N-Q 1 v453578_nq.htm N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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 principal executive offices)	(Zip code)

Richard J. Flannery, President and Chief Executive Officer

170 N. Radnor Chester Road, Suite 300, Radnor, PA 19087

(Name and address of agent for service)

Registrant's telephone number, including area code:

(610) 684-8000

Date of fiscal year end:	12/31/2016

Date of reporting period:	09/30/2016

Item 1. Schedule of Investments.

The schedule of investments for the period ending September 30, 2016 is filed herewith.

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Investments — 98.9% of net assets

Common Stocks — 54.4%

US Common Stocks — 22.6%

Aerospace & Defense — 0.3%
DigitalGlobe, Inc. (a)		68,200	$	1,875,500
General Dynamics Corp.		11,462		1,778,444
L-3 Communications Holdings, Inc.		31,189		4,701,118
NII Holdings, Inc. (a)		36,783		122,487
Northrop Grumman Corp.		11,601		2,482,034
Raytheon Co.		2,665		362,787
				11,322,370
Air Freight & Logistics — 0.0%
FedEx Corp.		11,747		2,051,966

Airlines — 0.7%
American Airlines Group, Inc.		118,904		4,353,075
Delta Air Lines, Inc.		568,739		22,385,567
SkyWest, Inc.		32,855		867,701
Southwest Airlines Co.		53,896		2,096,015
United Continental Holdings, Inc. (a)		66,029		3,464,542
				33,166,900
Auto Components — 0.1%
Goodyear Tire & Rubber Co. (The)		73,661		2,379,250
Johnson Controls International plc		26,547		1,235,232
Nexteer Automotive Group, Ltd.		227,000		295,998
				3,910,480
Automobiles — 0.1%
Ford Motor Co.		89,972		1,085,962
General Motors Co.		78,377		2,490,037
Harley-Davidson, Inc.		3,197		168,130
Thor Industries, Inc.		1,452		122,985
				3,867,114
Beverages — 0.3%
Dr Pepper Snapple Group, Inc.		23,395		2,136,197
PepsiCo, Inc.		97,079		10,559,283
				12,695,480
Biotechnology — 0.2%
Amgen, Inc.		20,570		3,431,281

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Biogen, Inc. (a)		9,424	$	2,949,995
Dynavax Technologies Corp. (a)		66,079		693,169
Gilead Sciences, Inc.		39,427		3,119,464
				10,193,909
Building Products — 0.2%
Masco Corp.		57,066		1,957,935
USG Corp. (a)		223,846		5,786,419
				7,744,354
Capital Markets — 0.1%
Charles Schwab Corp. (The)		30,444		961,117
E*TRADE Financial Corp. (a)		124,862		3,635,982
Morgan Stanley		18,221		584,165
Northern Trust Corp.		12,009		816,492
				5,997,756
Chemicals — 0.8%
Air Products & Chemicals, Inc.		48,853		7,344,560
Axalta Coating Systems, Ltd. (a)		184,609		5,218,896
Calgon Carbon Corp.		364,000		5,521,880
Celanese Corp., Series A		3,125		208,000
CF Industries Holdings, Inc.		5,326		129,688
Dow Chemical Co. (The)		8,156		422,726
Ingevity Corp. (a)		818		37,710
LyondellBasell Industries NV, Class A		33,203		2,678,154
Monsanto Co.		6,839		698,946
Mosaic Co. (The)		299,590		7,327,971
Scotts Miracle-Gro Co. (The), Class A		5,977		497,705
Sherwin-Williams Co. (The)		3,758		1,039,688
Terravia Holdings, Inc. (a)		760,515		2,091,416
				33,217,340
Commercial Banks — 0.1%
Citizens Financial Group, Inc.		66,318		1,638,718
Huntington Bancshares Inc.		26,205		258,381
SunTrust Banks, Inc.		51,237		2,244,180
Wells Fargo & Co.		57,278		2,536,270
				6,677,549
Commercial Services & Supplies — 0.0%
Waste Management, Inc.		16,941		1,080,158

Communications Equipment — 0.3%
ARRIS International plc (a)		105,059		2,976,322
Cisco Systems, Inc.		24,405		774,127
CommScope Holding Co., Inc. (a)		56,710		1,707,538

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

EchoStar Corp., Class A (a)		18,481	$	810,022
NetScout Systems, Inc. (a)		166,645		4,874,366
				11,142,375
Computers & Peripherals — 0.4%
Apple, Inc.		118,927		13,444,697
Hewlett Packard Enterprise Co.		45,827		1,042,564
HP, Inc.		64,726		1,005,195
NetApp, Inc.		19,171		686,705
Seagate Technology plc		16,508		636,384
Western Digital Corp.		9,766		571,018
				17,386,563
Construction & Engineering — 0.1%
Fluor Corp.		1,966		100,895
Jacobs Engineering Group, Inc. (a)		10,887		563,076
KBR, Inc.		113,300		1,714,229
Quanta Services, Inc. (a)		56,361		1,577,544
				3,955,744
Consumer Finance — 0.1%
American Express Co.		26,488		1,696,291
Capital One Financial Corp.		24,155		1,735,054
FirstCash, Inc.		4,376		206,022
Synchrony Financial		103,158		2,888,424
				6,525,791
Containers & Packaging — 0.1%
AptarGroup, Inc.		5,986		463,376
Avery Dennison Corp.		17,895		1,392,052
Crown Holdings, Inc. (a)		12,933		738,345
WestRock Co.		4,912		238,134
				2,831,907
Diversified Consumer Services — 0.2%
Houghton Mifflin Harcourt Co. (a)		781,485		10,479,714
Sotheby's		13,661		519,391
				10,999,105
Diversified Financial Services — 1.4%
Bank of America Corp.		947,606		14,830,034
Citigroup, Inc.		245,352		11,587,975
Conyers Park Acquisition Corp. (UNIT) (a)		162,350		1,745,262
JPMorgan Chase & Co.		479,145		31,906,266
Leucadia National Corp.		4,268		81,263

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Moody's Corp.		1,511	$	163,611
				60,314,411
Diversified Telecommunication Services — 0.2%
AT&T, Inc.		53,907		2,189,163
Level 3 Communications, Inc. (a)		24,053		1,115,578
Verizon Communications, Inc.		84,320		4,382,954
				7,687,695
Electric Utilities — 0.1%
Duke Energy Corp.		15,228		1,218,849
Edison International		15,174		1,096,321
Entergy Corp.		28,540		2,189,874
Exelon Corp.		4,550		151,470
				4,656,514
Electrical Equipment — 0.1%
BWX Technologies, Inc.		169,200		6,492,204

Electronic Equipment, Instruments & Components — 0.5%
Corning, Inc.		5,982		141,474
Dolby Laboratories, Inc., Class A		96,679		5,248,703
FLIR Systems, Inc.		264,600		8,313,732
Knowles Corp. (a)		529,194		7,435,176
				21,139,085
Energy Equipment & Services — 0.1%
Diamond Offshore Drilling, Inc.		36,381		640,669
Ensco plc, Class A		139,605		1,186,643
Halliburton Co.		2,444		109,687
Helmerich & Payne, Inc.		24,573		1,653,763
				3,590,762
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		22,410		3,417,749
Kroger Co. (The)		12,432		368,982
Pricesmart, Inc.		2,411		201,945
Smart & Final Stores, Inc. (a)		326,926		4,174,845
SUPERVALU, Inc. (a)		1,489,134		7,430,779
Sysco Corp.		45,092		2,209,959
Wal-Mart Stores, Inc.		259,775		18,734,973
Walgreens Boots Alliance, Inc.		9,487		764,842
				37,304,074

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Food Products — 0.3%
JM Smucker Co. (The)		64,786	$	8,781,095
Tyson Foods, Inc., Class A		33,542		2,504,581
				11,285,676
Health Care Equipment & Supplies — 0.8%
CR Bard, Inc.		42,788		9,596,493
Halyard Health, Inc. (a)		116,400		4,034,424
IDEXX Laboratories, Inc. (a)		93,414		10,530,560
Stryker Corp.		89,071		10,368,755
				34,530,232
Health Care Providers & Services — 0.3%
Anthem, Inc.		4,406		552,116
DaVita HealthCare Partners, Inc. (a)		12,929		854,219
HCA Holdings, Inc. (a)		10,954		828,451
Joint Corp. (The) (a)		178,795		429,108
Quest Diagnostics, Inc.		23,052		1,950,891
UnitedHealth Group, Inc.		9,052		1,267,280
VCA Antech, Inc. (a)		104,843		7,336,913
				13,218,978
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc. (a)		938,533		12,360,480

Hotels, Restaurants & Leisure — 0.3%
Aramark		9,573		364,061
Boyd Gaming Corp. (a)		12,782		252,828
Carnival Corp.		18,625		909,272
Interval Leisure Group, Inc.		5,242		90,005
Marriott International Inc., Class A		112,643		7,584,253
McDonald's Corp.		16,988		1,959,736
MGM Resorts International (a)		83,461		2,172,490
Papa John's International, Inc.		3,056		240,966
Popeyes Louisiana Kitchen, Inc. (a)		3,365		178,816
				13,752,427
Household Durables — 0.1%
CalAtlantic Group, Inc.		93,814		3,137,140
Mohawk Industries, Inc. (a)		3,026		606,229
TopBuild Corp. (a)		1,511		50,165
Whirlpool Corp.		1,105		179,187
				3,972,721

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Household Products — 0.2%
Colgate-Palmolive Co.		84,238	$	6,245,405
Procter & Gamble Co. (The)		13,497		1,211,356
				7,456,761
Independent Power Producers & Energy Traders — 0.1%
AES Corp. (The)		115,655		1,486,167
NRG Energy, Inc.		34,322		384,749
Pattern Energy Group, Inc.		102,226		2,299,063
				4,169,979
Industrial Conglomerates — 0.2%
3M Co.		40,667		7,166,745

Insurance — 0.5%
Aflac, Inc.		18,277		1,313,568
Allstate Corp. (The)		35,155		2,432,023
American International Group, Inc.		113,053		6,708,565
Berkshire Hathaway, Inc., Class B (a)		14,565		2,104,206
Hartford Financial Services Group, Inc.		9,387		401,951
Lincoln National Corp.		14,281		670,921
Loews Corp.		6,370		262,126
Markel Corp. (a)		672		624,133
MBIA, Inc. (a)		246,685		1,921,676
Prudential Financial, Inc.		9,448		771,429
Travelers Companies, Inc. (The)		21,332		2,443,581
Unum Group		24,098		850,900
				20,505,079
Internet & Catalog Retail — 1.1%
Amazon.com, Inc. (a)		45,592		38,174,638
Blue Nile, Inc.		8,854		304,755
Expedia, Inc.		28,906		3,373,908
Liberty Interactive Corp. QVC Group, Class A (a)		24,228		484,802
Liberty TripAdvisor Holdings, Inc., Class A (a)		11,108		242,710
Liberty Ventures, Series A (a)		4,144		165,221
Priceline.com, Inc. (a)		3,090		4,546,904
TripAdvisor, Inc. (a)		7,760		490,277
				47,783,215
Internet Software & Services — 1.3%
Alphabet, Inc., Class A (a)		24,209		19,465,489
Alphabet, Inc., Class C (a)		5,697		4,428,221
ChannelAdvisor Corp. (a)		237,502		3,070,901
CommerceHub, Inc., Series A (a)		464		7,331
CommerceHub, Inc., Series C (a)		928		14,765
Cornerstone OnDemand, Inc. (a)		80,219		3,686,063

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

eBay, Inc. (a)		117,528	$	3,866,671
Facebook, Inc., Class A (a)		112,451		14,424,090
Pandora Media, Inc. (a)		301,883		4,325,983
Twitter, Inc. (a)		12,121		279,389
VeriSign, Inc. (a)		25,197		1,971,413
				55,540,316
IT Services — 1.1%
Alliance Data Systems Corp. (a)		2,612		560,352
Automatic Data Processing, Inc.		87,467		7,714,589
Cognizant Technology Solutions Corp., Class A (a)		10,794		514,982
CoreLogic, Inc. (a)		22,384		877,900
EPAM Systems, Inc. (a)		10,718		742,865
Gartner Group, Inc. (a)		6,515		576,252
Genpact, Ltd. (a)		2,319		55,540
Hackett Group, Inc. (The)		43,555		719,529
International Business Machines Corp. (IBM)		38,751		6,155,596
Lionbridge Technologies, Inc. (a)		456,412		2,282,060
Mastercard, Inc., Class A		12,714		1,293,904
PayPal Holdings, Inc. (a)		57,015		2,335,905
Teradata Corp. (a)		58,428		1,811,268
Visa, Inc., Class A		260,186		21,517,382
Xerox Corp.		187,521		1,899,588
				49,057,712
Life Sciences Tools & Services — 0.3%
Bio-Rad Laboratories, Inc., Class A (a)		3,452		565,472
PerkinElmer, Inc.		92,250		5,176,148
Waters Corp. (a)		61,307		9,716,546
				15,458,166
Machinery — 0.2%
Actuant Corp., Class A		30,738		714,351
Graco, Inc.		7,563		559,662
Hyster-Yale Materials Handling, Inc.		34,221		2,057,709
Lindsay Corp.		81,400		6,021,972
				9,353,694
Media — 2.2%
AMC Networks, Inc., Class A (a)		110,400		5,725,344
CBS Corp., Class B		60,463		3,309,745
Charter Communications, Inc., Class A (a)		1,375		371,209
Comcast Corp., Class A		483,199		32,055,422
Discovery Communications, Inc., Series A (a)		74,812		2,013,939
Iheartmedia, Inc. (a) (b)		23,029		33,392
Liberty Braves Group, Class A (a)		855		14,920
Liberty Braves Group, Class C (a)		1,766		30,693
Liberty Broadband Corp., Class A (a)		4,654		326,525

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Liberty Broadband Corp., Class C (a)		4,203	$	300,430
Liberty Media Group, Class A (a)		1,709		48,963
Liberty Media Group, Class C (a)		2,101		59,122
Liberty SiriusXM Group, Class A (a)		13,200		448,536
Liberty SiriusXM Group, Class C (a)		10,911		364,536
Lions Gate Entertainment Corp.		446,295		8,921,437
Live Nation, Inc. (a)		364,738		10,023,000
Media General, Inc. (a)		348,981		6,431,720
Scripps Networks Interactive, Inc., Class A		11,060		702,199
Starz - Liberty Capital, Class A (a)		1,658		51,713
Tribune Media Co., Class A		11,142		406,906
tronc, Inc.		1,892		31,937
Viacom, Inc., Class B		256,917		9,788,538
Walt Disney Co. (The)		178,296		16,556,566
				98,016,792
Metals & Mining — 0.3%
Compass Minerals International, Inc.		80,009		5,896,663
Freeport-McMoRan, Inc.		13,210		143,461
Royal Gold, Inc.		78,689		6,092,889
Southern Copper Corp.		10,760		282,988
				12,416,001
Oil, Gas & Consumable Fuels — 0.6%
Chevron Corp.		11,201		1,152,807
Cloud Peak Energy, Inc. (a)		478,669		2,603,959
CONSOL Energy, Inc.		102,349		1,965,101
Exxon Mobil Corp.		4,952		432,210
Kinder Morgan Inc/DE		166,053		3,840,806
Murphy Oil Corp.		23,299		708,290
Peabody Energy Corp. (a)		97,472		151,082
Tesoro Corp.		28,638		2,278,439
Valero Energy Corp.		44,637		2,365,761
WPX Energy, Inc. (a)		687,600		9,069,444
				24,567,899
Paper & Forest Products — 0.0%
International Paper Co.		14,307		686,450
Louisiana-Pacific Corp. (a)		8,464		159,377
				845,827
Personal Products — 0.0%
Coty, Inc., Class A (a)		6,026		141,611
Estee Lauder Companies, Inc. (The), Class A		4,259		377,177
				518,788

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Pharmaceuticals — 0.7%
Allergan plc (a)		4,683	$	1,078,542
Bristol-Myers Squibb Co.		7,418		399,979
Johnson & Johnson		117,381		13,866,217
Merck & Co., Inc.		64,245		4,009,530
Pfizer, Inc.		154,414		5,230,002
Valeant Pharmaceuticals International, Inc. (a)		245,361		6,023,613
				30,607,883
Professional Services — 0.0%
Robert Half International, Inc.		13,920		527,011
Verisk Analytics, Inc. (a)		6,139		498,978
				1,025,989
Real Estate — 0.1%
CBRE Group, Inc., Class A (a)		96,687		2,705,302

Real Estate Investment Trusts (REITs) — 0.4%
Apartment Investment & Management Co., Class A		19,106		877,156
Host Hotels & Resorts, Inc.		54,993		856,241
SL Green Realty Corp.		33,117		3,579,948
Starwood Property Trust, Inc.		578,900		13,036,828
				18,350,173
Road & Rail — 0.0%
Avis Budget Group, Inc. (a)		6,927		236,973
Hertz Global Holdings, Inc. (a)		2,085		83,734
Kansas City Southern		3,042		283,879
Union Pacific Corp.		11,064		1,079,072
				1,683,658
Semiconductors & Semiconductor Equipment — 0.5%
Applied Materials, Inc.		39,110		1,179,167
Cabot Microelectronics Corp.		104,400		5,523,804
Entegris, Inc. (a)		576,800		10,047,856
Intel Corp.		134,215		5,066,616
Micron Technology, Inc. (a)		78,026		1,387,302
Texas Instruments, Inc.		14,117		990,731
				24,195,476
Software — 1.0%
Activision Blizzard, Inc.		19,195		850,339
CA, Inc.		65,420		2,164,094
Citrix Systems, Inc. (a)		26,906		2,292,929
Dell Technologies, Inc. - VMware, Inc., Class V (a)		1,740		83,172

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

FireEye, Inc. (a)		607,600	$	8,949,948
Intuit, Inc.		20,824		2,290,848
Microsoft Corp.		275,432		15,864,883
MicroStrategy, Inc., Class A (a)		55,853		9,352,026
Oracle Corp.		22,193		871,741
Symantec Corp.		97,932		2,458,093
				45,178,073
Specialty Retail — 1.2%
Aaron's, Inc.		40,600		1,032,052
Abercrombie & Fitch Co., Class A		242,148		3,847,732
Bed Bath & Beyond, Inc.		43,746		1,885,890
Best Buy Co., Inc.		61,098		2,332,722
Cabela's, Inc. (a)		166,500		9,145,845
CST Brands, Inc.		90,837		4,368,351
Destination XL Group, Inc. (a)		439,181		1,901,654
Dick's Sporting Goods, Inc.		153,921		8,730,399
L Brands, Inc.		195,837		13,859,384
Lowe's Companies, Inc.		10,631		767,665
Office Depot, Inc.		1,089,500		3,889,515
Staples, Inc.		42,851		366,376
Tractor Supply Co.		18,746		1,262,543
Urban Outfitters, Inc. (a)		45,387		1,566,759
Williams-Sonoma, Inc.		3,361		171,680
				55,128,567
Textiles, Apparel & Luxury Goods — 0.5%
Coach, Inc.		54,329		1,986,268
Hanesbrands, Inc.		24,516		619,029
Nike, Inc., Class B		339,410		17,869,936
Ralph Lauren Corp.		4,590		464,233
				20,939,466
Thrifts & Mortgage Finance — 0.1%
Fannie Mae (a)		423,696		716,046
Ladder Capital Corp., Class A		293,539		3,886,457
				4,602,503
Tobacco — 0.4%
Altria Group, Inc.		50,020		3,162,765
Philip Morris International, Inc.		129,046		12,545,852
				15,708,617
Trading Companies & Distributors — 0.1%
Herc Holdings, Inc. (a)		695		23,422
NOW, Inc. (a)		122,361		2,622,196

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

W.W. Grainger, Inc.		3,561	$	800,655
				3,446,273
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		46,017		3,830,455
Total US Common Stocks (Cost $909,206,375)				995,331,529

Foreign Common Stocks — 31.8%

Australia — 0.6%
ALS, Ltd.		72,127		330,745
Alumina, Ltd.		227,202		254,483
Asaleo Care, Ltd.		123,563		151,447
BHP Billiton, Ltd.		14,998		259,466
BlueScope Steel, Ltd.		63,886		379,590
Brambles, Ltd.		39,071		359,264
Cleanaway Waste Management, Ltd.		480,356		412,989
Coca-Cola Amatil, Ltd.		62,071		487,825
Cover-More Group, Ltd.		98,731		110,455
DuluxGroup, Ltd.		6,274		31,757
Fairfax Media, Ltd.		281,270		204,181
GUD Holdings, Ltd.		10,763		87,066
Iluka Resources, Ltd.		41,614		200,638
Metcash, Ltd. (a)		158,870		255,852
Newcrest Mining, Ltd.		738,933		12,275,882
Orica, Ltd.		34,164		398,571
Premier Investments, Ltd.		5,858		69,775
QBE Insurance Group, Ltd. - ASE Shares		65,519		467,440
Santos, Ltd.		26,911		75,679
Scentre Group		118,834		428,440
Spotless Group Holdings, Ltd.		166,187		136,500
Westfield Corp. - REIT		1,157,977		8,634,400
				26,012,445
Austria — 0.1%
Andritz AG		4,887		266,009
Erste Group Bank AG (a)		8,654		256,306
IMMOFINANZ AG (a)		409,832		962,204
Oesterreichische Post AG (a)		10,266		363,181
Raiffeisen Bank International AG (a)		6,070		92,428
Wienerberger AG		30,912		524,868
				2,464,996
Belgium — 0.1%
Anheuser-Busch InBev NV		17,355		2,278,255
Greenyard Foods		6,667		117,733
Groupe Bruxelles Lambert SA		3,257		288,749
				2,684,737

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Bermuda — 0.0%
Signet Jewelers, Ltd.		4,675	$	348,428

Brazil — 0.3%
Ambev SA		77,500		471,975
BR Properties SA		186,300		489,788
BrasilAgro - Co. Brasileira de Propriedades Agricolas		179,900		635,042
Centrais Eletricas Brasileiras SA (a)		186,700		1,105,681
Localiza Rent a Car SA		30,815		375,789
MRV Engenharia e Participacoes SA		595,500		2,186,329
Multiplus SA		59,900		810,234
Odontoprev SA		78,461		311,948
Petroleo Brasileiro SA (a)		59,462		276,818
Porto Seguro SA		19,926		182,708
SLC Agricola SA		683,600		2,955,404
Smiles SA		142,700		2,368,131
Sul America SA (UNIT)		15,773		78,716
WEG SA		46,602		253,061
				12,501,624
Canada — 1.8%
Aimia, Inc.		19,520		122,897
Air Canada (a)		16,539		133,628
Barrick Gold Corp. - NYSE Shares		319,450		5,660,654
Barrick Gold Corp. - TSX Shares		23,215		411,056
Bombardier, Inc., Class B (a)		95,272		130,714
Cameco Corp.		834,641		7,144,527
Canadian Natural Resources, Ltd. - NYSE Shares		22,725		726,466
Canadian Natural Resources, Ltd. - TSX Shares		61,690		1,976,548
Centerra Gold, Inc.		691,588		3,790,173
Denison Mines Corp. (a)		1,524,400		708,780
Dundee Corp., Class A (a)		393,398		2,024,038
Dundee Precious Metals, Inc. (a)		1,043,636		2,577,370
Fairfax Financial Holdings, Ltd.		560		328,125
Fission Uranium Corp. (a)		1,632,000		783,688
Gabriel Resources, Ltd. (a) (b)		1,962,000		942,155
Goldcorp., Inc.		129,628		2,141,455
Imperial Oil, Ltd.		28,687		897,378
Ivanhoe Mines, Ltd., Class A (a)		3,659,913		6,360,457
Kinross Gold Corp. - NYSE Shares (a)		1,433,811		6,036,344
Kinross Gold Corp. - TSX Shares (a)		35,504		149,653
Lundin Gold, Inc. (a) (b)		900,000		3,875,910
Magna International, Inc.		6,292		270,241
MEG Energy Corp. (a)		908,792		4,107,730
New Gold, Inc. (a)		263,835		1,147,682
Northern Dynasty Minerals, Ltd. - NYSE Shares (a)		202,302		143,634
Northern Dynasty Minerals, Ltd. - TSX Shares (a)		3,510,402		2,461,656
NOVAGOLD Resources, Inc. (a)		224,075		1,254,820
Onex Corp.		6,043		389,171
PrairieSky Royalty, Ltd.		179		3,650
Rogers Communications, Inc., Class B		36,437		1,545,854

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Seabridge Gold, Inc. (a)		84,050	$	927,020
Silver Wheaton Corp.		150,715		4,073,826
Sprott, Inc.		2,565,690		4,732,627
Suncor Energy, Inc.		30,852		856,458
Turquoise Hill Resources, Ltd. (a)		1,660,455		4,931,551
Uranium Participation Corp. (a)		1,638,343		4,895,236
				78,663,172
Chile — 0.0%
Antofagasta plc		151,452		1,026,190
Banco Santander Chile		2,424,307		125,303
Inversiones La Construccion SA		13,158		152,061
				1,303,554
China — 3.6%
361 Degrees International, Ltd.		554,000		197,715
Agile Property Holdings, Ltd.		2,020,000		1,151,220
Ajisen China Holdings, Ltd.		233,000		107,149
Baidu, Inc. - SPADR (a)		9,957		1,812,871
Bank of China, Ltd.		8,092,500		4,102,364
Bank of Chongqing Co., Ltd., Class H (b)		352,500		290,684
Baoye Group Co., Ltd., Class H		114,000		77,621
BBMG Corp., Class A		4,273,529		2,761,577
Belle International Holdings, Ltd.		642,000		444,284
BYD Electronic International Co., Ltd.		2,123,000		1,783,940
Central China Real Estate, Ltd.		534,000		127,134
Changgang Dunxin Enterprise Co., Ltd. (a) (b)		4,640,000		228,818
Chaowei Power Holdings, Ltd.		480,000		397,773
China Aoyuan Property Group, Ltd.		888,000		213,709
China Communications Services Corp., Ltd., Class H		1,880,000		1,178,612
China Construction Bank Corp., Class A		4,654,128		3,616,969
China CYTS Tours Holding Co., Ltd., Class A		804,398		2,474,531
China Distance Education Holdings, Ltd. - ADR		25,393		328,078
China Greenfresh Group Co., Ltd.		515,400		260,574
China International Marine Containers Group Co., Ltd., Class H		140,600		165,688
China International Travel Service Corp., Ltd., Class A		232,140		1,572,618
China Lesso Group Holdings, Ltd.		104,000		71,007
China Lilang, Ltd.		131,000		74,481
China Lodging Group, Ltd. - SPADR		66		2,976
China Maple Leaf Educational Systems, Ltd.		868,000		812,921
China Mengniu Dairy Co., Ltd.		148,000		277,201
China Merchants Bank Co., Ltd., Class H		800,000		2,023,574
China National Materials Co., Ltd., Class H		1,753,000		407,039
China Pacific Insurance Group Co., Ltd., Class H		727,200		2,702,512
China Pioneer Pharma Holdings, Ltd.		446,000		127,005
China Resources Beer Holdings Co., Ltd. (a)		100,352		214,091
China Shineway Pharmaceutical Group, Ltd.		95,000		97,691
China XD Plastics Co., Ltd. (a)		190,101		838,345
China Yurun Food Group, Ltd. (a)		10,523,000		1,718,200
CIFI Holdings Group Co., Ltd.		2,052,000		647,739
CNOOC, Ltd.		2,048,122		2,580,636

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Coland Holdings, Ltd.		25,000	$	38,083
Consun Pharmaceutical Group, Ltd.		134,000		79,059
CSG Holding Co., Ltd., Class B		470,000		401,962
Ctrip.com International, Ltd. - ADR (a)		155,071		7,221,656
Daphne International Holdings, Ltd. (a)		110,000		15,012
Daqo New Energy Corp. - ADR (a)		23,552		499,302
Foshan Haitian Flavouring & Food Co., Ltd., Class A		969,231		4,413,812
Fosun International, Ltd.		302,500		457,462
Fufeng Group, Ltd.		1,030,000		480,438
Future Land Development Holdings, Ltd.		1,106,000		217,280
Goodbaby International Holdings, Ltd.		328,878		169,586
Grandblue Environment Co., Ltd., Class A		1,062,488		2,360,317
Griffin Mining, Ltd. (a)		1,096,994		618,513
Guangdong Electric Power Development Co., Ltd., Class B		600,900		270,000
Guangshen Railway Co., Ltd., Class H		6,838,000		3,553,195
Guangzhou R&F Properties Co., Ltd., Class H		1,027,600		1,624,365
Guolian Securities Co., Ltd., Class H		573,500		307,310
Harbin Electric Co., Ltd., Class H		462,000		222,908
Hongfa Technology Co., Ltd., Class A		402,732		2,089,829
Hua Hong Semiconductor, Ltd. (c)		1,093,000		1,272,715
Huadian Fuxin Energy Corp., Ltd., Class H		436,000		103,998
Huayu Automotive Systems Co., Ltd.		1,362,908		3,222,734
Inner Mongolia Yili Industrial Group Co., Ltd. (b) (e)		3,091,330		7,637,949
JD.com, Inc. - ADR (a)		44,726		1,166,901
Jiangsu Expressway Co., Ltd., Class H		314,000		435,819
Jiangsu Hengrui Medicine Co., Ltd., Class A		686,659		4,546,063
Johnson Electric Holdings, Ltd.		40,232		103,310
Kingsoft Corp, Ltd.		214,000		507,849
Kweichow Moutai Co., Ltd., Class A		51,673		2,312,168
Lansen Pharmaceutical Holdings, Ltd.		177,000		43,708
Lenovo Group, Ltd.		105,687		70,570
Li Ning Co., Ltd. (a)		442,041		303,263
Livzon Pharmaceutical Group, Inc., Class H		172,000		1,068,462
Nam Tai Property, Inc.		20,037		161,498
NetEase, Inc. - ADR		36,311		8,742,963
New China Life Insurance Co., Ltd., Class H		86,900		388,840
NVC Lighting Holding, Ltd.		6,484,000		874,173
Ping An Insurance Group Co. of China, Ltd., Class A		604,800		3,099,714
Ping An Insurance Group Co. of China, Ltd., Class H		1,208,000		6,322,643
Poly Real Estate Group Co., Ltd., Class A		2,425,506		3,497,029
Powerlong Real Estate Holdings, Ltd.		856,000		284,883
Qingdao Port International Co., Ltd., Class H (c)		418,000		247,962
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd., Class H		84,000		119,392
Shanghai International Airport Co., Ltd., Class A		1,062,279		4,302,342
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class A		410,800		1,522,033
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B		232,000		390,273
Shenzhen Expressway Co., Ltd., Class H		1,694,000		1,788,015
Shenzhou International Group Holdings, Ltd.		1,083,335		7,573,614
Sihuan Pharmaceutical Holdings Group, Ltd.		10,316,000		2,268,257
SOHO China Ltd.		1,977,500		1,071,943
TAL Education Group - ADR (a)		116,292		8,238,125
Tencent Holdings, Ltd.		385,400		10,678,732
Tianneng Power International, Ltd.		1,662,000		1,422,104

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Tingyi Cayman Islands Holding Corp.		392,180	$	457,277
Tong Ren Tang Technologies Co., Ltd., Class H		64,000		124,705
Travelsky Technology, Ltd., Class H		46,000		109,798
Tsingtao Brewery Co., Ltd., Class H		78,600		308,102
Vipshop Holdings, Ltd. - ADR (a)		16,362		240,031
Want Want China Holdings, Ltd.		396,529		246,823
Weiqiao Textile Co., Ltd., Class H		764,625		545,285
Wuxi Little Swan Co., Ltd., Class B		73,391		262,476
Xingda International Holdings, Ltd.		831,000		342,325
Xinyuan Real Estate Co., Ltd. - ADR		73,356		463,610
Yirendai, Ltd. - ADR (a)		98,702		2,337,263
Zhengzhou Yutong Bus Co., Ltd., Class A		1,121,817		3,715,434
Zhongsheng Group Holdings, Ltd.		620,000		591,738
				156,464,347
Colombia — 0.0%
Almacenes Exito SA		285,079		1,453,400
Grupo Nutresa SA		43,728		384,299
				1,837,699
Cyprus — 0.0%
Hellenic Bank Public Co., Ltd. (a) (b)		110,835		104,336
TCS Group Holding plc - GDR (d)		158,692		1,157,613
				1,261,949
Czech Republic — 0.0%
Philip Morris CR AS		554		285,587

Denmark — 0.5%
AP Moeller - Maersk A/S, Class B		291		428,032
Bang & Olufsen A/S, Class B (a)		30,489		315,084
Carlsberg A/S, Class B		11,284		1,078,046
Coloplast A/S, Class B		30,875		2,394,257
Danske Bank A/S		7,040		206,165
GN Store Nord (GN Great Nordic) A/S		67,137		1,448,106
ISS A/S		24,588		1,022,971
Novo Nordisk A/S, Class B		209,373		8,723,625
Topdanmark A/S (a)		8,760		245,785
Vestas Wind Systems A/S		43,449		3,589,726
William Demant Holding A/S (a)		56,870		1,160,882
				20,612,679
Finland — 0.3%
Amer Sports Oyj		12,120		370,579
Kone Oyj, Class B		159,690		8,102,519
Metso Oyj		10,732		313,065
Sampo Oyj, Class A		61,646		2,742,124
UPM-Kymmene Oyj		5,572		117,666
Valmet Corp.		7,084		106,548

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Wartsila Corp.		8,809	$	396,490
				12,148,991
France — 0.8%
Airbus Group SE		17,189		1,039,741
Areva SA (a)		311,988		2,120,353
AXA SA		34,148		726,541
BNP Paribas SA		24,559		1,262,718
Edenred SA		27,046		632,404
Electricite de France SA		679,746		8,269,704
Elis SA		6,704		110,667
Engie SA (a) (b) (e)		9,765		11
Eurazeo SA		2,328		135,047
Eurofins Scientific		2,560		1,162,819
Groupe Eurotunnel SE (d)		103,700		1,121,086
Imerys SA		1,718		124,074
JCDecaux SA		8,747		282,379
L'Oreal SA		42,258		7,978,099
Legrand SA		42,631		2,513,551
Neopost SA		11,764		317,558
Renault SA		3,211		263,822
Rothschild & Co.		6,475		160,348
SA des Ciments Vicat		3,643		235,229
Sanofi SA		20,818		1,586,170
Schneider Electric SE		5,592		389,919
Societe BIC SA		3,640		538,316
Societe Generale SA		4,078		140,734
Technicolor SA (d)		11,022		75,230
Technip SA		2,846		174,783
Thales SA		6,173		568,599
Total SA		7,998		379,082
Vallourec SA (a)		23,313		104,493
Virbac SA (a)		363		60,547
Zodiac Aerospace		37,434		911,465
				33,385,489
Georgia — 0.0%
BGEO Group plc		2,096		79,022

Germany — 1.3%
Adidas AG		6,463		1,121,702
Aurelius AG		3,879		245,254
Axel Springer AG		13,357		683,975
BASF SE		20,226		1,729,679
Bayer AG (d)		2,311		232,126
Bayerische Motoren Werke AG		14,000		1,176,535
Brenntag AG		16,447		897,497
Commerzbank AG		11,615		74,883
Continental AG		1,676		352,371
CTS Eventim AG		15,075		536,691
Deutsche Bank AG (a) (d)		5,713		74,328
Deutsche Telekom AG (d)		101,675		1,704,414

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Deutsche Wohnen AG		183,121	$	6,656,589
Deutz AG		16,543		83,471
E.ON SE		12,322		87,237
Fielmann AG		3,851		313,880
Fresenius Medical Care AG & Co.		28,925		2,524,822
GEA Group AG		4,744		263,143
Gerresheimer AG		2,391		203,173
Hannover Rueckversicherung AG		1,848		197,958
Leoni AG		2,708		98,610
SAP AG		14,450		1,314,776
Symrise AG		8,013		587,300
TUI AG		66,712		948,562
TUI AG - Xetra Shares		29,079		414,433
Uniper SE (a)		1,231		15,080
Vonovia SE		881,563		33,381,141
Wacker Neuson SE		29,867		435,185
zooplus AG (a)		2,855		413,738
				56,768,553
Greece — 0.1%
Aegean Airlines SA		9,243		62,973
Diana Shipping, Inc. (a)		568,453		1,489,347
Ellaktor SA (a)		10,624		14,931
Hellenic Exchanges - Athens Stock Exchange SA Holdings		31,016		143,641
Motor Oil Hellas Corinth Refineries SA		89,294		1,005,267
OPAP SA		20,234		170,797
Piraeus Bank SA (a)		1,187		180
Safe Bulkers, Inc.		519,789		732,902
Tsakos Energy Navigation, Ltd.		405,037		1,952,278
				5,572,316
Hong Kong — 1.0%
AIA Group, Ltd.		102,801		688,778
CECEP COSTIN New Materials Group, Ltd. (b) (e)		1,736,000		132,051
China Everbright, Ltd.		726,000		1,495,661
China High Speed Transmission Equipment Group Co., Ltd.		2,084,000		2,116,579
China Merchants Holdings International Co., Ltd.		14,744		39,497
China Mobile, Ltd.		239,000		2,934,407
China Overseas Land & Investment Ltd.		50,000		171,295
China Power International Development, Ltd.		589,000		228,926
China Resources Land Ltd.		326,000		919,327
China Resources Power Holdings Co., Ltd.		238,062		413,075
China Travel International Investment Hong Kong, Ltd.		1,406,000		408,491
CK Hutchison Holdings, Ltd.		87,639		1,118,168
Comba Telecom Systems Holdings, Ltd.		957,500		191,454
CP Pokphand Co., Ltd.		1,948,000		251,608
Dah Chong Hong Holdings, Ltd.		340,000		137,960
Dairy Farm International Holdings, Ltd.		21,800		154,825
Dawnrays Pharmaceutical Holdings, Ltd.		232,000		153,141
Esprit Holdings, Ltd. (a)		1,933,527		1,572,807
First Pacific Co., Ltd.		362,000		259,167

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Guoco Group, Ltd.		93,000	$	1,045,497
Henderson Land Development Co., Ltd.		89,404		534,363
Hong Kong & Shanghai Hotels, Ltd. (The) (b)		729,020		725,302
Hong Kong Exchanges and Clearing, Ltd.		130,861		3,452,040
Hua Han Health Industry Holdings, Ltd. (b) (e)		7,412,000		510,256
Huabao International Holdings, Ltd. (a)		412,021		159,089
Jardine Matheson Holdings, Ltd.		68,128		4,138,521
Jardine Strategic Holdings, Ltd.		68,110		2,228,518
Ju Teng International Holdings, Ltd.		1,700,000		505,335
Kingboard Chemical Holdings, Ltd.		680,000		2,071,225
Kingboard Laminates Holdings, Ltd.		237,000		217,843
Lee & Man Paper Manufacturing, Ltd.		1,941,000		1,773,493
Man Wah Holdings, Ltd.		503,491		324,344
Midland Holdings, Ltd. (a) (b)		2,074,907		764,146
New World Development, Ltd.		1,353,649		1,772,543
Pacific Basin Shipping, Ltd. (a)		2,117,422		277,042
PAX Global Technology, Ltd.		2,392,000		1,771,072
Real Nutriceutical Group, Ltd.		2,552,000		214,899
Road King Infrastructure, Ltd.		179,000		152,394
Shanghai Industrial Holdings, Ltd.		285,000		823,473
SmarTone Telecommunications Holdings, Ltd.		1,029,475		1,708,716
SSY Group, Ltd.		648,000		223,067
Stella International Holdings, Ltd.		18,480		31,622
Television Broadcasts, Ltd.		229,719		876,601
Texhong Textile Group, Ltd.		314,000		421,709
Tianjin Port Development Holdings, Ltd.		1,562,000		236,648
WH Group, Ltd. (c)		540,000		436,814
Wheelock & Co., Ltd.		103,688		615,946
Yuexiu Transport Infrastructure, Ltd.		416,000		285,471
				41,685,206
Hungary — 0.0%
OTP Bank plc		17,898		471,293

India — 0.5%
Alembic Pharmaceuticals, Ltd.		47,377		464,972
Alkem Laboratories, Ltd.		12,543		313,854
Apollo Tyres, Ltd.		376,701		1,252,076
Axis Bank, Ltd.		7,015		57,514
Axis Bank, Ltd. - GDR (d)		10,410		418,482
Bank of Baroda (a)		23,122		58,603
Bharti Airtel, Ltd.		16,045		75,641
CESC, Ltd.		58,531		536,458
Chennai Petroleum Corp., Ltd.		58,902		256,541
Cosmo Films, Ltd.		81,161		470,335
Dish TV India, Ltd. (a)		168,766		236,523
Dishman Pharmaceuticals & Chemicals, Ltd.		137,166		529,728
Exide Industries, Ltd.		351,605		970,525
FDC Ltd. (b)		41,887		136,294
Finolex Industries, Ltd.		8,541		58,099
Future Enterprises, Ltd.		46,100		11,253
GHCL, Ltd.		134,213		513,938

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

GM Breweries, Ltd.		12,800	$	124,705
Great Eastern Shipping Co., Ltd. (The)		43,107		229,719
HCL Technologies, Ltd.		38,562		462,474
ICICI Bank, Ltd.		92,786		353,768
Idea Cellular, Ltd.		77,696		92,722
IDFC, Ltd. (a)		230,150		232,546
Infosys, Ltd. - SPADR		26,700		421,326
Inox Leisure, Ltd. (a)		16,697		66,268
IRB Infrastructure Developers, Ltd.		368,697		1,366,753
Jammu & Kashmir Bank, Ltd. (The)		334,924		393,150
JB Chemicals & Pharmaceuticals, Ltd.		12,567		67,348
JK Tyre & Industries, Ltd.		234,315		524,696
Kakatiya Cement Sugar & Industries, Ltd.		40,948		218,070
KPIT Technologies, Ltd.		137,404		257,092
LIC Housing Finance, Ltd.		32,550		284,357
Lincoln Pharmaceuticals, Ltd.		50,166		171,867
Man Industries India, Ltd.		130,096		93,961
Manappuram Finance, Ltd.		1,789,626		2,485,477
NHPC, Ltd.		800,567		301,705
Oil India, Ltd.		66,478		401,152
Phillips Carbon Black, Ltd.		119,515		452,409
Power Finance Corp., Ltd.		984,836		1,783,667
Pricol, Ltd.		25,958		43,487
PTC India Financial Services, Ltd.		564,738		320,538
Punjab National Bank (a)		141,420		301,453
Reliance Infrastructure, Ltd.		150,191		1,251,402
RSWM, Ltd.		14,634		98,027
Rural Electrification Corp., Ltd.		741,840		1,343,501
Rural Electrification Corp., Ltd. (a)		713,193		1,288,096
SITI Cable Network, Ltd. (a)		149,662		77,838
Uflex, Ltd.		114,056		487,017
Vardhman Textiles, Ltd.		15,351		246,861
Zee Entertainment Enterprises, Ltd.		32,499		266,766
				22,871,054
Indonesia — 0.0%
Bank Bukopin Tbk		1,541,000		72,158
Gajah Tunggal Tbk PT (a)		2,389,900		275,616
Indo Tambangraya Megah Tbk PT		531,200		444,023
Indosat Tbk PT (a)		294,406		135,923
Japfa Comfeed Indonesia Tbk PT		315,200		41,935
Ramayana Lestari Sentosa Tbk PT		4,106,500		346,260
Tambang Batubara Bukit Asam Persero Tbk PT		474,800		351,926
XL Axiata Tbk PT (a)		179,375		37,200
				1,705,041
Ireland — 0.2%
Bank of Ireland (a)		878,507		182,866
CRH plc		5,208		172,693
CRH plc - BATS Europe Shares		11,032		368,871
DCC plc		13,725		1,251,296

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Experian plc		67,775	$	1,357,926
Governor & Co. of the Bank of Ireland (The) (a)		4,422,433		921,383
Irish Bank Resolution Corp., Ltd. (a) (b) (e)		38,180		—
Irish Continental Group plc		76,772		376,877
Paddy Power Betfair plc		12,614		1,426,912
Paddy Power Betfair plc - LSE Shares		10,070		1,134,932
Permanent TSB Group Holdings plc (a)		130,589		301,463
Ryanair Holdings plc - SPADR		4,354		326,681
				7,821,900
Italy — 0.3%
Banca IFIS SpA		13,718		309,368
Banca Monte dei Paschi di Siena SpA (a)		275,222		57,607
Banca Popolare dell'Emilia Romagna SC		12,909		48,095
Banca Popolare di Milano Scarl		1,399,580		562,318
Banco Popolare SC		376,515		887,783
Credito Valtellinese SC		823,403		285,928
Davide Campari-Milano SpA		20,831		234,687
Eni SpA		47,201		680,200
ERG SpA		187,950		2,156,001
Ferrari NV		3,916		203,419
Intesa Sanpaolo SpA		253,864		563,583
Luxottica Group SpA		47,181		2,254,356
Luxottica Group SpA - SPADR		4,764		227,814
Piaggio & C SpA		88,232		164,918
Saipem SpA (a)		2,206,024		933,813
Tamburi Investment Partners SpA (b)		105,035		424,202
Technogym SpA (a) (c)		9,099		44,573
Telecom Italia SpA (a)		115,400		95,488
UniCredit SpA		288,026		671,289
Unione di Banche Italiane SpA		56,781		130,910
				10,936,352
Japan — 9.5%
Alfresa Holdings Corp.		72,800		1,539,919
Amano Corp.		212,000		3,387,378
Asahi Diamond Industrial Co., Ltd.		1,466,000		11,875,391
Asatsu-DK, Inc.		280,900		7,483,273
Ashikaga Holdings Co., Ltd.		74,781		267,998
Azbil Corp.		535,600		16,185,852
BML, Inc.		770,600		20,306,925
Bridgestone Corp.		23,932		882,672
Bunka Shutter Co, Ltd.		78,100		622,390
Casio Computer Co, Ltd.		5,800		81,352
Chiba Bank, Ltd. (The)		2,000		11,366
Coca-Cola East Japan Co., Ltd.		9,724		211,104
Concordia Financial Group, Ltd.		46,000		201,078
Cosmos Pharmaceutical Corp.		2,464		528,597
CyberAgent, Inc.		17,194		510,178
Dai-ichi Life Insurance Co., Ltd. (The)		146,800		2,014,873
Daifuku Co. Ltd.		3,300		60,593
Daiichikosho Co., Ltd.		382,900		15,646,357

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Dainippon Sumitomo Pharma Co., Ltd.		79,900	$	1,544,672
Daiwa House Industry Co. Ltd.		4,300		117,773
Daiwa Securities Group, Inc.		85,492		481,430
DMG Mori Co., Ltd.		21,462		223,753
East Japan Railway Co.		22,500		2,028,545
Fuji Heavy Industries, Ltd.		7,400		277,902
Fuji Media Holdings, Inc.		71,900		976,549
FUJIFILM Holdings Corp.		75,500		2,794,215
Fujitsu, Ltd.		37,000		199,744
Fukushima Industries Corp.		37,900		1,240,997
Hakuhodo DY Holdings, Inc.		1,472,600		17,195,610
Hitachi Capital Corp.		2,200		46,723
Hitachi, Ltd.		432,031		2,020,664
Hogy Medical Co., Ltd.		288,500		20,199,206
Honda Motor Co., Ltd.		43,300		1,246,610
Isetan Mitsukoshi Holdings, Ltd.		64,300		632,840
ITOCHU Corp.		15,800		197,926
Japan Airlines Co., Ltd.		41,581		1,224,103
Japan Digital Laboratory Co., Ltd.		133,600		1,952,433
Japan Post Holdings Co., Ltd.		95,800		1,203,742
Japan Steel Works, Ltd. (The)		386,400		8,766,101
Japan Tobacco, Inc.		23,017		940,361
JFE Holdings, Inc.		55,800		813,600
kabu.com Securities Co., Ltd.		25,876		86,981
Kamigumi Co., Ltd.		302,000		2,631,374
Kao Corp.		30,200		1,701,044
KDDI Corp.		4,300		132,322
Kirin Holdings Co., Ltd.		151,500		2,508,269
Kubota Corp.		10,200		154,188
Kurita Water Industries, Ltd.		750,800		17,852,493
Kyocera Corp.		7,500		359,811
LIXIL Group Corp.		63,201		1,355,740
Maeda Corp.		2,000		16,980
Marui Group Co., Ltd.		13,500		178,266
Matsumotokiyoshi Holdings Co, Ltd.		1,200		62,008
Miraca Holdings, Inc.		251,800		12,555,280
Mitsubishi Corp.		463,600		10,538,071
Mitsubishi Electric Corp.		84,000		1,075,410
Mitsubishi Estate Co., Ltd.		80,755		1,513,937
Mitsubishi Heavy Industries, Ltd.		244,000		1,020,198
Mitsubishi Logistics Corp.		43,000		620,067
Mitsubishi UFJ Financial Group, Inc.		68,723		346,544
Mitsui & Co., Ltd.		699,600		9,676,845
Mizuho Financial Group, Inc.		804,800		1,344,655
MS&AD Insurance Group Holdings		78,637		2,193,713
Nakanishi, Inc.		333,900		12,128,519
Namco Bandai Holdings, Inc.		826,500		25,277,005
NEC Corp.		401,000		1,035,986
Nexon Co., Ltd.		4,908		76,690
Nintendo Co., Ltd.		1,500		396,909
Nippon Meat Packers, Inc.		13,000		313,601
Nippon Suisan Kaisha, Ltd.		76,500		328,676
Nippon Telegraph & Telephone Corp.		83,700		3,822,611

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Nippon Television Holdings, Inc.		48,720	$	824,600
Nissan Chemical Industries, Ltd.		1,700		51,502
Nissan Motor Co, Ltd.		26,900		263,421
NKSJ Holdings, Inc.		22,600		668,733
Nomura Holdings, Inc.		179,600		803,763
NTT Data Corp.		39,100		1,954,240
NTT Urban Development Corp.		71,600		691,192
Obayashi Corp.		185,800		1,841,701
Obic Co, Ltd.		300		15,960
OKUMA Corp.		2,350,000		18,048,478
OMRON Corp.		2,800		100,611
Onward Holdings Co., Ltd.		59,000		425,511
Organo Corp.		548,000		2,238,973
Otsuka Holdings Co., Ltd.		19,300		880,337
Rakuten, Inc.		27,580		358,764
Resona Holdings, Inc.		268,200		1,127,921
Rinnai Corp.		18,200		1,690,327
Ryohin Keikaku Co, Ltd.		600		120,867
Sanshin Electronics Co., Ltd.		113,200		977,393
Sawai Pharmaceutical Co, Ltd.		400		28,385
SCSK Corp.		1,300		52,545
Secom Co., Ltd.		237,200		17,701,478
Sekisui Chemical Co, Ltd.		4,000		57,490
Senko Co, Ltd.		5,300		36,911
Seven & I Holdings Co., Ltd.		53,600		2,533,127
Seven Bank, Ltd.		5,297,400		16,956,852
Shimizu Corp.		69,000		615,651
Shiseido Co., Ltd.		24,900		658,474
SHO-BOND Holdings Co, Ltd.		900		41,872
SK Kaken Co., Ltd.		58,000		5,902,668
SoftBank Group Corp.		16,000		1,036,510
Square Enix Holdings Co., Ltd.		39,721		1,364,813
Sumitomo Chemical Co., Ltd.		103,000		457,998
Sumitomo Electric Industries, Ltd.		33,100		468,120
Sumitomo Mitsui Financial Group, Inc.		53,200		1,792,996
Sumitomo Mitsui Trust Holdings, Inc.		41,355		1,342,104
Sumitomo Realty & Development Co., Ltd.		3,402		88,138
Suntory Beverage & Food, Ltd.		900		39,048
Takeda Pharmaceutical Co., Ltd.		19,500		933,383
Takeuchi Manufacturing Co., Ltd.		566,100		9,543,896
TDK Corp.		2,200		147,160
TechnoPro Holdings, Inc.		1,100		41,436
Temp Holdings Co, Ltd.		2,200		38,649
Toei Co., Ltd.		2,124,000		17,166,073
Tohoku Electric Power Co., Inc.		85,600		1,116,370
TOKAI Corp. - Gifu		208,600		7,392,778
Tokio Marine Holdings, Inc.		5,700		218,432
Tokyo Electron, Ltd.		9,200		811,863
Tokyo Gas Co., Ltd.		21,000		93,436
Toyo Seikan Kaisha Group Holdings, Ltd.		58,900		1,037,736
Toyo Suisan Kaisha, Ltd.		18,200		771,129
Toyo Tire & Rubber Co., Ltd.		12,090		170,494
Toyota Industries Corp.		21,553		1,000,062

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Toyota Motor Corp.		65,775	$	3,814,538
TV Asahi Holdings Corp.		520,300		9,565,153
Wacoal Holdings Corp.		296,000		3,336,967
West Japan Railway Co.		83,700		5,181,400
Yahoo Japan Corp.		1,963,900		7,819,405
Yamada Denki Co., Ltd.		120,500		597,658
Yamato Holdings Co., Ltd.		49,700		1,156,764
Zenkoku Hosho Co., Ltd.		3,426		141,625
ZOJIRUSHI Corp.		242,200		3,934,388
				419,737,257
Lebanon — 0.0%
Solidere - GDR (d)		44,404		423,172

Luxembourg — 0.1%
ArcelorMittal SA - EN Amsterdam Shares (a)		76,402		466,568
Kernel Holding SA		50,915		787,522
Stabilus SA (a)		9,739		548,048
Tenaris SA		13,084		185,899
				1,988,037
Macau — 0.0%
Sands China, Ltd.		301,600		1,321,135

Malaysia — 0.2%
AirAsia Berhad		5,316,696		3,591,889
AirAsia X Berhad (a)		1,865,400		176,376
AMMB Holdings Berhad		417,800		413,791
Ann Joo Resources Berhad (a)		79,900		39,993
Berjaya Sports Toto Berhad		50,300		40,243
Dufu Technology Corp. Berhad		1,233,800		182,435
Genting Malaysia Berhad		1,087,410		1,198,006
George Kent Malaysia Berhad		359,375		221,716
Heveaboard Berhad		828,300		241,339
Hong Leong Financial Group Berhad		52,939		197,213
Lii Hen Industries Berhad		38,300		28,703
OSK Holdings Berhad (b)		408,300		155,690
Padini Holdings Berhad		578,200		398,428
Supermax Corp. Berhad		1,014,800		535,671
Top Glove Corp. Berhad		22,800		28,138
Unisem M Berhad		335,600		204,879
				7,654,510
Mexico — 0.1%
Alpek SAB de CV		273,300		463,164
Alsea SAB de CV		135,500		458,498
America Movil SAB de CV, Series L - ADR		12,659		144,819
Cemex SAB de CV - SPADR (a)		230,200		1,827,788
Consorcio ARA SAB de CV, Series C (b)		1,363,811		476,180
Credito Real SAB de CV SOFOM ER		150,347		258,206
Fibra Uno Administracion SA de CV - REIT		236,200		431,841

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Grupo Carso SAB de CV, Series A		124,747	$	500,281
Grupo Herdez SAB de CV, Series C		30,800		66,970
Grupo Mexico SAB de CV, Series B		106,196		259,715
Megacable Holdings SAB de CV (UNIT)		57,409		220,490
Prologis Property Mexico SA de CV - REIT		347,850		570,668
Rassini SAB de CV		59,462		265,605
Telesites SAB de CV (a)		36,880		20,827
				5,965,052
Netherlands — 0.5%
Akzo Nobel NV		21,579		1,460,283
ASML Holding NV		2,513		275,573
Astarta Holding NV (a) (b)		107,819		1,486,862
Boskalis Westminster NV - CVA		21,846		777,460
Delta Lloyd NV		13,216		60,676
HAL Trust		2,589		524,812
Heineken Holding NV		2,514		201,546
Heineken NV		21,294		1,872,872
Koninklijke (Royal) KPN NV		555,496		1,843,968
Koninklijke (Royal) Philips Electronics NV		248,911		7,369,358
Koninklijke Ahold Delhaize NV		48,652		1,108,257
Randstad Holding NV		3,545		161,481
Royal Dutch Shell plc, Class A - BATS Europe Shares		1,696		42,091
Royal Dutch Shell plc, Class A - Quote MTF Shares		34,440		861,642
Royal Dutch Shell plc, Class B		45,256		1,174,217
Yandex NV, Class A (a)		123,269		2,594,813
				21,815,911
New Zealand — 0.0%
Spark New Zealand, Ltd.		60,346		158,687

Norway — 0.1%
DNB ASA		29,575		388,550
Golden Ocean Group, Ltd. (a)		309,134		1,260,572
Schibsted ASA, Class A		12,212		359,336
Schibsted ASA, Class B		12,212		327,701
StatoilHydro ASA		36,301		608,999
				2,945,158
Pakistan — 0.1%
DG Khan Cement Co., Ltd.		363,300		647,065
Fauji Cement Co., Ltd.		574,500		195,231
Honda Atlas Cars Pakistan, Ltd.		69,300		404,993
National Bank of Pakistan		65,000		45,557
PAK Suzuki Motor Co., Ltd.		64,600		357,300
Pakistan Oilfields, Ltd.		13,000		50,358
Pakistan Telecommunication Co., Ltd.		530,500		92,284
Pioneer Cement, Ltd.		224,000		228,619
				2,021,407

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Panama — 0.0%
Copa Holdings SA, Class A		3,613	$	317,691

Philippines (The) — 0.1%
ABS-CBN Holdings Corp. - PDR (b)		2,060,018		2,075,359
Ayala Corp.		31,229		552,384
Cebu Air, Inc.		244,140		569,068
Cosco Capital, Inc.		1,201,992		206,012
DMCI Holdings, Inc.		1,100,070		274,215
Energy Development Corp.		1,623,000		198,691
Globe Telecom, Inc.		12,124		511,311
Jollibee Foods Corp.		93,117		473,880
Lopez Holdings Corp. (b)		4,843,207		824,330
LT Group, Inc.		296,300		93,718
SM Investments Corp.		41,657		580,835
				6,359,803
Poland — 0.0%
Asseco Poland SA		28,677		418,799

Russia — 1.3%
Aeroflot - Russian Airlines PJSC MOEX (a)		722,217		1,352,146
Bank St Petersburg PJSC (b)		455,930		427,667
Bashneft PJSC		16,474		819,088
Etalon Group, Ltd. - GDR (d)		761,837		2,095,052
Europlan PJSC (a)		35,989		387,760
Federal Grid Co. Unified Energy System PJSC (a) (e)		3,083,937,830		8,619,606
Gazprom PAO (a) (e)		2,070,286		4,427,042
Gazprom PAO - SPADR		1,877,404		7,941,419
Gazprom PJSC - SPADR		79,157		333,490
Global Ports Investments plc - GDR (a) (d)		121,014		349,125
Lenta, Ltd. - GDR (a) (d)		59,525		482,152
Lukoil PJSC - SPADR		35,553		1,728,221
Mail.Ru Group, Ltd. - GDR (a) (d)		119,035		2,087,614
MD Medical Group Investments plc - GDR (d)		5,079		46,981
MegaFon PJSC - GDR (d)		12,849		122,708
MMC Norilsk Nickel PJSC		1,802		280,244
MMC Norilsk Nickel PJSC - ADR		23,307		372,657
Mobile Telesystems PJSC (a) (e)		354,344		1,283,955
Moscow Exchange MICEX-RTS PJSC (a) (e)		1,086,029		2,195,507
NOVATEK OAO - GDR (d)		1,965		216,328
Polymetal International plc		17,701		221,954
Protek OJSC (a) (e)		588,773		859,534
Rosneft PJSC - GDR (d)		63,004		344,272
Rushydro PJSC (a) (e)		45,659,188		567,224
Rushydro PJSC - ADR		6,616,921		7,874,136
Sberbank of Russia PJSC (a) (e)		457,492		1,059,887
Sberbank PAO - SPADR - OTC Shares		987,631		9,245,230
Sistema JSFC - SPGDR - LSE Shares (d)		41,478		307,752
Sistema PJSC FC (e)		92,364		29,876

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Sollers PJSC (a)		17,847	$	163,711
Synergy PJSC (a)		1,159		12,256
TMK PJSC		9,107		8,918
TMK PJSC - GDR (d)		80,759		308,140
X5 Retail Group NV - GDR (a) (d)		17,972		520,625
				57,092,277
Singapore — 0.2%
Ascendas Real Estate Investment Trust - REIT		524,100		972,283
China Xlx Fertiliser, Ltd. (b)		207,000		60,440
China Yuchai International, Ltd.		12,776		138,620
GL, Ltd.		112,200		64,322
Golden Agri-Resources, Ltd.		24,075,800		6,306,882
Great Eastern Holdings, Ltd. (b)		57,301		857,917
Haw Par Corp., Ltd.		4,900		32,455
Semb Corp Industries, Ltd.		194,600		372,696
Singapore Telecommunications, Ltd.		357,200		1,047,397
Super Group, Ltd.		60,200		35,213
United Overseas Bank, Ltd.		54,798		761,156
				10,649,381
South Africa — 0.4%
African Bank Investments, Ltd. (a) (b) (e)		3,640,881		—
Alexander Forbes Group Holdings, Ltd.		404,872		190,532
Anglo American Platinum, Ltd. (a)		10,590		298,874
Arrowhead Properties, Ltd. - REIT		143,496		90,421
Barloworld, Ltd.		97,332		592,223
Cashbuild, Ltd.		6,150		189,317
Discovery Holdings, Ltd.		58,215		480,228
DRDGOLD, Ltd. - SPADR		79,408		393,070
Emira Property Fund, Ltd. - REIT		183,423		195,911
Gold Fields, Ltd.		9,528		46,426
Hosken Consolidated Investments, Ltd. (b)		117,825		1,089,975
Impala Platinum Holdings, Ltd. (a)		889,798		4,511,197
JSE Ltd.		25,323		295,311
Kumba Iron Ore, Ltd. (a)		58,599		529,451
Lewis Group, Ltd.		110,061		328,866
Montauk Holdings, Ltd. (a) (b)		125,987		164,688
Naspers, Ltd.		1,671		289,597
Net 1 UEPS Technologies, Inc. (a)		9,876		84,538
Niveus Investments, Ltd. (b)		86,806		233,873
Peregrine Holdings, Ltd. (d)		236,802		492,402
Remgro, Ltd.		34,580		579,168
Sibanye Gold, Ltd.		576,070		2,061,358
Sibanye Gold, Ltd. - SPADR		43,561		615,517
SPAR Group, Ltd. (The)		104,912		1,470,469
Trencor, Ltd.		24,706		60,765
Wilson Bayly Holmes-Ovcon, Ltd.		47,629		534,446
				15,818,623

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

South Korea — 1.1%
Ahn-Gook Pharmaceutical Co., Ltd.		6,056	$	88,150
Austem Co., Ltd.		194,789		691,037
Bluecom Co., Ltd.		82,417		1,014,773
Chungdahm Learning, Inc.		23,308		554,170
CJ O Shopping Co., Ltd.		253		37,075
Daeduck GDS Co., Ltd.		17,157		188,619
Daehan Steel Co., Ltd.		40,414		380,204
Daesang Corp.		5,536		148,941
Daihan Pharmaceutical Co., Ltd.		4,643		123,903
Daou Technology, Inc.		78,913		1,555,716
DK UIL Co., Ltd.		18,292		191,886
Dong-A Socio Holdings Co, Ltd.		491		80,675
DongKook Pharmaceutical Co., Ltd.		12,568		683,387
Dongwon F&B Co, Ltd.		264		54,280
Doosan Corp.		14,956		1,379,570
e-LITECOM Co., Ltd.		8,751		85,628
Eugene Technology Co., Ltd.		59,385		1,038,794
GS Home Shopping, Inc.		271		40,530
Hana Financial Group, Inc.		10,560		268,559
Hanil Cement Co., Ltd.		777		53,658
Hanjin Heavy Industries & Construction Co., Ltd. (a)		84,386		326,341
Hanshin Construction Co., Ltd. (a)		20,679		327,823
Hansol Paper Co., Ltd.		12,015		224,717
Hanwha Corp.		60,687		1,935,106
Hite Jinro Co., Ltd.		3,395		69,565
Hitejinro Holdings Co., Ltd.		1,607		18,250
HS R&A Co., Ltd.		10,742		342,364
Humax Co., Ltd.		17,989		237,009
Huons Global Co., Ltd.		26,857		1,129,192
Hwa Shin Co, Ltd.		5,561		40,667
Hyundai Hy Communications & Network Co., Ltd.		51,483		168,578
Hyundai Mobis Co., Ltd.		2,723		681,748
Hyundai Motor Co.		50,281		6,208,544
ISU Chemical Co., Ltd.		31,320		516,343
Jahwa Electronics Co, Ltd.		26,563		441,848
KB Financial Group, Inc.		2,396		82,312
KB Insurance Co., Ltd.		60,962		1,508,602
Kia Motors Corp.		5,444		209,261
KM Corp.		50,963		277,863
Komelon Corp.		19,871		166,300
Korea United Pharm, Inc.		26,490		462,528
KT Corp.		129,385		3,748,319
KT Corp. - SPADR		197,270		3,166,184
KT Skylife Co., Ltd.		32,976		481,523
Kwang Dong Pharmaceutical Co., Ltd.		39,252		322,615
Kyung Dong Navien Co., Ltd.		28		1,571
Kyungdong Pharm Co., Ltd.		12,889		214,317
LG Corp.		2,705		159,661
LG International Corp.		51,494		1,633,524
LG Uplus Corp.		9,408		100,354
Lotte Shopping Co., Ltd.		1,284		241,384

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

LS Corp.		35,512	$	1,878,796
MAKUS, Inc.		117,561		388,908
Mando Corp.		2,200		495,759
Modetour Network, Inc.		3,270		85,694
Nice Total Cash Management Co., Ltd., Class C		83,986		492,459
Poongsan Corp.		34,435		1,061,955
Posco Daewoo Corp.		51,110		1,146,343
Pyeong Hwa Automotive Co., Ltd.		23,728		259,885
S-1 Corp.		772		71,286
Sam Chun Dang Pharm Co., Ltd.		21,812		183,540
Samjin Pharmaceutical Co., Ltd.		25,794		757,088
Samsung Electronics Co., Ltd.		767		1,117,862
Samsung Fire & Marine Insurance Co., Ltd.		115		29,219
Samsung SDI Co., Ltd.		532		46,797
Samyang Holdings Corp.		5,405		666,691
SeAH Steel Corp.		5,199		301,970
Seoho Electric Co., Ltd.		30,166		323,686
Seoyon Co., Ltd.		26,205		280,347
Seoyon E-Hwa Co., Ltd.		29,832		416,794
Shinhan Financial Group Co., Ltd.		15,749		576,879
Shinsegae Engineering & Construction Co., Ltd.		5,077		189,416
SIMMTECH Co., Ltd.		5,661		41,555
SK Hynix, Inc.		43,585		1,595,138
SK Materials Co., Ltd.		11,657		1,679,111
SK Telecom Co., Ltd.		2,273		465,158
SL Corp.		19,727		294,919
Tongyang Life Insurance Co., Ltd.		53,374		550,743
Ubiquoss, Inc.		49,721		474,605
Visang Education, Inc.		10,713		171,340
YeaRimDang Publishing Co., Ltd. (a)		5,198		22,523
				50,170,434
Spain — 0.3%
Acerinox SA		52,632		696,187
Amadeus IT Holding SA, Class A		184,157		9,200,473
Banco Bilbao Vizcaya Argentaria SA		17,398		105,186
Banco Santander SA		17,560		77,650
Fomento de Construcciones y Contratas SA (a)		35,132		333,170
Grifols SA		15,655		337,300
Iberdrola SA		125,122		849,999
Inditex SA		31,277		1,159,455
Inmobiliaria Colonial SA		6,451		46,921
Inmobiliaria del Sur SA (b)		7,386		69,894
Mediaset Espana Comunicacion SA		41,620		493,253
Realia Business SA (a) (b)		232,858		253,757
Telefonica SA		49,720		503,129
Viscofan SA		15,189		821,768
				14,948,142
Sri Lanka — 0.0%
Dialog Axiata plc (b)		2,167,086		171,471

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Sweden — 0.2%
Assa Abloy AB, Class B		160,666	$	3,262,279
Investor AB, Class B		11,587		423,412
Kinnevik AB, Class B		4,491		114,464
Modern Times Group AB, Class B		14,192		363,252
Nordea Bank AB		48,564		481,695
Sandvik AB		81,208		892,472
Svenska Handelsbanken AB		145,529		1,998,527
Swedish Match AB		10,817		396,753
Telefonaktiebolaget LM Ericsson, Class B		209,387		1,511,149
Telia Co. AB		254,174		1,137,732
				10,581,735
Switzerland — 0.4%
ABB, Ltd. - SIX Swiss Exchange (a) (d)		61,940		1,390,770
Adecco Group AG (d)		21,707		1,222,404
Cie Financiere Richemont SA (d)		20,126		1,225,426
Cie Financiere Richemont SA - JSE Shares		19,967		121,392
DKSH Holding AG		750		55,121
Garmin, Ltd.		9,026		434,241
Geberit AG (d)		5,833		2,552,813
Glencore Xstrata plc (a)		276,336		757,573
Helvetia Holding AG (d)		325		163,838
Logitech International SA (d)		40,899		917,568
Nestle SA (d)		14,943		1,177,413
Novartis AG (d)		44,116		3,469,338
Oriflame Holding AG (a)		2,064		75,691
Roche Holding AG		11,065		2,741,200
Sonova Holding AG (d)		4,632		655,584
Syngenta AG (d)		2,412		1,054,694
UBS Group AG (d)		75,854		1,029,996
				19,045,062
Taiwan — 0.8%
AcBel Polytech, Inc.		97,000		74,147
Ampire Co., Ltd.		416,000		187,241
AmTRAN Technology Co., Ltd.		1,558,000		1,201,721
Asia Vital Components Co., Ltd.		808,000		632,298
Avita Corp.		188,000		197,434
Basso Industry Corp.		243,000		775,254
Chang Wah Electromaterials, Inc.		88,200		409,496
Chia Chang Co., Ltd.		52,000		42,993
China General Plastics Corp.		714,000		474,253
China Life Insurance Co., Ltd.		867,000		797,049
China Metal Products		325,000		316,702
China Motor Corp.		22,000		16,701
ChipMOS TECHNOLOGIES Bermuda, Ltd.		54,872		1,086,466
Chroma ATE, Inc.		36,000		96,892
Cleanaway Co., Ltd.		109,000		602,170
Coretronic Corp.		61,000		66,584
Darfon Electronics Corp.		6,000		3,598

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Delta Electronics, Inc.		122,363	$	655,697
Dynapack International Technology Corp.		148,000		198,664
E Ink Holdings, Inc.		99,000		76,454
Elitegroup Computer Systems Co., Ltd.		360,000		149,669
Excelsior Medical Co., Ltd.		195,000		291,265
Far Eastern Department Stores, Ltd.		208,000		112,220
Farglory Land Development Co., Ltd.		440,000		523,088
FLEXium Interconnect, Inc.		511,000		1,529,357
Formosa Laboratories, Inc.		398,000		1,151,262
Getac Technology Corp.		691,000		807,339
Grand Ocean Retail Group, Ltd.		236,000		187,432
Grand Pacific Petrochemical		1,257,000		634,945
Grape King Bio, Ltd.		34,000		282,670
Greatek Electronics, Inc.		252,000		320,877
Highwealth Construction Corp.		1,200,000		1,863,035
Hitron Technology, Inc.		1,937,000		1,325,823
Hon Hai Precision Industry Co., Ltd. - GDR (d)		54,759		275,426
Huaku Development Co., Ltd.		10,000		17,324
Inventec Corp.		505,000		412,803
Kindom Construction Corp.		372,000		187,103
King Yuan Electronics Co., Ltd.		2,286,000		2,031,671
Lien Hwa Industrial Corp.		304,425		204,265
Long Chen Paper Co., Ltd.		705,000		339,937
Lotes Co., Ltd.		16,000		42,824
Mega Financial Holding Co., Ltd.		611,167		431,326
Microlife Corp.		18,000		42,706
Min Aik Precision Industrial Co., Ltd.		31,292		45,703
Namchow Chemical Industrial Co., Ltd.		159,000		353,296
Nantex Industry Co., Ltd.		237,000		170,519
Nishoku Technology, Inc.		85,000		203,343
Qualipoly Chemical Corp.		318,000		359,010
Realtek Semiconductor Corp.		411,000		1,357,985
Ruentex Industries, Ltd.		62,642		101,271
Sampo Corp.		325,000		182,803
San Fang Chemical Industry Co., Ltd.		97,850		113,565
Sinmag Equipment Corp.		45,000		204,541
St Shine Optical Co., Ltd.		83,000		1,933,296
Sunonwealth Electric Machine Industry Co., Ltd.		601,000		494,803
Syncmold Enterprise Corp.		187,000		314,946
TA Chen Stainless Pipe		232,490		120,358
Taiflex Scientific Co., Ltd.		5,100		5,266
Taiwan FU Hsing Industrial Co., Ltd.		306,000		411,576
Taiwan PCB Techvest Co., Ltd.		345,000		370,978
Taiwan Semiconductor Manufacturing Co., Ltd.		105,655		619,641
Taiwan Semiconductor Manufacturing Co., Ltd. - SPADR		59,774		1,828,487
Taiwan Styrene Monomer		905,000		459,895
Teco Electric and Machinery Co., Ltd.		315,689		273,696
Tong Yang Industry Co., Ltd.		722,000		1,725,669
Ttet Union Corp.		4,000		10,743
Victory New Materials Co., Ltd.		217,000		411,250
Well Shin Technology Co., Ltd.		30,000		46,366
WUS Printed Circuit Co., Ltd.		590,000		368,245
XAC Automation Corp.		412,000		618,348

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Yageo Corp.		67,000	$	139,502
YFC-Boneagle Electric Co., Ltd.		371,000		349,684
Youngtek Electronics Corp.		88,000		134,097
Yungshin Construction & Development Co., Ltd.		126,000		102,682
Yungtay Engineering Co., Ltd.		156,000		232,449
Zeng Hsing Industrial Co., Ltd.		34,000		174,902
				35,315,096
Thailand — 0.3%
Advanced Info Service PCL		136,204		628,936
Advanced Information Technology PCL (b)		113,200		82,491
Asia Plus Group Holdings PCL		2,388,800		228,884
Asian Marine Services PCL		994,400		83,799
Bangkok Bank PCL		128,269		601,550
Bangkok Bank PCL - Foreign Reg (d)		63,800		299,206
BT Wealth Industries PCL, Class F		337,200		35,423
Kasikornbank PCL		23,000		124,459
Kiatnakin Bank PCL, Class F		882,800		1,350,314
Land and Houses PCL (d)		827,855		231,752
Malee Group PCL, Class F		229,300		527,754
MBK PCL, Class F (b)		5,762,027		2,544,272
MCS Steel PCL, Class F		889,416		341,392
Mega Lifesciences PCL, Class F		100,300		54,998
Quality Houses PCL, Class F		22,092,206		1,555,699
Sansiri PCL		24,911,492		1,250,967
Star Petroleum Refining PCL, Class F		4,355,000		1,357,403
Thai Vegetable Oil PCL, Class F		591,900		521,009
Thanachart Capital PCL		28,600		33,429
TV Direct PCL, Class F		61,900		4,144
				11,857,881
Turkey — 0.1%
Albaraka Turk Katilim Bankasi AS		799,303		322,366
BIM Birlesik Magazalar AS		13,929		232,371
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		644,242		847,931
Goodyear Lastikleri TAS		702,790		831,729
Is Yatirim Menkul Degerler AS		48,842		16,940
KOC Holding AS		187,171		804,073
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret AS		380,975		863,070
Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS		459,943		293,518
Tekfen Holding AS		295,657		762,047
Tofas Turk Otomobil Fabrikasi AS		29,493		215,128
Torunlar Gayrimenkul Yatirim Ortakligi AS		28,703		46,397
Turk Traktor ve Ziraat Makineleri AS		761		20,693
Turkiye Garanti Bankasi AS		55,771		148,146
				5,404,409
Ukraine — 0.1%
MHP SA - GDR - LSE Shares (d)		408,978		3,844,393

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

MHP SA - GDR - OTC Shares (d)		121,472	$	1,140,761
				4,985,154
United Arab Emirates — 0.0%
Al Waha Capital PJSC		782,094		410,855
Dubai Investments PJSC		71,903		40,491
Emaar Malls Group PJSC		563,556		416,977
RAK Properties PJSC		563,217		91,910
				960,233
United Kingdom — 4.4%
3i Group plc		246,737		2,076,862
Admiral Group plc		39,138		1,039,431
AMEC Foster Wheeler plc		115,063		856,882
Anglo American plc - LSE Shares (a)		185,744		2,331,575
Associated British Foods plc		11,651		392,637
AstraZeneca plc		4,439		287,559
Auto Trader Group plc (c)		44,923		236,110
Aviva plc		40,347		230,873
BAE Systems plc		177,095		1,201,521
Barclays plc		978,195		2,132,846
Barratt Developments plc		33,077		212,384
Belmond, Ltd., Class A (a)		132,738		1,687,100
Berendsen plc		27,623		445,732
BHP Billiton plc		40,119		602,983
Bovis Homes Group plc		9,385		106,438
BP plc		652,592		3,800,790
British American Tobacco plc		2,210		141,335
British Land Co. plc - REIT		1,109,255		9,113,193
BT Group plc		4,701,947		23,707,584
Bunzl plc		74,464		2,203,293
Capita plc		124,114		1,078,038
Carnival plc		19,781		965,543
Centrica plc		26,344		77,921
Close Brothers Group plc		9,762		173,186
CNH Industrial NV - ISE Shares		179,324		1,283,585
Compass Group plc		137,486		2,666,193
Daily Mail & General Trust plc, Class A		79,711		769,198
Delphi Automotive plc		7,060		503,519
Devro plc		89,090		274,539
Diageo plc		356,829		10,231,383
Dixons Carphone plc		59,385		284,043
easyJet plc		20,668		270,164
Enterprise Inns plc (a)		148,453		178,948
Ferroglobe plc		10,389		93,813
Fiat Chrysler Automobiles NV - NYSE Shares		68,833		440,531
Flybe Group plc (a)		624,607		402,768
G4S plc		369,659		1,091,466
Gem Diamonds, Ltd. (b)		253,840		405,799
GlaxoSmithKline plc		61,061		1,301,236
GVC Holdings plc		57,147		549,607

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Hansteen Holdings plc - REIT		85,717	$	129,212
Hays plc		505,316		850,255
HomeServe plc		134,433		1,001,489
Howden Joinery Group plc		170,586		954,615
HSBC Holdings plc - LSE Shares		36,386		273,188
HSBC Holdings plc - SEHK Shares		64,807		481,456
Hummingbird Resources plc (a)		322,316		102,270
ICAP plc		189,545		1,145,108
IG Group Holdings plc		67,316		759,961
IMI plc		7,415		103,088
Inchcape plc		21,450		183,079
Informa plc		62,653		578,814
InterContinental Hotels Group plc		218,941		9,030,132
International Consolidated Airlines Group SA		2,645,481		13,697,797
International Personal Finance plc		130,357		439,302
Intertek Group plc		53,303		2,413,302
ITV plc		618,436		1,502,990
J D Wetherspoon plc		17,835		217,646
John Wood Group plc		14,161		139,464
Jupiter Fund Management plc		68,795		379,323
Just Eat plc (a)		69,276		481,285
Kingfisher plc, Class A		154,026		751,989
Liberty Global plc, Class A (a)		65,905		2,250,443
Liberty Global plc, Class C (a)		66,290		2,185,627
Liberty Global plc LiLAC, Class A (a)		17,810		491,407
Liberty Global plc LiLAC, Class C (a)		11,539		323,604
Lloyds Banking Group plc		30,902,956		21,885,769
McCarthy & Stone plc (c)		45,792		99,062
Merlin Entertainments plc (c)		233,683		1,333,186
Michael Kors Holdings, Ltd. (a)		45,131		2,111,680
Michelmersh Brick Holdings plc (b)		1,465,781		1,282,538
Millennium & Copthorne Hotels plc		18,931		106,738
Moneysupermarket.com Group plc		123,996		482,933
National Express Group plc		32,345		144,344
National Grid plc		18,235		257,717
Next plc		6,884		426,842
Non-Standard Finance plc (c)		163,025		156,088
Northgate plc		19,952		111,725
Old Mutual plc - LSE Shares		151,728		398,756
Pagegroup plc		118,678		518,094
Paragon Group of Co. plc		113,291		460,350
Petrofac, Ltd.		9,716		112,270
Pets at Home Group plc		123,747		377,273
Provident Financial plc		39,250		1,539,290
Reckitt Benckiser Group plc		88,404		8,330,987
RELX plc		87,093		1,652,728
Rightmove plc		49,529		2,710,397
Rio Tinto plc		32,002		1,064,867
Rolls Royce Holdings plc - LSE Shares (a)		138,944		1,296,827
Rotork plc		42,791		117,147
Royal Bank of Scotland Group plc (a)		124,272		288,583
Sage Group plc (The)		808,445		7,743,200
Serco Group plc (a)		526,229		891,467

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Sky plc		28,847	$	334,267
Smith & Nephew plc		30,220		487,506
Spectris plc		22,556		575,363
SSP Group plc		201,380		834,998
St James's Place plc		42,085		518,184
Stagecoach Group plc		168,475		461,268
Standard Chartered plc - LSE (a)		46,911		382,029
TalkTalk Telecom Group plc		46,319		121,273
Taylor Wimpey plc		50,608		101,305
Telit Communications plc		67,133		235,257
Tesco plc (a)		561,347		1,330,227
Thomas Cook Group plc (a)		462,269		414,625
Travis Perkins plc		3,886		77,658
Tungsten Corp. plc (a)		55,544		45,997
Unilever plc		247,149		11,716,593
Vodafone Group plc		337,316		967,212
WH Smith plc		46,284		923,840
Willis Towers Watson plc		10,216		1,356,378
WPP plc		49,536		1,165,915
				194,666,207
Vietnam — 0.0%
Luks Group Vietnam Holdings Co., Ltd. (b)		1,682,000		588,468
Total Foreign Common Stocks (Cost $1,308,175,594)				1,401,267,626
Total Common Stocks (Cost $2,217,381,969)				2,396,599,155

Participation Notes — 0.9%
Citigroup Global Markets Holdings Inc., Midea Group Co., Ltd. Equity Linked Notes, Expiring 01/17/17 (China) (a) (c) (e)		724,400		2,942,830
HSBC Bank plc, BBMG Corp., Equity Linked Notes, Expiring 12/15/21 (China) (a) (c) (e)		187,000		120,840
HSBC Bank plc, Gree Electric Appliances, Inc. Equity Linked Notes, Expiring 12/04/18 (China) (a) (c) (e)		123,000		409,754
HSBC Bank plc, Han's Laser Technology Industry Group Co., Ltd. Equity Linked Notes, Expiring 03/18/19 (China) (a) (c) (e)		670,600		2,148,200
HSBC Bank plc, Hangzhou Robam Appliances Co., Equity Linked Notes, Expiring 06/20/19 (China) (a) (c) (e)		662,000		4,100,519
HSBC Bank plc, Henan Shuanghui Investment & Development Co., Ltd. Equity Linked Notes, Expiring 06/12/23 (China) (a) (c) (e)		417,400		1,476,936
HSBC Bank plc, Midea Group Co, Ltd. Equity Linked Notes, Expiring 09/23/23 (China) (a) (c) (e)		103,000		418,431
HSBC Bank plc, Midea Group Co, Ltd. Equity Linked Notes, Expiring 05/08/18 (China) (a) (c) (e)		200,400		814,113
HSBC Bank plc, Ningbo Xinhai Electric Co, Ltd. Equity Linked Notes, Expiring 09/09/19 (China) (a) (c) (e)		60,600		461,785
HSBC Bank plc, Suofeiya Home Collection co., Ltd. Equity Linked Notes, Expiring 04/25/17 (China) (a) (c) (e)		15,800		146,687
Morgan Stanley Asia Products Limited, Hangzhou Hikvision Digital Technology Co., Ltd Equity Linked Notes, Expiring 11/13/17 (China) (a) (c) (e)		212,900		783,450
Morgan Stanley Asia Products Limited, Midea Group Co., Ltd. Equity Linked Notes, Expiring 07/03/18 (China) (a) (c) (e)		429,500		1,744,817
Morgan Stanley Asia Products Limited, Shenzhen Airport Co., Ltd. Equity Linked Notes, Expiring 07/05/18 (China) (a) (c) (e)		586,100		779,304

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Morgan Stanley Asia Products Limited, Sichuan Kelun Pharmaceutical Co., Ltd. Equity Linked Notes, Expiring 07/05/18 (China) (a) (c) (e)		234,000	$	570,394
UBS AG, Beijing Originwater Technology Co., Ltd. Equity Linked Notes, Expiring 04/27/17 (China) (a) (c) (e)		1,136,048		3,152,660
UBS AG, Chaozhou Three-circle Group Co., Ltd. Equity Linked Notes, Expiring 07/17/17 (China) (a) (c) (e)		313,541		875,053
UBS AG, China Merchants Shekou Industrial Zone Holdings Co., Ltd. Equity Linked Notes, Expiring 07/17/17 (China) (a) (c) (e)		381,242		913,639
UBS AG, Chongqing Changan Automobile Co., Ltd. Equity Linked Notes, Expiring 07/17/17 (China) (a) (c) (e)		513,467		1,223,329
UBS AG, Gree Electric Appliances Inc. Equity Linked Notes, Expiring 10/27/17 (China) (a) (c) (e)		122,300		406,899
UBS AG, Hangzhou Hikvision Digital Technology Co., Ltd. Equity Linked Notes, Expiring 07/17/17 (China) (a) (c) (e)		1,020,475		3,755,241
UBS AG, Huadong Medicine Co., Ltd. Equity Linked Notes, Expiring 01/17/17 (China) (a) (c) (e)		267,030		2,755,938
UBS AG, Luxshare Precision Industry Co., Ltd. Equity Linked Notes, Expiring 07/17/17 (China) (a) (c) (e)		579,935		1,745,780
UBS AG, Midea Group Co., Ltd. Equity Linked Notes, Expiring 01/17/17 (China) (a) (c) (e)		951,024		3,863,476
UBS AG, Wangsu Science & Technology Co., Ltd. Equity Linked Notes, Expiring 07/17/17 (China) (a) (c) (e)		387,618		4,060,956
Total Participation Notes (Cost $36,404,397)				39,671,031

	Number of Contracts		Value
Right — 0.0%
Cover More Group, Ltd. Expiring 10/17/16 (Australia) (a) (b) (e) (Cost $0)		18,986		3,803

Warrants — 0.1%
American International Group, Inc., Expiring 01/19/21 (United States) (a)		82,810		1,755,572
Bank of America Corp., Expiring 01/16/19 (United States) (a)		222,716		1,028,948
Capital One Financial Corp., Expiring 11/14/18 (United States) (a) (b)		4,861		147,920
JPMorgan Chase & Co., Expiring 10/28/18 (United States) (a)		9,132		224,921
OSK Holdings Berhad, Expiring 07/22/20 (Malaysia) (a)		114,260		7,460
PNC Financial Services Group, Inc. (The), Expiring 12/31/18 (United States) (a)		13,157		309,058
Tamburi Investment Partners SpA, Expiring 06/30/20 (Italy) (a) (b)		26,257		12,683
Wells Fargo & Co., Expiring 10/28/18 (United States) (a)		11,553		144,182
Total Warrants (Cost $3,972,683)				3,630,744

	Principal Amount		Value
US Treasury Bonds/Notes — 9.9%
US Treasury Inflation Indexed Note 0.125%, 04/15/19	$	21,299,170		21,661,767
US Treasury Inflation Indexed Note 1.375%, 01/15/20		15,424,794		16,378,555
US Treasury Inflation Indexed Note 0.125%, 04/15/20		33,399,275		34,050,828

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Principal Amount		Value

US Treasury Inflation Indexed Note 1.250%, 07/15/20	$	1,986,318	$	2,122,357
US Treasury Inflation Indexed Note 1.125%, 01/15/21		12,783,743		13,605,150
US Treasury Inflation Indexed Note 0.125%, 04/15/21		7,615,575		7,774,581
US Treasury Inflation Indexed Note 0.625%, 07/15/21		21,280,855		22,346,069
US Treasury Inflation Indexed Note 0.125%, 01/15/22		11,589,861		11,829,006
US Treasury Inflation Indexed Note 0.125%, 07/15/22		22,416,458		22,951,091
US Treasury Note 0.500%, 03/31/17		35,780,000		35,782,791
US Treasury Note 0.625%, 04/30/18		36,077,000		36,017,798
US Treasury Note 1.625%, 04/30/19		35,292,000		35,975,782
US Treasury Note 1.375%, 05/31/20		35,870,000		36,319,774
US Treasury Note 2.250%, 03/31/21		34,823,000		36,508,363
US Treasury Note 1.750%, 04/30/22		36,267,000		37,190,684
US Treasury Note 1.500%, 03/31/23		38,715,000		38,991,735
US Treasury Note 2.250%, 11/15/25		25,000,000		26,390,625

Total US Treasury Bonds/Notes (Cost $430,148,723)				435,896,956

	Number of Shares		Value

Acquired Funds — 16.5%

Exchange-Traded Funds (ETFs) — 1.3%
Vanguard FTSE Developed Markets ETF		438,418		16,401,218
Vanguard FTSE Europe ETF		825,900		40,246,107
				56,647,325
Private Investment Funds (f) — 15.2%
Adage Capital Partners, LP (a) (b) (e) (g)		400,000		41,988,986
Canyon Value Realization Fund, LP (a) (b) (e) (g)				77,846,348
Convexity Capital Offshore, LP (a) (b) (e) (g)		399,416		37,872,733
Cumulus Fund, Ltd. (a) (b) (e) (g)		300,000		29,114,772
Farallon Capital Institutional Partners, LP (a) (b) (e) (g)				3,724,255
GSA Trend Fund, Ltd. (a) (e) (g)		450,000		46,220,324
Honeycomb Partners, LP (a) (b) (e) (g)		395,900		43,076,027
Hudson Bay International, Ltd. (a) (b) (e) (g)		1,012,592		98,773,423
Lansdowne Developed Markets Fund, Ltd. (a) (b) (e) (g)		258,634		155,409,084
Latimer Light Partners, LP (a) (b) (e) (g)		504,039		50,374,723

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Shares		Value

Lone Cascade, LP (a) (b) (e) (g)			$	30,215,329
Man Ahl Short Term Trading Limited (a) (b) (e) (g)		200,000		20,054,135
OZ Domestic Partners, LP (a) (b) (e) (g)				423,285
QVT Roiv Hldgs Onshore, Ltd. (a) (b) (e) (g)		31,142		2,633,281
Soroban Cayman Fund, Ltd. (a) (b) (e) (g)		300,000		32,100,523
				669,827,228

Total Acquired Funds (Cost $608,488,266)				726,474,553

Publicly Traded Limited Partnerships — 1.0%
Antero Midstream Partners LP		141,862		3,787,715
Boardwalk Pipeline Partners LP		216,267		3,711,142
Cheniere Energy Partners LP Holdings LLC		110,103		2,503,742
Energy Transfer Equity LP		121,900		2,046,701
Enterprise Products Partners LP		148,100		4,092,003
EQT Midstream Partners LP		37,892		2,886,992
KKR & Co., LP		34,997		499,057
Lazard Ltd.		39,717		1,444,110
NextEra Energy Partners LP		95,756		2,678,295
Shell Midstream Partners LP		143,266		4,595,973
Sunoco LP		116,424		3,377,460
Valero Energy Partners LP		98,734		4,313,689
Western Gas Equity Partners LP		89,160		3,788,408
Western Refining Logistics LP		187,492		4,346,065

Total Publicly Traded Limited Partnerships (Cost $44,317,961)				44,071,352

Preferred Stocks — 0.3%
Banco ABC Brasil SA, 7.07% (Brazil)		69,200		287,256
Banco do Estado do Rio Grande do Sul SA, 7.77% (Brazil)		354,262		1,139,425
Bancolombia SA, 3.13% (Colombia)		41,968		406,675
Centrais Eletricas Brasileiras SA, 0.00% (Brazil) (a)		871,600		6,397,335
Cia de Gas de Sao Paulo - COMGAS, 25.16% (Brazil)		17,300		278,745
Hyundai Motor Co., Ltd., 3.89% (South Korea)		2,804		269,123
Hyundai Motor Co., Ltd., 4.03% (South Korea)		5,152		470,836
Itausa - Investimentos Itau SA, 4.14% (Brazil)		94,704		242,864
LG Electronics, Inc., 1.81% (South Korea)		1,011		22,821
Marcopolo SA, 0.00% (Brazil) (a)		41,870		40,297
Porsche Automobil Holding SE, 2.25% (Germany)		7,899		403,252
Samsung Electronics Co., Ltd., 1.63% (South Korea)		3,070		3,624,213
Samsung SDI Co., Ltd., 2.14% (South Korea)		767		34,408
Sberbank of Russia PJSC, 1.83% (Russia)		225,706		382,489
Volkswagen AG, 0.14% (Germany)		7,622		1,001,326

Total Preferred Stocks (Cost $10,286,351)				15,001,065

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Number of Contracts		Value

Purchased Option Contracts — 0.0%

Calls — 0.0%
Dynavax Technologies Corp. Strike Price $18.00, Expiring 01/20/17 (United States)		217,700	$	500,710
Dynavax Technologies Corp. Strike Price $22.00, Expiring 12/30/16 (United States)		56,500		26,428
Valeant Pharmaceuticals International, Inc., Strike Price $25.00, Expiring 10/31/16 (United States)		106,200		216,591
Valeant Pharmaceuticals International, Inc., Strike Price $27.50, Expiring 01/20/17 (United States)		106,200		338,778

Total Calls (Cost $1,815,831)				1,082,507

Puts — 0.0%
Dynavax Technologies Corp. Strike Price $12.00, Expiring 01/20/17 (United States) (Cost $ 202,544)		38,000		190,000

Total Purchased Option Contracts (Cost $2,018,375)				1,272,507

	Number of Units		Value
Disputed Claims Receipt — 0.0%
AMR Corp. (a) (b) (e) (g) (Cost $0)		260,322		369,657

	Principal Amount		Value
Short-Term Investments — 15.8%

Repurchase Agreement — 3.9%
Fixed Income Clearing Corp. issued on 09/30/16 (proceeds at maturity $171,739,373) (collateralized by US Treasury Note and US Treasury Bonds, due 02/15/20 through 08/15/45 with a total par value of $150,420,000 and a total market value of $175,184,953) 0.030%, 10/03/16 (Cost $171,738,944)	$	171,738,944		171,738,944

US Treasury Bills (h) — 11.9%
US Treasury Bill, due on 10/06/16		50,000,000		49,997,396
US Treasury Bill, due on 10/13/16		50,000,000		49,994,083
US Treasury Bill, due on 11/03/16		20,000,000		19,993,226
US Treasury Bill, due on 12/22/16		40,000,000		39,979,920
US Treasury Bill, due on 12/29/16		50,000,000		49,967,150
US Treasury Bill, due on 01/05/17		100,000,000		99,930,800
US Treasury Bill, due on 01/12/17 (i)		100,000,000		99,929,300
US Treasury Bill, due on 01/19/17		75,000,000		74,942,625

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	Principal Amount		Value

US Treasury Bill, due on 03/30/17	$	40,000,000	$	39,914,960

Total US Treasury Bills (Cost $524,534,026)				524,649,460
Total Short-Term Investments (Cost $696,272,970)				696,388,404

Total Investments — 98.9% (Cost $4,049,291,695)			$	4,359,379,227

Other Assets in Excess of Liabilities — 1.1%				47,666,211

Net Assets — 100.0%			$	4,407,045,438

Financial Futures Contracts

Number of Contracts			Type	Initial Notional Value/ (Proceeds)			Notional Value at September 30, 2016			Unrealized Appreciation/ (Depreciation)

			Long Financial Futures Contracts
			Equity-Related
	716		December 2016 S&P 500 e-Mini Index	$	77,154,424		$	77,342,320		$	187,896

			Short Financial Futures Contracts
			Foreign Currency-Related
	(1,057	)	December 2016 Japanese Yen		(129,168,190	)		(130,678,231	)		(1,510,041	)
										$	(1,322,145	)

Swap Contracts

Expiration
Date

Counterparty

Pay

Receive

Currency

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Total Return Swap Contracts

Long Total Return Swap Contracts

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXV Limited – Clinton Quantitative Segregated Portfolio

USD

86,200,071

2,985,741

07/30/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXVI Limited – Welton QEP Segregated Portfolio

USD

47,436,915

880,027

07/02/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXII Limited - KCP Segregated Portfolio

USD

180,502,687

(2,930,591

)

07/02/2018

Morgan Stanley Capital Services LLC

1 Month LIBOR plus a specified spread

Alphas Managed Accounts Platform LXIII Limited – KGCP Segregated Portfolio

USD

68,557,447

(1,450,422

)

(515,245

)

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

Written Options
	Number of Contracts			Value
Calls — 0.0%
Valeant Pharmaceuticals International, Inc., Strike Price $42.50, Expiring 01/20/2017 (United States) (Premiums received $136,762)		(106,200	)	$	(61,596	)

Puts — 0.0%
WR Grace & Co. Strike Price $67.50, Expiring 01/20/2017 (United States) (Premiums received $145,104)		(82,000	)		(123,000	)
Total Written Options (Premiums received $281,866)				$	(184,596	)

ADR		American Depositary Receipt
ASE		American Stock Exchange
BATS		Better Alternative Trading System
CP		Commercial Paper
CVA		Certification Van Aandelen
EN		Euronext
ETF		Exchange-Traded Fund
FTSE		Financial Times Stock Exchange
GDR		Global Depositary Receipt
ISE		Italian Stock Exchange
JSE		Johannesburg Stock Exchange
LIBOR		London Interbank Offered Rate
LSE		London Stock Exchange
MOEX		Moscow Exchange
MTF		Multilateral Trading Facility
NYSE		New York Stock Exchange
OTC		Over-the-Counter
PDR		Philippine Depositary Receipt
REIT		Real Estate Investment Trust
SEHK		Stock Exchange of Hong Kong
SPADR		Sponsored ADR
SPGDR		Sponsored GDR
TSX		Toronto Stock Exchange
UNIT		A security with an attachment to buy shares, bonds, or other types of securities at a specific price before a predetermined date.
USD		US Dollar

	*	Approximately 4% of the fund's total investments are maintained to cover "senior securities transactions" which may include, but are not limited to forwards, TBAs, options, and futures. These securities are marked-to-market daily and reviewed against the value of the fund's "senior securities" holdings to maintain proper coverage for the transactions.
	(a)	Non income-producing security.
	(b)	Illiquid Security. An illiquid security is a security that cannot be disposed of within seven days in the ordinary course of business at approximately the amount the fund has valued such security for the purposes of calculating the fund's net asset value.
	(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been determined to be liquid in accordance with procedures approved by the board of trustees.

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

	(d)	Security exempt from registration under Regulation S of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to investors outside the United States.
	(e)	Security is valued in good faith under procedures established by the board of trustees. The aggregate amount of securities fair valued amounts to $737,194,617, which represents 16.7% of the fund's net assets.
	(f)	Portfolio holdings information of the Private Investment Funds is not available as of September 30, 2016. These positions are therefore grouped into their own industry classification.
	(g)	Restricted Securities. The following restricted securities were held by the fund as of September 30, 2016, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund's net assets. All of the below securities are illiquid, with the exception of Canyon Value Realization Fund, LP. TIP’s valuation committee has deemed 10% of Canyon Value Realization Fund, LP to be illiquid in accordance with procedures approved by the TIP board of trustees. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.

Private Investment Funds	Investment Strategy	Date of Acquisition	Cost		Value
Adage Capital Partners, LP	US Equity	07/01/16	$	40,000,000	$	41,988,986
Canyon Value Realization Fund, LP	Multi-Strategy	12/31/97 - 04/03/06		23,797,935		77,846,348
Convexity Capital Offshore, LP	Relative Value	02/16/06 - 04/01/13		52,029,177		37,872,733
Cumulus Fund, Ltd.	Commodities-Weather	09/01/16		30,000,000		29,114,772
Farallon Capital Institutional Partners, LP	Multi-Strategy	01/01/13		3,071,372		3,724,255
GSA Trend Fund, Ltd.	Trend Following	09/01/16		45,000,000		46,220,324
Honeycomb Partners, LP	Long-Short Global	07/01/16 - 09/01/16		40,000,000		43,076,027
Hudson Bay International, Ltd.	Relative Value	07/01/14		101,259,161		98,773,423
Lansdowne Developed Markets Fund, Ltd.	Long-Short Global	06/01/06 - 04/01/13		96,049,493		155,409,084
Latimer Light Partners, LP	Long-Short Global	10/01/15 - 04/01/16		50,000,000		50,374,723
Lone Cascade, LP	Global Equity	01/03/12 - 01/01/13		17,456,184		30,215,329
Man Ahl Short Term Trading Limited	Currency Trading	08/01/16		20,000,000		20,054,135
OZ Domestic Partners, LP	Multi-Strategy	09/30/03		782,078		423,285
QVT Roiv Hldgs Onshore, Ltd.	Multi-Strategy	01/05/16		3,114,245		2,633,281
Soroban Cayman Fund, Ltd.	Long-Short Global	07/01/16		30,000,000		32,100,523
						669,827,228
Disputed Claims Receipt
AMR Corp.		12/09/13		—		369,657
Total (15.2% of Net Assets)					$	670,196,885

	(h)	Treasury bills and discount notes do not pay interest, but rather are purchased at a discount and mature at the stated principal amount.
	(i)	Security or a portion thereof is held as initial margin for financial futures.

TIFF MULTI-ASSET FUND

NOTES TO SCHEDULE OF INVESTMENTS

(UNAUDITED)

September 30, 2016

Organization

TIFF Investment Program ("TIP") is a no-load, open-end management investment company that seeks to improve the net investment returns of its members through two investment vehicles, each with its own investment objective and policies. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of September 30, 2016, TIP consisted of two mutual funds, TIFF Multi-Asset Fund ("MAF" or the "fund") and TIFF Short-Term Fund ("STF"), each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The schedule of investments and notes presented here relate only to MAF.

Investment Objective

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

Summary of Significant Accounting Policies

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

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

Valuation of Investments

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

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

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

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

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

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

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

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

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)*

September 30, 2016

The following is a summary of the inputs used as of September 30, 2016 in valuing the fund’s assets and liabilities carried at fair value:

TIFF Multi-Asset Fund
Valuation Inputs	Level 1			Level 2			Level 3		Total
Assets
Common Stocks*⁺	$	1,157,017,788		$	1,239,581,367		$	—	$	2,396,599,155
Participation Notes		—			39,671,031			—		39,671,031
Disputed Claims Receipt		—			—			369,657		369,657
Rights		—			3,803			—		3,803
Warrants		3,610,601			20,143			—		3,630,744
US Treasury Bonds/Notes		435,896,956			—			—		435,896,956
Exchange-Traded Funds and Mutual Funds		56,647,325			—			—		56,647,325
Private Investment Funds		—			—			669,827,228		669,827,228
Publicly Traded Limited Partnerships		44,071,352			—			—		44,071,352
Preferred Stocks*		—			15,001,065			—		15,001,065
Purchased Options		1,272,507			—			—		1,272,507
Short-Term Investments		696,388,404			—			—		696,388,404
Total Investments in Securities		2,394,904,933			1,294,277,409			670,196,885		4,359,379,227
Financial Futures Contracts - Equity Risk		187,896			—			—		187,896
Swap Contracts - Equity Risk		—			3,865,768			—		3,865,768
Total Assets	$	2,395,092,829		$	1,298,143,177		$	670,196,885	$	4,363,432,891
Liabilities
Financial Futures Contracts - Foreign Currency Risk		(1,510,041	)		—			—		(1,510,041	)
Swap Contracts - Equity Risk		—			(4,381,013	)		—		(4,381,013	)
Written Options - Equity Risk		(184,596	)		—			—		(184,596	)
Total Other Financial Instruments		(1,694,637	)		(4,381,013	)		—		(6,075,650	)
Total Liabilities	$	(1,694,637	)	$	(4,381,013	)	$	—	$	(6,075,650	)

*	Securities categorized as Level 2 primarily include listed foreign equities whose values have been adjusted with factors to reflect changes to foreign markets after market close.
+	There are securities in this category that have a market value of zero and are categorized as Level 3.

The fund recognizes transfers into and transfers out of the valuation levels at the beginning of the reporting period. The fund had no transfers between Level 1 and Level 2 of the fair value hierarchy during the period ended September 30, 2016.

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

Investments in Securities	Balance as of December 31, 2015		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Balance as of September 30, 2016		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 09/30/16 for the period ended 09/30/16
Common Stocks*	$	-	$	-	$	-	$	-		$	-	$	-		$	-	$	-
Disputed Claims Receipt		426,928		-		-		(57,271	)		-		-			369,657		(57,271	)
Private Investment Funds		855,166,550		-		35,104,052		(43,065,203	)		218,114,245		(395,492,416	)		669,827,228		(63,773,256	)
Total	$	855,593,478	$	-	$	35,104,052	$	(43,122,474	)	$	218,114,245	$	(395,492,416	)	$	670,196,885	$	(63,830,527	)

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

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

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

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

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

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

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

As of September 30, 2016	Fair Value		Valuation Methodology	Significant Unobservable Inputs	Range			Weighted Average
Common Stocks	$	—	Last market price	Discount(%)		100	%		100	%
Disputed Claims Receipt		369,657	Corporate action model	Future claim awards		—			—
Private Investment Funds		669,827,228	Adjusted net asset value	Manager estimates		(2.31)% - 3.20	%		0.47	%
				Market returns*		(2.50)% - 9.03	%		0.06	%

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

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

Common Stocks and Disputed Claims Receipt. The methodology and unobservable inputs in the above chart reflect the methodology and significant unobservable inputs of securities held at period ended September 30, 2016. The discount for lack of marketability used to determine fair value may include other factors such as liquidity or credit risk. An increase (decrease) in the discount would result in a lower or higher fair value measurement.

Private Investment Funds. The range of manager estimates and market returns reflected in the above chart identify the range of estimates and returns used in valuing the private investment funds at period ended September 30, 2016. A significant increase (decrease) in the estimates received from the manager of the private investment funds would result in a significantly higher or lower fair value measurement. A significant increase (decrease) in the market return weighted by estimated exposures to chosen indices would result in a significantly higher or lower fair value measurement.

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

	Fair Value		Redemption Frequency	Redemption Notice Period
US Equity (a)	$	41,988,986	quarterly		60 days
Multi-Strategy (b)		84,627,169	daily, quarterly, annually		2-65 days
Long-Short Global (c)		280,960,357	quarterly, semi-annually, 3 year rolling		45-90 days
Relative Value (d)		136,646,156	quarterly		65-90 days
Commodities-Weather (e)		29,114,772	monthly		30 days
Trend Following (f)		46,220,324	daily		2 days
Global Equity (g)		30,215,329	quarterly		30 days
Currency Trading (h)		20,054,135	daily		30 days
Total	$	669,827,228

(a)

This strategy primarily comprises long positions in US common stock.

(b)

This strategy primarily comprises capital allocated to various strategies based on risk and return profiles. This strategy includes $6,780,821 of redemption residuals that are illiquid.

(c)

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

(d)

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

(e)

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

(f)

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

(h)

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

(g)

This strategy primarily comprises long positions in global common stocks.

Derivatives and Other Financial Instruments

During the period ended September 30, 2016, the fund invested in derivatives, such as but not limited to futures, purchased and written options, and total return swaps for hedging, liquidity, index exposure, and active management strategies. Derivatives are used for ‘‘hedging’’ when TIFF Advisory Services, Inc. ("TAS") or a money manager seeks to protect the fund’s investments from a decline in value. Derivative strategies are also used when TAS or a money manager seeks to increase liquidity, implement a cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the fund’s portfolio investments and/or for purposes of total return. Depending on the purpose for which the derivative instruments are being used, the successful use of derivative instruments may depend on, among other factors, TAS’s or the money manager’s general understanding of how derivative instruments act in relation to referenced securities or markets but also on market conditions, which are out of control of TAS or the money manager.

Cover for Strategies Using Derivative Instruments

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

Financial Futures Contracts

The fund may use futures contracts, generally in one of three ways: (1) to gain long-term exposures, both long and short, to the total returns of broad equity indices, globally; (2) to gain long-term exposures, both long and short, to the returns of non-dollar currencies relative to the US dollar; and (3) to manage the duration of the fund's fixed income holdings to targeted levels. While trades here may be opportunistic in order to rebalance or otherwise adjust the fund's exposures, generally the fund's holdings of futures at the end of the period are indicative of the types, number, and magnitude of positions held throughout the period. The fund's trading in futures tends to be centered around the quarterly roll periods and within the duration-hedging activities.

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

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

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

Swap Contracts

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

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

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

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

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

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

Equity or Total Return Swaps. An equity swap or total return swap is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying security taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. Similarly, such payments may be based on the performance of an index or a portfolio of securities and other instruments. In return the other party would make payments, typically at a spread to a floating rate, calculated based on the notional amount.

Options

The fund generally uses options to hedge a portion (but not all) of the downside risk in its long or short equity positions and also opportunistically to generate total returns. The fund may also engage in writing options, for example, to express a long view on a security. When writing a put option, the risk to the fund is equal to the notional value of the position. The fund’s holdings of options at the end of the period are indicative of the types, number, and magnitude of positions held throughout the period.

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

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

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

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

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

For the period ended September 30, 2016, the fund had the following transactions in written options.

	Number of Contracts			Premiums Received
Options outstanding at December 31, 2015		—		$	—
Options written		2,321,600			3,441,211
Options terminated in closing purchase transactions		(1,982,400	)		(2,890,243	)
Options expired		(151,000	)		(269,102	)
Options assigned		—			—
Options outstanding at September 30, 2016		188,200		$	281,866

Forward Currency Contracts

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

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

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

Short Selling

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

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

Interest Only Securities

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

Derivative Disclosure

The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund's derivative instruments grouped by contract type and primary risk exposure category as of September 30, 2016. These derivatives are not accounted for as hedging instruments. The period-end notional amounts disclosed in the Schedule of Investments are representative of the fund's derivative activity throughout the reporting period.

The following table lists the fair values of the fund's derivative holdings as of September 30, 2016, grouped by contract type and risk exposure category.

Derivative Type	Balance Sheet Location	Foreign Currency Risk			Equity Risk			Total
Asset Derivatives

Purchased Options	Investments, at value	$	—		$	1,272,507		$	1,272,507
Swap Contracts	Swap contracts, at value		—			3,865,768			3,865,768
Financial Futures Contracts	Variation margin*		—			187,896			187,896
Total Value - Assets		$	—		$	5,326,171		$	5,326,171

Liability Derivatives

Written Options	Investments, at value	$	—		$	(184,596	)	$	(184,596	)
Swap Contracts	Swap contracts, at value		—			(4,381,013	)		(4,381,013	)
Financial Futures Contracts	Variation margin*		(1,510,041	)		—			(1,510,041	)
Total Value - Liabilities		$	(1,510,041	)	$	(4,565,609	)	$	(6,075,650	)

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

4. Federal Tax Information

For federal income tax purposes, the cost of investments owned at September 30, 2016 has been estimated since the final tax characteristic cannot be determined until fiscal year end. The cost of investments, the aggregate gross unrealized appreciation/(depreciation), and the net unrealized appreciation/(depreciation) on investment securities, other than proceeds from securities sold short, at September 30, 2016, are as follows:

Gross Unrealized
Appreciation

Gross Unrealized
Depreciation

Net Unrealized
Appreciation/

(Depreciation)

Cost

498,748,070

(413,240,861

)

85,507,209

4,273,872,018

The difference between the tax cost of investments and the cost of investments for US GAAP purposes is primarily due to the tax treatment of wash sale losses, income/losses from underlying partnerships, distributions from real estate investment trusts, and marked-to-market of investments in passive foreign investment companies.

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

The amount and character of tax basis distributions and composition of net assets are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of September 30, 2016.

Repurchase Agreements

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

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

The following table presents the fund's repurchase agreements net of amounts available for offset and net of the related collateral received as of September 30, 2016:

Counterparty	Assets Subject to a Netting Provision or Similar Arrangement		Liabilities Available for Offset		Collateral			Net Amount
Fixed Income Clearing Corp.	$	171,738,944	$	—	$	(171,738,944	)	$	—
Total	$	171,738,944	$	—	$	(171,738,944	)	$	—

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

Concentration of Risks

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

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

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

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

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

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

The fund may invests in asset-backed and mortgage-backed securities. These investments may involve credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic conditions.

Subsequent Events

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

TIFF Short-Term Fund / schedule of investments (UNAUDITED)

September 30, 2016

	Number of Units		Value
Investments — 100.1% of net assets

Short-Term Investments — 100.1%

Repurchase Agreement — 1.7%
Fixed Income Clearing Corp. issued on 09/30/16 (proceeds at maturity $1,224,948) (collateralized by US Treasury Note, due 02/15/20 with a total par value of $990,000 and a total market value of $1,250,029) 0.030%, 10/03/16 (Cost $1,224,945)	$	1,224,945	$	1,224,945

US Treasury Bills (a) — 98.4%
US Treasury Bill, due on 10/06/16		20,000,000		19,992,708
US Treasury Bill, due on 10/13/16		5,000,000		4,997,929
US Treasury Bill, due on 11/03/16		5,000,000		4,997,635
US Treasury Bill, due on 12/08/16		2,000,000		1,998,274
US Treasury Bill, due on 12/15/16		7,000,000		6,993,945
US Treasury Bill, due on 12/22/16		6,000,000		5,993,880
US Treasury Bill, due on 01/05/17		2,000,000		1,997,570
US Treasury Bill, due on 01/12/17		2,000,000		1,997,406
US Treasury Bill, due on 02/09/17		18,000,000		17,964,630
US Treasury Bill, due on 02/23/17		2,000,000		1,995,542
US Treasury Bill, due on 03/30/17		1,000,000		997,874

Total US Treasury Bills — 98.4% (Cost $69,946,117)				69,927,393

Total Short-Term Investments (Cost $71,171,062)				71,152,338

Total Investments — 100.1% (Cost $71,171,062)				71,152,338

Liabilities in Excess of Other Assets — (0.1)%				(50,217	)

Net Assets — 100.0%			$	71,102,121

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

TIFF SHORT-TERM FUND

NOTES TO SCHEDULE OF INVESTMENTS

(UNAUDITED)

September 30, 2016

Organization

TIFF Investment Program ("TIP") is a no-load, open-end management investment company that seeks to improve the net investment returns of its members through two investment vehicles, each with its own investment objective and policies. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of September 30, 2016, TIP consisted of two mutual funds, TIFF Multi-Asset Fund ("MAF") and TIFF Short-Term Fund ("STF" or the "fund"), each of which is diversified, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The schedule of investments and notes presented here relate only to STF.

Investment Objective

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

Summary of Significant Accounting Policies

Valuation of Investments

Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value.

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

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

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

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

During the period ended September 30, 2016, all of the fund’s investments were valued using Level 1 inputs and, as a result, there were no transfers between any of the fair value hierarchy levels.

Federal Tax Information

For federal income tax purposes, the cost of investments owned at September 30, 2016 has been estimated since the final tax characteristic cannot be determined until fiscal year end. The cost of investments, the aggregate gross unrealized appreciation/(depreciation) and the net unrealized appreciation/(depreciation) on investment securities, at September 30, 2016, are as follows:

Gross Unrealized Appreciation

Gross Unrealized
Depreciation

Net Unrealized
Appreciation/

(Depreciation)

Cost

(18,724

)

(18,724

)

71,171,062

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

The amount and character of tax basis distributions and composition of net assets are finalized at fiscal year end; accordingly, tax basis balances have not been determined as of September 30, 2016.

Repurchase Agreements

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

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

Concentration of Risks

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

Subsequent Events

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

Item 2. 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 ( the “1940 Act”) (17 CFR 270.30a-3(c)) were effective as of a date within 90 days prior to filing 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

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.

	TIFF Investment Program

	By:	/s/ Richard J. Flannery
		Richard J. Flannery, President and Chief Executive Officer

Date

11/28/16

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:	/s/ Richard J. Flannery
		Richard J.Flannery, President and Chief Executive Officer

Date

11/28/16

	By:	/s/ Dawn I. Lezon
		Dawn I. Lezon, Treasurer and Chief Financial Officer

Date

11/28/16