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: | 12/31/2022 | |
Date of reporting period: | 01/01/2022 – 12/31/2022 |
Item 1. Reports to Stockholders.
| | | TIFF Investment Program | | ||||
| 2022 Annual Report | | | December 31, 2022 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Fund Expenses | | | | | 7 | | |
| Financial Highlights | | | | | 8 | | |
| Schedule of Investments | | | | | 9 | | |
| Statement of Assets and Liabilities | | | | | 29 | | |
| Statement of Operations | | | | | 30 | | |
| Statements of Changes in Net Assets | | | | | 31 | | |
| Statement of Cash Flows | | | | | 32 | | |
| Notes to Financial Statements | | | | | 33 | | |
| | | | | 50 | | | |
| Additional Information | | | | | 51 | | |
| Index Descriptions | | | | | 52 | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | 53 | | |
| About TIFF | |
| TIFF Mutual Fund | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Portfolio Management Review (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Portfolio Management Review (Unaudited) (continued) | |
TIFF Multi-Asset Fund | December 31, 2022 |
| 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.tiff.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 (Unaudited)Total return for the periods ended 12/31/22 | |
| | | Calendar Year 2022 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Multi-Asset Fund | | | | | (15.17)% | | | | | | 4.17% | | | | | | 3.73% | | | | | | 5.31% | | | | | | 7.17% | | | | | | 583.77% | | |
65/35 Mix | | | | | (16.30)% | | | | | | 1.97% | | | | | | 3.70% | | | | | | 5.72% | | | | | | 6.36% | | | | | | 454.29% | | |
CPI + 5% per annum | | | | | 11.75% | | | | | | 10.13% | | | | | | 8.95% | | | | | | 7.71% | | | | | | 7.56% | | | | | | 657.10% | | |
MAF Constructed Index | | | | | (13.59)% | | | | | | 3.43% | | | | | | 4.41% | | | | | | 5.29% | | | | | | 6.76% | | | | | | 515.55% | | |
MSCI ACW Index | | | | | (18.36)% | | | | | | 4.00% | | | | | | 5.22% | | | | | | 7.97% | | | | | | 6.86% | | | | | | 531.05% | | |
Bloomberg US Aggregate Bond Index | | | | | (13.01)% | | | | | | (2.71)% | | | | | | 0.02% | | | | | | 1.06% | | | | | | 4.50% | | | | | | 239.47% | | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Performance of a $2,500,000 Investment Ten year period ended 12/31/22 | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Summary Schedule of Investments (Unaudited) | |
| US Common Stocks | | | | | 35.4% | | |
| Foreign Common Stocks | | | | | 32.1% | | |
| Private Investment Funds | | | | | 13.6% | | |
| Repurchase Agreement | | | | | 6.6% | | |
| Exchange-Traded Funds (ETFs) | | | | | 6.5% | | |
| US Treasury Bonds/Notes | | | | | 5.2% | | |
| US Treasury Bills | | | | | 5.1% | | |
| Unaffiliated Investment Company | | | | | 0.9% | | |
| Preferred Stocks | | | | | 0.3% | | |
| Participation Notes | | | | | 0.2% | | |
| Purchased Option Contracts | | | | | 0.2% | | |
| Corporate Bonds | | | | | 0.2% | | |
| Warrants | | | | | 0.0% | | |
| Rights | | | | | 0.0% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 106.3% | | |
| Securities Sold Short | | | | | (11.5)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 5.2% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Fund Expenses | |
| | | Including Expenses for Securities Sold Short* | | | Excluding Expenses for Securities Sold Short* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 7/1/22 | | | Ending Account Value 12/31/22 | | | Expenses Paid During the Period** 7/1/22 – 12/31/22 | | | Beginning Account Value 7/1/22 | | | Ending Account Value 12/31/22 | | | Expenses Paid During the Period** 7/1/22 – 12/31/22 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,023.40 | | | | | $ | 6.17 | | | | | $ | 1,000.00 | | | | | $ | 1,023.40 | | | | | $ | 4.95 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,019.11 | | | | | $ | 6.16 | | | | | $ | 1,000.00 | | | | | $ | 1,020.32 | | | | | $ | 4.94 | | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Financial Highlights | |
| | | Year Ended December 31, 2022 | | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | |||||||||||||||
For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | |
Income (loss) from investment operations | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) | | | | | 0.03 | | | | | | 0.01 | | | | | | (0.14) | | | | | | 0.12 | | | | | | 0.12 | | |
Net realized and unrealized gain (loss) on investments | | | | | (2.49) | | | | | | 2.03 | | | | | | 2.75 | | | | | | 2.05 | | | | | | (1.63) | | |
Total from investment operations | | | | | (2.46) | | | | | | 2.04 | | | | | | 2.61 | | | | | | 2.17 | | | | | | (1.51) | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | — | | | | | | (0.24) | | | | | | — | | | | | | — | | | | | | (0.25) | | |
Net realized gains | | | | | (1.28) | | | | | | (2.29) | | | | | | (0.15) | | | | | | — | | | | | | (0.67) | | |
Return of capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.10) | | |
Total distributions | | | | | (1.28) | | | | | | (2.53) | | | | | | (0.15) | | | | | | — | | | | | | (1.02) | | |
Entry/exit fee per share (a) | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | 0.03 | | | | | | 0.02 | | |
Net asset value, end of year | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | |
Total return (b) | | | | | (15.17)% | | | | | | 12.46% | | | | | | 18.57%(c) | | | | | | 18.39% | | | | | | (10.27)% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000s) | | | | $ | 1,247,979 | | | | | $ | 1,582,109 | | | | | $ | 1,563,172 | | | | | $ | 1,912,954 | | | | | $ | 2,498,944 | | |
Ratio of expenses to average net assets (d) | | | | | 1.14% | | | | | | 0.92% | | | | | | 2.22%(e) | | | | | | 1.00% | | | | | | 0.78% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (d) | | | | | 0.88% | | | | | | 0.72% | | | | | | 1.92%(e) | | | | | | 0.78% | | | | | | 0.72% | | |
Ratio of net investment income (loss) to average net assets | | | | | 0.22% | | | | | | 0.05% | | | | | | (0.97)% | | | | | | 0.92% | | | | | | 0.85% | | |
Portfolio turnover | | | | | 143% | | | | | | 87% | | | | | | 146% | | | | | | 114% | | | | | | 66% | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Investments — 106.2% of net assets | | ||||||||||||
Common Stocks — 67.5% | | ||||||||||||
US Common Stocks — 35.4% | | ||||||||||||
Aerospace & Defense — 0.5% | | ||||||||||||
AeroVironment, Inc. (a) | | | | | 6,223 | | | | | $ | 533,062 | | |
Axon Enterprise, Inc. (a) (b) | | | | | 523 | | | | | | 86,782 | | |
General Dynamics Corp. (b) | | | | | 3,748 | | | | | | 929,916 | | |
Howmet Aerospace, Inc. (b) | | | | | 3,086 | | | | | | 121,619 | | |
Huntington Ingalls Industries, Inc. | | | | | 2,063 | | | | | | 475,893 | | |
Lockheed Martin Corp. (b) | | | | | 2,156 | | | | | | 1,048,873 | | |
Raytheon Technologies Corp. (b) | | | | | 8,113 | | | | | | 818,764 | | |
Spirit AeroSystems Holdings, Inc., Class A (b) | | | | | 173 | | | | | | 5,121 | | |
Textron, Inc. (b) | | | | | 6,659 | | | | | | 471,457 | | |
TransDigm Group, Inc. (b) | | | | | 2,402 | | | | | | 1,512,420 | | |
| | | | | | | | | | | 6,003,907 | | |
Air Freight & Logistics — 0.0% | | ||||||||||||
FedEx Corp. (b) | | | | | 2,087 | | | | | | 361,468 | | |
Airlines — 0.2% | | ||||||||||||
Alaska Air Group, Inc. (a) | | | | | 11,703 | | | | | | 502,527 | | |
Delta Air Lines, Inc. (a) | | | | | 10,392 | | | | | | 341,481 | | |
SkyWest, Inc. (a) | | | | | 65,403 | | | | | | 1,079,803 | | |
Southwest Airlines Co. (a) | | | | | 9,889 | | | | | | 332,963 | | |
United Airlines Holdings, Inc. (a) | | | | | 1,939 | | | | | | 73,100 | | |
| | | | | | | | | | | 2,329,874 | | |
Auto Components — 0.1% | | ||||||||||||
Adient plc (a) (b) | | | | | 14,141 | | | | | | 490,551 | | |
Dorman Products, Inc. (a) | | | | | 4,997 | | | | | | 404,107 | | |
Goodyear Tire & Rubber Co. (The) (a) | | | | | 64,737 | | | | | | 657,081 | | |
Lear Corp. (b) | | | | | 2,382 | | | | | | 295,416 | | |
| | | | | | | | | | | 1,847,155 | | |
Automobiles — 0.3% | | ||||||||||||
Ford Motor Co. | | | | | 30,205 | | | | | | 351,284 | | |
General Motors Co. | | | | | 34,344 | | | | | | 1,155,332 | | |
Tesla, Inc. (a) (b) | | | | | 9,794 | | | | | | 1,206,425 | | |
Thor Industries, Inc. (b) | | | | | 6,270 | | | | | | 473,323 | | |
| | | | | | | | | | | 3,186,364 | | |
Banks — 0.8% | | ||||||||||||
Associated Banc-Corp. | | | | | 19,959 | | | | | | 460,853 | | |
Bancorp, Inc. (The) (a) | | | | | 12,725 | | | | | | 361,135 | | |
Bank of America Corp. (b) | | | | | 7,552 | | | | | | 250,122 | | |
Cathay General Bancorp | | | | | 7,159 | | | | | | 292,016 | | |
Citigroup, Inc. (b) | | | | | 53,753 | | | | | | 2,431,248 | | |
Comerica, Inc. | | | | | 2,436 | | | | | | 162,847 | | |
First Horizon Corp. | | | | | 1,630 | | | | | | 39,935 | | |
First Republic Bank | | | | | 5,557 | | | | | | 677,343 | | |
FNB Corp./PA | | | | | 12,137 | | | | | | 158,388 | | |
Fulton Financial Corp. | | | | | 18,989 | | | | | | 319,585 | | |
Hancock Whitney Corp. | | | | | 5,370 | | | | | | 259,854 | | |
JPMorgan Chase & Co. (b) | | | | | 6,322 | | | | | | 847,780 | | |
PacWest Bancorp | | | | | 17,453 | | | | | | 400,546 | | |
Prosperity Bancshares, Inc. | | | | | 416 | | | | | | 30,235 | | |
Texas Capital Bancshares, Inc. (a) | | | | | 1,537 | | | | | | 92,696 | | |
| | | Number of Shares | | | Value | | ||||||
UMB Financial Corp. | | | | | 4,604 | | | | | $ | 384,526 | | |
Umpqua Holdings Corp. | | | | | 19,716 | | | | | | 351,931 | | |
US Bancorp | | | | | 3,245 | | | | | | 141,514 | | |
Washington Federal, Inc. | | | | | 11,745 | | | | | | 394,045 | | |
Wells Fargo & Co. (b) | | | | | 49,448 | | | | | | 2,041,708 | | |
Wintrust Financial Corp. | | | | | 2,357 | | | | | | 199,214 | | |
Zions Bancorp NA | | | | | 5,067 | | | | | | 249,094 | | |
| | | | | | | | | | | 10,546,615 | | |
Beverages — 0.8% | | ||||||||||||
Boston Beer Co., Inc. (The), Class A (a) (b) | | | | | 1,482 | | | | | | 488,349 | | |
Brown-Forman Corp., Class B | | | | | 66,090 | | | | | | 4,340,791 | | |
Coca-Cola Consolidated, Inc. | | | | | 1,214 | | | | | | 622,005 | | |
PepsiCo, Inc. | | | | | 25,857 | | | | | | 4,671,326 | | |
| | | | | | | | | | | 10,122,471 | | |
Biotechnology — 0.4% | | ||||||||||||
Amgen, Inc. (b) | | | | | 2,436 | | | | | | 639,791 | | |
Biogen, Inc. (a) | | | | | 869 | | | | | | 240,644 | | |
BioMarin Pharmaceutical, Inc. (a) | | | | | 2,217 | | | | | | 229,437 | | |
Exelixis, Inc. (a) | | | | | 17,045 | | | | | | 273,402 | | |
Gilead Sciences, Inc. (b) | | | | | 12,577 | | | | | | 1,079,735 | | |
Halozyme Therapeutics, Inc. (a) | | | | | 3,106 | | | | | | 176,731 | | |
Horizon Therapeutics plc (a) | | | | | 747 | | | | | | 85,009 | | |
Incyte Corp. (a) | | | | | 7,866 | | | | | | 631,797 | | |
IVERIC bio, Inc. (a) | | | | | 23,412 | | | | | | 501,251 | | |
Moderna, Inc. (a) | | | | | 2,566 | | | | | | 460,905 | | |
PTC Therapeutics, Inc. (a) | | | | | 1,131 | | | | | | 43,170 | | |
Regeneron Pharmaceuticals, Inc. (a) (b) | | | | | 318 | | | | | | 229,434 | | |
| | | | | | | | | | | 4,591,306 | | |
Building Products — 0.2% | | ||||||||||||
Advanced Drainage Systems, Inc. (b) | | | | | 2,863 | | | | | | 234,680 | | |
Armstrong World Industries, Inc. (b) | | | | | 4,548 | | | | | | 311,947 | | |
AZEK Co., Inc. (The) (a) | | | | | 6,764 | | | | | | 137,445 | | |
Builders FirstSource, Inc. (a) | | | | | 13,234 | | | | | | 858,622 | | |
Masco Corp. (b) | | | | | 8,363 | | | | | | 390,301 | | |
Owens Corning | | | | | 9,982 | | | | | | 851,465 | | |
Zurn Elkay Water Solutions Corp. | | | | | 9,042 | | | | | | 191,238 | | |
| | | | | | | | | | | 2,975,698 | | |
Capital Markets — 0.7% | | ||||||||||||
Affiliated Managers Group, Inc. | | | | | 2,015 | | | | | | 319,236 | | |
Ameriprise Financial, Inc. | | | | | 1,473 | | | | | | 458,648 | | |
Bank of New York Mellon Corp. (The) | | | | | 8,124 | | | | | | 369,805 | | |
BlackRock, Inc. (b) | | | | | 1,724 | | | | | | 1,221,678 | | |
Blackstone, Inc. (b) | | | | | 27,199 | | | | | | 2,017,894 | | |
Charles Schwab Corp. (The) (b) | | | | | 8,306 | | | | | | 691,558 | | |
Evercore, Inc., Class A | | | | | 1,393 | | | | | | 151,948 | | |
Focus Financial Partners, Inc., Class A (a) | | | | | 221 | | | | | | 8,237 | | |
Goldman Sachs Group, Inc. (The) (b) | | | | | 1,911 | | | | | | 656,199 | | |
Hamilton Lane, Inc., Class A | | | | | 1,170 | | | | | | 74,740 | | |
Interactive Brokers Group, Inc., Class A | | | | | 4,503 | | | | | | 325,792 | | |
Intercontinental Exchange, Inc. | | | | | 5,627 | | | | | | 577,274 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Invesco, Ltd. | | | | | 11,876 | | | | | $ | 213,649 | | |
Jefferies Financial Group, Inc. | | | | | 6,099 | | | | | | 209,074 | | |
Moelis & Co., Class A | | | | | 6,987 | | | | | | 268,091 | | |
S&P Global, Inc. (b) | | | | | 1,948 | | | | | | 652,463 | | |
State Street Corp. | | | | | 1,651 | | | | | | 128,068 | | |
Stifel Financial Corp. | | | | | 1,228 | | | | | | 71,678 | | |
Virtu Financial, Inc., Class A | | | | | 23,611 | | | | | | 481,901 | | |
| | | | | | | | | | | 8,897,933 | | |
Chemicals — 0.6% | | ||||||||||||
Axalta Coating Systems, Ltd. (a) | | | | | 7,765 | | | | | | 197,774 | | |
Celanese Corp. (b) | | | | | 4,736 | | | | | | 484,209 | | |
CF Industries Holdings, Inc. | | | | | 11,486 | | | | | | 978,607 | | |
Chemours Co. (The) | | | | | 19,121 | | | | | | 585,485 | | |
Dow, Inc. (b) | | | | | 8,030 | | | | | | 404,632 | | |
Eastman Chemical Co. | | | | | 3,833 | | | | | | 312,159 | | |
Ecolab, Inc. (b) | | | | | 2,703 | | | | | | 393,449 | | |
Element Solutions, Inc. | | | | | 11,136 | | | | | | 202,564 | | |
Huntsman Corp. | | | | | 22,692 | | | | | | 623,576 | | |
Ingevity Corp. (a) | | | | | 6,011 | | | | | | 423,415 | | |
LyondellBasell Industries NV, Class A (b) | | | | | 12,695 | | | | | | 1,054,066 | | |
Mosaic Co. (The) | | | | | 27,700 | | | | | | 1,215,199 | | |
Olin Corp. | | | | | 781 | | | | | | 41,346 | | |
Perimeter Solutions SA (a) | | | | | 11,515 | | | | | | 105,247 | | |
Stepan Co. | | | | | 1,887 | | | | | | 200,890 | | |
Westlake Corp. | | | | | 480 | | | | | | 49,219 | | |
| | | | | | | | | | | 7,271,837 | | |
Commercial Services & Supplies — 0.2% | | ||||||||||||
Brink’s Co. (The) | | | | | 7,380 | | | | | | 396,380 | | |
Clean Harbors, Inc. (a) (b) | | | | | 1,853 | | | | | | 211,464 | | |
Driven Brands Holdings, Inc. (a) (b) | | | | | 6,500 | | | | | | 177,515 | | |
GEO Group, Inc. (The) (a) | | | | | 83,552 | | | | | | 914,894 | | |
IAA, Inc. (a) | | | | | 447 | | | | | | 17,880 | | |
Tetra Tech, Inc. (b) | | | | | 2,113 | | | | | | 306,787 | | |
Waste Management, Inc. (b) | | | | | 4,538 | | | | | | 711,921 | | |
| | | | | | | | | | | 2,736,841 | | |
Communications Equipment — 0.5% | | ||||||||||||
Ciena Corp. (a) | | | | | 7,641 | | | | | | 389,538 | | |
Cisco Systems, Inc. (b) | | | | | 44,837 | | | | | | 2,136,035 | | |
CommScope Holding Co., Inc. (a) | | | | | 28,709 | | | | | | 211,011 | | |
Harmonic, Inc. (a) | | | | | 147,509 | | | | | | 1,932,368 | | |
Juniper Networks, Inc. | | | | | 12,718 | | | | | | 406,467 | | |
Lumentum Holdings, Inc. (a) | | | | | 18,114 | | | | | | 945,007 | | |
Viavi Solutions, Inc. (a) | | | | | 46,990 | | | | | | 493,865 | | |
| | | | | | | | | | | 6,514,291 | | |
Construction & Engineering — 0.2% | | ||||||||||||
Dycom Industries, Inc. (a) | | | | | 15,031 | | | | | | 1,406,902 | | |
EMCOR Group, Inc. | | | | | 3,125 | | | | | | 462,844 | | |
Great Lakes Dredge & Dock Corp. (a) | | | | | 167 | | | | | | 994 | | |
MDU Resources Group, Inc. (b) | | | | | 8,453 | | | | | | 256,464 | | |
WillScot Mobile Mini Holdings Corp. (a) | | | | | 4,197 | | | | | | 189,578 | | |
| | | | | | | | | | | 2,316,782 | | |
|
| | | Number of Shares | | | Value | | ||||||
Construction Materials — 0.0% | | ||||||||||||
Eagle Materials, Inc. | | | | | 1,312 | | | | | $ | 174,299 | | |
Consumer Finance — 0.3% | | ||||||||||||
Ally Financial, Inc. | | | | | 43,503 | | | | | | 1,063,648 | | |
Bread Financial Holdings, Inc. | | | | | 16,443 | | | | | | 619,243 | | |
Capital One Financial Corp. | | | | | 2,519 | | | | | | 234,166 | | |
Discover Financial Services | | | | | 3,013 | | | | | | 294,762 | | |
Navient Corp. | | | | | 65,844 | | | | | | 1,083,134 | | |
Synchrony Financial | | | | | 1,904 | | | | | | 62,566 | | |
| | | | | | | | | | | 3,357,519 | | |
Containers & Packaging — 0.2% | | ||||||||||||
Ardagh Metal Packaging SA | | | | | 115,963 | | | | | | 557,782 | | |
Berry Global Group, Inc. | | | | | 4,957 | | | | | | 299,552 | | |
International Paper Co. | | | | | 5,778 | | | | | | 200,092 | | |
Sealed Air Corp. | | | | | 1,007 | | | | | | 50,229 | | |
Westrock Co. | | | | | 25,145 | | | | | | 884,098 | | |
| | | | | | | | | | | 1,991,753 | | |
Diversified Consumer Services — 0.0% | | ||||||||||||
Bright Horizons Family Solutions, Inc. (a) | | | | | 3,198 | | | | | | 201,794 | | |
Grand Canyon Education, Inc. (a) | | | | | 1,069 | | | | | | 112,950 | | |
H&R Block, Inc. | | | | | 6,219 | | | | | | 227,056 | | |
| | | | | | | | | | | 541,800 | | |
Diversified Financial Services — 0.4% | | ||||||||||||
Apollo Global Management, Inc. | | | | | 12,395 | | | | | | 790,677 | | |
Artemis Strategic Inv Corp. (a) (c) (d) (e) | | | | | 7,600 | | | | | | 62,077 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 10,695 | | | | | | 3,303,685 | | |
Northern Genesis Acquisition Corp. III, Class A (a) | | | | | 48,000 | | | | | | 481,920 | | |
Swiftmerge Acquisition Corp. (a) (c) (d) (e) | | | | | 6,943 | | | | | | 56,266 | | |
| | | | | | | | | | | 4,694,625 | | |
Diversified Telecommunication Services — 0.3% | | ||||||||||||
Anterix, Inc. (a) | | | | | 958 | | | | | | 30,819 | | |
AT&T, Inc. (b) | | | | | 116,407 | | | | | | 2,143,053 | | |
Liberty Latin America, Ltd., Class C (a) | | | | | 25,092 | | | | | | 190,699 | | |
Lumen Technologies, Inc. | | | | | 178,540 | | | | | | 931,979 | | |
Verizon Communications, Inc. (b) | | | | | 10,786 | | | | | | 424,968 | | |
| | | | | | | | | | | 3,721,518 | | |
Electric Utilities — 0.1% | | ||||||||||||
NRG Energy, Inc. (b) | | | | | 19,274 | | | | | | 613,299 | | |
Electrical Equipment — 0.2% | | ||||||||||||
EnerSys | | | | | 4,006 | | | | | | 295,803 | | |
Generac Holdings, Inc. (a) | | | | | 2,816 | | | | | | 283,459 | | |
Regal Rexnord Corp. (b) | | | | | 6,197 | | | | | | 743,516 | | |
Vertiv Holdings Co. | | | | | 49,994 | | | | | | 682,918 | | |
Vicor Corp. (a) | | | | | 8,078 | | | | | | 434,192 | | |
| | | | | | | | | | | 2,439,888 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Electronic Equipment, Instruments & Components — 0.4% | | ||||||||||||
Arrow Electronics, Inc. (a) | | | | | 11,021 | | | | | $ | 1,152,466 | | |
Belden, Inc. | | | | | 2,735 | | | | | | 196,647 | | |
Cognex Corp. | | | | | 2,722 | | | | | | 128,233 | | |
Flex, Ltd. (a) | | | | | 21,276 | | | | | | 456,583 | | |
IPG Photonics Corp. (a) | | | | | 1,649 | | | | | | 156,111 | | |
Keysight Technologies, Inc. (a) | | | | | 1,780 | | | | | | 304,505 | | |
Richardson Electronics, Ltd. | | | | | 316 | | | | | | 6,740 | | |
ScanSource, Inc. (a) | | | | | 5,663 | | | | | | 165,473 | | |
TD SYNNEX Corp. | | | | | 2,838 | | | | | | 268,787 | | |
Vishay Intertechnology, Inc. | | | | | 37,440 | | | | | | 807,581 | | |
Vontier Corp. | | | | | 46,165 | | | | | | 892,369 | | |
| | | | | | | | | | | 4,535,495 | | |
Energy Equipment & Services — 0.2% | | ||||||||||||
Baker Hughes Co. | | | | | 15,559 | | | | | | 459,457 | | |
ChampionX Corp. | | | | | 8,030 | | | | | | 232,790 | | |
Halliburton Co. | | | | | 29,192 | | | | | | 1,148,705 | | |
Helix Energy Solutions Group, Inc. (a) | | | | | 17,380 | | | | | | 128,264 | | |
Schlumberger, Ltd. (b) | | | | | 6,806 | | | | | | 363,849 | | |
Select Energy Services, Inc., Class A | | | | | 60,477 | | | | | | 558,807 | | |
Solaris Oilfield Infrastructure, Inc., Class A | | | | | 14,707 | | | | | | 146,041 | | |
| | | | | | | | | | | 3,037,913 | | |
Entertainment — 0.5% | | | | | | | | | | | | | |
Activision Blizzard, Inc. (b) | | | | | 13,164 | | | | | | 1,007,704 | | |
Netflix, Inc. (a) (b) | | | | | 9,398 | | | | | | 2,771,282 | | |
Take-Two Interactive Software, Inc. (a) | | | | | 13,516 | | | | | | 1,407,421 | | |
Walt Disney Co. (The) (a) (b) | | | | | 3,703 | | | | | | 321,717 | | |
Warner Bros Discovery, Inc. (a) | | | | | 58,117 | | | | | | 550,949 | | |
Warner Music Group Corp., Class A | | | | | 5,775 | | | | | | 202,241 | | |
| | | | | | | | | | | 6,261,314 | | |
Equity Real Estate — 0.7% | | ||||||||||||
Alexander & Baldwin, Inc. (a) | | | | | 6,943 | | | | | | 130,042 | | |
American Tower Corp. (b) | | | | | 9,808 | | | | | | 2,077,923 | | |
Douglas Emmett, Inc. | | | | | 58,020 | | | | | | 909,754 | | |
EPR Properties (b) | | | | | 9,110 | | | | | | 343,629 | | |
Equinix, Inc. | | | | | 619 | | | | | | 405,464 | | |
Essex Property Trust, Inc. (b) | | | | | 659 | | | | | | 139,655 | | |
Franklin Street Properties Corp. | | | | | 69,192 | | | | | | 188,894 | | |
Gaming and Leisure Properties, Inc. | | | | | 6,622 | | | | | | 344,940 | | |
Highwoods Properties, Inc. | | | | | 22,700 | | | | | | 635,146 | | |
Hudson Pacific Properties, Inc. | | | | | 48,582 | | | | | | 472,703 | | |
JBG SMITH Properties (b) | | | | | 3,510 | | | | | | 66,620 | | |
Kilroy Realty Corp. (b) | | | | | 20,531 | | | | | | 793,934 | | |
Lamar Advertising Co., Class A (b) | | | | | 279 | | | | | | 26,338 | | |
Medical Properties Trust, Inc. (b) | | | | | 32,003 | | | | | | 356,513 | | |
National Storage Affiliates Trust (b) | | | | | 3,379 | | | | | | 122,050 | | |
Orion Office REIT, Inc. | | | | | 11,693 | | | | | | 99,858 | | |
Park Hotels & Resorts, Inc. (b) | | | | | 18,929 | | | | | | 223,173 | | |
Prologis, Inc. (b) | | | | | 5,301 | | | | | | 597,582 | | |
Sabra Health Care REIT, Inc. (b) | | | | | 10,166 | | | | | | 126,363 | | |
SBA Communications Corp. (b) | | | | | 940 | | | | | | 263,491 | | |
Uniti Group, Inc. | | | | | 22,147 | | | | | | 122,473 | | |
| | | Number of Shares | | | Value | | ||||||
VICI Properties, Inc. | | | | | 15,013 | | | | | $ | 486,421 | | |
Vornado Realty Trust (b) | | | | | 2,899 | | | | | | 60,328 | | |
| | | | | | | | | | | 8,993,294 | | |
Food & Staples Retailing — 0.2% | | ||||||||||||
Albertsons Cos., Inc., Class A | | | | | 561 | | | | | | 11,635 | | |
Andersons, Inc. (The) (b) | | | | | 485 | | | | | | 16,970 | | |
BJ’s Wholesale Club Holdings, Inc. (a) (b) | | | | | 4,315 | | | | | | 285,481 | | |
Kroger Co. (The) (b) | | | | | 22,669 | | | | | | 1,010,584 | | |
Performance Food Group Co. (a) (b) | | | | | 9,053 | | | | | | 528,605 | | |
US Foods Holding Corp. (a) | | | | | 1,320 | | | | | | 44,906 | | |
| | | | | | | | | | | 1,898,181 | | |
Food Products — 0.6% | | ||||||||||||
Darling Ingredients, Inc. (a) (b) | | | | | 9,095 | | | | | | 569,256 | | |
Ingredion, Inc. | | | | | 753 | | | | | | 73,741 | | |
Kraft Heinz Co. (The) (b) | | | | | 24,070 | | | | | | 979,890 | | |
McCormick & Co., Inc. | | | | | 58,387 | | | | | | 4,839,698 | | |
Pilgrim’s Pride Corp. (a) | | | | | 9,071 | | | | | | 215,255 | | |
Seaboard Corp. | | | | | 7 | | | | | | 26,426 | | |
Tyson Foods, Inc., Class A (b) | | | | | 22,258 | | | | | | 1,385,561 | | |
| | | | | | | | | | | 8,089,827 | | |
Health Care Equipment & Supplies — 0.8% | | ||||||||||||
Abbott Laboratories (b) | | | | | 9,249 | | | | | | 1,015,448 | | |
Align Technology, Inc. (a) (b) | | | | | 2,713 | | | | | | 572,172 | | |
AtriCure, Inc. (a) | | | | | 3,429 | | | | | | 152,179 | | |
DENTSPLY SIRONA, Inc. | | | | | 742 | | | | | | 23,625 | | |
Envista Holdings Corp. (a) | | | | | 8,114 | | | | | | 273,198 | | |
IDEXX Laboratories, Inc. (a) | | | | | 7,751 | | | | | | 3,162,098 | | |
Masimo Corp. (a) | | | | | 1,114 | | | | | | 164,816 | | |
Paragon 28, Inc. (a) | | | | | 2,018 | | | | | | 38,564 | | |
QuidelOrtho Corp. (a) | | | | | 3,234 | | | | | | 277,057 | | |
Stryker Corp. | | | | | 18,404 | | | | | | 4,499,594 | | |
| | | | | | | | | | | 10,178,751 | | |
Health Care Providers & Services — 1.3% | | ||||||||||||
AdaptHealth Corp. (a) | | | | | 3,341 | | | | | | 64,214 | | |
Cardinal Health, Inc. (b) | | | | | 8,618 | | | | | | 662,466 | | |
Centene Corp. (a) (b) | | | | | 6,261 | | | | | | 513,465 | | |
Cigna Corp. (b) | | | | | 6,422 | | | | | | 2,127,865 | | |
CVS Health Corp. (b) | | | | | 33,285 | | | | | | 3,101,829 | | |
Elevance Health, Inc. (b) | | | | | 2,366 | | | | | | 1,213,687 | | |
Enhabit, Inc. (a) | | | | | 57,835 | | | | | | 761,108 | | |
HCA Healthcare, Inc. (b) | | | | | 5,399 | | | | | | 1,295,544 | | |
HealthEquity, Inc. (a) | | | | | 1,442 | | | | | | 88,885 | | |
Humana, Inc. (b) | | | | | 226 | | | | | | 115,755 | | |
Laboratory Corp. of America Holdings (b) | | | | | 1,210 | | | | | | 284,931 | | |
Molina Healthcare, Inc. (a) (b) | | | | | 915 | | | | | | 302,151 | | |
Oak Street Health, Inc. (a) | | | | | 54,123 | | | | | | 1,164,186 | | |
Option Care Health, Inc. (a) | | | | | 4,164 | | | | | | 125,295 | | |
Progyny, Inc. (a) | | | | | 13,379 | | | | | | 416,756 | | |
Quest Diagnostics, Inc. (b) | | | | | 713 | | | | | | 111,542 | | |
R1 RCM, Inc. (a) | | | | | 95,732 | | | | | | 1,048,265 | | |
Tenet Healthcare Corp. (a) | | | | | 18,125 | | | | | | 884,319 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
UnitedHealth Group, Inc. (b) | | | | | 2,044 | | | | | $ | 1,083,688 | | |
Universal Health Services, Inc., Class B (b) | | | | | 2,326 | | | | | | 327,710 | | |
US Physical Therapy, Inc. | | | | | 5,195 | | | | | | 420,951 | | |
| | | | | | | | | | | 16,114,612 | | |
Hotels, Restaurants & Leisure — 1.3% | | ||||||||||||
Aramark (b) | | | | | 6,290 | | | | | | 260,028 | | |
Booking Holdings, Inc. (a) (b) | | | | | 5,538 | | | | | | 11,160,621 | | |
Caesars Entertainment, Inc. (a) (b) | | | | | 12,480 | | | | | | 519,168 | | |
Chipotle Mexican Grill, Inc. (a) (b) | | | | | 692 | | | | | | 960,143 | | |
Expedia Group, Inc. (a) (b) | | | | | 21,243 | | | | | | 1,860,887 | | |
Marriott Vacations Worldwide Corp. (b) | | | | | 376 | | | | | | 50,606 | | |
Planet Fitness, Inc., Class A (a) (b) | | | | | 3,235 | | | | | | 254,918 | | |
Starbucks Corp. (b) | | | | | 5,427 | | | | | | 538,358 | | |
Texas Roadhouse, Inc. | | | | | 283 | | | | | | 25,739 | | |
Travel + Leisure Co. | | | | | 19,692 | | | | | | 716,789 | | |
Vail Resorts, Inc. (b) | | | | | 1,706 | | | | | | 406,625 | | |
| | | | | | | | | | | 16,753,882 | | |
Household Durables — 0.4% | | ||||||||||||
GoPro, Inc., Class A (a) | | | | | 86,940 | | | | | | 432,961 | | |
KB Home | | | | | 9,048 | | | | | | 288,179 | | |
Lennar Corp., Class A (b) | | | | | 4,022 | | | | | | 363,991 | | |
NVR, Inc. (a) (b) | | | | | 56 | | | | | | 258,304 | | |
PulteGroup, Inc. (b) | | | | | 8,092 | | | | | | 368,429 | | |
Sonos, Inc. (a) (b) | | | | | 72,958 | | | | | | 1,232,990 | | |
Taylor Morrison Home Corp. (a) | | | | | 20,820 | | | | | | 631,887 | | |
Tempur Sealy International, Inc. (b) | | | | | 4,408 | | | | | | 151,327 | | |
Toll Brothers, Inc. | | | | | 19,431 | | | | | | 969,996 | | |
Whirlpool Corp. (b) | | | | | 3,181 | | | | | | 449,984 | | |
| | | | | | | | | | | 5,148,048 | | |
Household Products — 0.4% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 58,096 | | | | | | 4,683,118 | | |
Colgate-Palmolive Co. (b) | | | | | 5,830 | | | | | | 459,346 | | |
| | | | | | | | | | | 5,142,464 | | |
Independent Power & Renewable Electricity Producers — 0.1% | | ||||||||||||
AES Corp. (The) | | | | | 19,748 | | | | | | 567,952 | | |
Altus Power, Inc. (a) | | | | | 69,744 | | | | | | 454,731 | | |
| | | | | | | | | | | 1,022,683 | | |
Industrial Conglomerates — 0.2% | | ||||||||||||
3M Co. (b) | | | | | 5,102 | | | | | | 611,832 | | |
General Electric Co. (b) | | | | | 9,435 | | | | | | 790,559 | | |
Honeywell International, Inc. (b) | | | | | 3,741 | | | | | | 801,696 | | |
| | | | | | | | | | | 2,204,087 | | |
Insurance — 0.5% | | ||||||||||||
American International Group, Inc. | | | | | 33,817 | | | | | | 2,138,587 | | |
Assurant, Inc. (b) | | | | | 2,608 | | | | | | 326,156 | | |
Brown & Brown, Inc. (b) | | | | | 3,065 | | | | | | 174,613 | | |
CNO Financial Group, Inc. | | | | | 33,775 | | | | | | 771,759 | | |
Fidelity National Financial, Inc. | | | | | 11,620 | | | | | | 437,144 | | |
First American Financial Corp. | | | | | 6,759 | | | | | | 353,766 | | |
Hartford Financial Services Group, Inc. (The) | | | | | 2,343 | | | | | | 177,670 | | |
Lincoln National Corp. (b) | | | | | 12,097 | | | | | | 371,620 | | |
| | | Number of Shares | | | Value | | ||||||
Old Republic International Corp. | | | | | 15,871 | | | | | $ | 383,284 | | |
ProAssurance Corp. (b) | | | | | 12,727 | | | | | | 222,341 | | |
Reinsurance Group of America, Inc. | | | | | 974 | | | | | | 138,396 | | |
Travelers Companies, Inc. (The) | | | | | 1,310 | | | | | | 245,612 | | |
Unum Group | | | | | 19,957 | | | | | | 818,836 | | |
| | | | | | | | | | | 6,559,784 | | |
Interactive Media & Services — 2.3% | | ||||||||||||
Alphabet, Inc., Class A (a) (b) | | | | | 189,349 | | | | | | 16,706,262 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 17,600 | | | | | | 1,561,648 | | |
IAC, Inc. (a) | | | | | 33,074 | | | | | | 1,468,486 | | |
Match Group, Inc. (a) | | | | | 3,329 | | | | | | 138,120 | | |
Meta Platforms, Inc., Class A (a) (b) | | | | | 74,223 | | | | | | 8,931,996 | | |
Pinterest, Inc., Class A (a) | | | | | 608 | | | | | | 14,762 | | |
TripAdvisor, Inc. (a) | | | | | 6,235 | | | | | | 112,105 | | |
Ziff Davis, Inc. (a) | | | | | 2,788 | | | | | | 220,531 | | |
| | | | | | | | | | | 29,153,910 | | |
Internet & Direct Marketing Retail — 1.6% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 235,974 | | | | | | 19,821,816 | | |
eBay, Inc. (b) | | | | | 10,854 | | | | | | 450,115 | | |
Vivid Seats, Inc., Class A (a) (b) | | | | | 12,888 | | | | | | 94,083 | | |
| | | | | | | | | | | 20,366,014 | | |
IT Services — 4.0% | | ||||||||||||
Amdocs, Ltd. | | | | | 6,217 | | | | | | 565,125 | | |
Automatic Data Processing, Inc. | | | | | 26,311 | | | | | | 6,284,646 | | |
Block, Inc. (a) (b) | | | | | 3,718 | | | | | | 233,639 | | |
Broadridge Financial Solutions, Inc. | | | | | 3,440 | | | | | | 461,407 | | |
Cloudflare, Inc., Class A (a) | | | | | 110,614 | | | | | | 5,000,859 | | |
Cognizant Technology Solutions Corp., Class A (b) | | | | | 7,178 | | | | | | 410,510 | | |
DXC Technology Co. (a) | | | | | 33,159 | | | | | | 878,714 | | |
Fidelity National Information Services, Inc. (b) | | | | | 16,033 | | | | | | 1,087,839 | | |
Fiserv, Inc. (a) (b) | | | | | 97,570 | | | | | | 9,861,400 | | |
FleetCor Technologies, Inc. (a) | | | | | 3,109 | | | | | | 571,061 | | |
Gartner, Inc. (a) (b) | | | | | 474 | | | | | | 159,330 | | |
Global Payments, Inc. (b) | | | | | 7,029 | | | | | | 698,120 | | |
GoDaddy, Inc., Class A (a) (b) | | | | | 4,183 | | | | | | 312,972 | | |
Jack Henry & Associates, Inc. | | | | | 2,159 | | | | | | 379,034 | | |
Kyndryl Holdings, Inc. (a) | | | | | 50,893 | | | | | | 565,930 | | |
Mastercard, Inc., Class A (b) | | | | | 29,580 | | | | | | 10,285,853 | | |
MongoDB, Inc. (a) | | | | | 1,007 | | | | | | 198,218 | | |
PayPal Holdings, Inc. (a) (b) | | | | | 3,989 | | | | | | 284,097 | | |
Repay Holdings Corp. (a) | | | | | 72,546 | | | | | | 583,995 | | |
Sabre Corp. (a) (f) | | | | | 69,289 | | | | | | 428,206 | | |
SS&C Technologies Holdings, Inc. (b) | | | | | 32,324 | | | | | | 1,682,787 | | |
VeriSign, Inc. (a) (b) | | | | | 295 | | | | | | 60,605 | | |
Verra Mobility Corp. (a) | | | | | 139,623 | | | | | | 1,930,986 | | |
Visa, Inc., Class A (b) | | | | | 29,156 | | | | | | 6,057,451 | | |
Western Union Co. (The) | | | | | 40,230 | | | | | | 553,967 | | |
WEX, Inc. (a) | | | | | 1,195 | | | | | | 195,562 | | |
| | | | | | | | | | | 49,732,313 | | |
Leisure Products — 0.1% | | ||||||||||||
Brunswick Corp. (b) | | | | | 1,004 | | | | | | 72,368 | | |
Malibu Boats, Inc., Class A (a) | | | | | 7,650 | | | | | | 407,745 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Mattel, Inc. (a) (b) | | | | | 10,870 | | | | | $ | 193,921 | | |
Polaris, Inc. (b) | | | | | 4,354 | | | | | | 439,754 | | |
Topgolf Callaway Brands Corp. (a) (b) | | | | | 2,102 | | | | | | 41,515 | | |
| | | | | | | | | | | 1,155,303 | | |
Life Sciences Tools & Services — 1.7% | | ||||||||||||
Avantor, Inc. (a) | | | | | 3,729 | | | | | | 78,645 | | |
Bio-Rad Laboratories, Inc., Class A (a) | | | | | 1,191 | | | | | | 500,804 | | |
Illumina, Inc. (a) | | | | | 1,272 | | | | | | 257,198 | | |
Maravai LifeSciences Holdings, Inc., Class A (a) | | | | | 10,518 | | | | | | 150,513 | | |
Mettler-Toledo International, Inc. (a) | | | | | 2,881 | | | | | | 4,164,341 | | |
Sotera Health Co. (a) | | | | | 31,704 | | | | | | 264,094 | | |
Syneos Health, Inc. (a) | | | | | 36,784 | | | | | | 1,349,237 | | |
Thermo Fisher Scientific, Inc. (b) | | | | | 16,465 | | | | | | 9,067,111 | | |
Waters Corp. (a) | | | | | 17,312 | | | | | | 5,930,745 | | |
| | | | | | | | | | | 21,762,688 | | |
Machinery — 0.5% | | ||||||||||||
AGCO Corp. (b) | | | | | 874 | | | | | | 121,215 | | |
Allison Transmission Holdings, Inc. | | | | | 36,290 | | | | | | 1,509,664 | | |
Crane Holdings Co. (b) | | | | | 4,880 | | | | | | 490,196 | | |
Donaldson Co., Inc. | | | | | 200 | | | | | | 11,774 | | |
Enerpac Tool Group Corp. | | | | | 14,262 | | | | | | 362,968 | | |
Franklin Electric Co., Inc. (b) | | | | | 4,409 | | | | | | 351,618 | | |
Gates Industrial Corp. plc (a) | | | | | 41,050 | | | | | | 468,380 | | |
Hyster-Yale Materials Handling, Inc. | | | | | 8,031 | | | | | | 203,265 | | |
Kennametal, Inc. | | | | | 16,510 | | | | | | 397,230 | | |
Lindsay Corp. | | | | | 454 | | | | | | 73,934 | | |
Otis Worldwide Corp. | | | | | 25,075 | | | | | | 1,963,623 | | |
PACCAR, Inc. (b) | | | | | 171 | | | | | | 16,924 | | |
Stanley Black & Decker, Inc. | | | | | 366 | | | | | | 27,494 | | |
Terex Corp. | | | | | 8,557 | | | | | | 365,555 | | |
Timken Co. (The) (b) | | | | | 3,342 | | | | | | 236,179 | | |
Xylem, Inc. (b) | | | | | 2,035 | | | | | | 225,010 | | |
| | | | | | | | | | | 6,825,029 | | |
Marine — 0.0% | | ||||||||||||
Kirby Corp. (a) (b) | | | | | 7,429 | | | | | | 478,056 | | |
Media — 0.2% | | ||||||||||||
Altice USA, Inc., Class A (a) | | | | | 227,118 | | | | | | 1,044,743 | | |
Charter Communications, Inc., Class A (a) (b) | | | | | 877 | | | | | | 297,391 | | |
Comcast Corp., Class A (b) | | | | | 30,458 | | | | | | 1,065,116 | | |
| | | | | | | | | | | 2,407,250 | | |
Metals & Mining — 0.4% | | ||||||||||||
Cleveland-Cliffs, Inc. (a) | | | | | 33,658 | | | | | | 542,230 | | |
Haynes International, Inc. | | | | | 2,443 | | | | | | 111,621 | | |
Nucor Corp. | | | | | 670 | | | | | | 88,313 | | |
Perpetua Resources Corp. (a) | | | | | 128,781 | | | | | | 376,040 | | |
Reliance Steel & Aluminum Co. | | | | | 4,086 | | | | | | 827,170 | | |
Royal Gold, Inc. | | | | | 13,726 | | | | | | 1,547,195 | | |
Steel Dynamics, Inc. | | | | | 4,502 | | | | | | 439,845 | | |
United States Steel Corp. | | | | | 44,034 | | | | | | 1,103,052 | | |
| | | | | | | | | | | 5,035,466 | | |
Mortgage Real Estate Investment — 0.0% | | ||||||||||||
Dynex Capital, Inc. | | | | | 33,007 | | | | | | 419,849 | | |
|
| | | Number of Shares | | | Value | | ||||||
Multiline Retail — 0.1% | | ||||||||||||
Macy’s, Inc. (b) | | | | | 45,868 | | | | | $ | 947,174 | | |
Oil, Gas & Consumable Fuels — 1.4% | | ||||||||||||
Antero Resources Corp. (a) (b) | | | | | 18,204 | | | | | | 564,142 | | |
APA Corp. | | | | | 26,842 | | | | | | 1,252,985 | | |
Cheniere Energy, Inc. (b) | | | | | 1,657 | | | | | | 248,484 | | |
Chesapeake Energy Corp. | | | | | 5,612 | | | | | | 529,604 | | |
Chevron Corp. (b) | | | | | 514 | | | | | | 92,258 | | |
Coterra Energy, Inc. | | | | | 13,671 | | | | | | 335,896 | | |
CVR Energy, Inc. | | | | | 6,158 | | | | | | 192,992 | | |
EOG Resources, Inc. (b) | | | | | 5,250 | | | | | | 679,980 | | |
EQT Corp. | | | | | 14,665 | | | | | | 496,117 | | |
Exxon Mobil Corp. (b) | | | | | 21,929 | | | | | | 2,418,769 | | |
Marathon Oil Corp. | | | | | 23,172 | | | | | | 627,266 | | |
Marathon Petroleum Corp. | | | | | 8,218 | | | | | | 956,493 | | |
Matador Resources Co. | | | | | 1,602 | | | | | | 91,698 | | |
Occidental Petroleum Corp. | | | | | 7,151 | | | | | | 450,442 | | |
Ovintiv, Inc. | | | | | 12,778 | | | | | | 647,972 | | |
PDC Energy, Inc. | | | | | 11,028 | | | | | | 700,057 | | |
Phillips 66 | | | | | 5,123 | | | | | | 533,202 | | |
Pioneer Natural Resources Co. (b) | | | | | 1,576 | | | | | | 359,943 | | |
Range Resources Corp. | | | | | 100,497 | | | | | | 2,514,435 | | |
Southwestern Energy Co. (a) | | | | | 445,910 | | | | | | 2,608,574 | | |
Texas Pacific Land Corp. | | | | | 84 | | | | | | 196,915 | | |
Valero Energy Corp. | | | | | 5,849 | | | | | | 742,004 | | |
| | | | | | | | | | | 17,240,228 | | |
Paper & Forest Products — 0.0% | | ||||||||||||
Louisiana-Pacific Corp. | | | | | 198 | | | | | | 11,722 | | |
Personal Products — 0.4% | | ||||||||||||
Estee Lauder Companies, Inc. (The), Class A | | | | | 18,764 | | | | | | 4,655,536 | | |
Pharmaceuticals — 0.6% | | ||||||||||||
Bristol-Myers Squibb Co. (b) | | | | | 4,507 | | | | | | 324,279 | | |
Elanco Animal Health, Inc. (a) | | | | | 18,367 | | | | | | 224,445 | | |
Eli Lilly & Co. (b) | | | | | 2,849 | | | | | | 1,042,278 | | |
Johnson & Johnson (b) | | | | | 7,207 | | | | | | 1,273,116 | | |
Merck & Co., Inc. (b) | | | | | 6,402 | | | | | | 710,302 | | |
Pfizer, Inc. (b) | | | | | 57,619 | | | | | | 2,952,397 | | |
Viatris, Inc. | | | | | 74,406 | | | | | | 828,139 | | |
| | | | | | | | | | | 7,354,956 | | |
Professional Services — 0.2% | | ||||||||||||
Dun & Bradstreet Holdings, Inc. (b) | | | | | 55,793 | | | | | | 684,022 | | |
Huron Consulting Group, Inc. (a) | | | | | 4,822 | | | | | | 350,077 | | |
KBR, Inc. (b) | | | | | 3,908 | | | | | | 206,343 | | |
ManpowerGroup, Inc. (b) | | | | | 8,005 | | | | | | 666,096 | | |
TransUnion (b) | | | | | 5,571 | | | | | | 316,154 | | |
| | | | | | | | | | | 2,222,692 | | |
Real Estate Management & Development — 0.1% | | ||||||||||||
Howard Hughes Corp. (The) (a) | | | | | 1,544 | | | | | | 117,992 | | |
St. Joe Co. (The) | | | | | 17,577 | | | | | | 679,351 | | |
Zillow Group, Inc., Class C (a) | | | | | 4,103 | | | | | | 132,158 | | |
| | | | | | | | | | | 929,501 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Road & Rail — 0.1% | | ||||||||||||
Avis Budget Group, Inc. (a) | | | | | 461 | | | | | $ | 75,572 | | |
Knight-Swift Transportation Holdings, Inc. | | | | | 2,886 | | | | | | 151,255 | | |
Landstar System, Inc. (b) | | | | | 1,204 | | | | | | 196,132 | | |
Ryder System, Inc. | | | | | 172 | | | | | | 14,374 | | |
Schneider National, Inc., Class B | | | | | 13,635 | | | | | | 319,059 | | |
Uber Technologies, Inc. (a) (b) | | | | | 23,409 | | | | | | 578,905 | | |
XPO, Inc. (a) | | | | | 2,446 | | | | | | 81,427 | | |
| | | | | | | | | | | 1,416,724 | | |
Semiconductors & Semiconductor Equipment — 0.8% | | ||||||||||||
Advanced Micro Devices, Inc. (a) (b) | | | | | 1,957 | | | | | | 126,755 | | |
Ambarella, Inc. (a) | | | | | 6,879 | | | | | | 565,660 | | |
Applied Materials, Inc. (b) | | | | | 4,408 | | | | | | 429,251 | | |
Broadcom, Inc. (b) | | | | | 2,961 | | | | | | 1,655,584 | | |
Impinj, Inc. (a) | | | | | 2,089 | | | | | | 228,077 | | |
Intel Corp. (b) | | | | | 53,680 | | | | | | 1,418,762 | | |
Lam Research Corp. | | | | | 1,545 | | | | | | 649,364 | | |
MACOM Technology Solutions Holdings, Inc. (a) | | | | | 932 | | | | | | 58,697 | | |
Marvell Technology, Inc. | | | | | 16,481 | | | | | | 610,456 | | |
Microchip Technology, Inc. | | | | | 6,215 | | | | | | 436,604 | | |
Micron Technology, Inc. | | | | | 697 | | | | | | 34,836 | | |
NVIDIA Corp. (b) | | | | | 792 | | | | | | 115,743 | | |
ON Semiconductor Corp. (a) | | | | | 1,484 | | | | | | 92,557 | | |
Onto Innovation, Inc. (a) | | | | | 530 | | | | | | 36,088 | | |
PDF Solutions, Inc. (a) | | | | | 4,791 | | | | | | 136,639 | | |
Qorvo, Inc. (a) | | | | | 8,758 | | | | | | 793,825 | | |
QUALCOMM, Inc. (b) | | | | | 7,880 | | | | | | 866,327 | | |
Semtech Corp. (a) | | | | | 39,308 | | | | | | 1,127,747 | | |
Synaptics, Inc. (a) | | | | | 6,079 | | | | | | 578,478 | | |
Universal Display Corp. | | | | | 1,402 | | | | | | 151,472 | | |
| | | | | | | | | | | 10,112,922 | | |
Software — 3.7% | | ||||||||||||
ACI Worldwide, Inc. (a) | | | | | 27,899 | | | | | | 641,677 | | |
Adobe, Inc. (a) (b) | | | | | 19,404 | | | | | | 6,530,028 | | |
Aspen Technology, Inc. (a) | | | | | 1,221 | | | | | | 250,793 | | |
Autodesk, Inc. (a) (b) | | | | | 622 | | | | | | 116,233 | | |
Bentley Systems, Inc., Class B | | | | | 4,084 | | | | | | 150,945 | | |
Box, Inc., Class A (a) | | | | | 12,243 | | | | | | 381,125 | | |
Cadence Design Systems, Inc. (a) (b) | | | | | 1,856 | | | | | | 298,148 | | |
Clearwater Analytics Holdings, Inc., Class A (a) | | | | | 5,037 | | | | | | 94,444 | | |
CommVault Systems, Inc. (a) | | | | | 1,328 | | | | | | 83,451 | | |
Crowdstrike Holdings, Inc., Class A (a) | | | | | 33,612 | | | | | | 3,539,007 | | |
Datadog, Inc., Class A (a) | | | | | 89,080 | | | | | | 6,547,380 | | |
DocuSign, Inc. (a) | | | | | 14,665 | | | | | | 812,734 | | |
Dropbox, Inc., Class A (a) | | | | | 8,660 | | | | | | 193,811 | | |
Fair Isaac Corp. (a) | | | | | 876 | | | | | | 524,356 | | |
Freshworks, Inc., Class A (a) | | | | | 79,314 | | | | | | 1,166,709 | | |
Gen Digital, Inc. | | | | | 24,561 | | | | | | 526,342 | | |
Intuit, Inc. (b) | | | | | 471 | | | | | | 183,323 | | |
Microsoft Corp. (b) | | | | | 52,193 | | | | | | 12,516,925 | | |
N-Able, Inc. (a) | | | | | 51,252 | | | | | | 526,871 | | |
NCR Corp. (a) | | | | | 27,293 | | | | | | 638,929 | | |
| | | Number of Shares | | | Value | | ||||||
New Relic, Inc. (a) | | | | | 25,182 | | | | | $ | 1,421,524 | | |
Olo, Inc., Class A (a) | | | | | 97,272 | | | | | | 607,950 | | |
Oracle Corp. (b) | | | | | 12,209 | | | | | | 997,964 | | |
Paycom Software, Inc. (a) | | | | | 428 | | | | | | 132,813 | | |
Paylocity Holding Corp. (a) | | | | | 2,291 | | | | | | 445,050 | | |
Pegasystems, Inc. | | | | | 22,984 | | | | | | 786,972 | | |
PowerSchool Holdings, Inc., Class A (a) | | | | | 3,363 | | | | | | 77,618 | | |
RingCentral, Inc., Class A (a) | | | | | 15,907 | | | | | | 563,108 | | |
Salesforce, Inc. (a) (b) | | | | | 13,139 | | | | | | 1,742,100 | | |
ServiceNow, Inc. (a) (b) | | | | | 2,635 | | | | | | 1,023,091 | | |
Smartsheet, Inc., Class A (a) | | | | | 633 | | | | | | 24,915 | | |
Sumo Logic, Inc. (a) | | | | | 16,115 | | | | | | 130,531 | | |
Teradata Corp. (a) | | | | | 19,052 | | | | | | 641,290 | | |
Varonis Systems, Inc. (a) | | | | | 9,114 | | | | | | 218,189 | | |
VMware, Inc., Class A (a) (b) | | | | | 730 | | | | | | 89,615 | | |
Workday, Inc., Class A (a) (b) | | | | | 5,263 | | | | | | 880,658 | | |
Zoom Video Communications, Inc., Class A (a) | | | | | 2,631 | | | | | | 178,224 | | |
Zscaler, Inc. (a) | | | | | 828 | | | | | | 92,653 | | |
| | | | | | | | | | | 45,777,496 | | |
Specialty Retail — 0.4% | | ||||||||||||
AutoNation, Inc. (a) | | | | | 9,994 | | | | | | 1,072,356 | | |
Bath & Body Works, Inc. (b) | | | | | 9,585 | | | | | | 403,912 | | |
Best Buy Co., Inc. (b) | | | | | 2,708 | | | | | | 217,209 | | |
Burlington Stores, Inc. (a) (b) | | | | | 2,449 | | | | | | 496,559 | | |
Destination XL Group, Inc. (a) | | | | | 57,911 | | | | | | 390,899 | | |
Lithia Motors, Inc. (b) | | | | | 1,509 | | | | | | 308,953 | | |
Lowe’s Cos., Inc. (b) | | | | | 1,797 | | | | | | 358,034 | | |
National Vision Holdings, Inc. (a) (b) | | | | | 3,689 | | | | | | 142,986 | | |
RH (a) (b) | | | | | 47 | | | | | | 12,558 | | |
Williams-Sonoma, Inc. (b) | | | | | 8,439 | | | | | | 969,810 | | |
| | | | | | | | | | | 4,373,276 | | |
Technology Hardware, Storage & Peripherals — 0.8% | | ||||||||||||
Apple, Inc. (b) | | | | | 62,498 | | | | | | 8,120,365 | | |
Dell Technologies, Inc., Class C | | | | | 10,225 | | | | | | 411,249 | | |
Western Digital Corp. (a) | | | | | 24,740 | | | | | | 780,547 | | |
Xerox Holdings Corp. | | | | | 12,401 | | | | | | 181,055 | | |
| | | | | | | | | | | 9,493,216 | | |
Textiles, Apparel & Luxury Goods — 0.4% | | ||||||||||||
Hanesbrands, Inc. (b) | | | | | 20,510 | | | | | | 130,443 | | |
NIKE, Inc., Class B | | | | | 35,364 | | | | | | 4,137,942 | | |
PVH Corp. (b) | | | | | 10,990 | | | | | | 775,784 | | |
Skechers USA, Inc., Class A (a) (b) | | | | | 5,664 | | | | | | 237,605 | | |
| | | | | | | | | | | 5,281,774 | | |
Tobacco — 0.5% | | ||||||||||||
Altria Group, Inc. (b) | | | | | 2,104 | | | | | | 96,174 | | |
Philip Morris International, Inc. | | | | | 56,418 | | | | | | 5,710,066 | | |
| | | | | | | | | | | 5,806,240 | | |
Trading Companies & Distributors — 0.2% | | ||||||||||||
Air Lease Corp. | | | | | 20,932 | | | | | | 804,207 | | |
Core & Main, Inc.Class A (a) | | | | | 16,019 | | | | | | 309,327 | | |
GMS, Inc. (a) | | | | | 5,589 | | | | | | 278,332 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
MSC Industrial Direct Co., Inc., Class A | | | | | 226 | | | | | $ | 18,464 | | |
United Rentals, Inc. (a) (b) | | | | | 1,359 | | | | | | 483,016 | | |
Univar Solutions, Inc. (a) | | | | | 16,822 | | | | | | 534,940 | | |
| | | | | | | | | | | 2,428,286 | | |
Water Utilities — 0.1% | | ||||||||||||
American Water Works Co., Inc. (b) | | | | | 2,238 | | | | | | 341,116 | | |
Essential Utilities, Inc. | | | | | 5,473 | | | | | | 261,226 | | |
York Water Co. (The) | | | | | 2,174 | | | | | | 97,787 | | |
| | | | | | | | | | | 700,129 | | |
Wireless Telecommunication Services — 0.1% | | ||||||||||||
T-Mobile US, Inc. (a) (b) | | | | | 10,620 | | | | | | 1,486,800 | | |
Total US Common Stocks (Cost $457,361,238) | | | | | | | | | | | 440,752,128 | | |
Foreign Common Stocks — 32.1% | | ||||||||||||
Australia — 0.4% | | ||||||||||||
Newcrest Mining, Ltd. | | | | | 360,559 | | | | | | 5,026,923 | | |
Bermuda — 0.0% | | ||||||||||||
Axis Capital Holdings, Ltd. | | | | | 5,951 | | | | | | 322,366 | | |
RenaissanceRe Holdings, Ltd. | | | | | 541 | | | | | | 99,668 | | |
| | | | | | | | | | | 422,034 | | |
Brazil — 0.2% | | ||||||||||||
Centrais Eletricas Brasileiras SA | | | | | 239,100 | | | | | | 1,907,422 | | |
XP, Inc., Class A (a) | | | | | 27,892 | | | | | | 427,863 | | |
| | | | | | | | | | | 2,335,285 | | |
Canada — 4.5% | | ||||||||||||
ABC Technologies Holdings, Inc. | | | | | 170,500 | | | | | | 685,022 | | |
Agnico Eagle Mines, Ltd. | | | | | 13,100 | | | | | | 680,736 | | |
Algoma Steel Group, Inc. | | | | | 38,275 | | | | | | 242,663 | | |
ARC Resources, Ltd. | | | | | 12,800 | | | | | | 172,526 | | |
Arena Minerals, Inc. (a) | | | | | 827,900 | | | | | | 342,411 | | |
Aris Mining Corp. | | | | | 211,140 | | | | | | 522,392 | | |
Artemis Gold, Inc. (a) | | | | | 300,161 | | | | | | 973,196 | | |
Bear Creek Mining Corp. (a) (f) | | | | | 319,151 | | | | | | 177,961 | | |
Brookfield Asset Management, Ltd., Class A (a) | | | | | 1 | | | | | | 21 | | |
Brookfield Corp., Class A | | | | | 24,238 | | | | | | 762,527 | | |
Cameco Corp. | | | | | 81,168 | | | | | | 1,840,078 | | |
Canadian Pacific Railway, Ltd. (b) | | | | | 12,695 | | | | | | 946,920 | | |
Cargojet, Inc. | | | | | 7,500 | | | | | | 644,479 | | |
CES Energy Solutions Corp. | | | | | 150,000 | | | | | | 305,761 | | |
Dollarama, Inc. | | | | | 12,100 | | | | | | 707,680 | | |
Dundee Corp., Class A (a) | | | | | 405,126 | | | | | | 424,874 | | |
Enerplus Corp. | | | | | 31,000 | | | | | | 547,193 | | |
Equinox Gold Corp. (a) (f) | | | | | 499,223 | | | | | | 1,633,351 | | |
Equinox Gold Corp. (a) | | | | | 39,327 | | | | | | 128,993 | | |
FG Acquisition Corp., Class A (a) | | | | | 32,300 | | | | | | 319,770 | | |
First Quantum Minerals, Ltd. | | | | | 14,700 | | | | | | 307,137 | | |
Fission Uranium Corp. (a) (f) | | | | | 1,263,500 | | | | | | 746,529 | | |
GFL Environmental, Inc. (b) | | | | | 8,595 | | | | | | 251,232 | | |
goeasy, Ltd. | | | | | 11,500 | | | | | | 904,117 | | |
IAMGOLD Corp. (a) | | | | | 635,923 | | | | | | 1,640,681 | | |
International Tower Hill Mines, Ltd. (a) | | | | | 376,174 | | | | | | 159,949 | | |
Ivanhoe Electric, Inc. (a) | | | | | 18,205 | | | | | | 221,191 | | |
| | | Number of Shares | | | Value | | ||||||
Ivanhoe Mines, Ltd., Class A (a) (f) | | | | | 118,369 | | | | | $ | 935,412 | | |
K92 Mining, Inc. (a) | | | | | 127,100 | | | | | | 719,983 | | |
Labrador Iron Ore Royalty Corp. | | | | | 1,200 | | | | | | 29,761 | | |
Lithium Americas Corp. – NYSE Shares (a) | | | | | 47,433 | | | | | | 898,855 | | |
Lithium Americas Corp. (a) | | | | | 13,100 | | | | | | 248,358 | | |
Lundin Gold, Inc. | | | | | 77,400 | | | | | | 756,279 | | |
Lycos Energy, Inc. (a) | | | | | 676,738 | | | | | | 304,882 | | |
Maple Leaf Foods, Inc. | | | | | 39,000 | | | | | | 704,247 | | |
MEG Energy Corp. (a) | | | | | 44,970 | | | | | | 626,059 | | |
New Gold, Inc. (a) | | | | | 54,269 | | | | | | 53,184 | | |
NexGen Energy, Ltd. (a) (f) | | | | | 300,061 | | | | | | 1,327,449 | | |
Northern Dynasty Minerals, Ltd. (a) (f) | | | | | 752,336 | | | | | | 166,692 | | |
Northern Dynasty Minerals, Ltd. – NYSE Shares (a) (f) | | | | | 338,909 | | | | | | 74,831 | | |
Novagold Resources, Inc. (a) | | | | | 164,203 | | | | | | 981,934 | | |
Open Text Corp. | | | | | 30,200 | | | | | | 894,848 | | |
Osisko Gold Royalties, Ltd. | | | | | 16,042 | | | | | | 193,627 | | |
Osisko Green Acquisition Ltd. – Founders shares (a) (c) (d) (e) | | | | | 15,000 | | | | | | 86,411 | | |
Osisko Green Acquisition, Ltd., Class A (a) | | | | | 61,900 | | | | | | 445,735 | | |
Pan American Silver Corp. (f) | | | | | 83,327 | | | | | | 1,360,064 | | |
Parkit Enterprise, Inc. (a) | | | | | 423,700 | | | | | | 391,156 | | |
Pasofino Gold, Ltd. (a) | | | | | 61,000 | | | | | | 18,021 | | |
Pet Valu Holdings, Ltd. | | | | | 29,600 | | | | | | 855,427 | | |
Quebecor, Inc., Class B | | | | | 34,600 | | | | | | 771,728 | | |
Ritchie Bros Auctioneers, Inc. | | | | | 10,900 | | | | | | 629,608 | | |
Rogers Communications, Inc., Class B | | | | | 15,500 | | | | | | 725,432 | | |
Sabina Gold & Silver Corp. (a) | | | | | 662,736 | | | | | | 650,989 | | |
Sandstorm Gold, Ltd. | | | | | 7,688 | | | | | | 40,439 | | |
Seabridge Gold, Inc. (a) | | | | | 101,511 | | | | | | 1,274,510 | | |
Seabridge Gold, Inc. – NYSE Shares (a) | | | | | 45,036 | | | | | | 566,553 | | |
Shaw Communications, Inc., Class B | | | | | 75,700 | | | | | | 2,180,987 | | |
Shopify, Inc., Class A (a) | | | | | 9,900 | | | | | | 343,722 | | |
Shopify, Inc., Class A (a) | | | | | 233,198 | | | | | | 8,094,303 | | |
Solaris Resources, Inc. (a) | | | | | 87,000 | | | | | | 413,796 | | |
Solaris Resources, Inc. – Reg S shares (a) (e) (g) | | | | | 16,600 | | | | | | 78,954 | | |
Somerset Energy Partners Corp. (a) (c) (d) (e) | | | | | 130,200 | | | | | | 28,848 | | |
Spin Master Corp. (h) | | | | | 28,100 | | | | | | 691,501 | | |
Sprott Physical Uranium Trust (a) | | | | | 231,205 | | | | | | 2,703,084 | | |
Sprott, Inc. (f) | | | | | 15,232 | | | | | | 506,683 | | |
Sprott, Inc. | | | | | 11,561 | | | | | | 385,328 | | |
SSR Mining, Inc. | | | | | 65,000 | | | | | | 1,018,550 | | |
Sucro Holdings LLC (a) (c) (d) (e) | | | | | 8,700 | | | | | | 97,987 | | |
Summit Industrial Income REIT | | | | | 51,600 | | | | | | 864,700 | | |
Teck Resources, Ltd., Class B | | | | | 22,100 | | | | | | 835,197 | | |
Tourmaline Oil Corp. | | | | | 7,600 | | | | | | 383,480 | | |
TransAlta Corp. | | | | | 89,300 | | | | | | 798,688 | | |
Trillion Energy International, Inc. (a) | | | | | 206,900 | | | | | | 67,235 | | |
Western Copper & Gold Corp. (a) (f) | | | | | 113,792 | | | | | | 202,540 | | |
Wheaton Precious Metals Corp. | | | | | 73,998 | | | | | | 2,891,842 | | |
WSP Global, Inc. | | | | | 7,149 | | | | | | 829,421 | | |
| | | | | | | | | | | 56,438,710 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
China — 9.2% | | ||||||||||||
Advanced Micro-Fabrication Equipment, Inc. China, Class A (a) | | | | | 34,155 | | | | | $ | 481,425 | | |
Agora, Inc. – ADR (a) | | | | | 1,700 | | | | | | 6,647 | | |
Alibaba Group Holding, Ltd. (a) | | | | | 440,200 | | | | | | 4,860,321 | | |
ANTA Sports Products Ltd. | | | | | 118,000 | | | | | | 1,547,054 | | |
Baidu, Inc. – SPADR (a) (b) | | | | | 1,970 | | | | | | 225,329 | | |
Beijing Kingsoft Office Software, Inc., Class A | | | | | 2,800 | | | | | | 106,274 | | |
Beijing New Building Materials plc, Class A | | | | | 713,951 | | | | | | 2,653,775 | | |
Bilibili, Inc., Class Z (a) (f) | | | | | 297,940 | | | | | | 7,093,571 | | |
Bilibili, Inc. – SPADR (a) | | | | | 122,900 | | | | | | 2,911,501 | | |
CGN Power Co., Ltd., Class H (h) | | | | | 9,330,000 | | | | | | 2,215,737 | | |
China Communications Services Corp., Ltd., Class H | | | | | 2,326,000 | | | | | | 844,484 | | |
China Merchants Bank Co., Ltd., Class A | | | | | 714,000 | | | | | | 3,828,453 | | |
China Pacific Insurance Group Co., Ltd., Class A | | | | | 714,044 | | | | | | 2,519,325 | | |
China Pacific Insurance Group Co., Ltd., Class H | | | | | 825,200 | | | | | | 1,822,239 | | |
Didi Global, Inc. – ADR (a) | | | | | 113,100 | | | | | | 359,658 | | |
Dongguan Yiheda Automation Co., Ltd., Class A | | | | | 88,045 | | | | | | 832,892 | | |
Eve Energy Co., Ltd., Class A | | | | | 190,199 | | | | | | 2,406,268 | | |
Guangshen Railway Co., Ltd., Class H (a) | | | | | 3,456,000 | | | | | | 637,631 | | |
Haidilao International Holding, Ltd. (a) (h) | | | | | 187,300 | | | | | | 537,708 | | |
Haier Smart Home Co., Ltd., Class A | | | | | 875,000 | | | | | | 3,080,615 | | |
Hangzhou SF Intra-City Industrial Co., Ltd., Class H (a) (h) | | | | | 133,000 | | | | | | 127,806 | | |
Huayu Automotive Systems Co., Ltd., Class A | | | | | 635,069 | | | | | | 1,583,580 | | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | | | 1,246,500 | | | | | | 5,542,704 | | |
JD Health International, Inc. (a) (h) | | | | | 245,819 | | | | | | 2,248,073 | | |
JD Logistics, Inc. (a) (h) | | | | | 258,000 | | | | | | 499,902 | | |
JD.com, Inc. – ADR (b) | | | | | 8,328 | | | | | | 467,451 | | |
Jiangsu Eastern Shenghong Co., Ltd., Class A | | | | | 793,586 | | | | | | 1,484,247 | | |
Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A | | | | | 119,648 | | | | | | 663,340 | | |
Jingjin Equipment, Inc., Class A | | | | | 174,600 | | | | | | 737,683 | | |
KE Holdings, Inc. – ADR (a) | | | | | 617,000 | | | | | | 8,613,320 | | |
Kuaishou Technology (a) (h) | | | | | 51,900 | | | | | | 465,395 | | |
Kweichow Moutai Co., Ltd., Class A | | | | | 15,100 | | | | | | 3,736,576 | | |
Luxshare Precision Industry Co., Ltd., Class A | | | | | 833,000 | | | | | | 3,807,282 | | |
Meituan, Class B (a) (h) | | | | | 191,834 | | | | | | 4,241,715 | | |
Midea Group Co., Ltd., Class A | | | | | 580,483 | | | | | | 4,311,846 | | |
Milkyway Chemical Supply Chain Service Co., Ltd., Class A | | | | | 119,000 | | | | | | 1,993,896 | | |
Minth Group, Ltd. | | | | | 102,000 | | | | | | 274,888 | | |
Ninestar Corp., Class A | | | | | 150,000 | | | | | | 1,114,573 | | |
Pinduoduo, Inc. – ADR (a) | | | | | 14,200 | | | | | | 1,158,010 | | |
Sany Heavy Industry Co., Ltd., Class A | | | | | 400,000 | | | | | | 909,395 | | |
Satellite Chemical Co., Ltd., Class A | | | | | 1,590,508 | | | | | | 3,541,993 | | |
SG Micro Corp.,Class A | | | | | 63,994 | | | | | | 1,589,085 | | |
| | | Number of Shares | | | Value | | ||||||
Shandong Hualu Hengsheng Chemical Co., Ltd., Class A | | | | | 398,000 | | | | | $ | 1,896,676 | | |
Shanghai Electric Group Co., Ltd., Class H (a) | | | | | 2,464,000 | | | | | | 553,535 | | |
Shenzhen Dynanonic Co., Ltd., Class A | | | | | 16,000 | | | | | | 528,685 | | |
Shenzhen Inovance Technology Co., Ltd., Class A | | | | | 206,969 | | | | | | 2,069,972 | | |
Shenzhou International Group Holdings, Ltd. | | | | | 135,800 | | | | | | 1,528,135 | | |
Sinoma Science & Technology Co., Ltd., Class A | | | | | 158,776 | | | | | | 488,784 | | |
Sinopec Engineering Group Co., Ltd.,Class H | | | | | 628,000 | | | | | | 276,004 | | |
Sinopharm Group Co., Ltd., Class H | | | | | 142,000 | | | | | | 360,115 | | |
Suzhou Maxwell Technologies Co., Ltd., Class A | | | | | 16,264 | | | | | | 963,790 | | |
TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A | | | | | 237,974 | | | | | | 1,283,366 | | |
Tencent Holdings, Ltd. | | | | | 24,700 | | | | | | 1,049,804 | | |
Vipshop Holdings, Ltd. – ADR (a) | | | | | 22,100 | | | | | | 301,444 | | |
Wanhua Chemical Group Co., Ltd., Class A | | | | | 428,800 | | | | | | 5,711,901 | | |
Wuxi Biologics Cayman, Inc. (a) (h) | | | | | 145,500 | | | | | | 1,117,013 | | |
Xianhe Co., Ltd., Class A | | | | | 213,876 | | | | | | 937,765 | | |
Yunnan Energy New Material Co., Ltd., Class A | | | | | 206,933 | | | | | | 3,909,643 | | |
Zhejiang Jiemei Electronic & Technology Co., Ltd., Class A | | | | | 174,559 | | | | | | 708,225 | | |
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A | | | | | 158,923 | | | | | | 1,453,666 | | |
Zhejiang Shuanghuan Driveline Co., Ltd., Class A | | | | | 341,954 | | | | | | 1,252,259 | | |
ZTO Express Cayman, Inc. (f) | | | | | 25,253 | | | | | | 685,687 | | |
| | | | | | | | | | | 115,160,136 | | |
Denmark — 1.6% | | ||||||||||||
Ascendis Pharma A/S – ADR (a) | | | | | 1,906 | | | | | | 232,780 | | |
Coloplast A/S, Class B | | | | | 27,390 | | | | | | 3,209,249 | | |
H Lundbeck A/S | | | | | 1,497,213 | | | | | | 5,609,539 | | |
Novo Nordisk A/S, Class B | | | | | 83,944 | | | | | | 11,366,014 | | |
| | | | | | | | | | | 20,417,582 | | |
Finland — 0.6% | | ||||||||||||
Nanoform Finland plc (a) | | | | | 502,524 | | | | | | 1,773,528 | | |
Nordea Bank Abp | | | | | 262,616 | | | | | | 2,815,976 | | |
Sampo Oyj, Shares – A | | | | | 43,401 | | | | | | 2,269,365 | | |
| | | | | | | | | | | 6,858,869 | | |
France — 1.0% | | | | | | | | | | | | | |
Carrefour SA | | | | | 34,734 | | | | | | 581,172 | | |
Constellium SE (a) | | | | | 32,573 | | | | | | 385,339 | | |
L’Oreal SA | | | | | 16,479 | | | | | | 5,911,723 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 7,160 | | | | | | 5,201,346 | | |
| | | | | | | | | | | 12,079,580 | | |
Germany — 0.0% | | ||||||||||||
BASF SE | | | | | 5,366 | | | | | | 266,391 | | |
Hong Kong — 0.7% | | ||||||||||||
CECEP COSTIN New Materials Group, Ltd. (a) (d) (e) | | | | | 1,736,000 | | | | | | — | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Changgang Dunxin Enterprise Co., Ltd. (a) (d) (e) | | | | | 4,640,000 | | | | | $ | — | | |
CK Hutchison Holdings, Ltd. | | | | | 287,000 | | | | | | 1,722,957 | | |
First Pacific Co., Ltd. | | | | | 1,796,000 | | | | | | 536,182 | | |
Hi Sun Technology China, Ltd. (a) (f) | | | | | 2,871,000 | | | | | | 312,008 | | |
Hong Kong Exchanges & Clearing, Ltd. | | | | | 14,597 | | | | | | 630,811 | | |
Hua Han Health Industry Holdings, Ltd. (a) (d) (e) | | | | | 6,984,000 | | | | | | — | | |
Luks Group Vietnam Holdings Co., Ltd. | | | | | 1,682,000 | | | | | | 234,864 | | |
Shangri-La Asia, Ltd. (a) | | | | | 470,145 | | | | | | 385,237 | | |
Sino Biopharmaceutical, Ltd. | | | | | 4,511,916 | | | | | | 2,642,184 | | |
Super Hi International Holding, Ltd. (a) (f) | | | | | 18,729 | | | | | | 23,851 | | |
Swire Pacific, Ltd., Class A | | | | | 140,500 | | | | | | 1,232,248 | | |
United Laboratories International Holdings, Ltd. (The) | | | | | 84,000 | | | | | | 52,438 | | |
WH Group, Ltd. (h) | | | | | 1,287,500 | | | | | | 749,037 | | |
| | | | | | | | | | | 8,521,817 | | |
Ireland — 0.2% | | ||||||||||||
Accenture plc, Class A (b) | | | | | 2,624 | | | | | | 700,188 | | |
AerCap Holdings NV (a) | | | | | 14,381 | | | | | | 838,700 | | |
Medtronic plc (b) | | | | | 12,670 | | | | | | 984,712 | | |
| | | | | | | | | | | 2,523,600 | | |
Israel — 0.2% | | ||||||||||||
Check Point Software Technologies, Ltd. (a) | | | | | 4,013 | | | | | | 506,280 | | |
CyberArk Software, Ltd. (a) | | | | | 2,464 | | | | | | 319,458 | | |
Global-e Online, Ltd. (a) | | | | | 1,895 | | | | | | 39,113 | | |
JFrog, Ltd. (a) | | | | | 11,472 | | | | | | 244,698 | | |
Nice Ltd. – SPADR (a) | | | | | 1,937 | | | | | | 372,485 | | |
Playtika Holding Corp. (a) | | | | | 100,707 | | | | | | 857,016 | | |
| | | | | | | | | | | 2,339,050 | | |
Japan — 6.8% | | ||||||||||||
Amano Corp. | | | | | 213,400 | | | | | | 3,918,018 | | |
Azbil Corp. | | | | | 41,300 | | | | | | 1,045,817 | | |
BML, Inc. | | | | | 120,000 | | | | | | 3,036,633 | | |
Bunka Shutter Co., Ltd. (f) | | | �� | | 195,600 | | | | | | 1,638,133 | | |
DTS Corp. | | | | | 35,900 | | | | | | 806,951 | | |
Ezaki Glico Co., Ltd. (f) | | | | | 140,200 | | | | | | 3,855,972 | | |
Fukuda Corp. | | | | | 11,200 | | | | | | 378,413 | | |
Fukuda Denshi Co., Ltd. (f) | | | | | 12,200 | | | | | | 423,818 | | |
Fukushima Galilei Co., Ltd. | | | | | 26,100 | | | | | | 829,248 | | |
H.U. Group Holdings, Inc. | | | | | 137,200 | | | | | | 2,991,631 | | |
Hakuhodo DY Holdings, Inc. | | | | | 338,800 | | | | | | 3,431,533 | | |
Hitachi, Ltd. | | | | | 98,000 | | | | | | 4,931,835 | | |
Hogy Medical Co., Ltd. (f) | | | | | 143,600 | | | | | | 3,702,199 | | |
Icom, Inc. | | | | | 16,500 | | | | | | 350,488 | | |
Inpex Corp. | | | | | 50,400 | | | | | | 537,797 | | |
Japan Petroleum Exploration Co., Ltd. | | | | | 21,500 | | | | | | 631,332 | | |
Kamigumi Co., Ltd. | | | | | 40,400 | | | | | | 821,799 | | |
Kato Sangyo Co., Ltd. | | | | | 23,400 | | | | | | 625,640 | | |
KYORIN Holdings, Inc. | | | | | 74,300 | | | | | | 967,059 | | |
Medipal Holdings Corp. | | | | | 24,900 | | | | | | 328,125 | | |
Mitsubishi Corp. | | | | | 33,700 | | | | | | 1,090,253 | | |
Mitsubishi Estate Co., Ltd. (f) | | | | | 237,200 | | | | | | 3,069,533 | | |
| | | Number of Shares | | | Value | | ||||||
Mitsui & Co., Ltd. | | | | | 39,000 | | | | | $ | 1,134,014 | | |
Mitsui Fudosan Co., Ltd. | | | | | 170,600 | | | | | | 3,116,681 | | |
Morinaga & Co., Ltd. | | | | | 140,500 | | | | | | 4,198,750 | | |
Nintendo Co., Ltd. | | | | | 42,000 | | | | | | 1,758,775 | | |
Nippon Densetsu Kogyo Co., Ltd. | | | | | 9,400 | | | | | | 111,141 | | |
Nohmi Bosai, Ltd. | | | | | 43,600 | | | | | | 521,781 | | |
Noritz Corp. (f) | | | | | 75,000 | | | | | | 817,703 | | |
OKUMA Corp. | | | | | 94,200 | | | | | | 3,330,509 | | |
Raito Kogyo Co., Ltd. | | | | | 57,600 | | | | | | 827,033 | | |
Ryosan Co., Ltd. | | | | | 9,600 | | | | | | 205,937 | | |
Secom Co., Ltd. | | | | | 65,800 | | | | | | 3,753,587 | | |
Sekisui Jushi Corp. | | | | | 2,300 | | | | | | 32,670 | | |
Seven Bank, Ltd. (a) (f) | | | | | 1,668,100 | | | | | | 3,329,799 | | |
Shibuya Corp. (f) | | | | | 29,300 | | | | | | 507,911 | | |
Sinko Industries, Ltd. | | | | | 67,700 | | | | | | 743,709 | | |
SK Kaken Co., Ltd. | | | | | 8,000 | | | | | | 2,529,717 | | |
Sumitomo Warehouse Co., Ltd. (The) (f) | | | | | 291,700 | | | | | | 4,318,456 | | |
Suzuken Co., Ltd. | | | | | 51,700 | | | | | | 1,400,414 | | |
Tachi-S Co., Ltd. | | | | | 21,700 | | | | | | 182,152 | | |
Takeuchi Manufacturing Co., Ltd. | | | | | 172,300 | | | | | | 3,781,826 | | |
TKC Corp. | | | | | 18,200 | | | | | | 495,046 | | |
Toei Co., Ltd. | | | | | 33,800 | | | | | | 4,544,287 | | |
Toho Holdings Co., Ltd. | | | | | 42,000 | | | | | | 701,200 | | |
TV Asahi Holdings Corp. | | | | | 257,700 | | | | | | 2,611,456 | | |
West Japan Railway Co. | | | | | 17,300 | | | | | | 755,091 | | |
| | | | | | | | | | | 85,121,872 | | |
Kazakhstan — 0.3% | | ||||||||||||
Halyk Savings Bank of Kazakhstan JSC – GDR (g) | | | | | 100,459 | | | | | | 1,118,212 | | |
NAC Kazatomprom JSC – GDR (g) | | | | | 30,434 | | | | | | 855,510 | | |
NAC Kazatomprom JSC – GDR, 144A Shares (h) | | | | | 73,742 | | | | | | 2,075,100 | | |
| | | | | | | | | | | 4,048,822 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere – ADR (a) (d) (e) (g) | | | | | 38,451 | | | | | | 351,250 | | |
Malaysia — 0.0% | | ||||||||||||
Genting Plantations Bhd | | | | | 800 | | | | | | 1,162 | | |
Oriental Holdings BHD | | | | | 198,500 | | | | | | 305,977 | | |
| | | | | | | | | | | 307,139 | | |
Malta — 0.5% | | ||||||||||||
Kambi Group plc (a) | | | | | 348,477 | | | | | | 6,330,319 | | |
Mexico — 0.0% | | ||||||||||||
Controladora Vuela Cia de Aviacion SAB de CV – ADR (a) | | | | | 15,379 | | | | | | 128,568 | | |
Netherlands — 0.1% | | ||||||||||||
Argenx SE – ADR (a) | | | | | 491 | | | | | | 186,006 | | |
NXP Semiconductors NV | | | | | 2,004 | | | | | | 316,692 | | |
| | | | | | | | | | | 502,698 | | |
Puerto Rico — 0.1% | | ||||||||||||
Popular, Inc. | | | | | 8,095 | | | | | | 536,860 | | |
Russia — 0.0% | | ||||||||||||
Etalon Group plc – GDR (a) (d) (e) (g) | | | | | 599,848 | | | | | | — | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Etalon Group plc – GDR – LSE Shares (a) (d) (e) (g) | | | | | 84,223 | | | | | $ | — | | |
Federal Grid Co. Unified Energy System PJSC (a) (d) (e) | | | | | 1,019,443,892 | | | | | | — | | |
Gazprom PJSC (d) (e) | | | | | 1,409,587 | | | | | | — | | |
Lenta International Co. PJSC – GDR (a) (d) (e) | | | | | 351,208 | | | | | | — | | |
LSR Group PJSC (a) (d) (e) | | | | | 96,020 | | | | | | — | | |
Moscow Exchange MICEX-RTS PJSC (a) (d) (e) | | | | | 798,487 | | | | | | — | | |
Polyus PJSC – GDR (a) (d) (e) (g) | | | | | 34,231 | | | | | | — | | |
RusHydro PJSC (d) (e) | | | | | 354,557,380 | | | | | | — | | |
Sberbank of Russia PJSC (a) (d) (e) | | | | | 688,194 | | | | | | — | | |
VTB Bank PJSC (a) (d) (e) | | | | | 2,650,300,990 | | | | | | — | | |
| | | | | | | | | | | — | | |
Singapore — 0.3% | | ||||||||||||
First Resources, Ltd. | | | | | 1,008,300 | | | | | | 1,115,265 | | |
Golden Agri-Resources, Ltd. | | | | | 12,521,700 | | | | | | 2,334,745 | | |
Yoma Strategic Holdings, Ltd. (a) (f) | | | | | 3,695,700 | | | | | | 323,088 | | |
| | | | | | | | | | | 3,773,098 | | |
South Africa — 0.3% | | ||||||||||||
Gold Fields, Ltd. | | | | | 111,594 | | | | | | 1,154,968 | | |
Harmony Gold Mining Co., Ltd. – SPADR (f) | | | | | 379,207 | | | | | | 1,289,304 | | |
Impala Platinum Holdings, Ltd. | | | | | 110,037 | | | | | | 1,375,769 | | |
| | | | | | | | | | | 3,820,041 | | |
South Korea — 1.2% | | ||||||||||||
DL E&C Co., Ltd. (a) | | | | | 13,338 | | | | | | 358,786 | | |
GS Holdings Corp. (a) | | | | | 7,549 | | | | | | 262,630 | | |
Hana Financial Group, Inc. | | | | | 28,553 | | | | | | 955,406 | | |
Hankook & Company (a) | | | | | 75,241 | | | | | | 833,972 | | |
Hyundai Department Store Co., Ltd. (a) | | | | | 23,227 | | | | | | 1,088,463 | | |
Korea Electric Power Corp. (a) | | | | | 77,039 | | | | | | 1,333,656 | | |
Korea Electric Power Corp. – SPADR (a) (f) | | | | | 106,105 | | | | | | 916,747 | | |
Korean Reinsurance Co. (a) | | | | | 87,480 | | | | | | 472,202 | | |
KT Corp. (a) | | | | | 7,023 | | | | | | 188,231 | | |
KT Corp. – SPADR (a) (f) | | | | | 291,935 | | | | | | 3,941,123 | | |
LG Corp. (a) | | | | | 25,823 | | | | | | 1,603,738 | | |
LG Uplus Corp. | | | | | 264,369 | | | | | | 2,318,325 | | |
Lotte Chemical Corp. (a) | | | | | 4,239 | | | | | | 594,172 | | |
LX Holdings Corp. (a) | | | | | 2,467 | | | | | | 16,544 | | |
Magnachip Semiconductor Corp. (a) | | | | | 8,767 | | | | | | 82,322 | | |
PHA Co. Ltd. (a) | | | | | 23,013 | | | | | | 128,669 | | |
| | | | | | | | | | | 15,094,986 | | |
Spain — 0.2% | | ||||||||||||
Amadeus IT Group SA (a) | | | | | 45,988 | | | | | | 2,371,603 | | |
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings plc | | | | | 1,337,560 | | | | | | 205,667 | | |
Sweden — 2.2% | | ||||||||||||
Alleima AB (a) | | | | | 1 | | | | | | 4 | | |
Atlas Copco AB, Shares – B | | | | | 220,942 | | | | | | 2,360,622 | | |
| | | Number of Shares | | | Value | | ||||||
Boule Diagnostics AB | | | | | 180,978 | | | | | $ | 261,476 | | |
Elanders AB, Shares – B | | | | | 57,450 | | | | | | 827,118 | | |
Electrolux Professional AB, Class B | | | | | 229,112 | | | | | | 960,217 | | |
Fortnox AB | | | | | 412,866 | | | | | | 1,879,778 | | |
Greater Than AB (a) | | | | | 235,318 | | | | | | 1,867,246 | | |
Hexagon AB, Shares – B | | | | | 42,143 | | | | | | 442,997 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 51,471 | | | | | | 246,129 | | |
Investor AB, Shares – B | | | | | 263,812 | | | | | | 4,784,831 | | |
Karnov Group AB (a) | | | | | 109,596 | | | | | | 615,648 | | |
Nibe Industrier AB, Shares – B | | | | | 77,241 | | | | | | 722,282 | | |
Nolato AB, Shares – B | | | | | 190,342 | | | | | | 1,001,021 | | |
Skandinaviska Enskilda Banken AB, Class A | | | | | 492,494 | | | | | | 5,667,744 | | |
SKF AB, Class B | | | | | 38,044 | | | | | | 582,195 | | |
Spotify Technology SA (a) | | | | | 10,090 | | | | | | 796,605 | | |
Viaplay Group AB (a) | | | | | 227,474 | | | | | | 4,334,582 | | |
| | | | | | | | | | | 27,350,495 | | |
Switzerland — 0.1% | | ||||||||||||
Chubb, Ltd. (b) | | | | | 1,830 | | | | | | 403,698 | | |
Credit Suisse Group AG – SPADR | | | | | 250,581 | | | | | | 761,766 | | |
| | | | | | | | | | | 1,165,464 | | |
Taiwan — 0.1% | | ||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. – SPADR (b) | | | | | 10,811 | | | | | | 805,311 | | |
Thailand — 0.0% | | | | | | | | | | | | | |
Kasikornbank PCL | | | | | 62,900 | | | | | | 147,007 | | |
Ukraine — 0.1% | | ||||||||||||
Astarta Holding plc (a) | | | | | 45,135 | | | | | | 210,010 | | |
Kernel Holding SA (a) | | | | | 135,910 | | | | | | 543,047 | | |
MHP SE – GDR – OTC Shares (a) (g) | | | | | 236,097 | | | | | | 884,740 | | |
| | | | | | | | | | | 1,637,797 | | |
United Kingdom — 1.2% | | ||||||||||||
Atlassian Corp., Class A (a) | | | | | 40,160 | | | | | | 5,167,789 | | |
Clarivate plc (a) | | | | | 173,911 | | | | | | 1,450,418 | | |
Diageo plc | | | | | 88,637 | | | | | | 3,914,147 | | |
Gabriel Resources, Ltd. (a) | | | | | 1,962,000 | | | | | | 434,712 | | |
Janus Henderson Group plc | | | | | 7,795 | | | | | | 183,338 | | |
Liberty Global plc,Class C (a) | | | | | 28,213 | | | | | | 548,178 | | |
Linde plc (b) | | | | | 4,026 | | | | | | 1,313,201 | | |
nVent Electric plc | | | | | 6,063 | | | | | | 233,243 | | |
Stolt-Nielsen, Ltd. | | | | | 10,151 | | | | | | 279,287 | | |
Yellow Cake plc (a) (h) | | | | | 253,896 | | | | | | 1,145,330 | | |
| | | | | | | | | | | 14,669,643 | | |
Uruguay — 0.0% | | ||||||||||||
Dlocal, Ltd./Uruguay (a) | | | | | 8,938 | | | | | | 139,165 | | |
Total Foreign Common Stocks (Cost $451,190,408) | | | | | | | | | | | 400,897,782 | | |
Total Common Stocks (Cost $908,551,646) | | | | | | | | | | | 841,649,910 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Principal Amount | | | Value | | ||||||
Participation Notes — 0.2% | | ||||||||||||
UBS AG, Beijing Kingsoft Office Software, Inc., Equity Linked Notes, Expiring 10/26/23 (China) (a) (e) | | | | $ | 17,400 | | | | | $ | 662,014 | | |
UBS AG, Nanjing Bestway Intelligent Control Technology Co., Ltd., Equity Linked Notes, Expiring 12/06/23 (China) (a) (e) | | | | | 63,453 | | | | | | 681,839 | | |
UBS AG, TKD Science and Technology Co., Ltd., Equity Linked Notes, Expiring 01/17/23 (China) (a) (e) | | | | | 366,912 | | | | | | 1,070,382 | | |
Total Participation Notes (Cost $3,613,175) | | | | | | | | | | | 2,414,235 | | |
| | | Number of Contracts | | | Value | | ||||||
Rights — 0.0% | | ||||||||||||
Lotte Chemical Corp., Expiring 01/20/23 (South Korea) (a) (e) | | | | | 848 | | | | | | 23,807 | | |
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (e) | | | | | 367,492 | | | | | | 209,838 | | |
Total Rights (Cost $77,784) | | | | | | | | | | | 233,645 | | |
Warrants — 0.0% | | ||||||||||||
Alpha Lithium Corp., Expiring 12/10/23 (Canada) (a) (e) | | | | | 32,800 | | | | | | 3,500 | | |
American Lithium Corp., Expiring 11/03/23 (Canada) (a) (e) | | | | | 27,900 | | | | | | 9,769 | | |
American Pacific Mining Corp., Expiring 12/13/23 (Canada) (a) (e) | | | | | 30,550 | | | | | | 175 | | |
Aretto Wellness, Inc., Expiring 03/05/24 (Canada) (a) | | | | | 5,197 | | | | | | 58 | | |
Ascot Resources, Ltd., Expiring 03/08/24 (Canada) (a) (e) | | | | | 63,350 | | | | | | 3,485 | | |
Bigg Digital Assets, Inc., Expiring 04/16/23 (Canada) (a) (e) | | | | | 34,150 | | | | | | 6 | | |
Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (e) | | | | | 7,900 | | | | | | 625 | | |
Critical Elements Lithium Corp., Expiring 12/03/23 (Canada) (a) (e) | | | | | 26,350 | | | | | | 5,790 | | |
Cypress Development Corp., Expiring 03/22/24 (Canada) (a) (e) | | | | | 63,100 | | | | | | 3,334 | | |
Cypress Development Corp., Expiring 02/04/24 (Canada) (a) (e) | | | | | 37,100 | | | | | | 538 | | |
Denilson Mines Corp., Expiring 03/22/23 (Canada) (a) (e) | | | | | 30,700 | | | | | | 144 | | |
Entourage Health Corp., Expiring 03/12/23 (Canada) (a) | | | | | 150,400 | | | | | | 555 | | |
Esports Technology, Inc., Expiring 11/30/26 (United States) (a) (c) (e) | | | | | 30,162 | | | | | | 6,558 | | |
FG Acquisition Corp., Expiring 04/05/30 (Canada) (a) | | | | | 16,150 | | | | | | 20,188 | | |
Givex Corp., Expiring 11/25/23 (Canada) (a) (e) | | | | | 30,000 | | | | | | 1,413 | | |
Gold Mountain Mining Corp., Expiring 06/24/23 (Canada) (a) (e) | | | | | 13,950 | | | | | | — | | |
Gryphon Digital Mining, Inc., Expiring 06/30/24 (United States) (a) (c) (d) (e) | | | | | 10,298 | | | | | | 308 | | |
Hive Blockchain Technologies, Ltd., Expiring 05/30/24 (Canada) (a) | | | | | 20,100 | | | | | | 1,484 | | |
Nevada Copper Corp., Expiring 05/29/23 (Canada) (a) | | | | | 73,900 | | | | | | 273 | | |
| | | Number of Contracts | | | Value | | ||||||
Northern Genesis Acquisition Corp. III, Expiring 12/31/27 (United States) (a) | | | | | 12,000 | | | | | $ | 1,007 | | |
Numinus Wellness, Inc., Expiring 03/19/23 (Canada) (a) | | | | | 30,550 | | | | | | 226 | | |
Organigram Holdings, Inc., Expiring 11/12/23 (Canada) (a) (e) | | | | | 45,000 | | | | | | 1,776 | | |
Osisko Green Acquisition, Ltd., Expiring 09/08/29 (Canada) (a) | | | | | 30,000 | | | | | | 5,207 | | |
Osisko Green Acquisition, Ltd., Expiring 09/07/26 (Canada) (a) (c) (d) (e) | | | | | 33,552 | | | | | | 4,659 | | |
Rambler Metals & Mining plc, Expiring 01/13/26 (United Kingdom) (a) (e) | | | | | 9,834 | | | | | | — | | |
Revive Therapeutics, Ltd., Expiring 02/12/24 (Canada) (a) (e) | | | | | 85,700 | | | | | | 1,204 | | |
Royal Helium, Ltd., Expiring 01/10/26 (Canada) (a) (e) | | | | | 1,538,400 | | | | | | 158,973 | | |
Royal Helium, Ltd., Expiring 06/08/23 (Canada) (a) | | | | | 291,500 | | | | | | 10,764 | | |
Saturn Oil & Gas, Inc., Expiring 06/04/23 (Canada) (a) | | | | | 404,100 | | | | | | 4,477 | | |
Somerset Energy Partners Corp., Expiring 04/08/24 (Canada) (a) (c) (d) (e) | | | | | 130,200 | | | | | | 1,186 | | |
Sucro Holdings LLC, Expiring 01/28/23 (Canada) (a) (c) (d) (e) | | | | | 8,700 | | | | | | — | | |
Sun Summit Minerals Corp., Expiring 07/29/23 (Canada) (a) (e) | | | | | 30,550 | | | | | | 18 | | |
Swiftmerge Acquisition Corp., Expiring 12/15/26 (United States) (a) (c) (e) | | | | | 9,258 | | | | | | 680 | | |
The Valens Co., Inc., Expiring 01/29/24 (Canada) (a) (e) | | | | | 43,100 | | | | | | 471 | | |
The Valens Co., Inc., Expiring 06/01/24 (Canada) (a) (e) | | | | | 37,950 | | | | | | 421 | | |
The Very Good Food Co., Expiring 01/02/23 (Canada) (a) (e) | | | | | 4,500 | | | | | | — | | |
Trillion Energy International, Inc., Expiring 06/29/25 (Canada) (a) | | | | | 805,000 | | | | | | 142,688 | | |
Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (e) | | | | | 75,000 | | | | | | 13,050 | | |
Total Warrants (Cost $232,387) | | | | | | | | | | | 405,010 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.2% | | ||||||||||||
Diversified Telecommunication Services — 0.1% | | ||||||||||||
Rogers Communications, Inc., 4.550%, 03/15/52 (Canada) (h) | | | | $ | 1,527,000 | | | | | | 1,184,616 | | |
Oil, Gas & Consumable Fuels — 0.0% | | ||||||||||||
Royal Helium, Ltd., 14.000%, 12/31/25 (Canada) (d) (e) | | | | | 400,000 | | | | | | 295,421 | | |
Paper & Forest Products — 0.1% | | ||||||||||||
Resolute Forest Products, Inc., 4.875%, 03/01/26 (Canada) (h) | | | | | 448,000 | | | | | | 441,113 | | |
Total Corporate Bonds (Cost $1,904,822) | | | | | | | | | | | 1,921,150 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Principal Amount | | | Value | | ||||||
Convertible Bonds — 0.0% | | ||||||||||||
Health Care Equipment & Supplies — 0.0% | | ||||||||||||
Synaptive Medical, Inc., 10.000%, 10/31/24(c) (d) (e) (Cost $120,000) | | | | $ | 120,000 | | | | | $ | 120,000 | | |
US Treasury Bonds/Notes — 5.2% | | ||||||||||||
US Treasury Note, 2.750%, 07/31/27 | | | | | 2,450,000 | | | | | | 2,321,662 | | |
US Treasury Note, 0.125%, 12/15/23 | | | | | 500,000 | | | | | | 478,965 | | |
US Treasury Note, 0.250%, 03/15/24 | | | | | 1,875,000 | | | | | | 1,778,247 | | |
US Treasury Note, 2.500%, 05/15/24 | | | | | 1,721,000 | | | | | | 1,671,051 | | |
US Treasury Note, 0.250%, 06/15/24 | | | | | 2,000,000 | | | | | | 1,877,813 | | |
US Treasury Note, 2.000%, 06/30/24 | | | | | 3,473,000 | | | | | | 3,341,406 | | |
US Treasury Note, 0.375%, 09/15/24 | | | | | 4,994,000 | | | | | | 4,657,100 | | |
US Treasury Note, 1.500%, 09/30/24 (f) | | | | | 4,264,000 | | | | | | 4,051,133 | | |
US Treasury Note, 4.500%, 11/30/24 (f) | | | | | 6,817,000 | | | | | | 6,820,728 | | |
US Treasury Note, 1.500%, 02/15/25 | | | | | 1,435,000 | | | | | | 1,351,647 | | |
US Treasury Note, 2.125%, 05/15/25 (f) | | | | | 2,070,000 | | | | | | 1,968,521 | | |
US Treasury Note, 0.250%, 05/31/25 | | | | | 1,746,000 | | | | | | 1,586,336 | | |
US Treasury Note, 2.250%, 11/15/25 (f) | | | | | 1,907,000 | | | | | | 1,806,659 | | |
US Treasury Note, 0.375%, 11/30/25 | | | | | 2,022,900 | | | | | | 1,811,207 | | |
US Treasury Note, 0.375%, 01/31/26 | | | | | 1,523,000 | | | | | | 1,356,362 | | |
US Treasury Note, 0.500%, 02/28/26 | | | | | 1,648,000 | | | | | | 1,470,196 | | |
US Treasury Note, 0.875%, 06/30/26 | | | | | 2,015,000 | | | | | | 1,803,976 | | |
US Treasury Note, 1.125%, 10/31/26 | | | | | 2,487,000 | | | | | | 2,227,419 | | |
US Treasury Note, 1.250%, 12/31/26 | | | | | 2,509,000 | | | | | | 2,249,965 | | |
US Treasury Note, 1.500%, 01/31/27 | | | | | 2,489,000 | | | | | | 2,250,309 | | |
US Treasury Note, 1.125%, 02/28/27 | | | | | 2,301,000 | | | | | | 2,048,789 | | |
US Treasury Note, 0.500%, 08/31/27 | | | | | 2,400,000 | | | | | | 2,046,188 | | |
US Treasury Note, 4.125%, 09/30/27 | | | | | 892,000 | | | | | | 896,774 | | |
US Treasury Note, 2.750%, 08/15/32 | | | | | 14,699,000 | | | | | | 13,433,508 | | |
Total US Treasury Bonds/Notes (Cost $67,027,299) | | | | | | | | | | | 65,305,961 | | |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds — 20.1% | | ||||||||||||
Exchange-Traded Funds (ETFs) — 6.5% | | ||||||||||||
Energy Select Sector SPDR Fund | | | | | 111,582 | | | | | | 9,760,077 | | |
Financial Select Sector SPDR Fund | | | | | 1,314,373 | | | | | | 44,951,557 | | |
Technology Select Sector SPDR Fund | | | | | 71,149 | | | | | | 8,853,782 | | |
Vanguard Financials ETF | | | | | 213,451 | | | | | | 17,658,801 | | |
| | | | | | | | | | | 81,224,217 | | |
Private Investment Funds (i) — 13.6% | | ||||||||||||
Bellus Ventures II LP (a) (c) (d) (e) | | | | | 185,236 | | | | | | 29,777,284 | | |
Canyon Partners LLC (a) (c) (d) (e) | | | | | | | | | | | 9,433,719 | | |
Eversept Global Healthcare Fund LP (a) (c) (d) (e) | | | | | | | | | | | 35,128,992 | | |
Farallon Capital Institutional Partners LP (a) (c) (d) (e) | | | | | | | | | | | 944,596 | | |
Helikon Long Short Equity Fund ICAV (a) (c) (d) (e) | | | | | 7,919 | | | | | | 16,909,954 | | |
Honeycomb Partners LP (a) (c) (d) (e) | | | | | | | | | | | 25,776,571 | | |
Neo Ivy Capital Fund LP (a) (c) (d) (e) | | | | | | | | | | | 9,629,364 | | |
Northwest Feilong Fund, Ltd. (a) (c) (d) (e) | | | | | 7,235 | | | | | | 17,593,910 | | |
| | | Number of Shares | | | Value | | ||||||
QVT Roviant LP (a) (c) (d) (e) | | | | | 2,324 | | | | | $ | 5,526,099 | | |
Voloridge Fund LP (a) (c) (d) (e) | | | | | | | | | | | 18,743,943 | | |
| | | | | | | | | | | 169,464,432 | | |
Total Acquired Funds (Cost $212,157,214) | | | | | | | | | | | 250,688,649 | | |
Preferred Stocks — 0.3% | | ||||||||||||
Draegerwerk AG & Co. KGAA, 0.45% (Germany) | | | | | 14,750 | | | | | | 657,648 | | |
Esports Technology, Inc., 14.00% (United States) (c) (d) (e) | | | | | 563,000 | | | | | | 563,000 | | |
Hyundai Motor Co., Ltd., 1.35% (South Korea) | | | | | 25,675 | | | | | | 1,507,136 | | |
Hyundai Motor Co., Ltd., 6.82% (South Korea) | | | | | 7,811 | | | | | | 458,767 | | |
Sabre Corp., 6.50% (United States) (a) | | | | | 3,300 | | | | | | 277,761 | | |
Synaptive Medical, Inc., Class B, 0.00% (Canada) (c) (d) (e) | | | | | 74,285 | | | | | | 185,712 | | |
Total Preferred Stocks (Cost $3,950,449) | | | | | | | | | | | 3,650,024 | | |
| | | Number of Contracts | | | Value | | ||||||
Purchased Option Contracts — 0.2% | | ||||||||||||
Calls — 0.0% | | ||||||||||||
iShares S&P/TSX 60 Index ETF, Notional Amount $3,159,800, Strike Price $30.5 Expiring 01/20/2023 (Canada) | | | | | 1,036 | | | | | | 7,651 | | |
iShares Silver Trust, Notional Amount $2,290,200, Strike Price $22 Expiring 01/20/2023 (United States) | | | | | 1,041 | | | | | | 69,747 | | |
Total Calls (Cost $98,167) | | | | | | | | | | | 77,398 | | |
Puts — 0.2% | | ||||||||||||
Axfood AB, Notional Amount $19,734,000, Strike Price $260 Expiring 03/17/2023 (Sweden) | | | | | 759 | | | | | | 30,550 | | |
Billerud AB, Notional Amount $9,039,750, Strike Price $127.5 Expiring 02/17/2023 (Sweden) | | | | | 709 | | | | | | 41,447 | | |
Call EUR vs. Put JPY, Notional Amount $100,640,000, Strike Price $136 Expiring 09/05/2024 (Germany) | | | | | 74,000,000 | | | | | | 506,489 | | |
Call EUR vs. Put JPY, Notional Amount $100,640,000, Strike Price $136 Expiring 09/06/2024 (Germany) | | | | | 74,000,000 | | | | | | 507,107 | | |
Call EUR vs. Put JPY, Notional Amount $148,240,000, Strike Price $136 Expiring 08/29/2023 (Germany) | | | | | 109,000,000 | | | | | | 364,482 | | |
Call EUR vs. Put JPY, Notional Amount $148,240,000, Strike Price $136 Expiring 08/30/2023 (Germany) | | | | | 109,000,000 | | | | | | 362,160 | | |
Industrivarden AB, Notional Amount $32,177,000, Strike Price $230 Expiring 03/17/2023 (Sweden) | | | | | 1,399 | | | | | | 42,903 | | |
Skanska AB, Notional Amount $22,847,000, Strike Price $155 Expiring 01/20/2023 (Sweden) | | | | | 1,474 | | | | | | 7,769 | | |
Stora Enso Oyj, Notional Amount $19,796,000, Strike Price $140 Expiring 03/17/2023 (Sweden) | | | | | 1,414 | | | | | | 97,565 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Contracts | | | Value | | ||||||
Svenska Cellulosa AB SCA, Notional Amount $36,387,000, Strike Price $130 Expiring 02/17/2023 (Sweden) | | | | | 2,799 | | | | | $ | 114,000 | | |
Total Puts (Cost $2,366,151) | | | | | | | | | | | 2,074,472 | | |
Total Purchased Option Contracts (Cost $2,464,318) | | | | | | | | | | | 2,151,870 | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (c) (d) (e) | | | | | 260,322 | | | | | | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 12.6% | | ||||||||||||
Repurchase Agreement — 6.6% | | ||||||||||||
Fixed Income Clearing Corp. issued on 12/30/22 (proceeds at maturity $82,684,608) (collateralized by US Treasury Note, due 01/31/23 with a total par value of $2,029,300 and a total market value of $2,000,025; US Treasury Inflation Indexed Notes, due 07/15/23 with a total par value of $64,973,700 and a total market value of $81,914,477), 1.280%, 1/3/23 (Cost $82,672,850) | | | | $ | 82,672,850 | | | | | | 82,672,850 | | |
Unaffiliated Investment Company — 0.9% | | ||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 4.340%, (j) (k) (Cost $11,193,812) | | | | | 11,193,812 | | | | | | 11,193,812 | | |
US Treasury Bills — 5.1% | | ||||||||||||
US Treasury Bills, 4.081%, 02/21/23 (j) | | | | | 4,446,400 | | | | | | 4,421,245 | | |
US Treasury Bills, 3.147%, 03/23/23 (j) | | | | | 56,650,000 | | | | | | 56,122,732 | | |
US Treasury Bills, 3.176%, 07/13/23 (j) | | | | | 3,267,300 | | | | | | 3,189,649 | | |
Total US Treasury Bills (Cost $63,806,573) | | | | | | | | | | | 63,733,626 | | |
Total Short-Term Investments (Cost $157,673,235) | | | | | | | | | | | 157,600,288 | | |
Total Investments – 106.3% (Cost $1,357,772,329) | | | | | | | | | | | 1,326,140,742 | | |
Other Assets in Excess of Liabilities – (6.3)% | | | | | | | | | | | (78,162,154) | | |
Net Assets – 100.0% | | | | | | | | | | $ | 1,247,978,588 | | |
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (11.5)% | | ||||||||||||
Common Stocks — (11.4)% | | ||||||||||||
US Common Stocks — (7.1)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
AAR Corp. (a) | | | | | (5,550) | | | | | | (249,195) | | |
Axon Enterprise, Inc. (a) | | | | | (2,564) | | | | | | (425,444) | | |
| | | Number of Shares | | | Value | | ||||||
HEICO Corp. | | | | | (461) | | | | | $ | (70,828) | | |
| | | | | | | | | | | (745,467) | | |
Airlines — (0.1)% | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | (78,933) | | | | | | (1,004,028) | | |
United Airlines Holdings, Inc. (a) | | | | | (5,530) | | | | | | (208,481) | | |
| | | | | | | | | | | (1,212,509) | | |
Auto Components — (0.0)% | | ||||||||||||
Fox Factory Holding Corp. (a) | | | | | (3,540) | | | | | | (322,954) | | |
Automobiles — (0.0)% | | ||||||||||||
Harley-Davidson, Inc. | | | | | (8,812) | | | | | | (366,579) | | |
Banks — (0.1)% | | ||||||||||||
Berkshire Hills Bancorp, Inc. | | | | | (8,673) | | | | | | (259,323) | | |
Commerce Bancshares, Inc. | | | | | (2,120) | | | | | | (144,305) | | |
First Financial Bankshares, Inc. | | | | | (13,396) | | | | | | (460,822) | | |
SVB Financial Group (a) | | | | | (2,187) | | | | | | (503,316) | | |
| | | | | | | | | | | (1,367,766) | | |
Beverages — (0.0)% | | ||||||||||||
Celsius Holdings, Inc. (a) | | | | | (2,641) | | | | | | (274,770) | | |
MGP Ingredients, Inc. | | | | | (3,203) | | | | | | (340,735) | | |
| | | | | | | | | | | (615,505) | | |
Biotechnology — (0.2)% | | ||||||||||||
Alnylam Pharmaceuticals, Inc. (a) | | | | | (1,719) | | | | | | (408,520) | | |
Mirati Therapeutics, Inc. (a) | | | | | (6,702) | | | | | | (303,668) | | |
Moderna, Inc. (a) | | | | | (1,917) | | | | | | (344,332) | | |
Natera, Inc. (a) | | | | | (2,226) | | | | | | (89,418) | | |
Twist Bioscience Corp. (a) | | | | | (47,808) | | | | | | (1,138,308) | | |
| | | | | | | | | | | (2,284,246) | | |
Building Products — (0.1)% | | ||||||||||||
Advanced Drainage Systems, Inc. | | | | | (380) | | | | | | (31,149) | | |
AZEK Co., Inc. (The) (a) | | | | | (19,816) | | | | | | (402,661) | | |
Builders FirstSource, Inc. (a) | | | | | (2,859) | | | | | | (185,492) | | |
| | | | | | | | | | | (619,302) | | |
Capital Markets — (0.0)% | | ||||||||||||
T. Rowe Price Group, Inc. | | | | | (1,910) | | | | | | (208,305) | | |
Chemicals — (0.0)% | | ||||||||||||
Scotts Miracle-Gro Co. (The) | | | | | (7,065) | | | | | | (343,288) | | |
Commercial Services & Supplies — (0.1)% | | ||||||||||||
Aris Water Solution, Inc., Class A | | | | | (48,385) | | | | | | (697,228) | | |
HNI Corp. | | | | | (19,603) | | | | | | (557,313) | | |
| | | | | | | | | | | (1,254,541) | | |
Communications Equipment — (0.0)% | | ||||||||||||
Calix, Inc. (a) | | | | | (2,663) | | | | | | (182,229) | | |
Viasat, Inc. (a) | | | | | (1,138) | | | | | | (36,018) | | |
| | ��� | | | | | | | | | (218,247) | | |
Construction & Engineering — (0.0)% | | ||||||||||||
Ameresco, Inc., Class A (a) | | | | | (7,366) | | | | | | (420,893) | | |
Consumer Finance — (0.0)% | | ||||||||||||
FirstCash Holdings, Inc. | | | | | (754) | | | | | | (65,530) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Containers & Packaging — (0.0)% | | ||||||||||||
Ball Corp. | | | | | (1,963) | | | | | $ | (100,388) | | |
Distributors — (0.0)% | | ||||||||||||
Pool Corp. | | | | | (797) | | | | | | (240,957) | | |
Diversified Consumer Services — (0.2)% | | ||||||||||||
H&R Block, Inc. | | | | | (24,827) | | | | | | (906,434) | | |
Mister Car Wash, Inc. (a) | | | | | (17,082) | | | | | | (157,667) | | |
Perdoceo Education Corp. (a) | | | | | (22,634) | | | | | | (314,612) | | |
Service Corp. International | | | | | (7,063) | | | | | | (488,336) | | |
| | | | | | | | | | | (1,867,049) | | |
Diversified Telecommunication Services — (0.1)% | | ||||||||||||
Cogent Communications Holdings, Inc. | | | | | (20,849) | | | | | | (1,190,061) | | |
Frontier Communications Parent, Inc. (a) | | | | | (13,951) | | | | | | (355,471) | | |
| | | | | | | | | | | (1,545,532) | | |
Electric Utilities — (0.1)% | | ||||||||||||
NextEra Energy, Inc. | | | | | (10,120) | | | | | | (846,032) | | |
Otter Tail Corp. | | | | | (1,661) | | | | | | (97,517) | | |
| | | | | | | | | | | (943,549) | | |
Electrical Equipment — (0.4)% | | ||||||||||||
Array Technologies, Inc. (a) | | | | | (40,878) | | | | | | (790,172) | | |
Bloom Energy Corp., Class A (a) | | | | | (26,722) | | | | | | (510,925) | | |
ChargePoint Holdings, Inc. (a) | | | | | (1,452) | | | | | | (13,837) | | |
Encore Wire Corp. | | | | | (9,230) | | | | | | (1,269,679) | | |
Plug Power, Inc. (a) | | | | | (60,560) | | | | | | (749,127) | | |
Sunrun, Inc. (a) | | | | | (31,001) | | | | | | (744,644) | | |
TPI Composites, Inc. (a) | | | | | (146,298) | | | | | | (1,483,462) | | |
| | | | | | | | | | | (5,561,846) | | |
Electronic Equipment, Instruments & Components — (0.1)% | | ||||||||||||
Badger Meter, Inc. | | | | | (2,740) | | | | | | (298,742) | | |
Novanta, Inc. (a) | | | | | (3,227) | | | | | | (438,453) | | |
| | | | | | | | | | | (737,195) | | |
Entertainment — (0.1)% | | ||||||||||||
ROBLOX Corp., Class A (a) | | | | | (20,619) | | | | | | (586,817) | | |
Roku, Inc. (a) | | | | | (22,770) | | | | | | (926,739) | | |
World Wrestling Entertainment, Inc., Class A | | | | | (3,508) | | | | | | (240,368) | | |
| | | | | | | | | | | (1,753,924) | | |
Equity Real Estate — (0.3)% | | | | | | | | | | | | | |
American Tower Corp. | | | | | (63) | | | | | | (13,347) | | |
CubeSmart | | | | | (10,382) | | | | | | (417,876) | | |
Iron Mountain, Inc. | | | | | (21,071) | | | | | | (1,050,389) | | |
Kimco Realty Corp. | | | | | (23,361) | | | | | | (494,786) | | |
Medical Properties Trust, Inc. | | | | | (58,972) | | | | | | (656,948) | | |
Park Hotels & Resorts, Inc. | | | | | (9,145) | | | | | | (107,820) | | |
Pebblebrook Hotel Trust | | | | | (5,364) | | | | | | (71,824) | | |
Realty Income Corp. | | | | | (5,293) | | | | | | (335,735) | | |
Welltower, Inc. | | | | | (10,655) | | | | | | (698,435) | | |
| | | | | | | | | | | (3,847,160) | | |
|
| | | Number of Shares | | | Value | | ||||||
Food & Staples Retailing — (0.2)% | | ||||||||||||
Grocery Outlet Holding Corp. (a) | | | | | (53,066) | | | | | $ | (1,548,997) | | |
Weis Markets, Inc. | | | | | (4,488) | | | | | | (369,317) | | |
| | | | | | | | | | | (1,918,314) | | |
Food Products — (0.2)% | | ||||||||||||
Flowers Foods, Inc. | | | | | (9,272) | | | | | | (266,477) | | |
Freshpet, Inc. (a) | | | | | (12,783) | | | | | | (674,559) | | |
Hostess Brands, Inc. (a) | | | | | (8,624) | | | | | | (193,523) | | |
JM Smucker Co. (The) | | | | | (663) | | | | | | (105,059) | | |
Lamb Weston Holdings, Inc. | | | | | (6,992) | | | | | | (624,805) | | |
McCormick & Co., Inc. | | | | | (6,489) | | | | | | (537,873) | | |
Tootsie Roll Industries, Inc. | | | | | (1,249) | | | | | | (53,170) | | |
| | | | | | | | | | | (2,455,466) | | |
Health Care Equipment & Supplies — (0.2)% | | ||||||||||||
Atrion Corp. | | | | | (175) | | | | | | (97,904) | | |
ICU Medical, Inc. (a) | | | | | (7,162) | | | | | | (1,127,872) | | |
Inari Medical, Inc. (a) | | | | | (4,526) | | | | | | (287,672) | | |
Insulet Corp. (a) | | | | | (2,338) | | | | | | (688,284) | | |
Penumbra, Inc. (a) | | | | | (1,808) | | | | | | (402,208) | | |
ResMed, Inc. | | | | | (94) | | | | | | (19,564) | | |
STERIS plc | | | | | (1,758) | | | | | | (324,685) | | |
| | | | | | | | | | | (2,948,189) | | |
Health Care Providers & Services — (0.3)% | | ||||||||||||
agilon health, Inc. (a) | | | | | (53,025) | | | | | | (855,824) | | |
AMN Healthcare Services, Inc. (a) | | | | | (9,446) | | | | | | (971,238) | | |
HealthEquity, Inc. (a) | | | | | (5,022) | | | | | | (309,556) | | |
Henry Schein, Inc. (a) | | | | | (7,250) | | | | | | (579,057) | | |
Oak Street Health, Inc. (a) | | | | | (30,787) | | | | | | (662,228) | | |
R1 RCM, Inc. (a) | | | | | (23,614) | | | | | | (258,573) | | |
| | | | | | | | | | | (3,636,476) | | |
Health Care Technology — (0.0)% | | ||||||||||||
Definitive Healthcare Corp. (a) | | | | | (17,676) | | | | | | (194,259) | | |
Doximity, Inc., Class A (a) | | | | | (3,492) | | | | | | (117,192) | | |
Teladoc Health, Inc. (a) | | | | | (9,317) | | | | | | (220,347) | | |
| | | | | | | | | | | (531,798) | | |
Hotels, Restaurants & Leisure — (0.3)% | | ||||||||||||
Airbnb, Inc., Class A (a) | | | | | (752) | | | | | | (64,296) | | |
DraftKings, Inc., Class A (a) | | | | | (44,928) | | | | | | (511,730) | | |
EBET, Inc. (a) | | | | | (9,100) | | | | | | (5,735) | | |
Krispy Kreme, Inc. | | | | | (89,427) | | | | | | (922,886) | | |
Las Vegas Sands Corp. (a) | | | | | (9,698) | | | | | | (466,183) | | |
Norwegian Cruise Line Holdings, Ltd. (a) | | | | | (4,321) | | | | | | (52,889) | | |
Papa John’s International, Inc. | | | | | (5,999) | | | | | | (493,778) | | |
Six Flags Entertainment Corp. (a) | | | | | (40,782) | | | | | | (948,181) | | |
Wingstop, Inc. | | | | | (5,042) | | | | | | (693,880) | | |
| | | | | | | | | | | (4,159,558) | | |
Household Durables — (0.0)% | | ||||||||||||
D.R. Horton, Inc. | | | | | (4,937) | | | | | | (440,084) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Household Products — (0.0)% | | ||||||||||||
Clorox Co. (The) | | | | | (408) | | | | | $ | (57,255) | | |
Insurance — (0.1)% | | ||||||||||||
Kinsale Capital Group, Inc. | | | | | (63) | | | | | | (16,476) | | |
Ryan Specialty Holdings, Inc. (a) | | | | | (8,601) | | | | | | (357,027) | | |
Trupanion, Inc. (a) | | | | | (9,440) | | | | | | (448,683) | | |
| | | | | | | | | | | (822,186) | | |
Interactive Media & Services — (0.1)% | | ||||||||||||
IAC, Inc. (a) | | | | | (6,673) | | | | | | (296,281) | | |
Pinterest, Inc.,Class A (a) | | | | | (14,344) | | | | | | (348,273) | | |
ZoomInfo Technologies, Inc. (a) | | | | | (29,775) | | | | | | (896,525) | | |
| | | | | | | | | | | (1,541,079) | | |
Internet & Direct Marketing Retail — (0.2)% | | ||||||||||||
DoorDash, Inc., Class A (a) | | | | | (12,609) | | | | | | (615,571) | | |
Etsy, Inc. (a) | | | | | (9,327) | | | | | | (1,117,188) | | |
PetMed Express, Inc. | | | | | (18,111) | | | | | | (320,565) | | |
| | | | | | | | | | | (2,053,324) | | |
IT Services — (0.4)% | | ||||||||||||
Affirm Holdings, Inc. (a) | | | | | (49,500) | | | | | | (478,665) | | |
Akamai Technologies, Inc. (a) | | | | | (4,298) | | | | | | (362,321) | | |
EPAM Systems, Inc. (a) | | | | | (88) | | | | | | (28,841) | | |
Fastly, Inc., Class A (a) | | | | | (119,364) | | | | | | (977,591) | | |
MongoDB, Inc. (a) | | | | | (5,163) | | | | | | (1,016,285) | | |
Okta, Inc. (a) | | | | | (1,875) | | | | | | (128,119) | | |
Perficient, Inc. (a) | | | | | (12,714) | | | | | | (887,819) | | |
Shift4 Payments, Inc., Class A (a) | | | | | (8,694) | | | | | | (486,256) | | |
Toast, Inc., Class A (a) | | | | | (2,045) | | | | | | (36,871) | | |
| | | | | | | | | | | (4,402,768) | | |
Leisure Products — (0.1)% | | ||||||||||||
Acushnet Holdings Corp. | | | | | (11,543) | | | | | | (490,116) | | |
Peloton Interactive, Inc., Class A (a) | | | | | (1,438) | | | | | | (11,418) | | |
Polaris, Inc. | | | | | (2,359) | | | | | | (238,259) | | |
Topgolf Callaway Brands Corp. (a) | | | | | (19,751) | | | | | | (390,082) | | |
| | | | | | | | | | | (1,129,875) | | |
Life Sciences Tools & Services — (0.2)% | | ||||||||||||
10X Genomics, Inc., Class A (a) | | | | | (9,036) | | | | | | (329,272) | | |
Azenta, Inc. (a) | | | | | (10,013) | | | | | | (582,957) | | |
Illumina, Inc. (a) | | | | | (2,864) | | | | | | (579,101) | | |
PerkinElmer, Inc. | | | | | (1,661) | | | | | | (232,905) | | |
Repligen Corp. (a) | | | | | (1,628) | | | | | | (275,637) | | |
| | | | | | | | | | | (1,999,872) | | |
Machinery — (0.1)% | | ||||||||||||
Chart Industries, Inc. (a) | | | | | (5,785) | | | | | | (666,606) | | |
Kadant, Inc. | | | | | (915) | | | | | | (162,531) | | |
RBC Bearings, Inc. (a) | | | | | (1,415) | | | | | | (296,230) | | |
Snap-on, Inc. | | | | | (892) | | | | | | (203,813) | | |
| | | | | | | | | | | (1,329,180) | | |
|
| | | Number of Shares | | | Value | | ||||||
Media — (0.2)% | | ||||||||||||
Cable One, Inc. | | | | | (150) | | | | | $ | (106,779) | | |
New York Times Co. (The), Class A | | | | | (28,362) | | | | | | (920,631) | | |
Paramount Global, Class B | | | | | (15,081) | | | | | | (254,567) | | |
TechTarget, Inc. (a) | | | | | (29,291) | | | | | | (1,290,562) | | |
Trade Desk, Inc. (The), Class A (a) | | | | | (10,421) | | | | | | (467,173) | | |
| | | | | | | | | | | (3,039,712) | | |
Metals & Mining — (0.2)% | | ||||||||||||
MP Materials Corp. (a) | | | | | (61,723) | | | | | | (1,498,635) | | |
United States Steel Corp. | | | | | (21,685) | | | | | | (543,209) | | |
| | | | | | | | | | | (2,041,844) | | |
Multiline Retail — (0.2)% | | ||||||||||||
Franchise Group, Inc. | | | | | (21,155) | | | | | | (503,912) | | |
Kohl’s Corp. | | | | | (47,570) | | | | | | (1,201,143) | | |
Ollie’s Bargain Outlet Holdings, Inc. (a) | | | | | (8,425) | | | | | | (394,627) | | |
| | | | | | | | | | | (2,099,682) | | |
Oil, Gas & Consumable Fuels — (0.1)% | | ||||||||||||
CNX Resources Corp. (a) | | | | | (15,232) | | | | | | (256,507) | | |
Enviva, Inc. | | | | | (9,782) | | | | | | (518,153) | | |
New Fortress Energy, Inc. | | | | | (4,575) | | | | | | (194,071) | | |
Williams Cos., Inc. (The) | | | | | (5,613) | | | | | | (184,668) | | |
| | | | | | | | | | | (1,153,399) | | |
Personal Products — (0.1)% | | ||||||||||||
BellRing Brands, Inc. (a) | | | | | (32,342) | | | | | | (829,249) | | |
Pharmaceuticals — (0.0)% | | ||||||||||||
Catalent, Inc. (a) | | | | | (1,215) | | | | | | (54,687) | | |
Professional Services — (0.1)% | | ||||||||||||
CRA International, Inc. | | | | | (2,107) | | | | | | (257,960) | | |
Equifax, Inc. | | | | | (1,009) | | | | | | (196,109) | | |
FTI Consulting, Inc. (a) | | | | | (1,461) | | | | | | (232,007) | | |
Kforce, Inc. | | | | | (11,768) | | | | | | (645,239) | | |
| | | | | | | | | | | (1,331,315) | | |
Road & Rail — (0.2)% | | ||||||||||||
ArcBest Corp. | | | | | (4,294) | | | | | | (300,752) | | |
Old Dominion Freight Line, Inc. | | | | | (66) | | | | | | (18,729) | | |
Saia, Inc. (a) | | | | | (7,519) | | | | | | (1,576,584) | | |
| | | | | | | | | | | (1,896,065) | | |
Semiconductors & Semiconductor Equipment — (0.2)% | | ||||||||||||
Entegris, Inc. | | | | | (4,754) | | | | | | (311,815) | | |
First Solar, Inc. (a) | | | | | (3,009) | | | | | | (450,718) | | |
MKS Instruments, Inc. | | | | | (6,875) | | | | | | (582,519) | | |
Monolithic Power Systems, Inc. | | | | | (155) | | | | | | (54,809) | | |
NVIDIA Corp. | | | | | (3,284) | | | | | | (479,924) | | |
SiTime Corp. (a) | | | | | (3,753) | | | | | | (381,380) | | |
Wolfspeed, Inc. (a) | | | | | (3,544) | | | | | | (244,678) | | |
| | | | | | | | | | | (2,505,843) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Software — (0.8)% | | ||||||||||||
Alarm.com Holdings, Inc. (a) | | | | | (13,167) | | | | | $ | (651,503) | | |
Bentley Systems, Inc., Class B | | | | | (9,945) | | | | | | (367,567) | | |
Bill.com Holdings, Inc. (a) | | | | | (3,539) | | | | | | (385,609) | | |
Black Knight, Inc. (a) | | | | | (1,017) | | | | | | (62,800) | | |
Ceridian HCM Holding, Inc. (a) | | | | | (3,850) | | | | | | (246,977) | | |
Clear Secure, Inc.,Class A | | | | | (36,503) | | ��� | | | | (1,001,277) | | |
Confluent, Inc., Class A (a) | | | | | (19,693) | | | | | | (437,972) | | |
Datadog, Inc., Class A (a) | | | | | (2,680) | | | | | | (196,980) | | |
DoubleVerify Holdings, Inc. (a) | | | | | (3,104) | | | | | | (68,164) | | |
Envestnet, Inc. (a) | | | | | (7,999) | | | | | | (493,538) | | |
Five9, Inc. (a) | | | | | (4,839) | | | | | | (328,375) | | |
Informatica, Inc., Class A (a) | | | | | (1,078) | | | | | | (17,561) | | |
Jamf Holding Corp. (a) | | | | | (14,283) | | | | | | (304,228) | | |
nCino, Inc. (a) | | | | | (24,318) | | | | | | (642,968) | | |
Palantir Technologies, Inc., Class A (a) | | | | | (127,526) | | | | | | (818,717) | | |
Palo Alto Networks, Inc. (a) | | | | | (1,992) | | | | | | (277,964) | | |
Paycor HCM, Inc. (a) | | | | | (63,853) | | | | | | (1,562,483) | | |
Procore Technologies, Inc. (a) | | | | | (902) | | | | | | (42,556) | | |
SentinelOne, Inc., Class A (a) | | | | | (17,228) | | | | | | (251,356) | | |
Sprout Social, Inc., Class A (a) | | | | | (9,962) | | | | | | (562,455) | | |
UiPath, Inc., Class A (a) | | | | | (20,920) | | | | | | (265,893) | | |
Unity Software, Inc. (a) | | | | | (17,940) | | | | | | (512,905) | | |
| | | | | | | | | | | (9,499,848) | | |
Specialty Retail — (0.4)% | | ||||||||||||
Academy Sports & Outdoors, Inc. | | | | | (17,129) | | | | | | (899,958) | | |
AutoNation, Inc. (a) | | | | | (1,262) | | | | | | (135,413) | | |
Best Buy Co., Inc. | | | | | (2,993) | | | | | | (240,068) | | |
Burlington Stores, Inc. (a) | | | | | (2,845) | | | | | | (576,852) | | |
Dick’s Sporting Goods, Inc. | | | | | (971) | | | | | | (116,801) | | |
Five Below, Inc. (a) | | | | | (285) | | | | | | (50,408) | | |
Floor & Decor Holdings, Inc., Class A (a) | | | | | (7,113) | | | | | | (495,278) | | |
Foot Locker, Inc. | | | | | (3,101) | | | | | | (117,187) | | |
GameStop Corp., Class A (a) | | | | | (17,709) | | | | | | (326,908) | | |
Group 1 Automotive, Inc. | | | | | (487) | | | | | | (87,840) | | |
Haverty Furniture Companies, Inc. | | | | | (11,880) | | | | | | (355,212) | | |
Leslie’s, Inc. (a) | | | | | (114,270) | | | | | | (1,395,237) | | |
Murphy USA, Inc. | | | | | (696) | | | | | | (194,560) | | |
Sonic Automotive, Inc., Class A | | | | | (2,043) | | | | | | (100,659) | | |
Tractor Supply Co. | | | | | (109) | | | | | | (24,522) | | |
| | | | | | | | | | | (5,116,903) | | |
Textiles, Apparel & Luxury Goods — (0.1)% | | ||||||||||||
Crocs, Inc. (a) | | | | | (2,468) | | | | | | (267,605) | | |
Hanesbrands, Inc. | | | | | (44,352) | | | | | | (282,079) | | |
Lululemon Athletica, Inc. (a) | | | | | (140) | | | | | | (44,853) | | |
Oxford Industries, Inc. | | | | | (5,842) | | | | | | (544,358) | | |
| | | | | | | | | | | (1,138,895) | | |
Trading Companies & Distributors — (0.1)% | | ||||||||||||
GATX Corp. | | | | | (3,505) | | | | | | (372,722) | | |
Rush Enterprises, Inc., Class A | | | | | (215) | | | | | | (11,240) | | |
Veritiv Corp. | | | | | (9,821) | | | | | | (1,195,314) | | |
| | | Number of Shares | | | Value | | ||||||
Watsco, Inc. | | | | | (266) | | | | | $ | (66,340) | | |
| | | | | | | | | | | (1,645,616) | | |
Total US Common Stocks (Proceeds $(95,191,972)) | | | | | | | | | | | (88,421,214) | | |
Foreign Common Stocks — (4.3)% | | ||||||||||||
Canada — (0.6)% | | ||||||||||||
Aecon Group, Inc. | | | | | (64,000) | | | | | | (430,606) | | |
BRP, Inc. | | | | | (7,700) | | | | | | (587,054) | | |
Canada Goose Holdings, Inc. (a) | | | | | (29,206) | | | | | | (520,159) | | |
Cogeco Communications, Inc. | | | | | (11,100) | | | | | | (629,519) | | |
Colliers International Group, Inc. | | | | | (4,200) | | | | | | (385,817) | | |
Converge Technology Solutions Corp. (a) | | | | | (104,100) | | | | | | (352,894) | | |
Copper Mountain Mining Corp. (a) | | | | | (112,200) | | | | | | (141,700) | | |
Crescent Point Energy Corp. | | | | | (51,400) | | | | | | (366,709) | | |
Equinox Gold Corp. (a) | | | | | (229,400) | | | | | | (750,548) | | |
GFL Environmental, Inc. | | | | | (14,200) | | | | | | (414,673) | | |
Home Capital Group, Inc. | | | | | (17,100) | | | | | | (537,753) | | |
i-80 Gold Corp. (a) | | | | | (164,500) | | | | | | (459,239) | | |
Loblaw Cos, Ltd. | | | | | (4,000) | | | | | | (353,678) | | |
Lundin Mining Corp. | | | | | (66,200) | | | | | | (406,294) | | |
Magnet Forensics, Inc. (a) | | | | | (10,900) | | | | | | (299,066) | | |
Resolute Forest Products, Inc. (a) | | | | | (28,900) | | | | | | (623,951) | | |
Tamarack Valley Energy, Ltd. | | | | | (69,900) | | | | | | (230,247) | | |
TELUS International CDA, Inc. (a) | | | | | (16,806) | | | | | | (332,591) | | |
| | | | | | | | | | | (7,822,498) | | |
China — (0.0)% | | ||||||||||||
Alibaba Group Holding, Ltd. – SPADR (a) | | | | | (2,075) | | | | | | (182,787) | | |
Denmark — (0.4)% | | ||||||||||||
Ambu A/S, Class B (a) | | | | | (30,890) | | | | | | (391,934) | | |
Chemometec A/S (a) | | | | | (4,247) | | | | | | (423,653) | | |
FLSmidth & Co. A/S | | | | | (46,900) | | | | | | (1,705,339) | | |
ISS A/S (a) | | | | | (65,967) | | | | | | (1,394,673) | | |
Netcompany Group A/S (a) (h) | | | | | (31,281) | | | | | | (1,320,485) | | |
| | | | | | | | | | | (5,236,084) | | |
Finland — (0.6)% | | ||||||||||||
Orion Oyj, Class B | | | | | (58,880) | | | | | | (3,227,401) | | |
Stora Enso Oyj, Shares – R | | | | | (148,713) | | | | | | (2,100,952) | | |
TietoEVRY Oyj | | | | | (85,508) | | | | | | (2,434,029) | | |
| | | | | | | | | | | (7,762,382) | | |
Israel — (0.1)% | | ||||||||||||
SolarEdge Technologies, Inc. (a) | | | | | (1,530) | | | | | | (433,403) | | |
Jersey — (0.1)% | | ||||||||||||
Novocure, Ltd. (a) | | | | | (7,768) | | | | | | (569,783) | | |
Norway — (0.2)% | | ||||||||||||
BEWi ASA | | | | | (58,282) | | | | | | (273,082) | | |
Mowi ASA | | | | | (120,644) | | | | | | (2,059,808) | | |
Orkla ASA | | | | | (56,182) | | | | | | (405,911) | | |
| | | | | | | | | | | (2,738,801) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| | | Number of Shares | | | Value | | ||||||
Singapore — (0.0)% | | ||||||||||||
Kulicke & Soffa Industries, Inc. | | | | | (4,383) | | | | | $ | (193,991) | | |
Sweden — (2.3)% | | ||||||||||||
AAK AB | | | | | (163,550) | | | | | | (2,794,050) | | |
Axfood AB | | | | | (63,794) | | | | | | (1,750,140 | | |
Bilia AB, Class A | | | | | (21,070) | | | | | | (231,473) | | |
Boozt AB (a) (h) | | | | | (50,004) | | | | | | (575,958) | | |
Clas Ohlson AB, Shares – B | | | | | (7,031) | | | | | | (48,464) | | |
Embracer Group AB (a) | | | | | (178,697) | | | | | | (807,782) | | |
Evolution AB (h) | | | | | (8,503) | | | | | | (830,435) | | |
Fastighets AB Balder, Shares – B (a) | | | | | (84,350) | | | | | | (394,725) | | |
Hexatronic Group AB | | | | | (77,069) | | | | | | (1,050,183) | | |
Holmen AB, Shares B | | | | | (15,257) | | | | | | (606,978) | | |
Husqvarna AB, Shares – B | | | | | (64,122) | | | | | | (451,797) | | |
Industrivarden AB Shares – A | | | | | (34,588) | | | | | | (843,085) | | |
Instalco AB | | | | | (75,100) | | | | | | (286,293) | | |
Investment AB Latour, Shares – B | | | | | (106,295) | | | | | | (2,017,920) | | |
L E Lundbergforetagen AB, Shares – B | | | | | (6,399) | | | | | | (272,772) | | |
Lifco AB, Shares – B | | | | | (24,566) | | | | | | (408,910) | | |
Loomis AB | | | | | (60,600) | | | | | | (1,660,002) | | |
Munters Group AB (h) | | | | | (55,963) | | | | | | (553,523) | | |
Sandvik AB | | | | | (49,660) | | | | | | (896,623) | | |
Sectra AB, Class B (a) | | | | | (93,111) | | | | | | (1,324,750) | | |
Skanska AB, Shares – B | | | | | (49,885) | | | | | | (791,840) | | |
SkiStar AB | | | | | (45,300) | | | | | | (482,939) | | |
Surgical Science Sweden AB (a) | | | | | (84,810) | | | | | | (1,347,131) | | |
| | | Number of Shares | | | Value | | ||||||
Svenska Cellulosa AB SCA,Class B | | | | | (241,028) | | | | | $ | (3,047,638) | | |
Svenska Handelsbanken AB, Shares – A | | | | | (252,859) | | | | | | (2,544,340) | | |
Sweco AB, Shares – B | | | | | (84,715) | | | | | | (808,658) | | |
Telia Co. AB | | | | | (590,707) | | | | | | (1,511,802) | | |
| | | | | | | | | | | (28,340,211) | | |
United Kingdom — (0.0)% | | ||||||||||||
Clarivate plc (a) | | | | | (13,272) | | | | | | (110,688) | | |
Uruguay — (0.0)% | | ||||||||||||
MercadoLibre, Inc. (a) | | | | | (15) | | | | | | (12,695) | | |
Total Foreign Common Stocks (Proceeds $(58,371,030)) | | | | | | | | | | | (53,403,323) | | |
Total Common Stocks (Proceeds $(153,563,002)) | | | | | | | | | | | (141,824,537) | | |
Corporate Bonds — (0.1)% | | ||||||||||||
Diversified Telecommunication Services — (0.1)% | | ||||||||||||
Rogers Communications, Inc., 4.350%, 05/01/49 (Canada) (Proceeds $(1,080,383)) | | | | | (1,429,000) | | | | | | (1,100,793) | | |
Total Diversified Telecommunication Services (Proceeds $(1,080,383)) | | | | | | | | | | | (1,100,793) | | |
US Treasury Bond/Note — (0.0)% | | ||||||||||||
US Treasury Bond, 3.000%, 08/15/52 (Proceeds $(193,014)) | | | | | (231,000) | | | | | | (192,091) | | |
Total Securities Sold Short – (11.5)% (Proceeds $(154,836,399)) | | | | | | | | | | $ | (143,117,421) | | |
|
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/ (Proceeds) | | | Notional Value at December 31, 2022 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | | | | | | | | | | |
| | | 71 | | | | | | 03/22/2023 | | | | U.S. Treasury Note 10 Year Futures | | | | $ | 8,034,069 | | | | | $ | 7,973,078 | | | | | $ | (60,991) | | |
| | | 46 | | | | | | 03/31/2023 | | | | U.S. Treasury Note 3 Year Futures | | | | | 9,627,371 | | | | | | 9,639,516 | | | | | | 12,145 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (48,846) | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 2,035 | | | | | | 03/17/2023 | | | | EURO Stoxx 50 | | | | | 86,286,381 | | | | | | 82,451,104 | | | | | | (3,835,277) | | |
| | | 65 | | | | | | 03/17/2023 | | | | Russell E-mini 1000 Index | | | | | 4,991,713 | | | | | | 4,887,025 | | | | | | (104,688) | | |
| | | 410 | | | | | | 03/17/2023 | | | | Russell E-mini 2000 Index | | | | | 37,534,024 | | | | | | 36,303,450 | | | | | | (1,230,574) | | |
| | | 7 | | | | | | 03/17/2023 | | | | S&P 500 E-Mini Index | | | | | 1,419,186 | | | | | | 1,351,350 | | | | | | (67,836) | | |
| | | 450 | | | | | | 03/16/2023 | | | | S&P ASX Share Price Index 200 | | | | | 54,709,068 | | | | | | 53,555,672 | | | | | | (1,153,396) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,391,771) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (6,440,617) | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Foreign Currency-Related | | | | | | | | | | | | | | | | | | | |
| | | (140) | | | | | | 03/13/2023 | | | | CME Japanese Yen Currency | | | | | (12,986,978) | | | | | | (13,487,250) | | | | | | (500,272) | | |
| | | (467) | | | | | | 03/13/2023 | | | | Australian Dollar Currency | | | | | (31,865,739) | | | | | | (31,889,095) | | | | | | (23,356) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (523,628) | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | (162) | | | | | | 03/17/2023 | | | | MSCI EAFE Index | | | | | (16,115,376) | | | | | | (15,790,140) | | | | | | 325,236 | | |
| | | (1,506) | | | | | | 03/17/2023 | | | | MSCI Emerging Markets Index | | | | | (73,337,276) | | | | | | (72,242,820) | | | | | | 1,094,456 | | |
| | | (588) | | | | | | 03/17/2023 | | | | MSCI Japan Index | | | | | (39,726,601) | | | | | | (38,931,480) | | | | | | 795,121 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,214,813 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (4,749,432) | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
| Receive | | | Deliver | | |||||||||||||||||
01/03/2023 | | | Morgan Stanley Capital Services, Inc | | | | | USD4,500,227 | | | | | | DKK32,100,000 | | | | | $ | (120,606) | | |
01/03/2023 | | | Morgan Stanley Capital Services, Inc | | | | | USD6,388,594 | | | | | | SEK67,000,000 | | | | | | (32,198) | | |
01/18/2023 | | | Barclays Bank plc | | | | | USD8,128,716 | | | | | | CNH52,757,400 | | | | | | 496,973 | | |
01/23/2023 | | | Morgan Stanley Capital Services, Inc | | | | | USD 20,952,494 | | | | | | CAD28,140,000 | | | | | | 157,027 | | |
02/08/2023 | | | Goldman Sachs International | | | | | USD6,000,000 | | | | | | CNH38,938,200 | | | | | | 358,774 | | |
11/21/2023 | | | Barclays Bank plc | | | | | USD 16,346,716 | | | | | | CNH 114,324,796 | | | | | | (547,492) | | |
12/14/2023 | | | Barclays Bank plc | | | | | USD 35,000,000 | | | | | | CNH 239,290,345 | | | | | | (402,955) | | |
| | | | | | | | | | | | | | | | | | | $ | (90,477) | | |
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Calls — (0.0)% | | ||||||||||||
Dollarama, Inc., Notional Amount $(969,000), Strike Price $85 Expiring 01/20/2023 (Canada) | | | | | (114) | | | | | $ | (3,199) | | |
iShares Silver Trust, Notional Amount $(2,498,400), Strike Price $24 Expiring 01/20/2023 (United States) | | | | | (1,041) | | | | | | (13,533) | | |
Organigram Holdings, Inc., Notional Amount $(135,000), Strike Price $3 Expiring 09/15/2023 (Canada) | | | | | (450) | | | | | | (3,656) | | |
Total Written Options (Premiums received $33,497) | | | | | | | | | | $ | (20,388) | | |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||
Long Total Return Swap Contracts | | |||||||||||||||||||||||||||
06/23/2023 | | | Goldman Sachs International | | | 0.300% | | | Bloomberg Ex-Energy Subindex Index (1) | | | USD | | | Quarterly | | | | $ | 50,428,499 | | | | | $ | (34,427) | | |
Short Total Return Swap Contracts | | |||||||||||||||||||||||||||
08/11/2023 | | | Goldman Sachs International | | | LIBOR plus 4.19% (l) | | | Hang Seng China Enterprises Index Net Total Return Index | | | USD | | | Quarterly | | | | | (9,068,035) | | | | | | (1,288,173) | | |
Futures Contract | | | % of Index | | | Notional Amount | | ||||||
CBT Bean Oil Futures | | | | | 4.83% | | | | | $ | 2,435,696 | | |
CBT Corn Futures | | | | | 8.13% | | | | | | 4,099,837 | | |
NYC Cotton Futures | | | | | 1.48% | | | | | | 746,342 | | |
COMEX Gold Futures | | | | | 21.62% | | | | | | 10,902,641 | | |
COMEX Copper Futures | | | | | 6.62% | | | | | | 3,338,367 | | |
LME Aluminum Futures | | | | | 5.00% | | | | | | 2,521,425 | | |
LME Nickel Futures | | | | | 5.57% | | | | | | 2,808,867 | | |
LME Zinc Futures | | | | | 3.61% | | | | | | 1,820,469 | | |
CSC Coffee Futures | | | | | 2.75% | | | | | | 1,386,784 | | |
KCBT Kansas Wheat Futures | | | | | 2.66% | | | | | | 1,341,398 | | |
CME Live Cattle Futures | | | | | 5.76% | | | | | | 2,904,682 | | |
CME Lean Hogs Futures | | | | | 3.22% | | | | | | 1,623,798 | | |
CBT Soybeans Futures | | | | | 8.27% | | | | | | 4,170,437 | | |
CSC Sugar Futures | | | | | 4.03% | | | | | | 2,029,747 | | |
COMEX Silver Futures | | | | | 7.25% | | | | | | 3,653,545 | | |
CBT Soy Meal Futures | | | | | 4.93% | | | | | | 2,483,604 | | |
CBT Wheat Futures | | | | | 4.29% | | | | | | 2,160,860 | | |
| | | | | | | | | | $ | 50,428,499 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
| ADR | | | American Depositary Receipt | |
| ASX | | | Australian Securities Exchange | |
| CAD | | | Canadian Dollar | |
| CME | | | Chicago Mercantile Exchange | |
| CNH | | | Yuan Renminbi Offshore | |
| DKK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| GDR | | | Global Depositary Receipt | |
| JPY | | | Japanese Yen | |
| LSE | | | London Stock Exchange | |
| MSCI | | | Morgan Stanley Capital International | |
| NYSE | | | New York Stock Exchange | |
| OTC | | | Over-the-Counter | |
| REIT | | | Real Estate Investment Trust | |
| SCA | | | Sociedad en Comandita por Acciónes | |
| SEK | | | Swedish Krona | |
| SPADR | | | Sponsored ADR | |
| TSX | | | Toronto Stock Exchange | |
| USD | | | US Dollar | |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
US Common Stocks | | | | | | | | ||||||||||||
Artemis Strategic Inv Corp. | | | | | | 09/30/21 | | | | $ | 46 | | | | | $ | 62,077 | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 21 | | | | | | 56,266 | | |
| | | | | | | | | | | | | | | | | 118,343 | | |
Foreign Common Stocks | | | | | | | | ||||||||||||
Osisko Green Acquisition Ltd. | | | | | | 10/19/21 | | | | | 88,871 | | | | | | 86,411 | | |
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | 31,072 | | | | | | 28,848 | | |
Sucro Holdings LLC | | | | | | 04/25/22 | | | | | 104,259 | | | | | | 97,987 | | |
| | | | | | | | | | | | | | | | | 213,246 | | |
Warrants | | | | | | | | ||||||||||||
Esports Technology, Inc. | | | | | | 11/18/21 | | | | | — | | | | | | 6,558 | | |
Gryphon Digital Mining, Inc. | | | | | | 07/28/21 | | | | | — | | | | | | 308 | | |
Osisko Green Acquisition Corp. | | | | | | 10/19/21 | | | | | 15,625 | | | | | | 4,659 | | |
Royal Helium, Ltd. | | | | | | 12/30/22 | | | | | — | | | | | | 158,973 | | |
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | — | | | | | | 1,186 | | |
Sucro Holdings LLC | | | | | | 04/25/22 | | | | | — | | | | | | — | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 9,258 | | | | | | 680 | | |
| | | | | | | | | | | | | | | | | 172,364 | | |
Convertible Bonds | | | | | | | | ||||||||||||
Synaptive Medical, Inc. | | | | | | 11/29/21 | | | | | 120,000 | | | | | | 120,000 | | |
Corporate Bonds | | | | | | | | ||||||||||||
Royal Helium, Ltd. | | | | | | 12/30/22 | | | | | 292,633 | | | | | | 295,421 | | |
Private Investment Funds | | | | | | | | ||||||||||||
Bellus Ventures II, LP | | | California Carbon Allowances | | | 08/01/21 – 10/01/21 | | | | | 27,900,000 | | | | | | 29,777,284 | | |
Canyon Value Realization Fund, LP | | | Multi-Strategy | | | 04/03/06 | | | | | 9,307,414 | | | | | | 9,433,719 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 24,756,730 | | | | | | 35,128,992 | | |
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 795,906 | | | | | | 944,596 | | |
Helikon Long Short Equity Fund ICAV | | | Long-Short European | | | 12/01/20 – 01/01/21 | | | | | 12,893,489 | | | | | | 16,909,954 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 08/01/16 – 07/01/17 | | | | | 18,470,744 | | | | | | 25,776,571 | | |
Neo Ivy Capital Fund, LP | | | Relative Value | | | 05/01/19 | | | | | 10,500,000 | | | | | | 9,629,364 | | |
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 | | | | | 15,000,000 | | | | | | 17,593,910 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2022 |
Investments | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
QVT Roiv Hldgs Onshore, Ltd. | | | Multi-Strategy | | | 01/05/16 | | | | $ | 2,314,867 | | | | | $ | 5,526,099 | | |
Voloridge Fund, LP | | | Directional | | | 04/01/20 | | | | | 15,000,000 | | | | | | 18,743,943 | | |
| | | | | | | | | | | | | | | | | 169,464,432 | | |
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 (13.7% of Net Assets) | | | | | | | | | | | | | | | | $ | 171,132,518 | | |
|
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2022 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,275,099,479) including securities on loan of $48,288,054 | | | | $ | 1,243,467,892 | | |
Repurchase agreements (cost: $82,672,850) | | | | | 82,672,850 | | |
Total investments (cost: $1,357,772,329) | | | | | 1,326,140,742 | | |
Cash | | | | | 544,458 | | |
Cash denominated in foreign currencies (cost: $19,275,446) | | | | | 19,682,342 | | |
Total Cash | | | | | 20,226,800 | | |
Deposits with brokers for future contracts | | | | | 18,512,661 | | |
Deposits with brokers for securities sold short | | | | | 18,045,954 | | |
Advance purchase of investments | | | | | 11,482,129 | | |
Due from broker for futures variation margin | | | | | 2,016,531 | | |
Deposits with broker for forward currency contracts | | | | | 2,810,000 | | |
Unrealized appreciation on forward currency contracts | | | | | 1,012,774 | | |
Deposits with broker for options contracts | | | | | 795,271 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 33,861,977 | | |
Dividends and tax reclaims | | | | | 1,026,627 | | |
Interest | | | | | 542,946 | | |
Securities lending income | | | | | 12,475 | | |
Prepaid expenses | | | | | 109,456 | | |
Total Assets | | | | | 1,436,596,343 | | |
Liabilities | | | | | | | |
Cash collateral received for securities on loan | | | | | 11,193,812 | | |
Securities sold short, at value (proceeds: $154,836,399) | | | | | 143,117,421 | | |
Due to broker for futures variation margin | | | | | 1,977,944 | | |
Unrealized depreciation on swap contracts | | | | | 1,322,600 | | |
Unrealized depreciation on forward currency contracts | | | | | 1,103,251 | | |
Foreign currencies sold short, at value (proceeds $470) | | | | | 468 | | |
Written options, at value (premium received $33,497) | | | | | 20,388 | | |
Payables: | | | | | | | |
Capital stock redeemed | | | | | 19,898,679 | | |
Investment securities purchased | | | | | 7,858,997 | | |
Money manager fees | | | | | 894,318 | | |
Fund administration and custody fees | | | | | 441,469 | | |
Investment advisory and administrative fees | | | | | 311,856 | | |
Dividends and interest on securities sold short | | | | | 110,143 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 10,687 | | |
Accrued expenses and other liabilities | | | | | 355,722 | | |
Total Liabilities | | | | | 188,617,755 | | |
Net Assets | | | | $ | 1,247,978,588 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 100,036,073 | | |
Net Asset Value Per Share | | | | $ | 12.48 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,379,160,730 | | |
Total distributable earnings (loss) | | | | | (131,182,142) | | |
Net Assets | | | | $ | 1,247,978,588 | | |
TIFF Multi-Asset Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2022 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $866,591) | | | | $ | 15,207,643 | | |
Interest | | | | | 3,050,644 | | |
Securities lending | | | | | 131,933 | | |
Total Investment Income | | | | | 18,390,220 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 5,646,365 | | |
Investment advisory fees | | | | | 3,314,459 | | |
Fund administration and custody fees | | | | | 1,465,380 | | |
Professional fees | | | | | 609,533 | | |
Administrative fees | | | | | 270,822 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 244,000 | | |
Miscellaneous fees and other | | | | | 376,072 | | |
Total Operating Expenses | | | | | 11,926,631 | | |
Dividends and interest on securities sold short | | | | | 2,302,174 | | |
Broker fees on securities sold short | | | | | 1,229,493 | | |
Total Expenses | | | | | 15,458,298 | | |
Net Investment Income | | | | | 2,931,922 | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | 36,434,811 | | |
Securities sold short | | | | | 34,690,883 | | |
Swap contracts | | | | | 9,279,559 | | |
Financial futures contracts | | | | | 11,015,460 | | |
Forward currency contracts | | | | | 6,102,983 | | |
Foreign currency-related transactions | | | | | (1,530,940) | | |
Written options | | | | | 149,737 | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 96,142,493 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | (337,538,517) | | |
Securities sold short | | | | | 9,055,805 | | |
Swap contracts | | | | | (1,117,199) | | |
Financial futures contracts | | | | | (10,522,472) | | |
Forward currency contracts | | | | | 660,290 | | |
Foreign currency-related transactions | | | | | 200,943 | | |
Written options | | | | | (6,673) | | |
Net Change in Unrealized Depreciation on Investments, Derivatives, and Foreign Currencies | | | | | (339,267,823) | | |
Net Realized and Unrealized Loss on Investments, Derivatives, and Foreign Currencies | | | | | (243,125,330) | | |
Net Decrease in Net Assets Resulting from Operations | | | | $ | (240,193,408) | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2022 | | | Year Ended December 31, 2021 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 2,931,922 | | | | | $ | 795,188 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 96,142,493 | | | | | | 175,299,883 | | |
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies | | | | | (339,267,823) | | | | | | 14,832,764 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | (240,193,408) | | | | | | 190,927,835 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (118,887,263) | | | | | | (226,420,791) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (118,887,263) | | | | | | (226,420,791) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 73,578,816 | | | | | | 84,464,379 | | |
Proceeds from distributions reinvested | | | | | 113,018,088 | | | | | | 212,643,327 | | |
Entry/exit fees | | | | | — | | | | | | 344,453 | | |
Cost of shares redeemed | | | | | (161,646,790) | | | | | | (243,022,416) | | |
Net Increase From Capital Share Transactions | | | | | 24,950,114 | | | | | | 54,429,743 | | |
Total Increase (Decrease) in Net Assets | | | | | (334,130,557) | | | | | | 18,936,787 | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 1,582,109,145 | | | | | | 1,563,172,358 | | |
End of year | | | | $ | 1,247,978,588 | | | | | $ | 1,582,109,145 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 5,171,238 | | | | | | 4,668,957 | | |
Shares reinvested | | | | | 9,114,236 | | | | | | 13,312,826 | | |
Shares redeemed | | | | | (11,798,634) | | | | | | (13,961,879) | | |
Net Increase | | | | | 2,486,840 | | | | | | 4,019,904 | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Year Ended December 31, 2022 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | (240,193,408) | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (1,667,251,198) | | |
Investments sold | | | | | 1,556,216,078 | | |
Purchases to cover securities sold short | | | | | (415,563,546) | | |
Securities sold short | | | | | 505,330,586 | | |
(Purchase)/Sale of short term investments, net | | | | | 96,554,042 | | |
Amortization (accretion) of discount and premium, net | | | | | (1,670,553) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | (660,290) | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | 1,117,199 | | |
(Increase)/decrease in deposit with broker for securities sold short | | | | | (4,900,038) | | |
(Increase)/decrease in deposits with broker for forward currency contracts | | | | | (430,000) | | |
(Increase)/decrease in deposits with broker for options contracts | | | | | 2,670,323 | | |
(Increase)/decrease in deposit with brokers for future contracts | | | | | 2,521,609 | | |
(Increase)/decrease in advance purchase of investments | | | | | (11,482,129) | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | (1,443,016) | | |
(Increase)/decrease in interest receivable | | | | | (343,279) | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | 1,579,328 | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | 13,526 | | |
(Increase)/decrease in prepaid expenses | | | | | (8,199) | | |
(Increase)/decrease in securities lending income receivable | | | | | (7,390) | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | 468 | | |
Increase/(decrease) in payable for money manager fees | | | | | 400,936 | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | 64,073 | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | (345,172) | | |
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees | | | | | 687 | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | 112,602 | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | (74,845) | | |
Increase/(decrease) in premiums received on written options, net | | | | | (110,922) | | |
Net realized (gain) loss from investments | | | | | (36,434,811) | | |
Net realized (gain) loss from securities sold short | | | | | (34,690,883) | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | 1,530,940 | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | 337,538,517 | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | (9,055,805) | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | (200,943) | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | 6,673 | | |
Net cash provided by (used in) operating activities | | | | | 80,791,160 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Distributions paid to shareholders | | | | | (5,869,175) | | |
Proceeds from shares sold | | | | | 73,578,816 | | |
Payment for shares redeemed | | | | | (141,748,111) | | |
Net cash provided by (used in) financing activities | | | | | (74,038,470) | | |
Effect of exchange rate changes on cash | | | | | (1,329,997) | | |
Net increase (decrease) in cash | | | | | 5,422,693 | | |
Cash at beginning of period | | | | | 14,804,107 | | |
Cash at end of period | | | | $ | 20,226,800 | | |
Non cash financing activities not included herein consist of reinvestment of distributions of: | | | | $ | 113,018,088 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 626,937,343 | | | | | $ | 214,029,728 | | | | | $ | 682,839 | | | | | $ | 841,649,910 | | |
Participation Notes | | | | | — | | | | | | 2,414,235 | | | | | | — | | | | | | 2,414,235 | | |
Rights | | | | | 23,807 | | | | | | 209,838 | | | | | | — | | | | | | 233,645 | | |
Warrants+ | | | | | 186,927 | | | | | | 211,930 | | | | | | 6,153 | | | | | | 405,010 | | |
Corporate Bonds | | | | | — | | | | | | 1,625,729 | | | | | | 295,421 | | | | | | 1,921,150 | | |
Convertible Bonds | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | 120,000 | | |
US Treasury Bonds/Notes | | | | | — | | | | | | 65,305,961 | | | | | | — | | | | | | 65,305,961 | | |
Exchange-Traded Funds and Mutual Funds | | | | | 81,224,217 | | | | | | — | | | | | | — | | | | | | 81,224,217 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 169,464,432 | | | | | | 169,464,432 | | |
Preferred Stocks* | | | | | — | | | | | | 2,901,312 | | | | | | 748,712 | | | | | | 3,650,024 | | |
Purchased Options | | | | | 2,151,870 | | | | | | — | | | | | | — | | | | | | 2,151,870 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-Term Investments | | | | | — | | | | | | 146,406,476 | | | | | | — | | | | | | 146,406,476 | | |
Unaffiliated Investment Company | | | | | 11,193,812 | | | | | | — | | | | | | — | | | | | | 11,193,812 | | |
Total Investments in Securities | | | | | 721,717,976 | | | | | | 433,105,209 | | | | | | 171,317,557 | | | | | | 1,326,140,742 | | |
Financial Futures Contracts – Interest Rate Risk | | | | | 12,145 | | | | | | — | | | | | | — | | | | | | 12,145 | | |
Financial Futures Contracts – Equity Risk | | | | | 2,214,813 | | | | | | — | | | | | | — | | | | | | 2,214,813 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 1,012,774 | | | | | | — | | | | | | 1,012,774 | | |
Total Other Financial Instruments | | | | | 2,226,958 | | | | | | 1,012,774 | | | | | | — | | | | | | 3,239,732 | | |
Total Assets | | | | $ | 723,944,934 | | | | | $ | 434,117,983 | | | | | $ | 171,317,557 | | | | | $ | 1,329,380,474 | | |
| | ||||||||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | | (111,902,780) | | | | | | (29,921,757) | | | | | | — | | | | | | (141,824,537) | | |
Corporate Bonds | | | | | — | | | | | | (1,100,793) | | | | | | — | | | | | | (1,100,793) | | |
US Treasury Bonds/Notes | | | | | — | | | | | | (192,091) | | | | | | — | | | | | | (192,091) | | |
Total Investments in Securities | | | | | (111,902,780) | | | | | | (31,214,641) | | | | | | — | | | | | | (143,117,421) | | |
Financial Futures Contracts – Interest Rate Risk | | | | | (60,991) | | | | | | — | | | | | | — | | | | | | (60,991) | | |
Financial Futures Contracts – Equity Risk | | | | | (6,391,771) | | | | | | — | | | | | | — | | | | | | (6,391,771) | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | (523,628) | | | | | | — | | | | | | — | | | | | | (523,628) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (1,103,251) | | | | | | — | | | | | | (1,103,251) | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | (1,322,600) | | | | | | — | | | | | | (1,322,600) | | |
Written Options – Equity Risk | | | | | (20,388) | | | | | | — | | | | | | — | | | | | | (20,388) | | |
Total Other Financial Instruments | | | | | (6,996,778) | | | | | | (2,425,851) | | | | | | — | | | | | | (9,422,629) | | |
Total Liabilities | | | | $ | (118,899,558) | | | | | $ | (33,640,492) | | | | | $ | — | | | | | $ | (152,540,050) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
Investments in Securities | | | Balance as of December 31, 2021 | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Purchases | | | Sales | | | Transfers in to Level 3 | | | Transfers out of Level 3 | | | Balance as of December 30, 2022 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 12/31/22 for the period ended 12/31/22 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | 460,133 | | | | | $ | 463,923 | | | | | $ | (22,394,410) | | | | | $ | 6,753,241 | | | | | $ | (1,368,892) | | | | | $ | 16,768,844 | | | | | $ | — | | | | | $ | 682,839 | | | | | $ | 162,215 | | |
Warrants | | | | | 528,711 | | | | | | (16,302) | | | | | | 54,748 | | | | | | — | | | | | | (191,973) | | | | | | — | | | | | | (369,031) | | | | | | 6,153 | | | | | | (39,106) | | |
Private Investment Funds | | | | | 249,481,992 | | | | | | 20,701,458 | | | | | | (39,683,920) | | | | | | — | | | | | | (61,035,098) | | | | | | — | | | | | | — | | | | | | 169,464,432 | | | | | | (39,683,920) | | |
Preferred Stocks | | | | | 748,712 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 748,712 | | | | | | — | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate Bonds | | | | | — | | | | | | — | | | | | | — | | | | | | 295,421 | | | | | | — | | | | | | — | | | | | | — | | | | | | 295,421 | | | | | | — | | |
Convertible Bonds | | | | | 290,301 | | | | | | 8,874 | | | | | | (72,601) | | | | | | — | | | | | | (106,574) | | | | | | — | | | | | | — | | | | | | 120,000 | | | | | | (72,601) | | |
Total | | | | $ | 251,509,849 | | | | | $ | 21,157,953 | | | | | $ | (62,096,183) | | | | | $ | 7,048,662 | | | | | $ | (62,702,537) | | | | | $ | 16,768,844 | | | | | $ | (369,031) | | | | | $ | 171,317,557 | | | | | $ | (39,633,412) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
As of December 31, 2022 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stocks | | | | $ | 556,003 | | | | Last market price | | | Discount(%) | | | 20% – 100% | | | 20% | |
| | | | | 126,835 | | | | Recent transaction price | | | Recent transaction price | | | $0.30 – $15.25 | | | $11.85 | |
Corporate Bonds | | | | | 295,421 | | | | Recent transaction price | | | Recent transaction price | | | $100.00 | | | $100.00 | |
Warrants | | | | | 6,153 | | | | Black- Scholes pricing model | | | Volatility | | | 35% | | | 35% | |
Private Investment Funds | | | | | 169,464,432 | | | | Adjusted net asset value | | | Manager estimated returns | | | (3.60)% – 7.16% | | | 1.25% | |
| | | | | | | | | | | | Market returns** | | | (5.13)% – 148.14% | | | 5.08% | |
Preferred Stocks | | | | | 748,713 | | | | 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 | | | | | 120,000 | | | | Recent transaction price | | | Recent transaction price | | | $100.00 | | | $100.00 | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
California Carbon Allowances (a) | | | | $ | 29,777,284 | | | | quarterly | | | 90 days | |
Multi-Strategy (b) | | | | | 15,904,414 | | | | daily (59)% | | | 2 days | |
Long-Short Global Healthcare (c) | | | | | 35,128,992 | | | | quarterly | | | 45 days | |
Long-Short European (d) | | | | | 16,909,954 | | | | monthly | | | 60 days | |
Long-Short Global (e) | | | | | 25,776,571 | | | | quarterly | | | 60 days | |
Relative Value (f) | | | | | 9,629,364 | | | | daily | | | 7 days | |
China Credit (g) | | | | | 17,593,910 | | | | monthly | | | 45 days | |
Directional (h) | | | | | 18,743,943 | | | | monthly | | | 30 days | |
Total | | | | $ | 169,464,432 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 2,151,870 | | | | | $ | — | | |
Swap Contracts | | | | | — | | | | | | (1,322,600) | | |
Forward Contracts | | | | | 1,012,774 | | | | | | (1,103,251) | | |
Futures Contracts | | | | | 2,226,958 | | | | | | (6,976,390) | | |
Written Options | | | | | — | | | | | | (20,388) | | |
Total derivative assets and liablities | | | | | 5,391,602 | | | | | | (9,422,629) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 4,378,828 | | | | | | (6,996,778) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 1,012,774 | | | | | $ | (2,425,851) | | |
Counterparty | | | Derivative Assets Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Bank plc | | | | $ | 496,973 | | | | | $ | (496,973) | | | | | $ | — | | | | | $ | — | | |
Goldman Sachs International | | | | | 358,774 | | | | | | — | | | | | | (358,774) | | | | | | — | | |
Morgan Stanley & Co. LLC | | | | | 157,027 | | | | | | (152,804) | | | | | | (4,223) | | | | | | — | | |
Total | | | | $ | 1,012,774 | | | | | $ | (649,777) | | | | | $ | (362,997) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
Counterparty | | | Derivative Liabilitites Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Pledged | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Barclays Bank plc | | | | $ | (950,447) | | | | | $ | 496,973 | | | | | $ | — | | | | | $ | 453,474 | | |
Morgan Stanley & Co. LLC | | | | | (152,804) | | | | | | 152,804 | | | | | | — | | | | | | — | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | (1,322,600) | | | | | | — | | | | | | 1,322,600 | | | | | | — | | |
Total | | | | $ | (2,425,851) | | | | | $ | 649,777 | | | | | $ | 1,322,600 | | | | | $ | 453,474 | | |
Derivative Type | | | Statement of Assets and Liability and Location | | | Foreign Currency Risk | | | Quarterly Average %* | | | Equity Risk | | | Quarterly Average %* | | | Interest Rate Risk | | | Quarterly Average %* | | | Total | | |||||||||||||||||||||
Asset Derivatives | | |||||||||||||||||||||||||||||||||||||||||||||
Purchased Options | | | Investments in securities, at value | | | | $ | 1,740,238 | | | | | | 0.06% | | | | | $ | 411,632 | | | | | | 0.04% | | | | | $ | — | | | | | | —% | | | | | $ | 2,151,870 | | |
Total Return Equity Index Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | 0.07% | | | | | | — | | | | | | —% | | | | | | — | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 1,012,774 | | | | | | 0.13% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 1,012,774 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | — | | | | | | 0.05% | | | | | | 2,214,813 | | | | | | 0.46% | | | | | | 12,145 | | | | | | 0.00% | | | | | | 2,226,958 | | |
Total Value — Assets | | | | | | | $ | 2,753,012 | | | | | | | | | | | $ | 2,626,445 | | | | | | | | | | | $ | 12,145 | | | | | | | | | | | $ | 5,391,602 | | |
Liability Derivatives | | |||||||||||||||||||||||||||||||||||||||||||||
Written Options | | | Investments in securities, at value | | | | $ | — | | | | | | —% | | | | | $ | (20,388) | | | | | | 0.01% | | | | | $ | — | | | | | | —% | | | | | $ | (20,388) | | |
Total Return Basket Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (34,427) | | | | | | 0.01% | | | | | | — | | | | | | —% | | | | | | (34,427) | | |
Total Return Equity Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (1,288,173) | | | | | | 0.11% | | | | | | — | | | | | | —% | | | | | | (1,288,173) | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (1,103,251) | | | | | | 0.05% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (1,103,251) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | (523,628) | | | | | | 0.01% | | | | | | (6,391,771) | | | | | | 0.58% | | | | | | (60,991) | | | | | | 0.00% | | | | | | (6,976,390) | | |
Total Value — Liabilities | | | | | | | $ | (1,626,879) | | | | | | | | | | | $ | (7,734,759) | | | | | | | | | | | $ | (60,991) | | | | | | | | | | | $ | (9,422,629) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
Derivative Type | | | Statement of Operations Location | | | Interest Rate Risk | | | Foreign Currency Risk | | | Equity Risk | | | Total | | ||||||||||||
Realized Gain (Loss) | | |||||||||||||||||||||||||||
Purchased Options | | | Net realized gain (loss) on Investments | | | | $ | — | | | | | $ | — | | | | | $ | 1,841,939 | | | | | $ | 1,841,939 | | |
Written Options | | | Net realized gain (loss) on Options written | | | | | — | | | | | | — | | | | | | 149,737 | | | | | | 149,737 | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | — | | | | | | 9,279,559 | | | | | | 9,279,559 | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | — | | | | | | 6,102,983 | | | | | | — | | | | | | 6,102,983 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | (617,411) | | | | | | 4,755,351 | | | | | | 6,877,520 | | | | | | 11,015,460 | | |
Total Realized Gain (Loss) | | | | | | | $ | (617,411) | | | | | $ | 10,858,334 | | | | | $ | 18,148,755 | | | | | $ | 28,389,678 | | |
Derivative Type | | | Statement of Operations Location | | | Interest Rate Risk | | | Foreign Currency Risk | | | Equity Risk | | | Total | | ||||||||||||
Change in Appreciation (Depreciation) | | |||||||||||||||||||||||||||
Purchased Options | | | Net Change in Unrealized Appreciation (Depreciation) on Investments | | | | $ | — | | | | | $ | (282,618) | | | | | $ | 199,453 | | | | | $ | (83,165) | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Option written | | | | | — | | | | | | — | | | | | | (6,673) | | | | | | (6,673) | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | — | | | | | | (1,117,199) | | | | | | (1,117,199) | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | — | | | | | | 660,290 | | | | | | — | | | | | | 660,290 | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | (48,846) | | | | | | (50,750) | | | | | | (10,422,876) | | | | | | (10,522,472) | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | (48,846) | | | | | $ | 326,922 | | | | | $ | (11,347,295) | | | | | $ | (11,069,219) | | |
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, 2022 |
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 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
Blended Asset-Based and Performance-Based Fee Schedules [b] | | |||||||||||||||||||||||||||||||||
Asset-Based Portion – All Paid Monthly | | | Performance-Based Portion – All Paid Annually (unless otherwise noted) | | ||||||||||||||||||||||||||||||
Money Manager/ Strategy | | | Minimum (a) | | | Maximum (a) | | | Breakpoints | | | Benchmark/ Hurdle (b) | | | High Water Mark (or equivalent) (b) | | | Performance Fee | | | Performance Fee Cap (b) | | | Performance Measurement Period | | |||||||||
AQR Capital Management – US | | | | | 0.20% | | | | | | — | | | | | | — | | | | Russell 1000 Total Return Index (net) | | | YES | | | 14% (c) | | | — | | | Calendar Year | |
Centerbook Partners, LP | | | Blended rate between 1.15% and 0.25% (d) | | | | | 1.15% | | | | | | YES | | | | MSCI All Country World Index | | | YES | | | 10%-20% (c) (e) | | | — | | | Calendar Year, 50% deferred | | |||
Keel Capital AB | | | | | 1.30% | | | | | | — | | | | | | — | | | | | | | YES | | | 20% (c) | | | — | | | Calendar Year | |
Kopernik Global Investors, LLC | | | | | 0.10% | | | | | | — | | | | | | — | | | | MSCI All Country World Index (net) | | | YES | | | 20% (c) | | | — | | | Calendar Year, 50% deferred | |
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 | | | YES | | | 10% (f) | | | 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% (g) | | | | | 0.75% | | | | | | YES | | | | S&P 500 Index (net) | | | YES | | | 10%-20% (c) (h) | | | — | | | Calendar Year | | |||
TB Alternative Assets Ltd | | | | | 0.75% | | | | | | — | | | | | | — | | | | Blend: 50% MSCI China Index and 50% CSI 300 Index | | | YES | | | 15% (c) | | | — | | | Calendar Year | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 1,545,745,046 | | | | | $ | 1,581,575,174 | | |
US Government Securities | | | | | 58,347,732 | | | | | | 110,496,657 | | |
| | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | ||||||||||||
| | | | $ | 133,565,297 | | | | | $ | (277,472,912) | | | | | $ | (143,907,615) | | | | | $ | 1,330,864,303 | | |
| Undistributed Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/ (Depreciation) (a) | | |||||||||
| — | | | | | 24,727,400 | | | | | | — | | | | | $ | (155,909,542) | | |
| 2022 | | | | 2021 | | ||||||||||||||||||||||||||||||||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Return of Capital | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | | ||||||||||||||||||||||||
| $ | 5,413,077 | | | | | $ | 113,474,186 | | | | | | — | | | | | $ | 118,887,263 | | | | | | $ | 75,949,531 | | | | | $ | 150,471,260 | | | | | $ | — | | | | | $ | 226,420,791 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 82,672,850 | | | | | $ | — | | | | | $ | (82,672,850) | | | | | $ | — | | |
Total | | | | $ | 82,672,850 | | | | | $ | — | | | | | $ | (82,672,850) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2022 |
February 28, 2023
TIFF Multi-Asset Fund | December 31, 2022 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2022 |
| Index Descriptions | |
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 Executive Officer, muun chi LLC, an organic food business (2022 − present); independent consultant (2019 – present); Chair of the Board of Trustees of The Janus Henderson Funds (2008 – 2022); Trustee of The Janus Henderson Funds (2002 – present) (oversees 50 portfolios). Formerly, Chief Operating Officer, muun chi LLC (2020 − 2022); 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); and Executive Vice President and Chief Operating Officer of the Rockefeller Brothers Fund (a private family foundation, 1998 – 2006). Other Directorships: Formerly, Director of F.B. Heron Foundation (2006 – 2022); formerly, Director of Mutual Fund Directors Forum (2016 – 2021). | |
| 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; Scientific Technologies Ltd. | |
| Mai-Anh Fox | | |||
| 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.; 92Y Women in Power Fellowship Program (Mentor). | |
| 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 (2006 – 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). | |
| 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). | |
| 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). | |
Amundi Pioneer Asset Management US, Inc.
AQR Capital Management, LLC
Canyon Capital Advisors LLC (AF)
Centerbook Partners, LP
Eversept Partners, LP (AF)
Farallon Capital Management, LLC (AF)**
Fundsmith, LLP
Green Court Capital Management Limited
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, 2022, 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 Jennifer Deger and Mai-Anh Fox, 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, 2022 and 2021 were $160,970 and $153,400. |
(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, 2022 or 2021. |
(c) | TAX FEES: No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal year ended December 31, 2022. The aggregate fees billed to the Registrant for professional services rendered by PricewaterhouseCoopers LLP, for the fiscal year December 31, 2021 was $81,238. 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, 2022 or 2021. |
(e) | (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: The Registrant's audit committee has delegated the authority to pre-approve the provision of audit and non-audit services to the chair of the audit committee; provided, however, that such pre-approval of audit or non-audit services is subject to ratification by the full audit committee at their next regularly scheduled audit committee meeting. |
(2) Not applicable.
(f) | Not applicable. |
(g) | In addition to amounts reported in (a) through (d) above, the aggregate non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant, and to the Registrant’s Investment Adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2022 and 2021 were $152,444 and $221,763. |
(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 28, 2023 |
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 28, 2023 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | February 28, 2023 |