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) |
Clarence Kane Brenan President and Chief Executive Officer TIFF Investment Program 170 N. Radnor Chester Road, Suite 300 Radnor, PA 19087
with a copy to: Kristin H. Ives, Esq. Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 | |
(Name and address of agent for service) |
Registrant’s telephone number, including area code: | 610.684.8000 |
Date of fiscal year end: | 12/31/2020 | |
Date of reporting period: | 01/01/2020 – 12/31/2020 |
Item 1. Reports to Stockholders.
| | | TIFF Investment Program | | ||||
| 2020 Annual Report | | | DECEMBER 31, 2020 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Internet Availability of Shareholder Reports | | | | | 2 | | |
| Portfolio Management Review | | | | | 2 | | |
| Fund Performance | | | | | 4 | | |
| Fund Expenses | | | | | 7 | | |
| Financial Highlights | | | | | 8 | | |
| Schedule of Investments | | | | | 9 | | |
| Statement of Assets and Liabilities | | | | | 28 | | |
| Statement of Operations | | | | | 29 | | |
| Statements of Changes in Net Assets | | | | | 30 | | |
| Statement of Cash Flows | | | | | 31 | | |
| Notes to Financial Statements | | | | | 32 | | |
| | | | | 50 | | | |
| Additional Information | | | | | 51 | | |
| Approval of Money Manager Agreements | | | | | 52 | | |
| Index Descriptions | | | | | 56 | | |
| TIFF Short-Term Fund | | ||||||
| Internet Availability of Shareholder Reports | | | | | 58 | | |
| Portfolio Management Review | | | | | 58 | | |
| Fund Performance | | | | | 59 | | |
| Fund Expenses | | | | | 60 | | |
| Financial Highlights | | | | | 61 | | |
| Schedule of Investments | | | | | 62 | | |
| Statement of Assets and Liabilities | | | | | 63 | | |
| Statement of Operations | | | | | 64 | | |
| Statements of Changes in Net Assets | | | | | 65 | | |
| Notes to Financial Statements | | | | | 66 | | |
| | | | | 70 | | | |
| Additional Information | | | | | 71 | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | 72 | | |
| About TIFF | |
| TIFF Mutual Funds | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Internet Availability of Shareholder Reports | |
| Portfolio Management Review (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Portfolio Management Review (Unaudited) (continued) | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. Performance data for the most recent month-end and additional performance information may be obtained by visiting https://tipfunds.org/files/performance/Mutual%20Fund%20Standardized%20Performance.pdf. MAF segment or category returns reflect the deduction of management fees earned by relevant managers but not the deduction of other fees and expenses of the fund. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses. Manager exposures and the performance described above may be achieved via separate accounts, via funds offered by such managers. The fund may use leverage; invests in illiquid securities, non-US securities, small capitalization stocks, derivatives, and below investment grade bonds; and engages in shortselling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund’s assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor’s or Baa by Moody’s) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as “junk bonds.” As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager and the fund may not be able to combine money managers such that their styles are complementary. | |
| Fund Performance (Unaud ited)Total return for the periods ended 12/31/20 | |
| | | Calendar Year 2020 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Before Deduction of Entry/Exit Fees | | | | | 18.48% | | | | | | 7.97% | | | | | | 9.22% | | | | | | 7.02% | | | | | | 7.95% | | | | | | 616.72% | | |
After Deduction of Entry/Exit Fees* | | | | | 17.65% | | | | | | 7.72% | | | | | | 9.07% | | | | | | 6.95% | | | | | | 7.92% | | | | | | 611.37% | | |
MSCI ACW Index | | | | | 16.25% | | | | | | 10.05% | | | | | | 12.24% | | | | | | 9.12% | | | | | | 7.55% | | | | | | 552.12% | | |
CPI + 5% per annum | | | | | 6.42% | | | | | | 6.93% | | | | | | 7.03% | | | | | | 6.81% | | | | | | 7.22% | | | | | | 502.99% | | |
MAF Constructed Index | | | | | 13.37% | | | | | | 8.33% | | | | | | 9.48% | | | | | | 6.56% | | | | | | 7.41% | | | | | | 530.64% | | |
65/35 Mix | | | | | 13.90% | | | | | | 8.80% | | | | | | 9.74% | | | | | | 7.52% | | | | | | 7.17% | | | | | | 495.43% | | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Performance of a $2,500,000 Investment (Unaudited) Ten year period ended 12/31/20 | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Summary Schedule of Investments (Unaudited) | |
| Foreign Common Stocks | | | | | 33.5% | | |
| US Common Stocks | | | | | 30.8% | | |
| Private Investment Funds | | | | | 12.2% | | |
| Repurchase Agreement | | | | | 11.6% | | |
| US Treasury Bonds/Notes | | | | | 6.5% | | |
| Exchange-Traded Funds (ETFs) | | | | | 6.0% | | |
| US Treasury Bills | | | | | 5.4% | | |
| Participation Notes | | | | | 0.4% | | |
| Preferred Stocks | | | | | 0.2% | | |
| Warrants | | | | | 0.1% | | |
| Purchased Option Contracts | | | | | 0.1% | | |
| Structured Notes | | | | | 0.0% | | |
| Rights | | | | | 0.0% | | |
| Corporate Bonds | | | | | 0.0% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 106.8% | | |
| Securities Sold Short | | | | | (6.8)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 0.0% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Fund Expenses (Unaudited) | |
| | | Including Expenses for Securities Sold Short* | | | Excluding Expenses for Securities Sold Short* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 7/1/20 | | | Ending Account Value 12/31/20 | | | Expenses Paid During the Period** 7/1/20 – 12/31/20 | | | Beginning Account Value 7/1/20 | | | Ending Account Value 12/31/20 | | | Expenses Paid During the Period** 7/1/20 – 12/31/20 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,184.00 | | | | | $ | 13.61 | | | | | $ | 1,000.00 | | | | | $ | 1,184.00 | | | | | $ | 12.02 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,012.67 | | | | | $ | 12.55 | | | | | $ | 1,000.00 | | | | | $ | 1,014.13 | | | | | $ | 11.09 | | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Financial Highlights | |
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | |||||||||||||||
For a share outstanding throughout each period | | ||||||||||||||||||||||||||||||
Net asset value, beginning of year | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | | | | $ | 14.25 | | |
Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) | | | | | (0.14) | | | | | | 0.12 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 0.10 | | |
Net realized and unrealized gain (loss) on investments | | | | | 2.75 | | | | | | 2.05 | | | | | | (1.63) | | | | | | 2.48 | | | | | | 0.51 | | |
Total from investment operations | | | | | 2.61 | | | | | | 2.17 | | | | | | (1.51) | | | | | | 2.55 | | | | | | 0.61 | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | — | | | | | | — | | | | | | (0.25) | | | | | | (0.75) | | | | | | (0.04) | | |
Net realized gains | | | | | (0.15) | | | | | | — | | | | | | (0.67) | | | | | | (1.41) | | | | | | (0.30) | | |
Return of capital | | | | | — | | | | | | — | | | | | | (0.10) | | | | | | — | | | | | | (0.42) | | |
Total distributions | | | | | (0.15) | | | | | | — | | | | | | (1.02) | | | | | | (2.16) | | | | | | (0.76) | | |
Entry/exit fee per share (a) | | | | | 0.03 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Net asset value, end of year | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | |
Total return (b) | | | | | 18.57%(c) | | | | | | 18.39% | | | | | | (10.27)% | | | | | | 18.24% | | | | | | 4.45% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000s) | | | | $ | 1,563,172 | | | | | $ | 1,912,954 | | | | | $ | 2,498,944 | | | | | $ | 3,754,026 | | | | | $ | 4,126,979 | | |
Ratio of expenses to average net assets (d) | | | | | 2.22%(e) | | | | | | 1.00% | | | | | | 0.78% | | | | | | 0.94% | | | | | | 0.90% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (d) | | | | | 1.92%(e) | | | | | | 0.78% | | | | | | 0.72% | | | | | | 0.93% | | | | | | 0.87% | | |
Ratio of net investment income (loss) to average net assets | | | (0.97)% | | | | | 0.92% | | | | | | 0.85% | | | | | | 0.47% | | | | | | 0.70% | | | |||
Portfolio turnover | | | | | 146% | | | | | | 114% | | | | | | 66% | | | | | | 58% | | | | | | 65% | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Investments — 106.8% of net assets | | ||||||||||||
Common Stocks — 64.3% | | ||||||||||||
US Common Stocks — 30.8% | | ||||||||||||
Aerospace & Defense — 1.0% | | ||||||||||||
Curtiss-Wright Corp. | | | | | 2,104 | | | | | $ | 244,800 | | |
General Dynamics Corp. | | | | | 1,051 | | | | | | 156,410 | | |
Hexcel Corp. | | | | | 992 | | | | | | 48,102 | | |
Howmet Aerospace, Inc. | | | | | 14,671 | | | | | | 418,710 | | |
Huntington Ingalls Industries, Inc. (b) | | | | | 2,974 | | | | | | 507,008 | | |
Lockheed Martin Corp. | | | | | 1,305 | | | | | | 463,249 | | |
Northrop Grumman Corp. | | | | | 1,720 | | | | | | 524,118 | | |
Raytheon Technologies Corp. | | | | | 2,400 | | | | | | 171,624 | | |
TransDigm Group, Inc. (a) | | | | | 19,985 | | | | | | 12,367,717 | | |
| | | | | | | | | | | 14,901,738 | | |
Air Freight & Logistics — 0.0% | | | | ||||||||||
FedEx Corp. | | | | | 1,621 | | | | | | 420,844 | | |
Airlines — 0.0% | | ||||||||||||
Alaska Air Group, Inc. | | | | | 2,117 | | | | | | 110,084 | | |
Auto Components — 0.0% | | ||||||||||||
BorgWarner, Inc. | | | | | 2,773 | | | | | | 107,149 | | |
Dana, Inc. | | | | | 8,309 | | | | | | 162,192 | | |
Goodyear Tire & Rubber Co. (The) | | | | | 37,519 | | | | | | 409,332 | | |
| | | | | | | | | | | 678,673 | | |
Automobiles — 0.2% | | ||||||||||||
Ford Motor Co. | | | | | 63,000 | | | | | | 553,770 | | |
Tesla, Inc. (a) | | | | | 2,946 | | | | | | 2,078,904 | | |
Thor Industries, Inc. | | | | | 721 | | | | | | 67,046 | | |
| | | | | | | | | | | 2,699,720 | | |
Beverages — 0.7% | | ||||||||||||
Brown-Forman Corp., Class B | | | | | 57,195 | | | | | | 4,542,999 | | |
Coca-Cola Co. (The) | | | | | 6,731 | | | | | | 369,128 | | |
PepsiCo, Inc. | | | | | 37,127 | | | | | | 5,505,934 | | |
| | | | | | | | | | | 10,418,061 | | |
Biotechnology — 0.3% | | ||||||||||||
AbbVie, Inc. (b) | | | | | 9,851 | | | | | | 1,055,535 | | |
Alexion Pharmaceuticals, Inc. (a) | | | | | 792 | | | | | | 123,742 | | |
Biogen, Inc. (a) (b) | | | | | 4,031 | | | | | | 987,031 | | |
BioMarin Pharmaceutical, Inc. (a) | | | | | 1,514 | | | | | | 132,763 | | |
Emergent BioSolutions, Inc. (a) | | | | | 684 | | | | | | 61,286 | | |
Exelixis, Inc. (a) | | | | | 9,639 | | | | | | 193,455 | | |
Gilead Sciences, Inc. (b) | | | | | 10,069 | | | | | | 586,620 | | |
Moderna, Inc. (a) | | | | | 720 | | | | | | 75,218 | | |
United Therapeutics Corp. (a) | | | | | 3,629 | | | | | | 550,846 | | |
Vertex Pharmaceuticals, Inc. (a) | | | | | 3,682 | | | | | | 870,204 | | |
| | | | | | | | | | | 4,636,700 | | |
Building Products — 0.1% | | ||||||||||||
Carrier Global Corp. | | | | | 6,778 | | | | | | 255,666 | | |
Johnson Controls International plc | | | | | 16,776 | | | | | | 781,594 | | |
| | | | | | | | | | | 1,037,260 | | |
Capital Markets — 0.3% | | ||||||||||||
Bank of New York Mellon Corp. (The) | | | | | 18,215 | | | | | | 773,044 | | |
Eaton Vance Corp. | | | | | 420 | | | | | | 28,531 | | |
| | | Number of Shares | | | Value | | ||||||
Evercore, Inc., Class A | | | | | 2,320 | | | | | $ | 254,365 | | |
Federated Hermes, Inc., Class B | | | | | 16,876 | | | | | | 487,548 | | |
Franklin Resources, Inc. | | | | | 14,948 | | | | | | 373,550 | | |
Star Peak Energy Transition Corp., Class A (a) (b) | | | | | 74,926 | | | | | | 1,532,986 | | |
State Street Corp. | | | | | 1,651 | | | | | | 120,160 | | |
Virtu Financial, Inc., Class A | | | | | 18,409 | | | | | | 463,354 | | |
| | | | | | | | | | | 4,033,538 | | |
Chemicals — 0.2% | | ||||||||||||
Cabot Corp. | | | | | 8,833 | | | | | | 396,425 | | |
CF Industries Holdings, Inc. | | | | | 5,600 | | | | | | 216,776 | | |
Dow, Inc. | | | | | 901 | | | | | | 50,005 | | |
DuPont de Nemours, Inc. | | | | | 3,365 | | | | | | 239,285 | | |
Eastman Chemical Co. (b) | | | | | 1,275 | | | | | | 127,857 | | |
Element Solutions, Inc. | | | | | 5,432 | | | | | | 96,309 | | |
Huntsman Corp. | | | | | 5,562 | | | | | | 139,829 | | |
Minerals Technologies, Inc. | | | | | 1,157 | | | | | | 71,873 | | |
Mosaic Co. (The) | | | | | 8,786 | | | | | | 202,166 | | |
NewMarket Corp. | | | | | 797 | | | | | | 317,437 | | |
Sensient Technologies Corp. | | | | | 5,684 | | | | | | 419,309 | | |
Valvoline, Inc. | | | | | 3,197 | | | | | | 73,979 | | |
W.R. Grace & Co. | | | | | 4,168 | | | | | | 228,490 | | |
| | | | | | | | | | | 2,579,740 | | |
Commercial Banks — 0.2% | | ||||||||||||
Associated Banc-Corp. | | | | | 58,218 | | | | | | 992,617 | | |
BOK Financial Corp. | | | | | 3,123 | | | | | | 213,863 | | |
Cathay General Bancorp | | | | | 10,589 | | | | | | 340,860 | | |
Fifth Third Bancorp | | | | | 1,606 | | | | | | 44,277 | | |
First Horizon National Corp. | | | | | 3,359 | | | | | | 42,861 | | |
FNB Corp/PA | | | | | 30,256 | | | | | | 287,432 | | |
Fulton Financial Corp. | | | | | 22,165 | | | | | | 281,939 | | |
International Bancshares Corp. | | | | | 2,438 | | | | | | 91,279 | | |
People’s United Financial, Inc. | | | | | 26,127 | | | | | | 337,822 | | |
Trustmark Corp. | | | | | 15,898 | | | | | | 434,174 | | |
UMB Financial Corp. | | | | | 3,695 | | | | | | 254,918 | | |
Umpqua Holdings Corp. | | | | | 3,011 | | | | | | 45,587 | | |
| | | | | | | | | | | 3,367,629 | | |
Commercial Services & Supplies — 0.1% | | ||||||||||||
Clean Harbors, Inc. (a) | | | | | 989 | | | | | | 75,263 | | |
Healthcare Services Group, Inc. | | | | | 17,256 | | | | | | 484,893 | | |
Herman Miller, Inc. | | | | | 2,574 | | | | | | 87,001 | | |
HNI Corp. | | | | | 19,944 | | | | | | 687,270 | | |
KAR Auction Services, Inc. | | | | | 5,560 | | | | | | 103,472 | | |
Waste Management, Inc. (b) | | | | | 3,343 | | | | | | 394,240 | | |
| | | | | | | | | | | 1,832,139 | | |
Communications Equipment — 0.1% | | ||||||||||||
Ciena Corp. (a) (b) | | | | | 2,569 | | | | | | 135,772 | | |
Cisco Systems, Inc. (b) | | | | | 30,538 | | | | | | 1,366,575 | | |
CommScope Holding Co., Inc. (a) | | | | | 4,383 | | | | | | 58,732 | | |
Juniper Networks, Inc. (b) | | | | | 1,268 | | | | | | 28,543 | | |
NetScout Systems, Inc. (a) | | | | | 5,069 | | | | | | 138,992 | | |
| | | | | | | | | | | 1,728,614 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Computers & Peripherals — 0.5% | | ||||||||||||
Apple, Inc. (b) | | | | | 46,719 | | | | | $ | 6,199,144 | | |
Dell Technologies, Inc., Class C (a) | | | | | 5,021 | | | | | | 367,989 | | |
HP, Inc. | | | | | 52,919 | | | | | | 1,301,278 | | |
NCR Corp. (a) | | | | | 2,605 | | | | | | 97,870 | | |
NetApp, Inc. | | | | | 1,015 | | | | | | 67,234 | | |
Seagate Technology plc | | | | | 3,907 | | | | | | 242,859 | | |
Xerox Holdings Corp. | | | | | 7,163 | | | | | | 166,110 | | |
| | | | | | | | | | | 8,442,484 | | |
Construction & Engineering — 0.1% | | ||||||||||||
D.R. Horton, Inc. | | | | | 519 | | | | | | 35,769 | | |
EMCOR Group, Inc. | | | | | 3,125 | | | | | | 285,812 | | |
KB Home | | | | | 5,311 | | | | | | 178,025 | | |
KBR, Inc. | | | | | 6,289 | | | | | | 194,519 | | |
PulteGroup, Inc. | | | | | 11,781 | | | | | | 507,997 | | |
Quanta Services, Inc. | | | | | 1,730 | | | | | | 124,595 | | |
TRI Pointe Group, Inc. (a) | | | | | 8,377 | | | | | | 144,503 | | |
| | | | | | | | | | | 1,471,220 | | |
Consumer Finance — 0.1% | | ||||||||||||
Ally Financial, Inc. | | | | | 2,976 | | | | | | 106,124 | | |
Capital One Financial Corp. (b) | | | | | 5,161 | | | | | | 510,165 | | |
SLM Corp. | | | | | 32,130 | | | | | | 398,091 | | |
Synchrony Financial (b) | | | | | 6,224 | | | | | | 216,035 | | |
| | | | | | | | | | | 1,230,415 | | |
Containers & Packaging — 0.1% | | ||||||||||||
Berry Global Group, Inc. (a) | | | | | 740 | | | | | | 41,581 | | |
Graphic Packaging Holding Co. | | | | | 3,964 | | | | | | 67,150 | | |
Greif, Inc., Class A | | | | | 977 | | | | | | 45,802 | | |
International Paper Co. | | | | | 8,523 | | | | | | 423,763 | | |
Silgan Holdings, Inc. | | | | | 5,223 | | | | | | 193,669 | | |
Sonoco Products Co. | | | | | 2,661 | | | | | | 157,664 | | |
Westrock Co. | | | | | 3,032 | | | | | | 131,983 | | |
| | | | | | | | | | | 1,061,612 | | |
Distributors — 0.0% | | ||||||||||||
Genuine Parts Co. | | | | | 346 | | | | | | 34,749 | | |
Diversified Consumer Services — 0.0% | | ||||||||||||
Adtalem Global Education, Inc. (a) | | | | | 2,663 | | | | | | 90,409 | | |
Strategic Education, Inc. | | | | | 1,690 | | | | | | 161,108 | | |
| | | | | | | | | | | 251,517 | | |
Diversified Financial Services — 0.5% | | ||||||||||||
Bank of America Corp. | | | | | 3,470 | | | | | | 105,176 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 7,588 | | | | | | 1,759,430 | | |
Cboe Global Markets, Inc. | | | | | 4,494 | | | | | | 418,481 | | |
Citigroup, Inc. | | | | | 13,285 | | | | | | 819,153 | | |
JPMorgan Chase & Co. (b) | | | | | 3,034 | | | | | | 385,530 | | |
Moody’s Corp. (b) | | | | | 850 | | | | | | 246,704 | | |
Northern Genesis Acquisition Corp. (a) (c) (d) | | | | | 71,600 | | | | | | 976,428 | | |
Rice Acquisition Corp. (a) | | | | | 82,340 | | | | | | 931,266 | | |
S&P Global, Inc. | | | | | 1,132 | | | | | | 372,122 | | |
Subversive Capital Acquistion Corp., Class A (a) (b) | | | | | 58,100 | | | | | | 587,972 | | |
US Bancorp | | | | | 2,831 | | | | | | 131,896 | | |
| | | Number of Shares | | | Value | | ||||||
Washington Mutual, Inc. (a) (c) (e) | | | | | 33,600 | | | | | $ | — | | |
Wells Fargo & Co. (b) | | | | | 16,276 | | | | | | 491,210 | | |
| | | | | | | | | | | 7,225,368 | | |
Diversified Telecommunication Services — 0.0% | | ||||||||||||
AT&T, Inc. | | | | | 5,806 | | | | | | 166,980 | | |
Verizon Communications, Inc. (b) | | | | | 7,009 | | | | | | 411,779 | | |
| | | | | | | | | | | 578,759 | | |
Electric Utilities — 0.0% | | ||||||||||||
Hawaiian Electric Industries, Inc. | | | | | 1,353 | | | | | | 47,883 | | |
IDACORP, Inc. | | | | | 2,381 | | | | | | 228,647 | | |
Pinnacle West Capital Corp. | | | | | 3,560 | | | | | | 284,622 | | |
| | | | | | | | | | | 561,152 | | |
Electrical Equipment — 0.1% | | ||||||||||||
Acuity Brands, Inc. | | | | | 1,588 | | | | | | 192,291 | | |
Eaton Corp. plc (b) | | | | | 745 | | | | | | 89,504 | | |
GrafTech International, Ltd. | | | | | 29,860 | | | | | | 318,308 | | |
Hubbell, Inc. | | | | | 821 | | | | | | 128,724 | | |
Regal Beloit Corp. | | | | | 2,368 | | | | | | 290,814 | | |
| | | | | | | | | | | 1,019,641 | | |
Electronic Equipment, Instruments & Components — 0.3% | | ||||||||||||
Arrow Electronics, Inc. (a) (b) | | | | | 14,494 | | | | | | 1,410,266 | | |
Avnet, Inc. | | | | | 24,607 | | | | | | 863,952 | | |
CDW Corp. | | | | | 2,727 | | | | | | 359,392 | | |
Dolby Laboratories, Inc., Class A | | | | | 1,593 | | | | | | 154,728 | | |
Jabil, Inc. | | | | | 13,253 | | | | | | 563,650 | | |
National Instruments Corp. | | | | | 9,582 | | | | | | 421,033 | | |
SYNNEX Corp. | | | | | 11,137 | | | | | | 906,997 | | |
Vishay Intertechnology, Inc. (b) | | | | | 34,542 | | | | | | 715,365 | | |
| | | | | | | | | | | 5,395,383 | | |
Energy Equipment & Services — 0.2% | | ||||||||||||
Cactus, Inc., Class A (b) | | | | | 35,020 | | | | | | 912,971 | | |
NexTier Oilfield Solutions, Inc. (a) | | | | | 632,662 | | | | | | 2,176,357 | | |
Schlumberger NV | | | | | 9,531 | | | | | | 208,062 | | |
| | | | | | | | | | | 3,297,390 | | |
Food & Staples Retailing — 0.1% | | ||||||||||||
Kroger Co. (The) | | | | | 18,767 | | | | | | 596,040 | | |
Sprouts Farmers Market, Inc. (a) | | | | | 5,312 | | | | | | 106,771 | | |
Walmart, Inc. (b) | | | | | 9,531 | | | | | | 1,373,894 | | |
| | | | | | | | | | | 2,076,705 | | |
Food Products — 0.5% | | ||||||||||||
Archer-Daniels-Midland Co. | | | | | 2,496 | | | | | | 125,823 | | |
Bunge, Ltd. | | | | | 839 | | | | | | 55,022 | | |
Hershey Co. (The) | | | | | 431 | | | | | | 65,654 | | |
Ingredion, Inc. | | | | | 1,803 | | | | | | 141,842 | | |
Kraft Heinz Co. (The) | | | | | 1,748 | | | | | | 60,586 | | |
McCormick & Co., Inc. | | | | | 60,032 | | | | | | 5,739,059 | | |
Pilgrim’s Pride Corp. (a) | | | | | 2,042 | | | | | | 40,044 | | |
TreeHouse Foods, Inc. (a) | | | | | 3,716 | | | | | | 157,893 | | |
Tyson Foods, Inc., Class A (b) | | | | | 19,431 | | | | | | 1,252,134 | | |
| | | | | | | | | | | 7,638,057 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Health Care Equipment & Supplies — 1.3% | | ||||||||||||
Abbott Laboratories (b) | | | | | 3,767 | | | | | $ | 412,449 | | |
Baxter International, Inc. (b) | | | | | 10,521 | | | | | | 844,205 | | |
Becton Dickinson and Co. | | | | | 19,090 | | | | | | 4,776,700 | | |
Boston Scientific Corp. (a) | | | | | 21,663 | | | | | | 778,785 | | |
DENTSPLY SIRONA, Inc. | | | | | 3,717 | | | | | | 194,622 | | |
Haemonetics Corp. (a) | | | | | 1,282 | | | | | | 152,238 | | |
Hill-Rom Holdings, Inc. | | | | | 5,571 | | | | | | 545,791 | | |
Hologic, Inc. (a) | | | | | 7,564 | | | | | | 550,886 | | |
ICU Medical, Inc. (a) | | | | | 886 | | | | | | 190,038 | | |
IDEXX Laboratories, Inc. (a) | | | | | 10,253 | | | | | | 5,125,167 | | |
NuVasive, Inc. (a) | | | | | 2,192 | | | | | | 123,475 | | |
Quidel Corp. (a) | | | | | 469 | | | | | | 84,256 | | |
Stryker Corp. | | | | | 24,135 | | | | | | 5,914,040 | | |
Zimmer Biomet Holdings, Inc. | | | | | 1,072 | | | | | | 165,184 | | |
| | | | | | | | | | | 19,857,836 | | |
Health Care Providers & Services — 0.4% | | ||||||||||||
AmerisourceBergen Corp. | | | | | 3,906 | | | | | | 381,851 | | |
Anthem, Inc. | | | | | 1,710 | | | | | | 549,064 | | |
Cardinal Health, Inc. (b) | | | | | 16,475 | | | | | | 882,401 | | |
Cerner Corp. | | | | | 4,867 | | | | | | 381,962 | | |
Cigna Corp. | | | | | 496 | | | | | | 103,257 | | |
CVS Health Corp. | | | | | 8,018 | | | | | | 547,629 | | |
HCA Healthcare, Inc. | | | | | 1,254 | | | | | | 206,233 | | |
Humana, Inc. (b) | | | | | 1,319 | | | | | | 541,146 | | |
McKesson Corp. (b) | | | | | 4,968 | | | | | | 864,035 | | |
Quest Diagnostics, Inc. | | | | | 1,585 | | | | | | 188,884 | | |
Tenet Healthcare Corp. (a) | | | | | 1,915 | | | | | | 76,466 | | |
UnitedHealth Group, Inc. | | | | | 1,119 | | | | | | 392,411 | | |
Universal Health Services, Inc., Class B | | | | | 3,857 | | | | | | 530,338 | | |
| | | | | | | | | | | 5,645,677 | | |
Health Care Technology — 1.1% | | ||||||||||||
Change Healthcare, Inc. (a) | | | | | 2,073 | | | | | | 38,661 | | |
GoodRx Holdings, Inc., Class A (a) | | | | | 440,758 | | | | | | 17,780,178 | | |
| | | | | | | | | | | 17,818,839 | | |
Hotels, Restaurants & Leisure — 0.7% | | ||||||||||||
Boyd Gaming Corp. | | | | | 5,604 | | | | | | 240,524 | | |
Chipotle Mexican Grill, Inc. (a) | | | | | 55 | | | | | | 76,269 | | |
Cracker Barrel Old Country Store, Inc. | | | | | 380 | | | | | | 50,130 | | |
Domino’s Pizza, Inc. | | | | | 617 | | | | | | 236,595 | | |
Extended Stay America, Inc. | | | | | 10,250 | | | | | | 151,803 | | |
Jack in the Box, Inc. | | | | | 4,955 | | | | | | 459,824 | | |
Marriott Vacations Worldwide Corp. | | | | | 2,037 | | | | | | 279,517 | | |
McDonald’s Corp. (b) | | | | | 2,437 | | | | | | 522,931 | | |
MGM Resorts International | | | | | 7,020 | | | | | | 221,200 | | |
Papa John’s International, Inc. | | | | | 2,713 | | | | | | 230,198 | | |
Scientific Games Corp., Class A (a) | | | | | 5,801 | | | | | | 240,684 | | |
Starbucks Corp. | | | | | 56,696 | | | | | | 6,065,338 | | |
Wendy’s Co. (The) | | | | | 19,524 | | | | | | 427,966 | | |
Wingstop, Inc. | | | | | 1,793 | | | | | | 237,662 | | |
Wyndham Worldwide Corp. | | | | | 7,864 | | | | | | 352,779 | | |
Yum! Brands, Inc. | | | | | 5,772 | | | | | | 626,608 | | |
| | | | | | | | | | | 10,420,028 | | |
|
| | | Number of Shares | | | Value | | ||||||
Household Durables — 0.0% | | ||||||||||||
Mohawk Industries, Inc. (a) | | | | | 1,589 | | | | | $ | 223,970 | | |
Tempur Sealy International, Inc. (a) | | | | | 3,362 | | | | | | 90,774 | | |
| | | | | | | | | | | 314,744 | | |
Household Products — 0.2% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 19,930 | | | | | | 1,738,494 | | |
Kimberly-Clark Corp. | | | | | 5,245 | | | | | | 707,183 | | |
Procter & Gamble Co. (The) (b) | | | | | 5,869 | | | | | | 816,613 | | |
| | | | | | | | | | | 3,262,290 | | |
Industrial Conglomerates — 0.0% | | ||||||||||||
3M Co. | | | | | 1,239 | | | | | | 216,565 | | |
General Electric Co. | | | | | 39,397 | | | | | | 425,487 | | |
| | | | | | | | | | | 642,052 | | |
Insurance — 0.1% | | ||||||||||||
Allstate Corp. (The) (b) | | | | | 9,142 | | | | | | 1,004,980 | | |
American National Group, Inc. | | | | | 501 | | | | | | 48,156 | | |
Fidelity National Financial, Inc. | | | | | 6,373 | | | | | | 249,121 | | |
First American Financial Corp. | | | | | 3,882 | | | | | | 200,428 | | |
Mercury General Corp. | | | | | 4,125 | | | | | | 215,366 | | |
MetLife, Inc. | | | | | 1,799 | | | | | | 84,463 | | |
Prudential Financial, Inc. | | | | | 1,677 | | | | | | 130,923 | | |
Travelers Companies, Inc. (The) (b) | | | | | 1,310 | | | | | | 183,885 | | |
Unum Group | | | | | 1,359 | | | | | | 31,175 | | |
| | | | | | | | | | | 2,148,497 | | |
Internet & Catalog Retail — 2.2% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 6,388 | | | | | | 20,805,269 | | |
Booking Holdings, Inc. (a) | | | | | 185 | | | | | | 412,045 | | |
eBay, Inc. (b) | | | | | 223,654 | | | | | | 11,238,613 | | |
Etsy, Inc. (a) | | | | | 3,553 | | | | | | 632,114 | | |
Qurate Retail, Inc., Series A | | | | | 70,764 | | | | | | 776,281 | | |
Wayfair, Inc., Class A (a) | | | | | 1,131 | | | | | | 255,391 | | |
| | | | | | | | | | | 34,119,713 | | |
Internet Software & Services — 3.1% | | ||||||||||||
Alphabet, Inc., Class A (a) (b) | | | | | 1,434 | | | | | | 2,513,286 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 1,149 | | | | | | 2,012,910 | | |
Facebook, Inc., Class A (a) (b) | | | | | 92,192 | | | | | | 25,183,167 | | |
GrubHub, Inc. (a) | | | | | 345 | | | | | | 25,623 | | |
IAC/InterActiveCorp. (a) | | | | | 3,968 | | | | | | 751,341 | | |
Match Group, Inc. (a) | | | | | 424 | | | | | | 64,104 | | |
Pinterest, Inc., Class A (a) | | | | | 249,098 | | | | | | 16,415,558 | | |
VeriSign, Inc. (a) | | | | | 2,094 | | | | | | 453,142 | | |
Yelp, Inc. (a) (b) | | | | | 18,204 | | | | | | 594,725 | | |
Zillow Group, Inc., Class C (a) | | | | | 1,198 | | | | | | 155,500 | | |
| | | | | | | | | | | 48,169,356 | | |
IT Services — 2.9% | | ||||||||||||
Alliance Data Systems Corp. | | | | | 4,059 | | | | | | 300,772 | | |
Amdocs, Ltd. | | | | | 4,463 | | | | | | 316,560 | | |
Automatic Data Processing, Inc. | | | | | 38,779 | | | | | | 6,832,860 | | |
Booz Allen Hamilton Holding Corp. | | | | | 859 | | | | | | 74,888 | | |
CACI International, Inc., Class A (a) | | | | | 2,450 | | | | | | 610,858 | | |
Cognizant Technology Solutions Corp., Class A | | | | | 4,116 | | | | | | 337,306 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
DXC Technology Co. (b) | | | | | 5,265 | | | | | $ | 135,574 | | |
Fiserv, Inc. (a) | | | | | 87,259 | | | | | | 9,935,310 | | |
Gartner, Inc. (a) | | | | | 356 | | | | | | 57,028 | | |
International Business Machines Corp. (IBM) (b) | | | | | 7,548 | | | | | | 950,142 | | |
Mastercard, Inc., Class A | | | | | 2,511 | | | | | | 896,276 | | |
MAXIMUS, Inc. | | | | | 3,027 | | | | | | 221,546 | | |
PayPal Holdings, Inc. (a) | | | | | 36,003 | | | | | | 8,431,903 | | |
Perspecta, Inc. | | | | | 4,613 | | | | | | 111,081 | | |
Visa, Inc., Class A | | | | | 71,067 | | | | | | 15,544,485 | | |
| | | | | | | | | | | 44,756,589 | | |
Leisure Equipment & Products — 0.0% | | ||||||||||||
Brunswick Corp. | | | | | 670 | | | | | | 51,081 | | |
Peloton Interactive, Inc., Class A (a) | | | | | 3,773 | | | | | | 572,440 | | |
Polaris, Inc. | | | | | 1,341 | | | | | | 127,770 | | |
| | | | | | | | | | | 751,291 | | |
Life Sciences Tools & Services — 0.6% | | ||||||||||||
Agilent Technologies, Inc. (b) | | | | | 1,401 | | | | | | 166,004 | | |
Bio-Rad Laboratories, Inc., Class A (a) | | | | | 259 | | | | | | 150,981 | | |
Charles River Laboratories International, Inc. (a) | | | | | 482 | | | | | | 120,433 | | |
Illumina, Inc. (a) | | | | | 590 | | | | | | 218,300 | | |
IQVIA Holdings, Inc. (a) | | | | | 2,333 | | | | | | 418,004 | | |
PerkinElmer, Inc. | | | | | 393 | | | | | | 56,395 | | |
PRA Health Sciences, Inc. (a) | | | | | 2,377 | | | | | | 298,171 | | |
Thermo Fisher Scientific, Inc. (b) | | | | | 1,680 | | | | | | 782,510 | | |
Waters Corp. (a) | | | | | 25,704 | | | | | | 6,359,684 | | |
| | | | | | | | | | | 8,570,482 | | |
Machinery — 0.3% | | ||||||||||||
AGCO Corp. | | | | | 4,822 | | | | | | 497,100 | | |
Allison Transmission Holdings, Inc. | | | | | 12,324 | | | | | | 531,534 | | |
Caterpillar, Inc. | | | | | 868 | | | | | | 157,993 | | |
Chart Industries, Inc. (a) (b) | | | | | 8,101 | | | | | | 954,217 | | |
Crane Co. | | | | | 4,746 | | | | | | 368,575 | | |
Cummins, Inc. (b) | | | | | 1,052 | | | | | | 238,909 | | |
Donaldson Co., Inc. | | | | | 3,522 | | | | | | 196,809 | | |
Flowserve Corp. | | | | | 4,663 | | | | | | 171,832 | | |
Fortive Corp. | | | | | 4,684 | | | | | | 331,721 | | |
ITT, Inc. | | | | | 5,215 | | | | | | 401,659 | | |
Oshkosh Corp. (b) | | | | | 6,356 | | | | | | 547,061 | | |
Snap-on, Inc. | | | | | 485 | | | | | | 83,003 | | |
Terex Corp. | | | | | 4,698 | | | | | | 163,913 | | |
Timken Co. (The) | | | | | 7,178 | | | | | | 555,290 | | |
Westinghouse Air Brake Technologies, Corp. | | | | | 365 | | | | | | 26,718 | | |
| | | | | | | | | | | 5,226,334 | | |
Media — 1.8% | | ||||||||||||
AMC Networks, Inc., Class A (a) | | | | | 6,255 | | | | | | 223,741 | | |
Charter Communications, Inc., Class A (a) | | | | | 15,564 | | | | | | 10,296,364 | | |
Comcast Corp., Class A (b) | | | | | 17,012 | | | | | | 891,429 | | |
Interpublic Group of Cos, Inc. (The) | | | | | 17,951 | | | | | | 422,208 | | |
| | | Number of Shares | | | Value | | ||||||
Lions Gate Entertainment Corp., Class A (a) | | | | | 8,375 | | | | | $ | 95,224 | | |
Netflix, Inc. (a) | | | | | 26,798 | | | | | | 14,490,483 | | |
Nexstar Media Group, Inc., Class A | | | | | 462 | | | | | | 50,446 | | |
Omnicom Group, Inc. | | | | | 7,092 | | | | | | 442,328 | | |
Roku, Inc. (a) | | | | | 1,657 | | | | | | 550,157 | | |
TEGNA, Inc. | | | | | 4,159 | | | | | | 58,018 | | |
Walt Disney Co. (The) (a) (b) | | | | | 1,432 | | | | | | 259,450 | | |
World Wrestling Entertainment, Inc., Class A | | | | | 3,726 | | | | | | 179,034 | | |
| | | | | | | | | | | 27,958,882 | | |
Metals & Mining — 0.1% | | ||||||||||||
Bullfrog Gold Corp. (a) | | | | | 210,500 | | | | | | 66,975 | | |
Commercial Metals Co. | | | | | 12,024 | | | | | | 246,973 | | |
Reliance Steel & Aluminum Co. (b) | | | | | 3,759 | | | | | | 450,140 | | |
Royal Gold, Inc. | | | | | 4,312 | | | | | | 458,624 | | |
Steel Dynamics, Inc. | | | | | 11,362 | | | | | | 418,917 | | |
Worthington Industries, Inc. | | | | | 4,335 | | | | | | 222,559 | | |
| | | | | | | | | | | 1,864,188 | | |
Multi-Utilities — 0.0% | | ||||||||||||
NorthWestern Corp. | | | | | 446 | | | | | | 26,006 | | |
Multiline Retail — 0.1% | | ||||||||||||
Kohl’s Corp. | | | | | 20,864 | | | | | | 848,956 | | |
Target Corp. | | | | | 6,030 | | | | | | 1,064,476 | | |
| | | | | | | | | | | 1,913,432 | | |
Oil, Gas & Consumable Fuels — 2.4% | | ||||||||||||
Brigham Minerals, Inc., Class A (b) | | | | | 399,015 | | | | | | 4,385,175 | | |
Cheniere Energy, Inc. (a) (b) | | | | | 26,403 | | | | | | 1,584,972 | | |
Chevron Corp. | | | | | 402 | | | | | | 33,949 | | |
Cimarex Energy Co. (b) | | | | | 106,187 | | | | | | 3,983,074 | | |
CNX Resources Corp. (a) (b) | | | | | 124,803 | | | | | | 1,347,872 | | |
Comstock Resources, Inc. (a) | | | | | 524,923 | | | | | | 2,293,914 | | |
Concho Resources, Inc. (b) | | | | | 39,248 | | | | | | 2,290,121 | | |
Devon Energy Corp. (b) | | | | | 129,656 | | | | | | 2,049,861 | | |
EOG Resources, Inc. | | | | | 451 | | | | | | 22,491 | | |
EQT Corp. (b) | | | | | 192,156 | | | | | | 2,442,303 | | |
Exxon Mobil Corp. (b) | | | | | 7,060 | | | | | | 291,013 | | |
Goodrich Petroleum Corp. (a) | | | | | 55,083 | | | | | | 555,787 | | |
Hess Corp. (b) | | | | | 24,312 | | | | | | 1,283,431 | | |
HollyFrontier Corp. | | | | | 3,105 | | | | | | 80,264 | | |
Kinder Morgan, Inc. | | | | | 10,609 | | | | | | 145,025 | | |
Murphy Oil Corp. (b) | | | | | 6,847 | | | | | | 82,849 | | |
Parsley Energy, Inc., Class A (b) | | | | | 96,829 | | | | | | 1,374,972 | | |
PDC Energy, Inc. (a) (b) | | | | | 212,142 | | | | | | 4,355,275 | | |
Range Resources Corp. (b) | | | | | 313,548 | | | | | | 2,100,772 | | |
Southwestern Energy Co. (a) | | | | | 720,854 | | | | | | 2,148,145 | | |
Targa Resources Corp. (b) | | | | | 84,073 | | | | | | 2,217,846 | | |
World Fuel Services Corp. | | | | | 19,947 | | | | | | 621,549 | | |
WPX Energy, Inc. (a) (b) | | | | | 149,355 | | | | | | 1,217,243 | | |
| | | | | | | | | | | 36,907,903 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Personal Products — 0.4% | | ||||||||||||
Estee Lauder Companies, Inc. (The), Class A | | | | | 23,122 | | | | | $ | 6,154,845 | | |
Nu Skin Enterprises, Inc., Class A | | | | | 8,801 | | | | | | 480,799 | | |
| | | | | | | | | | | 6,635,644 | | |
Pharmaceuticals — 0.7% | | ||||||||||||
Bristol-Myers Squibb Co. (b) | | | | | 13,616 | | | | | | 844,601 | | |
Eli Lilly & Co. | | | | | 1,314 | | | | | | 221,856 | | |
Horizon Therapeutics plc (a) | | | | | 1,451 | | | | | | 106,141 | | |
Johnson & Johnson (b) | | | | | 44,372 | | | | | | 6,983,265 | | |
Merck & Co., Inc. (b) | | | | | 19,087 | | | | | | 1,561,317 | | |
Pfizer, Inc. (b) | | | | | 18,286 | | | | | | 673,108 | | |
Planet 13 Holdings, Inc. (a) | | | | | 15,000 | | | | | | 83,549 | | |
Viatris, Inc. (a) | | | | | 29,964 | | | | | | 561,525 | | |
Walgreens Boots Alliance, Inc. | | | | | 11,955 | | | | | | 476,765 | | |
| | | | | | | | | | | 11,512,127 | | |
Professional Services — 1.1% | | ||||||||||||
CoreLogic, Inc. | | | | | 2,494 | | | | | | 192,836 | | |
CoStar Group, Inc. (a) | | | | | 148 | | | | | | 136,794 | | |
H&R Block, Inc. | | | | | 34,707 | | | | | | 550,453 | | |
ManpowerGroup, Inc. (b) | | | | | 6,839 | | | | | | 616,741 | | |
Nielsen Holdings plc | | | | | 738,343 | | | | | | 15,409,218 | | |
Robert Half International, Inc. | | | | | 7,139 | | | | | | 446,045 | | |
| | | | | | | | | | | 17,352,087 | | |
Real Estate Investment Trusts (REITs) — 0.5% | | ||||||||||||
American Campus Communities, Inc. | | | | | 735 | | | | | | 31,436 | | |
Apartment Investment and Management Co., Class A | | | | | 12,251 | | | | | | 64,685 | | |
Boston Properties, Inc. (b) | | | | | 6,175 | | | | | | 583,722 | | |
Brandywine Realty Trust | | | | | 38,311 | | | | | | 456,284 | | |
Equity Commonwealth | | | | | 144,185 | | | | | | 3,933,367 | | |
Equity Residential | | | | | 2,008 | | | | | | 119,034 | | |
Healthcare Realty Trust, Inc. | | | | | 903 | | | | | | 26,729 | | |
Highwoods Properties, Inc. | | | | | 9,860 | | | | | | 390,752 | | |
Hudson Pacific Properties, Inc. | | | | | 16,602 | | | | | | 398,780 | | |
Kilroy Realty Corp. | | | | | 11,968 | | | | | | 686,963 | | |
Lamar Advertising Co., Class A | | | | | 1,577 | | | | | | 131,238 | | |
Regency Centers Corp. | | | | | 4,481 | | | | | | 204,289 | | |
Service Properties Trust | | | | | 22,412 | | | | | | 257,514 | | |
Urban Edge Properties | | | | | 19,516 | | | | | | 252,537 | | |
Weingarten Realty Investors | | | | | 7,755 | | | | | | 168,051 | | |
| | | | | | | | | | | 7,705,381 | | |
Road & Rail — 0.1% | | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | | | | | 12,024 | | | | | | 502,844 | | |
Ryder System, Inc. | | | | | 801 | | | | | | 49,470 | | |
Schneider National, Inc., Class B | | | | | 20,040 | | | | | | 414,828 | | |
Werner Enterprises, Inc. | | | | | 12,124 | | | | | | 475,503 | | |
| | | | | | | | | | | 1,442,645 | | |
Semiconductors & Semiconductor Equipment — 0.7% | | ||||||||||||
Advanced Micro Devices, Inc. (a) | | | | | 3,001 | | | | | | 275,222 | | |
Applied Materials, Inc. | | | | | 9,449 | | | | | | 815,449 | | |
Broadcom, Inc. | | | | | 2,099 | | | | | | 919,047 | | |
Cirrus Logic, Inc. (a) | | | | | 7,095 | | | | | | 583,209 | | |
| | | Number of Shares | | | Value | | ||||||
First Solar, Inc. (a) | | | | | 2,576 | | | | | $ | 254,818 | | |
Intel Corp. (b) | | | | | 56,535 | | | | | | 2,816,574 | | |
Lam Research Corp. (b) | | | | | 1,207 | | | | | | 570,030 | | |
Micron Technology, Inc. (a) (b) | | | | | 10,896 | | | | | | 819,161 | | |
NVIDIA Corp. | | | | | 1,534 | | | | | | 801,055 | | |
Qorvo, Inc. (a) | | | | | 4,429 | | | | | | 736,410 | | |
QUALCOMM, Inc. | | | | | 2,362 | | | | | | 359,827 | | |
Skyworks Solutions, Inc. | | | | | 3,676 | | | | | | 561,987 | | |
Synaptics, Inc. (a) | | | | | 3,316 | | | | | | 319,662 | | |
Texas Instruments, Inc. | | | | | 3,505 | | | | | | 575,275 | | |
Universal Display Corp. | | | | | 120 | | | | | | 27,576 | | |
Xilinx, Inc. | | | | | 1,052 | | | | | | 149,142 | | |
| | | | | | | | | | | 10,584,444 | | |
Software — 2.7% | | ||||||||||||
ACI Worldwide, Inc. (a) | | | | | 685 | | | | | | 26,325 | | |
Activision Blizzard, Inc. (b) | | | | | 9,684 | | | | | | 899,159 | | |
Adobe, Inc. (a) (b) | | | | | 2,922 | | | | | | 1,461,351 | | |
Aspen Technology, Inc. (a) | | | | | 1,428 | | | | | | 185,997 | | |
Autodesk, Inc. (a) | | | | | 2,377 | | | | | | 725,793 | | |
Blackbaud, Inc. | | | | | 1,409 | | | | | | 81,102 | | |
Cadence Design Systems, Inc. (a) | | | | | 2,657 | | | | | | 362,495 | | |
CDK Global, Inc. | | | | | 7,510 | | | | | | 389,243 | | |
Citrix Systems, Inc. | | | | | 595 | | | | | | 77,410 | | |
CommVault Systems, Inc. (a) (b) | | | | | 6,092 | | | | | | 337,314 | | |
Datadog, Inc., Class A (a) | | | | | 56,508 | | | | | | 5,562,648 | | |
DocuSign, Inc. (a) | | | | | 1,185 | | | | | | 263,425 | | |
Dropbox, Inc., Class A (a) | | | | | 16,073 | | | | | | 356,660 | | |
Electronic Arts, Inc. | | | | | 5,074 | | | | | | 728,626 | | |
Fair Isaac Corp. (a) | | | | | 479 | | | | | | 244,788 | | |
Fortinet, Inc. (a) | | | | | 3,198 | | | | | | 474,999 | | |
Intuit, Inc. (b) | | | | | 19,502 | | | | | | 7,407,835 | | |
J2 Global, Inc. (a) | | | | | 3,341 | | | | | | 326,382 | | |
Manhattan Associates, Inc. (a) | | | | | 2,011 | | | | | | 211,517 | | |
Microsoft Corp. (b) | | | | | 58,993 | | | | | | 13,121,223 | | |
New Relic, Inc. (a) | | | | | 4,023 | | | | | | 263,104 | | |
Nortonlifelock, Inc. | | | | | 9,578 | | | | | | 199,031 | | |
Oracle Corp. (b) | | | | | 17,620 | | | | | | 1,139,838 | | |
Proofpoint, Inc. (a) | | | | | 647 | | | | | | 88,257 | | |
salesforce.com, Inc. (a) | | | | | 1,628 | | | | | | 362,279 | | |
ServiceNow, Inc. (a) | | | | | 313 | | | | | | 172,285 | | |
SS&C Technologies Holdings, Inc. | | | | | 9,411 | | | | | | 684,650 | | |
Teradata Corp. (a) | | | | | 5,069 | | | | | | 113,900 | | |
Veeva Systems, Inc., Class A (a) | | | | | 273 | | | | | | 74,324 | | |
Workday, Inc., Class A (a) | | | | | 1,314 | | | | | | 314,848 | | |
Zoom Video Communications, Inc., Class A (a) | | | | | 16,991 | | | | | | 5,731,404 | | |
| | | | | | | | | | | 42,388,212 | | |
Specialty Retail — 0.5% | | ||||||||||||
AutoNation, Inc. (a) | | | | | 9,490 | | | | | | 662,307 | | |
AutoZone, Inc. (a) (b) | | | | | 22 | | | | | | 26,080 | | |
Avis Budget Group, Inc. (a) | | | | | 3,474 | | | | | | 129,580 | | |
Best Buy Co., Inc. | | | | | 8,835 | | | | | | 881,645 | | |
Dick’s Sporting Goods, Inc. | | | | | 11,395 | | | | | | 640,513 | | |
Foot Locker, Inc. | | | | | 10,028 | | | | | | 405,532 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Gap, Inc. (The) | | | | | 18,613 | | | | | $ | 375,797 | | |
Home Depot, Inc. (The) (b) | | | | | 5,986 | | | | | | 1,590,001 | | |
L Brands, Inc. | | | | | 19,849 | | | | | | 738,184 | | |
Lowe’s Cos, Inc. (b) | | | | | 9,082 | | | | | | 1,457,752 | | |
Murphy USA, Inc. | | | | | 2,267 | | | | | | 296,682 | | |
O’Reilly Automotive, Inc. (a) | | | | | 53 | | | | | | 23,986 | | |
Penske Automotive Group, Inc. | | | | | 566 | | | | | | 33,615 | | |
RH (a) | | | | | 94 | | | | | | 42,067 | | |
TJX Cos, Inc. (The) | | | | | 2,277 | | | | | | 155,496 | | |
Tractor Supply Co. | | | | | 4,355 | | | | | | 612,226 | | |
Williams-Sonoma, Inc. | | | | | 2,804 | | | | | | 285,559 | | |
| | | | | | | | | | | 8,357,022 | | |
Textiles, Apparel & Luxury Goods — 0.6% | | ||||||||||||
Deckers Outdoor Corp. (a) | | | | | 5,137 | | | | | | 1,473,189 | | |
Hanesbrands, Inc. | | | | | 16,919 | | | | | | 246,679 | | |
NIKE, Inc., Class B | | | | | 41,537 | | | | | | 5,876,239 | | |
Samsonite International SA (a) (f) | | | | | 1,127,400 | | | | | | 2,003,059 | | |
Tapestry, Inc. | | | | | 13,774 | | | | | | 428,096 | | |
| | | | | | | | | | | 10,027,262 | | |
Thrifts & Mortgage Finance — 0.0% | | ||||||||||||
Mr Cooper Group, Inc. (a) | | | | | 2 | | | | | | 62 | | |
Tobacco — 0.4% | | ||||||||||||
Philip Morris International, Inc. | | | | | 78,610 | | | | | | 6,508,122 | | |
Trading Companies & Distributors — 0.1% | | ||||||||||||
MSC Industrial Direct Co., Inc., Class A | | | | | 6,988 | | | | | | 589,717 | | |
Univar Solutions, Inc. (a) | | | | | 10,558 | | | | | | 200,708 | | |
| | | | | | | | | | | 790,425 | | |
Total US Common Stocks (Cost $358,061,836) | | | | | | | | | | | 482,406,764 | | |
Foreign Common Stocks — 33.5% | | ||||||||||||
Australia — 1.5% | | ||||||||||||
Atlassian Corp. plc, Class A (a) | | | | | 80,675 | | | | | | 18,867,462 | | |
Newcrest Mining, Ltd. | | | | | 192,231 | | | | | | 3,829,431 | | |
| | | | | | | | | | | 22,696,893 | | |
Brazil — 0.1% | | ||||||||||||
BrasilAgro – Co. Brasileira de Propriedades Agricolas | | | | | 41,800 | | | | | | 203,363 | | |
Centrais Eletricas Brasileiras SA | | | | | 229,400 | | | | | | 1,595,866 | | |
Embraer SA – ADR (a) | | | | | 67,984 | | | | | | 462,971 | | |
| | | | | | | | | | | 2,262,200 | | |
Canada — 5.2% | | ||||||||||||
Advantage Oil & Gas, Ltd. (a) | | | | | 617,757 | | | | | | 829,888 | | |
Alaris Equity Partners Income – Unit | | | | | 33,900 | | | | | | 402,411 | | |
Argonaut Gold, Inc. (a) (c) (d) | | | | | 220,300 | | | | | | 454,892 | | |
Ballard Power Systems, Inc. (a) | | | | | 7,946 | | | | | | 185,936 | | |
Bear Creek Mining Corp. (a) | | | | | 338,251 | | | | | | 831,743 | | |
Bragg Gaming Group, Inc. (a) | | | | | 83,000 | | | | | | 93,244 | | |
Cameco Corp. | | | | | 309,277 | | | | | | 4,144,312 | | |
Capstone Mining Corp. (a) (b) | | | | | 169,500 | | | | | | 316,922 | | |
Cenovus Energy, Inc. | | | | | 253,974 | | | | | | 1,546,310 | | |
Centerra Gold, Inc. | | | | | 252,630 | | | | | | 2,925,419 | | |
Champignon Brands, Inc. (a) (c) | | | | | 75,800 | | | | | | 46,769 | | |
Chorus Aviation, Inc. | | | | | 130,900 | | | | | | 380,493 | | |
| | | Number of Shares | | | Value | | ||||||
Conic Metals Corp. (a) | | | | | 144,643 | | | | | $ | 53,975 | | |
Constellation Software, Inc. (b) | | | | | 700 | | | | | | 908,983 | | |
Converge Technology Solution (a) | | | | | 79,400 | | | | | | 310,015 | | |
Crescent Point Energy Corp. | | | | | 577,959 | | | | | | 1,348,526 | | |
Denison Mines Corp. (a) | | | | | 844,319 | | | | | | 557,175 | | |
Docebo, Inc. (a) (b) | | | | | 5,300 | | | | | | 344,548 | | |
Dundee Corp., Class A (a) | | | | | 405,126 | | | | | | 442,395 | | |
Dye & Durham, Ltd. (b) | | | | | 12,000 | | | | | | 476,267 | | |
Equinox Gold Corp. (a) | | | | | 49,062 | | | | | | 507,618 | | |
ERO Copper Corp. (a) (b) | | | | | 13,200 | | | | | | 211,756 | | |
Fission Uranium Corp. (a) | | | | | 1,103,500 | | | | | | 333,763 | | |
Genworth MI Canada, Inc. (b) | | | | | 5,000 | | | | | | 170,516 | | |
IAMGOLD Corp. (a) | | | | | 57,766 | | | | | | 212,001 | | |
International Tower Hill Mines, Ltd. (a) | | | | | 320,700 | | | | | | 442,566 | | |
Ivanhoe Mines, Ltd., Class A (a) | | | | | 312,898 | | | | | | 1,686,291 | | |
Largo Resources, Ltd. (a) (b) | | | | | 105,800 | | | | | | 114,702 | | |
MEG Energy Corp. (a) (b) | | | | | 589,901 | | | | | | 2,062,267 | | |
Mercer Park Brand Acquisition Corp., Class A (a) | | | | | 153,700 | | | | | | 1,549,296 | | |
MindBeacon Holdings, Inc. (a) | | | | | 39,700 | | | | | | 373,640 | | |
Minera Alamos, Inc. (a) (c) (d) | | | | | 292,500 | | | | | | 158,069 | | |
Minera Alamos, Inc. (a) | | | | | 270,400 | | | | | | 144,451 | | |
New Gold, Inc. (a) | | | | | 344,456 | | | | | | 754,359 | | |
NexGen Energy, Ltd. (a) | | | | | 665,497 | | | | | | 1,835,097 | | |
Northern Dynasty Minerals, Ltd. (a) | | | | | 752,336 | | | | | | 242,327 | | |
Northern Dynasty Minerals, Ltd. – NYSE Shares (a) | | | | | 338,909 | | | | | | 109,129 | | |
Novagold Resources, Inc. (a) | | | | | 67,661 | | | | | | 654,282 | | |
Orla Mining, Ltd. (a) (b) | | | | | 70,200 | | | | | | 378,327 | | |
Pan American Silver Corp. | | | | | 13,830 | | | | | | 476,971 | | |
Pasofino Gold, Ltd. (a) | | | | | 840,000 | | | | | | 125,383 | | |
Pipestone Energy Corp. (a) | | | | | 590,589 | | | | | | 310,861 | | |
PyroGenesis, Inc. (a) | | | | | 50,000 | | | | | | 141,802 | | |
Sangoma Technologies Corp. (a) | | | | | 52,000 | | | | | | 145,023 | | |
Seabridge Gold, Inc. (a) | | | | | 119,769 | | | | | | 2,519,769 | | |
Seabridge Gold, Inc. – NYSE Shares (a) | | | | | 27,248 | | | | | | 574,115 | | |
Seven Generations Energy, Ltd., Class A (a) (b) | | | | | 177,587 | | | | | | 922,186 | | |
Shopify, Inc., Class A (a) | | | | | 28,421 | | | | | | 32,171,151 | | |
Sienna Senior Living, Inc. (b) | | | | | 61,300 | | | | | | 680,951 | | |
Skeena Resources, Ltd. (a) (b) | | | | | 165,200 | | | | | | 446,451 | | |
Skylight Health Group, Inc. (a) | | | | | 293,500 | | | | | | 269,774 | | |
SOL Global Investments Corp. (a) | | | | | 79,900 | | | | | | 164,457 | | |
Solaris Resources, Inc. (a) | | | | | 108,200 | | | | | | 516,817 | | |
Solaris Resources, Inc. (a) (c) (d) | | | | | 16,600 | | | | | | 69,854 | | |
Sprott, Inc. | | | | | 41,478 | | | | | | 1,204,358 | | |
Standard Lithium, Ltd. (a) | | | | | 74,700 | | | | | | 167,252 | | |
Stelco Holdings, Inc. (b) | | | | | 8,300 | | | | | | 148,212 | | |
Suncor Energy, Inc. (b) | | | | | 80,967 | | | | | | 1,358,037 | | |
Teranga Gold Corp. (a) (b) | | | | | 39,600 | | | | | | 424,963 | | |
Topicus.com, Inc. (a) | | | | | 1,488 | | | | | | 46,755 | | |
Tourmaline Oil Corp. (b) | | | | | 171,326 | | | | | | 2,309,650 | | |
Trisura Group, Ltd. (a) (b) | | | | | 6,900 | | | | | | 482,821 | | |
Turquoise Hill Resources, Ltd. (a) | | | | | 230,603 | | | | | | 2,864,089 | | |
Uranium Participation Corp. (a) | | | | | 448,077 | | | | | | 1,728,382 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Victory Metals, Inc. (a) | | | | | 78,300 | | | | | $ | 49,210 | | |
Western Copper & Gold Corp. (a) | | | | | 96,073 | | | | | | 118,497 | | |
Wheaton Precious Metals Corp. | | | | | 27,569 | | | | | | 1,150,730 | | |
Xebec Adsorption, Inc. (a) | | | | | 101,800 | | | | | | 683,785 | | |
| | | | | | | | | | | 80,812,986 | | |
China — 10.2% | | ||||||||||||
Air China, Ltd., Class H | | | | | 880,000 | | | | | | 693,069 | | |
Anhui Conch Cement Co., Ltd., Class A | | | | | 316,000 | | | | | | 2,498,948 | | |
AVIC Jonhon Optronic Technology Co., Ltd., Class A | | | | | 160,000 | | | | | | 1,918,201 | | |
AVICOPTER plc, Class A | | | | | 240,000 | | | | | | 2,304,482 | | |
Bilibili, Inc. – SPADR (a) | | | | | 4,600 | | | | | | 394,312 | | |
Changchun High & New Technology Industry Group, Inc., Class A | | | | | 11,000 | | | | | | 757,485 | | |
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (e) | | | | | 4,640,000 | | | | | | — | | |
China East Education Holdings, Ltd. (f) | | | | | 98,000 | | | | | | 235,862 | | |
China Eastern Airlines Corp., Ltd., Class H | | | | | 580,000 | | | | | | 250,808 | | |
China Merchants Bank Co., Ltd., Class A | | | | | 632,000 | | | | | | 4,248,666 | | |
China Pacific Insurance Group Co., Ltd., Class A | | | | | 400,000 | | | | | | 2,353,102 | | |
China Pacific Insurance Group Co., Ltd., Class H | | | | | 582,000 | | | | | | 2,285,908 | | |
China Shenhua Energy Co., Ltd., Class H | | | | | 401,000 | | | | | | 755,601 | | |
China Southern Airlines Co., Ltd., Class H (a) | | | | | 1,076,000 | | | | | | 637,413 | | |
China Telecom Corp., Ltd., Class H | | | | | 11,700,000 | | | | | | 3,231,568 | | |
CSPC Pharmaceutical Group, Ltd. | | | | | 230,000 | | | | | | 235,197 | | |
Focus Media Information Technology Co., Ltd., Class A | | | | | 2,334,425 | | | | | | 3,531,667 | | |
Fufeng Group, Ltd. (a) | | | | | 682,000 | | | | | | 255,280 | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | | | | 750,000 | | | | | | 7,119,901 | | |
Guangshen Railway Co., Ltd., Class H | | | | | 3,456,000 | | | | | | 624,377 | | |
Haier Smart Home Co., Ltd., Class A | | | | | 630,000 | | | | | | 2,820,205 | | |
Hengan International Group Co., Ltd. | | | | | 71,500 | | | | | | 506,202 | | |
Hongfa Technology Co., Ltd., Class A | | | | | 347,000 | | | | | | 2,888,711 | | |
Huayu Automotive Systems Co., Ltd., Class A | | | | | 600,000 | | | | | | 2,649,469 | | |
Hubei Feilihua Quartz Glass Co., Ltd., Class A | | | | | 120,000 | | | | | | 1,100,095 | | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | | | 760,000 | | | | | | 5,163,807 | | |
JD Health International, Inc. (a) (f) | | | | | 4,500 | | | | | | 87,069 | | |
JD.com, Inc. – ADR (a) | | | | | 9,600 | | | | | | 843,840 | | |
Jiangsu Hengrui Medicine Co., Ltd., Class A | | | | | 121,000 | | | | | | 2,067,024 | | |
Joincare Pharmaceutical Group Industry Co., Ltd., Class A | | | | | 480,000 | | | | | | 1,023,363 | | |
Kweichow Moutai Co., Ltd., Class A | | | | | 19,000 | | | | | | 5,806,193 | | |
Li Auto, Inc. – ADR (a) | | | | | 8,200 | | | | | | 236,406 | | |
Lufax Holding, Ltd. – ADR (a) | | | | | 284,800 | | | | | | 4,044,160 | | |
Meituan Dianping, Class B (a) | | | | | 118,834 | | | | | | 4,544,965 | | |
Midea Group Co., Ltd., Class A | | | | | 435,000 | | | | | | 6,558,966 | | |
New Hope Liuhe Co., Ltd., Class A | | | | | 400,000 | | | | | | 1,373,036 | | |
| | | Number of Shares | | | Value | | ||||||
Pinduoduo, Inc. – ADR (a) | | | | | 30,600 | | | | | $ | 5,436,702 | | |
Ping An Insurance Group Co. of China, Ltd., Class A | | | | | 315,000 | | | | | | 4,191,266 | | |
Ping An Insurance Group Co. of China, Ltd., Class H | | | | | 605,500 | | | | | | 7,437,379 | | |
Poly Developments and Holdings Group Co., Ltd., Class A | | | | | 1,420,000 | | | | | | 3,439,126 | | |
Quectel Wireless Solutions Co., Ltd., Class A | | | | | 38,000 | | | | | | 1,086,076 | | |
Sany Heavy Industry Co., Ltd., Class A | | | | | 1,185,000 | | | | | | 6,341,153 | | |
SDIC Power Holdings Co., Ltd., Class A | | | | | 1,580,000 | | | | | | 2,088,664 | | |
Shengyi Technology Co., Ltd., Class A | | | | | 635,000 | | | | | | 2,743,151 | | |
Shenzhou International Group Holdings, Ltd. | | | | | 29,700 | | | | | | 582,526 | | |
Sichuan Kelun Pharmaceutical Co., Ltd., Class A | | | | | 591,050 | | | | | | 1,759,942 | | |
Simcere Pharmaceutical Group, Ltd. (a) (f) | | | | | 480,300 | | | | | | 555,780 | | |
Sinopharm Group Co., Ltd., Class H | | | | | 502,000 | | | | | | 1,223,670 | | |
Spring Airlines Co., Ltd., Class A | | | | | 160,000 | | | | | | 1,356,703 | | |
Tencent Holdings, Ltd. | | | | | 235,100 | | | | | | 17,178,105 | | |
Tencent Music Entertainment Group – ADR (a) | | | | | 1,200 | | | | | | 23,088 | | |
Three Squirrels, Inc., Class A | | | | | 17,800 | | | | | | 112,033 | | |
Tongkun Group Co., Ltd., Class A | | | | | 954,100 | | | | | | 3,008,819 | | |
Wanhua Chemical Group Co., Ltd., Class A | | | | | 213,000 | | | | | | 2,970,323 | | |
Weibo Corp. – SPADR (a) | | | | | 20,600 | | | | | | 844,394 | | |
Weichai Power Co., Ltd., Class A | | | | | 1,975,000 | | | | | | 4,782,791 | | |
XPeng, Inc. – ADR (a) | | | | | 10,800 | | | | | | 462,564 | | |
Yunnan Energy New Material Co., Ltd., Class C | | | | | 192,000 | | | | | | 4,177,594 | | |
Zhejiang Satellite Petrochemical Co., Ltd., Class A | | | | | 553,000 | | | | | | 2,215,046 | | |
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class A | | | | | 2,050,000 | | | | | | 3,104,618 | | |
ZTO Express Cayman, Inc. (a) | | | | | 141,800 | | | | | | 4,147,935 | | |
ZTO Express Cayman, Inc. – ADR | | | | | 71,937 | | | | | | 2,097,683 | | |
| | | | | | | | | | | 159,412,489 | | |
Denmark — 0.9% | | ||||||||||||
Coloplast A/S, Class B | | | | | 32,235 | | | | | | 4,924,280 | | |
Novo Nordisk A/S, Class B (b) | | | | | 98,830 | | | | | | 6,912,713 | | |
Orsted A/S (b) (f) | | | | | 2,261 | | | | | | 462,431 | | |
Vestas Wind Systems A/S (b) | | | | | 8,885 | | | | | | 2,102,846 | | |
| | | | | | | | | | | 14,402,270 | | |
Finland — 0.7% | | ||||||||||||
Enento Group Oyj (a) (b) (f) | | | | | 5,636 | | | | | | 231,722 | | |
Huhtamaki Oyj (b) | | | | | 20,961 | | | | | | 1,081,928 | | |
Kone Oyj, Class B | | | | | 66,133 | | | | | | 5,366,668 | | |
Nanoform Finland plc (a) (b) | | | | | 137,808 | | | | | | 1,192,385 | | |
Nordea Bank Abp (a) (b) | | | | | 20,110 | | | | | | 163,819 | | |
Sampo Oyj Shares – A (b) | | | | | 52,084 | | | | | | 2,208,851 | | |
| | | | | | | | | | | 10,245,373 | | |
France — 1.0% | | ||||||||||||
Electricite de France SA (a) | | | | | 122,905 | | | | | | 1,946,686 | | |
L’Oreal SA | | | | | 19,786 | | | | | | 7,517,820 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
LVMH Moet Hennessy Louis Vuitton SE | | | | | 9,025 | | | | | $ | 5,639,097 | | |
| | | | | | | | | | | 15,103,603 | | |
Greece — 0.0% | | ||||||||||||
Diana Shipping, Inc. (a) | | | | | 215,183 | | | | | | 415,303 | | |
Tsakos Energy Navigation, Ltd. | | | | | 35,188 | | | | | | 282,560 | | |
| | | | | | | | | | | 697,863 | | |
Hong Kong — 1.0% | | ||||||||||||
AIA Group, Ltd. | | | | | 418,400 | | | | | | 5,153,712 | | |
CECEP COSTIN New Materials Group, Ltd. (a) (c) (e) | | | | | 1,736,000 | | | | | | — | | |
China Mobile, Ltd. | | | | | 175,000 | | | | | | 1,000,059 | | |
Hang Seng Bank, Ltd. | | | | | 24,300 | | | | | | 419,887 | | |
Hong Kong Exchanges & Clearing, Ltd. | | | | | 21,500 | | | | | | 1,182,508 | | |
Hua Han Health Industry Holdings, Ltd. (a) (c) (e) | | | | | 6,984,000 | | | | | | — | | |
Luks Group Vietnam Holdings Co., Ltd. | | | | | 1,682,000 | | | | | | 278,880 | | |
PAX Global Technology, Ltd. | | | | | 441,000 | | | | | | 391,225 | | |
Shangri-La Asia, Ltd. (a) | | | | | 1,934,000 | | | | | | 1,724,891 | | |
Sino Biopharmaceutical, Ltd. | | | | | 3,932,000 | | | | | | 3,803,475 | | |
Swire Pacific, Ltd., Class A | | | | | 201,000 | | | | | | 1,117,656 | | |
Swire Properties, Ltd. | | | | | 129,000 | | | | | | 375,924 | | |
| | | | | | | | | | | 15,448,217 | | |
Ireland — 0.1% | | ||||||||||||
Accenture plc, Class A | | | | | 2,146 | | | | | | 560,557 | | |
Jazz Pharmaceuticals plc (a) | | | | | 1,330 | | | | | | 219,516 | | |
Medtronic plc (b) | | | | | 10,744 | | | | | | 1,258,552 | | |
Trane Technologies plc | | | | | 1,350 | | | | | | 195,966 | | |
| | | | | | | | | | | 2,234,591 | | |
Japan — 6.2% | | ||||||||||||
Amano Corp. | | | | | 176,100 | | | | | | 4,218,493 | | |
BML, Inc. | | | | | 96,700 | | | | | | 3,006,695 | | |
Bunka Shutter Co., Ltd. | | | | | 191,700 | | | | | | 1,809,122 | | |
DTS Corp. | | | | | 35,900 | | | | | | 740,182 | | |
Ezaki Glico Co., Ltd. | | | | | 51,900 | | | | | | 2,281,932 | | |
Fukuda Corp. | | | | | 4,200 | | | | | | 229,324 | | |
Fukuda Denshi Co., Ltd. | | | | | 5,800 | | | | | | 448,873 | | |
Fukushima Industries Corp. | | | | | 26,100 | | | | | | 1,135,727 | | |
Glory, Ltd. | | | | | 97,900 | | | | | | 1,977,312 | | |
Hakuhodo DY Holdings, Inc. | | | | | 339,100 | | | | | | 4,661,155 | | |
Hitachi, Ltd. | | | | | 129,400 | | | | | | 5,106,048 | | |
Hogy Medical Co., Ltd. | | | | | 143,800 | | | | | | 4,679,613 | | |
Hoshizaki Corp. | | | | | 23,900 | | | | | | 2,196,185 | | |
Inpex Corp. | | | | | 185,800 | | | | | | 1,004,065 | | |
Japan Petroleum Exploration Co., Ltd. | | | | | 12,600 | | | | | | 229,089 | | |
Japan Steel Works, Ltd. (The) | | | | | 29,500 | | | | | | 881,050 | | |
Kamigumi Co., Ltd. | | | | | 37,100 | | | | | | 678,053 | | |
Miraca Holdings, Inc. | | | | | 150,300 | | | | | | 4,051,287 | | |
Mitsubishi Corp. | | | | | 78,900 | | | | | | 1,945,739 | | |
Mitsubishi Estate Co., Ltd. | | | | | 243,300 | | | | | | 3,929,139 | | |
Mitsui & Co., Ltd. | | | | | 101,700 | | | | | | 1,865,818 | | |
Mitsui Fudosan Co., Ltd. | | | | | 190,300 | | | | | | 4,011,120 | | |
Morinaga & Co., Ltd. | | | | | 108,200 | | | | | | 4,071,087 | | |
NEC Corp. | | | | | 8,600 | | | | | | 460,467 | | |
| | | Number of Shares | | | Value | | ||||||
Nippon Densetsu Kogyo Co., Ltd. | | | | | 9,200 | | | | | $ | 190,806 | | |
Nohmi Bosai, Ltd. | | | | | 43,600 | | | | | | 951,680 | | |
Noritz Corp. | | | | | 75,000 | | | | | | 1,173,045 | | |
OKUMA Corp. | | | | | 80,600 | | | | | | 4,519,121 | | |
Organo Corp. | | | | | 11,400 | | | | | | 679,442 | | |
Secom Co., Ltd. | | | | | 50,900 | | | | | | 4,699,492 | | |
Sekisui Jushi Corp. | | | | | 2,300 | | | | | | 48,660 | | |
Seven Bank, Ltd. | | | | | 1,668,100 | | | | | | 3,526,641 | | |
Shibuya Corp. | | | | | 11,200 | | | | | | 384,092 | | |
Sinko Industries, Ltd. | | | | | 67,700 | | | | | | 1,167,009 | | |
SK Kaken Co., Ltd. | | | | | 7,700 | | | | | | 2,893,454 | | |
Sumitomo Warehouse Co., Ltd. (The) | | | | | 354,500 | | | | | | 4,540,833 | | |
Suzuken Co., Ltd. | | | | | 11,700 | | | | | | 423,203 | | |
Tachi-S Co., Ltd. | | | | | 12,300 | | | | | | 140,332 | | |
Takeuchi Manufacturing Co., Ltd. | | | | | 172,300 | | | | | | 4,064,928 | | |
TKC Corp. | | | | | 9,100 | | | | | | 682,908 | | |
Toei Co., Ltd. | | | | | 41,400 | | | | | | 6,769,645 | | |
TV Asahi Holdings Corp. | | | | | 257,700 | | | | | | 4,232,349 | | |
West Japan Railway Co. | | | | | 14,700 | | | | | | 772,793 | | |
| | | | | | | | | | | 97,478,008 | | |
Kazakhstan — 0.1% | | ||||||||||||
NAC Kazatomprom JSC – GDR (c) (f) | | | | | 98,480 | | | | | | 1,741,523 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere – ADR (a) (c) (e) | | | | | 38,451 | | | | | | 106,701 | | |
Luxembourg — 0.0% | | ||||||||||||
Millicom International Cellular SA – SDR (a) | | | | | 14,564 | | | | | | 572,729 | | |
Malta — 0.3% | | ||||||||||||
Kambi Group plc (a) | | | | | 83,448 | | | | | | 3,933,196 | | |
Mexico — 0.1% | | ||||||||||||
Fresnillo plc | | | | | 63,592 | | | | | | 983,747 | | |
Vista Oil & Gas Sab de CV – ADR (a) | | | | | 391,327 | | | | | | 1,001,797 | | |
| | | | | | | | | | | 1,985,544 | | |
Netherlands — 0.1% | | ||||||||||||
NXP Semiconductors NV | | | | | 352 | | | | | | 55,972 | | |
Royal Dutch Shell plc, Class A – SPADR (b) | | | | | 41,089 | | | | | | 1,443,867 | | |
| | | | | | | | | | | 1,499,839 | | |
Norway — 0.1% | | ||||||||||||
Equinor ASA – SPADR (b) | | | | | 82,418 | | | | | | 1,353,304 | | |
Panama — 0.0% | | ||||||||||||
Copa Holdings SA, Class A | | | | | 786 | | | | | | 60,703 | | |
Puerto Rico — 0.1% | | ||||||||||||
Popular, Inc. (b) | | | | | 20,037 | | | | | | 1,128,484 | | |
Russia — 1.0% | | ||||||||||||
Etalon Group plc – GDR (g) | | | | | 599,848 | | | | | | 1,037,730 | | |
Federal Grid Co. Unified Energy System PJSC | | | | | 43,290,000 | | | | | | 130,897 | | |
Federal Grid Co. Unified Energy System PJSC – MOEX Shares (a) (c) | | | | | 755,953,892 | | | | | | 2,270,130 | | |
Gazprom PAO (c) | | | | | 1,361,667 | | | | | | 3,916,259 | | |
Gazprom PJSC | | | | | 5,230 | | | | | | 15,040 | | |
Lenta, Ltd. – GDR (a) (g) | | | | | 329,246 | | | | | | 1,133,883 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
LSR Group PJSC (a) (c) | | | | | 47,272 | | | | | $ | 553,655 | | |
Moscow Exchange MICEX-RTS PJSC | | | | | 234,677 | | | | | | 505,339 | | |
Polyus PJSC – GDR (g) | | | | | 12,305 | | | | | | 1,239,817 | | |
RusHydro PJSC | | | | | 6,535,000 | | | | | | 69,299 | | |
RusHydro PJSC – MOEX Shares (a) (c) | | | | | 240,386,380 | | | | | | 2,542,567 | | |
Sberbank of Russia PJSC | | | | | 401,774 | | | | | | 1,472,376 | | |
| | | | | | | | | | | 14,886,992 | | |
Singapore — 1.3% | | ||||||||||||
First Resources, Ltd. | | | | | 294,100 | | | | | | 284,514 | | |
Golden Agri-Resources, Ltd. | | | | | 19,378,700 | | | | | | 2,328,391 | | |
Sea, Ltd. – ADR (a) | | | | | 87,676 | | | | | | 17,451,908 | | |
| | | | | | | | | | | 20,064,813 | | |
South Africa — 0.1% | | ||||||||||||
Gold Fields, Ltd. | | | | | 108,171 | | | | | | 1,003,261 | | |
Impala Platinum Holdings, Ltd. | | | | | 31,873 | | | | | | 438,320 | | |
| | | | | | | | | | | 1,441,581 | | |
South Korea — 0.5% | | ||||||||||||
Hankook Technology Group Co., Ltd. | | | | | 41,668 | | | | | | 561,029 | | |
Korea Electric Power Corp. – SPADR (a) | | | | | 109,433 | | | | | | 1,342,743 | | |
Korean Reinsurance Co. | | | | | 49,066 | | | | | | 357,444 | | |
KT Corp. (a) | | | | | 39,961 | | | | | | 883,245 | | |
KT Corp. – SPADR (a) | | | | | 255,311 | | | | | | 2,810,974 | | |
LG Corp. | | | | | 6,682 | | | | | | 539,198 | | |
LG Uplus Corp. | | | | | 91,369 | | | | | | 989,622 | | |
Pyeong Hwa Automotive Co., Ltd. | | | | | 27,811 | | | | | | 235,195 | | |
| | | | | | | | | | | 7,719,450 | | |
Spain — 0.3% | | ||||||||||||
Amadeus IT Group SA | | | | | 71,069 | | | | | | 5,145,235 | | |
Sri Lanka — 0.1% | | ||||||||||||
Hemas Holdings plc | | | | | 1,337,560 | | | | | | 722,583 | | |
Sweden — 0.9% | | ||||||||||||
AF POYRY AB (a) (b) | | | | | 8,350 | | | | | | 255,348 | | |
Atlas Copco AB Shares – B (b) | | | | | 8,379 | | | | | | 376,444 | | |
Autoliv, Inc. | | | | | 1,004 | | | | | | 92,468 | | |
Beijer Ref AB (b) | | | | | 5,482 | | | | | | 250,752 | | |
Boule Diagnostics AB (a) | | | | | 36,306 | | | | | | 264,097 | | |
Bygghemma Group First AB (a) (b) | | | | | 27,375 | | | | | | 594,509 | | |
Eastnine AB | | | | | 78,560 | | | | | | 1,193,657 | | |
Essity AB, Class B (b) | | | | | 30,627 | | | | | | 984,273 | | |
Fortnox AB (b) | | | | | 19,331 | | | | | | 1,080,885 | | |
Greater Than AB (a) | | | | | 93,607 | | | | | | 876,071 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 15,567 | | | | | | 211,806 | | |
Investor AB Shares – B (b) | | | | | 19,539 | | | | | | 1,428,052 | | |
Karnov Group AB (b) | | | | | 88,419 | | | | | | 637,710 | | |
Kinnevik AB, Class B (a) (b) | | | | | 14,521 | | | | | | 732,968 | | |
Modern Times Group MTG AB Shares – B (a) (b) | | | | | 21,789 | | | | | | 390,600 | | |
Nolato AB, Class B (a) (b) | | | | | 7,260 | | | | | | 734,081 | | |
Nordic Entertainment Group AB, Class B (a) (b) | | | | | 39,904 | | | | | | 2,228,749 | | |
Skandinaviska Enskilda Banken AB, Class A (a) (b) | | | | | 64,450 | | | | | | 661,607 | | |
Veoneer, Inc. – SDR (a) (b) | | | | | 13,408 | | | | | | 290,260 | | |
| | | | | | | | | | | 13,284,337 | | |
|
| | | Number of Shares | | | Value | | ||||||
Switzerland — 0.0% | | ||||||||||||
Garmin, Ltd. | | | | | 2,999 | | | | | $ | 358,860 | | |
Thailand — 0.0% | | ||||||||||||
Kasikornbank PCL, Class F | | | | | 172,200 | | | | | | 657,337 | | |
Turkey — 0.0% | | ||||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS – REIT | | | | | 1,268,905 | | | | | | 365,653 | | |
Turkiye Halk Bankasi AS (a) | | | | | 368,405 | | | | | | 275,769 | | |
| | | | | | | | | | | 641,422 | | |
Ukraine — 0.2% | | ||||||||||||
Astarta Holding NV (a) | | | | | 50,967 | | | | | | 358,693 | | |
Kernel Holding SA | | | | | 106,361 | | | | | | 1,400,286 | | |
MHP SE – GDR — OTC Shares (g) | | | | | 222,612 | | | | | | 1,343,877 | | |
| | | | | | | | | | | 3,102,856 | | |
United Kingdom — 1.4% | | ||||||||||||
Capri Holdings, Ltd. (a) | | | | | 422 | | | | | | 17,724 | | |
Diageo plc | | | | | 137,024 | | | | | | 5,415,340 | | |
Gabriel Resources, Ltd. (a) | | | | | 1,962,000 | | | | | | 354,513 | | |
InterContinental Hotels Group plc (a) | | | | | 83,713 | | | | | | 5,438,206 | | |
Intertek Group plc | | | | | 17,164 | | | | | | 1,326,385 | | |
nVent Electric plc | | | | | 11,689 | | | | | | 272,237 | | |
Sage Group plc (The) | | | | | 283,244 | | | | | | 2,256,097 | | |
Standard Chartered plc (a) | | | | | 145,400 | | | | | | 927,666 | | |
Stolt-Nielsen, Ltd. | | | | | 63,405 | | | | | | 808,839 | | |
Unilever plc | | | | | 79,867 | | | | | | 4,807,785 | | |
Yellow Cake plc (a) (f) | | | | | 225,318 | | | | | | 768,059 | | |
| | | | | | | | | | | 22,392,851 | | |
Total Foreign Common Stocks (Cost $398,529,046) | | | | | | | | | | | 523,594,833 | | |
Total Common Stocks (Cost $756,590,882) | | | | | | | | | | | 1,006,001,597 | | |
Participation Notes — 0.4% | | ||||||||||||
UBS AG, Beijing Roborock Technology Co., Ltd., Equity Linked Notes, Expiring 09/03/21 (China) (a) | | | | | 21,300 | | | | | | 3,374,232 | | |
UBS AG, Raytron Technology Co., Ltd., Equity Linked Notes, Expiring 10/18/21 (China) (a) | | | | | 71,000 | | | | | | 1,205,494 | | |
UBS AG, Sobute New Materials Co., Ltd., Equity Linked Notes, Expiring 08/27/21 (China) (a) | | | | | 240,000 | | | | | | 842,961 | | |
Total Participation Notes (Cost $3,309,641) | | | | | | | | | | | 5,422,687 | | |
Structured Notes — 0.0% | | ||||||||||||
Royal Bank of Canada, Canadian Imperial Bank Of Commerce; National Bank Of Canada; Royal Bank Of Canada; The Toronto-Dominion Bank, Dividend Linked Notes, Expiring 12/31/21 (Canada) (a) (c) (e) (Cost $197,330) | | | | | 310,800 | | | | | | 244,085 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | ||||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) (Cost $77,784) | | | | | 367,492 | | | | | $ | 303,181 | | |
Warrants — 0.1% | | ||||||||||||
Algernon Pharmaceuticals, Inc., Expiring 05/13/22 (Canada) (a) (c) (e) | | | | | 52,700 | | | | | | 28 | | |
Bragg Gaming Group, Inc., Expiring 11/18/23 (Canada) (a) | | | | | 42,350 | | | | | | 16,968 | | |
Champignon Brands, Inc., Expiring 06/11/22 (Canada) (a) (c) (e) | | | | | 37,900 | | | | | | 1,283 | | |
Charlottes Web Holdings, Inc., Expiring 12/03/21 (United States) (a) | | | | | 10,900 | | | | | | 728 | | |
Charlottes Web Holdings, Inc., Expiring 06/18/22 (United States) (a) | | | | | 19,500 | | | | | | 8,732 | | |
Drone Delivery Corp., Expiring 12/22/22 (Canada) (a) | | | | | 78,550 | | | | | | 7,405 | | |
Drone Delivery Corp., Expiring 08/05/22 (Canada) (a) | | | | | 27,200 | | | | | | 5,342 | | |
Dundee Corp., Expiring 05/13/21 (Canada) (a) (c) (e) | | | | | 26,950 | | | | | | 31,052 | | |
dynaCERT, Inc., Expiring 06/18/22 (Canada) (a) | | | | | 88,550 | | | | | | 16,696 | | |
Else Nutrition Holdings, Inc., Expiring 10/06/22 (Canada) (a) | | | | | 18,800 | | | | | | 17,280 | | |
Excellon Resources, Inc., Expiring 08/27/21 (Canada) (a) | | | | | 250,000 | | | | | | 46,154 | | |
Kirkland Lake Gold, Inc., Expiring 12/03/21 (Canada) (a) (c) (e) | | | | | 26,650 | | | | | | 3,867 | | |
Marathon Gold Corp., Expiring 05/26/21 (Canada) (a) (c) (e) | | | | | 49,600 | | | | | | 39,226 | | |
Organigram Holdings, Inc., Expiring 11/12/23 (Canada) (a) (c) (e) | | | | | 128,000 | | | | | | 20,110 | | |
Osisko Mining, Inc., Expiring 12/23/21 (Canada) (a) (c) (e) | | | | | 45,150 | | | | | | 4,687 | | |
Planet 13 Holdings, Inc., Expiring 09/10/22 (Canada) (a) | | | | | 95,000 | | | | | | 197,777 | | |
Planet 13 Holdings, Inc., Expiring 11/05/22 (Canada) (a) | | | | | 83,550 | | | | | | 105,020 | | |
Protech Home Medical Corp., Expiring 06/29/21 (Canada) (a) (c) (e) | | | | | 145,150 | | | | | | 18,760 | | |
PyroGenesis, Inc., Expiring 11/10/22 (Canada) (a) (c) (e) | | | | | 25,000 | | | | | | 8,388 | | |
Quisitive Technology Solution, Expiring 06/26/22 (Canada) (a) | | | | | 28,000 | | | | | | 7,589 | | |
Solaris Resources, Inc., Expiring 12/30/22 (Canada) (a) (c) (e) | | | | | 8,300 | | | | | | 6,593 | | |
Subversive Capital Acquistion Corp., Expiring 07/16/27 (Canada) (a) | | | | | 36,350 | | | | | | 59,978 | | |
Synaptive Medical, Inc., Expiring 12/06/22 (Canada) (a) (c) (d) (e) | | | | | 37,142 | | | | | | 6,731 | | |
Tetra Bio-Pharma, Inc., Expiring 02/13/23 (Canada) (a) | | | | | 100,000 | | | | | | 5,499 | | |
Village Farms International, Inc., Expiring 09/10/25 (Canada) (a) (c) (e) | | | | | 75,000 | | | | | | 401,053 | | |
Voyager Digital, Ltd., Expiring 01/11/21 (Canada) (a) (c) (d) (e) | | | | | 95,100 | | | | | | 516,474 | | |
Voyager Digital, Ltd., Expiring 04/15/21 (Canada) (a) (c) (d) (e) | | | | | 46,100 | | | | | | 207,978 | | |
Total Warrants (Cost $227,498) | | | | | | | | | | | 1,761,398 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.0% | | ||||||||||||
Media — 0.0% | | | |||||||||||
Catena Media plc, 5.5%, 03/02/2022 (Malta) (g) (Cost $132,072) | | | | $ | 126,000 | | | | | $ | 154,698 | | |
Convertible Bonds — 0.0% | | ||||||||||||
Airlines — 0.0% | | ||||||||||||
Air Canada, 4.000%, 07/01/25(f) (Cost $248,300) | | | | | 248,300 | | | | | | 366,243 | | |
US Treasury Bonds/Notes — 6.5% | | ||||||||||||
US Treasury Inflation Indexed Note, 0.625%, 01/15/24 | | | | | 4,097,880 | | | | | | 4,397,911 | | |
US Treasury Inflation Indexed Note, 0.500%, 04/15/24 | | | | | 6,355,990 | | | | | | 6,812,827 | | |
US Treasury Inflation Indexed Note, 0.125%, 07/15/24 | | | | | 4,229,625 | | | | | | 4,528,562 | | |
US Treasury Inflation Indexed Note, 0.125%, 10/15/24 | | | | | 17,752,514 | | | | | | 19,033,561 | | |
US Treasury Inflation Indexed Note, 0.250%, 01/15/25 | | | | | 4,274,273 | | | | | | 4,611,985 | | |
US Treasury Inflation Indexed Note, 0.375%, 07/15/25 | | | | | 4,804,848 | | | | | | 5,277,012 | | |
US Treasury Inflation Indexed Note, 0.125%, 10/15/25 | | | | | 5,866,456 | | | | | | 6,378,319 | | |
US Treasury Inflation-Indexed Bond, 0.125%, 04/15/25 | | | | | 10,783,325 | | | | | | 11,599,937 | | |
US Treasury Note, 1.125%, 09/30/21 | | | | | 2,397,000 | | | | | | 2,415,071 | | |
US Treasury Note, 1.750%, 04/30/22 | | | | | 2,366,000 | | | | | | 2,417,387 | | |
US Treasury Note, 1.375%, 10/15/22 | | | | | 3,970,000 | | | | | | 4,058,394 | | |
US Treasury Note, 1.500%, 03/31/23 | | | | | 3,823,000 | | | | | | 3,939,482 | | |
US Treasury Note, 1.375%, 09/30/23 | | | | | 3,139,000 | | | | | | 3,244,573 | | |
US Treasury Note, 2.500%, 05/15/24 | | | | | 1,721,000 | | | | | | 1,854,512 | | |
US Treasury Note, 1.500%, 09/30/24 | | | | | 3,573,000 | | | | | | 3,741,461 | | |
US Treasury Note, 2.125%, 05/15/25 | | | | | 2,070,000 | | | | | | 2,234,145 | | |
US Treasury Note, 2.250%, 11/15/25 | | | | | 2,546,000 | | | | | | 2,780,312 | | |
US Treasury Note, 0.375%, 11/30/25 | | | | | 1,028,900 | | | | | | 1,030,347 | | |
US Treasury Note, 2.000%, 11/15/26 | | | | | 1,335,000 | | | | | | 1,453,012 | | |
US Treasury Note, 0.500%, 05/31/27 | | | | | 1,944,000 | | | | | | 1,937,166 | | |
US Treasury Note, 0.375%, 07/31/27 | | | | | 449,000 | | | | | | 443,107 | | |
US Treasury Note, 2.250%, 08/15/27 | | | | | 1,052,000 | | | | | | 1,166,487 | | |
US Treasury Note, 0.625%, 12/31/27 | | | | | 690,000 | | | | | | 689,164 | | |
US Treasury Note, 2.750%, 02/15/28 | | | | | 1,573,000 | | | | | | 1,803,850 | | |
US Treasury Note, 1.625%, 08/15/29 | | | | | 1,149,000 | | | | | | 1,229,161 | | |
US Treasury Note, 1.500%, 02/15/30 | | | | | 1,321,000 | | | | | | 1,397,525 | | |
US Treasury Note, 0.625%, 08/15/30 | | | | | 1,163,000 | | | | | | 1,133,925 | | |
Total US Treasury Bonds/Notes (Cost $97,695,005) | | | | | | | | | | | 101,609,195 | | |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds — 18.2% | | ||||||||||||
Exchange-Traded Funds (ETFs) — 6.0% | | ||||||||||||
Financial Select Sector SPDR Fund | | | | | 2,401,776 | | | | | | 70,804,357 | | |
Vanguard FTSE Europe ETF (a) | | | | | 379,726 | | | | | | 22,874,694 | | |
| | | | | | | | | | | 93,679,051 | | |
Private Investment Funds (h) — 12.2% | | ||||||||||||
Canyon Value Realization Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 30,661,242 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Eversept Global Healthcare Fund, LP (a) (c) (d) (e) | | | | | | | | | | $ | 32,839,216 | | |
Farallon Capital Institutional Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 1,421,847 | | |
GSA Trend Fund, Ltd. (a) (c) (d) (e) | | | | | 156,178 | | | | | | 13,407,192 | | |
Helikon Long Short Equity Fund ICAV (a) (c) (d) (e) | | | | | 10,000 | | | | | | 5,633,080 | | |
Honeycomb Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 57,263,172 | | |
Neo Ivy Capital Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 10,115,502 | | |
Northwest Feilong Fund, Ltd. (a) (c) (d) (e) | | | | | 7,235 | | | | | | 14,973,313 | | |
QVT Roiv Hldgs Onshore, Ltd. (a) (c) (d) (e) | | | | | 2,430 | | | | | | 7,386,500 | | |
Voloridge Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 16,690,774 | | |
| | | | | | | | | | | 190,391,838 | | |
Total Acquired Funds (Cost $217,163,852) | | | | | | | | | | | 284,070,889 | | |
Preferred Stocks — 0.2% | | ||||||||||||
Draegerwerk AG & Co. KGAA, 0.30% (Germany) | | | | | 2,857 | | | | | | 219,397 | | |
Hyundai Motor Co., Ltd., 3.34% (South Korea) | | | | | 24,727 | | | | | | 2,045,291 | | |
Qurate Retail, Inc., 8.00% (United States) (a) | | | | | 2,003 | | | | | | 198,297 | | |
Synaptive Medical, Inc., 0.00% (Canada) (a) (c) (d) (e) | | | | | 74,285 | | | | | | 185,713 | | |
Total Preferred Stocks (Cost $1,865,763) | | | | | | | | | | | 2,648,698 | | |
| | | Number of Contracts | | | Value | | ||||||
Purchased Option Contracts — 0.1% | | ||||||||||||
Calls — 0.0% | | ||||||||||||
Air Canada, Notional Amount $1,270,000, Strike Price $25 Expiring 07/16/2021 (Canada) | | | | | 508 | | | | | $ | 167,617 | | |
B2Gold Corp., Notional Amount $553,600, Strike Price $8 Expiring 02/19/2021 (Canada) | | | | | 692 | | | | | | 11,417 | | |
Cimarex Energy Co., Notional Amount $1,496,000, Strike Price $40 Expiring 01/15/2021 (United States) | | | | | 374 | | | | | | 33,660 | | |
CNX Resources Corp., Notional Amount $616,800, Strike Price $12 Expiring 01/15/2021 (United States) | | | | | 514 | | | | | | 10,280 | | |
Comstock Resources, Inc., Notional Amount $398,000, Strike Price $5 Expiring 01/15/2021 (United States) | | | | | 796 | | | | | | 6,368 | | |
EOG Resources, Inc., Notional Amount $540,500, Strike Price $57.50 Expiring 01/15/2021 (United States) | | | | | 94 | | | | | | 1,974 | | |
Essity AB, Notional Amount $10,770,000, Strike Price $300 Expiring 03/19/2021 (Sweden) | | | | | 359 | | | | | | 2,836 | | |
Exxon Mobil Corp., Notional Amount $526,500, Strike Price $45 Expiring 01/15/2021 (United States) | | | | | 117 | | | | | | 2,340 | | |
| | | Number of Contracts | | | Value | | ||||||
Marathon Oil Corp., Notional Amount $524,300, Strike Price $7 Expiring 01/15/2021 (United States) | | | | | 749 | | | | | $ | 16,478 | | |
Murphy Oil Corp., Notional Amount $732,500, Strike Price $12.50 Expiring 01/15/2021 (United States) | | | | | 586 | | | | | | 38,090 | | |
Ovintiv, Inc., Notional Amount $702,000, Strike Price $15 Expiring 01/15/2021 (United States) | | | | | 468 | | | | | | 25,740 | | |
Range Resources Corp., Notional Amount $673,600, Strike Price $8 Expiring 01/15/2021 (United States) | | | | | 842 | | | | | | 5,894 | | |
Schlumberger NV, Notional Amount $1,029,600, Strike Price $22 Expiring 01/8/2021 (United States) | | | | | 468 | | | | | | 23,400 | | |
WPX Energy, Inc., Notional Amount $280,000, Strike Price $8 Expiring 01/15/2021 (United States) | | | | | 350 | | | | | | 17,500 | | |
Total Calls (Cost $515,919) | | | | | | | | | | | 363,594 | | |
Puts — 0.1% | | ||||||||||||
Antero Resources Corp., Notional Amount $1,218,000, Strike Price $5Expiring 01/15/2021 (United States) | | | | | 2,436 | | | | | | 41,412 | | |
Antero Resources Corp., Notional Amount $937,200, Strike Price $4 Expiring 01/15/2021 (United States) | | | | | 2,343 | | | | | | 11,715 | | |
Assa Abloy AB, Notional Amount $6,420,000, Strike Price $200 Expiring 03/19/2021 (Sweden) | | | | | 321 | | | | | | 29,652 | | |
Assa Abloy AB, Notional Amount $6,840,000, Strike Price $190 Expiring 03/19/2021 (Sweden) | | | | | 360 | | | | | | 18,815 | | |
Castellum AB, Notional Amount $6,118,000, Strike Price $190 Expiring 01/15/2021 (Sweden) | | | | | 322 | | | | | | 78 | | |
Cenovus Energy, Inc., Notional Amount $805,800, Strike Price $6 Expiring 01/15/2021 (United States) | | | | | 1,343 | | | | | | 41,633 | | |
Chart Industries, Inc., Notional Amount $930,000, Strike Price $100Expiring 01/15/2021 (United States) | | | | | 93 | | | | | | 2,790 | | |
Concho Resources, Inc., Notional Amount $1,439,200, Strike Price $56Expiring 01/15/2021 (United States) | | | | | 257 | | | | | | 24,415 | | |
Continental Resources, Inc., Notional Amount $1,053,000, Strike Price $15Expiring 01/15/2021 (United States) | | | | | 702 | | | | | | 24,570 | | |
Devon Energy Corp., Notional Amount $738,206, Strike Price $15.74Expiring 01/15/2021 (United States) | | | | | 469 | | | | | | 36,113 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Contracts | | | Value | | ||||||
Electrolux AB, Notional Amount $17,183,476, Strike Price $175.88 Expiring 03/19/2021 (Sweden) | | | | | 977 | | | | | $ | 54,623 | | |
EOG Resources, Inc., Notional Amount $1,055,000, Strike Price $50Expiring 01/15/2021 (United States) | | | | | 211 | | | | | | 47,686 | | |
Exxon Mobil Corp., Notional Amount $1,688,000, Strike Price $40 Expiring 01/15/2021 (United States) | | | | | 422 | | | | | | 28,274 | | |
Fisker, Inc., Notional Amount $631,500, Strike Price $15 Expiring 01/15/2021 (United States) | | | | | 421 | | | | | | 53,046 | | |
Hess Corp., Notional Amount $1,107,750, Strike Price $52.50 Expiring 01/15/2021 (United States) | | | | | 211 | | | | | | 40,301 | | |
Hexagon AB, Notional Amount $4,320,000, Strike Price $600 Expiring 03/19/2021 (Sweden) | | | | | 72 | | | | | | 2,013 | | |
Industrivarden AB, Notional Amount $5,784,000, Strike Price $240 Expiring 03/19/2021 (Sweden) | | | | | 241 | | | | | | 6,005 | | |
Industrivarden AB, Notional Amount $13,965,000, Strike Price $210 Expiring 03/19/2021 (Sweden) | | | | | 665 | | | | | | 2,425 | | |
iShares 20+ Year Treasury Bond ETF, Notional Amount $31,141,800, Strike Price $146 Expiring 01/15/2021 (United States) | | | | | 2,133 | | | | | | 26,852 | | |
iShares China Large-Cap ETF, Notional Amount $18,907,000, Strike Price $35Expiring 01/15/2021 (United States) | | | | | 5,402 | | | | | | 1,669 | | |
Magnolia Oil & Gas Corp., Notional Amount $1,824,750, Strike Price $7.50Expiring 01/15/2021 (United States) | | | | | 2,433 | | | | | | 170,310 | | |
Plug Power, Inc., Notional Amount $760,000, Strike Price $25 Expiring 01/15/2021 (United States) | | | | | 304 | | | | | | 4,864 | | |
S&P 500 Index, Notional Amount $14,260,000, Strike Price $3,100 Expiring 01/15/2021 (United States) | | | | | 46 | | | | | | 8,210 | | |
Sandvik AB, Notional Amount $8,228,000, Strike Price $170 Expiring 03/19/2021 (Sweden) | | | | | 484 | | | | | | 7,942 | | |
Securitas AB, Notional Amount $4,199,000, Strike Price $130 Expiring 03/19/2021 (Sweden) | | | | | 323 | | | | | | 16,881 | | |
Skanska AB, Notional Amount $11,016,000, Strike Price $170 Expiring 03/19/2021 (Sweden) | | | | | 648 | | | | | | 3,544 | | |
| | | Number of Contracts | | | Value | | ||||||
Svenska Cellulosa AB, Notional Amount $4,062,500, Strike Price $125Expiring 03/19/2021 (Sweden) | | | | | 325 | | | | | $ | 3,555 | | |
Targa Resources Corp., Notional Amount $1,172,500, Strike Price $25Expiring 01/15/2021 (United States) | | | | | 469 | | | | | | 42,210 | | |
Tesla, Inc., Notional Amount $1,105,000, Strike Price $650 Expiring 01/15/2021 (United States) | | | | | 17 | | | | | | 21,250 | | |
Volvo AB, Notional Amount $8,694,000, Strike Price $180 Expiring 03/19/2021 (Sweden) | | | | | 483 | | | | | | 24,362 | | |
Western Midstream Partners LP, Notional Amount $1,093,300, Strike Price $13Expiring 01/15/2021 (United States) | | | | | 841 | | | | | | 29,435 | | |
Williams Companies, Inc., Notional Amount $1,460,550, Strike Price $19.50Expiring 01/15/2021 (United States) | | | | | 749 | | | | | | 29,211 | | |
Total Puts (Cost $4,310,732) | | | | | | | | | | | 855,861 | | |
Total Purchased Option Contracts (Cost $4,826,651) | | | | | | | | | | | 1,219,455 | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (a) (c) (d) (e) | | | | | 260,322 | | | | | $ | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 17.0% | | ||||||||||||
Repurchase Agreement — 11.6% | | ||||||||||||
Fixed Income Clearing Corp. issued on 12/31/20 (proceeds at maturity $181,335,743) (collateralized by US Cash Management Bill, due 05/11/21 with a total par value of $35,766,200 and a total market value of $35,753,825; US Treasury Bill, due 12/30/21 with a total par value of $149,382,400 and a total market value of $149,208,668), 0.000%, 01/04/21 | | ||||||||||||
(Cost $181,335,743) | | | | $ | 181,335,743 | | | | | $ | 181,335,743 | | |
US Treasury Bills (i) — 5.4% | | ||||||||||||
US Treasury Bill, 0.087%, 01/21/21(j) | | | | | 45,000,000 | | | | | | 44,997,862 | | |
US Treasury Bill, 0.104%, 04/29/21(j) | | | | | 40,000,000 | | | | | | 39,989,139 | | |
Total US Treasury Bills (Cost $84,984,489) | | | | | | | | | | | 84,987,001 | | |
Total Short-Term Investments (Cost $266,320,232) | | | | | | | | | | | 266,322,744 | | |
Total Investments – 106.8% (Cost $1,348,655,010) | | | | | | | | | | | 1,670,124,870 | | |
Liabilities in Excess of Other Assets – (6.8)% | | | | | | | | | | | (106,952,512) | | |
Net Assets – 100.0% | | | | | | | | | | $ | 1,563,172,358 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (6.8)% | | ||||||||||||
Common Stocks — (6.8)% | | ||||||||||||
US Common Stocks — (4.6)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
Axon Enterprise, Inc. (a) | | | | | (1,926) | | | | | $ | (235,993) | | |
Boeing Co. (The) | | | | | (1,195) | | | | | | (255,802) | | |
HEICO Corp. | | | | | (2,249) | | | | | | (297,768) | | |
Mercury Systems, Inc. (a) | | | | | (1,568) | | | | | | (138,078) | | |
TransDigm Group, Inc. (a) | | | | | (22) | | | | | | (13,615) | | |
Virgin Galactic Holdings, Inc. (a) | | | | | (1,103) | | | | | | (26,174) | | |
| | | | | | | | | | | (967,430) | | |
Airlines — (0.0)% | | ||||||||||||
Delta Air Lines, Inc. | | | | | (1,533) | | | | | | (61,642) | | |
JetBlue Airways Corp. (a) | | | | | (23,647) | | | | | | (343,827) | | |
Southwest Airlines Co. | | | | | (1,279) | | | | | | (59,614) | | |
| | | | | | | | | | | (465,083) | | |
Auto Components — (0.0)% | | ||||||||||||
Adient plc (a) | | | | | (3,037) | | | | | | (105,596) | | |
Fox Factory Holding Corp. (a) | | | | | (1,502) | | | | | | (158,776) | | |
| | | | | | | | | | | (264,372) | | |
Automobiles — (0.1)% | | ||||||||||||
Tesla, Inc. (a) | | | | | (2,596) | | | | | | (1,831,919) | | |
Biotechnology — (0.1%) | | ||||||||||||
Acceleron Pharma, Inc. (a) | | | | | (1,273) | | | | | | (162,868) | | |
Alnylam Pharmaceuticals, Inc. (a) | | | | | (2,100) | | | | | | (272,937) | | |
Arrowhead Pharmaceuticals, Inc. (a) | | | | | (999) | | | | | | (76,653) | | |
Exact Sciences Corp. (a) | | | | | (2,469) | | | | | | (327,118) | | |
Global Blood Therapeutics, Inc. (a) | | | | | (3,164) | | | | | | (137,033) | | |
Ionis Pharmaceuticals, Inc. (a) | | | | | (2,328) | | | | | | (131,625) | | |
Iovance Biotherapeutics, Inc. (a) | | | | | (7,511) | | | | | | (348,510) | | |
Sage Therapeutics, Inc. (a) | | | | | (2,719) | | | | | | (235,221) | | |
| | | | | | | | | | | (1,691,965) | | |
Building Products — (0.0)% | | ||||||||||||
Builders FirstSource, Inc. (a) | | | | | (797) | | | | | | (32,526) | | |
Trex Co., Inc. (a) | | | | | (7,463) | | | | | | (624,802) | | |
| | | | | | | | | | | (657,328) | | |
Capital Markets — (0.0)% | | ||||||||||||
Invesco, Ltd. | | | | | (28,562) | | | | | | (497,836) | | |
Chemicals — (0.0)% | | ||||||||||||
Albemarle Corp. | | | | | (4,095) | | | | | | (604,094) | | |
Commercial Banks — (0.1)% | | ||||||||||||
Commerce Bancshares, Inc. | | | | | (397) | | | | | | (26,076) | | |
Sterling Bancorp | | | | | (9,916) | | | | | | (178,290) | | |
SVB Financial Group (a) | | | | | (1,223) | | | | | | (474,316) | | |
Texas Capital Bancshares, Inc. (a) | | | | | (19,569) | | | | | | (1,164,356) | | |
Truist Financial Corp. | | | | | (3,498) | | | | | | (167,659) | | |
Western Alliance Bancorp | | | | | (5,431) | | | | | | (325,588) | | |
| | | | | | | | | | | (2,336,285) | | |
| | | Number of Shares | | | Value | | ||||||
Commercial Services & Supplies — (0.0)% | | ||||||||||||
Brink’s Co. (The) | | | | | (6,574) | | | | | $ | (473,328) | | |
IAA, Inc. (a) | | | | | (4,586) | | | | | | (297,998) | | |
| | | | | | | | | | | (771,326) | | |
Communications Equipment — (0.0)% | | ||||||||||||
Ubiquiti, Inc. | | | | | (454) | | | | | | (126,444) | | |
Computers & Peripherals — (0.0)% | | ||||||||||||
Pure Storage, Inc., Class A (a) | | | | | (4,785) | | | | | | (108,189) | | |
Construction & Engineering — (0.0)% | | ||||||||||||
Toll Brothers, Inc. | | | | | (7,156) | | | | | | (311,071) | | |
TopBuild Corp. (a) | | | | | (1,918) | | | | | | (353,065) | | |
| | | | | | | | | | | (664,136) | | |
Containers & Packaging — (0.0)% | | ||||||||||||
Ball Corp. | | | | | (2,657) | | | | | | (247,579) | | |
Diversified Consumer Services — (0.0)% | | | | | | | | | | | | | |
Bright Horizons Family Solutions, Inc. (a) | | | | | (2,396) | | | | | | (414,484) | | |
WW International, Inc. (a) | | | | | (1,046) | | | | | | (25,522) | | |
| | | | | | | | | | | (440,006) | | |
Electric Utilities — (0.0)% | | ||||||||||||
FirstEnergy Corp. | | | | | (7,037) | | | | | | (215,403) | | |
Xcel Energy, Inc. | | | | | (5,793) | | | | | | (386,219) | | |
| | | | | | | | | | | (601,622) | | |
Electrical Equipment — (0.1)% | | ||||||||||||
Plug Power, Inc. (a) | | | | | (13,844) | | | | | | (469,450) | | |
Sunrun, Inc. (a) | | | | | (4,868) | | | | | | (337,742) | | |
| | | | | | | | | | | (807,192) | | |
Electronic Equipment, Instruments & Components — (0.1)% | | ||||||||||||
Belden, Inc. | | | | | (3,450) | | | | | | (144,555) | | |
Cognex Corp. | | | | | (3,113) | | | | | | (249,927) | | |
II-VI, Inc. (a) | | | | | (12,892) | | | | | | (979,276) | | |
| | | | | | | | | | | (1,373,758) | | |
Energy Equipment & Services — (0.5)% | | ||||||||||||
Baker Hughes Co. | | | | | (54,315) | | | | | | (1,132,468) | | |
ChampionX Corp. (a) | | | | | (17,198) | | | | | | (263,129) | | |
Halliburton Co. | | | | | (9,443) | | | | | | (178,473) | | |
Helmerich & Payne, Inc. | | | | | (25,481) | | | | | | (590,140) | | |
Liberty Oilfield Services, Inc., Class A | | | | | (159,780) | | | | | | (1,647,332) | | |
Patterson-UTI Energy, Inc. | | | | | (245,659) | | | | | | (1,292,166) | | |
RPC, Inc. (a) | | | | | (283,123) | | | | | | (891,837) | | |
| | | | | | | | | | | (5,995,545) | | |
Food & Staples Retailing — (0.0)% | | ||||||||||||
Grocery Outlet Holding Corp. (a) | | | | | (5,332) | | | | | | (209,281) | | |
Food Products — (0.1)% | | ||||||||||||
Beyond Meat, Inc. (a) | | | | | (8,648) | | | | | | (1,081,000) | | |
Hain Celestial Group, Inc. (The) (a) | | | | | (9,558) | | | | | | (383,754) | | |
Lamb Weston Holdings, Inc. | | | | | (2,226) | | | | | | (175,275) | | |
Post Holdings, Inc. (a) | | | | | (353) | | | | | | (35,657) | | |
| | | | | | | | | | | (1,675,686) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Gas Utilities — (0.1)% | | ||||||||||||
Atmos Energy Corp. | | | | | (2,848) | | | | | $ | (271,785) | | |
National Fuel Gas Co. | | | | | (28,864) | | | | | | (1,187,176) | | |
New Jersey Resources Corp. | | | | | (6,060) | | | | | | (215,433) | | |
| | | | | | | | | | | (1,674,394) | | |
Health Care Equipment & Supplies — (0.0)% | | ||||||||||||
Insulet Corp. (a) | | | | | (196) | | | | | | (50,103) | | |
Penumbra, Inc. (a) | | | | | (1,849) | | | | | | (323,575) | | |
| | | | | | | | | | | (373,678) | | |
Health Care Providers & Services — (0.1)% | | ||||||||||||
Encompass Health Corp. | | | | | (319) | | | | | | (26,378) | | |
Guardant Health, Inc. (a) | | | | | (2,291) | | | | | | (295,264) | | |
HealthEquity, Inc. (a) | | | | | (8,268) | | | | | | (576,362) | | |
LHC Group, Inc. (a) | | | | | (985) | | | | | | (210,120) | | |
MEDNAX, Inc. (a) | | | | | (7,097) | | | | | | (174,160) | | |
| | | | | | | | | | | (1,282,284) | | |
Hotels, Restaurants & Leisure — (0.3)% | | ||||||||||||
Aramark | | | | | (4,212) | | | | | | (162,078) | | |
Caesars Entertainment, Inc. (a) | | | | | (2,944) | | | | | | (218,651) | | |
Choice Hotels International, Inc. | | | | | (3,067) | | | | | | (327,341) | | |
Hyatt Hotels Corp., Class A | | | | | (804) | | | | | | (59,697) | | |
Norwegian Cruise Line Holdings, Ltd. (a) | | | | | (23,597) | | | | | | (600,072) | | |
Planet Fitness, Inc., Class A (a) | | | | | (4,183) | | | | | | (324,726) | | |
Royal Caribbean Cruises, Ltd. | | | | | (9,445) | | | | | | (705,447) | | |
| | | | | | | | | | | (2,398,012) | | |
Household Products — (0.0)% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | (297) | | | | | | (25,907) | | |
Insurance — (0.0)% | | ||||||||||||
American International Group, Inc. | | | | | (2,682) | | | | | | (101,541) | | |
Cincinnati Financial Corp. | | | | | (4,109) | | | | | | (359,003) | | |
Lincoln National Corp. | | | | | (4,155) | | | | | | (209,038) | | |
Reinsurance Group of America, Inc. | | | | | (261) | | | | | | (30,250) | | |
| | | | | | | | | | | (699,832) | | |
Internet & Catalog Retail — (0.1)% | | ||||||||||||
Expedia Group, Inc. | | | | | (5,803) | | | | | | (768,317) | | |
Internet Software & Services — (0.0)% | | ||||||||||||
Twitter, Inc. (a) | | | | | (3,292) | | | | | | (178,262) | | |
IT Services — (0.0)% | | ||||||||||||
Fastly, Inc., Class A (a) | | | | | (2,486) | | | | | | (217,202) | | |
MongoDB, Inc. (a) | | | | | (521) | | | | | | (187,060) | | |
Sabre Corp. | | | | | (4,412) | | | | | | (53,032) | | |
| | | | | | | | | | | (457,294) | | |
Life Sciences Tools & Services — (0.0)% | | ||||||||||||
Adaptive Biotechnologies Corp. (a) | | | | | (4,134) | | | | | | (244,443) | | |
Machinery — (0.1)% | | ||||||||||||
Flowserve Corp. | | | | | (21,223) | | | | | | (782,068) | | |
Ingersoll Rand, Inc. (a) | | | | | (9,294) | | | | | | (423,435) | | |
Kennametal, Inc. | | | | | (11,049) | | | | | | (400,416) | | |
| | | Number of Shares | | | Value | | ||||||
Trinity Industries, Inc. | | | | | (2,268) | | | | | $ | (59,853) | | |
Woodward, Inc. | | | | | (3,271) | | | | | | (397,525) | | |
| | | | | | | | | | | (2,063,297) | | |
Media — (0.1)% | | ||||||||||||
Altice USA, Inc., Class A (a) | | | | | (3,434) | | | | | | (130,046) | | |
Live Nation Entertainment, Inc. (a) | | | | | (8,763) | | | | | | (643,905) | | |
ViacomCBS, Inc., Class B | | | | | (4,616) | | | | | | (171,992) | | |
| | | | | | | | | | | (945,943) | | |
Metals & Mining — (0.1)% | | ||||||||||||
Argonaut Gold, Inc. (a) | | | | | (220,300) | | | | | | (474,210) | | |
Royal Gold, Inc. | | | | | (473) | | | | | | (50,308) | | |
United States Steel Corp. | | | | | (37,052) | | | | | | (621,362) | | |
| | | | | | | | | | | (1,145,880) | | |
Multi-Utilities — (0.1)% | | ||||||||||||
CenterPoint Energy, Inc. | | | | | (44,808) | | | | | | (969,645) | | |
Multiline Retail — (0.0)% | | ||||||||||||
Nordstrom, Inc. | | | | | (13,534) | | | | | | (422,396) | | |
Ollie’s Bargain Outlet Holdings, Inc. (a) | | | | | (1,213) | | | | | | (99,187) | | |
| | | | | | | | | | | (521,583) | | |
Oil, Gas & Consumable Fuels — (1.6)% | | ||||||||||||
Antero Midstream Corp. | | | | | (252,070) | | | | | | (1,943,460) | | |
Antero Resources Corp. (a) | | | | | (231,553) | | | | | | (1,261,964) | | |
Apache Corp. | | | | | (20,549) | | | | | | (291,590) | | |
Cabot Oil & Gas Corp. | | | | | (57,491) | | | | | | (935,953) | | |
Cheniere Energy, Inc. (a) | | | | | (3,177) | | | | | | (190,715) | | |
ConocoPhillips | | | | | (3,552) | | | | | | (142,044) | | |
Continental Resources, Inc. | | | | | (111,763) | | | | | | (1,821,737) | | |
Diamondback Energy, Inc. | | | | | (15,777) | | | | | | (763,607) | | |
EOG Resources, Inc. | | | | | (35,272) | | | | | | (1,759,015) | | |
Exxon Mobil Corp. | | | | | (20,167) | | | | | | (831,284) | | |
Hess Corp. | | | | | (14,282) | | | | | | (753,947) | | |
Kinder Morgan, Inc. | | | | | (51,426) | | | | | | (702,993) | | |
Magnolia Oil & Gas Corp., Class A (a) | | | | | (766,345) | | | | | | (5,410,396) | | |
Marathon Oil Corp. | | | | | (8,444) | | | | | | (56,321) | | |
Marathon Petroleum Corp. | | | | | (7,968) | | | | | | (329,556) | | |
Matador Resources Co. (a) | | | | | (120,355) | | | | | | (1,451,481) | | |
Murphy Oil Corp. | | | | | (10,854) | | | | | | (131,333) | | |
Occidental Petroleum Corp. | | | | | (88,540) | | | | | | (1,532,627) | | |
Oneok, Inc. | | | | | (10,946) | | | | | | (420,107) | | |
Ovintiv, Inc. | | | | | (277,524) | | | | | | (3,985,245) | | |
Parsley Energy, Inc., Class A | | | | | (11,701) | | | | | | (166,154) | | |
Phillips 66 | | | | | (3,414) | | | | | | (238,775) | | |
Valero Energy Corp. | | | | | (1,019) | | | | | | (57,645) | | |
Williams Cos., Inc. (The) | | | | | (4,688) | | | | | | (93,994) | | |
WPX Energy, Inc. (a) | | | | | (9,251) | | | | | | (75,396) | | |
| | | | | | | | | | | (25,347,339) | | |
Personal Products — (0.0)% | | ||||||||||||
Coty, Inc., Class A | | | | | (12,343) | | | | | | (86,648) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Pharmaceuticals — (0.1)% | | ||||||||||||
Catalent, Inc. (a) | | | | | (674) | | | | | $ | (70,143) | | |
Elanco Animal Health, Inc. (a) | | | | | (5,075) | | | | | | (155,650) | | |
Nektar Therapeutics (a) | | | | | (21,155) | | | | | | (359,635) | | |
Planet 13 Holdings, Inc. (a) | | | | | (21,700) | | | | | | (120,868) | | |
Reata Pharmaceuticals, Inc., Class A (a) | | | | | (2,861) | | | | | | (353,677) | | |
| | | | | | | | | | | (1,059,973) | | |
Professional Services — (0.0)% | | ||||||||||||
Dun & Bradstreet Holdings, Inc. (a) | | | | | (3,015) | | | | | | (75,074) | | |
Real Estate Investment Trusts (REITs) — (0.2)% | | ||||||||||||
Apple Hospitality REIT, Inc. | | | | | (36,226) | | | | | | (467,678) | | |
Brixmor Property Group, Inc. | | | | | (2,049) | | | | | | (33,911) | | |
Digital Realty Trust, Inc. | | | | | (368) | | | | | | (51,340) | | |
EPR Properties | | | | | (16,653) | | | | | | (541,223) | | |
Medical Properties Trust, Inc. | | | | | (3,383) | | | | | | (73,716) | | |
Pebblebrook Hotel Trust | | | | | (25,465) | | | | | | (478,742) | | |
Simon Property Group, Inc. | | | | | (326) | | | | | | (27,801) | | |
SL Green Realty Corp. | | | | | (490) | | | | | | (29,194) | | |
Spirit Realty Capital, Inc. | | | | | (7,801) | | | | | | (313,366) | | |
STORE Capital Corp. | | | | | (19,992) | | | | | | (679,328) | | |
Ventas, Inc. | | | | | (7,020) | | | | | | (344,261) | | |
Vornado Realty Trust | | | | | (12,644) | | | | | | (472,127) | | |
Welltower, Inc. | | | | | (1,676) | | | | | | (108,303) | | |
| | | | | | | | | | | (3,620,990) | | |
Road & Rail — (0.1)% | | ||||||||||||
Lyft, Inc., Class A (a) | | | | | (17,285) | | | | | | (849,212) | | |
Semiconductors & Semiconductor Equipment — (0.1)% | | ||||||||||||
Cree, Inc. (a) | | | | | (7,682) | | | | | | (813,524) | | |
Software — (0.1)% | | ||||||||||||
Coupa Software, Inc. (a) | | | | | (386) | | | | | | (130,819) | | |
Medallia, Inc. (a) | | | | | (10,171) | | | | | | (337,881) | | |
PagerDuty, Inc. (a) | | | | | (1,569) | | | | | | (65,427) | | |
RingCentral, Inc., Class A (a) | | | | | (971) | | | | | | (367,982) | | |
Voyager Digital, Ltd. (a) | | | | | (87,800) | | | | | | (344,882) | | |
| | | | | | | | | | | (1,246,991) | | |
Specialty Retail — (0.2)% | | | | ||||||||||
American Eagle Outfitters, Inc. | | | | | (10,673) | | | | | | (214,207) | | |
Burlington Stores, Inc. (a) | | | | | (3,317) | | | | | | (867,561) | | |
CarMax, Inc. (a) | | | | | (1,405) | | | | | | (132,716) | | |
Carvana Co. (a) | | | | | (1,625) | | | | | | (389,253) | | |
Five Below, Inc. (a) | | | | | (3,627) | | | | | | (634,652) | | |
Ulta Beauty, Inc. (a) | | | | | (573) | | | | | | (164,543) | | |
Urban Outfitters, Inc. (a) | | | | | (8,846) | | | | | | (226,458) | | |
| | | | | | | | | | | (2,629,390) | | |
Thrifts & Mortgage Finance — (0.0)% | | ||||||||||||
LendingTree, Inc. (a) | | | | | (1,010) | | | | | | (276,528) | | |
Wireless Telecommunication Services — (0.0)% | | ||||||||||||
T-Mobile US, Inc. (a) | | | | | (2,045) | | | | | | (275,768) | | |
Total US Common Stocks (Proceeds $60,809,359) | | | | | | | | | | | (72,367,284) | | |
| | | Number of Shares | | | Value | | ||||||
Foreign Common Stocks — (2.2)% | | ||||||||||||
Bermuda — (0.0)% | | ||||||||||||
Athene Holding, Ltd., Class A (a) | | | | | (1,146) | | | | | $ | (49,438) | | |
Canada — (0.8)% | | ||||||||||||
AcuityAds Holdings, Inc. (a) | | | | | (15,100) | | | | | | (169,518) | | |
Alimentation Couche-Tard, Inc., Class B | | | | | (9,500) | | | | | | (323,757) | | |
Altus Group Ltd. | | | | | (6,300) | | | | | | (243,210) | | |
BlackBerry, Ltd. (a) | | | | | (39,700) | | | | | | (263,232) | | |
Cameco Corp. – TSX Shares | | | | | (22,800) | | | | | | (305,397) | | |
Cenovus Energy, Inc. | | | | | (464,875) | | | | | | (2,830,373) | | |
Enerplus Corp. | | | | | (106,234) | | | | | | (332,164) | | |
GFL Environmental, Inc. (a) | | | | | (14,000) | | | | | | (408,155) | | |
Imperial Oil, Ltd. | | | | | (141,530) | | | | | | (2,686,279) | | |
Laurentian Bank of Canada | | | | | (12,100) | | | | | | (296,583) | | |
Manulife Financial Corp. | | | | | (19,400) | | | | | | (345,204) | | |
Metro, Inc. | | | | | (8,900) | | | | | | (397,140) | | |
Peyto Exploration & Development Corp. | | | | | (886,912) | | | | | | (2,034,553) | | |
RioCan Real Estate Investment Trust | | | | | (17,700) | | | | | | (232,913) | | |
Saputo, Inc. | | | | | (12,800) | | | | | | (358,287) | | |
Savaria Corp. | | | | | (17,900) | | | | | | (203,342) | | |
Spin Master Corp. (a) (f) | | | | | (13,400) | | | | | | (305,392) | | |
Xebec Adsorption, Inc. (a) | | | | | (43,100) | | | | | | (304,737) | | |
| | | | | | | | | | | (12,040,236) | | |
Denmark — (0.2)% | | ||||||||||||
Ambu A/S, Class B | | | | | (10,464) | | | | | | (451,812) | | |
Demant A/S (a) | | | | | (18,738) | | | | | | (739,689) | | |
Netcompany Group A/S (a) (f) | | | | | (7,456) | | | | | | (761,439) | | |
Novozymes A/S Shares – B | | | | | (13,042) | | | | | | (748,491) | | |
| | | | | | | | | | | (2,701,431) | | |
Finland — (0.2)% | | ||||||||||||
Citycon Oyj | | | | | (67,474) | | | | | | (654,683) | | |
Orion Oyj, Class B | | | | | (23,849) | | | | | | (1,093,223) | | |
Stora Enso Oyj Shares – R | | | | | (10,054) | | | | | | (192,017) | | |
TietoEVRY Oyj | | | | | (40,127) | | | | | | (1,307,830) | | |
| | | | | | | | | | | (3,247,753) | | |
Jersey — (0.0)% | | ||||||||||||
Novocure, Ltd. (a) | | | | | (778) | | | | | | (134,625) | | |
Norway — (0.1)% | | ||||||||||||
Mowi ASA | | | | | (50,176) | | | | | | (1,117,541) | | |
Pexip Holding ASA (a) | | | | | (69,211) | | | | | | (531,632) | | |
Protector Forsikring ASA (a) | | | | | (75,823) | | | | | | (527,795) | | |
| | | | | | | | | | | (2,176,968) | | |
Sweden — (0.9)% | | ||||||||||||
Assa Abloy AB, Class B | | | | | (14,378) | | | | | | (353,647) | | |
Attendo AB (a) (f) | | | | | (55,303) | | | | | | (298,242) | | |
Betsson AB (a) | | | | | (69,343) | | | | | | (620,884) | | |
Bilia AB, Class A (a) | | | | | (11,525) | | | | | | (141,955) | | |
Byggmax Group AB (a) | | | | | (49,876) | | | | | | (310,517) | | |
Cellavision AB (a) | | | | | (9,653) | | | | | | (359,624) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Shares | | | Value | | ||||||
Clas Ohlson AB Shares – B (a) | | | | | (22,093) | | | | | $ | (211,156) | | |
EQT AB | | | | | (29,970) | | | | | | (765,938) | | |
Fastighets AB Balder Shares – B (a) | | | | | (15,520) | | | | | | (810,858) | | |
Getinge AB, Class B | | | | | (56,154) | | | | | | (1,310,701) | | |
Hexagon AB, Shares – B | | | | | (1,916) | | | | | | (174,478) | | |
Hexpol AB | | | | | (45,085) | | | | | | (481,828) | | |
Investment AB Latour Shares – B | | | | | (54,660) | | | | | | (1,331,143) | | |
L E Lundbergforetagen AB Shares – B (a) | | | | | (15,081) | | | | | | (807,364) | | |
Loomis AB | | | | | (24,107) | | | | | | (662,309) | | |
Samhallsbyggnadsbolaget i Norden AB | | | | | (153,813) | | | | | | (535,407) | | |
Securitas AB Shares – B | | | | | (46,336) | | | | | | (747,180) | | |
Skanska AB Shares – B | | | | | (32,286) | | | | | | (822,199) | | |
SkiStar AB (a) | | | | | (21,784) | | | | | | (281,538) | | |
Svenska Cellulosa AB, Series B (a) | | | | | (55,316) | | | | | | (964,751) | | |
| | | Number of Shares | | | Value | | ||||||
Svenska Handelsbanken AB, Class A (a) | | | | | (104,096) | | | | | $ | (1,044,466) | | |
Swedish Orphan Biovitrum AB (a) | | | | | (35,681) | | | | | | (715,970) | | |
Tele2 AB, Class B | | | | | (32,034) | | | | | | (423,425) | | |
Thule Group AB (a) (f) | | | | | (7,085) | | | | | | (264,808) | | |
Vitrolife AB (a) | | | | | (7,169) | | | | | | (188,139) | | |
| | | | | | | | | | | (14,628,527) | | |
United Kingdom — (0.0)% | | ||||||||||||
Janus Henderson Group plc | | | | | (1,847) | | | | | | (60,047) | | |
Total Foreign Common Stocks (Proceeds $29,794,423) | | | | | | | | | | | (35,039,025) | | |
Total Common Stocks (Proceeds $90,603,782) | | | | | | | | | | | (107,406,309) | | |
Total Securities Sold Short – (6.8)% (Proceeds $90,603,782) | | | | | | | | | | $ | (107,406,309) | | |
|
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/(Proceeds) | | | Notional Value at December 31, 2020 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | | | | | | | | | | |
| | | 180 | | | | | | 03/22/2021 | | | | 10-Year US Treasury Note | | | | $ | 24,855,555 | | | | | $ | 24,854,063 | | | | | $ | (1,492) | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 998 | | | | | | 03/19/2021 | | | | Russell 2000 e-Mini Index | | | | | 97,115,101 | | | | | | 98,542,520 | | | | | | 1,427,419 | | |
| | | 334 | | | | | | 03/19/2021 | | | | MSCI EAFE | | | | | 36,071,610 | | | | | | 35,584,360 | | | | | | (487,250) | | |
| | | 65 | | | | | | 03/19/2021 | | | | Russell 1000 e-Mini Index | | | | | 4,331,821 | | | | | | 4,370,275 | | | | | | 38,454 | | |
| | | 43 | | | | | | 03/19/2021 | | | | S&P 500 e-Mini Index | | | | | 8,028,785 | | | | | | 8,059,920 | | | | | | 31,135 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,009,758 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,008,266 | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | (493) | | | | | | 03/19/2021 | | | | MSCI Emerging Markets | | | | | (31,061,130) | | | | | | (31,754,130) | | | | | | (693,000) | | |
| | | (588) | | | | | | 03/19/2021 | | | | MSCI Japan Index | | | | | (45,907,230) | | | | | | (46,152,120) | | | | | | (244,890) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (937,890) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 70,376 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
| Receive | | | Deliver | | |||||||||||||||||
01/04/2021 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 15,000,000 | | | | | | CAD 19,430,550 | | | | | $ | (233,673) | | |
01/04/2021 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 2,163,220 | | | | | | DKK 13,350,000 | | | | | | (30,861) | | |
01/04/2021 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 644,052 | | | | | | EUR 535,000 | | | | | | (10,226) | | |
01/04/2021 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 3,529,757 | | | | | | SEK 30,000,000 | | | | | | (123,278) | | |
02/26/2021 | | | Barclays Bank plc | | | | | CNH 28,401,620 | | | | | | USD 4,343,233 | | | | | | 8,972 | | |
02/26/2021 | | | Barclays Bank plc | | | | | USD 4,000,000 | | | | | | CNH 28,401,620 | | | | | | (352,205) | | |
03/04/2021 | | | Barclays Bank plc | | | | | CNH 40,205,700 | | | | | | USD 6,146,466 | | | | | | 11,943 | | |
03/04/2021 | | | Barclays Bank plc | | | | | USD 5,709,496 | | | | | | CNH 40,205,700 | | | | | | (448,913) | | |
03/19/2021 | | | Goldman Sachs International | | | | | CNH 47,001,500 | | | | | | USD 7,177,445 | | | | | | 14,923 | | |
03/19/2021 | | | Goldman Sachs International | | | | | USD 6,612,479 | | | | | | CNH 47,001,500 | | | | | | (579,889) | | |
06/17/2021 | | | Barclays Bank plc | | | | | CNH 52,248,000 | | | | | | USD 7,939,279 | | | | | | 12,239 | | |
06/17/2021 | | | Barclays Bank plc | | | | | USD 7,247,904 | | | | | | CNH 52,248,000 | | | | | | (703,615) | | |
06/30/2021 | | | Barclays Bank plc | | | | | CNH 43,276,650 | | | | | | USD 6,570,832 | | | | | | 10,229 | | |
06/30/2021 | | | Barclays Bank plc | | | | | USD 6,000,000 | | | | | | CNH 43,276,650 | | | | | | (581,061) | | |
07/06/2021 | | | Goldman Sachs International | | | | | CNH 20,731,500 | | | | | | USD 3,146,142 | | | �� | | | 5,356 | | |
07/06/2021 | | | Goldman Sachs International | | | | | USD 2,880,375 | | | | | | CNH 20,731,500 | | | | | | (271,123) | | |
07/28/2021 | | | Goldman Sachs International | | | | | CNH 18,000,000 | | | | | | USD 2,727,893 | | | | | | 4,800 | | |
07/28/2021 | | | Goldman Sachs International | | | | | USD 16,349,345 | | | | | | CNH 117,257,500 | | | | | | (1,452,253) | | |
08/04/2021 | | | Barclays Bank plc | | | | | USD 4,000,000 | | | | | | CNH 28,552,400 | | | | | | (332,918) | | |
09/02/2021 | | | Goldman Sachs International | | | | | USD 3,000,000 | | | | | | CNH 21,046,500 | | | | | | (188,383) | | |
10/12/2021 | | | Barclays Bank plc | | | | | USD 13,163,743 | | | | | | CNH 92,020,909 | | | | | | (743,841) | | |
10/22/2021 | | | Goldman Sachs International | | | | | USD 4,119,136 | | | | | | CNH 28,144,000 | | | | | | (131,946) | | |
10/28/2021 | | | Barclays Bank plc | | | | | USD 6,000,000 | | | | | | CNH 41,011,950 | | | | | | (192,605) | | |
11/24/2021 | | | Barclays Bank plc | | | | | USD 17,000,000 | | | | | | CNH 114,324,796 | | | | | | (235,562) | | |
| | | | | | | | | | | | | | | | | | | $ | (6,543,890) | | |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation | | | Unrealized Depreciation | | |||||||||||||||
Long Total Return Equity Swap Contracts | | |||||||||||||||||||||||||||||||||||||||
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 1.25% (k) | | | Enterprise Products Partners LP | | | | | USD | | | | | | Monthly | | | | | $ | 365,081 | | | | | $ | | | | | $ | (33,190) | | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 0.40% (k) | | | Goodrich Petroleum Corp. | | | | | USD | | | | | | Monthly | | | | | | 474,358 | | | | | | — | | | | | | (30,757) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL plus 0.40% (k) | | | Parsley Energy, Inc. | | | | | USD | | | | | | Monthly | | | | | | 249,919 | | | | | | — | | | | | | (6,421) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | | | | $ | (70,368) | | |
Short Total Return Equity Swap Contracts | | |||||||||||||||||||||||||||||||||||||||
08/16/2021 | | | Goldman Sachs International | | | 3 Month LIBOR less 0.05% (l) | | | Hang Seng China Enterprises Index Net Total Return Index | | | | | USD | | | | | | Quarterly | | | | | $ | (15,607,507) | | | | | $ | — | | | | | $ | (234,539) | | |
02/22/2022 | | | Morgan Stanley Capital Services LLC | | | 1 Month FEDL less 0.35% (k) | | | Magellan Midstream | | | | | USD | | | | | | Monthly | | | | | | (716,878) | | | | | | 56,264 | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 56,264 | | | | | | (234,539) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 56,264 | | | | | $ | (304,907) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Calls — (0.0)% | | ||||||||||||
Air Canada, Notional Amount ($1,524,000), Strike Price $30 Expiring 07/16/2021 (Canada) | | | | | (508) | | | | | $ | (105,759) | | |
Murphy Oil Corp., Notional Amount ($163,500), Strike Price $15 Expiring 01/15/2021 (United States) | | | | | (109) | | | | | | (1,635) | | |
Ovintiv, Inc., Notional Amount ($795,600), Strike Price $17 Expiring 01/15/2021 (United States) | | | | | (468) | | | | | | (7,020) | | |
Village Farms International, Inc., Notional Amount ($144,000), Strike Price $10 Expiring 01/15/2021 (United States) | | | | | (144) | | | | | | (15,264) | | |
Village Farms International, Inc., Notional Amount ($92,800), Strike Price $16 Expiring 01/15/2021 (United States) | | | | | (58) | | | | | | (522) | | |
Total Calls (Premiums received $131,908) | | | | | | | | | | | (130,200) | | |
Puts — (0.0)% | | ||||||||||||
Air Canada, Notional Amount ($762,000), Strike Price $15 Expiring 07/16/2021 (Canada) | | | | | (508) | | | | | | (53,876) | | |
Antero Resources Corp., Notional Amount ($410,200), Strike Price $3.50 Expiring 01/15/2021 (United States) | | | | | (1,172) | | | | | | (5,860) | | |
B2Gold Corp., Notional Amount ($415,200), Strike Price $6 Expiring 02/19/2021 (Canada) | | | | | (692) | | | | | | (8,155) | | |
Chart Industries, Inc., Notional Amount ($837,000), Strike Price $90 Expiring 01/15/2021 (United States) | | | | | (93) | | | | | | (4,650) | | |
Concho Resources, Inc., Notional Amount ($1,336,400), Strike Price $52 Expiring 01/15/2021 (United States) | | | | | (257) | | | | | | (16,705) | | |
Devon Energy Corp., Notional Amount ($445,176), Strike Price $13.74 Expiring 01/15/2021 (United States) | | | | | (324) | | | | | | (5,832) | | |
S&P 500 Index, Notional Amount ($11,960,000), Strike Price $2,600 Expiring 01/15/2021 (United States) | | | | | (46) | | | | | | (1,968) | | |
Total Puts (Premiums received $457,495) | | | | | | | | | | | (97,046) | | |
Total Written Options (Premiums received $589,403) | | | | | | | | | | $ | (227,246) | | |
| ADR | | | American Depositary Receipt | |
| CAD | | | Canadian Dollar | |
| CNH | | | Yuan Renminbi Offshore | |
| DKK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| FEDL | | | US Federal Funds Effective Rate | |
| FTSE | | | Financial Times Stock Exchange | |
| GDR | | | Global Depositary Receipt | |
| LIBOR | | | London Interbank Offered Rate | |
| MOEX | | | Moscow Exchange | |
| MSCI | | | Morgan Stanley Capital International | |
| NYSE | | | New York Stock Exchange | |
| OTC | | | Over-the-Counter | |
| REIT | | | Real Estate Investment Trust | |
| SDR | | | Swedish Depositary Receipts | |
| SEK | | | Swedish Krona | |
| SPADR | | | Sponsored ADR | |
| 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 | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2020 |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
US Common Stocks | | | | | | ||||||||||||||
Northern Genesis Acquisition Corp. | | | | | | 12/01/20 | | | | $ | 716,000 | | | | | $ | 976,428 | | |
Foreign Common Stocks | | | | | | ||||||||||||||
Argonaut Gold, Inc. | | | | | | 09/18/20 | | | | | 450,648 | | | | | | 454,892 | | |
Minera Alamos, Inc. | | | | | | 08/18/20 | | | | | 139,910 | | | | | | 158,069 | | |
Solaris Resources, Inc. | | | | | | 12/18/20 | | | | | 67,501 | | | | | | 69,854 | | |
| | | | | | | | | | | | | | | | | 682,815 | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc. | | | | | | 02/03/20 | | | | | 129,999 | | | | | | 185,713 | | |
Warrants | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc. | | | | | | 12/16/19 | | | | | — | | | | | | 6,731 | | |
Voyager Digital, Ltd. | | | | | | 08/31/20 | | | | | 61,973 | | | | | | 516,474 | | |
Voyager Digital, Ltd. | | | | | | 11/27/20 | | | | | 53,250 | | | | | | 207,978 | | |
| | | | | | | | | | | | | | | | | 731,183 | | |
Private Investment Funds | | | | | | | | | | | | | | | | | | | |
Canyon Value Realization Fund, LP | | | Multi-Strategy | | | 12/31/97 – 04/03/06 | | | | | 14,528,772 | | | | | | 30,661,242 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 26,250,000 | | | | | | 32,839,216 | | |
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 1,188,771 | | | | | | 1,421,847 | | |
GSA Trend Fund, Ltd. | | | Trend Following | | | 09/01/16 – 12/01/16 | | | | | 15,388,913 | | | | | | 13,407,192 | | |
Helikon Long Short Equity Fund ICAV | | | Long-Short European | | | 12/01/20 | | | | | 5,000,000 | | | | | | 5,633,080 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 07/01/16 – 07/01/17 | | | | | 26,206,746 | | | | | | 57,263,172 | | |
Neo Ivy Capital Fund, LP | | | Relative Value | | | 05/01/19 | | | | | 10,500,000 | | | | | | 10,115,502 | | |
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 | | | | | 15,000,000 | | | | | | 14,973,313 | | |
QVT Roiv Hldgs Onshore, Ltd. | | | Multi-Strategy | | | 01/05/16 | | | | | 2,469,102 | | | | | | 7,386,500 | | |
Voloridge Fund, LP | | | Directional | | | 04/01/20 | | | | | 15,000,000 | | | | | | 16,690,774 | | |
| | | | | | | | | | | | | | | | | 190,391,838 | | |
Disputed Claims Receipt | | | | | | | | | | | | | | | | | | | |
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | |
Total (12.3% of Net Assets) | | | | | | | | | | | | | | | | $ | 192,967,977 | | |
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2020 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,167,319,267) | | | | $ | 1,488,789,127 | | |
Repurchase agreements (cost: $181,335,743) | | | | | 181,335,743 | | |
Total investments (cost: $1,348,655,010) | | | | | 1,670,124,870 | | |
Cash denominated in foreign currencies (cost: $17,348,415) | | | | | 17,753,048 | | |
Deposits with brokers for securities sold short | | | | | 37,718,337 | | |
Deposits with brokers for forward currency contracts | | | | | 4,810,000 | | |
Deposits with brokers for options contracts | | | | | 4,914,781 | | |
Deposits with brokers | | | | | 5,957,230 | | |
Deposits with broker for swap contracts | | | | | 587,940 | | |
Advance purchase of investments | | | | | 10,000,000 | | |
Due from broker for futures variation margin | | | | | 213,618 | | |
Unrealized appreciation on forward currency contracts | | | | | 68,462 | | |
Unrealized appreciation on swap contracts | | | | | 56,264 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 25,607,209 | | |
Dividends and tax reclaims | | | | | 1,398,904 | | |
Interest | | | | | 181,570 | | |
Prepaid expenses | | | | | 96,726 | | |
Total Assets | | | | | 1,779,488,959 | | |
Liabilities | | | | | | | |
Cash Overdraft | | | | | 34,056,878 | | |
Securities sold short, at value (proceeds: $90,603,782) | | | | | 107,406,309 | | |
Unrealized depreciation on forward currency contracts | | | | | 6,612,352 | | |
Due to broker for futures variation margin | | | | | 485,557 | | |
Unrealized depreciation on swap contracts | | | | | 304,907 | | |
Foreign currencies sold short, at value (proceeds $11,634) | | | | | 11,525 | | |
Written options, at value (premium received $589,403) | | | | | 227,246 | | |
Payables: | | | | | | | |
Investment securities purchased | | | | | 50,973,232 | | |
Money manager fees | | | | | 14,390,442 | | |
Capital stock redeemed | | | | | 685,762 | | |
Fund administration and custody fees | | | | | 404,042 | | |
Investment advisory and administrative fees | | | | | 334,083 | | |
Dividends and interest on securities sold short | | | | | 167,719 | | |
Trustee’s fees | | | | | 11,845 | | |
Accrued expenses and other liabilities | | | | | 244,702 | | |
Total Liabilities | | | | | 216,316,601 | | |
Net Assets | | | | $ | 1,563,172,358 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 93,529,328 | | |
Net Asset Value Per Share | | | | $ | 16.71 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,299,742,502 | | |
Total distributable earnings (loss) | | | | $ | 263,429,856 | | |
Net Assets | | | | $ | 1,563,172,358 | | |
TIFF Multi-Asset Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2020 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $929,556) | | | | $ | 17,101,560 | | |
Interest | | | | | 2,659,793 | | |
Total Investment Income | | | | | 19,761,353 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 23,680,099 | | |
Investment advisory fees | | | | | 3,762,996 | | |
Fund administration and custody fees | | | | | 1,619,166 | | |
Professional fees | | | | | 511,152 | | |
Administrative fees | | | | | 317,193 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 237,771 | | |
Miscellaneous fees and other | | | | | 295,694 | | |
Total Operating Expenses | | | | | 30,424,071 | | |
Dividends and interest on securities sold short | | | | | 3,056,163 | | |
Broker fees on securities sold short | | | | | 1,636,341 | | |
Total Expenses | | | | | 35,116,575 | | |
Net Investment Loss | | | | | (15,355,222) | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | 128,833,694 | | |
Securities sold short | | | | | 4,549,886 | | |
Swap contracts | | | | | 729,887 | | |
Financial futures contracts | | | | | 44,377,189 | | |
Forward currency contracts | | | | | 362,932 | | |
Foreign currency-related transactions | | | | | (183,215) | | |
Written options | | | | | (5,329,122) | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 173,341,251 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | 89,174,211 | | |
Securities sold short | | | | | 3,342,732 | | |
Swap contracts | | | | | (514,513) | | |
Financial futures contracts | | | | | (1,324,331) | | |
Forward currency contracts | | | | | (7,373,971) | | |
Foreign currency-related transactions | | | | | 217,086 | | |
Written options | | | | | 363,974 | | |
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies | | | | | 83,885,188 | | |
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies | | | | | 257,226,439 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 241,871,217 | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | (15,355,222) | | | | | $ | 21,072,856 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 173,341,251 | | | | | | 179,926,159 | | |
Net change in unrealized appreciation on investments, derivatives, and foreign currencies | | | | | 83,885,188 | | | | | | 188,702,023 | | |
Net Increase in Net Assets Resulting from Operations | | | | | 241,871,217 | | | | | | 389,701,038 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (13,987,772) | | | | | | — | | |
Decrease in Net Assets Resulting from Distributions | | | | | (13,987,772) | | | | | | — | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 35,832,116 | | | | | | 14,488,040 | | |
Proceeds from distributions reinvested | | | | | 13,051,289 | | | | | | — | | |
Entry/exit fees | | | | | 2,952,739 | | | | | | 4,760,041 | | |
Cost of shares redeemed | | | | | (629,500,806) | | | | | | (994,939,533) | | |
Net Decrease From Capital Share Transactions | | | | | (577,664,662) | | | | | | (975,691,452) | | |
Total Decrease in Net Assets | | | | | (349,781,217) | | | | | | (585,990,414) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 1,912,953,575 | | | | | | 2,498,943,989 | | |
End of year | | | | $ | 1,563,172,358 | | | | | $ | 1,912,953,575 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 2,355,622 | | | | | | 1,099,723 | | |
Shares reinvested | | | | | 781,047 | | | | | | — | | |
Shares redeemed | | | | | (44,094,473) | | | | | | (74,527,253) | | |
Net Decrease | | | | | (40,957,804) | | | | | | (73,427,530) | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Year Ended December 31, 2020 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | 241,871,217 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (1,727,075,713) | | |
Investments sold | | | | | 2,275,909,845 | | |
Purchases to cover securities sold short | | | | | (622,117,823) | | |
Securities sold short | | | | | 574,753,481 | | |
(Purchase)/Sale of short term investments, net | | | | | 1,475,083 | | |
Amortization (accretion) of discount and premium, net | | | | | (906,668) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | 7,373,971 | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | 514,513 | | |
(Increase)/decrease in deposits with broker for securities sold short | | | | | 20,258,360 | | |
(Increase)/decrease in deposits with broker for forward currency contracts | | | | | (4,810,000) | | |
(Increase)/decrease in deposits with broker for options contracts | | | | | (4,914,781) | | |
(Increase)/decrease in deposits with brokers | | | | | 9,163,114 | | |
(Increase)/decrease in deposits with broker for swap contracts | | | | | 7,052,613 | | |
(Increase)/decrease in advance purchase of investments | | | | | (10,000,000) | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | 147,920 | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | 362,336 | | |
(Increase)/decrease in interest receivable | | | | | 105,732 | | |
(Increase)/decrease in prepaid expenses | | | | | (27,134) | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | 93,463 | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | 9,894 | | |
Increase/(decrease) in payable for money manager fees | | | | | 12,874,400 | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | (1,524,162) | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | (127,323) | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | (150,085) | | |
Increase/(decrease) in payable for Trustee’s fees | | | | | (301) | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | (55,835) | | |
Increase/(decrease) in premiums received on written options, net | | | | | 483,543 | | |
Net realized (gain) loss from investments | | | | | (128,833,694) | | |
Net realized (gain) loss from securities sold short | | | | | (4,549,886) | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | 183,215 | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | (89,174,211) | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | (3,342,732) | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | (217,086) | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | (363,974) | | |
Net cash provided by (used in) operating activities | | | | | 554,441,292 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Distributions paid to shareholders | | | | | (936,483) | | |
Proceeds from shares sold | | | | | 35,916,304 | | |
Payment for shares redeemed | | | | | (625,946,493) | | |
Increase (decrease) in cash overdraft | | | | | 33,761,528 | | |
Net cash provided by (used in) financing activities | | | | | (557,205,144) | | |
Effect of exchange rate changes on cash | | | | | 33,871 | | |
Net increase (decrease) in cash | | | | | (2,729,981) | | |
Cash at beginning of year | | | | | 20,483,029 | | |
Cash at end of year | | | | $ | 17,753,048 | | |
Non cash financing activities not included herein consist of reinvestment of distributions of: | | | | $ | 13,051,289 | | |
Interest Paid: | | | | $ | 209 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 624,937,416 | | | | | $ | 380,957,480 | | | | | $ | 106,701 | | | | | $ | 1,006,001,597 | | |
Participation Notes | | | | | — | | | | | | 5,422,687 | | | | | | — | | | | | | 5,422,687 | | |
Structured Notes | | | | | — | | | | | | — | | | | | | 244,085 | | | | | | 244,085 | | |
Rights | | | | | — | | | | | | 303,181 | | | | | | — | | | | | | 303,181 | | |
Warrants | | | | | 495,168 | | | | | | — | | | | | | 1,266,230 | | | | | | 1,761,398 | | |
Corporate Bonds | | | | | — | | | | | | 154,698 | | | | | | — | | | | | | 154,698 | | |
Convertible Bonds | | | | | — | | | | | | 366,243 | | | | | | — | | | | | | 366,243 | | |
US Treasury Bonds/Notes | | | | | — | | | | | | 101,609,195 | | | | | | — | | | | | | 101,609,195 | | |
Exchange-Traded Funds | | | | | 93,679,051 | | | | | | — | | | | | | — | | | | | | 93,679,051 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 190,391,838 | | | | | | 190,391,838 | | |
Preferred Stocks* | | | | | 198,297 | | | | | | 2,264,688 | | | | | | 185,713 | | | | | | 2,648,698 | | |
Purchased Options | | | | | 1,182,724 | | | | | | 36,731 | | | | | | — | | | | | | 1,219,455 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-Term Investments | | | | | — | | | | | | 266,322,744 | | | | | | — | | | | | | 266,322,744 | | |
Total Investments in Securities | | | | | 720,492,656 | | | | | | 757,437,647 | | | | | | 192,194,567 | | | | | | 1,670,124,870 | | |
Financial Futures Contracts – Equity Risk | | | | | 1,497,008 | | | | | | — | | | | | | — | | | | | | 1,497,008 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 68,462 | | | | | | — | | | | | | 68,462 | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | 56,264 | | | | | | — | | | | | | 56,264 | | |
Total Other Financial Instruments | | | | | 1,497,008 | | | | | | 124,726 | | | | | | — | | | | | | 1,621,734 | | |
Total Assets | | | | $ | 721,989,664 | | | | | $ | 757,562,373 | | | | | $ | 192,194,567 | | | | | $ | 1,671,746,604 | | |
| | ||||||||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | | (84,651,630) | | | | | | (22,754,679) | | | | | | — | | | | | | (107,406,309) | | |
Financial Futures Contracts – Interest Rate Risk | | | | | (1,492) | | | | | | — | | | | | | — | | | | | | (1,492) | | |
Financial Futures Contracts – Equity Risk | | | | | (1,425,140) | | | | | | — | | | | | | — | | | | | | (1,425,140) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (6,612,352) | | | | | | — | | | | | | (6,612,352) | | |
Total Return Equity Index Swap Contracts – Equity Risk | | | | | — | | | | | | (234,539) | | | | | | — | | | | | | (234,539) | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | (70,368) | | | | | | — | | | | | | (70,368) | | |
Written Options – Equity Risk | | | | | (225,278) | | | | | | (1,968) | | | | | | — | | | | | | (227,246) | | |
Total Other Financial Instruments | | | | | (1,651,910) | | | | | | (6,919,227) | | | | | | — | | | | | | (8,571,137) | | |
Total Liabilities | | | | $ | (86,303,540) | | | | | $ | (29,673,906) | | | | | $ | — | | | | | $ | (115,977,446) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
Investments in Securities | | | Balance as of December 31, 2019 | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Purchases | | | Sales | | | Transfers in to Level 3 | | | Transfers out of Level 3 | | | Balance as of December 31, 2020 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 12/31/20 for the period ended 12/31/20 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | — | | | | | $ | (1,302,081) | | | | | $ | 1,128,090 | | | | | $ | — | | | | | $ | — | | | | | $ | 280,692 | | | | | $ | — | | | | | $ | 106,701 | | | | | $ | (173,991) | | |
Structured Notes | | | | | — | | | | | | — | | | | | | 46,755 | | | | | | 197,330 | | | | | | — | | | | | | — | | | | | | — | | | | | | 244,085 | | | | | | 46,755 | | |
Rights | | | | | 173,197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (173,197) | | | | | | — | | | | | | — | | |
Warrants | | | | | 10,771 | | | | | | — | | | | | | 1,123,027 | | | | | | 132,432 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,266,230 | | | | | | 1,123,027 | | |
Private Investment Funds | | | | | 246,374,573 | | | | | | 41,151,913 | | | | | | (19,409,182) | | | | | | 35,000,000 | | | | | | (112,725,466) | | | | | | — | | | | | | — | | | | | | 190,391,838 | | | | | | (19,409,182) | | |
Preferred Stocks | | | | | 185,713 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,713 | | | | | | — | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 246,744,254 | | | | | $ | 39,849,832 | | | | | $ | (17,111,310) | | | | | $ | 35,329,762 | | | | | $ | (112,725,466) | | | | | $ | 280,692 | | | | | $ | (173,197) | | | | | $ | 192,194,567 | | | | | $ | (18,413,391) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
As of December 31, 2020 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stock | | | | $ | 106,701 | | | | Last market price | | | Discount(%) | | | 85% – 100% | | | 85% | |
Structured Notes | | | | | 244,085 | | | | Net present value of expected future dividends | | | Expected future dividends | | | $0.71 – $1.46 | | | $0.93 | |
Warrants | | | | | 1,266,230 | | | | Black-Scholes pricing model | | | Volatility | | | 35.00% | | | 35.00% | |
Private Investment Funds | | | | | 190,391,838 | | | | Adjusted net asset value | | | Manager estimated returns | | | (6.00)% – 11.89% | | | 2.38% | |
Preferred Stocks | | | | | 185,713 | | | | Recent transaction price | | | Market returns** | | | (0.66)% – 11.95% | | | 0.73% | |
| | | | | | | | | | | | Recent transaction price | | | $2.50 | | | $2.50 | |
Disputed Claims Receipt | | | | | — | | | | Corporate Action Model | | | Future Claim Awards | | | 0.00% | | | 0.00% | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
Multi-Strategy (a) | | | | $ | 39,469,589 | | | | daily (78)% | | | 2 days | |
Long-Short Global Healthcare (b) | | | | | 32,839,216 | | | | quarterly | | | 45 days | |
Trend Following (c) | | | | | 13,407,192 | | | | daily | | | 2 days | |
Long-Short European (d) | | | | | 5,633,080 | | | | monthly | | | 60 days | |
Long-Short Global (e) | | | | | 57,263,172 | | | | quarterly | | | 60 days | |
Relative Value (f) | | | | | 10,115,502 | | | | quarterly | | | 30 days | |
China Credit (g) | | | | | 14,973,313 | | | | monthly | | | 45 days | |
Directional (h) | | | | | 16,690,774 | | | | monthly | | | 30 days | |
Total | | | | $ | 190,391,838 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 1,219,455 | | | | | $ | — | | |
Written Options | | | | | — | | | | | | (227,246) | | |
Total Return Equity Index Swap Contracts | | | | | — | | | | | | (234,539) | | |
Total Return Equity Swap Contracts | | | | | 56,264 | | | | | | (70,368) | | |
Forward Contracts | | | | | 68,462 | | | | | | (6,612,352) | | |
Futures Contracts* | | | | | 1,497,008 | | | | | | (1,426,632) | | |
Total derivative assets and liabilities | | | | | 2,841,189 | | | | | | (8,571,137) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 2,716,463 | | | | | | (1,653,878) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 124,726 | | | | | $ | (6,917,259) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
Counterparty | | | Derivative Assets Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Bank plc | | | | $ | 43,383 | | | | | $ | (43,383) | | | | | $ | — | | | | | $ | — | | |
Goldman Sachs International | | | | | 25,079 | | | | | | (25,079) | | | | | | — | | | | | | — | | |
Swaps Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services LLC | | | | | 56,264 | | | | | | (56,264) | | | | | | — | | | | | | — | | |
Total | | | | $ | 124,726 | | | | | $ | (124,726) | | | | | $ | — | | | | | $ | — | | |
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 | | | | $ | (3,590,720) | | | | | $ | 43,383 | | | | | $ | 3,260,000 | | | | | $ | (287,337) | | |
Goldman Sachs International | | | | | (2,623,594) | | | | | | 25,079 | | | | | | 2,598,515 | | | | | | — | | |
Morgan Stanley Capital Services, Inc. | | | | | (398,038) | | | | | | — | | | | | | 398,038 | | | | | | — | | |
Swaps Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | (234,539) | | | | | | — | | | | | | 234,539 | | | | | | — | | |
Morgan Stanley Capital Services LLC | | | | | (70,368) | | | | | | 56,264 | | | | | | 14,104 | | | | | | — | | |
Total | | | | $ | (6,917,259) | | | | | $ | 124,726 | | | | | $ | 6,505,196 | | | | | $ | (287,337) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
Derivative Type | | | Statement of Assets and Liability and Location | | | Foreign Currency Risk | | | Quarterly Average %* | | | Equity Risk | | | Quarterly Average %* | | | Interest Rate Risk | | | Quarterly Average %* | | | Total | | |||||||||||||||||||||
Purchased Options | | | Investments in securities, at value | | | | $ | — | | | | | | —% | | | | | $ | 1,219,455 | | | | | | 0.13% | | | | | $ | — | | | | | | —% | | | | | $ | 1,219,455 | | |
Total Return Equity Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | 56,264 | | | | | | 0.04% | | | | | | — | | | | | | —% | | | | | | 56,264 | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 68,462 | | | | | | 0.05% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 68,462 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | — | | | | | | —% | | | | | | 1,497,008 | | | | | | 0.09% | | | | | | — | | | | | | 0.01% | | | | | | 1,497,008 | | |
Total Value — Assets | | | | | | | $ | 68,462 | | | | | | | | | | | $ | 2,772,727 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 2,841,189 | | |
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (227,246) | | | | | | 0.06% | | | | | $ | — | | | | | | —% | | | | | $ | (227,246) | | |
Total Return Equity Index Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (234,539) | | | | | | 0.00% | | | | | | — | | | | | | —% | | | | | | (234,539) | | |
Total Return Equity Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (70,368) | | | | | | 0.01% | | | | | | — | | | | | | —% | | | | | | (70,368) | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (6,612,352) | | | | | | 0.14% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (6,612,352) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | — | | | | | | —% | | | | | | (1,425,140) | | | | | | 0.14% | | | | | | (1,492) | | | | | | 0.00% | | | | | | (1,426,632) | | |
Total Value — Liabilities | | | | | | | $ | (6,612,352) | | | | | | | | | | | $ | (1,957,293) | | | | | | | | | | | $ | (1,492) | | | | | | | | | | | $ | (8,571,137) | | |
Derivative Type | | | Statement of Operations Location | | | Foreign Currency Risk | | | Equity Risk | | | Interest Rate Risk | | | Total | | ||||||||||||
Realized Gain (Loss) | | |||||||||||||||||||||||||||
Purchased Options | | | Net realized gain (loss) on Investments | | | | $ | — | | | | | $ | (2,386,221) | | | | | $ | — | | | | | $ | (2,386,221) | | |
Written Options | | | Net realized gain (loss) on Written options | | | | | — | | | | | | (5,329,122) | | | | | | — | | | | | | (5,329,122) | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | 729,887 | | | | | | — | | | | | | 729,887 | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | 362,932 | | | | | | — | | | | | | — | | | | | | 362,932 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | — | | | | | | 42,937,366 | | | | | | 1,439,823 | | | | | | 44,377,189 | | |
Total Realized Gain (Loss) | | | | | | | $ | 362,932 | | | | | $ | 35,951,910 | | | | | $ | 1,439,823 | | | | | $ | 37,754,665 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
Derivative Type | | | Statement of Operations Location | | | Foreign Currency Risk | | | Equity Risk | | | Interest Rate Risk | | | Total | | ||||||||||||
Change in Appreciation (Depreciation) | | |||||||||||||||||||||||||||
Purchased Options | | | Net Change in Unrealized Appreciation (Depreciation) on Investments | | | | $ | — | | | | | $ | (2,423,064) | | | | | $ | — | | | | | $ | (2,423,064) | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Written options | | | | | — | | | | | | 363,974 | | | | | | — | | | | | | 363,974 | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | (514,513) | | | | | | — | | | | | | (514,513) | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | (7,373,971) | | | | | | — | | | | | | — | | | | | | (7,373,971) | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | — | | | | | | (1,524,472) | | | | | | 200,141 | | | | | | (1,324,331) | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | (7,373,971) | | | | | $ | (4,098,075) | | | | | $ | 200,141 | | | | | $ | (11,271,905) | | |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.25% | | |
On the next $1 billion | | | | | 0.23% | | |
On the next $1 billion | | | | | 0.20% | | |
On the remainder (> $3 billion) | | | | | 0.18% | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
Assets-Based Schedules [a] All paid Monthly | | | | | | | | | | | | | | | | | | | |
Money Manager/Strategy | | | Minimum | | | Maximum | | | Breakpoints | | |||||||||
Amundi Pioneer Asset Management, Inc. – Beta | | | | | 0.02% | | | | | | 0.03% | | | | | | YES | | |
Fundsmith, LLP | | | | | 0.90% | | | | | | — | | | | | | NO | | |
Green Court Capital Management Limited | | | | | 0.60% | | | | | | 0.90% | | | | | | YES | | |
Lansdowne Partners (UK) LLC* | | | | | 0.80% | | | | | | — | | | | | | NO | | |
Blended Asset-Based and Performance-Based Fee Schedules [b] | | |||||||||||||||||||||||||||||||||
Asset-Based Portion – All Paid Monthly | | | Performance-Based Portion – All Paid Annually | | ||||||||||||||||||||||||||||||
Money Manager/Strategy | | | Minimum | | | Maximum | | | Breakpoints | | | Benchmark/Hurdle | | | Performance Fee | | | Performance Measurement Period | | | High Water Mark | | | Performance Fee Cap | | |||||||||
AQR Capital Management – Europe, Australasia, Far East (“EAFE”)** | | | | | 0.30% | | | | | | — | | | | | | NO | | | | MSCI EAFE Index (net) | | | 17% (c) | | | Calendar Year | | ��� | NO | | | NO | |
AQR Capital Management – US | | | | | 0.20% | | | | | | — | | | | | | NO | | | | Russell 1000 Total Return Index (net) | | | 14% (c) | | | Calendar Year | | | NO | | | NO | |
Deep Basin Capital LP (d) | | | | | 1.20% | | | | | | 1.325% | | | | | | NO | | | | | | | 16.25% (c) | | | Calendar Year | | | YES | | | NO | |
Keel Capital AB | | | | | 1.30% | | | | | | — | | | | | | — | | | | | | | 20% (c) | | | Calendar Year | | | YES | | | NO | |
Kopernik Global Investors, LLC | | | | | 0.10% | | | | | | — | | | | | | NO | | | | MSCI All Country World Index (net) | | | 20% (c) | | | Calendar Year | | | NO | | | NO | |
Mission Value Partners, LLC | | | | | 0.50% | | | | | | 0.75% | | | | | | YES | | | | 36 month blended hurdle of avg monthly change in Consumer Price Index x 12 + spread of 4% for months prior to April 1, 2019 and a flat 4.5%-5.5% thereafter | | | 10% (e) | | | Rolling 36 months | | | NO | | | 1.00% | |
NewGen Asset Management Limited | | | | | 1.50% | | | | | | — | | | | | | NO | | | | | | | 10% (c) | | | Calendar Year | | | YES | | | NO | |
Strategy Capital, LLC | | | Blended rate between 0.48% and 0.10% (f) | | | | | 0.75% | | | | | | YES | | | | S&P 500 Index (net) | | | 10%-20% (c) (g) | | | Calendar Year | | | NO | | | NO | | |||
TB Alternative Assets Ltd | | | | | 0.75% | | | | | | — | | | | | | NO | | | | Blend: 50% MSCI China Index and 50% CSI 300 Index | | | 15% (c) | | | Calendar Year | | | NO | | | NO | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 1,738,774,148 | | | | | $ | 2,159,637,641 | | |
US Government Securities | | | | | 100,898,019 | | | | | | 125,957,548 | | |
| | | Gross Unrealized Appreciation | | | GrossUnrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | ||||||||||||
| | | | $ | 364,939,477 | | | | | $ | (185,530,151) | | | | | $ | 179,409,327 | | | | | $ | 1,376,359,831 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
| Undistributed (Distribution in Excess of) Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/ (Depreciation) (a) | | |||||||||
| $3,821,654 | | | | $ | 87,801,697 | | | | | $ | 0 | | | | | $ | 171,806,505 | | |
| 2020 | | | | 2019 | | |||||||||||||||||||||||||||||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Return of Capital | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | | |||||||||||||||||||||
| $0 | | | | $ | 13,987,772 | | | | | $ | 0 | | | | | $ | 13,987,772 | | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 181,335,743 | | | | | $ | — | | | | | $ | (181,335,743) | | | | | $ | — | | |
Total | | | | $ | 181,335,743 | | | | | $ | — | | | | | $ | (181,335,743) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2020 |
February 25, 2021
TIFF Multi-Asset Fund | December 31, 2020 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2020 |
| Approval of Money Manager Agreements (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2020 |
TIFF Multi-Asset Fund | December 31, 2020 |
TIFF Multi-Asset Fund | December 31, 2020 |
TIFF Multi-Asset Fund | December 31, 2020 |
| Index Descriptions | |
TIFF Multi-Asset Fund | December 31, 2020 |
TIFF Short-Term Fund | December 31, 2020 |
| Internet Availability of Shareholder Reports | |
| Portfolio Management Review (Unaudited) | |
TIFF Short-Term Fund | December 31, 2020 |
| Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 610-684-8200 or visiting https://tipfunds.org/files/performance/Mutual%20Fund%20Standardized%20Performance.pdf. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. Investments in debt securities typically decrease in value when interest rates rise although the risk is less for short-term debt securities than for longer-term debt securities. | |
| Fund Performance (Unaudited)Total return for the periods ended 12/31/20 | |
| | | Calendar Year 2020 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Short-Term Fund | | | | | 0.54% | | | | | | 1.49% | | | | | | 1.05% | | | | | | 0.48% | | | | | | 2.51% | | | | | | 93.43% | | |
BofA ML US 6-Month T- Bill* | | | | | 1.05% | | | | | | 1.84% | | | | | | 1.43% | | | | | | 0.81% | | | | | | 2.72% | | | | | | 104.20% | | |
| Performance of a $50,000 Investment (Unaudited)Ten year period ended 12/31/20 | |
TIFF Short-Term Fund | December 31, 2020 |
| Fund Expenses (Unaudited) | |
| | | Beginning Account Value 7/1/20 | | | Ending Account Value 12/31/20 | | | Expenses Paid During the Period* 7/1/20 – 12/31/20 | | |||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,000.00 | | | | | $ | 1.31 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,023.83 | | | | | $ | 1.32 | | |
| Summary Schedule of Investments (Unaudited) | |
| US Treasury Bills | | | | | 98.4% | | |
| Repurchase Agreement | | | | | 1.6% | | |
| Total Investments | | | | | 100.0% | | |
| Other Assets in Excess of Liabilities | | | | | 0.0% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Short-Term Fund | December 31, 2020 |
| Financial Highlights | |
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | | Year Ended December 31, 2016 | | |||||||||||||||
For a share outstanding throughout each period | | ||||||||||||||||||||||||||||||
Net asset value, beginning of year | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | |
Income (loss) from investment operations | | | | | | | |||||||||||||||||||||||||
Net investment income (a) | | | | | 0.05 | | | | | | 0.21 | | | | | | 0.17 | | | | | | 0.06 | | | | | | 0.01 | | |
Net realized and unrealized gain on investments (b) | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 0.00 | | |
Total from investment operations | | | | | 0.05 | | | | | | 0.21 | | | | | | 0.17 | | | | | | 0.06 | | | | | | 0.01 | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.05) | | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.06) | | | | | | (0.01) | | |
Total distributions | | | | | (0.05) | | | | | | (0.21) | | | | | | (0.17) | | | | | | (0.06) | | | | | | (0.01) | | |
Net asset value, end of year | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | | | | $ | 9.86 | | |
Total return (c) | | | | | 0.54% | | | | | | 2.20% | | | | | | 1.74% | | | | | | 0.64% | | | | | | 0.13% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000s) | | | | $ | 68,096 | | | | | $ | 75,891 | | | | | $ | 80,341 | | | | | $ | 84,612 | | | | | $ | 83,729 | | |
Ratio of expenses to average net assets | | | | | 0.25% | | | | | | 0.25% | | | | | | 0.23% | | | | | | 0.23% | | | | | | 0.24% | | |
Ratio of net investment income to average net assets | | | | | 0.52% | | | | | | 2.15% | | | | | | 1.69% | | | | | | 0.63% | | | | | | 0.15% | | |
Portfolio turnover (d) | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | | | | | —% | | |
TIFF Short-Term Fund | December 31, 2020 |
| Schedule of Investments | |
| | | Principal Amount | | | Value | | ||||||
Investments — 100.0% of net assets | | | | | | | | | | | | | |
Short-Term Investments — 100.0% | | | | | | | | | | | | | |
Repurchase Agreement — 1.6% | | | | | | | | | | | | | |
Fixed Income Clearing Corp. issued on 12/31/20 (proceeds at maturity $1,085,504) (collateralized by US Cash Management Bill, due 05/11/21 with a total par value of $1,107,600 and a total market value of $1,107,217), 0.000%, 01/04/21 | | ||||||||||||
(Cost $1,085,504) | | | | $ | 1,085,504 | | | | | $ | 1,085,504 | | |
US Treasury Bills (a) — 98.4% | | | | | | | | | | | | | |
US Treasury Bill, 0.147%, 01/07/21 | | | | | 10,000,000 | | | | | | 9,999,753 | | |
US Treasury Bill, 0.137%, 01/21/21 | | | | | 1,000,000 | | | | | | 999,925 | | |
US Treasury Bill, 0.107%, 02/04/21 | | | | | 8,000,000 | | | | | | 7,999,228 | | |
US Treasury Bill, 0.112%, 02/18/21 | | | | | 16,000,000 | | | | | | 15,997,631 | | |
US Treasury Bill, 0.110%, 03/18/21 | | | | | 11,000,000 | | | | | | 10,998,439 | | |
US Treasury Bill, 0.102%, 04/01/21 | | | | | 2,000,000 | | | | | | 1,999,613 | | |
US Treasury Bill, 0.108%, 04/08/21 | | | | | 2,000,000 | | | | | | 1,999,608 | | |
US Treasury Bill, 0.114%, 04/15/21 | | | | | 2,000,000 | | | | | | 1,999,537 | | |
| | | Principal Amount | | | Value | | ||||||
US Treasury Bill, 0.109%, 04/22/21 | | | | $ | 1,000,000 | | | | | $ | 999,760 | | |
US Treasury Bill, 0.104%, 04/29/21 | | | | | 2,000,000 | | | | | | 1,999,457 | | |
US Treasury Bill, 0.096%, 05/06/21 | | | | | 1,000,000 | | | | | | 999,721 | | |
US Treasury Bill, 0.087%, 05/27/21 | | | | | 2,000,000 | | | | | | 1,999,384 | | |
US Treasury Bill, 0.077%, 06/10/21 | | | | | 7,000,000 | | | | | | 6,997,474 | | |
US Treasury Bill, 0.097%, 06/24/21 | | | | | 2,000,000 | | | | | | 1,999,216 | | |
Total US Treasury Bills (Cost $66,986,989) | | | | | | | | | | | 66,988,746 | | |
Total Short-Term Investments (Cost $68,072,493) | | | | | | | | | | | 68,074,250 | | |
Total Investments — 100.0% (Cost $68,072,493) | | | | | | | | | | | 68,074,250 | | |
Other Assets in Excess of Liabilities — 0.0% | | | | | | | | | | | 22,165 | | |
Net Assets — 100.0% | | | | | | | | | | $ | 68,096,415 | | |
|
TIFF Short-Term Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2020 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $66,986,989) | | | | $ | 66,988,746 | | |
Repurchase agreements (cost: $1,085,504) | | | | | 1,085,504 | | |
Total investments (cost: $68,072,493) | | | | | 68,074,250 | | |
Receivables: | | | | | | | |
Interest | | | | | 62,264 | | |
Prepaid expenses | | | | | 3,107 | | |
Total Assets | | | | | 68,139,621 | | |
Liabilities | | | | | | | |
Payables: | | | | | | | |
Accrued professional fees | | | | | 21,363 | | |
Fund administration and custody fees | | | | | 18,072 | | |
Investment advisory and administrative fees | | | | | 2,475 | | |
Trustee’s fees | | | | | 655 | | |
Accrued expenses and other liabilities | | | | | 641 | | |
Total Liabilities | | | | | 43,206 | | |
Net Assets | | | | $ | 68,096,415 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 6,905,985 | | |
Net Asset Value Per Share | | | | $ | 9.86 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 68,064,078 | | |
Total distributable earnings (loss) | | | | | 32,337 | | |
Net Assets | | | | $ | 68,096,415 | | |
TIFF Short-Term Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2020 | | |||
Investment Income | | | | | | | |
Interest | | | | $ | 619,468 | | |
Total Investment Income | | | | | 619,468 | | |
Expenses | | | | | | | |
Fund administration and custody fees | | | | | 74,152 | | |
Professional fees | | | | | 46,727 | | |
Shareholder Registration fees | | | | | 26,558 | | |
Investment advisory fees | | | | | 23,939 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 12,128 | | |
Administrative fees | | | | | 7,980 | | |
Miscellaneous fees and other | | | | | 11,779 | | |
Total Expenses | | | | | 203,263 | | |
Net Investment Income | | | | | 416,205 | | |
Net Realized Gain from Investments | | | | | 55,929 | | |
Net Change in Unrealized Depreciation on Investments | | | | | (6,916) | | |
Net Realized and Unrealized Gain on Investments | | | | | 49,013 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 465,218 | | |
TIFF Short-Term Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 416,205 | | | | | $ | 1,522,291 | | |
Net realized gain from investments | | | | | 55,929 | | | | | | 37,759 | | |
Net change in unrealized depreciation on investments | | | | | (6,916) | | | | | | (1,656) | | |
Net Increase in Net Assets Resulting from Operations | | | | | 465,218 | | | | | | 1,558,394 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (426,158) | | | | | | (1,532,333) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (426,158) | | | | | | (1,532,333) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 123,636,250 | | | | | | 86,559,493 | | |
Proceeds from distributions reinvested | | | | | 384,096 | | | | | | 1,379,524 | | |
Cost of shares redeemed | | | | | (131,854,195) | | | | | | (92,414,990) | | |
Net Decrease From Capital Share Transactions | | | | | (7,833,849) | | | | | | (4,475,973) | | |
Total Decrease in Net Assets | | | | | (7,794,789) | | | | | | (4,449,912) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 75,891,204 | | | | | | 80,341,116 | | |
End of year | | | | $ | 68,096,415 | | | | | $ | 75,891,204 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 12,526,392 | | | | | | 8,768,976 | | |
Shares reinvested | | | | | 38,909 | | | | | | 139,877 | | |
Shares redeemed | | | | | (13,358,061) | | | | | | (9,360,608) | | |
Net Decrease | | | | | (792,760) | | | | | | (451,755) | | |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2020 |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2020 |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.03% | | |
On the next $1 billion | | | | | 0.02% | | |
On the remainder (> $2 billion) | | | | | 0.01% | | |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2020 |
| Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation | | | Cost | | |||||||||
| $1,918 | | | | $ | (161) | | | | | $ | 1,757 | | | | | $ | 68,072,493 | | |
| Undistributed (Distribution in Excess of) Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/ (Depreciation) | | | Qualified Later-year Losses | | ||||||||||||
| $— | | | | $ | 30,580 | | | | | $ | 0 | | | | | $ | 1,757 | | | | | $ | 0 | | |
| 2020 | | | | 2019 | | |||||||||||||||||||||||||||||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Return of Capital | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | | |||||||||||||||||||||
| $426,158 | | | | $ | — | | | | | $ | — | | | | | $ | 426,158 | | | | | | $ | 1,532,333 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,532,333 | | |
TIFF Short-Term Fund / Notes to Financial Statements | December 31, 2020 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 1,085,504 | | | | | $ | — | | | | | $ | (1,085,504) | | | | | $ | — | | |
Total | | | | $ | 1,085,504 | | | | | $ | — | | | | | $ | (1,085,504) | | | | | $ | — | | |
February 25, 2021
TIFF Short-Term Fund | December 31, 2020 |
| Additional Information (Unaudited) | |
Trustees and Principal Officers (Unaudited) |
| William F. McCalpin | | |||
| Born 1957 Trustee since February 2008 Board Chair since 2008 2 funds overseen | | | Principal Occupation(s) During the Past Five Years: Chief Operating Officer, muun chi LLC, an organic food business (July 2020 − present); Chair of the Board of Trustees of The Janus Henderson Funds (2008 – present); Trustee of The Janus Henderson Funds (2002 – present) (oversees 56 portfolios). Formerly, Managing Partner, Impact Investments, Athena Capital Advisors, LLC, an independent, registered advisor (2016 – 2019); Managing Director, Holos Consulting LLC, a consultant to foundations and non-profit organizations (2009 – 2016); Chief Executive Officer, Imprint Capital Advisors, LLC, an investment advisor exclusively focused on impact investing (2013 – 2015). Other Directorships: F.B. Heron Foundation; Mutual Fund Directors Forum. | |
| Craig R. Carnaroli | | |||
| Born 1963 Trustee since January 2012 2 funds overseen | | | Principal Occupation(s) During the Past Five Years: Executive Vice President, University of Pennsylvania (2000 – present). Other Directorships: University City District; University City Science Center; Philadelphia Industrial Development Corp.; Greater Philadelphia Chamber of Commerce; The Connelly Foundation, a private grantmaking foundation. | |
| Mark L. Baumgartner | | |||
| Born 1969 Trustee since September 2016 2 funds overseen | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, Carnegie Corporation of New York, a private grant-making foundation (2020 – present). Previously, Chief Investment Officer, Institute for Advanced Study, a private, independent academic institution (2014 – 2020). Other Directorships: Trustee, YMCA Retirement Fund. | |
| Mai-Anh Tran | | |||
| Born 1970 Trustee since September 2020 2 Funds overseen | | | Principal Occupation(s) During the Past Five Years: Chief Financial Officer, The Ford Foundation, an independent, non-profit grant-making organization (2010 – present). Other Directorships: Proteus Fund, Inc. | |
Trustees and Principal Officers (Unaudited) |
| Clarence Kane Brenan | | |||
| Born 1968 President and CEO since July 2020 | | | Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc. (July 2020 – present). Partner, Global Head, and Co- CIO of the Global Portfolio Solutions (GPS) group, among other positions, Goldman Sachs (1998 – 2020). | |
| Jay L. Willoughby | | |||
| Born 1958 Chief Investment Officer since October 2015 | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present). CIO, Alaska Permanent Fund Corp., a sovereign wealth fund of the State of Alaska (2011 – 2015). | |
| Katherine M. Billings | | |||
| Born 1980 CFO and Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present). Director, among other positions, PricewaterhouseCoopers, LLP (2002 – 2017). | |
| Lisa L. Matson | | |||
| Born 1970 Vice President since December 2020 | | | Principal Occupation(s) During the Past Five Years: General Counsel, Vice President and Secretary, TIFF Advisory Services, Inc. (2020 – present). General Counsel, Chief Legal Officer, and Senior Partner, Penn Capital Management Company, Inc. (2014 – 2020). | |
| Zane T. Hamid | | |||
| Born 1981 Vice President since December 2020 | | | Principal Occupation(s) During the Past Five Years: Vice President and Head of Fund Operations (2017 – present). Deputy Head of Fund Operations (2013 – 2017), TIFF Advisory Services, Inc. | |
| Christian A. Szautner | | |||
| Born 1972 CCO since July 2008; Vice President, Secretary, and Chief Legal Officer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Compliance Officer, TIFF Advisory Services, Inc.; General Counsel – Regulatory and Assistant Secretary (2017 – present), TIFF Advisory Services, Inc. | |
| Robert J. Zion | | |||
| Born 1961 Vice President and COO since March 2017, Assistant Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. (March 2017 – present); Chief Operating Officer, among other positions, Hirtle Callaghan & Co. (1991 – 2017). | |
Amundi Pioneer 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)
Helikon Investments Limited (AF)
Honeycomb Asset Management LP (AF)
Keel Capital AB
Kopernik Global Investors, LLC
Lansdowne Partners (UK) LLP*
Lansdowne Partners Limited (AF)*
Mission Value Partners, LLC
Neo Ivy Capital Management, LLC (AF)
NewGen Asset Management Limited
Northwest Investment Management (Hong Kong) Limited (AF)
QVT Financial LP (AF)
Strategy Capital, LLC
TB Alternative Assets Ltd. (“Trustbridge”)
TIFF Advisory Services, Inc.
Voloridge Investment Management, LLC (AF)
TIFF Advisory Services, Inc.
| | | ADVISOR | | |
| | | | TIFF Advisory Services, Inc. | |
| 170 N. Radnor Chester Road Suite 300 Radnor, PA 19087 phone 610-684-8200 fax 610-684-8210 CUSTODIAN ACCOUNTING AGENT TRANSFER AGENT DIVIDEND DISBURSING AGENT FUND ADMINISTRATOR State Street Bank and Trust Company One Iron Street Boston, MA 02210 FUND DISTRIBUTOR Foreside Fund Services, LLC 3 Canal Plaza Suite 100 Portland, ME 04101 FUND COUNSEL Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 2001 Market Street Suite 1800 Philadelphia, PA 19103 | |
(b) | Not applicable. |
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2020, there were no amendments or waivers granted from any provision of the Code of Ethics. A copy of the Registrant’s Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that the Registrant has several audit committee financial experts serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Craig R. Carnaroli and Mai-Anh Tran, each of whom is “independent” as defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | AUDIT FEES: The aggregate fees billed for professional services rendered by the Registrant’s independent auditors, PricewaterhouseCoopers LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2020 and 2019 were $172,700 and $175,900. |
(b) | AUDIT-RELATED FEES: Audit-Related Fees are for assurance and related services by the Registrant’s independent accountant that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but are not reported as audit fees. No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal years ended December 31, 2020 or 2019. |
(c) | TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by PricewaterhouseCoopers LLP, for the fiscal years ended December 31, 2020 and 2019 were $77,023 and $90,984. These fees were for tax compliance, tax advice, and tax planning, including excise tax distribution and tax return review services. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant for the fiscal years ended December 31, 2020 or 2019. |
(e) | (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: The Registrant's audit committee has delegated the authority to pre-approve the provision of audit and non-audit services to the chair of the audit committee; provided, however, that such pre-approval of audit or non-audit services is subject to ratification by the full audit committee at their next regularly scheduled audit committee meeting. |
(2) Not applicable.
(f) | Not applicable. |
(g) | In addition to amounts reported in (a) through (d) above, the aggregate non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant, and to the Registrant’s Investment Adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2020 and 2019 were $215,557 and $272,185. |
(h) | The Registrant’s audit committee of the Board of Trustees has considered the provision of non-audit services rendered to or paid for by the Registrant’s Investment Adviser to be compatible with maintaining the principal accounting firm’s independence. |
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 as described in Item 2 is attached.
(a)(3) Not applicable to this filing.
(a)(4) Not applicable to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | TIFF Investment Program | |
By (Signature and Title) | /s/ Clarence Kane Brenan | |
Clarence Kane Brenan, President and Chief Executive Officer | ||
Date | February 25, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Clarence Kane Brenan | |
Clarence Kane Brenan, President and Chief Executive Officer | ||
Date | February 25, 2021 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | February 25, 2021 |