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Accompanying the completed application, members must also submit proof of their tax-exempt status or other documentation as may be requested to document their eligibility to invest. Any organization admitted as a member of TIP that is subsequently determined to be ineligible will be asked to redeem all shares that it holds in any TIP fund.
TAS must receive a completed application and all requested information before an application can be accepted. See Order and Payment Procedures for purchasing share instructions. Customer Identification Program. Account applications without the required information or where applicable without an indication that a social security or taxpayer identification number has been applied for, may not be accepted by the funds.
Net Asset Value. This calculation is performed by the fund accounting agent, State Street Bank and Trust Company, normally as of the end of regular trading hours of the New York Stock Exchange generally p. Many of the acquired funds in which Multi-Asset Fund invests are not traded on a securities exchange or otherwise publicly traded. Therefore, market quotations are not available and such acquired funds are priced using fair valuation techniques.
If the value of a security has been materially affected by significant events occurring after the close of an exchange or market on which the security is principally traded, but before a fund calculates its NAV, and the market quotations for that security are considered unreliable, a fund may use fair-value pricing instead.
Trading in foreign securities is normally completed before the time at which the funds calculate their NAVs. The funds employ a fair value model to adjust the prices of foreign securities to reflect such events occurring after the close of the relevant foreign markets. A fund that uses fair value to price securities may value those securities higher or lower than a fund that uses market quotations, which could cause the NAV of shares to differ significantly from the NAV that would have been calculated using market quotations.
Foreign securities may trade in their primary markets on weekends or other days when the funds do not price their shares. Therefore, the value of a fund holding foreign securities may change on days when members are not able to buy or sell their shares. Offering Dates, Times, and Prices.
Shares of the funds are continuously offered, and purchases may be made on any business day. The purchase amount will be reduced by any applicable entry fee. All purchases, except in-kind purchases, must be made by wire transfer in US dollars. The funds reserve the right to reject any purchase order. The following procedures apply to purchases of shares. The following procedures apply to redemptions of shares. Telephone Redemption Option.
A member may request a redemption by calling TAS. TIP or TAS may employ procedures designed to confirm that instructions communicated by telephone are genuine and legitimate and may require personal identification codes. TIP or TAS will not be liable for acting upon instructions communicated by telephone that it reasonably believes to be genuine. No bank instruction changes will be accepted via telephone.
Potential In-Kind Redemptions. In-kind redemptions generally entail the distribution to a redeeming member of readily marketable securities held by the fund whose shares it seeks to redeem, selected by TAS in its discretion, as opposed to the cash distributions normally made to redeeming members. Exchanges into a fund in which the exchanging member does not have an account will be subject to the minimum initial investment for that fund and all exchanges will be subject to the minimum subsequent purchase amount for the fund into which the exchange is being made.
An exchange order is considered a redemption followed by a purchase for tax purposes. The exchange privilege is intended for the convenience of members and is not intended as a vehicle for short-term trading. Members wishing to make exchange requests should contact TAS. Frequent Purchases and Redemptions of Fund Shares. The TIP Board has adopted policies and procedures pursuant to which the funds monitor the cash flow activity of their members on an ongoing basis and review any questionable activity of such members.
In addition, the funds conduct an overall review of their cash flow activity periodically. Multi-Asset Fund also assesses entry and exit fees as set forth under the heading Fees above and under the heading Fees and Expenses of the Fund in the Multi-Asset Fund Summary section of this prospectus, in part as a method to discourage frequent trading by members. There is no guarantee that the funds will be able to curtail frequent trading activity in every instance. As certain foreign securities may be more thinly traded and their prices may be stale or not current, investment in these foreign securities may expose Multi-Asset Fund to the risk of market timing.
TIP reserves the right to reject or limit all or part of any purchase or exchange order for any reason. Important Information about Wire Transfers. Further documentation may be required when deemed appropriate by TAS. Accounts with Low Balances. Intended Distribution Schedule. As a regulated investment company, a fund is generally not subject to entity-level tax on the income and gains it distributes to members. Each fund intends to distribute to its members substantially all of its net investment income and its net realized capital gains.
In addition, pursuant to its managed distribution policy, Multi-Asset Fund may make distributions that are ultimately characterized as return of capital. Dividends from net investment income, if any, are declared and reinvested or paid quarterly for Multi-Asset Fund and monthly for Short-Term Fund. Capital gains, if any, are declared and reinvested or paid at least annually.
A fund earns income generally in the form of dividends or interest on its investments. A fund realizes capital gains from the sale or exchange of portfolio securities. During a time of economic volatility, a fund may experience capital losses and unrealized depreciation in the value of its investments, the effect of which may be to reduce or eliminate capital gains distributions for a period of time. Even though a fund may experience a current year loss, it may nonetheless distribute prior year capital gains.
In order to satisfy certain distribution requirements, a fund may declare special year-end dividends and capital gains distributions, typically during October, November, or December with a record date in such a month. If it is determined that Short-Term Fund has met its annual distribution requirement in the first 11 months of the year, it may choose not to make a distribution in December.
Distribution Options. Dividends and capital gains may be reinvested in additional shares of the same fund or, subject to entry fees, if any, and to any eligibility criteria or minimum initial investment requirement for new accounts, a different TIP fund at the NAV on the date of reinvestment. Alternatively, dividends and capital gains may be paid in cash. Members are asked to designate their distribution option on their account application. Dividends and capital gains will be automatically reinvested unless a member indicates otherwise on the account application.
Members may change their election by writing to TAS by the record date of the applicable distribution. A subsequent distribution of such amounts, although constituting a return of investment, would be classified as a taxable distribution whether reinvested in additional shares or paid in cash.
In addition, private foundations that are exempt from federal income tax may nonetheless be subject to excise tax on their net investment income. Members should ask their own tax advisors for more information on their own tax situation. All investors should consult their own tax advisors as to the federal, state, local and other tax provisions applicable to them. Certain information reflects financial results for a single share of a fund. The total returns in the tables represent the rate that a member would have earned or lost on an investment in a given fund, assuming reinvestment of all dividends and distributions.
The Glossary below explains certain terms used throughout this prospectus. This approach assumes that individual companies may do well even in an industry that is not performing well. To meet this goal, a hedge fund may use strategies such as investing significantly in derivatives and employing leverage, i.
Use of these strategies magnifies the risk of loss. Fundamental analysis takes into account the type of security and the amount and timing of cash flows. Credit analysis considers the likelihood of cash flows being received. Quantitative techniques, including statistical analysis, put a value on the cash flows and assess their probabilities.
This prospectus sets forth concisely the information about the funds that a prospective member should know before investing. This prospectus should be read carefully and retained for future reference. The SAI is incorporated herein by reference. The SAI, annual, and semi-annual reports are available without charge by contacting TIFF by mail, fax, or email using the contact information below, or by phone at SEC File Number Pursuing investment excellence.
Phone: Fax: Electronic mail inquiries:. Services offered by TIFF:info tiff. Member-specific account data:memberservices tiff. Each money manager is responsible for the day-to-day investment decisions for that portion of MAF that is allocated to such money manager.
Organization of TIP. Shares of each fund have equal voting rights. Members have one vote for each dollar of net asset value they hold. All shares issued and outstanding are fully paid and non-assessable, transferable and redeemable at net asset value at the option of the member.
Shares have no preemptive or conversion rights. The shares of TIP possess non-cumulative voting rights. Any issuances of shares of new funds, in the future, would be governed by the Act, other applicable federal securities laws, and Maryland corporate law. Neither fund shall be liable for the obligations of the other fund. Supplemental Discussion of Fund Management and Administration.
Directors and Officers of TIP. Among the responsibilities of the TIP Board are selecting investment advisors and approving money managers for MAF; monitoring fund operations, performance and costs; reviewing contracts; nominating and selecting new directors, and electing TIP officers.
The following directors and principal officers oversee the TIP funds. Other Directorships: The Chapin School. Lundstrom Born Vice President since September An independent director serves as chair of the TIP Board. In addition, there are three standing committees of the TIP Board, to which the TIP Board has delegated certain authority and oversight responsibilities. The function of each of the committees is described below.
Each of the audit committee, the governance committee and the investment oversight committee is comprised solely of the [three] independent directors. The independent directors conduct a self-evaluation annually, which process is overseen by the governance committee.
In addition, TAS provides certain additional services pursuant to a services agreement. TAS provides the TIP funds with investment advisory services, and is responsible for managing the investment program of the funds, including monitoring the performance of the funds and, for MAF, the money managers and the risks that arise from the investment strategies pursued by TAS and the money managers. State Street provides specified services necessary to the general day-to-day business activities and operations of TIP, other than investment advisory activities.
As part of its duties under the services agreement, TAS provides general oversight of State Street and other vendors providing services to the funds. Risks to TIP include, among others, investment risk, credit risk, liquidity risk, valuation risk, compliance risk, and operational risk, as well as the overall business risk relating to the funds. While TAS is authorized to allocate and re-allocate assets among existing money managers, the TIP Board must approve the appointment of any new money managers.
During these meetings the independent directors and the CCO discuss issues related to portfolio compliance. The TIP Board also receives reports from TAS on the investments, portfolio positioning, strategies and characteristics, performance, liquidity, and certain valuation matters of the funds.
Experience of Directors. Further information about each director is set forth in the table above describing the business activities of each director during the past five years. As a consultant to foundations and as a former senior executive of a substantial private foundation, he has in-depth knowledge of issues relating to the non-profit community. The audit committee met twice during the fiscal year ended December 31, The governance committee met four times during the fiscal year ended December 31, The governance committee will consider nominees recommended by TIP members and will assess such nominees in the same manner it reviews committee nominees.
The principal criterion for selection of candidates is their ability to contribute to the overall functioning of the board and to carry out the responsibilities of the directors. The directors also value diversity of background, experience and expertise in selecting nominees.
The committee may use any process it deems appropriate for the purpose of evaluating candidates. The committee also considers the effect of any relationships beyond those delineated in the Act that might impair independence, e. The committee may also consider such other factors as it may determine are relevant. Nominations will be accepted on an on-going basis and kept on file for consideration when there is a vacancy on the TIP Board. The investment oversight committee met four times during the fiscal year ended December 31, Director Compensation.
The remaining TIP Board members currently serve as volunteers who receive no fees or salary but are eligible for expense reimbursement and a matching charitable gift program offered by TIP. Matching Gift Program. Effective January 1, , TIP instituted a matching gift program. TIP will match contributions made by TIP participating directors to eligible tax-exempt charitable organizations. TIP will match only the gift portion of payments to charitable organizations.
Any payment for which the donor receives a specific benefit in return will be reduced by the fair market value of the benefit to determine the gift portion of the payment. Code of Ethics. Rule 17j-1 of the Act addresses conflicts of interest that arise from personal trading activities of investment company personnel. The rule requires TIP, its investment advisor, TAS, and its money managers to adopt codes of ethics and to report periodically to the TIP Board on issues raised under its code of ethics.
To assure compliance with these restrictions, TIP and TAS have adopted and agreed to be governed by a joint code of ethics, and the money managers have each adopted and agreed to be covered by their individual codes of ethics containing provisions reasonably necessary to prevent fraudulent, deceptive, or manipulative acts with regard to the personal securities transactions of their employees and violations of federal securities laws.
The codes of ethics permit personal investing transactions by TIP and TAS directors, officers, and employees, including transactions in securities that may be purchased or held by the funds, provided that such transactions avoid conflicts of interest with TIP and comply with applicable reporting and preapproval requirements.
Alternatively, this information may be obtained, upon payment of a duplicating fee, by writing the Public Reference Section of the SEC, Washington, DC or by electronic request at the following email address: publicinfo sec.
Investment Advisor Conflicts of Interest. The investment programs of the TIP funds and certain of the Private Funds are intended to be similar and there will by definition be investment opportunities suitable to a TIP fund and one or more of the Private Funds. Participation in some of those opportunities may be constrained and have to be allocated amongst the TIP funds and the Private Funds, which constraints and allocations have the potential to create conflicts because they may result in one or more of the TIP funds or the Private Funds receiving less than its desired amount of an investment opportunity.
On behalf of one or more of the TIP funds and the Private Funds, TAS or TEAM may, at or about the same time, purchase or sell the same or similar securities or instruments or invest with the same or similar underlying managers or in the same or similar underlying funds. Doing so has the potential to create conflicts, including those related to aggregation of orders and allocation of opportunities. Other legal and regulatory limitations, such as the inability to negotiate the terms other than price of a private fund investment or other private security, may be triggered by the joint participation in an investment opportunity by a TIP fund and one or more of the Private Funds.
Such limitations may cause one or more of the TIP funds to forego certain investment opportunities or to participate in other investment opportunities on terms less favorable than might otherwise have been obtainable. Proxy Voting Procedures. The TIP Board has adopted proxy voting policies and procedures to govern the voting of proxies relating to voting securities held by the funds.
Advisor Compensation. Payment of Expenses. TAS pays all of its own expenses arising from the performance of its obligations under the advisory agreements, including the costs of office space, equipment, and personnel necessary to discharge those obligations and expenses of the officers of TIP who are officers or employees of TAS who are performing duties under the advisory agreement.
Fund expenses directly attributable to a fund are charged to that fund; other expenses are allocated proportionately between the funds in relation to the net assets of each fund. Fund Administrator. For core services, State Street receives a monthly fee expressed as a percentage of the average daily net assets of TIP. For non-US custody services, assistance with valuations of portfolio securities and FAS services, 38a-1 Compliance Program services, and with respect to certain transactions, additional charges apply.
For the years ended December 31, , , and the aggregate amount of administration fees paid to State Street by each fund was as follows:. Services Agreement. The services provided by TAS under the Services Agreement are separate and distinct from services provided to TIP by TAS as investment advisor and by State Street as administrator and transfer agent, and include review and oversight of legal and regulatory matters, vendors, and accounting and financial reporting.
For the years ended December 31, , , and , the fees paid to TAS by each fund under the Services Agreement were as follows:. Marathon-London has an additional fee schedule that relates to assets allocated to it after October 31, During the first five years after the funding of the additional assets, the performance fee is similarly structured, with the measurement periods starting at the funding date and running through each calculation date.
There are no additional assets allocated to Marathon-London subject to this fee schedule as of the date of this SAI. For the years ended December 31, , , and , the amount of advisory fees paid to TAS and the money managers by each fund was as follows:.
TIP has received an order from the SEC, effective August 30, , exempting each of the funds from the requirement that agreements between registered investment companies and their unaffiliated sub-advisors be approved by a vote of a majority of the outstanding voting securities of such investment companies.
Any such action would be followed by written notice to members, which must include the information concerning the money manager that would normally be included in a proxy statement. Manager Allocation Criteria. There is no pre-specified allocation to any particular money manager and TAS has discretionary authority to alter allocations and to reallocate assets among money managers.
It is possible that not all money managers profiled in the Prospectus will be employed at all times. Whether a given money manager is employed at a given time depends on factors determined by TAS to be relevant under the circumstances, which may include, among others:. Future market conditions are not forecastable, and TIP cannot predict the amount to be allocated to each money manager over time.
Termination of Money Manager Agreements. Performance-Based Fees for Money Managers. The following discussion outlines the principles that TAS follows in negotiating money manager fees and describes the performance-based fee structure that MAF has entered into with many but not all of its money managers. Optimizing versus Minimizing Expenses. Therefore, non-profit trustees should consider carefully the costs of alternate investment vehicles. By pooling the investment assets of numerous non-profits, TIP seeks to engage cost effective service providers for such investment-related services as custody and portfolio accounting.
For this reason, MAF makes extensive use of performance-based fees in compensating money managers for services rendered to MAF. Some members and prospective members may be concerned that the exact percentage costs of investing through MAF cannot be known in advance as a result of the performance-based fee arrangements in place with many money managers.
This information has been provided to illustrate the range of management fee rates that MAF has incurred during the past five calendar years. It reflects the managers to which assets were allocated from time to time during the five year period and the fee schedules that were in place at that time. Future management fee rates will depend on the fee schedule in place with each money manager from time to time, the amount of assets allocated to each money manager from time to time, the performance of each money manager that has a performance-based fee as compared to that of its benchmark, as well as general market conditions.
Fees can be expected to increase when assets that have not previously been managed by an external money manager are allocated away from TAS to a new money manager. The performance objective of MAF is to outperform a relevant market benchmark by a modest increment, net of fees.
A related aim is to tie manager compensation to manager performance. MAF does not employ performance-based fees as a means of inducing its money managers to perform better than they would if they received straight asset-based fees. Fulcrum Fee Structure. TAS is mindful that no fee structure can possibly prove suitable to all money managers, even as a starting point for discussion.
In such cases, an equation is used under which the actual fees paid to a money manager are proportionately related to performance above or below the fulcrum point. The formula is designed to augment a mutually agreed-upon basic fee if the excess return i. In each case, the slope of the fee line between the floor and the cap is uniform throughout. Definition of Total Return. Manager-Specific Benchmark Indices.
In some cases, this benchmark index is the same as the overall performance benchmark for MAF. Appropriate Fulcrum Point for a Money Manager. The fulcrum point - the midpoint between the maximum and minimum fees - is set to establish a fee structure in which the financial incentives of the money manager are aligned with those of MAF.
The fulcrum point is set at a performance level that the money manager can reasonably expect to achieve with an investment approach that entails an acceptable level of risk for the fund. The table below identifies money managers that provide services to MAF with performance-based fees structured with the fulcrum fee concept, the fulcrum point under the Money Manager Agreement, and the return that must be achieved by the money manager in order to earn the fulcrum fee basis points equal 1.
See the Prospectus for additional information about the money managers and their agreements. Fulcrum Fee. Other Performance-Based Fee Structures. TAS may, from time to time, recommend that TIP enter into a performance-based fee arrangement with a money manager that does not embody the concepts described above, namely a cap, a floor and a fulcrum fee.
TAS may do so when it believes, under the circumstances, that it would be in the best interests of MAF to enter into such arrangements. TIP has entered into four such arrangements. For these managers, the performance-based fee is determined based on the performance of the portfolio managed by the money manager relative to that of a specified benchmark or the net appreciation in the value of the portfolio during the measurement period.
For these purposes, total returns are computed over rolling time periods of varying lengths, ranging from one month to five years. Computing and Remitting Fees. The computation and remittance procedures that MAF employs are described immediately below. At the conclusion of the transition period, the money manager may receive additional compensation based on the performance achieved during the transition period.
With respect to two of the four cases in which the performance-based fees are not structured with a fulcrum fee concept, there is also a transition period, whereby annualized performance is calculated for the month, month, and month periods, in one case, and month, month, month, month, and month periods, in the other case, and the annual performance-based fee is determined based on the performance calculated for each such period and reduced by the performance fees previously paid.
With respect to the other two cases in which the performance-based fee is not structured with a fulcrum fee concept, the performance fee is paid annually based on a calendar year measurement period, in one case, and monthly based on a calendar month measurement period, in the other case, so there is no transition period.
Portfolio Managers. Information regarding potential conflicts of interest follows immediately below. Portfolio Manager Conflicts of Interest. In the case of MAF, the potential for a conflict of interest extends to portfolio managers in the employ of money managers managing accounts on behalf of the fund.
Other accounts managed by a portfolio manager may have investment objectives, strategies, time horizons, tax considerations, and risk profiles that differ from those of the relevant funds. Investment decisions for each account, including the relevant funds, are normally based on the investment objectives, policies, practices, benchmarks, cash flows, and tax and other relevant investment considerations applicable to that account.
Consequently, a portfolio manager may purchase or sell securities for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Certain investment opportunities that may be suitable for the funds may also be suitable for the other accounts managed by a portfolio manager. Therefore, certain holdings held by the funds may also be held by the other accounts and, at times, investments may need to be allocated across the relevant accounts.
This could lead to the funds or other accounts acquiring a smaller position than any of them might if there were not multiple accounts under management. However, TIP has adopted a number of compliance policies and procedures to address potential conflicts. Because some portfolio managers receive a share in the profits of the respective money manager or are otherwise compensated based on performance, these portfolio managers may have an incentive to allocate securities preferentially to accounts for which the money manager receives higher investment advisory fees.
Conflicts may also exist if a portfolio manager identifies a limited investment opportunity that may be appropriate for more than one account, but a fund is not able to take full advantage of that opportunity because it must be allocated across multiple accounts. In addition, a portfolio manager may execute a transaction for another account or accounts that may adversely affect the value of securities held by a fund. In order to address this potential conflict, the money managers have in place investment decision-making and trade allocation policies and procedures that are designed to ensure that no client is disadvantaged in the management of accounts.
The ability of a portfolio manager to trade in a personal account may give rise to potential conflicts of interest. TAS and each money manager have adopted codes of ethics setting forth the procedures that must be followed if a portfolio manager is permitted to engage in personal trading. Such codes normally require the reporting of personal transactions and holdings and pre-clearance of all or certain personal trades.
TAS requires that such managers comply with the requirements of Section 28 e of the Securities Exchange Act of to the extent that such compliance is required by the Act and applicable SEC guidance thereunder. Control Persons and Principal Holders of Securities. Distribution of TIP Funds. In addition, the distributor is entitled to be reimbursed for reasonable out of pocket expenses.
Supplemental Discussion of Purchases, Exchanges, and Redemptions. TIP reserves the right in its sole discretion to 1 suspend the offering of shares of any fund, 2 reject purchase orders when in the judgment of management such rejection is in the best interests of TIP, and 3 reduce or waive the minimum for initial investments.
In-Kind Purchases. Fund shares are normally issued for cash only. In-kind purchases are accepted only when the securities being acquired:. Each fund may suspend redemption privileges or postpone the date of payment 1 during any period that TIP is closed, 2 during any period when an emergency exists as defined by the rules of the SEC as a result of which it is not reasonably practicable for a fund to dispose of securities owned by it or fairly to determine the value of its assets, and 3 for such other periods as the SEC may permit.
Should conditions exist which make cash payments undesirable, TIP reserves the right to honor any request for the redemption of fund shares by making payment in whole or in part in readily marketable securities. Certain acquired funds held by MAF are illiquid. If payment is made in securities, a member may incur transaction expenses in converting these securities to cash or other expenses associated with maintaining custody of such securities. TIP has elected, however, to be governed by Rule 18f-1 under the Act.
TIP is permitted to borrow to finance such redemptions without regard to restrictions that might otherwise apply under the Act. Any such exchange will be based on the respective net asset values of the shares involved as of the date of the exchange. Before making an exchange, a member should consider the investment objectives of the fund to be purchased.
Exchange Procedures. Exchange requests may be made either by fax or telephone and should be directed to TAS. With respect to MAF, the standard entry and exit fees will apply to an exchange transaction, which is treated as a redemption and a purchase. Requests received after the close of business will be processed on the next business day.
Telephone exchanges may also be subject to limitations as to amounts or frequency and to other restrictions established by the TIP Board to ensure that such exchanges do not disadvantage TIP or its members. Exchanges into a fund in which the exchanging member does not have an account will be subject to the minimum initial investment for that fund and all exchanges will be subject to the minimum subsequent purchase amount for the fund into which the exchange is made.
Tax Treatment of Exchanges. For federal income tax purposes an exchange between funds is a redemption followed by a purchase and, accordingly, a capital gain or loss may be realized. Members should consult their tax advisors for further information in this regard. The exchange privilege may be modified or terminated at any time. MAF was created in response to a need articulated by many non-profits for assistance with asset allocation. Asset allocation is critically important because the longer money is put to work the wider the gap can grow between returns on individual asset classes.
For truly long-term investors, these differences between asset class returns can dwarf differences in returns attributable to manager selection, fee negotiations, or other investment-related tasks that TAS performs on behalf of TIP and its members. MAF has delegated to TAS responsibility for the time-intensive task of selecting and monitoring money managers and other service providers.
MAF goes beyond this by providing governing boards with an opportunity also to delegate responsibility for the all-important task of asset allocation within the marketable investments sector. In order to help MAF members meet their spending needs and any applicable payout requirements without having to redeem shares and thereby incur exit fees , MAF has adopted a managed distribution policy as described in the Prospectus. Prior to July , the fund employed a different investment approach and manager than those currently employed.
Performance Objectives. The TIP funds seek to outperform their benchmarks by different margins. These margins differ because:. The margin by which each fund seeks to outperform its benchmark thus reflects judgments of the excess return that a properly diversified, actively managed fund might realistically seek to earn net of the costs that must be incurred to produce this excess return.
Fundamental Investment Restrictions. Under these restrictions, which apply on a fund-by-fund basis, no fund may:. Non-Fundamental Investment Restrictions and Policies. The funds have adopted certain non-fundamental investment restrictions and policies, which may be changed by the TIP Board without member approval.
Percentage Limitations Applied at Time of Purchase. Policy Implementation and Risks. Funds to Be Substantially Fully Invested. Each fund intends to be substantially fully invested according to its investment objective and policies under normal market conditions. Deployment of Cash Reserves. Equity Exposure. Certain of the strategies implemented by MAF may require the fund to post collateral, which collateral often consists of short-term US Treasury obligations or cash.
In addition, the fund often holds short-term Treasury obligations to cover all or part of the notional exposure of its futures positions. As a result of these strategies, it may at times appear that MAF holds a significant cash position. Portfolio Turnover. Each money manager decides to purchase or sell securities independently of other money managers. Generally, funds will not trade in securities for short-term profits; however, circumstances may warrant that securities be sold without regard to length of time held.
Primary Risks. High portfolio turnover may result in greater brokerage commissions and other transaction costs, which will be borne by the funds. In addition, high portfolio turnover rates may result in increased short-term capital gains which, when distributed to private foundation members, are treated as ordinary income for excise taxation purposes.
For MAF, which uses multiple money managers, one money manager could be selling a security when another is purchasing the same security. Each fund may borrow money temporarily from banks when:. Borrowing creates an opportunity for increased return, but at the same time it creates special risks. In addition, each fund may borrow by engaging in reverse repurchase agreements or dollar roll transactions, described below.
By engaging in such transactions, a fund may, in effect, borrow money. Duration Management. The funds invest in debt securities of varying durations. Duration is calculated based on the length of the time intervals between the present time and the time that the interest and principal payments are scheduled to be received, weighted by the present values of the cash to be received at each future point in time. The longer the duration of a debt security, the more its price will tend to fall as prevailing interest rates rise and vice versa.
Money managers and TAS can change the weighted average duration of their holdings as interest rates move by replacing portfolio securities or using derivatives. Multi-Market and Multi-Currency Investing. In doing so, money managers will assess those factors they deem relevant, which may include:. In their evaluations, money managers will use internal financial, economic, and credit analysis resources as well as information from external sources.
It is expected that adjustments to the country and currency exposures of the fund will be gradual and moderate. Foreign Currency Exposure. TAS has studied carefully the impact of exchange rate changes on the US dollar value of foreign securities portfolios and has concluded that the impact of such changes declines dramatically as the investment time horizon lengthens.
This is especially true because global investors routinely adjust the prices they are willing to pay for shares of a given firm in response to changes in the foreign exchange value of the currencies in which its products and costs are denominated. While exchange rate movements can produce large losses over short-and even medium-term time horizons, TAS does not recommend that non-profits invest in foreign securities in pursuit of short-term gains.
Further, TAS believes that exchange rate movements are essentially neutral over the longer-term time horizons which most global investors properly employ. The logic of this position can be assessed by considering the implications of the opposite belief: that investors can earn an economic return over the very long term merely by holding certain currencies i.
While there have undeniably been short-term periods when currency exposure per se produced positive real returns e. Countries whose currencies plummet in value can suffer enormous hardships, as can holders of shares denominated in such currencies.
Foreign Currency Hedging. 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.
However, such transactions may also be used to generate income for the fund or otherwise increase its total return. Conditions in the securities, futures, options, and foreign currency markets will determine whether and under what circumstances TIP will employ any of the techniques or strategies described below.
The funds do not consider currencies or other financial commodities or contracts and financial instruments to be physical commodities which include, for example, oil, precious metals and grains. Forward Contracts. A forward exchange 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.
MAF may use forward contracts to attempt to insulate returns from securities denominated in that currency from exchange rate fluctuations to the extent of the contract while the contract is in effect. A sale contract will be advantageous if the currency falls in value against the dollar and disadvantageous if it increases in value against the dollar. A purchase contract will be advantageous if the currency increases in value against the dollar and disadvantageous if it falls in value against the dollar.
MAF 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.
For example, to establish a position hedge, a forward currency contract might be sold to protect the gain from a decline in the value of that currency against the dollar. To establish a transaction hedge, a foreign currency might be purchased on a forward basis to protect against an anticipated increase in the value of that currency against the dollar.
MAF may also purchase and sell forward contracts for efficient portfolio management purposes or to generate income when the money manager anticipates that the foreign currency will appreciate or depreciate in value. Predicting such fluctuations is extremely difficult, and thus the successful execution of a hedging or other strategy is highly uncertain.
Forward contracts that are intended to protect against anticipated losses or to generate income may have the corresponding effect of canceling possible gains if the currency movement prediction is incorrect. In addition, MAF is not obligated to engage actively in hedging transactions. For example, MAF may not have attempted to hedge its exposure to a particular foreign currency at a time when doing so might have avoided a loss.
Precise matching of forward contract amounts and the value of portfolio securities is often not possible because the market value of the protected securities will fluctuate while forward contracts are in effect. Adjustment transactions are theoretically possible but time consuming and expensive, so forward contract positions are likely to be approximate, not perfect, hedges.
The cost to a fund of engaging in forward contracts varies with factors such as the foreign currency involved, the length of the contract period, and prevailing market conditions, including general market expectations as to the direction of various foreign currency movements against the US dollar. Moreover, if the forward contract is an OTC transaction, as is usually the case, the fund will be exposed to the credit risk of its counterparty.
In addition, there can be no guarantee that MAF will be able to enter into a closing transaction at a price and time that TAS or the applicable money manager believes is the most advantageous. If, on the other hand, MAF enters into such contracts on a foreign exchange, the contract will be subject to the rules of that foreign exchange, which may impose significant restrictions on the purchase, sale, or trading of such contracts, including the imposition of limits on price movements.
Such limits may significantly affect the ability to trade such a contract or otherwise close out the position and could create potentially significant discrepancies between the cash and market value of the position in the forward contract. Finally, the cost of purchasing forward contracts in a particular currency will reflect, in part, the rate of return available on instruments denominated in that currency.
The cost of purchasing forward contracts to hedge portfolio securities that are denominated in currencies that in general yield high rates of return may thus tend to reduce that rate of return toward the rate of return that would be earned on assets denominated in US dollars.
With so many powerful computers and skilled professionals attempting to exploit valuation anomalies, it is becoming increasingly difficult to outperform market averages. Long versus Short Positions. The rationale for using short strategies is simply stated: if you believe that skilled active managers can identify securities that are likely to outperform market averages i.
Risks of investing in short strategies are markedly different from those associated with long positions. MAF will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security.
The potential loss from a short sale is theoretically unlimited. Short positions in derivative instruments, including futures contracts, are not considered to be short positions for the purpose of this limitation. Securities Lending. Through its custodial bank and subject to strict guidelines, TIP is authorized to lend the securities held in all of its funds.
If a fund were to engage in securities lending, it would be necessary for TIP to enter into a securities lending agreement and implement procedures designed to ensure compliance with applicable requirements. Dollar Roll Transactions. Dollar roll transactions involve a simultaneous sale by the fund of mortgage-backed securities that it holds with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at the time of delivery by different pools of mortgages with different prepayment histories than those securities sold.
The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. The fund receives a fee from the counterparty as consideration for entering into the commitment to repurchase. Dollar rolls may be renewed with a new purchase and repurchase price fixed and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which the fund agrees to buy a security on a future date.
A fund will not use such transactions for leverage purposes. Dollar rolls are similar to reverse repurchase agreements described below because they involve the sale of a security coupled with an agreement to repurchase. Like borrowings, a dollar roll involves costs to a fund. For example, while a fund receives a fee as consideration for agreeing to repurchase the security, it forgoes the right to receive all principal and interest payments while the counterparty holds the security.
These payments to the counterparty may exceed the fee received by the fund, thereby effectively charging the fund interest on its borrowing. Dollar rolls involve potential risks of loss that are different from those related to the securities underlying the transactions. Additionally, the value of such securities may change adversely before the fund is able to repurchase them. Similarly, a fund may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market.
Since the counterparty is not required to deliver an identical security to a fund, the security that the fund is required to buy under the dollar roll may be worth less than the security initially sold. Repurchase and Reverse Repurchase Agreements. In a repurchase agreement, a fund buys securities from a counterparty e.
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.
Certain transactions are not considered to be collateralized fully either because the value of the securities received from the counterparty is less than the repurchase price thereof or the fund elects to use the securities received for another purpose and therefore does not maintain a perfected security interest in the securities. In a reverse repurchase agreement, a fund sells US Government securities and simultaneously agrees to repurchase them at an agreed-upon price and date.
The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Reverse repurchase agreements create leverage, a speculative factor, but will not be considered borrowings for the purposes of limitations on borrowings. In addition, repurchase and reverse repurchase agreements may also involve the securities of certain foreign governments in which there is an active repurchase market.
Transactions in foreign repurchase and reverse repurchase agreements may involve additional risk. If the counterparty defaults on its obligation to repurchase the underlying securities at a time when the value of these securities has declined, a fund may incur a loss upon their disposition.
In addition, although the Bankruptcy Code provides protection for most repurchase agreements generally, those that are collateralized fully , in the event that the other party to a repurchase agreement becomes bankrupt, the fund may experience delay or be prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the fund seeks to assert this right.
In addition, to the extent that the value of the securities received from the counterparty on a repurchase transaction is less than the repurchase price, the fund may suffer a loss of that amount in the event of the bankruptcy of the counterparty. Finally, it is possible that the fund may not be able to substantiate its interest in the underlying securities. Equity Securities. General Risks of Equity Securities. There is a risk that common stock prices will decline over short or extended periods.
Both the US and foreign stock markets tend to be cyclical with periods when stock prices generally rise and periods when prices generally decline. Warrants involve a risk of loss of the warrant purchase price if the market price of the securities subject to the warrants does not exceed the price paid for the warrants plus the exercise price of the warrants.
Foreign Equities. ADRs typically are issued by a US bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued in Europe, typically by foreign banks and trust companies, which evidence ownership of either foreign or domestic underlying securities.
GDRs may be traded in any public or private securities market and may represent securities held by institutions located anywhere in the world. Foreign financial markets generally have substantially less volume than US markets, and securities of foreign companies may be less liquid and their prices more volatile than securities of comparable domestic companies.
The foreign markets also have different clearance and settlement procedures, and in certain markets settlements have sometimes been unable to keep pace with the volume of transactions, making it difficult to conclude such transactions. Under certain adverse conditions, MAF may restrict the financial markets or currencies in which its assets are invested, and it may invest its assets solely in one financial market or in obligations denominated in one currency.
Primary Risks of Foreign Equities Generally. Like domestic stocks, foreign equities entail stock market risk. In addition, in certain foreign countries there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect an investment. There may be less publicly available information regarding operations and financial results, and foreign entities may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to those of US entities.
A fund could encounter difficulties in obtaining or enforcing a judgment against the issuer in certain foreign countries. In addition, certain foreign investments may be subject to foreign withholding or other taxes, although the fund will seek to minimize such withholding taxes whenever practical. While MAF may hedge its assets against foreign currency risk, there can be no assurance that currency values will change as predicted, and the fund may suffer losses as a result of such hedging.
Emerging Markets Equities. Emerging markets countries e. A company may be deemed to be in an emerging market country if 1 it is organized or has a principal office in an emerging market country, 2 its stock is traded on an exchange in an emerging market country, 3 most of its assets are in emerging markets, or 4 most of its revenues are from emerging markets countries.
Primary Risks of Emerging Markets Equities. In addition to the risks of foreign equities as set forth above, stock prices in emerging markets can be significantly more volatile than in developed nations, reflecting the greater uncertainties of investing in less established economies, in that the countries may:.
In addition, their economies:.
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