Energy, Inc. (b)		203,213		6,339,010
Teck Resources, Ltd., Class B		8,094		186,782
Turquoise Hill Resources, Ltd. (a)		3,455,511		4,284,834
Uranium Participation Corp. (a)		970,249		3,111,791

11

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Wheaton Precious Metals Corp.		149,316	$	3,610,461
				71,820,904
Chile — 0.1%
AES Gener SA		521,716		143,405
Antofagasta plc		66,243		784,227
Geopark, Ltd. (a)		6,731		124,793
				1,052,425
China — 9.7%
58.com, Inc. - ADR (a)		2,244		139,509
Alibaba Group Holding, Ltd. - SPADR (a)		107,015		18,133,692
Aluminum Corp. of China, Ltd., Class H (a)		63,415		22,515
Anhui Conch Cement Co., Ltd., Class A		663,299		4,017,819
Anhui Conch Cement Co., Ltd., Class H		58,437		366,558
Asia Cement China Holdings Corp.		183,738		295,352
AVIC Helicopter Co., Ltd., Class A		181,300		1,084,168
Baidu, Inc. - SPADR (a)		996		116,891
Beijing Capital International Airport Co., Ltd., Class H		622,000		544,661
Beijing Capital Land, Ltd., Class H		301,049		107,623
Beijing North Star Co., Ltd., Class H		168,928		63,624
Bilibili, Inc. - SPADR (a)		137,532		2,237,646
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (d)		4,640,000		77,217
Changyou.com, Ltd. - ADR		5,290		50,837
China Construction Bank Corp., Class A		7,321,800		7,938,085
China Construction Bank Corp., Class H		153,547		131,950
China International Travel Service Corp., Ltd., Class A		112,528		1,455,334
China Jushi Co., Ltd., Class A		570,216		792,170
China Lesso Group Holdings, Ltd.		188,566		151,159
China Merchants Bank Co., Ltd., Class A		1,126,410		5,913,234
China Merchants Bank Co., Ltd., Class H		215,500		1,076,039
China Pacific Insurance Group Co., Ltd., Class A		775,300		4,129,393
China Pacific Insurance Group Co., Ltd., Class H		1,503,400		5,884,283
China Petroleum & Chemical Corp., Class A		5,632,258		4,500,053
China Sanjiang Fine Chemicals Co., Ltd.		231,933		49,641
China Telecom Corp., Ltd., Class H		1,852,000		932,559
China Vanke Co., Ltd., Class H		290,900		1,091,880
CNHTC Jinan Truck Co., Ltd., Class A		4,199		9,827
Ctrip.com International, Ltd. - ADR (a)		1,482		54,701
Daqin Railway Co., Ltd., Class A		3,941,691		4,645,907
Dongyue Group, Ltd.		837,000		515,352
Fangda Special Steel Technology Co., Ltd., Class A		602,200		858,905
Focus Media Information Technology Co., Ltd., Class A		2,069,276		1,595,705
Fufeng Group, Ltd. (a)		595,000		325,873
Grandblue Environment Co., Ltd., Class A		1,689,920		4,158,404
Gree Electric Appliances, Inc. of Zhuhai, Class A		422,213		3,386,239
Guangshen Railway Co., Ltd., Class H		5,020,000		1,716,590

	Number of Shares		Value
Guangzhou Baiyun International Airport Co., Ltd., Class A		1,126,234	$	2,987,610
Haier Smart Home Co., Ltd., Class A (a)		3,941,238		9,935,781
Hisense Home Appliances Group Co., Ltd., Class A		38,500		70,064
Hongfa Technology Co., Ltd., Class A		449,800		1,593,778
Huadong Medicine Co., Ltd., Class A		780,388		2,955,380
Huaxin Cement Co., Ltd., Class B		377,784		877,218
Huayu Automotive Systems Co., Ltd., Class A		563,012		1,772,307
Industrial & Commercial Bank of China, Ltd., Class H		5,785,000		4,211,932
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		1,409,211		6,867,382
JD.com, Inc. - ADR (a)		29,300		887,497
Jiangsu Hengli Hydraulic Co., Ltd., Class A		126,599		579,309
Jiangsu Hengrui Medicine Co., Ltd., Class A		290,017		2,789,677
Jiangsu Kanion Pharmaceutical Co., Ltd., Class A		126,600		273,943
Jiangxi Wannianqing Cement Co., Ltd., Class A		605,660		885,058
Kingsoft Corp., Ltd. (a)		105,000		227,803
Kweichow Moutai Co., Ltd., Class A		44,609		6,399,761
Lonking Holdings, Ltd.		1,385,344		369,771
Meituan Dianping, Class B (a)		329,772		2,893,492
Midea Group Co., Ltd., Class A		450,484		3,410,476
Minth Group, Ltd.		708,000		1,910,292
NetEase, Inc. - ADR		1,356		346,824
New China Life Insurance Co., Ltd., Class H		115,800		564,984
New Oriental Education & Technology Group, Inc. - SPADR (a)		3,300		318,714
Noah Holdings, Ltd. - SPADR (a)		2,552		108,588
NVC Lighting Holding, Ltd. (a)		6,103,000		491,924
Pinduoduo, Inc. - ADR (a)		104,300		2,151,709
Ping An Insurance Group Co. of China, Ltd., Class A		591,860		7,654,853
Ping An Insurance Group Co. of China, Ltd., Class H		1,400,000		16,850,035
Poly Developments and Holdings Group Co., Ltd., Class A		2,111,609		3,930,713
Sany Heavy Industry Co., Ltd., Class A		2,506,606		4,782,472
SDIC Power Holdings Co., Ltd., Class A		3,325,499		3,765,813
Shanghai International Airport Co., Ltd., Class A		169,118		2,067,235
Shengyi Technology Co., Ltd., Class A		704,231		1,545,637
Shenzhen Expressway Co., Ltd., Class A	��	746,084		1,020,506
Shenzhen Sunlord Electronics Co., Ltd., Class A		238,300		611,051
Sichuan Kelun Pharmaceutical Co., Ltd., Class A		1,155,550		5,009,346
SINA Corp. (a)		13,000		560,690
Sinotruk Hong Kong, Ltd.		300,460		520,723
Spring Airlines Co., Ltd., Class A		438,876		2,878,019
TAL Education Group - ADR (a)		58,652		2,234,641
Tasly Pharmaceutical Group Co., Ltd., Class A		1,254,543		3,026,032

12

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Tencent Holdings, Ltd.		363,410	$	16,440,856
Tencent Music Entertainment Group - ADR (a)		155,600		2,332,444
Tingyi Cayman Islands Holding Corp.		175,056		292,117
Tsingtao Brewery Co., Ltd., Series H		14,600		92,582
Vipshop Holdings, Ltd. - ADR (a)		17,824		153,821
Weibo Corp. - SPADR (a)		56,200		2,447,510
Wens Foodstuffs Group Co., Ltd., Class A		112,740		588,959
Xiamen C & D, Inc., Class A		106,860		138,519
Xinyuan Real Estate Co., Ltd. - ADR		36,807		153,853
Yangzijiang Shipbuilding Holdings, Ltd.		982,300		1,113,729
Yuan Longping High-tech Agriculture Co., Ltd., Class A		338,560		714,290
Yunji, Inc. - ADR (a)		320,400		3,620,520
YY, Inc. - ADR (a)		11,400		794,466
ZTO Express Cayman, Inc. - ADR		259,794		4,967,261
				224,761,362
Colombia — 0.0%
Frontera Energy Corp.		17,131		177,125
Cyprus — 0.0%
Global Ports Investments plc - GDR (a) (f)		56,359		161,179
Hellenic Bank plc (a)		45,512		45,438
TCS Group Holding plc - GDR (f)		31,330		614,013
				820,630
Denmark — 0.6%
AP Moller - Maersk A/S, Class B		299		371,062
Bang & Olufsen A/S (a)		8,172		56,898
Carlsberg A/S, Class B		773		102,500
Coloplast A/S, Class B		34,165		3,869,463
Danske Bank A/S		4,869		76,982
Drilling Co. of 1972 A/S (The) (a)		524		40,771
GN Store Nord A/S (b)		13,033		608,917
H Lundbeck A/S (b)		10,029		396,596
Jyske Bank A/S		832		28,832
Novo Nordisk A/S, Class B (b)		137,477		7,012,671
Orsted A/S (e)		1,998		172,920
Pandora A/S		10,719		381,394
Rockwool International A/S, Class B		665		169,850
Vestas Wind Systems A/S		396		34,255
				13,323,111
Finland — 0.5%
Fortum Oyj		951		21,018
Kone Oyj, Class B		132,509		7,820,757
Neste Oyj (b)		19,260		654,717
Nokia Oyj		92,250		458,423
Orion Oyj, Class B (b)		2,979		109,222
Sampo Oyj, Class A		2,501		118,029
Stora Enso Oyj		3,147		36,989
UPM-Kymmene Oyj (b)		113,676		3,021,195
Valmet Oyj		2,472		61,699
				12,302,049

	Number of Shares		Value
France — 1.3%
Airbus SE		802	$	113,720
Alstom SA		1,445		67,044
Atos SE (b)		4,097		342,557
AXA SA (b)		15,829		415,831
BNP Paribas SA (b)		6,896		328,100
Bureau Veritas SA		1,598		39,472
Capgemini SE		4,372		543,996
Carrefour SA		13,981		269,969
Cie de Saint-Gobain (b)		5,959		232,928
CNP Assurances		8,259		187,529
Credit Agricole SA		7,607		91,231
Dassault Aviation SA		28		40,324
Dassault Systemes SE		1,816		290,135
Edenred SA		681		34,743
Electricite de France SA (b)		386,654		4,876,550
Engie SA (b)		11,828		179,618
EssilorLuxottica SA		1,908		249,410
Getlink SE		11,347		181,812
Hermes International (b)		227		163,721
Kering SA (b)		1,040		615,207
L'Oreal SA (b)		35,620		10,146,179
Legrand SA		2,680		196,381
LVMH Moet Hennessy Louis Vuitton SE		124		52,786
Peugeot SA (b)		41,862		1,031,725
Renault SA		1,121		70,666
Rothschild & Co.		2,260		73,356
Safran SA (b)		3,769		552,277
Sanofi SA (b)		12,282		1,062,502
Sartorius Stedim Biotech		789		124,442
Schneider Electric SE		1,958		177,605
Societe BIC SA		1,346		102,692
Societe Generale SA (b)		6,432		162,758
SPIE SA		2,092		38,853
Technicolor SA (a)		13,542		12,536
Teleperformance		1,149		230,236
Total SA (b)		24,023		1,344,113
Unibail-Rodamco-Westfield - REIT		597		89,441
Vinci SA		4,446		455,838
Vivendi SA		188,365		5,191,671
Worldline SA (a) (e)		3,449		251,035
				30,630,989
Germany — 1.6%
Adidas AG (b)		2,769		854,858
Allianz SE (b)		8,006		1,929,569
AURELIUS Equity Opportunities SE & Co KGaA		3,573		169,770
BASF SE		812		58,988
Bayer AG		1,246		86,546
Carl Zeiss Meditec AG (b)		3,080		303,822
CECONOMY AG (a) (b)		14,566		89,341
Commerzbank AG		3,462		24,865
Covestro AG (b) (e)		9,152		465,222
Deutsche Bank AG		2,555		19,694

13

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Deutsche Boerse AG		1,334	$	188,701
Deutsche Lufthansa AG		413,132		7,079,471
Deutsche Telekom AG		6,857		118,664
Deutsche Wohnen SE		2,457		90,124
Deutz AG		10,202		99,418
E.ON SE (b)		59,062		641,456
Fresenius Medical Care AG & Co.		2,627		206,085
Fresenius SE & Co. KGaA		2,894		156,787
Hannover Rueck SE		206		33,306
Hochtief AG		1,013		123,367
KION Group AG		2,223		140,140
LEG Immobilien AG		34,768		3,921,254
Leoni AG (a)		946		15,651
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)		1,566		393,026
ProSiebenSat.1 Media SE		3,124		49,075
Rheinmetall AG		509		62,306
RWE AG		3,422		84,358
Salzgitter AG		1,062		30,407
SAP SE (b)		13,546		1,862,048
Siemens AG		3,667		435,877
Siemens Healthineers AG (e)		2,593		109,419
Software AG		13,315		457,243
Talanx AG (a)		2,301		99,687
Vonovia SE		329,931		15,756,913
Wacker Neuson SE		6,138		154,254
Wirecard AG (b)		3,483		586,054
zooplus AG (a)		1,192		162,380
				37,060,146
Greece — 0.2%
Autohellas SA		5,800		39,847
Diana Shipping, Inc. (a)		350,109		1,158,861
Ellaktor SA (a)		4,128		8,929
Motor Oil Hellas Corinth Refineries SA		28,027		717,171
OPAP SA		6,035		67,600
Piraeus Bank SA (a)		10,551		36,815
Tsakos Energy Navigation, Ltd.		402,586		1,324,508
				3,353,731
Hong Kong — 0.9%
AIA Group, Ltd.		34,201		369,735
Ajisen China Holdings, Ltd.		38,478		15,655
CECEP COSTIN New Materials Group, Ltd. (a) (c) (d)		1,736,000		—
China Merchants Land, Ltd.		478,688		69,902
China Mobile, Ltd.		68,000		618,963
China Taiping Insurance Holdings Co., Ltd.		207,200		555,120
CK Asset Holdings, Ltd.		112,500		878,209
CK Hutchison Holdings, Ltd.		9,655		94,992
CLP Holdings, Ltd.		15,000		165,268
Duiba Group, Ltd. (a)		610,400		363,347
Esprit Holdings, Ltd. (a)		370,999		70,750
Henderson Land Development Co., Ltd.		78,223		431,626

	Number of Shares		Value
HKT Trust / HKT, Ltd.		45,000	$	71,449
Hong Kong & Shanghai Hotels, Ltd. (The)		260,248		339,450
Hong Kong Exchanges & Clearing, Ltd.		39,800		1,406,767
Hua Han Health Industry Holdings, Ltd. (a) (d)		7,412,000		502,882
Huabao International Holdings, Ltd.		123,021		52,020
Hysan Development Co., Ltd.		19,000		98,201
Jardine Matheson Holdings, Ltd.		11,407		718,946
Jardine Strategic Holdings, Ltd.		18,746		715,277
Johnson Electric Holdings, Ltd.		25,576		54,681
K Wah International Holdings, Ltd.		268,409		156,168
Kerry Properties, Ltd.		82,000		344,545
Link - REIT		6,000		73,800
Luks Group Vietnam Holdings Co., Ltd.		1,682,000		383,554
Midland Holdings, Ltd.		619,092		109,496
Midland IC&I, Ltd. (a)		368,613		8,967
New World Development Co., Ltd.		340,464		530,540
Pacific Basin Shipping, Ltd.		1,202,422		220,341
PAX Global Technology, Ltd.		3,644,000		1,484,752
Shangri-La Asia, Ltd.		2,236,000		2,821,154
Sino Biopharmaceutical, Ltd.		5,306,000		5,441,267
SmarTone Telecommunications Holdings, Ltd.		291,216		277,538
Swire Pacific, Ltd., Class B		127,500		241,657
Swire Properties, Ltd.		84,600		341,940
TCL Multimedia Technology Holdings, Ltd.		320,000		154,487
Techtronic Industries Co., Ltd.		16,000		122,700
Television Broadcasts, Ltd.		86,102		144,064
Vinda International Holdings, Ltd.		5,326		9,045
WH Group, Ltd. (e)		659,500		671,401
Wharf (Holdings), Ltd. (The)		27,000		71,392
Wheelock & Co., Ltd.		40,688		292,165
Yue Yuen Industrial Holdings, Ltd.		33,500		91,630
				21,585,843
Hungary — 0.0%
Magyar Telekom Telecommunications plc		102,478		151,941
OTP Bank plc		5,634		224,141
				376,082
India — 0.4%
Alembic Pharmaceuticals, Ltd.		4,761		35,061
Bajaj Consumer Care, Ltd. (a)		4,912		23,360
Balrampur Chini Mills, Ltd.		171,074		346,844
Bank of Baroda (a)		157,431		275,737
Birlasoft, Ltd. (a)		192,669		241,019
Bliss Gvs Pharma, Ltd.		45,428		101,735
Bombay Burmah Trading Corporation, Ltd.		5,484		74,140
BSE, Ltd.		20,355		179,938
Century Enka, Ltd.		9,478		30,969
CESC, Ltd.		9,126		103,737
Dhampur Sugar Mills, Ltd.		33,989		94,344
Dish TV India, Ltd.		55,395		21,748
Dr Lal PathLabs, Ltd. (e)		5,145		79,902

14

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Eros International Media, Ltd. (a)		114,141	$	30,044
Godfrey Phillips India, Ltd.		2,460		29,514
Granules India, Ltd.		13,591		19,079
Graphite India, Ltd.		143,221		697,202
Greaves Cotton, Ltd.		86,905		182,778
Gujarat Alkalies & Chemicals, Ltd.		2,589		19,535
Gujarat Fluorochemicals, Ltd.		5,722		75,869
HEG, Ltd.		21,170		447,843
HeidelbergCement India, Ltd.		67,007		189,535
Hexaware Technologies, Ltd.		39,300		214,970
ICICI Bank, Ltd.		34,508		218,693
India Cements, Ltd. (The)		128,374		185,231
IOL Chemicals and Pharma, Ltd. (a)		62,638		192,195
Jammu & Kashmir Bank, Ltd. (The) (a)		178,914		105,198
Jindal Saw, Ltd.		48,148		57,999
JK Cement, Ltd.		13,305		192,839
Kalpataru Power Transmission, Ltd.		17,519		133,320
L&T Technology Services, Ltd. (e)		12,988		327,957
LIC Housing Finance, Ltd.		70,403	��	570,139
Lupin, Ltd.		2,973		32,432
Manappuram Finance, Ltd.		292,397		586,255
Meghmani Organics, Ltd.		154,661		143,735
Multi Commodity Exchange of India, Ltd.		14,406		173,012
NCC, Ltd.		482,561		681,017
NIIT Technologies, Ltd.		4,538		88,410
Persistent Systems, Ltd.		5,326		47,863
PNC Infratech, Ltd.		1,551		4,510
Punjab National Bank (a)		194,099		224,390
Radico Khaitan, Ltd.		93,278		425,888
Ramco Cements, Ltd. (The)		5,669		64,552
REC, Ltd.		369,994		885,300
Redington India, Ltd.		63,832		100,579
RITES, Ltd.		40,972		173,509
Sanofi India, Ltd.		1,141		92,765
Sonata Software, Ltd.		35,970		181,917
State Bank of India (a)		25,407		133,536
Triveni Engineering & Industries, Ltd.		70,351		70,170
Vodafone Idea, Ltd. (a)		587,305		103,354
				9,711,668
Indonesia — 0.1%
Indo Tambangraya Megah Tbk PT		79,736		99,288
Indosat Tbk PT (a)		102,838		19,153
Malindo Feedmill Tbk PT		1,083,245		84,281
Media Nusantara Citra Tbk PT		2,573,900		189,617
Perusahaan Gas Negara Tbk PT		962,700		143,817
Ramayana Lestari Sentosa Tbk PT		1,369,934		136,727
Waskita Beton Precast Tbk PT		8,274,000		234,408
Wijaya Karya Beton Tbk PT		4,704,300		196,514
				1,103,805
Ireland — 0.3%
Accenture plc, Class A		3,517		649,836
Alkermes plc (a) (b)		8,591		193,641
Bank of Ireland Group plc		9,311		48,452

	Number of Shares		Value
CRH plc - BATS Europe Shares		3,438	$	112,329
Irish Bank Resolution Corp., Ltd. (a) (c) (d)		38,180		—
Medtronic plc (b)		11,808		1,149,981
Paddy Power Betfair plc		3,401		256,153
Paddy Power Betfair plc - LSE Shares		35,871		2,702,436
Permanent TSB Group Holdings plc (a)		69,514		96,446
Ryanair Holdings plc - SPADR (a)		7,122		456,805
				5,666,079
Italy — 0.2%
A2A SpA		199,763		346,374
Assicurazioni Generali SpA		10,077		189,517
Banca IFIS SpA		14,207		191,925
Banca Monte dei Paschi di Siena SpA (a)		881		1,080
Banco BPM SpA (a)		113,898		231,829
BPER Banca		74,578		303,848
Credito Valtellinese SpA (a)		5,522,765		354,816
Enel SpA		145,344		1,015,553
Eni SpA (b)		25,494		422,292
Ferrari NV		873		141,767
Hera SpA		8,593		32,888
Intesa Sanpaolo SpA		149,800		320,575
Italgas SpA		14,917		100,150
Leonardo SpA		29,741		376,907
Tamburi Investment Partners SpA		87,054		555,329
UniCredit SpA		3,377		41,572
Unione di Banche Italiane SpA		12,914		35,243
Unipol Gruppo SpA		18,445		89,644
UnipolSai Assicurazioni SpA		9,251		23,726
				4,775,035
Japan — 6.7%
AGC, Inc.		900		31,188
Aisin Seiki Co., Ltd.		1,400		48,121
Alfresa Holdings Corp. (b)		7,200		178,159
Alps Alpine Co., Ltd. (b)		12,900		217,032
Amano Corp.		291,600		8,067,119
ANA Holdings, Inc.		2,230		73,899
Astellas Pharma, Inc. (b)		53,100		758,169
Bandai Namco Holdings, Inc. (b)		88,100		4,283,910
BML, Inc.		127,700		3,633,135
Bridgestone Corp.		1,370		54,017
Brother Industries, Ltd.		11,900		225,410
Bunka Shutter Co., Ltd.		251,400		1,909,331
Citizen Watch Co., Ltd.		15,300		78,676
Coca-Cola Bottlers Japan Holdings, Inc.		2,493		63,272
Cosmos Pharmaceutical Corp.		864		146,805
CyberAgent, Inc.		5,794		210,582
Dai-ichi Life Holdings, Inc.		17,500		264,761
Daiwa House Industry Co., Ltd.		4,000		116,817
Daiwa Securities Group, Inc.		17,018		74,724
DMG Mori Co., Ltd.		7,562		121,661
Eisai Co., Ltd. (b)		4,400		248,265
FANUC Corp.		900		167,071
Fuji Electric Co., Ltd.		6,600		228,362

15

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
FUJIFILM Holdings Corp.		1,200	$	60,965
Fujitsu, Ltd. (b)		5,600		389,832
Fukuda Corp.		2,400		102,158
Fukuda Denshi Co., Ltd.		4,800		322,731
Fukushima Industries Corp.		36,200		1,192,416
Glory, Ltd.		232,000		6,170,054
GungHo Online Entertainment, Inc.		7,160		197,771
Hachijuni Bank, Ltd. (The)		41,700		170,358
Hakuhodo DY Holdings, Inc.		537,800		9,080,073
Haseko Corp. (b)		37,600		381,138
Hitachi High-Technologies Corp.		3,800		195,562
Hitachi, Ltd. (b)		22,206		816,114
Hogy Medical Co., Ltd.		243,000		7,197,588
Honda Motor Co., Ltd. (b)		900		23,312
Hoshizaki Corp.		67,600		5,026,669
IHI Corp.		5,300		128,162
Inpex Corp.		61,210		557,929
Isuzu Motors, Ltd.		2,300		26,319
ITOCHU Corp.		1,900		36,371
Japan Airlines Co., Ltd. (b)		28,472		910,852
Japan Petroleum Exploration Co., Ltd.		2,000		46,744
Japan Post Holdings Co., Ltd.		7,800		88,373
Japan Retail Fund Investment Corp. - REIT		17		34,369
Japan Steel Works, Ltd. (The)		36,600		614,056
JTEKT Corp.		5,400		65,709
Kajima Corp. (b)		22,500		309,418
Kamigumi Co., Ltd. (b)		69,500		1,647,610
Kao Corp.		900		68,661
KDDI Corp.		2,100		53,501
Kenedix, Inc.		16,800		83,829
Kose Corp. (b)		2,500		420,498
Kurita Water Industries, Ltd.		171,700		4,278,575
Mabuchi Motor Co., Ltd.		1,800		61,746
Makita Corp.		2,000		68,144
Marubeni Corp.		71,300		473,057
Matsumotokiyoshi Holdings Co., Ltd. (b)		900		26,373
Mazda Motor Corp.		17,000		178,003
Medipal Holdings Corp.		5,400		119,441
MINEBEA MITSUMI, Inc. (b)		5,700		96,952
Miraca Holdings, Inc.		250,800		5,713,637
Mitsubishi Corp.		105,700		2,790,377
Mitsubishi Electric Corp. (b)		7,800		103,101
Mitsubishi Estate Co., Ltd.		13,696		255,497
Mitsubishi Gas Chemical Co., Inc. (b)		8,300		110,957
Mitsubishi Heavy Industries, Ltd.		600		26,155
Mitsubishi UFJ Financial Group, Inc.		76,323		364,867
Mitsui & Co., Ltd. (b)		277,500		4,526,182
Mitsui Fudosan Co., Ltd.		313,500		7,612,130
Mixi, Inc.		9,600		192,274
Morinaga & Co., Ltd.		174,100		8,493,315
MS&AD Insurance Group Holdings, Inc.		7,237		230,109
Murata Manufacturing Co., Ltd.		2,800		126,276
NEC Corp.		8,600		338,894

	Number of Shares		Value
Nexon Co., Ltd. (a)		3,516	$	51,044
NHK Spring Co., Ltd.		9,700		74,756
Nikon Corp. (b)		14,200		201,305
Nintendo Co., Ltd. (b)		400		147,052
Nippon Densetsu Kogyo Co., Ltd.		11,400		229,358
Nippon Express Co., Ltd. (b)		5,800		309,132
Nippon Telegraph & Telephone Corp. (b)		6,500		302,920
Nohmi Bosai, Ltd.		41,900		896,660
Noritz Corp.		100,600		1,206,177
NSK, Ltd.		3,700		33,250
NTT DoCoMo, Inc.		6,400		149,367
Obayashi Corp. (b)		9,100		90,226
OKUMA Corp.		157,300		8,100,887
OLYMPUS Corp. (b)		26,800		298,750
Organo Corp.		38,400		1,279,856
Persol Holdings Co., Ltd.		11,300		266,236
Pola Orbis Holdings, Inc. (b)		10,300		288,380
Rakuten, Inc.		6,525		77,815
Recruit Holdings Co., Ltd.		4,100		137,067
Renesas Electronics Corp. (a)		18,400		91,671
Resona Holdings, Inc.		41,400		173,011
Sekisui Jushi Corp.		2,400		46,914
Seven Bank, Ltd.		2,717,900		7,124,911
SG Holdings Co., Ltd.		2,500		70,941
Shimamura Co., Ltd. (b)		500		37,416
Shinsei Bank, Ltd.		16,600		258,384
Shionogi & Co., Ltd. (b)		4,200		242,515
Showa Denko KK		1,200		35,587
Sinko Industries, Ltd.		91,600		1,335,148
SK Kaken Co., Ltd.		9,000		4,004,115
SoftBank Group Corp. (b)		18,800		905,948
Sojitz Corp.		154,900		498,426
Sony Corp.		18,569		970,210
Square Enix Holdings Co., Ltd.		9,690		311,356
Sumitomo Corp. (b)		26,100		396,184
Sumitomo Dainippon Pharma Co., Ltd. (b)		20,600		391,427
Sumitomo Heavy Industries, Ltd. (b)		7,000		241,490
Sumitomo Mitsui Financial Group, Inc. (b)		12,800		453,248
Sumitomo Mitsui Trust Holdings, Inc.		3,255		118,237
Sumitomo Realty & Development Co., Ltd.		2,300		82,242
Sumitomo Warehouse Co., Ltd. (The)		554,200		7,117,723
Sundrug Co., Ltd.		1,100		29,808
Suzuken Co., Ltd.		1,400		82,286
Sysmex Corp.		3,200		209,037
T&D Holdings, Inc.		8,200		89,436
Taiheiyo Cement Corp.		4,900		148,586
Taisei Corp. (b)		3,300		120,112
Taisho Pharmaceutical Holdings Co., Ltd.		300		23,097
Takeuchi Manufacturing Co., Ltd.		270,200		4,853,516
THK Co., Ltd. (b)		11,300		271,680

16

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Toei Co., Ltd.		67,000	$	9,324,287
Tokio Marine Holdings, Inc.		2,200		110,408
Tosoh Corp. (b)		12,700		179,210
Toyo Seikan Kaisha Group Holdings, Ltd.		3,500		69,613
Toyo Tire Corp.		4,290		56,536
Toyota Boshoku Corp.		8,000		105,267
Toyota Industries Corp.		2,383		131,478
Toyota Motor Corp.		7,008		435,582
Toyota Tsusho Corp. (b)		3,600		109,387
TV Asahi Holdings Corp.		360,000		5,820,725
Zenkoku Hosho Co., Ltd.		1,953		75,087
				155,098,170
Kazakhstan — 0.1%
NAC Kazatomprom JSC - GDR (d) (e)		91,858		1,313,569
Lebanon — 0.0%
Solidere ADR (a)		38,451		257,237
Luxembourg — 0.2%
ArcelorMittal		260,329		4,661,960
d'Amico International Shipping SA (a)		1,081,608		115,487
SES SA		9,996		156,525
Tenaris SA		24,060		316,559
				5,250,531
Macau — 0.0%
Wynn Macau, Ltd.		10,000		22,466
Malaysia — 0.1%
AirAsia Berhad		227,832		150,536
Berjaya Sports Toto Berhad		181,243		121,056
BerMaz Motor Sdn Berhad		354,700		228,360
Carlsberg Brewery Malaysia Berhad		49,181		305,389
CIMB Group Holdings Berhad		121,675		158,457
Dufu Technology Corp. Berhad		370,611		140,418
Frontken Corp. Berhad		724,779		235,339
Genting Malaysia Berhad		273,710		214,656
Hong Leong Financial Group Berhad		13,439		60,292
IFCA MSC Berhad		1,909,939		173,169
IOI Properties Group Berhad		372,094		124,337
Magnum Berhad		336,173		216,409
OSK Holdings Berhad		422,522		96,133
Sime Darby Berhad		262,754		143,761
Sime Darby Plantation Berhad		191,867		228,435
Sime Darby Property Berhad		165,494		41,245
Sunway Berhad		328,484		133,552
Supermax Corp. Berhad		191,912		77,572
TIME dotCom Berhad		21,500		46,669
TRC Synergy Berhad		18		3
				2,895,788
Malta — 0.0%
Kindred Group plc		41,569		352,606
Mexico — 0.1%
America Movil SAB de CV, Series L - ADR		3,932		57,250
Banco del Bajio SA (e)		218,287		437,171
Cemex SAB de CV - SPADR		97,258		412,374

	Number of Shares		Value
Consorcio ARA SAB de CV		882,628	$	195,897
Credito Real SAB de CV SOFOM ER		162,808		197,724
Gentera SAB de CV		472,135		408,825
Grupo Carso SAB de CV		40,438		150,933
Grupo Mexico SAB de CV, Series B		34,856		92,834
Megacable Holdings SAB de CV (UNIT)		10,345		44,088
Qualitas Controladora SAB de CV		28,597		80,247
				2,077,343
Monaco — 0.0%
Scorpio Tankers, Inc.		13,907		410,535
Netherlands — 0.5%
Adyen NV (a) (e)		457		352,884
Akzo Nobel NV		836		78,580
ASM International NV		454		29,581
ASR Nederland NV (b)		13,470		548,361
HAL Trust		482		69,719
Heineken Holding NV		403		42,305
ING Groep NV (b)		19,710		228,556
Koninklijke (Royal) KPN NV		23,285		71,500
Koninklijke Ahold Delhaize NV (b)		37,616		846,008
Koninklijke Philips NV		5,373		233,383
Randstad NV (b)		2,786		153,037
Royal Dutch Shell plc, Class A		29,735		970,733
Royal Dutch Shell plc, Class A - BATS Europe Shares		26,026		852,215
Royal Dutch Shell plc, Class A - Quote MTF Shares		164,198		5,346,832
Royal Dutch Shell plc, Class B		23,459		765,199
Signify NV (b) (e)		14,112		417,253
Wolters Kluwer NV (b)		5,225		380,393
				11,386,539
Nigeria — 0.0%
Access Bank plc		1,261,143		22,740
United Bank for Africa plc		5,943,571		102,222
Zenith Bank plc		3,046,880		167,354
				292,316
Norway — 0.1%
DNB ASA		5,416		100,743
Equinor ASA (b)		32,804		649,912
Gjensidige Forsikring ASA		1,948		39,228
Golden Ocean Group, Ltd.		5,217		30,225
Leroy Seafood Group ASA (b)		22,593		149,738
Norwegian Finans Holding ASA (a)		10,427		75,824
Salmar ASA (b)		16,368		711,827
				1,757,497
Pakistan — 0.0%
Bank of Punjab (The)		2,864,944		161,704
Engro Corp., Ltd.		56,710		95,130
Engro Fertilizers, Ltd.		319,289		127,255
Fauji Fertilizer Co., Ltd.		246,269		133,377
Lotte Chemical Pakistan, Ltd.		1,364,572		130,014
National Bank of Pakistan (a)		268,603		56,593

17

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Oil & Gas Development Co., Ltd.		15,975	$	13,149
				717,222
Philippines (The) — 0.1%
ABS-CBN Holdings Corp. - PDR		354,913		116,679
Alliance Global Group, Inc.		339,100		102,199
Cebu Air, Inc.		22,867		40,637
Cosco Capital, Inc.		1,044,473		140,311
DMCI Holdings, Inc.		992,595		199,609
Filinvest Land, Inc.		5,972,636		219,255
First Gen Corp.		545,384		285,185
Globe Telecom, Inc.		5,592		246,746
Jollibee Foods Corp.		19,001		104,528
Lopez Holdings Corp.		1,117,523		90,091
SM Investments Corp.		13,666		258,476
Vista Land & Lifescapes, Inc.		493,420		68,657
				1,872,373
Poland — 0.0%
Asseco Poland SA		18,473		263,745
Ciech SA		7,124		79,751
				343,496
Portugal — 0.0%
EDP - Energias de Portugal SA		8,288		31,528
Galp Energia SGPS SA (b)		3,389		52,245
				83,773
Puerto Rico — 0.0%
Popular, Inc. (b)		16,515		895,774
Qatar — 0.0%
United Development Co. QSC		96,429		366,806
Russia — 1.3%
Aeroflot PJSC - Foreign Registered Shares		124,641		200,573
Bank St Petersburg PJSC		190,961		154,356
Beluga Group PJSC (a)		4,548		36,096
Credit Bank of Moscow PJSC (a)		735,666		69,423
Etalon Group plc - GDR (f)		1,094,333		2,440,345
Evraz plc		88,961		754,228
Federal Grid Co. Unified Energy System PJSC (a) (d)		1,229,751,154		3,942,582
Gazprom PAO (d)		1,433,250		5,280,946
Gazprom PJSC		35,330		130,177
Gazprom PJSC - SPADR		17,108		125,342
Lenta, Ltd. - GDR (a) (f)		535,481		1,734,977
LSR Group PJSC (a) (d)		36,566		453,344
LSR Group PJSC - GDR		30,794		79,142
Lukoil PJSC - SPADR		494		41,706
Magnitogorsk Iron & Steel Works PJSC		57,494		41,027
MD Medical Group Investments plc - GDR		12,184		60,920
MMC Norilsk Nickel PJSC		534		120,757
MMC Norilsk Nickel PJSC - ADR		6,610		150,090
Moscow Exchange MICEX-RTS PJSC (a) (d)		798,330		1,137,664
Mosenergo PJSC (a) (d)		4,199,792		166,812

	Number of Shares		Value
Polymetal International plc		11,976	$	151,689
Polyus PJSC - GDR (f)		48,241		2,230,822
Rosneft Oil Co. PJSC - GDR		36,638		240,666
ROSSETI PJSC (a) (d)		9,103,750		198,671
RusHydro PJSC (a) (d)		300,738,327		2,873,855
RusHydro PJSC - ADR		2,192,911		1,997,814
Safmar Financial Investment		7,151		55,298
Sberbank of Russia PJSC (d)		672,017		2,533,497
Sberbank PAO - SPADR - OTC Shares		45,221		695,598
Sistema PJSFC		26,742		4,195
Sistema PJSFC - SPGDR - LSE Shares (f)		9,009		27,857
Sollers PJSC (a)		9,974		50,315
TMK PJSC		2,647		2,513
TMK PJSC - GDR (a) (f)		46,670		177,694
Unipro PJSC (a) (d)		3,196,030		132,872
X5 Retail Group NV - GDR		7,036		241,262
Yandex NV, Class A (a)		6,060		230,280
				28,965,405
Singapore — 0.2%
China Yuchai International, Ltd.		12,016		180,120
ComfortDelGro Corp., Ltd.		189,300		372,244
Genting Singapore, Ltd.		269,500		183,352
Golden Agri-Resources, Ltd.		20,926,500		4,486,592
Great Eastern Holdings, Ltd.		9,637		182,171
Venture Corp., Ltd.		5,000		60,236
				5,464,715
South Africa — 0.4%
African Phoenix Investments, Ltd. (a)		3,640,881		147,322
Anglo American Platinum, Ltd.		2,043		121,558
ArcelorMittal South Africa, Ltd. (a)		107,514		18,409
Bidvest Group, Ltd. (The)		5,180		69,652
DataTec, Ltd. (a)		17,182		42,378
Discovery, Ltd.		26,550		281,345
Gold Fields, Ltd.		164,669		900,392
Harmony Gold Mining Co., Ltd. - SPADR (a)		325,211		738,229
Hosken Consolidated Investments, Ltd.		30,144		228,586
Hosken Passenger Logistics and Rail, Ltd.		14,440		4,461
Impala Platinum Holdings, Ltd. (a)		529,526		2,625,673
Investec plc		22,364		145,382
Kumba Iron Ore, Ltd.		6,726		238,898
MiX Telematics, Ltd. - SPADR		9,733		146,287
Montauk Holdings, Ltd.		32,593		83,306
Multichoice Group, Ltd. (a)		692		6,587
Naspers, Ltd.		692		168,110
Nedbank Group, Ltd.		1,700		30,602
Net 1 UEPS Technologies, Inc. (a)		6,746		26,984
Niveus Investments, Ltd. (a)		27,381		3,888
Northam Platinum, Ltd. (a)		51,929		217,674
Oceana Group, Ltd.		40,020		195,928
Old Mutual, Ltd.		52,984		79,079
Peregrine Holdings, Ltd.		29,210		38,270
Remgro, Ltd.		12,900		172,247

18

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Reunert, Ltd.		13,950	$	66,883
Sibanye Gold, Ltd. (a)		798,381		943,027
Super Group, Ltd. (a)		73,286		171,170
Telkom SA SOC, Ltd.		79,358		519,537
Tsogo Sun Holdings, Ltd.		235,937		255,054
Tsogo Sun Hotels, Ltd. (a)		49,930		14,889
				8,701,807
South Korea — 0.9%
Aju Capital Co., Ltd.		2,993		29,159
Autech Corp.		22,848		248,284
Binggrae Co., Ltd.		2,957		175,004
Cell Biotech Co., Ltd.		9,376		170,521
Chongkundang Holdings Corp.		1,753		171,771
Daesang Holdings Co., Ltd.		7,144		44,940
Daihan Pharmaceutical Co., Ltd.		2,602		78,975
Daishin Securities Co., Ltd.		20,260		242,963
Danawa Co., Ltd.		9,013		199,387
Daou Technology, Inc.		3,829		71,929
DHP Korea Co., Ltd.		2,212		17,006
DI Dong Il Corp.		1,372		102,987
Dong-A ST Co., Ltd.		225		19,779
DongKook Pharmaceutical Co., Ltd.		1,876		94,862
Dongwon Development Co., Ltd.		43,732		195,024
DY POWER Corp.		4,318		53,795
Eyesvision Corp.		36,302		166,767
GS Home Shopping, Inc.		1,686		251,423
Hana Pharm Co., Ltd.		9,929		216,730
Hankook Technology Group Co., Ltd.		33,639		499,473
Hanwha Corp.		15,950		368,689
Hanyang Eng Co., Ltd.		13,991		154,778
HS Industries Co., Ltd.		32,164		260,192
Hyundai Motor Co., Ltd.		17,307		2,097,751
Hyundai Telecommunication Co., Ltd.		14,212		124,474
Iljin Power Co., Ltd.		31,240		175,221
Innocean Worldwide, Inc.		436		26,918
Interpark Holdings Corp.		69,198		144,901
INTOPS Co., Ltd.		13,348		194,158
IS Dongseo Co., Ltd.		1,728		57,873
JB Financial Group Co., Ltd.		33,917		173,673
JW Holdings Corp.		4,462		23,571
Korea Electric Power Corp. - SPADR (a)		118,704		1,317,614
Korea Investment Holdings Co., Ltd.		9,769		684,175
Korea Real Estate Investment & Trust Co., Ltd.		97,991		199,836
Korea Zinc Co., Ltd.		158		65,180
KT Corp.		121,557		2,986,000
KT Corp. - SPADR		271,327		3,356,315
Kyobo Securities Co., Ltd.		21,079		201,072
LF Corp.		8,456		168,593
Maeil Dairies Co., Ltd.		2,528		184,997
MegaStudyEdu Co., Ltd.		9,253		279,247
Meritz Securities Co., Ltd.		145,131		674,530
MonAmi Co., Ltd.		8,330		18,738
NICE Information Service Co., Ltd.		14,685		215,572

	Number of Shares		Value
OPTRON-TEC, Inc.		29,115	$	207,691
Orion Holdings Corp.		13,291		197,367
Osstem Implant Co., Ltd. (a)		5,725		371,916
Partron Co., Ltd.		41,026		630,660
Sammok S-Form Co., Ltd.		9,641		101,835
Samsung SDI Co., Ltd.		75		15,372
Samsung Securities Co., Ltd.		17,819		603,854
Samyang Holdings Corp.		1,888		120,482
Samyang Tongsang Co., Ltd.		913		52,250
Shinhan Financial Group Co., Ltd.		3,560		138,450
Shinsegae Information & Communication Co., Ltd.		1,487		156,628
Shinyoung Securities Co., Ltd.		506		26,390
SK Hynix, Inc.		7,824		471,311
UniTest, Inc.		28,787		299,406
Value Added Technology Co., Ltd.		7,813		191,728
Visang Education, Inc.		426		3,368
Youngone Holdings Co., Ltd.		1,294		68,205
Yuyu Pharma, Inc.		2,381		23,845
				20,885,605
Spain — 0.4%
ACS, Actividades de Construcciony Servicios SA		7,752		309,527
Amadeus IT Group SA (b)		87,336		6,911,430
Banco Bilbao Vizcaya Argentaria SA		65,749		367,681
Banco Santander SA		30,696		142,671
Bankia SA		16,206		38,299
Endesa SA		33,047		850,156
Fomento de Construcciones y Contratas SA		10,850		144,523
Grifols SA		4,668		137,933
Iberdrola SA (b)		48,045		479,243
Industria de Diseno Textil SA		9,328		280,261
Inmobiliaria Colonial Socimi SA		4,818		53,655
Inmobiliaria del Sur SA		2,608		33,205
Mediaset Espana Comunicacion SA		5,658		41,195
Realia Business SA (a)		160,504		169,741
Red Electrica Corp. SA (b)		9,417		196,056
Repsol SA (b)		7,143		111,978
				10,267,554
Sri Lanka — 0.0%
Aitken Spence plc		124,322		28,875
Ceylon Guardian Investment Trust plc		57,154		21,146
CT Holdings plc		92,900		87,376
Dialog Axiata plc		1,950,679		99,478
Hemas Holdings plc		1,243,138		436,494
Richard Pieris & Co. plc		401,198		22,336
				695,705
Sweden — 0.1%
Assa Abloy AB, Class B		10,924		247,303
Atlas Copco AB, Class B (b)		2,705		77,610
Essity AB, Class B		9,804		301,335
Fingerprint Cards AB, Class B (a)		70,140		124,266
G5 Entertainment AB		3,121		30,256

19

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

		Number of Shares		Value
Getinge AB, Class B			14,584	$	229,781
Investor AB, Class B			6,935		333,179
Kinnevik AB, Class B			1,568		40,821
Modern Times Group MTG AB, Series B (a)			74		829
Nordic Entertainment Group AB, Class B			74		1,740
Sandvik AB			8,519		156,524
Securitas AB, Class B			2,150		37,734
Svenska Handelsbanken AB, Class A			6,197		61,351
Swedish Match AB (b)			7,604		321,377
Swedish Orphan Biovitrum AB (a)			34,069		656,905
Telefonaktiebolaget LM Ericsson, Series B (b)			55,420		525,952
Volvo AB, Class B			8,002		126,993
					3,273,956
Switzerland — 0.4%
Adecco Group AG (b)			11,506		691,502
Alcon, Inc. (a)			1,190		73,599
Coca-Cola HBC AG (a)			10,647		402,896
GAM Holding AG (a)			430		1,992
Garmin, Ltd.			2,742		218,812
Glencore plc (a)			211,600		736,310
Helvetia Holding AG			740		92,983
IWG plc			6,863		29,760
Nestle SA (b)			12,190		1,262,015
Novartis AG (b)			17,383		1,589,971
Roche Holding AG (b)			9,222		2,594,760
Sonova Holding AG			4,164		947,840
STMicroelectronics NV			4,279		75,923
Swiss Life Holding AG			43		21,312
Temenos AG (a)			1,010		180,854
Zurich Insurance Group AG	��		1,439		501,078
					9,421,607
Taiwan — 0.8%
Accton Technology Corp.			64,034		271,108
Acter Group Corp., Ltd.			23,275		126,407
APCB, Inc. (a)			171,000		165,628
Apex Biotechnology Corp.			132,821		133,909
Avita Corp.			31,000		41,624
BenQ Materials Corp.			179,000		139,812
Bioteque Corp.			49,805		194,444
Chenbro Micom Co., Ltd.			100,791		210,177
Chia Chang Co., Ltd.			129,000		156,600
Chicony Power Technology Co., Ltd.			43,410		68,531
Chong Hong Construction Co., Ltd.			71,800		206,472
Emerging Display Technologies Corp.			298,196		152,172
Eson Precision Ind Co., Ltd.			141,876		165,268
Excelsior Biopharma, Inc.			27,590		42,379
Farcent Enterprise Co., Ltd.			54,226		158,231
Farglory Land Development Co., Ltd.			56,261		74,643
FIT Hon Teng, Ltd. (e)			31,523		12,753
Fulgent Sun International Holding Co., Ltd.			73,679		168,007
Ginko International Co., Ltd.			41,000		257,782

	Number of Shares		Value
Hannstar Board Corp.		503,059	$	503,822
Hanpin Electron Co., Ltd.		88,403		106,521
Hon Hai Precision Industry Co., Ltd. - GDR (f)		14,378		70,648
Hotron Precision Electronic Industrial Co., Ltd.		93,199		160,492
International Games System Co., Ltd.		78,963		762,942
Jarllytec Co., Ltd.		93,000		199,125
King Yuan Electronics Co., Ltd.		494,825		427,980
Kung Long Batteries Industrial Co., Ltd.		41,000		216,068
La Kaffa International Co., Ltd.		22,000		102,441
Lida Holdings, Ltd.		96,420		159,553
momo.com, Inc.		22,584		191,159
Namchow Holdings Co., Ltd.		111,386		199,067
Pou Chen Corp.		446,000		553,339
Qisda Corp.		86,000		55,733
Radiant Opto-Electronics Corp.		254,000		851,345
Sinbon Electronics Co., Ltd.		94,750		346,639
Sinmag Equipment Corp.		22,429		83,803
Sino-American Silicon Products, Inc. (a)		211,000		556,533
Soft-World International Corp.		39,274		93,069
Sun Max Tech, Ltd.		11,408		15,111
Syncmold Enterprise Corp.		49,365		133,633
Taiwan Paiho, Ltd.		218,000		631,779
Taiwan PCB Techvest Co., Ltd.		144,000		171,666
Taiwan Semiconductor Manufacturing Co., Ltd. - SPADR		145,666		5,705,737
TCI Co., Ltd.		16,000		220,372
TOPBI International Holdings, Ltd.		62,650		172,142
Tripod Technology Corp.		190,000		674,407
Unimicron Technology Corp.		929,000		1,059,719
Userjoy Technology Co., Ltd.		82,250		175,795
Wowprime Corp.		12,000		30,395
Zeng Hsing Industrial Co., Ltd.		37,059		174,760
				17,551,742
Thailand — 0.2%
Advanced Info Service PCL		44,912		316,328
Ananda Development PCL		1,734,938		217,238
Bangkok Bank PCL - Foreign Registered Shares		52,707		342,013
Bangkok Land PCL		4,788,254		268,551
KGI Securities Thailand PCL		1,038,734		160,548
Land and Houses PCL		1,122,555		402,645
LPN Development PCL		844,415		202,379
Major Cineplex Group PCL		293,129		279,580
MBK PCL		1,056,635		758,000
PTG Energy PCL		1,081,700		687,801
Quality Houses PCL		4,964,800		501,863
Sansiri PCL		5,008,100		241,689
SEAFCO PCL - Foreign Registered Shares		588,141		164,931
Somboon Advance Technology PCL		251,800		148,613
SPCG PCL		305,495		193,253
Thanachart Capital PCL		176,080		318,658
				5,204,090

20

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Turkey — 0.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		25,688	$	88,242
BIM Birlesik Magazalar AS		18,916		260,190
Emlak Konut Gayrimenkul Yatirim Ortakligi AS - REIT		2,854,380		557,117
Enerjisa Enerji AS (e)		95,168		90,578
GSD Holding AS (a)		349,109		50,035
KOC Holding AS		58,680		177,794
Tekfen Holding AS		203,306		912,238
Tofas Turk Otomobil Fabrikasi AS		9,681		32,276
Turkiye Garanti Bankasi AS (a)		16,633		26,149
Turkiye Halk Bankasi AS		697,779		691,759
Vestel Beyaz Esya Sanayi ve Ticaret AS		26,137		80,369
Vestel Elektronik Sanayi ve Ticaret AS (a)		246,687		526,648
				3,493,395
Ukraine — 0.2%
Astarta Holding NV (a)		90,707		595,157
Kernel Holding SA		58,329		754,549
MHP SA - GDR - OTC Shares (f)		259,134		2,617,169
				3,966,875
United Arab Emirates — 0.0%
RAK Properties PJSC (a)		650,761		76,187
United Kingdom — 4.5%
3i Group plc		31,916		451,939
Admiral Group plc		4,860		136,544
Aggreko plc		4,195		42,090
Anglo American plc		78,962		2,258,636
Ashtead Group plc		9,489		272,156
Associated British Foods plc		3,761		117,885
AstraZeneca plc		1,086		88,655
Aviva plc		14,155		75,078
Awilco Drilling plc (a)		14,955		47,687
Bank of Georgia Group plc		731		13,917
Barclays plc		450,208		858,167
BP plc		1,636,966		11,439,807
BP plc - SPADR		43,015		1,793,726
British American Tobacco plc		13,289		463,839
BT Group plc		2,907,622		7,267,905
BTG plc (a)		4,553		48,297
Burberry Group plc		42,180		1,000,691
Capita plc (a)		68,507		91,754
Capri Holdings, Ltd. (a) (b)		16,698		579,087
CNH Industrial NV		2,787		28,508
Countrywide plc (a)		1,361,214		72,749
Diageo plc		117,640		5,066,079
Dialog Semiconductor plc (a)		5,619		226,677
Dixons Carphone plc		102,222		142,097
Drax Group plc		81,218		268,409
Ensco Rowan plc, Class A		9,814		83,713
Experian plc		7,899		239,795
Ferroglobe plc		8,619		14,652
Ferroglobe plc - ENT (c) (d)		17,904		—

	Number of Shares		Value
Fiat Chrysler Automobiles NV (b)		22,711	$	316,009
Foxtons Group plc (a)		152,549		102,649
Gabriel Resources, Ltd. (a)		1,962,000		629,254
Gem Diamonds, Ltd. (a)		79,402		77,602
Georgia Capital plc (a)		731		10,121
GlaxoSmithKline plc		9,329		186,744
Greene King plc		21,520		169,145
Hansteen Holdings plc - REIT		23,548		29,122
Hays plc		19,356		38,619
Howden Joinery Group plc		70,143		451,659
HSBC Holdings plc - LSE Shares		17,343		144,694
Hummingbird Resources plc (a)		90,569		19,576
Imperial Brands plc		8,985		210,970
Inchcape plc		21,640		169,293
Indivior plc (a)		313,004		169,740
Inmarsat plc		15,732		108,798
InterContinental Hotels Group plc		104,531		6,879,616
International Consolidated Airlines Group SA		700,803		4,251,168
Intertek Group plc		54,919		3,847,484
J D Wetherspoon plc		5,853		106,121
John Wood Group plc		4,224		24,401
Land Securities Group plc - REIT		10,305		109,154
Legal & General Group plc		6,199		21,219
Liberty Global plc, Class A (a)		13,235		357,213
Liberty Global plc, Series C (a)		13,928		369,510
LivaNova plc (a)		3,625		260,855
Lloyds Banking Group plc		12,284,892		8,846,873
London Stock Exchange Group plc		2,161		150,565
Luceco plc (e)		85,820		116,894
Man Group PLC		210,806		417,097
Meggitt plc		13,422		89,441
Melrose Industries plc		93,236		214,596
Michelmersh Brick Holdings plc		274,186		320,410
Micro Focus International plc		4,337		113,586
Moneysupermarket.com Group plc		71,344		374,028
Next plc		2,123		149,001
nVent Electric plc		9,476		234,910
Ocado Group plc (a)		42,761		633,805
Pagegroup plc		29,452		192,374
Paragon Banking Group plc		36,848		205,583
Pendragon plc		1,104,719		227,969
Provident Financial plc		4,478		23,492
Prudential plc		3,831		83,442
QinetiQ Group plc		34,081		120,931
Quilter plc (e)		17,660		31,593
Reckitt Benckiser Group plc		54,737		4,325,719
Rentokil Initial plc		4,279		21,622
Rio Tinto plc		140,269		8,653,898
Rio Tinto, Ltd.		1,842		134,409
Rockhopper Exploration plc (a)		210,709		54,945
Royal Bank of Scotland Group plc		1,592,284		4,445,463
Sage Group plc (The)		767,092		7,826,728
Segro plc - REIT		13,225		122,668

21

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Smith & Nephew plc		9,350	$	202,895
Spectris plc		722		26,414
Standard Chartered plc		20,969		190,807
Standard Life Aberdeen plc		51,755		193,841
Stolt-Nielsen, Ltd.		62,868		764,921
TalkTalk Telecom Group plc		35,526		50,427
Tate & Lyle plc		15,273		143,221
Taylor Wimpey plc		21,094		42,262
Tesco plc		1,728,233		4,986,033
TP ICAP plc		2,284		8,704
Travis Perkins plc		1,492		24,205
Treatt plc		16,626		97,100
Unilever NV		7,034		428,469
Unilever plc		89,482		5,556,642
Venator Materials plc (a)		8,251		43,648
Vodafone Group plc		249,178		408,730
Willis Towers Watson plc		2,068		396,105
Wm Morrison Supermarkets plc		54,575		139,597
Yellow Cake plc (a) (e)		323,637		841,036
				104,928,374
Total Foreign Common Stocks (Cost $831,528,608)				883,162,153
Total Common Stocks (Cost $1,270,002,121)				1,395,484,093

	Number of Contracts		Value
Rights — 0.0%
Hertz Global Holdings, Inc., Expiring 07/12/19 (United States) (a)		683	$	1,332
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) (d)		367,492		94,570
Total Rights (Cost $84,662)				95,902
Warrants — 0.0%
American International Group, Inc., Expiring 01/19/21 (United States) (a)		46,035		563,929
d'Amico International Shipping SA, Expiring 06/30/22 (Luxembourg) (a)		144,361		1,412
OSK Holdings Berhad, Expiring 07/22/20 (Malaysia) (a)		106,690		903
Total Warrants (Cost $853,214)				566,244

	Principal Amount		Value
Convertible Bonds — 0.0%
Food & Beverage — 0.0%
Terravia Holdings, Inc., 5.000%, 10/01/19 (g) (Cost $0)		$      501,400		$      10,028
US Treasury Bonds/Notes — 8.1%
US Treasury Inflation Indexed Note, 0.125%, 07/15/22		14,750,323		14,705,714
US Treasury Inflation Indexed Note, 0.125%, 01/15/23		14,719,312		14,635,984
US Treasury Inflation Indexed Note, 0.625%, 04/15/23		15,683,902		15,868,612

	Principal Amount		Value
US Treasury Inflation Indexed Note, 0.375%, 07/15/23	$	14,598,048	$	14,715,655
US Treasury Inflation Indexed Note, 0.625%, 01/15/24		14,558,221		14,811,691
US Treasury Inflation Indexed Note, 0.500%, 04/15/24		10,583,581		10,715,715
US Treasury Note, 1.375%, 05/31/20		9,774,000		9,717,494
US Treasury Note, 2.250%, 03/31/21		21,592,000		21,759,844
US Treasury Note, 1.125%, 09/30/21		5,828,000		5,751,052
US Treasury Note, 1.750%, 04/30/22		10,752,000		10,761,240
US Treasury Note, 1.500%, 03/31/23		9,869,000		9,786,887
US Treasury Note, 1.375%, 09/30/23		7,353,000		7,242,705
US Treasury Note, 2.500%, 05/15/24		7,169,000		7,415,154
US Treasury Note, 2.125%, 05/15/25	��	7,799,000		7,930,608
US Treasury Note, 2.250%, 11/15/25		8,350,000		8,551,248
US Treasury Note, 2.000%, 11/15/26		3,695,000		3,723,146
US Treasury Note, 2.250%, 08/15/27		2,910,000		2,980,590
US Treasury Note, 2.750%, 02/15/28		3,796,000		4,036,216
US Treasury Note, 3.125%, 11/15/28		3,460,000		3,795,052
Total US Treasury Bonds/Notes (Cost $184,400,430)				188,904,607

	Number of Shares		Value
Acquired Funds — 20.5%
Exchange-Traded Funds (ETFs) — 7.4%
Consumer Discretionary Select Sector SPDR Fund		25,191	$	3,002,767
Energy Select Sector SPDR Fund		300,678		19,156,195
Financial Select Sector SPDR Fund		2,044,030		56,415,228
Health Care Select Sector SPDR Fund		217,079		20,110,199
SPDR S&P 500 ETF Trust		131,156		38,428,708
Technology Select Sector SPDR Fund		161,042		12,567,718
Vanguard S&P 500 ETF		83,965		22,599,180
				172,279,995
Private Investment Funds (h) — 13.1%
Canyon Value Realization Fund, LP (a) (c) (d) (i)				62,459,586
Eversept Global Healthcare Fund, LP (a) (c) (d) (i)				37,484,838
Farallon Capital Institutional Partners, LP (a) (c) (d) (i)				2,131,583
GSA Trend Fund, Ltd. (a) (c) (d) (i)		552,831		47,902,032
Honeycomb Partners, LP (a) (c) (d) (i)				74,481,959
Lansdowne Developed Markets Fund, Ltd. (a) (c) (d) (i)		62,539		35,528,017
Neo Ivy Capital Fund, LP (a) (c) (d) (i)				10,361,859
OZ Domestic Partners, LP (a) (c) (d) (i)				31,999
QVT Roiv Hldgs Onshore, Ltd. (a) (c) (d) (i)		3,114		4,676,805
Tessera Offshore Fund, Ltd. (a) (c) (d) (i)		2,500		28,136,759
				303,195,437
Total Acquired Funds (Cost $386,496,449)				475,475,432

22

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares		Value
Publicly Traded Limited Partnerships — 0.1%
Capital Product Partners LP		15,662	$	164,451
Lazard, Ltd.		10,385		357,140
Rattler Midstream LP (b)		45,318		878,716
Total Publicly Traded Limited Partnerships (Cost $1,539,283)				1,400,307
Preferred Stocks — 0.2%
Bancolombia SA, 2.59% (Colombia)		13,774		174,881
Cia Paranaense de Energia, 2.90% (Brazil)		7,800		98,720
CJ Corp. - ENT, 2.00% (South Korea) (a) (d)		808		70,727
Draegerwerk AG & Co. KGaA, 0.38% (Germany)		17,990		1,134,973
Hyundai Motor Co., Ltd., 3.52% (South Korea)		13,108		980,670
Itausa - Investimentos Itau SA, 3.15% (Brazil)		61,677		207,038
Metalurgica Gerdau SA, 2.48% (Brazil)		557,600		1,051,322
Porsche Automobil Holding SE, 3.78% (Germany)		3,256		211,551
Samsung Electronics Co., Ltd., 2.77% (South Korea)		41,910		1,387,699
Saraiva SA Livreiros Editores, 0.00% (Brazil) (a)		23,512		8,940
Schaeffler AG, 8.62% (Germany)		3,722		27,696
Transneft PJSC, 2.56% (Russia)		13		34,049
Total Preferred Stocks (Cost $4,333,949)				5,388,266

	Number of Contracts		Value
Purchased Option Contracts — 0.0%
Calls — 0.0%
Antero Resources Corp., Notional Amount $557,250, Strike Price $7.5 Expiring 07/19/2019 (United States) Unrealized depreciation $(15,447)		743	$	—
Callon Petroleum Co., Notional Amount $779,800, Strike Price $7 Expiring 07/19/2019 (United States) Unrealized depreciation $(1,954)		1,114		27,850
Cimarex Energy Co., Notional Amount $1,368,000, Strike Price $80 Expiring 09/20/2019 (United States) Unrealized depreciation $(28,554)		171		2,565
Pioneer Natural Resources Co., Notional Amount $2,450,000, Strike Price $175 Expiring 09/20/2019 (United States) Unrealized depreciation $(14,318)		140		51,100
Range Resources Corp., Notional Amount $1,192,000, Strike Price $8 Expiring 09/20/2019 (United States) Unrealized appreciation $1,490		1,490		59,600
Wpx Energy, Inc., Notional Amount $892,800, Strike Price $12 Expiring 08/16/2019 (United States) Unrealized depreciation $(6,696)		744		44,640
Total Calls (Cost $251,234)				185,755

	Number of Contracts		Value
Puts — 0.0%
Cabot Oil & Gas Corp., Notional Amount $3,450,000, Strike Price $23 Expiring 07/19/2019 (United States) Unrealized appreciation $6,960		1,500	$	105,000
California Resources Corp., Notional Amount $1,200,000, Strike Price $16 Expiring 07/19/2019 (United States) Unrealized depreciation $(114,750)		750		27,750
Cheniere Energy, Inc., Notional Amount $2,318,750, Strike Price $62.5 Expiring 07/19/2019 (United States) Unrealized depreciation $(40,280)		371		10,759
Chesapeake Energy Corp., Notional Amount $3,120,000, Strike Price $2 Expiring 07/19/2019 (United States) Unrealized appreciation $33,100		15,600		234,000
Encana Corp., Notional Amount $746,500, Strike Price $5 Expiring 07/19/2019 (United States) Unrealized depreciation $(33,648)		1,493		34,339
Hess Corp., Notional Amount $2,535,800, Strike Price $62 Expiring 07/19/2019 (United States) Unrealized appreciation $15,207		409		66,667
Murphy Oil Corp., Notional Amount $930,000, Strike Price $25 Expiring 07/19/2019 (United States) Unrealized depreciation $(14,508)		372		39,060
National Fuel Gas Co., Notional Amount $632,500, Strike Price $55 Expiring 07/19/2019 (United States) Unrealized appreciation $3,688		115		26,450
Plains GP Holdings LP, Notional Amount $5,717,800, Strike Price $22 Expiring 07/19/2019 (United States) Unrealized depreciation $(155,940)		2,599		—
QEP Resources, Inc., Notional Amount $879,600, Strike Price $6 Expiring 07/19/2019 (United States) Unrealized depreciation $(57,316)		1,466		14,660
Southwestern Energy Co., Notional Amount $1,540,000, Strike Price $3.5 Expiring 07/19/2019 (United States) Unrealized appreciation $68,175		4,400		154,000
Southwestern Energy Co., Notional Amount $2,630,400, Strike Price $3 Expiring 09/20/2019 (United States) Unrealized appreciation $5,368		8,768		236,736
Total Puts (Cost $1,233,365)				949,421
Total Purchased Option Contracts (Cost $1,484,599)				1,135,176

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

23

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Principal Amount		Value
Short-Term Investments — 13.8%
Repurchase Agreement — 4.3%
Fixed Income Clearing Corp. issued on 06/28/19 (proceeds at maturity $99,106,832) (collateralized by US Treasury Inflation Indexed Note, due 04/15/22 with a par value of $95,035,000 and a total market value of $99,049,659; and US Treasury Note, due 03/31/21 with a par value of $2,015,000 and a total market value of $2,041,509), 0.500%, 07/01/19
(Cost $99,102,703)	$	99,102,703	$	99,102,703
US Treasury Bills (j) — 9.5%
US Treasury Bill, 2.499%, 07/11/19 (k)		40,000,000		39,972,944
US Treasury Bill, 2.427%, 07/18/19 (k) (l)		100,000,000		99,885,982
US Treasury Bill, 2.309%, 08/06/19 (k)		50,000,000		49,886,525
US Treasury Bill, 2.484%, 08/08/19 (k) (l)		30,000,000		29,923,351
Total US Treasury Bills (Cost $219,668,802)				219,668,802
Total Short-Term Investments (Cost $318,771,505)				318,771,505
Total Investments — 102.7% (Cost $2,167,966,212)				$2,387,231,560
Liabilities in Excess of Other Assets — (2.7)%				(63,141,798	)
Net Assets — 100.0%				$2,324,089,762

	Number of Shares			Value
Securities Sold Short — (6.6)%
Common Stocks — (6.6)%
US Common Stocks — (4.8)%
Aerospace — (0.0)%
TransDigm Group, Inc. (a)		(715	)	$	(345,917	)
Airlines — (0.0)%
Delta Air Lines, Inc.		(5,081	)		(288,347	)
Southwest Airlines Co.		(3,884	)		(197,229	)
					(485,576	)
Auto Components — (0.1)%
Adient plc		(18,667	)		(453,048	)
Visteon Corp. (a)		(6,282	)		(368,000	)
					(821,048	)
Automobiles — (0.1)%
General Motors Co.		(4,015	)		(154,698	)
Tesla, Inc. (a)		(4,839	)		(1,081,323	)
Thor Industries, Inc.		(198	)		(11,573	)
					(1,247,594	)
Biotechnology — (0.1)%
Agios Pharmaceuticals, Inc. (a)		(4,208	)		(209,895	)
Alnylam Pharmaceuticals, Inc. (a)		(3,045	)		(220,945	)
Bluebird Bio, Inc. (a)		(6,181	)		(786,223	)
Gilead Sciences, Inc.		(541	)		(36,550	)
Ligand Pharmaceuticals, Inc. (a)		(5,967	)		(681,133	)
Sage Therapeutics, Inc. (a)		(2,457	)		(449,852	)

	Number of Shares			Value
Seattle Genetics, Inc. (a)		(1,417	)	$	(98,071	)
					(2,482,669	)
Building Products — (0.0)%
Owens Corning		(668	)		(38,878	)
Capital Markets — (0.0)%
Stifel Financial Corp.		(1,566	)		(92,488	)
Virtu Financial, Inc., Class A		(32,577	)		(709,527	)
					(802,015	)
Chemicals — (0.1)%
Albemarle Corp.		(12,324	)		(867,733	)
Element Solutions, Inc. (a)		(46,042	)		(476,074	)
International Flavors & Fragrances, Inc.		(3,072	)		(445,716	)
Olin Corp.		(15,060	)		(329,965	)
					(2,119,488	)
Commercial Banks — (0.1)%
Bank OZK		(609	)		(18,325	)
Home BancShares, Inc.		(6,449	)		(124,208	)
Pinnacle Financial Partners, Inc.		(6,074	)		(349,133	)
Sterling Bancorp		(78,228	)		(1,664,692	)
SVB Financial Group (a)		(365	)		(81,975	)
United Bankshares, Inc.		(23,440	)		(869,390	)
					(3,107,723	)
Commercial Services & Supplies — (0.0)%
Stericycle, Inc. (a)		(7,278	)		(347,525	)
Communications Equipment — (0.1)%
Lumentum Holdings, Inc. (a)		(3,948	)		(210,863	)
ViaSat, Inc. (a)		(10,742	)		(868,168	)
					(1,079,031	)
Computers & Peripherals — (0.0)%
Dell Technologies, Inc., Class C (a)		(236	)		(11,989	)
Seagate Technology plc		(6,826	)		(321,641	)
					(333,630	)
Construction & Engineering — (0.0)%
Arconic, Inc.		(11,514	)		(297,291	)
Granite Construction, Inc.		(8,002	)		(385,536	)
Lennar Corp., Class A		(1,086	)		(52,628	)
					(735,455	)
Diversified Consumer Services — (0.0)%
Sotheby's (a)		(857	)		(49,817	)
Electronic Equipment, Instruments & Components — (0.1)%
BWX Technologies, Inc.		(4,178	)		(217,674	)
Cognex Corp.		(10,806	)		(518,472	)
Coherent, Inc. (a)		(1,641	)		(223,783	)
Dril-Quip, Inc. (a)		(2,870	)		(137,760	)
IPG Photonics Corp. (a)		(1,347	)		(207,775	)
Littelfuse, Inc.		(2,218	)		(392,386	)
Universal Display Corp.		(3,331	)		(626,428	)
					(2,324,278	)
Energy Equipment & Services — (0.1)%
Baker Hughes a GE Co.		(23,564	)		(580,381	)

24

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares			Value
Helmerich & Payne, Inc.		(10,272	)	$	(519,968	)
Nabors Industries, Ltd.		(89,222	)		(258,744	)
National Oilwell Varco, Inc.		(7,318	)		(162,679	)
Oceaneering International, Inc. (a)		(3,943	)		(80,398	)
RPC, Inc.		(6,318	)		(45,553	)
					(1,647,723	)
Food Products — (0.1)%
Conagra Brands, Inc.		(61,405	)		(1,628,460	)
Hain Celestial Group, Inc. (The) (a)		(22,050	)		(482,895	)
Kraft Heinz Co. (The)		(3,021	)		(93,772	)
					(2,205,127	)
Health Care Equipment & Supplies — (0.1)%
Insulet Corp. (a)		(10,081	)		(1,203,470	)
NuVasive, Inc. (a)		(4,851	)		(283,977	)
					(1,487,447	)
Health Care Providers & Services — (0.2)%
Acadia Healthcare Co., Inc. (a)		(29,338	)		(1,025,363	)
Brookdale Senior Living, Inc. (a)		(2,612	)		(18,833	)
DexCom, Inc. (a)		(16,123	)		(2,415,870	)
					(3,460,066	)
Hotels, Restaurants & Leisure — (0.1)%
Caesars Entertainment Corp. (a)		(17,457	)		(206,342	)
International Game Technology plc		(1,018	)		(13,203	)
Penn National Gaming, Inc. (a)		(28,847	)		(555,593	)
Scientific Games Corp., Class A (a)		(18,045	)		(357,652	)
					(1,132,790	)
Insurance — (0.0)%
Hanover Insurance Group, Inc. (The)		(393	)		(50,422	)
Hartford Financial Services Group, Inc. (The)		(7,804	)		(434,839	)
Travelers Cos, Inc. (The)		(406	)		(60,705	)
					(545,966	)
Internet & Catalog Retail — (0.0)%
Liberty Expedia Holdings, Inc., Class A (a)		(457	)		(21,840	)
Qurate Retail, Inc. (a)		(10,603	)		(131,371	)
					(153,211	)
Internet Software & Services — (0.0)%
eBay, Inc.		(643	)		(25,399	)
IT Services — (0.0)%
First Data Corp., Class A (a)		(4,329	)		(117,186	)
Switch, Inc., Class A		(49,528	)		(648,322	)
					(765,508	)
Machinery — (0.1)%
Wabtec Corp.		(28,107	)		(2,016,958	)
Welbilt, Inc. (a)		(41,052	)		(685,569	)
					(2,702,527	)
Media — (0.0)%
Comcast Corp., Class A		(644	)		(27,228	)
Meredith Corp.		(5,332	)		(293,580	)
					(320,808	)

	Number of Shares			Value
Metals & Mining — (0.1)%
Allegheny Technologies, Inc. (a)		(42,406	)	$	(1,068,631	)
Commercial Metals Co.		(5,161	)		(92,124	)
Compass Minerals International, Inc.		(7,921	)		(435,259	)
Freeport-McMoRan, Inc.		(24,944	)		(289,600	)
Newmont Mining Corp.		(2,138	)		(82,249	)
Royal Gold, Inc.		(4,870	)		(499,126	)
United States Steel Corp.		(9,030	)		(138,249	)
					(2,605,238	)
Multi-Utilities — (0.0)%
Ameren Corp.		(5,817	)		(436,915	)
Consolidated Edison, Inc.		(787	)		(69,004	)
DTE Energy Co.		(2,242	)		(286,707	)
					(792,626	)
Oil, Gas & Consumable Fuels — (3.1)%
Altus Midstream Co., Class A (a)		(121,359	)		(451,456	)
Antero Midstream Corp.		(140,161	)		(1,606,245	)
Apache Corp.		(69,293	)		(2,007,418	)
California Resources Corp. (a)		(66,124	)		(1,301,320	)
Callon Petroleum Co. (a)		(434,952	)		(2,866,334	)
Centennial Resource Development, Inc., Class A (a)		(217,812	)		(1,653,193	)
Cheniere Energy, Inc. (a)		(17,956	)		(1,229,088	)
Chesapeake Energy Corp. (a)		(455,098	)		(887,441	)
Chevron Corp.		(461	)		(57,367	)
Concho Resources, Inc.		(5,733	)		(591,531	)
Denbury Resources, Inc. (a)		(803,281	)		(996,068	)
EnLink Midstream LLC		(104,314	)		(1,052,528	)
Equitrans Midstream Corp. (a)		(17,246	)		(339,919	)
Extraction Oil & Gas, Inc. (a)		(556,628	)		(2,410,199	)
Exxon Mobil Corp.		(65,122	)		(4,990,299	)
Gulfport Energy Corp. (a)		(147,513	)		(724,289	)
Hess Corp.		(46,372	)		(2,947,868	)
HighPoint Resources Corp. (a)		(357,284	)		(650,257	)
Kinder Morgan, Inc.		(230,087	)		(4,804,217	)
Magnolia Oil & Gas Corp. (a)		(338,740	)		(3,922,609	)
Marathon Oil Corp.		(47,234	)		(671,195	)
Matador Resources Co. (a)		(364,958	)		(7,255,365	)
Murphy Oil Corp.		(142,545	)		(3,513,734	)
National Fuel Gas Co.		(35,918	)		(1,894,675	)
Noble Energy, Inc.		(154,699	)		(3,465,258	)
Oasis Petroleum, Inc. (a)		(33,163	)		(188,366	)
ONEOK, Inc.		(144,031	)		(9,910,773	)
Pioneer Natural Resources Co.		(8,154	)		(1,254,574	)
QEP Resources, Inc. (a)		(102,638	)		(742,073	)
Range Resources Corp.		(26,717	)		(186,485	)
Roan Resources, Inc. (a)		(423,988	)		(737,739	)
SM Energy Co.		(1,490	)		(18,655	)
Southwestern Energy Co. (a)		(840,464	)		(2,655,866	)
Talos Energy, Inc. (a)		(11,297	)		(271,693	)
Targa Resources Corp.		(5,347	)		(209,923	)
Whiting Petroleum Corp. (a)		(72,780	)		(1,359,530	)
Williams Cos., Inc. (The)		(60,443	)		(1,694,822	)
					(71,520,372	)

25

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares			Value
Pharmaceuticals — (0.0)%
Catalent, Inc. (a)		(6,089	)	$	(330,085	)
Real Estate Investment Trusts (REITs) — (0.0)%
Colony Capital, Inc.		(27,555	)		(137,775	)
Road & Rail — (0.0)%
Knight-Swift Transportation Holdings, Inc.		(16,980	)		(557,623	)
Semiconductors & Semiconductor Equipment — (0.1)%
Advanced Micro Devices, Inc. (a)		(7,949	)		(241,411	)
Cree, Inc. (a)		(5,710	)		(320,788	)
Microchip Technology, Inc.		(5,183	)		(449,366	)
Skyworks Solutions, Inc.		(332	)		(25,654	)
					(1,037,219	)
Software — (0.0)%
2U, Inc. (a)		(2,976	)		(112,016	)
FireEye, Inc. (a)		(10,928	)		(161,844	)
Guidewire Software, Inc. (a)		(3,223	)		(326,748	)
Splunk, Inc. (a)		(983	)		(123,612	)
					(724,220	)
Specialty Retail — (0.1)%
Advance Auto Parts, Inc.		(252	)		(38,843	)
CarMax, Inc. (a)		(3,871	)		(336,119	)
Floor & Decor Holdings, Inc., Class A (a)		(13,249	)		(555,133	)
Mattel, Inc. (a)		(25,207	)		(282,571	)
					(1,212,666	)
Textiles, Apparel & Luxury Goods — (0.0)%
Hanesbrands, Inc.		(3,551	)		(61,148	)
Under Armour, Inc.,Class A (a)		(8,243	)		(208,960	)
					(270,108	)
Thrifts & Mortgage Finance — (0.0)%
LendingTree, Inc. (a)		(793	)		(333,084	)
Total US Common Stocks (Proceeds $107,114,589)					(110,288,232	)
Foreign Common Stocks — (1.8)%
Australia — (0.1)%
AMP, Ltd.		(48,986	)		(73,025	)
Aristocrat Leisure, Ltd.		(2,057	)		(44,475	)
Challenger, Ltd.		(121,182	)		(566,269	)
Domino's Pizza Enterprises, Ltd.		(4,031	)		(106,672	)
Magellan Financial Group, Ltd.		(3,878	)		(139,183	)
SEEK, Ltd.		(32,796	)		(488,030	)
Sydney Airport		(6,449	)		(36,437	)
Tabcorp Holdings, Ltd.		(37,487	)		(117,290	)
Vocus Group, Ltd. (a)		(7,500	)		(17,266	)
WorleyParsons, Ltd.		(27,058	)		(280,887	)
					(1,869,534	)
Austria — (0.0)%
ams AG (a)		(3,095	)		(121,370	)

	Number of Shares			Value
Belgium — (0.0)%
Telenet Group Holding NV		(565	)	$	(31,511	)
Umicore SA		(9,549	)		(307,028	)
					(338,539	)
Bermuda — (0.1)%
Assured Guaranty, Ltd.		(662	)		(27,857	)
Everest Re Group, Ltd.		(613	)		(151,521	)
Marvell Technology Group, Ltd.		(58,042	)		(1,385,463	)
					(1,564,841	)
Canada — (0.5)%
ARC Resources, Ltd.		(221,204	)		(1,082,752	)
Cenovus Energy, Inc.		(482,612	)		(4,256,553	)
Crescent Point Energy Corp.		(329,071	)		(1,088,066	)
Encana Corp.		(146,725	)		(752,698	)
Husky Energy, Inc.		(80,954	)		(767,164	)
Imperial Oil, Ltd.		(70,585	)		(1,954,421	)
Kelt Exploration, Ltd. (a)		(248,743	)		(740,787	)
Peyto Exploration & Development Corp.		(372,069	)		(1,113,749	)
Seven Generations Energy, Ltd., Class A (a)		(88,579	)		(434,254	)
					(12,190,444	)
Denmark — (0.1)%
AP Moller - Maersk A/S, Class B		(906	)		(1,124,354	)
Chr Hansen Holding A/S		(1,619	)		(152,234	)
Dfds A/S		(3,203	)		(135,809	)
Drilling Co. of 1972 A/S (The) (a)		(1,201	)		(93,446	)
					(1,505,843	)
Finland — (0.0)%
Huhtamaki Oyj		(6,014	)		(247,308	)
Outokumpu Oyj		(132,432	)		(451,867	)
					(699,175	)
France — (0.1)%
Altran Technologies SA		(38,193	)		(606,122	)
Bollore SA		(19,954	)		(88,046	)
Elior Group SA (e)		(7,726	)		(106,440	)
Iliad SA		(5,838	)		(657,085	)
JCDecaux SA		(2,429	)		(73,581	)
Technicolor SA (a)		(25,279	)		(23,401	)
Valeo SA		(25,498	)		(829,451	)
					(2,384,126	)
Germany — (0.1)%
1 & &1 Drillisch AG		(2,709	)		(90,135	)
Aurubis AG		(1,333	)		(64,923	)
Delivery Hero SE (a) (e)		(7,837	)		(355,478	)
Deutsche Bank AG		(71,950	)		(554,603	)
Fraport AG Frankfurt Airport Services Worldwide		(1,059	)		(91,037	)
Freenet AG		(2,101	)		(42,033	)
Telefonica Deutschland Holding AG		(19,089	)		(53,362	)
thyssenkrupp AG		(83,210	)		(1,216,909	)
TUI AG		(36,527	)		(358,330	)

26

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

	Number of Shares			Value
United Internet AG		(12,546	)	$	(413,145	)
Zalando SE (a) (e)		(5,479	)		(243,101	)
					(3,483,056	)
Ireland — (0.1)%
Aptiv plc		(9,645	)		(779,605	)
James Hardie Industries plc		(103,253	)		(1,358,250	)
Perrigo Co. plc		(2,994	)		(142,574	)
Transocean, Ltd. (a)		(188,275	)		(1,206,843	)
					(3,487,272	)
Italy — (0.1)%
Autogrill SpA		(1,962	)		(20,544	)
Banco BPM SpA (a)		(14,605	)		(29,727	)
Brembo SpA		(15,536	)		(178,969	)
Buzzi Unicem SpA		(2,542	)		(51,489	)
Ferrari NV		(1,005	)		(163,203	)
Pirelli & C SpA (e)		(53,952	)		(318,919	)
Prysmian SpA		(5,033	)		(103,873	)
Saipem SpA (a)		(10,656	)		(53,221	)
Telecom Italia SpA (a)		(261,814	)		(142,960	)
Unione di Banche Italiane SpA		(62,935	)		(171,752	)
					(1,234,657	)
Japan — (0.1)%
Asahi Intecc Co., Ltd.		(2,000	)		(49,449	)
Asics Corp.		(5,300	)		(57,578	)
Chugoku Electric Power Co., Inc. (The)		(1,700	)		(21,455	)
CyberAgent, Inc.		(4,400	)		(159,917	)
FamilyMart UNY Holdings Co., Ltd.		(2,400	)		(57,201	)
Hitachi Chemical Co., Ltd.		(1,600	)		(43,520	)
Hokuriku Electric Power Co. (a)		(8,000	)		(58,056	)
Japan Airport Terminal Co., Ltd.		(600	)		(25,723	)
Kansai Paint Co., Ltd.		(7,200	)		(151,393	)
Keikyu Corp.		(3,500	)		(60,343	)
Mercari, Inc. (a)		(800	)		(21,293	)
MISUMI Group, Inc.		(900	)		(22,678	)
Nippon Paint Holdings Co., Ltd.		(12,700	)		(493,832	)
Sumitomo Metal Mining Co., Ltd.		(2,800	)		(83,939	)
Taiyo Nippon Sanso Corp.		(3,500	)		(74,204	)
Yaskawa Electric Corp.		(6,400	)		(218,796	)
					(1,599,377	)
Luxembourg — (0.0)%
Eurofins Scientific		(167	)		(73,877	)
Millicom International Cellular SA SDR		(735	)		(41,359	)
Tenaris SA		(7,059	)		(92,876	)
					(208,112	)
Netherlands — (0.1)%
Altice Europe NV, Class A (a)		(19,472	)		(69,999	)
Boskalis Westminster NV - CVA		(5,613	)		(129,649	)
Koninklijke Vopak NV		(1,388	)		(64,139	)
OCI NV (a)		(4,025	)		(110,499	)
Royal Dutch Shell plc, Class A - SPADR		(25,458	)		(1,656,552	)
SBM Offshore NV		(5,624	)		(108,867	)
					(2,139,705	)

	Number of Shares			Value
Norway — (0.1)%
Adevinta ASA, Class A (a)		(3,204	)	$	(35,644	)
Equinor ASA - SPADR		(75,766	)		(1,498,651	)
Schibsted ASA, Class A		(3,412	)		(94,252	)
Yara International ASA		(7,185	)		(348,747	)
					(1,977,294	)
Panama — (0.0)%
Copa Holdings SA, Class A		(625	)		(60,981	)
Singapore — (0.0)%
Keppel Corp., Ltd.		(4,500	)		(22,224	)
Spain — (0.1)%
Cellnex Telecom SA (a) (e)		(36,422	)		(1,348,285	)
Sweden — (0.0)%
BillerudKorsnas AB		(4,445	)		(59,158	)
Hexpol AB		(5,639	)		(45,979	)
Husqvarna AB		(26,405	)		(246,999	)
SSAB AB, Class A		(6,097	)		(21,257	)
Svenska Cellulosa AB, Class B		(6,426	)		(55,849	)
Tele2 AB, Class B		(12,436	)		(181,624	)
					(610,866	)
Switzerland — (0.0)%
Dufry AG (a)		(257	)		(21,770	)
Sunrise Communications Group AG (a) (e)		(1,185	)		(88,439	)
					(110,209	)
United Arab Emirates — (0.0)%
NMC Health plc		(22,966	)		(700,917	)
United Kingdom — (0.2)%
Amcor, Ltd.		(10,193	)		(115,856	)
ASOS plc (a)		(5,046	)		(163,489	)
EasyJet plc		(10,603	)		(128,493	)
Ensco Rowan plc, Class A		(98,149	)		(837,211	)
GVC Holdings plc		(56,208	)		(465,314	)
Hargreaves Lansdown plc		(2,360	)		(57,582	)
John Wood Group plc		(135,100	)		(780,451	)
Melrose Industries plc		(34,784	)		(80,060	)
Merlin Entertainments plc (e)		(114,066	)		(650,596	)
Micro Focus International plc		(3,390	)		(89,025	)
Petrofac, Ltd.		(4,441	)		(24,255	)
Royal Mail plc		(13,426	)		(36,216	)
Severn Trent plc		(14,126	)		(367,581	)
SSE plc		(6,966	)		(99,364	)
St James's Place plc		(7,716	)		(107,799	)
Subsea 7 SA		(12,019	)		(145,469	)
Thomas Cook Group plc (a)		(289,504	)		(48,321	)
Weir Group plc (The)		(7,457	)		(146,482	)
					(4,343,564	)
Total Foreign Common Stocks (Proceeds $43,225,145)					(42,000,391	)
Total Common Stocks (Proceeds $150,339,734)					$(152,288,623	)
Total Securities Sold Short — (6.6)% (Proceeds $150,339,734)					$(152,288,623	)

27

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

Financial Futures Contracts

Number of Contracts	Expiration Date		Type		Initial Notional Value/(Proceeds)			Notional Value at June 30, 2019			Unrealized Appreciation/ (Depreciation)
				Long Financial Futures Contracts
				Equity-Related
260		09/20/2019		Russell 2000 e-Mini Index	$	19,919,965		$	20,372,300		$	452,335
78		09/20/2019		S&P 500 e-Mini Index		11,277,086			11,482,380			205,294
											$	657,629
				Short Financial Futures Contracts
				Equity-Related
(52)		09/20/2019		MSCI EAFE	$	(4,995,426	)	$	(5,000,580	)	$	(5,154	)
(1,533)		09/20/2019		MSCI Emerging Markets		(77,633,267	)		(80,743,110	)		(3,109,843	)
											$	(3,114,997	)
											$	(2,457,368	)

Forward Currency Contracts

Contract Settlement Date	Counterparty		Contract Amount				Unrealized Appreciation/ (Depreciation)
			Receive		Deliver
07/29/2019		Goldman Sachs International		USD    17,190,661		CNH  117,257,500	$	124,661
10/09/2019		Goldman Sachs International		USD   6,000,000		CNH   41,777,100		(76,494	)
10/22/2019		Goldman Sachs International		USD   4,000,000		CNH   28,144,000		(92,790	)
01/22/2020		Goldman Sachs International		USD   8,309,146		CNH   56,540,000		98,242
01/31/2020		Barclays Bank plc		USD   4,000,000		CNH   27,075,200		68,673
02/11/2020		Barclays Bank plc		USD   4,000,000		CNH   26,882,400		97,411
03/04/2020		Barclays Bank plc		USD   6,000,000		CNH   40,205,700		165,454
03/23/2020		Goldman Sachs International		USD   7,000,000		CNH   47,001,500		181,507
04/29/2020		Barclays Bank plc		USD   6,286,582		CNH   42,516,000		123,459
06/17/2020		Barclays Bank plc		USD   7,471,250		CNH   52,248,000		(94,564	)
07/03/2020		Goldman Sachs International		USD   3,000,000		CNH   20,731,500		(999	)
							$	594,560

Swap Contracts

Expiration Date	Counterparty		Pay		Receive		Currency		Payment Frequency Paid/Received		Notional Amount			Unrealized Appreciation/ Depreciation			Net Value of Reference Entity
Long Total Return Equity Swap Contracts
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL plus 0.125%		Energy Transfer LP		USD		Monthly	$	6,777,319		$	(18,364	)	$	6,758,955
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL plus 0.125%		Enterprise Products Partners LP		USD		Monthly		7,154,312			38,753			7,193,065
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL plus 0.125%		EQM Midstream Partners LP		USD		Monthly		3,209,600			81,673			3,291,273
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL plus 0.40%		Goodrich Petroleum Corp.		USD		Monthly		316,430			35,442			351,872
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL plus 0.125%		Plains All American Pipeline LP		USD		Monthly		1,125,427			32,860			1,158,287
														$	170,364
Short Total Return Equity Swap Contracts
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		Antero Midstream Corp.		USD		Monthly	$	(824,204	)	$	20,898		$	(803,306	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.63%		DCP Midstream LP		USD		Monthly		(3,216,114	)		(51,836	)		(3,267,950	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		Enable Midstream Partners LP		USD		Monthly		(1,136,963	)		(54,075	)		(1,191,038	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		Magellan Midstream		USD		Monthly		(11,322,711	)		(239,811	)		(11,562,522	)

28

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

Expiration Date	Counterparty		Pay		Receive		Currency		Payment Frequency Paid/Received		Notional Amount			Unrealized Appreciation/ Depreciation			Net Value of Reference Entity
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		MPLX LP		USD		Monthly		(1,131,702	)		(24,387	)		(1,156,089	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		Noble Midstream Partners LP		USD		Monthly		(360,250	)		(25,522	)		(385,772	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		Shell Midstream		USD		Monthly		(954,533	)		(42,757	)		(997,290	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.107%		Viper Energy Partners LP		USD		Monthly		(898,411	)		(80,952	)		(979,363	)
02/22/2022		Morgan Stanley Capital Services LLC		1 Month FEDL less 0.35%		Western Midstream Partners LP		USD		Monthly		(303,137	)		(17,752	)		(320,889	)
														$	(516,194	)
														$	(345,830	)
Long Total Return Basket Swap Contracts
09/30/2022		Morgan Stanley Capital Services LLC		1 Month LIBOR plus 0.35%		Alphas Managed Accounts Platform LXII Limited – KCP Long Segregated Portfolio (c)		USD		Monthly	$	169,823,947		$	(64,920	)	$	169,759,027
09/30/2022		Morgan Stanley Capital Services LLC		1 Month LIBOR plus 0.35%		Alphas Managed Accounts Platform LXII Limited – KCP Short Segregated Portfolio (c)		USD		Monthly		20,320,411			(7,847	)		20,312,564
09/30/2022		Morgan Stanley Capital Services LLC		1 Month LIBOR plus 0.45%		Alphas Managed Accounts Platform LXVI Limited – Welton Nexus Segregated Portfolio (c)		USD		Monthly		46,258,025			(100,058	)		46,157,967
														$	(172,825	)

	Number of Contracts			Value
Written Options — (0.0)%
Calls — (0.0)%
Callon Petroleum Co., Notional Amount ($296,800), Strike Price $8 Expiring 07/19/2019 (United States) Unrealized appreciation $1,484		(371	)	$	(1,484	)
Wpx Energy, Inc., Notional Amount ($1,041,600), Strike Price $14 Expiring 08/16/2019 (United States) Unrealized appreciation $0		(744	)		(14,880	)
Total Calls (Premiums received $17,848)					$(16,364	)
Puts — (0.0)%
Chesapeake Energy Corp., Notional Amount ($562,500), Strike Price $1.5 Expiring 07/19/2019 (United States) Unrealized appreciation $7,500		(3,750	)	$	(7,500	)
Murphy Oil Corp., Notional Amount ($918,000), Strike Price $22.5 Expiring 07/19/2019 (United States) Unrealized appreciation $10,200		(408	)		(10,200	)
Pioneer Natural Resources Co., Notional Amount ($1,599,000), Strike Price $130 Expiring 09/20/2019 (United States) Unrealized depreciation $(3,198)		(123	)		(34,563	)
Plains GP Holdings LP, Notional Amount ($2,970,000), Strike Price $20 Expiring 07/19/2019 (United States) Unrealized appreciation $8,910		(1,485	)		(14,850	)
Range Resources Corp., Notional Amount ($750,000), Strike Price $5 Expiring 09/20/2019 (United States) Unrealized appreciation $1,500		(1,500	)		(22,500	)
Southwestern Energy Co., Notional Amount ($1,012,500), Strike Price $3 Expiring 07/19/2019 (United States) Unrealized depreciation $(33,750)		(3,375	)		(50,625	)
Southwestern Energy Co., Notional Amount ($1,857,500), Strike Price $2.5 Expiring 09/20/2019 (United States) Unrealized depreciation $(7,430)		(7,430	)		(89,160	)
Total Puts (Premiums received $213,130)					$(229,398	)
Total Written Options (Premiums received $230,978)					$(245,762	)

29

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

The following table represents the individual positions in the KCP Long Segregated Portfolio total return basket swap as of June 30, 2019:

Reference Entity	Units		Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Long Total Return Swap Contracts
CBOE S&P Small CAP 600 Index		38,843	$	(73,887	)		(0.04	)%
MSCI USA Momentum Index		7,091		1,467,102			0.86	%
MSKYMSLB Custom Index (o)		124,776		747,148			0.44	%
S&P 400 Citigroup Growth		28,272		1,528,257			0.90	%
S&P 400 Citigroup Value		12,764		1,097,539			0.65	%
S&P 500 Index		48,341		39,817,726			23.45	%
S&P 600 Citigroup Value		20,940		1,289,418			0.76	%
S&P Midcap 400 Index		16,905		529,586			0.31	%
S&P Smallcap 600 Growth Index		31,206		216,316			0.13	%
Cash and other (p)				123,139,822			72.54	%
			$	169,759,027

The following table represents a portion of the underlying total return swap contracts in the Welton Nexus Segregated Portfolio total return basket swap as of June 30, 2019:

Reference Entity	Units			Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Long Total Return Swap Contracts
Arkema SA		8,693		$	54,953			0.12	%
Ashmore Group plc		124,568			37,414			0.08	%
Atlas Copco AB		25,074			45,976			0.10	%
BE Semiconductor industries NV		22,465			62,389			0.14	%
Chr Hansen Holding A/S		2,120			(28,247	)		(0.06	)%
CIE Automotive SA		16,581			30,656			0.07	%
Cineworld Group plc		163,636			(37,552	)		(0.08	)%
Colruyt Group		3,688			(32,698	)		(0.07	)%
Dialog Semiconductor plc		18,811			78,404			0.17	%
Drax Group plc		184,499			(47,687	)		(0.10	)%
GrafTech International, Ltd.		60,014			26,461			0.06	%
Jupiter Fund Management plc		121,513			42,691			0.09	%
Pandora A/S		18,258			25,549			0.06	%
Partners Group Holding AG		1,031			54,945			0.12	%
Red Electrica Corp. SA		38,539			(36,354	)		(0.08	)%
Rightmove plc		119,050			(63,638	)		(0.14	)%
Sandvik AB		33,670			32,930			0.07	%
Siltronic AG		8,665			68,159			0.15	%
SKF AB		43,845			65,577			0.14	%
Swedish Match AB		18,905			(60,026	)		(0.13	)%
Taubman Centers, Inc. - REIT		13,866			(33,972	)		(0.07	)%
TLG Immobilien AG		15,068			(30,804	)		(0.07	)%
Vonovia SE		16,935			(53,405	)		(0.12	)%
Short Total Return Swap Contracts
Accor SA		(18,809	)	$	(45,810	)		(0.10	)%
Aecom		(18,111	)		(35,018	)		(0.08	)%
Aker Solutions ASA		(118,467	)		(30,122	)		(0.07	)%
Aurubis AG		(16,653	)		(84,862	)		(0.19	)%
BASF SE		(11,111	)		(35,097	)		(0.08	)%

30

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

Reference Entity	Units			Net Unrealized Appreciation/ (Depreciation) (m)			Percent of Net Assets (n)
Bobst Group SA		(5,031	)		(30,357	)		(0.07	)%
Cairn Energy plc		(118,561	)		(38,143	)		(0.08	)%
Cancom SE		(7,879	)		(29,441	)		(0.06	)%
Continental AG		(5,525	)		(37,272	)		(0.08	)%
Davita, Inc.		(8,659	)		(34,669	)		(0.08	)%
Deutsche Bank AG		(77,284	)		(39,874	)		(0.09	)%
DS Smith plc		(103,205	)		(36,814	)		(0.08	)%
EasyJet plc		(66,974	)		(50,849	)		(0.11	)%
Edenred SA		(15,170	)		(29,972	)		(0.06	)%
FLSmidth & Co., A/S		(17,916	)		(75,810	)		(0.17	)%
Grifols SA, Class A		(27,458	)		(52,785	)		(0.11	)%
Mgm Growth Properties LLC, Class A - REIT		(26,279	)		26,672			0.06	%
Owens Corning		(6,405	)		(26,412	)		(0.06	)%
Rolls Royce Holdings plc		(50,909	)		43,095			0.09	%
SL Green Realty Corp.		(4,293	)		32,152			0.07	%
Standard Life Aberdeen plc		(190,800	)		(46,489	)		(0.10	)%
Svenska Cellulosa AB		(52,948	)		(31,574	)		(0.07	)%
Swatch Group, Ltd.		(2,802	)		(42,717	)		(0.09	)%
Sydbank A/S		(26,624	)		25,997			0.06	%
Western Digital Corp.		(16,965	)		(80,044	)		(0.17	)%
Worldline SA		(10,704	)		(33,563	)		(0.07	)%
WorleyParsons, Ltd.		(34,770	)		(25,871	)		(0.06	)%
Cash and other (q)					46,801,895			101.40	%
				$	46,157,967

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
FEDL	US Federal Funds Effective Rate
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
LSE	London Stock 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
SDR	Swedish Depositary Receipts
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 15% 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 or a portion thereof is pledged as collateral for securities sold short.

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

(d) Security is valued in good faith under procedures established by the board of trustees. The aggregate amount of securities fair valued amounts to $321,974,645, which represents 13.9% of the fund's net assets.

(e) 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, 2019, the aggregate value of these securities was $9,374,405, which represents 0.4% of net assets.

31

TIFF Multi-Asset Fund / Schedule of Investments (Unaudited)*  June 30, 2019 

(f) 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.

(g) Security in default.

(h) Portfolio holdings information of the Private Investment Funds is not available as of June 30, 2019. These positions are therefore grouped into their own industry classification. For any private investment funds structured as a limited partnership, no share value is included as these investments are not unitized.

(i) Restricted Securities. The following restricted securities were held by the fund as of June 30, 2019, 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
Canyon Value Realization Fund, LP		Multi-Strategy		12/31/97 – 04/03/06	$	19,257,955	$	62,459,586
Eversept Global Healthcare Fund, LP		Long-Short Global Healthcare		02/01/19		35,000,000		37,484,838
Farallon Capital Institutional Partners, LP		Multi-Strategy		01/01/13		1,566,845		2,131,583
GSA Trend Fund, Ltd.		Trend Following		09/01/16 – 12/01/16		55,000,000		47,902,032
Honeycomb Partners, LP		Long-Short Global		07/01/16 – 07/01/17		51,000,000		74,481,959
Lansdowne Developed Markets Fund, Ltd.		Long-Short Global		04/01/13		27,095,185		35,528,017
Neo Ivy Capital Fund, LP		Relative Value		05/01/19		10,500,000		10,361,859
OZ Domestic Partners, LP		Multi-Strategy		09/30/03		38,945		31,999
QVT Roiv Hldgs Onshore, Ltd.		Multi-Strategy		01/05/16		3,114,245		4,676,805
Tessera Offshore Fund, Ltd.		Long-Short US Small-Cap		01/01/17		25,000,000		28,136,759
								303,195,437
AMR Corp.				12/09/13		—		—
Total (13.1% of Net Assets)							$	303,195,437

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

(k) Security or a portion thereof is pledged as collateral for swap 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 net value of reference entity of the swap.

(o) MSKYMSLB 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) This balance is predominantly comprised of cash and other immaterial income and expense accruals.

(q) This balance is predominantly comprised of cash, the remaining investment positions, and immaterial income and expense accruals.

See accompanying Notes to Financial Statements.

32

TIFF Multi-Asset Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2019
Assets
Investments in securities, at value (cost: $2,068,863,509)	$	2,288,128,857
Repurchase agreements (cost: $99,102,703)		99,102,703
Total investments (cost: $2,167,966,212)		2,387,231,560
Unrealized appreciation on forward currency contracts		859,407
Unrealized appreciation on swap contracts		209,626
Deposits with broker for securities sold short		40,790,878
Deposits with broker for swap contracts		17,826,235
Deposits with brokers		3,520,763
Cash denominated in foreign currencies (cost: $15,331,382)		15,412,267
Due from broker for futures variation margin		453,825
Receivables:
Investment securities sold		52,169,987
Dividends and tax reclaims		3,257,374
Interest		520,969
Total Assets		2,522,252,891
Liabilities
Securities sold short, at value (proceeds: $150,339,734)		152,288,623
Unrealized depreciation on swap contracts		728,281
Unrealized depreciation on forward currency contracts		264,847
Foreign currencies sold short, at value (proceeds $237)		237
Written options, at value (premium received $230,978)		245,762
Cash Overdraft		106,817
Due to broker for futures variation margin		5,154
Payables:
Capital stock redeemed		25,820,853
Investment securities purchased		12,505,421
Fund administration and custody fees		2,737,521
Money manager fees		2,057,970
Investment advisory and administrative fees		503,721
Dividends and interest on securities sold short		331,597
Chief Compliance Officer’s costs and Trustee’s fees		12,879
Accrued expenses and other liabilities		553,446
Total Liabilities		198,163,129
Net Assets	$	2,324,089,762
Shares Outstanding (unlimited authorized shares, par value $0.001)		172,400,876
Net Asset Value Per Share	$	13.48
Net Assets Consist of:
Capital stock	$	2,460,944,409
Total distributable earnings (loss)		(136,854,647	)
Net Assets	$	2,324,089,762

See accompanying Notes to Financial Statements.

33

TIFF Multi-Asset Fund

Statement of Operations (Unaudited)

	Six Months Ended June 30, 2019
Investment Income
Dividends (net of foreign withholding taxes of $1,248,068)	$	19,799,257
Interest		6,722,411
Other Income		79,450
Total Investment Income		26,601,118
Expenses
Money manager fees		4,180,609
Investment advisory fees		2,852,028
Fund administration and custody fees		1,433,147
Professional fees		259,827
Administrative fees		245,532
Chief Compliance Officer’s costs and Trustee’s fees		122,319
Miscellaneous fees and other		673,663
Total Operating Expenses		9,767,125
Dividends and interest on securities sold short		1,970,430
Broker fees on securities sold short		272,086
Total Expenses		12,009,641
Net Investment Income		14,591,477
Net Realized Gain (Loss) on:
Investments (net of foreign withholding taxes on capital gains of $1,006)		29,458,885
Securities sold short		7,505,982
Swap contracts		19,334,446
Financial futures contracts		24,708,375
Forward currency contracts		1,786,291
Foreign currency-related transactions		(109,038	)
Written options		218,467
Net Realized Gain from Investments, Derivatives, and Foreign Currencies		82,903,408
Net Change in Unrealized Appreciation (Depreciation) from:
Investments		201,861,477
Securities sold short		(12,469,566	)
Swap contracts		1,781
Financial futures contracts		628,009
Forward currency contracts		(1,226,027	)
Foreign currency-related transactions		49,402
Written options		(14,784	)
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies		188,830,292
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies		271,733,700
Net Increase in Net Assets Resulting from Operations	$	286,325,177

See accompanying Notes to Financial Statements.

34

TIFF Multi-Asset Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets From Operations
Net investment income	$	14,591,477		$	28,344,814
Net realized gain from investments, derivatives, and foreign currencies		82,903,408			77,263,957
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies		188,830,292			(434,753,592	)
Net Increase (Decrease) in Net Assets Resulting from Operations		286,325,177			(329,144,821	)
Distributions
Distributions to shareholders		—			(186,960,357	)
Return of capital		—			(21,207,626	)
Decrease in Net Assets Resulting from Distributions		—			(208,167,983	)
Capital Share Transactions
Proceeds from shares sold		8,053,301			42,765,294
Proceeds from distributions reinvested		—			181,489,626
Entry/exit fees		2,262,122			4,544,895
Cost of shares redeemed		(471,494,827	)		(946,569,392	)
Net Decrease From Capital Share Transactions		(461,179,404	)		(717,769,577	)
Total Decrease in Net Assets		(174,854,227	)		(1,255,082,381	)
Net Assets
Beginning of period		2,498,943,989			3,754,026,370
End of period	$	2,324,089,762		$	2,498,943,989
Capital Share Transactions (in shares)
Shares sold		629,996			2,950,128
Shares reinvested		—			14,962,506
Shares redeemed		(36,143,782	)		(68,351,309	)
Net Decrease		(35,513,786	)		(50,438,675	)

See accompanying Notes to Financial Statements.

35

TIFF Multi-Asset Fund

Statement of Cash Flows (Unaudited)

	Six Months Ended June 30, 2019
Cash flows provided by (used in) operating activities
Net increase (decrease) in net assets from operations	$	286,325,177
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(1,320,415,704	)
Investments sold		1,456,835,210
Purchases to cover securities sold short		(218,364,148	)
Securities sold short		304,778,987
(Purchase)/Sale of short term investments, net		191,782,489
Amortization (accretion) of discount and premium, net		(4,163,760	)
Net change in unrealized (appreciation) depreciation on swap contracts		(1,781	)
(Increase)/decrease in deposits with broker for securities sold short		(40,790,878	)
(Increase)/decrease in deposits with broker for swap contracts		(17,826,235	)
(Increase)/decrease in deposits with brokers		(908,397	)
(Increase)/decrease in due to/from broker for futures variation margin		261,195
(Increase)/decrease in unrealized appreciation on forward currency contracts		1,226,027
(Increase)/decrease in interest receivable		36,254
(Increase)/decrease in receivable for dividends and tax reclaims		(997,601	)
(Increase)/decrease in prepaid expenses		69,225
Increase/(decrease) in payable for foreign currencies sold short		(42,669	)
Increase/(decrease) in payable for money manager fees		(735,985	)
Increase/(decrease) in payable for dividends and interest for securities sold short		239,583
Increase/(decrease) in payable for fund administration and custody fees		646,397
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees		(16,951	)
Increase/(decrease) in other accrued expenses and other liabilities		(2,235,164	)
Increase/(decrease) in payable for investment advisory and administrative fees		(69,841	)
Increase/(decrease) in premiums received on written options, net		230,978
Net realized (gain) loss from investments		(29,458,885	)
Net realized (gain) loss from securities sold short		(7,505,982	)
Net realized (gain) loss from foreign currency-related transactions		109,038
Net change in unrealized (appreciation) depreciation on investments		(201,861,477	)
Net change in unrealized (appreciation) depreciation on securities sold short		12,469,566
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions		(49,402	)
Net change in unrealized (appreciation) depreciation on written options		14,784
Net cash provided by (used in) operating activities		409,580,050
Cash flows provided by (used in) financing activities
Proceeds from shares sold		8,155,713
Payment for shares redeemed		(443,452,321	)
Increase/(decrease) in cash overdraft		106,817
Net cash provided by (used in) financing activities		(435,189,791	)
Effect of exchange rate changes on cash		(59,636	)
Net increase (decrease) in cash		(25,669,377	)
Cash at beginning of period		41,081,644
Cash at end of period	$	15,412,267
Interest Paid:	$	2,926

See accompanying Notes to Financial Statements.

36

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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, 2019, 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 using other observable market-based inputs 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.

37

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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 option contracts are valued at the last quoted sales 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 written option contracts). Future 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 contracts). OTC open options contracts are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the actively quote markets. 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 both total return equity and total return basket swaps with Morgan Stanley Capital Services LLC as the counterparty. The total return equity swaps are valued at the last traded price of the reference entity net of interest and are typically categorized as Level 2 in the fair value hierarchy. The total return basket swaps are valued at the net value of the reference entity provided by the administrator and are typically categorized as Level 3 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.

38

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

Income Taxes

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

The fund evaluates tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the fund’s tax positions taken or to be taken on federal income tax returns for all open tax years (tax years ended December 31, 2015 - December 31, 2018), 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.

39

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

3.  Investment Valuation and Fair Value Measurements

The following is a summary of the inputs used as of June 30, 2019 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*+	$	665,018,632		$	730,388,244		$	77,217		$	1,395,484,093
Rights		1,332			—			94,570			95,902
Warrants		566,244			—			—			566,244
Convertible Bonds		—			10,028			—			10,028
US Treasury Bonds/Notes		—			188,904,607			—			188,904,607
Exchange-Traded Funds		172,279,995			—			—			172,279,995
Private Investment Funds		—			—			303,195,437			303,195,437
Publicly Traded Limited Partnerships		1,400,307			—			—			1,400,307
Preferred Stocks*		—			5,388,266			—			5,388,266
Disputed Claims Receipt+		—			—			—			—
Short-Term Investments		—			318,771,505			—			318,771,505
Purchased Options		1,135,176			—			—			1,135,176
Total Investments in Securities		840,401,686			1,243,462,650			303,367,224			2,387,231,560
Financial Futures Contracts – Equity Risk		657,629			—			—			657,629
Forward Currency Contracts – Foreign Currency Risk		—			859,407			—			859,407
Total Return Equity Swap Contract – Equity Risk		—			209,626			—			209,626
Total Other Financial Instruments		657,629			1,069,033			—			1,726,662
Total Assets	$	841,059,315		$	1,244,531,683		$	303,367,224		$	2,388,958,222
Liabilities
Common Stocks Sold Short*	$	(130,225,935	)	$	(22,062,688	)	$	—		$	(152,288,623	)
Financial Futures Contracts – Equity Risk		(3,114,997	)		—			—			(3,114,997	)
Forward Currency Contracts – Foreign Currency Risk		—			(264,847	)		—			(264,847	)
Total Return Equity Swap Contract – Equity Risk		—			(555,456	)		—			(555,456	)
Total Return Basket Swap Contracts – Equity Risk		—			—			(172,825	)		(172,825	)
Written Options – Equity Risk		(245,762	)		—			—			(245,762	)
Total Other Financial Instruments		(3,360,759	)		(820,303	)		(172,825	)		(4,353,887	)
Total Liabilities	$	(133,586,694	)	$	(22,882,991	)	$	(172,825	)	$	(156,642,510	)

* 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, 2019, there were no transfers to or from Level 3 investments.

40

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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, 2018			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Balance as of June 30, 2019			Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 06/30/19 for the period ended 06/30/19
Common Stocks*	$	143,541		$	—		$	(66,324	)	$	—	$	—		$	77,217		$	(66,324	)
Rights		—			—			16,786			77,784		—			94,570			16,786
Disputed Claims Receipt		351,435			—			(351,435	)		—		—			—			(351,435	)
Private Investment Funds		362,048,738			4,326,785			4,469,272			45,500,000		(113,149,358	)		303,195,437			6,377,435
Total Return Basket Swaps		(520,436	)		(27,073,324	)		347,611			284,485,751		(257,412,427	)		(172,825	)		347,611
Total	$	362,023,278		$	(22,746,539	)	$	4,415,910		$	330,063,535	$	(370,561,785	)	$	303,194,399		$	6,324,073

* 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, Rights 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.

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.

Total Return Basket Swaps.  These 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.

41

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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

As of June 30, 2019	Fair Value		Valuation Methodology		Significant Unobservable Inputs		Range		Weighted Average*
Common Stocks	$	77,217		Last market price		Discount(%)		75% – 100%		75%
Rights		94,570		Last market price of parent company		Exchange Ratio		4.97%		4.97%
						Probability of contingent event		40.22%		40.22%
Private Investment Funds		303,195,437		Adjusted net asset value		Manager estimated returns		(2.03)% – 5.00%		1.67%
						Market returns**		(14.42)% – 0.39%		(0.20)%
Disputed Claims Receipt		—		Corporate Action Model		Future Claim Awards		0.00%		0.00%

* Weighted by market value of investments as a percentage of the total market value of level three investments within each valuation methodology.

** Weighted by estimated exposure to chosen indices, exchange-traded funds, other marketable securities or other proxy.

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, Rights, and Disputed Claims Receipt.  The chart above reflects the methodology and significant unobservable inputs of securities held at period ended June 30, 2019. The discount for lack of marketability and estimate of future claims 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, 2019. 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
Multi-Strategy (a)		69,299,973		daily (90%)		2 days
Long-Short Global Healthcare (b)		37,484,838		quarterly		45 days
Trend Following (c)		47,902,032		daily		2 days
Long-Short Global (d)		110,009,976		monthly (32%), quarterly (68%)		60 – 90 days
Relative Value (e)		10,361,859		quarterly		30 days
Long-Short US Small-Cap (f)		28,136,759		quarterly		45 days
Total	$	303,195,437

(a) This strategy primarily comprises capital allocated to various strategies based on risk and return profiles. This strategy includes $6,840,387 of redemption residuals.

(b) This strategy primarily comprises long and short positions in global healthcare securities.

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

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

(e) This strategy primarily comprises long and short positions in US large-cap common stocks selected using artificial intelligence.

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

42

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

4.  Derivative and Other Financial Instruments

During the period ended June 30, 2019, the fund invested in derivatives, such as but not limited to futures, currency forwards, purchased and written options, and total return equity and basket swaps for hedging, liquidity, index exposure, and active management strategies. Derivatives are used for “hedging” when TIFF Advisory Services, Inc. (“TAS”) or a money manager seeks to protect the fund’s investments from a decline in value. Derivative strategies are also used when TAS or a money manager seeks to increase liquidity, implement a cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the fund’s portfolio investments and/or for purposes of total return. Depending on the purpose for which the derivative instruments are being used, the successful use of derivative instruments may depend on, among other factors, TAS’s or the money manager’s general understanding of how derivative instruments act in relation to referenced securities or markets but also on market conditions, which are out of control of TAS or the money manager.

Cover for Strategies Using Derivative Instruments

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

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 equities 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.

43

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

The fund maintained long and short total return equity swap contracts to indirectly gain exposure to both long and short total returns of individual equities.

The fund also maintained three total return basket 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 basket swap with respect to each investment strategy to which it sought exposure. Under each swap, MAF receives the return (or pays, if the return is negative) of a special purpose vehicle that invests in accordance with the applicable strategy and pays one-month Libor + an additional interest rate. The three 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 passive equity exposure (primarily S&P 500, S&P 600 Citigroup value, S&P 400 Citigroup Growth, and MSCI USA Momentum Index).

KCP Short Segregated Portfolio:
The typical portfolio construction is a US 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.

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

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

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

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

44

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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.

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

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

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

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

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

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.

45

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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. Cash collateral deposited at the fund’s custodian for the benefit of the broker is recorded as Deposits with broker for securities sold short on the Statements of Assets and Liabilities. 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.

46

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

At June 30, 2019, the fund’s derivative assets and liabilities (by contract type) are as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Purchased Options	$	1,135,176	$	—
Written Options		—		(245,762	)
Total Return Equity Swap Contracts		209,626		(555,456	)
Total Return Basket Swap Contracts		—		(172,825	)
Forward Contracts		859,407		(264,847	)
Futures Contracts		657,629		(3,114,997	)
Total derivative assets and liabilities		2,861,838		(4,353,887	)
Derivatives not subject to a netting provision or similar arrangement		1,792,805		(3,360,759	)
Total assets and liabilities subject to a netting provision or similar arrangement	$	1,069,033	$	(993,128	)

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, 2019:

Counterparty	Derivative Assets Subject to a Netting Provision or Similar Arrangement		Derivatives Available for Offset			Collateral Received*		Net Amount
Forward Currency Contracts
Barclays Bank plc	$	454,997	$	(94,564	)	$	—	$	360,433
Goldman Sachs International		404,410		(170,283	)		—		234,127
Swaps
Morgan Stanley Capital Services LLC		209,626		(209,626	)		—		—
Total	$	1,069,033	$	(474,473	)	$	—	$	594,560

* At June 30, 2019, the counterparties had deposited in segregated accounts cash with a total value of $ 530,000 in connection with open forward currency contracts.

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, 2019:

Counterparty	Derivative Liabilities Subject to a Netting Provision or Similar Arrangement			Derivatives Available for Offset		Collateral Pledged		Net Amount
Forward Currency Contracts
Barclays Bank plc	$	(94,564	)	$	94,564	$	—	$	—
Goldman Sachs International		(170,283	)		170,283		—		—
Swaps
Morgan Stanley Capital Services LLC		(728,281	)		209,626		518,655		—
Total	$	(993,128	)	$	474,473	$	518,655	$	—

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, 2019. These derivatives are not accounted for as hedging instruments.

47

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

The following table lists the fair values of the fund’s derivative holdings as of June 30, 2019, 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
Purchased Options		Investments in securities, at value	$	—			—	%	$	1,135,176			0.10	%	$	1,135,176
Total Return Equity Swap Contracts		Unrealized appreciation on swap contracts		—			—	%		209,626			0.01	%		209,626
Forward Currency Contracts		Unrealized appreciation on forward currency contracts		859,407			0.05	%		—			—	%		859,407
Financial Futures Contracts		Due from broker for futures variation margin*		—			—	%		657,629			0.04	%		657,629
Total Value – Assets			$	859,407					$	2,002,431					$	2,861,838
Written Options		Written option, at value	$	—			—	%	$	(245,762	)		0.01	%	$	(245,762	)
Total Return Equity Swap Contracts		Unrealized depreciation on swap contracts		—			—	%		(555,456	)		0.01	%		(555,456	)
Total Return Basket Swap Contracts		Unrealized depreciation on swap contracts		—			—	%		(172,825	)		0.02	%		(172,825	)
Forward Currency Contracts		Unrealized depreciation on forward currency contracts		(264,847	)		0.02	%		—			—	%		(264,847	)
Financial Futures Contracts		Due to broker for futures variation margin*		—			—	%		(3,114,997	)		0.10	%		(3,114,997	)
Total Value – Liabilities			$	(264,847	)				$	(4,089,040	)				$	(4,353,887	)

* 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, 2018 to and including June 30, 2019, 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.

** Includes appreciation (depreciation) on the date the contracts are opened through June 30, 2019. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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, 2019, 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	$	—	$	364,009	$	364,009
Written Options		Net realized gain (loss) on Written options		—		218,467		218,467
Swap Contracts		Net realized gain (loss) on Swaps contracts		—		19,334,446		19,334,446
Forward Currency Contracts		Net realized gain (loss) on Forward currency contracts		1,786,291		—		1,786,291
Financial Futures Contracts		Net realized gain (loss) on Financial futures contracts		—		24,708,375		24,708,375
Total Realized Gain (Loss)			$	1,786,291	$	44,625,297	$	46,411,588

48

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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, 2019, 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	$	—		$	(4,378,241	)	$	(4,378,241	)
Written Options		Net Change in Unrealized Appreciation (Depreciation) on Written options		—			(14,784	)		(14,784	)
Swap Contracts		Net Change in Unrealized Appreciation (Depreciation) on Swap contracts		—			1,781			1,781
Forward Currency Contracts		Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts		(1,226,027	)		—			(1,226,027	)
Financial Futures Contracts		Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts		—			628,009			628,009
Total Change in Appreciation (Depreciation)			$	(1,226,027	)	$	(3,763,235	)	$	(4,989,262	)

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, 2019, $463,821 remained payable and are 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, 2019, $39,900 remained payable and are 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. The costs for such services paid to TAS by the fund were $98,172 for period ended June 30, 2019 and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Operations. As of June 30, 2019, $822 remained payable and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Assets and Liabilities.

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 $24,147 from MAF for the period ended June 30, 2019 for service as independent chair. Fees paid for such services are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Operations. As of June 30, 2019, $12,057 remained payable and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Assets and Liabilities.

49

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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, 2019 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) LLC		0.80	%		—			NO

Fulcrum Fee Schedule [b] paid Monthly
Money Manager/Strategy	Floor			Cap			Fulcrum Fee			Benchmark		Excess Return to achieve Fulcrum fee
AJO, LP - Domestic Large Cap		0.10	%		0.50	%		0.30	%		S&P 500 Index		2.00	%

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% (d) (e)

Rolling 60 months

NO

1.33% (d) ANA

AQR Capital Management –  Europe, Australasia, Far East (“EAFE”)

0.30

%

—

NO

MSCI EAFE Index (net)

17%

Calendar year

NO

NO

AQR Capital Management – US

0.20

%

—

NO

Russell 1000 Total Return Index (net)

17%

Calendar year

NO

NO

Deep Basin Capital LP(f)

1.325

%

1.50

%

NO

16.25%

Calendar year

YES

NO

Hosking Partners LLP

0.28

%

—

NO

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

18% (e)

Rolling 60 months

NO

NO

Kopernik Global Investors, LLC

0.10

%

—

NO

MSCI All Country World Index (net)

20%

Calendar year

NO

NO

Mission Value Partners, LLC

0.50

%

0.75

%

YES

36 month blended hurdle of avg monthly change in Consumer Price Index x 12 + spread of 4% for months prior to April 1, 2019 and a flat 4.5% – 5.5% thereafter

10% (e)

Rolling 36 months

NO

1.00

%

Strategy Capital, LLC

Blended rate between 0.1875% and 0.10% (g)

0.75

%

YES

S&P 500 Index (net)

10%-20% (h)

Calendar year

NO

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.

50

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

(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.

(d) 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.

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

(f) Asset based fee rate is reduced over time as follows: 1.50% per annum on all assets from January 31, 2019 through August 31, 2019, 1.325% per annum on all assets from September 1, 2019 through August 31, 2020, 1.2% per annum on all assets thereafter unless if after September 1, 2021 the assets managed by in the Deep Basin long/short strategy exceed $750 million for two consecutive calendar quarters in which case the rate would be reduced to 1.125% per annum on all assets.

(g) Asset based fee minimum rate is a blended rate between 0.1875% and 0.10% based on manager assets.

(h) Performance fee rate based on average assets managed by Strategy Capital, LLC, excluding TIFF advised assets and assets of Strategy Capital, LLC and its affiliates.

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, 2019, $2,057,970 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, 2019, $2,737,521 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, 2019 were as follows:

	Purchases		Sales
Non-US Government Securities	$	945,451,957	$	1,196,152,578
US Government Securities		88,803,510		121,844,524

8.  Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2019 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, 2019, are as follows:

	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)			Tax Cost of Investments
Investments in securities	$	319,741,834	$	(271,994,608	)	$	47,747,226		$	2,338,349,158
Securities sold short		7,210,990		(9,159,879	)		(1,948,889	)		(150,339,734	)

51

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)		Tax Cost of Derivatives
Purchased option contracts		—		—		—		1,135,176
Financial futures contracts		—		—		—		(2,457,368	)
Forward currency contracts		—		—		—		594,560
Swap contracts		—		—		—		(518,655	)
Written option contracts		—		—		—		(245,762	)

The difference between the tax cost of securities and the cost of securities for GAAP purposes is primarily due to the tax treatment of wash sale losses, mark to market on derivatives, mark to market on passive foreign investment companies, total return swaps, partnerships, and tax adjustments related to holding offsetting positions such as straddles.

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

The amount and character of tax basis distributions and composition of net assets are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of June 30, 2019.

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, 2019:

Counterparty	Assets Subject to a Netting Provision or Similar Arrangement		Liabilities Available for Offset		Collateral Received			Net Amount
Fixed Income Clearing Corp.	$	99,102,703	$	—	$	(99,102,703	)	$	—
Total	$	99,102,703	$	—	$	(99,102,703	)	$	—

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

52

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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 enhancement will be required to reinvest their quarterly dividends and distributions.

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.

The fund may engage in short sales in which it sells a security it does not own. To complete such a transaction, the fund must borrow or otherwise obtain the security to make delivery to the buyer. The fund then is obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. The fund’s investment performance will suffer if a security that it has sold short appreciates in value.

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.

53

TIFF Multi-Asset Fund  June 30, 2019 

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 at https://www.tiff.org/mutualfunds/prospectusdisclosures/proxy.aspx 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-PORT. TIP’s Form N-PORT report is available on the website of the SEC at http://www.sec.gov.

54

TIFF Multi-Asset Fund  June 30, 2019 

Approval of Money Manager Agreements (Unaudited)

Approval of Amended Money Manager Agreement

During an in-person meeting held on March 20, 2019 (the “March Meeting”), the board of trustees of TIFF Investment Program (“TIP”), all of whom are not “interested persons” of TIP (the “board” or “trustees”), as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), evaluated and approved the amendment to the money manager agreement to amend and restate the fee schedule with Mission Value Partners, LLC (“Mission Value”), a money manager managing assets on behalf of TIFF Multi-Asset Fund (“Multi-Asset Fund” or “MAF”).

Consideration of the Amendment to the Money Manager Agreement to Amend and Restate the Fee Schedule with Mission Value

During the March Meeting, the board evaluated and approved the amendment to the money manager agreement with Mission Value for Multi-Asset Fund (the “Amendment”) in order to amend and restate the fee schedule. In considering the Amendment at the March Meeting, the board took into account information it had received in connection with its annual review of TIP’s investment advisory and money manager agreements and fees on June 12-13, 2018 (the “Annual Review”), including information with respect to the money manager agreement with Mission Value. The board noted that, at that time, it had approved the continuance of the money manager agreement between TIP, on behalf of Multi-Asset Fund, and Mission Value for another one-year term commencing July 1, 2018.

In connection with the Annual Review, the board had requested and considered a wide range of information from TIFF Advisory Services, Inc. (“TAS”), the advisor to Multi-Asset Fund, and Mission Value of the type it regularly considers when determining whether to continue Multi-Asset Fund’s money manager agreements as in effect from year to year. In approving the Amendment at the March Meeting, the board considered the same factors and information that it considered in approving the continuance of the money manager agreement with Mission Value at the Annual Review, as well as such other information as the board considered appropriate. During the Annual Review, the board considered information regarding Mission Value’s personnel and services, investment mandate, investment strategies and philosophies, portfolio management, performance, and fees and expenses. Information about Mission Value’s brokerage practices was also provided, including allocation methodologies, best execution policies, commission rates, and soft dollar program, as applicable. In addition, the board considered information with respect to the compliance, risk management, and administration of Mission Value, including, but not limited to, its code of ethics and business continuity procedures, as well as information concerning any material violations of such compliance programs, the background of the individual serving as the chief compliance officer, and disclosure about regulatory examinations or other inquiries and litigation proceedings affecting Mission Value.

The board noted that the purpose of the Amendment was to amend and restate the fee schedule included in the current money manager agreement with Mission Value for Multi-Asset Fund, and that otherwise the terms of Mission Value’s current money manager agreement remained unchanged since its review and approval as part of the Annual Review. The board also noted that TAS recommended approval of the Amendment, which revised both the asset-based fee component and the performance fee component of the fee schedule with the goal and expectation of lowering fees in most circumstances. The board noted that under the Amendment the monthly asset-based fee rate would decrease as compared to the rate currently paid to Mission Value by MAF, and that the calculation of the performance fee would be simplified, which should reduce the overall fees paid to Mission Value, although there are some situations, particularly if inflation (as captured by the Consumer Price Index) increases above current levels and Mission Value’s absolute performance is high, in which the fee that MAF pays to Mission Value would be higher under the revised fee schedule included in the Amendment. In this regard the board considered the materials provided by TAS discussing the changes included in the Amendment and their potential impact, including their impact to fees over the life of the agreement and, in particular, noting those potential situations where the fees paid to Mission Value would be higher than under the current money manager agreement. The board also noted that the TAS materials included confirmation from Mission Value that the change to the fee schedule would not result in any changes to the nature, quality, or extent of investment advisory services to be provided to Multi-Asset Fund by Mission Value.

At the March Meeting, the board also noted that in connection with the Annual Review, the board (1) considered a memorandum from its independent counsel setting forth the board’s fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the board should consider in its evaluation of a money manager agreement; and (2) reviewed Mission Value’s responses to a questionnaire prepared by the trustees’ independent counsel requesting information necessary for the trustees’ evaluation of the money manager agreement with Mission Value.

55

TIFF Multi-Asset Fund  June 30, 2019 

The board noted the information received at regular meetings throughout the year related to the services rendered by Mission Value concerning the management of Multi-Asset Fund’s portfolio. The board’s evaluation of the services provided by Mission Value took into account the board’s knowledge and familiarity gained as board members regarding the scope and quality of Mission Value’s investment management capabilities. The board concluded that, overall, it was satisfied with the nature, quality, and extent of the services currently being provided, and expected to be provided, by Mission Value. Consistent with the approach taken by the board at the Annual Review, (1) the board did not specifically consider the profitability or expected profitability of Mission Value resulting from its relationship with Multi-Asset Fund because Mission Value is not affiliated with TAS or TIP, except by virtue of serving as a money manager to Multi-Asset Fund, and the fees to be paid to Mission Value were negotiated on an arm’s-length basis in a competitive marketplace, and (2) the board noted that the Amendment with Mission Value included breakpoints that would enable Multi-Asset Fund to benefit from economies of scale, and also included a performance fee which aligned Mission Value’s interests with those of Multi-Asset Fund.

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

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

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

*    *    *

Approval of the Advisory Agreements and Money Manager Agreements

During an in-person meeting held on June 10 -11, 2019 (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 investment advisor to TIFF Multi-Asset Fund (“Multi-Asset Fund” or “MAF”) and TIFF Short-Term Fund (“Short-Term Fund”), as well as the money manager agreements between Multi-Asset Fund and its money managers (as sub-advisors) (“Money Manager Agreements”)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.

¹ The money managers that the Board considered for renewal are: AJO, LP; Amundi Pioneer Institutional Asset Management, Inc.; AQR Capital Management, LLC, Fundsmith, LLP; Green Court Capital Management Limited; Hosking Partners LLP; Kopernik Global Investors, LLC; Lansdowne Partners (UK) LLP; Mission Value Partners, LLC; and TB Alternative Assets Ltd. (Trustbridge).

56

TIFF Multi-Asset Fund  June 30, 2019 

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 submitted 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 total 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 MAF assets under management, effective fee rates and fees paid to each money manager in 2018, 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, 2018; (7) certain financial information about TAS, including its audited financial statements for the year ended December 31, 2018; and (8) the direct and indirect benefits that accrue to TAS and its affiliates, and to the money managers, from their relationships with the Funds, which include 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.

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.

57

TIFF Multi-Asset Fund  June 30, 2019 

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)

AQR Capital Management
Russell 1000 (Domestic mandate)
MSCI EAFE Index (EAFE 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

Mission Value Partners, LL
CUS CPI Urban Consumers Index plus a specified spread
70% MSCI Japan Index/30% MSCI World Index

TB Alternative Assets Ltd.
50% MSCI China Index/50% CSI 300 Index

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

In particular, the Board reviewed Multi-Asset Fund’s performance against its benchmarks (the three self-selected benchmarks were the MAF Constructed Index, based on the normal allocation to each asset class, the 65/35 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 one-, three-, and five-year periods ended March 31, 2019, and exceeded the MAF Constructed Index for the ten-year period ended March 31, 2019. Multi-Asset Fund’s returns lagged the 65/35 Mix for the one-, three-, five-, ten-year periods ended March 31, 2019. Multi-Asset Fund’s returns exceeded the CPI + 5% benchmark for the ten-year period and lagged the CPI + 5% benchmark for the one-, three-, and five-year periods ended March 31, 2019. Multi-Asset Fund’s returns exceeded the average of the Broadridge MAF peer universe for the three-, five- and ten-year periods ended March 31, 2019, but lagged this average for the one-year period ended March 31, 2019.

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

58

TIFF Multi-Asset Fund  June 30, 2019 

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 ten other institutional flexible portfolio funds as classified by Broadridge. The actual advisory fees of Multi-Asset Fund were below 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 with the money managers, which can lead to higher advisory fees when money managers perform well. The total expenses of Multi-Asset Fund, including the underlying fund expenses, exceeded the median of the MAF expense peer group for the latest fiscal year, but were below the median excluding underlying fund expenses. 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 that the amended money manager agreement with Lansdowne Partners (UK) LLP (“Lansdowne”) permits MAF to directly compensate Lansdowne for third-party research costs.

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, 2019 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, 2019. 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, 2019, 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 twelve 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.

59

TIFF Multi-Asset Fund  June 30, 2019 

Results of Review of Advisory Agreements

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

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

*    *    *

Approval of Money Manager Agreements

During an in-person meeting held on June 10-11, 2019 (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”), evaluated and approved a money manager agreement between TIP and NewGen Asset Management (“NewGen”) a new money manager proposed to manage assets on behalf of TIFF Multi-Asset Fund (“Multi-Asset Fund” or “MAF”).

Approval of the Money Manager Agreement between TIP and NewGen

During the June Meeting, the board evaluated and approved the money manager agreement for Multi-Asset Fund with a new money manager, NewGen (the “NewGen Agreement”). In this regard, the board requested and considereda wide range of information from NewGen and TIFF Advisory Services, Inc. (“TAS”), the investment advisor to Multi-Asset Fund, in advance of the June Meeting, and at the June Meeting the trustees reviewed this information with TAS staff and separately in executive session with the trustees’ independent legal counsel. Among other matters, the board considered information regarding NewGen’s personnel and services, investment strategies and philosophies and portfolio management, including the experience of NewGen’s investment personnel. The board also considered NewGen’s potential portfolio holdings, fees and expenses, and information detailing the performance of NewGen’s investment strategy since its inception. The board noted that the proposed management fee for the investment strategy to be implemented by NewGen on behalf of Multi-Asset Fund included a discounted management fee and a performance fee which aligned NewGen’s interests with those of Multi-Asset Fund. Information about NewGen’s proposed brokerage practices and best execution policies was also provided. In addition, the board considered information with respect to the compliance and administration of NewGen, including, but not limited to, its code of ethics and business continuity procedures, as well as information concerning any material violations of such compliance programs, the background of the individual serving as the chief compliance officer, and disclosure about regulatory examinations or other inquiries and litigation proceedings affecting NewGen.

The board also considered a memorandum from its independent counsel setting forth the board’s fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the board should consider in its evaluation of the NewGen Agreement. The board also reviewed NewGen’s responses to a questionnaire prepared by the trustees’ independent counsel requesting information necessary for the trustees’ evaluation of the NewGen Agreement. In addition, during the June Meeting, TAS staff (1) reviewed the process undertaken and due diligence performed in assessing NewGen as a possible money manager for Multi-Asset Fund, and (2) responded to additional questions from the board regarding, among other things,

60

TIFF Multi-Asset Fund  June 30, 2019 

NewGen’s operating structure and compliance program, including information about NewGen’s operational and compliance staffing and the level of resources dedicated to NewGen’s compliance functions.

The board also considered a number of additional factors in evaluating the NewGen Agreement: the advisory services NewGen was expected to provide to MAF; the investment risks presented by the investment strategy that NewGen intended to employ; the potential benefits of including NewGen as a money manager to MAF; operational matters and additional costs related to the implementation of NewGen’s investment strategies and related risks; and other information deemed relevant.

The board concluded that, overall, it was satisfied with the nature, extent, and quality of the services expected to be provided under the NewGen Agreement. The board based its evaluation on the material factors presented to it at the June Meeting and discussed above, including: (1) the terms of the NewGen Agreement; (2) the reasonableness of the money manager’s fees in light of the nature and quality of the services to be provided and any additional benefits to be received by NewGen in connection with providing services to Multi-Asset Fund; (3) the nature, quality, and extent of the services expected to be performed by NewGen; and (4) the nature and expected effects of adding NewGen as a money manager of Multi-Asset Fund. The board did not specifically consider the profitability of NewGen expected to result from its relationship with Multi-Asset Fund because NewGen is not affiliated with TAS or TIP, except by virtue of serving as a money manager, and the fees to be paid to NewGen were negotiated on an arm’s-length basis in a competitive marketplace.

In arriving at its decision to approve the NewGen Agreement, the board did not single out any one factor or group of factors as being more important than the other factors, but considered all of these factors together. After carefully considering the information summarized above and all factors deemed to be relevant, the board unanimously voted to approve the NewGen Agreement. Prior to the vote being taken, the board met separately in executive session to discuss the appropriateness of the NewGen Agreement and other considerations.

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

61

TIFF Multi-Asset Fund  June 30, 2019 

Index Descriptions

Consumer Price Indexis 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 Index tracks large-capitalization stocks worldwide.

The MSCI All Country World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the US) and 26 Emerging Markets countries. With 2,205 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

MSCI China Index tracks large and mid|L-cap segments of the China equity universe across China H shares, B shares, red chips, P chips, and foreign listings and is comprised of 491 constituents.

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

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

MSCI Emerging Markets Indextracks the performance of the performance of large- and mid-cap securities in 26 Emerging Markets.

The MSCI USA Momentum Index is based on MSCI USA Index, its parent index, which captures large and mid-cap stocks of the US market. It reflects the performance of an equity momentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover.

The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. With 639 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.

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/Citigroup Growth Index tracks the performance of mid capitalization growth section of the US equity market.

62

TIFF Short-Term Fund  June 30, 2019 

Internet Availability of Shareholder Reports

Beginning on January 2, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of TIFF Short-Term Fund’s (the “Fund”) annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of these reports from the Fund. Instead, these reports will be made available on the Fund’s website, and you will be notified by e-mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by calling TIFF Member Services at 800-984-0084 or by sending an e-mail request to memberservices@tiff.org.

You may elect to receive all future shareholder reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling TIFF Member Services at 800-984-0084 or by sending an e-mail request to memberservices@tiff.org. Your election to receive reports in paper will apply to all TIP funds that you hold.

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, 2019 to June 30, 2019.

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 1/1/19		Ending Account Value 06/30/19		Expenses Paid During the Period* 1/1/19 – 6/30/19
1) Actual	$	1,000.00	$	1,013.10	$	1.25
2) Hypothetical	$	1,000.00	$	1,023.55	$	1.25

* Expenses are equal to the fund’s annualized expense ratio of 0.25% (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		71.7	%
US Treasury Bonds/Notes		27.5	%
Repurchase Agreement		3.7	%
Total Investments		102.9	%
Liabilities in Excess of Other Assets		(2.9	)%
Net Assets		100.0	%

63

TIFF Short-Term Fund  June 30, 2019 

Financial Highlights

	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
For a share outstanding throughout each period
Net asset value, beginning of period	$	9.86		$	9.86		$	9.86		$	9.86		$	9.87		$	9.89
Income (loss) from investment operations
Net investment income (loss)		0.12			0.17			0.06			0.01			(0.01	)		(0.03	)
Net realized and unrealized gain on investments		0.01			0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.01
Total from investment operations		0.13			0.17			0.06			0.01			(0.01	)		(0.02	)
Less distributions from
Net investment income		(0.12	)		(0.17	)		(0.06	)		(0.01	)		—			—
Total distributions		(0.12	)		(0.17	)		(0.06	)		(0.01	)		—			—
Net asset value, end of period	$	9.87		$	9.86		$	9.86		$	9.86		$	9.86		$	9.87
Total return (b)		1.31%	(c)		1.74	%		0.64	%		0.13	%		(0.10	)%		(0.20	)%
Ratios/supplemental data
Net assets, end of period (000s)	$	65,162		$	80,341		$	84,612		$	83,729		$	97,168		$	104,383
Ratio of expenses to average net assets		0.25%	(d)		0.23	%		0.23	%		0.24	%		0.22	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.35%	(d)		1.69	%		0.63	%		0.15	%		(0.09	)%		(0.28	)%
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, 2019 

Schedule of Investments (Unaudited)*

	Principal Amount		Value
Investments — 102.9% of net assets
Short-Term Investments — 102.9%
Repurchase Agreement — 3.7%
Fixed Income Clearing Corp. issued on 06/28/19 (proceeds at maturity $2,420,643) (collateralized by US Treasury Notes, due 03/31/21 with a total par value of $2,440,000 and a total market value of $2,472,101) 0.500%, 07/01/19
(Cost $2,420,542)	$	2,420,542	$	2,420,542
US Treasury Bills (a) — 71.7%
U.S. Treasury Bill, 2.547%, due on 07/05/19		10,000,000		9,997,244
U.S. Treasury Bill, 2.422%, due on 07/09/19		4,000,000		3,997,885
U.S. Treasury Bill, 2.294%, due on 08/06/19		1,000,000		997,745
U.S. Treasury Bill, 2.146%, due on 08/27/19 (b)		2,000,000		1,993,437

	Principal Amount		Value
U.S. Treasury Bill, 2.643%, due on 09/12/19	$	13,000,000	$	12,945,630
U.S. Treasury Bill, 2.552%, due on 02/27/20		17,000,000		16,778,364
Total US Treasury Bills (Cost $46,640,341)				46,710,305
US Treasury Bonds/Notes — 27.5%
U.S. Treasury Note, 1.000%, 10/15/19		6,000,000		5,980,781
U.S. Treasury Note, 1.000%, 11/15/19		6,000,000		5,974,688
U.S. Treasury Note, 1.000%, 11/30/19		6,000,000		5,972,109
Total US Treasury Bonds/Notes (Cost $17,891,208)				17,927,578
Total Short-Term Investments (Cost $66,952,091)				67,058,425
Total Investments — 102.9% (Cost $66,952,091)				$67,058,425
Liabilities in Excess of Other Assets — (2.9)%				(1,896,029	)
Net Assets — 100.0%				$65,162,396

* Approximately 3% of the fund’s total investments are maintained to cover “senior securities transactions” which may include, but are not limited to TBAs. These securities are marked-to-market daily and reviewed against the value of the fund’s “senior securities” holdings to maintain proper coverage for the transactions.

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

(b) Security is valued in good faith under procedures established by the board of trustees. The aggregate amount of securities fair valued amounts to $1,993,437, which represents 3.1% of the fund’s net assets.

See accompanying Notes to Financial Statements.

65

TIFF Short-Term Fund

Statement of Assets and Liabilities (Unaudited)

	June 30, 2019
Assets
Investments in securities, at value (cost: $64,531,549)	$	64,637,883
Repurchase agreements (cost: $2,420,542)		2,420,542
Total investments (cost: $66,952,091)		67,058,425
Receivables:
Investment securities sold		999,946
Interest		87,733
Prepaid expenses		7,365
Total Assets		68,153,469
Liabilities
Payables:
Investment securities purchased		1,993,437
Capital stock redeemed		894,500
Fund administration and custody fees		55,868
Accrued professional fees		32,340
Distributions		10,611
Investment advisory and administrative fees		2,336
Chief Compliance Officer’s costs and Trustee’s fees		285
Accrued expenses and other liabilities		1,696
Total Liabilities		2,991,073
Net Assets	$	65,162,396
Shares Outstanding (unlimited authorized shares, par value $0.001)		6,601,027
Net Asset Value Per Share	$	9.87
Net Assets Consist of:
Capital stock	$	65,070,150
Total distributable earnings (loss)		92,246
Net Assets	$	65,162,396

See accompanying Notes to Financial Statements.

66

TIFF Short-Term Fund

Statement of Operations (Unaudited)

	Six Months Ended June 30, 2019
Investment Income
Interest	$	974,406
Total Investment Income		974,406
Expenses
Fund administration and custody fees		30,911
Professional fees		24,617
Shareholder Registration fees		13,875
Investment advisory fees		11,265
Chief Compliance Officer’s costs and Trustee’s fees		3,764
Administrative fees		3,755
Miscellaneous fees and other		4,790
Total Expenses		92,977
Net Investment Income		881,429
Net Realized Gain from Investments		31,121
Net Change in Unrealized Appreciation on Investments		96,005
Net Realized and Unrealized Gain on Investments		127,126
Net Increase in Net Assets Resulting from Operations	$	1,008,555

See accompanying Notes to Financial Statements.

67

TIFF Short-Term Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets From Operations
Net investment income	$	881,429		$	1,395,913
Net realized gain (loss) from investments		31,121			(40,538	)
Net change in unrealized appreciation on investments		96,005			26,022
Net Increase in Net Assets Resulting from Operations		1,008,555			1,381,397
Distributions
Distributions to shareholders		(883,525	)		(1,386,422	)
Decrease in Net Assets Resulting from Distributions		(883,525	)		(1,386,422	)
Capital Share Transactions
Proceeds from shares sold		31,639,148			100,495,407
Proceeds from distributions reinvested		791,921			1,257,658
Cost of shares redeemed		(47,734,819	)		(106,018,603	)
Net Decrease From Capital Share Transactions		(15,303,750	)		(4,265,538	)
Total Decrease in Net Assets		(15,178,720	)		(4,270,563	)
Net Assets
Beginning of period		80,341,116			84,611,679
End of period	$	65,162,396		$	80,341,116
Capital Share Transactions (in shares)
Shares sold		3,204,984			10,191,037
Shares reinvested		80,305			127,660
Shares redeemed		(4,834,762	)		(10,751,401	)
Net Decrease		(1,549,473	)		(432,704	)

See accompanying Notes to Financial Statements.

68

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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, 2019, 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 schedule of investments 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, 2019, all of the fund’s investments were valued using Level 2 inputs; therefore, there were no transfers to or from Level 3 investments.

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, 2019 

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, 2015 – December 31, 2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

Expenses

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

Dividends to Members

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

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

Net Asset Value

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

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

TIP’s board of trustees (the “board”) has approved an investment advisory agreement with TIFF Advisory Services, Inc. (“TAS”), 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, 2019, $1,752 remained payable and are 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, 2019, $584 remained payable and is 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. The costs for such services paid to TAS by the fund were $3,044 for the period ended June 30, 2019 and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Operations. As of June 30, 2019, $25 was prepaid and is included as an offset in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Assets and Liabilities.

70

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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 $720 from STF for the period ended June 30, 2019 for service as independent chair. Fees paid for such services are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Operations. As of June 30, 2019, $310 remained payable and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Assets and Liabilities.

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, 2019, $55,868 remained payable and reflected as fund administrative and custody fees on Statement of Assets and Liabilities.

5.  Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2019 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, 2019 are as follows:

Gross Unrealized           Appreciation	Gross Unrealized Depreciation		Net Unrealized Appreciation		Cost
$106,334		$—		$106,334		$66,952,091

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

The amount and character of tax basis distributions and composition of net assets are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of June 30, 2019.

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.	$	2,420,542	$	—	$	(2,420,542	)	$	—
Total	$	2,420,542	$	—	$	(2,420,542	)	$	—

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.

71

TIFF Short-Term Fund / Notes to Financial Statements (Unaudited)  June 30, 2019 

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

From time to time, a fund may have members that hold significant portions of the fund’s outstanding shares. Investment activities of such members could have a material impact on the fund. As of June 30, 2019, TAS, the advisor to the fund, owned 47% 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, 2019 

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 at https://www.tiff.org/mutualfunds/prospectusdisclosures/proxy.aspx 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-PORT. TIP’s Form N-PORT reports are available on the website of the SEC at http://www.sec.gov.

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 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 60 portfolios). Formerly, Chief Executive Officer, Imprint Capital Advisors, LLC, an investment advisor exclusively focused on impact investing (2013 – 2015). Other Directorships: F.B. Heron Foundation; Mutual Fund Directors Forum.
Craig R. Carnaroli
Born 1963 Trustee since January 2012 2 funds overseen	Principal Occupation(s) During the Past Five Years: Executive Vice President, University of Pennsylvania. Other Directorships: University City District; University City Science Center; Philadelphia Industrial Development Corp.; Visit Philadelphia; The Connelly Foundation, a private grantmaking foundation.
Mark L. Baumgartner
Born 1969 Trustee since September 2016 2 funds overseen	Principal Occupation(s) During the Past Five Years: Chief Investment Officer, Institute for Advanced Study, a private, independent academic institution (2014 – present). Other Directorships: Trustee, YMCA Retirement Fund.

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., Investment Committee Member of the Financial Industry Regulatory Authority (FINRA), Compensation Committee member, Mercy Investment Services, Inc., Nelson Foundation, and Advisor to the Board, Catholic Investment Services, Inc.
Jay L. Willoughby
Born 1958 Chief Investment Officer since October 2015	Principal Occupation(s) During the Past Five Years: Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present); CIO, Alaska Permanent Fund Corp., a sovereign wealth fund of the State of Alaska (2011 – 2015). Directorships: Sustainability Accounting Standards Board (SASB) Foundation.
Katherine M. Billings
Born 1980 CFO and Treasurer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present); Director, among other positions, PricewaterhouseCoopers, LLP (2002 – 2017).
Zane T. Hamid
Born 1981 Vice President since December 2017	Principal Occupation(s) During the Past Five Years: Vice President and Head of Fund Operations (2017-present); Deputy Head of Fund Operations (2013 – 2017), TIFF Advisory Services, Inc.
Kelly A. Lundstrom
Born 1964 Vice President since September 2006	Principal Occupation(s) During the Past Five Years: Vice President and Chief Strategy and People Officer (2018 – present); Vice President and Head of Operations (2006 – 2017), TIFF Advisory Services, Inc.
Christian A. Szautner
Born 1972 CCO since July 2008; Vice President, Secretary, and Chief Legal Officer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President and Chief Compliance Officer, TIFF Advisory Services, Inc.; General Counsel — Regulatory and Assistant Secretary (2017 – present), TIFF Advisory Services, Inc.
Robert J. Zion
Born 1961 Vice President and COO since March 2017, Assistant Treasurer since July 2017	Principal Occupation(s) During the Past Five Years: Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. (March 2017 – present); Chief Operating Officer, among other positions, Hirtle Callaghan & Co. (1991 – 2017).

75

TIFF Investment Program

MONEY MANAGERS AND ACQUIRED FUND (“AF”) MANAGERS

TIFF Multi-Asset Fund
AHL Partners LLP (AF)*
AJO, LP
Amundi Pioneer Institutional Asset Management, Inc.
AQR Capital Management, LLC
Canyon Capital Advisors LLC (AF)
Deep Basin Capital LP
Eversept Partners, LP (AF)
Farallon Capital Management, LLC (AF)
Fundsmith, LLP
Green Court Capital Management Limited
GSA Capital Ltd. (AF)
Honeycomb Asset Management LP (AF)
Hosking Partners LLP
Kopernik Global Investors, LLC
Lansdowne Partners (UK) LLP
Lansdowne Partners Limited (AF)
Mission Value Partners, LLC
Neo Ivy Capital Management, LLC (AF)
Och-Ziff Capital Management Group (AF)
QVT Financial LP (AF)
RK Capital Management, LLC (“Tessera”) (AF)
Strategy Capital, LLC
TB Alternative Assets Ltd. (“Trustbridge”)
TIFF Advisory Services, Inc.

TIFF 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
 

* Manager is no longer managing assets for the fund at June 30, 2019.

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 https://www.tiff.org/mutualfunds/prospectusdisclosures/proxy.aspx. 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 Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

(a)(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 26, 2019

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 26, 2019

By (Signature and Title)	/s/ Katherine M. Billings
	Katherine M. Billings, Treasurer and Chief Financial Officer
Date	August 26, 2019