UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08234 | ||||
TIFF Investment Program | |||||
(Exact name of Registrant as specified in charter) | |||||
170 N. Radnor Chester Road, Suite 300 Radnor, PA | 19087 | ||||
(Address of chief executive offices) | (Zip code) | ||||
Clarence Kane Brenan Chief Executive Officer TIFF Investment Program 170 N. Radnor Chester Road, Suite 300 Radnor, PA 19087
with a copy to: Kristin H. Ives, Esq. Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103 | |||||
(Name and address of agent for service) | |||||
Registrant’s telephone number, including area code: | 610.684.8000 | ||||
Date of fiscal year end: | 12/31/2024 | ||||
Date of reporting period: | 01/01/2024 – 06/30/2024 | ||||
Item 1. Reports to Stockholders.
A series portfolio of TIFF Investment Program
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about TIFF Multi-Asset Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.tipfunds.org. You can also request this information by contacting us at 800-984-0084.
What were the Fund costs for last year?
(based on a hypothetical $10,000 investment)
Fund Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
TIFF Multi-Asset Fund | $56 | 1.08% |
Key Fund Statistics
- Total Net Assets$1,269,246,304
- # of Portfolio Holdings1,320
- Portfolio Turnover Rate120%
What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.
Country Allocation (% of Net Assets)
United States | 91.7% |
Canada | 4.4 |
Denmark | 2.4 |
South Korea | 1.5 |
France | 1.3 |
Sweden | 1.2 |
United Kingdom | 0.9 |
China | 0.9 |
Japan | 0.5 |
Finland | 0.5 |
Others | 3.8 |
Top Ten Holdings (% of Net Assets)
FIXED INC CLEARING CORP. REPO, 5.320%, due 07/01/24 | 7.7% |
NVIDIA Corp. | 3.0% |
Amazon.com, Inc. | 2.4% |
Microsoft Corp. | 2.3% |
Honeycomb Partners LP | 2.3% |
Financial Select Sector SPDR Fund | 2.2% |
Eversept Global Healthcare Fund LP | 2.1% |
U.S. Treasury Bills, 5.316%, due 09/26/24 | 2.1% |
Meta Platforms, Inc., A | 2.0% |
Helikon Long Short Equity Fund ICAV | 1.8% |
Householding
If you wish to receive a copy of this document at a new address, contact 800-984-0084.
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, monthly performance results, proxy voting record or proxy voting policy, please visit www.tipfunds.org.
Phone: 800-984-0084
Email: info@tiff.org
Investors should consider the investment objectives, risks and charges and expenses of a fund carefully before investing. The Fund's prospectus contains this and other information. A prospectus may be obtained by contacting TIFF at 800-984-0084 or by visiting www.tipfunds.org. Please read the prospectus carefully before investing. The SEC does not approve or disapprove of the securities mentioned in this report. Mutual fund investing involves risk. Principal loss is possible.
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) | The registrant’s Financial Statements are attached herewith. |
| | | TIFF Investment Program | | ||||
| 2024 Semi-Annual Report | | | JUNE 30, 2024 | |
| Contents | |
| TIFF Multi-Asset Fund | | ||||||
| Financial Highlights | | | | | 2 | | |
| Schedule of Investments | | | | | 3 | | |
| Statement of Assets and Liabilities | | | | | 23 | | |
| Statement of Operations | | | | | 24 | | |
| Statements of Changes in Net Assets | | | | | 25 | | |
| Statement of Cash Flows | | | | | 26 | | |
| Notes to Financial Statements | | | | | 27 | | |
| Approval of Money Manager Agreements | | | | | 43 | | |
| Index Descriptions | | | | | 49 | | |
| About TIFF | |
| TIFF Mutual Fund | |
| Financial Statements | |
| For Further Information | |
TIFF Multi-Asset Fund | June 30, 2024 |
| Financial Highlights | |
| | | Six Months Ended June 30, 2024 (Unaudited) | | | 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 period | | | | $ | 14.03 | | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | | | | $ | 12.02 | | |
Income (loss) from investment operations | | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) (a) | | | | | 0.06 | | | | | | 0.08 | | | | | | 0.03 | | | | | | 0.01 | | | | | | (0.14) | | | | | | 0.12 | | |
Net realized and unrealized gain (loss) on investments | | | | | 0.98 | | | | | | 1.96 | | | | | | (2.49) | | | | | | 2.03 | | | | | | 2.75 | | | | | | 2.05 | | |
Total from investment operations | | | | | 1.04 | | | | | | 2.04 | | | | | | (2.46) | | | | | | 2.04 | | | | | | 2.61 | | | | | | 2.17 | | |
Less distributions from | | ||||||||||||||||||||||||||||||||||||
Net investment income | | | | | (0.05) | | | | | | (0.18) | | | | | | — | | | | | | (0.24) | | | | | | — | | | | | | — | | |
Net realized gains | | | | | — | | | | | | (0.31) | | | | | | (1.28) | | | | | | (2.29) | | | | | | (0.15) | | | | | | — | | |
Total distributions | | | | | (0.05) | | | | | | (0.49) | | | | | | (1.28) | | | | | | (2.53) | | | | | | (0.15) | | | | | | — | | |
Entry/exit fee per share (a) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | 0.03 | | |
Net asset value, end of period | | | | $ | 15.02 | | | | | $ | 14.03 | | | | | $ | 12.48 | | | | | $ | 16.22 | | | | | $ | 16.71 | | | | | $ | 14.22 | | |
Total return (b) | | | | | 7.43%(c) | | | | | | 16.51% | | | | | | (15.17)% | | | | | | 12.46% | | | | | | 18.57%(d) | | | | | | 18.39% | | |
Ratios/supplemental data | | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000s) | | | | $ | 1,269,246 | | | | | $ | 1,235,201 | | | | | $ | 1,247,979 | | | | | $ | 1,582,109 | | | | | $ | 1,563,172 | | | | | $ | 1,912,954 | | |
Ratio of expenses to average net assets, before waivers (e) | | | | | 1.11%(f) | | | | | | 1.24% | | | | | | 1.14% | | | | | | 0.92% | | | | | | 2.22%(g) | | | | | | 1.00% | | |
Ratio of expenses to average net assets, after waivers (e) | | | | | 1.08%(f)(h) | | | | | | 1.23%(h) | | | | | | 1.14% | | | | | | 0.92% | | | | | | 2.22%(g) | | | | | | 1.00% | | |
Ratio of expenses to average net assets, excluding expenses for securities sold short (e) | | | | | 0.83%(f)(h) | | | | | | 0.98%(h) | | | | | | 0.88% | | | | | | 0.72% | | | | | | 1.92%(g) | | | | | | 0.78% | | |
Ratio of net investment income (loss) to average net assets | | | | | 0.80%(f)(h) | | | | | | 0.59%(h) | | | | | | 0.22% | | | | | | 0.05% | | | | | | (0.97)% | | | | | | 0.92% | | |
Portfolio turnover | | | | | 120% | | | | | | 199% | | | | | | 143% | | | | | | 87% | | | | | | 146% | | | | | | 114% | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
Investments — 109.1% of net assets | | | | ||||||||||||||||
Common Stocks — 70.1% | | | | ||||||||||||||||
U.S. Common Stocks — 52.7% | | | | ||||||||||||||||
Aerospace & Defense — 1.4% | | | | ||||||||||||||||
Axon Enterprise, Inc. (a) (b) | | | | | 28,954 | | | | | $ | 8,519,425 | | | | | ||||
Cadre Holdings, Inc. | | | | | 89,371 | | | | | | 2,999,291 | | | | | ||||
General Dynamics Corp. (b) | | | | | 774 | | | | | | 224,568 | | | | | ||||
General Electric Co. (b) | | | | | 15,316 | | | | | | 2,434,785 | | | | | ||||
Hexcel Corp. | | | | | 1,994 | | | | | | 124,525 | | | | | ||||
Huntington Ingalls Industries, Inc. | | | | | 5,206 | | | | | | 1,282,394 | | | | | ||||
MDA Space Ltd. (a) (b) | | | | | 109,700 | | | | | | 1,095,356 | | | | | ||||
Mercury Systems, Inc. (a) | | | | | 25,774 | | | | | | 695,640 | | | | | ||||
RTX Corp. (b) | | | | | 6,408 | | | | | | 643,299 | | | | | ||||
Textron, Inc. | | | | | 4,988 | | | | | | 428,270 | | | | | ||||
| | | | | | | | | | | 18,447,553 | | | | | ||||
Automobile Components — 0.1% | | | | | | | | ||||||||||||
Aptiv PLC (a) | | | | | 838 | | | | | | 59,012 | | | | | ||||
Dorman Products, Inc. (a) | | | | | 3,744 | | | | | | 342,501 | | | | | ||||
Goodyear Tire & Rubber Co. (a) | | | | | 36,411 | | | | | | 413,265 | | | | | ||||
Lear Corp. | | | | | 3,034 | | | | | | 346,513 | | | | | ||||
| | | | | | | | | | | 1,161,291 | | | | | ||||
Automobiles — 0.5% | | | | ||||||||||||||||
Ford Motor Co. | | | | | 40,022 | | | | | | 501,876 | | | | | ||||
General Motors Co. | | | | | 33,428 | | | | | | 1,553,065 | | | | | ||||
Rivian Automotive, Inc., Class A (a) | | | | | 31,850 | | | | | | 427,427 | | | | | ||||
Tesla, Inc. (a) (b) | | | | | 16,984 | | | | | | 3,360,794 | | | | | ||||
Thor Industries, Inc. | | | | | 5,723 | | | | | | 534,814 | | | | | ||||
| | | | | | | | | | | 6,377,976 | | | | | ||||
Banks — 0.8% | | | | ||||||||||||||||
Bank of America Corp. (b) | | | | | 59,282 | | | | | | 2,357,645 | | | | | ||||
Bank OZK | | | | | 4,891 | | | | | | 200,531 | | | | | ||||
Citigroup, Inc. (b) | | | | | 37,166 | | | | | | 2,358,554 | | | | | ||||
Citizens Financial Group, Inc. | | | | | 37,465 | | | | | | 1,349,864 | | | | | ||||
First Citizens BancShares, Inc., Class A | | | | | 44 | | | | | | 74,079 | | | | | ||||
First Horizon Corp. | | | | | 67,915 | | | | | | 1,071,019 | | | | | ||||
Huntington Bancshares, Inc. | | | | | 7,209 | | | | | | 95,015 | | | | | ||||
Live Oak Bancshares, Inc. (b) | | | | | 20,561 | | | | | | 720,869 | | | | | ||||
Prosperity Bancshares, Inc. | | | | | 3,176 | | | | | | 194,181 | | | | | ||||
Texas Capital Bancshares, Inc. (a) | | | | | 1,751 | | | | | | 107,056 | | | | | ||||
Truist Financial Corp. | | | | | 13,145 | | | | | | 510,683 | | | | | ||||
U.S. Bancorp | | | | | 3,812 | | | | | | 151,336 | | | | | ||||
Valley National Bancorp | | | | | 64,167 | | | | | | 447,886 | | | | | ||||
| | | | | | | | | | | 9,638,718 | | | | | ||||
Beverages — 0.1% | | | | ||||||||||||||||
Coca-Cola Co. | | | | | 4,644 | | | | | | 295,590 | | | | | ||||
Coca-Cola Consolidated, Inc. | | | | | 422 | | | | | | 457,870 | | | | | ||||
Molson Coors Beverage Co., Class B | | | | | 5,207 | | | | | | 264,672 | | | | | ||||
| | | | | | | | | | | 1,018,132 | | | | | ||||
Biotechnology — 1.3% | | | | ||||||||||||||||
AbbVie, Inc. (b) | | | | | 2,805 | | | | | | 481,114 | | | | | ||||
Agios Pharmaceuticals, Inc. (a) | | | | | 30,522 | | | | | | 1,316,109 | | | | | ||||
Apellis Pharmaceuticals, Inc. (a) | | | | | 1,846 | | | | | | 70,813 | | | | | ||||
Biogen, Inc. (a) | | | | | 7,650 | | | | | | 1,773,423 | | | | | ||||
CG oncology, Inc. (a) | | | | | 35,724 | | | | | | 1,127,807 | | | | | ||||
Cullinan Therapeutics, Inc. (a) | | | | | 36,981 | | | | | | 644,949 | | | | | ||||
Cytokinetics, Inc. (a) | | | | | 1,366 | | | | | | 74,010 | | | | | ||||
Exact Sciences Corp. (a) | | | | | 5,197 | | | | | | 219,573 | | | | | ||||
Exelixis, Inc. (a) | | | | | 9,287 | | | | | | 208,679 | | | | |
| | | Number of Shares | | | Value | | ||||||
Gilead Sciences, Inc. (b) | | | | | 11,913 | | | | | $ | 817,351 | | |
Incyte Corp. (a) | | | | | 8,162 | | | | | | 494,780 | | |
Legend Biotech Corp.- ADR (a) | | | | | 20,469 | | | | | | 906,572 | | |
Natera, Inc. (a) | | | | | 15,244 | | | | | | 1,650,773 | | |
Neurocrine Biosciences, Inc. (a) | | | | | 4,617 | | | | | | 635,622 | | |
Regeneron Pharmaceuticals, Inc. (a) (b) | | | | | 792 | | | | | | 832,416 | | |
Roivant Sciences Ltd. (a) (c) | | | | | 418,743 | | | | | | 4,426,113 | | |
United Therapeutics Corp. (a) (b) | | | | | 833 | | | | | | 265,352 | | |
Vericel Corp. (a) | | | | | 629 | | | | | | 28,858 | | |
Vertex Pharmaceuticals, Inc. (a) (b) | | | | | 116 | | | | | | 54,371 | | |
| | | | | | | | | | | 16,028,685 | | |
Broadline Retail — 2.7% | | ||||||||||||
Amazon.com, Inc. (a) (b) | | | | | 159,300 | | | | | | 30,784,725 | | |
eBay, Inc. | | | | | 9,721 | | | | | | 522,212 | | |
Etsy, Inc. (a) (b) | | | | | 16,747 | | | | | | 987,738 | | |
Kohl’s Corp. | | | | | 24,007 | | | | | | 551,921 | | |
Ollie’s Bargain Outlet Holdings, Inc. (a) (b) | | | | | 14,726 | | | | | | 1,445,652 | | |
Savers Value Village, Inc. (a) | | | | | 56,879 | | | | | | 696,199 | | |
| | | | | | | | | | | 34,988,447 | | |
Building Products — 0.3% | | ||||||||||||
AAON, Inc. (b) | | | | | 3,050 | | | | | | 266,082 | | |
Armstrong World Industries, Inc. | | | | | 879 | | | | | | 99,538 | | |
AZEK Co., Inc. (a) | | | | | 7,368 | | | | | | 310,414 | | |
Builders FirstSource, Inc. (a) | | | | | 1,478 | | | | | | 204,570 | | |
Hayward Holdings, Inc. (a) | | | | | 92,057 | | | | | | 1,132,301 | | |
Johnson Controls International PLC (b) | | | | | 5,923 | | | | | | 393,702 | | |
Masco Corp. (b) | | | | | 8,608 | | | | | | 573,895 | | |
Owens Corning | | | | | 6,015 | | | | | | 1,044,926 | | |
Zurn Elkay Water Solutions Corp. | | | | | 6,277 | | | | | | 184,544 | | |
| | | | | | | | | | | 4,209,972 | | |
Capital Markets — 1.0% | | ||||||||||||
Affiliated Managers Group, Inc. | | | | | 2,592 | | | | | | 404,948 | | |
Ameriprise Financial, Inc. | | | | | 794 | | | | | | 339,189 | | |
Bank of New York Mellon Corp. | | | | | 8,124 | | | | | | 486,546 | | |
Charles Schwab Corp. (b) | | | | | 12,615 | | | | | | 929,599 | | |
Coinbase Global, Inc., Class A (a) | | | | | 253 | | | | | | 56,224 | | |
Federated Hermes, Inc. | | | | | 465 | | | | | | 15,289 | | |
Galaxy Digital Holdings Ltd. (a) (b) | | | | | 56,800 | | | | | | 663,473 | | |
Interactive Brokers Group, Inc., Class A | | | | | 3,057 | | | | | | 374,788 | | |
Intercontinental Exchange, Inc. (b) | | | | | 53,182 | | | | | | 7,280,084 | | |
Invesco Ltd. | | | | | 10,682 | | | | | | 159,803 | | |
Moody’s Corp. (b) | | | | | 1,405 | | | | | | 591,407 | | |
Northern Trust Corp. | | | | | 2,169 | | | | | | 182,153 | | |
Robinhood Markets, Inc., Class A (a) | | | | | 14,759 | | | | | | 335,177 | | |
State Street Corp. | | | | | 4,425 | | | | | | 327,450 | | |
Virtu Financial, Inc., Class A | | | | | 30,156 | | | | | | 677,002 | | |
| | | | | | | | | | | 12,823,132 | | |
Chemicals — 0.4% | | ||||||||||||
Axalta Coating Systems Ltd. (a) | | | | | 4,455 | | | | | | 152,227 | | |
Celanese Corp. | | | | | 2,017 | | | | | | 272,073 | | |
CF Industries Holdings, Inc. (b) | | | | | 1,992 | | | | | | 147,647 | | |
Corteva, Inc. (b) | | | | | 12,033 | | | | | | 649,060 | | |
Eastman Chemical Co. (b) | | | | | 3,833 | | | | | | 375,519 | | |
FMC Corp. | | | | | 6,883 | | | | | | 396,117 | | |
Ingevity Corp. (a) | | | | | 349 | | | | | | 15,255 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
LyondellBasell Industries NV, Class A (b) | | | | | 4,592 | | | | | $ | 439,271 | | | | | ||||
Mosaic Co. (b) | | | | | 27,152 | | | | | | 784,693 | | | | | ||||
Perimeter Solutions SA (a) | | | | | 12,128 | | | | | | 94,962 | | | | | ||||
Scotts Miracle-Gro Co. | | | | | 1,049 | | | | | | 68,248 | | | | | ||||
Sherwin-Williams Co. (b) | | | | | 2,949 | | | | | | 880,070 | | | | | ||||
Stepan Co. | | | | | 5,550 | | | | | | 465,978 | | | | | ||||
| | | | | | | | | | | 4,741,120 | | | | | ||||
Commercial Services & Supplies — 0.4% | | | | | | | | ||||||||||||
Brink’s Co. (b) | | | | | 6,115 | | | | | | 626,176 | | | | | ||||
GEO Group, Inc. (a) | | | | | 48,456 | | | | | | 695,828 | | | | | ||||
GFL Environmental, Inc. (b) | | | | | 44,689 | | | | | | 1,739,743 | | | | | ||||
OPENLANE, Inc. (a) | | | | | 39,779 | | | | | | 659,933 | | | | | ||||
Tetra Tech, Inc. (b) | | | | | 1,383 | | | | | | 282,796 | | | | | ||||
Veralto Corp. (b) | | | | | 2,519 | | | | | | 240,489 | | | | | ||||
Vestis Corp. | | | | | 92,165 | | | | | | 1,127,178 | | | | | ||||
| | | | | | | | | | | 5,372,143 | | | | | ||||
Communications Equipment — 0.7% | | | | | | | | ||||||||||||
Arista Networks, Inc. (a) (b) | | | | | 3,138 | | | | | | 1,099,806 | | | | | ||||
Ciena Corp. (a) | | | | | 12,736 | | | | | | 613,621 | | | | | ||||
Cisco Systems, Inc. (b) | | | | | 41,357 | | | | | | 1,964,871 | | | | | ||||
F5, Inc. (a) | | | | | 787 | | | | | | 135,545 | | | | | ||||
Harmonic, Inc. (a) | | | | | 155,277 | | | | | | 1,827,610 | | | | | ||||
Infinera Corp. (a) | | | | | 266,897 | | | | | | 1,625,403 | | | | | ||||
Juniper Networks, Inc. | | | | | 11,137 | | | | | | 406,055 | | | | | ||||
Lumentum Holdings, Inc. (a) | | | | | 17,675 | | | | | | 900,011 | | | | | ||||
| | | | | | | | | | | 8,572,922 | | | | | ||||
Construction & Engineering — 0.6% | | | | | | | | ||||||||||||
AECOM (b) | | | | | 2,686 | | | | | | 236,744 | | | | | ||||
Comfort Systems USA, Inc. | | | | | 411 | | | | | | 124,993 | | | | | ||||
EMCOR Group, Inc. | | | | | 33 | | | | | | 12,048 | | | | | ||||
Fluor Corp. (a) | | | | | 66,722 | | | | | | 2,905,743 | | | | | ||||
Great Lakes Dredge & Dock Corp. (a) | | | | | 63,539 | | | | | | 557,873 | | | | | ||||
Orion Group Holdings, Inc. (a) | | | | | 54,684 | | | | | | 520,045 | | | | | ||||
Quanta Services, Inc. (b) | | | | | 1,638 | | | | | | 416,199 | | | | | ||||
Valmont Industries, Inc. | | | | | 8,450 | | | | | | 2,319,103 | | | | | ||||
WillScot Mobile Mini Holdings Corp. (a) (b) | | | | | 2,127 | | | | | | 80,060 | | | | | ||||
| | | | | | | | | | | 7,172,808 | | | | | ||||
Construction Materials — 0.0% | | | | | | | | ||||||||||||
Eagle Materials, Inc. | | | | | 1,014 | | | | | | 220,504 | | | | | ||||
Consumer Finance — 0.2% | | | | | | | | ||||||||||||
Ally Financial, Inc. | | | | | 2,475 | | | | | | 98,183 | | | | | ||||
American Express Co. (b) | | | | | 4,026 | | | | | | 932,220 | | | | | ||||
Discover Financial Services | | | | | 685 | | | | | | 89,605 | | | | | ||||
SLM Corp. | | | | | 2,171 | | | | | | 45,135 | | | | | ||||
Synchrony Financial | | | | | 18,009 | | | | | | 849,845 | | | | | ||||
| | | | | | | | | | | 2,014,988 | | | | | ||||
Consumer Staples Distribution & Retail — 0.6% | | | | | | | | ||||||||||||
Albertsons Cos., Inc., Class A | | | | | 561 | | | | | | 11,080 | | | | | ||||
BJ’s Wholesale Club Holdings, Inc. (a) (b) | | | | | 1,141 | | | | | | 100,225 | | | | | ||||
Chefs’ Warehouse, Inc. (a) | | | | | 77,083 | | | | | | 3,014,716 | | | | | ||||
Dollar General Corp. (b) | | | | | 2,381 | | | | | | 314,839 | | | | | ||||
Grocery Outlet Holding Corp. (a) | | | | | 12,481 | | | | | | 276,080 | | | | | ||||
Kroger Co. | | | | | 19,630 | | | | | | 980,126 | | | | | ||||
Performance Food Group Co. (a) (b) | | | | | 8,272 | | | | | | 546,862 | | | | | ||||
Target Corp. (b) | | | | | 1,903 | | | | | | 281,720 | | | | | ||||
Walgreens Boots Alliance, Inc. (b) | | | | | 63,157 | | | | | | 763,884 | | | | |
| | | Number of Shares | | | Value | | | | ||||||||||
Walmart, Inc. (b) | | | | | 28,732 | | | | | $ | 1,945,444 | | | | | ||||
| | | | | | | | | | | 8,234,976 | | | | | ||||
Containers & Packaging — 0.1% | | | | | | | | ||||||||||||
Ardagh Metal Packaging SA | | | | | 133,537 | | | | | | 454,026 | | | | | ||||
Ball Corp. | | | | | 10,075 | | | | | | 604,701 | | | | | ||||
Berry Global Group, Inc. | | | | | 9,620 | | | | | | 566,137 | | | | | ||||
International Paper Co. (b) | | | | | 5,778 | | | | | | 249,321 | | | | | ||||
Westrock Co. (b) | | | | | 870 | | | | | | 43,726 | | | | | ||||
| | | | | | | | | | | 1,917,911 | | | | | ||||
Distributors — 0.0% | | | | | | | | ||||||||||||
A-Mark Precious Metals, Inc. | | | | | 471 | | | | | | 15,246 | | | | | ||||
Pool Corp. | | | | | 876 | | | | | | 269,221 | | | | | ||||
| | | | | | | | | | | 284,467 | | | | | ||||
Diversified Consumer Services — 0.2% | | | | | | | | ||||||||||||
ADT, Inc. (b) | | | | | 20,472 | | | | | | 155,587 | | | | | ||||
Mister Car Wash, Inc. (a) (b) | | | | | 286,137 | | | | | | 2,037,296 | | | | | ||||
| | | | | | | | | | | 2,192,883 | | | | | ||||
Diversified Telecommunication Services — 0.5% | | | | | | | | ||||||||||||
AST SpaceMobile, Inc. (a) (b) | | | | | 35,187 | | | | | | 408,521 | | | | | ||||
AT&T, Inc. (b) | | | | | 143,057 | | | | | | 2,733,819 | | | | | ||||
Globalstar, Inc. (a) | | | | | 666,492 | | | | | | 746,471 | | | | | ||||
Verizon Communications, Inc. (b) | | | | | 57,929 | | | | | | 2,388,992 | | | | | ||||
| | | | | | | | | | | 6,277,803 | | | | | ||||
Electric Utilities — 0.1% | | | | | | | | ||||||||||||
Hawaiian Electric Industries, Inc. (b) | | | | | 17,461 | | | | | | 157,498 | | | | | ||||
NRG Energy, Inc. | | | | | 14,815 | | | | | | 1,153,496 | | | | | ||||
| | | | | | | | | | | 1,310,994 | | | | | ||||
Electrical Equipment — 0.7% | | | | | | | | ||||||||||||
AMETEK, Inc. (b) | | | | | 2,996 | | | | | | 499,463 | | | | | ||||
EnerSys | | | | | 13,885 | | | | | | 1,437,375 | | | | | ||||
Enovix Corp. (a) | | | | | 55,624 | | | | | | 859,947 | | | | | ||||
GE Vernova, Inc. (a) (b) | | | | | 7,717 | | | | | | 1,323,543 | | | | | ||||
Generac Holdings, Inc. (a) | | | | | 5,131 | | | | | | 678,421 | | | | | ||||
nVent Electric PLC (b) | | | | | 7,311 | | | | | | 560,096 | | | | | ||||
Regal Rexnord Corp. | | | | | 8,203 | | | | | | 1,109,210 | | | | | ||||
Sensata Technologies Holding PLC | | | | | 7,376 | | | | | | 275,788 | | | | | ||||
Vertiv Holdings Co. (b) | | | | | 18,088 | | | | | | 1,565,878 | | | | | ||||
| | | | | | | | | | | 8,309,721 | | | | | ||||
Electronic Equipment, Instruments & Components — 0.4% | | | | | | | | ||||||||||||
Arrow Electronics, Inc. (a) | | | | | 9,360 | | | | | | 1,130,314 | | | | | ||||
Avnet, Inc. | | | | | 4,093 | | | | | | 210,749 | | | | | ||||
Belden, Inc. | | | | | 4,407 | | | | | | 413,377 | | | | | ||||
Coherent Corp. (a) | | | | | 4,583 | | | | | | 332,084 | | | | | ||||
Evolv Technologies Holdings, Inc. (a) | | | | | 29,230 | | | | | | 74,536 | | | | | ||||
Flex Ltd. (a) | | | | | 12,655 | | | | | | 373,196 | | | | | ||||
Jabil, Inc. | | | | | 755 | | | | | | 82,136 | | | | | ||||
PAR Technology Corp. (a) | | | | | 13,386 | | | | | | 630,347 | | | | | ||||
Powerfleet, Inc. NJ (a) | | | | | 171,865 | | | | | | 785,423 | | | | | ||||
TD SYNNEX Corp. | | | | | 8,248 | | | | | | 951,819 | | | | | ||||
Vontier Corp. | | | | | 3,636 | | | | | | 138,895 | | | | | ||||
| | | | | | | | | | | 5,122,876 | | | | | ||||
Energy Equipment & Services — 1.1% | | | | | | | | ||||||||||||
Atlas Energy Solutions, Inc. | | | | | 38,417 | | | | | | 765,651 | | | | | ||||
Baker Hughes Co. | | | | | 29,876 | | | | | | 1,050,739 | | | | | ||||
Diamond Offshore Drilling, Inc. (a) | | | | | 24,096 | | | | | | 373,247 | | | | | ||||
Halliburton Co. | | | | | 3,187 | | | | | | 107,657 | | | | | ||||
Helix Energy Solutions Group, Inc. (a) | | | | | 111,202 | | | | | | 1,327,752 | | | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
Liberty Energy, Inc. | | | | | 55,972 | | | | | $ | 1,169,255 | | | | | ||||
Noble Corp. PLC | | | | | 23,167 | | | | | | 1,034,406 | | | | | ||||
NOV, Inc. | | | | | 35,170 | | | | | | 668,582 | | | | | ||||
Oceaneering International, Inc. (a) | | | | | 63,683 | | | | | | 1,506,740 | | | | | ||||
Patterson-UTI Energy, Inc. | | | | | 112,453 | | | | | | 1,165,013 | | | | | ||||
Select Water Solutions, Inc. | | | | | 46,157 | | | | | | 493,880 | | | | | ||||
Solaris Oilfield Infrastructure, Inc., Class A | | | | | 2,739 | | | | | | 23,501 | | | | | ||||
Tidewater, Inc. (a) | | | | | 25,548 | | | | | | 2,432,425 | | | | | ||||
Valaris Ltd. (a) | | | | | 1,562 | | | | | | 116,369 | | | | | ||||
Weatherford International PLC (a) (b) | | | | | 10,832 | | | | | | 1,326,378 | | | | | ||||
| | | | | | | | | | | 13,561,595 | | | | | ||||
Entertainment — 0.9% | | | | | | | | ||||||||||||
Atlanta Braves Holdings, Inc., Class C (a) | | | | | 453 | | | | | | 17,866 | | | | | ||||
Live Nation Entertainment, Inc. (a) | | | | | 7,897 | | | | | | 740,265 | | | | | ||||
Madison Square Garden Sports Corp. (a) | | | | | 12,812 | | | | | | 2,410,322 | | | | | ||||
Netflix, Inc. (a) (b) | | | | | 4,734 | | | | | | 3,194,882 | | | | | ||||
Playtika Holding Corp. | | | | | 66,852 | | | | | | 526,125 | | | | | ||||
Spotify Technology SA (a) | | | | | 1,704 | | | | | | 534,698 | | | | | ||||
Take-Two Interactive Software, Inc. (a) | | | | | 8,441 | | | | | | 1,312,491 | | | | | ||||
TKO Group Holdings, Inc. | | | | | 14,834 | | | | | | 1,601,924 | | | | | ||||
Walt Disney Co. (b) | | | | | 12,097 | | | | | | 1,201,111 | | | | | ||||
Warner Music Group Corp., Class A | | | | | 13,645 | | | | | | 418,219 | | | | | ||||
| | | | | | | | | | | 11,957,903 | | | | | ||||
Financial Services — 2.8% | | | | | | | | ||||||||||||
Apollo Global Management, Inc. | | | | | 8,903 | | | | | | 1,051,177 | | | | | ||||
AvidXchange Holdings, Inc. (a) | | | | | 184,223 | | | | | | 2,221,729 | | | | | ||||
Berkshire Hathaway, Inc., Class B (a) (b) | | | | | 4,667 | | | | | | 1,898,536 | | | | | ||||
Block, Inc. (a) | | | | | 4,491 | | | | | | 289,625 | | | | | ||||
Corebridge Financial, Inc. | | | | | 2,714 | | | | | | 79,032 | | | | | ||||
Corpay, Inc. (a) | | | | | 2,597 | | | | | | 691,867 | | | | | ||||
Fidelity National Information Services, Inc. | | | | | 21,770 | | | | | | 1,640,587 | | | | | ||||
Fiserv, Inc. (a) (b) | | | | | 6,130 | | | | | | 913,615 | | | | | ||||
Global Payments, Inc. | | | | | 10,421 | | | | | | 1,007,711 | | | | | ||||
Jack Henry & Associates, Inc. | | | | | 846 | | | | | | 140,453 | | | | | ||||
Marqeta, Inc., Class A (a) | | | | | 178,587 | | | | | | 978,657 | | | | | ||||
Mastercard, Inc., Class A (b) | | | | | 3,503 | | | | | | 1,545,383 | | | | | ||||
Paymentus Holdings, Inc., Class A (a) | | | | | 29,457 | | | | | | 559,683 | | | | | ||||
PayPal Holdings, Inc. (a) | | | | | 37,509 | | | | | | 2,176,647 | | | | | ||||
Repay Holdings Corp. (a) | | | | | 42,794 | | | | | | 451,905 | | | | | ||||
Swiftmerge Acquisition Corp. (a) (d) (e) (f) | | | | | 6,943 | | | | | | 55,544 | | | | | ||||
Toast, Inc., Class A (a) | | | | | 58,594 | | | | | | 1,509,967 | | | | | ||||
Visa, Inc., Class A (b) | | | | | 60,043 | | | | | | 15,759,486 | | | | | ||||
Western Union Co. | | | | | 85,426 | | | | | | 1,043,906 | | | | | ||||
WEX, Inc. (a) | | | | | 9,013 | | | | | | 1,596,563 | | | | | ||||
| | | | | | | | | | | 35,612,073 | | | | | ||||
Food Products — 0.1% | | | | | | | | ||||||||||||
Archer-Daniels-Midland Co. | | | | | 13,243 | | | | | | 800,539 | | | | | ||||
Campbell Soup Co. | | | | | 3,110 | | | | | | 140,541 | | | | | ||||
Darling Ingredients, Inc. (a) | | | | | 9,066 | | | | | | 333,176 | | | | | ||||
Freshpet, Inc. (a) | | | | | 521 | | | | | | 67,412 | | | | | ||||
| | | | | | | | | | | 1,341,668 | | | | | ||||
Ground Transportation — 0.4% | | | | | | | | ||||||||||||
CSX Corp. (b) | | | | | 24,171 | | | | | | 808,520 | | | | | ||||
Landstar System, Inc. | | | | | 630 | | | | | | 116,222 | | | | |
| | | Number of Shares | | | Value | | | | ||||||||||
Uber Technologies, Inc. (a) (b) | | | | | 40,092 | | | | | $ | 2,913,887 | | | | | ||||
Union Pacific Corp. (b) | | | | | 3,902 | | | | | | 882,866 | | | | | ||||
| | | | | | | | | | | 4,721,495 | | | | | ||||
Health Care Equipment & Supplies — 1.4% | | | | | | | | ||||||||||||
Align Technology, Inc. (a) | | | | | 963 | | | | | | 232,497 | | | | | ||||
Baxter International, Inc. | | | | | 19,386 | | | | | | 648,462 | | | | | ||||
IDEXX Laboratories, Inc. (a) | | | | | 9,389 | | | | | | 4,574,321 | ��� | | | | ||||
Inspire Medical Systems, Inc. (a) | | | | | 269 | | | | | | 36,000 | | | | | ||||
Insulet Corp. (a) | | | | | 612 | | | | | | 123,502 | | | | | ||||
Lantheus Holdings, Inc. (a) | | | | | 2,608 | | | | | | 209,396 | | | | | ||||
Masimo Corp. (a) | | | | | 3,019 | | | | | | 380,213 | | | | | ||||
Medtronic PLC (b) | | | | | 12,675 | | | | | | 997,649 | | | | | ||||
Merit Medical Systems, Inc. (a) | | | | | 28,260 | | | | | | 2,428,947 | | | | | ||||
Stryker Corp. | | | | | 22,293 | | | | | | 7,585,193 | | | | | ||||
| | | | | | | | | | | 17,216,180 | | | | | ||||
Health Care Providers & Services — 1.3% | | | | | | | | ||||||||||||
Amedisys, Inc. (a) | | | | | 104 | | | | | | 9,547 | | | | | ||||
Brookdale Senior Living, Inc. (a) | | | | | 107,292 | | | | | | 732,804 | | | | | ||||
Cardinal Health, Inc. | | | | | 6,141 | | | | | | 603,783 | | | | | ||||
Cencora, Inc. | | | | | 1,600 | | | | | | 360,480 | | | | | ||||
Centene Corp. (a) | | | | | 15,368 | | | | | | 1,018,898 | | | | | ||||
Cigna Group (b) | | | | | 5,705 | | | | | | 1,885,902 | | | | | ||||
CVS Health Corp. | | | | | 48,511 | | | | | | 2,865,060 | | | | | ||||
Elevance Health, Inc. (b) | | | | | 2,063 | | | | | | 1,117,857 | | | | | ||||
HCA Healthcare, Inc. (b) | | | | | 1,088 | | | | | | 349,553 | | | | | ||||
HealthEquity, Inc. (a) | | | | | 22,394 | | | | | | 1,930,363 | | | | | ||||
Humana, Inc. | | | | | 389 | | | | | | 145,350 | | | | | ||||
McKesson Corp. (b) | | | | | 754 | | | | | | 440,366 | | | | | ||||
NeoGenomics, Inc. (a) | | | | | 150,407 | | | | | | 2,086,145 | | | | | ||||
Premier, Inc., Class A | | | | | 3,418 | | | | | | 63,814 | | | | | ||||
R1 RCM, Inc. (a) | | | | | 407 | | | | | | 5,112 | | | | | ||||
RadNet, Inc. (a) (b) | | | | | 7,500 | | | | | | 441,900 | | | | | ||||
Talkspace, Inc. (a) | | | | | 124,397 | | | | | | 286,113 | | | | | ||||
Tenet Healthcare Corp. (a) | | | | | 3,068 | | | | | | 408,136 | | | | | ||||
UnitedHealth Group, Inc. (b) | | | | | 4,064 | | | | | | 2,069,633 | | | | | ||||
| | | | | | | | | | | 16,820,816 | | | | | ||||
Health Care REITs — 0.0% | | | | | | | | ||||||||||||
Healthpeak Properties, Inc. (b) | | | | | 20,322 | | | | | | 398,311 | | | | | ||||
Health Care Technology — 0.1% | | | | | | | | ||||||||||||
Phreesia, Inc. (a) | | | | | 43,550 | | | | | | 923,260 | | | | | ||||
Veeva Systems, Inc., Class A (a) | | | | | 3,009 | | | | | | 550,677 | | | | | ||||
| | | | | | | | | | | 1,473,937 | | | | | ||||
Hotel & Resort REITs — 0.1% | | | | | | | | ||||||||||||
Park Hotels & Resorts, Inc. (b) | | | | | 46,614 | | | | | | 698,278 | | | | | ||||
Hotels, Restaurants & Leisure — 1.7% | | | | | | | | ||||||||||||
Airbnb, Inc., Class A (a) (b) | | | | | 3,290 | | | | | | 498,863 | | | | | ||||
Aramark (b) | | | | | 6,867 | | | | | | 233,615 | | | | | ||||
Booking Holdings, Inc. (b) | | | | | 540 | | | | | | 2,139,210 | | | | | ||||
Caesars Entertainment, Inc. (a) (b) | | | | | 6,256 | | | | | | 248,613 | | | | | ||||
Chipotle Mexican Grill, Inc. (a) (b) | | | | | 11,250 | | | | | | 704,813 | | | | | ||||
Domino’s Pizza, Inc. (b) | | | | | 646 | | | | | | 333,549 | | | | | ||||
DraftKings, Inc., Class A (a) (b) | | | | | 57,149 | | | | | | 2,181,377 | | | | | ||||
Expedia Group, Inc. (a) (b) | | | | | 11,601 | | | | | | 1,461,610 | | | | | ||||
Las Vegas Sands Corp. (b) | | | | | 15,550 | | | | | | 688,088 | | | | | ||||
Marriott International, Inc., Class A | | | | | 18,240 | | | | | | 4,409,885 | | | | | ||||
Norwegian Cruise Line Holdings Ltd. (a) | | | | | 56,882 | | | | | | 1,068,813 | | | | | ||||
Starbucks Corp. (b) | | | | | 18,674 | | | | | | 1,453,771 | | | | | ||||
Texas Roadhouse, Inc. (b) | | | | | 7,795 | | | | | | 1,338,479 | | | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
Vail Resorts, Inc. (b) | | | | | 3,385 | | | | | $ | 609,740 | | | | | ||||
Wendy’s Co. (b) | | | | | 33,258 | | | | | | 564,056 | | | | | ||||
Wingstop, Inc. (b) | | | | | 3,973 | | | | | | 1,679,228 | | | | | ||||
Wynn Resorts Ltd. (b) | | | | | 15,603 | | | | | | 1,396,468 | | | | | ||||
| | | | | | | | | | | 21,010,178 | | | | | ||||
Household Durables — 0.3% | | | | | | | | ||||||||||||
Garmin Ltd. (b) | | | | | 1,753 | | | | | | 285,599 | | | | | ||||
Leggett & Platt, Inc. | | | | | 31,319 | | | | | | 358,916 | | | | | ||||
Mohawk Industries, Inc. (a) (b) | | | | | 2,917 | | | | | | 331,342 | | | | | ||||
Newell Brands, Inc. | | | | | 48,697 | | | | | | 312,148 | | | | | ||||
NVR, Inc. (a) (b) | | | | | 46 | | | | | | 349,074 | | | | | ||||
SharkNinja, Inc. (b) | | | | | 2,262 | | | | | | 169,989 | | | | | ||||
Taylor Morrison Home Corp. (a) | | | | | 992 | | | | | | 54,996 | | | | | ||||
Tempur Sealy International, Inc. (b) | | | | | 13,190 | | | | | | 624,415 | | | | | ||||
Toll Brothers, Inc. (b) | | | | | 10,147 | | | | | | 1,168,731 | | | | | ||||
| | | | | | | | | | | 3,655,210 | | | | | ||||
Household Products — 0.7% | | | | | | | | ||||||||||||
Church & Dwight Co., Inc. | | | | | 46,719 | | | | | | 4,843,826 | | | | | ||||
Procter & Gamble Co. | | | | | 27,604 | | | | | | 4,552,452 | | | | | ||||
| | | | | | | | | | | 9,396,278 | | | | | ||||
Independent Power & Renewable Electricity Producers — 0.1% | | | | | | | | ||||||||||||
Altus Power, Inc. (a) | | | | | 169,548 | | | | | | 664,628 | | | | | ||||
Industrial Conglomerates — 0.0% | | | | | | | | ||||||||||||
3M Co. (b) | | | | | 5,102 | | | | | | 521,373 | | | | | ||||
Insurance — 1.1% | | | | | | | | ||||||||||||
American International Group, Inc. | | | | | 10,646 | | | | | | 790,359 | | | | | ||||
Arthur J Gallagher & Co. (b) | | | | | 1,742 | | | | | | 451,718 | | | | | ||||
Assurant, Inc. (b) | | | | | 1,547 | | | | | | 257,189 | | | | | ||||
Axis Capital Holdings Ltd. | | | | | 16,049 | | | | | | 1,133,862 | | | | | ||||
Cincinnati Financial Corp. | | | | | 550 | | | | | | 64,955 | | | | | ||||
CNA Financial Corp. | | | | | 2,245 | | | | | | 103,427 | | | | | ||||
CNO Financial Group, Inc. | | | | | 13,768 | | | | | | 381,649 | | | | | ||||
Everest Group Ltd. | | | | | 1,770 | | | | | | 674,405 | | | | | ||||
Fidelity National Financial, Inc. | | | | | 136,829 | | | | | | 6,762,089 | | | | | ||||
Globe Life, Inc. | | | | | 4,420 | | | | | | 363,678 | | | | | ||||
Hartford Financial Services Group, Inc. (b) | | | | | 2,343 | | | | | | 235,565 | | | | | ||||
Lincoln National Corp. | | | | | 20,030 | | | | | | 622,933 | | | | | ||||
Markel Group, Inc. (a) (b) | | | | | 355 | | | | | | 559,359 | | | | | ||||
MetLife, Inc. (b) | | | | | 852 | | | | | | 59,802 | | | | | ||||
Primerica, Inc. (b) | | | | | 540 | | | | | | 127,753 | | | | | ||||
Progressive Corp. (b) | | | | | 62 | | | | | | 12,878 | | | | | ||||
Reinsurance Group of America, Inc. | | | | | 1,872 | | | | | | 384,266 | | | | | ||||
Unum Group | | | | | 23,740 | | | | | | 1,213,351 | | | | | ||||
Willis Towers Watson PLC (b) | | | | | 1,492 | | | | | | 391,113 | | | | | ||||
| | | | | | | | | | | 14,590,351 | | | | | ||||
Interactive Media & Services — 3.8% | | | | | | | | ||||||||||||
Alphabet, Inc., Class A (b) | | | | | 99,670 | | | | | | 18,154,890 | | | | | ||||
Alphabet, Inc., Class C (b) | | | | | 12,868 | | | | | | 2,360,249 | | | | | ||||
Cargurus, Inc. (a) | | | | | 27,287 | | | | | | 714,919 | | | | | ||||
MediaAlpha, Inc., Class A (a) | | | | | 35,589 | | | | | | 468,707 | | | | | ||||
Meta Platforms, Inc., Class A (b) | | | | | 49,609 | | | | | | 25,013,850 | | | | | ||||
TripAdvisor, Inc. (a) | | | | | 8,116 | | | | | | 144,546 | | | | | ||||
ZoomInfo Technologies, Inc. (a) | | | | | 111,041 | | | | | | 1,417,994 | | | | | ||||
| | | | | | | | | | | 48,275,155 | | | | | ||||
IT Services — 1.2% | | | | | | | | ||||||||||||
Accenture PLC, Class A (b) | | | | | 3,116 | | | | | | 945,426 | | | | | ||||
Amdocs Ltd. | | | | | 10,323 | | | | | | 814,691 | | | | | ||||
BigCommerce Holdings, Inc. (a) | | | | | 79,061 | | | | | | 637,232 | | | | |
| | | Number of Shares | | | Value | | | | ||||||||||
Cloudflare, Inc., Class A (a) | | | | | 89,040 | | | | | $ | 7,375,183 | | | | | ||||
Cognizant Technology Solutions Corp., Class A | | | | | 3,223 | | | | | | 219,164 | | | | | ||||
Core Scientific, Inc. (a) | | | | | 5,845 | | | | | | 54,359 | | | | | ||||
Couchbase, Inc. (a) | | | | | 35,617 | | | | | | 650,366 | | | | | ||||
EPAM Systems, Inc. (a) | | | | | 3,124 | | | | | | 587,656 | | | | | ||||
GoDaddy, Inc., Class A (a) | | | | | 5,642 | | | | | | 788,244 | | | | | ||||
Grid Dynamics Holdings, Inc. (a) | | | | | 31,097 | | | | | | 326,829 | | | | | ||||
Kyndryl Holdings, Inc. (a) | | | | | 28,979 | | | | | | 762,437 | | | | | ||||
Okta, Inc. (a) | | | | | 10,129 | | | | | | 948,176 | | | | | ||||
Snowflake, Inc., Class A (a) | | | | | 6,060 | | | | | | 818,645 | | | | | ||||
Twilio, Inc., Class A (a) | | | | | 6,999 | | | | | | 397,613 | | | | | ||||
| | | | | | | | | | | 15,326,021 | | | | | ||||
Leisure Products — 0.2% | | | | | | | | ||||||||||||
Clarus Corp. | | | | | 166,802 | | | | | | 1,122,578 | | | | | ||||
Peloton Interactive, Inc., Class A (a) | | | | | 709 | | | | | | 2,396 | | | | | ||||
Polaris, Inc. (b) | | | | | 5,294 | | | | | | 414,573 | | | | | ||||
Vista Outdoor, Inc. (a) | | | | | 30,301 | | | | | | 1,140,833 | | | | | ||||
| | | | | | | | | | | 2,680,380 | | | | | ||||
Life Sciences Tools & Services — 1.2% | | | | | | | | ||||||||||||
Avantor, Inc. (a) | | | | | 19,341 | | | | | | 410,029 | | | | | ||||
Bio-Rad Laboratories, Inc., Class A (a) | | | | | 1,979 | | | | | | 540,485 | | | | | ||||
Danaher Corp. (b) | | | | | 4,338 | | | | | | 1,083,849 | | | | | ||||
Fortrea Holdings, Inc. (a) | | | | | 19,697 | | | | | | 459,728 | | | | | ||||
Medpace Holdings, Inc. (a) | | | | | 1,536 | | | | | | 632,602 | | | | | ||||
Mettler-Toledo International, Inc. (a) | | | | | 3,373 | | | | | | 4,714,071 | | | | | ||||
Thermo Fisher Scientific, Inc. (b) | | | | | 1,766 | | | | | | 976,598 | | | | | ||||
Waters Corp. (a) | | | | | 20,273 | | | | | | 5,881,603 | | | | | ||||
| | | | | | | | | | | 14,698,965 | | | | | ||||
Machinery — 0.7% | | | | | | | | ||||||||||||
AGCO Corp. (b) | | | | | 14,695 | | | | | | 1,438,347 | | | | | ||||
Allison Transmission Holdings, Inc. | | | | | 14,511 | | | | | | 1,101,385 | | | | | ||||
CNH Industrial NV | | | | | 20,059 | | | | | | 203,198 | | | | | ||||
Enerpac Tool Group Corp. | | | | | 8,361 | | | | | | 319,223 | | | | | ||||
Esab Corp. | | | | | 951 | | | | | | 89,803 | | | | | ||||
Flowserve Corp. | | | | | 9,154 | | | | | | 440,307 | | | | | ||||
Gates Industrial Corp. PLC (a) | | | | | 68,641 | | | | | | 1,085,214 | | | | | ||||
IDEX Corp. (b) | | | | | 897 | | | | | | 180,476 | | | | | ||||
Otis Worldwide Corp. | | | | | 16,298 | | | | | | 1,568,845 | | | | | ||||
PACCAR, Inc. | | | | | 5,124 | | | | | | 527,465 | | | | | ||||
Pentair PLC (b) | | | | | 6,678 | | | | | | 512,002 | | | | | ||||
RBC Bearings, Inc. (a) | | | | | 496 | | | | | | 133,811 | | | | | ||||
Terex Corp. | | | | | 15,640 | | | | | | 857,698 | | | | | ||||
Timken Co. | | | | | 6,767 | | | | | | 542,240 | | | | | ||||
| | | | | | | | | | | 9,000,014 | | | | | ||||
Media — 0.2% | | | | | | | | ||||||||||||
Cable One, Inc. | | | | | 236 | | | | | | 83,544 | | | | | ||||
Comcast Corp., Class A (b) | | | | | 11,527 | | | | | | 451,397 | | | | | ||||
Integral Ad Science Holding Corp. (a) | | | | | 119,044 | | | | | | 1,157,108 | | | | | ||||
Trade Desk, Inc., Class A (a) | | | | | 2,958 | | | | | | 288,908 | | | | | ||||
| | | | | | | | | | | 1,980,957 | | | | | ||||
Metals & Mining — 0.6% | | | | | | | | ||||||||||||
Cleveland-Cliffs, Inc. (a) | | | | | 35,495 | | | | | | 546,268 | | | | | ||||
Coeur Mining, Inc. (a) | | | | | 107,000 | | | | | | 601,340 | | | | | ||||
Constellium SE (a) | | | | | 13,854 | | | | | | 261,148 | | | | | ||||
Newmont Corp. | | | | | 2,623 | | | | | | 109,825 | | | | | ||||
Newmont Corp. | | | | | 103,188 | | | | | | 4,301,284 | | | | | ||||
Perpetua Resources Corp. (a) | | | | | 126,161 | | | | | | 656,037 | | | | | ||||
Royal Gold, Inc. | | | | | 13,131 | | | | | | 1,643,476 | | | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
Steel Dynamics, Inc. (b) | | | | | 1,222 | | | | | $ | 158,249 | | | | | ||||
U.S. Steel Corp. | | | | | 663 | | | | | | 25,061 | | | | | ||||
| | | | | | | | | | | 8,302,688 | | | | | ||||
Mortgage Real Estate Investment — 0.0% | | | | | | | | ||||||||||||
Dynex Capital, Inc. | | | | | 30,102 | | | | | | 359,418 | | | | | ||||
Office REITs — 0.0% | | | | | | | | ||||||||||||
Kilroy Realty Corp. (b) | | | | | 393 | | | | | | 12,250 | | | | | ||||
NET Lease Office Properties | | | | | 550 | | | | | | 13,541 | | | | | ||||
| | | | | | | | | | | 25,791 | | | | | ||||
Oil, Gas & Consumable Fuels — 1.5% | | | | | | | | ||||||||||||
Antero Resources Corp. (a) | | | | | 5,751 | | | | | | 187,655 | | | | | ||||
California Resources Corp. | | | | | 2,024 | | | | | | 107,717 | | | | | ||||
Cheniere Energy, Inc. (b) | | | | | 2,721 | | | | | | 475,712 | | | | | ||||
Chord Energy Corp. (b) | | | | | 6,860 | | | | | | 1,150,285 | | | | | ||||
Civitas Resources, Inc. | | | | | 16,056 | | | | | | 1,107,864 | | | | | ||||
Coterra Energy, Inc. | | | | | 20,928 | | | | | | 558,150 | | | | | ||||
Devon Energy Corp. | | | | | 5,350 | | | | | | 253,590 | | | | | ||||
Diamondback Energy, Inc. (b) | | | | | 2,945 | | | | | | 589,560 | | | | | ||||
EQT Corp. (b) | | | | | 11,262 | | | | | | 416,469 | | | | | ||||
Exxon Mobil Corp. (b) | | | | | 14,318 | | | | | | 1,648,288 | | | | | ||||
HF Sinclair Corp. | | | | | 9,533 | | | | | | 508,490 | | | | | ||||
Marathon Petroleum Corp. | | | | | 4,792 | | | | | | 831,316 | | | | | ||||
Matador Resources Co. (b) | | | | | 23,680 | | | | | | 1,411,328 | | | | | ||||
Murphy Oil Corp. | | | | | 2,367 | | | | | | 97,615 | | | | | ||||
Nordic American Tankers Ltd. | | | | | 161,622 | | | | | | 643,256 | | | | | ||||
Ovintiv, Inc. | | | | | 16,241 | | | | | | 761,216 | | | | | ||||
PBF Energy, Inc., Class A | | | | | 4,556 | | | | | | 209,667 | | | | | ||||
Permian Resources Corp. (b) | | | | | 73,645 | | | | | | 1,189,367 | | | | | ||||
Phillips 66 | | | | | 1,926 | | | | | | 271,893 | | | | | ||||
Range Resources Corp. | | | | | 51,764 | | | | | | 1,735,647 | | | | | ||||
Southwestern Energy Co. (a) (b) | | | | | 573,122 | | | | | | 3,857,111 | | | | | ||||
Valero Energy Corp. | | | | | 8,012 | | | | | | 1,255,961 | | | | | ||||
| | | | | | | | | | | 19,268,157 | | | | | ||||
Paper & Forest Products — 0.0% | | | | | | | | ||||||||||||
Louisiana-Pacific Corp. | | | | | 1,506 | | | | | | 123,989 | | | | | ||||
Passenger Airlines — 0.0% | | | | | | | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | 30,434 | | | | | | 344,817 | | | | | ||||
Southwest Airlines Co. | | | | | 8,806 | | | | | | 251,940 | | | | | ||||
| | | | | | | | | | | 596,757 | | | | | ||||
Pharmaceuticals — 0.7% | | | | | | | | ||||||||||||
Bristol-Myers Squibb Co. (b) | | | | | 7,789 | | | | | | 323,477 | | | | | ||||
Catalent, Inc. (a) (b) | | | | | 490 | | | | | | 27,553 | | | | | ||||
Eli Lilly & Co. (b) | | | | | 3,378 | | | | | | 3,058,374 | | | | | ||||
Esperion Therapeutics, Inc. (a) | | | | | 27,721 | | | | | | 61,540 | | | | | ||||
Intra-Cellular Therapies, Inc. (a) | | | | | 1,971 | | | | | | 134,994 | | | | | ||||
Johnson & Johnson (b) | | | | | 15,078 | | | | | | 2,203,800 | | | | | ||||
Ligand Pharmaceuticals, Inc. (a) | | | | | 3,964 | | | | | | 334,007 | | | | | ||||
Merck & Co., Inc. (b) | | | | | 811 | | | | | | 100,402 | | | | | ||||
Organon & Co. | | | | | 7,803 | | | | | | 161,522 | | | | | ||||
Pfizer, Inc. (b) | | | | | 70,979 | | | | | | 1,985,992 | | | | | ||||
| | | | | | | | | | | 8,391,661 | | | | | ||||
Professional Services — 1.1% | | | | | | | | ||||||||||||
Automatic Data Processing, Inc. | | | | | 32,681 | | | | | | 7,800,628 | | | | | ||||
Broadridge Financial Solutions, Inc. (b) | | | | | 2,136 | | | | | | 420,792 | | | | | ||||
CACI International, Inc., Class A (a) (b) | | | | | 486 | | | | | | 209,043 | | | | | ||||
Clarivate PLC (a) | | | | | 159,089 | | | | | | 905,216 | | | | | ||||
Concentrix Corp. | | | | | 15,838 | | | | | | 1,002,229 | | | | | ||||
Dun & Bradstreet Holdings, Inc. (b) | | | | | 64,229 | | | | | | 594,761 | | | | |
| | | Number of Shares | | | Value | | | | ||||||||||
First Advantage Corp. | | | | | 27,253 | | | | | $ | 437,956 | | | | | ||||
Huron Consulting Group, Inc. (a) | | | | | 6,421 | | | | | | 632,468 | | | | | ||||
KBR, Inc. (b) | | | | | 3,733 | | | | | | 239,435 | | | | | ||||
ManpowerGroup, Inc. | | | | | 1,865 | | | | | | 130,177 | | | | | ||||
Paycom Software, Inc. | | | | | 224 | | | | | | 32,041 | | | | | ||||
Spire Global, Inc. (a) | | | | | 58,291 | | | | | | 631,874 | | | | | ||||
SS&C Technologies Holdings, Inc. (b) | | | | | 13,178 | | | | | | 825,865 | | | | | ||||
TransUnion (b) | | | | | 6,574 | | | | | | 487,528 | | | | | ||||
| | | | | | | | | | | 14,350,013 | | | | | ||||
Real Estate Management & Development — 0.1% | | | | | | | | ||||||||||||
Kennedy-Wilson Holdings, Inc. | | | | | 40,476 | | | | | | 393,427 | | | | | ||||
Zillow Group, Inc., Class C (a) (b) | | | | | 14,322 | | | | | | 664,397 | | | | | ||||
| | | | | | | | | | | 1,057,824 | | | | | ||||
Semiconductors & Semiconductor Equipment — 4.8% | | | | | | | | ||||||||||||
Advanced Micro Devices, Inc. (a) (b) | | | | | 9,658 | | | | | | 1,566,624 | | | | | ||||
Amkor Technology, Inc. | | | | | 13,038 | | | | | | 521,781 | | | | | ||||
Analog Devices, Inc. (b) | | | | | 6,285 | | | | | | 1,434,614 | | | | | ||||
Applied Materials, Inc. (b) | | | | | 4,483 | | | | | | 1,057,943 | | | | | ||||
Astera Labs, Inc. (a) | | | | | 7,188 | | | | | | 434,946 | | | | | ||||
Broadcom, Inc. (b) | | | | | 1,155 | | | | | | 1,854,387 | | | | | ||||
Credo Technology Group Holding Ltd. (a) | | | | | 3,005 | | | | | | 95,980 | | | | | ||||
Enphase Energy, Inc. (a) | | | | | 454 | | | | | | 45,268 | | | | | ||||
First Solar, Inc. (a) | | | | | 3,976 | | | | | | 896,429 | | | | | ||||
GLOBALFOUNDRIES, Inc. (a) | | | | | 8,599 | | | | | | 434,766 | | | | | ||||
Intel Corp. (b) | | | | | 38,547 | | | | | | 1,193,801 | | | | | ||||
KLA Corp. (b) | | | | | 506 | | | | | | 417,202 | | | | | ||||
Lam Research Corp. (b) | | | | | 300 | | | | | | 319,455 | | | | | ||||
Marvell Technology, Inc. | | | | | 21,987 | | | | | | 1,536,891 | | | | | ||||
Micron Technology, Inc. | | | | | 3,753 | | | | | | 493,632 | | | | | ||||
Monolithic Power Systems, Inc. | | | | | 150 | | | | | | 123,252 | | | | | ||||
NVIDIA Corp. | | | | | 307,704 | | | | | | 38,013,752 | | | | | ||||
ON Semiconductor Corp. (a) | | | | | 12,343 | | | | | | 846,113 | | | | | ||||
PDF Solutions, Inc. (a) | | | | | 4,588 | | | | | | 166,911 | | | | | ||||
QUALCOMM, Inc. (b) | | | | | 16,882 | | | | | | 3,362,557 | | | | | ||||
Rambus, Inc. (a) | | | | | 6,236 | | | | | | 366,427 | | | | | ||||
Skyworks Solutions, Inc. | | | | | 1,112 | | �� | | | | 118,517 | | | | | ||||
Synaptics, Inc. (a) | | | | | 772 | | | | | | 68,090 | | | | | ||||
Texas Instruments, Inc. | | | | | 12,755 | | | | | | 2,481,230 | | | | | ||||
Universal Display Corp. | | | | | 14,275 | | | | | | 3,001,319 | | | | | ||||
| | | | | | | | | | | 60,851,887 | | | | | ||||
Software — 7.1% | | | | | | | | ||||||||||||
Adobe, Inc. (a) (b) | | | | | 2,876 | | | | | | 1,597,733 | | | | | ||||
Amplitude, Inc., Class A (a) | | | | | 4,526 | | | | | | 40,281 | | | | | ||||
AvePoint, Inc. (a) | | | | | 14,057 | | | | | | 146,474 | | | | | ||||
Bentley Systems, Inc., Class B | | | | | 2,809 | | | | | | 138,652 | | | | | ||||
Bill Holdings, Inc. (a) | | | | | 34,399 | | | | | | 1,810,075 | | | | | ||||
Blackbaud, Inc. (a) | | | | | 15,013 | | | | | | 1,143,540 | | | | | ||||
Box, Inc., Class A (a) | | | | | 34,726 | | | | | | 918,155 | | | | | ||||
Clear Secure, Inc., Class A | | | | | 102,302 | | | | | | 1,914,070 | | | | | ||||
Crowdstrike Holdings, Inc., Class A (a) (b) | | | | | 38,364 | | | | | | 14,700,701 | | | | | ||||
CyberArk Software Ltd. (a) | | | | | 1,231 | | | | | | 336,580 | | | | | ||||
Datadog, Inc., Class A (a) | | | | | 60,360 | | | | | | 7,828,088 | | | | | ||||
DocuSign, Inc. (a) | | | | | 26,198 | | | | | | 1,401,593 | | | | | ||||
Elastic NV (a) | | | | | 8,755 | | | | | | 997,282 | | | | | ||||
Envestnet, Inc. (a) | | | | | 40,203 | | | | | | 2,516,306 | | | | | ||||
Fortinet, Inc. (a) | | | | | 57,440 | | | | | | 3,461,909 | | | | | ||||
Freshworks, Inc., Class A (a) | | | | | 59,221 | | | | | | 751,515 | | | | | ||||
Gen Digital, Inc. | | | | | 12,705 | | | | | | 317,371 | | | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
Gitlab, Inc., Class A (a) | | | | | 18,355 | | | | | $ | 912,611 | | | | | ||||
HubSpot, Inc. (a) (b) | | | | | 2,437 | | | | | | 1,437,318 | | | | | ||||
Intuit, Inc. (b) | | | | | 1,168 | | | | | | 767,621 | | | | | ||||
MeridianLink, Inc. (a) | | | | | 8,307 | | | | | | 177,438 | | | | | ||||
Microsoft Corp. (b) | | | | | 64,859 | | | | | | 28,988,730 | | | | | ||||
Monday.com Ltd. (a) | | | | | 18,649 | | | | | | 4,489,933 | | | | | ||||
N-able, Inc. (a) | | | | | 28,613 | | | | | | 435,776 | | | | | ||||
NCR Voyix Corp. (a) | | | | | 111,865 | | | | | | 1,381,533 | | | | | ||||
Nutanix, Inc., Class A (a) | | | | | 2,380 | | | | | | 135,303 | | | | | ||||
Olo, Inc., Class A (a) | | | | | 66,583 | | | | | | 294,297 | | | | | ||||
Oracle Corp. (b) | | | | | 253 | | | | | | 35,724 | | | | | ||||
Palantir Technologies, Inc., Class A (a) | | | | | 8,086 | | | | | | 204,818 | | | | | ||||
Pegasystems, Inc. | | | | | 10,316 | | | | | | 624,428 | | | | | ||||
RingCentral, Inc., Class A (a) | | | | | 9,993 | | | | | | 281,803 | | | | | ||||
Roper Technologies, Inc. | | | | | 686 | | | | | | 386,671 | | | | | ||||
Salesforce, Inc. (b) | | | | | 6,810 | | | | | | 1,750,851 | | | | | ||||
SentinelOne, Inc., Class A (a) | | | | | 4,762 | | | | | | 100,240 | | | | | ||||
ServiceNow, Inc. (a) (b) | | | | | 1,903 | | | | | | 1,497,033 | | | | | ||||
Smartsheet, Inc., Class A (a) | | | | | 16,420 | | | | | | 723,794 | | | | | ||||
Sprinklr, Inc., Class A (a) | | | | | 46,877 | | | | | | 450,957 | | | | | ||||
Sprout Social, Inc., Class A (a) | | | | | 6,761 | | | | | | 241,232 | | | | | ||||
Synopsys, Inc. (a) (b) | | | | | 806 | | | | | | 479,618 | | | | | ||||
Teradata Corp. (a) | | | | | 9,509 | | | | | | 328,631 | | | | | ||||
Varonis Systems, Inc. (a) | | | | | 7,892 | | | | | | 378,579 | | | | | ||||
Vertex, Inc., Class A (a) | | | | | 2,413 | | | | | | 86,989 | | | | | ||||
Workday, Inc., Class A (a) | | | | | 3,843 | | | | | | 859,141 | | | | | ||||
Workiva, Inc. (a) | | | | | 2,044 | | | | | | 149,192 | | | | | ||||
Zoom Video Communications, Inc., Class A (a) | | | | | 19,939 | | | | | | 1,180,189 | | | | | ||||
Zscaler, Inc. (a) | | | | | 2,492 | | | | | | 478,938 | | | | | ||||
Zuora, Inc., Class A (a) | | | | | 29,173 | | | | | | 289,688 | | | | | ||||
| | | | | | | | | | | 89,569,401 | | | | | ||||
Specialized REITs — 0.1% | | | | | | | | ||||||||||||
Crown Castle, Inc. (b) | | | | | 879 | | | | | | 85,878 | | | | | ||||
Equinix, Inc. (b) | | | | | 909 | | | | | | 687,750 | | | | | ||||
Outfront Media, Inc. | | | | | 21,728 | | | | | | 310,710 | | | | | ||||
Public Storage (b) | | | | | 45 | | | | | | 12,944 | | | | | ||||
SBA Communications Corp. | | | | | 2,736 | | | | | | 537,077 | | | | | ||||
| | | | | | | | | | | 1,634,359 | | | | | ||||
Specialty Retail — 0.8% | | | | | | | | ||||||||||||
Aaron’s Co., Inc. | | | | | 44,921 | | | | | | 448,312 | | | | | ||||
Advance Auto Parts, Inc. | | | | | 11,127 | | | | | | 704,673 | | | | | ||||
Arhaus, Inc. | | | | | 34,647 | | | | | | 586,920 | | | | | ||||
AutoZone, Inc. (a) | | | | | 117 | | | | | | 346,800 | | | | | ||||
Boot Barn Holdings, Inc. (a) | | | | | 982 | | | | | | 126,609 | | | | | ||||
Burlington Stores, Inc. (a) (b) | | | | | 1,389 | | | | | | 333,360 | | | | | ||||
CarMax, Inc. (a) (b) | | | | | 1,122 | | | | | | 82,287 | | | | | ||||
Chewy, Inc., Class A (a) | | | | | 26,580 | | | | | | 724,039 | | | | | ||||
Dick’s Sporting Goods, Inc. (b) | | | | | 4,807 | | | | | | 1,032,784 | | | | | ||||
Five Below, Inc. (a) (b) | | | | | 13,578 | | | | | | 1,479,595 | | | | | ||||
Home Depot, Inc. (b) | | | | | 4,612 | | | | | | 1,587,635 | | | | | ||||
J Jill, Inc. | | | | | 15,892 | | | | | | 555,743 | | | | | ||||
Lithia Motors, Inc. | | | | | 2,582 | | | | | | 651,826 | | | | | ||||
Ross Stores, Inc. (b) | | | | | 3,718 | | | | | | 540,300 | | | | | ||||
Sally Beauty Holdings, Inc. (a) | | | | | 46,955 | | | | | | 503,827 | | | | | ||||
Victoria’s Secret & Co. (a) | | | | | 18,084 | | | | | | 319,544 | | | | | ||||
| | | | | | | | | | | 10,024,254 | | | | | ||||
Technology Hardware, Storage & Peripherals — 2.0% | | | | | | | | ||||||||||||
Apple, Inc. (b) | | | | | 107,816 | | | | | | 22,708,206 | | | | | ||||
Dell Technologies, Inc., Class C (b) | | | | | 8,137 | | | | | | 1,122,174 | | | | |
| | | Number of Shares | | | Value | | | | ||||||||||
Hewlett Packard Enterprise Co. | | | | | 28,530 | | | | | $ | 603,980 | | | | | ||||
NetApp, Inc. | | | | | 765 | | | | | | 98,532 | | | | | ||||
Pure Storage, Inc., Class A (a) | | | | | 4,131 | | | | | | 265,252 | | | | | ||||
Super Micro Computer, Inc. (a) | | | | | 334 | | | | | | 273,663 | | | | | ||||
Western Digital Corp. (a) | | | | | 4,746 | | | | | | 359,604 | | | | | ||||
| | | | | | | | | | | 25,431,411 | | | | | ||||
Textiles, Apparel & Luxury Goods — 0.4% | | | | | | | | ||||||||||||
Capri Holdings Ltd. (a) (b) | | | | | 5,243 | | | | | | 173,438 | | | | | ||||
NIKE, Inc., Class B (b) | | | | | 31,740 | | | | | | 2,392,244 | | | | | ||||
Ralph Lauren Corp. (b) | | | | | 9,432 | | | | | | 1,651,166 | | | | | ||||
Skechers USA, Inc., Class A (a) (b) | | | | | 15,433 | | | | | | 1,066,729 | | | | | ||||
Tapestry, Inc. (b) | | | | | 10,488 | | | | | | 448,782 | | | | | ||||
| | | | | | | | | | | 5,732,359 | | | | | ||||
Tobacco — 0.5% | | | | | | | | ||||||||||||
Altria Group, Inc. | | | | | 2,104 | | | | | | 95,837 | | | | | ||||
Philip Morris International, Inc. (b) | | | | | 64,981 | | | | | | 6,584,525 | | | | | ||||
| | | | | | | | | | | 6,680,362 | | | | | ||||
Trading Companies & Distributors — 0.2% | | | | | | | | ||||||||||||
Air Lease Corp. | | | | | 16,403 | | | | | | 779,635 | | | | | ||||
Core & Main, Inc., Class A (a) (b) | | | | | 9,947 | | | | | | 486,806 | | | | | ||||
GMS, Inc. (a) | | | | | 3,296 | | | | | | 265,690 | | | | | ||||
United Rentals, Inc. (b) | | | | | 809 | | | | | | 523,205 | | | | | ||||
WESCO International, Inc. (b) | | | | | 4,602 | | | | | | 729,509 | | | | | ||||
| | | | | | | | | | | 2,784,845 | | | | | ||||
Water Utilities — 0.1% | | | | | | | | ||||||||||||
American States Water Co. | | | | | 1,385 | | | | | | 100,509 | | | | | ||||
American Water Works Co., Inc. (b) | | | | | 2,438 | | | | | | 314,892 | | | | | ||||
California Water Service Group | | | | | 1,873 | | | | | | 90,822 | | | | | ||||
Essential Utilities, Inc. (b) | | | | | 6,018 | | | | | | 224,652 | | | | | ||||
SJW Group | | | | | 859 | | | | | | 46,575 | | | | | ||||
| | | | | | | | | | | 777,450 | | | | | ||||
Wireless Telecommunication Services — 0.1% | | | | | | | | ||||||||||||
T-Mobile U.S., Inc. (b) | | | | | 3,799 | | | | | | 669,308 | | | | | ||||
Total U.S. Common Stocks (Cost $563,064,325) | | | | | | | | | | | 668,673,722 | | | | | ||||
Foreign Common Stocks — 17.4% | | | | ||||||||||||||||
Argentina — 0.0% | | | | ||||||||||||||||
Cresud SACIF y A — SPADR (c) | | | | | 22,762 | | | | | | 187,104 | | | | | ||||
IRSA Inversiones y Representaciones SA SPADR (a) | | | | | 847 | | | | | | 7,589 | | | | | ||||
| | | | | | | | | | | 194,693 | | | | | ||||
Australia — 0.1% | | | | ||||||||||||||||
Bannerman Energy Ltd. (a) (d) | | | | | 100,400 | | | | | | 219,014 | | | | | ||||
Champion Iron Ltd. (b) | | | | | 31,400 | | | | | | 134,501 | | | | | ||||
Iris Energy Ltd. (a) | | | | | 38,801 | | | | | | 438,063 | | | | | ||||
| | | | | | | | | | | 791,578 | | | | | ||||
Bermuda — 0.0% | | | | ||||||||||||||||
RenaissanceRe Holdings Ltd. | | | | | 1,246 | | | | | | 278,493 | | | | | ||||
Brazil — 0.2% | | | | ||||||||||||||||
BrasilAgro — Co. Brasileira de Propriedades Agricolas | | | | | 21,500 | | | | | | 98,614 | | | | | ||||
Centrais Eletricas Brasileiras SA | | | | | 164,002 | | | | | | 1,051,765 | | | | | ||||
Wheaton Precious Metals Corp. | | | | | 30,575 | | | | | | 1,602,741 | | | | | ||||
| | | | | | | | | | | 2,753,120 | | | | | ||||
Burkina Faso — 0.1% | | | | ||||||||||||||||
Endeavour Mining PLC | | | | | 39,000 | | | | | | 823,873 | | | | | ||||
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Cameroon, United Republic Of — 0.0% | | ||||||||||||
Golar LNG Ltd. | | | | | 2,811 | | | | | $ | 88,125 | | |
Canada — 4.4% | | ||||||||||||
ADENTRA, Inc. (b) | | | | | 30,000 | | | | | | 817,295 | | |
Advantage Energy Ltd. (a) (b) | | | | | 64,200 | | | | | | 487,114 | | |
Ag Growth International, Inc. (b) | | | | | 10,173 | | | | | | 390,546 | | |
Algoma Steel Group, Inc. | | | | | 750 | | | | | | 5,220 | | |
Alimentation Couche-Tard, Inc. (b) | | | | | 9,400 | | | | | | 527,494 | | |
Artemis Gold, Inc. (a) | | | | | 151,555 | | | | | | 1,087,877 | | |
Awale Resources Ltd. (a) (d) | | | | | 178,000 | | | | | | 65,056 | | |
Barrick Gold Corp. — NYSE Shares (b) | | | | | 135,126 | | | | | | 2,253,902 | | |
Bear Creek Mining Corp. (a) | | | | | 319,151 | | | | | | 76,985 | | |
Bombardier, Inc., Class B (a) (b) | | | | | 4,700 | | | | | | 301,401 | | |
Brookfield Corp., Class A | | | | | 18,431 | | | | | | 765,624 | | |
Calibre Mining Corp. (a) (b) | | | | | 282,200 | | | | | | 371,302 | | |
Cameco Corp. — TSX Shares (b) | | | | | 8,600 | | | | | | 423,132 | | |
Canaccord Genuity Group, Inc. (b) | | | | | 118,200 | | | | | | 730,947 | | |
Canadian Pacific Kansas City Ltd. | | | | | 13,800 | | | | | | 1,086,474 | | |
Canfor Corp. (a) (b) | | | | | 63,100 | | | | | | 669,260 | | |
Capstone Copper Corp. (a) (b) | | | | | 141,900 | | | | | | 1,006,126 | | |
Celestica, Inc. (a) (b) | | | | | 12,500 | | | | | | 715,800 | | |
Cenovus Energy, Inc. (b) | | | | | 45,700 | | | | | | 898,266 | | |
Chemtrade Logistics Income Fund (b) | | | | | 85,500 | | | | | | 577,479 | | |
Cineplex, Inc. (a) | | | | | 188,700 | | | | | | 1,133,814 | | |
Cybin, Inc. (a) | | | | | 890,265 | | | | | | 240,779 | | |
Dollarama, Inc. (b) | | | | | 4,700 | | | | | | 429,134 | | |
Dundee Corp., Class A (a) | | | | | 384,967 | | | | | | 346,120 | | |
Dye & Durham Ltd. (b) | | | | | 133,500 | | | | | | 1,202,237 | | |
Enerflex Ltd. (b) | | | | | 123,100 | | | | | | 664,068 | | |
Equinox Gold Corp. (a) | | | | | 435,881 | | | | | | 2,279,658 | | |
Equinox Gold Corp. (a) (c) | | | | | 510,080 | | | | | | 2,662,162 | | |
Fission Uranium Corp. (a) | | | | | 467,974 | | | | | | 410,489 | | |
Gildan Activewear, Inc. (b) | | | | | 4,893 | | | | | | 185,543 | | |
Global Atomic Corp. (a) | | | | | 138,100 | | | | | | 207,950 | | |
goeasy Ltd. (b) | | | | | 5,400 | | | | | | 778,077 | | |
Hammond Power Solutions, Inc. (b) | | | | | 10,100 | | | | | | 823,105 | | |
Hudbay Minerals, Inc. (b) | | | | | 41,000 | | | | | | 371,024 | | |
International Tower Hill Mines Ltd. (a) | | | | | 376,174 | | | | | | 185,980 | | |
Karora Resources, Inc. (a) (b) | | | | | 206,200 | | | | | | 898,324 | | |
Lightspeed Commerce, Inc. (a) (b) | | | | | 60,356 | | | | | | 825,012 | | |
Lithium Americas Argentina Corp. (a) | | | | | 212,585 | | | | | | 680,272 | | |
Lithium Americas Corp. (a) | | | | | 81,905 | | | | | | 219,505 | | |
Magna International, Inc. (b) | | | | | 44,135 | | | | | | 1,849,256 | | |
North American Construction Group Ltd. (b) | | | | | 28,161 | | | | | | 543,026 | | |
Northern Dynasty Minerals Ltd. (a) | | | | | 338,909 | | | | | | 105,231 | | |
Northern Dynasty Minerals Ltd. (a) (c) | | | | | 752,336 | | | | | | 230,972 | | |
Novagold Resources, Inc. (a) | | | | | 366,519 | | | | | | 1,268,156 | | |
Nutrien Ltd. (b) | | | | | 50,959 | | | | | | 2,594,323 | | |
Organigram Holdings, Inc. (a) | | | | | 19,803 | | | | | | 30,543 | | |
Pan American Silver Corp. (c) | | | | | 21,437 | | | | | | 426,060 | | |
Pasofino Gold Ltd. (a) | | | | | 61,000 | | | | | | 18,727 | | |
Pet Valu Holdings Ltd. (b) | | | | | 39,700 | | | | | | 763,501 | | |
Precision Drilling Corp. (a) (b) | | | | | 10,100 | | | | | | 710,223 | | |
Sandstorm Gold Ltd. | | | | | 47,860 | | | | | | 260,358 | | |
Seabridge Gold, Inc. (a) (c) | | | | | 101,511 | | | | | | 1,387,563 | | |
Seabridge Gold, Inc. (a) | | | | | 58,102 | | | | | | 795,416 | | |
Shopify, Inc., Class A (a) | | | | | 130,387 | | | | | | 8,612,061 | | |
Somerset Energy Partners Corp. (a) (d) (e) (f) | | | | | 130,200 | | | | | | 42,827 | | |
Sprott Physical Uranium Trust | | | | | 84,959 | | | | | | 1,574,913 | | |
| | | Number of Shares | | | Value | | ||||||
Sprott, Inc. (c) | | | | | 8,958 | | | | | $ | 371,468 | | |
Stelco Holdings, Inc. (b) | | | | | 28,900 | | | | | | 785,215 | | |
Taseko Mines Ltd. (a) | | | | | 177,770 | | | | | | 435,537 | | |
Teck Resources Ltd., Class B (b) | | | | | 16,000 | | | | | | 766,756 | | |
TerraVest Industries, Inc. (b) | | | | | 11,300 | | | | | | 597,110 | | |
TFI International, Inc. (b) | | | | | 3,600 | | | | | | 522,718 | | |
Valeura Energy, Inc. (a) | | | | | 230,000 | | | | | | 722,927 | | |
Veren, Inc. (b) | | | | | 83,800 | | | | | | 660,942 | | |
Victoria Gold Corp. (a) (d) | | | | | 225,800 | | | | | | 174,956 | | |
Western Copper & Gold Corp. (a) (c) | | | | | 160,081 | | | | | | 182,542 | | |
Winpak Ltd. (b) | | | | | 14,200 | | | | | | 463,455 | | |
WSP Global, Inc. (b) | | | | | 4,300 | | | | | | 669,587 | | |
| | | | | | | | | | | 55,366,922 | | |
Chile — 0.0% | | ||||||||||||
Sociedad Quimica y Minera de Chile SA — SPADR (c) | | | | | 12,728 | | | | | | 518,666 | | |
China — 0.9% | | ||||||||||||
Alibaba Group Holding Ltd. — SPADR (b) | | | | | 20,330 | | | | | | 1,463,760 | | |
Baidu, Inc., Class A (a) | | | | | 91,750 | | | | | | 992,882 | | |
CGN Power Co. Ltd., Class H (g) | | | | | 2,825,000 | | | | | | 1,242,605 | | |
Changgang Dunxin Enterprise Co. Ltd. (a) (d) (e) | | | | | 4,640,000 | | | | | | — | | |
China Communications Services Corp. Ltd., Class H | | | | | 2,092,000 | | | | | | 1,127,582 | | |
Guangshen Railway Co. Ltd., Class H (c) | | | | | 2,456,000 | | | | | | 665,883 | | |
indie Semiconductor, Inc., Class A (a) | | | | | 65,100 | | | | | | 401,667 | | |
JD.com, Inc. — ADR | | | | | 52,744 | | | | | | 1,362,905 | | |
NXP Semiconductors NV | | | | | 5,737 | | | | | | 1,543,769 | | |
PDD Holdings, Inc. — ADR (a) (b) | | | | | 8,800 | | | | | | 1,169,960 | | |
Shanghai Electric Group Co. Ltd., Class H (a) | | | | | 2,738,000 | | | | | | 535,652 | | |
Sinopec Engineering Group Co. Ltd., Class H | | | | | 62,500 | | | | | | 43,211 | | |
Sinopharm Group Co. Ltd., Class H | | | | | 118,800 | | | | | | 314,905 | | |
Trip.com Group Ltd. — ADR (a) (b) | | | | | 9,520 | | | | | | 447,440 | | |
| | | | | | | | | | | 11,312,221 | | |
Colombia — 0.1% | | ||||||||||||
Aris Mining Corp. (a) | | | | | 228,506 | | | | | | 863,547 | | |
Denmark — 2.4% | | ||||||||||||
Ascendis Pharma AS — ADR (a) | | | | | 1,693 | | | | | | 230,891 | | |
Coloplast AS, Class B | | | | | 36,968 | | | | | | 4,439,713 | | |
GN Store Nord AS (a) (b) | | | | | 10,255 | | | | | | 284,023 | | |
H Lundbeck AS (b) | | | | | 859,006 | | | | | | 4,792,065 | | |
Novo Nordisk AS, Class B (b) | | | | | 115,112 | | | | | | 16,444,459 | | |
Novonesis (Novozymes) B, Shares — B (b) | | | | | 67,687 | | | | | | 4,138,548 | | |
| | | | | | | | | | | 30,329,699 | | |
Finland — 0.5% | | ||||||||||||
Mandatum OYJ | | | | | 62,184 | | | | | | 278,305 | | |
Mandatum OYJ (b) | | | | | 115,001 | | | | | | 514,463 | | |
Nanoform Finland PLC (a) | | | | | 487,214 | | | | | | 862,697 | | |
Nordea Bank Abp (b) | | | | | 176,911 | | | | | | 2,099,990 | | |
Sampo OYJ, Shares — A (b) | | | | | 48,075 | | | | | | 2,063,915 | | |
| | | | | | | | | | | 5,819,370 | | |
France — 1.3% | | ||||||||||||
Carrefour SA | | | | | 108,771 | | | | | | 1,536,956 | | |
Euroapi SA (a) (c) | | | | | 187,813 | | | | | | 515,829 | | |
L’Oreal SA | | | | | 19,298 | | | | | | 8,485,603 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | | | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE | | | | | 8,384 | | | | | $ | 6,438,504 | | | | | ||||
| | | | | | | | | | | 16,976,892 | | | | | ||||
Germany — 0.4% | | | | ||||||||||||||||
BioNTech SE — ADR (a) | | | | | 28,175 | | | | | | 2,264,143 | | | | | ||||
K&S AG | | | | | 197,696 | | | | | | 2,662,199 | | | | | ||||
| | | | | | | | | | | 4,926,342 | | | | | ||||
Hong Kong — 0.1% | | | | ||||||||||||||||
CECEP COSTIN New Materials Group Ltd. (a) (d) (e) | | | | | 1,736,000 | | | | | | — | | | | | ||||
Hi Sun Technology China Ltd. (a) (c) | | | | | 4,515,000 | | | | | | 251,500 | | | | | ||||
Hua Han Health Industry Holdings Ltd. (a) (d) (e) | | | | | 6,984,000 | | | | | | — | | | | | ||||
Luks Group Vietnam Holdings Co. Ltd. | | | | | 1,682,000 | | | | | | 174,467 | | | | | ||||
PAX Global Technology Ltd. | | | | | 323,000 | | | | | | 242,344 | | | | | ||||
WH Group Ltd. (g) | | | | | 402,500 | | | | | | 264,809 | | | | | ||||
| | | | | | | | | | | 933,120 | | | | | ||||
Indonesia — 0.4% | | | | ||||||||||||||||
First Pacific Co. Ltd. | | | | | 1,796,000 | | | | | | 834,702 | | | | | ||||
First Resources Ltd. | | | | | 1,148,400 | | | | | | 1,168,742 | | | | | ||||
Golden Agri-Resources Ltd. | | | | | 13,444,800 | | | | | | 2,677,300 | | | | | ||||
Indofood Sukses Makmur Tbk. PT | | | | | 737,500 | | | | | | 273,101 | | | | | ||||
United Tractors Tbk. PT | | | | | 49,900 | | | | | | 66,968 | | | | | ||||
| | | | | | | | | | | 5,020,813 | | | | | ||||
Ireland — 0.0% | | | | ||||||||||||||||
AerCap Holdings NV | | | | | 5,868 | | | | | | 546,898 | | | | | ||||
Israel — 0.1% | | | | ||||||||||||||||
Global-e Online Ltd. (a) | | | | | 10,848 | | | | | | 393,457 | | | | | ||||
JFrog Ltd. (a) | | | | | 19,274 | | | | | | 723,739 | | | | | ||||
| | | | | | | | | | | 1,117,196 | | | | | ||||
Italy — 0.0% | | | | ||||||||||||||||
Stevanato Group SpA | | | | | 15,619 | | | | | | 286,452 | | | | | ||||
Japan — 0.5% | | | | | | | | ||||||||||||
Cellebrite DI Ltd. (a) | | | | | 18,876 | | | | | | 225,568 | | | | | ||||
Electric Power Development Co. Ltd. | | | | | 14,300 | | | | | | 222,863 | | | | | ||||
Fukuda Corp. | | | | | 10,200 | | | | | | 371,709 | | | | | ||||
Inpex Corp. (c) | | | | | 23,300 | | | | | | 344,070 | | | | | ||||
Japan Petroleum Exploration Co. Ltd. | | | | | 13,600 | | | | | | 548,200 | | | | | ||||
Kamigumi Co. Ltd. | | | | | 32,600 | | | | | | 672,126 | | | | | ||||
Kato Sangyo Co. Ltd. | | | | | 12,000 | | | | | | 321,111 | | | | | ||||
Kyorin Pharmaceutical Co. Ltd. | | | | | 101,300 | | | | | | 1,072,388 | | | | | ||||
Medipal Holdings Corp. | | | | | 14,300 | | | | | | 217,870 | | | | | ||||
Suzuken Co. Ltd. | | | | | 26,100 | | | | | | 792,513 | | | | | ||||
West Japan Railway Co. | | | | | 58,900 | | | | | | 1,097,819 | | | | | ||||
| | | | | | | | | | | 5,886,237 | | | | | ||||
Jersey — 0.0% | | | | ||||||||||||||||
Arcadium Lithium PLC (a) (c) | | | | | 176,093 | | | | | | 591,672 | | | | | ||||
Kazakhstan — 0.3% | | | | ||||||||||||||||
Halyk Savings Bank of Kazakhstan JSC — GDR (h) | | | | | 48,234 | | | | | | 866,822 | | | | | ||||
NAC Kazatomprom JSC — GDR (h) | | | | | 1,353 | | | | | | 54,192 | | | | | ||||
NAC Kazatomprom JSC — GDR (h) | | | | | 243 | | | | | | 9,720 | | | | | ||||
NAC Kazatomprom JSC — GDR, 144A Shares (g) | | | | | 70,308 | | | | | | 2,812,320 | | | | | ||||
| | | | | | | | | | | 3,743,054 | | | | | ||||
Lebanon — 0.0% | | | | ||||||||||||||||
Solidere — ADR (a) (d) (e) (h) | | | | | 38,451 | | | | | | 398,256 | | | | | ||||
|
| | | Number of Shares | | | Value | | ||||||
Malaysia — 0.1% | | ||||||||||||
Genting Plantations Bhd. | | | | | 299,100 | | | | | $ | 379,983 | | |
Oriental Holdings Bhd. | | | | | 322,700 | | | | | | 464,442 | | |
| | | | | | | | | | | 844,425 | | |
Malta — 0.2% | | ||||||||||||
Kambi Group PLC (a) | | | | | 219,337 | | | | | | 2,194,925 | | |
Mongolia — 0.0% | | ||||||||||||
SJM Holdings Ltd. (a) (c) | | | | | 1,133,000 | | | | | | 384,242 | | |
Myanmar — 0.0% | | ||||||||||||
Yoma Strategic Holdings Ltd. (a) | | | | | 3,695,700 | | | | | | 335,249 | | |
Namibia — 0.0% | | ||||||||||||
Osino Resources Corp. (a) | | | | | 50,100 | | | | | | 64,454 | | |
Netherlands — 0.2% | | ||||||||||||
Argenx SE — ADR (a) | | | | | 3,702 | | | | | | 1,592,008 | | |
Merus NV (a) | | | | | 6,662 | | | | | | 394,191 | | |
| | | | | | | | | | | 1,986,199 | | |
Puerto Rico — 0.0% | | ||||||||||||
Popular, Inc. | | | | | 4,175 | | | | | | 369,195 | | |
Russia — 0.0% | | ||||||||||||
Etalon Group PLC — GDR (a) (d) (e) (h) | | | | | 599,848 | | | | | | — | | |
Etalon Group PLC — GDR — LSE Shares (a) (d) (e) (h) | | | | | 84,223 | | | | | | — | | |
Federal Grid Co.-Rosseti PJSC (a) (d) (e) | | | | | 1,019,443,892 | | | | | | — | | |
Gazprom PJSC (a) (d) (e) | | | | | 1,409,587 | | | | | | — | | |
Lenta International Co. PJSC — GDR (a) (d) (e) | | | | | 351,208 | | | | | | — | | |
LSR Group PJSC (d) (e) | | | | | 96,020 | | | | | | — | | |
Moscow Exchange MICEX-Rates PJSC (d) (e) | | | | | 798,487 | | | | | | — | | |
Polyus PJSC — GDR (a) (d) (e) (h) | | | | | 34,231 | | | | | | — | | |
RusHydro PJSC (d) (e) | | | | | 354,557,380 | | | | | | — | | |
Sberbank of Russia PJSC (d) (e) (a) | | | | | 688,194 | | | | | | — | | |
VTB Bank PJSC (a) (d) (e) | | | | | 2,650,300,990 | | | | | | — | | |
| | | | | | | | | | | — | | |
South Africa — 0.5% | | ||||||||||||
Anglo American Platinum Ltd. (c) | | | | | 63,750 | | | | | | 2,094,767 | | |
Harmony Gold Mining Co. Ltd. — SPADR | | | | | 65,447 | | | | | | 600,149 | | |
Impala Platinum Holdings Ltd. (c) | | | | | 718,558 | | | | | | 3,557,096 | | |
| | | | | | | | | | | 6,252,012 | | |
South Korea — 1.5% | | ||||||||||||
Chong Kun Dang Pharmaceutical Corp. | | | | | 2,988 | | | | | | 212,326 | | |
DL E&C Co. Ltd. | | | | | 46,354 | | | | | | 1,085,418 | | |
GS Holdings Corp. | | | | | 23,903 | | | | | | 812,038 | | |
Hana Financial Group, Inc. | | | | | 14,451 | | | | | | 633,515 | | |
Hankook & Co. Co. Ltd. | | | | | 64,770 | | | | | | 714,371 | | |
Hyundai Department Store Co. Ltd. | | | | | 38,095 | | | | | | 1,343,154 | | |
Korea Electric Power Corp. | | | | | 83,417 | | | | | | 1,187,866 | | |
Korea Electric Power Corp. — SPADR (a) (c) | | | | | 106,105 | | | | | | 752,285 | | |
Korean Reinsurance Co. | | | | | 107,955 | | | | | | 625,813 | | |
KT Corp. | | | | | 9,918 | | | | | | 268,766 | | |
KT Corp. — SPADR (c) | | | | | 311,496 | | | | | | 4,258,150 | | |
LG Corp. | | | | | 30,463 | | | | | | 1,776,894 | | |
LG Uplus Corp. | | | | | 622,488 | | | | | | 4,433,493 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Lotte Chemical Corp. | | | | | 13,367 | | | | | $ | 1,110,133 | | |
LX Holdings Corp. | | | | | 28,659 | | | | | | 145,727 | | |
PHA Co. Ltd. | | | | | 23,013 | | | | | | 223,466 | | |
| | | | | | | | | | | 19,583,415 | | |
Spain — 0.3% | | ||||||||||||
Amadeus IT Group SA | | | | | 53,854 | | | | | | 3,583,750 | | |
Sri Lanka — 0.0% | | ||||||||||||
Hemas Holdings PLC | | | | | 1,337,560 | | | | | | 366,513 | | |
Sweden — 1.2% | | ||||||||||||
Alfa Laval AB (b) | | | | | 32,884 | | | | | | 1,433,848 | | |
Alleima AB (b) | | | | | 1 | | | | | | 6 | | |
Atlas Copco AB, Class A | | | | | 118,678 | | | | | | 2,236,642 | | |
Atlas Copco AB, Shares — B (b) | | | | | 106,206 | | | | | | 1,720,095 | | |
Boule Diagnostics AB (a) | | | | | 180,978 | | | | | | 173,309 | | |
Elanders AB, Shares — B | | | | | 26,774 | | | | | | 251,750 | | |
Fortnox AB (b) | | | | | 405,180 | | | | | | 2,456,451 | | |
Greater Than AB (a) | | | | | 280,071 | | | | | | 1,702,989 | | |
Infant Bacterial Therapeutics AB (a) | | | | | 47,678 | | | | | | 436,390 | | |
Investor AB, Shares — B (b) | | | | | 91,567 | | | | | | 2,513,683 | | |
Nibe Industrier AB, Shares — B (b) | | | | | 50,160 | | | | | | 211,450 | | |
Skandinaviska Enskilda Banken AB, Class A (b) | | | | | 106,591 | | | | | | 1,578,909 | | |
Synsam AB (b) | | | | | 147,891 | | | | | | 735,320 | | |
Xvivo Perfusion AB (a) (b) | | | | | 7,230 | | | | | | 283,871 | | |
| | | | | | | | | | | 15,734,713 | | |
Switzerland — 0.2% | | ||||||||||||
Sportradar Group AG, Class A (a) | | | | | 266,957 | | | | | | 2,984,579 | | |
Taiwan — 0.4% | | ||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. — SPADR | | | | | 27,775 | | | | | | 4,827,573 | | |
Thailand — 0.0% | | ||||||||||||
Kasikornbank PCL | | | | | 167,200 | | | | | | 572,040 | | |
Ukraine — 0.1% | | ||||||||||||
Astarta Holding PLC | | | | | 45,135 | | | | | | 324,466 | | |
MHP SE GDR (a) (h) | | | | | 236,097 | | | | | | 809,630 | | |
| | | | | | | | | | | 1,134,096 | | |
United Kingdom — 0.9% | | ||||||||||||
British American Tobacco PLC — SPADR (b) | | | | | 36,276 | | | | | | 1,122,017 | | |
CK Hutchison Holdings Ltd. | | | | | 551,000 | | | | | | 2,637,474 | | |
Gabriel Resources Ltd. (a) | | | | | 1,934,000 | | | | | | 21,205 | | |
TechnipFMC PLC (b) | | | | | 14,373 | | | | | | 375,854 | | |
Unilever PLC | | | | | 91,040 | | | | | | 5,012,449 | | |
Vodafone Group PLC | | | | | 628,362 | | | | | | 553,603 | | |
Yellow Cake PLC (a) (g) | | | | | 147,858 | | | | | | 1,088,901 | | |
| | | | | | | | | | | 10,811,503 | | |
Total Foreign Common Stocks (Cost $227,383,953) | | | | | | | | | | | 221,596,122 | | |
Total Common Stocks (Cost $790,448,278) | | | | | | | | | | | 890,269,844 | | |
| | | Number of Contracts | | | Value | | ||||||
Right — 0.0% | | ||||||||||||
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (d) (Cost $77,784) | | | | | 367,492 | | | | | | 170,002 | | |
Warrants — 0.1% | | ||||||||||||
Atlas Salt, Inc., Expiring 01/16/25 (Canada) (a) (d) | | | | | 137,250 | | | | | | 61 | | |
| | | Number of Contracts | | | Value | | ||||||
Awale Resources Ltd., Expiring 05/08/26 (Canada) (a) (d) | | | | | 89,000 | | | | | $ | 24,214 | | |
Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (d) | | | | | 7,900 | | | | | | 495 | | |
EBET, Inc., Expiring 08/02/28 (United States) (a) (d) | | | | | 266 | | | | | | 24 | | |
Encore Energy Corp., Expiring 02/08/26 (Canada) (a) (d) | | | | | 49,400 | | | | | | 76,792 | | |
Esports Technologies, Inc., Expiring 11/30/26 (United States) (a) (d) (f) | | | | | 1,005 | | | | | | 84 | | |
FG Acquisition Corp., Expiring 04/05/30 (Canada) (a) | | | | | 16,150 | | | | | | 16,150 | | |
Global Atomic Corp., Expiring 09/17/24 (Canada) (a) (d) | | | | | 61,100 | | | | | | 599 | | |
Gold Royalty Corp., Expiring 05/31/27 (Canada) (a) (d) | | | | | 237,700 | | | | | | 45,163 | | |
Gryphon Digital Mining, Inc., Expiring 06/30/24 (United States) (a) (d) (e) (f) | | | | | 10,298 | | | | | | — | | |
Heliostar Metals Ltd., Expiring 03/09/26 (Canada) (a) (d) | | | | | 131,700 | | | | | | 9,084 | | |
Hive Digital Technologies Ltd., Expiring 12/28/26 (Canada) (a) (d) | | | | | 44,900 | | | | | | 67,224 | | |
i-80 Gold Corp., Expiring 05/01/28 (Canada) (a) | | | | | 310,750 | | | | | | 74,959 | | |
Organigram Holdings, Inc., Expiring 04/02/28 (Canada) (a) (d) | | | | | 337,500 | | | | | | 298,393 | | |
Rambler Metals & Mining PLC, Expiring 01/13/26 (United Kingdom) (a) (d) (e) | | | | | 9,834 | | | | | | — | | |
Royal Helium Ltd., Expiring 06/30/25 (Canada) (a) (d) (f) | | | | | 1,159,587 | | | | | | 7,701 | | |
Royal Helium Ltd., Expiring 01/10/26 (Canada) (a) (d) (f) | | | | | 1,538,400 | | | | | | 8,417 | | |
Swiftmerge Acquisition Corp., Expiring 12/15/26 (United States) (a) (d) (f) | | | | | 9,258 | | | | | | 646 | | |
Trillion Energy International, Inc., Expiring 06/29/25 (Canada) (a) | | | | | 1,561,485 | | | | | | 5,707 | | |
Ur-Energy, Inc., Expiring 02/21/26 (Canada) (a) (d) | | | | | 50,000 | | | | | | 17,348 | | |
Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (d) | | | | | 75,000 | | | | | | 1,514 | | |
Total Warrants (Cost $354,386) | | | | | | | | | | | 654,575 | | |
| | | Principal Amount | | | Value | | ||||||
Corporate Bonds — 0.0% | | ||||||||||||
Oil, Gas & Consumable Fuels — 0.0% | | ||||||||||||
Trillion Energy International, Inc., 12.000%, 04/30/25 (Canada) (d) (e) (f) (Cost $337,084) | | | | $ | 453,800 | | | | | | 331,713 | | |
Convertible Bonds — 0.2% | | ||||||||||||
Health Care Equipment & Supplies — 0.0% | | ||||||||||||
Synaptive Medical, Inc., 10.000%, 10/31/24(a) (d) (e) (f) | | | | | 120,000 | | | | | | 120,000 | | |
Movies & Entertainment — 0.0% | | ||||||||||||
Cineplex, Inc., 7.750%, 03/01/30 (Canada) (g) | | | | | 650,000 | | | | | | 516,470 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Principal Amount | | | Value | | ||||||
Oil, Gas & Consumable Fuels — 0.1% | | ||||||||||||
Royal Helium Ltd., 12.000%, 06/30/25 (Canada) (a) (d) (e) (f) | | | | $ | 429,000 | | | | | $ | 313,585 | | |
Royal Helium Ltd., 14.000%, 12/31/25 (Canada) (a) (d) (f) | | | | | 312,000 | | | | | | 228,062 | | |
Total Oil, Gas & Consumable Fuels (Cost $507,378) | | | | | | | | | | | 541,647 | | |
Software — 0.1% | | ||||||||||||
Dye & Durham Ltd., 3.750%, 03/01/26 (Canada) (g) | | | | | 1,770,000 | | | | | | 1,173,125 | | |
Total Convertible Bonds (Cost $2,306,597) | | | | | | | | | | | 2,351,242 | | |
U.S. Treasury Bonds/Notes — 7.2% | | ||||||||||||
U.S. Treasury Notes, 4.500%, 11/30/24 (c) | | | | | 4,817,000 | | | | | | 4,800,865 | | |
U.S. Treasury Notes, 1.500%, 02/15/25 | | | | | 486,000 | | | | | | 474,647 | | |
U.S. Treasury Notes, 2.125%, 05/15/25 | | | | | 1,099,000 | | | | | | 1,070,609 | | |
U.S. Treasury Notes, 0.250%, 05/31/25 | | | | | 1,438,000 | | | | | | 1,375,186 | | |
U.S. Treasury Notes, 3.000%, 07/15/25 | | | | | 965,000 | | | | | | 944,777 | | |
U.S. Treasury Notes, 5.000%, 09/30/25 | | | | | 2,300,000 | | | | | | 2,299,102 | | |
U.S. Treasury Notes, 2.250%, 11/15/25 | | | | | 1,907,000 | | | | | | 1,839,063 | | |
U.S. Treasury Notes, 0.375%, 11/30/25 | | | | | 2,022,900 | | | | | | 1,897,733 | | |
U.S. Treasury Notes, 0.375%, 01/31/26 | | | | | 2,166,000 | | | | | | 2,018,695 | | |
U.S. Treasury Notes, 0.500%, 02/28/26 | | | | | 1,648,000 | | | | | | 1,534,636 | | |
U.S. Treasury Notes, 1.875%, 07/31/26 | | | | | 2,739,000 | | | | | | 2,586,536 | | |
U.S. Treasury Notes, 1.125%, 10/31/26 | | | | | 2,487,000 | | | | | | 2,295,326 | | |
U.S. Treasury Notes, 1.500%, 01/31/27 | | | | | 3,750,000 | | | | | | 3,470,801 | | |
U.S. Treasury Notes, 1.875%, 02/28/27 | | | | | 2,249,000 | | | | | | 2,098,159 | | |
U.S. Treasury Notes, 2.750%, 07/31/27 | | | | | 2,450,000 | | | | | | 2,326,639 | | |
U.S. Treasury Notes, 0.500%, 08/31/27 | | | | | 2,400,000 | | | | | | 2,119,406 | | |
U.S. Treasury Notes, 4.125%, 09/30/27 | | | | | 892,000 | | | | | | 882,174 | | |
U.S. Treasury Notes, 0.625%, 11/30/27 | | | | | 2,799,000 | | | | | | 2,461,371 | | |
U.S. Treasury Notes, 1.250%, 03/31/28 | | | | | 3,258,000 | | | | | | 2,902,674 | | |
U.S. Treasury Notes, 1.250%, 05/31/28 | | | | | 1,719,000 | | | | | | 1,524,672 | | |
U.S. Treasury Notes, 2.875%, 08/15/28 | | | | | 900,000 | | | | | | 848,356 | | |
U.S. Treasury Notes, 1.125%, 08/31/28 | | | | | 1,576,000 | | | | | | 1,381,401 | | |
U.S. Treasury Notes, 4.375%, 08/31/28 | | | | | 1,223,000 | | | | | | 1,222,140 | | |
U.S. Treasury Notes, 4.625%, 09/30/28 | | | | | 850,000 | | | | | | 857,637 | | |
U.S. Treasury Notes, 4.875%, 10/31/28 | | | | | 1,010,000 | | | | | | 1,029,332 | | |
| | | Principal Amount | | | Value | | ||||||
U.S. Treasury Notes, 4.375%, 11/30/28 | | | | $ | 785,000 | | | | | $ | 785,276 | | |
U.S. Treasury Notes, 3.750%, 12/31/28 | | | | | 1,350,000 | | | | | | 1,316,197 | | |
U.S. Treasury Notes, 4.000%, 01/31/29 | | | | | 877,000 | | | | | | 864,016 | | |
U.S. Treasury Notes, 2.375%, 03/31/29 | | | | | 1,707,000 | | | | | | 1,562,505 | | |
U.S. Treasury Notes, 4.125%, 03/31/29 | | | | | 1,338,000 | | | | | | 1,325,143 | | |
U.S. Treasury Notes, 2.750%, 08/15/32 | | | | | 13,699,000 | | | | | | 12,210,839 | | |
U.S. Treasury Notes, 3.375%, 05/15/33 | | | | | 15,891,000 | | | | | | 14,756,283 | | |
U.S. Treasury Notes, 3.875%, 08/15/33 | | | | | 12,374,000 | | | | | | 11,928,826 | | |
Total U.S. Treasury Bonds/Notes (Cost $92,204,115) | | | | | | | | | | | 91,011,022 | | |
| | | Number of Shares | | | Value | | | | ||||||||||
Acquired Funds — 19.8% | | | | | | | | ||||||||||||
Exchange-Traded Funds (ETFs) — 7.9% | | | | ||||||||||||||||
Energy Select Sector SPDR Fund | | | | | 76,993 | | | | | | 7,017,912 | | | | | ||||
Financial Select Sector SPDR Fund | | | | | 685,770 | | | | | | 28,192,005 | | | | | ||||
Health Care Select Sector SPDR Fund (c) | | | | | 149,621 | | | | | | 21,807,261 | | | | | ||||
Technology Select Sector SPDR Fund | | | | | 96,003 | | | | | | 21,718,758 | | | | | ||||
Vanguard Financials ETF | | | | | 213,451 | | | | | | 21,319,486 | | | | | ||||
| | | | | | | | | | | 100,055,422 | | | | | ||||
Private Investment Funds (i) — 11.9% | | | | ||||||||||||||||
Bellus Ventures II, LP (a) (d) (e) (f) | | | | | 79,882 | | | | | | 15,399,875 | | | | | ||||
Eversept Global Healthcare Fund, LP (a) (d) (e) (f) | | | | | | | | | | | 26,536,990 | | | | | ||||
Farallon Capital Institutional Partners, LP (a) (d) (e) (f) | | | | | | | | | | | 868,451 | | | | | ||||
Helikon Long Short Equity Fund ICAV (a) (d) (e) (f) | | | | | 4,297 | | | | | | 23,410,390 | | | | | ||||
Honeycomb Partners, LP (a) (d) (e) (f) | | | | | | | | | | | 28,704,007 | | | | | ||||
Northwest Feilong Fund Ltd. (a) (d) (e) (f) | | | | | 11,767 | | | | | | 22,284,762 | | | | | ||||
QVT Roviant, LP (a) (d) (e) (f) | | | | | 1,174 | | | | | | 4,743,433 | | | | | ||||
Voloridge Fund, LP (a) (d) (e) (f) | | | | | | | | | | | 7,957,682 | | | | | ||||
Voloridge Trading Aggressive Fund (a) (d) (e) (f) | | | | | | | | | | | 21,008,495 | | | | | ||||
| | | | | | | | | | | 150,914,085 | | | | | ||||
Total Acquired Funds (Cost $188,229,919) | | | | | | | | | | | 250,969,507 | | | | | ||||
Preferred Stocks — 0.1% | | | | ||||||||||||||||
Draegerwerk AG & Co. KGaA, 3.65% (Germany) | | | | | 15,926 | | | | | | 847,597 | | | | | ||||
Hyundai Motor Co., 7.64% (South Korea) | | | | | 486 | | | | | | 64,417 | | | | | ||||
Hyundai Motor Co., 7.66% (South Korea) | | | | | 672 | | | | | | 88,401 | | | | | ||||
Petroleo Brasileiro SA, 14.35% (Brazil) | | | | | 84,100 | | | | | | 572,442 | | | | | ||||
Synaptive Medical, Inc., Class B, 0.00% (Canada) (a) (d) (e) (f) | | | | | 89,142 | | | | | | 185,712 | | | | | ||||
Total Preferred Stocks (Cost $1,397,556) | | | | | | | | | | | 1,758,569 | | | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Contracts | | | Value | | | | |||||||
Purchased Option Contracts — 0.0% | | | | | | | | |||||||||
Calls — 0.0% | | | | |||||||||||||
Global Payments, Inc., Notional Amount $168,000, Strike Price $105 Expiring 08/16/2024 (United States) | | | | | 16 | | | | $ 3,280 | | | | ||||
Infinera Corp., Notional Amount $144,900, Strike Price $7 Expiring 07/19/2024 (United States) | | | | | 207 | | | | 1,035 | | | | ||||
Suncor Energy, Inc., Notional Amount $471,700, Strike Price $53 Expiring 08/16/2024 (Canada) | | | | | 89 | | | | 9,238 | | | | ||||
VF Corp., Notional Amount $628,000, Strike Price $20 Expiring 11/15/2024 (United States) | | | | | 314 | | | | 10,048 | | | | ||||
Vista Outdoor, Inc., Notional Amount $1,280,500, Strike Price $32.5 Expiring 09/20/2024 (United States) | | | | | 394 | | | | 145,780 | | | | ||||
Visteon Corp., Notional Amount $132,000, Strike Price $110 Expiring 08/16/2024 (United States) | | | | | 12 | | | | 4,800 | | | | ||||
Total Calls (Cost $117,919) | | | | | | | | | 174,181 | | | | ||||
Puts — 0.0% | | | | |||||||||||||
Call EUR vs. Put JPY, Notional Amount $1,006,400,000, Strike Price $136 Expiring 09/05/2024 (Germany) | | | | | 7,400,000 | | | | 760 | | | | ||||
Call EUR vs. Put JPY, Notional Amount $1,006,400,000, Strike Price $136 Expiring 09/06/2024 (Germany) | | | | | 7,400,000 | | | | 792 | | | | ||||
Evolution AB, Notional Amount $22,746,000, Strike Price $1,020 Expiring 09/20/2024 (Sweden) | | | | | 223 | | | | 44,184 | | | | ||||
iShares S&P/TSX 60 Index ETF, Notional Amount $8,485,750, Strike Price $32.5 Expiring 07/19/2024 (Canada) | | | | | 2,611 | | | | 1,909 | | | | ||||
Sandvik AB, Notional Amount $12,562,000, Strike Price $220 Expiring 09/20/2024 (Sweden) | | | | | 571 | | | | 63,301 | | | | ||||
SPDR S&P 500 ETF Trust, Notional Amount $4,664,000, Strike Price $530 Expiring 07/19/2024 (United States) | | | | | 88 | | | | 11,704 | | | | ||||
Total Puts (Cost $1,163,902) | | | | | | | | | 122,650 | | | | ||||
Total Purchased Option Contracts (Cost $1,281,821) | | | | | | | | | 296,831 | | | |
| | | Number of Units | | | Value | | ||||||
Disputed Claims Receipt — 0.0% | | ||||||||||||
AMR Corp. (Cost $0) (a) (d) (e) (f) | | | | | 260,322 | | | | | | — | | |
| | | Principal Amount | | | Value | | ||||||
Short-Term Investments — 11.6% | | ||||||||||||
Repurchase Agreement — 7.7% | | ||||||||||||
Fixed Income Clearing Corp. issued on 06/28/24 (proceeds at maturity $97,523,020) (collateralized by U.S. Treasury Note, due 03/31/26 with a total par value of $96,867,300 and a total market value of 97,420,219; U.S. Treasury Note, due 12/31/25 with a total par value of $2,177,700 and a total market value of $2,040,000), 1.600%, 07/01/24 (Cost $97,510,019) | | | | $ | 97,510,019 | | | | | $ | 97,510,019 | | |
Unaffiliated Investment Company — 0.9% | | ||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 5.330%, (j) (k) (Cost $10,750,601) | | | | | 10,750,601 | | | | | | 10,750,601 | | |
U.S Treasury Bills — 3.0% | | ||||||||||||
U.S. Treasury Bills, 5.357%, 07/09/24 (j) | | | | | 7,791,100 | | | | | | 7,782,080 | | |
U.S. Treasury Bills, 5.404%, 08/29/24 (j) | | | | | 4,481,500 | | | | | | 4,442,885 | | |
U.S. Treasury Bills, 5.330%, 09/26/24 (j) | | | | | 26,673,000 | | | | | | 26,336,198 | | |
Total U.S Treasury Bills (Cost $38,568,687) | | | | | | | | | | | 38,561,163 | | |
Total Short-Term Investments (Cost $146,829,307) | | | | | | | | | | | 146,821,783 | | |
Total Investments — 109.1% (Cost $1,223,466,847) | | | | | | | | | | | 1,384,635,088 | | |
Liabilities in Excess of Other Assets — (9.1)% | | | | | | | | | | | (115,388,784) | | |
Net Assets — 100.0% | | | | | | | | | | $ | 1,269,246,304 | | |
| | | Number of Shares | | | Value | | ||||||
Securities Sold Short — (11.5)% | | ||||||||||||
Common Stocks — (11.5)% | | ||||||||||||
U.S. Common Stocks — (8.3)% | | ||||||||||||
Aerospace & Defense — (0.1)% | | ||||||||||||
Axon Enterprise, Inc. (a) | | | | | (219) | | | | | | (64,439) | | |
BWX Technologies, Inc. | | | | | (4,671) | | | | | | (443,745) | | |
Mercury Systems, Inc. (a) | | | | | (7,760) | | | | | | (209,442) | | |
| | | | | | | | | | | (717,626) | | |
Air Freight & Logistics — (0.0)% | | ||||||||||||
CH Robinson Worldwide, Inc. | | | | | (1,759) | | | | | | (155,003) | | |
Automobile Components — (0.1)% | | ||||||||||||
BorgWarner, Inc. | | | | | (1,500) | | | | | | (48,360) | | |
Gentex Corp. | | | | | (1,149) | | | | | | (38,733) | | |
QuantumScape Corp. (a) | | | | | (121,871) | | | | | | (599,605) | | |
| | | | | | | | | | | (686,698) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Automobiles — (0.1)% | | ||||||||||||
Harley-Davidson, Inc. | | | | | (3,702) | | | | | $ | (124,165) | | |
Rivian Automotive, Inc., Class A (a) | | | | | (49,750) | | | | | | (667,645) | | |
Tesla, Inc. (a) | | | | | (1,999) | | | | | | (395,562) | | |
| | | | | | | | | | �� | (1,187,372) | | |
Banks — (0.2)% | | ||||||||||||
Bancorp, Inc. (a) | | | | | (13,647) | | | | | | (515,310) | | |
Cadence Bank | | | | | (460) | | | | | | (13,009) | | |
Customers Bancorp, Inc. (a) | | | | | (15,562) | | | | | | (746,665) | | |
First Financial Bankshares, Inc. | | | | | (10,017) | | | | | | (295,802) | | |
Glacier Bancorp, Inc. | | | | | (615) | | | | | | (22,952) | | |
M&T Bank Corp. | | | | | (1,333) | | | | | | (201,763) | | |
New York Community Bancorp, Inc. | | | | | (161,687) | | | | | | (520,632) | | |
Regions Financial Corp. | | | | | (4,106) | | | | | | (82,284) | | |
| | | | | | | | | | | (2,398,417) | | |
Beverages — (0.0)% | | ||||||||||||
MGP Ingredients, Inc. | | | | | (3,121) | | | | | | (232,202) | | |
Biotechnology — (0.5)% | | ||||||||||||
Apellis Pharmaceuticals, Inc. (a) | | | | | (1,531) | | | | | | (58,729) | | |
Arcellx, Inc. (a) | | | | | (1,580) | | | | | | (87,200) | | |
Arrowhead Pharmaceuticals, Inc. (a) | | | | | (22,605) | | | | | | (587,504) | | |
Exelixis, Inc. (a) | | | | | (11,382) | | | | | | (255,754) | | |
GRAIL, Inc. (a) | | | | | (155) | | | | | | (2,377) | | |
Halozyme Therapeutics, Inc. (a) | | | | | (5,507) | | | | | | (288,346) | | |
Ionis Pharmaceuticals, Inc. (a) | | | | | (23,302) | | | | | | (1,110,573) | | |
Iovance Biotherapeutics, Inc. (a) | | | | | (39,696) | | | | | | (318,362) | | |
Madrigal Pharmaceuticals, Inc. (a) | | | | | (2,104) | | | | | | (589,457) | | |
Moderna, Inc. (a) | | | | | (9,720) | | | | | | (1,154,250) | | |
Neurocrine Biosciences, Inc. (a) | | | | | (1,898) | | | | | | (261,298) | | |
PTC Therapeutics, Inc. (a) | | | | | (14,957) | | | | | | (457,385) | | |
Sarepta Therapeutics, Inc. (a) | | | | | (691) | | | | | | (109,178) | | |
United Therapeutics Corp. (a) | | | | | (3,504) | | | | | | (1,116,199) | | |
| | | | | | | | | | | (6,396,612) | | |
Broadline Retail — (0.1)% | | ||||||||||||
Etsy, Inc. (a) | | | | | (1,863) | | | | | | (109,880) | | |
Macy’s, Inc. | | | | | (27,388) | | | | | | (525,849) | | |
| | | | | | | | | | | (635,729) | | |
Building Products — (0.1)% | | ||||||||||||
Advanced Drainage Systems, Inc. | | | | | (73) | | | | | | (11,708) | | |
Hayward Holdings, Inc. (a) | | | | | (62,092) | | | | | | (763,732) | | |
Janus International Group, Inc. (a) | | | | | (4,571) | | | | | | (57,732) | | |
Trex Co., Inc. (a) | | | | | (2,769) | | | | | | (205,238) | | |
| | | | | | | | | | | (1,038,410) | | |
Chemicals — (0.1)% | | ||||||||||||
Albemarle Corp. | | | | | (599) | | | | | | (57,217) | | |
Aspen Aerogels, Inc. (a) | | | | | (6,938) | | | | | | (165,471) | | |
Cabot Corp. | | | | | (5,229) | | | | | | (480,493) | | |
Celanese Corp. | | | | | (3,790) | | | | | | (511,233) | | |
Tronox Holdings PLC | | | | | (35,541) | | | | | | (557,638) | | |
| | | | | | | | | | | (1,772,052) | | |
|
| | | Number of Shares | | | Value | | ||||||
Commercial Services & Supplies — (0.1)% | | ||||||||||||
ABM Industries, Inc. | | | | | (1,623) | | | | | $ | (82,075) | | |
Aris Water Solutions, Inc., Class A | | | | | (33,480) | | | | | | (524,632) | | |
Casella Waste Systems, Inc., Class A (a) | | | | | (2,373) | | | | | | (235,449) | | |
GFL Environmental, Inc. | | | | | (19,300) | | | | | | (751,657) | | |
| | | | | | | | | | | (1,593,813) | | |
Communications Equipment — (0.1)% | | ||||||||||||
Extreme Networks, Inc. (a) | | | | | (23,938) | | | | | | (321,966) | | |
Lumentum Holdings, Inc. (a) | | | | | (13,233) | | | | | | (673,824) | | |
Viasat, Inc. (a) | | | | | (28,175) | | | | | | (357,823) | | |
| | | | | | | | | | | (1,353,613) | | |
Construction & Engineering — (0.1)% | | ||||||||||||
Dycom Industries, Inc. (a) | | | | | (583) | | | | | | (98,387) | | |
IES Holdings, Inc. (a) | | | | | (807) | | | | | | (112,439) | | |
Quanta Services, Inc. | | | | | (146) | | | | | | (37,097) | | |
Sterling Infrastructure, Inc. (a) | | | | | (7,170) | | | | | | (848,498) | | |
| | | | | | | | | | | (1,096,421) | | |
Consumer Finance — (0.0)% | | ||||||||||||
SoFi Technologies, Inc. (a) | | | | | (35,396) | | | | | | (233,967) | | |
World Acceptance Corp. (a) | | | | | (1,584) | | | | | | (195,751) | | |
| | | | | | | | | | | (429,718) | | |
Consumer Staples Distribution & Retail — (0.2)% | | ||||||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | | | | | (12,965) | | | | | | (1,138,846) | | |
Grocery Outlet Holding Corp. (a) | | | | | (14,801) | | | | | | (327,398) | | |
Sprouts Farmers Market, Inc. (a) | | | | | (9,863) | | | | | | (825,138) | | |
| | | | | | | | | | | (2,291,382) | | |
Diversified Consumer Services — (0.3)% | | ||||||||||||
Bright Horizons Family Solutions, Inc. (a) | | | | | (8,930) | | | | | | (983,014) | | |
Duolingo, Inc. (a) | | | | | (3,485) | | | | | | (727,215) | | |
European Wax Center, Inc., Class A (a) | | | | | (66,143) | | | | | | (656,800) | | |
H&R Block, Inc. | | | | | (5,251) | | | | | | (284,762) | | |
Service Corp. International | | | | | (10,486) | | | | | | (745,869) | | |
| | | | | | | | | | | (3,397,660) | | |
Diversified Telecommunication Services — (0.0)% | | ||||||||||||
Cogent Communications Holdings, Inc. | | | | | (664) | | | | | | (37,476) | | |
Electric Utilities — (0.0)% | | ||||||||||||
Southern Co. | | | | | (1,227) | | | | | | (95,178) | | |
Electrical Equipment — (0.2)% | | ||||||||||||
Array Technologies, Inc. (a) | | | | | (71,177) | | | | | | (730,276) | | |
Atkore, Inc. | | | | | (3,014) | | | | | | (406,679) | | |
NEXTracker, Inc., Class A (a) | | | | | (8,234) | | | | | | (386,010) | | |
Plug Power, Inc. (a) | | | | | (114,078) | | | | | | (265,802) | | |
Powell Industries, Inc. | | | | | (6,844) | | | | | | (981,430) | | |
Sunrun, Inc. (a) | | | | | (28,920) | | | | | | (342,991) | | |
| | | | | | | | | | | (3,113,188) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Electronic Equipment, Instruments & Components — (0.1)% | | ||||||||||||
Badger Meter, Inc. | | | | | (1,368) | | | | | $ | (254,927) | | |
Cognex Corp. | | | | | (1,331) | | | | | | (62,237) | | |
Crane NXT Co. | | | | | (8,258) | | | | | | (507,206) | | |
Itron, Inc. (a) | | | | | (4,354) | | | | | | (430,872) | | |
Novanta, Inc. (a) | | | | | (2,962) | | | | | | (483,132) | | |
| | | | | | | | | | | (1,738,374) | | |
Energy Equipment & Services — (0.2)% | | ||||||||||||
Core Laboratories, Inc. | | | | | (44,506) | | | | | | (903,027) | | |
Nabors Industries Ltd. (a) | | | | | (10,131) | | | | | | (720,922) | | |
NOV, Inc. | | | | | (5,540) | | | | | | (105,315) | | |
Oceaneering International, Inc. (a) | | | | | (8,605) | | | | | | (203,594) | | |
ProFrac Holding Corp., Class A (a) | | | | | (115,006) | | | | | | (852,195) | | |
| | | | | | | | | | | (2,785,053) | | |
Entertainment — (0.3)% | | ||||||||||||
Cinemark Holdings, Inc. (a) | | | | | (9,098) | | | | | | (196,699) | | |
Live Nation Entertainment, Inc. (a) | | | | | (2,569) | | | | | | (240,818) | | |
Roku, Inc. (a) | | | | | (19,006) | | | | | | (1,139,029) | | |
Sphere Entertainment Co. (a) | | | | | (26,078) | | | | | | (914,295) | | |
Take-Two Interactive Software, Inc. (a) | | | | | (2,557) | | | | | | (397,588) | | |
Vivid Seats, Inc., Class A (a) | | | | | (106,028) | | | | | | (609,661) | | |
Warner Bros Discovery, Inc. (a) | | | | | (15,977) | | | | | | (118,869) | | |
| | | | | | | | | | | (3,616,959) | | |
Financial Services — (0.2)% | | ||||||||||||
Affirm Holdings, Inc. (a) | | | | | (19,603) | | | | | | (592,207) | | |
Merchants Bancorp | | | | | (5,598) | | | | | | (226,943) | | |
Shift4 Payments, Inc., Class A (a) | | | | | (1,514) | | | | | | (111,052) | | |
Toast, Inc., Class A (a) | | | | | (29,467) | | | | | | (759,365) | | |
UWM Holdings Corp. | | | | | (114,865) | | | | | | (796,014) | | |
| | | | | | | | | | | (2,485,581) | | |
Food Products — (0.2)% | | ||||||||||||
B&G Foods, Inc. | | | | | (41,051) | | | | | | (331,692) | | |
Bunge Global SA | | | | | (1,967) | | | | | | (210,016) | | |
J M Smucker Co. | | | | | (81) | | | | | | (8,832) | | |
Lamb Weston Holdings, Inc. | | | | | (2,197) | | | | | | (184,724) | | |
Lancaster Colony Corp. | | | | | (405) | | | | | | (76,533) | | |
WK Kellogg Co. | | | | | (82,660) | | | | | | (1,360,584) | | |
| | | | | | | | | | | (2,172,381) | | |
Gas Utilities — (0.0)% | | ||||||||||||
Southwest Gas Holdings, Inc. | | | | | (1,290) | | | | | | (90,790) | | |
Ground Transportation — (0.2)% | | ||||||||||||
ArcBest Corp. | | | | | (8,898) | | | | | | (952,798) | | |
Lyft, Inc., Class A (a) | | | | | (848) | | | | | | (11,957) | | |
Saia, Inc. (a) | | | | | (3,219) | | | | | | (1,526,739) | | |
| | | | | | | | | | | (2,491,494) | | |
Health Care Equipment & Supplies — (0.2)% | | ||||||||||||
Align Technology, Inc. (a) | | | | | (1,712) | | | | | | (413,328) | | |
Atrion Corp. | | | | | (499) | | | | | | (225,763) | | |
Globus Medical, Inc., Class A (a) | | | | | (1,823) | | | | | | (124,857) | | |
ICU Medical, Inc. (a) | | | | | (503) | | | | | | (59,731) | | |
Masimo Corp. (a) | | | | | (3,972) | | | | | | (500,234) | | |
Neogen Corp. (a) | | | | | (41,299) | | | | | | (645,503) | | |
| | | Number of Shares | | | Value | | ||||||
Tandem Diabetes Care, Inc. (a) | | | | | (16,005) | | | | | $ | (644,842) | | |
| | | | | | | | | | | (2,614,258) | | |
Health Care Providers & Services — (0.0)% | | ||||||||||||
Henry Schein, Inc. (a) | | | | | (2,187) | | | | | | (140,187) | | |
Quest Diagnostics, Inc. | | | | | (572) | | | | | | (78,295) | | |
| | | | | | | | | | | (218,482) | | |
Health Care REITs — (0.0)% | | ||||||||||||
Welltower, Inc. | | | | | (165) | | | | | | (17,201) | | |
Health Care Technology — (0.0)% | | ||||||||||||
Certara, Inc. (a) | | | | | (2,685) | | | | | | (37,187) | | |
Doximity, Inc., Class A (a) | | | | | (10,508) | | | | | | (293,909) | | |
| | | | | | | | | | | (331,096) | | |
Hotels, Restaurants & Leisure — (0.8)% | | ||||||||||||
Brinker International, Inc. (a) | | | | | (5,706) | | | | | | (413,057) | | |
Carnival Corp. (a) | | | | | (44,936) | | | | | | (841,202) | | |
Cava Group, Inc. (a) | | | | | (8,583) | | | | | | (796,073) | | |
Cheesecake Factory, Inc. | | | | | (1,425) | | | | | | (55,988) | | |
Choice Hotels International, Inc. | | | | | (12,271) | | | | | | (1,460,249) | | |
Churchill Downs, Inc. | | | | | (5,350) | | | | | | (746,860) | | |
Dutch Bros, Inc., Class A (a) | | | | | (9,132) | | | | | | (378,065) | | |
Expedia Group, Inc. (a) | | | | | (1,206) | | | | | | (151,944) | | |
First Watch Restaurant Group, Inc. (a) | | | | | (8,659) | | | | | | (152,052) | | |
Hilton Grand Vacations, Inc. (a) | | | | | (2,217) | | | | | | (89,633) | | |
Kura Sushi USA, Inc., Class A (a) | | | | | (1,377) | | | | | | (86,875) | | |
Light & Wonder, Inc. (a) | | | | | (2,058) | | | | | | (215,843) | | |
MGM Resorts International (a) | | | | | (39,015) | | | | | | (1,733,827) | | |
Norwegian Cruise Line Holdings Ltd. (a) | | | | | (29,487) | | | | | | (554,061) | | |
Penn Entertainment, Inc. (a) | | | | | (26,780) | | | | | | (518,327) | | |
Planet Fitness, Inc., Class A (a) | | | | | (22,039) | | | | | | (1,621,850) | | |
Starbucks Corp. | | | | | (2,803) | | | | | | (218,214) | | |
Wyndham Hotels & Resorts, Inc. | | | | | (494) | | | | | | (36,556) | | |
| | | | | | | | | | | (10,070,676) | | |
Household Durables — (0.1)% | | ||||||||||||
Leggett & Platt, Inc. | | | | | (17,455) | | | | | | (200,034) | | |
Tempur Sealy International, Inc. | | | | | (13,579) | | | | | | (642,830) | | |
| | | | | | | | | | | (842,864) | | |
Household Products — (0.0)% | | ||||||||||||
Clorox Co. | | | | | (399) | | | | | | (54,452) | | |
Independent Power & Renewable Electricity Producers — (0.1)% | | ||||||||||||
Brookfield Renewable Corp., Class A | | | | | (14,688) | | | | | | (416,846) | | |
Ormat Technologies, Inc. | | | | | (3,122) | | | | | | (223,847) | | |
| | | | | | | | | | | (640,693) | | |
Insurance — (0.1)% | | ||||||||||||
Globe Life, Inc. | | | | | (3,143) | | | | | | (258,606) | | |
Goosehead Insurance, Inc., Class A (a) | | | | | (13,963) | | | | | | (802,035) | | |
Kinsale Capital Group, Inc. | | | | | (202) | | | | | | (77,827) | | |
Root, Inc., Class A (a) | | | | | (11,253) | | | | | | (580,767) | | |
| | | | | | | | | | | (1,719,235) | | |
Interactive Media & Services — (0.2)% | | ||||||||||||
fuboTV, Inc. (a) | | | | | (372,529) | | | | | | (461,936) | | |
IAC, Inc. (a) | | | | | (16,041) | | | | | | (751,521) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Pinterest, Inc., Class A (a) | | | | | (460) | | | | | $ | (20,272) | | |
Shutterstock, Inc. | | | | | (7,393) | | | | | | (286,109) | | |
TripAdvisor, Inc. (a) | | | | | (29,857) | | | | | | (531,753) | | |
Yelp, Inc. (a) | | | | | (2,150) | | | | | | (79,443) | | |
| | | | | | | | | | | (2,131,034) | | |
IT Services — (0.0)% | | ||||||||||||
Globant SA (a) | | | | | (82) | | | | | | (14,617) | | |
MongoDB, Inc. (a) | | | | | (1,103) | | | | | | (275,706) | | |
Okta, Inc. (a) | | | | | (142) | | | | | | (13,293) | | |
Snowflake, Inc., Class A (a) | | | | | (162) | | | | | | (21,884) | | |
| | | | | | | | | | | (325,500) | | |
Leisure Products — (0.2)% | | ||||||||||||
Acushnet Holdings Corp. | | | | | (10,232) | | | | | | (649,527) | | |
BRP, Inc. | | | | | (7,646) | | | | | | (489,874) | | |
Brunswick Corp. | | | | | (9,278) | | | | | | (675,160) | | |
Peloton Interactive, Inc., Class A (a) | | | | | (46,475) | | | | | | (157,086) | | |
YETI Holdings, Inc. (a) | | | | | (17,946) | | | | | | (684,640) | | |
| | | | | | | | | | | (2,656,287) | | |
Life Sciences Tools & Services — (0.1)% | | ||||||||||||
Azenta, Inc. (a) | | | | | (9,268) | | | | | | (487,682) | | |
Illumina, Inc. (a) | | | | | (4,180) | | | | | | (436,308) | | |
Maravai LifeSciences Holdings, Inc., Class A (a) | | | | | (16,683) | | | | | | (119,450) | | |
Repligen Corp. (a) | | | | | (4,461) | | | | | | (562,354) | | |
Revvity, Inc. | | | | | (1,695) | | | | | | (177,738) | | |
Waters Corp. (a) | | | | | (126) | | | | | | (36,555) | | |
| | | | | | | | | | | (1,820,087) | | |
Machinery — (0.3)% | | ||||||||||||
Chart Industries, Inc. (a) | | | | | (1,276) | | | | | | (184,178) | | |
Kadant, Inc. | | | | | (2,605) | | | | | | (765,297) | | |
Lindsay Corp. | | | | | (1,651) | | | | | | (202,875) | | |
Mueller Industries, Inc. | | | | | (2,651) | | | | | | (150,948) | | |
RBC Bearings, Inc. (a) | | | | | (394) | | | | | | (106,293) | | |
Toro Co. | | | | | (17,451) | | | | | | (1,631,843) | | |
Wabash National Corp. | | | | | (16,422) | | | | | | (358,656) | | |
| | | | | | | | | | | (3,400,090) | | |
Media — (0.1)% | | ||||||||||||
Cable One, Inc. | | | | | (528) | | | | | | (186,912) | | |
Fox Corp., Class A | | | | | (25,379) | | | | | | (872,276) | | |
Paramount Global, Class B | | | | | (22,093) | | | | | | (229,547) | | |
| | | | | | | | | | | (1,288,735) | | |
Metals & Mining — (0.2)% | | ||||||||||||
Alpha Metallurgical Resources, Inc. | | | | | (2,190) | | | | | | (614,361) | | |
Coeur Mining, Inc. (a) (d) | | | | | (107,000) | | | | | | (601,340) | | |
MP Materials Corp. (a) | | | | | (53,767) | | | | | | (684,454) | | |
Newmont Corp. | | | | | (5,095) | | | | | | (213,327) | | |
| | | | | | | | | | | (2,113,482) | | |
Mortgage Real Estate Investment — (0.0)% | | ||||||||||||
Ready Capital Corp. | | | | | (11,517) | | | | | | (94,209) | | |
Office REITs — (0.0)% | | ||||||||||||
Vornado Realty Trust | | | | | (8,155) | | | | | | (214,395) | | |
Oil, Gas & Consumable Fuels — (0.4)% | | ||||||||||||
APA Corp. | | | | | (2,322) | | | | | | (68,360) | | |
| | | Number of Shares | | | Value | | ||||||
Clean Energy Fuels Corp. (a) | | | | | (323,999) | | | | | $ | (865,077) | | |
Comstock Resources, Inc. | | | | | (32,909) | | | | | | (341,595) | | |
HF Sinclair Corp. | | | | | (15,708) | | | | | | (837,865) | | |
New Fortress Energy, Inc. | | | | | (20,617) | | | | | | (453,162) | | |
SM Energy Co. | | | | | (3,042) | | | | | | (131,506) | | |
Texas Pacific Land Corp. | | | | | (1,895) | | | | | | (1,391,441) | | |
W&T Offshore, Inc. | | | | | (389,821) | | | | | | (834,217) | | |
| | | | | | | | | | | (4,923,223) | | |
Passenger Airlines — (0.1)% | | ||||||||||||
American Airlines Group, Inc. (a) | | | | | (66,759) | | | | | | (756,380) | | |
Personal Care Products — (0.1)% | | ||||||||||||
Coty, Inc., Class A (a) | | | | | (55,021) | | | | | | (551,311) | | |
elf Beauty, Inc. (a) | | | | | (582) | | | | | | (122,639) | | |
| | | | | | | | | | | (673,950) | | |
Pharmaceuticals — (0.1)% | | ||||||||||||
Corcept Therapeutics, Inc. (a) | | | | | (12,558) | | | | | | (408,010) | | |
Prestige Consumer Healthcare, Inc. (a) | | | | | (4,224) | | | | | | (290,822) | | |
| | | | | | | | | | | (698,832) | | |
Professional Services — (0.3)% | | ||||||||||||
Clarivate PLC (a) | | | | | (40,366) | | | | | | (229,682) | | |
Dayforce, Inc. (a) | | | | | (14,663) | | | | | | (727,285) | | |
ExlService Holdings, Inc. (a) | | | | | (16,046) | | | | | | (503,203) | | |
Fiverr International Ltd. (a) | | | | | (86,947) | | | | | | (2,037,168) | | |
Kforce, Inc. | | | | | (4,785) | | | | | | (297,292) | | |
Paycor HCM, Inc. (a) | | | | | (9,311) | | | | | | (118,250) | | |
Paylocity Holding Corp. (a) | | | | | (225) | | | | | | (29,666) | | |
Upwork, Inc. (a) | | | | | (17,631) | | | | | | (189,533) | | |
| | | | | | | | | | | (4,132,079) | | |
Real Estate Management & Development — (0.0)% | | ||||||||||||
eXp World Holdings, Inc. | | | | | (13,062) | | | | | | (147,405) | | |
Retail REITs — (0.0)% | | ||||||||||||
Macerich Co. | | | | | (9,800) | | | | | | (151,312) | | |
Semiconductors & Semiconductor Equipment — (0.3)% | | ||||||||||||
Enphase Energy, Inc. (a) | | | | | (5,621) | | | | | | (560,470) | | |
Impinj, Inc. (a) | | | | | (3,953) | | | | | | (619,712) | | |
Lattice Semiconductor Corp. (a) | | | | | (2,900) | | | | | | (168,171) | | |
MACOM Technology Solutions Holdings, Inc. (a) | | | | | (2,237) | | | | | | (249,358) | | |
Silicon Laboratories, Inc. (a) | | | | | (126) | | | | | | (13,939) | | |
Skyworks Solutions, Inc. | | | | | (3,752) | | | | | | (399,888) | | |
SolarEdge Technologies, Inc. (a) | | | | | (27,220) | | | | | | (687,577) | | |
Veeco Instruments, Inc. (a) | | | | | (11,435) | | | | | | (534,129) | | |
Wolfspeed, Inc. (a) | | | | | (17,764) | | | | | | (404,309) | | |
| | | | | | | | | | | (3,637,553) | | |
Software — (0.3)% | | ||||||||||||
Alarm.com Holdings, Inc. (a) | | | | | (4,900) | | | | | | (311,346) | | |
AppLovin Corp., Class A (a) | | | | | (3,803) | | | | | | (316,486) | | |
Aspen Technology, Inc. (a) | | | | | (548) | | | | | | (108,849) | | |
Atlassian Corp., Class A (a) | | | | | (3,377) | | | | | | (597,324) | | |
Bentley Systems, Inc., Class B | | | | | (9,945) | | | | | | (490,885) | | |
Bill Holdings, Inc. (a) | | | | | (2,334) | | | | | | (122,815) | | |
Clear Secure, Inc., Class A | | | | | (6,309) | | | | | | (118,041) | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Clearwater Analytics Holdings, Inc., Class A (a) | | | | | (29,847) | | | | | $ | (552,767) | | |
DoubleVerify Holdings, Inc. (a) | | | | | (680) | | | | | | (13,240) | | |
Five9, Inc. (a) | | | | | (4,623) | | | | | | (203,874) | | |
Gitlab, Inc., Class A (a) | | | | | (2,609) | | | | | | (129,720) | | |
Intuit, Inc. | | | | | (273) | | | | | | (179,418) | | |
Palantir Technologies, Inc., Class A (a) | | | | | (8,195) | | | | | | (207,579) | | |
Qualys, Inc. (a) | | | | | (2,119) | | | | | | (302,169) | | |
Unity Software, Inc. (a) | | | | | (9,420) | | | | | | (153,169) | | |
| | | | | | | | | | | (3,807,682) | | |
Specialized REITs — (0.0)% | | ||||||||||||
CubeSmart | | | | | (617) | | | | | | (27,870) | | |
Extra Space Storage, Inc. | | | | | (3,278) | | | | | | (509,434) | | |
| | | | | | | | | | | (537,304) | | |
Specialty Retail — (0.6)% | | ||||||||||||
Advance Auto Parts, Inc. | | | | | (8,141) | | | | | | (515,570) | | |
AutoNation, Inc. (a) | | | | | (385) | | | | | | (61,361) | | |
Bath & Body Works, Inc. | | | | | (8,986) | | | | | | (350,903) | | |
Best Buy Co., Inc. | | | | | (2,328) | | | | | | (196,227) | | |
Camping World Holdings, Inc., Class A | | | | | (30,654) | | | | | | (547,480) | | |
CarMax, Inc. (a) | | | | | (3,560) | | | | | | (261,090) | | |
Floor & Decor Holdings, Inc., Class A (a) | | | | | (1,464) | | | | | | (145,536) | | |
Gap, Inc. | | | | | (31,047) | | | | | | (741,713) | | |
Group 1 Automotive, Inc. | | | | | (1,886) | | | | | | (560,670) | | |
Murphy USA, Inc. | | | | | (1,306) | | | | | | (613,115) | | |
Restoration Hardware, Inc. (a) | | | | | (1,890) | | | | | | (461,992) | | |
Shoe Carnival, Inc. | | | | | (2,920) | | | | | | (107,719) | | |
Signet Jewelers Ltd. | | | | | (1,821) | | | | | | (163,125) | | |
Sonic Automotive, Inc., Class A | | | | | (2,066) | | | | | | (112,535) | | |
Tractor Supply Co. | | | | | (1,125) | | | | | | (303,750) | | |
Ulta Beauty, Inc. (a) | | | | | (473) | | | | | | (182,517) | | |
Wayfair, Inc., Class A (a) | | | | | (3,121) | | | | | | (164,570) | | |
Williams-Sonoma, Inc. | | | | | (6,450) | | | | | | (1,821,287) | | |
| | | | | | | | | | | (7,311,160) | | |
Technology Hardware, Storage & Peripherals — (0.0)% | | ||||||||||||
Immersion Corp. | | | | | (19,563) | | | | | | (184,088) | | |
Super Micro Computer, Inc. (a) | | | | | (272) | | | | | | (222,863) | | |
| | | | | | | | | | | (406,951) | | |
Textiles, Apparel & Luxury Goods — (0.1)% | | ||||||||||||
Columbia Sportswear Co. | | | | | (972) | | | | | | (76,866) | | |
NIKE, Inc., Class B | | | | | (11,873) | | | | | | (894,868) | | |
Oxford Industries, Inc. | | | | | (1,749) | | | | | | (175,162) | | |
PVH Corp. | | | | | (1,055) | | | | | | (111,693) | | |
Ralph Lauren Corp. | | | | | (3,878) | | | | | | (678,883) | | |
VF Corp. | | | | | (1,048) | | | | | | (14,148) | | |
| | | | | | | | | | | (1,951,620) | | |
Trading Companies & Distributors — (0.1)% | | ||||||||||||
Boise Cascade Co. | | | | | (772) | | | | | | (92,038) | | |
DNOW, Inc. (a) | | | | | (34,586) | | | | | | (474,866) | | |
Rush Enterprises, Inc., Class A | | | | | (5,174) | | | | | | (216,635) | | |
Watsco, Inc. | | | | | (713) | | | | | | (330,290) | | |
| | | | | | | | | | | (1,113,829) | | |
|
| | | Number of Shares | | | Value | | ||||||
Wireless Telecommunication Services — (0.0)% | | ||||||||||||
T-Mobile U.S., Inc. | | | | | (1,831) | | | | | $ | (322,586) | | |
Total U.S. Common Stocks (Proceeds $(107,206,969)) | | | | | | | | | | | (105,133,844) | | |
Foreign Common Stocks — (3.2)% | | ||||||||||||
Belgium — (0.0)% | | ||||||||||||
Liberty Global Ltd., Class C (a) | | | | | (10,787) | | | | | | (192,548) | | |
Brazil — (0.1)% | | ||||||||||||
ERO Copper Corp. (a) | | | | | (15,600) | | | | | | (333,427) | | |
MercadoLibre, Inc. (a) | | | | | (928) | | | | | | (1,525,075) | | |
| | | | | | | | | | | (1,858,502) | | |
Canada — (0.6)% | | ||||||||||||
Aecon Group, Inc. | | | | | (35,100) | | | | | | (435,655) | | |
Allied Properties Real Estate Investment Trust | | | | | (34,900) | | | | | | (390,570) | | |
Altus Group Ltd. | | | | | (14,700) | | | | | | (542,849) | | |
ATS Corp. (a) | | | | | (19,500) | | | | | | (631,019) | | |
AutoCanada, Inc. (a) | | | | | (600) | | | | | | (8,434) | | |
Awale Resources Ltd. (a) | | | | | (178,000) | | | | | | (65,056) | | |
Canadian Solar, Inc. (a) | | | | | (72,137) | | | | | | (1,064,021) | | |
CCL Industries, Inc., Class B | | | | | (6,400) | | | | | | (336,549) | | |
Centerra Gold, Inc. | | | | | (66,800) | | | | | | (449,223) | | |
Cybin, Inc. (a) (d) | | | | | (890,265) | | | | | | (241,262) | | |
Dentalcorp Holdings Ltd. (a) | | | | | (17,900) | | | | | | (107,815) | | |
Global Atomic Corp. (a) | | | | | (138,100) | | | | | | (207,950) | | |
i-80 Gold Corp. (a) | | | | | (149,000) | | | | | | (156,836) | | |
iA Financial Corp., Inc. | | | | | (5,400) | | | | | | (339,106) | | |
Metro, Inc. | | | | | (13,600) | | | | | | (753,440) | | |
Organigram Holdings, Inc. (a) | | | | | (19,803) | | | | | | (30,497) | | |
Premium Brands Holdings Corp. | | | | | (7,500) | | | | | | (516,593) | | |
RB Global, Inc. | | | | | (2,900) | | | | | | (221,180) | | |
Restaurant Brands International, Inc. | | | | | (5,800) | | | | | | (408,698) | | |
Victoria Gold Corp. (a) | | | | | (1,236,321) | | | | | | (957,933) | | |
| | | | | | | | | | | (7,864,686) | | |
China — (0.0)% | | ||||||||||||
BeiGene Ltd. — ADR (a) | | | | | (169) | | | | | | (24,111) | | |
Denmark — (0.2)% | | ||||||||||||
Ambu AS, Class B (a) | | | | | (17,708) | | | | | | (340,115) | | |
Better Collective AS (a) | | | | | (14,376) | | | | | | (307,808) | | |
Chemometec AS | | | | | (5,839) | | | | | | (254,121) | | |
FLSmidth & Co. AS | | | | | (8,777) | | | | | | (435,180) | | |
Netcompany Group AS (a) (g) | | | | | (26,286) | | | | | | (1,120,044) | | |
| | | | | | | | | | | (2,457,268) | | |
Finland — (0.1)% | | ||||||||||||
Stora Enso OYJ, Shares — R | | | | | (65,881) | | | | | | (900,896) | | |
Israel — (0.1)% | | ||||||||||||
Oddity Tech Ltd., Class A (a) | | | | | (14,289) | | | | | | (560,986) | | |
Wix.com Ltd. (a) | | | | | (2,315) | | | | | | (368,247) | | |
| | | | | | | | | | | (929,233) | | |
Jersey — (0.0)% | | ||||||||||||
Arcadium Lithium PLC (a) | | | | | (102,957) | | | | | | (345,936) | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Shares | | | Value | | ||||||
Luxembourg — (0.0)% | | ||||||||||||
Birkenstock Holding PLC (a) | | | | | (6,573) | | | | | $ | (357,637) | | |
Norway — (0.1)% | | ||||||||||||
Kitron ASA | | | | | (73,274) | | | | | | (216,956) | | |
Mowi ASA | | | | | (58,841) | | | | | | (977,135) | | |
| | | | | | | | | | | (1,194,091) | | |
Sweden — (1.9)% | | ||||||||||||
AAK AB | | | | | (14,672) | | | | | | (428,901) | | |
AQ Group AB | | | | | (58,835) | | | | | | (806,947) | | |
Axfood AB | | | | | (36,224) | | | | | | (951,933) | | |
Betsson AB | | | | | (20,918) | | | | | | (243,367) | | |
Bilia AB, Shares — A | | | | | (27,902) | | | | | | (371,215) | | |
Bravida Holding AB (g) | | | | | (16,592) | | | | | | (123,547) | | |
Clas Ohlson AB, Shares — B | | | | | (50,718) | | | | | | (839,956) | | |
Elekta AB, Shares B | | | | | (34,537) | | | | | | (215,632) | | |
Evolution AB (g) | | | | | (19,512) | | | | | | (2,033,324) | | |
Fastighets AB Balder, Shares — B (a) | | | | | (49,734) | | | | | | (341,982) | | |
Hanza AB | | | | | (24,372) | | | | | | (147,362) | | |
Hexagon AB Shares B | | | | | (72,122) | | | | | | (809,588) | | |
Holmen AB, Shares — B | | | | | (7,948) | | | | | | (313,115) | | |
Industrivarden AB, Shares — A | | | | | (52,615) | | | | | | (1,784,300) | | |
Instalco AB (h) | | | | | (81,399) | | | | | | (310,994) | | |
Investment AB Latour, Shares — B | | | | | (111,006) | | | | | | (3,008,322) | | |
L E Lundbergforetagen AB, Shares — B | | | | | (6,399) | | | | | | (315,117) | | |
| | | Number of Shares | | | Value | | ||||||
Lifco AB, Shares — B | | | | | (64,779) | | | | | $ | (1,783,504) | | |
Munters Group AB (g) | | | | | (68,568) | | | | | | (1,284,681) | | |
NCAB Group AB | | | | | (136,064) | | | | | | (1,061,215) | | |
New Wave Group AB, Shares — B | | | | | (21,405) | | | | | | (220,226) | | |
Sandvik AB | | | | | (62,596) | | | | | | (1,258,284) | | |
Sectra AB, Class B (a) | | | | | (54,539) | | | | | | (1,245,978) | | |
Securitas AB, Shares — B | | | | | (21,934) | | | | | | (216,975) | | |
SkiStar AB | | | | | (73,966) | | | | | | (1,031,683) | | |
Surgical Science Sweden AB (a) | | | | | (14,630) | | | | | | (172,614) | | |
Svenska Handelsbanken AB, Shares — A | | | | | (188,758) | | | | | | (1,798,051) | | |
Sweco AB, Shares — B | | | | | (21,390) | | | | | | (294,133) | | |
Truecaller AB, Class B | | | | | (36,295) | | | | | | (121,730) | | |
Vitec Software Group AB, Shares — B | | | | | (4,284) | | | | | | (222,267) | | |
| | | | | | | | | | | (23,756,943) | | |
Switzerland — (0.1)% | | ||||||||||||
CRISPR Therapeutics AG (a) | | | | | (9,583) | | | | | | (517,578) | | |
On Holding AG, Class A (a) | | | | | (4,217) | | | | | | (163,619) | | |
| | | | | | | | | | | (681,197) | | |
Total Foreign Common Stocks (Proceeds $(39,729,993)) | | | | | | | | | | | (40,563,048) | | |
Total Common Stocks (Proceeds $(146,936,962)) | | | | | | | | | | | (145,696,892) | | |
Total Securities Sold Short — (11.5)% (Proceeds $(146,936,962)) | | | | | | | | | | $ | (145,696,892) | | |
|
| Number of Contracts | | | Expiration Date | | | Type | | | Initial Notional Value/ (Proceeds) | | | Notional Value at June 30, 2024 | | | Unrealized Appreciation/ (Depreciation) | | |||||||||||||||
| | | | | | | | | | | | | Long Financial Futures Contracts | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | Interest Rate-Related | | | | | | | | | | ||||||||||
| | | 206 | | | | | | 09/19/2024 | | | | U.S. Treasury Note 10 Year Futures | | | | $ | 22,462,710 | | | | | $ | 22,656,781 | | | | | $ | 194,071 | | |
| | | 393 | | | | | | 09/19/2024 | | | | Ultra U.S. Treasury Note 10 Year Futures | | | | | 44,179,992 | | | | | | 44,617,781 | | | | | | 437,789 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 631,860 | | |
| | | | | | | | | | | | | Foreign Currency-Related | | | | | | | | | | ||||||||||
| | | 91 | | | | | | 09/16/2024 | | | | Australian Dollar Currency Futures | | | | | 6,021,668 | | | | | | 6,081,530 | | | | | | 59,862 | | |
| | | 236 | | | | | | 09/16/2024 | | | | British Pound Currency Futures | | | | | 18,776,259 | | | | | | 18,657,275 | | | | | | (118,984) | | |
| | | 249 | | | | | | 09/16/2024 | | | | Euro Foreign Exchange Currency Futures | | | | | 33,559,142 | | | | | | 33,465,600 | | | | | | (93,542) | | |
| | | 116 | | | | | | 09/16/2024 | | | | Swiss Franc Currency Futures | | | | | 16,317,334 | | | | | | 16,287,850 | | | | | | (29,484) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (182,148) | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | | | | | | | | | | |
| | | 1,028 | | | | | | 09/20/2024 | | | | Eurex EURO STOXX 50 Index Futures | | | | | 54,471,222 | | | | | | 54,232,161 | | | | | | (239,061) | | |
| | | 320 | | | | | | 09/20/2024 | | | | MSCI China Index Futures | | | | | 7,399,206 | | | | | | 7,203,200 | | | | | | (196,006) | | |
| | | 545 | | | | | | 09/20/2024 | | | | MSCI Japan Index Futures | | | | | 45,922,528 | | | | | | 47,202,450 | | | | | | 1,279,922 | | |
| | | 449 | | | | | | 09/20/2024 | | | | U.S. MSCI Emerging Markets Index Futures | | | | | 24,282,050 | | | | | | 24,430,090 | | | | | | 148,040 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 992,895 | | |
| | | | | | | | | | | | | Short Financial Futures Contracts | | | | | | | | | | ||||||||||
| | | | | | | | | | | | | Foreign Currency-Related | | | | | | | | | | ||||||||||
| | | (109) | | | | | | 09/17/2024 | | | | Canadian Dollar Currency Futures | | | | | (7,984,689) | | | | | | (7,978,800) | | | | | | 5,889 | | |
| | | | | | | | | | | | | Equity-Related | | | | | | | | | | ||||||||||
| | | (417) | | | | | | 09/20/2024 | | | | S&P 500 Index Futures | | | | | (114,761,048) | | | | | | (115,123,275) | | | | | | (362,227) | | |
| | | (30) | | | | | | 09/20/2024 | | | | U.S. MSCI EAFE Index Futures | | | | | (3,510,591) | | | | | | (3,514,800) | | | | | | (4,209) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (366,436) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,082,060 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
Contract Settlement Date | | | Counterparty | | | Contract Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||||||||||||||
| Receive | | | Deliver | | |||||||||||||||||||||||||||||
07/01/2024 | | | Morgan Stanley Capital Services, Inc. | | | | | USD | | | | | | 2,525,739 | | | | | | DKK | | | | | | 17,310,000 | | | | | $ | 40,063 | | |
07/01/2024 | | | Morgan Stanley Capital Services, Inc. | | | | | USD | | | | | | 1,729,606 | | | | | | EUR | | | | | | 1,590,000 | | | | | | 26,794 | | |
08/06/2024 | | | Morgan Stanley Capital Services, Inc. | | | | | USD | | | | | | 21,803,286 | | | | | | CAD | | | | | | 29,700,000 | | | | | | 85,447 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 152,304 | | |
Expiration Date | | | Counterparty | | | Floating Rate | | | Reference Entity | | | Currency | | | Payment Frequency Paid/Received | | | Notional Amount | | | Unrealized Appreciation/ (Depreciation) | | ||||||||||||
Long Total Return Swap Contracts | | |||||||||||||||||||||||||||||||||
06/20/2025 | | | Goldman Sachs International | | | 0.300% (I) | | | Bloomberg Commodity Index (1) | | | | | USD | | | | | | Quarterly | | | | | $ | 44,389,378 | | | | | $ | 34,401 | | |
Futures Contract | | | Maturity | | | % of Index | | | Notional amount | | |||||||||
Cash | | | | | | | | | | | -0.01% | | | | | | (3,209) | | |
CBT Soybean Oil Futures | | | | | Dec-24 | | | | | | 11.43% | | | | | | 5,075,170 | | |
CBT Soybean Oil Futures | | | | | Dec-24 | | | | | | 2.79% | | | | | | 1,239,897 | | |
CBT Soybean Oil Futures | | | | | Dec-24 | | | | | | -11.47% | | | | | | (5,090,478) | | |
CBT Corn Futures | | | | | Jul-25 | | | | | | 5.04% | | | | | | 2,235,550 | | |
CBT Corn Futures | | | | | Sep-24 | | | | | | 18.60% | | | | | | 8,254,270 | | |
CBT Corn Futures | | | | | Sep-24 | | | | | | -18.65% | | | | | | (8,279,168) | | |
NYM WTI Crude Oil Futures | | | | | Sep-24 | | | | | | 29.85% | | | | | | 13,248,207 | | |
NYM WTI Crude Oil Futures | | | | | Sep-24 | | | | | | 7.29% | | | | | | 3,236,623 | | |
NYM WTI Crude Oil Futures | | | | | Sep-24 | | | | | | -29.94% | | | | | | (13,288,169) | | |
ICE BRENT Crude Oil Futures | | | | | Sep-24 | | | | | | 30.61% | | | | | | 13,586,650 | | |
ICE BRENT Crude Oil Futures | | | | | Sep-24 | | | | | | -30.70% | | | | | | (13,627,632) | | |
ICE BRENT Crude Oil Futures | | | | | Nov-24 | | | | | | 7.35% | | | | | | 3,260,731 | | |
NYB Cotton No 2 Futures | | | | | Jul-25 | | | | | | 1.36% | | | | | | 604,097 | | |
NYB Cotton No 2 Futures | | | | | Dec-24 | | | | | | 5.29% | | | | | | 2,346,178 | | |
NYB Cotton No 2 Futures | | | | | Dec-24 | | | | | | -5.30% | | | | | | (2,353,255) | | |
CMX Gold 100 oz Futures | | | | | Aug-24 | | | | | | -60.99% | | | | | | (27,071,542) | | |
NYB Cocoa Futures | | | | | Dec-24 | | | | | | 62.00% | | | | | | 27,520,795 | | |
NYB Cocoa Futures | | | | | Dec-24 | | | | | | 15.15% | | | | | | 6,723,510 | | |
CMX Copper Futures | | | | | Sep-24 | | | | | | 22.70% | | | | | | 10,075,376 | | |
CMX Copper Futures | | | | | Sep-24 | | | | | | 5.55% | | | | | | 2,461,480 | | |
CMX Copper Futures | | | | | Sep-24 | | | | | | -22.77% | | | | | | (10,105,767) | | |
NYM NY Harbor ULSD Futures | | | | | Sep-24 | | | | | | 7.94% | | | | | | 3,523,558 | | |
NYM NY Harbor ULSD Futures | | | | | Sep-24 | | | | | | -7.96% | | | | | | (3,534,186) | | |
NYM NY Harbor ULSD Futures | | | | | Dec-24 | | | | | | 1.94% | | | | | | 861,740 | | |
NYB Coffee ‘C’ Futures | | | | | May-25 | | | | | | 3.26% | | | | | | 1,447,570 | | |
NYB Coffee ‘C’ Futures | | | | | Sep-24 | | | | | | 13.70% | | | | | | 6,082,101 | | |
NYB Coffee ‘C’ Futures | | | | | Sep-24 | | | | | | -13.74% | | | | | | (6,100,447) | | |
CBT KC Hard Red Winter Wheat Futures | | | | | Sep-24 | | | | | | 6.30% | | | | | | 2,798,686 | | |
CBT KC Hard Red Winter Wheat Futures | | | | | Sep-24 | | | | | | 1.54% | | | | | | 683,737 | | |
CBT KC Hard Red Winter Wheat Futures | | | | | Sep-24 | | | | | | -6.32% | | | | | | (2,807,128) | | |
LME Primary Aluminum Futures | | | | | Feb-25 | | | | | | 4.25% | | | | | | 1,888,054 | | |
LME Primary Aluminum Futures | | | | | Sep-24 | | | | | | 16.98% | | | | | | 7,538,704 | | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
Futures Contract | | | Maturity | | | % of Index | | | Notional amount | | |||||||||
LME Primary Aluminum Futures | | | | | Sep-24 | | | | | | -17.03% | | | | | | (7,561,443) | | |
CME Live Cattle Futures | | | | | Aug-24 | | | | | | 13.99% | | | | | | 6,208,502 | | |
CME Live Cattle Futures | | | | | Aug-24 | | | | | | -14.03% | | | | | | (6,227,229) | | |
CME Live Cattle Futures | | | | | Oct-24 | | | | | | 3.41% | | | | | | 1,512,279 | | |
CME Lean Hogs Futures | | | | | Apr-25 | | | | | | 1.85% | | | | | | 820,462 | | |
CME Lean Hogs Futures | | | | | Aug-24 | | | | | | 8.46% | | | | | | 3,757,134 | | |
CME Lean Hogs Futures | | | | | Aug-24 | | | | | | -8.49% | | | | | | (3,768,467) | | |
LME Lead Futures | | | | | Sep-24 | | | | | | 3.45% | | | | | | 1,531,009 | | |
LME Lead Futures | | | | | Sep-24 | | | | | | 0.84% | | | | | | 374,035 | | |
LME Lead Futures | | | | | Sep-24 | | | | | | -3.46% | | | | | | (1,535,627) | | |
LME Nickel Futures | | | | | Feb-25 | | | | | | 2.54% | | | | | | 1,128,149 | | |
LME Nickel Futures | | | | | Sep-24 | | | | | | 10.15% | | | | | | 4,503,904 | | |
LME Nickel Futures | | | | | Sep-24 | | | | | | -10.18% | | | | | | (4,517,490) | | |
LME Zinc Futures | | | | | Feb-25 | | | | | | 2.62% | | | | | | 1,164,515 | | |
LME Zinc Futures | | | | | Sep-24 | | | | | | 10.60% | | | | | | 4,704,117 | | |
LME Zinc Futures | | | | | Sep-24 | | | | | | -10.63% | | | | | | (4,718,306) | | |
NYM Natural Gas Futures | | | | | Jan-25 | | | | | | 10.57% | | | | | | 4,690,676 | | |
NYM Natural Gas Futures | | | | | Sep-24 | | | | | | 29.39% | | | | | | 13,044,326 | | |
NYM Natural Gas Futures | | | | | Sep-24 | | | | | | -29.47% | | | | | | (13,083,672) | | |
ICE Low Sulphur Gas Oil Futures | | | | | Sep-24 | | | | | | 10.76% | | | | | | 4,778,364 | | |
ICE Low Sulphur Gas Oil Futures | | | | | Sep-24 | | | | | | 2.63% | | | | | | 1,167,386 | | |
ICE Low Sulphur Gas Oil Futures | | | | | Sep-24 | | | | | | -10.80% | | | | | | (4,792,778) | | |
CBT Soybean Futures | | | | | Jan-25 | | | | | | 4.77% | | | | | | 2,116,783 | | |
CBT Soybean Futures | | | | | Nov-24 | | | | | | 19.27% | | | | | | 8,555,957 | | |
CBT Soybean Futures | | | | | Nov-24 | | | | | | -19.33% | | | | | | (8,581,765) | | |
NYB Sugar #11 (World) | | | | | Mar-25 | | | | | | 2.48% | | | | | | 1,102,717 | | |
NYB Sugar #11 (World) | | | | | Oct-24 | | | | | | 10.03% | | | | | | 4,450,088 | | |
NYB Sugar #11 (World) | | | | | Oct-24 | | | | | | -10.06% | | | | | | (4,463,511) | | |
CMX Silver Futures | | | | | Sep-24 | | | | | | 21.08% | | | | | | 9,355,852 | | |
CMX Silver Futures | | | | | Sep-24 | | | | | | 5.15% | | | | | | 2,285,696 | | |
CMX Silver Futures | | | | | Sep-24 | | | | | | -21.14% | | | | | | (9,384,073) | | |
CBT Soybean Meal Futures | | | | | Dec-24 | | | | | | 11.94% | | | | | | 5,299,587 | | |
CBT Soybean Meal Futures | | | | | Dec-24 | | | | | | 2.92% | | | | | | 1,294,724 | | |
CBT Soybean Meal Futures | | | | | Dec-24 | | | | | | -11.97% | | | | | | (5,315,572) | | |
CBT Wheat Futures | | | | | Sep-24 | | | | | | 9.74% | | | | | | 4,324,909 | | |
CBT Wheat Futures | | | | | Sep-24 | | | | | | 2.38% | | | | | | 1,056,603 | | |
CBT Wheat Futures | | | | | Sep-24 | | | | | | -9.77% | | | | | | (4,337,955) | | |
NYM Gasoline RBOB Futures | | | | | Sep-24 | | | | | | 9.50% | | | | | | 4,218,120 | | |
NYM Gasoline RBOB Futures | | | | | Sep-24 | | | | | | 2.32% | | | | | | 1,030,513 | | |
NYM Gasoline RBOB Futures | | | | | Sep-24 | | | | | | -9.53% | | | | | | (4,230,844) | | |
| | | | | | | | | | | | | | | | | 44,389,378 | | |
|
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
| | | Number of Contracts | | | Value | | ||||||
Written Option Contracts — (0.0)% | | ||||||||||||
Calls — (0.0)% | | ||||||||||||
Suncor Energy, Inc., Notional Amount $(498,400), Strike Price $56 Expiring 08/16/2024 (Canada) | | | | | (89) | | | | | $ | (2,993) | | |
Vista Outdoor, Inc., Notional Amount $(520,000), Strike Price $40 Expiring 09/20/2024 (United States) | | | | | (130) | | | | | | (40,300) | | |
Total Calls (Premiums received $10,558) | | | | | | | | | | $ | (43,293) | | |
Puts — (0.0)% | | ||||||||||||
Global Payments, Inc., Notional Amount $(336,000), Strike Price $80 Expiring 08/16/2024 (United States) | | | | | (42) | | | | | | (2,940) | | |
SPDR S&P 500 ETF Trust, Notional Amount $(4,532,000), Strike Price $515 Expiring 07/19/2024 (United States) | | | | | (88) | | | | | | (4,312) | | |
Total Puts (Premiums received $14,484) | | | | | | | | | | $ | (7,252) | | |
Total Written Options (Premiums received $25,042) | | | | | | | | | | $ | (50,545) | | |
| ADR | | | American Depositary Receipt | |
| CAD | | | Canadian Dollar | |
| CBT | | | Chicago Board of Trade | |
| CME | | | Chicago Mercantile Exchange | |
| DKK | | | Danish Krone | |
| EAFE | | | Europe, Australasia, and Far East | |
| ETF | | | Exchange-Traded Fund | |
| EUR | | | Euro | |
| GDR | | | Global Depositary Receipt | |
| ICE | | | Intercontinental Exchange | |
| LME | | | London Metals Exchange | |
| LSE | | | London Stock Exchange | |
| MSCI | | | Morgan Stanley Capital International | |
| NYB | | | New York Board of Trade | |
| NYM | | | New York Mercantile Exchange | |
| NYSE | | | New York Stock Exchange | |
| REIT | | | Real Estate Investment Trust | |
| SPADR | | | Sponsored ADR | |
| TSX | | | Toronto Stock Exchange | |
| USD | | | US Dollar | |
TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | June 30, 2024 |
Private Investment Funds | | | Investment Strategy | | | Date of Acquisition | | | Cost | | | Value | | | ||||||||
U.S. Common Stocks | | | | | ||||||||||||||||||
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | $ | 21 | | | | | $ | 55,544 | | | | ||
| | | | | | | | | | | | | | | | | 55,544 | | | | ||
Foreign Common Stocks | | | | | | | | | | | | | | | ||||||||
Somerset Energy Partners Corp. | | | | | | 04/08/22 | | | | | 31,072 | | | | | | 42,827 | | | | ||
| | | | | | | | | | | | | | | | | 42,827 | | | | ||
Warrants | | | | | | | | | | | | | | | ||||||||
Esports Technologies, Inc. | | | | | | 11/18/21 | | | | | — | | | | | | 84 | | | | ||
Gryphon Digital Mining, Inc. | | | | | | 07/28/21 | | | | | — | | | | | | — | | | | ||
Royal Helium, Ltd. | | | | | | 12/30/22 | | | | | — | | | | | | 8,417 | | | | ||
Royal Helium, Ltd. | | | | | | 06/02/23 | | | | | — | | | | | | 7,701 | | | | ||
Swiftmerge Acquisition Corp. | | | | | | 12/15/21 | | | | | 9,258 | | | | | | 646 | | | | ||
| | | | | | | | | | | | | | | | | 16,848 | | | | ||
Convertible Bonds | | | | | | | | | | | | | | | ||||||||
Royal Helium Ltd. | | | | | | 06/02/23 | | | | | 319,565 | | | | | | 313,585 | | | | ||
Royal Helium, Ltd. | | | | | | 12/30/22 – 6/30/23 | | | | | 187,813 | | | | | | 228,062 | | | | ||
Synaptive Medical, Inc | | | | | | 11/29/21 | | | | | 120,000 | | | | | | 120,000 | | | | ||
| | | | | | | | | | | | | | | | | 661,647 | | | | ||
Corporate Bonds | | | | | | | | | | | | | | | ||||||||
Trillion Energy International, Inc. | | | | | | 04/05/23 | | | | | 337,084 | | | | | | 331,713 | | | | ||
| | | | | | | | | | | | | | | | | 331,713 | | | | ||
Private Investment Funds | | | | | | | | | | | | | | | ||||||||
Bellus Ventures II, LP | | | California Carbon Allowances | | | 10/01/21 | | | | | 12,701,545 | | | | | | 15,399,875 | | | | ||
Eversept Global Healthcare Fund, LP | | | Long-Short Global Healthcare | | | 02/01/19 | | | | | 15,833,921 | | | | | | 26,536,990 | | | | ||
Farallon Capital Institutional Partners, LP | | | Multi-Strategy | | | 01/01/13 | | | | | 604,698 | | | | | | 868,451 | | | | ||
Helikon Long Short Equity Fund ICAV | | | Long-Short European | | | 01/01/21 | | | | | 6,996,742 | | | | | | 23,410,390 | | | | ||
Honeycomb Partners, LP | | | Long-Short Global | | | 09/01/16 – 07/01/17 | | | | | 15,510,601 | | | | | | 28,704,007 | | | | ||
Northwest Feilong Fund, Ltd. | | | China Credit | | | 05/01/20 – 03/04/24 | | | | | 20,000,000 | | | | | | 22,284,762 | | | | ||
QVT Roviant, LP | | | Multi-Strategy | | | 01/05/16 | | | | | 1,109,188 | | | | | | 4,743,433 | | | | ||
Voloridge Fund, LP | | | Directional | | | 01/01/2023 | | | | | 7,164,804 | | | | | | 7,957,682 | | | | ||
Voloridge Trading Aggressive Fund | | | Directional | | | 12/01/2023 – 06/03/24 | | | | | 20,000,000 | | | | | | 21,008,495 | | | | ||
| | | | | | | | | | | | | | | | | 150,914,085 | | | | ||
Preferred Stocks | | | | | | | | | | | | | | | | | ||||||
Synaptive Medical, Inc., Class B | | | | | | 02/03/20 – 12/29/23 | | | | | 129,999 | | | | | | 185,712 | | | | ||
| | | | | | | | | | | | | | | | | 185,712 | | | | ||
Disputed Claims Receipt | | | | | | | | | | | | | | | ||||||||
AMR Corp. | | | | | | 12/09/13 | | | | | — | | | | | | — | | | | ||
Total (12.0% of Net Assets) | | | | | | | | | | | | | | | | $ | 152,208,376 | | | |
TIFF Multi-Asset Fund |
| Statement of Assets and Liabilities (Unaudited) | |
| | | June 30, 2024 | | |||
Assets | | | | | | | |
Investments in securities, at value (cost: $1,125,956,828) including securities on loan of $19,900,953 | | | | $ | 1,287,125,069 | | |
Repurchase agreements (cost: $97,510,019) | | | | | 97,510,019 | | |
Total investments (cost: $1,223,466,847) | | | | | 1,384,635,088 | | |
Cash denominated in foreign currencies (cost: $6,398,175) | | | | | 6,405,561 | | |
Deposits with brokers for future contracts | | | | | 19,410,210 | | |
Deposits with brokers for securities sold short | | | | | 8,823,448 | | |
Deposits with broker for swap contracts | | | | | 4,230,000 | | |
Due from broker for futures variation margin | | | | | 2,750,825 | | |
Deposits with broker for forward currency contracts | | | | | 3,150,000 | | |
Deposits with broker for options contracts | | | | | 749,838 | | |
Unrealized appreciation on forward currency contracts | | | | | 152,304 | | |
Unrealized appreciation on swap contracts | | | | | 34,401 | | |
Receivables: | | | | | | | |
Investment securities sold | | | | | 8,297,856 | | |
Dividends and tax reclaims | | | | | 1,438,336 | | |
Interest | | | | | 818,439 | | |
Securities lending income | | | | | 13,066 | | |
Prepaid expenses | | | | | 28,334 | | |
Total Assets | | | | | 1,440,937,706 | | |
Liabilities | | | | | | | |
Cash Overdraft | | | | | 114,488 | | |
Cash collateral received for securities on loan | | | | | 10,750,601 | | |
Securities sold short, at value (proceeds: $146,936,962) | | | | | 145,696,892 | | |
Due to broker for futures variation margin | | | | | 173,149 | | |
Written options, at value (premium received $25,042) | | | | | 50,545 | | |
Payables: | | | | | | | |
Investment securities purchased | | | | | 8,832,342 | | |
Capital stock redeemed | | | | | 4,702,621 | | |
Money manager fees | | | | | 318,448 | | |
Fund administration and custody fees | | | | | 281,468 | | |
Investment advisory and administrative fees | | | | | 268,755 | | |
Dividends and interest on securities sold short | | | | | 71,362 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 38,626 | | |
Accrued expenses and other liabilities | | | | | 392,105 | | |
Total Liabilities | | | | | 171,691,402 | | |
Net Assets | | | | $ | 1,269,246,304 | | |
Shares Outstanding (unlimited authorized shares, par value $0.001) | | | | | 84,490,067 | | |
Net Asset Value Per Share | | | | $ | 15.02 | | |
Net Assets Consist of: | | | | | | | |
Capital stock | | | | $ | 1,168,639,440 | | |
Total distributable earnings (loss) | | | | | 100,606,864 | | |
Net Assets | | | | $ | 1,269,246,304 | | |
TIFF Multi-Asset Fund |
| Statement of Operations (Unaudited) | |
| | | Six Months Ended June 30, 2024 | | |||
Investment Income | | | | | | | |
Dividends (net of foreign withholding taxes of $470,972) | | | | $ | 7,436,165 | | |
Interest | | | | | 4,103,482 | | |
Securities lending | | | | | 61,240 | | |
Total Investment Income | | | | | 11,600,887 | | |
Expenses | | | | | | | |
Money manager fees | | | | | 2,467,794 | | |
Investment advisory fees | | | | | 1,517,138 | | |
Fund administration and custody fees | | | | | 649,039 | | |
Professional fees | | | | | 222,247 | | |
Chief Compliance Officer’s costs and Trustee’s fees | | | | | 125,741 | | |
Administrative fees | | | | | 123,277 | | |
Miscellaneous fees and other | | | | | 155,146 | | |
Total Operating Expenses | | | | | 5,260,382 | | |
Dividends and interest on securities sold short | | | | | 1,016,102 | | |
Broker fees on securities sold short | | | | | 550,185 | | |
Less: Investment Advisory fee waiver | | | | | (151,714) | | |
Total Expenses | | | | | 6,674,955 | | |
Net Investment Income | | | | | 4,925,932 | | |
Net Realized Gain (Loss) on: | | | | | | | |
Investments | | | | | 69,383,668 | | |
Securities sold short | | | | | (10,786,410) | | |
Swap contracts | | | | | 872,871 | | |
Financial futures contracts | | | | | (8,760,963) | | |
Forward currency contracts | | | | | 791,446 | | |
Foreign currency-related transactions | | | | | (249,403) | | |
Written options | | | | | (200,019) | | |
Net Realized Gain from Investments, Derivatives, and Foreign Currencies | | | | | 51,051,190 | | |
Net Change in Unrealized Appreciation (Depreciation) from: | | | | | | | |
Investments | | | | | 18,127,728 | | |
Securities sold short | | | | | 15,394,821 | | |
Swap contracts | | | | | 91,223 | | |
Financial futures contracts | | | | | (1,548,360) | | |
Forward currency contracts | | | | | 290,243 | | |
Foreign currency-related transactions | | | | | (210,540) | | |
Written options | | | | | (28,860) | | |
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies | | | | | 32,116,255 | | |
Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies | | | | | 83,167,445 | | |
Net Increase in Net Assets Resulting from Operations | | | | $ | 88,093,377 | | |
TIFF Multi-Asset Fund |
| Statements of Changes in Net Assets | |
| | | Six Months Ended June 30, 2024 (Unaudited) | | | Year Ended December 31, 2023 | | ||||||
Increase (Decrease) in Net Assets From Operations | | | | | | | | | | | | | |
Net investment income | | | | $ | 4,925,932 | | | | | $ | 7,607,256 | | |
Net realized gain from investments, derivatives, and foreign currencies | | | | | 51,051,190 | | | | | | 27,097,883 | | |
Net change in unrealized appreciation on investments, derivatives, and foreign currencies | | | | | 32,116,255 | | | | | | 157,196,532 | | |
Net Increase in Net Assets Resulting from Operations | | | | | 88,093,377 | | | | | | 191,901,671 | | |
Distributions | | | | | | | | | | | | | |
Distributions to shareholders | | | | | (4,460,869) | | | | | | (43,745,173) | | |
Decrease in Net Assets Resulting from Distributions | | | | | (4,460,869) | | | | | | (43,745,173) | | |
Capital Share Transactions | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | 45,044,935 | | | | | | 107,321,760 | | |
Proceeds from distributions reinvested | | | | | 4,315,232 | | | | | | 42,525,999 | | |
Cost of shares redeemed | | | | | (98,947,106) | | | | | | (310,782,110) | | |
Net Decrease From Capital Share Transactions | | | | | (49,586,939) | | | | | | (160,934,351) | | |
Total Increase (Decrease) in Net Assets | | | | | 34,045,569 | | | | | | (12,777,853) | | |
Net Assets | | | | | | | | | | | | | |
Beginning of period | | | | | 1,235,200,735 | | | | | | 1,247,978,588 | | |
End of period | | | | $ | 1,269,246,304 | | | | | $ | 1,235,200,735 | | |
Capital Share Transactions (in shares) | | | | | | | | | | | | | |
Shares sold | | | | | 3,012,138 | | | | | | 8,118,435 | | |
Shares reinvested | | | | | 288,143 | | | | | | 3,083,914 | | |
Shares redeemed | | | | | (6,837,474) | | | | | | (23,211,162) | | |
Net Decrease | | | | | (3,537,193) | | | | | | (12,008,813) | | |
TIFF Multi-Asset Fund |
| Statement of Cash Flows | |
| | | Period Ended June 30, 2024 | | |||
Cash flows provided by (used in) operating activities | | | | | | | |
Net increase (decrease) in net assets from operations | | | | $ | 88,093,377 | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | |
Investments purchased | | | | | (963,508,874) | | |
Investments sold | | | | | 1,006,772,130 | | |
Purchases to cover securities sold short | | | | | (365,134,535) | | |
Securities sold short | | | | | 368,672,525 | | |
(Purchase)/Sale of short term investments, net | | | | | 48,038,355 | | |
Amortization (accretion) of discount and premium, net | | | | | (1,483,524) | | |
Net change in unrealized (appreciation) depreciation on forward currency contracts | | | | | (290,243) | | |
Net change in unrealized (appreciation) depreciation on swap contracts | | | | | (91,223) | | |
(Increase)/decrease in deposit with broker for securities sold short | | | | | 3,984,956 | | |
(Increase)/decrease in deposits with broker for forward currency contracts | | | | | 820,000 | | |
(Increase)/decrease in deposit with broker for swap contracts | | | | | (2,180,000) | | |
(Increase)/decrease in deposit with brokers for future contracts | | | | | 1,145,958 | | |
(Increase)/decrease in due from broker for futures variation margin | | | | | (1,476,330) | | |
(Increase)/decrease in interest receivable | | | | | (42,735) | | |
Increase/(decrease) in due to broker for futures variation margin | | | | | (296,003) | | |
(Increase)/decrease in receivable for dividends and tax reclaims | | | | | (425,166) | | |
(Increase)/decrease in prepaid expenses | | | | | 84,078 | | |
(Increase)/decrease in securities lending income receivable | | | | | 449 | | |
Increase/(decrease) in payable for money manager fees | | | | | (1,356,796) | | |
Increase/(decrease) in payable for dividends and interest for securities sold short | | | | | (747) | | |
Increase/(decrease) in payable for fund administration and custody fees | | | | | 77,671 | | |
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees | | | | | 5,155 | | |
Increase/(decrease) in other accrued expenses and other liabilities | | | | | 125,763 | | |
Increase/(decrease) in payable for investment advisory and administrative fees | | | | | 754 | | |
Increase/(decrease) in premiums received on written options, net | | | | | (1,355) | | |
Net realized (gain) loss from investments | | | | | (69,383,668) | | |
Net realized (gain) loss from securities sold short | | | | | 10,786,410 | | |
Net realized (gain) loss from foreign currency-related transactions | | | | | 249,403 | | |
Net change in unrealized (appreciation) depreciation on investments | | | | | (18,127,728) | | |
Net change in unrealized (appreciation) depreciation on securities sold short | | | | | (15,394,821) | | |
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions | | | | | 210,540 | | |
Net change in unrealized (appreciation) depreciation on written options | | | | | 28,860 | | |
Net cash provided by (used in) operating activities | | | | | 89,902,636 | | |
Cash flows provided by (used in) financing activities | | | | | | | |
Distributions paid to shareholders | | | | | (145,637) | | |
Proceeds from shares sold | | | | | 45,044,935 | | |
Payment for shares redeemed | | | | | (140,766,570) | | |
Increase (decrease) in cash overdraft | | | | | 114,488 | | |
Net cash provided by (used in) financing activities | | | | | (95,752,784) | | |
Effect of exchange rate changes on cash | | | | | (459,943) | | |
Net increase (decrease) in cash | | | | | (6,310,091) | | |
Cash at beginning of period | | | | | 12,715,652 | | |
Cash at end of period | | | ��� | $ | 6,405,561 | | |
Non cash financing activities not included herein consist of reinvestment of distributions of: | | | | $ | 4,315,232 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
Valuation Inputs | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*+ | | | | $ | 752,623,875 | | | | | $ | 137,149,342 | | | | | $ | 496,627 | | | | | $ | 890,269,844 | | |
Rights | | | | | — | | | | | | 170,002 | | | | | | — | | | | | | 170,002 | | |
Warrants+ | | | | | 96,816 | | | | | | 557,759 | | | | | | — | | | | | | 654,575 | | |
Corporate Bonds | | | | | — | | | | | | — | | | | | | 331,713 | | | | | | 331,713 | | |
Convertible Bonds | | | | | — | | | | | | 1,917,657 | | | | | | 433,585 | | | | | | 2,351,242 | | |
U.S. Treasury Bonds/Notes | | | | | — | | | | | | 91,011,022 | | | | | | — | | | | | | 91,011,022 | | |
Exchange-Traded Funds and Mutual Funds | | | | | 100,055,422 | | | | | | — | | | | | | — | | | | | | 100,055,422 | | |
Private Investment Funds | | | | | — | | | | | | — | | | | | | 150,914,085 | | | | | | 150,914,085 | | |
Preferred Stocks* | | | | | — | | | | | | 1,572,857 | | | | | | 185,712 | | | | | | 1,758,569 | | |
Disputed Claims Receipt+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Purchased Options | | | | | 295,279 | | | | | | 1,552 | | | | | | — | | | | | | 296,831 | | |
Short-Term Investments | | | | | — | | | | | | 136,071,182 | | | | | | — | | | | | | 136,071,182 | | |
Unaffiliated Investment Company | | | | | 10,750,601 | | | | | | — | | | | | | — | | | | | | 10,750,601 | | |
Total Investments in Securities | | | | | 863,821,993 | | | | | | 368,451,373 | | | | | | 152,361,722 | | | | | | 1,384,635,088 | | |
Financial Futures Contracts – Interest Rate Risk | | | | | 631,860 | | | | | | — | | | | | | — | | | | | | 631,860 | | |
Financial Futures Contracts – Equity Risk | | | | | 1,427,962 | | | | | | — | | | | | | — | | | | | | 1,427,962 | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | 65,751 | | | | | | — | | | | | | — | | | | | | 65,751 | | |
Forward Currency Contracts – Foreign Currency Risk | | | | | — | | | | | | 152,304 | | | | | | — | | | | | | 152,304 | | |
Total Return Equity Swap Contracts – Equity Risk | | | | | — | | | | | | 34,401 | | | | | | — | | | | | | 34,401 | | |
Total Other Financial Instruments | | | | | 2,125,573 | | | | | | 186,705 | | | | | | — | | | | | | 2,312,278 | | |
Total Assets | | | | $ | 865,947,566 | | | | | $ | 368,638,078 | | | | | $ | 152,361,722 | | | | | $ | 1,386,947,366 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks Sold Short* | | | | | (117,387,694) | | | | | | (28,309,198) | | | | | | — | | | | | | (145,696,892) | | |
Financial Futures Contracts – Equity Risk | | | | | (801,503) | | | | | | — | | | | | | — | | | | | | (801,503) | | |
Financial Futures Contracts – Foreign Currency Risk | | | | | (242,010) | | | | | | — | | | | | | — | | | | | | (242,010) | | |
Written Options – Equity Risk | | | | | (50,545) | | | | | | — | | | | | | — | | | | | | (50,545) | | |
Total Other Financial Instruments | | | | | (1,094,058) | | | | | | — | | | | | | — | | | | | | (1,094,058) | | |
Total Liabilities | | | | $ | (118,481,752) | | | | | $ | (28,309,198) | | | | | $ | — | | | | | $ | (146,790,950) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
Investments in Securities | | | Balance as of December 31, 2023 | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Purchases | | | Sales | | | Transfers in to Level 3 | | | Transfers out of Level 3 | | | Balance as of June 30, 2024 | | | Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 6/30/24 for the period ended 6/30/24 | | |||||||||||||||||||||||||||
Common Stocks* | | | | $ | 618,491 | | | | | $ | — | | | | | $ | (121,864) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 496,627 | | | | | $ | (121,864) | | |
Warrants* | | | | | 6,715 | | | | | | — | | | | | | (6,715) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Private Investment Funds | | | | | 155,057,479 | | | | | | 10,595,509 | | | | | | 1,759,278 | | | | | | 15,000,000 | | | | | | (31,498,181) | | | | | | — | | | | | | — | | | | | | 150,914,085 | | | | | | 1,759,278 | | |
Preferred Stocks | | | | | 185,712 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 185,712 | | | | | | — | | |
Disputed Claims Receipt* | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Corporate Bonds | | | | | 342,477 | | | | | | — | | | | | | (10,764) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 331,713 | | | | | | (10,764) | | |
Convertible Bonds | | | | | 443,761 | | | | | | — | | | | | | (10,176) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 433,585 | | | | | | (10,176) | | |
Total | | | | $ | 156,654,635 | | | | | $ | 10,595,509 | | | | | $ | 1,609,759 | | | | | $ | 15,000,000 | | | | | $ | (31,498,181) | | | | | $ | — | | | | | $ | — | | | | | $ | 152,361,722 | | | | | $ | 1,616,474 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
As of June 30, 2024 | | | Fair Value | | | Valuation Methodology | | | Significant Unobservable Inputs | | | Range | | | Weighted Average* | | |||
Common Stocks | | | | $ | 453,800 | | | | Last market price | | | Discount(%) | | | 20% – 100% | | | 77.04% | |
| | | | | 42,827 | | | | Recent transaction price | | | Recent transaction price | | | $0.30 | | | $0.30 | |
Warrants | | | | | — | | | | Black-Scholes pricing model | | | Volatility | | | 35% | | | 35% | |
Private Investment Funds | | | | | 150,914,085 | | | | Adjusted net asset value | | | Manager estimated returns | | | (11.74)% – 10.57% | | | 0.27% | |
| | | | | | | | | | | | Manager returns** | | | (0.49)% – 2.75% | | | 0.27% | |
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 | | | | | 433,585 | | | | Recent transaction price | | | Recent transaction price | | | $75.47 – $100 | | | $82.26 | |
Corporate bonds | | | | | 331,713 | | | | Recent transaction price | | | Recent transaction price | | | $73.62 | | | $73.62 | |
| | | Fair Value | | | Redemption Frequency | | | Redemption Notice Period | | |||
California Carbon Allowances (a) | | | | $ | 15,399,875 | | | | quarterly | | | 90 days | |
Multi-Strategy (b) | | | | | 5,611,883 | | | | illiquid | | | N/A | |
Long-Short Global Healthcare (c) | | | | | 26,536,990 | | | | quarterly | | | 45 days | |
Long-Short European (d) | | | | | 23,410,390 | | | | monthly | | | 60 days | |
Long-Short Global (e) | | | | | 28,704,007 | | | | quarterly | | | 60 days | |
China Credit (f) | | | | | 22,284,763 | | | | monthly | | | 45 days | |
Directional (g) | | | | | 28,966,177 | | | | monthly | | | 30 days | |
Total | | | | $ | 150,914,085 | | | | | | | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
| | | Assets | | | Liabilities | | ||||||
Derivative Financial Instruments: | | | | | | | | | | | | | |
Purchased Options | | | | $ | 296,831 | | | | | $ | — | | |
Swap Contracts | | | | | 34,401 | | | | | | — | | |
Forward Contracts | | | | | 152,304 | | | | | | — | | |
Futures Contracts | | | | | 2,125,573 | | | | | | (1,043,513) | | |
Written Options | | | | | — | | | | | | (50,545) | | |
Total derivative assets and liablities | | | | | 2,609,109 | | | | | | (1,094,058) | | |
Derivatives not subject to a netting provision or similar arrangement | | | | | 2,422,404 | | | | | | (1,094,058) | | |
Total assets and liabilities subject to a netting provision or similar arrangement | | | | $ | 186,705 | | | | | $ | — | | |
Counterparty | | | Derivative Assets Subject to a Netting Provision or Similar Arrangement | | | Derivatives Available for Offset | | | Collateral Received | | | Net Amount | | ||||||||||||
Forward Currency Contracts | | | | | | | | | | | | | | | | | | | | | | | | | |
Morgan Stanley Capital Services, Inc | | | | $ | 152,304 | | | | | $ | — | | | | | $ | — | | | | | $ | 152,304 | | |
Swap | | | | | | | | | | | | | | | | | | | | | | | | | |
Goldman Sachs International | | | | | 34,401 | | | | | | — | | | | | | — | | | | | | 34,401 | | |
Total | | | | $ | 186,705 | | | | | $ | — | | | | | $ | — | | | | | $ | 186,705 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
Derivative Type | | | Statement of Assets and Liability and Location | | | Foreign Currency Risk | | | Quarterly Average %* | | | Equity Risk | | | Quarterly Average %* | | | Interest Rate Risk | | | Quarterly Average %* | | | Total | | |||||||||||||||||||||
Asset Derivatives | | |||||||||||||||||||||||||||||||||||||||||||||
Purchased Options | | | Investments in securities, at value | | | | $ | 1,552 | | | | | | —% | | | | | $ | 295,279 | | | | | | 0.03% | | | | | $ | — | | | | | | —% | | | | | $ | 296,831 | | |
Total Return Index Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | |
Total Return Basket Swap Contracts | | | Unrealized appreciation on swap contracts | | | | | — | | | | | | —% | | | | | | 34,401 | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | 34,401 | | |
Forward Currency Contracts | | | Unrealized appreciation on forward currency contracts | | | | | 152,304 | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | 152,304 | | |
Financial Futures Contracts | | | Due from broker for futures variation margin** | | | | | 65,751 | | | | | | 0.08% | | | | | | 1,427,962 | | | | | | 0.26% | | | | | | 631,860 | | | | | | 0.06% | | | | | | 2,125,573 | | |
Total Value – Assets | | | | | | | $ | 219,607 | | | | | | | | | | | $ | 1,757,642 | | | | | | | | | | | $ | 631,860 | | | | | | | | | | | $ | 2,609,109 | | |
Liability Derivatives | | |||||||||||||||||||||||||||||||||||||||||||||
Written Options | | | Written option, at value | | | | $ | — | | | | | | —% | | | | | $ | (50,545) | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | (50,545) | | |
Total Return Basket Swap Contracts | | | Unrealized depreciation on swap contracts | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | |
Forward Currency Contracts | | | Unrealized depreciation on forward currency contracts | | | | | — | | | | | | 0.02% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | | | | | — | | |
Financial Futures Contracts | | | Due to broker for futures variation margin** | | | | | (242,010) | | | | | | 0.05% | | | | | | (801,503) | | | | | | 0.25% | | | | | | — | | | | | | —% | | | | | | (1,043,513) | | |
Total Value – Liabilities | | | | | | | $ | (242,010) | | | | | | | | | | | $ | (852,048) | | | | | | | | | | | $ | — | | | | | | | | | | | $ | (1,094,058) | | |
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 | | | | $ | — | | | | | $ | — | | | | | $ | (666,788) | | | | | $ | (666,788) | | |
Written Options | | | Net realized gain (loss) on Options written | | | | | — | | | | | | — | | | | | | (200,019) | | | | | | (200,019) | | |
Swap Contracts | | | Net realized gain (loss) on Swaps contracts | | | | | — | | | | | | — | | | | | | 872,871 | | | | | | 872,871 | | |
Forward Currency Contracts | | | Net realized gain (loss) on Forward currency contracts | | | | | — | | | | | | 791,446 | | | | | | — | | | | | | 791,446 | | |
Financial Futures Contracts | | | Net realized gain (loss) on Financial futures contracts | | | | | (1,190,298) | | | | | | (2,388,538) | | | | | | (5,182,127) | | | | | | (8,760,963) | | |
Total Realized Gain (Loss) | | | | | | | $ | (1,190,298) | | | | | $ | (1,597,092) | | | | | $ | (5,176,063) | | | | | $ | (7,963,453) | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
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 | | | | $ | — | | | | | $ | (103,323) | | | | | $ | 263,210 | | | | | $ | 159,887 | | |
Written Options | | | Net Change in Unrealized Appreciation (Depreciation) on Option written | | | | | — | | | | | | — | | | | | | (28,860) | | | | | | (28,860) | | |
Swap Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Swap contracts | | | | | — | | | | | | — | | | | | | 91,223 | | | | | | 91,223 | | |
Forward Currency Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Forward currency contracts | | | | | — | | | | | | 290,243 | | | | | | — | | | | | | 290,243 | | |
Financial Futures Contracts | | | Net Change in Unrealized Appreciation (Depreciation) on Financial futures contracts | | | | | (802,968) | | | | | | (3,002,820) | | | | | | 2,257,428 | | | | | | (1,548,360) | | |
Total Change in Appreciation (Depreciation) | | | | | | | $ | (802,968) | | | | | $ | (2,815,900) | | | | | $ | 2,583,001 | | | | | $ | (1,035,867) | | |
Assets | | | | | | | |
On the first $1 billion | | | | | 0.25% | | |
On the next $1 billion | | | | | 0.23% | | |
On the next $1 billion | | | | | 0.20% | | |
On the remainder (> $3 billion) | | | | | 0.18% | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
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 | | |
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 | |
NewGen Asset Management Limited | | | | | 1.50% | | | | | | — | | | | | | — | | | | | | | | | YES | | | | 10% (c) | | | | | — | | | | Calendar Year | |
Strategy Capital, LLC | | | Blended rate between 0.48% and 0.10% (f) | | | | | 0.75% | | | | | | YES | | | | S&P 500 Index (net) | | | | | YES | | | | 10%-20% (c) (g) | | | | | — | | | | Calendar Year | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
| | | Purchases | | | Sales | | ||||||
Non-US Government Securities | | | | $ | 1,260,903,023 | | | | | $ | 1,306,497,554 | | |
US Government Securities | | | | | 7,164,453 | | | | | | 6,728,851 | | |
| Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation/ (Depreciation) | | | Tax Cost of Investments | | |||||||||
| $227,695,482 | | | | $ | (199,964,205) | | | | | $ | 27,731,277 | | | | | $ | 1,332,259,030 | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
Counterparty | | | Assets Subject to a Netting Provision or Similar Arrangement | | | Liabilities Available for Offset | | | Collateral Received* | | | Net Amount | | ||||||||||||
Fixed Income Clearing Corp. | | | | $ | 97,510,019 | | | | | $ | — | | | | | $ | (97,510,019) | | | | | $ | — | | |
Total | | | | $ | 97,510,019 | | | | | $ | — | | | | | $ | (97,510,019) | | | | | $ | — | | |
TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) | June 30, 2024 |
TIFF Multi-Asset Fund | June 30, 2024 |
| Approval of Money Manager Agreements (Unaudited) | |
TIFF Multi-Asset Fund | June 30, 2024 |
TIFF Multi-Asset Fund | June 30, 2024 |
TIFF Multi-Asset Fund | June 30, 2024 |
Bloomberg Barclays US Treasury Index (US Treasury obligations, including TIPS, mandate)
Russell 1000 Index
MSCI ACWI 100% USD Hedged Index
MSCI World Index
MSCI ACWI 100% USD Hedged Index
HFRI Equity Hedge Index
MSCI All Country World Index
HFRI Equity Hedge Index
S&P 500 Index
TIFF Multi-Asset Fund | June 30, 2024 |
TIFF Multi-Asset Fund | June 30, 2024 |
TIFF Multi-Asset Fund | June 30, 2024 |
| Index Descriptions | |
(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract and Money Manager Agreements is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this registrant.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics is not applicable to this filing.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | TIFF Investment Program | |
By (Signature and Title) | /s/ Clarence Kane Brenan | |
Clarence Kane Brenan, Chief Executive Officer | ||
Date | August 28, 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, Chief Executive Officer | ||
Date | August 28, 2024 |
By (Signature and Title) | /s/ Katherine M. Billings | |
Katherine M. Billings, Treasurer and Chief Financial Officer | ||
Date | August 28, 2024 |