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 President and 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 – 12/31/2023 |
Item 1. Reports to Stockholders.
| | | TIFF Investment Program | | ||||
| 2023 Annual Report | | | December 31, 2023 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Fund Expenses | ��� | | | | 7 | | |
| Financial Highlights | | | | | 8 | | |
| Schedule of Investments | | | | | 9 | | |
| Statement of Assets and Liabilities | | | | | 29 | | |
| Statement of Operations | | | | | 30 | | |
| Statements of Changes in Net Assets | | | | | 31 | | |
| Statement of Cash Flows | | | | | 32 | | |
| Notes to Financial Statements | | | | | 33 | | |
| | | | | 50 | | | |
| Additional Information | | | | | 51 | | |
| Index Descriptions | | | | | 52 | | |
| Governance | | ||||||
| Trustees and Principal Officers | | | | | 53 | | |
| About TIFF | |
| TIFF Mutual Fund | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Portfolio Management Review (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Portfolio Management Review (Unaudited) (continued) | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. Performance data for the most recent month-end and additional performance information may be obtained by visiting TIFF’s website at www.tiff.org. MAF segment or category returns reflect the deduction of management fees earned by relevant managers but not the deduction of other fees and expenses of the fund. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses. Manager exposures and the performance described above may be achieved via separate accounts, via funds offered by such managers, or via swap. The fund may use leverage; invests in illiquid securities, non-US securities, small capitalization stocks, derivatives, and below investment grade bonds; and engages in shortselling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund’s assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor’s or Baa by Moody’s) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as “junk bonds.” As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager and the fund may not be able to combine money managers such that their styles are complementary. | |
| Fund Performance (Unaudited)Total return for the periods ended 12/31/23 | |
| | | Calendar Year 2023 | | | 3-Year Annualized | | | 5-Year Annualized | | | 10-Year Annualized | | | Annualized Since Inception | | | Cumulative Since Inception | | ||||||||||||||||||
Multi-Asset Fund | | | | | 16.51% | | | | | | 3.59% | | | | | | 9.28% | | | | | | 5.54% | | | | | | 7.48% | | | | | | 696.66% | | |
65/35 Mix | | | | | 16.21% | | | | | | 2.66% | | | | | | 8.19% | | | | | | 5.96% | | | | | | 6.69% | | | | | | 544.15% | | |
CPI + 5% per annum | | | | | 8.51% | | | | | | 10.86% | | | | | | 9.25% | | | | | | 7.91% | | | | | | 7.59% | | | | | | 721.50% | | |
MSCI All Country World Index | | | | | 22.20% | | | | | | 5.75% | | | | | | 11.71% | | | | | | 7.92% | | | | | | 7.36% | | | | | | 671.15% | | |
Bloomberg US Aggregate Bond Index | | | | | 5.53% | | | | | | (3.31)% | | | | | | 1.10% | | | | | | 1.81% | | | | | | 4.53% | | | | | | 258.24% | | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Performance of a $2,500,000 Investment (Unaudited)Ten year period ended 12/31/23 | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Summary Schedule of Investments (Unaudited) | |
| U.S. Common Stocks | | | | | 47.2% | | |
| Foreign Common Stocks | | | | | 18.7% | | |
| Private Investment Funds | | | | | 12.6% | | |
| Repurchase Agreements | | | | | 11.8% | | |
| Exchange-Traded Funds (ETFs) | | | | | 9.9% | | |
| U.S. Treasury Bonds/Notes | | | | | 7.4% | | |
| U.S. Treasury Bills | | | | | 2.8% | | |
| Preferred Stocks | | | | | 0.3% | | |
| Unaffiliated Investment Companies | | | | | 0.2% | | |
| Corporate Bonds | | | | | 0.2% | | |
| Warrants | | | | | 0.1% | | |
| Purchased Option Contracts | | | | | 0.0% | | |
| Rights | | | | | 0.0% | | |
| Convertible Bonds | | | | | 0.0% | | |
| Disputed Claims Receipt | | | | | 0.0% | | |
| Total Investments | | | | | 111.2% | | |
| Securities Sold Short | | | | | (11.9)% | | |
| Other Assets in Excess of Other Liabilities | | | | | 0.7% | | |
| Net Assets | | | | | 100.0% | | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Fund Expenses (Unaudited) | |
| | | Including Interest and Dividend Expense* | | | Excluding Interest and Dividend Expense* | | ||||||||||||||||||||||||||||||
| | | Beginning Account Value 7/1/23 | | | Ending Account Value 12/31/23 | | | Expenses Paid During the Period** 7/1/23 – 12/31/23 | | | Beginning Account Value 7/1/23 | | | Ending Account Value 12/31/23 | | | Expenses Paid During the Period** 7/1/23 – 12/31/23 | | ||||||||||||||||||
1) Actual | | | | $ | 1,000.00 | | | | | $ | 1,079.80 | | | | | $ | 6.24 | | | | | $ | 1,000.00 | | | | | $ | 1,079.80 | | | | | $ | 5.19 | | |
2) Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,019.21 | | | | | $ | 6.06 | | | | | $ | 1,000.00 | | | | | $ | 1,020.21 | | | | | $ | 5.04 | | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Financial Highlights | |
| | | Year Ended December 31, 2023 | | | Year Ended December 31, 2022 | | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | |||||||||||||||
For a share outstanding throughout each period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | |
Income (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (a) | | | | | 0.08 | | | | | | 0.03 | | | | | | 0.01 | | | | | | (0.14) | | | | | | 0.12 | | |
Net realized and unrealized gain (loss) on investments | | | | | 1.96 | | | | | | (2.49) | | | | | | 2.03 | | | | | | 2.75 | | | | | | 2.05 | | |
Total from investment operations | | | | | 2.04 | | | | | | (2.46) | | | | | | 2.04 | | | | | | 2.61 | | | | | | 2.17 | | |
Less distributions from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | | (0.18) | | | | | | — | | | | | | (0.24) | | | | | | — | | | | | | — | | |
Net realized gains | | | | | (0.31) | | | | | | (1.28) | | | | | | (2.29) | | | | | | (0.15) | | | | | | — | | |
Total distributions | | | | | (0.49) | | | | | | (1.28) | | | | | | (2.53) | | | | | | (0.15) | | | | | | — | | |
Entry/exit fee per share (a) | | | | | — | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | 0.03 | | |
Net asset value, end of year | | | | $ | 14.03 | | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | |
Total return (b) | | | | | 16.51% | | | | | | (15.17)% | | | | | | 12.46% | | | | | | 18.57%(c) | | | | | | 18.39% | | |
Ratios/supplemental data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000s) | | | | $ | 1,235,201 | | | | | $ | 1,247,979 | | | | | $ | 1,582,109 | | | | | $ | 1,563,172 | | | | | $ | 1,912,954 | | |
Ratio of expenses to average net assets, before waivers (d) | | | | | 1.24% | | | | | | 1.14% | | | | | | 0.92% | | | | | | 2.22%(e) | | | | | | 1.00% | | |
Ratio of expenses to average net assets, after waivers (d) | | | | | 1.23%(f) | | | | | | 1.14% | | | | | | 0.92% | | | | | | 2.22%(e) | | | | | | 1.00% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (d) | | | | | 0.98%(f) | | | | | | 0.88% | | | | | | 0.72% | | | | | | 1.92%(e) | | | | | | 0.78% | | |
Ratio of net investment income (loss) to average net assets | | | | | 0.59%(f) | | | | | | 0.22% | | | | | | 0.05% | | | | | | (0.97)% | | | | | | 0.92% | | |
Portfolio turnover | | | | | 199% | | | | | | 143% | | | | | | 87% | | | | | | 146% | | | | | | 114% | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Investments — 111.2% of net assets | | ||||||||||||
Common Stocks — 65.9% | | ||||||||||||
U.S. Common Stocks — 47.2% | | ||||||||||||
Aerospace & Defense — 1.1% | | ||||||||||||
AeroVironment, Inc. (a) | | | | | 4,090 | | | | | $ | 515,504 | | |
Axon Enterprise, Inc. (a) | | | | | 20,326 | | | | | | 5,250,815 | | |
Boeing Co. (a) (b) | | | | | 4,388 | | | | | | 1,143,776 | | |
Cadre Holdings, Inc. | | | | | 89,371 | | | | | | 2,939,412 | | |
General Dynamics Corp. (b) | | | | | 3,034 | | | | | | 787,839 | | |
Huntington Ingalls Industries, Inc. | | | | | 3,103 | | | | | | 805,663 | | |
MDA Ltd. (a) (b) | | | | | 58,000 | | | | | | 504,253 | | |
RTX Corp. (b) | | | | | 10,680 | | | | | | 898,615 | | |
Textron, Inc. (b) | | | | | 4,988 | | | | | | 401,135 | | |
TransDigm Group, Inc. (b) | | | | | 990 | | | | | | 1,001,484 | | |
| | | | | | | | | | | 14,248,496 | | |
Air Freight & Logistics — 0.1% | | ||||||||||||
CH Robinson Worldwide, Inc. | | | | | 2,701 | | | | | | 233,339 | | |
GXO Logistics, Inc. (a) | | | | | 8,390 | | | | | | 513,133 | | |
| | | | | | | | | | | 746,472 | | |
Automobile Components — 0.1% | | ||||||||||||
Adient PLC (a) | | | | | 7,786 | | | | | | 283,099 | | |
Dorman Products, Inc. (a) | | | | | 4,010 | | | | | | 334,474 | | |
Lear Corp. | | | | | 1,157 | | | | | | 163,380 | | |
| | | | | | | | | | | 780,953 | | |
Automobiles — 0.6% | | ||||||||||||
General Motors Co. (b) | | | | | 44,494 | | | | | | 1,598,224 | | |
Rivian Automotive, Inc., Class A (a) | | | | | 2,945 | | | | | | 69,090 | | |
Tesla, Inc. (a) (b) | | | | | 22,111 | | | | | | 5,494,141 | | |
Thor Industries, Inc. | | | | | 2,070 | | | | | | 244,778 | | |
| | | | | | | | | | | 7,406,233 | | |
Banks — 0.8% | | ||||||||||||
Bancorp, Inc. (a) | | | | | 5,968 | | | | | | 230,126 | | |
Bank of America Corp. (b) | | | | | 53,427 | | | | | | 1,798,887 | | |
Citigroup, Inc. (b) | | | | | 55,947 | | | | | | 2,877,914 | | |
Citizens Financial Group, Inc. | | | | | 48,019 | | | | | | 1,591,350 | | |
First Citizens BancShares, Inc., Class A | | | | | 222 | | | | | | 315,011 | | |
First Horizon Corp. | | | | | 79,157 | | | | | | 1,120,863 | | |
Huntington Bancshares, Inc. | | | | | 7,209 | | | | | | 91,698 | | |
Live Oak Bancshares, Inc. | | | | | 12,647 | | | | | | 575,439 | | |
New York Community Bancorp, Inc. | | | | | 16,876 | | | | | | 172,641 | | |
Prosperity Bancshares, Inc. | | | | | 496 | | | | | | 33,594 | | |
Truist Financial Corp. | | | | | 20,417 | | | | | | 753,796 | | |
| | | | | | | | | | | 9,561,319 | | |
Beverages — 0.7% | | ||||||||||||
Boston Beer Co., Inc., Class A (a) | | | | | 990 | | | | | | 342,134 | | |
Brown-Forman Corp., Class B | | | | | 36,008 | | | | | | 2,056,057 | | |
Coca-Cola Co. (b) | | | | | 4,644 | | | | | | 273,671 | | |
Coca-Cola Consolidated, Inc. | | | | | 768 | | | | | | 713,011 | | |
MGP Ingredients, Inc. | | | | | 2,412 | | | | | | 237,630 | | |
Molson Coors Beverage Co., Class B | | | | | 5,207 | | | | | | 318,721 | | |
PepsiCo, Inc. (b) | | | | | 30,593 | | | | | | 5,195,915 | | |
| | | | | | | | | | | 9,137,139 | | |
| | | Number of Shares | | | Value | | ||||||
Biotechnology — 0.5% | | ||||||||||||
AbbVie, Inc. (b) | | | | | 6,538 | | | | | $ | 1,013,194 | | |
Amgen, Inc. (b) | | | | | 1,105 | | | | | | 318,262 | | |
Biogen, Inc. (a) | | | | | 803 | | | | | | 207,792 | | |
BioMarin Pharmaceutical, Inc. (a) | | | | | 871 | | | | | | 83,982 | | |
Exact Sciences Corp. (a) | | | | | 11,685 | | | | | | 864,456 | | |
Gilead Sciences, Inc. (b) | | | | | 11,913 | | | | | | 965,072 | | |
Incyte Corp. (a) | | | | | 8,162 | | | | | | 512,492 | | |
Krystal Biotech, Inc. (a) | | | | | 270 | | | | | | 33,496 | | |
Mirum Pharmaceuticals, Inc. (a) | | | | | 10,205 | | | | | | 301,252 | | |
MoonLake Immunotherapeutics (a) | | | | | 2,739 | | | | | | 165,408 | | |
Neurocrine Biosciences, Inc. (a) | | | | | 4,617 | | | | | | 608,336 | | |
Regeneron Pharmaceuticals, Inc. (a) (b) | | | | | 254 | | | | | | 223,086 | | |
Ultragenyx Pharmaceutical, Inc. (a) | | | | | 553 | | | | | | 26,445 | | |
Vertex Pharmaceuticals, Inc. (a) (b) | | | | | 2,418 | | | | | | 983,860 | | |
| | | | | | | | | | | 6,307,133 | | |
Broadline Retail — 2.2% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 174,955 | | | | | | 26,582,663 | | |
eBay, Inc. (b) | | | | | 3,550 | | | | | | 154,851 | | |
Etsy, Inc. (a) | | | | | 2,442 | | | | | | 197,924 | | |
Macy’s, Inc. | | | | | 2,948 | | | | | | 59,314 | | |
Ollie’s Bargain Outlet Holdings, Inc. (a) | | | | | 6,018 | | | | | | 456,706 | | |
| | | | | | | | | | | 27,451,458 | | |
Building Products — 0.3% | | ||||||||||||
AAON, Inc. | | | | | 7,648 | | | | | | 564,958 | | |
Armstrong World Industries, Inc. (b) | | | | | 1,576 | | | | | | 154,952 | | |
Builders FirstSource, Inc. (a) | | | | | 2,405 | | | | | | 401,491 | | |
Hayward Holdings, Inc. (a) | | | | | 78,613 | | | | | | 1,069,137 | | |
Owens Corning | | | | | 8,579 | | | | | | 1,271,665 | | |
Zurn Elkay Water Solutions Corp. (b) | | | | | 6,226 | | | | | | 183,106 | | |
| | | | | | | | | | | 3,645,309 | | |
Capital Markets — 1.2% | | ||||||||||||
Affiliated Managers Group, Inc. | | | | | 2,664 | | | | | | 403,383 | | |
Ameriprise Financial, Inc. (b) | | | | | 931 | | | | | | 353,622 | | |
Bank of New York Mellon Corp. (b) | | | | | 21,239 | | | | | | 1,105,490 | | |
BlackRock, Inc. (b) | | | | | 1,089 | | | | | | 884,050 | | |
Blackstone, Inc. (b) | | | | | 9,805 | | | | | | 1,283,671 | | |
Charles Schwab Corp. (b) | | | | | 10,719 | | | | | | 737,467 | | |
Federated Hermes, Inc. | | | | | 465 | | | | | | 15,745 | | |
Goldman Sachs Group, Inc. (b) | | | | | 98 | | | | | | 37,806 | | |
Interactive Brokers Group, Inc., Class A | | | | | 5,776 | | | | | | 478,830 | | |
Intercontinental Exchange, Inc. (b) | | | | | 55,704 | | | | | | 7,154,065 | | |
Invesco Ltd. | | | | | 10,682 | | | | | | 190,567 | | |
LPL Financial Holdings, Inc. | | | | | 1,031 | | | | | | 234,676 | | |
Moelis & Co., Class A | | | | | 5,288 | | | | | | 296,815 | | |
Northern Trust Corp. | | | | | 2,169 | | | | | | 183,020 | | |
State Street Corp. | | | | | 4,425 | | | | | | 342,761 | | |
Virtu Financial, Inc., Class A | | | | | 51,982 | | | | | | 1,053,155 | | |
| | | | | | | | | | | 14,755,123 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Chemicals — 0.4% | | ||||||||||||
Albemarle Corp. (b) | | | | | 951 | | | | | $ | 137,401 | | |
Axalta Coating Systems Ltd. (a) (b) | | | | | 7,333 | | | | | | 249,102 | | |
Celanese Corp. (b) | | | | | 1,669 | | | | | | 259,313 | | |
CF Industries Holdings, Inc. (b) | | | | | 4,759 | | | | | | 378,341 | | |
Eastman Chemical Co. (b) | | | | | 3,833 | | | | | | 344,280 | | |
Ingevity Corp. (a) | | | | | 3,947 | | | | | | 186,377 | | |
LyondellBasell Industries NV, Class A (b) | | | | | 4,592 | | | | | | 436,607 | | |
Mosaic Co. | | | | | 33,740 | | | | | | 1,205,530 | | |
Perimeter Solutions SA (a) | | | | | 46,864 | | | | | | 215,574 | | |
Sherwin-Williams Co. (b) | | | | | 2,440 | | | | | | 761,036 | | |
Stepan Co. | | | | | 3,060 | | | | | | 289,323 | | |
| | | | | | | | | | | 4,462,884 | | |
Commercial Services & Supplies — 0.4% | | ||||||||||||
Brink’s Co. (b) | | | | | 3,177 | | | | | | 279,417 | | |
GEO Group, Inc. (a) | | | | | 102,925 | | | | | | 1,114,678 | | |
OPENLANE, Inc. (a) | | | | | 74,190 | | | | | | 1,098,754 | | |
Tetra Tech, Inc. (b) | | | | | 3,186 | | | | | | 531,839 | | |
Vestis Corp. | | | | | 68,080 | | | | | | 1,439,211 | | |
| | | | | | | | | | | 4,463,899 | | |
Communications Equipment — 0.9% | | ||||||||||||
Arista Networks, Inc. (a) (b) | | | | | 2,617 | | | | | | 616,330 | | |
Ciena Corp. (a) | | | | | 28,040 | | | | | | 1,262,080 | | |
Cisco Systems, Inc. (b) | | | | | 68,806 | | | | | | 3,476,079 | | |
Harmonic, Inc. (a) | | | | | 165,114 | | | | | | 2,153,086 | | |
Infinera Corp. (a) | | | | | 325,673 | | | | | | 1,546,947 | | |
Juniper Networks, Inc. | | | | | 31,205 | | | | | | 919,923 | | |
Lumentum Holdings, Inc. (a) | | | | | 12,011 | | | | | | 629,617 | | |
| | | | | | | | | | | 10,604,062 | | |
Construction & Engineering — 0.4% | | ||||||||||||
Dycom Industries, Inc. (a) (b) | | | | | 2,637 | | | | | | 303,492 | | |
Fluor Corp. (a) | | | | | 61,451 | | | | | | 2,407,036 | | |
Great Lakes Dredge & Dock Corp. (a) | | | | | 39,150 | | | | | | 300,672 | | |
Valmont Industries, Inc. (b) | | | | | 6,400 | | | | | | 1,494,464 | | |
WillScot Mobile Mini Holdings Corp. (a) (b) | | | | | 1,842 | | | | | | 81,969 | | |
| | | | | | | | | | | 4,587,633 | | |
Construction Materials — 0.0% | | ||||||||||||
Eagle Materials, Inc. | | | | | 1,264 | | | | | | 256,390 | | |
Consumer Finance — 0.2% | | ||||||||||||
Ally Financial, Inc. | | | | | 3,844 | | | | | | 134,232 | | |
American Express Co. (b) | | | | | 3,880 | | | | | | 726,879 | | |
Discover Financial Services | | | | | 13,273 | | | | | | 1,491,885 | | |
SLM Corp. | | | | | 2,171 | | | | | | 41,510 | | |
Synchrony Financial | | | | | 18,009 | | | | | | 687,764 | | |
| | | | | | | | | | | 3,082,270 | | |
Consumer Staples Distribution & Retail — 0.7% | | ||||||||||||
Albertsons Cos., Inc., Class A | | | | | 561 | | | | | | 12,903 | | |
BJ’s Wholesale Club Holdings, Inc. (a) | | | | | 4,727 | | | | | | 315,102 | | |
Chefs’ Warehouse, Inc. (a) | | | | | 85,418 | | | | | | 2,513,852 | | |
Dollar General Corp. (b) | | | | | 7,317 | | | | | | 994,746 | | |
Kroger Co. (b) | | | | | 21,636 | | | | | | 988,982 | | |
Performance Food Group Co. (a) | | | | | 9,845 | | | | | | 680,782 | | |
| | | Number of Shares | | | Value | | ||||||
Target Corp. (b) | | | | | 5,201 | | | | | $ | 740,726 | | |
Walgreens Boots Alliance, Inc. | | | | | 4,645 | | | | | | 121,281 | | |
Walmart, Inc. (b) | | | | | 14,367 | | | | | | 2,264,957 | | |
| | | | | | | | | | | 8,633,331 | | |
Containers & Packaging — 0.1% | | ||||||||||||
Ball Corp. (b) | | | | | 3,928 | | | | | | 225,939 | | |
Berry Global Group, Inc. (b) | | | | | 2,969 | | | | | | 200,081 | | |
International Paper Co. (b) | | | | | 5,778 | | | | | | 208,875 | | |
Westrock Co. (b) | | | | | 870 | | | | | | 36,122 | | |
| | | | | | | | | | | 671,017 | | |
Diversified Consumer Services — 0.2% | | ||||||||||||
ADT, Inc. | | | | | 6,185 | | | | | | 42,182 | | |
H&R Block, Inc. (b) | | | | | 7,573 | | | | | | 366,306 | | |
Mister Car Wash, Inc. (a) | | | | | 225,340 | | | | | | 1,946,937 | | |
| | | | | | | | | | | 2,355,425 | | |
Diversified REITs — 0.0% | | ||||||||||||
Alexander & Baldwin, Inc. | | | | | 9,704 | | | | | | 184,570 | | |
Diversified Telecommunication Services — 0.7% | | ||||||||||||
AT&T, Inc. (b) | | | | | 367,493 | | | | | | 6,166,532 | | |
Globalstar, Inc. (a) | | | | | 429,124 | | | | | | 832,501 | | |
Verizon Communications, Inc. (b) | | | | | 43,987 | | | | | | 1,658,310 | | |
| | | | | | | | | | | 8,657,343 | | |
Electric Utilities — 0.1% | | ||||||||||||
Hawaiian Electric Industries, Inc. (b) | | | | | 8,686 | | | | | | 123,255 | | |
NRG Energy, Inc. | | | | | 10,209 | | | | | | 527,805 | | |
| | | | | | | | | | | 651,060 | | |
Electrical Equipment — 0.5% | | ||||||||||||
EnerSys | | | | | 20,142 | | | | | | 2,033,536 | | |
Enovix Corp. (a) | | | | | 66,956 | | | | | | 838,289 | | |
nVent Electric PLC | | | | | 12,767 | | | | | | 754,402 | | |
Regal Rexnord Corp. (b) | | | | | 7,371 | | | | | | 1,091,056 | | |
Sensata Technologies Holding PLC | | | | | 11,212 | | | | | | 421,235 | | |
Vertiv Holdings Co., Class A (b) | | | | | 11,780 | | | | | | 565,793 | | |
| | | | | | | | | | | 5,704,311 | | |
Electronic Equipment, Instruments & Components — 0.4% | | ||||||||||||
Arrow Electronics, Inc. (a) | | | | | 8,601 | | | | | | 1,051,472 | | |
Avnet, Inc. | | | | | 4,093 | | | | | | 206,287 | | |
Belden, Inc. | | | | | 16,305 | | | | | | 1,259,561 | | |
Flex Ltd. (a) | | | | | 28,034 | | | | | | 853,916 | | |
PAR Technology Corp. (a) | | | | | 7,309 | | | | | | 318,234 | | |
TD SYNNEX Corp. | | | | | 8,097 | | | | | | 871,318 | | |
Vishay Intertechnology, Inc. | | | | | 1,583 | | | | | | 37,945 | | |
Vontier Corp. | | | | | 5,095 | | | | | | 176,032 | | |
| | | | | | | | | | | 4,774,765 | | |
Energy Equipment & Services — 0.5% | | ||||||||||||
Baker Hughes Co. | | | | | 25,686 | | | | | | 877,947 | | |
Cactus, Inc., Class A | | | | | 1,518 | | | | | | 68,917 | | |
Diamond Offshore Drilling, Inc. (a) | | | | | 5,146 | | | | | | 66,898 | | |
Dril-Quip, Inc. (a) | | | | | 4,339 | | | | | | 100,969 | | |
Halliburton Co. (b) | | | | | 11,376 | | | | | | 411,242 | | |
Helix Energy Solutions Group, Inc. (a) | | | | | 7,583 | | | | | | 77,953 | | |
Oceaneering International, Inc. (a) | | | | | 57,013 | | | | | | 1,213,237 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Patterson-UTI Energy, Inc. | | | | | 140,161 | | | | | $ | 1,513,739 | | |
Select Water Solutions, Inc. | | | | | 47,519 | | | | | | 360,669 | | |
Solaris Oilfield Infrastructure, Inc., Class A | | | | | 6,034 | | | | | | 48,031 | | |
TETRA Technologies, Inc. (a) | | | | | 4,069 | | | | | | 18,392 | | |
Tidewater, Inc. (a) | | | | | 185 | | | | | | 13,340 | | |
Transocean Ltd. (a) | | | | | 166,362 | | | | | | 1,056,399 | | |
Valaris Ltd. (a) | | | | | 9,253 | | | | | | 634,478 | | |
| | | | | | | | | | | 6,462,211 | | |
Entertainment — 0.5% | | ||||||||||||
Atlanta Braves Holdings, Inc., Class C (a) | | | | | 3,526 | | | | | | 139,559 | | |
Madison Square Garden Sports Corp. (a) | | | | | 12,696 | | | | | | 2,308,514 | | |
Netflix, Inc. (a) (b) | | | | | 3,151 | | | | | | 1,534,159 | | |
Roku, Inc. (a) | | | | | 9,185 | | | | | | 841,897 | | |
Take-Two Interactive Software, Inc. (a) | | | | | 3,430 | | | | | | 552,058 | | |
TKO Group Holdings, Inc. | | | | | 130 | | | | | | 10,605 | | |
Walt Disney Co. (b) | | | | | 5,221 | | | | | | 471,404 | | |
Warner Music Group Corp., Class A | | | | | 13,382 | | | | | | 478,942 | | |
| | | | | | | | | | | 6,337,138 | | |
Financial Services — 3.0% | | ||||||||||||
Apollo Global Management, Inc. (b) | | | | | 6,546 | | | | | | 610,022 | | |
AvidXchange Holdings, Inc. (a) | | | | | 93,084 | | | | | | 1,153,311 | | |
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 7,805 | | | | | | 2,783,731 | | |
Corebridge Financial, Inc. | | | | | 2,714 | | | | | | 58,785 | | |
Fidelity National Information Services, Inc. | | | | | 44,675 | | | | | | 2,683,627 | | |
Fiserv, Inc. (a) (b) | | | | | 14,707 | | | | | | 1,953,678 | | |
FleetCor Technologies, Inc. (a) | | | | | 1,766 | | | | | | 499,089 | | |
Global Payments, Inc. (b) | | | | | 26,589 | | | | | | 3,376,803 | | |
Marqeta, Inc., Class A (a) | | | | | 172,993 | | | | | | 1,207,491 | | |
Mastercard, Inc., Class A (b) | | | | | 3,504 | | | | | | 1,494,491 | | |
Paymentus Holdings, Inc.,Class A (a) | | | | | 15,605 | | | | | | 278,862 | | |
PayPal Holdings, Inc. (a) (b) | | | | | 33,799 | | | | | | 2,075,597 | | |
Repay Holdings Corp. (a) | | | | | 182,089 | | | | | | 1,555,040 | | |
Swiftmerge Acquisition Corp. (a) (c) (d) (e) | | | | | 6,943 | | | | | | 60,376 | | |
Toast, Inc., Class A (a) | | | | | 65,530 | | | | | | 1,196,578 | | |
Visa, Inc., Class A (b) | | | | | 52,383 | | | | | | 13,637,914 | | |
Western Union Co. | | | | | 163,648 | | | | | | 1,950,684 | | |
WEX, Inc. (a) | | | | | 3,291 | | | | | | 640,264 | | |
| | | | | | | | | | | 37,216,343 | | |
Food Products — 0.5% | | ||||||||||||
Archer-Daniels-Midland Co. (b) | | | | | 8,482 | | | | | | 612,570 | | |
Darling Ingredients, Inc. (a) | | | | | 8,784 | | | | | | 437,795 | | |
Hershey Co. (b) | | | | | 1,698 | | | | | | 316,575 | | |
McCormick & Co., Inc. | | | | | 46,705 | | | | | | 3,195,556 | | |
WK Kellogg Co. | | | | | 118,437 | | | | | | 1,556,262 | | |
| | | | | | | | | | | 6,118,758 | | |
Ground Transportation — 0.3% | | ||||||||||||
CSX Corp. (b) | | | | | 16,728 | | | | | | 579,960 | | |
JB Hunt Transport Services, Inc. | | | | | 2,419 | | | | | | 483,171 | | |
Landstar System, Inc. | | | | | 769 | | | | | | 148,917 | | |
| | | Number of Shares | | | Value | | ||||||
Lyft, Inc., Class A (a) | | | | | 4,494 | | | | | $ | 67,365 | | |
Norfolk Southern Corp. (b) | | | | | 2,898 | | | | | | 685,029 | | |
Uber Technologies, Inc. (a) (b) | | | | | 29,537 | | | | | | 1,818,593 | | |
| | | | | | | | | | | 3,783,035 | | |
Health Care Equipment & Supplies — 1.3% | | ||||||||||||
Align Technology, Inc. (a) | | | | | 1,151 | | | | | | 315,374 | | |
Baxter International, Inc. | | | | | 34,459 | | | | | | 1,332,185 | | |
GE HealthCare Technologies, Inc. | | | | | 2,196 | | | | | | 169,795 | | |
Globus Medical, Inc., Class A (a) | | | | | 1,583 | | | | | | 84,358 | | |
IDEXX Laboratories, Inc. (a) | | | | | 8,279 | | | | | | 4,595,259 | | |
Insulet Corp. (a) | | | | | 2,051 | | | | | | 445,026 | | |
Masimo Corp. (a) | | | | | 8,787 | | | | | | 1,029,924 | | |
Merit Medical Systems, Inc. (a) | | | | | 24,979 | | | | | | 1,897,405 | | |
Novocure Ltd. (a) | | | | | 4,086 | | | | | | 61,004 | | |
Shockwave Medical, Inc. (a) | | | | | 714 | | | | | | 136,060 | | |
Stryker Corp. | | | | | 19,657 | | | | | | 5,886,485 | | |
Zimvie, Inc. (a) | | | | | 12,767 | | | | | | 226,614 | | |
| | | | | | | | | | | 16,179,489 | | |
Health Care Providers & Services — 1.7% | | ||||||||||||
Amedisys, Inc. (a) | | | | | 104 | | | | | | 9,886 | | |
Cardinal Health, Inc. | | | | | 10,995 | | | | | | 1,108,296 | | |
Cencora, Inc. | | | | | 1,628 | | | | | | 334,359 | | |
Centene Corp. (a) | | | | | 11,869 | | | | | | 880,799 | | |
Cigna Group (b) | | | | | 8,684 | | | | | | 2,600,424 | | |
CVS Health Corp. (b) | | | | | 77,413 | | | | | | 6,112,530 | | |
Elevance Health, Inc. (b) | | | | | 748 | | | | | | 352,727 | | |
Encompass Health Corp. | | | | | 1,524 | | | | | | 101,681 | | |
HCA Healthcare, Inc. | | | | | 1,506 | | | | | | 407,644 | | |
Humana, Inc. | | | | | 2,579 | | | | | | 1,180,692 | | |
McKesson Corp. (b) | | | | | 2,641 | | | | | | 1,222,730 | | |
NeoGenomics, Inc. (a) | | | | | 152,561 | | | | | | 2,468,437 | | |
Patterson Cos., Inc. | | | | | 890 | | | | | | 25,321 | | |
Premier, Inc., Class A | | | | | 3,418 | | | | | | 76,426 | | |
Quipt Home Medical Corp. (a) | | | | | 85,267 | | | | | | 434,363 | | |
R1 RCM, Inc. (a) | | | | | 10,927 | | | | | | 115,498 | | |
Tenet Healthcare Corp. (a) | | | | | 5,100 | | | | | | 385,407 | | |
U.S. Physical Therapy, Inc. | | | | | 4,838 | | | | | | 450,611 | | |
UnitedHealth Group, Inc. (b) | | | | | 5,285 | | | | | | 2,782,394 | | |
Universal Health Services, Inc., Class B | | | | | 758 | | | | | | 115,550 | | |
| | | | | | | | | | | 21,165,775 | | |
Health Care REITs — 0.0% | | ||||||||||||
Healthpeak Properties, Inc. (b) | | | | | 20,322 | | | | | | 402,376 | | |
Health Care Technology — 0.0% | | ||||||||||||
Phreesia, Inc. (a) | | | | | 16,695 | | | | | | 386,489 | | |
Teladoc Health, Inc. (a) | | | | | 1,041 | | | | | | 22,434 | | |
| | | | | | | | | | | 408,923 | | |
Hotels, Restaurants & Leisure — 1.6% | | ||||||||||||
Aramark (b) | | | | | 17,260 | | | | | | 485,006 | | |
Booking Holdings, Inc. (a) (b) | | | | | 2,702 | | | | | | 9,584,588 | | |
Caesars Entertainment, Inc. (a) (b) | | | | | 21,598 | | | | | | 1,012,514 | | |
Carnival Corp. (a) (b) | | | | | 18,393 | | | | | | 341,006 | | |
Chipotle Mexican Grill, Inc. (a) (b) | | | | | 229 | | | | | | 523,714 | | |
Expedia Group, Inc. (a) (b) | | | | | 3,206 | | | | | | 486,639 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Las Vegas Sands Corp. (b) | | | | | 29,196 | | | | | $ | 1,436,735 | | |
Marriott International, Inc., Class A | | | | | 16,072 | | | | | | 3,624,397 | | |
Starbucks Corp. (b) | | | | | 8,678 | | | | | | 833,175 | | |
Texas Roadhouse, Inc. | | | | | 4,486 | | | | | | 548,324 | | |
Travel & Leisure Co. | | | | | 21,349 | | | | | | 834,532 | | |
Wendy’s Co. | | | | | 27,189 | | | | | | 529,642 | | |
| | | | | | | | | | | 20,240,272 | | |
Household Durables — 0.4% | | ||||||||||||
KB Home | | | | | 13,085 | | | | | | 817,289 | | |
Mohawk Industries, Inc. (a) (b) | | | | | 4,961 | | | | | | 513,463 | | |
NVR, Inc. (a) (b) | | | | | 35 | | | | | | 245,016 | | |
PulteGroup, Inc. (b) | | | | | 10,407 | | | | | | 1,074,210 | | |
Taylor Morrison Home Corp. (a) | | | | | 4,293 | | | | | | 229,032 | | |
Tempur Sealy International, Inc. (b) | | | | | 4,702 | | | | | | 239,661 | | |
Toll Brothers, Inc. (b) | | | | | 13,077 | | | | | | 1,344,185 | | |
Whirlpool Corp. (b) | | | | | 3,662 | | | | | | 445,922 | | |
| | | | | | | | | | | 4,908,778 | | |
Household Products — 0.7% | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 41,176 | | | | | | 3,893,603 | | |
Procter & Gamble Co. (b) | | | | | 30,491 | | | | | | 4,468,151 | | |
| | | | | | | | | | | 8,361,754 | | |
Independent Power & Renewable Electricity Producers — 0.2% | | ||||||||||||
AES Corp. | | | | | 92,091 | | | | | | 1,772,752 | | |
Altus Power, Inc. (a) | | | | | 40,194 | | | | | | 274,525 | | |
Talen Energy Corp. (a) | | | | | 5,320 | | | | | | 340,480 | | |
| | | | | | | | | | | 2,387,757 | | |
Industrial Conglomerates — 0.2% | | ||||||||||||
3M Co. (b) | | | | | 8,767 | | | | | | 958,408 | | |
General Electric Co. (b) | | | | | 13,146 | | | | | | 1,677,824 | | |
| | | | | | | | | | | 2,636,232 | | |
Industrial REITs — 0.1% | | ||||||||||||
Prologis, Inc. (b) | | | | | 5,635 | | | | | | 751,145 | | |
Insurance — 1.1% | | ||||||||||||
American International Group, Inc. (b) | | | | | 22,991 | | | | | | 1,557,640 | | |
Arthur J Gallagher & Co. | | | | | 5,981 | | | | | | 1,345,007 | | |
Assurant, Inc. | | | | | 946 | | | | | | 159,392 | | |
Cincinnati Financial Corp. | | | | | 550 | | | | | | 56,903 | | |
CNA Financial Corp. | | | | | 2,245 | | | | | | 94,986 | | |
CNO Financial Group, Inc. | | | | | 13,768 | | | | | | 384,127 | | |
Fidelity National Financial, Inc. | | | | | 127,607 | | | | | | 6,510,509 | | |
Hartford Financial Services Group, Inc. | | | | | 2,343 | | | | | | 188,331 | | |
Lincoln National Corp. | | | | | 13,365 | | | | | | 360,454 | | |
MetLife, Inc. (b) | | | | | 852 | | | | | | 56,343 | | |
Primerica, Inc. | | | | | 507 | | | | | | 104,320 | | |
ProAssurance Corp. | | | | | 15,563 | | | | | | 214,614 | | |
Reinsurance Group of America, Inc. | | | | | 1,872 | | | | | | 302,852 | | |
Unum Group | | | | | 26,064 | | | | | | 1,178,614 | | |
Willis Towers Watson PLC | | | | | 3,719 | | | | | | 897,023 | | |
| | | | | | | | | | | 13,411,115 | | |
Interactive Media & Services — 3.1% | | ||||||||||||
Alphabet, Inc., Class A (a) (b) | | | | | 119,333 | | | | | | 16,669,627 | | |
Alphabet, Inc., Class C (a) (b) | | | | | 14,713 | | | | | | 2,073,503 | | |
| | | Number of Shares | | | Value | | ||||||
IAC, Inc. (a) | | | | | 17,706 | | | | | $ | 927,440 | | |
Match Group, Inc. (a) | | | | | 8,959 | | | | | | 327,003 | | |
Meta Platforms, Inc., Class A (a) (b) | | | | | 47,124 | | | | | | 16,680,011 | | |
TripAdvisor, Inc. (a) | | | | | 45,439 | | | | | | 978,302 | | |
ZoomInfo Technologies, Inc. (a) | | | | | 57,893 | | | | | | 1,070,442 | | |
| | | | | | | | | | | 38,726,328 | | |
IT Services — 1.1% | | ||||||||||||
Amdocs Ltd. | | | | | 11,883 | | | | | | 1,044,397 | | |
BigCommerce Holdings, Inc. (a) | | | | | 68,588 | | | | | | 667,361 | | |
Cloudflare, Inc., Class A (a) | | | | | 102,066 | | | | | | 8,498,015 | | |
Cognizant Technology Solutions Corp., Class A | | | | | 4,519 | | | | | | 341,320 | | |
Couchbase, Inc. (a) | | | | | 8,366 | | | | | | 188,402 | | |
EPAM Systems, Inc. (a) | | | | | 1,001 | | | | | | 297,637 | | |
Grid Dynamics Holdings, Inc. (a) | | | | | 12,588 | | | | | | 167,798 | | |
Kyndryl Holdings, Inc. (a) | | | | | 18,443 | | | | | | 383,246 | | |
Okta, Inc. (a) | | | | | 13,701 | | | | | | 1,240,352 | | |
Snowflake, Inc., Class A (a) | | | | | 6,059 | | | | | | 1,205,741 | | |
| | | | | | | | | | | 14,034,269 | | |
Leisure Products — 0.2% | | ||||||||||||
Clarus Corp. | | | | | 157,773 | | | | | | 1,087,845 | | |
Malibu Boats, Inc., Class A (a) | | | | | 7,490 | | | | | | 410,602 | | |
Peloton Interactive, Inc., Class A (a) | | | | | 68,972 | | | | | | 420,039 | | |
Polaris, Inc. (b) | | | | | 3,470 | | | | | | 328,852 | | |
Vista Outdoor, Inc. (a) | | | | | 29,247 | | | | | | 864,834 | | |
| | | | | | | | | | | 3,112,172 | | |
Life Sciences Tools & Services — 1.4% | | ||||||||||||
Avantor, Inc. (a) | | | | | 50,184 | | | | | | 1,145,701 | | |
Bio-Rad Laboratories, Inc., Class A (a) | | | | | 2,499 | | | | | | 806,902 | | |
Danaher Corp. (b) | | | | | 4,401 | | | | | | 1,018,127 | | |
Illumina, Inc. (a) | | | | | 17,474 | | | | | | 2,433,080 | | |
Maravai LifeSciences Holdings, Inc., Class A (a) | | | | | 102,785 | | | | | | 673,242 | | |
Medpace Holdings, Inc. (a) | | | | | 2,314 | | | | | | 709,310 | | |
Mettler-Toledo International, Inc. (a) | | | | | 2,973 | | | | | | 3,606,130 | | |
Thermo Fisher Scientific, Inc. (b) | | | | | 1,355 | | | | | | 719,220 | | |
Waters Corp. (a) | | | | | 17,869 | | | | | | 5,883,011 | | |
| | | | | | | | | | | 16,994,723 | | |
Machinery — 0.8% | | ||||||||||||
AGCO Corp. (b) | | | | | 10,293 | | | | | | 1,249,673 | | |
Allison Transmission Holdings, Inc. | | | | | 20,531 | | | | | | 1,193,878 | | |
Enerpac Tool Group Corp. | | | | | 17,540 | | | | | | 545,319 | | |
Gates Industrial Corp. PLC (a) | | | | | 96,305 | | | | | | 1,292,413 | | |
IDEX Corp. (b) | | | | | 1,368 | | | | | | 297,007 | | |
Ingersoll Rand, Inc. | | | | | 3,703 | | | | | | 286,390 | | |
Otis Worldwide Corp. | | | | | 27,241 | | | | | | 2,437,252 | | |
PACCAR, Inc. (b) | | | | | 7,102 | | | | | | 693,510 | | |
Terex Corp. | | | | | 13,257 | | | | | | 761,747 | | |
Timken Co. | | | | | 4,705 | | | | | | 377,106 | | |
Xylem, Inc. (b) | | | | | 3,412 | | | | | | 390,196 | | |
| | | | | | | | | | | 9,524,491 | | |
Marine Transportation — 0.0% | | ||||||||||||
Kirby Corp. (a) | | | | | 2,107 | | | | | | 165,357 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Media — 0.4% | | ||||||||||||
Charter Communications, Inc., Class A (a) | | | | | 420 | | | | | $ | 163,246 | | |
Clear Channel Outdoor Holdings, Inc. (a) | | | | | 350,819 | | | | | | 638,491 | | |
Comcast Corp., Class A (b) | | | | | 6,578 | | | | | | 288,445 | | |
Gray Television, Inc. | | | | | 70,977 | | | | | | 635,954 | | |
Integral Ad Science Holding Corp. (a) | | | | | 91,282 | | | | | | 1,313,548 | | |
Nexstar Media Group, Inc. | | | | | 1,619 | | | | | | 253,778 | | |
Sirius XM Holdings, Inc. | | | | | 162,258 | | | | | | 887,551 | | |
TEGNA, Inc. | | | | | 48,991 | | | | | | 749,562 | | |
Trade Desk, Inc., Class A (a) | | | | | 4,837 | | | | | | 348,071 | | |
| | | | | | | | | | | 5,278,646 | | |
Metals & Mining — 0.7% | | ||||||||||||
Cleveland-Cliffs, Inc. (a) (b) | | | | | 32,546 | | | | | | 664,589 | | |
Constellium SE (a) | | | | | 14,163 | | | | | | 282,693 | | |
Newmont Corp. | | | | | 5,848 | | | | | | 242,049 | | |
Newmont Corp. | | | | | 103,188 | | | | | | 4,264,459 | | |
Perpetua Resources Corp. (a) | | | | | 128,781 | | | | | | 408,236 | | |
Ramaco Resources, Inc., Class A | | | | | 26,263 | | | | | | 451,198 | | |
Royal Gold, Inc. | | | | | 13,726 | | | | | | 1,660,297 | | |
Steel Dynamics, Inc. (b) | | | | | 1,584 | | | | | | 187,070 | | |
U.S. Steel Corp. | | | | | 663 | | | | | | 32,255 | | |
| | | | | | | | | | | 8,192,846 | | |
Office REITs — 0.0% | | ||||||||||||
Kilroy Realty Corp. | | | | | 1,588 | | | | | | 63,266 | | |
Oil, Gas & Consumable Fuels — 1.1% | | ||||||||||||
APA Corp. | | | | | 425 | | | | | | 15,249 | | |
Cheniere Energy, Inc. (b) | | | | | 2,159 | | | | | | 368,563 | | |
Chevron Corp. (b) | | | | | 3,543 | | | | | | 528,474 | | |
Chord Energy Corp. | | | | | 492 | | | | | | 81,785 | | |
Coterra Energy, Inc. | | | | | 20,928 | | | | | | 534,083 | | |
Exxon Mobil Corp. (b) | | | | | 5,713 | | | | | | 571,186 | | |
HF Sinclair Corp. | | | | | 9,533 | | | | | | 529,749 | | |
Marathon Petroleum Corp. (b) | | | | | 5,995 | | | | | | 889,418 | | |
Matador Resources Co. | | | | | 3,023 | | | | | | 171,888 | | |
Murphy Oil Corp. | | | | | 2,367 | | | | | | 100,976 | | |
Ovintiv, Inc. | | | | | 5,513 | | | | | | 242,131 | | |
PBF Energy, Inc., Class A | | | | | 6,416 | | | | | | 282,047 | | |
Phillips 66(b) | | | | | 3,110 | | | | | | 414,065 | | |
Pioneer Natural Resources Co. (b) | | | | | 888 | | | | | | 199,693 | | |
Range Resources Corp. | | | | | 81,744 | | | | | | 2,488,287 | | |
Southwestern Energy Co. (a) | | | | | 556,847 | | | | | | 3,647,348 | | |
Texas Pacific Land Corp. | | | | | 510 | | | | | | 801,950 | | |
Uranium Energy Corp. (a) (b) | | | | | 62,400 | | | | | | 399,360 | | |
Valero Energy Corp. | | | | | 8,222 | | | | | | 1,068,860 | | |
| | | | | | | | | | | 13,335,112 | | |
Paper & Forest Products — 0.0% | | ||||||||||||
Louisiana-Pacific Corp. (b) | | | | | 7,803 | | | | | | 552,686 | | |
Passenger Airlines — 0.1% | | | | | | | | | | | | | |
American Airlines Group, Inc. (a) | | | | | 39,848 | | | | | | 547,511 | | |
SkyWest, Inc. (a) | | | | | 7,613 | | | | | | 397,399 | | |
Southwest Airlines Co. | | | | | 8,806 | | | | | | 254,317 | | |
United Airlines Holdings, Inc. (a) | | | | | 6,181 | | | | | | 255,028 | | |
| | | | | | | | | | | 1,454,255 | | |
|
| | | Number of Shares | | | Value | | ||||||
Personal Care Products — 0.1% | | ||||||||||||
Kenvue, Inc. (b) | | | | | 42,138 | | | | | $ | 907,231 | | |
Pharmaceuticals — 0.4% | | | | | | | | | | | | | |
Bristol-Myers Squibb Co. (b) | | | | | 7,789 | | | | | | 399,654 | | |
Intra-Cellular Therapies, Inc. (a) | | | | | 1,159 | | | | | | 83,008 | | |
Johnson & Johnson (b) | | | | | 14,369 | | | | | | 2,252,197 | | |
Merck & Co., Inc. (b) | | | | | 811 | | | | | | 88,415 | | |
Organon & Co. | | | | | 3,455 | | | | | | 49,821 | | |
Pfizer, Inc. (b) | | | | | 35,837 | | | | | | 1,031,747 | | |
Viatris, Inc. | | | | | 64,232 | | | | | | 695,632 | | |
| | | | | | | | | | | 4,600,474 | | |
Professional Services — 1.5% | | ||||||||||||
Automatic Data Processing, Inc. | | | | | 28,849 | | | | | | 6,720,952 | | |
Broadridge Financial Solutions, Inc. (b) | | | | | 2,681 | | | | | | 551,616 | | |
CACI International, Inc., Class A (a) | | | | | 273 | | | | | | 88,414 | | |
Clarivate PLC (a) | | | | | 83,889 | | | | | | 776,812 | | |
Concentrix Corp. (b) | | | | | 15,795 | | | | | | 1,551,227 | | |
Equifax, Inc. | | | | | 8,365 | | | | | | 2,068,581 | | |
Exponent, Inc. (b) | | | | | 1,249 | | | | | | 109,962 | | |
First Advantage Corp. | | | | | 42,169 | | | | | | 698,740 | | |
Huron Consulting Group, Inc. (a) | | | | | 3,135 | | | | | | 322,278 | | |
Insperity, Inc. (b) | | | | | 5,401 | | | | | | 633,105 | | |
KBR, Inc. (b) | | | | | 12,689 | | | | | | 703,097 | | |
ManpowerGroup, Inc. (b) | | | | | 4,866 | | | | | | 386,701 | | |
Paychex, Inc. | | | | | 2,204 | | | | | | 262,518 | | |
Paycom Software, Inc. (b) | | | | | 1,347 | | | | | | 278,452 | | |
Paylocity Holding Corp. (a) (b) | | | | | 4,810 | | | | | | 792,929 | | |
SS&C Technologies Holdings, Inc. (b) | | | | | 16,080 | | | | | | 982,649 | | |
Sterling Check Corp. (a) | | | | | 50,586 | | | | | | 704,157 | | |
TransUnion (b) | | | | | 7,666 | | | | | | 526,731 | | |
Verra Mobility Corp. (a) (b) | | | | | 7,465 | | | | | | 171,919 | | |
| | | | | | | | | | | 18,330,840 | | |
Real Estate Management & Development — 0.0% | | ||||||||||||
Zillow Group, Inc., Class C (a) (b) | | | | | 4,731 | | | | | | 273,736 | | |
Semiconductors & Semiconductor Equipment — 1.4% | | ||||||||||||
Amkor Technology, Inc. | | | | | 21,815 | | | | | | 725,785 | | |
Analog Devices, Inc. (b) | | | | | 4,162 | | | | | | 826,407 | | |
Applied Materials, Inc. (b) | | | | | 4,483 | | | | | | 726,560 | | |
Broadcom, Inc. (b) | | | | | 1,086 | | | | | | 1,212,247 | | |
Enphase Energy, Inc. (a) | | | | | 2,964 | | | | | | 391,663 | | |
First Solar, Inc. (a) | | | | | 280 | | | | | | 48,238 | | |
Impinj, Inc. (a) | | | | | 2,149 | | | | | | 193,474 | | |
Intel Corp. (b) | | | | | 10,074 | | | | | | 506,219 | | |
KLA Corp. (b) | | | | | 506 | | | | | | 294,138 | | |
Lam Research Corp. (b) | | | | | 871 | | | | | | 682,219 | | |
Marvell Technology, Inc. | | | | | 9,489 | | | | | | 572,282 | | |
Microchip Technology, Inc. | | | | | 10,985 | | | | | | 990,627 | | |
Micron Technology, Inc. (b) | | | | | 3,375 | | | | | | 288,023 | | |
NVIDIA Corp. (b) | | | | | 13,180 | | | | | | 6,527,000 | | |
Onto Innovation, Inc. (a) | | | | | 972 | | | | | | 148,619 | | |
QUALCOMM, Inc. (b) | | | | | 8,079 | | | | | | 1,168,466 | | |
Skyworks Solutions, Inc. | | | | | 2,722 | | | | | | 306,007 | | |
Universal Display Corp. | | | | | 12,436 | | | | | | 2,378,509 | | |
| | | | | | | | | | | 17,986,483 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Software — 6.6% | | ||||||||||||
Adobe, Inc. (a) (b) | | | | | 6,515 | | | | | $ | 3,886,849 | | |
Amplitude, Inc., Class A (a) | | | | | 39,324 | | | | | | 500,201 | | |
AppLovin Corp., Class A (a) | | | | | 12,413 | | | | | | 494,658 | | |
Autodesk, Inc. (a) | | | | | 1,294 | | | | | | 315,063 | | |
AvePoint, Inc. (a) | | | | | 50,292 | | | | | | 412,897 | | |
Bentley Systems, Inc., Class B | | | | | 5,695 | | | | | | 297,165 | | |
Blackbaud, Inc. (a) | | | | | 44,002 | | | | | | 3,814,973 | | |
Box, Inc., Class A (a) | | | | | 25,637 | | | | | | 656,564 | | |
Cadence Design Systems, Inc. (a) | | | | | 1,694 | | | | | | 461,395 | | |
CCC Intelligent Solutions Holdings, Inc. (a) | | | | | 9,860 | | | | | | 112,305 | | |
Clear Secure, Inc., Class A | | | | | 88,471 | | | | | | 1,826,926 | | |
Clearwater Analytics Holdings, Inc., Class A (a) | | | | | 6,994 | | | | | | 140,090 | | |
Crowdstrike Holdings, Inc., Class A (a) | | | | | 38,356 | | | | | | 9,793,054 | | |
Datadog, Inc., Class A (a) | | | | | 87,083 | | | | | | 10,570,135 | | |
DocuSign, Inc. (a) | | | | | 38,834 | | | | | | 2,308,681 | | |
Elastic NV (a) | | | | | 7,032 | | | | | | 792,506 | | |
Everbridge, Inc. (a) | | | | | 18,944 | | | | | | 460,529 | | |
Fair Isaac Corp. (a) | | | | | 456 | | | | | | 530,789 | | |
Five9, Inc. (a) | | | | | 1,325 | | | | | | 104,264 | | |
Fortinet, Inc. (a) | | | | | 41,792 | | | | | | 2,446,086 | | |
Freshworks, Inc., Class A (a) | | | | | 2,673 | | | | | | 62,789 | | |
Gen Digital, Inc. | | | | | 24,531 | | | | | | 559,797 | | |
Gitlab, Inc., Class A (a) | | | | | 428 | | | | | | 26,947 | | |
HashiCorp, Inc., Class A (a) | | | | | 73,114 | | | | | | 1,728,415 | | |
HubSpot, Inc. (a) | | | | | 178 | | | | | | 103,336 | | |
Microsoft Corp. (b) | | | | | 50,792 | | | | | | 19,099,824 | | |
Monday.com Ltd. (a) | | | | | 17,579 | | | | | | 3,301,512 | | |
N-able, Inc. (a) | | | | | 90,082 | | | | | | 1,193,586 | | |
NCR Voyix Corp. (a) | | | | | 11,386 | | | | | | 192,537 | | |
Nutanix, Inc., Class A (a) | | | | | 3,355 | | | | | | 160,000 | | |
Olo, Inc., Class A (a) | | | | | 180,084 | | | | | | 1,030,080 | | |
ON24, Inc. | | | | | 15,870 | | | | | | 125,056 | | |
Oracle Corp. (b) | | | | | 17,702 | | | | | | 1,866,322 | | |
Pegasystems, Inc. | | | | | 19,471 | | | | | | 951,353 | | |
PowerSchool Holdings, Inc., Class A (a) | | | | | 8,510 | | | | | | 200,496 | | |
RingCentral, Inc., Class A (a) | | | | | 51,139 | | | | | | 1,736,169 | | |
Roper Technologies, Inc. | | | | | 899 | | | | | | 490,108 | | |
Salesforce, Inc. (a) (b) | | | | | 12,111 | | | | | | 3,186,889 | | |
SentinelOne, Inc., Class A (a) | | | | | 4,278 | | | | | | 117,388 | | |
ServiceNow, Inc. (a) (b) | | | | | 2,017 | | | | | | 1,424,990 | | |
Smartsheet, Inc., Class A (a) | | | | | 16,360 | | | | | | 782,335 | | |
Splunk, Inc. (a) | | | | | 524 | | | | | | 79,831 | | |
Teradata Corp. (a) | | | | | 9,509 | | | | | | 413,737 | | |
Varonis Systems, Inc. (a) | | | | | 1,948 | | | | | | 88,205 | | |
Workday, Inc., Class A (a) | | | | | 10,211 | | | | | | 2,818,849 | | |
Workiva, Inc. (a) | | | | | 1,084 | | | | | | 110,059 | | |
Zoom Video Communications, Inc., Class A (a) | | | | | 3,431 | | | | | | 246,723 | | |
Zscaler, Inc. (a) | | | | | 667 | | | | | | 147,781 | | |
| | | | | | | | | | | 82,170,244 | | |
|
| | | Number of Shares | | | Value | | ||||||
Specialized REITs — 0.3% | | ||||||||||||
American Tower Corp. (b) | | | | | 9,662 | | | | | $ | 2,085,833 | | |
Crown Castle, Inc. (b) | | | | | 879 | | | | | | 101,252 | | |
Equinix, Inc. (b) | | | | | 1,071 | | | | | | 862,573 | | |
Lamar Advertising Co., Class A | | | | | 1,273 | | | | | | 135,294 | | |
National Storage Affiliates Trust | | | | | 2,017 | | | | | | 83,645 | | |
| | | | | | | | | | | 3,268,597 | | |
Specialty Retail — 0.6% | | ||||||||||||
Advance Auto Parts, Inc. | | | | | 13,323 | | | | | | 813,103 | | |
Arhaus, Inc. (a) (b) | | | | | 46,511 | | | | | | 551,155 | | |
AutoZone, Inc. (a) (b) | | | | | 218 | | | | | | 563,663 | | |
Burlington Stores, Inc. (a) (b) | | | | | 2,377 | | | | | | 462,279 | | |
Chewy, Inc., Class A (a) (b) | | | | | 20,866 | | | | | | 493,064 | | |
Chico’s FAS, Inc. (a) (b) | | | | | 38,193 | | | | | | 289,503 | | |
Dick’s Sporting Goods, Inc. (b) | | | | | 4,092 | | | | | | 601,319 | | |
Gap, Inc. | | | | | 6,403 | | | | | | 133,887 | | |
National Vision Holdings, Inc. (a) (b) | | | | | 10,251 | | | | | | 214,553 | | |
Petco Health & Wellness Co., Inc. (a) | | | | | 188,784 | | | | | | 596,557 | | |
Sally Beauty Holdings, Inc. (a) (b) | | | | | 4,017 | | | | | | 53,346 | | |
Ulta Beauty, Inc. (a) (b) | | | | | 2,904 | | | | | | 1,422,931 | | |
Victoria’s Secret & Co. (a) | | | | | 36,306 | | | | | | 963,561 | | |
Wayfair, Inc., Class A (a) | | | | | 5,105 | | | | | | 314,979 | | |
| | | | | | | | | | | 7,473,900 | | |
Technology Hardware, Storage & Peripherals — 1.0% | | ||||||||||||
Apple, Inc. (b) | | | | | 44,909 | | | | | | 8,646,330 | | |
Dell Technologies, Inc., Class C | | | | | 20,853 | | | | | | 1,595,254 | | |
Hewlett Packard Enterprise Co. | | | | | 13,168 | | | | | | 223,593 | | |
HP, Inc. (b) | | | | | 9,552 | | | | | | 287,420 | | |
Pure Storage, Inc., Class A (a) | | | | | 12,271 | | | | | | 437,584 | | |
Seagate Technology Holdings PLC | | | | | 3,196 | | | | | | 272,842 | | |
Super Micro Computer, Inc. (a) | | | | | 1,673 | | | | | | 475,567 | | |
Western Digital Corp. (a) | | | | | 4,932 | | | | | | 258,289 | | |
| | | | | | | | | | | 12,196,879 | | |
Textiles, Apparel & Luxury Goods — 0.6% | | ||||||||||||
Crocs, Inc. (a) | | | | | 14,138 | | | | | | 1,320,631 | | |
NIKE, Inc., Class B (b) | | | | | 46,869 | | | | | | 5,088,567 | | |
Skechers USA, Inc., Class A (a) (b) | | | | | 20,222 | | | | | | 1,260,639 | | |
| | | | | | | | | | | 7,669,837 | | |
Tobacco — 0.6% | | ||||||||||||
Altria Group, Inc. (b) | | | | | 2,104 | | | | | | 84,875 | | |
Philip Morris International, Inc. (b) | | | | | 75,196 | | | | | | 7,074,440 | | |
| | | | | | | | | | | 7,159,315 | | |
Trading Companies & Distributors — 0.2% | | ||||||||||||
Air Lease Corp. | | | | | 20,201 | | | | | | 847,230 | | |
Core & Main, Inc., Class A (a) (b) | | | | | 11,082 | | | | | | 447,824 | | |
GMS, Inc. (a) | | | | | 2,994 | | | | | | 246,795 | | |
United Rentals, Inc. (b) | | | | | 433 | | | | | | 248,291 | | |
WESCO International, Inc. (b) | | | | | 1,546 | | | | | | 268,818 | | |
| | | | | | | | | | | 2,058,958 | | |
Water Utilities — 0.2% | | ||||||||||||
American States Water Co. | | | | | 1,573 | | | | | | 126,501 | | |
American Water Works Co., Inc. (b) | | | | | 8,683 | | | | | | 1,146,069 | | |
California Water Service Group | | | | | 4,664 | | | | | | 241,922 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Essential Utilities, Inc. | | | | | 8,818 | | | | | $ | 329,352 | | |
SJW Group | | | | | 4,642 | | | | | | 303,355 | | |
York Water Co. | | | | | 1,505 | | | | | | 58,123 | | |
| | | | | | | | | | | 2,205,322 | | |
Wireless Telecommunication Services — 0.1% | | ||||||||||||
T-Mobile U.S., Inc. (b) | | | | | 10,216 | | | | | | 1,637,931 | | |
Total U.S. Common Stocks (Cost $499,594,534) | | | | | | | | | | | 583,273,594 | | |
Foreign Common Stocks — 18.7% | | ||||||||||||
Argentina — 0.0% | | ||||||||||||
Cresud SACIF y A – SPADR | | | | | 22,762 | | | | | | 215,785 | | |
IRSA Inversiones y Representaciones SA ADR | | | | | 847 | | | | | | 7,284 | | |
| | | | | | | | | | | 223,069 | | |
Australia — 0.1% | | ||||||||||||
Champion Iron Ltd. (b) | | | | | 106,700 | | | | | | 600,718 | | |
Bermuda — 0.1% | | ||||||||||||
Axis Capital Holdings Ltd. | | | | | 9,670 | | | | | | 535,428 | | |
Liberty Global Ltd., Class C (a) | | | | | 17,548 | | | | | | 327,095 | | |
RenaissanceRe Holdings Ltd. | | | | | 1,974 | | | | | | 386,904 | | |
| | | | | | | | | | | 1,249,427 | | |
Brazil — 0.1% | | ||||||||||||
Centrais Eletricas Brasileiras SA | | | | | 198,202 | | | | | | 1,707,085 | | |
Burkina Faso — 0.1% | | ||||||||||||
Endeavour Mining PLC | | | | | 38,500 | | | | | | 864,982 | | |
Cameroon, United Republic Of — 0.1% | | ||||||||||||
Golar LNG Ltd. | | | | | 25,231 | | | | | | 580,061 | | |
Canada — 5.0% | | ||||||||||||
Air Canada (a) (b) | | | | | 42,200 | | | | | | 595,236 | | |
Alaris Equity Partners Income (b) | | | | | 50,900 | | | | | | 625,758 | | |
Algoma Steel Group, Inc. | | | | | 29,965 | | | | | | 300,549 | | |
Aris Mining Corp. (a) | | | | | 250,800 | | | | | | 827,136 | | |
Artemis Gold, Inc. (a) | | | | | 318,621 | | | | | | 1,519,705 | | |
Barrick Gold Corp. – NYSE Shares | | | | | 99,583 | | | | | | 1,801,456 | | |
Bear Creek Mining Corp. (a) | | | | | 319,151 | | | | | | 43,355 | | |
Bombardier, Inc., Class B (a) (b) | | | | | 16,200 | | | | | | 650,543 | | |
Brookfield Corp., Class A | | | | | 19,506 | | | | | | 782,581 | | |
Cameco Corp. – TSX Shares (b) | | | | | 23,000 | | | | | | 991,653 | | |
Canadian Pacific Kansas City Ltd. (b) | | | | | 11,954 | | | | | | 945,083 | | |
Capstone Copper Corp. (a) (b) | | | | | 157,900 | | | | | | 768,616 | | |
Celestica, Inc. (a) (b) | | | | | 29,453 | | | | | | 862,663 | | |
Cineplex, Inc. (a) | | | | | 62,900 | | | | | | 397,323 | | |
Collective Mining Ltd. (a) | | | | | 67,700 | | | | | | 216,121 | | |
Crescent Point Energy Corp. (b) | | | | | 129,100 | | | | | | 895,384 | | |
Dundee Corp., Class A (a) | | | | | 405,126 | | | | | | 281,284 | | |
Dye & Durham Ltd. (b) | | | | | 111,900 | | | | | | 1,212,697 | | |
Enbridge, Inc. (b) | | | | | 23,800 | | | | | | 856,768 | | |
Enerflex Ltd. (b) | | | | | 144,100 | | | | | | 666,641 | | |
Equinox Gold Corp. (a) (f) | | | | | 437,572 | | | | | | 2,126,685 | | |
Equinox Gold Corp. (a) | | | | | 414,199 | | | | | | 2,025,433 | | |
Exchange Income Corp. (b) | | | | | 18,900 | | | | | | 643,289 | | |
Fission Uranium Corp. (a) (f) | | | | | 913,500 | | | | | | 744,561 | | |
| | | Number of Shares | | | Value | | ||||||
Franco-Nevada Corp. (b) | | | | | 10,000 | | | | | $ | 1,107,656 | | |
Global Atomic Corp. (a) | | | | | 212,900 | | | | | | 446,671 | | |
goeasy Ltd. (b) | | | | | 8,900 | | | | | | 1,061,646 | | |
Hammond Power Solutions, Inc. (b) | | | | | 1,600 | | | | | | 98,653 | | |
International Tower Hill Mines Ltd. (a) | | | | | 376,174 | | | | | | 220,062 | | |
Ivanhoe Mines Ltd., Class A (a) (f) | | | | | 53,129 | | | | | | 515,232 | | |
Lithium Americas Argentina Corp. (a) | | | | | 242,205 | | | | | | 1,530,736 | | |
Lithium Americas Corp. (a) | | | | | 130,411 | | | | | | 834,630 | | |
Lithium Ionic Corp. (a) | | | | | 353,000 | | | | | | 466,209 | | |
Magna International, Inc. (b) | | | | | 41,211 | | | | | | 2,434,746 | | |
Maple Leaf Foods, Inc. (b) | | | | | 34,200 | | | | | | 651,453 | | |
MEG Energy Corp. (a) | | | | | 16,179 | | | | | | 289,013 | | |
Neighbourly Pharmacy, Inc. (b) | | | | | 60,100 | | | | | | 761,540 | | |
North American Construction Group Ltd. (b) | | | | | 27,600 | | | | | | 575,933 | | |
Northern Dynasty Minerals Ltd. (a) | | | | | 752,336 | | | | | | 244,145 | | |
Northern Dynasty Minerals Ltd. (a) | | | | | 338,909 | | | | | | 109,569 | | |
Novagold Resources, Inc. (a) | | | | | 280,269 | | | | | | 1,048,206 | | |
Nuvei Corp. (b) (g) | | | | | 29,800 | | | | | | 782,867 | | |
Open Text Corp. (b) | | | | | 30,500 | | | | | | 1,281,872 | | |
Orla Mining Ltd. (a) (b) | | | | | 164,900 | | | | | | 537,616 | | |
Osisko Gold Royalties Ltd. | | | | | 20,141 | | | | | | 287,614 | | |
Osisko Mining, Inc. (a) (b) | | | | | 156,400 | | | | | | 315,149 | | |
Pan American Silver Corp. (f) | | | | | 50,203 | | | | | | 819,509 | | |
Pasofino Gold Ltd. (a) | | | | | 61,000 | | | | | | 20,026 | | |
Pembina Pipeline Corp. (a) (b) | | | | | 23,300 | | | | | | 791,291 | | |
Precision Drilling Corp. (a) (b) | | | | | 17,300 | | | | | | 939,518 | | |
Premium Nickel Resources Ltd. (a) | | | | | 222,000 | | | | | | 211,101 | | |
RB Global, Inc. (b) | | | | | 8,200 | | | | | | 548,730 | | |
Sandstorm Gold Ltd. | | | | | 64,330 | | | | | | 323,580 | | |
Seabridge Gold, Inc. (a) (f) | | | | | 101,511 | | | | | | 1,230,344 | | |
Seabridge Gold, Inc. (a) | | | | | 58,102 | | | | | | 704,777 | | |
Shopify, Inc., Class A (a) | | | | | 122,951 | | | | | | 9,577,883 | | |
Solaris Resources, Inc. (a) | | | | | 46,370 | | | | | | 144,529 | | |
Solaris Resources, Inc. (a) (c) (h) | | | | | 16,600 | | | | | | 51,740 | | |
Somerset Energy Partners Corp. (a) (c) (d) (e) | | | | | 130,200 | | | | | | 44,217 | | |
Spin Master Corp. (b) (g) | | | | | 28,400 | | | | | | 747,160 | | |
Sprott Physical Uranium Trust | | | | | 121,920 | | | | | | 2,600,248 | | |
Sprott, Inc. (f) | | | | | 18,058 | | | | | | 611,632 | | |
Superior Plus Corp. (b) | | | | | 74,100 | | | | | | 538,533 | | |
Tamarack Valley Energy Ltd. (b) | | | | | 70,300 | | | | | | 162,878 | | |
Teck Resources Ltd., Class B (b) | | | | | 23,000 | | | | | | 972,212 | | |
Thomson Reuters Corp. (b) | | | | | 7,179 | | | �� | | | 1,049,713 | | |
Western Copper & Gold Corp. (a) (f) | | | | | 137,610 | | | | | | 181,742 | | |
Wheaton Precious Metals Corp. | | | | | 54,552 | | | | | | 2,691,596 | | |
| | | | | | | | | | | 61,344,697 | | |
Cayman Islands — 0.0% | | ||||||||||||
Changgang Dunxin Enterprise Co. Ltd. (a) (c) (d) | | | | | 4,640,000 | | | | | | — | | |
Sucro Ltd. | | | | | 28,710 | | | | | | 216,671 | | |
| | | | | | | | | | | 216,671 | | |
Chile — 0.0% | | ||||||||||||
Lundin Mining Corp. | | | | | 10,297 | | | | | | 84,238 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
China — 0.6% | | ||||||||||||
Alibaba Group Holding Ltd. – SPADR | | | | | 8,546 | | | | | $ | 662,401 | | |
CGN Power Co. Ltd., Class H (g) | | | | | 10,059,000 | | | | | | 2,625,483 | | |
China Communications Services Corp. Ltd., Class H | | | | | 2,690,000 | | | | | | 1,114,552 | | |
China Shenhua Energy Co. Ltd., Class H | | | | | 202,500 | | | | | | 693,119 | | |
Guangshen Railway Co. Ltd., Class H (a) | | | | | 2,686,000 | | | | | | 522,437 | | |
JD.com, Inc. – ADR (b) | | | | | 14,818 | | | | | | 428,092 | | |
PDD Holdings, Inc. – ADR (a) (b) | | | | | 2,752 | | | | | | 402,645 | | |
Shanghai Electric Group Co. Ltd., Class H (a) | | | | | 2,464,000 | | | | | | 513,808 | | |
Sinopec Engineering Group Co. Ltd., Class H | | | | | 628,000 | | | | | | 321,706 | | |
Sinopharm Group Co. Ltd., Class H | | | | | 118,000 | | | | | | 308,428 | | |
Trip.com Group Ltd. – ADR (a) (b) | | | | | 5,130 | | | | | | 184,731 | | |
| | | | | | | | | | | 7,777,402 | | |
Colombia — 0.1% | | ||||||||||||
Ecopetrol SA – SPADR | | | | | 107,008 | | | | | | 1,275,535 | | |
Denmark — 2.2% | | ||||||||||||
Ascendis Pharma AS – ADR (a) | | | | | 1,276 | | | | | | 160,712 | | |
Coloplast AS, Class B | | | | | 32,649 | | | | | | 3,732,705 | | |
GN Store Nord AS (a) (b) | | | | | 6,266 | | | | | | 159,316 | | |
H Lundbeck AS (b) | | | | | 1,037,984 | | | | | | 5,042,627 | | |
Novo Nordisk AS, Class B (b) | | | | | 134,992 | | | | | | 13,962,875 | | |
Novozymes AS, Shares – B (b) | | | | | 74,787 | | | | | | 4,117,784 | | |
| | | | | | | | | | | 27,176,019 | | |
Finland — 0.5% | | ||||||||||||
Mandatum OYJ (a) (b) | | | | | 62,184 | | | | | | 278,951 | | |
Mandatum OYJ (a) | | | | | 93,065 | | | | | | 418,932 | | |
Nanoform Finland PLC (a) | | | | | 487,214 | | | | | | 912,996 | | |
Nordea Bank Abp (b) | | | | | 201,557 | | | | | | 2,498,759 | | |
Sampo OYJ, Shares – A (b) | | | | | 44,207 | | | | | | 1,934,641 | | |
| | | | | | | | | | | 6,044,279 | | |
France — 1.2% | | ||||||||||||
Carrefour SA | | | | | 36,561 | | | | | | 669,143 | | |
Euroapi SA (a) | | | | | 3,826 | | | | | | 24,292 | | |
L’Oreal SA | | | | | 17,010 | | | | | | 8,457,467 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | 7,390 | | | | | | 5,994,216 | | |
| | | | | | | | | | | 15,145,118 | | |
Germany — 0.1% | | ||||||||||||
K&S AG | | | | | 106,294 | | | | | | 1,678,947 | | |
Hong Kong — 0.4% | | ||||||||||||
CECEP COSTIN New Materials Group Ltd. (a) (c) (d) | | | | | 1,736,000 | | | | | | — | | |
CK Hutchison Holdings Ltd. | | | | | 490,000 | | | | | | 2,637,359 | | |
First Pacific Co. Ltd. | | | | | 1,796,000 | | | | | | 714,826 | | |
Hi Sun Technology China Ltd. (a) (f) | | | | | 3,918,000 | | | | | | 261,183 | | |
Hua Han Health Industry Holdings Ltd. (a) (c) (d) | | | | | 6,984,000 | | | | | | — | | |
Luks Group Vietnam Holdings Co. Ltd. | | | | | 1,682,000 | | | | | | 196,020 | | |
PAX Global Technology Ltd. | | | | | 350,000 | | | | | | 271,692 | | |
WH Group Ltd. (g) | | | | | 1,010,000 | | | | | | 651,465 | | |
| | | | | | | | | | | 4,732,545 | | |
|
| | | Number of Shares | | | Value | | ||||||
India — 0.1% | | ||||||||||||
WNS Holdings Ltd. – ADR (a) (b) | | | | | 9,138 | | | | | $ | 577,522 | | |
Indonesia — 0.0% | | ||||||||||||
United Tractors Tbk. PT | | | | | 19,500 | | | | | | 28,633 | | |
Ireland — 0.2% | | ||||||||||||
Accenture PLC, Class A (b) | | | | | 2,849 | | | | | | 999,742 | | |
AerCap Holdings NV (a) | | | | | 7,924 | | | | | | 588,912 | | |
Medtronic PLC (b) | | | | | 12,216 | | | | | | 1,006,354 | | |
| | | | | | | | | | | 2,595,008 | | |
Israel — 0.2% | | ||||||||||||
Fiverr International Ltd. (a) | | | | | 43,100 | | | | | | 1,173,182 | | |
JFrog Ltd. (a) | | | | | 18,762 | | | | | | 649,353 | | |
Nice Ltd. – SPADR (a) | | | | | 379 | | | | | | 75,614 | | |
Playtika Holding Corp. (a) | | | | | 75,287 | | | | | | 656,503 | | |
| | | | | | | | | | | 2,554,652 | | |
Japan — 0.6% | | ||||||||||||
Advanced Micro Devices, Inc. (a) (b) | | | | | 2,245 | | | | | | 330,936 | | |
Electric Power Development Co. Ltd. | | | | | 7,000 | | | | | | 114,408 | | |
Fukuda Corp. | | | | | 12,200 | | | | | | 434,554 | | |
Inpex Corp. (f) | | | | | 23,300 | | | | | | 314,049 | | |
Japan Petroleum Exploration Co. Ltd. | | | | | 17,700 | | | | | | 655,953 | | |
Kamigumi Co. Ltd. | | | | | 32,600 | | | | | | 776,554 | | |
Kato Sangyo Co. Ltd. | | | | | 10,400 | | | | | | 338,307 | | |
Kyorin Pharmaceutical Co. Ltd. | | | | | 96,200 | | | | | | 1,212,998 | | |
Medipal Holdings Corp. | | | | | 10,700 | | | | | | 173,238 | | |
Mitsubishi Corp. | | | | | 17,700 | | | | | | 281,917 | | |
Mitsui & Co. Ltd. | | | | | 9,300 | | | | | | 346,510 | | |
Suzuken Co. Ltd. | | | | | 30,800 | | | | | | 1,019,124 | | |
West Japan Railway Co. | | | | | 32,000 | | | | | | 1,332,598 | | |
| | | | | | | | | | | 7,331,146 | | |
Kazakhstan — 0.4% | | ||||||||||||
Halyk Savings Bank of Kazakhstan JSC – GDR (h) | | | | | 92,228 | | | | | | 1,398,409 | | |
NAC Kazatomprom JSC – GDR (h) | | | | | 24,405 | | | | | | 1,003,057 | | |
NAC Kazatomprom JSC – GDR, 144A Shares (g) | | | | | 73,742 | | | | | | 3,016,048 | | |
| | | | | | | | | | | 5,417,514 | | |
Lebanon — 0.0% | | ||||||||||||
Solidere – ADR (a) (c) (d) (h) | | | | | 38,451 | | | | | | 513,898 | | |
Luxembourg — 0.0% | | ||||||||||||
Ardagh Metal Packaging SA | | | | | 115,651 | | | | | | 444,100 | | |
Malaysia — 0.1% | | ||||||||||||
Genting Plantations Bhd. | | | | | 299,100 | | | | | | 369,498 | | |
Oriental Holdings Bhd. | | | | | 198,500 | | | | | | 273,386 | | |
| | | | | | | | | | | 642,884 | | |
Malta — 0.4% | | ||||||||||||
Kambi Group PLC (a) | | | | | 320,719 | | | | | | 5,331,392 | | |
Mexico — 0.1% | | ||||||||||||
Coca-Cola Femsa SAB de CV – SPADR | | | | | 2,317 | | | | | | 219,281 | | |
Fomento Economico Mexicano SAB de CV – SPADR | | | | | 4,437 | | | | | | 578,363 | | |
| | | | | | | | | | | 797,644 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Mongolia — 0.0% | | ||||||||||||
SJM Holdings Ltd. (a) (f) | | | | | 725,000 | | | | | $ | 228,962 | | |
Netherlands — 0.0% | | ||||||||||||
NXP Semiconductors NV | | | | | 1,826 | | | | | | 419,396 | | |
New Zealand — 0.0% | | ||||||||||||
Eroad Ltd. (a) | | | | | 128,400 | | | | | | 82,139 | | |
Puerto Rico — 0.0% | | ||||||||||||
EVERTEC, Inc. | | | | | 10,503 | | | | | | 429,993 | | |
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 (a) (c) (d) | | | | | 1,409,587 | | | | | | — | | |
Lenta International Co. PJSC – GDR (a) (c) (d) | | | | | 351,208 | | | | | | — | | |
LSR Group PJSC (c) (d) | | | | | 96,020 | | | | | | — | | |
Moscow Exchange MICEX-Rates 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 — 0.4% | | ||||||||||||
First Resources Ltd. | | | | | 1,008,300 | | | | | | 1,091,520 | | |
Golden Agri-Resources Ltd. | | | | | 15,565,400 | | | | | | 3,068,451 | | |
Yoma Strategic Holdings Ltd. (a) (f) | | | | | 3,695,700 | | | | | | 201,372 | | |
| | | | | | | | | | | 4,361,343 | | |
South Africa — 0.6% | | ||||||||||||
Anglo American Platinum Ltd. (f) | | | | | 22,273 | | | | | | 1,170,958 | | |
Gold Fields Ltd. | | | | | 26,235 | | | | | | 385,353 | | |
Harmony Gold Mining Co. Ltd. – SPADR | | | | | 409,436 | | | | | | 2,518,031 | | |
Impala Platinum Holdings Ltd. (f) | | | | | 701,654 | | | | | | 3,505,147 | | |
| | | | | | | | | | | 7,579,489 | | |
South Korea — 1.7% | | ||||||||||||
DL E&C Co. Ltd. | | | | | 45,115 | | | | | | 1,259,194 | | |
GS Holdings Corp. | | | | | 19,716 | | | | | | 625,338 | | |
Hana Financial Group, Inc. | | | | | 30,693 | | | | | | 1,031,884 | | |
Hankook & Co. Co. Ltd. | | | | | 57,252 | | | | | | 691,855 | | |
Hyundai Department Store Co. Ltd. | | | | | 36,207 | | | | | | 1,453,605 | | |
Korea Electric Power Corp. | | | | | 102,211 | | | | | | 1,499,178 | | |
Korea Electric Power Corp. – SPADR (f) | | | | | 106,105 | | | | | | 769,261 | | |
Korean Reinsurance Co. | | | | | 107,955 | | | | | | 600,131 | | |
KT Corp. | | | | | 21,369 | | | | | | 569,784 | | |
KT Corp. – SPADR | | | | | 363,972 | | | | | | 4,891,784 | | |
LG Corp. | | | | | 26,707 | | | | | | 1,776,611 | | |
| | | Number of Shares | | | Value | | ||||||
LG Uplus Corp. | | | | | 499,908 | | | | | $ | 3,968,643 | | |
Lotte Chemical Corp. | | | | | 11,482 | | | | | | 1,363,026 | | |
LX Holdings Corp. (a) | | | | | 25,711 | | | | | | 140,654 | | |
PHA Co. Ltd. | | | | | 23,013 | | | | | | 177,538 | | |
| | | | | | | | | | | 20,818,486 | | |
Spain — 0.3% | | ||||||||||||
Amadeus IT Group SA | | | | | 47,468 | | | | | | 3,404,407 | | |
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings PLC | | | | | 1,337,560 | | | | | | 284,666 | | |
Sweden — 1.1% | | ||||||||||||
Alfa Laval AB (b) | | | | | 15,543 | | | | | | 623,650 | | |
Alleima AB (b) | | | | | 1 | | | | | | 8 | | |
Atlas Copco AB, Shares – B (b) | | | | | 133,455 | | | | | | 1,978,426 | | |
Boule Diagnostics AB (a) | | | | | 180,978 | | | | | | 201,497 | | |
Elanders AB, Shares – B | | | | | 32,273 | | | | | | 307,162 | | |
Fortnox AB (b) | | | | | 296,459 | | | | | | 1,782,193 | | |
Greater Than AB (a) | | | | | 280,071 | | | | | | 2,038,888 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 61,765 | | | | | | 550,699 | | |
Investor AB, Shares – B (b) | | | | | 124,985 | | | | | | 2,900,891 | | |
Nibe Industrier AB, Shares – B (b) | | | | | 50,160 | | | | | | 354,522 | | |
Skandinaviska Enskilda Banken AB, Class A (b) | | | | | 200,534 | | | | | | 2,760,402 | | |
| | | | | | | | | | | 13,498,338 | | |
Switzerland — 0.2% | | ||||||||||||
Sportradar Holding AG, Class A (a) | | | | | 242,781 | | | | | | 2,682,730 | | |
Thailand — 0.1% | | ||||||||||||
Kasikornbank PCL | | | | | 167,200 | | | | | | 548,170 | | |
Ukraine — 0.1% | | ||||||||||||
Astarta Holding PLC | | | | | 45,135 | | | | | | 329,170 | | |
MHP SE – GDR – OTC Shares (a) (h) | | | | | 236,097 | | | | | | 723,112 | | |
| | | | | | | | | | | 1,052,282 | | |
United Kingdom — 1.4% | | ||||||||||||
Atlassian Corp., Class A (a) | | | | | 22,600 | | | | | | 5,375,636 | | |
British American Tobacco PLC – SPADR | | | | | 39,758 | | | | | | 1,164,512 | | |
Diageo PLC | | | | | 95,664 | | | | | | 3,473,962 | | |
Gabriel Resources Ltd. (a) | | | | | 1,962,000 | | | | | | 636,700 | | |
Genius Sports Ltd. (a) (b) | | | | | 134,564 | | | | | | 831,606 | | |
Unilever PLC | | | | | 83,348 | | | | | | 4,032,702 | | |
Vodafone Group PLC | | | | | 706,873 | | | | | | 614,042 | | |
Yellow Cake PLC (a) (g) | | | | | 188,718 | | | | | | 1,486,139 | | |
| | | | | | | | | | | 17,615,299 | | |
Zambia — 0.1% | | ||||||||||||
First Quantum Minerals Ltd. | | | | | 85,761 | | | | | | 702,243 | | |
Total Foreign Common Stocks (Cost $228,921,356) | | | | | | | | | | | 230,643,129 | | |
Total Common Stocks (Cost $728,515,890) | | | | | | | | | | | 813,916,723 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | | | ||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) (Cost $77,783) | | | | | 367,492 | | | | | $ | 189,258 | | |
Warrants — 0.1% | | ||||||||||||
Aretto Wellness, Inc., Expiring 03/05/24 (Canada) (a) | | | | | 5,197 | | | | | | 39 | | |
Ascot Resources Ltd., Expiring 03/08/24 (Canada) (a) (c) | | | | | 63,350 | | | | | | 7 | | |
Atlas Salt, Inc., Expiring 01/16/25 (Canada) (a) (c) | | | | | 137,250 | | | | | | 1,589 | | |
Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (c) | | | | | 7,900 | | | | | | 83 | | |
Century Lithium Corp., Expiring 02/04/24 (Canada) (a) (c) | | | | | 37,100 | | | | | | — | | |
Century Lithium Corp., Expiring 03/22/24 (Canada) (a) (c) | | | | | 63,100 | | | | | | — | | |
EBET, Inc., Expiring 08/02/28 (United States) (a) (c) | | | | | 266 | | | | | | 43 | | |
Encore Energy Corp., Expiring 02/08/26 (Canada) (a) (c) | | | | | 49,400 | | | | | | 76,624 | | |
Esports Technologies, Inc., Expiring 11/30/26 (United States) (a) (c) (e) | | | | | 1,005 | | | | | | 159 | | |
FG Acquisition Corp., Expiring 04/05/30 (Canada) (a) | | | | | 16,150 | | | | | | 17,765 | | |
Global Atomic Corp., Expiring 09/17/24 (Canada) (a) (c) | | | | | 61,100 | | | | | | 17,630 | | |
Global Atomic Corp., Expiring 12/28/24 (Canada) (a) (c) | | | | | 138,100 | | | | | | 79,737 | | |
Gryphon Digital Mining, Inc., Expiring 06/30/24 (United States) (a) (c) (d) (e) | | | | | 10,298 | | | | | | 3,386 | | |
Heliostar Metals Ltd., Expiring 03/09/26 (Canada) (a) (c) | | | | | 131,700 | | | | | | 10,560 | | |
Hive Digital Technologies Ltd., Expiring 04/28/24 (Canada) (a) (c) | | | | | 89,800 | | | | | | 522,467 | | |
Hive Digital Technologies Ltd., Expiring 05/30/24 (Canada) (a) | | | | | 20,100 | | | | | | 4,854 | | |
i-80 Gold Corp., Expiring 03/28/24 (Canada) (a) (c) | | | | | 95,000 | | | | | | 1,916 | | |
Rambler Metals & Mining PLC, Expiring 01/13/26 (United Kingdom) (a) (c) (d) | | | | | 9,834 | | | | | | — | | |
Revive Therapeutics Ltd., Expiring 02/12/24 (Canada) (a) (c) | | | | | 85,700 | | | | | | — | | |
Royal Helium Ltd., Expiring 06/30/25 (Canada) (a) (c) (e) | | | | | 1,159,587 | | | | | | 68,382 | | |
Royal Helium Ltd., Expiring 01/10/26 (Canada) (a) (c) (e) | | | | | 1,538,400 | | | | | | 90,770 | | |
Somerset Energy Partners Corp., Expiring 04/08/24 (Canada) (a) (c) (d) (e) | | | | | 130,200 | | | | | | 3,329 | | |
Swiftmerge Acquisition Corp., Expiring 12/15/26 (United States) (a) (c) (e) | | | | | 9,258 | | | | | | 398 | | |
Trillion Energy International, Inc., Expiring 06/29/25 (Canada) (a) | | | | | 1,561,485 | | | | | | 35,353 | | |
Ur-Energy, Inc., Expiring 02/21/26 (Canada) (a) (c) | | | | | 50,000 | | | | | | 23,165 | | |
Valens Co., Inc., Expiring 01/29/24 (Canada) (a) (c) | | | | | 43,100 | | | | | | 6 | | |
Valens Co., Inc., Expiring 06/01/24 (Canada) (a) (c) | | | | | 37,950 | | | | | | 22 | | |
| | | Number of Contracts | | | Value | | ||||||
Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (c) | | | | | 75,000 | | | | | $ | 1,513 | | |
Total Warrants (Cost $508,142) | | | | | | | | | | | 959,797 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.2% | | ||||||||||||
Banks — 0.1% | | ||||||||||||
Bank of Nova Scotia (VRN), 8.625%, 10/27/82 (Canada) | | | | $ | 728,000 | | | | | | 756,043 | | |
Toronto-Dominion Bank (VRN), 8.125%, 10/31/82 (Canada) | | | | | 718,100 | | | | | | 747,490 | | |
Total Banks (Cost $1,452,378) | | | | | | | | | | | 1,503,533 | | |
Oil, Gas & Consumable Fuels — 0.1% | | ||||||||||||
Royal Helium Ltd., 14.000%, 12/31/25 (Canada) (c) (e) | | | | | 312,000 | | | | | | 235,463 | | |
Trillion Energy International, Inc., 12.000%, 04/30/25 (Canada) (c) (d) (e) | | | | | 453,800 | | | | | | 342,477 | | |
Total Oil, Gas & Consumable Fuels (Cost $524,898) | | | | | | | | | | | 577,940 | | |
Total Corporate Bonds (Cost $1,977,276) | | | | | | | | | | | 2,081,473 | | |
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) (c) (d) (e) | | | | | 429,000 | | | | | | 323,761 | | |
Total Convertible Bonds (Cost $439,565) | | | | | | | | | | | 443,761 | | |
U.S. Treasury Bonds/Notes — 7.4% | | ||||||||||||
U.S. Treasury Notes, 0.375%, 09/15/24 (f) | | | | | 732,000 | | | | | | 708,896 | | |
U.S. Treasury Notes, 1.500%, 09/30/24 | | | | | 1,680,000 | | | | | | 1,637,803 | | |
U.S. Treasury Notes, 4.500%, 11/30/24 | | | | | 4,817,000 | | | | | | 4,799,313 | | |
U.S. Treasury Notes, 1.500%, 02/15/25 | | | | | 3,264,000 | | | | | | 3,150,143 | | |
U.S. Treasury Notes, 2.125%, 05/15/25 (f) | | | | | 2,070,000 | | | | | | 2,004,261 | | |
U.S. Treasury Notes, 0.250%, 05/31/25 | | | | | 1,746,000 | | | | | | 1,644,582 | | |
U.S. Treasury Notes, 3.000%, 07/15/25 | | | | | 965,000 | | | | | | 944,079 | | |
U.S. Treasury Notes, 5.000%, 09/30/25 | | | | | 2,300,000 | | | | | | 2,323,898 | | |
U.S. Treasury Notes, 2.250%, 11/15/25 (f) | | | | | 1,907,000 | | | | | | 1,837,126 | | |
U.S. Treasury Notes, 0.375%, 11/30/25 | | | | | 2,022,900 | | | | | | 1,879,085 | | |
U.S. Treasury Notes, 0.375%, 01/31/26 | | | | | 1,523,000 | | | | | | 1,407,407 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Principal Amount | | | Value | | ||||||
U.S. Treasury Notes, 0.500%, 02/28/26 | | | | $ | 1,648,000 | | | | | $ | 1,523,434 | | |
U.S. Treasury Notes, 1.875%, 07/31/26 | | | | | 1,973,000 | | | | | | 1,867,105 | | |
U.S. Treasury Notes, 1.125%, 10/31/26 | | | | | 2,487,000 | | | | | | 2,296,103 | | |
U.S. Treasury Notes, 1.500%, 01/31/27 | | | | | 3,750,000 | | | | | | 3,482,666 | | |
U.S. Treasury Notes, 1.875%, 02/28/27 | | | | | 2,249,000 | | | | | | 2,109,492 | | |
U.S. Treasury Notes, 2.750%, 07/31/27 (f) | | | | | 2,450,000 | | | | | | 2,353,340 | | |
U.S. Treasury Notes, 0.500%, 08/31/27 | | | | | 2,400,000 | | | | | | 2,122,125 | | |
U.S. Treasury Notes, 4.125%, 09/30/27 | | | | | 892,000 | | | | | | 898,272 | | |
U.S. Treasury Notes, 0.625%, 11/30/27 | | | | | 2,799,000 | | | | | | 2,469,024 | | |
U.S. Treasury Notes, 1.250%, 03/31/28 | | | | | 3,482,000 | | | | | | 3,125,231 | | |
U.S. Treasury Notes, 1.250%, 05/31/28 | | | | | 1,719,000 | | | | | | 1,537,095 | | |
U.S. Treasury Notes, 2.875%, 08/15/28 (f) | | | | | 900,000 | | | | | | 862,102 | | |
U.S. Treasury Notes, 1.125%, 08/31/28 (f) | | | | | 1,576,000 | | | | | | 1,392,913 | | |
U.S. Treasury Notes, 4.375%, 08/31/28 | | | | | 1,460,000 | | | | | | 1,492,622 | | |
U.S. Treasury Notes, 4.625%, 09/30/28 | | | | | 850,000 | | | | | | 878,189 | | |
U.S. Treasury Notes, 4.875%, 10/31/28 | | | | | 1,010,000 | | | | | | 1,055,292 | | |
U.S. Treasury Notes, 2.750%, 08/15/32 (f) | | | | | 13,699,000 | | | | | | 12,569,368 | | |
U.S. Treasury Notes, 3.375%, 05/15/33 | | | | | 15,891,000 | | | | | | 15,282,673 | | |
U.S. Treasury Notes, 3.875%, 08/15/33 | | | | | 12,374,000 | | | | | | 12,383,667 | | |
Total U.S. Treasury Bonds/Notes (Cost $91,367,220) | | | | | | | | | | | 92,037,306 | | |
| | | Number of Shares | | | Value | | ||||||
Acquired Funds — 22.5% | | ||||||||||||
Exchange-Traded Funds (ETFs) — 9.9% | | ||||||||||||
Energy Select Sector SPDR Fund | | | | | 76,993 | | | | | | 6,455,093 | | |
Financial Select Sector SPDR Fund | | | | | 362,949 | | | | | | 13,646,883 | | |
Health Care Select Sector SPDR Fund (f) | | | | | 286,581 | | | | | | 39,083,917 | | |
iShares MSCI China ETF | | | | | 277,008 | | | | | | 11,285,306 | | |
iShares Russell 2000 ETF | | | | | 7,000 | | | | | | 1,404,970 | | |
Technology Select Sector SPDR Fund | | | | | 162,475 | | | | | | 31,273,188 | | |
Vanguard Financials ETF | | | | | 213,451 | | | | | | 19,692,989 | | |
| | | | | | | | | | | 122,842,346 | | |
Private Investment Funds (i) — 12.6% | | ||||||||||||
Bellus Ventures II, LP (a) (c) (d) (e) | | | | | 120,795 | | | | | | 26,143,781 | | |
Eversept Global Healthcare Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 29,761,609 | | |
Farallon Capital Institutional Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 916,970 | | |
| | | Number of Shares | | | Value | | ||||||
Helikon Long Short Equity Fund ICAV (a) (c) (d) (e) | | | | | 4,297 | | | | | $ | 19,282,578 | | |
Honeycomb Partners, LP (a) (c) (d) (e) | | | | | | | | | | | 25,462,400 | | |
Northwest Feilong Fund Ltd. (a) (c) (d) (e) | | | | | 7,235 | | | | | | 17,890,692 | | |
QVT Roviant, LP (a) (c) (d) (e) | | | | | 2,134 | | | | | | 8,022,449 | | |
Voloridge Fund, LP (a) (c) (d) (e) | | | | | | | | | | | 17,830,013 | | |
Voloridge Trading Aggressive Fund (a) (c) (d) (e) | | | | | | | | | | | 9,746,987 | | |
| | | | | | | | | | | 155,057,479 | | |
Total Acquired Funds (Cost $221,347,625) | | | | | | | | | | | 277,899,825 | | |
Preferred Stocks — 0.3% | | | | | | | | | | | | | |
Draegerwerk AG & Co. KGaA, 0.37% (Germany) | | | | | 15,926 | | | | | | 910,873 | | |
Hyundai Motor Co., 2.63% (South Korea) | | | | | 15,473 | | | | | | 1,369,716 | | |
Hyundai Motor Co., 2.64% (South Korea) | | | | | 7,811 | | | | | | 687,288 | | |
Petroleo Brasileiro SA, 8.49% (Brazil) | | | | | 84,100 | | | | | | 642,881 | | |
Synaptive Medical, Inc., Class B, 0.00% (Canada) (a) (c) (d) (e) | | | | | 89,142 | | | | | | 185,712 | | |
Total Preferred Stocks (Cost $2,920,874) | | | | | | | | | | | 3,796,470 | | |
| | | Number of Contracts | | | Value | | ||||||
Purchased Option Contracts — 0.0% | | ||||||||||||
Calls — 0.0% | | ||||||||||||
ADT, Inc., Notional Amount $319,200, Strike Price $8 Expiring 01/19/2024 (United States) | | | | | 399 | | | | | | 1,197 | | |
ADT, Inc., Notional Amount $584,500, Strike Price $7 Expiring 01/19/2024 (United States) | | | | | 835 | | | | | | 16,700 | | |
Avantor, Inc., Notional Amount $648,000, Strike Price $22.5 Expiring 01/19/2024 (United States) | | | | | 288 | | | | | | 24,480 | | |
Globalstar, Inc., Notional Amount $158,600, Strike Price $2 Expiring 01/19/2024 (United States) | | | | | 793 | | | | | | 6,344 | | |
Globalstar, Inc., Notional Amount $114,600, Strike Price $1.5 Expiring 01/19/2024 (United States) | | | | | 764 | | | | | | 34,380 | | |
Swedbank AB, Notional Amount $24,120,000, Strike Price $200 Expiring 01/19/2024 (Sweden) | | | | | 1,206 | | | | | | 60,981 | | |
Total Calls (Cost $127,570) | | | | | | | | | | | 144,082 | | |
Puts — 0.0% | | ||||||||||||
AAK AB, Notional Amount $11,358,000, Strike Price $180 Expiring 03/15/2024 (Sweden) | | | | | 631 | | | | | | 63 | | |
AAK AB, Notional Amount $11,120,000, Strike Price $200 Expiring 06/20/2024 (Sweden) | | | | | 556 | | | | | | 19,294 | | |
Axfood AB, Notional Amount $14,675,000, Strike Price $250 Expiring 03/15/2024 (Sweden) | | | | | 587 | | | | | | 8,730 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Contracts | | | Value | | ||||||
Axfood AB, Notional Amount $7,488,000, Strike Price $240 Expiring 03/15/2024 (Sweden) | | | | | 312 | | | | | $ | 1,856 | | |
BlackBerry Ltd., Notional Amount $415,450, Strike Price $3.5 Expiring 01/19/2024 (United States) | | | | | 1,187 | | | | | | 17,805 | | |
Call EUR vs. Put JPY, Notional Amount $1,006,400,000, Strike Price $136 Expiring 09/05/2024 (Germany) | | | | | 7,400,000 | | | | | | 52,291 | | |
Call EUR vs. Put JPY, Notional Amount $1,006,400,000, Strike Price $136 Expiring 09/06/2024 (Germany) | | | | | 7,400,000 | | | | | | 52,585 | | |
Evolution AB, Notional Amount $12,036,000, Strike Price $1,020 Expiring 03/15/2024 (Sweden) | | | | | 118 | | | | | | 8,190 | | |
Industrivarden AB, Notional Amount $17,023,000, Strike Price $290 Expiring 03/15/2024 (Sweden) | | | | | 587 | | | | | | 4,074 | | |
Sandvik AB, Notional Amount $10,836,000, Strike Price $180 Expiring 03/15/2024 (Sweden) | | | | | 602 | | | | | | 4,476 | | |
Sandvik AB, Notional Amount $10,526,000, Strike Price $190 Expiring 06/20/2024 (Sweden) | | | | | 554 | | | | | | 22,520 | | |
Skanska AB, Notional Amount $9,984,000, Strike Price $160 Expiring 03/15/2024 (Sweden) | | | | | 624 | | | | | | 8,662 | | |
Stora Enso Oyj, Notional Amount $7,956,000, Strike Price $130 Expiring 03/15/2024 (Sweden) | | | | | 612 | | | | | | 20,327 | | |
Svenska Cellulosa AB SCA, Notional Amount $17,108,000, Strike Price $140 Expiring 03/15/2024 (Sweden) | | | | | 1,222 | | | | | | 33,318 | | |
Svenska Cellulosa AB SCA, Notional Amount $16,159,000, Strike Price $130 Expiring 03/15/2024 (Sweden) | | | | | 1,243 | | | | | | 15,405 | | |
Volvo AB, Notional Amount $13,004,117, Strike Price $202.98 Expiring 03/15/2024 (Sweden) | | | | | 622 | | | | | | 64 | | |
Volvo AB, Notional Amount $24,612,000, Strike Price $210 Expiring 06/20/2024 (Sweden) | | | | | 1,172 | | | | | | 18,592 | | |
Total Puts (Cost $1,449,641) | | | | | | | | | | | 288,252 | | |
Total Purchased Option Contracts (Cost $1,577,211) | | | | | | | | | | | 432,334 | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (c) (d) (e) | | | | | 260,322 | | | | | | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 14.8% | | ||||||||||||
Repurchase Agreement — 11.8% | | ||||||||||||
Fixed Income Clearing Corp. issued on 12/29/23 (proceeds at maturity $145,574,249) (collateralized by U.S. Treasury Note, due 04/30/27 with a total par value of $125,596,800 and a total market value of $112,329,399; U.S. Treasury Notes, due 03/31/27 with a total par value of $10,315,900 and a total market value of $9,934,847;U.S. Treasury Notes, due 03/15/26 with a total par value of $23,124,400 and a total market value of $23,645,186; U.S. Treasury Inflation Indexed Notes, due 04/15/24 with a total par value of $2,116,300 and a total market value of $2,550,075), 1.600%, 01/02/24 (Cost $145,548,374) | | | | $ | 145,548,374 | | | | | $ | 145,548,374 | | |
Unaffiliated Investment Company — 0.2% | | ||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.360%, (j) (k) (Cost $1,877,933) | | | | | 1,877,933 | | | | | | 1,877,933 | | |
U.S. Treasury Bills — 2.8% | | ||||||||||||
U.S. Treasury Bills, 5.391%, 01/16/24 (j) | | | | | 2,602,000 | | | | | | 2,596,680 | | |
U.S. Treasury Bills, 5.547%, 03/28/24 (j) | | | | | 25,690,000 | | | | | | 25,371,073 | | |
U.S. Treasury Bills, 5.437%, 05/23/24 (j) | | | | | 7,108,300 | | | | | | 6,965,309 | | |
Total U.S. Treasury Bills (Cost $34,917,910) | | | | | | | | | | | 34,933,062 | | |
Total Short-Term Investments (Cost $182,344,217) | | | | | | | | | | | 182,359,369 | | |
Total Investments – 111.2% (Cost $1,231,075,803) | | | | | | | | | | | 1,374,116,316 | | |
Liabilities in Excess of Other Assets – (11.2)% | | | | | | | | | | | (138,915,581) | | |
Net Assets – 100.0% | | | | | | | | | | $ | 1,235,200,735 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (11.9)% | | ||||||||||||
Common Stocks — (11.9)% | | ||||||||||||
U.S. Common Stocks — (8.5)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
Axon Enterprise, Inc. (a) | | | | | (1,464) | | | | | $ | (378,195) | | |
Mercury Systems, Inc. (a) | | | | | (7,760) | | | | | | (283,783) | | |
| | | | | | | | | | | (661,978) | | |
Automobile Components — (0.1)% | | ||||||||||||
Goodyear Tire & Rubber Co. (a) | | | | | (34,749) | | | | | | (497,606) | | |
QuantumScape Corp. (a) | | | | | (76,129) | | | | | | (529,096) | | |
| | | | | | | | | | | (1,026,702) | | |
Automobiles — (0.1)% | | ||||||||||||
Ford Motor Co. | | | | | (950) | | | | | | (11,581) | | |
Harley-Davidson, Inc. | | | | | (4,920) | | | | | | (181,253) | | |
Lucid Group, Inc. (a) | | | | | (26,907) | | | | | | (113,278) | | |
Tesla, Inc. (a) | | | | | (1,466) | | | | | | (364,272) | | |
Winnebago Industries, Inc. | | | | | (1,755) | | | | | | (127,904) | | |
| | | | | | | | | | | (798,288) | | |
Banks — (0.1)% | | ||||||||||||
Bank OZK | | | | | (7,960) | | | | | | (396,647) | | |
Cadence Bank | | | | | (16,014) | | | | | | (473,854) | | |
First Financial Bankshares, Inc. | | | | | (10,017) | | | | | | (303,515) | | |
Glacier Bancorp, Inc. | | | | | (461) | | | | | | (19,048) | | |
Park National Corp. | | | | | (543) | | | | | | (72,143) | | |
U.S. Bancorp | | | | | (3,361) | | | | | | (145,464) | | |
Western Alliance Bancorp | | | | | (6,192) | | | | | | (407,372) | | |
| | | | | | | | | | | (1,818,043) | | |
Beverages — (0.0)% | | ||||||||||||
Boston Beer Co., Inc. (The), Class A (a) | | | | | (998) | | | | | | (344,899) | | |
Molson Coors Beverage Co., Class B | | | | | (1,362) | | | | | | (83,368) | | |
| | | | | | | | | | | (428,267) | | |
Biotechnology — (0.4)% | | ||||||||||||
Apellis Pharmaceuticals, Inc. (a) | | | | | (1,461) | | | | | | (87,455) | | |
Arrowhead Pharmaceuticals, Inc. (a) | | | | | (22,507) | | | | | | (688,714) | | |
Ionis Pharmaceuticals, Inc. (a) | | | | | (7,625) | | | | | | (385,749) | | |
Karuna Therapeutics, Inc. (a) | | | | | (3,175) | | | | | | (1,004,919) | | |
Moderna, Inc. (a) | | | | | (5,697) | | | | | | (566,567) | | |
Roivant Sciences Ltd. (a) | | | | | (29,991) | | | | | | (336,799) | | |
Twist Bioscience Corp. (a) | | | | | (40,986) | | | | | | (1,510,744) | | |
| | | | | | | | | | | (4,580,947) | | |
Broadline Retail — (0.1)% | | ||||||||||||
Kohl’s Corp. | | | | | (51,715) | | | | | | (1,483,186) | | |
Building Products — (0.1)% | | ||||||||||||
Advanced Drainage Systems, Inc. | | | | | (2,817) | | | | | | (396,183) | | |
AZEK Co., Inc. (a) | | | | | (11,701) | | | | | | (447,563) | | |
Hayward Holdings, Inc. (a) | | | | | (16,878) | | | | | | (229,541) | | |
Lennox International, Inc. | | | | | (103) | | | | | | (46,094) | | |
Trex Co., Inc. (a) | | | | | (7,767) | | | | | | (643,030) | | |
| | | | | | | | | | | (1,762,411) | | |
| | | Number of Shares | | | Value | | ||||||
Capital Markets — (0.1)% | | ||||||||||||
Coinbase Global, Inc., Class A (a) | | | | | (6,026) | | | | | $ | (1,048,042) | | |
Houlihan Lokey, Inc. | | | | | (2,182) | | | | | | (261,644) | | |
WisdomTree, Inc. | | | | | (9,982) | | | | | | (69,175) | | |
| | | | | | | | | | | (1,378,861) | | |
Chemicals — (0.2)% | | ||||||||||||
Albemarle Corp. | | | | | (456) | | | | | | (65,883) | | |
Cabot Corp. | | | | | (1,403) | | | | | | (117,151) | | |
Celanese Corp. | | | | | (3,790) | | | | | | (588,852) | | |
Ginkgo Bioworks Holdings, Inc. (a) | | | | | (332,291) | | | | | | (561,572) | | |
Tronox Holdings PLC | | | | | (53,001) | | | | | | (750,494) | | |
| | | | | | | | | | | (2,083,952) | | |
Commercial Services & Supplies — (0.0)% | | ||||||||||||
Casella Waste Systems, Inc., Class A (a) | | | | | (3,204) | | | | | | (273,814) | | |
Matthews International Corp., Class A | | | | | (3,551) | | | | | | (130,144) | | |
| | | | | | | | | | | (403,958) | | |
Communications Equipment — (0.1)% | | ||||||||||||
Extreme Networks, Inc. (a) | | | | | (30,970) | | | | | | (546,311) | | |
F5, Inc. (a) | | | | | (410) | | | | | | (73,382) | | |
Lumentum Holdings, Inc. (a) | | | | | (14,284) | | | | | | (748,767) | | |
| | | | | | | | | | | (1,368,460) | | |
Construction & Engineering — (0.1)% | | ||||||||||||
Comfort Systems USA, Inc. | | | | | (4,227) | | | | | | (869,367) | | |
Quanta Services, Inc. | | | | | (146) | | | | | | (31,507) | | |
Sterling Infrastructure, Inc. (a) | | | | | (4,471) | | | | | | (393,135) | | |
| | | | | | | | | | | (1,294,009) | | |
Consumer Finance — (0.2)% | | ||||||||||||
Ally Financial, Inc. | | | | | (18,337) | | | | | | (640,328) | | |
Credit Acceptance Corp. (a) | | | | | (499) | | | | | | (265,832) | | |
SoFi Technologies, Inc. (a) | | | | | (134,459) | | | | | | (1,337,867) | | |
| | | | | | | | | | | (2,244,027) | | |
Consumer Staples Distribution & Retail — (0.2)% | | ||||||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | | | | | (18,854) | | | | | | (1,256,808) | | |
Grocery Outlet Holding Corp. (a) | | | | | (3,800) | | | | | | (102,448) | | |
Sprouts Farmers Market, Inc. (a) | | | | | (14,246) | | | | | | (685,375) | | |
| | | | | | | | | | | (2,044,631) | | |
Containers & Packaging — (0.0)% | | ||||||||||||
Ball Corp. | | | | | (589) | | | | | | (33,879) | | |
Distributors — (0.0)% | | ||||||||||||
Pool Corp. | | | | | (292) | | | | | | (116,423) | | |
Diversified Consumer Services — (0.3)% | | ||||||||||||
Duolingo, Inc. (a) | | | | | (5,243) | | | | | | (1,189,375) | | |
European Wax Center, Inc., Class A (a) | | | | | (21,366) | | | | | | (290,364) | | |
Frontdoor, Inc. (a) | | | | | (12,170) | | | | | | (428,627) | | |
H&R Block, Inc. | | | | | (14,936) | | | | | | (722,454) | | |
Perdoceo Education Corp. | | | | | (24,005) | | | | | | (421,528) | | |
Service Corp. International | | | | | (2,578) | | | | | | (176,464) | | |
| | | | | | | | | | | (3,228,812) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Diversified Telecommunication Services — (0.1)% | | ||||||||||||
Cogent Communications Holdings, Inc. | | | | | (10,505) | | | | | $ | (799,010) | | |
Electric Utilities — (0.1)% | | | | | | | | | | | | | |
Otter Tail Corp. | | | | | (8,906) | | | | | | (756,743) | | |
Southern Co. | | | | | (1,227) | | | | | | (86,037) | | |
| | | | | | | | | | | (842,780) | | |
Electrical Equipment — (0.2)% | | ||||||||||||
Atkore, Inc. (a) | | | | | (3,493) | | | | | | (558,880) | | |
Encore Wire Corp. | | | | | (3,031) | | | | | | (647,422) | | |
NEXTracker, Inc., Class A (a) | | | | | (1,820) | | | | | | (85,267) | | |
Plug Power, Inc. (a) | | | | | (70,658) | | | | | | (317,961) | | |
Shoals Technologies Group, Inc., Class A (a) | | | | | (39,284) | | | | | | (610,473) | | |
Sunrun, Inc. (a) | | | | | (15,325) | | | | | | (300,830) | | |
| | | | | | | | | | | (2,520,833) | | |
Electronic Equipment, Instruments & Components — (0.1)% | | ||||||||||||
Badger Meter, Inc. | | | | | (58) | | | | | | (8,954) | | |
Cognex Corp. | | | | | (1,331) | | | | | | (55,556) | | |
Crane NXT Co. | | | | | (3,435) | | | | | | (195,348) | | |
IPG Photonics Corp. (a) | | | | | (1,245) | | | | | | (135,132) | | |
Jabil, Inc. | | | | | (4,221) | | | | | | (537,755) | | |
Novanta, Inc. (a) | | | | | (3,446) | | | | | | (580,341) | | |
| | | | | | | | | | | (1,513,086) | | |
Energy Equipment & Services — (0.0)% | | ||||||||||||
Valaris, Ltd. (a) | | | | | (871) | | | | | | (59,725) | | |
Weatherford International PLC (a) | | | | | (911) | | | | | | (89,123) | | |
| | | | | | | | | | | (148,848) | | |
Entertainment — (0.3)% | | ||||||||||||
ROBLOX Corp., Class A (a) | | | | | (13,911) | | | | | | (636,011) | | |
Roku, Inc. (a) | | | | | (9,678) | | | | | | (887,085) | | |
Sphere Entertainment Co. (a) | | | | | (44,479) | | | | | | (1,510,507) | | |
Vivid Seats, Inc., Class A (a) | | | | | (39,269) | | | | | | (248,180) | | |
| | | | | | | | | | | (3,281,783) | | |
Financial Services — (0.4)% | | ||||||||||||
A-Mark Precious Metals, Inc. | | | | | (5,837) | | | | | | (176,569) | | |
Affirm Holdings, Inc. (a) | | | | | (27,338) | | | | | | (1,343,389) | | |
Flywire Corp. (a) | | | | | (43,827) | | | | | | (1,014,595) | | |
Remitly Global, Inc. (a) | | | | | (71,169) | | | | | | (1,382,102) | | |
Toast, Inc., Class A (a) | | | | | (64,737) | | | | | | (1,182,098) | | |
Western Union Co. (The) | | | | | (5,360) | | | | | | (63,891) | | |
| | | | | | | | | | | (5,162,644) | | |
Food Products — (0.2)% | | ||||||||||||
Cal-Maine Foods, Inc. | | | | | (4,085) | | | | | | (234,438) | | |
Campbell Soup Co. | | | | | (5,106) | | | | | | (220,732) | | |
Dole PLC (Ireland) | | | | | (19,082) | | | | | | (234,518) | | |
Freshpet, Inc. (a) | | | | | (6,847) | | | | | | (594,046) | | |
J M Smucker Co. | | | | | (1,290) | | | | | | (163,030) | | |
Lamb Weston Holdings, Inc. | | | | | (2,341) | | | | | | (253,039) | | |
Lancaster Colony Corp. | | | | | (5,068) | | | | | | (843,264) | | |
| | | | | | | | | | | (2,543,067) | | |
|
| | | Number of Shares | | | Value | | ||||||
Gas Utilities — (0.0)% | | ||||||||||||
Southwest Gas Holdings, Inc. | | | | | (1,290) | | | | | $ | (81,722) | | |
Ground Transportation — (0.1)% | | ||||||||||||
ArcBest Corp. | | | | | (3,964) | | | | | | (476,512) | | |
Avis Budget Group, Inc. | | | | | (3,127) | | | | | | (554,292) | | |
Saia, Inc. (a) | | | | | (1,144) | | | | | | (501,324) | | |
| | | | | | | | | | | (1,532,128) | | |
Health Care Equipment & Supplies — (0.3)% | | ||||||||||||
Align Technology, Inc. (a) | | | | | (3,135) | | | | | | (858,990) | | |
Atrion Corp. | | | | | (739) | | | | | | (279,926) | | |
Dexcom, Inc. (a) | | | | | (1,276) | | | | | | (158,339) | | |
ICU Medical, Inc. (a) | | | | | (1,717) | | | | | | (171,253) | | |
Lantheus Holdings, Inc. (a) | | | | | (1,392) | | | | | | (86,304) | | |
Masimo Corp. (a) | | | | | (6,079) | | | | | | (712,520) | | |
Neogen Corp. (a) | | | | | (32,123) | | | | | | (645,993) | | |
QuidelOrtho Corp. (a) | | | | | (1,321) | | | | | | (97,358) | | |
Tandem Diabetes Care, Inc. (a) | | | | | (11,139) | | | | | | (329,492) | | |
| | | | | | | | | | | (3,340,175) | | |
Health Care Providers & Services — (0.1)% | | ||||||||||||
Acadia Healthcare Co., Inc. (a) | | | | | (5,750) | | | | | | (447,120) | | |
agilon health, Inc. (a) | | | | | (48,253) | | | | | | (605,575) | | |
Henry Schein, Inc. (a) | | | | | (2,689) | | | | | | (203,584) | | |
R1 RCM, Inc. (a) | | | | | (28,361) | | | | | | (299,776) | | |
| | | | | | | | | | | (1,556,055) | | |
Health Care REITs — (0.1)% | | | | | | | | | | | | | |
Medical Properties Trust, Inc. | | | | | (258,233) | | | | | | (1,267,924) | | |
Welltower, Inc. | | | | | (165) | | | | | | (14,878) | | |
| | | | | | | | | | | (1,282,802) | | |
Hotels, Restaurants & Leisure — (0.7)% | | ||||||||||||
Carnival Corp. (a) | | | | | (1,633) | | | | | | (30,276) | | |
Choice Hotels International, Inc. | | | | | (3,870) | | | | | | (438,471) | | |
Churchill Downs, Inc. | | | | | (11,186) | | | | | | (1,509,327) | | |
Domino’s Pizza, Inc. | | | | | (989) | | | | | | (407,695) | | |
DraftKings, Inc., Class A (a) | | | | | (4,443) | | | | | | (156,616) | | |
Dutch Bros, Inc., Class A (a) | | | | | (1,292) | | | | | | (40,918) | | |
Krispy Kreme, Inc. | | | | | (98,964) | | | | | | (1,493,367) | | |
Life Time Group Holdings, Inc. (a) | | | | | (51,753) | | | | | | (780,435) | | |
Light & Wonder, Inc. (a) | | | | | (2,309) | | | | | | (189,592) | | |
Norwegian Cruise Line Holdings Ltd. (a) | | | | | (71,622) | | | | | | (1,435,305) | | |
Planet Fitness, Inc., Class A (a) | | | | | (6,444) | | | | | | (470,412) | | |
Shake Shack, Inc., Class A (a) | | | | | (4,481) | | | | | | (332,132) | | |
Sweetgreen, Inc.,Class A (a) | | | | | (129,162) | | | | | | (1,459,530) | | |
Wingstop, Inc. | | | | | (79) | | | | | | (20,270) | | |
Wynn Resorts Ltd. | | | | | (491) | | | | | | (44,735) | | |
| | | | | | | | | | | (8,809,081) | | |
Household Durables — (0.1)% | | ||||||||||||
Helen of Troy Ltd. (a) | | | | | (1,116) | | | | | | (134,824) | | |
Sonos, Inc. (a) | | | | | (6,103) | | | | | | (104,605) | | |
Tempur Sealy International, Inc. | | | | | (10,275) | | | | | | (523,717) | | |
| | | | | | | | | | | (763,146) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Household Products — (0.0)% | | ||||||||||||
Clorox Co. | | | | | (369) | | | | | $ | (52,616) | | |
WD-40 Co. | | | | | (906) | | | | | | (216,597) | | |
| | | | | | | | | | | (269,213) | | |
Independent Power & Renewable Electricity Producers — (0.0)% | | ||||||||||||
Ormat Technologies, Inc. | | | | | (3,122) | | | | | | (236,616) | | |
Insurance — (0.0)% | | | | | | | | | | | | | |
Brighthouse Financial, Inc. (a) | | | | | (4,641) | | | | | | (245,602) | | |
Interactive Media & Services — (0.1)% | | ||||||||||||
IAC, Inc. (a) | | | | | (888) | | | | | | (46,514) | | |
Pinterest, Inc., Class A (a) | | | | | (5,203) | | | | | | (192,719) | | |
Snap, Inc., Class A (a) | | | | | (27,125) | | | | | | (459,226) | | |
Yelp, Inc. (a) | | | | | (779) | | | | | | (36,878) | | |
| | | | | | | | | | | (735,337) | | |
IT Services — (0.1)% | | ||||||||||||
Cloudflare, Inc., Class A (a) | | | | | (5,114) | | | | | | (425,792) | | |
Kyndryl Holdings, Inc. (a) | | | | | (10,403) | | | | | | (216,174) | | |
MongoDB, Inc. (a) | | | | | (134) | | | | | | (54,786) | | |
| | | | | | | | | | | (696,752) | | |
Leisure Products — (0.2)% | | ||||||||||||
Acushnet Holdings Corp. | | | | | (14,258) | | | | | | (900,678) | | |
BRP, Inc. | | | | | (5,500) | | | | | | (393,578) | | |
Topgolf Callaway Brands Corp. (a) | | | | | (31,750) | | | | | | (455,295) | | |
YETI Holdings, Inc. (a) | | | | | (7,743) | | | | | | (400,932) | | |
| | | | | | | | | | | (2,150,483) | | |
Life Sciences Tools & Services — (0.2)% | | ||||||||||||
Azenta, Inc. (a) | | | | | (10,059) | | | | | | (655,243) | | |
Fortrea Holdings, Inc. (a) | | | | | (499) | | | | | | (17,415) | | |
Illumina, Inc. (a) | | | | | (1,883) | | | | | | (262,189) | | |
Repligen Corp. (a) | | | | | (4,760) | | | | | | (855,848) | | |
Sotera Health Co. (a) | | | | | (8,303) | | | | | | (139,906) | | |
| | | | | | | | | | | (1,930,601) | | |
Machinery — (0.4)% | | ||||||||||||
Chart Industries, Inc. (a) | | | | | (7,530) | | | | | | (1,026,565) | | |
Kadant, Inc. | | | | | (1,941) | | | | | | (544,082) | | |
Lindsay Corp. | | | | | (2,296) | | | | | | (296,551) | | |
Mueller Industries, Inc. | | | | | (18,506) | | | | | | (872,558) | | |
Mueller Water Products, Inc., Class A | | | | | (9,760) | | | | | | (140,544) | | |
RBC Bearings, Inc. (a) | | | | | (340) | | | | | | (96,863) | | |
Snap-on, Inc. | | | | | (203) | | | | | | (58,634) | | |
Wabash National Corp. | | | | | (62,191) | | | | | | (1,593,333) | | |
| | | | | | | | | | | (4,629,130) | | |
Media — (0.1)% | | ||||||||||||
Fox Corp., Class A | | | | | (4,671) | | | | | | (138,589) | | |
News Corp., Class A | | | | | (44,155) | | | | | | (1,084,005) | | |
Paramount Global, Class B | | | | | (21,792) | | | | | | (322,304) | | |
| | | | | | | | | | | (1,544,898) | | |
Metals & Mining — (0.1)% | | ||||||||||||
Alcoa Corp. | | | | | (4,059) | | | | | | (138,006) | | |
MP Materials Corp. (a) | | | | | (81,613) | | | | | | (1,620,018) | | |
| | | | | | | | | | | (1,758,024) | | |
|
| | | Number of Shares | | | Value | | ||||||
Office REITs — (0.0)% | | ||||||||||||
Vornado Realty Trust | | | | | (14,018) | | | | | $ | (396,009) | | |
Oil, Gas & Consumable Fuels — (0.1)% | | ||||||||||||
Civitas Resources, Inc. | | | | | (6,184) | | | | | | (422,862) | | |
New Fortress Energy, Inc. | | | | | (7,923) | | | | | | (298,935) | | |
Permian Resources Corp. | | | | | (35,715) | | | | | | (485,724) | | |
Range Resources Corp. | | | | | (12,877) | | | | | | (391,976) | | |
| | | | | | | | | | | (1,599,497) | | |
Passenger Airlines — (0.0)% | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | (42,615) | | | | | | (585,530) | | |
Personal Care Products — (0.1)% | | ||||||||||||
Coty, Inc., Class A (a) | | | | | (29,681) | | | | | | (368,638) | | |
Edgewell Personal Care Co. | | | | | (8,957) | | | | | | (328,095) | | |
elf Beauty, Inc. (a) | | | | | (4,638) | | | | | | (669,449) | | |
| | | | | | | | | | | (1,366,182) | | |
Pharmaceuticals — (0.1)% | | ||||||||||||
Catalent, Inc. (a) | | | | | (7,943) | | | | | | (356,879) | | |
Prestige Consumer Healthcare, Inc. (a) | | | | | (7,034) | | | | | | (430,621) | | |
| | | | | | | | | | | (787,500) | | |
Professional Services — (0.4)% | | ||||||||||||
Ceridian HCM Holding, Inc. (a) | | | | | (4,805) | | | | | | (322,512) | | |
ExlService Holdings, Inc. (a) | | | | | (25,559) | | | | | | (788,495) | | |
FTI Consulting, Inc. (a) | | | | | (510) | | | | | | (101,567) | | |
Kforce, Inc. | | | | | (12,291) | | | | | | (830,380) | | |
Paycom Software, Inc. | | | | | (1,274) | | | | | | (263,361) | | |
Paycor HCM, Inc. (a) | | | | | (74,503) | | | | | | (1,608,520) | | |
TriNet Group, Inc. (a) | | | | | (1,782) | | | | | | (211,933) | | |
Upwork, Inc. (a) | | | | | (80,075) | | | | | | (1,190,715) | | |
| | | | | | | | | | | (5,317,483) | | |
Real Estate Management & Development — (0.1)% | | ||||||||||||
eXp World Holdings, Inc. | | | | | (5,822) | | | | | | (90,358) | | |
Kennedy-Wilson Holdings, Inc. | | | | | (72,932) | | | | | | (902,898) | | |
| | | | | | | | | | | (993,256) | | |
Semiconductors & Semiconductor Equipment — (0.2)% | | ||||||||||||
Entegris, Inc. | | | | | (7,945) | | | | | | (951,970) | | |
First Solar, Inc. (a) | | | | | (687) | | | | | | (118,356) | | |
MKS Instruments, Inc. | | | | | (2,947) | | | | | | (303,158) | | |
ON Semiconductor Corp. (a) | | | | | (1,198) | | | | | | (100,069) | | |
Qorvo, Inc. (a) | | | | | (769) | | | | | | (86,597) | | |
SiTime Corp. (a) | | | | | (1,320) | | | | | | (161,146) | | |
SolarEdge Technologies, Inc. (Israel) (a) | | | | | (4,257) | | | | | | (398,455) | | |
Wolfspeed, Inc. (a) | | | | | (10,925) | | | | | | (475,347) | | |
| | | | | | | | | | | (2,595,098) | | |
Software — (0.5)% | | ||||||||||||
Alarm.com Holdings, Inc. (a) | | | | | (1,556) | | | | | | (100,549) | | |
Aspen Technology, Inc. (a) | | | | | (548) | | | | | | (120,642) | | |
Bentley Systems, Inc., Class B | | | | | (9,945) | | | | | | (518,930) | | |
Clear Secure, Inc., Class A | | | | | (46,147) | | | | | | (952,936) | | |
Confluent, Inc., Class A (a) | | | | | (15,311) | | | | | | (358,277) | | |
Gitlab, Inc., Class A (a) | | | | | (8,129) | | | | | | (511,802) | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
Palantir Technologies, Inc., Class A (a) | | | | | (60,634) | | | | | $ | (1,041,086) | | |
Palo Alto Networks, Inc. (a) | | | | | (809) | | | | | | (238,558) | | |
Qualys, Inc. (a) | | | | | (1,304) | | | | | | (255,949) | | |
RingCentral, Inc., Class A (a) | | | | | (7,111) | | | | | | (241,418) | | |
SentinelOne, Inc., Class A (a) | | | | | (18,880) | | | | | | (518,067) | | |
Sprout Social, Inc., Class A (a) | | | | | (24,913) | | | | | | (1,530,655) | | |
| | | | | | | | | | | (6,388,869) | | |
Specialty Retail — (0.6)% | | ||||||||||||
Abercrombie & Fitch Co., Class A (a) | | | | | (1,347) | | | | | | (118,832) | | |
Academy Sports & Outdoors, Inc. | | | | | (9,984) | | | | | | (658,944) | | |
America’s Car-Mart, Inc. (a) | | | | | (7,574) | | | | | | (573,882) | | |
Asbury Automotive Group, Inc. (a) | | | | | (2,140) | | | | | | (481,436) | | |
AutoNation, Inc. (a) | | | | | (1,510) | | | | | | (226,772) | | |
Caleres, Inc. | | | | | (12,912) | | | | | | (396,786) | | |
CarMax, Inc. (a) | | | | | (11,081) | | | | | | (850,356) | | |
Five Below, Inc. (a) | | | | | (557) | | | | | | (118,730) | | |
Floor & Decor Holdings, Inc., Class A (a) | | | | | (7,425) | | | | | | (828,333) | | |
Lithia Motors, Inc. | | | | | (1,072) | | | | | | (352,988) | | |
Murphy USA, Inc. | | | | | (481) | | | | | | (171,505) | | |
Restoration Hardware, Inc. (a) (b) | | | | | (2,481) | | | | | | (723,162) | | |
Tractor Supply Co. | | | | | (3,669) | | | | | | (788,945) | | |
Williams-Sonoma, Inc. | | | | | (3,940) | | | | | | (795,013) | | |
| | | | | | | | | | | (7,085,684) | | |
Technology Hardware, Storage & Peripherals — (0.0)% | | ||||||||||||
Dell Technologies, Inc., Class C | | | | | (850) | | | | | | (65,025) | | |
Textiles, Apparel & Luxury Goods — (0.1)% | | ||||||||||||
Levi Strauss & Co., Class A | | | | | (9,545) | | | | | | (157,874) | | |
PVH Corp. | | | | | (3,959) | | | | | | (483,473) | | |
Ralph Lauren Corp. | | | | | (313) | | | | | | (45,135) | | |
VF Corp. | | | | | (31,640) | | | | | | (594,832) | | |
| | | | | | | | | | | (1,281,314) | | |
Trading Companies & Distributors — (0.1)% | | ||||||||||||
Boise Cascade Co. | | | | | (939) | | | | | | (121,469) | | |
Rush Enterprises, Inc., Class A | | | | | (393) | | | | | | (19,768) | | |
Watsco, Inc. | | | | | (1,440) | | | | | | (616,997) | | |
| | | | | | | | | | | (758,234) | | |
Total U.S. Common Stocks (Proceeds $(93,129,222)) | | | | | | | | | | | (104,350,331) | | |
Foreign Common Stocks — (3.4)% | | ||||||||||||
Bermuda — (0.0)% | | ||||||||||||
Liberty Global, Ltd., Class C (a) | | | | | (6,155) | | | | | | (114,729) | | |
Brazil — (0.0)% | | ||||||||||||
MercadoLibre, Inc. (a) | | | | | (215) | | | | | | (337,881) | | |
Canada — (0.4)% | | ||||||||||||
Aecon Group, Inc. | | | | | (67,200) | | | | | | (662,846) | | |
Ag Growth International, Inc. | | | | | (7,900) | | | | | | (301,202) | | |
Altus Group Ltd. | | | | | (12,900) | | | | | | (410,253) | | |
Aritzia, Inc. (a) | | | | | (27,200) | | | | | | (564,507) | | |
Colliers International Group, Inc. | | | | | (3,600) | | | | | | (455,349) | | |
Coveo Solutions, Inc. (a) | | | | | (53,900) | | | | | | (390,506) | | |
Diversified Royalty Corp. | | | | | (157,200) | | | | | | (323,879) | | |
| | | Number of Shares | | | Value | | ||||||
Docebo, Inc. (a) | | | | | (3,400) | | | | | $ | (164,195) | | |
Hive Digital Technologies Ltd. (a) | | | | | (89,231) | | | | | | (401,356) | | |
Metro, Inc. | | | | | (9,800) | | | | | | (507,288) | | |
Premium Brands Holdings Corp. | | | | | (7,400) | | | | | | (525,129) | | |
Real Matters, Inc. (a) | | | | | (46,458) | | | | | | (220,886) | | |
Sandstorm Gold Ltd. | | | | | (91,700) | | | | | | (460,905) | | |
StorageVault Canada, Inc. | | | | | (51,400) | | | | | | (202,877) | | |
| | | | | | | | | | | (5,591,178) | | |
China — (0.0)% | | ||||||||||||
Baidu, Inc. – SPADR (a) | | | | | (601) | | | | | | (71,573) | | |
Denmark — (0.2)% | | ||||||||||||
Ambu AS, Class B (a) | | | | | (18,434) | | | | | | (287,112) | | |
Chemometec AS | | | | | (7,522) | | | | | | (435,045) | | |
FLSmidth & Co. AS | | | | | (10,038) | | | | | | (426,779) | | |
Netcompany Group AS (a) (g) | | | | | (23,088) | | | | | | (771,175) | | |
| | | | | | | | | | | (1,920,111) | | |
Finland — (0.1)% | | ||||||||||||
Stora Enso OYJ, Shares – R | | | | | (87,026) | | | | | | (1,203,815) | | |
Israel — (0.1)% | | ||||||||||||
Fiverr International, Ltd. (a) | | | | | (52,588) | | | | | | (1,431,446) | | |
Mobileye Global, Inc., Class A (a) | | | | | (47) | | | | | | (2,036) | | |
| | | | | | | | | | | (1,433,482) | | |
Italy — (0.1)% | | ||||||||||||
Stevanato Group SpA | | | | | (31,819) | | | | | | (868,341) | | |
Norway — (0.1)% | | ||||||||||||
Kitron ASA | | | | | (105,808) | | | | | | (348,433) | | |
Mowi ASA | | | | | (55,724) | | | | | | (997,656) | | |
| | | | | | | | | | | (1,346,089) | | |
Singapore — (0.0)% | | ||||||||||||
Kulicke & Soffa Industries, Inc. | | | | | (5,689) | | | | | | (311,302) | | |
Sweden — (2.2)% | | ||||||||||||
AAK AB | | | | | (61,152) | | | | | | (1,362,990) | | |
Addnode Group AB | | | | | (35,576) | | | | | | (300,937) | | |
AQ Group AB | | | | | (16,402) | | | | | | (824,371) | | |
Axfood AB | | | | | (30,118) | | | | | | (815,675) | | |
Betsson AB, Class B | | | | | (25,589) | | | | | | (275,257) | | |
Bilia AB, Shares – A | | | | | (24,930) | | | | | | (333,988) | | |
Boozt AB (a) (g) | | | | | (18,699) | | | | | | (251,747) | | |
Bravida Holding AB (g) | | | | | (6,944) | | | | | | (55,829) | | |
Clas Ohlson AB, Shares – B | | | | | (66,702) | | | | | | (1,046,476) | | |
Elekta AB, Shares B | | | | | (66,834) | | | | | | (545,601) | | |
Embracer Group AB (a) | | | | | (49,677) | | | | | | (135,887) | | |
Evolution AB (g) | | | | | (3,729) | | | | | | (446,312) | | |
Fastighets AB Balder, Shares – B (a) | | | | | (49,734) | | | | | | (355,192) | | |
Hanza AB | | | | | (24,372) | | | | | | (206,842) | | |
Hexagon AB Shares B | | | | | (85,800) | | | | | | (1,033,727) | | |
Holmen AB, Shares – B | | | | | (8,365) | | | | | | (353,838) | | |
Industrivarden AB, Shares – A | | | | | (52,615) | | | | | | (1,719,115) | | |
Instalco AB (h) | | | | | (112,295) | | | | | | (455,670) | | |
Investment AB Latour, Shares – B | | | | | (111,006) | | | | | | (2,895,893) | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Shares | | | Value | | ||||||
L E Lundbergforetagen AB, Shares – B | | | | | (6,399) | | | | | $ | (347,838) | | |
Lifco AB, Shares – B | | | | | (62,903) | | | | | | (1,546,401) | | |
Loomis AB | | | | | (8,834) | | | | | | (235,363) | | |
Munters Group AB (g) | | | | | (143,530) | | | | | | (2,328,067) | | |
NCAB Group AB | | | | | (158,433) | | | | | | (1,153,419) | | |
New Wave Group AB, Shares – B | | | | | (34,432) | | | | | | (349,741) | | |
Sandvik AB | | | | | (58,051) | | | | | | (1,256,443) | | |
Sectra AB, Shares – B | | | | | (43,690) | | | | | | (785,075) | | |
SkiStar AB | | | | | (73,966) | | | | | | (879,575) | | |
Surgical Science Sweden AB (a) | | | | | (30,405) | | | | | | (553,453) | | |
Svenska Cellulosa AB SCA, Class B | | | | | (104,040) | | | | | | (1,558,922) | | |
Svenska Handelsbanken AB, Shares – A | | | | | (186,558) | | | | | | (2,024,848) | | |
Sweco AB, Shares – B | | | | | (35,515) | | | | | | (475,840) | | |
Truecaller AB, Class B (a) | | | | | (62,361) | | | | | | (216,696) | | |
| | | | | | | | | | | (27,127,028) | | |
|
| | | Number of Shares | | | Value | | ||||||
Switzerland — (0.1)% | | | | ||||||||||
On Holding AG, Class A (a) | | | | | (40,810) | | | | | $ | (1,100,646) | | |
United Kingdom — (0.1)% | | ||||||||||||
Clarivate plc (a) | | | | | (21,256) | | | | | | (196,830) | | |
TechnipFMC PLC | | | | | (22,069) | | | | | | (444,470) | | |
| | | | | | | | | | | (641,300) | | |
Uruguay — (0.0)% | | ||||||||||||
Globant SA (a) | | | | | (82) | | | | | | (19,514) | | |
Zambia — (0.0)% | | ||||||||||||
First Quantum Minerals, Ltd. | | | | | (40,300) | | | | | | (329,991) | | |
Total Foreign Common Stocks (Proceeds $(39,483,338)) | | | | | | | | | | | (42,416,980) | | |
Total Common Stocks (Proceeds $(132,612,560)) | | | | | | | | | | | (146,767,311) | | |
Total Securities Sold Short – (11.90)% (Proceeds $(132,612,560)) | | | | | | | | | | $ | (146,767,311) | | |
|
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/ (Proceeds) | | | Notional Value at December 31, 2023 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | | | | | | | | | | |
| | | 197 | | | | | | 03/19/2024 | | | | Ultra U.S. Treasury Note 10 Year Futures | | | | $ | 22,241,619 | | | | | $ | 23,249,078 | | | | | $ | 1,007,459 | | |
| | | 120 | | | | | | 03/19/2024 | | | | U.S. Treasury Note 10 Year Futures | | | | | 13,119,506 | | | | | | 13,546,875 | | | | | | 427,369 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,434,828 | | |
| | | | | | | | | | | | | Foreign Currency-Related | | | | | | | | | | | | | | | | | | | |
| | | 514 | | | | | | 03/18/2024 | | | | Euro Foreign Exchange Currency Futures | | | | | 69,741,478 | | | | | | 71,156,875 | | | | | | 1,415,397 | | |
| | | 236 | | | | | | 03/18/2024 | | | | British Pound Currency Futures | | | | | 18,538,784 | | | | | | 18,807,725 | | | | | | 268,941 | | |
| | | 116 | | | | | | 03/18/2024 | | | | Swiss Franc Currency Futures | | | | | 16,724,059 | | | | | | 17,371,000 | | | | | | 646,941 | | |
| | | 106 | | | | | | 03/18/2024 | | | | Japanese Yen Currency Futures | | | | | 9,246,955 | | | | | | 9,508,200 | | | | | | 261,245 | | |
| | | 91 | | | | | | 03/18/2024 | | | | Australian Dollar Currency Futures | | | | | 5,981,718 | | | | | | 6,215,755 | | | | | | 234,037 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,826,561 | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 1,787 | | | | | | 03/15/2024 | | | | Eurex EURO STOXX 50 Index Futures | | | | | 90,484,785 | | | | | | 89,622,438 | | | | | | (862,347) | | |
| | | 246 | | | | | | 03/15/2024 | | | | MSCI Emerging Markets Index Futures | | | | | 12,174,173 | | | | | | 12,714,510 | | | | | | 540,337 | | |
| | | 660 | | | | | | 03/15/2024 | | | | MSCI Japan Index Futures | | | | | 51,497,503 | | | | | | 52,899,000 | | | | | | 1,401,497 | | |
| | | 65 | | | | | | 03/15/2024 | | | | Russell E-mini 1000 Value Index Futures | | | | | 5,149,853 | | | | | | 5,339,425 | | | | | | 189,572 | | |
| | | 450 | | | | | | 03/21/2024 | | | | S&P ASX Share Price 200 Index Futures | | | | | 56,418,229 | | | | | | 58,148,984 | | | | | | 1,730,755 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,999,814 | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | (646) | | | | | | 03/15/2024 | | | | MSCI EAFE Index Futures | | | | | (70,425,118) | | | | | | (72,752,520) | | | | | | (2,327,402) | | |
| | | (386) | | | | | | 03/15/2024 | | | | S&P 500 Index Futures | | | | | (90,722,619) | | | | | | (93,026,000) | | | | | | (2,303,381) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,630,783) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 2,630,420 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
| Receive | | | Deliver | | |||||||||||||||||
01/02/2024 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 4,813,857 | | | | | | DKK 32,840,000 | | | | | $ | (49,382) | | |
01/02/2024 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 1,881,623 | | | | | | EUR 1,722,000 | | | | | | (19,379) | | |
01/12/2024 | | | Barclays Bank plc | | | | | CNH 52,757,400 | | | | | | USD 7,298,666 | | | | | | 110,078 | | |
01/12/2024 | | | Barclays Bank plc | | | | | USD 7,955,131 | | | | | | CNH 52,757,400 | | | | | | 546,386 | | |
01/31/2024 | | | Morgan Stanley Capital Services, Inc. | | | | | USD 26,511,995 | | | | | | CAD 35,950,000 | | | | | | (725,642) | | |
| | | | | | | | | | | | | | | | | | | $ | (137,939) | | |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||
Long Total Return Swap Contracts | | |||||||||||||||||||||||||||
07/29/2024 | | | Goldman Sachs International | | | 0.300% (l) | | | Bloomberg Commodity Index (1) | | | USD | | | Quarterly | | | | $ | 43,376,565 | | | | | $ | (56,822) | | |
Futures Contract | | | Maturity | | | % of Index | | | Notional amount | | |||||||||
CMX Gold 100 oz Futures | | | | | 24-Feb | | | | | | 17.01% | | | | | $ | 7,377,265 | | |
NYM Natural Gas Futures | | | | | 25-Jan | | | | | | 9.19% | | | | | | 3,986,444 | | |
NYM WTI Crude Oil Futures | | | | | 24-Mar | | | | | | 7.79% | | | | | | 3,379,965 | | |
ICE BRENT Crude Oil Futures | | | | | 24-Mar | | | | | | 7.32% | | | | | | 3,176,854 | | |
CMX Copper Futures | | | | | 24-Mar | | | | | | 5.37% | | | | | | 2,331,457 | | |
CBT Soybean Futures | | | | | 24-Jul | | | | | | 5.26% | | | | | | 2,280,741 | | |
CMX Silver Futures | | | | | 24-Mar | | | | | | 4.76% | | | | | | 2,066,376 | | |
LME Primary Aluminum Futures | | | | | 24-Jul | | | | | | 4.50% | | | | | | 1,951,393 | | |
CBT Corn Futures | | | | | 24-Jul | | | | | | 4.30% | | | | | | 1,866,635 | | |
CME Live Cattle Futures | | | | | 24-Apr | | | | | | 3.77% | | | | | | 1,634,366 | | |
NYB Coffee ‘C’ Futures | | | | | 23-May | | | | | | 3.47% | | | | | | 1,506,778 | | |
CBT Soybean Meal Futures | | | | | 24-Mar | | | | | | 2.95% | | | | | | 1,278,233 | | |
NYB Sugar #11 (World) | | | | | 24-Mar | | | | | | 2.87% | | | | | | 1,243,525 | | |
LME Zinc Futures | | | | | 24-Jul | | | | | | 2.65% | | | | | | 1,150,811 | | |
CBT Soybean Oil Futures | | | | | 24-Mar | | | | | | 2.57% | | | | | | 1,116,133 | | |
CBT Wheat Futures | | | | | 24-Sep | | | | | | 2.55% | | | | | | 1,105,345 | | |
ICE Low Sulphur Gas Oil Futures | | | | | 24-Mar | | | | | | 2.46% | | | | | | 1,068,700 | | |
NYM Gasoline RBOB Futures | | | | | 24-Mar | | | | | | 2.14% | | | | | | 929,438 | | |
NYM NY Harbor ULSD Futures | | | | | 24-Dec | | | | | | 1.78% | | | | | | 770,405 | | |
LME Nickel Futures | | | | | 24-Jul | | | | | | 1.73% | | | | | | 752,341 | | |
CME Lean Hogs Futures | | | | | 24-Apr | | | | | | 1.68% | | | | | | 728,554 | | |
NYB Cotton No 2 Futures | | | | | 24-Jul | | | | | | 1.56% | | | | | | 675,502 | | |
CBT KC Hard Red Winter Wheat Futures | | | | | 24-Mar | | | | | | 1.40% | | | | | | 606,760 | | |
LME Lead Futures | | | | | 24-Mar | | | | | | 0.91% | | | | | | 394,112 | | |
Cash | | | | | | | | | | | 0.00% | | | | | | (1,568) | | |
| | | | | | | | | | | | | | | | $ | 43,376,565 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Puts — (0.0)% | | ||||||||||||
Avantor, Inc., Notional Amount $(576,000), Strike Price $20 Expiring 01/19/2024 (United States) | | | | | (288) | | | | | $ | (23,040) | | |
Total Written Options (Premiums received $26,397) | | | | | | | | | | $ | (23,040) | | |
| 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 | |
| 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 | |
| SPADR | | | Sponsored ADR | |
| TSX | | | Toronto Stock Exchange | |
| USD | | | US Dollar | |
| VRN | | | Variable Rate Note. Rate disclosed represents the effective rate as of December 31, 2023. | |
Private Investment Funds | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
U.S. Common Stocks | | | | | | | | | | | | | | | | | | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | $ | 21 | | | | | $ | 60,376 | | |
| | | | | | | | | | | | | | | | | 60,376 | | |
Foreign Common Stocks | | | | | | | | | | | | | | | | | | | |
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | 31,072 | | | | | | 44,217 | | |
| | | | | | | | | | | | | | | | | 44,217 | | |
Warrants | | | | | | | | | | | | | | | | | | | |
Esports Technologies, Inc. | | | | | | 11/18/21 | | | | | — | | | | | | 159 | | |
Gryphon Digital Mining, Inc. | | | | | | 07/28/21 | | | | | — | | | | | | 3,386 | | |
Royal Helium, Ltd. | | | | | | 12/30/22 | | | | | — | | | | | | 90,770 | | |
Royal Helium, Ltd. | | | | | | 06/02/23 | | | | | — | | | | | | 68,382 | | |
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | — | | | | | | 3,329 | | |
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 9,258 | | | | | | 398 | | |
| | | | | | | | | | | | | | | | | 166,424 | | |
Convertible Bonds | | | | | | | | | | | | | | | | | | | |
Royal Helium Ltd. | | | | | | 06/02/23 | | | | | 319,565 | | | | | | 323,761 | | |
Synaptive Medical, Inc | | | | | | 11/29/21 | | | | | 120,000 | | | | | | 120,000 | | |
| | | | | | | | | | | | | | | | | 443,761 | | |
Corporate Bonds | | | | | | | | | | | | | | | | | | | |
Royal Helium, Ltd. | | | | | | 12/30/22 – 6/30/23 | | | | | 227,872 | | | | | | 235,463 | | |
Trillion Energy International, Inc. | | | | | | 04/05/23 | | | | | 337,084 | | | | | | 342,477 | | |
| | | | | | | | | | | | | | | | | 577,940 | | |
Private Investment Funds | | | | | | | | | | | | | | | | | | | |
Bellus Ventures II, LP | | | California Carbon Allowances | | | 10/01/21 | | | | | 19,206,877 | | | | | | 26,143,781 | | |
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 21,111,895 | | | | | | 29,761,609 | | |
TIFF Multi-Asset Fund / Schedule of Investments | December 31, 2023 |
Private Investment Funds | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | ||||||
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | $ | 626,649 | | | | | $ | 916,970 | | |
Helikon Long Short Equity Fund ICAV | | | Long-Short European | | | 01/01/21 | | | | | 6,996,742 | | | | | | 19,282,578 | | |
Honeycomb Partners, LP | | | Long-Short Global | | | 09/01/16 – 07/01/17 | | | | | 15,510,601 | | | | | | 25,462,400 | | |
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 | | | | | 15,000,000 | | | | | | 17,890,692 | | |
QVT Roviant, LP | | | Multi-Strategy | | | 01/05/16 | | | | | 2,016,706 | | | | | | 8,022,449 | | |
Voloridge Fund, LP | | | Directional | | | 04/01/20 – 01/01/2023 | | | | | 15,354,702 | | | | | | 17,830,013 | | |
Voloridge Trading Aggressive Fund | | | Directional | | | 12/01/2023 | | | | | 10,000,000 | | | | | | 9,746,987 | | |
| | | | | | | | | | | | | | | | | 155,057,479 | | |
Preferred Stocks | | | | | | | | | | | | | | | | | | | |
Synaptive Medical, Inc., Class B | | | | | | 02/03/20 | | | | | 129,999 | | | | | | 185,712 | | |
| | | | | | | | | | | | | | | | | 185,712 | | |
Disputed Claims Receipt | | | | | | | | | | | | | | | | | | | |
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | |
Total (12.7% of Net Assets) | | | | | | | | | | | | | | | | | 156,535,909 | | |
|
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities | |
| | | December 31, 2023 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,085,527,429) including securities on loan of $33,580,813 | | | | $ | 1,228,567,942 | | |
Repurchase agreements (cost: $145,548,374) | | | | | 145,548,374 | | |
Total investments (cost: $1,231,075,803) | | | | | 1,374,116,316 | | |
Cash | | | | | 103,477 | | |
Cash denominated in foreign currencies (cost: $13,294,585) | | | | | 13,503,723 | | |
Total Cash | | | | | 13,607,200 | | |
Deposits with brokers for future contracts | | | | | 19,664,621 | | |
Deposits with brokers for securities sold short | | | | | 12,808,404 | | |
Deposits with broker for swap contracts | | | | | 2,050,000 | | |
Due from broker for futures variation margin | | | | | 1,274,495 | | |
Deposits with broker for forward currency contracts | | | | | 3,970,000 | | |
Unrealized appreciation on forward currency contracts | | | | | 656,464 | | |
Deposits with broker for options contracts | | | | | 749,838 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 19,100,306 | | |
Dividends and tax reclaims | | | | | 1,013,169 | | |
Interest | | | | | 775,704 | | |
Securities lending income | | | | | 13,515 | | |
Prepaid expenses | | | | | 112,412 | | |
Total Assets | | | | | 1,449,912,444 | | |
Liabilities | | | | | | | |
Cash collateral received for securities on loan | | | | | 1,877,933 | | |
Securities sold short, at value (proceeds: $132,612,560) | | | | | 146,767,311 | | |
Unrealized depreciation on forward currency contracts | | | | | 794,403 | | |
Due to broker for futures variation margin | | | | | 469,152 | | |
Written options, at value (premium received $26,397) | | | | | 23,040 | | |
Unrealized depreciation on swap contracts | | | | | 56,822 | | |
Payables: | | | | | | | |
Capital stock redeemed | | | | | 46,522,085 | | |
Investment securities purchased | | | | | 15,681,999 | | |
Money manager fees | | | | | 1,675,244 | | |
Investment advisory and administrative fees | | | | | 268,001 | | |
Fund administration and custody fees | | | | | 203,797 | | |
Dividends and interest on securities sold short | | | | | 72,109 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 33,471 | | |
Accrued expenses and other liabilities | | | | | 266,342 | | |
Total Liabilities | | | | | 214,711,709 | | |
Net Assets | | | | $ | 1,235,200,735 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 88,027,260 | | |
Net Asset Value Per Share | | | | $ | 14.03 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,218,226,379 | | |
Total distributable earnings (loss) | | | | | 16,974,356 | | |
Net Assets | | | | $ | 1,235,200,735 | | |
TIFF Multi-Asset Fund |
| Statement of Operations | |
| | | Year Ended December 31, 2023 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $841,792) | | | | $ | 16,049,241 | | |
Interest | | | | | 7,158,739 | | |
Securities lending | | | | | 186,306 | | |
Other Income | | | | | 47 | | |
Total Investment Income | | | | | 23,394,333 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 6,636,824 | | |
Investment advisory fees | | | | | 3,145,813 | | |
Fund administration and custody fees | | | | | 1,337,052 | | |
Professional fees | | | | | 552,210 | | |
Administrative fees | | | | | 256,158 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 243,313 | | |
Miscellaneous fees and other | | �� | | | 450,289 | | |
Total Operating Expenses | | | | | 12,621,659 | | |
Dividends and interest on securities sold short | | | | | 2,283,592 | | |
Broker fees on securities sold short | | | | | 958,872 | | |
Less: Investment Advisory fee waiver | | | | | (77,046) | | |
Total Expenses | | | | | 15,787,077 | | |
Net Investment Income | | | | | 7,607,256 | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | 25,225,127 | | |
Securities sold short | | | | | 2,802,461 | | |
Swap contracts | | | | | (5,188,624) | | |
Financial futures contracts | | | | | 221,263 | | |
Forward currency contracts | | | | | 3,401,407 | | |
Foreign currency-related transactions | | | | | 354,729 | | |
Written options | | | | | 281,520 | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 27,097,883 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | 174,672,100 | | |
Securities sold short | | | | | (25,873,729) | | |
Swap contracts | | | | | 1,265,778 | | |
Financial futures contracts | | | | | 7,379,852 | | |
Forward currency contracts | | | | | (47,462) | | |
Foreign currency-related transactions | | | | | (190,255) | | |
Written options | | | | | (9,752) | | |
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies | | | | | 157,196,532 | | |
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies | | | | | 184,294,415 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 191,901,671 | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Year Ended December 31, 2023 | | | Year Ended December 31, 2022 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 7,607,256 | | | | | $ | 2,931,922 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 27,097,883 | | | | | | 96,142,493 | | |
Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies | | | | | 157,196,532 | | | | | | (339,267,823) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | 191,901,671 | | | | | | (240,193,408) | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (43,745,173) | | | | | | (118,887,263) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (43,745,173) | | | | | | (118,887,263) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 107,321,760 | | | | | | 73,578,816 | | |
Proceeds from distributions reinvested | | | | | 42,525,999 | | | | | | 113,018,088 | | |
Cost of shares redeemed | | | | | (310,782,110) | | | | | | (161,646,790) | | |
Net Increase (Decrease) From Capital Share Transactions | | | | | (160,934,351) | | | | | | 24,950,114 | | |
Total Decrease in Net Assets | | | | | (12,777,853) | | | | | | (334,130,557) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of year | | | | | 1,247,978,588 | | | | | | 1,582,109,145 | | |
End of year | | | | $ | 1,235,200,735 | | | | | $ | 1,247,978,588 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 8,118,435 | | | | | | 5,171,238 | | |
Shares reinvested | | | | | 3,083,914 | | | | | | 9,114,236 | | |
Shares redeemed | | | | | (23,211,162) | | | | | | (11,798,634) | | |
Net Increase (Decrease) | | | | | (12,008,813) | | | | | | 2,486,840 | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Year Ended December 31, 2023 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | 191,901,671 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (1,668,528,571) | | |
Investments sold | | | | | 1,899,474,423 | | |
Purchases to cover securities sold short | | | | | (589,559,710) | | |
Securities sold short | | | | | 570,138,333 | | |
(Purchase)/Sale of short term investments, net | | | | | (62,875,524) | | |
Amortization (accretion) of discount and premium, net | | | | | (2,879,882) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | 47,462 | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | (1,265,778) | | |
(Increase)/decrease in deposit with broker for securities sold short | | | | | 5,237,550 | | |
(Increase)/decrease in deposits with broker for forward currency contracts | | | | | (1,160,000) | | |
(Increase)/decrease in deposits with broker for options contracts | | | | | 45,433 | | |
(Increase)/decrease in deposit with broker for swap contracts | | | | | (2,050,000) | | |
(Increase)/decrease in deposit with brokers for future contracts | | | | | (1,151,960) | | |
(Increase)/decrease in advance purchase of investments | | | | | 11,482,129 | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | 742,036 | | |
(Increase)/decrease in interest receivable | | | | | (232,758) | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | (1,508,792) | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | 13,458 | | |
(Increase)/decrease in prepaid expenses | | | | | (2,956) | | |
(Increase)/decrease in securities lending income receivable | | | | | (1,040) | | |
Increase/(decrease) in payable for foreign currencies sold short | | | | | (468) | | |
Increase/(decrease) in payable for money manager fees | | | | | 780,926 | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | (38,034) | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | (237,672) | | |
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees | | | | | 22,784 | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | (89,380) | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | (43,855) | | |
Increase/(decrease) in premiums received on written options, net | | | | | (7,100) | | |
Net realized (gain) loss from investments | | | | | (25,225,127) | | |
Net realized (gain) loss from securities sold short | | | | | (2,802,461) | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | (354,729) | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | (174,672,100) | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | 25,873,729 | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | 190,255 | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | 9,752 | | |
Net cash provided by (used in) operating activities | | | | | 171,272,044 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Distributions paid to shareholders | | | | | (1,219,174) | | |
Proceeds from shares sold | | | | | 107,321,760 | | |
Payment for shares redeemed | | | | | (284,158,704) | | |
Net cash provided by (used in) financing activities | | | | | (178,056,118) | | |
Effect of exchange rate changes on cash | | | | | 164,474 | | |
Net increase (decrease) in cash | | | | | (6,619,600) | | |
Cash at beginning of year | | | | | 20,226,800 | | |
Cash at end of year | | | | $ | 13,607,200 | | |
Non cash financing activities not included herein consist of reinvestment of distributions of: | | | | $ | 42,525,999 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 675,973,589 | | | | | $ | 137,324,643 | | | | | $ | 618,491 | | | | | $ | 813,916,723 | | |
Rights | | | | | — | | | | | | 189,258 | | | | | | — | | | | | | 189,258 | | |
Warrants | | | | | 58,011 | | | | | | 895,071 | | | | | | 6,715 | | | | | | 959,797 | | |
Corporate Bonds | | | | | — | | | | | | 1,738,996 | | | | | | 342,477 | | | | | | 2,081,473 | | |
Convertible Bonds | | | | | — | | | | | | — | | | | | | 443,761 | | | | | | 443,761 | | |
U.S. Treasury Bonds/Notes | | | | | — | | | | | | 92,037,306 | | | | | | — | | | | | | 92,037,306 | | |
Exchange-Traded Funds and Mutual Funds | | | | | 122,842,346 | | | | | | — | | | | | | — | | | | | | 122,842,346 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 155,057,479 | | | | | | 155,057,479 | | |
Preferred Stocks* | | | | | — | | | | | | 3,610,758 | | | | | | 185,712 | | | | | | 3,796,470 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Purchased Options | | | | | 327,458 | | | | | | 104,876 | | | | | | — | | | | | | 432,334 | | |
Short-Term Investments | | | | | — | | | | | | 180,481,436 | | | | | | — | | | | | | 180,481,436 | | |
Unaffiliated Investment Company | | | | | 1,877,933 | | | | | | — | | | | | | — | | | | | | 1,877,933 | | |
Total Investments in Securities | | | | | 801,079,337 | | | | | | 416,382,344 | | | | | | 156,654,635 | | | | | | 1,374,116,316 | | |
Financial Futures Contracts – Interest Rate Risk | | | | | 1,434,828 | | | | | | — | | | | | | — | | | | | | 1,434,828 | | |
Financial Futures Contracts – Equity Risk | | | | | 3,862,161 | | | | | | — | | | | | | — | | | | | | 3,862,161 | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | 2,826,561 | | | | | | — | | | | | | — | | | | | | 2,826,561 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 656,464 | | | | | | — | | | | | | 656,464 | | |
Total Other Financial Instruments | | | | | 8,123,550 | | | | | | 656,464 | | | | | | — | | | | | | 8,780,014 | | |
Total Assets | | | | $ | 809,202,887 | | | | | $ | 417,038,808 | | | | | $ | 156,654,635 | | | | | $ | 1,382,896,330 | | |
| | ||||||||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | | (115,170,268) | | | | | | (31,597,043) | | | | | | — | | | | | | (146,767,311) | | |
Financial Futures Contracts – Equity Risk | | | | | (5,493,130) | | | | | | — | | | | | | — | | | | | | (5,493,130) | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | (794,403) | | | | | | — | | | | | | (794,403) | | |
Total Return Swap Contracts – Equity Risk | | | | | — | | | | | | (56,822) | | | | | | — | | | | | | (56,822) | | |
Written Options – Equity Risk | | | | | (23,040) | | | | | | — | | | | | | — | | | | | | (23,040) | | |
Total Other Financial Instruments | | | | | (5,516,170) | | | | | | (851,225) | | | | | | — | | | | | | (6,367,395) | | |
Total Liabilities | | | | $ | (120,686,438) | | | | | $ | (32,448,268) | | | | | $ | — | | | | | $ | (153,134,706) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 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 December 31, 2023 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 12/31/23 for the period ended 12/31/23 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | 682,839 | | | | | $ | (146,466) | | | | | $ | 128,828 | | | | | $ | — | | | | | $ | (46,710) | | | | | $ | — | | | | | $ | — | | | | | $ | 618,491 | | | | | $ | 182,127 | | |
Warrants | | | | | 6,153 | | | | | | (15,625) | | | | | | 16,187 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,715 | | | | | | 5,221 | | |
Private Investment Funds | | | | | 169,464,432 | | | | | | 15,628,268 | | | | | | 16,708,025 | | | | | | 18,000,000 | | | | | | (64,743,246) | | | | | | — | | | | | | — | | | | | | 155,057,479 | | | | | | 15,963,695 | | |
Preferred Stocks | | | | | 748,712 | | | | | | — | | | | | | — | | | | | | — | | | | | | (563,000) | | | | | | — | | | | | | — | | | | | | 185,712 | | | | | | — | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate Bonds | | | | | 295,421 | | | | | | — | | | | | | 5,393 | | | | | | 337,084 | | | | | | — | | | | | | — | | | | | | 295,421 | | | | | | 342,477 | | | | | | 5,393 | | |
Convertible Bonds | | | | | 120,000 | | | | | | — | | | | | | 4,196 | | | | | | 319,565 | | | | | | — | | | | | | — | | | | | | — | | | | | | 443,761 | | | | | | 4,196 | | |
Total | | | | $ | 171,317,557 | | | | | $ | 15,466,177 | | | | | $ | 16,862,629 | | | | | $ | 18,656,649 | | | | | $ | (65,352,956) | | | | | $ | — | | | | | $ | 295,421 | | | | | $ | 156,654,635 | | | | | $ | 16,160,632 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
As of December 31, 2023 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stocks | | | | $ | 574,274 | | | | Last market price | | | Discount(%) | | | 20% – 100% | | | 78.17% | |
| | | | | 44,217 | | | | Recent transaction price | | | Recent transaction price | | | $0.30 | | | $0.30 | |
Warrants | | | | | 6,715 | | | | Black-Scholes pricing model | | | Volatility | | | 35% | | | 35% | |
Private Investment Funds | | | | | 155,057,479 | | | | Adjusted net asset value | | | Manager estimated returns | | | (2.23)% – 7.71% | | | 1.88% | |
| | | | | | | | | | | | Manager returns** | | | (3.85)% – 8.10% | | | 0.17% | |
Preferred Stocks | | | | | 185,712 | | | | Recent transaction price | | | Recent transaction price | | | $2.08 | | | $2.08 | |
Disputed Claims Receipt | | | | | — | | | | Corporate Action Model | | | Future claim awards | | | 0.00% | | | 0.00% | |
Convertible Bonds | | | | | 443,761 | | | | Recent transaction price | | | Recent transaction price | | | $75.47 – $100 | | | $82.10 | |
Corporate bonds | | | | | 342,477 | | | | Recent transaction price | | | Recent transaction price | | | $75.47 | | | $75.47 | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
California Carbon Allowances (a) | | | | $ | 26,143,781 | | | | quarterly | | | 90 days | |
Multi-Strategy (b) | | | | | 8,939,419 | | | | illiquid | | | N/A | |
Long-Short Global Healthcare (c) | | | | | 29,761,609 | | | | quarterly | | | 45 days | |
Long-Short European (d) | | | | | 19,282,578 | | | | monthly | | | 60 days | |
Long-Short Global (e) | | | | | 25,462,400 | | | | quarterly | | | 60 days | |
China Credit (f) | | | | | 17,890,692 | | | | monthly | | | 45 days | |
Directional (g) | | | | | 27,577,000 | | | | monthly | | | 30 days | |
Total | | | | $ | 155,057,479 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 432,334 | | | | | $ | — | | |
Swap Contracts | | | | | — | | | | | | (56,822) | | |
Forward Contracts | | | | | 656,464 | | | | | | (794,403) | | |
Futures Contracts | | | | | 8,123,550 | | | | | | (5,493,130) | | |
Written Options | | | | | — | | | | | | (23,040) | | |
Total derivative assets and liablities | | | | | 9,212,348 | | | | | | (6,367,395) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 8,555,884 | | | | | | (5,516,170) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 656,464 | | | | | $ | (851,225) | | |
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 | | | | $ | 656,464 | | | | | $ | — | | | | | $ | (656,464) | | | | | $ | 0 | | |
Total | | | | $ | 656,464 | | | | | $ | — | | | | | $ | (656,464) | | | | | $ | 0 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 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 | | | | $ | (794,403) | | | | | $ | — | | | | | $ | 794,403 | | | | | $ | — | | |
Swap | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | (56,822) | | | | | | — | | | | | | 56,822 | | | | | | — | | |
Total | | | | $ | (851,225) | | | | | $ | — | | | | | $ | 851,225 | | | | | $ | — | | |
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 | | | | $ | 104,876 | | | | | | 0.05% | | | | | $ | 327,458 | | | | | | 0.03% | | | | | $ | — | | | | | | —% | | | | | $ | 432,334 | | |
Total Return Index Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | �� | | — | | | | | | 0.03% | | | | | | — | | | | | | —% | | | | | | — | | |
Total Return Basket Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | — | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 656,464 | | | | | | 0.13% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 656,464 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | 2,826,561 | | | | | | 0.08% | | | | | | 3,862,161 | | | | | | 0.31% | | | | | | 1,434,828 | | | | | | 0.04% | | | | | | 8,123,550 | | |
Total Value – Assets | | | | | | | $ | 3,587,901 | | | | | | | | | | | $ | 4,189,619 | | | | | | | | | | | $ | 1,434,828 | | | | | | | | | | | $ | 9,212,348 | | |
Liability Derivatives | | |||||||||||||||||||||||||||||||||||||||||||||
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (23,040) | | | | | | 0.00% | | | | | $ | — | | | | | | —% | | | | | $ | (23,040) | | |
Total Return Basket Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | (56,822) | | | | | | 0.07% | | | | | | — | | | | | | —% | | | | | | (56,822) | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | (794,403) | | | | | | 0.06% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | (794,403) | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | — | | | | | | 0.04% | | | | | | (5,493,130) | | | | | | 0.37% | | | | | | — | | | | | | 0.02% | | | | | | (5,493,130) | | |
Total Value – Liabilities | | | | | | | $ | (794,403) | | | | | | | | | | | $ | (5,572,992) | | | | | | | | | | | $ | — | | | | | | | | | | | $ | (6,367,395) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 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 | | | | $ | — | | | | | $ | (1,103,218) | | | | | $ | (2,740,774) | | | | | $ | (3,843,992) | | |
Written Options | | | Net realized gain (loss) on Options written | | | | | — | | | | | | — | | | | | | 281,520 | | | | | | 281,520 | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | — | | | | | | (5,188,624) | | | | | | (5,188,624) | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | — | | | | | | 3,401,407 | | | | | | — | | | | | | 3,401,407 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | (1,429,815) | | | | | | (2,462,167) | | | | | | 4,113,245 | | | | | | 221,263 | | |
Total Realized Gain (Loss) | | | | | | | $ | (1,429,815) | | | | | $ | (163,978) | | | | | $ | (3,534,633) | | | | | $ | (5,128,426) | | |
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 | | | | $ | — | | | | | $ | (624,387) | | | | | $ | (208,042) | | | | | $ | (832,439) | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Option written | | | | | — | | | | | | — | | | | | | (9,752) | | | | | | (9,752) | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | — | | | | | | 1,265,778 | | | | | | 1,265,778 | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | — | | | | | | (47,462) | | | | | | — | | | | | | (47,462) | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | 1,483,674 | | | | | | 3,350,189 | | | | | | 2,545,989 | | | | | | 7,379,852 | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | 1,483,674 | | | | | $ | 2,678,340 | | | | | $ | 3,593,973 | | | | | $ | 7,755,977 | | |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.25% | | |
On the next $1 billion | | | | | 0.23% | | |
On the next $1 billion | | | | | 0.20% | | |
On the remainder (> $3 billion) | | | | | 0.18% | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 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 | December 31, 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 | December 31, 2023 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 2,051,497,506 | | | | | $ | 2,228,779,025 | | |
US Government Securities | | | | | 56,710,286 | | | | | | 31,820,419 | | |
| | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | ||||||||||||
| | | | $ | 194,952,964 | | | | | $ | (191,499,342) | | | | | $ | 3,453,622 | | | | | $ | 1,227,873,562 | | |
| Undistributed Ordinary Income | | | Undistributed Capital Gains | | | (Accumulated Capital and Other Losses) | | | Unrealized Appreciation/ (Depreciation) (a) | | |||||||||
| $19,187,419 | | | | $ | — | | | | | $ | — | | | | | $ | (2,213,063) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
| 2023 | | | | 2022 | | ||||||||||||||||||||||||||||||||||||||||||
| Ordinary Income | | | Long-Term Capital gain | | | Return of Capital | | | Total | | | | Ordinary Income | | | Long-Term Capital Gain | | | Return of Capital | | | Total | | ||||||||||||||||||||||||
| $ | 43,745,173 | | | | | $ | — | | | | | $ | — | | | | | $ | 43,745,173 | | | | | | $ | 5,413,077 | | | | | $ | 113,474,186 | | | | | $ | — | | | | | $ | 118,887,263 | | |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 145,548,374 | | | | | $ | — | | | | | $ | (145,548,374) | | | | | $ | — | | |
Total | | | | $ | 145,548,374 | | | | | $ | — | | | | | $ | (145,548,374) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements | December 31, 2023 |
TIFF Multi-Asset Fund | December 31, 2023 |
| Additional Information (Unaudited) | |
TIFF Multi-Asset Fund | December 31, 2023 |
| Index Descriptions | |
Trustees and Principal Officers (Unaudited) |
| William F. McCalpin* | | |||
| Born 1957 Trustee from February 2008 to December 2023 Board Chair from 2008 to December 2023 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, The Dalio Family Office (2023 – present). Previously, Chief Investment Officer, Carnegie Corporation of New York, a private grant-making foundation (2020 – 2023). Chief Investment Officer, Institute fr Advanced Study, a private, independent academic institution (2014 – 2020). Other Directorships: Trustee, YMCA Retirement Fund; Scientific Technologies Ltd. | |
| Leena Bhutta | | |||
| Born 1978 Trustee since November 2023 1 fund overseen | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, The Doris Duke Foundation (2019 – present). Other Directorships: Jabberwock Ventures | |
| 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) |
| Thomas Lenehan | | |||
| Born 1970 Trustee since October 2023 1 fund overseen | | | Principal Occupation(s) During the Past Five Years: Chief Investment Officer, The Wallace Foundation (2021 – present), Deputy Chief Investment Officer, The Rockefeller University (2011 – 2020). | |
| Clarence Kane Brenan | | |||
| Born 1968 CEO since July 2020 | | | Principal Occupation(s) During the Past Five Years: CEO, TIFF Advisory Services, LLC (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, LLC (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, LLC (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, LLC (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). | |
| 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, LLC | |
| 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, LLC (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)*
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, LLC
Voloridge Investment Management, LLC (AF)
| | | ADVISOR | | |
| | | | TIFF Advisory Services, LLC | |
| 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 Congress Street Boston, Massachusetts, 02114 FUND DISTRIBUTOR Foreside Fund Services, LLC 3 Canal Plaza Suite 100 Portland, ME 04101 FUND COUNSEL Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 2001 Market Street Suite 1800 Philadelphia, PA 19103 | |
(b) Not applicable.
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2023, there were no amendments or waivers granted from any provision of the Code of Ethics. A copy of the Registrant’s Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that the Registrant has several audit committee financial experts serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Jennifer Deger and Mai-Anh Fox, each of whom is “independent” as defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | AUDIT FEES: The aggregate fees billed for professional services rendered by the Registrant’s independent auditors, PricewaterhouseCoopers LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended December 31, 2023 and 2022 were $160,970 and $160,970. |
(b) | AUDIT-RELATED FEES: Audit-Related Fees are for assurance and related services by the Registrant’s independent accountant that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but are not reported as audit fees. No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal years ended December 31, 2023 or 2022. |
(c) | TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by PricewaterhouseCoopers LLP, for the fiscal year ended December 31, 2023 was $103,017. No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal year ended 2022. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant for the fiscal years ended December 31, 2023 or 2022. |
(e) | (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: The Registrant's audit committee has delegated the authority to pre-approve the provision of audit and non-audit services to the chair of the audit committee; provided, however, that such pre-approval of audit or non-audit services is subject to ratification by the full audit committee at their next regularly scheduled audit committee meeting. |
(2) Not applicable.
(f) | Not applicable. |
(g) | In addition to amounts reported in (a) through (d) above, the aggregate non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant, and to the Registrant’s Investment Adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2023 and 2022 were $308,011 and $152,444. |
(h) | The Registrant’s audit committee of the Board of Trustees has considered the provision of non-audit services rendered to or paid for by the Registrant’s Investment Adviser to be compatible with maintaining the principal accounting firm’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the “1940 Act”) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of Ethics as described in Item 2 is attached.
(a)(3) Not applicable to this filing.
(a)(4) Not applicable to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | TIFF Investment Program | |
By (Signature and Title) | /s/ Clarence Kane Brenan | |
Clarence Kane Brenan, President and Chief Executive Officer | ||
Date | February 23, 2024 |
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, President and Chief Executive Officer | ||
Date | February 23, 2024 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | February 23, 2024 |