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: | 12/31/2023 | ||||
Date of reporting period: | 01/01/2023 – 06/30/2023 | ||||
Item 1. Reports to Stockholders.
| | | TIFF Investment Program | | ||||
| 2023 Semi-Annual Report | | | JUNE 30, 2023 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Fund Expenses | | | | | 3 | | |
| Financial Highlights | | | | | 4 | | |
| Schedule of Investments | | | | | 5 | | |
| Statement of Assets and Liabilities | | | | | 27 | | |
| Statement of Operations | | | | | 28 | | |
| Statements of Changes in Net Assets | | | | | 29 | | |
| Statement of Cash Flows | | | | | 30 | | |
| Notes to Financial Statements | | | | | 31 | | |
| Additional Information | | | | | 48 | | |
| Approval of Money Manager Agreements | | | | | 49 | | |
| Index Descriptions | | | | | 55 | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | 56 | | |
| About TIFF | |
| TIFF Mutual Fund | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | June 30, 2023 |
| Summary Schedule of Investments (Unaudited) | |
| US Common Stocks | | | | | 41.5% | | |
| Foreign Common Stocks | | | | | 29.9% | | |
| Private Investment Funds | | | | | 13.3% | | |
| Repurchase Agreements | | | | | 7.7% | | |
| US Treasury Bonds/Notes | | | | | 5.1% | | |
| Exchange-Traded Funds (ETFs) | | | | | 4.7% | | |
| US Treasury Bills | | | | | 3.1% | | |
| Unaffiliated Investment Companies | | | | | 0.5% | | |
| Preferred Stocks | | | | | 0.4% | | |
| Corporate Bonds | | | | | 0.2% | | |
| Participation Notes | | | | | 0.1% | | |
| Purchased Option Contracts | | | | | 0.1% | | |
| Warrants | | | | | 0.1% | | |
| Rights | | | | | 0.0% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 106.7% | | |
| Securities Sold Short | | | | | (11.8)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 5.1% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | June 30, 2023 |
| Fund Expenses (Unaudited) | |
| | | Including Expenses for Securities Sold Short* | | | Excluding Expenses for Securities Sold Short* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 1/1/23 | | | Ending Account Value 6/30/23 | | | Expenses Paid During the Period** 1/1/23 – 6/30/23 | | | Beginning Account Value 1/1/23 | | | Ending Account Value 6/30/23 | | | Expenses Paid During the Period** 1/1/23 – 6/30/23 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,079.00 | | | | | $ | 6.60 | | | | | $ | 1,000.00 | | | | | $ | 1,079.00 | | | | | $ | 5.00 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.45 | | | | | $ | 6.41 | | | | | $ | 1,000.00 | | | | | $ | 1,019.98 | | | | | $ | 4.86 | | |
TIFF Multi-Asset Fund | June 30, 2023 |
| Financial Highlights | |
| | | Six Months Ended June 30, 2023 (Unaudited) | | | 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 period | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | | | | $ | 14.53 | | |
Income (loss) from investment operations | | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) (a) | | | | | 0.04 | | | | | | 0.03 | | | | | | 0.01 | | | | | | (0.14) | | | | | | 0.12 | | | | | | 0.12 | | |
Net realized and unrealized gain (loss) on investments | | | | | 0.93 | | | | | | (2.49) | | | | | | 2.03 | | | | | | 2.75 | | | | | | 2.05 | | | | | | (1.63) | | |
Total from investment operations | | | | | 0.97 | | | | | | (2.46) | | | | | | 2.04 | | | | | | 2.61 | | | | | | 2.17 | | | | | | (1.51) | | |
Less distributions from | | ||||||||||||||||||||||||||||||||||||
Net investment income | | | | | (0.05) | | | | | | — | | | | | | (0.24) | | | | | | — | | | | | | — | | | | | | (0.25) | | |
Net realized gains | | | | | — | | | | | | (1.28) | | | | | | (2.29) | | | | | | (0.15) | | | | | | — | | | | | | (0.67) | | |
Return of capital | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (0.10) | | |
Total distributions | | | | | (0.05) | | | | | | (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 period | | | | $ | 13.40 | | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | |
Total return (b) | | | | | 7.90%(c) | | | | | | (15.17)% | | | | | | 12.46% | | | | | | 18.57%(d) | | | | | | 18.39% | | | | | | (10.27)% | | |
Ratios/supplemental data | | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000s) | | | | $ | 1,280,990 | | | | | $ | 1,247,979 | | | | | $ | 1,582,109 | | | | | $ | 1,563,172 | | | | | $ | 1,912,954 | | | | | $ | 2,498,944 | | |
Ratio of expenses to average net assets (e) | | | | | 1.28%(f) | | | | | | 1.14% | | | | | | 0.92% | | | | | | 2.22%(g) | | | | | | 1.00% | | | | | | 0.78% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (e) | | | | | 0.97%(f) | | | | | | 0.88% | | | | | | 0.72% | | | | | | 1.92%(g) | | | | | | 0.78% | | | | | | 0.72% | | |
Ratio of net investment income (loss) to average net assets | | | | | 0.62%(f) | | | | | | 0.22% | | | | | | 0.05% | | | | | | (0.97)% | | | | | | 0.92% | | | | | | 0.85% | | |
Portfolio turnover | | | | | 89% | | | | | | 143% | | | | | | 87% | | | | | | 146% | | | | | | 114% | | | | | | 66% | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Investments — 106.7% of net assets | | ||||||||||||
Common Stocks — 71.4% | | ||||||||||||
US Common Stocks — 41.5% | | ||||||||||||
Aerospace & Defense — 0.6% | | ||||||||||||
AeroVironment, Inc. (a) (b) | | | | | 2,889 | | | | | $ | 295,487 | | |
Axon Enterprise, Inc. (a) (b) | | | | | 12,649 | | | | | | 2,468,073 | | |
Boeing Co. (The) (a) (b) | | | | | 1,855 | | | | | | 391,702 | | |
Cadre Holdings, Inc. | | | | | 88,999 | | | | | | 1,940,178 | | |
General Dynamics Corp. (b) | | | | | 2,128 | | | | | | 457,839 | | |
Huntington Ingalls Industries, Inc. | | | | | 3,103 | | | | | | 706,243 | | |
Raytheon Technologies Corp. (b) | | | | | 5,833 | | | | | | 571,401 | | |
Textron, Inc. (b) | | | | | 6,659 | | | | | | 450,348 | | |
TransDigm Group, Inc. (b) | | | | | 484 | | | | | | 432,778 | | |
| | | | | | | | | | | 7,714,049 | | |
Air Freight & Logistics — 0.1% | | ||||||||||||
FedEx Corp. (b) | | | | | 1,971 | | | | | | 488,611 | | |
GXO Logistics, Inc. (a) | | | | | 12,483 | | | | | | 784,182 | | |
| | | | | | | | | | | 1,272,793 | | |
Automobile Components — 0.2% | | ||||||||||||
Adient plc (a) (b) | | | | | 11,962 | | | | | | 458,384 | | |
Dorman Products, Inc. (a) | | | | | 2,992 | | | | | | 235,859 | | |
Goodyear Tire & Rubber Co. (The) (a) | | | | | 62,063 | | | | | | 849,022 | | |
Lear Corp. (b) | | | | | 3,618 | | | | | | 519,364 | | |
| | | | | | | | | | | 2,062,629 | | |
Automobiles — 0.3% | | ||||||||||||
General Motors Co. | | | | | 64,518 | | | | | | 2,487,814 | | |
Tesla, Inc. (a) (b) | | | | | 5,893 | | | | | | 1,542,611 | | |
Thor Industries, Inc. (b) | | | | | 1,544 | | | | | | 159,804 | | |
| | | | | | | | | | | 4,190,229 | | |
Banks — 0.2% | | ||||||||||||
Bancorp, Inc. (The) (a) (b) | | | | | 6,869 | | | | | | 224,273 | | |
Citigroup, Inc. (b) | | | | | 41,502 | | | | | | 1,910,752 | | |
First Horizon Corp. | | | | | 1,630 | | | | | | 18,370 | | |
Live Oak Bancshares, Inc. | | | | | 20,079 | | | | | | 528,279 | | |
Wintrust Financial Corp. (b) | | | | | 3,449 | | | | | | 250,466 | | |
| | | | | | | | | | | 2,932,140 | | |
Beverages — 0.9% | | ||||||||||||
Boston Beer Co., Inc. (The), Class A (a) (b) | | | | | 676 | | | | | | 208,505 | | |
Brown-Forman Corp., Class B | | | | | 65,643 | | | | | | 4,383,640 | | |
Coca-Cola Co. (The) (b) | | | | | 4,644 | | | | | | 279,662 | | |
Coca-Cola Consolidated, Inc. (b) | | | | | 1,071 | | | | | | 681,177 | | |
PepsiCo, Inc. (b) | | | | | 29,555 | | | | | | 5,474,177 | | |
| | | | | | | | | | | 11,027,161 | | |
Biotechnology — 0.3% | | ||||||||||||
AbbVie, Inc. (b) | | | | | 320 | | | | | | 43,114 | | |
Amgen, Inc. (b) | | | | | 1,887 | | | | | | 418,952 | | |
BioMarin Pharmaceutical, Inc. (a) | | | | | 3,288 | | | | | | 285,004 | | |
Exact Sciences Corp. (a) | | | | | 2,434 | | | | | | 228,553 | | |
Gilead Sciences, Inc. (b) | | | | | 11,913 | | | | | | 918,135 | | |
Horizon Therapeutics plc (a) | | | | | 747 | | | | | | 76,829 | | |
Incyte Corp. (a) | | | | | 8,162 | | | | | | 508,084 | | |
Mirum Pharmaceuticals, Inc. (a) | | | | | 2,085 | | | | | | 53,939 | | |
Neurocrine Biosciences, Inc. (a) | | | | | 4,617 | | | | | | 435,383 | | |
Regeneron Pharmaceuticals, Inc. (a) (b) | | | | | 725 | | | | | | 520,941 | | |
Vertex Pharmaceuticals, Inc. (a) (b) | | | | | 2,418 | | | | | | 850,918 | | |
| | | | | | | | | | | 4,339,852 | | |
| | | Number of Shares | | | Value | | | | ||||||||||
Broadline Retail — 1.7% | | | | ||||||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 169,777 | | | | | $ | 22,132,130 | | | | | ||||
eBay, Inc. | | | | | 1,238 | | | | | | 55,326 | | | | | ||||
Etsy, Inc. (a) (b) | | | | | 1,478 | | | | | | 125,054 | | | | | ||||
Macy’s, Inc. (b) | | | | | 4,289 | | | | | | 68,838 | | | | | ||||
| | | | | | | | | | | 22,381,348 | | | | | ||||
Building Products — 0.3% | | | | ||||||||||||||||
AAON, Inc. (b) | | | | | 6,110 | | | | | | 579,289 | | | | | ||||
Armstrong World Industries, Inc. (b) | | | | | 3,540 | | | | | | 260,048 | | | | | ||||
AZEK Co., Inc. (The) (a) (b) | | | | | 6,162 | | | | | | 186,647 | | | | | ||||
Builders FirstSource, Inc. (a) | | | | | 9,487 | | | | | | 1,290,232 | | | | | ||||
Masco Corp. (b) | | | | | 3,641 | | | | | | 208,921 | | | | | ||||
Owens Corning (b) | | | | | 9,982 | | | | | | 1,302,651 | | | | | ||||
Zurn Elkay Water Solutions Corp., Class C (b) | | | | | 4,443 | | | | | | 119,472 | | | | | ||||
| | | | | | | | | | | 3,947,260 | | | | | ||||
Capital Markets — 0.6% | | | | | | | | ||||||||||||
Affiliated Managers Group, Inc. | | | | | 1,305 | | | | | | 195,606 | | | | | ||||
Ameriprise Financial, Inc. (b) | | | | | 663 | | | | | | 220,222 | | | | | ||||
Bank of New York Mellon Corp. (The) (b) | | | | | 22,104 | | | | | | 984,070 | | | | | ||||
BlackRock, Inc. (b) | | | | | 1,056 | | | | | | 729,844 | | | | | ||||
Blackstone, Inc. (b) | | | | | 11,137 | | | | | | 1,035,407 | | | | | ||||
Charles Schwab Corp. (The) (b) | | | | | 9,587 | | | | | | 543,391 | | | | | ||||
Hamilton Lane, Inc., Class A | | | | | 817 | | | | | | 65,344 | | | | | ||||
Interactive Brokers Group, Inc., Class A (b) | | | | | 3,782 | | | | | | 314,171 | | | | | ||||
Intercontinental Exchange, Inc. (b) | | | | | 3,511 | | | | | | 397,024 | | | | | ||||
Invesco, Ltd. | | | | | 10,682 | | | | | | 179,564 | | | | | ||||
Jefferies Financial Group, Inc. | | | | | 5,675 | | | | | | 188,240 | | | | | ||||
LPL Financial Holdings, Inc. | | | | | 1,781 | | | | | | 387,243 | | | | | ||||
Moelis & Co., Class A | | | | | 18,004 | | | | | | 816,301 | | | | | ||||
PJT Partners, Inc., Class A | | | | | 917 | | | | | | 63,860 | | | | | ||||
Stifel Financial Corp. | | | | | 1,228 | | | | | | 73,275 | | | | | ||||
Virtu Financial, Inc., Class A | | | | | 73,849 | | | | | | 1,262,079 | | | | | ||||
| | | | | | | | | | | 7,455,641 | | | | | ||||
Chemicals — 0.5% | | | | ||||||||||||||||
Avient Corp. (b) | | | | | 5,679 | | | | | | 232,271 | | | | | ||||
Axalta Coating Systems, Ltd. (a) (b) | | | | | 7,767 | | | | | | 254,835 | | | | | ||||
Celanese Corp. (b) | | | | | 5,060 | | | | | | 585,948 | | | | | ||||
CF Industries Holdings, Inc. (b) | | | | | 21,958 | | | | | | 1,524,324 | | | | | ||||
Chemours Co. (The) | | | | | 386 | | | | | | 14,239 | | | | | ||||
Eastman Chemical Co. | | | | | 3,833 | | | | | | 320,899 | | | | | ||||
Ecolab, Inc. (b) | | | | | 1,161 | | | | | | 216,747 | | | | | ||||
Huntsman Corp. | | | | | 1,538 | | | | | | 41,557 | | | | | ||||
Ingevity Corp. (a) | | | | | 10,043 | | | | | | 584,101 | | | | | ||||
International Flavors & Fragrances, Inc. (b) | | | | | 4,559 | | | | | | 362,851 | | | | | ||||
LyondellBasell Industries NV, Class A (b) | | | | | 8,773 | | | | | | 805,625 | | | | | ||||
Mosaic Co. (The) (b) | | | | | 32,217 | | | | | | 1,127,595 | | | | | ||||
Sherwin-Williams Co. (The) (b) | | | | | 1,934 | | | | | | 513,516 | | | | | ||||
Stepan Co. | | | | | 1,931 | | | | | | 184,526 | | | | | ||||
| | | | | | | | | | | 6,769,034 | | | | | ||||
Commercial Services & Supplies — 0.1% | | | | ||||||||||||||||
Brink’s Co. (The) (b) | | | | | 3,799 | | | | | | 257,686 | | | | | ||||
GEO Group, Inc. (The) (a) | | | | | 101,351 | | | | | | 725,673 | | | | | ||||
Tetra Tech, Inc. (b) | | | | | 2,581 | | | | | | 422,613 | | | | | ||||
| | | | | | | | | | | 1,405,972 | | | | | ||||
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Communications Equipment — 0.7% | | ||||||||||||
Arista Networks, Inc. (a) (b) | | | | | 2,823 | | | | | $ | 457,495 | | |
Ciena Corp. (a) | | | | | 25,947 | | | | | | 1,102,488 | | |
Cisco Systems, Inc. (b) | | | | | 27,753 | | | | | | 1,435,940 | | |
CommScope Holding Co., Inc. (a) | | | | | 4,846 | | | | | | 27,283 | | |
Harmonic, Inc. (a) | | | | | 128,920 | | | | | | 2,084,637 | | |
Infinera Corp. (a) | | | | | 407,311 | | | | | | 1,967,312 | | |
Juniper Networks, Inc. | | | | | 22,754 | | | | | | 712,883 | | |
Lumentum Holdings, Inc. (a) | | | | | 11,416 | | | | | | 647,630 | | |
| | | | | | | | | | | 8,435,668 | | |
Construction & Engineering — 0.2% | | ||||||||||||
EMCOR Group, Inc. (b) | | | | | 550 | | | | | | 101,629 | | |
Fluor Corp. (a) | | | | | 33,683 | | | | | | 997,017 | | |
Valmont Industries, Inc. | | | | | 6,023 | | | | | | 1,752,994 | | |
WillScot Mobile Mini Holdings Corp. (a) | | | | | 4,197 | | | | | | 200,575 | | |
| | | | | | | | | | | 3,052,215 | | |
Construction Materials — 0.0% | | ||||||||||||
Eagle Materials, Inc. | | | | | 1,312 | | | | | | 244,583 | | |
Consumer Finance — 0.3% | | ||||||||||||
Ally Financial, Inc. | | | | | 17,518 | | | | | | 473,161 | | |
American Express Co. (b) | | | | | 2,981 | | | | | | 519,290 | | |
Bread Financial Holdings, Inc. | | | | | 5,667 | | | | | | 177,887 | | |
Discover Financial Services | | | | | 443 | | | | | | 51,765 | | |
Navient Corp. | | | | | 76,370 | | | | | | 1,418,955 | | |
SLM Corp. | | | | | 1,794 | | | | | | 29,278 | | |
Synchrony Financial | | | | | 31,236 | | | | | | 1,059,525 | | |
| | | | | | | | | | | 3,729,861 | | |
Consumer Staples Distribution & Retail — 0.9% | | ||||||||||||
Albertsons Cos., Inc., Class A | | | | | 561 | | | | | | 12,241 | | |
Chefs’ Warehouse, Inc. (The) (a) | | | | | 94,818 | | | | | | 3,390,692 | | |
Dollar General Corp. (b) | | | | | 20,950 | | | | | | 3,556,891 | | |
Kroger Co. (The) | | | | | 22,669 | | | | | | 1,065,443 | | |
Performance Food Group Co. (a) (b) | | | | | 11,381 | | | | | | 685,591 | | |
Walmart, Inc. (b) | | | | | 14,367 | | | | | | 2,258,205 | | |
| | | | | | | | | | | 10,969,063 | | |
Containers & Packaging — 0.1% | | ||||||||||||
Avery Dennison Corp. (b) | | | | | 571 | | | | | | 98,098 | | |
Berry Global Group, Inc. (b) | | | | | 3,297 | | | | | | 212,129 | | |
International Paper Co. (b) | | | | | 5,778 | | | | | | 183,798 | | |
Westrock Co. | | | | | 7,547 | | | | | | 219,391 | | |
| | | | | | | | | | | 713,416 | | |
Diversified Consumer Services — 0.2% | | ||||||||||||
ADT, Inc. | | | | | 26,217 | | | | | | 158,088 | | |
European Wax Center, Inc., Class A (a) | | | | | 43,182 | | | | | | 804,481 | | |
Mister Car Wash, Inc. (a) | | | | | 140,523 | | | | | | 1,356,047 | | |
| | | | | | | | | | | 2,318,616 | | |
Diversified REITs — 0.0% | | ||||||||||||
Alexander & Baldwin, Inc. | | | | | 14,660 | | | | | | 272,383 | | |
Diversified Telecommunication Services — 0.2% | | ||||||||||||
AT&T, Inc. (b) | | | | | 116,485 | | | | | | 1,857,936 | | |
Verizon Communications, Inc. (b) | | | | | 25,474 | | | | | | 947,378 | | |
| | | | | | | | | | | 2,805,314 | | |
Electric Utilities — 0.1% | | ||||||||||||
NRG Energy, Inc. | | | | | 26,101 | | | | | | 975,916 | | |
Electrical Equipment — 0.3% | | ||||||||||||
Enovix Corp. (a) (b) | | | | | 20,151 | | | | | | 363,524 | | |
nVent Electric plc | | | | | 26,814 | | | | | | 1,385,479 | | |
| | | Number of Shares | | | Value | | ||||||
Regal Rexnord Corp. (b) | | | | | 4,986 | | | | | $ | 767,346 | | |
Vertiv Holdings Co. (b) | | | | | 38,105 | | | | | | 943,861 | | |
| | | | | | | | | | | 3,460,210 | | |
Electronic Equipment, Instruments & Components — 0.5% | | ||||||||||||
Arrow Electronics, Inc. (a) | | | | | 10,696 | | | | | | 1,531,988 | | |
Avnet, Inc. | | | | | 8,748 | | | | | | 441,337 | | |
Belden, Inc. | | | | | 1,822 | | | | | | 174,274 | | |
Flex, Ltd. (a) (b) | | | | | 12,172 | | | | | | 336,434 | | |
IPG Photonics Corp. (a) | | | | | 448 | | | | | | 60,847 | | |
Itron, Inc. (a) | | | | | 1,406 | | | | | | 101,373 | | |
PAR Technology Corp. (a) | | | | | 28,541 | | | | | | 939,855 | | |
ScanSource, Inc. (a) | | | | | 1,029 | | | | | | 30,417 | | |
TD SYNNEX Corp. | | | | | 8,329 | | | | | | 782,926 | | |
Vishay Intertechnology, Inc. | | | | | 31,835 | | | | | | 935,949 | | |
Vontier Corp. | | | | | 33,745 | | | | | | 1,086,927 | | |
| | | | | | | | | | | 6,422,327 | | |
Energy Equipment & Services — 0.6% | | ||||||||||||
ChampionX Corp. | | | | | 3,558 | | | | | | 110,440 | | |
Diamond Offshore Drilling, Inc. (a) | | | | | 16,368 | | | | | | 233,080 | | |
Halliburton Co. | | | | | 24,271 | | | | | | 800,700 | | |
Helix Energy Solutions Group, Inc. (a) | | | | | 72,268 | | | | | | 533,338 | | |
NexTier Oilfield Solutions, Inc. (a) | | | | | 227,208 | | | | | | 2,031,240 | | |
Oceaneering International, Inc. (a) | | | | | 61,430 | | | | | | 1,148,741 | | |
Select Energy Services, Inc. | | | | | 30,843 | | | | | | 249,828 | | |
Tidewater, Inc. (a) | | | | | 17,086 | | | | | | 947,248 | | |
Transocean, Ltd. (a) | | | | | 151,901 | | | | | | 1,064,826 | | |
Valaris, Ltd. (a) | | | | | 2,291 | | | | | | 144,173 | | |
| | | | | | | | | | | 7,263,614 | | |
Entertainment — 1.1% | | ||||||||||||
Activision Blizzard, Inc. (a) | | | | | 24,337 | | | | | | 2,051,609 | | |
Live Nation Entertainment, Inc. (a) | | | | | 9,136 | | | | | | 832,381 | | |
Madison Square Garden Sports Corp. | | | | | 14,411 | | | | | | 2,709,988 | | |
Netflix, Inc. (a) (b) | | | | | 9,582 | | | | | | 4,220,775 | | |
Spotify Technology SA (a) | | | | | 1,408 | | | | | | 226,054 | | |
Take-Two Interactive Software, Inc. (a) | | | | | 11,348 | | | | | | 1,669,972 | | |
Walt Disney Co. (The) (a) (b) | | | | | 14,017 | | | | | | 1,251,438 | | |
Warner Bros Discovery, Inc. (a) | | | | | 8,750 | | | | | | 109,725 | | |
Warner Music Group Corp., Class A | | | | | 14,696 | | | | | | 383,419 | | |
World Wrestling Entertainment, Inc., Class A | | | | | 130 | | | | | | 14,101 | | |
| | | | | | | | | | | 13,469,462 | | |
Financial Services — 3.0% | | ||||||||||||
Affirm Holdings, Inc. (a) | | | | | 760 | | | | | | 11,651 | | |
Apollo Global Management, Inc. (b) | | | | | 4,102 | | | | | | 315,075 | | |
Artemis Strategic Inv Corp. (a) (c) (d) (e) | | | | | 7,600 | | | | | | 64,387 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 9,723 | | | | | | 3,315,543 | | |
Euronet Worldwide, Inc. (a) | | | | | 18,433 | | | | | | 2,163,481 | | |
Fidelity National Information Services, Inc. | | | | | 44,021 | | | | | | 2,407,949 | | |
Fiserv, Inc. (a) (b) | | | | | 50,487 | | | | | | 6,368,935 | | |
FleetCor Technologies, Inc. (a) | | | | | 1,384 | | | | | | 347,495 | | |
Global Payments, Inc. (b) | | | | | 38,771 | | | | | | 3,819,719 | | |
International Money Express, Inc. (a) | | | | | 13,497 | | | | | | 331,081 | | |
Jack Henry & Associates, Inc. | | | | | 677 | | | | | | 113,282 | | |
Marqeta, Inc., Class A (a) | | | | | 74,743 | | | | | | 363,999 | | |
Mastercard, Inc., Class A (b) | | | | | 15,296 | | | | | | 6,015,917 | | |
PayPal Holdings, Inc. (a) (b) | | | | | 14,638 | | | | | | 976,794 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Repay Holdings Corp. (a) | | | | | 82,359 | | | | | $ | 644,871 | | |
Shift4 Payments, Inc., Class A (a) | | | | | 219 | | | | | | 14,872 | | |
Swiftmerge Acquisition Corp. (a) (c) (d) (e) | | | | | 6,943 | | | | | | 57,377 | | |
Toast, Inc., Class A (a) | | | | | 849 | | | | | | 19,162 | | |
Visa, Inc., Class A (b) | | | | | 31,909 | | | | | | 7,577,749 | | |
Western Union Co. (The) | | | | | 193,436 | | | | | | 2,269,004 | | |
WEX, Inc. (a) | | | | | 4,711 | | | | | | 857,732 | | |
| | | | | | | | | | | 38,056,075 | | |
Food Products — 0.7% | | ||||||||||||
Darling Ingredients, Inc. (a) | | | | | 33,013 | | | | | | 2,105,899 | | |
McCormick & Co., Inc. | | | | | 57,993 | | | | | | 5,058,729 | | |
Seaboard Corp. | | | | | 27 | | | | | | 96,140 | | |
Tyson Foods, Inc., Class A (b) | | | | | 22,258 | | | | | | 1,136,048 | | |
| | | | | | | | | | | 8,396,816 | | |
Ground Transportation — 0.3% | | ||||||||||||
CSX Corp. (b) | | | | | 17,258 | | | | | | 588,498 | | |
Landstar System, Inc. | | | | | 230 | | | | | | 44,284 | | |
Lyft, Inc., Class A (a) | | | | | 10,082 | | | | | | 96,686 | | |
Norfolk Southern Corp. | | | | | 2,557 | | | | | | 579,825 | | |
Ryder System, Inc. | | | | | 172 | | | | | | 14,584 | | |
Schneider National, Inc., Class B | | | | | 6,750 | | | | | | 193,860 | | |
Uber Technologies, Inc. (a) (b) | | | | | 49,846 | | | | | | 2,151,852 | | |
Union Pacific Corp. (b) | | | | | 2,080 | | | | | | 425,610 | | |
| | | | | | | | | | | 4,095,199 | | |
Health Care Equipment & Supplies — 1.2% | | ||||||||||||
Abbott Laboratories (b) | | | | | 129 | | | | | | 14,064 | | |
Align Technology, Inc. (a) | | | | | 1,411 | | | | | | 498,986 | | |
Baxter International, Inc. | | | | | 12,438 | | | | | | 566,675 | | |
Dexcom, Inc. (a) (b) | | | | | 1,075 | | | | | | 138,148 | | |
Edwards Lifesciences Corp. (a) | | | | | 4,882 | | | | | | 460,519 | | |
Envista Holdings Corp. (a) | | | | | 4,097 | | | | | | 138,643 | | |
GE HealthCare Technologies, Inc. | | | | | 5,593 | | | | | | 454,375 | | |
Globus Medical, Inc., Class A (a) | | | | | 7,395 | | | | | | 440,298 | | |
IDEXX Laboratories, Inc. (a) | | | | | 7,699 | | | | | | 3,866,669 | | |
Lantheus Holdings, Inc. (a) | | | | | 1,286 | | | | | | 107,921 | | |
Masimo Corp. (a) | | | | | 7,049 | | | | | | 1,159,913 | | |
Merit Medical Systems, Inc. (a) | | | | | 12,584 | | | | | | 1,052,526 | | |
Paragon 28, Inc. (a) | | | | | 53,531 | | | | | | 949,640 | | |
QuidelOrtho Corp. (a) | | | | | 4,801 | | | | | | 397,811 | | |
Stryker Corp. | | | | | 18,279 | | | | | | 5,576,740 | | |
| | | | | | | | | | | 15,822,928 | | |
Health Care Providers & Services — 1.5% | | ||||||||||||
Amedisys, Inc. (a) | | | | | 104 | | | | | | 9,510 | | |
AmerisourceBergen Corp. | | | | | 2,634 | | | | | | 506,861 | | |
Cardinal Health, Inc. | | | | | 10,995 | | | | | | 1,039,797 | | |
Castle Biosciences, Inc. (a) | | | | | 7,146 | | | | | | 98,043 | | |
Centene Corp. (a) | | | | | 6,858 | | | | | | 462,572 | | |
Cigna Group (The) (b) | | | | | 10,761 | | | | | | 3,019,537 | | |
CVS Health Corp. (b) | | | | | 44,001 | | | | | | 3,041,789 | | |
DaVita, Inc. (a) | | | | | 286 | | | | | | 28,734 | | |
Elevance Health, Inc. (b) | | | | | 748 | | | | | | 332,329 | | |
HCA Healthcare, Inc. (b) | | | | | 1,010 | | | | | | 306,515 | | |
Humana, Inc. (b) | | | | | 372 | | | | | | 166,332 | | |
Laboratory Corp. of America Holdings | | | | | 1,210 | | | | | | 292,009 | | |
McKesson Corp. | | | | | 2,577 | | | | | | 1,101,178 | | |
NeoGenomics, Inc. (a) | | | | | 137,770 | | | | | | 2,213,964 | | |
Patterson Cos., Inc. | | | | | 11,107 | | | | | | 369,419 | | |
Premier, Inc., Class A | | | | | 3,528 | | | | | | 97,584 | | |
Quest Diagnostics, Inc. | | | | | 246 | | | | | | 34,578 | | |
| | | Number of Shares | | | Value | | ||||||
Quipt Home Medical Corp. (a) | | | | | 56,400 | | | | | $ | 302,276 | | |
R1 RCM, Inc. (a) | | | | | 63,909 | | | | | | 1,179,121 | | |
Tenet Healthcare Corp. (a) | | | | | 7,964 | | | | | | 648,110 | | |
UnitedHealth Group, Inc. (b) | | | | | 6,084 | | | | | | 2,924,214 | | |
Universal Health Services, Inc., Class B | | | | | 2,326 | | | | | | 366,973 | | |
US Physical Therapy, Inc. | | | | | 2,189 | | | | | | 265,723 | | |
| | | | | | | | | | | 18,807,168 | | |
Health Care REITs — 0.0% | | ||||||||||||
Healthpeak Properties, Inc. (b) | | | | | 6,205 | | | | | | 124,721 | | |
Health Care Technology — 0.1% | | ||||||||||||
Evolent Health, Inc., Class A (a) | | | | | 60,081 | | | | | | 1,820,454 | | |
Hotels, Restaurants & Leisure — 1.2% | | ||||||||||||
Aramark (b) | | | | | 8,486 | | | | | | 365,322 | | |
Booking Holdings, Inc. (a) (b) | | | | | 2,651 | | | | | | 7,158,575 | | |
Chipotle Mexican Grill, Inc. (a) (b) | | | | | 418 | | | | | | 894,102 | | |
Domino’s Pizza, Inc. | | | | | 1,470 | | | | | | 495,375 | | |
DraftKings, Inc., Class A (a) | | | | | 34,764 | | | | | | 923,680 | | |
EBET, Inc. (a) | | | | | 124,129 | | | | | | 14,647 | | |
Expedia Group, Inc. (a) (b) | | | | | 20,270 | | | | | | 2,217,335 | | |
Las Vegas Sands Corp. (a) (b) | | | | | 14,708 | | | | | | 853,064 | | |
Marriott International, Inc., Class A (b) | | | | | 143 | | | | | | 26,268 | | |
Marriott Vacations Worldwide Corp. (b) | | | | | 469 | | | | | | 57,556 | | |
McDonald’s Corp. (b) | | | | | 180 | | | | | | 53,714 | | |
Starbucks Corp. (b) | | | | | 7,826 | | | | | | 775,244 | | |
Texas Roadhouse, Inc. | | | | | 4,486 | | | | | | 503,688 | | |
Travel + Leisure Co. | | | | | 19,692 | | | | | | 794,375 | | |
| | | | | | | | | | | 15,132,945 | | |
Household Durables — 0.5% | | ||||||||||||
GoPro, Inc., Class A (a) | | | | | 105,993 | | | | | | 438,811 | | |
KB Home (b) | | | | | 10,708 | | | | | | 553,711 | | |
NVR, Inc. (a) (b) | | | | | 35 | | | | | | 222,272 | | |
PulteGroup, Inc. (b) | | | | | 8,092 | | | | | | 628,586 | | |
Sonos, Inc. (a) (b) | | | | | 34,385 | | | | | | 561,507 | | |
Taylor Morrison Home Corp. (a) | | | | | 19,495 | | | | | | 950,771 | | |
Tempur Sealy International, Inc. (b) | | | | | 19,594 | | | | | | 785,132 | | |
Toll Brothers, Inc. (b) | | | | | 29,490 | | | | | | 2,331,774 | | |
Whirlpool Corp. (b) | | | | | 2,660 | | | | | | 395,781 | | |
| | | | | | | | | | | 6,868,345 | | |
Household Products — 0.7% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 38,542 | | | | | | 3,863,065 | | |
Colgate-Palmolive Co. (b) | | | | | 3,922 | | | | | | 302,151 | | |
Procter & Gamble Co. (The) (b) | | | | | 27,387 | | | | | | 4,155,703 | | |
| | | | | | | | | | | 8,320,919 | | |
Independent Power & Renewable Electricity Producers — 0.0% | | ||||||||||||
Altus Power, Inc. (a) | | | | | 97,763 | | | | | | 527,920 | | |
Industrial Conglomerates — 0.1% | | ||||||||||||
3M Co. (b) | | | | | 5,102 | | | | | | 510,659 | | |
General Electric Co. (b) | | | | | 6,675 | | | | | | 733,249 | | |
| | | | | | | | | | | 1,243,908 | | |
Industrial REITs — 0.0% | | ||||||||||||
Prologis, Inc. (b) | | | | | 4,153 | | | | | | 509,282 | | |
Insurance — 0.5% | | ||||||||||||
American International Group, Inc. (b) | | | | | 43,316 | | | | | | 2,492,402 | | |
Arthur J Gallagher & Co. (b) | | | | | 2,045 | | | | | | 449,020 | | |
Assurant, Inc. (b) | | | | | 1,626 | | | | | | 204,421 | | |
CNA Financial Corp. | | | | | 2,245 | | | | | | 86,702 | | |
CNO Financial Group, Inc. | | | | | 19,325 | | | | | | 457,423 | | |
Fidelity National Financial, Inc. | | | | | 6,458 | | | | | | 232,488 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Hartford Financial Services Group, Inc. (The) | | | | | 2,343 | | | | | $ | 168,743 | | |
Primerica, Inc. (b) | | | | | 755 | | | | | | 149,309 | | |
Reinsurance Group of America, Inc. | | | | | 1,872 | | | | | | 259,628 | | |
Unum Group | | | | | 39,013 | | | | | | 1,860,920 | | |
| | | | | | | | | | | 6,361,056 | | |
Interactive Media & Services — 3.0% | | ||||||||||||
Alphabet, Inc., Class A (a) (b) | | | | | 134,089 | | | | | | 16,050,453 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 17,600 | | | | | | 2,129,072 | | |
Bumble, Inc., Class A (a) | | | | | 52,191 | | | | | | 875,765 | | |
IAC, Inc. (a) | | | | | 10,634 | | | | | | 667,815 | | |
Match Group, Inc. (a) | | | | | 8,352 | | | | | | 349,531 | | |
Meta Platforms, Inc., Class A (a) (b) | | | | | 51,093 | | | | | | 14,662,669 | | |
Snap, Inc., Class A (a) | | | | | 14,076 | | | | | | 166,660 | | |
TripAdvisor, Inc. (a) | | | | | 99,448 | | | | | | 1,639,898 | | |
Ziff Davis, Inc. (a) | | | | | 2,602 | | | | | | 182,296 | | |
ZoomInfo Technologies, Inc. (a) | | | | | 74,627 | | | | | | 1,894,780 | | |
| | | | | | | | | | | 38,618,939 | | |
IT Services — 0.7% | | ||||||||||||
Amdocs, Ltd. | | | | | 6,790 | | | | | | 671,191 | | |
Cloudflare, Inc., Class A (a) | | | | | 109,483 | | | | | | 7,156,904 | | |
Cognizant Technology Solutions Corp., Class A (b) | | | | | 4,519 | | | | | | 295,000 | | |
DXC Technology Co. (a) | | | | | 12,132 | | | | | | 324,167 | | |
EPAM Systems, Inc. (a) | | | | | 2,648 | | | | | | 595,138 | | |
GoDaddy, Inc., Class A (a) (b) | | | | | 190 | | | | | | 14,275 | | |
Kyndryl Holdings, Inc. (a) | | | | | 29,462 | | | | | | 391,255 | | |
Okta, Inc. (a) | | | | | 953 | | | | | | 66,091 | | |
| | | | | | | | | | | 9,514,021 | | |
Leisure Products — 0.2% | | ||||||||||||
Clarus Corp. | | | | | 176,062 | | | | | | 1,609,207 | | |
Malibu Boats, Inc., Class A (a) | | | | | 4,935 | | | | | | 289,487 | | |
Peloton Interactive, Inc., Class A (a) | | | | | 42,368 | | | | | | 325,810 | | |
Topgolf Callaway Brands Corp. (a) (b) | | | | | 2,785 | | | | | | 55,282 | | |
| | | | | | | | | | | 2,279,786 | | |
Life Sciences Tools & Services — 1.4% | | ||||||||||||
Avantor, Inc. (a) | | | | | 8,082 | | | | | | 166,004 | | |
Bio-Rad Laboratories, Inc., Class A (a) | | | | | 3,024 | | | | | | 1,146,459 | | |
Danaher Corp. (b) | | | | | 2,870 | | | | | | 688,800 | | |
Illumina, Inc. (a) (b) | | | | | 4,841 | | | | | | 907,639 | | |
Medpace Holdings, Inc. (a) | | | | | 922 | | | | | | 221,437 | | |
Mettler-Toledo International, Inc. (a) | | | | | 2,861 | | | | | | 3,752,602 | | |
Repligen Corp. (a) | | | | | 1,958 | | | | | | 276,979 | | |
Sotera Health Co. (a) | | | | | 7,787 | | | | | | 146,707 | | |
Syneos Health, Inc. (a) | | | | | 15,832 | | | | | | 667,161 | | |
Thermo Fisher Scientific, Inc. (b) | | | | | 10,627 | | | | | | 5,544,637 | | |
Waters Corp. (a) | | | | | 17,195 | | | | | | 4,583,155 | | |
| | | | | | | | | | | 18,101,580 | | |
Machinery — 0.9% | | ||||||||||||
AGCO Corp. (b) | | | | | 12,164 | | | | | | 1,598,593 | | |
Allison Transmission Holdings, Inc. | | | | | 42,659 | | | | | | 2,408,527 | | |
Enerpac Tool Group Corp. (b) | | | | | 10,341 | | | | | | 279,207 | | |
Gates Industrial Corp. plc (a) | | | | | 47,452 | | | | | | 639,653 | | |
IDEX Corp. (b) | | | | | 1,560 | | | | | | 335,806 | | |
Ingersoll Rand, Inc. | | | | | 16,094 | | | | | | 1,051,904 | | |
Lindsay Corp. (b) | | | | | 4,924 | | | | | | 587,630 | | |
Otis Worldwide Corp. | | | | | 26,213 | | | | | | 2,333,219 | | |
PACCAR, Inc. (b) | | | | | 7,102 | | | | | | 594,082 | | |
Terex Corp. | | | | | 13,672 | | | | | | 817,996 | | |
| | | Number of Shares | | | Value | | ||||||
Timken Co. (The) (b) | | | | | 3,197 | | | | | $ | 292,621 | | |
Xylem, Inc. (b) | | | | | 2,324 | | | | | | 261,729 | | |
| | | | | | | | | | | 11,200,967 | | |
Marine Transportation — 0.0% | | ||||||||||||
Kirby Corp. (a) | | | | | 1,876 | | | | | | 144,358 | | |
Media — 0.3% | | ||||||||||||
Altice USA, Inc., Class A (a) | | | | | 368,380 | | | | | | 1,112,508 | | |
Charter Communications, Inc., Class A (a) | | | | | 3,114 | | | | | | 1,143,990 | | |
Comcast Corp., Class A (b) | | | | | 24,904 | | | | | | 1,034,761 | | |
Integral Ad Science Holding Corp. (a) | | | | | 37,827 | | | | | | 680,129 | | |
| | | | | | | | | | | 3,971,388 | | |
Metals & Mining — 0.3% | | ||||||||||||
Cleveland-Cliffs, Inc. (a) | | | | | 28,559 | | | | | | 478,649 | | |
Haynes International, Inc. | | | | | 1,511 | | | | | | 76,789 | | |
Perpetua Resources Corp. (a) | | | | | 128,781 | | | | | | 472,626 | | |
Ramaco Resources, Inc., Class A | | | | | 24,055 | | | | | | 203,024 | | |
Royal Gold, Inc. | | | | | 13,726 | | | | | | 1,575,470 | | |
Steel Dynamics, Inc. (b) | | | | | 3,438 | | | | | | 374,502 | | |
United States Steel Corp. | | | | | 36,973 | | | | | | 924,695 | | |
| | | | | | | | | | | 4,105,755 | | |
Mortgage Real Estate Investment — 0.0% | | ||||||||||||
Dynex Capital, Inc. | | | | | 6,119 | | | | | | 77,038 | | |
Office REITs — 0.1% | | ||||||||||||
Highwoods Properties, Inc. (b) | | | | | 9,736 | | | | | | 232,788 | | |
Kilroy Realty Corp. (b) | | | | | 26,264 | | | | | | 790,284 | | |
| | | | | | | | | | | 1,023,072 | | |
Oil, Gas & Consumable Fuels — 1.5% | | ||||||||||||
APA Corp. | | | | | 15,720 | | | | | | 537,152 | | |
California Resources Corp. | | | | | 171 | | | | | | 7,745 | | |
Cheniere Energy, Inc. | | | | | 5,417 | | | | | | 825,334 | | |
Chesapeake Energy Corp. | | | | | 6,400 | | | | | | 535,552 | | |
Chevron Corp. (b) | | | | | 1,475 | | | | | | 232,091 | | |
Coterra Energy, Inc. | | | | | 14,519 | | | | | | 367,331 | | |
CVR Energy, Inc. | | | | | 1,299 | | | | | | 38,918 | | |
Delek US Holdings, Inc. | | | | | 45,950 | | | | | | 1,100,502 | | |
HF Sinclair Corp. | | | | | 15,130 | | | | | | 674,949 | | |
Marathon Oil Corp. | | | | | 35,093 | | | | | | 807,841 | | |
Marathon Petroleum Corp. | | | | | 8,218 | | | | | | 958,219 | | |
Matador Resources Co. | | | | | 3,267 | | | | | | 170,929 | | |
Murphy Oil Corp. | | | | | 4,157 | | | | | | 159,213 | | |
Ovintiv, Inc. | | | | | 4,409 | | | | | | 167,851 | | |
PBF Energy, Inc., Class A | | | | | 48,471 | | | | | | 1,984,403 | | |
PDC Energy, Inc. | | | | | 287 | | | | | | 20,417 | | |
Phillips 66 | | | | | 5,123 | | | | | | 488,632 | | |
Pioneer Natural Resources Co. (b) | | | | | 888 | | | | | | 183,976 | | |
Range Resources Corp. | | | | | 82,607 | | | | | | 2,428,646 | | |
Southwestern Energy Co. (a) | | | | | 674,802 | | | | | | 4,055,560 | | |
Texas Pacific Land Corp. | | | | | 657 | | | | | | 864,940 | | |
Valero Energy Corp. | | | | | 19,256 | | | | | | 2,258,729 | | |
| | | | | | | | | | | 18,868,930 | | |
Paper & Forest Products — 0.0% | | ||||||||||||
Louisiana-Pacific Corp. (b) | | | | | 7,194 | | | | | | 539,406 | | |
Passenger Airlines — 0.2% | | ||||||||||||
Alaska Air Group, Inc. (a) | | | | | 2,692 | | | | | | 143,160 | | |
American Airlines Group, Inc. (a) (b) | | | | | 14,601 | | | | | | 261,942 | | |
Delta Air Lines, Inc. (a) (b) | | | | | 542 | | | | | | 25,767 | | |
SkyWest, Inc. (a) | | | | | 10,385 | | | | | | 422,877 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Southwest Airlines Co. (b) | | | | | 9,879 | | | | | $ | 357,719 | | |
United Airlines Holdings, Inc. (a) | | | | | 35,636 | | | | | | 1,955,347 | | |
| | | | | | | | | | | 3,166,812 | | |
Personal Care Products — 0.3% | | ||||||||||||
Coty, Inc., Class A (a) | | | | | 39,802 | | | | | | 489,167 | | |
Estee Lauder Cos., Inc. (The), Class A | | | | | 18,637 | | | | | | 3,659,934 | | |
| | | | | | | | | | | 4,149,101 | | |
Pharmaceuticals — 0.5% | | ||||||||||||
Bristol-Myers Squibb Co. (b) | | | | | 5,243 | | | | | | 335,290 | | |
Catalent, Inc. (a) | | | | | 7,164 | | | | | | 310,631 | | |
Eli Lilly & Co. (b) | | | | | 1,567 | | | | | | 734,892 | | |
Johnson & Johnson (b) | | | | | 12,278 | | | | | | 2,032,254 | | |
Merck & Co., Inc. (b) | | | | | 815 | | | | | | 94,043 | | |
Pfizer, Inc. (b) | | | | | 30,108 | | | | | | 1,104,361 | | |
Reata Pharmaceuticals, Inc., Class A (a) | | | | | 7,861 | | | | | | 801,508 | | |
Viatris, Inc. | | | | | 129,255 | | | | | | 1,289,965 | | |
| | | | | | | | | | | 6,702,944 | | |
Professional Services — 1.0% | | ||||||||||||
Automatic Data Processing, Inc. | | | | | 26,133 | | | | | | 5,743,772 | | |
Broadridge Financial Solutions, Inc. (b) | | | | | 2,273 | | | | | | 376,477 | | |
Ceridian HCM Holding, Inc. (a) (b) | | | | | 1,925 | | | | | | 128,917 | | |
Concentrix Corp. (b) | | | | | 8,056 | | | | | | 650,522 | | |
Dun & Bradstreet Holdings, Inc. | | | | | 166,077 | | | | | | 1,921,511 | | |
Equifax, Inc. | | | | | 2,274 | | | | | | 535,072 | | |
Exponent, Inc. (b) | | | | | 946 | | | | | | 88,281 | | |
Huron Consulting Group, Inc. (a) | | | | | 4,008 | | | | | | 340,319 | | |
KBR, Inc. (b) | | | | | 2,965 | | | | | | 192,903 | | |
ManpowerGroup, Inc. (b) | | | | | 7,210 | | | | | | 572,474 | | |
Paychex, Inc. (b) | | | | | 1,218 | | | | | | 136,258 | | |
SS&C Technologies Holdings, Inc. (b) | | | | | 14,918 | | | | | | 904,031 | | |
TransUnion (b) | | | | | 6,064 | | | | | | 474,993 | | |
Verra Mobility Corp. (a) | | | | | 14,795 | | | | | | 291,757 | | |
| | | | | | | | | | | 12,357,287 | | |
Real Estate Management & Development — 0.0% | | ||||||||||||
Zillow Group, Inc., Class C (a) | | | | | 6,502 | | | | | | 326,791 | | |
Semiconductors & Semiconductor Equipment — 1.2% | | ||||||||||||
Ambarella, Inc. (a) | | | | | 2,011 | | | | | | 168,260 | | |
Analog Devices, Inc. (b) | | | | | 2,257 | | | | | | 439,686 | | |
Applied Materials, Inc. (b) | | | | | 4,483 | | | | | | 647,973 | | |
Broadcom, Inc. (b) | | | | | 990 | | | | | | 858,756 | | |
Enphase Energy, Inc. (a) | | | | | 1,006 | | | | | | 168,485 | | |
First Solar, Inc. (a) | | | | | 1,442 | | | | | | 274,110 | | |
Intel Corp. (b) | | | | | 41,422 | | | | | | 1,385,152 | | |
KLA Corp. | | | | | 506 | | | | | | 245,420 | | |
Lam Research Corp. (b) | | | | | 960 | | | | | | 617,146 | | |
Marvell Technology, Inc. | | | | | 1,716 | | | | | | 102,582 | | |
Microchip Technology, Inc. | | | | | 20,076 | | | | | | 1,798,609 | | |
NVIDIA Corp. (b) | | | | | 6,133 | | | | | | 2,594,382 | | |
ON Semiconductor Corp. (a) (b) | | | | | 1,963 | | | | | | 185,660 | | |
PDF Solutions, Inc. (a) | | | | | 4,041 | | | | | | 182,249 | | |
Qorvo, Inc. (a) | | | | | 6,799 | | | | | | 693,702 | | |
QUALCOMM, Inc. (b) | | | | | 14,867 | | | | | | 1,769,768 | | |
Semtech Corp. (a) | | | | | 7,116 | | | | | | 181,173 | | |
Skyworks Solutions, Inc. | | | | | 1,112 | | | | | | 123,087 | | |
Synaptics, Inc. (a) | | | | | 14,291 | | | | | | 1,220,166 | | |
Universal Display Corp. | | | | | 11,225 | | | | | | 1,617,859 | | |
| | | | | | | | | | | 15,274,225 | | |
|
| | | Number of Shares | | | Value | | ||||||
Software — 5.2% | | ||||||||||||
ACI Worldwide, Inc. (a) | | | | | 875 | | | | | $ | 20,274 | | |
Adobe, Inc. (a) (b) | | | | | 7,155 | | | | | | 3,498,723 | | |
AppLovin Corp., Class A (a) | | | | | 31,998 | | | | | | 823,309 | | |
Aspen Technology, Inc. (a) (b) | | | | | 958 | | | | | | 160,570 | | |
Autodesk, Inc. (a) (b) | | | | | 1,294 | | | | | | 264,765 | | |
Bills Holdings, Inc. (a) | | | | | 10,963 | | | | | | 1,281,027 | | |
Blackbaud, Inc. (a) | | | | | 44,002 | | | | | | 3,132,062 | | |
Box, Inc., Class A (a) | | | | | 33,600 | | | | | | 987,168 | | |
Cadence Design Systems, Inc. (a) (b) | | | | | 1,663 | | | | | | 390,007 | | |
Clear Secure, Inc., Class A | | | | | 46,046 | | | | | | 1,066,886 | | |
Clearwater Analytics Holdings, Inc., Class A (a) | | | | | 6,912 | | | | | | 109,693 | | |
Crowdstrike Holdings, Inc., Class A (a) (b) | | | | | 40,994 | | | | | | 6,020,789 | | |
Datadog, Inc., Class A (a) | | | | | 105,693 | | | | | | 10,398,077 | | |
DocuSign, Inc. (a) | | | | | 10,011 | | | | | | 511,462 | | |
Dropbox, Inc., Class A (a) | | | | | 15,213 | | | | | | 405,731 | | |
Elastic NV (a) | | | | | 6,063 | | | | | | 388,760 | | |
Fair Isaac Corp. (a) (b) | | | | | 646 | | | | | | 522,750 | | |
Freshworks, Inc., Class A (a) | | | | | 47,331 | | | | | | 832,079 | | |
Gen Digital, Inc. | | | | | 56,916 | | | | | | 1,055,792 | | |
HubSpot, Inc. (a) (b) | | | | | 178 | | | | | | 94,712 | | |
Microsoft Corp. (b) | | | | | 46,874 | | | | | | 15,962,472 | | |
N-Able, Inc. (a) | | | | | 72,820 | | | | | | 1,049,336 | | |
NCR Corp. (a) | | | | | 60,268 | | | | | | 1,518,754 | | |
New Relic, Inc. (a) | | | | | 39,280 | | | | | | 2,570,483 | | |
Nutanix, Inc., Class A (a) | | | | | 3,355 | | | | | | 94,108 | | |
Olo, Inc., Class A (a) | | | | | 36,499 | | | | | | 235,784 | | |
ON24, Inc. | | | | | 124,229 | | | | | | 1,008,739 | | |
Oracle Corp. (b) | | | | | 2,770 | | | | | | 329,879 | | |
Pegasystems, Inc. | | | | | 317 | | | | | | 15,628 | | |
PowerSchool Holdings, Inc., Class A (a) | | | | | 10,976 | | | | | | 210,081 | | |
RingCentral, Inc., Class A (a) | | | | | 69,850 | | | | | | 2,286,190 | | |
Roper Technologies, Inc. (b) | | | | | 783 | | | | | | 376,466 | | |
Salesforce, Inc. (a) (b) | | | | | 16,452 | | | | | | 3,475,650 | | |
SentinelOne, Inc., Class A (a) | | | | | 3,207 | | | | | | 48,426 | | |
ServiceNow, Inc. (a) (b) | | | | | 2,190 | | | | | | 1,230,714 | | |
Smartsheet, Inc., Class A (a) | | | | | 14,468 | | | | | | 553,546 | | |
Splunk, Inc. (a) | | | | | 260 | | | | | | 27,583 | | |
Teradata Corp. (a) | | | | | 11,274 | | | | | | 602,144 | | |
Varonis Systems, Inc. (a) | | | | | 18,096 | | | | | | 482,258 | | |
VMware, Inc., Class A (a) (b) | | | | | 7,947 | | | | | | 1,141,904 | | |
Workday, Inc., Class A (a) (b) | | | | | 4,163 | | | | | | 940,380 | | |
Zoom Video Communications, Inc., Class A (a) | | | | | 11,379 | | | | | | 772,407 | | |
| | | | | | | | | | | 66,897,568 | | |
Specialized REITs — 0.3% | | ||||||||||||
American Tower Corp. (b) | | | | | 12,371 | | | | | | 2,399,232 | | |
EPR Properties (b) | | | | | 2,580 | | | | | | 120,744 | | |
Equinix, Inc. | | | | | 573 | | | | | | 449,197 | | |
Lamar Advertising Co., Class A (b) | | | | | 4,660 | | | | | | 462,505 | | |
National Storage Affiliates Trust | | | | | 2,043 | | | | | | 71,158 | | |
| | | | | | | | | | | 3,502,836 | | |
Specialty Retail — 1.0% | | ||||||||||||
Aaron’s Co., Inc. (The) | | | | | 22,094 | | | | | | 312,409 | | |
Advance Auto Parts, Inc. (b) | | | | | 4,332 | | | | | | 304,540 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
AutoNation, Inc. (a) (b) | | | | | 9,253 | | | | | $ | 1,523,136 | | |
AutoZone, Inc. (a) (b) | | | | | 151 | | | | | | 376,497 | | |
Bath & Body Works, Inc. (b) | | | | | 14,074 | | | | | | 527,775 | | |
Best Buy Co., Inc. (b) | | | | | 1,813 | | | | | | 148,575 | | |
Boot Barn Holdings, Inc. (a) | | | | | 9,607 | | | | | | 813,617 | | |
Burlington Stores, Inc. (a) | | | | | 7,818 | | | | | | 1,230,475 | | |
Chewy, Inc., Class A (a) (b) | | | | | 11,258 | | | | | | 444,353 | | |
Chico’s FAS, Inc. (a) | | | | | 19,080 | | | | | | 102,078 | | |
Destination XL Group, Inc. (a) | | | | | 6,713 | | | | | | 32,894 | | |
Dick’s Sporting Goods, Inc. (b) | | | | | 6,420 | | | | | | 848,660 | | |
Gap, Inc. (The) (b) | | | | | 95,302 | | | | | | 851,047 | | |
Home Depot, Inc. (The) (b) | | | | | 1,549 | | | | | | 481,181 | | |
Lithia Motors, Inc. | | | | | 2,833 | | | | | | 861,544 | | |
O’Reilly Automotive, Inc. (a) (b) | | | | | 614 | | | | | | 586,554 | | |
Petco Health & Wellness Co., Inc. (a) (b) | | | | | 81,209 | | | | | | 722,760 | | |
RH (a) | | | | | 2,533 | | | | | | 834,852 | | |
Ross Stores, Inc. (b) | | | | | 2,032 | | | | | | 227,848 | | |
Sally Beauty Holdings, Inc. (a) | | | | | 111,298 | | | | | | 1,374,530 | | |
Ulta Beauty, Inc. (a) (b) | | | | | 443 | | | | | | 208,474 | | |
Victoria’s Secret & Co. (a) | | | | | 27,567 | | | | | | 480,493 | | |
| | | | | | | | | | | 13,294,292 | | |
Technology Hardware, Storage & Peripherals — 1.3% | | ||||||||||||
Apple, Inc. (b) | | | | | 68,705 | | | | | | 13,326,709 | | |
Dell Technologies, Inc., Class C | | | | | 1,073 | | | | | | 58,060 | | |
Pure Storage, Inc., Class A (a) | | | | | 12,271 | | | | | | 451,818 | | |
Seagate Technology Holdings plc | | | | | 1,356 | | | | | | 83,896 | | |
Super Micro Computer, Inc. (a) | | | | | 3,960 | | | | | | 987,030 | | |
Western Digital Corp. (a) (b) | | | | | 19,560 | | | | | | 741,911 | | |
Xerox Holdings Corp. | | | | | 23,380 | | | | | | 348,128 | | |
| | | | | | | | | | | 15,997,552 | | |
Textiles, Apparel & Luxury Goods — 0.4% | | ||||||||||||
Deckers Outdoor Corp. (a) (b) | | | | | 784 | | | | | | 413,686 | | |
Hanesbrands, Inc. | | | | | 34,106 | | | | | | 154,841 | | |
NIKE, Inc., Class B (b) | | | | | 41,267 | | | | | | 4,554,639 | | |
Skechers USA, Inc., Class A (a) (b) | | | | | 1,891 | | | | | | 99,580 | | |
| | | | | | | | | | | 5,222,746 | | |
Tobacco — 0.6% | | ||||||||||||
Altria Group, Inc. (b) | | | | | 2,104 | | | | | | 95,311 | | |
Philip Morris International, Inc. (b) | | | | | 71,956 | | | | | | 7,024,345 | | |
| | | | | | | | | | | 7,119,656 | | |
Trading Companies & Distributors — 0.1% | | ||||||||||||
Air Lease Corp. (b) | | | | | 21,570 | | | | | | 902,704 | | |
Core & Main, Inc.Class A (a) (b) | | | | | 6,485 | | | | | | 203,240 | | |
GMS, Inc. (a) (b) | | | | | 3,778 | | | | | | 261,438 | | |
United Rentals, Inc. (b) | | | | | 912 | | | | | | 406,177 | | |
| | | | | | | | | | | 1,773,559 | | |
Water Utilities — 0.1% | | ||||||||||||
American Water Works Co., Inc. (b) | | | | | 2,073 | | | | | | 295,921 | | |
Artesian Resources Corp., Class A | | | | | 5,406 | | | | | | 255,271 | | |
California Water Service Group | | | | | 2,595 | | | | | | 133,980 | | |
Essential Utilities, Inc. (b) | | | | | 11,962 | | | | | | 477,403 | | |
York Water Co. (The) | | | | | 958 | | | | | | 39,537 | | |
| | | | | | | | | | | 1,202,112 | | |
Wireless Telecommunication Services — 0.1% | | ||||||||||||
T-Mobile US, Inc. (a) (b) | | | | | 9,491 | | | | | | 1,318,300 | | |
Total US Common Stocks (Cost $481,062,325) | | | | | | | | | | | 532,469,513 | | |
| | | Number of Shares | | | Value | | ||||||
Foreign Common Stocks — 29.9% | | ||||||||||||
Australia — 0.4% | | ||||||||||||
Newcrest Mining, Ltd. | | | | | 257,970 | | | | | $ | 4,609,148 | | |
Bermuda — 0.0% | | ||||||||||||
Axis Capital Holdings, Ltd. | | | | | 8,732 | | | | | | 470,044 | | |
RenaissanceRe Holdings, Ltd. | | | | | 650 | | | | | | 121,238 | | |
| | | | | | | | | | | 591,282 | | |
Brazil — 0.2% | | ||||||||||||
Centrais Eletricas Brasileiras SA | | | | | 261,102 | | | | | | 2,167,580 | | |
Cameroon, United Republic Of — 0.1% | | ||||||||||||
Golar LNG, Ltd. | | | | | 58,515 | | | | | | 1,180,248 | | |
Canada — 4.9% | | ||||||||||||
ABC Technologies Holdings, Inc. | | | | | 207,600 | | | | | | 932,417 | | |
Alaris Equity Partners Income (b) | | | | | 52,000 | | | | | | 594,678 | | |
Algoma Steel Group, Inc. | | | | | 45,031 | | | | | | 319,720 | | |
Alpha Lithium Corp., Class A (a) | | | | | 26,900 | | | | | | 27,819 | | |
Aris Mining Corp. | | | | | 245,200 | | | | | | 590,442 | | |
Artemis Gold, Inc. (a) | | | | | 317,026 | | | | | | 1,139,116 | | |
ATS Corp. (a) (b) | | | | | 11,500 | | | | | | 529,100 | | |
Barrick Gold Corp. — NYSE Shares | | | | | 99,583 | | | | | | 1,685,940 | | |
Bear Creek Mining Corp. (a) (f) | | | | | 319,151 | | | | | | 132,503 | | |
Bombardier, Inc., Class B (a) (b) | | | | | 13,900 | | | | | | 685,268 | | |
Brookfield Corp., Class A | | | | | 27,133 | | | | | | 913,025 | | |
Cameco Corp. | | | | | 37,728 | | | | | | 1,182,018 | | |
Cameco Corp. — TSX Shares (b) | | | | | 25,500 | | | | | | 798,638 | | |
Canadian Pacific Kansas City, Ltd. | | | | | 5,730 | | | | | | 462,812 | | |
Canfor Corp. (a) (b) | | | | | 45,900 | | | | | | 823,931 | | |
Celestica, Inc. (a) (b) | | | | | 97,500 | | | | | | 1,415,305 | | |
CI Financial Corp. (b) | | | | | 60,700 | | | | | | 689,132 | | |
Collective Mining, Ltd. (a) | | | | | 92,500 | | | | | | 415,456 | | |
Denison Mines Corp. (a) (f) | | | | | 249,744 | | | | | | 312,946 | | |
Dundee Corp., Class A (a) | | | | | 405,126 | | | | | | 397,557 | | |
Equinox Gold Corp. (a) (f) | | | | | 437,572 | | | | | | 2,004,953 | | |
Equinox Gold Corp. (a) | | | | | 287,019 | | | | | | 1,314,547 | | |
Exchange Income Corp. (b) | | | | | 21,200 | | | | | | 838,718 | | |
Filo Mining Corp. (a) (c) | | | | | 15,400 | | | | | | 300,037 | | |
First Quantum Minerals, Ltd. | | | | | 19,400 | | | | | | 458,952 | | |
Fission Uranium Corp. (a) (f) | | | | | 1,303,500 | | | | | | 600,215 | | |
GFL Environmental, Inc. (b) | | | | | 13,595 | | | | | | 527,486 | | |
goeasy, Ltd. (b) | | | | | 11,500 | | | | | | 959,932 | | |
Heliostar Metals, Ltd. (a) (c) (d) (e) | | | | | 263,400 | | | | | | 91,616 | | |
IAMGOLD Corp. (a) | | | | | 455,886 | | | | | | 1,198,980 | | |
International Tower Hill Mines, Ltd. (a) | | | | | 376,174 | | | | | | 157,617 | | |
Ivanhoe Electric, Inc. (a) | | | | | 18,205 | | | | | | 237,393 | | |
Ivanhoe Mines, Ltd., Class A (a) (f) | | | | | 154,706 | | | | | | 1,413,054 | | |
Kinross Gold Corp. (b) | | | | | 116,200 | | | | | | 554,357 | | |
Lightspeed Commerce, Inc. (a) | | | | | 27,700 | | | | | | 468,584 | | |
Lithium Americas Corp. (a) (b) | | | | | 81,471 | | | | | | 1,646,529 | | |
Lithium Ionic Corp. (a) | | | | | 277,800 | | | | | | 517,959 | | |
Lycos Energy, Inc. (a) | | | | | 348,838 | | | | | | 105,330 | | |
MEG Energy Corp. (a) | | | | | 23,925 | | | | | | 379,260 | | |
Minto Apartment Real Estate Investment Trust — REIT (g) | | | | | 36,000 | | | | | | 408,168 | | |
NexGen Energy, Ltd. (a) (f) | | | | | 305,550 | | | | | | 1,441,546 | | |
Nfi Group, Inc. (a) | | | | | 55,300 | | | | | | 476,296 | | |
Northern Dynasty Minerals, Ltd. (a) (f) | | | | | 752,336 | | | | | | 170,372 | | |
Northern Dynasty Minerals, Ltd. — NYSE Shares (a) | | | | | 338,909 | | | | | | 81,338 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Novagold Resources, Inc. (a) | | | | | 252,004 | | | | | $ | 1,005,496 | | |
Nutrien, Ltd. (b) | | | | | 10,500 | | | | | | 619,894 | | |
Open Text Corp. (b) | | | | | 34,400 | | | | | | 1,430,791 | | |
Osisko Gold Royalties, Ltd. | | | | | 19,702 | | | | | | 302,820 | | |
Osisko Green Acquisition Corp. (a) (c) (d) (e) | | | | | 15,000 | | | | | | 91,670 | | |
Osisko Green Acquisition, Ltd., Class A (a) | | | | | 61,900 | | | | | | 472,865 | | |
Pan American Silver Corp. (f) | | | | | 82,438 | | | | | | 1,201,022 | | |
Pasofino Gold, Ltd. (a) | | | | | 61,000 | | | | | | 15,195 | | |
Pet Valu Holdings, Ltd. (b) | | | | | 35,500 | | | | | | 814,644 | | |
Precision Drilling Corp. (a) (b) | | | | | 21,000 | | | | | | 1,025,152 | | |
RB Global, Inc. (b) | | | | | 14,500 | | | | | | 870,164 | | |
RHC Helium, Ltd. (a) | | | | | 24,080 | | | | | | 6,271 | | |
Sandstorm Gold, Ltd. (f) | | | | | 64,330 | | | | | | 329,370 | | |
Saputo, Inc. (b) | | | | | 33,200 | | | | | | 743,820 | | |
Seabridge Gold, Inc. (a) (f) | | | | | 101,511 | | | | | | 1,223,726 | | |
Seabridge Gold, Inc. — NYSE Shares (a) | | | | | 45,036 | | | | | | 542,684 | | |
Shopify, Inc., Class A (a) | | | | | 147,102 | | | | | | 9,502,789 | | |
Solaris Resources, Inc. (a) (b) | | | | | 265,800 | | | | | | 1,187,798 | | |
Solaris Resources, Inc. — Reg S shares (a) (c) (h) | | | | | 16,600 | | | | | | 74,182 | | |
Somerset Energy Partners Corp. (a) (c) (d) (e) | | | | | 130,200 | | | | | | 44,227 | | |
Spin Master Corp. (b) (g) | | | | | 31,200 | | | | | | 825,484 | | |
Sprott Physical Uranium Trust | | | | | 218,442 | | | | | | 2,757,011 | | |
Sprott, Inc. (f) | | | | | 17,379 | | | | | | 562,661 | | |
Sprott, Inc. | | | | | 7,936 | | | | | | 257,126 | | |
Stelco Holdings, Inc. (b) | | | | | 19,700 | | | | | | 642,713 | | |
Sucro Holdings LLC (a) (c) (d) (e) | | | | | 9,570 | | | | | | 110,166 | | |
Teck Resources, Ltd., Class B (b) | | | | | 18,800 | | | | | | 791,026 | | |
Tourmaline Oil Corp. (b) | | | | | 17,800 | | | | | | 838,706 | | |
Western Copper & Gold Corp. (a) (f) | | | | | 137,610 | | | | | | 211,907 | | |
Wheaton Precious Metals Corp. | | | | | 76,991 | | | | | | 3,327,551 | | |
| | | | | | | | | | | 62,229,993 | | |
Cayman Islands — 0.0% | | ||||||||||||
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (d) | | | | | 4,640,000 | | | | | | — | | |
China — 8.8% | | ||||||||||||
Agora, Inc. — ADR (a) | | | | | 1,700 | | | | | | 5,321 | | |
Alibaba Group Holding, Ltd. — SPADR (a) (b) | | | | | 10,236 | | | | | | 853,171 | | |
Baidu, Inc. — SPADR (a) | | | | | 6,229 | | | | | | 852,812 | | |
Beijing New Building Materials plc, Class A | | | | | 736,951 | | | | | | 2,487,551 | | |
Bethel Automotive Safety Systems Co., Ltd., Class A | | | | | 150,000 | | | | | | 1,639,388 | | |
Bilibili, Inc., Class Z (a) (f) | | | | | 198,060 | | | | | | 2,992,480 | | |
Bilibili, Inc. — SPADR (a) (f) | | | | | 135,000 | | | | | | 2,038,500 | | |
CGN Power Co., Ltd., Class H (g) | | | | | 9,744,000 | | | | | | 2,354,427 | | |
China Communications Services Corp., Ltd., Class H | | | | | 2,326,000 | | | | | | 1,150,533 | | |
China Merchants Bank Co., Ltd., Class A | | | | | 714,000 | | | | | | 3,234,284 | | |
China Pacific Insurance Group Co., Ltd., Class A | | | | | 1,150,044 | | | | | | 4,114,970 | | |
China Shenhua Energy Co., Ltd., Class H | | | | | 124,500 | | | | | | 381,983 | | |
DiDi Global, Inc. — ADR (a) | | | | | 113,100 | | | | | | 339,300 | | |
Eve Energy Co., Ltd., Class A | | | | | 250,199 | | | | | | 2,083,612 | | |
Full Truck Alliance Co., Ltd. — SPADR (a) (f) | | | | | 260,600 | | | | | | 1,620,932 | | |
Guangshen Railway Co., Ltd., Class H (a) | | | | | 2,686,000 | | | | | | 854,204 | | |
Haier Smart Home Co., Ltd., Class A | | | | | 1,048,100 | | | | | | 3,398,071 | | |
| | | Number of Shares | | | Value | | ||||||
Hangzhou SF Intra-City Industrial Co., Ltd., Class H (a) (g) | | | | | 47,674 | | | | | $ | 57,239 | | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | | | | | 625,000 | | | | | | 2,443,336 | | |
iQIYI, Inc. — ADR (a) | | | | | 136,400 | | | | | | 728,376 | | |
JD Logistics, Inc. (a) (f) (g) | | | | | 395,400 | | | | | | 618,102 | | |
JD.com, Inc. — ADR (b) | | | | | 26,221 | | | | | | 894,923 | | |
Jiangsu Hengli Hydraulic Co., Ltd., Class A | | | | | 141,800 | | | | | | 1,256,140 | | |
Jingjin Equipment, Inc., Class A | | | | | 174,600 | | | | | | 754,774 | | |
KE Holdings, Inc. — ADR (a) | | | | | 617,000 | | | | | | 9,162,450 | | |
Kweichow Moutai Co., Ltd., Class A | | | | | 13,000 | | | | | | 3,031,215 | | |
Luxshare Precision Industry Co., Ltd., Class A | | | | | 1,000,000 | | | | | | 4,485,065 | | |
Meituan, Class B (a) (g) | | | | | 131,604 | | | | | | 2,068,562 | | |
Midea Group Co., Ltd., Class A | | | | | 580,483 | | | | | | 4,724,715 | | |
Milkyway Chemical Supply Chain Service Co., Ltd., Class A | | | | | 119,000 | | | | | | 1,460,739 | | |
Nantong Jianghai Capacitor Co., Ltd., Class A | | | | | 475,002 | | | | | | 1,395,127 | | |
New Oriental Education & Technology Group, Inc. — SPADR (a) | | | | | 30,100 | | | | | | 1,188,649 | | |
Ninestar Corp., Class A | | | | | 200,059 | | | | | | 943,687 | | |
PDD Holdings, Inc. — ADR (a) | | | | | 86,300 | | | | | | 5,966,782 | | |
Sany Heavy Industry Co., Ltd., Class A | | | | | 677,975 | | | | | | 1,554,610 | | |
Satellite Chemical Co., Ltd., Class A | | | | | 1,700,408 | | | | | | 3,507,048 | | |
SG Micro Corp., Class A | | | | | 83,192 | | | | | | 942,820 | | |
Shandong Hualu Hengsheng Chemical Co., Ltd., Class A | | | | | 200,000 | | | | | | 846,074 | | |
Shanghai Electric Group Co., Ltd., Class H (a) | | | | | 2,464,000 | | | | | | 575,459 | | |
Shenzhen Dynanonic Co., Ltd., Class A | | | | | 56,000 | | | | | | 849,687 | | |
Shenzhen Inovance Technology Co., Ltd., Class A | | | | | 206,969 | | | | | | 1,831,678 | | |
Shenzhou International Group Holdings, Ltd. | | | | | 135,800 | | | | | | 1,301,309 | | |
Sinoma Science & Technology Co., Ltd., Class A | | | | | 200,076 | | | | | | 566,353 | | |
Sinopec Engineering Group Co., Ltd., Class H | | | | | 628,000 | | | | | | 280,126 | | |
Suzhou Maxwell Technologies Co., Ltd., Class A | | | | | 49,942 | | | | | | 1,164,476 | | |
TAL Education Group — ADR (a) | | | | | 301,600 | | | | | | 1,797,536 | | |
Tayho Advanced Materials Group Co, Ltd., Class A | | | | | 100,000 | | | | | | 337,193 | | |
TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A | | | | | 625,092 | | | | | | 2,860,231 | | |
Tencent Holdings, Ltd. | | | | | 241,100 | | | | | | 10,261,825 | | |
Wanhua Chemical Group Co., Ltd., Class A | | | | | 375,015 | | | | | | 4,534,610 | | |
Yunnan Energy New Material Co., Ltd., Class A (a) | | | | | 300,033 | | | | | | 3,983,045 | | |
Zhejiang Jiemei Electronic & Technology Co., Ltd., Class A | | | | | 80,059 | | | | | | 306,319 | | |
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A | | | | | 174,943 | | | | | | 1,712,261 | | |
Zhejiang Shuanghuan Driveline Co., Ltd., Class A | | | | | 341,954 | | | | | | 1,714,355 | | |
| | | | | | | | | | | 112,508,435 | | |
Colombia — 0.1% | | ||||||||||||
Ecopetrol SA — SPADR | | | | | 105,088 | | | | | | 1,077,152 | | |
Denmark — 2.1% | | ||||||||||||
Ascendis Pharma A/S — ADR (a) | | | | | 5,010 | | | | | | 447,142 | | |
Coloplast A/S, Class B | | | | | 27,205 | | | | | | 3,401,376 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
GN Store Nord A/S (a) (b) | | | | | 7,766 | | | | | $ | 194,043 | | |
H Lundbeck A/S (b) | | | | | 1,271,399 | | | | | | 6,054,508 | | |
Novo Nordisk A/S, Class B (b) | | | | | 77,655 | | | | | | 12,542,351 | | |
Novozymes A/S, Shares — B (b) | | | | | 92,309 | | | | | | 4,299,216 | | |
| | | | | | | | | | | 26,938,636 | | |
Finland — 0.5% | | ||||||||||||
Nanoform Finland plc (a) | | | | | 508,750 | | | | | | 1,126,131 | | |
Nordea Bank Abp (b) | | | | | 292,407 | | | | | | 3,190,788 | | |
Sampo Oyj, Shares — A (b) | | | | | 46,583 | | | | | | 2,089,196 | | |
| | | | | | | | | | | 6,406,115 | | |
France — 1.2% | | ||||||||||||
Carrefour SA | | | | | 15,733 | | | | | | 298,159 | | |
Constellium SE (a) | | | | | 22,249 | | | | | | 382,683 | | |
L’Oreal SA | | | | | 16,368 | | | | | | 7,638,578 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 7,111 | | | | | | 6,710,835 | | |
| | | | | | | | | | | 15,030,255 | | |
Germany — 0.1% | | ||||||||||||
BASF SE | | | | | 5,896 | | | | | | 286,266 | | |
K&S AG | | | | | 65,391 | | | | | | 1,138,352 | | |
| | | | | | | | | | | 1,424,618 | | |
Hong Kong — 0.4% | | ||||||||||||
CECEP COSTIN New Materials Group, Ltd. (a) (c) (d) | | | | | 1,736,000 | | | | | | — | | |
CK Hutchison Holdings, Ltd. | | | | | 229,000 | | | | | | 1,401,691 | | |
First Pacific Co., Ltd. | | | | | 1,796,000 | | | | | | 623,243 | | |
Hi Sun Technology China, Ltd. (a) (f) | | | | | 3,918,000 | | | | | | 355,739 | | |
Hua Han Health Industry Holdings, Ltd. (a) (c) (d) | | | | | 6,984,000 | | | | | | — | | |
Luks Group Vietnam Holdings Co., Ltd. | | | | | 1,682,000 | | | | | | 193,185 | | |
PAX Global Technology, Ltd. | | | | | 15,000 | | | | | | 11,382 | | |
Sino Biopharmaceutical, Ltd. | | | | | 4,019,916 | | | | | | 1,749,788 | | |
Super Hi International Holding, Ltd. (a) (f) | | | | | 201,627 | | | | | | 392,171 | | |
WH Group, Ltd. (g) | | | | | 1,668,000 | | | | | | 886,425 | | |
| | | | | | | | | | | 5,613,624 | | |
India — 0.1% | | ||||||||||||
WNS Holdings, Ltd. — ADR (a) (b) | | | | | 8,043 | | | | | | 592,930 | | |
Ireland — 0.1% | | ||||||||||||
Accenture plc, Class A (b) | | | | | 1,288 | | | | | | 397,451 | | |
AerCap Holdings NV (a) | | | | | 9,623 | | | | | | 611,253 | | |
Medtronic plc (b) | | | | | 7,139 | | | | | | 628,946 | | |
| | | | | | | | | | | 1,637,650 | | |
Israel — 0.1% | | ||||||||||||
CyberArk Software, Ltd. (a) | | | | | 1,337 | | | | | | 209,013 | | |
Nice Ltd. — SPADR (a) | | | | | 441 | | | | | | 91,066 | | |
Playtika Holding Corp. (a) | | | | | 80,828 | | | | | | 937,605 | | |
| | | | | | | | | | | 1,237,684 | | |
Japan — 3.9% | | ||||||||||||
Advanced Micro Devices, Inc. (a) (b) | | | | | 14,911 | | | | | | 1,698,512 | | |
Allegro MicroSystems, Inc. (a) | | | | | 2,295 | | | | | | 103,596 | | |
Amano Corp. | | | | | 138,000 | | | | | | 2,915,075 | | |
Azbil Corp. (f) | | | | | 16,100 | | | | | | 509,464 | | |
BML, Inc. | | | | | 98,900 | | | | | | 1,992,976 | | |
Bunka Shutter Co., Ltd. (f) | | | | | 139,400 | | | | | | 1,075,826 | | |
DTS Corp. | | | | | 22,700 | | | | | | 536,435 | | |
Ezaki Glico Co., Ltd. (f) | | | | | 63,600 | | | | | | 1,665,044 | | |
Fukuda Corp. | | | | | 11,400 | | | | | | 385,481 | | |
Fukuda Denshi Co., Ltd. | | | | | 7,900 | | | | | | 257,291 | | |
| | | Number of Shares | | | Value | | ||||||
Fukushima Galilei Co., Ltd. | | | | | 16,300 | | | | | $ | 609,458 | | |
H.U. Group Holdings, Inc. | | | | | 91,600 | | | | | | 1,751,347 | | |
Hakuhodo DY Holdings, Inc. | | | | | 222,100 | | | | | | 2,344,967 | | |
Hogy Medical Co., Ltd. | | | | | 103,700 | | | | | | 2,292,630 | | |
Icom, Inc. | | | | | 7,100 | | | | | | 143,422 | | |
Inpex Corp. (f) | | | | | 50,400 | | | | | | 562,067 | | |
Japan Petroleum Exploration Co., Ltd. | | | | | 19,400 | | | | | | 581,348 | | |
Kamigumi Co., Ltd. | | | | | 34,600 | | | | | | 785,415 | | |
Kato Sangyo Co., Ltd. | | | | | 11,700 | | | | | | 321,641 | | |
Kyorin Pharmaceutical Co., Ltd. | | | | | 96,200 | | | | | | 1,168,339 | | |
Medipal Holdings Corp. | | | | | 18,500 | | | | | | 302,637 | | |
Mitsubishi Corp. | | | | | 13,400 | | | | | | 649,553 | | |
Mitsui & Co., Ltd. | | | | | 9,300 | | | | | | 349,925 | | |
Morinaga & Co., Ltd. | | | | | 97,400 | | | | | | 3,050,347 | | |
Nippon Densetsu Kogyo Co., Ltd. | | | | | 1,200 | | | | | | 16,467 | | |
Nohmi Bosai, Ltd. | | | | | 28,700 | | | | | | 360,981 | | |
Noritz Corp. (f) | | | | | 45,000 | | | | | | 556,930 | | |
OKUMA Corp. | | | | | 59,100 | | | | | | 3,178,463 | | |
Raito Kogyo Co., Ltd. | | | | | 32,300 | | | | | | 445,569 | | |
Seven Bank, Ltd. | | | | | 798,600 | | | | | | 1,572,859 | | |
Shibuya Corp. | | | | | 21,700 | | | | | | 398,554 | | |
Sinko Industries, Ltd. | | | | | 41,300 | | | | | | 600,019 | | |
SK Kaken Co., Ltd. | | | | | 31,500 | | | | | | 1,660,259 | | |
Sumitomo Warehouse Co., Ltd. (The) | | | | | 194,700 | | | | | | 3,209,007 | | |
Suzuken Co., Ltd. | | | | | 51,700 | | | | | | 1,408,311 | | |
Tachi-S Co., Ltd. | | | | | 21,700 | | | | | | 234,380 | | |
Takeuchi Manufacturing Co., Ltd. | | | | | 124,500 | | | | | | 3,865,760 | | |
TKC Corp. | | | | | 12,500 | | | | | | 338,323 | | |
Toei Co., Ltd. | | | | | 26,500 | | | | | | 3,381,168 | | |
Toho Holdings Co., Ltd. | | | | | 15,400 | | | | | | 283,535 | | |
TV Asahi Holdings Corp. | | | | | 175,400 | | | | | | 2,005,492 | | |
West Japan Railway Co. | | | | | 22,000 | | | | | | 915,575 | | |
| | | | | | | | | | | 50,484,448 | | |
Kazakhstan — 0.4% | | ||||||||||||
Halyk Savings Bank of Kazakhstan JSC — GDR (h) | | | | | 100,459 | | | | | | 1,411,454 | | |
NAC Kazatomprom JSC — GDR (h) | | | | | 45,203 | | | | | | 1,213,854 | | |
NAC Kazatomprom JSC — GDR, 144A Shares (g) | | | | | 73,742 | | | | | | 1,979,973 | | |
| | | | | | | | | | | 4,605,281 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere — ADR (a) (c) (d) (h) | | | | | 38,451 | | | | | | 446,416 | | |
Luxembourg — 0.1% | | ||||||||||||
Ardagh Metal Packaging SA | | | | | 142,401 | | | | | | 535,428 | | |
Perimeter Solutions SA (a) | | | | | 15,829 | | | | | | 97,348 | | |
| | | | | | | | | | | 632,776 | | |
Malaysia — 0.0% | | ||||||||||||
Genting Plantations Bhd | | | | | 38,800 | | | | | | 49,015 | | |
Oriental Holdings BHD | | | | | 198,500 | | | | | | 271,024 | | |
| | | | | | | | | | | 320,039 | | |
Malta — 0.5% | | ||||||||||||
Kambi Group plc (a) | | | | | 349,649 | | | | | | 6,435,958 | | |
Mexico — 0.1% | | ||||||||||||
Coca-Cola Femsa SAB de CV — SPADR | | | | | 2,136 | | | | | | 177,950 | | |
Controladora Vuela Cia de Aviacion SAB de CV — ADR (a) | | | | | 13,275 | | | | | | 185,186 | | |
Fomento Economico Mexicano SAB de CV — SPADR | | | | | 4,960 | | | | | | 549,767 | | |
Grupo Aeroportuario del Centro Norte SAB de CV — ADR | | | | | 1,620 | | | | | | 137,441 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Grupo Aeroportuario del Sureste SAB de CV — ADR | | | | | 864 | | | | | $ | 239,924 | | |
| | | | | | | | | | | 1,290,268 | | |
Netherlands — 0.0% | | ||||||||||||
NXP Semiconductors NV | | | | | 1,826 | | | | | | 373,746 | | |
Norway — 0.1% | | ||||||||||||
Opera, Ltd. — ADR | | | | | 85,780 | | | | | | 1,704,449 | | |
Puerto Rico — 0.1% | | ||||||||||||
EVERTEC, Inc. | | | | | 26,219 | | | | | | 965,646 | | |
Russia — 0.0% | | ||||||||||||
Etalon Group plc — GDR (a) (c) (d) (h) | | | | | 599,848 | | | | | | — | | |
Etalon Group plc — GDR — LSE Shares (a) (c) (d) (h) | | | | | 84,223 | | | | | | — | | |
Federal Grid Co. — Rosseti PJSC (a) (c) (d) | | | | | 1,019,443,892 | | | | | | — | | |
Gazprom PJSC (c) (d) | | | | | 1,409,587 | | | | | | — | | |
Lenta International Co. PJSC — GDR (a) (c) (d) | | | | | 351,208 | | | | | | — | | |
LSR Group PJSC (a) (c) (d) | | | | | 96,020 | | | | | | — | | |
Moscow Exchange MICEX-RTS PJSC (c) (d) | | | | | 798,487 | | | | | | — | | |
Polyus PJSC — GDR (a) (c) (d) (h) | | | | | 34,231 | | | | | | — | | |
RusHydro PJSC (c) (d) | | | | | 354,557,380 | | | | | | — | | |
Sberbank of Russia PJSC (c) (d) | | | | | 688,194 | | | | | | — | | |
VTB Bank PJSC (a) (c) (d) | | | | | 2,650,300,990 | | | | | | — | | |
| | | | | | | | | | | — | | |
Singapore — 0.3% | | ||||||||||||
First Resources, Ltd. | | | | | 1,008,300 | | | | | | 1,040,019 | | |
Golden Agri-Resources, Ltd. | | | | | 15,310,700 | | | | | | 2,790,852 | | |
Yoma Strategic Holdings, Ltd. (a) (f) | | | | | 3,695,700 | | | | | | 243,538 | | |
| | | | | | | | | | | 4,074,409 | | |
South Africa — 0.4% | | ||||||||||||
Gold Fields, Ltd. | | | | | 83,347 | | | | | | 1,157,813 | | |
Harmony Gold Mining Co., Ltd. — SPADR | | | | | 377,593 | | | | | | 1,585,891 | | |
Impala Platinum Holdings, Ltd. | | | | | 277,996 | | | | | | 1,859,580 | | |
| | | | | | | | | | | 4,603,284 | | |
South Korea — 1.3% | | ||||||||||||
DL E&C Co., Ltd. | | | | | 24,286 | | | | | | 644,454 | | |
GS Holdings Corp. | | | | | 19,716 | | | | | | 550,357 | | |
Hana Financial Group, Inc. | | | | | 22,012 | | | | | | 658,834 | | |
Hankook & Company | | | | | 75,241 | | | | | | 679,536 | | |
Hyundai Department Store Co., Ltd. | | | | | 35,224 | | | | | | 1,322,422 | | |
Korea Electric Power Corp. (a) | | | | | 87,318 | | | | | | 1,366,218 | | |
Korea Electric Power Corp. — SPADR (a) (f) | | | | | 106,105 | | | | | | 822,314 | | |
Korean Reinsurance Co. | | | | | 87,480 | | | | | | 466,237 | | |
KT Corp. | | | | | 25,954 | | | | | | 588,236 | | |
KT Corp. — SPADR (f) | | | | | 360,961 | | | | | | 4,078,859 | | |
LG Corp. | | | | | 25,823 | | | | | | 1,732,890 | | |
LG Uplus Corp. | | | | | 410,682 | | | | | | 3,350,632 | | |
Lotte Chemical Corp. | | | | | 3,838 | | | | | | 452,184 | | |
LX Holdings Corp. | | | | | 25,711 | | | | | | 154,822 | | |
PHA Co. Ltd. | | | | | 23,013 | | | | | | 184,311 | | |
| | | | | | | | | | | 17,052,306 | | |
Spain — 0.3% | | ||||||||||||
Amadeus IT Group SA (a) | | | | | 45,677 | | | | | | 3,482,472 | | |
|
| | | Number of Shares | | | Value | | ||||||
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings plc | | | | | 1,337,560 | | | | | $ | 303,010 | | |
Sweden — 1.5% | �� | ||||||||||||
Alleima AB (b) | | | | | 1 | | | | | | 5 | | |
Atlas Copco AB, Shares — B (b) | | | | | 200,908 | | | | | | 2,503,226 | | |
Boule Diagnostics AB (a) | | | | | 180,978 | | | | | | 182,231 | | |
Elanders AB, Shares — B | | | | | 45,355 | | | | | | 501,486 | | |
Electrolux Professional AB, Class B (b) | | | | | 183,052 | | | | | | 993,618 | | |
Fortnox AB (b) | | | | | 367,379 | | | | | | 2,169,747 | | |
Greater Than AB (a) | | | | | 268,992 | | | | | | 2,316,015 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 10,294 | | | | | | 44,859 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 51,471 | | | | | | 233,748 | | |
Investor AB, Shares — B (b) | | | | | 182,180 | | | | | | 3,645,417 | | |
JM AB (b) | | | | | 38,766 | | | | | | 517,070 | | |
Nibe Industrier AB, Shares — B (b) | | | | | 77,241 | | | | | | 734,158 | | |
Nolato AB, Shares — B (b) | | | | | 130,147 | | | | | | 611,593 | | |
Skandinaviska Enskilda Banken AB, Class A (b) | | | | | 394,340 | | | | | | 4,362,964 | | |
Viaplay Group AB (a) | | | | | 130,304 | | | | | | 747,431 | | |
| | | | | | | | | | | 19,563,568 | | |
Switzerland — 0.2% | | ||||||||||||
Garrett Motion, Inc. (a) | | | | | 7,806 | | | | | | 59,091 | | |
Sportradar Holding AG, Class A (a) | | | | | 163,380 | | | | | | 2,107,602 | | |
| | | | | | | | | | | 2,166,693 | | |
Thailand — 0.0% | | ||||||||||||
Kasikornbank PCL | | | | | 147,900 | | | | | | 543,651 | | |
Ukraine — 0.1% | | ||||||||||||
Astarta Holding plc | | | | | 45,135 | | | | | | 333,153 | | |
MHP SE — GDR — OTC Shares (a) | | | | | 236,097 | | | | | | 885,219 | | |
| | | | | | | | | | | 1,218,372 | | |
United Kingdom — 1.5% | | ||||||||||||
Atlassian Corp., Class A (a) | | | | | 35,744 | | | | | | 5,998,201 | | |
British American Tobacco plc — SPADR | | | | | 21,533 | | | | | | 714,896 | | |
Diageo plc | | | | | 90,640 | | | | | | 3,888,088 | | |
Gabriel Resources, Ltd. (a) | | | | | 1,962,000 | | | | | | 370,258 | | |
Genius Sports, Ltd. (a) (b) | | | | | 137,512 | | | | | | 851,199 | | |
Janus Henderson Group plc | | | | | 2,501 | | | | | | 68,152 | | |
Liberty Global plc, Class C (a) | | | | | 97,577 | | | | | | 1,733,943 | | |
Unilever plc | | | | | 81,814 | | | | | | 4,265,987 | | |
Yellow Cake plc (a) (g) | | | | | 253,896 | | | | | | 1,319,292 | | |
| | | | | | | | | | | 19,210,016 | | |
Total Foreign Common Stocks (Cost $415,891,558) | | | | | | | | | | | 382,722,158 | | |
Total Common Stocks (Cost $896,953,883) | | | | | | | | | | | 915,191,671 | | |
| | | Principal Amount | | | Value | | ||||||
Participation Notes — 0.1% | | ||||||||||||
UBS AG, Gloden Co. Ltd., Class A., Equity Linked Notes, Expiring 07/22/24 (China) (a) (c) | | | | $ | 31,000 | | | | | | 138,654 | | |
UBS AG, Haier Smart Home Co. Ltd., Class A., Equity Linked Notes, Expiring 08/21/23 (China) (a) (c) | | | | | 51,900 | | | | | | 167,759 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Principal Amount | | | Value | | ||||||
UBS AG, Nanjing Bestway Intelligent Control Technology Co., Ltd., Equity Linked Notes, Expiring 12/06/23 (China) (a) (c) | | | | $ | 77,029 | | | | | $ | 493,729 | | |
UBS AG, TKD Science and Technology Co., Ltd., Equity Linked Notes, Expiring 02/08/24 (China) (a) (c) | | | | | 420,113 | | | | | | 960,632 | | |
Total Participation Notes (Cost $1,872,583) | | | | | | | | | | | 1,760,774 | | |
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | ||||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) (Cost $77,784) | | | | | 367,492 | | | | | | 187,458 | | |
Warrants — 0.1% | | ||||||||||||
Alpha Lithium Corp., Expiring 12/10/23 (Canada) (a) (c) | | | | | 32,800 | | | | | | 4,536 | | |
American Lithium Corp., Expiring 11/03/23 (Canada) (a) (c) | | | | | 27,900 | | | | | | 1,500 | | |
American Pacific Mining Corp., Expiring 12/13/23 (Canada) (a) (c) | | | | | 30,550 | | | | | | 1 | | |
Aretto Wellness, Inc., Expiring 03/05/24 (Canada) (a) | | | | | 5,197 | | | | | | 39 | | |
Ascot Resources, Ltd., Expiring 03/08/24 (Canada) (a) (c) | | | | | 63,350 | | | | | | 188 | | |
Atlas Salt, Inc., Expiring 01/16/25 (Canada) (a) (c) | | | | | 137,250 | | | | | | 36,489 | | |
Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (c) | | | | | 7,900 | | | | | | 880 | | |
Century Lithium Corp., Expiring 03/22/24 (Canada) (a) (c) | | | | | 63,100 | | | | | | 202 | | |
Century Lithium Corp., Expiring 02/04/24 (Canada) (a) (c) | | | | | 37,100 | | | | | | 114 | | |
Critical Elements Lithium Corp., Expiring 12/03/23 (Canada) (a) (c) | | | | | 26,350 | | | | | | 1,696 | | |
EBET, Inc., Expiring 08/02/28 (United States) (a) (c) | | | | | 8,000 | | | | | | 172 | | |
Encore Energy Corp., Expiring 02/08/26 (Canada) (a) (c) | | | | | 49,400 | | | | | | 35,010 | | |
Esports Technologies, Inc., Expiring 11/30/26 (United States) (a) (c) (e) | | | | | 30,162 | | | | | | 297 | | |
FG Acquisition Corp., Expiring 04/05/30 (Canada) (a) | | | | | 16,150 | | | | | | 17,765 | | |
Givex Corp., Expiring 11/25/23 (Canada) (a) (c) | | | | | 30,000 | | | | | | 325 | | |
Global Atomic Corp., Expiring 09/17/24 (Canada) (a) (c) | | | | | 61,100 | | | | | | 15,705 | | |
Gold Mountain Mining Corp., Expiring 06/24/23 (Canada) (a) (c) | | | | | 13,950 | | | | | | — | | |
Gryphon Digital Mining, Inc., Expiring 06/30/24 (United States) (a) (c) (d) (e) | | | | | 10,298 | | | | | | 56 | | |
Hive Blockchain Technologies, Ltd., Expiring 05/30/24 (Canada) (a) | | | | | 20,100 | | | | | | 1,897 | | |
I-80 Gold Corp., Expiring 03/28/24 (Canada) (a) (c) | | | | | 95,000 | | | | | | 18,261 | | |
Organigram Holdings, Inc., Expiring 11/12/23 (Canada) (a) (c) | | | | | 45,000 | | | | | | 2 | | |
Osisko Green Acquisition Ltd., Expiring 09/07/26 (Canada) (a) (c) (d) (e) | | | | | 33,552 | | | | | | 1,621 | | |
Osisko Green Acquisition, Ltd., Expiring 07/19/26 (Canada) (a) | | | | | 30,000 | | | | | | 1,699 | | |
| | | Number of Contracts | | | Value | | ||||||
Rambler Metals & Mining plc, Expiring 01/13/26 (United Kingdom) (a) (c) | | | | | 9,834 | | | | | $ | — | | |
Revive Therapeutics, Ltd., Expiring 02/12/24 (Canada) (a) (c) | | | | | 85,700 | | | | | | 133 | | |
Royal Helium, Ltd., Expiring 06/30/25 (Canada) (a) (c) (e) | | | | | 1,159,587 | | | | | | 87,635 | | |
Royal Helium, Ltd., Expiring 01/10/26 (Canada) (a) (c) (e) | | | | | 1,538,400 | | | | | | 137,242 | | |
Saturn Oil & Gas, Inc., Expiring 06/04/24 (Canada) (a) | | | | | 404,100 | | | | | | 1,525 | | |
Somerset Energy Partners Corp., Expiring 04/08/24 (Canada) (a) (c) (d) (e) | | | | | 130,200 | | | | | | 5,639 | | |
Sun Summit Minerals Corp., Expiring 07/29/23 (Canada) (a) (c) | | | | | 30,550 | | | | | | — | | |
Swiftmerge Acquisition Corp., Expiring 12/15/26 (United States) (a) (c) (e) | | | | | 9,258 | | | | | | 969 | | |
The Valens Co., Inc., Expiring 01/29/24 (Canada) (a) (c) | | | | | 43,100 | | | | | | 330 | | |
The Valens Co., Inc., Expiring 06/01/24 (Canada) (a) (c) | | | | | 37,950 | | | | | | 114 | | |
Trillion Energy International, Inc., Expiring 06/29/25 (Canada) (a) | | | | | 1,561,485 | | | | | | 188,592 | | |
Ur-Energy, Inc., Expiring 02/21/26 (Canada) (a) (c) | | | | | 50,000 | | | | | | 13,241 | | |
Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (c) | | | | | 75,000 | | | | | | 775 | | |
Total Warrants (Cost $240,166) | | | | | | | | | | | 574,650 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.2% | | ||||||||||||
Banks — 0.1% | | ||||||||||||
Bank of Nova Scotia (The) (VRN), 8.625%, 10/27/82 (Canada) (b) | | | | $ | 803,000 | | | | | | 833,961 | | |
Toronto-Dominion Bank (The) (VRN), 8.125%, 10/31/82 (Canada) (b) | | | | | 793,100 | | | | | | 805,694 | | |
Total Banks (Cost $1,602,529) | | | | | | | | | | | 1,639,655 | | |
Oil, Gas & Consumable Fuels — 0.1% | | ||||||||||||
Royal Helium, Ltd., 14.000%, 12/31/25 (Canada) (c) (e) | | | | | 431,461 | | | | | | 438,447 | | |
Trillion Energy International, Inc., 12.000%, 04/30/25 (Canada) (c) (d) (e) | | | | | 453,800 | | | | | | 342,555 | | |
Total Oil, Gas & Consumable Fuels (Cost $610,349) | | | | | | | | | | | 781,002 | | |
Total Corporate Bonds (Cost $2,212,878) | | | | | | | | | | | 2,420,657 | | |
Convertible Bonds — 0.0% | | ||||||||||||
Health Care Equipment & Supplies — 0.0% | | ||||||||||||
Synaptive Medical, Inc., 10.000%, 10/31/24 (c) (d) (e) | | | | | 120,000 | | | | | | 120,000 | | |
Oil, Gas & Consumable Fuels — 0.0% | | ||||||||||||
Royal Helium, Ltd., 12.000%, 06/30/25 (Canada) (a) (c) (d) (e) | | | | | 429,000 | | | | | | 323,835 | | |
Total Convertible Bonds (Cost $439,565) | | | | | | | | | | | 443,835 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Principal Amount | | | Value | | ||||||
US Treasury Bonds/Notes — 5.1% | | ||||||||||||
US Treasury Bond, 3.625%, 02/15/53 (b) | | | | $ | 14,400 | | | | | $ | 13,797 | | |
US Treasury Note, 2.750%, 07/31/27 | | | | | 2,450,000 | | | | | | 2,308,838 | | |
US Treasury Note, 3.625%, 03/31/28 | | | | | 1,891,000 | | | | | | 1,846,532 | | |
US Treasury Note, 3.625%, 05/31/28 | | | | | 790,000 | | | | | | 772,472 | | |
US Treasury Note, 0.250%, 06/15/24 | | | | | 397,000 | | | | | | 378,018 | | |
US Treasury Note, 2.000%, 06/30/24 | | | | | 2,603,000 | | | | | | 2,517,081 | | |
US Treasury Note, 0.375%, 09/15/24 (f) | | | | | 1,735,000 | | | | | | 1,634,899 | | |
US Treasury Note, 1.500%, 09/30/24 (f) | | | | | 4,264,000 | | | | | | 4,067,456 | | |
US Treasury Note, 4.500%, 11/30/24 | | | | | 6,817,000 | | | | | | 6,743,770 | | |
US Treasury Note, 1.500%, 02/15/25 | | | | | 3,264,000 | | | | | | 3,080,272 | | |
US Treasury Note, 2.125%, 05/15/25 | | | | | 2,070,000 | | | | | | 1,965,449 | | |
US Treasury Note, 0.250%, 05/31/25 | | | | | 1,746,000 | | | | | | 1,597,522 | | |
US Treasury Note, 3.000%, 07/15/25 | | | | | 965,000 | | | | | | 929,906 | | |
US Treasury Note, 2.250%, 11/15/25 (f) | | | | | 1,907,000 | | | | | | 1,801,519 | | |
US Treasury Note, 0.375%, 11/30/25 | | | | | 2,022,900 | | | | | | 1,825,667 | | |
US Treasury Note, 0.375%, 01/31/26 | | | | | 1,523,000 | | | | | | 1,367,130 | | |
US Treasury Note, 0.500%, 02/28/26 | | | | | 1,648,000 | | | | | | 1,480,110 | | |
US Treasury Note, 1.875%, 07/31/26 | | | | | 1,973,000 | | | | | | 1,826,181 | | |
US Treasury Note, 1.125%, 10/31/26 | | | | | 2,487,000 | | | | | | 2,235,483 | | |
US Treasury Note, 1.250%, 12/31/26 | | | | | 2,509,000 | | | | | | 2,257,414 | | |
US Treasury Note, 1.500%, 01/31/27 | | | | | 2,489,000 | | | | | | 2,253,906 | | |
US Treasury Note, 1.875%, 02/28/27 | | | | | 2,249,000 | | | | | | 2,060,822 | | |
US Treasury Note, 0.500%, 08/31/27 | | | | | 2,400,000 | | | | | | 2,058,187 | | |
US Treasury Note, 4.125%, 09/30/27 | | | | | 892,000 | | | | | | 886,704 | | |
US Treasury Note, 0.625%, 11/30/27 | | | | | 2,799,000 | | | | | | 2,395,988 | | |
US Treasury Note, 1.250%, 03/31/28 | | | | | 1,468,000 | | | | | | 1,284,156 | | |
US Treasury Note, 2.750%, 08/15/32 (f) | | | | | 14,699,000 | | | | | | 13,467,385 | | |
Total US Treasury Bonds/Notes (Cost $66,446,859) | | | | | | | | | | | 65,056,664 | | |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds — 18.0% | | ||||||||||||
Exchange-Traded Funds (ETFs) — 4.7% | | ||||||||||||
Energy Select Sector SPDR Fund | | | | | 111,582 | | | | | | 9,057,111 | | |
Financial Select Sector SPDR Fund (f) | | | | | 611,610 | | | | | | 20,617,373 | | |
SPDR S&P Oil & Gas Exploration & Production ETF | | | | | 4,788 | | | | | | 616,838 | | |
Technology Select Sector SPDR Fund (f) | | | | | 71,149 | | | | | | 12,369,965 | | |
Vanguard Financials ETF | | | | | 213,451 | | | | | | 17,340,759 | | |
| | | | | | | | | | | 60,002,046 | | |
Private Investment Funds (i) — 13.3% | | ||||||||||||
Bellus Ventures II, LP (a) (c) (d) (e) | | | | | 166,398 | | | | | | 29,789,737 | | |
Eversept Global Healthcare Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 29,615,694 | | |
Farallon Capital Institutional Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 982,388 | | |
Helikon Long Short Equity Fund ICAV (a) (c) (d) (e) | | | | | 7,253 | | | | | | 19,699,711 | | |
Honeycomb Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 28,829,743 | | |
Neo Ivy Capital Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 9,461,033 | | |
Northwest Feilong Fund, Ltd. (a) (c) (d) (e) | | | | | 7,235 | | | | | | 18,082,443 | | |
| | | Number of Shares | | | Value | | ||||||
QVT Roviant, LP (a) (c) (d) (e) | | | | | 2,324 | | | | | $ | 7,176,244 | | |
Voloridge Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 27,185,553 | | |
| | | | | | | | | | | 170,822,546 | | |
Total Acquired Funds (Cost $184,877,970) | | | | | | | | | | | 230,824,592 | | |
Preferred Stocks — 0.4% | | ||||||||||||
Draegerwerk AG & Co. KGaA, 0.43% (Germany) | | | | | 15,926 | | | | | | 756,783 | | |
Esports Technology Preferred, 0.00% (United States) (a) (c) (d) (e) | | | | | 385 | | | | | | 277,200 | | |
Hyundai Motor Co., Ltd., 5.56% (South Korea) | | | | | 17,361 | | | | | | 1,449,128 | | |
Hyundai Motor Co., Ltd., 5.56% (South Korea) | | | | | 7,811 | | | | | | 646,720 | | |
Petroleo Brasileiro SA, 16.50% (Brazil) | | | | | 261,700 | | | | | | 1,613,968 | | |
Synaptive Medical, Inc., Class B, 0.00% (Canada) (a) (c) (d) (e) | | | | | 74,285 | | | | | | 185,712 | | |
Total Preferred Stocks (Cost $4,174,417) | | | | | | | | | | | 4,929,511 | | |
| | | Number of Contracts | | | Value | | |||
Purchased Option Contracts — 0.1% | | |||||||||
Calls — 0.0% | | |||||||||
CBOE Volatility Index, Notional Amount $470,000, Strike Price $20 Expiring 07/19/2023 (United States) | | | | | 235 | | | | 6,580 | |
Global Payments, Inc., Notional Amount $913,500, Strike Price $105 Expiring 08/18/2023 (United States) | | | | | 87 | | | | 19,575 | |
Infinera Corp., Notional Amount $84,800, Strike Price $8 Expiring 07/21/2023 (United States) | | | | | 106 | | | | 2,661 | |
PayPal Holdings, Inc., Notional Amount $2,936,000, Strike Price $80 Expiring 01/19/2024 (United States) | | | | | 367 | | | | 126,615 | |
Total Calls (Cost $163,562) | | | | | | | | | 155,431 | |
Puts — 0.1% | | |||||||||
AAK AB, Notional Amount $4,807,000, Strike Price $190 Expiring 12/15/2023 (Sweden) | | | | | 253 | | | | 10,556 | |
Axfood AB, Notional Amount $13,328,000, Strike Price $245 Expiring 07/21/2023 (Sweden) | | | | | 544 | | | | 79,441 | |
Betsson AB, Notional Amount $8,337,000, Strike Price $105 Expiring 09/15/2023 (Sweden) | | | | | 794 | | | | 19,877 | |
Call EUR vs. Put JPY, Notional Amount $100,640,000,000, Strike Price $136 Expiring 09/05/2024 (Germany) | | | | | 7,400,000 | | | | 116,876 | |
Call EUR vs. Put JPY, Notional Amount $100,640,000,000, Strike Price $136 Expiring 09/06/2024 (Germany) | | | | | 7,400,000 | | | | 117,231 | |
Call EUR vs. Put JPY, Notional Amount $148,240,000,000, Strike Price $136 Expiring 08/29/2023 (Germany) | | | | | 10,900,000 | | | | 3,663 | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Contracts | | | Value | | |||
Call EUR vs. Put JPY, Notional Amount $148,240,000,000, Strike Price $136 Expiring 08/30/2023 (Germany) | | | | | 10,900,000 | | | | $ 3,426 | |
Evolution AB, Notional Amount $13,653,000, Strike Price $1,230 Expiring 09/15/2023 (Sweden) | | | | | 111 | | | | 20,583 | |
Hexagon AB, Notional Amount $8,924,000, Strike Price $115 Expiring 09/15/2023 (Sweden) | | | | | 776 | | | | 10,793 | |
Invesco QQQ Trust, Notional Amount $2,310,000, Strike Price $350 Expiring 08/18/2023 (United States) | | | | | 66 | | | | 21,450 | |
S&P 500 Index, Notional Amount $32,070,500, Strike Price $4,165 Expiring 08/18/2023 (United States) | | | | | 77 | | | | 121,660 | |
Stora Enso Oyj, Notional Amount $19,137,500, Strike Price $125 Expiring 09/15/2023 (Sweden) | | | | | 1,531 | | | | 79,493 | |
Svenska Cellulosa AB SCA, Notional Amount $19,851,000, Strike Price $130 Expiring 09/15/2023 (Sweden) | | | | | 1,527 | | | | 41,058 | |
Total Puts (Cost $3,287,622) | | | | | | | | | 646,107 | |
Total Purchased Option Contracts (Cost $3,451,184) | | | | | | | | | 801,538 | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (c) (d) (e) | | | | | 260,322 | | | | | | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 11.3% | | ||||||||||||
Repurchase Agreement — 7.7% | | ||||||||||||
Fixed Income Clearing Corp. issued on 06/30/23 (proceeds at maturity $98,763,405) (collateralized by US Treasury Note, due 02/15/26 with a total par value of $100,208,700 and a total market value of $98,685,997; US Treasury Notes, due 04/30/25 with a total par value of $2,108,500 and a total market value of $2,040,056), 1.520%, 07/03/23 (Cost $98,750,896) | | | | $ | 98,750,896 | | | | | | 98,750,896 | | |
Unaffiliated Investment Company — 0.5% | | ||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.110%, (j) (k) (Cost $6,546,316) | | | | | 6,546,316 | | | | | | 6,546,316 | | |
US Treasury Bills — 3.1% | | ||||||||||||
US Treasury Bills, 3.176%, 07/13/23 (j) | | | | | 3,267,300 | | | | | | 3,262,729 | | |
US Treasury Bills, 5.169%, 08/01/23 (j) | | | | | 570,000 | | | | | | 567,677 | | |
US Treasury Bills, 5.115%, 08/17/23 (j) | | | | | 10,624,900 | | | | | | 10,556,296 | | |
| | | Principal Amount | | | Value | | ||||||
US Treasury Bills, 5.274%, 09/21/23 (j) | | | | $ | 25,325,000 | | | | | $ | 25,034,278 | | |
Total US Treasury Bills (Cost $39,417,471) | | | | | | | | | | | 39,420,980 | | |
Total Short-Term Investments (Cost $144,714,683) | | | | | | | | | | | 144,718,192 | | |
Total Investments — 106.7% (Cost $1,305,461,972) | | | | | | | | | | | 1,366,909,542 | | |
Liabilities in Excess of Other Assets — (6.7)% | | | | | | | | | | | (85,919,493) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 1,280,990,049 | | |
|
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (11.8)% | | ||||||||||||
Common Stocks — (11.8)% | | ||||||||||||
US Common Stocks — (7.8)% | | ||||||||||||
Air Freight & Logistics — (0.0)% | | ||||||||||||
CH Robinson Worldwide, Inc. | | | | | (1,391) | | | | | | (131,241) | | |
Automobile Components — (0.0)% | | ||||||||||||
Fox Factory Holding Corp. (a) | | | | | (1,351) | | | | | | (146,597) | | |
LCI Industries | | | | | (1,828) | | | | | | (230,986) | | |
| | | | | | | | | | | (377,583) | | |
Automobiles — (0.1)% | | ||||||||||||
Harley-Davidson, Inc. | | | | | (13,687) | | | | | | (481,919) | | |
Lucid Group, Inc. (a) | | | | | (32,371) | | | | | | (223,036) | | |
Rivian Automotive, Inc., Class A (a) | | | | | (44,496) | | | | | | (741,303) | | |
Winnebago Industries, Inc. | | | | | (1,814) | | | | | | (120,976) | | |
| | | | | | | | | | | (1,567,234) | | |
Banks — (0.0)% | | ||||||||||||
First Financial Bankshares, Inc. | | | | | (10,017) | | | | | | (285,384) | | |
New York Community Bancorp, Inc. | | | | | (13,427) | | | | | | (150,920) | | |
Park National Corp. | | | | | (707) | | | | | | (72,340) | | |
Wells Fargo & Co. | | | | | (2,172) | | | | | | (92,701) | | |
| | | | | | | | | | | (601,345) | | |
Beverages — (0.1)% | | ||||||||||||
Celsius Holdings, Inc. (a) | | | | | (4,720) | | | | | | (704,177) | | |
MGP Ingredients, Inc. | | | | | (1,459) | | | | | | (155,062) | | |
| | | | | | | | | | | (859,239) | | |
Biotechnology — (0.3)% | | ||||||||||||
Alnylam Pharmaceuticals, Inc. (a) | | | | | (2,612) | | | | | | (496,123) | | |
Apellis Pharmaceuticals, Inc. (a) | | | | | (1,345) | | | | | | (122,530) | | |
Arrowhead Pharmaceuticals, Inc. (a) | | | | | (1,296) | | | | | | (46,215) | | |
Karuna Therapeutics, Inc. (a) | | | | | (286) | | | | | | (62,019) | | |
Mirati Therapeutics, Inc. (a) | | | | | (7,937) | | | | | | (286,764) | | |
Moderna, Inc. (a) | | | | | (6,484) | | | | | | (787,806) | | |
Natera, Inc. (a) | | | | | (4,416) | | | | | | (214,883) | | |
Twist Bioscience Corp. (a) | | | | | (82,302) | | | | | | (1,683,899) | | |
| | | | | | | | | | | (3,700,239) | | |
Broadline Retail — (0.1)% | | ||||||||||||
Kohl’s Corp. | | | | | (51,372) | | | | | | (1,184,125) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Building Products — (0.1)% | | ||||||||||||
Advanced Drainage Systems, Inc. (b) | | | | | (724) | | | | | $ | (82,377) | | |
AZEK Co., Inc. (The) (a) | | | | | (3,369) | | | | | | (102,047) | | |
Trex Co., Inc. (a) | | | | | (10,651) | | | | | | (698,279) | | |
UFP Industries, Inc. | | | | | (139) | | | | | ��� | (13,490) | | |
| | | | | | | | | | | (896,193) | | |
Capital Markets — (0.0)% | | ||||||||||||
Houlihan Lokey, Inc. | | | | | (3,411) | | | | | | (335,335) | | |
T Rowe Price Group, Inc. | | | | | (592) | | | | | | (66,316) | | |
| | | | | | | | | | | (401,651) | | |
Chemicals — (0.1)% | | ||||||||||||
Celanese Corp. | | | | | (3,790) | | | | | | (438,882) | | |
Chemours Co. (The) | | | | | (3,949) | | | | | | (145,679) | | |
Ginkgo Bioworks Holdings, Inc. (a) | | | | | (526,022) | | | | | | (978,401) | | |
HB Fuller Co. | | | | | (546) | | | | | | (39,044) | | |
Scotts Miracle-Gro Co. (The) | | | | | (661) | | | | | | (41,438) | | |
| | | | | | | | | | | (1,643,444) | | |
Commercial Services & Supplies — (0.1)% | | ||||||||||||
ABM Industries, Inc. | | | | | (792) | | | | | | (33,779) | | |
Aris Water Solutions, Inc., Class A | | | | | (5,439) | | | | | | (56,131) | | |
Brady Corp., Class A | | | | | (1,234) | | | | | | (58,701) | | |
Casella Waste Systems, Inc., Class A (a) | | | | | (1,065) | | | | | | (96,329) | | |
Driven Brands Holdings, Inc. (a) | | | | | (6,365) | | | | | | (172,237) | | |
HNI Corp. | | | | | (9,404) | | | | | | (265,005) | | |
| | | | | | | | | | | (682,182) | | |
Communications Equipment — (0.1)% | | ||||||||||||
Calix, Inc. (a) | | | | | (2,847) | | | | | | (142,094) | | |
F5, Inc. (a) | | | | | (653) | | | | | | (95,508) | | |
Lumentum Holdings, Inc. (a) | | | | | (233) | | | | | | (13,218) | | |
Viasat, Inc. (a) | | | | | (13,460) | | | | | | (555,359) | | |
| | | | | | | | | | | (806,179) | | |
Construction & Engineering — (0.1)% | | ||||||||||||
Comfort Systems USA, Inc. | | | | | (2,918) | | | | | | (479,136) | | |
Dycom Industries, Inc. (a) | | | | | (8,171) | | | | | | (928,634) | | |
Valmont Industries, Inc. | | | | | (517) | | | | | | (150,473) | | |
| | | | | | | | | | | (1,558,243) | | |
Consumer Finance — (0.0)% | | ||||||||||||
Credit Acceptance Corp. (a) | | | | | (280) | | | | | | (142,220) | | |
Consumer Staples Distribution & Retail — (0.2)% | | ||||||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | | | | | (175) | | | | | | (11,027) | | |
Grocery Outlet Holding Corp. (a) | | | | | (26,790) | | | | | | (820,042) | | |
Sprouts Farmers Market, Inc. (a) | | | | | (23,495) | | | | | | (862,971) | | |
Target Corp. | | | | | (303) | | | | | | (39,966) | | |
United Natural Foods, Inc. (a) | | | | | (49,961) | | | | | | (976,738) | | |
Weis Markets, Inc. | | | | | (4,344) | | | | | | (278,928) | | |
| | | | | | | | | | | (2,989,672) | | |
Containers & Packaging — (0.0)% | | ||||||||||||
Ball Corp. | | | | | (4,742) | | | | | | (276,032) | | |
|
| | | Number of Shares | | | Value | | ||||||
Distributors — (0.0)% | | ||||||||||||
Pool Corp. | | | | | (407) | | | | | $ | (152,479) | | |
Diversified Consumer Services — (0.2)% | | ||||||||||||
Duolingo, Inc. (a) | | | | | (5,375) | | | | | | (768,303) | | |
Frontdoor, Inc. (a) | | | | | (21,188) | | | | | | (675,897) | | |
Perdoceo Education Corp. (a) | | | | | (19,645) | | | | | | (241,044) | | |
Service Corp. International | | | | | (4,380) | | | | | | (282,904) | | |
| | | | | | | | | | | (1,968,148) | | |
Diversified Telecommunication Services — (0.1)% | | ||||||||||||
Cogent Communications Holdings, Inc. | | | | | (3,991) | | | | | | (268,555) | | |
Frontier Communications Parent, Inc. (a) | | | | | (38,939) | | | | | | (725,823) | | |
Iridium Communications, Inc. | | | | | (2,936) | | | | | | (182,384) | | |
| | | | | | | | | | | (1,176,762) | | |
Electric Utilities — (0.1)% | | ||||||||||||
Constellation Energy Corp. | | | | | (2,117) | | | | | | (193,811) | | |
Otter Tail Corp. | | | | | (4,835) | | | | | | (381,772) | | |
Southern Co. (The) | | | | | (2,424) | | | | | | (170,286) | | |
| | | | | | | | | | | (745,869) | | |
Electrical Equipment — (0.4)% | | ||||||||||||
Atkore, Inc. (a) | | | | | (1,392) | | | | | | (217,069) | | |
Encore Wire Corp. | | | | | (5,444) | | | | | | (1,012,203) | | |
EnerSys | | | | | (833) | | | | | | (90,397) | | |
Plug Power, Inc. (a) | | | | | (99,845) | | | | | | (1,037,390) | | |
Sunrun, Inc. (a) | | | | | (29,414) | | | | | | (525,334) | | |
TPI Composites, Inc. (a) | | | | | (159,412) | | | | | | (1,653,102) | | |
| | | | | | | | | | | (4,535,495) | | |
Electronic Equipment, Instruments & Components — (0.2)% | | ||||||||||||
Badger Meter, Inc. | | | | | (3,212) | | | | | | (473,963) | | |
Cognex Corp. | | | | | (2,006) | | | | | | (112,376) | | |
Coherent Corp. (a) | | | | | (3,856) | | | | | | (196,579) | | |
IPG Photonics Corp. (a) | | | | | (3,428) | | | | | | (465,591) | | |
Napco Security Technologies, Inc. | | | | | (12,815) | | | | | | (444,040) | | |
Novanta, Inc. (a) | | | | | (3,446) | | | | | | (634,408) | | |
| | | | | | | | | | | (2,326,957) | | |
Entertainment — (0.1)% | | ||||||||||||
ROBLOX Corp., Class A (a) | | | | | (21,231) | | | | | | (855,610) | | |
Roku, Inc. (a) | | | | | (14,269) | | | | | | (912,645) | | |
| | | | | | | | | | | (1,768,255) | | |
Financial Services — (0.2)% | | ||||||||||||
Affirm Holdings, Inc. (a) | | | | | (78,342) | | | | | | (1,200,983) | | |
Block, Inc. (a) | | | | | (311) | | | | | | (20,703) | | |
Shift4 Payments, Inc., Class A (a) | | | | | (7,696) | | | | | | (522,635) | | |
Toast, Inc., Class A (a) | | | | | (34,498) | | | | | | (778,620) | | |
Western Union Co. (The) | | | | | (2,819) | | | | | | (33,067) | | |
| | | | | | | | | | | (2,556,008) | | |
Food Products — (0.2)% | | ||||||||||||
Cal-Maine Foods, Inc. | | | | | (15,503) | | | | | | (697,635) | | |
Flowers Foods, Inc. | | | | | (6,104) | | | | | | (151,868) | | |
Freshpet, Inc. (a) | | | | | (13,225) | | | | | | (870,337) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
J M Smucker Co. (The) | | | | | (430) | | | | | $ | (63,498) | | |
McCormick & Co., Inc. | | | | | (4,762) | | | | | | (415,389) | | |
| | | | | | | | | | | (2,198,727) | | |
Ground Transportation — (0.2)% | | ||||||||||||
ArcBest Corp. | | | | | (3,206) | | | | | | (316,753) | | |
Old Dominion Freight Line, Inc. | | | | | (66) | | | | | | (24,404) | | |
Saia, Inc. (a) | | | | | (5,562) | | | | | | (1,904,484) | | |
XPO, Inc. (a) | | | | | (6,989) | | | | | | (412,351) | | |
| | | | | | | | | | | (2,657,992) | | |
Health Care Equipment & Supplies — (0.2)% | | ||||||||||||
Atrion Corp. | | | | | (798) | | | | | | (451,428) | | |
DexCom, Inc. (a) | | | | | (755) | | | | | | (97,025) | | |
ICU Medical, Inc. (a) | | | | | (2,247) | | | | | | (400,393) | | |
Neogen Corp. (a) | | | | | (11,941) | | | | | | (259,717) | | |
Novocure, Ltd. (a) | | | | | (16,812) | | | | | | (697,698) | | |
Penumbra, Inc. (a) | | | | | (819) | | | | | | (281,785) | | |
| | | | | | | | | | | (2,188,046) | | |
Health Care Providers & Services — (0.2)% | | ||||||||||||
Acadia Healthcare Co., Inc. (a) | | | | | (2,960) | | | | | | (235,734) | | |
agilon health, Inc. (a) | | | | | (67,632) | | | | | | (1,172,739) | | |
AMN Healthcare Services, Inc. (a) | | | | | (2,092) | | | | | | (228,279) | | |
Henry Schein, Inc. (a) | | | | | (115) | | | | | | (9,327) | | |
Owens & Minor, Inc. (a) | | | | | (44,752) | | | | | | (852,078) | | |
R1 RCM, Inc. (a) | | | | | (28,361) | | | | | | (523,260) | | |
| | | | | | | | | | | (3,021,417) | | |
Health Care REITs — (0.1)% | | ||||||||||||
Welltower, Inc. | | | | | (20,899) | | | | | | (1,690,520) | | |
Health Care Technology — (0.1)% | | ||||||||||||
Definitive Healthcare Corp. (a) | | | | | (9,696) | | | | | | (106,656) | | |
Doximity, Inc., Class A (a) | | | | | (4,952) | | | | | | (168,467) | | |
Teladoc Health, Inc. (a) | | | | | (21,420) | | | | | | (542,355) | | |
Veeva Systems, Inc., Class A (a) | | | | | (218) | | | | | | (43,105) | | |
| | | | | | | | | | | (860,583) | | |
Hotels, Restaurants & Leisure — (0.3)% | | ||||||||||||
Airbnb, Inc., Class A (a) | | | | | (3,175) | | | | | | (406,908) | | |
Caesars Entertainment, Inc. (a) | | | | | (2,466) | | | | | | (125,692) | | |
Carnival Corp. (a) | | | | | (17,694) | | | | | | (333,178) | | |
Cracker Barrel Old Country Store, Inc. | | | | | (3,506) | | | | | | (326,689) | | |
Dine Brands Global, Inc. | | | | | (6,457) | | | | | | (374,700) | | |
DoorDash, Inc., Class A (a) | | | | | (14,627) | | | | | | (1,117,795) | | |
EBET, Inc. (a) | | | | | (96,029) | | | | | | (11,331) | | |
Krispy Kreme, Inc. | | | | | (12,375) | | | | | | (182,284) | | |
Penn Entertainment, Inc. (a) | | | | | (14,420) | | | | | | (346,513) | | |
Royal Caribbean Cruises, Ltd. (a) | | | | | (669) | | | | | | (69,402) | | |
Wingstop, Inc. | | | | | (343) | | | | | | (68,655) | | |
| | | | | | | | | | | (3,363,147) | | |
Household Durables — (0.1)% | | ||||||||||||
Ethan Allen Interiors, Inc. | | | | | (3,556) | | | | | | (100,564) | | |
Helen of Troy, Ltd. (a) | | | | | (9,627) | | | | | | (1,039,908) | | |
La-Z-Boy, Inc. | | | | | (3,762) | | | | | | (107,744) | | |
| | | | | | | | | | | (1,248,216) | | |
|
| | | Number of Shares | | | Value | | ||||||
Household Products — (0.0)% | | ||||||||||||
Clorox Co. (The) | | | | | (138) | | | | | $ | (21,948) | | |
WD-40 Co. | | | | | (1,820) | | | | | | (343,343) | | |
| | | | | | | | | | | (365,291) | | |
Insurance — (0.1)% | | ||||||||||||
Brighthouse Financial, Inc. (a) | | | | | (324) | | | | | | (15,341) | | |
Kinsale Capital Group, Inc. | | | | | (63) | | | | | | (23,575) | | |
Lincoln National Corp. | | | | | (8,920) | | | | | | (229,779) | | |
Trupanion, Inc. (a) | | | | | (75,406) | | | | | | (1,483,990) | | |
| | | | | | | | | | | (1,752,685) | | |
Interactive Media & Services — (0.1)% | | ||||||||||||
Pinterest, Inc., Class A (a) | | | | | (18,938) | | | | | | (517,765) | | |
Shutterstock, Inc. | | | | | (8,899) | | | | | | (433,114) | | |
ZoomInfo Technologies, Inc. (a) | | | | | (14,381) | | | | | | (365,134) | | |
| | | | | | | | | | | (1,316,013) | | |
IT Services — (0.2)% | | ||||||||||||
Akamai Technologies, Inc. (a) | | | | | (5,332) | | | | | | (479,187) | | |
Cloudflare, Inc., Class A (a) | | | | | (9,142) | | | | | | (597,613) | | |
MongoDB, Inc. (a) | | | | | (624) | | | | | | (256,458) | | |
Okta, Inc. (a) | | | | | (1,063) | | | | | | (73,719) | | |
Perficient, Inc. (a) | | | | | (6,680) | | | | | | (556,644) | | |
Snowflake, Inc., Class A (a) | | | | | (77) | | | | | | (13,550) | | |
Twilio, Inc., Class A (a) | | | | | (10,050) | | | | | | (639,381) | | |
| | | | | | | | | | | (2,616,552) | | |
Leisure Products — (0.2)% | | ||||||||||||
Acushnet Holdings Corp. | | | | | (2,779) | | | | | | (151,956) | | |
BRP, Inc. | | | | | (4,800) | | | | | | (405,776) | | |
Hasbro, Inc. | | | | | (3,814) | | | | | | (247,033) | | |
Mattel, Inc. (a) | | | | | (13,200) | | | | | | (257,928) | | |
Peloton Interactive, Inc., Class A (a) | | | | | (81,024) | | | | | | (623,075) | | |
Polaris, Inc. | | | | | (139) | | | | | | (16,809) | | |
Topgolf Callaway Brands Corp. (a) | | | | | (2,231) | | | | | | (44,285) | | |
YETI Holdings, Inc. (a) | | | | | (9,463) | | | | | | (367,543) | | |
| | | | | | | | | | | (2,114,405) | | |
Life Sciences Tools & Services — (0.1)% | | ||||||||||||
10X Genomics, Inc., Class A (a) | | | | | (5,366) | | | | | | (299,638) | | |
Azenta, Inc. (a) | | | | | (18,106) | | | | | | (845,188) | | |
Illumina, Inc. (a) | | | | | (1,094) | | | | | | (205,114) | | |
Repligen Corp. (a) | | | | | (1,779) | | | | | | (251,657) | | |
| | | | | | | | | | | (1,601,597) | | |
Machinery — (0.4)% | | ||||||||||||
Chart Industries, Inc. (a) | | | | | (10,452) | | | | | | (1,670,125) | | |
Energy Recovery, Inc. (a) | | | | | (14,138) | | | | | | (395,157) | | |
Kadant, Inc. | | | | | (1,321) | | | | | | (293,394) | | |
Mueller Industries, Inc. | | | | | (7,279) | | | | | | (635,311) | | |
RBC Bearings, Inc. (a) | | | | | (640) | | | | | | (139,181) | | |
Snap-on, Inc. | | | | | (1,050) | | | | | | (302,599) | | |
Wabash National Corp. | | | | | (40,948) | | | | | | (1,049,907) | | |
| | | | | | | | | | | (4,485,674) | | |
Media — (0.2)% | | ||||||||||||
DISH Network Corp., Class A (a) | | | | | (84,135) | | | | | | (554,449) | | |
Fox Corp., Class A | | | | | (15,667) | | | | | | (532,678) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Interpublic Group of Cos., Inc. | | | | | (8,126) | | | | | $ | (313,501) | | |
New York Times Co. (The), Class A | | | | | (11,287) | | | | | | (444,482) | | |
Omnicom Group, Inc. | | | | | (78) | | | | | | (7,422) | | |
Paramount Global, Class B | | | | | (11,488) | | | | | | (182,774) | | |
Trade Desk, Inc. (The), Class A (a) | | | | | (9,140) | | | | | | (705,791) | | |
| | | | | | | | | | | (2,741,097) | | |
Metals & Mining — (0.3)% | | ||||||||||||
Alcoa Corp. | | | | | (13,441) | | | | | | (456,053) | | |
Century Aluminum Co. (a) | | | | | (94,499) | | | | | | (824,031) | | |
MP Materials Corp. (a) | | | | | (77,209) | | | | | | (1,766,542) | | |
Nucor Corp. | | | | | (413) | | | | | | (67,724) | | |
Piedmont Lithium, Inc. (a) | | | | | (5,789) | | | | | | (334,083) | | |
Steel Dynamics, Inc. | | | | | (1,340) | | | | | | (145,966) | | |
| | | | | | | | | | | (3,594,399) | | |
Office REITs — (0.0)% | | ||||||||||||
Boston Properties, Inc. | | | | | (891) | | | | | | (51,313) | | |
Corporate Office Properties Trust | | | | | (3,095) | | | | | | (73,506) | | |
Vornado Realty Trust | | | | | (14,018) | | | | | | (254,286) | | |
| | | | | | | | | | | (379,105) | | |
Oil, Gas & Consumable Fuels — (0.0)% | | ||||||||||||
EQT Corp. | | | | | (6,592) | | | | | | (271,129) | | |
Passenger Airlines — (0.1)% | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | (22,490) | | | | | | (403,471) | | |
JetBlue Airways Corp. (a) | | | | | (54,165) | | | | | | (479,902) | | |
United Airlines Holdings, Inc. (a) | | | | | (804) | | | | | | (44,115) | | |
| | | | | | | | | | | (927,488) | | |
Personal Care Products — (0.0)% | | ||||||||||||
BellRing Brands, Inc. (a) | | | | | (4,582) | | | | | | (167,701) | | |
Edgewell Personal Care Co. | | | | | (3,703) | | | | | | (152,971) | | |
| | | | | | | | | | | (320,672) | | |
Pharmaceuticals — (0.2)% | | ||||||||||||
Catalent, Inc. (a) | | | | | (19,071) | | | | | | (826,919) | | |
Harmony Biosciences Holdings, Inc. (a) | | | | | (26,508) | | | | | | (932,816) | | |
Prestige Consumer Healthcare, Inc. (a) | | | | | (7,816) | | | | | | (464,505) | | |
| | | | | | | | | | | (2,224,240) | | |
Professional Services — (0.3)% | | ||||||||||||
Booz Allen Hamilton Holding Corp. | | | | | (2,631) | | | | | | (293,620) | | |
CoStar Group, Inc. (a) | | | | | (1,067) | | | | | | (94,963) | | |
CRA International, Inc. | | | | | (4,691) | | | | | | (478,482) | | |
Equifax, Inc. | | | | | (1,020) | | | | | | (240,006) | | |
ExlService Holdings, Inc. (a) | | | | | (2,521) | | | | | | (380,822) | | |
FTI Consulting, Inc. (a) | | | | | (510) | | | | | | (97,002) | | |
Kforce, Inc. | | | | | (9,535) | | | | | | (597,463) | | |
Paycom Software, Inc. | | | | | (44) | | | | | | (14,135) | | |
Paycor HCM, Inc. (a) | | | | | (39,999) | | | | | | (946,776) | | |
Paylocity Holding Corp. (a) | | | | | (2,174) | | | | | | (401,168) | | |
TriNet Group, Inc. (a) | | | | | (347) | | | | | | (32,955) | | |
| | | | | | | | | | | (3,577,392) | | |
Retail REITs — (0.0)% | | ||||||||||||
Kite Realty Group Trust | | | | | (3,597) | | | | | | (80,357) | | |
SITE Centers Corp. | | | | | (8,504) | | | | | | (112,423) | | |
Spirit Realty Capital, Inc. | | | | | (1,242) | | | | | | (48,910) | | |
| | | | | | | | | | | (241,690) | | |
|
| | | Number of Shares | | | Value | | ||||||
Semiconductors & Semiconductor Equipment — (0.2)% | | ||||||||||||
Axcelis Technologies, Inc. (a) | | | | | (1,587) | | | | | $ | (290,945) | | |
Entegris, Inc. | | | | | (3,860) | | | | | | (427,765) | | |
Impinj, Inc. (a) | | | | | (1,715) | | | | | | (153,750) | | |
Lattice Semiconductor Corp. (a) | | | | | (984) | | | | | | (94,533) | | |
MACOM Technology Solutions Holdings, Inc. (a) | | | | | (2,293) | | | | | | (150,260) | | |
Marvell Technology, Inc. | | | | | (677) | | | | | | (40,471) | | |
MKS Instruments, Inc. | | | | | (2,944) | | | | | | (318,246) | | |
SiTime Corp. (a) | | | | | (3,052) | | | | | | (360,044) | | |
Skyworks Solutions, Inc. | | | | | (100) | | | | | | (11,069) | | |
Universal Display Corp. | | | | | (160) | | | | | | (23,061) | | |
Wolfspeed, Inc. (a) | | | | | (6,069) | | | | | | (337,376) | | |
| | | | | | | | | | | (2,207,520) | | |
Software — (0.7)% | | ||||||||||||
A10 Networks, Inc. | | | | | (12,263) | | | | | | (178,917) | | |
Alarm.com Holdings, Inc. (a) | | | | | (4,043) | | | | | | (208,942) | | |
Atlassian Corp, Ltd., Class A (a) | | | | | (508) | | | | | | (85,248) | | |
Bentley Systems, Inc., Class B | | | | | (9,945) | | | | | | (539,317) | | |
Bill.com Holdings, Inc. (a) | | | | | (7,856) | | | | | | (917,974) | | |
Black Knight, Inc. (a) | | | | | (1,017) | | | | | | (60,745) | | |
Clear Secure, Inc., Class A | | | | | (18,863) | | | | | | (437,056) | | |
Confluent, Inc., Class A (a) | | | | | (27,471) | | | | | | (970,001) | | |
Crowdstrike Holdings, Inc., Class A (a) | | | | | (1,032) | | | | | | (151,570) | | |
Datadog, Inc., Class A (a) | | | | | (113) | | | | | | (11,117) | | |
Envestnet, Inc. (a) | | | | | (25,407) | | | | | | (1,507,905) | | |
nCino, Inc. (a) | | | | | (24,318) | | | | | | (732,458) | | |
Palantir Technologies, Inc., Class A (a) | | | | | (16,396) | | | | | | (251,351) | | |
Samsara, Inc., Class A (a) | | | | | (20,710) | | | | | | (573,874) | | |
SentinelOne, Inc., Class A (a) | | | | | (28,812) | | | | | | (435,061) | | |
Sprout Social, Inc., Class A (a) | | | | | (14,219) | | | | | | (656,349) | | |
UiPath, Inc., Class A (a) | | | | | (5,991) | | | | | | (99,271) | | |
Unity Software, Inc. (a) | | | | | (10,044) | | | | | | (436,111) | | |
Zoom Video Communications, Inc., Class A (a) | | | | | (3,355) | | | | | | (227,737) | | |
| | | | | | | | | | | (8,481,004) | | |
Specialized REITs — (0.0)% | | ||||||||||||
CubeSmart | | | | | (3,076) | | | | | | (137,374) | | |
Digital Realty Trust, Inc. | | | | | (1,066) | | | | | | (121,385) | | |
Extra Space Storage, Inc. | | | | | (37) | | | | | | (5,508) | | |
Iron Mountain, Inc. | | | | | (4,345) | | | | | | (246,883) | | |
| | | | | | | | | | | (511,150) | | |
Specialty Retail — (0.5)% | | ||||||||||||
Academy Sports & Outdoors, Inc. | | | | | (2,906) | | | | | | (157,069) | | |
Asbury Automotive Group, Inc. (a) | | | | | (724) | | | | | | (174,064) | | |
AutoNation, Inc. (a) | | | | | (2,003) | | | | | | (329,714) | | |
Best Buy Co., Inc. | | | | | (597) | | | | | | (48,924) | | |
CarMax, Inc. (a) | | | | | (2,399) | | | | | | (200,796) | | |
Dick’s Sporting Goods, Inc. | | | | | (480) | | | | | | (63,451) | | |
Floor & Decor Holdings, Inc., Class A (a) | | | | | (2,645) | | | | | | (274,974) | | |
Foot Locker, Inc. | | | | | (22,624) | | | | | | (613,337) | | |
GameStop Corp., Class A (a) | | | | | (36,214) | | | | | | (878,190) | | |
Group 1 Automotive, Inc. | | | | | (334) | | | | | | (86,205) | | |
Leslie’s, Inc. (a) | | | | | (39,222) | | | | | | (368,295) | | |
Lithia Motors, Inc. | | | | | (248) | | | | | | (75,419) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Murphy USA, Inc. | | | | | (1,337) | | | | | $ | (415,954) | | |
Penske Automotive Group, Inc. | | | | | (253) | | | | | | (42,157) | | |
RH (a) | | | | | (2,631) | | | | | | (867,151) | | |
Shoe Carnival, Inc. | | | | | (16,022) | | | | | | (376,197) | | |
Sonic Automotive, Inc., Class A | | | | | (2,533) | | | | | | (120,748) | | |
Wayfair, Inc., Class A (a) | | | | | (7,975) | | | | | | (518,455) | | |
Williams-Sonoma, Inc. | | | | | (1,034) | | | | | | (129,395) | | |
| | | | | | | | | | | (5,740,495) | | |
Technology Hardware, Storage & Peripherals — (0.0)% | | ||||||||||||
Corsair Gaming, Inc. (a) | | | | | (12,135) | | | | | | (215,275) | | |
Xerox Holdings Corp. | | | | | (19,488) | | | | | | (290,176) | | |
| | | | | | | | | | | (505,451) | | |
Textiles, Apparel & Luxury Goods — (0.1)% | | ||||||||||||
Hanesbrands, Inc. | | | | | (153,366) | | | | | | (696,282) | | |
Oxford Industries, Inc. | | | | | (1,987) | | | | | | (195,560) | | |
Tapestry, Inc. | | | | | (3,573) | | | | | | (152,924) | | |
VF Corp. | | | | | (31,640) | | | | | | (604,008) | | |
| | | | | | | | | | | (1,648,774) | | |
Trading Companies & Distributors — (0.1)% | | ||||||||||||
Boise Cascade Co. | | | | | (532) | | | | | | (48,066) | | |
GATX Corp. | | | | | (1,862) | | | | | | (239,714) | | |
Rush Enterprises, Inc., Class A | | | | | (1,548) | | | | | | (94,025) | | |
Veritiv Corp. | | | | | (4,349) | | | | | | (546,278) | | |
Watsco, Inc. | | | | | (1,844) | | | | | | (703,431) | | |
| | | | | | | | | | | (1,631,514) | | |
Total US Common Stocks (Proceeds $(95,234,474)) | | | | | | | | | | | (99,530,780) | | |
Foreign Common Stocks — (4.0)% | | ||||||||||||
Brazil — (0.1)% | | ||||||||||||
ERO Copper Corp. (a) | | | | | (28,700) | | | | | | (580,608) | | |
Sigma Lithium Corp. (a) | | | | | (10,867) | | | | | | (437,940) | | |
| | | | | | | | | | | (1,018,548) | | |
Canada — (0.6)% | | ||||||||||||
Aecon Group, Inc. | | | | | (63,900) | | | | | | (596,673) | | |
Altus Group, Ltd. | | | | | (8,900) | | | | | | (295,133) | | |
Aritzia, Inc. (a) | | | | | (14,900) | | | | | | (413,680) | | |
Baytex Energy Corp. (a) | | | | | (60,000) | | | | | | (195,660) | | |
Birchcliff Energy, Ltd. | | | | | (47,200) | | | | | | (279,334) | | |
BlackBerry, Ltd. (a) (b) | | | | | (38,800) | | | | | | (214,978) | | |
Boardwalk Real Estate Investment Trust — REIT | | | | | (9,400) | | | | | | (441,280) | | |
Chartwell Retirement Residences | | | | | (79,900) | | | | | | (571,167) | | |
Cogeco Communications, Inc. | | | | | (13,854) | | | | | | (739,263) | | |
Filo Corp. (a) | | | | | (15,400) | | | | | | (300,037) | | |
Freehold Royalties, Ltd. | | | | | (39,200) | | | | | | (397,696) | | |
Heliostar Metals, Ltd. (a) | | | | | (32,800) | | | | | | (8,913) | | |
Laurentian Bank of Canada | | | | | (7,000) | | | | | | (174,690) | | |
Lion Electric Co. (The) (a) | | | | | (56,400) | | | | | | (104,307) | | |
Loblaw Cos., Ltd. | | | | | (8,800) | | | | | | (805,634) | | |
Maple Leaf Foods, Inc. | | | | | (10,900) | | | | | | (212,940) | | |
Metro, Inc. | | | | | (12,500) | | | | | | (705,982) | | |
NFI Group, Inc. | | | | | (58,300) | | | | | | (502,575) | | |
Premium Brands Holdings Corp. | | | | | (7,900) | | | | | | (623,353) | | |
Rhc Helium, Ltd. Common Stock (a) | | | | | (73,400) | | | | | | (19,115) | | |
| | | Number of Shares | | | Value | | ||||||
Superior Plus Corp. | | | | | (67,200) | | | | | $ | (481,395) | | |
Well Health Technologies Corp. (a) | | | | | (44,100) | | | | | | (158,124) | | |
| | | | | | | | | | | (8,241,929) | | |
Denmark — (0.4)% | | ||||||||||||
Ambu A/S, Class B (a) | | | | | (40,434) | | | | | | (661,402) | | |
Chemometec A/S (a) | | | | | (6,924) | | | | | | (474,212) | | |
FLSmidth & Co. A/S | | | | | (12,538) | | | | | | (606,506) | | |
ISS A/S | | | | | (77,759) | | | | | | (1,648,087) | | |
Netcompany Group A/S (a) (g) | | | | | (30,665) | | | | | | (1,268,835) | | |
| | | | | | | | | | | (4,659,042) | | |
Finland — (0.4)% | | ||||||||||||
Orion Oyj, Class B | | | | | (15,523) | | | | | | (644,166) | | |
Stora Enso Oyj, Shares — R | | | | | (145,509) | | | | | | (1,686,386) | | |
TietoEVRY Oyj | | | | | (82,942) | | | | | | (2,289,359) | | |
| | | | | | | | | | | (4,619,911) | | |
Israel — (0.0)% | | ||||||||||||
Wix.com, Ltd. (a) | | | | | (2,247) | | | | | | (175,805) | | |
Norway — (0.2)% | | ||||||||||||
BEWi ASA | | | | | (51,318) | | | | | | (192,713) | | |
Mowi ASA | | | | | (116,276) | | | | | | (1,845,280) | | |
| | | | | | | | | | | (2,037,993) | | |
Singapore — (0.0)% | | ||||||||||||
Kulicke & Soffa Industries, Inc. | | | | | (9,835) | | | | | | (584,691) | | |
Sweden — (2.3)% | | ||||||||||||
AAK AB | | | | | (129,395) | | | | | | (2,434,469) | | |
Addnode Group AB | | | | | (53,144) | | | | | | (411,513) | | |
AQ Group AB | | | | | (11,983) | | | | | | (477,414) | | |
Axfood AB | | | | | (88,336) | | | | | | (1,868,586) | | |
Betsson AB, Class B (a) | | | | | (31,789) | | | | | | (338,613) | | |
Bilia AB, Shares — A | | | | | (36,142) | | | | | | (377,231) | | |
Billerud AB | | | | | (30,651) | | | | | | (233,220) | | |
Boozt AB (a) (g) | | | | | (45,857) | | | | | | (512,487) | | |
Clas Ohlson AB, Shares — B | | | | | (7,031) | | | | | | (52,799) | | |
Embracer Group AB (a) | | | | | (135,747) | | | | | | (339,763) | | |
Evolution AB (g) | | | | | (11,348) | | | | | | (1,438,015) | | |
Fastighets AB Balder, Shares — B (a) | | | | | (78,930) | | | | | | (288,429) | | |
Hexatronic Group AB | | | | | (96,435) | | | | | | (719,662) | | |
Holmen AB, Shares — B | | | | | (10,865) | | | | | | (390,477) | | |
Industrivarden AB, Shares — A | | | | | (56,435) | | | | | | (1,564,792) | | |
Instalco AB | | | | | (177,440) | | | | | | (885,549) | | |
Investment AB Latour, Shares — B | | | | | (126,531) | | | | | | (2,510,957) | | |
L E Lundbergforetagen AB, Shares — B | | | | | (6,399) | | | | | | (272,435) | | |
Lifco AB, Shares — B | | | | | (33,242) | | | | | | (723,405) | | |
Loomis AB | | | | | (53,541) | | | | | | (1,563,494) | | |
Munters Group AB (g) | | | | | (55,929) | | | | | | (635,109) | | |
New Wave Group AB, Shares — B | | | | | (47,946) | | | | | | (422,001) | | |
Sandvik AB | | | | | (79,382) | | | | | | (1,550,061) | | |
Sectra AB, Class B (a) | | | | | (89,771) | | | | | | (1,505,136) | | |
SkiStar AB | | | | | (96,901) | | | | | | (1,037,190) | | |
Surgical Science Sweden AB (a) | | | | | (39,005) | | | | | | (871,997) | | |
Svenska Cellulosa AB SCA, Class B | | | | | (204,555) | | | | | | (2,609,393) | | |
Svenska Handelsbanken AB, Shares — A | | | | | (229,531) | | | | | | (1,925,242) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
| | | Number of Shares | | | Value | | ||||||
Sweco AB, Shares — B | | | | | (100,812) | | | | | $ | (1,110,358) | | |
Truecaller AB, Class B (a) | | | | | (103,781) | | | | | | (284,807) | | |
| | | | | | | | | | | (29,354,604) | | |
Switzerland — (0.0)% | | ||||||||||||
On Holding AG, Class A (a) | | | | | (10,643) | | | | | | (351,219) | | |
United Kingdom — (0.0)% | | ||||||||||||
Clarivate plc (a) | | | | | (37,890) | | | | | | (361,092) | | |
|
| | | Number of Shares | | | Value | | ||||||
Uruguay — (0.0)% | | ||||||||||||
Dlocal, Ltd. (a) | | | | | (22,533) | | | | | $ | (275,015) | | |
Total Foreign Common Stocks (Proceeds $(56,053,585)) | | | | | | | | | | | (51,679,849) | | |
Total Common Stocks (Proceeds $(151,288,059)) | | | | | | | | | | $ | (151,210,629) | | |
|
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/ (Proceeds) | | | Notional Value at June 30, 2023 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | | | | | | | | | | |
| | | 212 | | | | | | 09/29/2023 | | | | U.S. Treasury Note 3 Year Futures | | | | $ | 44,726,523 | | | | | $ | 44,109,250 | | | | | $ | (617,273) | | |
| | | 98 | | | | | | 09/20/2023 | | | | U.S. Treasury Note 10 Year Futures | | | | | 11,210,594 | | | | | | 11,002,031 | | | | | | (208,563) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (825,836) | | |
| | | | | | | | | | | | | Foreign Currency-Related | | | | | | | | | | | | | | | |||||
| | | 478 | | | | | | 09/18/2023 | | | | Euro Foreign Exchange Currency Futures | | | | | 64,636,556 | | | | | | 65,444,175 | | | | | | 807,619 | | |
| | | 236 | | | | | | 09/18/2023 | | | | British Pound Currency Futures | | | | | 18,478,309 | | | | | | 18,731,025 | | | | | | 252,716 | | |
| | | 116 | | | | | | 09/18/2023 | | | | Swiss Franc Currency Futures | | | | | 16,107,809 | | | | | | 16,332,075 | | | | | | 224,266 | | |
| | | 60 | | | | | | 09/18/2023 | | | | Australian Dollar Currency Futures | | | | | 4,063,690 | | | | | | 4,006,800 | | | | | | (56,890) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,227,711 | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 1,787 | | | | | | 09/15/2023 | | | | Eurex EURO STOXX 50 Index Futures | | | | | 84,857,313 | | | | | | 86,325,394 | | | | | | 1,468,081 | | |
| | | 65 | | | | | | 09/15/2023 | | | | Russell E-mini 1000 Value Index Futures | | | | | 4,969,633 | | | | | | 5,095,675 | | | | | | 126,042 | | |
| | | 450 | | | | | | 09/21/2023 | | | | S&P ASX Share Price 200 Index Futures | | | | | 53,082,173 | | | | | | 53,665,891 | | | | | | 583,718 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,177,841 | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | |||||
| | | (407) | | | | | | 09/15/2023 | | | | MSCI EAFE Index Futures | | | | | (43,514,681) | | | | | | (43,864,425) | | | | | | (349,744) | | |
| | | (41) | | | | | | 09/15/2023 | | | | MSCI Japan Index Futures | | | | | (3,167,803) | | | | | | (3,120,920) | | | | | | 46,883 | | |
| | | (945) | | | | | | 09/15/2023 | | | | MSCI Emerging Markets Index Futures | | | | | (47,705,008) | | | | | | (47,150,775) | | | | | | 554,233 | | |
| | | (210) | | | | | | 09/15/2023 | | | | S&P 500 Index Futures | | | | | (45,708,340) | | | | | | (47,126,625) | | | | | | (1,418,285) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,166,913) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,412,803 | | |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||||||||||
| Receive | | | Deliver | | |||||||||||||||||||||||||||||
07/03/2023 | | | Morgan Stanley Capital Services, Inc. | | | | | USD | | | | | | 6,458,635 | | | | | | DKK | | | | | | 44,930,000 | | | | | $ | (125,962) | | |
07/31/2023 | | | Morgan Stanley Capital Services, Inc. | | | | | USD | | | | | | 19,227,022 | | | | | | CAD | | | | | | 26,087,600 | | | | | | (488,123) | | |
11/21/2023 | | | Barclays Bank plc | | | | | USD | | | | | | 16,346,716 | | | | | | CNH | | | | | | 114,324,796 | | | | | | 438,108 | | |
12/14/2023 | | | Barclays Bank plc | | | | | USD | | | | | | 35,000,000 | | | | | | CNH | | | | | | 239,290,345 | | | | | | 1,634,586 | | |
01/12/2024 | | | Barclays Bank plc | | | | | USD | | | | | | 7,955,131 | | | | | | CNH | | | | | | 52,757,400 | | | | | | 580,091 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,038,700 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
Long Total Return Equity Swap Contracts | | |||||||||||||||||||||||||||||||||
06/21/2024 | | | Goldman Sachs International | | | 0.300% | | | Bloomberg Ex-Energy (1) | | | | | USD | | | | | | Quarterly | | | | | $ | 46,666,768 | | | | | $ | (1,940,652) | | |
03/18/2024 | | | Goldman Sachs International | | | SOFR+ 45 bps | | | GSCBRATN Index 1yr (Net Total Return) (2) | | | | | USD | | | | | | Quarterly | | | | | | 22,894,137 | | | | | | 380,473 | | |
Short Total Return Swap Contracts | | |||||||||||||||||||||||||||||||||
07/02/2024 | | | Goldman Sachs International | | | LIBOR plus 4.19% (l) | | | Hang Seng China Enterprises Index Net Total Return Index | | | | | USD | | | | | | Quarterly | | | | | | (10,358,645) | | | | | | 383,744 | | |
Futures Contract | | | Maturity | | | % of Index | | | Notional amount | | |||||||||
Cash | | | | | | | | | | | 0.03% | | | | | | 14,830 | | |
CBT Soybean Oil Futures | | | | | Dec-23 | | | | | | 3.15% | | | | | | 1,469,534 | | |
CBT Soybean Oil Futures | | | | | Dec-23 | | | | | | -0.05% | | | | | | (23,414) | | |
CBT Corn Futures | | | | | Jul-24 | | | | | | 4.50% | | | | | | 2,098,417 | | |
CBT Corn Futures | | | | | Sep-23 | | | | | | -0.07% | | | | | | (31,637) | | |
NYM WTI Crude Oil Futures | | | | | Sep-23 | | | | | | 7.68% | | | | | | 3,582,248 | | |
NYM WTI Crude Oil Futures | | | | | Sep-23 | | | | | | -0.12% | | | | | | (57,077) | | |
ICE BRENT Crude Oil Futures | | | | | Sep-23 | | | | | | -0.11% | | | | | | (53,299) | | |
ICE BRENT Crude Oil Futures | | | | | Nov-23 | | | | | | 7.14% | | | | | | 3,332,236 | | |
NYB Cotton No 2 Futures | | | | | Jul-24 | | | | | | 1.51% | | | | | | 705,245 | | |
NYB Cotton No 2 Futures | | | | | Dec-23 | | | | | | -0.02% | | | | | | (11,234) | | |
CMX Gold 100 oz Futures | | | | | Aug-23 | | | | | | -63.36% | | | | | | (29,569,341) | | |
CMX Gold 100 oz Futures | | | | | Dec-23 | | | | | | 16.15% | | | | | | 7,538,272 | | |
CMX Gold 100 oz Futures | | | | | Dec-23 | | | | | | 64.37% | | | | | | 30,040,803 | | |
CMX Copper Futures | | | | | Sep-23 | | | | | | 5.19% | | | | | | 2,423,546 | | |
CMX Copper Futures | | | | | Sep-23 | | | | | | -0.08% | | | | | | (38,615) | | |
NYM NY Harbor ULSD Futures | | | | | Sep-23 | | | | | | -0.03% | | | | | | (13,477) | | |
NYM NY Harbor ULSD Futures | | | | | Dec-23 | | | | | | 1.80% | | | | | | 838,543 | | |
NYB Coffee ‘C’ Futures | | | | | May-23 | | | | | | 2.98% | | | | | | 1,391,059 | | |
NYB Coffee ‘C’ Futures | | | | | Sep-23 | | | | | | -0.05% | | | | | | (22,053) | | |
CBT KC Hard Red Winter Wheat Futures | | | | | Sep-23 | | | | | | 1.74% | | | | | | 813,338 | | |
CBT KC Hard Red Winter Wheat Futures | | | | | Sep-23 | | | | | | -0.03% | | | | | | (12,959) | | |
LME Primary Aluminum Futures | | | | | Feb-24 | | | | | | 4.07% | | | | | | 1,900,863 | | |
LME Primary Aluminum Futures | | | | | Sep-23 | | | | | | -0.06% | | | | | | (29,467) | | |
CME Live Cattle Futures | | | | | Aug-23 | | | | | | -15.50% | | | | | | (7,235,433) | | |
CME Live Cattle Futures | | | | | Oct-23 | | | | | | 3.93% | | | | | | 1,832,630 | | |
CME Live Cattle Futures | | | | | Oct-23 | | | | | | 15.65% | | | | | | 7,303,223 | | |
CME Lean Hogs Futures | | | | | Apr-24 | | | | | | 1.93% | | | | | | 902,561 | | |
CME Lean Hogs Futures | | | | | Aug-23 | | | | | | -0.03% | | | | | | (15,449) | | |
LME Lead Futures | | | | | Sep-23 | | | | | | 0.92% | | | | | | 430,091 | | |
LME Lead Futures | | | | | Sep-23 | | | | | | -0.01% | | | | | | (6,853) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
Futures Contract | | | Maturity | | | % of Index | | | Notional amount | | |||||||||
LME Nickel Futures | | | | | Feb-24 | | | | | | 2.14% | | | | | | 997,895 | | |
LME Nickel Futures | | | | | Sep-23 | | | | | | -0.03% | | | | | | (15,617) | | |
LME Zinc Futures | | | | | Feb-24 | | | | | | 2.37% | | | | | | 1,107,762 | | |
LME Zinc Futures | | | | | Sep-23 | | | | | | -0.04% | | | | | | (17,606) | | |
NYM Natural Gas Futures | | | | | Jan-24 | | | | | | 9.31% | | | | | | 4,343,594 | | |
NYM Natural Gas Futures | | | | | Sep-23 | | | | | | -0.11% | | | | | | (49,879) | | |
ICE Low Sulphur Gas Oil Futures | | | | | Sep-23 | | | | | | 2.35% | | | | | | 1,096,424 | | |
ICE Low Sulphur Gas Oil Futures | | | | | Sep-23 | | | | | | -0.04% | | | | | | (17,470) | | |
CBT Soybean Futures | | | | | Jan-24 | | | | | | 5.39% | | | | | | 2,516,503 | | |
CBT Soybean Futures | | | | | Nov-23 | | | | | | -0.09% | | | | | | (39,992) | | |
NYB Sugar #11 (World) | | | | | Mar-24 | | | | | | 3.19% | | | | | | 1,487,833 | | |
NYB Sugar #11 (World) | | | | | Oct-23 | | | | | | -0.05% | | | | | | (23,603) | | |
CMX Silver Futures | | | | | Sep-23 | | | | | | 4.55% | | | | | | 2,124,463 | | |
CMX Silver Futures | | | | | Sep-23 | | | | | | -0.07% | | | | | | (33,850) | | |
CBT Soybean Meal Futures | | | | | Dec-23 | | | | | | 3.03% | | | | | | 1,415,274 | | |
CBT Soybean Meal Futures | | | | | Dec-23 | | | | | | -0.05% | | | | | | (22,550) | | |
CBT Wheat Futures | | | | | Sep-23 | | | | | | 2.53% | | | | | | 1,179,530 | | |
CBT Wheat Futures | | | | | Sep-23 | | | | | | -0.04% | | | | | | (18,794) | | |
NYM Gasoline RBOB Futures | | | | | Sep-23 | | | | | | 2.48% | | | | | | 1,158,174 | | |
NYM Gasoline RBOB Futures | | | | | Sep-23 | | | | | | -0.04% | | | | | | (18,454) | | |
| | | | | | | | | | | | | | | | | 46,666,768 | | |
|
Equity | | | % of Index | | | Notional amount | | ||||||
LPL Financial Holdings Inc | | | | | 6.43% | | | | | | 1,473,214 | | |
Unum Group | | | | | 5.55% | | | | | | 1,270,855 | | |
JPMorgan Chase & Co | | | | | 5.37% | | | | | | 1,228,435 | | |
Raymond James Financial Inc | | | | | 5.29% | | | | | | 1,211,091 | | |
Morgan Stanley | | | | | 4.64% | | | | | | 1,061,568 | | |
MetLife Inc | | | | | 4.52% | | | | | | 1,035,537 | | |
Equitable Holdings Inc | | | | | 4.48% | | | | | | 1,024,937 | | |
State Street Corp | | | | | 4.20% | | | | | | 960,865 | | |
Prudential Financial Inc | | | | | 4.18% | | | | | | 957,929 | | |
Regions Financial Corp | | | | | 4.08% | | | | | | 933,725 | | |
Bank of New York Mellon Corp/The | | | | | 4.05% | | | | | | 927,537 | | |
Interactive Brokers Group Inc | | | | | 4.00% | | | | | | 916,453 | | |
Huntington Bancshares Inc/OH | | | | | 3.85% | | | | | | 881,279 | | |
M&T Bank Corp | | | | | 3.85% | | | | | | 880,454 | | |
Charles Schwab Corp/The | | | | | 3.59% | | | | | | 822,201 | | |
PNC Financial Services Group Inc/The | | | | | 3.45% | | | | | | 788,961 | | |
Bank of America Corp | | | | | 3.41% | | | | | | 779,987 | | |
Northern Trust Corp | | | | | 3.40% | | | | | | 778,429 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
Equity | | | % of Index | | | Notional amount | | ||||||
First Horizon Corp | | | | | 3.22% | | | | | | 736,263 | | |
Fifth Third Bancorp | | | | | 3.06% | | | | | | 701,263 | | |
Citizens Financial Group Inc | | | | | 2.72% | | | | | | 623,235 | | |
Comerica Inc | | | | | 2.44% | | | | | | 559,558 | | |
Zions Bancorp NA | | | | | 1.95% | | | | | | 447,045 | | |
Stifel Financial Corp | | | | | 1.95% | | | | | | 446,955 | | |
Lincoln National Corp | | | | | 1.94% | | | | | | 443,354 | | |
Brighthouse Financial Inc | | | | | 1.49% | | | | | | 341,191 | | |
Synovus Financial Corp | | | | | 1.49% | | | | | | 340,156 | | |
American Equity Investment Life Holding Co | | | | | 1.37% | | | | | | 313,915 | | |
Silvergate Capital Corp | | | | | 0.03% | | | | | | 7,705 | | |
| | | | | | | | | | | 22,894,137 | | |
|
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Calls — (0.0)% | | ||||||||||||
CBOE Volatility Index, Notional Amount $(375,000), Strike Price $25 Expiring 07/19/2023 (United States) | | | | | (150) | | | | | $ | (2,100) | | |
CBOE Volatility Index, Notional Amount $(255,000), Strike Price $30 Expiring 07/19/2023 (United States) | | | | | (85) | | | | | | (850) | | |
Organigram Holdings, Inc., Notional Amount $(135,000), Strike Price $3 Expiring 09/15/2023 (Canada) | | | | | (450) | | | | | | (1,019) | | |
Total Calls (Premiums received $18,293) | | | | | | | | | | $ | (3,969) | | |
Puts — (0.0)% | | ||||||||||||
Invesco QQQ Trust, Notional Amount $(2,178,000), Strike Price $330 Expiring 08/18/2023 (United States) | | | | | (66) | | | | | | (8,184) | | |
PayPal Holdings, Inc., Notional Amount $(1,835,000), Strike Price $50 Expiring 01/19/2024 (United States) | | | | | (367) | | | | | | (57,986) | | |
Total Puts (Premiums received $120,440) | | | | | | | | | | $ | (66,170) | | |
Total Written Options (Premiums received $138,733) | | | | | | | | | | $ | (70,139) | | |
| ADR | | | American Depositary Receipt | |
| ASX | | | Australian Securities Exchange | |
| CAD | | | Canadian Dollar | |
| CNH | | | Yuan Renminbi Offshore | |
| DKK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| GDR | | | Global Depositary Receipt | |
| JPY | | | Japanese Yen | |
| LIBOR | | | London Interbank Offered Rate | |
| 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 | |
| SOFR | | | Secured Overnight Financing Rate | |
| SPADR | | | Sponsored ADR | |
| TSX | | | Toronto Stock Exchange | |
| USD | | | US Dollar | |
| VRN | | | Variable Rate Note. Rate disclosed represents the effective rate as of June 30, 2023. | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
Private Investment Funds | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
US Common Stocks | | | | | | | | | | | | | | ||||||
Artemis Strategic Inv Corp. | | | | | | 09/30/21 | | | | $ | 46 | | | | | $ | 64,387 | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 21 | | | | | | 57,377 | | |
| | | | | | | | | | | | | | | | | 121,764 | | |
Foreign Common Stocks | | | | ||||||||||||||||
Heliostar Metals, Ltd. | | | | | | 03/07/23 | | | | | 42,139 | | | | | | 91,616 | | |
Osisko Green Acquisition Corp. | | | | | | 10/19/21 | | | | | 88,871 | | | | | | 91,670 | | |
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | 31,072 | | | | | | 44,227 | | |
Sucro Holdings LLC | | | | | | 04/25/22 | | | | | 104,259 | | | | | | 110,166 | | |
| | | | | | | | | | | | | | | | | 337,679 | | |
Warrants | | | | ||||||||||||||||
Esports Technologies, Inc. | | | | | | 11/18/21 | | | | | — | | | | | | 297 | | |
Gryphon Digital Mining, Inc. | | | | | | 07/28/21 | | | | | — | | | | | | 56 | | |
Osisko Green Acquisition Ltd. | | | | | | 10/19/21 | | | | | 15,625 | | | | | | 1,621 | | |
Royal Helium, Ltd. | | | | | | 12/30/22 | | | | | — | | | | | | 137,242 | | |
Royal Helium, Ltd. | | | | | | 06/02/23 | | | | | — | | | | | | 87,635 | | |
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | — | | | | | | 5,639 | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 9,258 | | | | | | 969 | | |
| | | | | | | | | | | | | | | | | 233,459 | | |
Convertible Bonds | | | | ||||||||||||||||
Royal Helium, Ltd. | | | | | | 06/02/23 | | | | | 319,565 | | | | | | 323,835 | | |
Synaptive Medical, Inc | | | | | | 11/29/21 | | | | | 120,000 | | | | | | 120,000 | | |
| | | | | | | | | | | | | | | | | 443,835 | | |
Corporate Bonds | | | | ||||||||||||||||
Royal Helium, Ltd. | | | | | | 12/30/22 – 6/30/23 | | | | | 273,264 | | | | | | 438,447 | | |
Trillion Energy International, Inc. | | | | | | 04/05/23 | | | | | 337,084 | | | | | | 342,555 | | |
| | | | | | | | | | | | | | | | | 781,002 | | |
Private Investment Funds | | | | | | ||||||||||||||
Bellus Ventures II, LP | | | California Carbon Allowances | | | 08/01/21 – 10/01/21 | | | | | 25,396,384 | | | | | | 29,789,737 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 24,756,730 | | | | | | 29,615,694 | | |
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 735,253 | | | | | | 982,388 | | |
Helikon Long Short Equity Fund ICAV | | | Long-Short European | | | 12/01/20 – 01/01/21 | | | | | 11,809,294 | | | | | | 19,699,711 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 08/01/16 – 07/01/17 | | | | | 18,470,744 | | | | | | 28,829,743 | | |
Neo Ivy Capital Fund, LP | | | Relative Value | | | 05/01/19 | | | | | 10,500,000 | | | | | | 9,461,033 | | |
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 | | | | | 15,000,000 | | | | | | 18,082,443 | | |
QVT Roviant, LP | | | Multi-Strategy | | | 01/05/16 | | | | | 2,314,867 | | | | | | 7,176,244 | | |
Voloridge Fund, LP | | | Directional | | | 04/01/20 – 01/01/2023 | | | | | 23,000,000 | | | | | | 27,185,553 | | |
| | | | | | | | | | | | | | | | | 170,822,546 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2023 |
Private Investment Funds | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
Preferred Stocks | | | | ||||||||||||||||
Esports Technology Preferred | | | | | | 05/12/23 | | | | $ | 385,000 | | | | | $ | 277,200 | | |
Synaptive Medical, Inc., Class B | | | | | | 02/03/20 | | | | | 129,999 | | | | | | 185,712 | | |
| | | | | | | | | | | | | | | | | 462,912 | | |
Disputed Claims Receipt | | | | ||||||||||||||||
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | |
Total (13.5% of Net Assets) | | | | | | | | | | | | | | | | $ | 173,203,197 | | |
|
TIFF Multi-Asset Fund | |
| Statement of Assets and Liabilities (Unaudited) | |
| | | June 30, 2023 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,206,711,076) including securities on loan of $41,394,359 | | | | $ | 1,268,158,646 | | |
Repurchase agreements (cost: $98,750,896) | | | | | 98,750,896 | | |
Total investments (cost: $1,305,461,972) | | | | | 1,366,909,542 | | |
Cash | | | | | 407,913 | | |
Cash denominated in foreign currencies (cost: $20,239,684) | | | | | 20,133,385 | | |
Total Cash | | | | | 20,541,298 | | |
Deposits with brokers for securities sold short | | | | | 19,541,971 | | |
Deposits with brokers for future contracts | | | | | 17,908,266 | | |
Deposits with broker for swap contracts | | | | | 4,390,000 | | |
Unrealized appreciation on forward currency contracts | | | | | 2,652,785 | | |
Deposits with broker for forward currency contracts | | | | | 3,480,000 | | |
Due from broker for futures variation margin | | | | | 2,198,420 | | |
Deposits with broker for options contracts | | | | | 796,252 | | |
Unrealized appreciation on swap contracts | | | | | 764,217 | | |
Premiums paid for OTC swap contracts | | | | | 399 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 23,938,717 | | |
Dividends and tax reclaims | | | | | 1,460,735 | | |
Interest | | | | | 456,579 | | |
Securities lending income | | | | | 14,793 | | |
Prepaid expenses | | | | | 52,197 | | |
Total Assets | | | | | 1,465,106,171 | | |
Liabilities | | | | | | | |
Cash collateral received for securities on loan | | | | | 6,546,316 | | |
Securities sold short, at value (proceeds: $151,288,059) | | | | | 151,210,629 | | |
Unrealized depreciation on swap contracts | | | | | 1,940,652 | | |
Due to broker for futures variation margin | | | | | 1,747,071 | | |
Foreign currencies sold short, at value (proceeds $1,157,457) | | | | | 1,151,269 | | |
Written options, at value (premium received $138,733) | | | | | 70,139 | | |
Unrealized depreciation on forward currency contracts | | | | | 614,085 | | |
Payables: | | | | | | | |
Investment securities purchased | | | | | 14,559,050 | | |
Capital stock redeemed | | | | | 4,250,000 | | |
Money manager fees | | | | | 945,040 | | |
Investment advisory and administrative fees | | | | | 302,487 | | |
Fund administration and custody fees | | | | | 226,893 | | |
Distributions | | | | | 131,467 | | |
Dividends and interest on securities sold short | | | | | 77,310 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 21,112 | | |
Accrued expenses and other liabilities | | | | | 322,602 | | |
Total Liabilities | | | | | 184,116,122 | | |
Net Assets | | | | $ | 1,280,990,049 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 95,572,703 | | |
Net Asset Value Per Share | | | | $ | 13.40 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,320,431,474 | | |
Total distributable earnings (loss) | | | | | (39,441,425) | | |
Net Assets | | | | $ | 1,280,990,049 | | |
TIFF Multi-Asset Fund |
| Statement of Operations (Unaudited) | |
| | | Six Months Ended June 30, 2023 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $612,600) | | | | $ | 8,991,885 | | |
Interest | | | | | 3,150,204 | | |
Securities lending | | | | | 113,922 | | |
Total Investment Income | | | | | 12,256,011 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 3,299,497 | | |
Investment advisory fees | | | | | 1,581,113 | | |
Fund administration and custody fees | | | | | 677,497 | | |
Professional fees | | | | | 282,953 | | |
Administrative fees | | | | | 128,864 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 120,689 | | |
Miscellaneous fees and other | | | | | 159,610 | | |
Total Operating Expenses | | | | | 6,250,223 | | |
Dividends and interest on securities sold short | | | | | 1,560,565 | | |
Broker fees on securities sold short | | | | | 433,922 | | |
Total Expenses | | | | | 8,244,710 | | |
Net Investment Income | | | | | 4,011,301 | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | 10,084,699 | | |
Securities sold short | | | | | (1,925,048) | | |
Swap contracts | | | | | (4,332,622) | | |
Financial futures contracts | | | | | (1,333,154) | | |
Forward currency contracts | | | | | 726,320 | | |
Foreign currency-related transactions | | | | | 244,668 | | |
Written options | | | | | 128,776 | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 3,593,639 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | 93,079,157 | | |
Securities sold short | | | | | (11,641,548) | | |
Swap contracts | | | | | 146,165 | | |
Financial futures contracts | | | | | 6,162,235 | | |
Forward currency contracts | | | | | 2,129,177 | | |
Foreign currency-related transactions | | | | | (507,190) | | |
Written options | | | | | 55,485 | | |
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies | | | | | 89,423,481 | | |
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies | | | | | 93,017,120 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 97,028,421 | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Six Months Ended June 30, 2023 (Unaudited) | | | Year Ended December 31, 2022 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 4,011,301 | | | | | $ | 2,931,922 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 3,593,639 | | | | | | 96,142,493 | | |
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies | | | | | 89,423,481 | | | | | | (339,267,823) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | 97,028,421 | | | | | | (240,193,408) | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (5,287,704) | | | | | | (118,887,263) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (5,287,704) | | | | | | (118,887,263) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 57,722,399 | | | | | | 73,578,816 | | |
Proceeds from distributions reinvested | | | | | 5,085,598 | | | | | | 113,018,088 | | |
Cost of shares redeemed | | | | | (121,537,253) | | | | | | (161,646,790) | | |
Net Increase (Decrease) From Capital Share Transactions | | | | | (58,729,256) | | | | | | 24,950,114 | | |
Total Increase (Decrease) in Net Assets | | | | | 33,011,461 | | | | | | (334,130,557) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | 1,247,978,588 | | | | | | 1,582,109,145 | | |
End of period | | | | $ | 1,280,990,049 | | | | | $ | 1,247,978,588 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 4,394,413 | | | | | | 5,171,238 | | |
Shares reinvested | | | | | 382,587 | | | | | | 9,114,236 | | |
Shares redeemed | | | | | (9,240,370) | | | | | | (11,798,634) | | |
Net Increase (Decrease) | | | | | (4,463,370) | | | | | | 2,486,840 | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Period Ended June 30, 2023 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | 97,028,421 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (758,747,798) | | |
Investments sold | | | | | 850,614,350 | | |
Purchases to cover securities sold short | | | | | (274,362,335) | | |
Securities sold short | | | | | 268,888,947 | | |
(Purchase)/Sale of short term investments, net | | | | | (16,078,046) | | |
Amortization (accretion) of discount and premium, net | | | | | (1,417,633) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | (2,129,177) | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | (146,165) | | |
(Increase)/decrease in deposit with broker for securities sold short | | | | | (1,496,017) | | |
(Increase)/decrease in deposits with broker for forward currency contracts | | | | | (670,000) | | |
(Increase)/decrease in deposits with broker for options contracts | | | | | (981) | | |
(Increase)/decrease in deposit with broker for swap contracts | | | | | (4,390,000) | | |
(Increase)/decrease in Premiums paid for OTC swap Contracts | | | | | (399) | | |
(Increase)/decrease in deposit with brokers for future contracts | | | | | 604,395 | | |
(Increase)/decrease in advance purchase of investments | | | | | 11,482,129 | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | (181,889) | | |
(Increase)/decrease in interest receivable | | | | | 86,367 | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | (230,873) | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | (434,108) | | |
(Increase)/decrease in prepaid expenses | | | | | 57,259 | | |
(Increase)/decrease in securities lending income receivable | | | | | (2,318) | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | 1,150,801 | | |
Increase/(decrease) in payable for money manager fees | | | | | 50,722 | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | (32,833) | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | (214,576) | | |
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees | | | | | 10,425 | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | (33,120) | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | (9,369) | | |
Increase/(decrease) in premiums received on written options, net | | | | | 105,236 | | |
Net realized (gain) loss from investments | | | | | (10,084,699) | | |
Net realized (gain) loss from securities sold short | | | | | 1,925,048 | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | (244,668) | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | (93,079,157) | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | 11,641,548 | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | 507,190 | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | (55,485) | | |
Net cash provided by (used in) operating activities | | | | | 80,111,192 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Distributions paid to shareholders | | | | | (70,639) | | |
Proceeds from shares sold | | | | | 57,722,399 | | |
Payment for shares redeemed | | | | | (137,185,932) | | |
Net cash provided by (used in) financing activities | | | | | (79,534,172) | | |
Effect of exchange rate changes on cash | | | | | (262,522) | | |
Net increase (decrease) in cash | | | | | 314,498 | | |
Cash at beginning of period | | | | | 20,226,800 | | |
Cash at end of period | | | | $ | 20,541,298 | | |
Non cash financing activities not included herein consist of reinvestment of distributions of: | | | | $ | 5,085,598 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 653,833,205 | | | | | $ | 260,452,607 | | | | | $ | 905,859 | | | | | $ | 915,191,671 | | |
Participation Notes | | | | | — | | | | | | 1,760,774 | | | | | | — | | | | | | 1,760,774 | | |
Rights | | | | | — | | | | | | 187,458 | | | | | | — | | | | | | 187,458 | | |
Warrants | | | | | 211,517 | | | | | | 355,817 | | | | | | 7,316 | | | | | | 574,650 | | |
Corporate Bonds | | | | | — | | | | | | 2,078,102 | | | | | | 342,555 | | | | | | 2,420,657 | | |
Convertible Bonds | | | | | — | | | | | | — | | | | | | 443,835 | | | | | | 443,835 | | |
US Treasury Bonds/Notes | | | | | — | | | | | | 65,056,664 | | | | | | — | | | | | | 65,056,664 | | |
Exchange-Traded Funds and Mutual Funds | | | | | 60,002,046 | | | | | | — | | | | | | — | | | | | | 60,002,046 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 170,822,546 | | | | | | 170,822,546 | | |
Preferred Stocks* | | | | | — | | | | | | 4,466,599 | | | | | | 462,912 | | | | | | 4,929,511 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Purchased Options | | | | | 560,342 | | | | | | 241,196 | | | | | | — | | | | | | 801,538 | | |
Short-Term Investments | | | | | — | | | | | | 138,171,876 | | | | | | — | | | | | | 138,171,876 | | |
Unaffiliated Investment Company | | | | | 6,546,316 | | | | | | — | | | | | | — | | | | | | 6,546,316 | | |
Total Investments in Securities | | | | | 721,153,426 | | | | | | 472,771,093 | | | | | | 172,985,023 | | | | | | 1,366,909,542 | | |
Financial Futures Contracts – Equity Risk | | | | | 2,778,957 | | | | | | — | | | | | | — | | | | | | 2,778,957 | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | 1,284,601 | | | | | | — | | | | | | — | | | | | | 1,284,601 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 2,652,785 | | | | | | — | | | | | | 2,652,785 | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | 764,217 | | | | | | — | | | | | | 764,217 | | |
Total Other Financial Instruments | | | | | 4,063,558 | | | | | | 3,417,002 | | | | | | — | | | | | | 7,480,560 | | |
Total Assets | | | | $ | 725,216,984 | | | | | $ | 476,188,095 | | | | | $ | 172,985,023 | | | | | $ | 1,374,390,102 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short*+ | | | | | (110,539,079) | | | | | | (40,671,550) | | | | | | — | | | | | | (151,210,629) | | |
Financial Futures Contracts – Interest Rate Risk | | | | | (825,836) | | | | | | — | | | | | | — | | | | | | (825,836) | | |
Financial Futures Contracts – Equity Risk | | | | | (1,768,029) | | | | | | — | | | | | | — | | | | | | (1,768,029) | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | (56,890) | | | | | | — | | | | | | — | | | | | | (56,890) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (614,085) | | | | | | — | | | | | | (614,085) | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | (1,940,652) | | | | | | — | | | | | | (1,940,652) | | |
Written Options – Equity Risk | | | | | (70,139) | | | | | | — | | | | | | — | | | | | | (70,139) | | |
Total Other Financial Instruments | | | | | (2,720,894) | | | | | | (2,554,737) | | | | | | — | | | | | | (5,275,631) | | |
Total Liabilities | | | | $ | (113,259,973) | | | | | $ | (43,226,287) | | | | | $ | — | | | | | $ | (156,486,260) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
Investments in Securities | | | Balance as of December 31, 2022 | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Purchases | | | Sales | | | Transfers in to Level 3 | | | Transfers out of Level 3 | | | Balance as of June 30, 2023 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 6/30/23 for the period ended 6/30/2023 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | 682,839 | | | | | $ | — | | | | | $ | 180,881 | | | | | $ | 42,139 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 905,859 | | | | | $ | 180,881 | | |
Warrants | | | | | 6,153 | | | | | | — | | | | | | 1,163 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,316 | | | | | | 1,163 | | |
Private Investment Funds | | | | | 169,464,432 | | | | | | 5,878,494 | | | | | | 12,280,504 | | | | | | 8,000,000 | | | | | | (24,800,884) | | | | | | — | | | | | | — | | | | | | 170,822,546 | | | | | | 12,406,810 | | |
Preferred Stocks | | | | | 748,712 | | | | | | 35,956 | | | | | | (107,800) | | | | | | 563,000 | | | | | | (776,956) | | | | | | — | | | | | | — | | | | | | 462,912 | | | | | | (107,800) | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate Bonds | | | | | 295,421 | | | | | | — | | | | | | 5,471 | | | | | | 337,084 | | | | | | — | | | | | | — | | | | | | 295,421 | | | | | | 342,555 | | | | | | 5471 | | |
Convertible Bonds | | | | | 120,000 | | | | | | — | | | | | | 4,270 | | | | | | 319,565 | | | | | | — | | | | | | — | | | | | | — | | | | | | 443,835 | | | | | | 4,270 | | |
Total | | | | $ | 171,317,557 | | | | | $ | 5,914,450 | | | | | $ | 12,364,489 | | | | | $ | 9,261,788 | | | | | $ | (25,577,840) | | | | | $ | — | | | | | $ | 295,421 | | | | | $ | 172,985,023 | | | | | $ | 12,490,795 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
As of June 30, 2023 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stocks | | | | $ | 659,851 | | | | Last market price | | | Discount(%) | | | 20% – 100% | | | 63.98% | |
| | | | | 154,393 | | | | Recent transaction price | | | Recent transaction price | | | $0.30 – $15.25 | | | $10.97 | |
| | | | | 91,615 | | | | Last market price plus Black-Scholes pricing model | | | Discount (%) and Volatility | | | 8.3% – 35% | | | 8.3% – 35% | |
Corporate Bonds | | | | | 342,555 | | | | Recent transaction price | | | Recent transaction price | | | $100.00 | | | $100.00 | |
Warrants | | | | | 7,316 | | | | Black- Scholes pricing model | | | Volatility | | | 35% | | | 35% | |
Private Investment Funds | | | | | 170,822,546 | | | | Adjusted net asset value | | | Manager estimated returns | | | 0.00% – 10.53% | | | 4.32% | |
| | | | | | | | | | | | Manager returns** | | | (0.81)% – 36.59% | | | 1.93% | |
Preferred Stocks | | | | | 462,912 | | | | Recent transaction price | | | Recent transaction price | | | $2.50 – $28.00 | | | $17.77 | |
Disputed Claims Receipt | | | | | — | | | | Corporate Action Model | | | Future claim awards | | | 0.00% | | | 0.00% | |
Convertible Bonds | | | | | 443,835 | | | | Recent transaction price | | | Recent transaction price | | | $100.00 | | | $100.00 | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
California Carbon Allowances (a) | | | | $ | 29,789,736 | | | | quarterly | | | 90 days | |
Multi-Strategy (b) | | | | | 8,158,632 | | | | illiquid | | | N/A | |
Long-Short Global Healthcare (c) | | | | | 29,615,694 | | | | quarterly | | | 45 days | |
Long-Short European (d) | | | | | 19,699,711 | | | | monthly | | | 60 days | |
Long-Short Global (e) | | | | | 28,829,743 | | | | quarterly | | | 60 days | |
Relative Value (f) | | | | | 9,461,033 | | | | daily | | | 7 days | |
China Credit (g) | | | | | 18,082,443 | | | | monthly | | | 45 days | |
Directional (h) | | | | | 27,185,554 | | | | monthly | | | 30 days | |
Total | | | | $ | 170,822,546 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 801,538 | | | | | $ | — | | |
Swap Contracts | | | | | 764,217 | | | | | | (1,940,652) | | |
Forward Contracts | | | | | 2,652,785 | | | | | | (614,085) | | |
Futures Contracts | | | | | 4,063,558 | | | | | | (2,650,755) | | |
Written Options | | | | | — | | | | | | (70,139) | | |
Total derivative assets and liablities | | | | | 8,282,098 | | | | | | (5,275,631) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 4,865,096 | | | | | | (2,720,894) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 3,417,002 | | | | | $ | (2,554,737) | | |
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 | | | | $ | 2,652,785 | | | | | $ | — | | | | | $ | (2,550,000) | | | | | $ | 102,785 | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | 764,217 | | | | | | (764,217) | | | | | | — | | | | | | — | | |
Total | | | | $ | 3,417,002 | | | | | $ | (764,217) | | | | | $ | (2,550,000) | | | | | $ | 102,785 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
Counterparty | | | Derivative Liabilitites Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Pledged | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services, Inc | | | | $ | (614,085) | | | | | $ | — | | | | | $ | 605,000 | | | | | $ | (9,085) | | |
Swaps | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | (1,940,652) | | | | | | 764,217 | | | | | | 1,176,435 | | | | | | — | | |
Total | | | | $ | (2,554,737) | | | | | $ | 764,217 | | | | | $ | 1,781,435 | | | | | $ | (9,085) | | |
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 | | | | $ | 241,196 | | | | | | 0.08% | | | | | $ | 560,342 | | | | | | 0.03% | | | | | $ | — | | | | | | —% | | | | | $ | 801,538 | | |
Total Return Equity Index Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | 383,744 | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | 383,744 | | |
Total Return Basket Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | 380,473 | | | | | | 0.04% | | | | | | — | | | | | | —% | | | | | | 380,473 | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 2,652,785 | | | | | | 0.10% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 2,652,785 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | 1,284,601 | | | | | | 0.06% | | | | | | 2,778,957 | | | | | | 0.28% | | | | | | — | | | | | | 0.02% | | | | | | 4,063,558 | | |
Total Value — Assets | | | | | | | $ | 4,178,582 | | | | | | | | | | | $ | 4,103,516 | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 8,282,098 | | |
Liability Derivatives | | |||||||||||||||||||||||||||||||||||||||||||||
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (70,139) | | | | | | 0.00% | | | | | $ | — | | | | | | —% | | | | | $ | (70,139) | | |
Total Return Basket Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (1,940,652) | | | | | | 0.09% | | | | | | — | | | | | | —% | | | | | | (1,940,652) | | |
Total Return Equity Index Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | 0.03% | | | | | | — | | | | | | —% | | | | | | — | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (614,085) | | | | | | 0.08% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (614,085) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | (56,890) | | | | | | 0.01% | | | | | | (1,768,029) | | | | | | 0.35% | | | | | | (825,836) | | | | | | 0.02% | | | | | | (2,650,755) | | |
Total Value — Liabilities | | | | | | | $ | (670,975) | | | | | | | | | | | $ | (3,778,820) | | | | | | | | | | | $ | (825,836) | | | | | | | | | | | $ | (5,275,631) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
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 | | | | $ | — | | | | | $ | — | | | | | $ | (1,605,884) | | | | | $ | (1,605,884) | | |
Written Options | | | Net realized gain (loss) on Options written | | | | | — | | | | | | — | | | | | | 128,776 | | | | | | 128,776 | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | — | | | | | | (4,332,622) | | | | | | (4,332,622) | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | — | | | | | | 726,320 | | | | | | — | | | | | | 726,320 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | (62,435) | | | | | | (2,275,366) | | | | | | 1,004,647 | | | | | | (1,333,154) | | |
Total Realized Gain (Loss) | | | | | | | $ | (62,435) | | | | | $ | (1,549,046) | | | | | $ | (4,805,083) | | | | | $ | (6,416,564) | | |
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 | | | | $ | — | | | | | $ | (1,499,042) | | | | | $ | 148,710 | | | | | $ | (1,350,332) | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Option written | | | | | — | | | | | | — | | | | | | 55,485 | | | | | | 55,485 | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | — | | | | | | 146,165 | | | | | | 146,165 | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | — | | | | | | 2,129,177 | | | | | | — | | | | | | 2,129,177 | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | (776,990) | | | | | | 1,751,339 | | | | | | 5,187,886 | | | | | | 6,162,235 | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | (776,990) | | | | | $ | 2,381,474 | | | | | $ | 5,538,246 | | | | | $ | 7,142,730 | | |
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 (Unaudited) | June 30, 2023 |
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 (Unaudited) | June 30, 2023 |
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 | | |||
Greenhouse Funds LLLP | | | | | 0.50% | | | | | | — | | | | | | — | | | | Russell 2000 Total Return Index | | | | | YES | | | | 20% (c) | | | | | — | | | | 12-month period ending June 30 | |
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 (Unaudited) | June 30, 2023 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 928,554,526 | | | | | $ | 971,661,398 | | |
US Government Securities | | | | | 15,864,704 | | | | | | 15,978,182 | | |
| Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | |||||||||
| $168,987,591 | | | | $ | (237,584,251) | | | | | $ | (68,596,660) | | | | | $ | 1,361,206,503 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 98,750,896 | | | | | $ | — | | | | | $ | (98,750,896) | | | | | $ | — | | |
Total | | | | $ | 98,750,896 | | | | | $ | — | | | | | $ | (98,750,896) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2023 |
TIFF Multi-Asset Fund | June 30, 2023 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | June 30, 2023 |
| Approval of Money Manager Agreements (Unaudited) | |
TIFF Multi-Asset Fund | June 30, 2023 |
TIFF Multi-Asset Fund | June 30, 2023 |
Bloomberg Barclays US Government Inflation-Linked Bond Index (US Treasury obligations, including TIPS, mandate)
Russell 1000
MSCI ACWI 100% USD Hedged
MSCI World Index
CSI 300 Index
HFRI Equity Hedge
MSCI All Country World Index
US CPI Urban Consumers Index plus a specified spread
70% MSCI Japan Index/30% World Index
HFRI Equity Hedge
S&P 500 Index
50% MSCI China Index/50% CSI 300 Index
TIFF Multi-Asset Fund | June 30, 2023 |
TIFF Multi-Asset Fund | June 30, 2023 |
TIFF Multi-Asset Fund | June 30, 2023 |
TIFF Multi-Asset Fund | June 30, 2023 |
| 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. | |
| 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. | |
| 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.; Council on Foundations; Not-for-Profit Advisory Committee, Financial Accounting Standards Board (FASB). | |
Trustees and Principal Officers (Unaudited) |
| Clarence Kane Brenan | | | | |
| Born 1968 CEO since July 2020 | | | Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, Inc. (July 2020 – present) ; President, TIFF Investment Program (July 2020 – March 2021). Partner, Global Head, and Co- CIO of the Global Portfolio Solutions (GPS) group, among other positions, Goldman Sachs (1998 – 2020). | |
| Jay L. Willoughby | | |||
| Born 1958 Chief Investment Officer since October 2015 | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present). | |
| Katherine M. Billings | | |||
| Born 1980 CFO and Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present); Director, among other positions, PricewaterhouseCoopers, LLP (2002 – 2017). | |
| Lisa L.B. Matson | | |||
| Born 1970 Vice President since December 2020 | | | Principal Occupation(s) During the Past Five Years: General Counsel, Vice President and Secretary, TIFF Advisory Services, Inc. (2020 – present) ; Vice President, TIFF Investment Program (December 2020 − present). General Counsel, Chief Legal Officer, and Senior Partner, Penn Capital Management Company, Inc. (2014 – 2020). | |
| Zane T. Hamid | | |||
| Born 1981 Vice President since December 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Head of Fund Operations (2017 – present) and Deputy Head of Fund Operations (2013 – 2017), TIFF Advisory Services, Inc.. | |
| Christian A. Szautner | | |||
| Born 1972 CCO since July 2008; Vice President, Secretary, and Chief Legal Officer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President, Chief Compliance Officer, Anti-Money Laundering Officer; Assistant Secretary (2017 – present); General Counsel — Regulatory (2017 − 2021), TIFF Advisory Services, Inc. | |
| Robert J. Zion | | |||
| Born 1961 President since March 2021; Assistant Treasurer since July 2017 | | | Principal Occupation(s) During the Past Five Years: Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. (March 2017 – present); President and Assistant Treasurer, TIFF Investment Program (March 2021 – present); Vice President, TIFF Investment Program (March 2017 – March 2021). Chief Operating Officer, among other positions, Hirtle Callaghan & Co. (1991 – 2017). | |
Amundi Pioneer Asset Management US, Inc.
AQR Capital Management, LLC
Canyon Capital Advisors LLC (AF)*
Bellus Ventures II, LP (AF)
Centerbook Partners, LP
Eversept Partners, LP (AF)
Farallon Capital Management, LLC (AF)**
Fundsmith, LLP
Green Court Capital Management Limited
Greenhouse Funds LLLP
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)**
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.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
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 is not applicable to this filing.
(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 | August 25, 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 | August 25, 2023 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | August 25, 2023 |