UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08234 |
TIFF Investment Program | |
(Exact name of Registrant as specified in charter) | |
170 N. Radnor Chester Road, Suite 300 Radnor, PA | 19087 |
(Address of chief executive offices) | (Zip code) |
Clarence Kane Brenan Chief Executive Officer TIFF Investment Program 170 N. Radnor Chester Road, Suite 300 Radnor, PA 19087
with a copy to: Kristin H. Ives, Esq. Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 | |
(Name and address of agent for service) |
Registrant’s telephone number, including area code: | 610.684.8000 |
Date of fiscal year end: | 12/31/2021 | |
Date of reporting period: | 01/01/2021 – 12/31/2021 |
Item 1. Reports to Stockholders.
| | | TIFF Investment Program | | ||||
| 2021 Annual Report | | | December 31, 2021 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Fund Expenses | | | | | | | |
| Financial Highlights | | | | | | | |
| Schedule of Investments | | | | | | | |
| Statement of Assets and Liabilities | | | | | | | |
| Statement of Operations | | | | | | | |
| Statements of Changes in Net Assets | | | | | | | |
| Statement of Cash Flows | | | | | | | |
| Notes to Financial Statements | | | | | | | |
| Additional Information | | | | | | | |
| Index Descriptions | | | | | | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | | |
| About TIFF | |
| TIFF Mutual Fund | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Portfolio Management Review (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Portfolio Management Review (Unaudited) (continued) | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. Performance data for the most recent month-end and additional performance information may be obtained by visiting TIFF’s website at www.tipfunds.org. MAF segment or category returns reflect the deduction of management fees earned by relevant managers but not the deduction of other fees and expenses of the fund. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses. Manager exposures and the performance described above may be achieved via separate accounts, via funds offered by such managers, or via swap. The fund may use leverage; invests in illiquid securities, non-US securities, small capitalization stocks, derivatives, and below investment grade bonds; and engages in shortselling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund’s assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor’s or Baa by Moody’s) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as “junk bonds.” As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager and the fund may not be able to combine money managers such that their styles are complementary. | |
| Fund Performance (Unaud ited)Total return for the periods ended 12/31/21 | |
| | | Calendar Year 2021 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Multi-Asset Fund | | | | | 12.46% | | | | | | 16.41% | | | | | | 10.85% | | | | | | 8.47% | | | | | | 8.11% | | | | | | 706.03% | | |
MSCI ACW Index | | | | | 18.54% | | | | | | 20.36% | | | | | | 14.39% | | | | | | 11.84% | | | | | | 7.94% | | | | | | 673.00% | | |
CPI + 5% per annum | | | | | 12.36% | | | | | | 8.68% | | | | | | 8.05% | | | | | | 7.23% | | | | | | 7.41% | | | | | | 577.50% | | |
MAF Constructed Index | | | | | 12.92% | | | | | | 15.32% | | | | | | 10.87% | | | | | | 8.00% | | | | | | 7.61% | | | | | | 612.10% | | |
65/35 Mix | | | | | 11.22% | | | | | | 15.07% | | | | | | 10.77% | | | | | | 8.85% | | | | | | 7.32% | | | | | | 562.25% | | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Performance of a $2,500,000 Investment (Unaudited) Ten year period ended 12/31/21 | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Summary Schedule of Investments (Unaudited) | |
| Foreign Common Stocks | | | | | 32.5% | | |
| US Common Stocks | | | | | 30.8% | | |
| Private Investment Funds | | | | | 15.8% | | |
| Repurchase Agreement | | | | | 11.3% | | |
| US Treasury Bonds/Notes | | | | | 7.8% | | |
| Exchange-Traded Funds (ETFs) | | | | | 5.2% | | |
| Participation Notes | | | | | 0.6% | | |
| Preferred Stocks | | | | | 0.2% | | |
| Unaffiliated Investment Company | | | | | 0.1% | | |
| Warrants | | | | | 0.1% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Rights | | | | | 0.0% | | |
| Purchased Option Contracts | | | | | 0.0% | | |
| Structured Notes | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 104.4% | | |
| Securities Sold Short | | | | | (6.1)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 1.7% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Fund Expenses (Unaudited) | |
| | | Including Expenses for Securities Sold Short* | | | Excluding Expenses for Securities Sold Short* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 7/1/21 | | | Ending Account Value 12/31/21 | | | Expenses Paid During the Period** 7/1/21 – 12/31/21 | | | Beginning Account Value 7/1/21 | | | Ending Account Value 12/31/21 | | | Expenses Paid During the Period** 7/1/21 – 12/31/21 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,016.30 | | | | | $ | 4.42 | | | | | $ | 1,000.00 | | | | | $ | 1,016.30 | | | | | $ | 3.46 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,020.82 | | | | | $ | 4.43 | | | | | $ | 1,000.00 | | | | | $ | 1,021.78 | | | | | $ | 3.47 | | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Financial Highlights | |
| | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Year Ended December 31, 2017 | | |||||||||||||||
For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | | | | $ | 14.12 | | |
Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) | | | | | 0.01 | | | | | | (0.14) | | | | | | 0.12 | | | | | | 0.12 | | | | | | 0.07 | | |
Net realized and unrealized gain (loss) on investments | | | | | 2.03 | | | | | | 2.75 | | | | | | 2.05 | | | | | | (1.63) | | | | | | 2.48 | | |
Total from investment operations | | | | | 2.04 | | | | | | 2.61 | | | | | | 2.17 | | | | | | (1.51) | | | | | | 2.55 | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.24) | | | | | | — | | | | | | — | | | | | | (0.25) | | | | | | (0.75) | | |
Net realized gains | | | | | (2.29) | | | | | | (0.15) | | | | | | — | | | | | | (0.67) | | | | | | (1.41) | | |
Return of capital | | | | | — | | | | | | — | | | | | | — | | | | | | (0.10) | | | | | | — | | |
Total distributions | | | | | (2.53) | | | | | | (0.15) | | | | | | — | | | | | | (1.02) | | | | | | (2.16) | | |
Entry/exit fee per share (a) | | | | | — | | | | | | 0.03 | | | | | | 0.03 | | | | | | 0.02 | | | | | | 0.02 | | |
Net asset value, end of year | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | |
Total return (b) | | | | | 12.46% | | | | | | 18.57%(c) | | | | | | 18.39% | | | | | | (10.27)% | | | | | | 18.24% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000s) | | | | $ | 1,582,109 | | | | | $ | 1,563,172 | | | | | $ | 1,912,954 | | | | | $ | 2,498,944 | | | | | $ | 3,754,026 | | |
Ratio of expenses to average net assets (d) | | | | | 0.92% | | | | | | 2.22%(e) | | | | | | 1.00% | | | | | | 0.78% | | | | | | 0.94% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (d) | | | | | 0.72% | | | | | | 1.92%(e) | | | | | | 0.78% | | | | | | 0.72% | | | | | | 0.93% | | |
Ratio of net investment income (loss) to average net assets | | | | | 0.05% | | | | | | (0.97)% | | | | | | 0.92% | | | | | | 0.85% | | | | | | 0.47% | | |
Portfolio turnover | | | | | 87% | | | | | | 146% | | | | | | 114% | | | | | | 66% | | | | | | 58% | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Investments — 104.4% of net assets | | ||||||||||||
Common Stocks — 63.3% | | ||||||||||||
US Common Stocks — 30.8% | | ||||||||||||
Aerospace & Defense — 0.9% | | ||||||||||||
Axon Enterprise, Inc. (a) | | | | | 800 | | | | | $ | 125,600 | | |
Curtiss-Wright Corp. | | | | | 2,104 | | | | | | 291,761 | | |
General Dynamics Corp. (b) | | | | | 1,051 | | | | | | 219,102 | | |
Howmet Aerospace, Inc. | | | | | 5,570 | | | | | | 177,293 | | |
Huntington Ingalls Industries, Inc. | | | | | 2,379 | | | | | | 444,254 | | |
Lockheed Martin Corp. (b) | | | | | 2,912 | | | | | | 1,034,954 | | |
Mercury Systems, Inc. (a) | | | | | 4,210 | | | | | | 231,803 | | |
Northrop Grumman Corp. (b) | | | | | 594 | | | | | | 229,920 | | |
Textron, Inc. | | | | | 2,865 | | | | | | 221,178 | | |
TransDigm Group, Inc. (a) | | | | | 18,741 | | | | | | 11,924,523 | | |
| | | | | | | | | | | 14,900,388 | | |
Air Freight & Logistics — 0.1% | | ||||||||||||
FedEx Corp. (b) | | | | | 2,140 | | | | | | 553,490 | | |
United Parcel Service, Inc. (UPS), Class B (b) | | | | | 3,811 | | | | | | 816,850 | | |
XPO Logistics, Inc. (a) | | | | | 5,271 | | | | | | 408,133 | | |
| | | | | | | | | | | 1,778,473 | | |
Airlines — 0.0% | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | 2,635 | | | | | | 47,325 | | |
Delta Air Lines, Inc. (a) | | | | | 8,220 | | | | | | 321,237 | | |
| | | | | | | | | | | 368,562 | | |
Auto Components — 0.0% | | ||||||||||||
Gentex Corp. | | | | | 4,858 | | | | | | 169,301 | | |
Genuine Parts Co. | | | | | 1,379 | | | | | | 193,336 | | |
Goodyear Tire & Rubber Co. (The) (a) | | | | | 11,980 | | | | | | 255,414 | | |
| | | | | | | | | | | 618,051 | | |
Automobiles — 0.3% | | ||||||||||||
Ford Motor Co. (b) | | | | | 47,038 | | | | | | 976,979 | | |
General Motors Co. (a) (b) | | | | | 5,839 | | | | | | 342,341 | | |
Harley-Davidson, Inc. | | | | | 11,703 | | | | | | 441,086 | | |
Tesla, Inc. (a) (b) | | | | | 3,294 | | | | | | 3,481,033 | | |
| | | | | | | | | | | 5,241,439 | | |
Beverages — 0.8% | | ||||||||||||
Boston Beer Co., Inc. (The), Class A (a) | | | | | 107 | | | | | | 54,046 | | |
Brown-Forman Corp., Class B | | | | | 70,382 | | | | | | 5,128,033 | | |
Coca-Cola Co. (The) (b) | | | | | 21,286 | | | | | | 1,260,344 | | |
Constellation Brands, Inc., Class A | | | | | 617 | | | | | | 154,848 | | |
PepsiCo, Inc. (b) | | | | | 37,134 | | | | | | 6,450,547 | | |
| | | | | | | | | | | 13,047,818 | | |
Biotechnology — 0.4% | | ||||||||||||
AbbVie, Inc. (b) | | | | | 6,446 | | | | | | 872,788 | | |
Arrowhead Pharmaceuticals, Inc. (a) | | | | | 541 | | | | | | 35,868 | | |
Biogen, Inc. (a) | | | | | 1,007 | | | | | | 241,599 | | |
Emergent BioSolutions, Inc. (a) | | | | | 7,080 | | | | | | 307,768 | | |
Exelixis, Inc. (a) | | | | | 4,557 | | | | | | 83,302 | | |
Incyte Corp. (a) | | | | | 6,688 | | | | | | 490,899 | | |
Moderna, Inc. (a) | | | | | 3,977 | | | | | | 1,010,079 | | |
Regeneron Pharmaceuticals, Inc. (a) | | | | | 1,640 | | | | | | 1,035,693 | | |
Sage Therapeutics, Inc. (a) | | | | | 10,775 | | | | | | 458,369 | | |
| | | Number of Shares | | | Value | | ||||||
United Therapeutics Corp. (a) | | | | | 1,009 | | | | | $ | 218,025 | | |
Vertex Pharmaceuticals, Inc. (a) | | | | | 4,479 | | | | | | 983,588 | | |
| | | | | | | | | | | 5,737,978 | | |
Building Products — 0.2% | | ||||||||||||
Builders FirstSource, Inc. (a) | | | | | 618 | | | | | | 52,969 | | |
Johnson Controls International plc | | | | | 8,475 | | | | | | 689,102 | | |
Lennox International, Inc. | | | | | 2,193 | | | | | | 711,322 | | |
Louisiana-Pacific Corp. | | | | | 2,540 | | | | | | 199,009 | | |
Owens Corning | | | | | 9,982 | | | | | | 903,371 | | |
Simpson Manufacturing Co., Inc. | | | | | 1,632 | | | | | | 226,962 | | |
| | | | | | | | | | | 2,782,735 | | |
Capital Markets — 0.3% | | ||||||||||||
Bank of New York Mellon Corp. (The) | | | | | 13,632 | | | | | | 791,747 | | |
Evercore, Inc., Class A | | | | | 1,690 | | | | | | 229,586 | | |
Federated Hermes, Inc., Class B | | | | | 777 | | | | | | 29,200 | | |
Franklin Resources, Inc. | | | | | 3,038 | | | | | | 101,743 | | |
Goldman Sachs Group, Inc. (The) | | | | | 4,441 | | | | | | 1,698,904 | | |
Invesco, Ltd. | | | | | 21,474 | | | | | | 494,331 | | |
Jefferies Financial Group, Inc. | | | | | 8,627 | | | | | | 334,728 | | |
Morgan Stanley (b) | | | | | 3,779 | | | | | | 370,947 | | |
SEI Investments Co. | | | | | 1,391 | | | | | | 84,767 | | |
State Street Corp. | | | | | 1,651 | | | | | | 153,543 | | |
Stifel Financial Corp. | | | | | 510 | | | | | | 35,914 | | |
Virtu Financial, Inc., Class A | | | | | 32,449 | | | | | | 935,505 | | |
| | | | | | | | | | | 5,260,915 | | |
Chemicals — 0.3% | | ||||||||||||
Axalta Coating Systems, Ltd. (a) | | | | | 2,345 | | | | | | 77,666 | | |
Cabot Corp. | | | | | 518 | | | | | | 29,112 | | |
CF Industries Holdings, Inc. | | | | | 1,181 | | | | | | 83,591 | | |
Dow, Inc. (b) | | | | | 7,428 | | | | | | 421,316 | | |
DuPont de Nemours, Inc. | | | | | 6,394 | | | | | | 516,507 | | |
Eastman Chemical Co. | | | | | 1,275 | | | | | | 154,160 | | |
Element Solutions, Inc. | | | | | 3,832 | | | | | | 93,041 | | |
Huntsman Corp. | | | | | 1,689 | | | | | | 58,912 | | |
LyondellBasell Industries NV, Class A (b) | | | | | 5,305 | | | | | | 489,280 | | |
Minerals Technologies, Inc. | | | | | 1,157 | | | | | | 84,635 | | |
Mosaic Co. (The) | | | | | 25,995 | | | | | | 1,021,344 | | |
NewMarket Corp. | | | | | 797 | | | | | | 273,148 | | |
Olin Corp. | | | | | 3,726 | | | | | | 214,319 | | |
Sensient Technologies Corp. | | | | | 2,909 | | | | | | 291,075 | | |
Westlake Chemical Corp. | | | | | 4,345 | | | | | | 422,030 | | |
| | | | | | | | | | | 4,230,136 | | |
Commercial Banks — 0.4% | | ||||||||||||
Associated Banc-Corp. | | | | | 33,244 | | | | | | 750,982 | | |
BOK Financial Corp. | | | | | 3,980 | | | | | | 419,850 | | |
Cathay General Bancorp | | | | | 8,040 | | | | | | 345,640 | | |
Citizens Financial Group, Inc. | | | | | 1,049 | | | | | | 49,565 | | |
FNB Corp/PA | | | | | 47,419 | | | | | | 575,193 | | |
Fulton Financial Corp. | | | | | 24,207 | | | | | | 411,519 | | |
Hancock Whitney Corp. | | | | | 3,703 | | | | | | 185,224 | | |
Home BancShares, Inc. | | | | | 2,719 | | | | | | 66,208 | | |
International Bancshares Corp. | | | | | 3,216 | | | | | | 136,326 | | |
PacWest Bancorp | | | | | 4,991 | | | | | | 225,443 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
People’s United Financial, Inc. | | | | | 1,629 | | | | | $ | 29,029 | | |
Prosperity Bancshares, Inc. | | | | | 8,907 | | | | | | 643,976 | | |
Sterling Bancorp | | | | | 737 | | | | | | 19,007 | | |
Synovus Financial Corp. | | | | | 718 | | | | | | 34,371 | | |
Texas Capital Bancshares, Inc. (a) | | | | | 4,752 | | | | | | 286,308 | | |
Trustmark Corp. | | | | | 6,452 | | | | | | 209,432 | | |
UMB Financial Corp. | | | | | 5,905 | | | | | | 626,580 | | |
Umpqua Holdings Corp. | | | | | 27,297 | | | | | | 525,194 | | |
Zions Bancorp NA | | | | | 815 | | | | | | 51,475 | | |
| | | | | | | | | | | 5,591,322 | | |
Commercial Services & Supplies — 0.1% | | ||||||||||||
Clean Harbors, Inc. (a) | | | | | 989 | | | | | | 98,672 | | |
Copart, Inc. (a) (b) | | | | | 382 | | | | | | 57,919 | | |
Healthcare Services Group, Inc. | | | | | 35,361 | | | | | | 629,072 | | |
Rollins, Inc. (b) | | | | | 2,480 | | | | | | 84,841 | | |
| | | | | | | | | | | 870,504 | | |
Communications Equipment — 0.2% | | ||||||||||||
Arista Networks, Inc. (a) | | | | | 898 | | | | | | 129,087 | | |
Ciena Corp. (a) | | | | | 2,569 | | | | | | 197,736 | | |
Cisco Systems, Inc. (b) | | | | | 32,213 | | | | | | 2,041,338 | | |
Lumentum Holdings, Inc. (a) | | | | | 436 | | | | | | 46,116 | | |
NetScout Systems, Inc. (a) | | | | | 5,069 | | | | | | 167,683 | | |
Ubiquiti, Inc. | | | | | 209 | | | | | | 64,100 | | |
| | | | | | | | | | | 2,646,060 | | |
Computers & Peripherals — 0.6% | | ||||||||||||
Apple, Inc. (b) | | | | | 47,481 | | | | | | 8,431,201 | | |
Dell Technologies, Inc., Class C (a) | | | | | 5,908 | | | | | | 331,852 | | |
HP, Inc. | | | | | 15,080 | | | | | | 568,064 | | |
Western Digital Corp. (a) | | | | | 9,761 | | | | | | 636,515 | | |
Xerox Holdings Corp. | | | | | 10,103 | | | | | | 228,732 | | |
| | | | | | | | | | | 10,196,364 | | |
Construction & Engineering — 0.2% | | ||||||||||||
AECOM (a) | | | | | 1,949 | | | | | | 150,755 | | |
D.R. Horton, Inc. (b) | | | | | 2,266 | | | | | | 245,748 | | |
Dycom Industries, Inc. (a) | | | | | 2,835 | | | | | | 265,809 | | |
EMCOR Group, Inc. | | | | | 3,125 | | | | | | 398,094 | | |
Lennar Corp., Class A (b) | | | | | 4,551 | | | | | | 528,644 | | |
NVR, Inc. (a) (b) | | | | | 16 | | | | | | 94,542 | | |
PulteGroup, Inc. | | | | | 17,382 | | | | | | 993,555 | | |
Toll Brothers, Inc. | | | | | 6,071 | | | | | | 439,480 | | |
TRI Pointe Group, Inc. (a) | | | | | 14,206 | | | | | | 396,205 | | |
| | | | | | | | | | | 3,512,832 | | |
Consumer Finance — 0.2% | | ||||||||||||
Ally Financial, Inc. | | | | | 6,002 | | | | | | 285,755 | | |
Capital One Financial Corp. | | | | | 5,510 | | | | | | 799,446 | | |
Discover Financial Services | | | | | 278 | | | | | | 32,126 | | |
Navient Corp. | | | | | 16,785 | | | | | | 356,178 | | |
OneMain Holdings, Inc. | | | | | 7,412 | | | | | | 370,897 | | |
Santander Consumer USA Holdings, Inc. | | | | | 3,268 | | | | | | 137,321 | | |
SLM Corp. | | | | | 29,793 | | | | | | 586,028 | | |
| | | | | | | | | | | 2,567,751 | | |
|
| | | Number of Shares | | | Value | | ||||||
Containers & Packaging — 0.1% | | ||||||||||||
Berry Global Group, Inc. (a) | | | | | 740 | | | | | $ | 54,597 | | |
Graphic Packaging Holding Co. | | | | | 3,964 | | | | | | 77,298 | | |
Greif, Inc., Class A | | | | | 977 | | | | | | 58,982 | | |
International Paper Co. | | | | | 5,778 | | | | | | 271,450 | | |
Sealed Air Corp. | | | | | 2,718 | | | | | | 183,384 | | |
Silgan Holdings, Inc. | | | | | 5,223 | | | | | | 223,753 | | |
Sonoco Products Co. | | | | | 2,661 | | | | | | 154,045 | | |
Westrock Co. | | | | | 3,032 | | | | | | 134,500 | | |
| | | | | | | | | | | 1,158,009 | | |
Diversified Consumer Services — 0.1% | | ||||||||||||
frontdoor, Inc. (a) | | | | | 7,369 | | | | | | 270,074 | | |
Graham Holdings Co., Class B | | | | | 282 | | | | | | 177,612 | | |
Grand Canyon Education, Inc. (a) (b) | | | | | 1,776 | | | | | | 152,221 | | |
Terminix Global Holdings, Inc. (a) (b) | | | | | 3,579 | | | | | | 161,878 | | |
| | | | | | | | | | | 761,785 | | |
Diversified Financial Services — 0.5% | | ||||||||||||
Artemis Strategic Inv Corp. (a) (c) (d) | | | | | 7,600 | | | | | | 61,820 | | |
Bank of America Corp. (b) | | | | | 7,552 | | | | | | 335,989 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 7,588 | | | | | | 2,268,812 | | |
Cboe Global Markets, Inc. | | | | | 1,970 | | | | | | 256,888 | | |
Citigroup, Inc. (b) | | | | | 18,611 | | | | | | 1,123,918 | | |
JPMorgan Chase & Co. (b) | | | | | 9,789 | | | | | | 1,550,088 | | |
Moody’s Corp. | | | | | 850 | | | | | | 331,993 | | |
Northern Genesis Acquisition Corp. III, Class A (a) | | | | | 48,000 | | | | | | 466,637 | | |
S&P Global, Inc. (b) | | | | | 295 | | | | | | 139,219 | | |
Swiftmerge Acquisition Corp. (a) (c) (d) (e) | | | | | 6,943 | | | | | | 52,489 | | |
Swiftmerge Acquisition Corp. – Unit (a) | | | | | 49,578 | | | | | | 490,822 | | |
US Bancorp (b) | | | | | 2,667 | | | | | | 149,806 | | |
Washington Mutual, Inc. (a) (c) (d) | | | | | 33,600 | | | | | | — | | |
Wells Fargo & Co. (b) | | | | | 22,614 | | | | | | 1,085,020 | | |
| | | | | | | | | | | 8,313,501 | | |
Diversified Telecommunication Services — 0.1% | | ||||||||||||
AT&T, Inc. (b) | | | | | 33,006 | | | | | | 811,948 | | |
Lumen Technologies, Inc. | | | | | 4,286 | | | | | | 53,789 | | |
Verizon Communications, Inc. (b) | | | | | 5,537 | | | | | | 287,702 | | |
| | | | | | | | | | | 1,153,439 | | |
Electric Utilities — 0.1% | | ||||||||||||
Duke Energy Corp. (b) | | | | | 307 | | | | | | 32,204 | | |
Entergy Corp. (b) | | | | | 966 | | | | | | 108,820 | | |
IDACORP, Inc. | | | | | 2,381 | | | | | | 269,791 | | |
NRG Energy, Inc. (b) | | | | | 13,404 | | | | | | 577,445 | | |
| | | | | | | | | | | 988,260 | | |
Electrical Equipment — 0.1% | | ||||||||||||
Acuity Brands, Inc. | | | | | 494 | | | | | | 104,590 | | |
Eaton Corp. plc (b) | | | | | 745 | | | | | | 128,751 | | |
Emerson Electric Co. (b) | | | | | 5,286 | | | | | | 491,439 | | |
Generac Holdings, Inc. (a) | | | | | 954 | | | | | | 335,732 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Hubbell, Inc. | | | | | 655 | | | | | $ | 136,417 | | |
Regal Beloit Corp. | | | | | 2,368 | | | | | | 402,986 | | |
Sensata Technologies Holding plc | | | | | 986 | | | | | | 60,826 | | |
| | | | | | | | | | | 1,660,741 | | |
Electronic Equipment, Instruments & Components — 0.3% | | ||||||||||||
Arrow Electronics, Inc. (a) | | | | | 10,839 | | | | | | 1,455,353 | | |
Avnet, Inc. | | | | | 13,114 | | | | | | 540,690 | | |
CDW Corp. | | | | | 1,298 | | | | | | 265,804 | | |
Dolby Laboratories, Inc., Class A | | | | | 1,593 | | | | | | 151,685 | | |
Jabil, Inc. | | | | | 8,054 | | | | | | 566,599 | | |
SYNNEX Corp. | | | | | 4,253 | | | | | | 486,373 | | |
Vishay Intertechnology, Inc. | | | | | 19,458 | | | | | | 425,547 | | |
Zebra Technologies Corp., Class A (a) | | | | | 464 | | | | | | 276,173 | | |
| | | | | | | | | | | 4,168,224 | | |
Energy Equipment & Services — 0.0% | | ||||||||||||
Halliburton Co. | | | | | 3,126 | | | | | | 71,492 | | |
Schlumberger NV | | | | | 8,239 | | | | | | 246,758 | | |
| | | | | | | | | | | 318,250 | | |
Food & Staples Retailing — 0.2% | | ||||||||||||
Costco Wholesale Corp. (b) | | | | | 1,044 | | | | | | 592,679 | | |
Walmart, Inc. (b) | | | | | 16,530 | | | | | | 2,391,726 | | |
| | | | | | | | | | | 2,984,405 | | |
Food Products — 0.5% | | ||||||||||||
Archer-Daniels-Midland Co. | | | | | 1,913 | | | | | | 129,300 | | |
Darling Ingredients, Inc. (a) | | | | | 3,928 | | | | | | 272,171 | | |
Hershey Co. (The) | | | | | 238 | | | | | | 46,046 | | |
Ingredion, Inc. | | | | | 1,395 | | | | | | 134,813 | | |
Kraft Heinz Co. (The) | | | | | 959 | | | | | | 34,428 | | |
McCormick & Co., Inc. | | | | | 62,080 | | | | | | 5,997,549 | | |
Pilgrim’s Pride Corp. (a) | | | | | 2,042 | | | | | | 57,584 | | |
Seaboard Corp. | | | | | 15 | | | | | | 59,025 | | |
TreeHouse Foods, Inc. (a) | | | | | 725 | | | | | | 29,384 | | |
Tyson Foods, Inc., Class A | | | | | 11,035 | | | | | | 961,811 | | |
| | | | | | | | | | | 7,722,111 | | |
Health Care Equipment & Supplies — 1.0% | | ||||||||||||
Abbott Laboratories (b) | | | | | 6,541 | | | | | | 920,580 | | |
ABIOMED, Inc. (a) | | | | | 997 | | | | | | 358,092 | | |
Align Technology, Inc. (a) | | | | | 655 | | | | | | 430,453 | | |
Baxter International, Inc. | | | | | 8,115 | | | | | | 696,592 | | |
Becton Dickinson and Co. | | | | | 1,516 | | | | | | 381,244 | | |
Boston Scientific Corp. (a) | | | | | 8,232 | | | | | | 349,695 | | |
DENTSPLY SIRONA, Inc. | | | | | 5,621 | | | | | | 313,596 | | |
Envista Holdings Corp. (a) | | | | | 1,322 | | | | | | 59,569 | | |
Hologic, Inc. (a) | | | | | 11,737 | | | | | | 898,585 | | |
ICU Medical, Inc. (a) | | | | | 1,300 | | | | | | 308,542 | | |
IDEXX Laboratories, Inc. (a) | | | | | 8,732 | | | | | | 5,749,673 | | |
STAAR Surgical Co. (a) | | | | | 2,237 | | | | | | 204,238 | | |
Stryker Corp. | | | | | 19,918 | | | | | | 5,326,472 | | |
Zimmer Biomet Holdings, Inc. | | | | | 262 | | | | | | 33,284 | | |
| | | | | | | | | | | 16,030,615 | | |
Health Care Providers & Services — 0.5% | | ||||||||||||
Acadia Healthcare Co., Inc. (a) | | | | | 557 | | | | | | 33,810 | | |
AmerisourceBergen Corp. | | | | | 4,472 | | | | | | 594,284 | | |
| | | Number of Shares | | | Value | | ||||||
Anthem, Inc. (b) | | | | | 1,710 | | | | | $ | 792,653 | | |
Cardinal Health, Inc. | | | | | 8,782 | | | | | | 452,185 | | |
Cerner Corp. | | | | | 4,867 | | | | | | 451,998 | | |
Cigna Corp. | | | | | 3,935 | | | | | | 903,594 | | |
CVS Health Corp. (b) | | | | | 8,018 | | | | | | 827,137 | | |
HCA Healthcare, Inc. (b) | | | | | 611 | | | | | | 156,978 | | |
Humana, Inc. | | | | | 535 | | | | | | 248,165 | | |
Laboratory Corp. of America Holdings (a) | | | | | 457 | | | | | | 143,594 | | |
McKesson Corp. | | | | | 4,615 | | | | | | 1,147,151 | | |
Molina Healthcare, Inc. (a) | | | | | 915 | | | | | | 291,043 | | |
Patterson Companies, Inc. | | | | | 8,307 | | | | | | 243,810 | | |
Quest Diagnostics, Inc. | | | | | 1,057 | | | | | | 182,872 | | |
Tenet Healthcare Corp. (a) | | | | | 5,375 | | | | | | 439,084 | | |
UnitedHealth Group, Inc. (b) | | | | | 1,640 | | | | | | 823,510 | | |
| | | | | | | | | | | 7,731,868 | | |
Hotels, Restaurants & Leisure — 0.7% | | ||||||||||||
Aramark (b) | | | | | 1,027 | | | | | | 37,845 | | |
Boyd Gaming Corp. (a) (b) | | | | | 10,918 | | | | | | 715,893 | | |
Chipotle Mexican Grill, Inc. (a) (b) | | | | | 37 | | | | | | 64,685 | | |
Cracker Barrel Old Country Store, Inc. (b) | | | | | 4,097 | | | | | | 527,038 | | |
Darden Restaurants, Inc. (b) | | | | | 1,259 | | | | | | 189,656 | | |
Hilton Worldwide Holdings, Inc. (a) (b) | | | | | 449 | | | | | | 70,039 | | |
Las Vegas Sands Corp. (a) (b) | | | | | 3,733 | | | | | | 140,510 | | |
Marriott Vacations Worldwide Corp. (b) | | | | | 1,322 | | | | | | 223,391 | | |
McDonald’s Corp. (b) | | | | | 1,327 | | | | | | 355,729 | | |
MGM Resorts International (b) | | | | | 11,636 | | | | | | 522,224 | | |
Six Flags Entertainment Corp. (a) (b) | | | | | 6,227 | | | | | | 265,146 | | |
Starbucks Corp. (b) | | | | | 50,904 | | | | | | 5,954,241 | | |
Texas Roadhouse, Inc. (b) | | | | | 12,392 | | | | | | 1,106,358 | | |
Travel + Leisure Co. | | | | | 9,254 | | | | | | 511,469 | | |
Wendy’s Co. (The) (b) | | | | | 19,524 | | | | | | 465,647 | | |
| | | | | | | | | | | 11,149,871 | | |
Household Durables — 0.0% | | ||||||||||||
Mohawk Industries, Inc. (a) (b) | | | | | 1,264 | | | | | | 230,275 | | |
Newell Brands, Inc. | | | | | 10,963 | | | | | | 239,432 | | |
Tempur Sealy International, Inc. | | | | | 3,362 | | | | | | 158,115 | | |
Whirlpool Corp. (b) | | | | | 436 | | | | | | 102,312 | | |
| | | | | | | | | | | 730,134 | | |
Household Products — 0.5% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 61,769 | | | | | | 6,331,323 | | |
Procter & Gamble Co. (The) (b) | | | | | 6,487 | | | | | | 1,061,143 | | |
| | | | | | | | | | | 7,392,466 | | |
Independent Power Producers & Energy Traders — 0.0% | | ||||||||||||
AES Corp. (The) (b) | | | | | 4,029 | | | | | | 97,905 | | |
Vistra Corp. (b) | | | | | 9,429 | | | | | | 214,698 | | |
| | | | | | | | | | | 312,603 | | |
Industrial Conglomerates — 0.1% | | ||||||||||||
3M Co. (b) | | | | | 2,637 | | | | | | 468,411 | | |
General Electric Co. (b) | | | | | 8,694 | | | | | | 821,322 | | |
| | | | | | | | | | | 1,289,733 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Insurance — 0.3% | | ||||||||||||
Aflac, Inc. | | | | | 3,709 | | | | | $ | 216,569 | | |
Allstate Corp. (The) | | | | | 9,142 | | | | | | 1,075,556 | | |
CNO Financial Group, Inc. | | | | | 4,794 | | | | | | 114,289 | | |
Fidelity National Financial, Inc. | | | | | 11,620 | | | | | | 606,332 | | |
First American Financial Corp. | | | | | 9,310 | | | | | | 728,321 | | |
Hartford Financial Services Group, Inc. (The) | | | | | 981 | | | | | | 67,728 | | |
Kemper Corp. | | | | | 2,434 | | | | | | 143,095 | | |
Markel Corp. (a) | | | | | 707 | | | | | | 872,438 | | |
Mercury General Corp. | | | | | 3,187 | | | | | | 169,102 | | |
MetLife, Inc. | | | | | 2,101 | | | | | | 131,292 | | |
Old Republic International Corp. | | | | | 15,871 | | | | | | 390,109 | | |
Prudential Financial, Inc. | | | | | 1,677 | | | | | | 181,519 | | |
Reinsurance Group of America, Inc. | | | | | 454 | | | | | | 49,708 | | |
Travelers Companies, Inc. (The) | | | | | 1,310 | | | | | | 204,923 | | |
| | | | | | | | | | | 4,950,981 | | |
Internet & Catalog Retail — 2.2% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 6,712 | | | | | | 22,380,090 | | |
Booking Holdings, Inc. (a) (b) | | | | | 273 | | | | | | 654,990 | | |
eBay, Inc. | | | | | 175,636 | | | | | | 11,679,794 | | |
Qurate Retail, Inc., Series A | | | | | 43,433 | | | | | | 330,091 | | |
| | | | | | | | | | | 35,044,965 | | |
Internet Software & Services — 2.9% | | ||||||||||||
Alphabet, Inc., Class A (a) (b) | | | | | 2,768 | | | | | | 8,019,007 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 1,081 | | | | | | 3,127,971 | | |
Change Healthcare, Inc. (a) | | | | | 2,073 | | | | | | 44,321 | | |
Facebook, Inc., Class A (a) | | | | | 72,963 | | | | | | 24,541,105 | | |
Nutanix, Inc., Class A (a) | | | | | 2,533 | | | | | | 80,701 | | |
Pinterest, Inc., Class A (a) | | | | | 17,246 | | | | | | 626,892 | | |
Twitter, Inc. (a) | | | | | 3,011 | | | | | | 130,135 | | |
Uber Technologies, Inc. (a) | | | | | 188,752 | | | | | | 7,914,371 | | |
VeriSign, Inc. (a) | | | | | 2,094 | | | | | | 531,499 | | |
Yelp, Inc. (a) | | | | | 12,752 | | | | | | 462,133 | | |
| | | | | | | | | | | 45,478,135 | | |
IT Services — 2.4% | | ||||||||||||
Alliance Data Systems Corp. | | | | | 1,461 | | | | | | 97,259 | | |
Amdocs, Ltd. | | | | | 4,463 | | | | | | 334,011 | | |
Automatic Data Processing, Inc. | | | | | 29,640 | | | | | | 7,308,631 | | |
Booz Allen Hamilton Holding Corp. (b) | | | | | 2,609 | | | | | | 221,217 | | |
CACI International, Inc., Class A (a) (b) | | | | | 2,450 | | | | | | 659,564 | | |
Cognizant Technology Solutions Corp., Class A | | | | | 4,583 | | | | | | 406,604 | | |
DXC Technology Co. (a) | | | | | 5,855 | | | | | | 188,472 | | |
Euronet Worldwide, Inc. (a) | | | | | 1,185 | | | | | | 141,216 | | |
Fidelity National Information Services, Inc. | | | | | 3,613 | | | | | | 394,359 | | |
Fiserv, Inc. (a) | | | | | 119,726 | | | | | | 12,426,362 | | |
Gartner, Inc. (a) | | | | | 2,843 | | | | | | 950,472 | | |
Global Payments, Inc. | | | | | 9,485 | | | | | | 1,282,182 | | |
GoDaddy, Inc., Class A (a) | | | | | 5,365 | | | | | | 455,274 | | |
International Business Machines Corp. (IBM) (b) | | | | | 6,971 | | | | | | 931,744 | | |
LiveRamp Holdings, Inc. (a) | | | | | 2,225 | | | | | | 106,689 | | |
Mastercard, Inc., Class A | | | | | 3,527 | | | | | | 1,267,322 | | |
| | | Number of Shares | | | Value | | ||||||
MAXIMUS, Inc. | | | | | 3,027 | | | | | $ | 241,161 | | |
PayPal Holdings, Inc. (a) | | | | | 26,653 | | | | | | 5,026,223 | | |
Snowflake, Inc., Class A (a) (b) | | | | | 782 | | | | | | 264,902 | | |
SolarWinds Corp. | | | | | 9,262 | | | | | | 131,428 | | |
Square, Inc., Class A (a) | | | | | 285 | | | | | | 46,030 | | |
Twilio, Inc., Class A (a) | | | | | 323 | | | | | | 85,059 | | |
Visa, Inc., Class A (b) | | | | | 25,114 | | | | | | 5,442,455 | | |
| | | | | | | | | | | 38,408,636 | | |
Leisure Equipment & Products — 0.1% | | ||||||||||||
Brunswick Corp. | | | | | 7,095 | | | | | | 714,679 | | |
Mattel, Inc. (a) | | | | | 3,434 | | | | | | 74,037 | | |
Polaris, Inc. | | | | | 2,648 | | | | | | 291,042 | | |
YETI Holdings, Inc. (a) | | | | | 348 | | | | | | 28,825 | | |
| | | | | | | | | | | 1,108,583 | | |
Life Sciences Tools & Services — 1.5% | | ||||||||||||
Agilent Technologies, Inc. | | | | | 909 | | | | | | 145,122 | | |
Danaher Corp. (b) | | | | | 272 | | | | | | 89,491 | | |
Illumina, Inc. (a) | | | | | 161 | | | | | | 61,251 | | |
IQVIA Holdings, Inc. (a) | | | | | 1,836 | | | | | | 518,009 | | |
Medpace Holdings, Inc. (a) | | | | | 1,051 | | | | | | 228,739 | | |
Syneos Health, Inc. (a) | | | | | 2,801 | | | | | | 287,607 | | |
Thermo Fisher Scientific, Inc. (b) | | | | | 22,443 | | | | | | 14,974,867 | | |
Waters Corp. (a) | | | | | 19,215 | | | | | | 7,159,509 | | |
| | | | | | | | | | | 23,464,595 | | |
Machinery — 0.3% | | ||||||||||||
AGCO Corp. | | | | | 5,765 | | | | | | 668,855 | | |
Allison Transmission Holdings, Inc. | | | | | 12,324 | | | | | | 447,977 | | |
Crane Co. | | | | | 3,434 | | | | | | 349,341 | | |
Cummins, Inc. (b) | | | | | 1,052 | | | | | | 229,483 | | |
Deere & Co. (b) | | | | | 919 | | | | | | 315,116 | | |
Donaldson Co., Inc. | | | | | 4,039 | | | | | | 239,351 | | |
Flowserve Corp. | | | | | 16,235 | | | | | | 496,791 | | |
Fortive Corp. (b) | | | | | 938 | | | | | | 71,560 | | |
Gates Industrial Corp. plc (a) | | | | | 12,466 | | | | | | 198,334 | | |
ITT, Inc. | | | | | 413 | | | | | | 42,204 | | |
Oshkosh Corp. | | | | | 5,006 | | | | | | 564,226 | | |
Otis Worldwide Corp. | | | | | 3,287 | | | | | | 286,199 | | |
PACCAR, Inc. (b) | | | | | 1,829 | | | | | | 161,428 | | |
Snap-on, Inc. | | | | | 632 | | | | | | 136,120 | | |
Stanley Black & Decker, Inc. (b) | | | | | 430 | | | | | | 81,107 | | |
Terex Corp. | | | | | 8,557 | | | | | | 376,080 | | |
Timken Co. (The) | | | | | 371 | | | | | | 25,707 | | |
Toro Co. (The) | | | | | 305 | | | | | | 30,473 | | |
| | | | | | | | | | | 4,720,352 | | |
Media — 1.6% | | ||||||||||||
Altice USA, Inc., Class A (a) | | | | | 22,396 | | | | | | 362,367 | | |
Charter Communications, Inc., Class A (a) | | | | | 17,425 | | | | | | 11,360,577 | | |
Comcast Corp., Class A (b) | | | | | 15,712 | | | | | | 790,785 | | |
Live Nation Entertainment, Inc. (a) | | | | | 1,749 | | | | | | 209,338 | | |
Netflix, Inc. (a) (b) | | | | | 19,965 | | | | | | 12,027,715 | | |
Nexstar Media Group, Inc., Class A | | | | | 1,148 | | | | | | 173,325 | | |
Omnicom Group, Inc. | | | | | 7,092 | | | | | | 519,631 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Roku, Inc. (a) | | | | | 756 | | | | | $ | 172,519 | | |
TEGNA, Inc. | | | | | 6,125 | | | | | | 113,680 | | |
| | | | | | | | | | | 25,729,937 | | |
Metals & Mining — 0.2% | | ||||||||||||
Alcoa Corp. | | | | | 3,485 | | | | | | 207,636 | | |
Argonaut Gold, Inc. (a) (b) | | | | | 83,200 | | | | | | 157,856 | | |
Augusta Gold Corp. (a) | | | | | 43,884 | | | | | | 41,631 | | |
Commercial Metals Co. | | | | | 670 | | | | | | 24,314 | | |
Nucor Corp. | | | | | 2,267 | | | | | | 258,778 | | |
Reliance Steel & Aluminum Co. | | | | | 4,682 | | | | | | 759,514 | | |
Royal Gold, Inc. | | | | | 11,638 | | | | | | 1,224,434 | | |
Steel Dynamics, Inc. | | | | | 5,677 | | | | | | 352,371 | | |
United States Steel Corp. | | | | | 27,739 | | | | | | 660,466 | | |
| | | | | | | | | | | 3,687,000 | | |
Multi-Utilities — 0.0% | | ||||||||||||
Dominion Energy, Inc. (b) | | | | | 1,981 | | | | | | 155,628 | | |
MDU Resources Group, Inc. | | | | | 3,908 | | | | | | 120,523 | | |
NorthWestern Corp. | | | | | 446 | | | | | | 25,493 | | |
OGE Energy Corp. | | | | | 1,563 | | | | | | 59,988 | | |
Sempra Energy (b) | | | | | 508 | | | | | | 67,198 | | |
| | | | | | | | | | | 428,830 | | |
Multiline Retail — 0.1% | | ||||||||||||
Dollar Tree, Inc. (a) | | | | | 1,121 | | | | | | 157,523 | | |
Kohl’s Corp. | | | | | 8,568 | | | | | | 423,173 | | |
Target Corp. (b) | | | | | 5,043 | | | | | | 1,167,152 | | |
| | | | | | | | | | | 1,747,848 | | |
Oil, Gas & Consumable Fuels — 0.7% | | ||||||||||||
APA Corp. | | | | | 19,549 | | | | | | 525,673 | | |
Cabot Oil & Gas Corp. | | | | | 13,646 | | | | | | 259,274 | | |
Cheniere Energy, Inc. | | | | | 727 | | | | | | 73,732 | | |
Chevron Corp. (b) | | | | | 4,912 | | | | | | 576,423 | | |
ConocoPhillips (b) | | | | | 1,530 | | | | | | 110,435 | | |
Devon Energy Corp. | | | | | 6,976 | | | | | | 307,293 | | |
EOG Resources, Inc. | | | | | 10,874 | | | | | | 965,937 | | |
Exxon Mobil Corp. (b) | | | | | 29,413 | | | | | | 1,799,782 | | |
HollyFrontier Corp. | | | | | 14,414 | | | | | | 472,491 | | |
Kinder Morgan, Inc. | | | | | 19,062 | | | | | | 302,323 | | |
Marathon Oil Corp. | | | | | 19,479 | | | | | | 319,845 | | |
Occidental Petroleum Corp. | | | | | 4,196 | | | | | | 121,642 | | |
Oneok, Inc. | | | | | 941 | | | | | | 55,293 | | |
Range Resources Corp. (a) | | | | | 91,488 | | | | | | 1,631,231 | | |
Southwestern Energy Co. (a) | | | | | 454,201 | | | | | | 2,116,577 | | |
Targa Resources Corp. | | | | | 9,456 | | | | | | 493,981 | | |
World Fuel Services Corp. | | | | | 14,701 | | | | | | 389,136 | | |
| | | | | | | | | | | 10,521,068 | | |
Personal Products — 0.5% | | ||||||||||||
Coty, Inc., Class A (a) | | | | | 16,495 | | | | | | 173,197 | | |
Estee Lauder Companies, Inc. (The), Class A | | | | | 19,263 | | | | | | 7,131,163 | | |
Nu Skin Enterprises, Inc., Class A | | | | | 3,436 | | | | | | 174,377 | | |
| | | | | | | | | | | 7,478,737 | | |
Pharmaceuticals — 0.7% | | ||||||||||||
Bristol-Myers Squibb Co. (b) | | | | | 11,847 | | | | | | 738,661 | | |
| | | Number of Shares | | | Value | | ||||||
Eli Lilly & Co. (b) | | | | | 1,177 | | | | | $ | 325,111 | | |
Johnson & Johnson (b) | | | | | 40,000 | | | | | | 6,842,800 | | |
Merck & Co., Inc. (b) | | | | | 15,952 | | | | | | 1,222,561 | | |
Organon & Co. | | | | | 16,027 | | | | | | 488,022 | | |
Pfizer, Inc. | | | | | 28,025 | | | | | | 1,654,876 | | |
Walgreens Boots Alliance, Inc. | | | | | 10,608 | | | | | | 553,313 | | |
| | | | | | | | | | | 11,825,344 | | |
Professional Services — 0.8% | | ||||||||||||
H&R Block, Inc. (b) | | | | | 7,358 | | | | | | 173,354 | | |
ManpowerGroup, Inc. (b) | | | | | 5,092 | | | | | | 495,604 | | |
Nielsen Holdings plc | | | | | 557,559 | | | | | | 11,435,535 | | |
Science Applications International Corp. (b) | | | | | 1,950 | | | | | | 163,001 | | |
| | | | | | | | | | | 12,267,494 | | |
Real Estate — 0.0% | | ||||||||||||
CBRE Group, Inc., Class A (a) (b) | | | | | 352 | | | | | | 38,195 | | |
Jones Lang LaSalle, Inc. (a) (b) | | | | | 158 | | | | | | 42,556 | | |
| | | | | | | | | | | 80,751 | | |
Real Estate Investment Trusts (REITs) — 0.7% | | ||||||||||||
American Campus Communities, Inc. | | | | | 5,629 | | | | | | 322,485 | | |
AvalonBay Communities, Inc. (b) | | | | | 264 | | | | | | 66,684 | | |
Corporate Office Properties Trust | | | | | 20,427 | | | | | | 571,343 | | |
Crown Castle International Corp. (b) | | | | | 6,313 | | | | | | 1,317,776 | | |
CubeSmart (b) | | | | | 3,222 | | | | | | 183,364 | | |
EPR Properties | | | | | 5,453 | | | | | | 258,963 | | |
Equity Lifestyle Properties, Inc. (b) | | | | | 6,131 | | | | | | 537,443 | | |
Gaming and Leisure Properties, Inc. (b) | | | | | 1,853 | | | | | | 90,167 | | |
Healthcare Realty Trust, Inc. | | | | | 24,143 | | | | | | 763,885 | | |
Healthcare Trust of America, Inc., Class A (b) | | | | | 10,127 | | | | | | 338,141 | | |
Highwoods Properties, Inc. | | | | | 9,860 | | | | | | 439,657 | | |
Hudson Pacific Properties, Inc. | | | | | 20,930 | | | | | | 517,180 | | |
Invitation Homes, Inc. (b) | | | | | 2,375 | | | | | | 107,682 | | |
JBG SMITH Properties | | | | | 13,010 | | | | | | 373,517 | | |
Kilroy Realty Corp. | | | | | 14,524 | | | | | | 965,265 | | |
Lamar Advertising Co., Class A (b) | | | | | 1,577 | | | | | | 191,290 | | |
Life Storage, Inc. (b) | | | | | 525 | | | | | | 80,419 | | |
National Retail Properties, Inc. | | | | | 12,914 | | | | | | 620,776 | | |
National Storage Affiliates Trust | | | | | 5,419 | | | | | | 374,995 | | |
OMEGA Healthcare Investors, Inc. (b) | | | | | 21,601 | | | | | | 639,174 | | |
PotlatchDeltic Corp. | | | | | 3,167 | | | | | | 190,717 | | |
PS Business Parks, Inc. | | | | | 597 | | | | | | 109,949 | | |
Public Storage (b) | | | | | 1,405 | | | | | | 526,257 | | |
Regency Centers Corp. (b) | | | | | 280 | | | | | | 21,098 | | |
Sabra Health Care, Inc. | | | | | 50,711 | | | | | | 686,627 | | |
SBA Communications Corp. (b) | | | | | 787 | | | | | | 306,159 | | |
Spirit Realty Capital, Inc. | | | | | 2,994 | | | | | | 144,281 | | |
Urban Edge Properties | | | | | 19,516 | | | | | | 370,804 | | |
Weyerhaeuser Co. (b) | | | | | 13,959 | | | | | | 574,832 | | |
| | | | | | | | | | | 11,690,930 | | |
Road & Rail — 0.1% | | ||||||||||||
Amerco (b) | | | | | 50 | | | | | | 36,311 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Knight-Swift Transportation Holdings, Inc. (b) | | | | | 10,397 | | | | | $ | 633,593 | | |
Ryder System, Inc. | | | | | 2,408 | | | | | | 198,491 | | |
Schneider National, Inc., Class B | | | | | 24,649 | | | | | | 663,305 | | |
Werner Enterprises, Inc. | | | | | 6,498 | | | | | | 309,695 | | |
| | | | | | | | | | | 1,841,395 | | |
Semiconductors & Semiconductor Equipment — 0.9% | | ||||||||||||
Advanced Micro Devices, Inc. (a) | | | | | 6,155 | | | | | | 885,704 | | |
Amkor Technology, Inc. | | | | | 30,904 | | | | | | 766,110 | | |
Applied Materials, Inc. | | | | | 6,298 | | | | | | 991,053 | | |
Broadcom, Inc. (b) | | | | | 1,851 | | | | | | 1,231,674 | | |
Cirrus Logic, Inc. (a) | | | | | 7,095 | | | | | | 652,882 | | |
CMC Materials, Inc. | | | | | 349 | | | | | | 66,900 | | |
Intel Corp. | | | | | 31,594 | | | | | | 1,627,091 | | |
KLA Corp. | | | | | 1,720 | | | | | | 739,789 | | |
Lam Research Corp. | | | | | 1,207 | | | | | | 868,014 | | |
Microchip Technology, Inc. | | | | | 4,942 | | | | | | 430,250 | | |
Micron Technology, Inc. | | | | | 8,252 | | | | | | 768,674 | | |
MKS Instruments, Inc. | | | | | 615 | | | | | | 107,115 | | |
NVIDIA Corp. | | | | | 6,845 | | | | | | 2,013,183 | | |
ON Semiconductor Corp. (a) | | | | | 4,576 | | | | | | 310,802 | | |
Qorvo, Inc. (a) | | | | | 3,487 | | | | | | 545,332 | | |
QUALCOMM, Inc. (b) | | | | | 6,960 | | | | | | 1,272,775 | | |
Skyworks Solutions, Inc. | | | | | 1,632 | | | | | | 253,188 | | |
Synaptics, Inc. (a) | | | | | 160 | | | | | | 46,322 | | |
Universal Display Corp. | | | | | 3,030 | | | | | | 500,041 | | |
Xilinx, Inc. | | | | | 1,052 | | | | | | 223,056 | | |
| | | | | | | | | | | 14,299,955 | | |
Software — 3.5% | | ||||||||||||
ACI Worldwide, Inc. (a) | | | | | 13,476 | | | | | | 467,617 | | |
Activision Blizzard, Inc. | | | | | 11,645 | | | | | | 774,742 | | |
Adobe, Inc. (a) (b) | | | | | 2,626 | | | | | | 1,489,100 | | |
Alteryx, Inc.,Class A (a) | | | | | 512 | | | | | | 30,976 | | |
Anaplan, Inc. (a) | | | | | 4,810 | | | | | | 220,538 | | |
Aspen Technology, Inc. (a) | | | | | 263 | | | | | | 40,029 | | |
Autodesk, Inc. (a) | | | | | 2,377 | | | | | | 668,389 | | |
Cadence Design Systems, Inc. (a) | | | | | 2,657 | | | | | | 495,132 | | |
Cloudflare, Inc., Class A (a) | | | | | 55,832 | | | | | | 7,341,908 | | |
CommVault Systems, Inc. (a) | | | | | 4,504 | | | | | | 310,416 | | |
Crowdstrike Holdings, Inc., Class A (a) | | | | | 20,883 | | | | | | 4,275,794 | | |
Datadog, Inc., Class A (a) | | | | | 38,496 | | | | | | 6,856,523 | | |
DocuSign, Inc. (a) | | | | | 2,391 | | | | | | 364,173 | | |
Dropbox, Inc., Class A (a) | | | | | 8,660 | | | | | | 212,516 | | |
Dynatrace, Inc. (a) | | | | | 2,302 | | | | | | 138,926 | | |
Elastic NV | | | | | 2,169 | | | | | | 266,982 | | |
Electronic Arts, Inc. | | | | | 1,047 | | | | | | 138,099 | | |
Fair Isaac Corp. (a) | | | | | 946 | | | | | | 410,252 | | |
Fortinet, Inc. (a) | | | | | 837 | | | | | | 300,818 | | |
HubSpot, Inc. (a) | | | | | 352 | | | | | | 232,021 | | |
Intuit, Inc. (b) | | | | | 13,571 | | | | | | 8,729,139 | | |
Mandiant, Inc. (a) | | | | | 1,010 | | | | | | 17,715 | | |
Manhattan Associates, Inc. (a) | | | | | 1,943 | | | | | | 302,117 | | |
Microsoft Corp. (b) | | | | | 48,850 | | | | | | 16,429,232 | | |
Nortonlifelock, Inc. | | | | | 2,584 | | | | | | 67,132 | | |
Oracle Corp. | | | | | 10,022 | | | | | | 874,019 | | |
| | | Number of Shares | | | Value | | ||||||
Palantir Technologies, Inc., Class A (a) | | | | | 6,376 | | | | | $ | 116,107 | | |
PTC, Inc. (a) | | | | | 671 | | | | | | 81,292 | | |
salesforce.com, Inc. (a) (b) | | | | | 2,564 | | | | | | 651,589 | | |
ServiceNow, Inc. (a) | | | | | 685 | | | | | | 444,640 | | |
Smartsheet, Inc., Class A (a) | | | | | 1,960 | | | | | | 151,802 | | |
SS&C Technologies Holdings, Inc. | | | | | 9,411 | | | | | | 771,514 | | |
Synopsys, Inc. (a) | | | | | 1,023 | | | | | | 376,975 | | |
Teradata Corp. (a) | | | | | 5,339 | | | | | | 226,747 | | |
Terawulf, Inc. (a) (b) | | | | | 16,248 | | | | | | 244,532 | | |
VMware, Inc., Class A | | | | | 2,603 | | | | | | 301,636 | | |
Workday, Inc., Class A (a) | | | | | 1,297 | | | | | | 354,314 | | |
Zendesk, Inc. (a) | | | | | 370 | | | | | | 38,587 | | |
Zoom Video Communications, Inc., Class A (a) | | | | | 1,121 | | | | | | 206,163 | | |
Zscaler, Inc. (a) | | | | | 675 | | | | | | 216,898 | | |
Zynga, Inc., Class A (a) | | | | | 42,739 | | | | | | 273,530 | | |
| | | | | | | | | | | 55,910,631 | | |
Specialty Retail — 0.4% | | ||||||||||||
AutoNation, Inc. (a) | | | | | 7,232 | | | | | | 845,059 | | |
AutoZone, Inc. (a) | | | | | 22 | | | | | | 46,121 | | |
Bath & Body Works, Inc. | | | | | 6,865 | | | | | | 479,108 | | |
Best Buy Co., Inc. | | | | | 2,177 | | | | | | 221,183 | | |
Dick’s Sporting Goods, Inc. | | | | | 169 | | | | | | 19,433 | | |
Five Below, Inc. (a) | | | | | 3,286 | | | | | | 679,841 | | |
Foot Locker, Inc. | | | | | 5,026 | | | | | | 219,284 | | |
Lithia Motors, Inc., Class A | | | | | 2,448 | | | | | | 726,934 | | |
Lowe’s Cos, Inc. (b) | | | | | 4,344 | | | | | | 1,122,837 | | |
Murphy USA, Inc. | | | | | 1,320 | | | | | | 262,997 | | |
O’Reilly Automotive, Inc. (a) | | | | | 413 | | | | | | 291,673 | | |
Penske Automotive Group, Inc. | | | | | 4,353 | | | | | | 466,729 | | |
Ross Stores, Inc. | | | | | 2,930 | | | | | | 334,840 | | |
TJX Cos, Inc. (The) (b) | | | | | 2,514 | | | | | | 190,863 | | |
Tractor Supply Co. | | | | | 1,483 | | | | | | 353,844 | | |
Ulta Beauty, Inc. (a) | | | | | 121 | | | | | | 49,893 | | |
Urban Outfitters, Inc. (a) | | | | | 8,709 | | | | | | 255,696 | | |
Williams-Sonoma, Inc. | | | | | 2,135 | | | | | | 361,093 | | |
| | | | | | | | | | | 6,927,428 | | |
Textiles, Apparel & Luxury Goods — 0.6% | | ||||||||||||
Columbia Sportswear Co. | | | | | 5,825 | | | | | | 567,588 | | |
Crocs, Inc. (a) | | | | | 4,314 | | | | | | 553,141 | | |
Deckers Outdoor Corp. (a) (b) | | | | | 425 | | | | | | 155,682 | | |
NIKE, Inc., Class B (b) | | | | | 44,178 | | | | | | 7,363,147 | | |
Ralph Lauren Corp. | | | | | 268 | | | | | | 31,855 | | |
Skechers U.S.A., Inc., Class A (a) | | | | | 3,122 | | | | | | 135,495 | | |
Tapestry, Inc. | | | | | 11,182 | | | | | | 453,989 | | |
| | | | | | | | | | | 9,260,897 | | |
Thrifts & Mortgage Finance — 0.0% | | ||||||||||||
Mr Cooper Group, Inc. (a) | | | | | 2 | | | | | | 83 | | |
Washington Federal, Inc. | | | | | 1,058 | | | | | | 35,316 | | |
| | | | | | | | | | | 35,399 | | |
Tobacco — 0.4% | | ||||||||||||
Altria Group, Inc. (b) | | | | | 4,761 | | | | | | 225,624 | | |
Philip Morris International, Inc. (b) | | | | | 64,709 | | | | | | 6,147,355 | | |
| | | | | | | | | | | 6,372,979 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Trading Companies & Distributors — 0.1% | | ||||||||||||
MSC Industrial Direct Co., Inc., Class A | | | | | 3,245 | | | | | $ | 272,775 | | |
United Rentals, Inc. (a) | | | | | 578 | | | | | | 192,064 | | |
Univar Solutions, Inc. (a) | | | | | 10,558 | | | | | | 299,319 | | |
| | | | | | | | | | | 764,158 | | |
Water Utilities — 0.0% | | ||||||||||||
American Water Works Co., Inc. (b) | | | | | 207 | | | | | | 39,094 | | |
Total US Common Stocks (Cost $364,030,354) | | | | | | | | | | | 487,303,465 | | |
Foreign Common Stocks — 32.5% | | ||||||||||||
Australia — 1.7% | | ||||||||||||
Atlassian Corp. plc, Class A (a) | | | | | 55,431 | | | | | | 21,135,286 | | |
Champion Iron, Ltd. (b) | | | | | 137,900 | | | | | | 546,171 | | |
Newcrest Mining, Ltd. | | | | | 248,640 | | | | | | 4,432,538 | | |
| | | | | | | | | | | 26,113,995 | | |
Bermuda — 0.0% | | ||||||||||||
Arch Capital Group, Ltd. (a) | | | | | 2,968 | | | | | | 131,927 | | |
Axis Capital Holdings, Ltd. | | | | | 5,355 | | | | | | 291,687 | | |
| | | | | | | | | | | 423,614 | | |
Brazil — 0.2% | | ||||||||||||
Centrais Eletricas Brasileiras SA | | | | | 391,400 | | | | | | 2,380,875 | | |
Canada — 4.6% | | ||||||||||||
ABC Technologies Holdings, Inc. | | | | | 60,600 | | | | | | 347,326 | | |
AirBoss of America Corp. (b) | | | | | 16,600 | | | | | | 606,547 | | |
Alpha Lithium Corp. Class A (a) | | | | | 52,000 | | | | | | 47,275 | | |
American Lithium Corp. (a) (c) | | | | | 55,800 | | | | | | 179,798 | | |
American Pacific Mining Corp. (a) (c) (d) (e) | | | | | 61,100 | | | | | | 66,344 | | |
Arena Minerals, Inc. (a) | | | | | 330,800 | | | | | | 128,141 | | |
Arizona Metals Corp. (a) | | | | | 61,400 | | | | | | 298,518 | | |
Artemis Gold, Inc. (a) | | | | | 108,910 | | | | | | 594,078 | | |
AutoCanada, Inc. (a) (b) | | | | | 25,200 | | | | | | 850,658 | | |
B2Gold Corp. (b) | | | | | 124,700 | | | | | | 490,933 | | |
Bear Creek Mining Corp. (a) (f) | | | | | 319,151 | | | | | | 307,810 | | |
CAE, Inc. (a) (b) | | | | | 20,900 | | | | | | 527,230 | | |
Cameco Corp. – TSX Shares | | | | | 196,142 | | | | | | 4,277,857 | | |
Capstone Mining Corp. (a) (b) | | | | | 134,200 | | | | | | 591,989 | | |
Cenovus Energy, Inc. | | | | | 72,660 | | | | | | 890,910 | | |
Centerra Gold, Inc. | | | | | 443,579 | | | | | | 3,419,025 | | |
Coveo Solutions, Inc. (a) (b) | | | | | 19,600 | | | | | | 255,662 | | |
Crescent Point Energy Corp. | | | | | 123,977 | | | | | | 661,563 | | |
Definity Financial Corp. (a) (b) | | | | | 20,600 | | | | | | 480,903 | | |
Dorel Industries, Inc., Class B (a) (b) | | | | | 24,200 | | | | | | 391,998 | | |
Dundee Corp., Class A (a) | | | | | 405,126 | | | | | | 454,784 | | |
Dye & Durham, Ltd. (b) | | | | | 15,500 | | | | | | 549,935 | | |
E3 Metals Corp. (a) | | | | | 72,817 | | | | | | 132,400 | | |
Equinox Gold Corp. (a) (f) | | | | | 227,805 | | | | | | 1,541,571 | | |
Fission Uranium Corp. (a) | | | | | 1,263,500 | | | | | | 779,106 | | |
GFL Environmental, Inc. (b) | | | | | 7,700 | | | | | | 291,445 | | |
Givex Information Technology (a) | | | | | 43,400 | | | | | | 29,163 | | |
Hardwoods Distribution, Inc. (b) | | | | | 13,400 | | | | | | 474,580 | | |
IAMGOLD Corp. (a) | | | | | 188,652 | | | | | | 590,481 | | |
International Tower Hill Mines, Ltd. (a) | | | | | 376,174 | | | | | | 276,375 | | |
| | | Number of Shares | | | Value | | ||||||
Ivanhoe Mines, Ltd., Class A (a) | | | | | 169,296 | | | | | $ | 1,381,189 | | |
Karora Resources, Inc. (a) (b) | | | | | 163,000 | | | | | | 547,650 | | |
Kinross Gold Corp. – TSX Shares (b) | | | | | 139,500 | | | | | | 809,463 | | |
Lightspeed Commerce, Inc. (a) (b) | | | | | 10,200 | | | | | | 411,887 | | |
Mayfair Gold Corp. (a) | | | | | 43,700 | | | | | | 31,438 | | |
MEG Energy Corp. (a) | | | | | 256,243 | | | | | | 2,370,088 | | |
Millennial Precious Metals Corp. (a) | | | | | 296,500 | | | | | | 164,078 | | |
MindBeacon Holdings, Inc. (a) | | | | | 76,300 | | | | | | 215,941 | | |
NexGen Energy, Ltd. (a) | | | | | 296,069 | | | | | | 1,296,670 | | |
Noront Resources, Ltd. (a) | | | | | 177,300 | | | | | | 149,975 | | |
Northern Dynasty Minerals, Ltd. (a) | | | | | 752,336 | | | | | | 243,850 | | |
Northern Dynasty Minerals, Ltd. – NYSE Shares (a) | | | | | 338,909 | | | | | | 110,552 | | |
Novagold Resources, Inc. (a) | | | | | 82,813 | | | | | | 568,097 | | |
Osisko Green Acquisition Ltd. – Founders shares (a) (c) (d) (e) | | | | | 15,000 | | | | | | 91,166 | | |
Osisko Green Acquisition, Ltd. (a) | | | | | 60,000 | | | | | | 452,982 | | |
Osisko Mining, Inc. (a) (b) | | | | | 67,500 | | | | | | 203,308 | | |
Pan American Silver Corp. | | | | | 51,788 | | | | | | 1,292,090 | | |
Pasofino Gold, Ltd. (a) | | | | | 60,000 | | | | | | 32,254 | | |
Pet Valu Holdings, Ltd. (b) | | | | | 19,700 | | | | | | 561,745 | | |
Peyto Exploration & Development Corp. (b) | | | | | 49,100 | | | | | | 366,809 | | |
Propel Holdings, Inc. | | | | | 10,800 | | | | | | 116,371 | | |
QC Copper And Gold, Inc. (a) (c) (e) | | | | | 141,500 | | | | | | 35,838 | | |
Rivalry Corp. (a) | | | | | 29,889 | | | | | | 38,042 | | |
Rritual Superfoods, Inc. (a) | | | | | 78,900 | | | | | | 5,926 | | |
Seabridge Gold, Inc. (a) | | | | | 102,869 | | | | | | 1,699,642 | | |
Seabridge Gold, Inc. – NYSE Shares (a) | | | | | 45,036 | | | | | | 742,644 | | |
Shaw Communications, Inc., Class B (b) | | | | | 29,000 | | | | | | 880,122 | | |
Shopify, Inc., Class A (a) | | | | | 19,051 | | | | | | 26,240,657 | | |
Solaris Resources, Inc. (a) (b) | | | | | 34,700 | | | | | | 464,697 | | |
Solaris Resources, Inc. – Reg S shares (a) (c) | | | | | 16,600 | | | | | | 222,304 | | |
Sprott Physical Uranium Trust (a) | | | | | 172,337 | | | | | | 1,897,825 | | |
Sprott, Inc. | | | | | 22,266 | | | | | | 1,004,738 | | |
Stallion Gold Corp. (a) | | | | | 320,000 | | | | | | 87,276 | | |
Trican Well Service, Ltd. (a) (b) | | | | | 113,100 | | | | | | 247,667 | | |
Trisura Group, Ltd. (a) (b) | | | | | 13,100 | | | | | | 493,884 | | |
Turquoise Hill Resources, Ltd. (a) | | | | | 247,820 | | | | | | 4,076,639 | | |
VerticalScope Holdings, Inc. (a) | | | | | 19,100 | | | | | | 460,834 | | |
Voyager Digital, Ltd. (a) | | | | | 16,100 | | | | | | 200,972 | | |
Voyager Digital, Ltd. – Reg S shares (a) (c) | | | | | 25,355 | | | | | | 316,499 | | |
Western Copper & Gold Corp. (a) (f) | | | | | 113,792 | | | | | | 179,915 | | |
Wheaton Precious Metals Corp. | | | | | 27,239 | | | | | | 1,169,370 | | |
| | | | | | | | | | | 72,417,499 | | |
Chile — 0.0% | | ||||||||||||
Aclara Resources, Inc. (a) | | | | | 16,750 | | | | | | 19,068 | | |
China — 9.2% | | ||||||||||||
21Vianet Group, Inc. – ADR (a) | | | | | 18,900 | | | | | | 170,667 | | |
Agora, Inc. – ADR (a) (f) | | | | | 1,900 | | | | | | 30,799 | | |
Anker Innovations Technology Co, Ltd., Class A | | | | | 92,513 | | | | | | 1,487,678 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Beijing New Building Materials plc, Class A | | | | | 435,800 | | | | | $ | 2,449,754 | | |
Bilibili, Inc. – SPADR (a) (f) | | | | | 18,800 | | | | | | 872,320 | | |
CGN Power Co, Ltd., Class H (g) | | | | | 972,000 | | | | | | 295,449 | | |
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (d) | | | | | 4,640,000 | | | | | | — | | |
China Communications Services Corp., Ltd., Class H | | | | | 404,000 | | | | | | 196,881 | | |
China East Education Holdings, Ltd. (a) (g) | | | | | 12,723 | | | | | | 7,964 | | |
China Eastern Airlines Corp., Ltd., Class H (a) | | | | | 218,305 | | | | | | 82,378 | | |
China Merchants Bank Co., Ltd., Class A | | | | | 792,000 | | | | | | 6,052,602 | | |
China Pacific Insurance Group Co., Ltd., Class A | | | | | 1,019,644 | | | | | | 4,337,958 | | |
China Pacific Insurance Group Co., Ltd., Class H | | | | | 825,200 | | | | | | 2,239,310 | | |
China Shenhua Energy Co., Ltd., Class H | | | | | 293,500 | | | | | | 688,125 | | |
China Southern Airlines Co., Ltd., Class H (a) (f) | | | | | 376,766 | | | | | | 225,346 | | |
China Telecom Corp., Ltd., Class H | | | | | 8,448,000 | | | | | | 2,816,966 | | |
Eve Energy Co., Ltd., Class A | | | | | 174,200 | | | | | | 3,228,773 | | |
Focus Media Information Technology Co., Ltd., Class A | | | | | 2,334,425 | | | | | | 2,999,511 | | |
Fufeng Group, Ltd. (a) | | | | | 640,949 | | | | | | 221,230 | | |
GoerTek, Inc., Class A | | | | | 554,500 | | | | | | 4,688,063 | | |
Guangshen Railway Co., Ltd., Class H (a) | | | | | 3,456,000 | | | | | | 589,503 | | |
Haier Smart Home Co., Ltd., Class A | | | | | 713,000 | | | | | | 3,343,198 | | |
Hangzhou SF Intra-City Industrial Co, Ltd. Class H (a) (g) | | | | | 133,000 | | | | | | 280,070 | | |
Huayu Automotive Systems Co., Ltd., Class A | | | | | 714,000 | | | | | | 3,166,213 | | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | | | 910,000 | | | | | | 5,915,180 | | |
iQIYI, Inc. – ADR (a) | | | | | 63,700 | | | | | | 290,472 | | |
JD Health International, Inc. (a) (f) (g) | | | | | 337,429 | | | | | | 2,663,914 | | |
Jiangsu Eastern Shenghong Co., Ltd., Class A | | | | | 1,602,186 | | | | | | 4,852,166 | | |
Jiangsu Hengli Hydraulic Co., Ltd., Class A | | | | | 118,936 | | | | | | 1,528,730 | | |
Jiangsu Hengrui Medicine Co., Ltd., Class A | | | | | 198,448 | | | | | | 1,578,591 | | |
KE Holdings, Inc. – ADR (a) | | | | | 374,500 | | | | | | 7,534,940 | | |
Kuaishou Technology (a) (g) | | | | | 96,800 | | | | | | 894,608 | | |
Kweichow Moutai Co., Ltd., Class A | | | | | 10,300 | | | | | | 3,312,657 | | |
Livzon Pharmaceutical Group, Inc., Class A | | | | | 237,300 | | | | | | 1,496,556 | | |
Meituan Dianping, Class B (a) (g) | | | | | 219,834 | | | | | | 6,355,378 | | |
Midea Group Co., Ltd., Class A | | | | | 545,483 | | | | | | 6,307,271 | | |
New Hope Liuhe Co., Ltd., Class A (a) | | | | | 158,800 | | | | | | 378,955 | | |
New Oriental Education & Technology Group, Inc. – SPADR (a) | | | | | 111,000 | | | | | | 233,100 | | |
Oriental Energy Co, Ltd., Class A | | | | | 950,000 | | | | | | 1,876,262 | | |
Sany Heavy Industry Co., Ltd., Class A | | | | | 990,000 | | | | | | 3,541,180 | | |
Shanghai Electric Group Co, Ltd., Class H | | | | | 372,000 | | | | | | 113,550 | | |
| | | Number of Shares | | | Value | | ||||||
Shanghai Zhonggu Logistics Co., Ltd., Class A | | | | | 94,857 | | | | | $ | 422,285 | | |
Shengyi Technology Co., Ltd., Class A | | | | | 475,000 | | | | | | 1,754,804 | | |
Sichuan Kelun Pharmaceutical Co., Ltd., Class A | | | | | 591,050 | | | | | | 1,755,962 | | |
Simcere Pharmaceutical Group, Ltd. (g) | | | | | 301,149 | | | | | | 347,820 | | |
Sinoma Science & Technology Co, Ltd., Class A | | | | | 514,976 | | | | | | 2,748,286 | | |
Suzhou Maxwell Technologies Co., Ltd., Class A | | | | | 27,040 | | | | | | 2,724,547 | | |
Tencent Holdings, Ltd. | | | | | 210,400 | | | | | | 12,342,744 | | |
Tencent Music Entertainment Group – ADR (a) | | | | | 66,100 | | | | | | 452,785 | | |
Tianjin Zhonghuan Semiconductor Co, Ltd., Class A | | | | | 316,916 | | | | | | 2,075,912 | | |
Tongkun Group Co., Ltd., Class A | | | | | 954,100 | | | | | | 3,170,012 | | |
Vipshop Holdings, Ltd. – ADR (a) | | | | | 22,100 | | | | | | 185,640 | | |
Wanhua Chemical Group Co., Ltd., Class A | | | | | 340,700 | | | | | | 5,397,777 | | |
Waterdrop, Inc. – ADR (a) | | | | | 10,700 | | | | | | 14,766 | | |
Weichai Power Co., Ltd., Class A | | | | | 664,146 | | | | | | 1,863,986 | | |
XD, Inc. (a) (f) | | | | | 24,000 | | | | | | 121,725 | | |
Xianhe Co, Ltd., Class A | | | | | 237,776 | | | | | | 1,521,509 | | |
Yunnan Baiyao Group Co, Ltd., Class A | | | | | 87,800 | | | | | | 1,441,378 | | |
Yunnan Energy New Material Co., Ltd., Class A | | | | | 174,000 | | | | | | 6,828,615 | | |
Zhejiang Satellite Petrochemical Co., Ltd., Class A | | | | | 774,200 | | | | | | 4,865,885 | | |
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class A | | | | | 1,584,000 | | | | | | 1,781,836 | | |
ZTO Express Cayman, Inc. | | | | | 108,242 | | | | | | 3,036,525 | | |
ZTO Express Cayman, Inc. – ADR | | | | | 49,037 | | | | | | 1,383,824 | | |
| | | | | | | | | | | 145,582,891 | | |
Denmark — 1.1% | | ||||||||||||
Coloplast A/S, Class B | | | | | 29,122 | | | | | | 5,094,728 | | |
H Lundbeck A/S (b) | | | | | 169,402 | | | | | | 4,368,442 | | |
Novo Nordisk A/S, Class B (b) | | | | | 64,764 | | | | | | 7,240,276 | | |
| | | | | | | | | | | 16,703,446 | | |
Finland — 0.7% | | ||||||||||||
Huhtamaki Oyj (b) | | | | | 35,943 | | | | | | 1,582,500 | | |
Kone Oyj, Class B | | | | | 50,844 | | | | | | 3,615,554 | | |
Nanoform Finland plc (a) (b) | | | | | 277,580 | | | | | | 2,092,317 | | |
Nordea Bank Abp (b) | | | | | 45,433 | | | | | | 553,894 | | |
Sampo Oyj, Shares – A (b) | | | | | 76,112 | | | | | | 3,797,213 | | |
| | | | | | | | | | | 11,641,478 | | |
France — 1.1% | | ||||||||||||
Carrefour SA | | | | | 30,150 | | | | | | 552,600 | | |
Electricite de France SA | | | | | 241,801 | | | | | | 2,841,594 | | |
L’Oreal SA | | | | | 17,521 | | | | | | 8,305,679 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 6,638 | | | | | | 5,477,680 | | |
| | | | | | | | | | | 17,177,553 | | |
Greece — 0.0% | | ||||||||||||
Tsakos Energy Navigation, Ltd. | | | | | 35,188 | | | | | | 254,761 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Hong Kong — 0.8% | | ||||||||||||
AIA Group, Ltd. | | | | | 116,200 | | | | | $ | 1,171,461 | | |
CECEP COSTIN New Materials Group, Ltd. (a) (c) (d) | | | | | 1,736,000 | | | | | | — | | |
China Mobile, Ltd. | | | | | 196,000 | | | | | | 1,176,759 | | |
CK Hutchison Holdings, Ltd. | | | | | 244,500 | | | | | | 1,577,765 | | |
First Pacific Co., Ltd. | | | | | 1,048,000 | | | | | | 385,865 | | |
Futu Holdings, Ltd. – ADR (a) (f) | | | | | 7,300 | | | | | | 316,090 | | |
Hi Sun Technology China, Ltd. (a) (f) | | | | | 498,000 | | | | | | 65,810 | | |
Hong Kong Exchanges & Clearing, Ltd. | | | | | 15,097 | | | | | | 882,409 | | |
Hua Han Health Industry Holdings, Ltd. (a) (c) (d) | | | | | 6,984,000 | | | | | | — | | |
Luks Group Vietnam Holdings Co., Ltd. | | | | | 1,682,000 | | | | | | 263,159 | | |
PAX Global Technology, Ltd. | | | | | 8,000 | | | | | | 5,664 | | |
Shangri-La Asia, Ltd. (a) | | | | | 1,934,000 | | | | | | 1,614,752 | | |
Sino Biopharmaceutical, Ltd. | | | | | 5,343,916 | | | | | | 3,744,562 | | |
Sun Art Retail Group, Ltd. (f) | | | | | 270,500 | | | | | | 108,588 | | |
Swire Pacific, Ltd., Class A | | | | | 140,500 | | | | | | 799,462 | | |
WH Group, Ltd. (g) | | | | | 1,525,500 | | | | | | 956,900 | | |
| | | | | | | | | | | 13,069,246 | | |
Ireland — 0.2% | | ||||||||||||
Accenture plc, Class A (b) | | | | | 2,146 | | | | | | 889,624 | | |
Allegion plc | | | | | 3,813 | | | | | | 504,994 | | |
Medtronic plc (b) | | | | | 9,461 | | | | | | 978,740 | | |
| | | | | | | | | | | 2,373,358 | | |
Japan — 6.4% | | ||||||||||||
Amano Corp. | | | | | 176,100 | | | | | | 4,040,615 | | |
BML, Inc. | | | | | 95,100 | | | | | | 2,955,811 | | |
Bunka Shutter Co., Ltd. | | | | | 195,600 | | | | | | 1,826,362 | | |
DTS Corp. | | | | | 35,900 | | | | | | 787,814 | | |
Ezaki Glico Co., Ltd. (f) | | | | | 128,000 | | | | | | 4,066,486 | | |
Fukuda Corp. (f) | | | | | 8,100 | | | | | | 303,935 | | |
Fukuda Denshi Co., Ltd. | | | | | 6,100 | | | | | | 455,539 | | |
Fukushima Industries Corp. | | | | | 26,100 | | | | | | 1,082,397 | | |
Glory, Ltd. | | | | | 97,900 | | | | | | 1,863,187 | | |
H.U. Group Holdings | | | | | 129,400 | | | | | | 3,279,007 | | |
Hakuhodo DY Holdings, Inc. | | | | | 338,800 | | | | | | 5,644,195 | | |
Hitachi, Ltd. | | | | | 106,700 | | | | | | 5,779,618 | | |
Hogy Medical Co., Ltd. | | | | | 143,800 | | | | | | 4,075,623 | | |
Icom, Inc. | | | | | 7,000 | | | | | | 147,760 | | |
Inpex Corp. | | | | | 185,800 | | | | | | 1,620,185 | | |
Japan Petroleum Exploration Co., Ltd. | | | | | 26,700 | | | | | | 583,112 | | |
Kamigumi Co., Ltd. | | | | | 40,500 | | | | | | 765,139 | | |
Kato Sangyo Co., Ltd. | | | | | 11,300 | | | | | | 329,113 | | |
KYORIN Holdings, Inc. | | | | | 51,500 | | | | | | 826,517 | | |
Mitsubishi Corp. | | | | | 71,200 | | | | | | 2,260,694 | | |
Mitsubishi Estate Co., Ltd. | | | | | 261,100 | | | | | | 3,619,546 | | |
Mitsui & Co., Ltd. | | | | | 80,700 | | | | | | 1,910,925 | | |
Mitsui Fudosan Co., Ltd. | | | | | 190,300 | | | | | | 3,769,706 | | |
Morinaga & Co., Ltd. | | | | | 140,500 | | | | | | 4,582,428 | | |
NEC Corp. | | | | | 8,600 | | | | | | 397,031 | | |
New Cosmos Electric Co, Ltd. | | | | | 700 | | | | | | 12,796 | | |
Nintendo Co., Ltd. | | | | | 4,200 | | | | | | 1,959,039 | | |
Nippon Densetsu Kogyo Co., Ltd. | | | | | 9,400 | | | | | | 135,825 | | |
| | | Number of Shares | | | Value | | ||||||
Nohmi Bosai, Ltd. | | | | | 43,600 | | | | | $ | 853,282 | | |
Noritz Corp. (f) | | | | | 75,000 | | | | | | 1,094,157 | | |
OKUMA Corp. | | | | | 80,600 | | | | | | 3,588,198 | | |
Organo Corp. | | | | | 11,500 | | | | | | 864,864 | | |
Raito Kogyo Co, Ltd. | | | | | 57,600 | | | | | | 992,061 | | |
Secom Co., Ltd. | | | | | 64,000 | | | | | | 4,443,570 | | |
Sekisui Jushi Corp. | | | | | 2,300 | | | | | | 41,813 | | |
Seven Bank, Ltd. | | | | | 1,668,100 | | | | | | 3,451,483 | | |
Shibuya Corp. | | | | | 17,400 | | | | | | 451,262 | | |
Sinko Industries, Ltd. | | | | | 67,700 | | | | | | 1,183,665 | | |
SK Kaken Co., Ltd. | | | | | 7,700 | | | | | | 2,529,603 | | |
Sumitomo Warehouse Co., Ltd. (The) | | | | | 354,500 | | | | | | 5,985,577 | | |
Suzuken Co., Ltd. | | | | | 65,600 | | | | | | 1,890,262 | | |
Tachi-S Co., Ltd. | | | | | 12,300 | | | | | | 134,902 | | |
Takeuchi Manufacturing Co., Ltd. | | | | | 172,300 | | | | | | 4,088,382 | | |
TKC Corp. | | | | | 18,200 | | | | | | 546,699 | | |
Toei Co., Ltd. | | | | | 33,800 | | | | | | 5,154,138 | | |
Toho Holdings Co., Ltd. | | | | | 23,000 | | | | | | 350,934 | | |
TV Asahi Holdings Corp. | | | | | 257,700 | | | | | | 3,202,791 | | |
West Japan Railway Co. | | | | | 14,100 | | | | | | 588,302 | | |
| | | | | | | | | | | 100,516,350 | | |
Kazakhstan — 0.2% | | ||||||||||||
Halyk Savings Bank of Kazakhstan JSC – GDR (h) | | | | | 17,505 | | | | | | 288,633 | | |
NAC Kazatomprom JSC – GDR | | | | | 4,179 | | | | | | 153,442 | | |
NAC Kazatomprom JSC – GDR, 144A Shares (g) | | | | | 73,742 | | | | | | 2,710,019 | | |
| | | | | | | | | | | 3,152,094 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere – ADR (a) (c) (d) | | | | | 38,451 | | | | | | 188,314 | | |
Malaysia — 0.0% | | ||||||||||||
Oriental Holdings Berhad | | | | | 198,500 | | | | | | 250,149 | | |
Malta — 0.3% | | ||||||||||||
Kambi Group plc (a) | | | | | 186,546 | | | | | | 5,306,765 | | |
Mexico — 0.0% | | ||||||||||||
Fresnillo plc | | | | | 11,407 | | | | | | 137,643 | | |
Netherlands — 0.0% | | ||||||||||||
NXP Semiconductors NV | | | | | 2,332 | | | | | | 531,183 | | |
Norway — 0.0% | | ||||||||||||
AutoStore Holdings, Ltd. (a) (b) | | | | | 129,371 | | | | | | 508,850 | | |
Puerto Rico — 0.1% | | ||||||||||||
Popular, Inc. | | | | | 10,637 | | | | | | 872,659 | | |
Russia — 1.1% | | ||||||||||||
Etalon Group plc – GDR (h) | | | | | 599,848 | | | | | | 653,834 | | |
Etalon Group plc – GDR – LSE Shares (h) | | | | | 84,223 | | | | | | 91,525 | | |
Federal Grid Co. Unified Energy System PJSC | | | | | 1,019,443,892 | | | | | | 2,200,957 | | |
Gazprom PJSC | | | | | 1,072,267 | | | | | | 4,886,680 | | |
Lenta, Ltd. – GDR (a) (h) | | | | | 319,152 | | | | | | 797,408 | | |
LSR Group PJSC | | | | | 94,076 | | | | | | 763,414 | | |
Moscow Exchange MICEX-RTS PJSC | | | | | 120,577 | | | | | | 245,676 | | |
Polyus PJSC – GDR (h) | | | | | 24,393 | | | | | | 2,152,409 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
RusHydro PJSC | | | | | 326,755,380 | | | | | $ | 3,227,948 | | |
Sberbank of Russia PJSC | | | | | 301,344 | | | | | | 1,173,919 | | |
VTB Bank PJSC (a) | | | | | 901,080,000 | | �� | | | | 575,074 | | |
| | | | | | | | | | | 16,768,844 | | |
Singapore — 0.7% | | ||||||||||||
First Resources, Ltd. | | | | | 1,010,400 | | | | | | 1,132,602 | | |
Golden Agri-Resources, Ltd. | | | | | 15,967,600 | | | | | | 2,904,323 | | |
Sea, Ltd. – ADR (a) | | | | | 26,906 | | | | | | 6,019,141 | | |
Yoma Strategic Holdings, Ltd. (a) (f) | | | | | 3,573,800 | | | | | | 347,520 | | |
| | | | | | | | | | | 10,403,586 | | |
South Africa — 0.2% | | ||||||||||||
Gold Fields, Ltd. | | | | | 143,748 | | | | | | 1,569,301 | | |
Harmony Gold Mining Co., Ltd. – SPADR (f) | | | | | 201,232 | | | | | | 827,064 | | |
Impala Platinum Holdings, Ltd. | | | | | 41,527 | | | | | | 586,520 | | |
| | | | | | | | | | | 2,982,885 | | |
South Korea — 0.7% | | ||||||||||||
DL E&C Co., Ltd. (a) | | | | | 2,489 | | | | | | 249,009 | | |
GS Holdings Corp. | | | | | 7,549 | | | | | | 248,143 | | |
Hankook Technology Group Co., Ltd. | | | | | 67,471 | | | | | | 890,756 | | |
Korea Electric Power Corp. (a) | | | | | 50,731 | | | | | | 939,638 | | |
Korea Electric Power Corp. – SPADR (a) | | | | | 106,105 | | | | | | 969,800 | | |
Korean Reinsurance Co. | | | | | 52,357 | | | | | | 407,317 | | |
KT Corp. (a) | | | | | 38,956 | | | | | | 1,001,442 | | |
KT Corp. – SPADR (a) | | | | | 303,332 | | | | | | 3,812,883 | | |
LG Corp. | | | | | 17,847 | | | | | | 1,206,886 | | |
LG Uplus Corp. | | | | | 119,062 | | | | | | 1,360,510 | | |
LX Holdings Corp. (a) | | | | | 2,467 | | | | | | 20,748 | | |
Pyeong Hwa Automotive Co., Ltd. | | | | | 23,013 | | | | | | 195,382 | | |
| | | | | | | | | | | 11,302,514 | | |
Spain — 0.2% | | ||||||||||||
Amadeus IT Group SA (a) | | | | | 48,896 | | | | | | 3,293,368 | | |
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings plc | | | | | 1,337,560 | | | | | | 439,967 | | |
Sweden — 1.9% | | ||||||||||||
Atlas Copco AB, Shares – B (b) | | | | | 34,331 | | | | | | 2,003,867 | | |
Autoliv, Inc. | | | | | 3,886 | | | | | | 401,851 | | |
Boule Diagnostics AB | | | | | 33,617 | | | | | | 181,332 | | |
Desenio Group AB (a) | | | | | 49,055 | | | | | | 131,409 | | |
Elanders AB, Shares – B (b) | | | | | 11,369 | | | | | | 218,977 | | |
Essity AB, Class B (b) | | | | | 22,888 | | | | | | 746,843 | | |
Fortnox AB (b) | | | | | 35,152 | | | | | | 2,262,555 | | |
Greater Than AB (a) | | | | | 230,064 | | | | | | 2,972,514 | | |
Hexagon AB, Shares – B (b) | | | | | 76,826 | | | | | | 1,209,514 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 28,079 | | | | | | 207,470 | | |
Investor AB, Shares – B (b) | | | | | 174,911 | | | | | | 4,374,243 | | |
Karnov Group AB (b) | | | | | 181,741 | | | | | | 1,339,846 | | |
Lindab International AB (b) | | | | | 26,721 | | | | | | 950,159 | | |
Nolato AB, Shares – B (b) | | | | | 120,499 | | | | | | 1,425,187 | | |
Nordic Entertainment Group AB, Class B (a) (b) | | | | | 92,054 | | | | | | 4,776,482 | | |
Skandinaviska Enskilda Banken AB, Class A (b) | | | | | 203,878 | | | | | | 2,824,430 | | |
| | | Number of Shares | | | Value | | ||||||
SKF AB, Class B (b) | | | | | 41,867 | | | | | $ | 986,966 | | |
Thule Group AB (b) (g) | | | | | 6,738 | | | | | | 407,271 | | |
Veoneer, Inc. – SDR (a) (b) | | | | | 15,750 | | | | | | 559,410 | | |
Vimian Group AB (a) (b) | | | | | 163,790 | | | | | | 1,436,900 | | |
| | | | | | | | | | | 29,417,226 | | |
Switzerland — 0.0% | | ||||||||||||
Chubb, Ltd. (b) | | | | | 1,855 | | | | | | 358,590 | | |
Garmin, Ltd. (b) | | | | | 1,901 | | | | | | 258,859 | | |
| | | | | | | | | | | 617,449 | | |
Thailand — 0.0% | | ||||||||||||
Kasikornbank PCL, Class F | | | | | 81,100 | | | | | | 331,462 | | |
Turkey — 0.0% | | ||||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS – REIT | | | | | 1,277,987 | | | | | | 201,734 | | |
Ukraine — 0.2% | | ||||||||||||
Astarta Holding NV | | | | | 45,135 | | | | | | 474,767 | | |
Kernel Holding SA | | | | | 112,506 | | | | | | 1,632,000 | | |
MHP SE – GDR — OTC Shares (h) | | | | | 236,097 | | | | | | 1,605,063 | | |
| | | | | | | | | | | 3,711,830 | | |
United Kingdom — 0.9% | | ||||||||||||
Diageo plc | | | | | 94,242 | | | | | | 5,137,406 | | |
Endeavour Mining plc | | | | | 18,700 | | | | | | 409,938 | | |
Gabriel Resources, Ltd. (a) | | | | | 1,962,000 | | | | | | 302,455 | | |
Horizonte Minerals plc (a) | | | | | 484,600 | | | | | | 42,141 | | |
IHS Markit, Ltd. (b) | | | | | 1,518 | | | | | | 201,773 | | |
Janus Henderson Group plc | | | | | 7,734 | | | | | | 324,364 | | |
nVent Electric plc | | | | | 11,689 | | | | | | 444,182 | | |
Rambler Metals and Mining plc (a) | | | | | 196,672 | | | | | | 107,550 | | |
Stolt-Nielsen, Ltd. | | | | | 63,405 | | | | | | 979,250 | | |
Unilever plc | | | | | 96,288 | | | | | | 5,158,572 | | |
Willis Towers Watson plc | | | | | 154 | | | | | | 36,574 | | |
Yellow Cake plc (a) (g) | | | | | 221,766 | | | | | | 1,021,118 | | |
| | | | | | | | | | | 14,165,323 | | |
Total Foreign Common Stocks (Cost $428,785,878) | | | | | | | | | | | 513,257,979 | | |
Total Common Stocks (Cost $792,816,232) | | | | | | | | | | | 1,000,561,444 | | |
Participation Notes — 0.6% | | ||||||||||||
UBS AG, Beijing Balance Medical Technology Co., Ltd., Equity Linked Notes, Expiring 09/16/22 (China) (a) (c) | | | | | 19,813 | | | | | | 790,549 | | |
UBS AG, Beijing Kingsoft Office Software, Inc., Equity Linked Notes, Expiring 10/10/22 (China) (a) (c) | | | | | 24,000 | | | | | | 997,905 | | |
UBS AG, KBC Corp Ltd., Equity Linked Notes, Expiring 07/29/22 (China) (a) (c) | | | | | 24,000 | | | | | | 1,336,967 | | |
UBS AG, Shanghai Zhonggu Logistics, Equity Linked Notes, Expiring 03/02/22 (China) (a) (c) | | | | | 617,500 | | | | | | 2,748,990 | | |
UBS AG, TKD Science and Technology Co., Ltd., Equity Linked Notes, Expiring 01/17/23 (China) (a) (c) | | | | | 221,080 | | | | | ��� | 2,057,010 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
UBS AG, Weichai Power Co., Ltd., Equity Linked Notes, Expiring 12/01/22 (China) (a) (c) | | | | | 365,854 | | | | | $ | 1,026,953 | | |
Total Participation Notes (Cost $7,820,699) | | | | | | | | | | | 8,958,374 | | |
Structured Notes — 0.0% | | ||||||||||||
Royal Bank of Canada, Canadian Imperial Bank Of Commerce; National Bank Of Canada; Royal Bank Of Canada; The Toronto-Dominion Bank, Dividend Linked Notes, Expiring 12/31/21 (Canada) (a) (c) (Cost $197,330) | | | | | 310,800 | | | | | | 250,741 | | |
|
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | ||||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) (Cost $77,784) | | | | | 367,492 | | | | | | 286,166 | | |
Warrants — 0.1% | | ||||||||||||
Algernon Pharmaceuticals, Inc., Expiring 05/13/22 (Canada) (a) (c) (d) | | | | | 52,700 | | | | | | — | | |
Alpha Lithium Corp., Expiring 12/10/23 (Canada) (a) (c) (d) | | | | | 32,800 | | | | | | 3,529 | | |
American Lithium Corp., Expiring 03/03/22 (Canada) (a) (c) (d) | | | | | 27,900 | | | | | | 21,229 | | |
Bigg Digital Assets, Inc., Expiring 04/16/23 (Canada) (a) (c) (d) | | | | | 34,150 | | | | | | 55 | | |
Braxia Scientific Corp., Expiring 06/11/22 (Canada) (a) (c) (d) | | | | | 37,900 | | | | | | — | | |
Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (c) (d) | | | | | 7,900 | | | | | | 766 | | |
Chorus Aviation, Inc., Expiring 04/06/22 (Canada) (a) | | | | | 29,200 | | | | | | 1,847 | | |
Critical Elements Lithium, Expiring 03/22/24 (Canada) (a) (c) (d) | | | | | 26,350 | | | | | | 1,070 | | |
Cypress Dev Corp., Expiring 03/22/24 (Canada) (a) (c) (d) | | | | | 63,100 | | | | | | 35,584 | | |
Decklar Resources, Inc., Expiring 05/25/22 (Canada) (a) (c) (d) | | | | | 13,675 | | | | | | 2 | | |
Denilson Mines Corp., Expiring 03/22/23 (Canada) (a) (c) (d) | | | | | 30,700 | | | | | | 1,064 | | |
Drone Delivery Corp., Expiring 12/22/22 (Canada) (a) | | | | | 30,950 | | | | | | 1,957 | | |
dynaCERT, Inc., Expiring 06/18/22 (Canada) (a) | | | | | 84,950 | | | | | | 672 | | |
Else Nutrition Holdings, Inc., Expiring 10/06/22 (Canada) (a) | | | | | 800 | | | | | | 41 | | |
Entourage Health Corp., Expiring 03/12/23 (Canada) (a) | | | | | 150,400 | | | | | | 2,378 | | |
Esports Technology, Inc., Expiring 11/30/26 (United States) (a) (c) (d) (e) | | | | | 30,161 | | | | | | 126,020 | | |
Excelsior Mining Corp., Expiring 08/22/22 (Canada) (a) | | | | | 127,900 | | | | | | 1,517 | | |
Givex Information Technology, Expiring 11/25/23 (Canada) (a) (c) (d) | | | | | 30,000 | | | | | | 1,489 | | |
Gold Mountain Mining Corp., Expiring 06/24/23 (Canada) (a) (c) (d) | | | | | 13,950 | | | | | | 46 | | |
Gryphon Digital Mining, Expiring 06/30/24 (United States) (a) (c) (d) (e) | | | | | 10,298 | | | | | | 30,704 | | |
| | | Number of Contracts | | | Value | | ||||||
Hive Blockchain Technologies, Expiring 03/30/22 (Canada) (a) (c) (d) | | | | | 40,200 | | | | | $ | 109,801 | | |
Nevada Copper Corp., Expiring 05/29/23 (Canada) (a) | | | | | 79,400 | | | | | | 8,160 | | |
Northern Genesis Acquisition Corp. III, Expiring 12/31/27 (United States) (a) | | | | | 12,000 | | | | | | 10,141 | | |
Numinus Wellness, Inc., Expiring 03/19/23 (Canada) (a) | | | | | 30,550 | | | | | | 1,691 | | |
Organigram Holdings, Inc., Expiring 11/12/23 (Canada) (a) (c) (d) | | | | | 45,000 | | | | | | 12,141 | | |
Osisko Green Acquisition Corp., Expiring 09/07/26 (Canada) (a) (c) (d) (e) | | | | | 33,552 | | | | | | 13,368 | | |
Osisko Green Acquisition, Ltd., Expiring 07/19/26 (Canada) (a) | | | | | 30,000 | | | | | | 14,230 | | |
Osisko Mining, Inc., Expiring 06/22/23 (Canada) (a) (c) (d) | | | | | 45,150 | | | | | | 1,743 | | |
Revive Therapeutics, Ltd., Expiring 02/12/24 (Canada) (a) (c) (d) | | | | | 85,700 | | | | | | 651 | | |
RHC Helium, Ltd., Expiring 06/08/23 (Canada) (a) | | | | | 375,000 | | | | | | 74,114 | | |
Rritual Superfoods, Inc., Expiring 03/05/24 (Canada) (a) | | | | | 103,950 | | | | | | 2,876 | | |
Saturn Oil & Gas, Inc., Expiring 06/04/23 (Canada) (a) | | | | | 422,000 | | | | | | 16,680 | | |
Sun Summit Minerals Corp., Expiring 11/21/29 (Canada) (a) (c) (d) | | | | | 30,550 | | | | | | 1,487 | | |
Swiftmerge Acquisition Corp., Expiring 12/15/26 (United States) (a) (c) (d) (e) | | | | | 9,258 | | | | | | 9,258 | | |
Synaptive Medical, Inc., Expiring 12/06/22 (United States) (a) (c) (d) (e) | | | | | 37,142 | | | | | | 2,294 | | |
Talon Metals Corp., Expiring 03/18/22 (United States) (a) (c) (d) | | | | | 141,050 | | | | | | 279 | | |
The Valens Co., Inc., Expiring 01/29/24 (Canada) (a) (c) (d) | | | | | 43,100 | | | | | | 466 | | |
The Valens Co., Inc., Expiring 06/01/24 (Canada) (a) (c) (d) | | | | | 37,950 | | | | | | 68 | | |
The Very Good Food Co., Expiring 01/02/23 (Canada) (a) (c) (d) | | | | | 4,500 | | | | | | — | | |
Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (c) (d) | | | | | 75,000 | | | | | | 155,597 | | |
Vizsla Silver Corp., Expiring 12/03/22 (Canada) (a) | | | | | 12,121 | | | | | | 4,791 | | |
Total Warrants (Cost $417,123) | | | | | | | | | | | 669,806 | | |
| | | Principal Amount | | | Value | | ||||||
Convertible Bonds — 0.0% | | ||||||||||||
Airlines — 0.0% | | ||||||||||||
Air Canada, 4.000%, 07/01/25 | | | | $ | 248,300 | | | | | | 327,458 | | |
Technology — 0.0% | | ||||||||||||
Gryphon Digital Mining, Inc., 10.000%, 07/27/23 (c) (d) (e) | | | | | 97,700 | | | | | | 170,301 | | |
Health Care Equipment & Supplies — 0.0% | | ||||||||||||
Synaptive Medical, Inc., 10.000%, 10/31/24 (c) (d) (e) | | | | | 120,000 | | | | | | 120,000 | | |
Total Convertible Bonds (Cost $466,000) | | | | | | | | | | | 617,759 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Principal Amount | | | Value | | ||||||
US Treasury Bonds/Notes — 7.8% | | ||||||||||||
US Treasury Note, 0.125%, 01/31/23 | | | | $ | 2,015,000 | | | | | $ | 2,008,073 | | |
US Treasury Note, 0.125%, 03/31/23 | | | | | 3,361,000 | | | | | | 3,345,639 | | |
US Treasury Note, 1.500%, 03/31/23 | | | | | 3,823,000 | | | | | | 3,869,891 | | |
US Treasury Note, 0.250%, 06/15/23 (f) | | | | | 6,537,000 | | | | | | 6,506,869 | | |
US Treasury Note, 1.375%, 09/30/23 | | | | | 3,139,000 | | | | | | 3,177,257 | | |
US Treasury Note, 0.125%, 10/15/23 | | | | | 3,122,000 | | | | | | 3,091,146 | | |
US Treasury Note, 0.375%, 10/31/23 | | | | | 7,256,000 | | | | | | 7,214,895 | | |
US Treasury Note, 0.250%, 11/15/23 | | | | | 3,779,000 | | | | | | 3,748,296 | | |
US Treasury Note, 0.125%, 12/15/23 | | | | | 3,852,000 | | | | | | 3,808,214 | | |
US Treasury Note, 0.250%, 03/15/24 | | | | | 11,613,000 | | | | | | 11,476,003 | | |
US Treasury Note, 2.500%, 05/15/24 | | | | | 1,721,000 | | | | | | 1,788,159 | | |
US Treasury Note, 0.250%, 06/15/24 | | | | | 5,658,000 | | | | | | 5,575,782 | | |
US Treasury Note, 0.375%, 07/15/24 | | | | | 3,477,000 | | | | | | 3,435,029 | | |
US Treasury Note, 0.375%, 09/15/24 (f) | | | | | 10,962,000 | | | | | | 10,809,560 | | |
US Treasury Note, 1.500%, 09/30/24 | | | | | 4,264,000 | | | | | | 4,332,291 | | |
US Treasury Note, 1.375%, 01/31/25 | | | | | 13,331,000 | | | | | | 13,486,702 | | |
US Treasury Note, 2.125%, 05/15/25 | | | | | 2,070,000 | | | | | | 2,143,420 | | |
US Treasury Note, 0.250%, 05/31/25 | | | | | 3,770,000 | | | | | | 3,668,387 | | |
US Treasury Note, 2.250%, 11/15/25 | | | | | 2,546,000 | | | | | | 2,652,912 | | |
US Treasury Note, 0.375%, 11/30/25 | | | | | 2,722,900 | | | | | | 2,641,851 | | |
US Treasury Note, 0.375%, 01/31/26 | | | | | 7,310,000 | | | | | | 7,075,280 | | |
US Treasury Note, 0.875%, 06/30/26 | | | | | 9,775,000 | | | | | | 9,625,320 | | |
US Treasury Note, 1.125%, 10/31/26 | | | | | 2,487,000 | | | | | | 2,472,039 | | |
US Treasury Note, 1.250%, 12/31/26 | | | | | 5,619,000 | | | | | | 5,616,803 | | |
Total US Treasury Bonds/Notes (Cost $123,665,334) | | | | | | | | | | | 123,569,818 | | |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds — 21.0% | | ||||||||||||
Exchange-Traded Funds (ETFs) — 5.2% | | ||||||||||||
Financial Select Sector SPDR Fund | | | | | 1,850,812 | | | | | | 72,274,209 | | |
Vanguard Financials ETF | | | | | 109,349 | | | | | | 10,559,833 | | |
| | | | | | | | | | | 82,834,042 | | |
Private Investment Funds (i) — 15.8% | | ||||||||||||
Bellus Ventures II, LP (a) (c) (d) (e) | | | | | 185,236 | | | | | | 33,041,622 | | |
Canyon Value Realization Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 34,557,482 | | |
Eversept Global Healthcare Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 36,193,070 | | |
Farallon Capital Institutional Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 1,095,279 | | |
Helikon Long Short Equity Fund ICAV (a) (c) (d) (e) | | | | | 13,305 | | | | | | 20,616,215 | | |
Honeycomb Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 43,513,071 | | |
Neo Ivy Capital Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 9,595,687 | | |
Northwest Feilong Fund, Ltd. (a) (c) (d) (e) | | | | | 7,234 | | | | | | 18,632,147 | | |
QVT Roiv Hldgs Onshore, Ltd. (a) (c) (d) (e) | | | | | 2,607 | | | | | | 5,262,051 | | |
Radcliffe Domestic SPAC Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 30,336,295 | | |
Voloridge Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 16,639,073 | | |
| | | | | | | | | | | 249,481,992 | | |
Total Acquired Funds (Cost $236,198,167) | | | | | | | | | | | 332,316,034 | | |
| | | Number of Shares | | | Value | | ||||||
Preferred Stocks — 0.2% | | ||||||||||||
Draegerwerk AG & Co. KGAA, 0.28% (Germany) | | | | | 5,746 | | | | | $ | 361,461 | | |
Esports Technology, Inc., 14.00% (United States) (a) (c) (d) (e) | | | | | 563,000 | | | | | | 563,000 | | |
Hyundai Motor Co., Ltd., 4.08% (South Korea) | | | | | 23,371 | | | | | | 1,982,639 | | |
Qurate Retail, Inc., 8.00% (United States) | | | | | 2,003 | | | | | | 206,750 | | |
Synaptive Medical, Inc., 0.00% (Canada) (a) (c) (d) (e) | | | | | 74,285 | | | | | | 185,712 | | |
Total Preferred Stocks (Cost $2,734,821) | | | | | | | | | | | 3,299,562 | | |
| | | Number of Contracts | | | Value | | ||||||
Purchased Option Contracts — 0.0% | | ||||||||||||
Calls — 0.0% | | ||||||||||||
Air Canada, Notional Amount $693,000, Strike Price $22.5 Expiring 02/18/2022 (Canada) | | | | | 308 | | | | | | 18,505 | | |
Mag Silver Corp., Notional Amount $1,016,400, Strike Price $22 Expiring 02/18/2022 (Canada) | | | | | 462 | | | | | | 23,740 | | |
Nuvei Corp., Notional Amount $470,400, Strike Price $84 Expiring 02/18/2022 (Canada) | | | | | 56 | | | | | | 30,546 | | |
Rogers Communications, Inc., Notional Amount $954,000, Strike Price $60 Expiring 06/17/2022 (Canada) | | | | | 159 | | | | | | 35,949 | | |
SKF AB, Notional Amount $26,472,000, Strike Price $240 Expiring 03/18/2022 (Sweden) | | | | | 1,103 | | | | | | 18,920 | | |
SSR Mining, Inc., Notional Amount $424,600, Strike Price $22 Expiring 01/21/2022 (Canada) | | | | | 193 | | | | | | 13,885 | | |
SSR Mining, Inc., Notional Amount $405,300, Strike Price $21 Expiring 01/21/2022 (Canada) | | | | | 193 | | | | | | 24,412 | | |
Total Calls (Cost $196,755) | | | | | | | | | | | 165,957 | | |
Puts — 0.0% | | ||||||||||||
Assa Abloy AB, Notional Amount $8,925,000, Strike Price $250 Expiring 03/18/2022 (Sweden) | | | | | 357 | | | | | | 14,421 | | |
Fastighets AB, Notional Amount $12,096,000, Strike Price $630 Expiring 03/18/2022 (Sweden) | | | | | 192 | | | | | | 43,558 | | |
Husqvarna AB, Notional Amount $18,192,000, Strike Price $120 Expiring 03/18/2022 (Sweden) | | | | | 1,516 | | | | | | 9,227 | | |
Skanska AB, Notional Amount $15,120,000, Strike Price $200 Expiring 03/18/2022 (Sweden) | | | | | 756 | | | | | | 10,140 | | |
Stora Enso Oyj, Notional Amount $10,738,000, Strike Price $140 Expiring 03/18/2022 (Sweden) | | | | | 767 | | | | | | 12,732 | | |
Svenska Cellulosa AB, Notional Amount $10,246,500, Strike Price $135 Expiring 03/18/2022 (Sweden) | | | | | 759 | | | | | | 6,300 | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Contracts | | | Value | | ||||||
Swedbank AB, Notional Amount $24,057,000, Strike Price $165 Expiring 01/21/2022 (Sweden) | | | | | 1,458 | | | | | $ | 1,613 | | |
Total Puts (Cost $296,476) | | | | | | | | | | | 97,991 | | |
Total Purchased Option Contracts (Cost $493,231) | | | | | | | | | | | 263,948 | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (a) (c) (d) (e) | | | | | 260,322 | | | | | | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 11.4% | | ||||||||||||
Repurchase Agreement — 11.3% | | ||||||||||||
Fixed Income Clearing Corp. issued on 12/31/21 (proceeds at maturity $179,226,892) (collateralized by US Treasury Inflation Indexed Bonds, due 01/15/28 with a total par value of $54,259,300 and a total market value of $85,913,708; US Treasury Notes, due 11/15/27 through 12/31/28 with a total par value of $98,964,200 and a total market value of $96,897,837) , 0.000%, 01/03/22 (Cost $179,226,892) | | | | $ | 179,226,892 | | | | | | 179,226,892 | | |
Unaffiliated Investment Company — 0.1% | | ||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.030% (j) (k) (Cost $1,822,020) | | | | | 1,822,020 | | | | | | 1,822,020 | | |
Total Short-Term Investments (Cost $181,048,912) | | | | | | | | | | | 181,048,912 | | |
Total Investments — 104.4% (Cost $1,345,935,634) | | | | | | | | | | | 1,651,842,564 | | |
Liabilities in Excess of Other Assets – (4.4)% | | | | | | | | | | | (69,733,419) | | |
Net Assets – 100.0% | | | | | | | | | | $ | 1,582,109,145 | | |
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (6.1)% | | ||||||||||||
Common Stocks — (6.1)% | | ||||||||||||
US Common Stocks — (3.2)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
HEICO Corp. | | | | | (2,249) | | | | | | (324,351) | | |
Spirit AeroSystems Holdings, Inc., Class A | | | | | (2,525) | | | | | | (108,802) | | |
Virgin Galactic Holdings, Inc. (a) | | | | | (30,637) | | | | | | (409,923) | | |
| | | | | | | | | | | (843,076) | | |
Airlines — (0.0)% | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | (40,820) | | | | | | (733,127) | | |
United Airlines Holdings, Inc. (a) | | | | | (1,052) | | | | | | (46,057) | | |
| | | | | | | | | | | (779,184) | | |
| | | Number of Shares | | | Value | | ||||||
Auto Components — (0.1)% | | ||||||||||||
BorgWarner, Inc. | | | | | (7,754) | | | | | $ | (349,473) | | |
Fox Factory Holding Corp. (a) | | | | | (1,217) | | | | | | (207,012) | | |
QuantumScape Corp. (a) | | | | | (18,670) | | | | | | (414,287) | | |
| | | | | | | | | | | (970,772) | | |
Automobiles — (0.0)% | | ||||||||||||
Thor Industries, Inc. | | | | | (3,070) | | | | | | (318,574) | | |
Beverages — (0.0)% | | ||||||||||||
Molson Coors Beverage Co., Class B | | | | | (5,565) | | | | | | (257,938) | | |
Biotechnology — (0.2)% | | ||||||||||||
Alnylam Pharmaceuticals, Inc. (a) | | | | | (1,123) | | | | | | (190,438) | | |
Exact Sciences Corp. (a) | | | | | (7,369) | | | | | | (573,529) | | |
Horizon Therapeutics plc (a) | | | | | (781) | | | | | | (84,161) | | |
Ionis Pharmaceuticals, Inc. (a) | | | | | (1,875) | | | | | | (57,056) | | |
Iovance Biotherapeutics, Inc. (a) | | | | | (18,537) | | | | | | (353,871) | | |
Ligand Pharmaceuticals, Inc. (a) | | | | | (2,946) | | | | | | (455,039) | | |
Mirati Therapeutics, Inc. (a) | | | | | (4,123) | | | | | | (604,803) | | |
Natera, Inc. (a) | | | | | (2,374) | | | | | | (221,708) | | |
Ultragenyx Pharmaceutical, Inc. (a) | | | | | (2,063) | | | | | | (173,478) | | |
| | | | | | | | | | | (2,714,083) | | |
Building Products — (0.0)% | | ||||||||||||
Trex Co., Inc. (a) | | | | | (4,305) | | | | | | (581,304) | | |
Chemicals — (0.1)% | | ||||||||||||
Albemarle Corp. | | | | | (1,440) | | | | | | (336,629) | | |
Avient Corp. | | | | | (5,268) | | | | | | (294,745) | | |
Chemours Co. (The) | | | | | (3,660) | | | | | | (122,830) | | |
International Flavors & Fragrances, Inc. | | | | | (423) | | | | | | (63,725) | | |
| | | | | | | | | | | (817,929) | | |
Commercial Banks — (0.2)% | | ||||||||||||
Commerce Bancshares, Inc. | | | | | (415) | | | | | | (28,527) | | |
Cullen/Frost Bankers, Inc. | | | | | (613) | | | | | | (77,281) | | |
East West Bancorp, Inc. | | | | | (1,401) | | | | | | (110,231) | | |
First Citizens BancShares, Inc., Class A | | | | | (231) | | | | | | (191,693) | | |
First Financial Bankshares, Inc. | | | | | (7,527) | | | | | | (382,673) | | |
First Republic Bank | | | | | (2,181) | | | | | | (450,398) | | |
Huntington Bancshares, Inc. | | | | | (35,946) | | | | | | (554,287) | | |
PNC Financial Services Group, Inc. (The) | | | | | (1,647) | | | | | | (330,256) | | |
Signature Bank/New York NY | | | | | (1,556) | | | | | | (503,319) | | |
SVB Financial Group (a) | | | | | (622) | | | | | | (421,865) | | |
United Bankshares, Inc. | | | | | (1,228) | | | | | | (44,552) | | |
| | | | | | | | | | | (3,095,082) | | |
Commercial Services & Supplies — (0.0)% | | ||||||||||||
Herman Miller, Inc. | | | | | (14,288) | | | | | | (559,947) | | |
IAA, Inc. (a) | | | | | (959) | | | | | | (48,545) | | |
KAR Auction Services, Inc. (a) | | | | | (9,032) | | | | | | (141,080) | | |
Tetra Tech, Inc. | | | | | (221) | | | | | | (37,526) | | |
| | | | | | | | | | | (787,098) | | |
Communications Equipment — (0.0)% | | ||||||||||||
F5 Networks, Inc. (a) | | | | | (461) | | | | | | (112,811) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Viasat, Inc. (a) | | | | | (3,539) | | | | | $ | (157,627) | | |
| | | | | | | | | | | (270,438) | | |
Construction & Engineering — (0.0)% | | ||||||||||||
Fluor Corp. (a) | | | | | (18,071) | | | | | | (447,619) | | |
Quanta Services, Inc. | | | | | (1,291) | | | | | | (148,026) | | |
| | | | | | | | | | | (595,645) | | |
Consumer Finance — (0.0)% | | ||||||||||||
LendingTree, Inc. (a) | | | | | (431) | | | | | | (52,841) | | |
Diversified Consumer Services — (0.0)% | | ||||||||||||
Bright Horizons Family Solutions, Inc. (a) | | | | | (3,035) | | | | | | (382,046) | | |
Chegg, Inc. (a) | | | | | (10,917) | | | | | | (335,152) | | |
| | | | | | | | | | | (717,198) | | |
Electric Utilities — (0.0)% | | ||||||||||||
Avangrid, Inc. | | | | | (1,726) | | | | | | (86,093) | | |
Electrical Equipment — (0.1)% | | ||||||||||||
ChargePoint Holdings, Inc. (a) | | | | | (14,545) | | | | | | (277,082) | | |
Plug Power, Inc. (a) | | | | | (17,344) | | | | | | (489,621) | | |
Sunrun, Inc. (a) | | | | | (8,970) | | | | | | (307,671) | | |
| | | | | | | | | | | (1,074,374) | | |
Electronic Equipment, Instruments & Components — (0.0)% | | ||||||||||||
II-VI, Inc. (a) | | | | | (7,190) | | | | | | (491,293) | | |
Energy Equipment & Services — (0.0)% | | ||||||||||||
Baker Hughes Co. | | | | | (5,336) | | | | | | (128,384) | | |
NOV, Inc. (a) | | | | | (5,839) | | | | | | (79,118) | | |
| | | | | | | | | | | (207,502) | | |
Food & Staples Retailing — (0.0)% | | ||||||||||||
Grocery Outlet Holding Corp. (a) | | | | | (14,606) | | | | | | (413,058) | | |
Food Products — (0.1)% | | ||||||||||||
Beyond Meat, Inc. (a) | | | | | (15,156) | | | | | | (987,565) | | |
Flowers Foods, Inc. | | | | | (5,907) | | | | | | (162,265) | | |
Freshpet, Inc. (a) | | | | | (688) | | | | | | (65,546) | | |
Hormel Foods Corp. | | | | | (11,593) | | | | | | (565,854) | | |
| | | | | | | | | | | (1,781,230) | | |
Health Care Equipment & Supplies — (0.1)% | | ||||||||||||
Dexcom, Inc. (a) | | | | | (163) | | | | | | (87,523) | | |
Haemonetics Corp. (a) | | | | | (4,482) | | | | | | (237,725) | | |
Insulet Corp. (a) | | | | | (1,873) | | | | | | (498,349) | | |
Penumbra, Inc. (a) | | | | | (748) | | | | | | (214,915) | | |
STERIS plc | | | | | (1,651) | | | | | | (401,870) | | |
| | | | | | | | | | | (1,440,382) | | |
Health Care Providers & Services — (0.1)% | | ||||||||||||
Guardant Health, Inc. (a) | | | | | (3,364) | | | | | | (336,467) | | |
HealthEquity, Inc. (a) | | | | | (6,523) | | | | | | (288,578) | | |
LHC Group, Inc. (a) | | | | | (864) | | | | | | (118,567) | | |
Progyny, Inc. (a) | | | | | (9,116) | | | | | | (458,991) | | |
| | | | | | | | | | | (1,202,603) | | |
Hotels, Restaurants & Leisure — (0.3)% | | ||||||||||||
Caesars Entertainment, Inc. (a) | | | | | (8,548) | | | | | | (799,494) | | |
Carnival Corp. (a) | | | | | (40,608) | | | | | | (817,033) | | |
Choice Hotels International, Inc. | | | | | (3,067) | | | | | | (478,421) | | |
Domino’s Pizza, Inc. | | | | | (54) | | | | | | (30,474) | | |
| | | Number of Shares | | | Value | | ||||||
DraftKings, Inc., Class A (a) | | | | | (25,602) | | | | | $ | (703,287) | | |
Expedia Group, Inc. (a) | | | | | (718) | | | | | | (129,757) | | |
Jack in the Box, Inc. | | | | | (505) | | | | | | (44,177) | | |
Norwegian Cruise Line Holdings, Ltd. (a) | | | | | (45,143) | | | | | | (936,266) | | |
Papa John’s International, Inc. | | | | | (1,162) | | | | | | (155,092) | | |
Planet Fitness, Inc., Class A (a) | | | | | (1,671) | | | | | | (151,359) | | |
Royal Caribbean Cruises, Ltd. | | | | | (7,930) | | | | | | (609,817) | | |
Vail Resorts, Inc. | | | | | (103) | | | | | | (33,774) | | |
Wingstop, Inc. | | | | | (2,474) | | | | | | (427,507) | | |
Wynn Resorts, Ltd. (a) | | | | | (1,508) | | | | | | (128,240) | | |
| | | | | | | | | | | (5,444,698) | | |
Household Durables — (0.0)% | | ||||||||||||
Helen of Troy, Ltd. (a) | | | | | (441) | | | | | | (107,811) | | |
Leggett & Platt, Inc. | | | | | (7,401) | | | | | | (304,625) | | |
Taylor Morrison Home Corp. (a) | | | | | (3,977) | | | | | | (139,036) | | |
TopBuild Corp. (a) | | | | | (381) | | | | | | (105,122) | | |
| | | | | | | | | | | (656,594) | | |
Household Products — (0.0)% | | ||||||||||||
Energizer Holdings, Inc. | | | | | (6,271) | | | | | | (251,467) | | |
Industrial Conglomerates — (0.0)% | | ||||||||||||
Honeywell International, Inc. | | | | | (714) | | | | | | (148,876) | | |
Insurance — (0.0)% | | ||||||||||||
Aon plc, Class A | | | | | (604) | | | | | | (181,538) | | |
Lincoln National Corp. | | | | | (931) | | | | | | (63,550) | | |
White Mountains Insurance Group, Ltd. | | | | | (60) | | | | | | (60,834) | | |
| | | | | | | | | | | (305,922) | | |
Internet & Catalog Retail — (0.1)% | | ||||||||||||
Chewy, Inc., Class A (a) | | | | | (1,456) | | | | | | (85,860) | | |
eBay, Inc. | | | | | (1,108) | | | | | | (73,682) | | |
Wayfair, Inc., Class A (a) | | | | | (3,427) | | | | | | (651,027) | | |
| | | | | | | | | | | (810,569) | | |
Internet Software & Services — (0.1)% | | ||||||||||||
IAC/InterActiveCorp. (a) | | | | | (2,685) | | | | | | (350,956) | | |
Match Group, Inc. (a) | | | | | (3,479) | | | | | | (460,098) | | |
TripAdvisor, Inc. (a) | | | | | (23,725) | | | | | | (646,744) | | |
| | | | | | | | | | | (1,457,798) | | |
IT Services — (0.1)% | | ||||||||||||
Fastly, Inc., Class A (a) | | | | | (12,736) | | | | | | (451,491) | | |
Sabre Corp. (a) | | | | | (79,639) | | | | | | (684,099) | | |
Shift4 Payments, Inc., Class A (a) | | | | | (6,256) | | | | | | (362,410) | | |
Switch, Inc., Class A | | | | | (7,386) | | | | | | (211,535) | | |
| | | | | | | | | | | (1,709,535) | | |
Leisure Equipment & Products — (0.0)% | | ||||||||||||
Callaway Golf Co. (a) | | | | | (4,816) | | | | | | (132,151) | | |
Peloton Interactive, Inc., Class A (a) | | | | | (18,019) | | | | | | (644,359) | | |
| | | | | | | | | | | (776,510) | | |
Life Sciences Tools & Services — (0.0)% | | ||||||||||||
10X Genomics, Inc., Class A (a) | | | | | (3,162) | | | | | | (471,012) | | |
PerkinElmer, Inc. | | | | | (349) | | | | | | (70,170) | | |
| | | | | | | | | | | (541,182) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Machinery — (0.0)% | | ||||||||||||
Colfax Corp. (a) | | | | | (2,959) | | | | | $ | (136,025) | | |
Ingersoll Rand, Inc. | | | | | (1,268) | | | | | | (78,451) | | |
Trinity Industries, Inc. | | | | | (14,759) | | | | | | (445,722) | | |
Woodward, Inc. | | | | | (951) | | | | | | (104,096) | | |
| | | | | | | | | | | (764,294) | | |
Media — (0.1)% | | ||||||||||||
Cable One, Inc. | | | | | (200) | | | | | | (352,690) | | |
Cinemark Holdings, Inc. (a) | | | | | (10,652) | | | | | | (171,710) | | |
DISH Network Corp., Class A (a) | | | | | (9,627) | | | | | | (312,300) | | |
| | | | | | | | | | | (836,700) | | |
Metals & Mining — (0.0)% | | ||||||||||||
Compass Minerals International, Inc. | | | | | (1,442) | | | | | | (73,657) | | |
Multi-Utilities — (0.1)% | | ||||||||||||
CenterPoint Energy, Inc. | | | | | (31,503) | | | | | | (879,249) | | |
Multiline Retail — (0.0)% | | ||||||||||||
Nordstrom, Inc. (a) | | | | | (15,503) | | | | | | (350,678) | | |
Oil, Gas & Consumable Fuels — (0.1)% | | ||||||||||||
CNX Resources Corp. (a) | | | | | (33,052) | | | | | | (454,465) | | |
Equitrans Midstream Corp. | | | | | (3,280) | | | | | | (33,915) | | |
Hess Corp. | | | | | (2,603) | | | | | | (192,700) | | |
Murphy Oil Corp. | | | | | (6,097) | | | | | | (159,193) | | |
New Fortress Energy, Inc. | | | | | (11,790) | | | | | | (284,611) | | |
Phillips 66 | | | | | (600) | | | | | | (43,476) | | |
Valero Energy Corp. | | | | | (2,471) | | | | | | (185,597) | | |
Williams Cos., Inc. (The) | | | | | (7,257) | | | | | | (188,972) | | |
| | | | | | | | | | | (1,542,929) | | |
Pharmaceuticals — (0.0)% | | ||||||||||||
Catalent, Inc. (a) | | | | | (412) | | | | | | (52,748) | | |
Elanco Animal Health, Inc. (a) | | | | | (9,292) | | | | | | (263,707) | | |
Royalty Pharma plc, Class A | | | | | (2,226) | | | | | | (88,706) | | |
Viatris, Inc. | | | | | (4,044) | | | | | | (54,715) | | |
| | | | | | | | | | | (459,876) | | |
Professional Services — (0.0)% | | ||||||||||||
Dun & Bradstreet Holdings, Inc. (a) | | | | | (2,355) | | | | | | (48,254) | | |
FTI Consulting, Inc. (a) | | | | | (1,066) | | | | | | (163,546) | | |
| | | | | | | | | | | (211,800) | | |
Real Estate Investment Trusts (REITs) — (0.3)% | | ||||||||||||
Americold Realty Trust | | | | | (3,015) | | | | | | (98,862) | | |
Boston Properties, Inc. | | | | | (1,140) | | | | | | (131,305) | | |
Federal Realty Investment Trust | | | | | (2,951) | | | | | | (402,280) | | |
Host Hotels & Resorts, Inc. (a) | | | | | (4,923) | | | | | | (85,611) | | |
Iron Mountain, Inc. | | | | | (6,104) | | | | | | (319,422) | | |
Kimco Realty Corp. | | | | | (23,361) | | | | | | (575,849) | | |
Medical Properties Trust, Inc. | | | | | (4,980) | | | | | | (117,677) | | |
Park Hotels & Resorts, Inc. (a) | | | | | (6,413) | | | | | | (121,077) | | |
Pebblebrook Hotel Trust | | | | | (35,970) | | | | | | (804,649) | | |
Rayonier, Inc. | | | | | (5,630) | | | | | | (227,227) | | |
Realty Income Corp. | | | | | (3,584) | | | | | | (256,579) | | |
SL Green Realty Corp. | | | | | (4,389) | | | | | | (314,691) | | |
STORE Capital Corp. | | | | | (8,418) | | | | | | (289,579) | | |
Ventas, Inc. | | | | | (832) | | | | | | (42,532) | | |
| | | Number of Shares | | | Value | | ||||||
Welltower, Inc. | | | | | (13,656) | | | | | $ | (1,171,275) | | |
| | | | | | | | | | | (4,958,615) | | |
Road & Rail — (0.0)% | | ||||||||||||
Lyft, Inc., Class A (a) | | | | | (761) | | | | | | (32,518) | | |
Uber Technologies, Inc. (a) | | | | | (10,966) | | | | | | (459,804) | | |
| | | | | | | | | | | (492,322) | | |
Semiconductors & Semiconductor Equipment — (0.1)% | | ||||||||||||
Azenta Inc. | | | | | (688) | | | | | | (70,940) | | |
Enphase Energy, Inc. (a) | | | | | (352) | | | | | | (64,395) | | |
Entegris, Inc. | | | | | (1,750) | | | | | | (242,515) | | |
First Solar, Inc. (a) | | | | | (1,270) | | | | | | (110,693) | | |
Marvell Technology, Inc. | | | | | (4,903) | | | | | | (428,963) | | |
Silicon Laboratories, Inc. (a) | | | | | (1,859) | | | | | | (383,735) | | |
Wolfspeed, Inc. (a) | | | | | (4,162) | | | | | | (465,187) | | |
| | | | | | | | | | | (1,766,428) | | |
Software — (0.3)% | | ||||||||||||
Bill.com Holdings, Inc. (a) | | | | | (2,931) | | | | | | (730,259) | | |
Ceridian HCM Holding, Inc. (a) | | | | | (2,379) | | | | | | (248,510) | | |
Cloudflare, Inc., Class A (a) | | | | | (392) | | | | | | (51,548) | | |
Coupa Software, Inc. (a) | | | | | (1,591) | | | | | | (251,458) | | |
Crowdstrike Holdings, Inc.Class A (a) | | | | | (941) | | | | | | (192,670) | | |
Envestnet, Inc. (a) | | | | | (2,126) | | | | | | (168,677) | | |
Everbridge, Inc. (a) | | | | | (2,596) | | | | | | (174,789) | | |
Five9, Inc. (a) | | | | | (919) | | | | | | (126,197) | | |
New Relic, Inc. (a) | | | | | (3,170) | | | | | | (348,573) | | |
Nuance Communications, Inc. (a) | | | | | (734) | | | | | | (40,605) | | |
Palo Alto Networks, Inc. (a) | | | | | (521) | | | | | | (290,072) | | |
RingCentral, Inc., Class A (a) | | | | | (1,420) | | | | | | (266,037) | | |
Sailpoint Technologies Holdings, Inc. (a) | | | | | (13,092) | | | | | | (632,867) | | |
Splunk, Inc. (a) | | | | | (1,313) | | | | | | (151,940) | | |
Voyager Digital, Ltd. (a) | | | | | (25,355) | | | | | | (316,499) | | |
| | | | | | | | | | | (3,990,701) | | |
Specialty Retail — (0.1)% | | ||||||||||||
Avis Budget Group, Inc. (a) | | | | | (324) | | | | | | (67,188) | | |
CarMax, Inc. (a) | | | | | (592) | | | | | | (77,096) | | |
Carvana Co. (a) | | | | | (1,199) | | | | | | (277,916) | | |
Floor & Decor Holdings, Inc., Class A (a) | | | | | (676) | | | | | | (87,887) | | |
GameStop Corp., Class A (a) | | | | | (4,137) | | | | | | (613,889) | | |
Gap, Inc. (The) | | | | | (3,493) | | | | | | (61,651) | | |
RH (a) | | | | | (860) | | | | | | (460,908) | | |
Vroom, Inc. (a) | | | | | (51,285) | | | | | | (553,365) | | |
| | | | | | | | | | | (2,199,900) | | |
Textiles, Apparel & Luxury Goods — (0.1)% | | ||||||||||||
Carter’s, Inc. | | | | | (755) | | | | | | (76,421) | | |
PVH Corp. | | | | | (4,163) | | | | | | (443,984) | | |
Under Armour, Inc., Class A (a) | | | | | (9,954) | | | | | | (210,925) | | |
VF Corp. | | | | | (2,300) | | | | | | (168,406) | | |
| | | | | | | | | | | (899,736) | | |
Total US Common Stocks (Proceeds $54,314,982) | | | | | | | | | | | (51,027,733) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Shares | | | Value | | ||||||
Foreign Common Stocks — (2.9)% | | ||||||||||||
Argentina — (0.0)% | | ||||||||||||
MercadoLibre, Inc. (a) | | | | | (258) | | | | | $ | (347,887) | | |
Bermuda — (0.0)% | | ||||||||||||
Assured Guaranty, Ltd. | | | | | (605) | | | | | | (30,371) | | |
Canada — (0.2)% | | ||||||||||||
American Lithium Corp. (a) | | | | | (37,800) | | | | | | (127,300) | | |
American Pacific Mining Corp. (a) | | | | | (61,100) | | | | | | (64,242) | | |
Badger Infrastructure Solution | | | | | (10,100) | | | | | | (253,827) | | |
Barrick Gold Corp. – TSX Shares | | | | | (41,200) | | | | | | (783,320) | | |
DIRTT Environmental Solutions (a) | | | | | (14,200) | | | | | | (30,871) | | |
E3 Metals Corp. (a) | | | | | (72,817) | | | | | | (132,400) | | |
Goodfood Market Corp. (a) | | | | | (36,800) | | | | | | (118,405) | | |
Hive Blockchain Technologies, Ltd. (a) | | | | | (40,400) | | | | | | (105,715) | | |
Lululemon Athletica, Inc. (a) | | | | | (422) | | | | | | (165,192) | | |
Nano One Materials Corp. (a) | | | | | (37,900) | | | | | | (91,083) | | |
QC Copper and Gold, Inc. (a) | | | | | (141,500) | | | | | | (38,033) | | |
Sphere 3D Corp. (a) | | | | | (33,900) | | | | | | (105,768) | | |
Spin Master Corp. (a) (g) | | | | | (2,100) | | | | | | (79,587) | | |
Village Farms International, Inc. (a) | | | | | (9,100) | | | | | | (58,415) | | |
Voxtur Analytics Corp. (a) | | | | | (109,600) | | | | | | (103,106) | | |
WeCommerce Holdings, Ltd. (a) | | | | | (25,600) | | | | | | (269,974) | | |
Well Health Technologies Corp. (a) | | | | | (43,400) | | | | | | (168,460) | | |
| | | | | | | | | | | (2,695,698) | | |
Denmark — (0.4)% | | ||||||||||||
Ambu A/S, Class B | | | | | (38,258) | | | | | | (1,001,358) | | |
FLSmidth & Co. A/S | | | | | (25,509) | | | | | | (953,588) | | |
GN Store Nord A/S | | | | | (19,025) | | | | | | (1,188,780) | | |
ISS A/S (a) | | | | | (34,118) | | | | | | (647,137) | | |
Netcompany Group A/S (g) | | | | | (7,588) | | | | | | (809,126) | | |
NNIT A/S (g) | | | | | (2,284) | | | | | | (40,043) | | |
Novozymes A/S, Shares – B | | | | | (12,789) | | | | | | (1,047,258) | | |
SimCorp A/S | | | | | (2,646) | | | | | | (286,027) | | |
| | | | | | | | | | | (5,973,317) | | |
Finland — (0.2)% | | ||||||||||||
Citycon Oyj | | | | | (35,726) | | | | | | (283,655) | | |
Orion Oyj, Class B | | | | | (36,510) | | | | | | (1,515,041) | | |
Stora Enso Oyj, Shares – R | | | | | (45,530) | | | | | | (827,978) | | |
TietoEVRY Oyj | | | | | (29,274) | | | | | | (910,413) | | |
| | | | | | | | | | | (3,537,087) | | |
Ireland — (0.1)% | | ||||||||||||
Aptiv plc (a) | | | | | (2,040) | | | | | | (336,498) | | |
Jazz Pharmaceuticals plc (a) | | | | | (4,290) | | | | | | (546,546) | | |
Perrigo Co., plc | | | | | (4,512) | | | | | | (175,517) | | |
| | | | | | | | | | | (1,058,561) | | |
Israel — (0.0)% | | ||||||||||||
SolarEdge Technologies, Inc. (a) | | | | | (1,683) | | | | | | (472,199) | | |
|
| | | Number of Shares | | | Value | | ||||||
Jersey — (0.0)% | | ||||||||||||
Novocure, Ltd. (a) | | | | | (1,671) | | | | | $ | (125,459) | | |
Norway — (0.2)% | | ||||||||||||
Mowi ASA | | | | | (64,431) | | | | | | (1,524,863) | | |
Orkla ASA | | | | | (95,236) | | | | | | (954,877) | | |
Pexip Holding ASA (a) | | | | | (22,119) | | | | | | (102,491) | | |
| | | | | | | | | | | (2,582,231) | | |
Panama — (0.0)% | | ||||||||||||
Copa Holdings SA, Class A | | | | | (1,223) | | | | | | (101,093) | | |
Sweden — (1.8)% | | ||||||||||||
AAK AB | | | | | (64,904) | | | | | | (1,401,898) | | |
Assa Abloy AB, Class B | | | | | (30,378) | | | | | | (922,821) | | |
Bilia AB, Class A | | | | | (9,634) | | | | | | (170,538) | | |
Bygghemma Group First AB (a) | | | | | (22,937) | | | | | | (241,184) | | |
Clas Ohlson AB, Shares – B | | | | | (49,213) | | | | | | (747,555) | | |
Electrolux AB, Class B | | | | | (43,836) | | | | | | (1,059,746) | | |
Embracer Group AB (a) | | | | | (151,453) | | | | | | (1,604,762) | | |
Evolution AB (g) | | | | | (5,704) | | | | | | (802,446) | | |
Fastighets AB Balder, Shares – B (a) | | | | | (21,405) | | | | | | (1,544,026) | | |
Hexpol AB | | | | | (72,098) | | | | | | (968,442) | | |
Husqvarna AB Shares – B | | | | | (91,753) | | | | | | (1,460,858) | | |
Industrivarden AB Shares – A | | | | | (22,140) | | | | | | (702,715) | | |
Investment AB Latour, Shares – B | | | | | (60,062) | | | | | | (2,449,499) | | |
Kinnevik AB, Class B (a) | | | | | (35,053) | | | | | | (1,240,032) | | |
L E Lundbergforetagen AB, Shares – B | | | | | (12,716) | | | | | | (710,531) | | |
Loomis AB | | | | | (55,499) | | | | | | (1,478,295) | | |
Samhallsbyggnadsbolaget i Norden AB | | | | | (75,451) | | | | | | (550,504) | | |
Sandvik AB | | | | | (43,849) | | | | | | (1,225,134) | | |
Securitas AB Shares – B | | | | | (30,535) | | | | | | (419,689) | | |
Skanska AB, Shares – B | | | | | (72,242) | | | | | | (1,860,780) | | |
Svenska Cellulosa AB, Series B | | | | | (64,400) | | | | | | (1,140,779) | | |
Svenska Handelsbanken AB, Shares – A | | | | | (217,724) | | | | | | (2,350,385) | | |
Tele2 AB, Class B | | | | | (129,499) | | | | | | (1,845,748) | | |
Telia Co. AB | | | | | (363,990) | | | | | | (1,423,242) | | |
| | | | | | | | | | | (28,321,609) | | |
United Kingdom — (0.1)% | | ||||||||||||
Capri Holdings, Ltd. (a) | | | | | (1,695) | | | | | | (110,022) | | |
Clarivate plc (a) | | | | | (25,665) | | | | | | (603,641) | | |
LivaNova plc (a) | | | | | (1,260) | | | | | | (110,162) | | |
| | | | | | | | | | | (823,825) | | |
Total Foreign Common Stocks (Proceeds $45,445,261) | | | | | | | | | | | (46,069,337) | | |
Total Common Stocks (Proceeds $99,760,243) | | | | | | | | | | | (97,097,070) | | |
Total Securities Sold Short — (6.1)% (Proceeds $99,760,243) | | | | | | | | | | $ | (97,097,070) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/ (Proceeds) | | | Notional Value at December 31, 2021 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 3,053 | | | | | | 03/18/2022 | | | | Euro Stock 50 | | | | $ | 144,036,861 | | | | | $ | 149,026,611 | | | | | $ | 4,989,750 | | |
| | | 65 | | | | | | 03/18/2022 | | | | Russell E-mini 1000 Index | | | | | 5,222,718 | | | | | | 5,363,800 | | | | | | 141,082 | | |
| | | 622 | | | | | | 03/18/2022 | | | | Russell E-mini 2000 Index | | | | | 67,838,305 | | | | | | 69,751,080 | | | | | | 1,912,775 | | |
| | | 75 | | | | | | 03/18/2022 | | | | S&P 500 E-Mini Index | | | | | 17,437,321 | | | | | | 17,844,375 | | | | | | 407,054 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,450,661 | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Foreign Currency-Related | | | | | | | | | | | | | | | | | | | |
| | | (305) | | | | | | 03/14/2022 | | | | Euro FX | | | | | (42,999,153) | | | | | | (43,472,031) | | | | | | (472,878) | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | (281) | | | | | | 03/18/2022 | | | | MSCI EAFE | | | | | (32,268,279) | | | | | | (32,621,290) | | | | | | (353,011) | | |
| | | (1,181) | | | | | | 03/18/2022 | | | | MSCI Emerging Markets | | | | | (71,493,881) | | | | | | (72,413,015) | | | | | | (919,134) | | |
| | | (588) | | | | | | 03/18/2022 | | | | MSCI Japan Index | | | | | (46,983,922) | | | | | | (46,916,520) | | | | | | 67,402 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,204,743) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 5,773,040 | | |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
| Receive | | | Deliver | | |||||||||||||||||
01/03/2022 | | | Morgan Stanley Capital Services, Inc | | | | | USD 1,699,723 | | | | | | DKK 11,150,000 | | | | | $ | (7,245) | | |
01/03/2022 | | | Morgan Stanley Capital Services, Inc | | | | | USD 1,928,062 | | | | | | EUR1,700,000 | | | | | | (7,388) | | |
01/03/2022 | | | Morgan Stanley Capital Services, Inc | | | | | USD 9,269,082 | | | | | | SEK 83,570,000 | | | | | | 20,726 | | |
01/10/2022 | | | Morgan Stanley Capital Services, Inc | | | | | CAD 2,743,788 | | | | | | USD2,184,861 | | | | | | (16,840) | | |
01/10/2022 | | | Morgan Stanley Capital Services, Inc | | | | | USD 1,740,953 | | | | | | CAD2,184,022 | | | | | | 15,234 | | |
01/10/2022 | | | Morgan Stanley Capital Services, Inc | | | | | USD 18,639,624 | | | | | | CAD 23,239,022 | | | | | | 277,167 | | |
01/18/2022 | | | Barclays Bank plc | | | | | USD 8,000,000 | | | | | | CNH 52,757,400 | | | | | | (292,399) | | |
08/04/2022 | | | Barclays Bank plc | | | | | USD 4,302,294 | | | | | | CNH 28,552,400 | | | | | | (128,298) | | |
10/12/2022 | | | Barclays Bank plc | | | | | USD 13,872,905 | | | | | | CNH 92,020,909 | | | | | | (345,484) | | |
10/28/2022 | | | Barclays Bank plc | | | | | USD 6,251,971 | | | | | | CNH 41,011,950 | | | | | | (79,535) | | |
11/25/2022 | | | Barclays Bank plc | | | | | USD 17,436,911 | | | | | | CNH 114,324,796 | | | | | | (186,705) | | |
| | | | | | | | | | | | | | | | | | | $ | (750,767) | | |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation | | | Unrealized (Depreciation) | |
Short Total Return Swap Contracts | | ||||||||||||||||||||||||
08/11/2022 | | | Goldman Sachs International | | | SOFR plus 0.13% (l) | | | Hang Seng China Enterprises Index Net Total Return Index (c) | | | USD | | | Quarterly | | | $(12,178,021) | | | $— | | | $ (205,401) | |
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Calls — (0.0)% | | ||||||||||||
Air Canada, Notional Amount $(816,200), Strike Price $26.5 Expiring 02/18/2022 (Canada) | | | | | (308) | | | | | $ | (3,652) | | |
Mag Silver Corp., Notional Amount $(1,201,200), Strike Price $26 Expiring 02/18/2022 (Canada) | | | | | (462) | | | | | | (9,130) | | |
Nuvei Corp., Notional Amount $(560,000), Strike Price $100 Expiring 02/18/2022 (Canada) | | | | | (56) | | | | | | (17,265) | | |
Organigram Holdings, Inc., Notional Amount $(146,250), Strike Price $3.2 Expiring 03/18/2022 (Canada) | | | | | (450) | | | | | | (5,336) | | |
Rogers Communications, Inc., Notional Amount $(1,113,000), Strike Price $70 Expiring 06/17/2022 (Canada) | | | | | (159) | | | | | | (7,039) | | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
| | | Number of Contracts | | | Value | | ||||||
SSR Mining, Inc., Notional Amount $(926,400), Strike Price $24 Expiring 01/21/2022 (Canada) | | | | | (386) | | | | | $ | (10,987) | | |
Total Calls (Premiums received $56,519) | | | | | | | | | | | (53,409) | | |
Puts — (0.0)% | | ||||||||||||
Air Canada, Notional Amount $(585,200), Strike Price $19 Expiring 02/18/2022 (Canada) | | | | | (308) | | | | | | (13,879) | | |
Mag Silver Corp., Notional Amount $(831,600), Strike Price $18 Expiring 02/18/2022 (Canada) | | | | | (462) | | | | | | (29,220) | | |
Nuvei Corp., Notional Amount $(358,400), Strike Price $64 Expiring 02/18/2022 (Canada) | | | | | (56) | | | | | | (13,945) | | |
Rogers Communications, Inc., Notional Amount $(795,000), Strike Price $50 Expiring 06/17/2022 (Canada) | | | | | (159) | | | | | | (11,438) | | |
SSR Mining, Inc., Notional Amount $(694,800), Strike Price $18 Expiring 01/21/2022 (Canada) | | | | | (386) | | | | | | (2,746) | | |
Total Puts (Premiums received $87,900) | | | | | | | | | | | (71,228) | | |
Total Written Options (Premiums received $144,419) | | | | | | | | | | $ | (124,637) | | |
|
| ADR | | | American Depositary Receipt | |
| CAD | | | Canadian Dollar | |
| CNH | | | Yuan Renminbi Offshore | |
| DKK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| GDR | | | Global Depositary Receipt | |
| LSE | | | London Stock Exchange | |
| MSCI | | | Morgan Stanley Capital International | |
| NYSE | | | New York Stock Exchange | |
| OTC | | | Over-the-Counter | |
| REIT | | | Real Estate Investment Trust | |
| SDR | | | Swedish Depositary Receipts | |
| SEK | | | Swedish Krona | |
| SOFR | | | Secured Overnight Financing Rate | |
| SPADR | | | Sponsored ADR | |
| TSX | | | Toronto Stock Exchange | |
| USD | | | US Dollar | |
TIFF Multi-Asset Fund / Schedule of Investments* | December 31, 2021 |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
US Common Stocks | | | | | | | | | | | | | | | | | | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | $ | 21 | | | | | $ | 52,489 | | |
Foreign Common Stocks | | | | | | | | | | | | | | | | | | | |
American Pacific Mining Corp. | | | | | | 12/03/21 | | | | | 47,595 | | | | | | 66,344 | | |
Osisko Green Acquisition Ltd. | | | | | | 10/19/21 | | | | | 88,871 | | | | | | 91,166 | | |
QC Copper And Gold, Inc. | | | | | | 10/08/21 | | | | | 38,574 | | | | | | 35,838 | | |
| | | | | | | | | | | | | | | | | 193,348 | | |
Warrants | | | | | | | | | | | | | | | | | | | |
Esports Technology, Inc. | | | | | | 11/18/21 | | | | | — | | | | | | 126,020 | | |
Gryphon Digital Mining | | | | | | 07/28/21 | | | | | — | | | | | | 30,704 | | |
Osisko Green Acquisition Corp. | | | | | | 10/19/21 | | | | | 15,625 | | | | | | 13,368 | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 9,258 | | | | | | 9,258 | | |
Synaptive Medical, Inc. | | | | | | 12/16/19 | | | | | — | | | | | | 2,294 | | |
| | | | | | | | | | | | | | | | | 181,644 | | |
Convertible Bonds | | | | | | | | | | | | | | | | | | | |
Gryphon Digital Mining, Inc. | | | | | | 07/28/21 | | | | | 97,700 | | | | | | 170,301 | | |
Synaptive Medical, Inc. | | | | | | 11/29/21 | | | | | 120,000 | | | | | | 120,000 | | |
| | | | | | | | | | | | | | | | | 290,301 | | |
Private Investment Funds | | | | | | | | | | | | | | | | | | | |
Bellus Ventures II, LP | | | California Carbon Allowances | | | 08/01/21 – 10/01/21 | | | | | 27,900,000 | | | | | | 33,041,622 | | |
Canyon Value Realization Fund, LP | | | Multi-Strategy | | | 12/31/97 – 04/03/06 | | | | | 14,528,772 | | | | | | 34,557,482 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 26,250,000 | | | | | | 36,193,070 | | |
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 876,100 | | | | | | 1,095,279 | | |
Helikon Long Short Equity Fund ICAV | | | Long-Short European | | | 12/01/20 – 01/01/21 | | | | | 15,000,000 | | | | | | 20,616,215 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 07/01/16 – 07/01/17 | | | | | 19,748,814 | | | | | | 43,513,071 | | |
Neo Ivy Capital Fund, LP | | | Relative Value | | | 05/01/19 | | | | | 10,500,000 | | | | | | 9,595,687 | | |
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 | | | | | 15,000,000 | | | | | | 18,632,147 | | |
QVT Roiv Hldgs Onshore, Ltd. | | | Multi-Strategy | | | 01/05/16 | | | | | 2,469,102 | | | | | | 5,262,051 | | |
Radcliffe Domestic SPAC Fund, LP | | | Global Pre-Merger SPACs | | | 04/01/21 | | | | | 30,000,000 | | | | | | 30,336,295 | | |
Voloridge Fund, LP | | | Directional | | | 04/01/20 | | | | | 15,000,000 | | | | | | 16,639,073 | | |
| | | | | | | | | | | | | | | | | 249,481,992 | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | |
Esports Technology, Inc. | | | | | | 11/18/21 | | | | | 563,000 | | | | | | 563,000 | | |
Synaptive Medical, Inc. | | | | | | 02/03/20 | | | | | 129,999 | | | | | | 185,712 | | |
| | | | | | | | | | | | | | | | | 748,712 | | |
Disputed Claims Receipt | | | | | | | | | | | | | | | | | | | |
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | |
Total (15.9% of Net Assets) | | | | | | | | | | | | | | | | $ | 250,948,486 | | |
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2021 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,166,708,742) including securities on loan of $16,249,127 | | | | $ | 1,472,615,672 | | |
Repurchase agreements (cost: $179,226,892) | | | | | 179,226,892 | | |
Total investments (cost: $1,345,935,634) | | | | | 1,651,842,564 | | |
Cash | | | | | 2,944,322 | | |
Cash denominated in foreign currencies (cost: $11,671,822) | | | | | 11,859,785 | | |
Total Cash | | | | | 14,804,107 | | |
Deposits with brokers for future contracts | | | | | 21,034,270 | | |
Deposits with brokers for securities sold short | | | | | 13,145,916 | | |
Due from broker for futures variation margin | | | | | 573,515 | | |
Unrealized appreciation on forward currency contracts | | | | | 313,127 | | |
Deposits with broker for forward currency contracts | | | | | 2,380,000 | | |
Deposits with broker for options contracts | | | | | 3,465,594 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 56,961,053 | | |
Dividends and tax reclaims | | | | | 1,040,153 | | |
Interest | | | | | 199,667 | | |
Securities lending income | | | | | 5,085 | | |
Prepaid expenses | | | | | 101,257 | | |
Total Assets | | | | | 1,765,866,308 | | |
Liabilities | | | | | | | |
Cash collateral received for securities on loan | | | | | 1,822,020 | | |
Securities sold short, at value (proceeds: $99,760,243) | | | | | 97,097,070 | | |
Unrealized depreciation on forward currency contracts | | | | | 1,063,894 | | |
Due to broker for futures variation margin | | | | | 398,616 | | |
Unrealized depreciation on swap contracts | | | | | 205,401 | | |
Written options, at value (premium received $144,419) | | | | | 124,637 | | |
Payables: | | | | | | | |
Investment securities purchased | | | | | 81,079,611 | | |
Fund administration and custody fees | | | | | 786,641 | | |
Money manager fees | | | | | 493,382 | | |
Investment advisory and administrative fees | | | | | 386,701 | | |
Dividends and interest on securities sold short | | | | | 46,070 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 10,000 | | |
Accrued expenses and other liabilities | | | | | 243,120 | | |
Total Liabilities | | | | | 183,757,163 | | |
Net Assets | | | | $ | 1,582,109,145 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 97,549,232 | | |
Net Asset Value Per Share | | | | $ | 16.22 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,354,210,616 | | |
Total distributable earnings (loss) | | | | | 227,898,529 | | |
Net Assets | | | | $ | 1,582,109,145 | | |
TIFF Multi-Asset Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2021 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $970,031) | | | | $ | 15,228,951 | | |
Interest | | | | | 713,861 | | |
Securities lending income | | | | | 88,494 | | |
Total Investment Income | | | | | 16,031,306 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 5,432,136 | | |
Investment advisory fees | | | | | 3,747,157 | | |
Fund administration and custody fees | | | | | 1,595,664 | | |
Professional fees | | | | | 444,352 | | |
Administrative fees | | | | | 331,499 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 249,056 | | |
Miscellaneous fees and other | | | | | 160,664 | | |
Total Operating Expenses | | | | | 11,960,528 | | |
Dividends and interest on securities sold short | | | | | 1,470,209 | | |
Broker fees on securities sold short | | | | | 1,805,381 | | |
Total Expenses | | | | | 15,236,118 | | |
Net Investment Income | | | | | 795,188 | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | 172,596,380 | | |
Securities sold short | | | | | (33,617,341) | | |
Swap contracts | | | | | 3,472,823 | | |
Financial futures contracts | | | | | 39,837,180 | | |
Forward currency contracts | | | | | (7,805,983) | | |
Foreign currency-related transactions | | | | | 75,010 | | |
Written options | | | | | 741,814 | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 175,299,883 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | (15,562,930) | | |
Securities sold short | | | | | 19,465,700 | | |
Swap contracts | | | | | 43,242 | | |
Financial futures contracts | | | | | 5,702,664 | | |
Forward currency contracts | | | | | 5,793,123 | | |
Foreign currency-related transactions | | | | | (266,660) | | |
Written options | | | | | (342,375) | | |
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies | | | | | 14,832,764 | | |
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies | | | | | 190,132,647 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 190,927,835 | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 795,188 | | | | | $ | (15,355,222) | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 175,299,883 | | | | | | 173,341,251 | | |
Net change in unrealized appreciation on investments, derivatives, and foreign currencies | | | | | 14,832,764 | | | | | | 83,885,188 | | |
Net Increase in Net Assets Resulting from Operations | | | | | 190,927,835 | | | | | | 241,871,217 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (226,420,791) | | | | | | (13,987,772) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (226,420,791) | | | | | | (13,987,772) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 84,464,379 | | | | | | 35,832,116 | | |
Proceeds from distributions reinvested | | | | | 212,643,327 | | | | | | 13,051,289 | | |
Entry/exit fees | | | | | 344,453 | | | | | | 2,952,739 | | |
Cost of shares redeemed | | | | | (243,022,416) | | | | | | (629,500,806) | | |
Net Increase (Decrease) From Capital Share Transactions | | | | | 54,429,743 | | | | | | (577,664,662) | | |
Total Increase (Decrease) in Net Assets | | | | | 18,936,787 | | | | | | (349,781,217) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 1,563,172,358 | | | | | | 1,912,953,575 | | |
End of year | | | | $ | 1,582,109,145 | | | | | $ | 1,563,172,358 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 4,668,957 | | | | | | 2,355,622 | | |
Shares reinvested | | | | | 13,312,826 | | | | | | 781,047 | | |
Shares redeemed | | | | | (13,961,879) | | | | | | (44,094,473) | | |
Net Increase (Decrease) | | | | | 4,019,904 | | | | | | (40,957,804) | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Year Ended December 31, 2021 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | 190,927,835 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (1,441,256,328) | | |
Investments sold | | | | | 1,614,918,887 | | |
Purchases to cover securities sold short | | | | | (269,173,185) | | |
Securities sold short | | | | | 244,712,305 | | |
(Purchase)/Sale of short term investments, net | | | | | 2,108,851 | | |
Amortization (accretion) of discount and premium, net | | | | | 118,901 | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | (5,793,123) | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | (43,242) | | |
(Increase)/decrease in deposit with brokers for future contracts | | | | | (21,034,270) | | |
(Increase)/decrease in deposit with brokers for securities sold short | | | | | 24,572,421 | | |
(Increase)/decrease in deposits with broker for forward currency contracts | | | | | 2,430,000 | | |
(Increase)/decrease in deposits with broker for options contracts | | | | | 1,449,187 | | |
(Increase)/decrease in deposits with broker for swap contracts | | | | | 587,940 | | |
(Increase)/decrease in deposits with brokers | | | | | 5,957,230 | | |
(Increase)/decrease in advance purchase of investments | | | | | 10,000,000 | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | (359,897) | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | 358,751 | | |
(Increase)/decrease in interest receivable | | | | | (18,097) | | |
(Increase)/decrease in securities lending receivable | | | | | (5,085) | | |
(Increase)/decrease in prepaid expenses | | | | | (4,531) | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | (86,941) | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | (11,525) | | |
Increase/(decrease) in payable for money manager fees | | | | | (13,897,060) | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | 382,599 | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | 52,618 | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | (121,649) | | |
Increase/(decrease) in payable for Trustee’s fees | | | | | (1,845) | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | (1,582) | | |
Increase/(decrease) in premiums received on written options, net | | | | | (444,984) | | |
Net realized (gain) loss from investments | | | | | (172,596,380) | | |
Net realized (gain) loss from securities sold short | | | | | 33,617,341 | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | (75,010) | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | 15,562,930 | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | (19,465,700) | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | 266,660 | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | 342,375 | | |
Net cash provided by (used in) operating activities | | | | | 203,976,397 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Distributions paid to shareholders | | | | | (13,777,464) | | |
Proceeds from shares sold | | | | | 84,464,379 | | |
Payment for shares redeemed | | | | | (243,363,725) | | |
Increase (decrease) in cash overdraft | | | | | (34,056,878) | | |
Net cash provided by (used in) financing activities | | | | | (206,733,688) | | |
Effect of exchange rate changes on cash | | | | | (191,650) | | |
Net increase (decrease) in cash | | | | | (2,948,941) | | |
Cash at beginning of period | | | | | 17,753,048 | | |
Cash at end of period | | | | $ | 14,804,107 | | |
Non cash financing activities not included herein consist of reinvestment of distributions of: | | | | $ | 212,643,327 | | |
Interest Paid: | | | | $ | 2,779 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 613,761,464 | | | | | $ | 386,339,847 | | | | | $ | 460,133 | | | | | $ | 1,000,561,444 | | |
Participation Notes* | | | | | — | | | | | | 8,958,374 | | | | | | — | | | | | | 8,958,374 | | |
Structured Notes | | | | | — | | | | | | 250,741 | | | | | | — | | | | | | 250,741 | | |
Rights | | | | | — | | | | | | 286,166 | | | | | | — | | | | | | 286,166 | | |
Warrants+ | | | | | 141,095 | | | | | | — | | | | | | 528,711 | | | | | | 669,806 | | |
Convertible Bonds | | | | | — | | | | | | 327,458 | | | | | | 290,301 | | | | | | 617,759 | | |
US Treasury Bonds/Notes | | | | | — | | | | | | 123,569,818 | | | | | | — | | | | | | 123,569,818 | | |
Exchange-Traded Funds and Mutual Funds | | | | | 82,834,042 | | | | | | — | | | | | | — | | | | | | 82,834,042 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 249,481,992 | | | | | | 249,481,992 | | |
Preferred Stocks* | | | | | 206,750 | | | | | | 2,344,100 | | | | | | 748,712 | | | | | | 3,299,562 | | |
Purchased Options | | | | | 263,948 | | | | | | — | | | | | | — | | | | | | 263,948 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-Term Investments | | | | | — | | | | | | 179,226,892 | | | | | | — | | | | | | 179,226,892 | | |
Unaffiliated Investment Company | | | | | 1,822,020 | | | | | | — | | | | | | — | | | | | | 1,822,020 | | |
Total Investments in Securities | | | | | 699,029,319 | | | | | | 701,303,396 | | | | | | 251,509,849 | | | | | | 1,651,842,564 | | |
Financial Futures Contracts – Equity Risk | | | | | 7,518,063 | | | | | | — | | | | | | — | | | | | | 7,518,063 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 313,127 | | | | | | — | | | | | | 313,127 | | |
Total Other Financial Instruments | | | | | 7,518,063 | | | | | | 313,127 | | | | | | — | | | | | | 7,831,190 | | |
Total Assets | | | | $ | 706,547,382 | | | | | $ | 701,616,523 | | | | | $ | 251,509,849 | | | | | $ | 1,659,673,754 | | |
| | ||||||||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | | (56,682,826) | | | | | | (40,414,244) | | | | | | — | | | | | | (97,097,070) | | |
Financial Futures Contracts – Equity Risk | | | | | (1,272,145) | | | | | | — | | | | | | — | | | | | | (1,272,145) | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | (472,878) | | | | | | — | | | | | | — | | | | | | (472,878) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (1,063,894) | | | | | | — | | | | | | (1,063,894) | | |
Total Return Equity Index Swap Contracts – Equity Risk | | | | | — | | | | | | (205,401) | | | | | | — | | | | | | (205,401) | | |
Written Options – Equity Risk | | | | | (124,637) | | | | | | — | | | | | | — | | | | | | (124,637) | | |
Total Other Financial Instruments | | | | | (1,869,660) | | | | | | (1,269,295) | | | | | | — | | | | | | (3,138,955) | | |
Total Liabilities | | | | $ | (58,552,486) | | | | | $ | (41,683,539) | | | | | $ | — | | | | | $ | (100,236,025) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
Investments in Securities | | | Balance as of December 31, 2020 | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Purchases | | | Sales | | | Transfers in to Level 3 | | | Transfers out of Level 3 | | | Balance as of December 31, 2021 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 12/31/21 for the year ended 12/31/21 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | 106,701 | | | | | $ | 49,411 | | | | | $ | 216,900 | | | | | $ | 136,532 | | | | | $ | (49,411) | | | | | $ | — | | | | | $ | — | | | | | $ | 460,133 | | | | | $ | 216,900 | | |
Structured Notes | | | | | 244,085 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (244,085) | | | | | | — | | | | | | — | | |
Warrants | | | | | 1,266,230 | | | | | | 693,797 | | | | | | (927,895) | | | | | | 316,773 | | | | | | (811,451) | | | | | | — | | | | | | (8,743) | | | | | | 528,711 | | | | | | (220,532) | | |
Private Investment Funds | | | | | 190,391,838 | | | | | | 8,278,303 | | | | | | 13,349,669 | | | | | | 67,900,000 | | | | | | (30,437,818) | | | | | | — | | | | | | — | | | | | | 249,481,992 | | | | | | 11,367,949 | | |
Preferred Stocks | | | | | 185,713 | | | | | | — | | | | | | — | | | | | | 562,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | 748,712 | | | | | | — | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Convertible Bonds | | | | | — | | | | | | — | | | | | | 72,601 | | | | | | 217,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 290,301 | | | | | | 72,601 | | |
Total | | | | $ | 192,194,567 | | | | | $ | 9,021,511 | | | | | $ | 12,711,275 | | | | | $ | 69,134,004 | | | | | $ | (31,298,680) | | | | | $ | — | | | | | $ | (252,828) | | | | | $ | 251,509,849 | | | | | $ | 11,436,918 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
As of December 31, 2021 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stocks | | | | $ | 460,133 | | | | Last market price | | | Discount(%) | | | 20% – 100% | | | 51.08% | |
Warrants | | | | | 528,711 | | | | Black- Scholes pricing model | | | Volatility | | | 35.00% | | | 35.00% | |
Private Investment Funds | | | | | 249,481,992 | | | | Adjusted net asset value | | | Manager estimated returns | | | (3.50)% – 7.15% | | | 1.42% | |
| | | | | | | | | | | | Market returns** | | | (0.07)% – 6.51% | | | 0.62% | |
Preferred Stocks | | | | | 748,712 | | | | Recent transaction price | | | Recent transaction price | | | $2.50 – $28.00 | | | $21.67 | |
Disputed Claims Receipt | | | | | — | | | | Corporate Action Model | | | Future claim awards | | | 0.00% | | | 0.00% | |
Convertible Bonds | | | | | 170,301 | | | | Comparable market pricing | | | Comparable share ratio | | | 5.3x | | | 5.3x | |
| | | | | 120,000 | | | | Recent transaction price | | | Recent transaction price | | | $100.00 | | | $100.00 | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
California Carbon Allowances (a) | | | | $ | 33,041,622 | | | | quarterly | | | 90 days | |
Multi-Strategy (b) | | | | | 40,914,812 | | | | daily (84)% | | | 2 days | |
Long-Short Global Healthcare (c) | | | | | 36,193,070 | | | | quarterly | | | 45 days | |
Long-Short European (d) | | | | | 20,616,215 | | | | monthly | | | 60 days | |
Long-Short Global (e) | | | | | 43,513,071 | | | | quarterly | | | 60 days | |
Relative Value (f) | | | | | 9,595,687 | | | | quarterly | | | 30 days | |
China Credit (g) | | | | | 18,632,147 | | | | monthly | | | 45 days | |
Global Pre-Merger SPACs (h) | | | | | 30,336,295 | | | | daily | | | 7 days | |
Directional (i) | | | | | 16,639,073 | | | | monthly | | | 30 days | |
Total | | | | $ | 249,481,992 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 263,948 | | | | | $ | — | | |
Written Options | | | | | — | | | | | | (124,637) | | |
Total Return Equity Index Swap Contracts | | | | | — | | | | | | (205,401) | | |
Forward Contracts | | | | | 313,127 | | | | | | (1,063,894) | | |
Futures Contracts* | | | | | 7,518,063 | | | | | | (1,745,023) | | |
Total derivative assets and liabilities | | | | | 8,095,138 | | | | | | (3,138,955) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 7,782,011 | | | | | | (1,869,660) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 313,127 | | | | | $ | (1,269,295) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
Counterparty | | | Derivative Assets Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services, Inc. | | | | $ | 313,127 | | | | | $ | (31,473) | | | | | $ | — | | | | | $ | 281,654 | | |
Total | | | | $ | 313,127 | | | | | $ | (31,473) | | | | | $ | — | | | | | $ | 281,654 | | |
Counterparty | | | Derivative Liabilities Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Pledged* | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Bank plc | | | | $ | (1,032,421) | | | | | $ | — | | | | | $ | 1,032,421 | | | | | $ | — | | |
Morgan Stanley Capital Services, Inc. | | | | | (31,473) | | | | | | 31,473 | | | | | | — | | | | | | — | | |
Swap Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | (205,401) | | | | | | — | | | | | | — | | | | | | 205,401 | | |
Total | | | | $ | (1,269,295) | | | | | $ | 31,473 | | | | | $ | 1,032,421 | | | | | $ | 205,401 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
Derivative Type | | | Statement of Assets and Liability and Location | | | Foreign Currency Risk | | | Quarterly Average %* | | | Equity Risk | | | Quarterly Average %* | | | Interest Rate Risk | | | Quarterly Average %* | | | Total | | |||||||||||||||||||||
Purchased Options | | | Investments in securities, at value | | | | $ | — | | | | | | —% | | | | | $ | 263,948 | | | | | | 0.04% | | | | | $ | — | | | | | | —% | | | | | $ | 263,948 | | |
Total Return Equity Index Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | 0.03% | | | | | | — | | | | | | —% | | | | | | — | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 313,127 | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 313,127 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | — | | | | | | 0.01% | | | | | | 7,518,063 | | | | | | 0.22% | | | | | | — | | | | | | —% | | | | | | 7,518,063 | | |
Total Value — Assets | | | | | | | $ | 313,127 | | | | | | | | | | | $ | 7,782,011 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 8,095,138 | | |
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (124,637) | | | | | | 0.01% | | | | | $ | — | | | | | | —% | | | | | $ | (124,637) | | |
Total Return Equity Index Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (205,401) | | | | | | 0.01% | | | | | | — | | | | | | —% | | | | | | (205,401) | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (1,063,894) | | | | | | 0.24% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (1,063,894) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | (472,878) | | | | | | 0.01% | | | | | | (1,272,145) | | | | | | 0.11% | | | | | | — | | | | | | 0.01% | | | | | | (1,745,023) | | |
Total Value — Liabilities | | | | | | | $ | (1,536,772) | | | | | | | | | | | $ | (1,602,183) | | | | | | | | | | | $ | — | | | | | | | | | | | $ | (3,138,955) | | |
Derivative Type | | | Statement of Operations Location | | | Foreign Currency Risk | | | Equity Risk | | | Interest Rate Risk | | | Total | | ||||||||||||
Realized Gain (Loss) | | |||||||||||||||||||||||||||
Purchased Options | | | Net realized gain (loss) on Investments | | | | $ | — | | | | | $ | (7,667,777) | | | | | $ | — | | | | | $ | (7,667,777) | | |
Written Options | | | Net realized gain (loss) on Written options | | | | | — | | | | | | 741,814 | | | | | | — | | | | | | 741,814 | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | 3,472,823 | | | | | | — | | | | | | 3,472,823 | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | (7,805,983) | | | | | | — | | | | | | — | | | | | | (7,805,983) | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | 2,190,898 | | | | | | 38,344,575 | | | | | | (698,293) | | | | | | 39,837,180 | | |
Total Realized Gain (Loss) | | | | | | | $ | (5,615,085) | | | | | $ | 34,891,435 | | | | | $ | (698,293) | | | | | $ | 28,578,057 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
Derivative Type | | | Statement of Operations Location | | | Foreign Currency Risk | | | Equity Risk | | | Interest Rate Risk | | | Total | | ||||||||||||
Change in Appreciation (Depreciation) | | |||||||||||||||||||||||||||
Purchased Options | | | Net Change in Unrealized Appreciation (Depreciation) on Investments | | | | $ | — | | | | | $ | 3,377,913 | | | | | $ | — | | | | | $ | 3,377,913 | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Written options | | | | | — | | | | | | (342,375) | | | | | | — | | | | | | (342,375) | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | 43,242 | | | | | | — | | | | | | 43,242 | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | 5,793,123 | | | | | | — | | | | | | — | | | | | | 5,793,123 | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | (472,878) | | | | | | 6,174,050 | | | | | | 1,492 | | | | | | 5,702,664 | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | 5,320,245 | | | | | $ | 9,252,830 | | | | | $ | 1,492 | | | | | $ | 14,574,567 | | |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.25% | | |
On the next $1 billion | | | | | 0.23% | | |
On the next $1 billion | | | | | 0.20% | | |
On the remainder (> $3 billion) | | | | | 0.18% | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
Assets-Based Schedules [a] All paid Monthly | | | | | | | | | | | | | | | | | | | |
Money Manager/Strategy | | | Minimum | | | Maximum | | | Breakpoints | | |||||||||
Amundi Pioneer Institutional Asset Management, Inc. – Beta | | | | | 0.02% | | | | | | 0.03% | | | | | | YES | | |
Fundsmith, LLP | | | | | 0.90% | | | | | | — | | | | | | NO | | |
Green Court Capital Management Limited | | | | | 0.60% | | | | | | 0.90% | | | | | | YES | | |
Blended Asset-Based and Performance-Based Fee Schedules | | | |||||||||||||||||||||||||||||||||||
Asset-Based Portion – All Paid Monthly | | | Performance-Based Portion – All Paid Annually | | | ||||||||||||||||||||||||||||||||
Money Manager/ Strategy | | | Minimum (a) | | | Maximum (a) | | | Breakpoints | | | Benchmark/Hurdle (b) | | | High Water Mark (b) | | | Performance Fee | | | Performance Fee Cap (b) | | | Performance Measurement Period | | | | ||||||||||
AQR Capital Management – US | | | | | 0.20% | | | | | | — | | | | | | — | | | | Russell 1000 Total Return Index (net) | | | — | | | 14% (c) | | | — | | | Calendar Year | | | ||
Deep Basin Capital LP (d) * | | | | | 1.125% | | | | | | 1.20% | | | | | | — | | | | | | | YES | | | 16.25% (c) | | | — | | | Calendar year | | | ||
Keel Capital AB | | | | | 1.30% | | | | | | — | | | | | | — | | | | | | | YES | | | 20% (c) | | | — | | | Calendar year | | | ||
Kopernik Global Investors, LLC | | | | | 0.10% | | | | | | — | | | | | | — | | | | MSCI All Country World Index (net) | | | — | | | 20% (c) | | | — | | | Calendar year | | | ||
Mission Value Partners, LLC | | | | | 0.50% | | | | | | 0.75% | | | | | | YES | | | | 36 month blended hurdle of avg monthly change in Consumer Price Index x 12 + spread of 4% for months prior to April 1, 2019 and a flat 4.5%-5.5% thereafter | | | — | | | 10% (e) | | | 1.00% | | | Rolling 36 months | | | ||
NewGen Asset Management Limited | | | | | 1.50% | | | | | | — | | | | | | — | | | | | | | YES | | | 10% (c) | | | — | | | Calendar Year | | | ||
Strategy Capital, LLC | | | Blended rate between 0.48% and 0.10% (f) | | | | | 0.75% | | | | | | YES | | | | S&P 500 Index (net) | | | — | | | 10%-20% (c) (g) | | | — | | | Calendar year | | | |||||
TB Alternative Assets Ltd | | | | | 0.75% | | | | | | — | | | | | | — | | | | Blend: 50% MSCI China Index and 50% CSI 300 Index | | | — | | | 15% (c) | | | — | | | Calendar year | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 980,829,013 | | | | | $ | 1,075,402,911 | | |
US Government Securities | | | | | 197,559,955 | | | | | | 174,946,053 | | |
| | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | ||||||||||||
| | | | $ | 361,641,336 | | | | | $ | (193,441,453) | | | | | $ | 168,199,883 | | | | | $ | 1,391,174,714 | | |
| Undistributed Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/ (Depreciation) (a) | | |||||||||
| $5,319,773 | | | | $ | 58,561,452 | | | | | $ | — | | | | | $ | 164,017,304 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
| 2021 | | | | 2020 | | ||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Total | |
| $75,949,531 | | | $150,471,260 | | | $226,420,791 | | | | $— | | | $13,987,772 | | | $13,987,772 | |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 179,226,892 | | | | | $ | — | | | | | $ | (179,226,892) | | | | | $ | — | | |
Total | | | | $ | 179,226,892 | | | | | $ | — | | | | | $ | (179,226,892) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2021 |
February 24, 2022
TIFF Multi-Asset Fund | December 31, 2021 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2021 |
| Index Descriptions | |
TIFF Multi-Asset Fund | December 31, 2021 |
Trustees and Principal Officers (Unaudited) |
| William F. McCalpin | | |||
| Born 1957 Trustee since February 2008 Board Chair since 2008 1 fund overseen | | | Principal Occupation(s) During the Past Five Years: Chief Operating Officer, muun chi LLC, an organic food business (July 2020 − present); Chair of the Board of Trustees of The Janus Henderson Funds (2008 – present); Trustee of The Janus Henderson Funds (2002 – present) (oversees 52 portfolios). Formerly, independent consultant; Managing Partner, Impact Investments, Athena Capital Advisors, LLC, an independent, registered advisor (2016 – 2019); Managing Director, Holos Consulting LLC, a consultant to foundations and non-profit organizations (2009 – 2016); Other Directorships: F.B. Heron Foundation. | |
| Craig R. Carnaroli | | |||
| Born 1963 Trustee since January 2012 1 fund overseen | | | Principal Occupation(s) During the Past Five Years: Senior Executive Vice President, University of Pennsylvania (2000 – present). Other Directorships: University City District; University City Science Center; Philadelphia Industrial Development Corp.; Greater Philadelphia Chamber of Commerce; The Connelly Foundation, a private grantmaking foundation. | |
| Mark L. Baumgartner | | |||
| Born 1969 Trustee since September 2016 1 fund overseen | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, Carnegie Corporation of New York, a private grant-making foundation (2020 – present). Previously, Chief Investment Officer, Institute for Advanced Study, a private, independent academic institution (2014 – 2020). Other Directorships: YMCA Retirement Fund. | |
| Mai-Anh Tran | | |||
| Born 1970 Trustee since September 2020 1 Fund overseen | | | Principal Occupation(s) During the Past Five Years: Chief Financial Officer, The Ford Foundation, an independent, non-profit grant-making organization (2010 – present). Other Directorships: Proteus Fund, Inc. | |
| Jennifer E. Deger | | |||
| Born 1967 Trustee since January 2022 1 fund overseen | | | Principal Occupation(s) During the Past Five Years: Director of Finance and Global Controller, Bill & Melinda Gates Foundation, a private grant-making foundation (2010 – present). Other Directorships: Foundation Finance Officers Group. | |
Trustees and Principal Officers (Unaudited) |
| Clarence Kane Brenan | | |||
| Born 1968 CEO since July 2020 | | | Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc. (July 2020 – present) ; President, TIFF Investment Program (July 2020 – March 2021). Partner, Global Head, and Co- CIO of the Global Portfolio Solutions (GPS) group, among other positions, Goldman Sachs (1998 ��� 2020). | |
| Jay L. Willoughby | | |||
| Born 1958 Chief Investment Officer since October 2015 | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present). | |
| Katherine M. Billings | | |||
| Born 1980 CFO and Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present); Director, among other positions, PricewaterhouseCoopers, LLP (2002 – 2017). | |
| Lisa L.B. Matson | | |||
| Born 1970 Vice President since December 2020 | | | Principal Occupation(s) During the Past Five Years: General Counsel, Vice President and Secretary, TIFF Advisory Services, Inc. (2020 – present) ; Vice President, TIFF Investment Program (December 2020 – present). General Counsel, Chief Legal Officer, and Senior Partner, Penn Capital Management Company, Inc. (2014 – 2020). | |
| Zane T. Hamid | | |||
| Born 1981 Vice President since December 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Head of Fund Operations (2017 – present) and Deputy Head of Fund Operations (2013 – 2017), TIFF Advisory Services, Inc. | |
| Christian A. Szautner | | |||
| Born 1972 CCO since July 2008; Vice President, Secretary, and Chief Legal Officer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President, Chief Compliance Officer, Anti-Money Laundering Officer; Assistant Secretary (2017 – present); General Counsel — Regulatory (2017 – 2021), TIFF Advisory Services, Inc. | |
| Robert J. Zion | | |||
| Born 1961 President since March 2021; Assistant Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. (March 2017 – present); President and Assistant Treasurer, TIFF Investment Program (March 2021 – present); Vice President, TIFF Investment Program (March 2017 – March 2021) . Chief Operating Officer, among other positions, Hirtle Callaghan & Co. (1991 – 2017). | |
Amundi Pioneer Asset Management US, Inc.
AQR Capital Management, LLC
Canyon Capital Advisors LLC (AF)
Deep Basin Capital LP*
Eversept Partners, LP (AF)
Farallon Capital Management, LLC (AF)**
Fundsmith, LLP
Green Court Capital Management Limited
GSA Capital Ltd. (AF)*
Helikon Investments Limited (AF)
Honeycomb Asset Management LP (AF)
Keel Capital AB
Kopernik Global Investors, LLC
Mission Value Partners, LLC
Neo Ivy Capital Management, LLC (AF)
NewGen Asset Management Limited
Northwest Investment Management (Hong Kong) Limited (AF)
QVT Financial LP (AF)**
Radcliffe Capital Management, LP (AF)
Strategy Capital, LLC
TB Alternative Assets Ltd. (“Trustbridge”)
TIFF Advisory Services, Inc.
Voloridge Investment Management, LLC (AF)
| | | ADVISOR | | |
| | | | TIFF Advisory Services, Inc. | |
| 170 N. Radnor Chester Road Suite 300 Radnor, PA 19087 phone 610-684-8200 fax 610-684-8210 CUSTODIAN ACCOUNTING AGENT TRANSFER AGENT DIVIDEND DISBURSING AGENT FUND ADMINISTRATOR State Street Bank and Trust Company One Iron Street Boston, MA 02210 FUND DISTRIBUTOR Foreside Fund Services, LLC 3 Canal Plaza Suite 100 Portland, ME 04101 FUND COUNSEL Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 2001 Market Street Suite 1800 Philadelphia, PA 19103 | |
(b) Not applicable.
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2021, there were no amendments or waivers granted from any provision of the Code of Ethics. A copy of the Registrant’s Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that the Registrant has several audit committee financial experts serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Craig R. Carnaroli and Mai-Anh Tran, each of whom is “independent” as defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | AUDIT FEES: The aggregate fees billed for professional services rendered by the Registrant’s independent auditors, PricewaterhouseCoopers LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2021 and 2020 were $153,400 and $172,700. |
(b) | AUDIT-RELATED FEES: Audit-Related Fees are for assurance and related services by the Registrant’s independent accountant that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but are not reported as audit fees. No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal years ended December 31, 2021 or 2020. |
(c) | TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by PricewaterhouseCoopers LLP, for the fiscal years ended December 31, 2021 and 2020 were $81,238 and $77,023. These fees were for tax compliance, tax advice, and tax planning, including excise tax distribution and tax return review services. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant for the fiscal years ended December 31, 2021 or 2020. |
(e) | (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: The Registrant's audit committee has delegated the authority to pre-approve the provision of audit and non-audit services to the chair of the audit committee; provided, however, that such pre-approval of audit or non-audit services is subject to ratification by the full audit committee at their next regularly scheduled audit committee meeting. |
(2) Not applicable.
(f) | Not applicable. |
(g) | In addition to amounts reported in (a) through (d) above, the aggregate non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant, and to the Registrant’s Investment Adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2021 and 2020 were $221,763 and $215,557. |
(h) | The Registrant’s audit committee of the Board of Trustees has considered the provision of non-audit services rendered to or paid for by the Registrant’s Investment Adviser to be compatible with maintaining the principal accounting firm’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of Ethics as described in Item 2 is attached.
(a)(3) Not applicable to this filing.
(a)(4) Not applicable to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | TIFF Investment Program | |
By (Signature and Title) | /s/ Clarence Kane Brenan | |
Clarence Kane Brenan, Chief Executive Officer | ||
Date | February 24, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Clarence Kane Brenan | |
Clarence Kane Brenan, Chief Executive Officer | ||
Date | February 24, 2022 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | February 24, 2022 |