Tiff Investment Program NPORT-P TIFF Multi-Asset Fund (Mar 2023 report)

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Investments — 107.1% of net assets
Common Stocks — 66.7%
US Common Stocks — 34.0%
Aerospace & Defense — 0.5%
AeroVironment, Inc. (a) (b)		3,958	$	362,790
Axon Enterprise, Inc. (a)		10,591		2,381,387
General Dynamics Corp. (b)		2,691		614,113
Howmet Aerospace, Inc. (b)		3,086		130,754
Huntington Ingalls Industries, Inc.		2,063		427,082
Raytheon Technologies Corp. (b)		6,545		640,952
Textron, Inc. (b)		6,659		470,325
TransDigm Group, Inc. (b)		1,401		1,032,607
				6,060,010
Air Freight & Logistics — 0.1%
FedEx Corp. (b)		3,065		700,322
GXO Logistics, Inc. (a)		13,574		684,944
				1,385,266
Automobile Components — 0.1%
Adient plc (a) (b)		8,826		361,513
Dorman Products, Inc. (a) (b)		3,350		288,971
Goodyear Tire & Rubber Co. (The) (a)		88,421		974,400
Lear Corp. (b)		1,435		200,168
				1,825,052
Automobiles — 0.4%
Ford Motor Co.		15,541		195,816
General Motors Co.		56,891		2,086,762
Tesla, Inc. (a) (b)		11,519		2,389,732
Thor Industries, Inc. (b)		2,609		207,781
				4,880,091
Banks — 0.3%
Bancorp, Inc. (The) (a)		19,823		552,070
Citigroup, Inc. (b)		50,076		2,348,064
First Horizon Corp.		12,328		219,192
Fulton Financial Corp.		2,098		28,994
Live Oak Bancshares, Inc.		28,664		698,542
PacWest Bancorp		1,283		12,484
Wintrust Financial Corp.		3,835		279,763
				4,139,109

1

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Beverages — 0.8%
Brown-Forman Corp., Class B		66,090	$	4,247,604
Coca-Cola Consolidated, Inc. (b)		1,653		884,487
MGP Ingredients, Inc.		434		41,977
PepsiCo, Inc.		25,857		4,713,731
				9,887,799
Biotechnology — 0.3%
Biogen, Inc. (a) (b)		2,148		597,208
BioMarin Pharmaceutical, Inc. (a)		1,944		189,035
Exelixis, Inc. (a)		3,081		59,802
Gilead Sciences, Inc. (b)		11,913		988,422
Halozyme Therapeutics, Inc. (a)		6,855		261,792
Horizon Therapeutics plc (a)		747		81,528
Incyte Corp. (a)		7,866		568,476
IVERIC bio, Inc. (a)		6,483		157,731
Mirum Pharmaceuticals, Inc. (a)		7,445		178,829
Moderna, Inc. (a) (b)		3,123		479,630
Prometheus Biosciences, Inc. (a)		3,275		351,473
Regeneron Pharmaceuticals, Inc. (a) (b)		318		261,291
				4,175,217
Broadline Retail — 1.7%
Amazon.com, Inc. (a) (b)		202,593		20,925,831
eBay, Inc. (b)		2,370		105,157
Macy's, Inc. (b)		55,265		966,585
Nordstrom, Inc. (b)		3,339		54,325
				22,051,898
Building Products — 0.3%
Advanced Drainage Systems, Inc. (b)		5,414		455,913
Armstrong World Industries, Inc. (b)		4,999		356,129
AZEK Co., Inc. (The) (a) (b)		10,185		239,755
Builders FirstSource, Inc. (a) (b)		12,598		1,118,450
Masco Corp. (b)		2,986		148,464
Owens Corning		9,982		956,276
Zurn Elkay Water Solutions Corp. (b)		11,731		250,574
				3,525,561
Capital Markets — 0.5%
Affiliated Managers Group, Inc.		1,053		149,968
Ameriprise Financial, Inc. (b)		924		283,206
Bank of New York Mellon Corp. (The)		8,124		369,155
BGC Partners, Inc., Class A		21,937		114,730
BlackRock, Inc. (b)		1,671		1,118,099
Blackstone, Inc. (b)		22,554		1,981,143
Charles Schwab Corp. (The) (b)		12,876		674,445

2

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Hamilton Lane, Inc., Class A		1,210	$	89,516
Interactive Brokers Group, Inc., Class A (b)		3,050		251,808
Intercontinental Exchange, Inc. (b)		4,058		423,209
Invesco, Ltd.		10,682		175,185
Jefferies Financial Group, Inc.		5,675		180,124
Moelis & Co., Class A		10,954		421,072
State Street Corp.		1,651		124,964
Stifel Financial Corp.		1,228		72,563
Virtu Financial, Inc., Class A		23,611		446,248
				6,875,435
Chemicals — 0.6%
Ashland, Inc.		741		76,108
Avient Corp. (b)		8,662		356,528
Axalta Coating Systems, Ltd. (a) (b)		7,272		220,269
Celanese Corp. (b)		2,467		268,632
CF Industries Holdings, Inc.		21,529		1,560,637
Chemours Co. (The)		17,177		514,279
Dow, Inc. (b)		8,030		440,205
Eastman Chemical Co.		3,833		323,275
Ecolab, Inc. (b)		2,116		350,261
Huntsman Corp.		11,285		308,758
Ingevity Corp. (a)		4,746		339,434
International Flavors & Fragrances, Inc. (b)		1,080		99,317
LyondellBasell Industries NV, Class A		12,695		1,191,933
Mosaic Co. (The)		32,217		1,478,116
Sherwin-Williams Co. (The) (b)		3,660		822,658
Stepan Co.		1,887		194,418
				8,544,828
Commercial Services & Supplies — 0.1%
Brink's Co. (The)		4,242		283,365
GEO Group, Inc. (The) (a)		121,891		961,720
Tetra Tech, Inc. (b)		1,781		261,647
				1,506,732
Communications Equipment — 0.4%
Arista Networks, Inc. (a) (b)		886		148,724
Ciena Corp. (a) (b)		4,536		238,231
Cisco Systems, Inc. (b)		38,391		2,006,890
CommScope Holding Co., Inc. (a)		22,277		141,904
Harmonic, Inc. (a)		121,731		1,776,055
Juniper Networks, Inc. (b)		15,722		541,151
Lumentum Holdings, Inc. (a)		14,649		791,193
				5,644,148
Construction & Engineering — 0.1%
EMCOR Group, Inc.		2,321		377,371

3

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
MDU Resources Group, Inc. (b)		6,372	$	194,219
WillScot Mobile Mini Holdings Corp. (a)		4,197		196,755
				768,345
Construction Materials — 0.0%
Eagle Materials, Inc.		1,312		192,536
Consumer Finance — 0.3%
Ally Financial, Inc.		22,296		568,325
American Express Co. (b)		6,274		1,034,896
Bread Financial Holdings, Inc.		1,848		56,031
Capital One Financial Corp.		2,519		242,227
Discover Financial Services		2,958		292,369
Navient Corp.		92,120		1,472,999
Synchrony Financial		20,507		596,344
				4,263,191
Consumer Staples Distribution & Retail — 0.2%
Albertsons Cos., Inc., Class A		561		11,658
Andersons, Inc. (The) (b)		5,952		245,937
BJ's Wholesale Club Holdings, Inc. (a) (b)		1,563		118,897
Dollar General Corp. (b)		1,949		410,186
Kroger Co. (The) (b)		22,669		1,119,168
Performance Food Group Co. (a) (b)		6,714		405,123
				2,310,969
Containers & Packaging — 0.2%
Ardagh Metal Packaging SA		153,798		627,496
Avery Dennison Corp. (b)		941		168,373
Berry Global Group, Inc. (b)		3,391		199,730
International Paper Co.		5,778		208,355
Westrock Co.		25,145		766,168
				1,970,122
Diversified Consumer Services — 0.1%
Carriage Services, Inc.		15,362		468,848
European Wax Center, Inc., Class A		27,282		518,358
Rover Group, Inc. (a)		26,634		120,652
				1,107,858
Diversified REITs — 0.0%
Alexander & Baldwin, Inc.		10,556		199,614
Diversified Telecommunication Services — 0.2%
Anterix, Inc. (a)		1,446		47,776
AT&T, Inc. (b)		70,541		1,357,914

4

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Liberty Latin America, Ltd., Class C (a)		26,606	$	219,766
Lumen Technologies, Inc.		3,621		9,596
Verizon Communications, Inc. (b)		31,024		1,206,523
				2,841,575
Electric Utilities — 0.1%
NRG Energy, Inc. (b)		54,473		1,867,879
Electrical Equipment — 0.2%
EnerSys (b)		2,918		253,516
Enovix Corp. (a)		38,807		578,612
Generac Holdings, Inc. (a)		2,816		304,156
Regal Rexnord Corp. (b)		6,236		877,592
Vertiv Holdings Co. (b)		56,935		814,740
Vicor Corp. (a)		2,721		127,724
				2,956,340
Electronic Equipment, Instruments & Components — 0.5%
Arrow Electronics, Inc. (a) (b)		10,728		1,339,605
Avnet, Inc.		3,288		148,618
Belden, Inc.		2,787		241,828
Flex, Ltd. (a) (b)		13,998		322,094
IPG Photonics Corp. (a)		1,415		174,484
Itron, Inc. (a)		4,534		251,410
Keysight Technologies, Inc. (a) (b)		1,173		189,416
Napco Security Technologies, Inc. (a)		11,956		449,306
PAR Technology Corp. (a)		18,919		642,489
ScanSource, Inc. (a)		5,764		175,456
TD SYNNEX Corp. (b)		2,083		201,614
Vishay Intertechnology, Inc.		37,440		846,893
Vontier Corp.		46,165		1,262,151
				6,245,364
Energy Equipment & Services — 0.4%
Baker Hughes Co.		15,559		449,033
Cactus, Inc., Class A		1,908		78,667
ChampionX Corp.		3,558		96,529
Dril-Quip, Inc. (a)		2,931		84,090
Halliburton Co.		28,889		914,048
Helix Energy Solutions Group, Inc. (a)		16,671		129,034
Schlumberger NV		10,675		524,142
Select Energy Services, Inc., Class A		87,987		612,390
Solaris Oilfield Infrastructure, Inc., Class A		44,504		380,064
Tidewater, Inc. (a)		16,855		742,968
Transocean, Ltd. (a)		163,246		1,038,245
Valaris, Ltd. (a)		3,406		221,594
				5,270,804

5

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Entertainment — 0.6%
Activision Blizzard, Inc. (b)		7,665	$	656,047
Netflix, Inc. (a) (b)		8,007		2,766,258
ROBLOX Corp., Class A (a) (b)		13,432		604,171
Take-Two Interactive Software, Inc. (a)		13,840		1,651,112
Vivid Seats, Inc., Class A (a)		8,315		63,444
Walt Disney Co. (The) (a) (b)		13,445		1,346,248
Warner Music Group Corp., Class A		26,943		899,088
				7,986,368
Financial Services — 2.1%
Apollo Global Management, Inc. (b)		6,631		418,814
Artemis Strategic Inv Corp. (a) (c) (d) (e)		7,600		62,867
Berkshire Hathaway, Inc., Class B (a) (b)		9,578		2,957,399
Fidelity National Information Services, Inc.		34,616		1,880,687
Fiserv, Inc. (a) (b)		45,624		5,156,881
FleetCor Technologies, Inc. (a)		1,978		417,061
Global Payments, Inc. (b)		5,317		559,561
International Money Express, Inc. (a)		19,508		502,916
Jack Henry & Associates, Inc.		1,907		287,423
Marqeta, Inc., Class A (a)		88,339		403,709
Mastercard, Inc., Class A (b)		15,646		5,685,913
PayPal Holdings, Inc. (a) (b)		19,513		1,481,817
Repay Holdings Corp. (a)		148,102		973,030
Swiftmerge Acquisition Corp. (a) (c) (d) (e)		6,943		57,266
Visa, Inc., Class A (b)		26,315		5,932,980
Western Union Co. (The)		40,230		448,565
WEX, Inc. (a)		3,952		726,733
				27,953,622
Food Products — 0.6%
Darling Ingredients, Inc. (a) (b)		22,635		1,321,884
McCormick & Co., Inc.		58,387		4,858,382
Seaboard Corp. (b)		11		41,470
Tyson Foods, Inc., Class A (b)		22,258		1,320,345
				7,542,081
Ground Transportation — 0.2%
Landstar System, Inc.		647		115,981
Norfolk Southern Corp. (b)		2,206		467,672
Ryder System, Inc.		172		15,349
Schneider National, Inc., Class B		8,312		222,346
Uber Technologies, Inc. (a) (b)		55,167		1,748,794
Union Pacific Corp. (b)		2,220		446,797
XPO, Inc. (a)		2,446		78,028
				3,094,967

6

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories (b)		2,718	$	275,225
Align Technology, Inc. (a) (b)		1,467		490,183
Becton Dickinson and Co.		1,626		402,500
Edwards Lifesciences Corp. (a)		4,010		331,747
Envista Holdings Corp. (a)		2,387		97,581
GE HealthCare Technologies, Inc. (a)		5,854		480,204
IDEXX Laboratories, Inc. (a)		7,751		3,876,120
Inspire Medical Systems, Inc. (a)		236		55,240
Masimo Corp. (a)		3,178		586,468
Paragon 28, Inc. (a)		5,130		87,569
QuidelOrtho Corp. (a) (b)		5,219		464,961
Shockwave Medical, Inc. (a)		299		64,832
Stryker Corp.		18,404		5,253,790
				12,466,420
Health Care Providers & Services — 1.1%
AmerisourceBergen Corp.		1,947		311,734
Cardinal Health, Inc. (b)		9,348		705,774
Centene Corp. (a) (b)		6,677		422,053
Cigna Group (The) (b)		10,288		2,628,893
CVS Health Corp. (b)		38,195		2,838,270
DaVita, Inc. (a) (b)		286		23,197
Elevance Health, Inc. (b)		748		343,938
Encompass Health Corp.		926		50,097
Enhabit, Inc. (a) (b)		49,381		686,890
HCA Healthcare, Inc.		1,502		396,047
HealthEquity, Inc. (a)		1,565		91,881
Humana, Inc. (b)		226		109,714
Laboratory Corp. of America Holdings (b)		1,210		277,598
Oak Street Health, Inc. (a) (b)		1,620		62,662
Option Care Health, Inc. (a) (b)		4,164		132,290
Patterson Cos., Inc. (b)		456		12,207
Quest Diagnostics, Inc. (b)		246		34,804
R1 RCM, Inc. (a)		112,127		1,681,905
Tenet Healthcare Corp. (a) (b)		18,009		1,070,095
UnitedHealth Group, Inc. (b)		2,164		1,022,685
Universal Health Services, Inc., Class B (b)		2,326		295,635
US Physical Therapy, Inc.		6,312		618,008
				13,816,377
Health Care REITs — 0.0%
Medical Properties Trust, Inc. (b)		32,003		263,065
Hotel & Resort REITs — 0.0%
Park Hotels & Resorts, Inc. (b)		28,965		358,007
Hotels, Restaurants & Leisure — 1.1%
Airbnb, Inc., Class A (a) (b)		4,793		596,249

7

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Aramark		12,527	$	448,467
Booking Holdings, Inc. (a) (b)		2,719		7,211,903
Chipotle Mexican Grill, Inc. (a) (b)		223		380,949
El Pollo Loco Holdings, Inc.		20,899		200,421
Expedia Group, Inc. (a) (b)		19,901		1,930,994
Las Vegas Sands Corp. (a)		15,852		910,697
Marriott International, Inc., Class A (b)		143		23,744
Marriott Vacations Worldwide Corp.		336		45,313
Planet Fitness, Inc., Class A (a)		2,040		158,447
Royal Caribbean Cruises, Ltd. (a) (b)		283		18,480
Sabre Corp. (a) (f)		43,794		187,876
Starbucks Corp. (b)		5,667		590,105
Sweetgreen, Inc., Class A (a)		50,762		397,974
Texas Roadhouse, Inc.		283		30,581
Travel + Leisure Co.		19,692		771,926
Wynn Resorts, Ltd. (a)		859		96,131
				14,000,257
Household Durables — 0.4%
GoPro, Inc., Class A (a) (b)		50,426		253,643
KB Home		10,708		430,247
NVR, Inc. (a) (b)		49		273,037
PulteGroup, Inc. (b)		8,092		471,602
Sonos, Inc. (a) (b)		40,196		788,646
Taylor Morrison Home Corp. (a) (b)		19,495		745,879
Tempur Sealy International, Inc. (b)		9,596		378,946
Toll Brothers, Inc. (b)		29,481		1,769,744
Whirlpool Corp. (b)		1,451		191,561
				5,303,305
Household Products — 0.5%
Church & Dwight Co., Inc.		58,096		5,136,267
Colgate-Palmolive Co. (b)		3,912		293,987
Procter & Gamble Co. (The)		7,038		1,046,480
				6,476,734
Independent Power & Renewable Electricity Producers — 0.1%
AES Corp. (The)		18,576		447,310
Altus Power, Inc. (a)		207,676		1,138,065
				1,585,375
Industrial Conglomerates — 0.1%
3M Co. (b)		5,102		536,271
General Electric Co. (b)		8,137		777,897
				1,314,168

8

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Industrial REITs — 0.0%
Prologis, Inc. (b)		4,331	$	540,379
Insurance — 0.5%
American International Group, Inc. (b)		44,280		2,229,941
Arthur J Gallagher & Co. (b)		1,871		357,941
Assurant, Inc. (b)		1,559		187,189
CNO Financial Group, Inc.		19,325		428,822
Fidelity National Financial, Inc.		6,458		225,578
Hartford Financial Services Group, Inc. (The)		2,343		163,284
Lincoln National Corp.		8,134		182,771
Primerica, Inc. (b)		1,601		275,756
ProAssurance Corp. (b)		6,918		127,844
Reinsurance Group of America, Inc.		1,872		248,527
Unum Group		39,013		1,543,354
				5,971,007
Interactive Media & Services — 2.3%
Alphabet, Inc., Class A (a) (b)		149,417		15,499,025
Alphabet, Inc., Class C (a) (b)		17,600		1,830,400
IAC, Inc. (a)		22,030		1,136,748
Meta Platforms, Inc., Class A (a) (b)		55,735		11,812,476
Pinterest, Inc., Class A (a)		8,559		233,404
Ziff Davis, Inc. (a)		2,520		196,686
				30,708,739
IT Services — 0.7%
Amdocs, Ltd. (b)		9,969		957,323
BigCommerce Holdings, Inc. (a)		25,913		231,662
Cloudflare, Inc., Class A (a)		99,726		6,149,105
Cognizant Technology Solutions Corp., Class A (b)		4,519		275,343
DXC Technology Co. (a)		33,159		847,544
GoDaddy, Inc., Class A (a) (b)		169		13,135
Grid Dynamics Holdings, Inc. (a)		18,342		210,199
Kyndryl Holdings, Inc. (a)		42,352		625,116
Okta, Inc. (a)		910		78,478
Twilio, Inc., Class A (a) (b)		870		57,968
				9,445,873
Leisure Products — 0.1%
Malibu Boats, Inc., Class A (a) (b)		11,073		625,071
Polaris, Inc. (b)		248		27,436
				652,507
Life Sciences Tools & Services — 1.4%
Avantor, Inc. (a)		8,082		170,853
Bio-Rad Laboratories, Inc., Class A (a)		631		302,262

9

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Illumina, Inc. (a)		5,159	$	1,199,725
Maravai LifeSciences Holdings, Inc., Class A (a)		11,365		159,224
Mettler-Toledo International, Inc. (a)		2,881		4,408,535
Sotera Health Co. (a)		1,464		26,220
Syneos Health, Inc. (a)		36,784		1,310,246
Thermo Fisher Scientific, Inc. (b)		9,397		5,416,149
Waters Corp. (a)		17,312		5,360,315
				18,353,529
Machinery — 0.5%
AGCO Corp. (b)		4,263		576,358
Allison Transmission Holdings, Inc.		48,677		2,202,147
Crane Holdings Co. (b)		2,290		259,915
Enerpac Tool Group Corp. (b)		10,575		269,663
Gates Industrial Corp. plc (a)		41,050		570,184
Kennametal, Inc.		9,428		260,024
Otis Worldwide Corp.		25,075		2,116,330
PACCAR, Inc. (b)		256		18,739
Terex Corp.		8,557		413,988
Xylem, Inc. (b)		1,953		204,479
				6,891,827
Marine Transportation — 0.0%
Kirby Corp. (a)		3,406		237,398
Media — 0.3%
Altice USA, Inc., Class A (a)		391,934		1,340,414
Charter Communications, Inc., Class A (a) (b)		360		128,740
Clear Channel Outdoor Holdings, Inc. (a)		71,145		85,374
Comcast Corp., Class A (b)		24,904		944,111
Integral Ad Science Holding Corp. (a)		69,597		993,149
				3,491,788
Metals & Mining — 0.4%
Cleveland-Cliffs, Inc. (a)		28,559		523,487
Haynes International, Inc.		1,092		54,698
Nucor Corp.		131		20,236
Perpetua Resources Corp. (a)		128,781		573,075
Reliance Steel & Aluminum Co.		2,520		646,985
Royal Gold, Inc.		13,726		1,780,399
Steel Dynamics, Inc.		3,438		388,700
United States Steel Corp.		51,869		1,353,781
				5,341,361
Mortgage Real Estate Investment — 0.0%
Dynex Capital, Inc.		27,222		329,931

10

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Office REITs — 0.2%
Douglas Emmett, Inc.		46,452	$	572,753
Highwoods Properties, Inc. (b)		17,226		399,471
Hudson Pacific Properties, Inc.		39,845		264,969
Kilroy Realty Corp. (b)		20,937		678,359
Orion Office REIT, Inc.		5,701		38,197
Vornado Realty Trust		16,196		248,932
				2,202,681
Oil, Gas & Consumable Fuels — 1.4%
Antero Resources Corp. (a)		14,548		335,913
APA Corp.		26,842		967,923
California Resources Corp.		7,783		299,646
Chesapeake Energy Corp.		6,400		486,656
Chevron Corp. (b)		1,475		240,661
ConocoPhillips (b)		1,517		150,502
Coterra Energy, Inc.		27,472		674,163
CVR Energy, Inc.		19,688		645,373
Delek US Holdings, Inc.		31,970		733,711
EOG Resources, Inc.		5,250		601,807
EQT Corp.		6,710		214,116
Exxon Mobil Corp. (b)		9,623		1,055,258
Marathon Oil Corp.		35,093		840,828
Marathon Petroleum Corp.		8,218		1,108,033
Matador Resources Co.		2,226		106,069
Murphy Oil Corp.		4,157		153,726
Occidental Petroleum Corp.		6,040		377,077
Ovintiv, Inc.		12,717		458,829
PBF Energy, Inc., Class A		24,608		1,067,003
PDC Energy, Inc.		14,002		898,648
Phillips 66		5,123		519,370
Pioneer Natural Resources Co.		888		181,365
Range Resources Corp.		92,778		2,455,834
Southwestern Energy Co. (a)		585,110		2,925,550
Texas Pacific Land Corp.		182		309,586
Valero Energy Corp.		5,849		816,520
				18,624,167
Passenger Airlines — 0.4%
Alaska Air Group, Inc. (a)		6,391		268,166
American Airlines Group, Inc. (a)		14,601		215,365
Delta Air Lines, Inc. (a)		30,920		1,079,726
JetBlue Airways Corp. (a)		26,587		193,553
SkyWest, Inc. (a)		95,333		2,113,533
Southwest Airlines Co. (b)		9,889		321,788
United Airlines Holdings, Inc. (a)		28,246		1,249,886
				5,442,017

11

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Personal Care Products — 0.4%
Coty, Inc., Class A (a) (b)		29,373	$	354,238
Estee Lauder Cos., Inc.(The), Class A		18,764		4,624,576
				4,978,814
Pharmaceuticals — 0.6%
Bristol-Myers Squibb Co. (b)		11,330		785,282
Elanco Animal Health, Inc. (a)		21,407		201,226
Eli Lilly & Co. (b)		2,510		861,984
Intra-Cellular Therapies, Inc. (a)		3,420		185,193
Johnson & Johnson (b)		10,545		1,634,475
Pfizer, Inc. (b)		71,258		2,907,327
Viatris, Inc.		126,105		1,213,130
				7,788,617
Professional Services — 0.8%
Automatic Data Processing, Inc. (b)		28,101		6,256,126
Broadridge Financial Solutions, Inc. (b)		3,199		468,877
Concentrix Corp. (b)		1,490		181,109
Dun & Bradstreet Holdings, Inc.		93,200		1,094,168
Huron Consulting Group, Inc. (a)		2,273		182,681
KBR, Inc. (b)		3,593		197,795
ManpowerGroup, Inc. (b)		8,758		722,798
Paychex, Inc. (b)		1,744		199,845
SS&C Technologies Holdings, Inc. (b)		17,566		991,952
Verra Mobility Corp. (a)		25,632		433,693
				10,729,044
Real Estate Management & Development — 0.0%
Howard Hughes Corp. (The) (a)		2,012		160,960
St. Joe Co. (The)		3,887		161,738
Zillow Group, Inc., Class C (a)		5,316		236,403
				559,101
Semiconductors & Semiconductor Equipment — 1.0%
Advanced Micro Devices, Inc. (a) (b)		5,970		585,120
Ambarella, Inc. (a)		12,434		962,640
Applied Materials, Inc. (b)		6,551		804,659
Broadcom, Inc. (b)		2,186		1,402,407
Impinj, Inc. (a)		1,210		163,979
Intel Corp. (b)		90,239		2,948,108
Lam Research Corp.		2,174		1,152,481
Marvell Technology, Inc.		7,530		326,049
Microchip Technology, Inc.		15,062		1,261,894
NVIDIA Corp. (b)		2,019		560,818
PDF Solutions, Inc. (a)		3,994		169,346
Qorvo, Inc. (a)		6,464		656,549

12

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
QUALCOMM, Inc. (b)		14,181	$	1,809,212
Skyworks Solutions, Inc.		1,740		205,285
Synaptics, Inc. (a)		6,669		741,259
				13,749,806
Software — 3.9%
ACI Worldwide, Inc. (a)		5,017		135,359
Adobe, Inc. (a) (b)		8,992		3,465,247
AppLovin Corp., Class A (a)		54,073		851,650
Aspen Technology, Inc. (a) (b)		1,079		246,951
Autodesk, Inc. (a) (b)		1,294		269,359
Bentley Systems, Inc., Class B		1,819		78,199
Box, Inc., Class A (a)		48,604		1,302,101
Ceridian HCM Holding, Inc. (a)		733		53,670
Clearwater Analytics Holdings, Inc., Class A (a)		9,014		143,863
Crowdstrike Holdings, Inc., Class A (a)		35,922		4,930,654
Datadog, Inc., Class A (a)		96,114		6,983,643
DocuSign, Inc. (a)		9,033		526,624
Dropbox, Inc., Class A (a)		8,660		187,229
Elastic NV (a)		13,211		764,917
Fair Isaac Corp. (a)		1,459		1,025,225
Freshworks, Inc., Class A (a)		91,413		1,404,104
Gen Digital, Inc.		16,059		275,572
Microsoft Corp. (b)		49,037		14,137,367
N-Able, Inc. (a)		42,558		561,766
NCR Corp. (a)		22,866		539,409
New Relic, Inc. (a)		13,497		1,016,189
Olo, Inc., Class A (a)		54,450		444,312
Oracle Corp. (b)		7,808		725,519
Paylocity Holding Corp. (a)		1,509		299,959
Pegasystems, Inc.		9,346		453,094
PowerSchool Holdings, Inc., Class A (a)		9,619		190,649
RingCentral, Inc., Class A (a)		26,216		804,045
Roper Technologies, Inc.		596		262,651
Salesforce, Inc. (a) (b)		17,318		3,459,790
ServiceNow, Inc. (a) (b)		4,055		1,884,440
Smartsheet, Inc., Class A (a)		6,136		293,301
Teradata Corp. (a)		16,054		646,655
Varonis Systems, Inc. (a)		30,407		790,886
VMware, Inc., Class A (a) (b)		730		91,140
Workday, Inc., Class A (a) (b)		6,142		1,268,569
Zoom Video Communications, Inc., Class A (a) (b)		5,286		390,318
				50,904,426
Specialized REITs — 0.3%
American Tower Corp. (b)		10,845		2,216,067
EPR Properties (b)		5,321		202,730
Equinix, Inc.		817		589,090
Lamar Advertising Co., Class A (b)		1,434		143,242
National Storage Affiliates Trust		1,141		47,671
SBA Communications Corp.		539		140,717

13

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Uniti Group, Inc.		29,780	$	105,719
				3,445,236
Specialty Retail — 0.6%
AutoNation, Inc. (a) (b)		9,253		1,243,233
Bath & Body Works, Inc. (b)		14,074		514,827
Best Buy Co., Inc. (b)		1,813		141,904
Burlington Stores, Inc. (a) (b)		2,405		486,051
Chico's FAS, Inc. (a)		220,648		1,213,564
Destination XL Group, Inc. (a)		123,646		681,289
Gap, Inc. (The) (b)		56,773		570,001
Home Depot, Inc. (The) (b)		4,119		1,215,599
Lithia Motors, Inc. (b)		1,144		261,896
Petco Health & Wellness Co., Inc. (a) (b)		5,285		47,565
Ross Stores, Inc. (b)		1,988		210,986
Sally Beauty Holdings, Inc. (a)		11,907		185,511
Sportsman's Warehouse Holdings, Inc. (a)		5,407		45,851
Victoria's Secret & Co. (a) (b)		3,621		123,657
Williams-Sonoma, Inc. (b)		4,242		516,082
				7,458,016
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc. (b)		55,914		9,220,219
Dell Technologies, Inc., Class C		1,073		43,145
Western Digital Corp. (a) (b)		16,440		619,295
Xerox Holdings Corp.		33,803		520,566
				10,403,225
Textiles, Apparel & Luxury Goods — 0.5%
Deckers Outdoor Corp. (a) (b)		859		386,164
NIKE, Inc., Class B (b)		40,946		5,021,617
PVH Corp.		5,597		499,029
Skechers USA, Inc., Class A (a) (b)		9,170		435,758
				6,342,568
Tobacco — 0.5%
Altria Group, Inc. (b)		2,104		93,881
Philip Morris International, Inc. (b)		66,117		6,429,878
				6,523,759
Trading Companies & Distributors — 0.1%
Air Lease Corp. (b)		12,718		500,708
Core & Main, Inc.Class A (a) (b)		6,980		161,238
GMS, Inc. (a) (b)		5,203		301,202
United Rentals, Inc. (b)		692		273,866

14

TIFF Multi-Asset Fund / schedule of investments (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Univar Solutions, Inc. (a) (b)		6,708	$	234,981
				1,471,995
Water Utilities — 0.1%
American Water Works Co., Inc. (b)		1,816		266,026
Artesian Resources Corp., Class A		859		47,554
California Water Service Group		2,539		147,770
Essential Utilities, Inc. (b)		4,775		208,429
York Water Co. (The)		3,096		138,391
				808,170
Wireless Telecommunication Services — 0.1%
T-Mobile US, Inc. (a) (b)		8,254		1,195,509
Total US Common Stocks (Cost $428,261,535)				447,247,979
Foreign Common Stocks — 32.7%
Australia — 0.4%
Mincor Resources NL (a)		174,700		164,074
Newcrest Mining, Ltd.		291,105		5,211,657
				5,375,731
Bermuda — 0.0%
Axis Capital Holdings, Ltd.		5,951		324,448
RenaissanceRe Holdings, Ltd.		511		102,374
				426,822
Brazil — 0.2%
Centrais Eletricas Brasileiras SA		261,102		1,714,424
MercadoLibre, Inc. (a)		251		330,833
				2,045,257
Cameroon, United Republic Of — 0.0%
Golar LNG, Ltd. (a)		11,292		243,907
Canada — 4.8%
ABC Technologies Holdings, Inc.		187,900		832,794
Algoma Steel Group, Inc.		30,770		248,622
Algonquin Power & Utilities Corp. (b)		62,700		526,095
Arena Minerals, Inc. (a)		837,900		390,586
Aris Mining Corp.		227,128		700,794
Artemis Gold, Inc. (a)		301,324		998,839
Atlas Salt, Inc. (a)		167,000		138,394
Bear Creek Mining Corp. (a) (f)		319,151		162,941
Brookfield Corp., Class A		28,878		941,134
Cameco Corp.		40,220		1,052,557

15

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Canadian Pacific Railway, Ltd. (b)		9,312	$	716,465
Canfor Corp. (a) (b)		30,000		482,131
Celestica, Inc. (a) (b)		40,600		523,609
CES Energy Solutions Corp. (b)		145,600		288,722
Collective Mining, Ltd. (a)		16,400		50,359
Critical Elements Lithium Corp. (a)		113,200		213,585
Dundee Corp., Class A (a)		405,126		371,703
Dundee Precious Metals, Inc. (b)		74,100		540,604
Enerplus Corp. (b)		31,000		446,822
Equinox Gold Corp. (a) (f)		499,223		2,563,528
Equinox Gold Corp. (a)		248,604		1,280,311
Exchange Income Corp. (b)		14,300		566,604
FG Acquisition Corp., Class A (a)		32,300		322,354
Filo Mining Corp. (a) (b)		24,100		414,417
Fission Uranium Corp. (a) (f)		1,263,500		635,723
Gildan Activewear, Inc. (b)		5,256		174,447
Global Atomic Corp. (a)		83,100		178,928
goeasy, Ltd. (b)		8,800		621,762
Heliostar Metals, Ltd. (a) (c) (d) (e)		263,400		75,768
IAMGOLD Corp. (a)		468,008		1,268,302
Interfor Corp. (a) (b)		19,800		322,602
International Tower Hill Mines, Ltd. (a)		376,174		225,742
Ivanhoe Electric, Inc. (a)		18,205		221,191
Ivanhoe Mines, Ltd., Class A (a) (f)		134,101		1,211,523
Kinross Gold Corp. (b)		199,300		937,882
Lithium Americas Corp. (a) (b)		17,200		374,162
Lithium Americas Corp. (a) (b)		29,328		638,177
Lithium Ionic Corp. (a)		277,600		476,531
Lumine Group, Inc. (a) (b)		46,400		505,027
Lycos Energy, Inc. (a)		348,838		121,313
Maple Leaf Foods, Inc. (b)		44,400		859,090
MEG Energy Corp. (a)		23,925		384,322
Neo Performance Materials, Inc.		15,700		107,803
NexGen Energy, Ltd. (a) (f)		305,550		1,173,366
Northern Dynasty Minerals, Ltd. (a) (f)		752,336		180,917
Northern Dynasty Minerals, Ltd. – NYSE Shares (a) (f)		338,909		80,931
Novagold Resources, Inc. (a)		164,203		1,021,343
Onex Corp. (b)		12,600		589,026
Open Text Corp. (b)		33,600		1,296,018
Osisko Gold Royalties, Ltd.		10,713		169,480
Osisko Green Acquisition Corp. - 10/19/21(a) (c) (d) (e)		15,000		89,678
Osisko Green Acquisition, Ltd., Class A (a)		61,900		460,300
Osisko Mining, Inc. (a)		116,300		370,026
Pan American Silver Corp. (f)		66,574		1,214,735
Parkit Enterprise, Inc. (a)		454,200		325,989
Pasofino Gold, Ltd. (a)		61,000		26,178
Pet Valu Holdings, Ltd. (b)		25,900		721,329
Precision Drilling Corp. (a) (b)		17,400		894,140
Quebecor, Inc., Class B (b)		27,300		674,875
Ritchie Bros Auctioneers, Inc. (b)		234		13,172
Rogers Communications, Inc., Class B (b)		20,000		926,970
Sabina Gold & Silver Corp. (a)		419,601		636,465
Sandstorm Gold, Ltd. (f)		33,027		191,887

16

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Seabridge Gold, Inc. (a) (f)		101,511	$	1,310,667
Seabridge Gold, Inc. – NYSE Shares (a) (f)		45,036		583,216
Shaw Communications, Inc., Class B (b)		119,300		3,569,731
ShawCor, Ltd. (a) (b)		23,300		214,467
Shopify, Inc., Class A (a)		175,991		8,437,009
Shopify, Inc., Class A (a) (b)		8,800		421,931
Solaris Resources, Inc. (a) (b)		187,600		909,197
Solaris Resources, Inc. – Reg S shares (a) (c) (g)		16,600		80,451
Somerset Energy Partners Corp. - 4/1/20(a) (c) (d) (e)		130,200		28,901
Spartan Delta Corp. (b)		29,400		306,726
Spin Master Corp. (b) (h)		28,100		781,145
Sprott Physical Uranium Trust (a)		218,442		2,553,743
Sprott, Inc. (f)		15,232		556,647
Sprott, Inc.		13,064		475,791
Stelco Holdings, Inc. (b)		8,700		336,928
Sucro Holdings LLC - 4/25/22(a) (c) (d) (e)		9,570		107,986
Taseko Mines, Ltd. (a)		151,740		251,888
Teck Resources, Ltd., Class B (b)		23,600		861,754
TransAlta Corp. (b)		31,000		271,121
Trican Well Service, Ltd. (b)		142,600		324,978
Triple Flag Precious Metals Corp. (b)		40,600		604,719
Western Copper & Gold Corp. (a) (f)		113,792		207,124
Wheaton Precious Metals Corp.		65,477		3,153,372
WSP Global, Inc. (b)		11,449		1,499,679
				63,020,261
Cayman Islands — 0.0%
Changgang Dunxin Enterprise Co., Ltd. (a) (c) (d)		4,640,000		—
China — 9.5%
Agora, Inc. - ADR (a)		1,700		6,154
Baidu, Inc. - SPADR (a) (b)		4,264		643,523
Beijing New Building Materials plc, Class A		736,951		2,880,773
Bilibili, Inc., Class Z (a)		198,060		4,649,703
Bilibili, Inc. - SPADR (a)		135,000		3,172,500
CGN Power Co., Ltd., Class H (h)		9,744,000		2,337,670
China Communications Services Corp., Ltd., Class H		2,326,000		1,148,388
China Merchants Bank Co., Ltd., Class A		714,000		3,551,216
China Pacific Insurance Group Co., Ltd., Class A		1,000,044		3,764,928
DiDi Global, Inc. - ADR (a)		113,100		429,780
Dongguan Yiheda Automation Co., Ltd., Class A		27,045		207,985
Eve Energy Co., Ltd., Class A		190,199		1,934,727
Full Truck Alliance Co., Ltd. - SPADR (a) (f)		260,600		1,983,166
Guangshen Railway Co., Ltd., Class H (a) (f)		3,456,000		636,093
Haier Smart Home Co., Ltd., Class A		1,048,100		3,452,834
Hangzhou SF Intra-City Industrial Co., Ltd., Class H (a) (h)		90,544		131,495
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		625,000		2,645,538
iQIYI, Inc. - ADR (a)		136,400		992,992
JD Logistics, Inc. (a) (h)		395,400		715,623
JD.com, Inc. - ADR (b)		14,493		636,098
Jiangsu Eastern Shenghong Co., Ltd., Class A		634,886		1,257,281
Jiangsu Hengli Hydraulic Co., Ltd., Class A		150,000		1,442,952

17

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Jingjin Equipment, Inc., Class A		174,600	$	712,706
KE Holdings, Inc. - ADR (a)		617,000		11,624,280
Kweichow Moutai Co., Ltd., Class A		15,100		3,991,592
Luxshare Precision Industry Co., Ltd., Class A		950,000		4,199,542
Meituan, Class B (a) (h)		131,604		2,390,405
Midea Group Co., Ltd., Class A		580,483		4,558,211
Milkyway Chemical Supply Chain Service Co., Ltd., Class A		119,000		1,904,711
Nantong Jianghai Capacitor Co., Ltd., Class A		425,002		1,358,444
New Oriental Education & Technology Group, Inc. - SPADR (a)		30,100		1,162,161
Ninestar Corp., Class A		250,059		1,634,310
PDD Holdings, Inc. - ADR (a) (b)		93,856		7,123,670
Sany Heavy Industry Co., Ltd., Class A		677,975		1,690,975
Satellite Chemical Co., Ltd., Class A		1,700,408		3,964,488
SG Micro Corp., Class A		63,994		1,451,382
Shandong Hualu Hengsheng Chemical Co., Ltd., Class A		398,000		2,044,211
Shanghai Electric Group Co., Ltd., Class H (a)		2,464,000		615,251
Shenzhen Dynanonic Co., Ltd., Class A		25,000		691,264
Shenzhen Inovance Technology Co., Ltd., Class A		206,969		2,120,953
Shenzhou International Group Holdings, Ltd.		135,800		1,418,180
Sinoma Science & Technology Co., Ltd., Class A		200,076		704,682
Sinopec Engineering Group Co., Ltd., Class H		628,000		313,248
Suzhou Maxwell Technologies Co., Ltd., Class A		16,264		723,271
TAL Education Group - ADR (a)		301,600		1,933,256
TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A		500,074		3,531,830
Tencent Holdings, Ltd.		241,100		11,780,953
Wanhua Chemical Group Co., Ltd., Class A		375,015		5,227,799
Xianhe Co., Ltd., Class A		213,876		789,356
Yunnan Energy New Material Co., Ltd., Class A		210,033		3,499,436
Zhejiang Jiemei Electronic & Technology Co., Ltd., Class A		174,559		729,142
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A		174,943		1,667,448
Zhejiang Shuanghuan Driveline Co., Ltd., Class A		341,954		1,319,529
				125,498,105
Colombia — 0.1%
Ecopetrol SA - SPADR		88,557		935,162
Denmark — 2.0%
Ambu A/S, Class B (a) (b)		7,535		113,149
Ascendis Pharma A/S - ADR (a)		1,291		138,421
Coloplast A/S, Class B		27,390		3,605,151
H Lundbeck A/S (b)		1,361,280		6,307,232
Novo Nordisk A/S, Class B (b)		81,611		12,951,061
Novozymes A/S, Shares - B (b)		55,806		2,858,555
				25,973,569
Finland — 0.4%
Nanoform Finland plc (a)		494,941		859,775
Nordea Bank Abp (b)		292,407		3,124,241
Sampo Oyj, Shares - A (b)		39,170		1,847,713
				5,831,729

18

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
France — 1.1%
Carrefour SA		15,733	$	318,055
Constellium SE (a)		26,744		408,648
L'Oreal SA		16,479		7,372,736
LVMH Moet Hennessy Louis Vuitton SE		7,160		6,561,838
				14,661,277
Hong Kong — 0.5%
CECEP COSTIN New Materials Group, Ltd. (a) (c) (d)		1,736,000		—
CK Hutchison Holdings, Ltd.		287,000		1,782,110
First Pacific Co., Ltd.		1,796,000		578,595
Hi Sun Technology China, Ltd. (a) (f)		3,540,000		357,041
Hua Han Health Industry Holdings, Ltd. (a) (c) (d)		6,984,000		—
Luks Group Vietnam Holdings Co., Ltd.		1,682,000		231,412
Shangri-La Asia, Ltd. (a)		159,780		150,496
Sino Biopharmaceutical, Ltd.		4,019,916		2,247,214
Super Hi International Holding, Ltd. (a) (f)		201,627		509,599
WH Group, Ltd. (h)		1,287,500		765,248
				6,621,715
Ireland — 0.2%
Accenture plc, Class A (b)		2,395		684,515
AerCap Holdings NV (a)		6,072		341,429
Medtronic plc (b)		12,604		1,016,134
				2,042,078
Israel — 0.1%
CyberArk Software, Ltd. (a)		1,286		190,302
Global-e Online, Ltd. (a)		8,980		289,425
JFrog, Ltd. (a)		11,145		219,557
NEOGAMES SA (a)		3,375		51,300
Nice Ltd. - SPADR (a)		985		225,457
Playtika Holding Corp. (a)		80,828		910,123
				1,886,164
Japan — 6.8%
Amano Corp.		213,400		4,028,863
Azbil Corp. (f)		41,300		1,129,911
BML, Inc.		135,600		3,162,582
Bunka Shutter Co., Ltd. (f)		195,600		1,635,329
DTS Corp. (f)		35,900		874,889
Ezaki Glico Co., Ltd.		140,200		3,527,563
Fukuda Corp.		11,200		393,088
Fukuda Denshi Co., Ltd. (f)		12,200		392,691
Fukushima Galilei Co., Ltd. (f)		26,100		943,043
H.U. Group Holdings, Inc. (f)		137,200		2,758,946
Hakuhodo DY Holdings, Inc. (f)		356,100		4,035,611
Hitachi, Ltd.		98,000		5,386,768
Hogy Medical Co., Ltd. (f)		131,300		3,149,770

19

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Icom, Inc. (f)		14,100	$	268,698
Inpex Corp.		50,400		536,259
Japan Petroleum Exploration Co., Ltd. (f)		20,500		690,717
Kamigumi Co., Ltd.		40,400		848,107
Kato Sangyo Co., Ltd.		14,700		390,234
KYORIN Holdings, Inc. (f)		84,800		1,091,619
Medipal Holdings Corp.		41,100		559,821
Mitsubishi Corp.		33,700		1,211,588
Mitsubishi Estate Co., Ltd. (f)		262,600		3,135,163
Mitsui & Co., Ltd.		29,000		903,783
Mitsui Fudosan Co., Ltd.		170,600		3,206,015
Morinaga & Co., Ltd. (f)		140,500		3,980,932
Nintendo Co., Ltd.		64,300		2,492,620
Nippon Densetsu Kogyo Co., Ltd. (f)		9,400		112,596
Nohmi Bosai, Ltd.		43,600		557,358
Noritz Corp.		75,000		985,860
OKUMA Corp. (f)		94,200		4,220,525
Raito Kogyo Co., Ltd.		57,600		847,965
Ryosan Co., Ltd. (f)		9,600		238,274
Secom Co., Ltd.		65,800		4,050,019
Sekisui Jushi Corp.		2,300		36,164
Seven Bank, Ltd. (a) (f)		1,668,100		3,336,092
Shibuya Corp.		29,300		553,654
Sinko Industries, Ltd.		67,700		845,813
SK Kaken Co., Ltd.		8,000		2,413,105
Sumitomo Warehouse Co., Ltd. (The) (f)		291,700		4,794,043
Suzuken Co., Ltd.		51,700		1,305,747
Tachi-S Co., Ltd.		21,700		197,057
Takeuchi Manufacturing Co., Ltd.		172,300		3,823,841
TKC Corp. (f)		18,200		505,033
Toei Co., Ltd. (f)		33,800		4,380,982
Toho Holdings Co., Ltd. (f)		42,000		744,543
Topcon Corp.		58,800		795,003
TV Asahi Holdings Corp.		257,700		2,936,786
West Japan Railway Co.		22,000		906,299
				89,321,369
Kazakhstan — 0.3%
Halyk Savings Bank of Kazakhstan JSC - GDR (g)		100,459		1,163,450
NAC Kazatomprom JSC - GDR (g)		29,920		882,542
NAC Kazatomprom JSC - GDR, 144A Shares (h)		73,742		2,175,389
				4,221,381
Lebanon — 0.0%
Solidere - ADR (a) (c) (d) (g)		38,451		506,688
Malaysia — 0.0%
Genting Plantations Bhd		19,400		25,996
Oriental Holdings BHD		198,500		298,498
				324,494

20

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Malta — 0.5%
Kambi Group plc (a)		345,412	$	6,174,661
Mexico — 0.1%
Controladora Vuela Cia de Aviacion SAB de CV - ADR (a)		47,617		592,355
Netherlands — 0.1%
NXP Semiconductors NV		4,071		759,140
Puerto Rico — 0.1%
EVERTEC, Inc.		19,168		646,920
Popular, Inc.		5,263		302,149
				949,069
Russia — 0.0%
Etalon Group plc - GDR (a) (g) (c) (d)		599,848		—
Etalon Group plc - GDR - LSE Shares (a) (g) (c) (d)		84,223		—
Federal Grid Co. Unified Energy System PJSC (a) (c) (d)		1,019,443,892		—
Gazprom PJSC (c) (d)		1,409,587		—
Lenta International Co. PJSC - GDR (a) (c) (d)		351,208		—
LSR Group PJSC (a) (c) (d)		96,020		—
Moscow Exchange MICEX-RTS PJSC (a) (c) (d)		798,487		—
Polyus PJSC - GDR (a) (g) (c) (d)		34,231		—
RusHydro PJSC (c) (d)		354,557,380		—
Sberbank of Russia PJSC (a) (c) (d)		688,194		—
VTB Bank PJSC (a) (c) (d)		2,650,300,990		—
				—
Singapore — 0.3%
First Resources, Ltd.		1,008,300		1,196,164
Golden Agri-Resources, Ltd.		13,266,900		2,847,588
Sea, Ltd. - ADR (a) (b)		648		56,085
Yoma Strategic Holdings, Ltd. (a) (f)		3,695,700		295,281
				4,395,118
South Africa — 0.3%
Gold Fields, Ltd.		95,184		1,264,002
Harmony Gold Mining Co., Ltd. - SPADR		401,048		1,644,297
Impala Platinum Holdings, Ltd. (f)		151,981		1,397,890
				4,306,189
South Korea — 1.2%
DL E&C Co., Ltd.		13,338		333,642
GS Holdings Corp.		12,781		398,190
Hana Financial Group, Inc.		22,012		692,181
Hankook & Company		75,241		692,810
Hyundai Department Store Co., Ltd.		33,760		1,423,402
Korea Electric Power Corp. (a)		87,318		1,208,420

21

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Korea Electric Power Corp. - SPADR (f)		106,105	$	736,369
Korean Reinsurance Co.		87,480		489,282
KT Corp.		25,954		588,421
KT Corp. - SPADR (f)		360,961		4,093,298
LG Corp.		25,823		1,646,290
LG Uplus Corp.		303,587		2,532,540
Lotte Chemical Corp.		3,838		563,138
LX Holdings Corp.		25,711		168,957
Magnachip Semiconductor Corp. (a)		23,889		221,690
PHA Co. Ltd.		23,013		133,917
				15,922,547
Spain — 0.2%
Amadeus IT Group SA (a)		45,988		3,079,203
Sri Lanka — 0.0%
Hemas Holdings plc		1,337,560		267,092
Sweden — 1.8%
Alleima AB (a) (b)		1		5
Atlas Copco AB, Shares - B (b)		182,253		2,095,546
Boule Diagnostics AB		180,978		203,229
Elanders AB, Shares - B (b)		53,953		839,121
Electrolux Professional AB, Class B (b)		209,773		1,098,090
Fortnox AB (b)		367,379		2,520,681
Greater Than AB (a)		235,318		1,351,498
Infant Bacterial Therapeutics AB (a)		51,471		233,960
Investor AB, Shares - B (b)		216,003		4,303,000
Nibe Industrier AB, Shares - B (b)		77,241		880,846
Nolato AB, Shares - B (b)		130,147		659,992
Skandinaviska Enskilda Banken AB, Class A (a) (b)		415,538		4,582,811
Spotify Technology SA (a) (b)		1,962		262,163
Viaplay Group AB (a) (b)		193,394		4,937,007
				23,967,949
Taiwan — 0.1%
Taiwan Semiconductor Manufacturing Co., Ltd. - SPADR (b)		7,525		699,975
Thailand — 0.1%
Kasikornbank PCL		147,900		574,532
Ukraine — 0.1%
Astarta Holding plc (a)		45,135		252,349
Kernel Holding SA (a)		106,030		453,906
MHP SE - GDR - OTC Shares (a)		236,097		774,509
				1,480,764
United Kingdom — 1.4%
Atlassian Corp., Class A (a)		43,617		7,465,922

22

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Clarivate plc (a) (b)		98,015	$	920,361
Diageo plc		88,637		3,955,903
Gabriel Resources, Ltd. (a) (f)		1,962,000		420,999
Janus Henderson Group plc		7,795		207,659
Liberty Global plc, Class C (a)		113,669		2,316,574
Unilever plc		41,945		2,173,079
Yellow Cake plc (a) (h)		253,896		1,159,399
				18,619,896
Uruguay — 0.0%
Dlocal, Ltd./Uruguay (a)		15,264		247,582
Total Foreign Common Stocks (Cost $456,284,273)				430,971,781
Total Common Stocks   (Cost $884,545,808)				878,219,760

	Principal Amount		Value
Participation Notes — 0.1%
UBS AG, Nanjing Bestway Intelligent Control Technology Co., Ltd., Equity Linked Notes, Expiring 12/06/23 (China) (a) (c)	$	63,453	$	771,296
UBS AG, TKD Science and Technology Co., Ltd., Equity Linked Notes, Expiring 02/08/24 (China) (a) (c)		300,081		1,165,066
Total Participation Notes   (Cost $1,674,015)				1,936,362

	Number of Contracts		Value
Right — 0.0%
Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c)   (Cost $77,784)		367,492	$	202,121
Warrants — 0.0%
Alpha Lithium Corp., Expiring 12/10/23 (Canada) (a) (c)		32,800		1,448
American Lithium Corp., Expiring 11/03/23 (Canada) (a) (c)		27,900		9,946
American Pacific Mining Corp., Expiring 12/13/23 (Canada) (a) (c)		30,550		12
Aretto Wellness, Inc., Expiring 03/05/24 (Canada) (a)		5,197		38
Ascot Resources, Ltd., Expiring 03/08/24 (Canada) (a) (c)		63,350		5,480
Atlas Salt, Inc., Expiring 01/16/25 (Canada) (a) (c)		137,250		41,290
BIGG Digital Assets, Inc., Expiring 04/16/23 (Canada) (a) (c)		34,150		—
Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (c)		7,900		436
Century Lithium Corp., Expiring 02/04/24 (Canada) (a) (c)		37,100		330
Century Lithium Corp., Expiring 03/22/24 (Canada) (a) (c)		63,100		3,065
Critical Elements Lithium Corp., Expiring 12/03/23 (Canada) (a) (c)		26,350		9,513
EBET, Inc., Expiring 08/02/28 (United States) (a) (c)		8,000		2,166
Encore Energy Corp., Expiring 02/08/26 (Canada) (a) (c)		49,400		43,937
Esports Technologies, Inc., Expiring 11/30/26 (United States) (a) (c) (e)		30,162		6,537
FG Acquisition Corp., Expiring 04/05/30 (Canada) (a)		16,150		18,573
Givex Corp., Expiring 11/25/23 (Canada) (a) (c)		30,000		1,453
Global Atomic Corp., Expiring 09/17/24 (Canada) (a) (c)		61,100		22,565

23

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Contracts		Value
Gold Mountain Mining Corp., Expiring 06/24/23 (Canada) (a) (c)		13,950	$	—
Gryphon Digital Mining, Inc., Expiring 06/30/24 (United States) (a) (c) (d) (e)		10,298		152
Hive Blockchain Technologies, Ltd., Expiring 05/30/24 (Canada) (a)		20,100		2,454
I-80 Gold Corp., Expiring 03/28/24 (Canada) (a) (c)		95,000		47,009
Nevada Copper Corp., Expiring 05/29/23 (Canada) (a)		73,900		273
Organigram Holdings, Inc., Expiring 11/12/23 (Canada) (a) (c)		45,000		270
Osisko Green Acquisition Ltd., Expiring 09/07/26 (Canada) (a) (c) (d) (e)		33,552		2,185
Osisko Green Acquisition, Ltd., Expiring 09/08/29 (Canada) (a)		30,000		2,442
Rambler Metals & Mining plc, Expiring 01/13/26 (United Kingdom) (a) (c)		9,834		—
Revive Therapeutics, Ltd., Expiring 02/12/24 (Canada) (a) (c)		85,700		134
Royal Helium, Ltd., Expiring 06/08/23 (Canada) (a)		291,500		4,314
Royal Helium, Ltd., Expiring 01/10/26 (Canada) (a) (c) (e)		1,538,400		210,388
Saturn Oil & Gas, Inc., Expiring 06/04/23 (Canada) (a)		404,100		1,495
Somerset Energy Partners Corp., Expiring 04/08/24 (Canada) (a) (c) (d) (e)		130,200		841
Sun Summit Minerals Corp., Expiring 07/29/23 (Canada) (a) (c)		30,550		—
Swiftmerge Acquisition Corp., Expiring 12/15/26 (United States) (a) (c) (e)		9,258		1,131
The Valens Co., Inc., Expiring 01/29/24 (Canada) (a) (c)		43,100		—
The Valens Co., Inc., Expiring 06/01/24 (Canada) (a) (c)		37,950		—
Trillion Energy International, Inc., Expiring 06/29/25 (Canada) (a)		805,000		125,083
Ur-Energy, Inc., Expiring 02/21/26 (Canada) (a) (c)		50,000		13,382
Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (c)		75,000		3,412
Total Warrants   (Cost $262,038)				581,754

	Principal Amount		Value
Corporate Bonds — 0.2%
Banks — 0.1%
Bank of Nova Scotia (The) VRN, 8.625%, 10/27/82 (Canada)	$	803,000	$	817,339
Toronto-Dominion Bank (The) VRN, 8.125%, 10/31/82 (Canada)(b)		540,000		548,100
				1,365,439
Diversified Telecommunication Services — 0.1%
Rogers Communications, Inc., 4.550%, 03/15/52 (Canada)(b) (h)		751,000		617,207
Oil, Gas & Consumable Fuels — 0.0%
Royal Helium, Ltd., 14.000%, 12/31/25 (Canada)(c) (e)		400,000		398,431
Total Corporate Bonds   (Cost $2,220,421)				2,381,077
Convertible Bonds — 0.0%
Health Care Equipment & Supplies — 0.0%
Synaptive Medical, Inc. - 12/16/19, 10.000%, 10/31/24 (c) (d) (e)   (Cost $120,000)		120,000		120,000
US Treasury Bonds/Notes — 5.1%
US Treasury Bond, 3.000%, 08/15/52		1,000		874
US Treasury Note, 2.750%, 07/31/27		2,450,000		2,357,072

24

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

		Principal Amount		Value
US Treasury Note, 3.625%, 03/31/28	$	960,000	$	960,675
US Treasury Note, 2.500%, 05/15/24		1,721,000		1,683,017
US Treasury Note, 0.250%, 06/15/24		2,000,000		1,901,406
US Treasury Note, 2.000%, 06/30/24		2,603,000		2,524,808
US Treasury Note, 0.375%, 09/15/24		4,994,000		4,716,599
US Treasury Note, 1.500%, 09/30/24 (f)		4,264,000		4,089,609
US Treasury Note, 4.500%, 11/30/24		6,817,000		6,841,232
US Treasury Note, 1.500%, 02/15/25		1,435,000		1,366,389
US Treasury Note, 2.125%, 05/15/25 (f)		2,070,000		1,988,736
US Treasury Note, 0.250%, 05/31/25		1,746,000		1,610,208
US Treasury Note, 2.250%, 11/15/25 (f)		1,907,000		1,827,964
US Treasury Note, 0.375%, 11/30/25		2,022,900		1,843,842
US Treasury Note, 0.375%, 01/31/26		1,523,000		1,381,528
US Treasury Note, 0.500%, 02/28/26		1,648,000		1,496,719
US Treasury Note, 0.875%, 06/30/26		2,015,000		1,835,775
US Treasury Note, 1.125%, 10/31/26		2,487,000		2,266,376
US Treasury Note, 1.250%, 12/31/26		2,509,000		2,289,854
US Treasury Note, 1.500%, 01/31/27		2,489,000		2,289,297
US Treasury Note, 1.875%, 02/28/27		2,249,000		2,096,577
US Treasury Note, 0.500%, 08/31/27		2,400,000		2,089,594
US Treasury Note, 4.125%, 09/30/27		892,000		907,889
US Treasury Note, 0.625%, 11/30/27		2,799,000		2,436,333
US Treasury Note, 2.750%, 08/15/32		14,699,000		13,819,357
Total US Treasury Bonds/Notes   (Cost $67,312,670)				66,621,730

	Number of Shares		Value
Acquired Funds — 17.3%
Exchange-Traded Funds (ETFs) — 4.3%
Energy Select Sector SPDR Fund	111,582	$	9,242,337
Financial Select Sector SPDR Fund (f)	611,610		19,663,262
Technology Select Sector SPDR Fund (f)	71,149		10,744,211
Vanguard Financials ETF	213,451		16,625,698
			56,275,508
Private Investment Funds (i) — 13.0%
Bellus Ventures II LP (a) (c) (d) (e)	166,398		27,587,169
Eversept Global Healthcare Fund LP (a) (c) (d) (e)			34,845,575
Farallon Capital Institutional Partners LP (a) (c) (d) (e)			938,531
Helikon Long Short Equity Fund ICAV (a) (c) (d) (e)	7,919		21,164,216
Honeycomb Partners LP (a) (c) (d) (e)			27,793,754
Neo Ivy Capital Fund LP (a) (c) (d) (e)			9,657,363
Northwest Feilong Fund, Ltd. (a) (c) (d) (e)	7,235		18,319,440
QVT Roviant LP (a) (c) (d) (e)	2,324		4,905,378
Voloridge Fund LP (a) (c) (d) (e)			25,888,111
			171,099,537
Total Acquired Funds   (Cost $191,301,939)			227,375,045

25

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares		Value
Preferred Stocks — 0.4%
Draegerwerk AG & Co. KGaA, 0.45% (Germany)	15,926	$	731,578
Esports Technology, Inc., 14.00% (United States) (c) (d) (e)	563,000		563,000
Hyundai Motor Co., Ltd., 7.41% (South Korea)	23,467		1,735,172
Hyundai Motor Co., Ltd., 7.47% (South Korea)	7,811		568,425
Petroleo Brasileiro SA, 44.87% (Brazil)	315,200		1,458,324
Sabre Corp., 6.50% (United States) (a)	2,100		131,670
Synaptive Medical, Inc., Class B, 0.00% (Canada) (c) (d) (e)	74,285		185,712
Total Preferred Stocks   (Cost $5,116,201)			5,373,881

	Number of Contracts		Value
Purchased Option Contracts — 0.1%
Puts — 0.1%
AAK AB, Notional Amount $6,069,000, Strike Price $170 Expiring 06/16/2023 (Sweden)		357	$	4,127
Call EUR vs. Put JPY, Notional Amount $100,640,000, Strike Price $136 Expiring 09/05/2024 (Germany)		74,000,000		374,685
Call EUR vs. Put JPY, Notional Amount $100,640,000, Strike Price $136 Expiring 09/06/2024 (Germany)		74,000,000		375,303
Call EUR vs. Put JPY, Notional Amount $148,240,000, Strike Price $136 Expiring 08/29/2023 (Germany)		109,000,000		185,283
Call EUR vs. Put JPY, Notional Amount $148,240,000, Strike Price $136 Expiring 08/30/2023 (Germany)		109,000,000		183,498
Industrivarden AB, Notional Amount $275,520,000, Strike Price $240 Expiring 06/16/2023 (Sweden)		1,148		28,758
iShares S&P/TSX 60 Index ETF, Notional Amount $2,572,300, Strike Price $29 Expiring 07/21/2023 (Canada)		887		22,316
Sandvik AB, Notional Amount $13,243,000, Strike Price $190 Expiring 04/21/2023 (Sweden)		697		672
Skanska AB, Notional Amount $16,983,000, Strike Price $170 Expiring 06/16/2023 (Sweden)		999		134,753
Stora Enso Oyj, Notional Amount $14,885,000, Strike Price $130 Expiring 06/16/2023 (Sweden)		1,145		47,988
Trelleborg AB, Notional Amount $37,776,000, Strike Price $240 Expiring 06/16/2023 (Sweden)		1,574		17,440
Total Puts (Cost $2,316,269)				1,374,823
Total Purchased Option Contracts   (Cost $2,316,269)				1,374,823

26

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Units		Value
Disputed Claims Receipt — 0.0%
AMR Corp.    (Cost $0) (c) (d) (e)		260,322	$	—

	Principal Amount		Value
Short-Term Investments — 17.2%
Repurchase Agreement — 11.7%
Fixed Income Clearing Corp. 1.440%, issued on 03/31/23 (proceeds at maturity $154,032,667) (collateralized by US Treasury Note, due 10/31/24 with a total par value of $154,865,700 and a total market value of $154,800,228; US Treasury Inflation Indexed Notes, due 07/15/24 with a total par value of $1,858,500 and a total market value of $2,294,283), 1.440%, 04/03/23       (Cost $154,014,185)	$	154,014,185	$	154,014,185
Unaffiliated Investment Company — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.840%,(j) (k)   (Cost $12,391,942)		12,391,942		12,391,942
US Treasury Bills — 4.6%
US Treasury Bills, 4.631%, 06/22/23 (j)		50,569,000		50,050,462
US Treasury Bills, 3.176%, 07/13/23 (j)		3,267,300		3,224,363
US Treasury Bills, 4.998%, 08/17/23 (j)		7,007,000		6,882,759
Total US Treasury Bills (Cost $60,165,590)				60,157,584
Total Short-Term Investments (Cost $226,571,717)				226,563,711
Total Investments — 107.1% (Cost $1,381,518,862)				1,410,750,264
Liabilities in Excess of Other Assets — (7.1)%				(93,366,631	)
Net Assets — 100.0%			$	1,317,383,633

27

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Securities Sold Short — (11.5)%
Common Stocks — (11.5)%
US Common Stocks — (7.2)%
Aerospace & Defense — (0.0)%
Axon Enterprise, Inc. (a)		(2,564	)	$	(576,516	)
Automobile Components — (0.0)%
Fox Factory Holding Corp. (a)		(3,762	)		(456,594	)
LCI Industries		(1,011	)		(111,079	)
					(567,673	)
Automobiles — (0.1)%
Ford Motor Co.		(3,044	)		(38,353	)
Harley-Davidson, Inc.		(13,508	)		(512,899	)
Rivian Automotive, Inc., Class A (a)		(8,924	)		(138,144	)
Tesla, Inc. (a)		(2,552	)		(529,438	)
Winnebago Industries, Inc.		(2,391	)		(137,961	)
					(1,356,795	)
Banks — (0.0)%
Commerce Bancshares, Inc.		(2,058	)		(120,085	)
First Financial Bankshares, Inc.		(10,017	)		(319,542	)
					(439,627	)
Beverages — (0.1)%
Boston Beer Co., Inc. (The), Class A (a)		(1,019	)		(334,945	)
Celsius Holdings, Inc. (a)		(5,767	)		(535,985	)
					(870,930	)
Biotechnology — (0.2)%
Alnylam Pharmaceuticals, Inc. (a)		(3,031	)		(607,170	)
Mirati Therapeutics, Inc. (a)		(7,937	)		(295,098	)
Moderna, Inc. (a)		(1,133	)		(174,006	)
Natera, Inc. (a)		(4,416	)		(245,176	)
Twist Bioscience Corp. (a)		(54,063	)		(815,270	)
					(2,136,720	)

28

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Broadline Retail — (0.1)%
Etsy, Inc. (a)		(8,092	)	$	(900,882	)
Kohl's Corp.		(29,550	)		(695,607	)
					(1,596,489	)
Building Products — (0.0)%
Advanced Drainage Systems, Inc.		(380	)		(31,999	)
AZEK Co., Inc. (The) (a)		(11,464	)		(269,863	)
					(301,862	)
Chemicals — (0.0)%
Ginkgo Bioworks Holdings, Inc. (a)		(41,013	)		(54,548	)
HB Fuller Co.		(56	)		(3,833	)
Perimeter Solutions SA (Luxembourg) (a)		(35,153	)		(284,036	)
Scotts Miracle-Gro Co. (The)		(661	)		(46,098	)
					(388,515	)
Commercial Services & Supplies — (0.1)%
Aris Water Solution, Inc., Class A		(22,274	)		(173,515	)
Brady Corp., Class A		(3,448	)		(185,261	)
Casella Waste Systems, Inc., Class A (a)		(1,198	)		(99,027	)
Driven Brands Holdings, Inc. (a)		(241	)		(7,305	)
HNI Corp.		(10,148	)		(282,520	)
Montrose Environmental Group, Inc. (a)		(2,635	)		(93,990	)
					(841,618	)
Communications Equipment — (0.1)%
Calix, Inc. (a)		(9,286	)		(497,636	)
F5, Inc. (a)		(1,024	)		(149,187	)
Viasat, Inc. (a)		(4,268	)		(144,429	)
					(791,252	)
Construction & Engineering — (0.1)%
Dycom Industries, Inc. (a)		(11,336	)		(1,061,617	)
Quanta Services, Inc.		(605	)		(100,817	)
					(1,162,434	)
Consumer Finance — (0.0)%
FirstCash Holdings, Inc.		(2,547	)		(242,908	)
NerdWallet, Inc., Class A (a)		(19,763	)		(319,765	)
					(562,673	)

29

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Consumer Staples Distribution & Retail — (0.2)%
Grocery Outlet Holding Corp. (a)		(51,056	)	$	(1,442,843	)
Sprouts Farmers Market, Inc. (a)		(19,727	)		(691,037	)
United Natural Foods, Inc. (a)		(18,172	)		(478,832	)
Weis Markets, Inc.		(4,730	)		(400,489	)
					(3,013,201	)
Containers & Packaging — (0.0)%
Ball Corp.		(1,963	)		(108,181	)
Distributors — (0.0)%
Pool Corp.		(363	)		(124,306	)
Diversified Consumer Services — (0.1)%
Duolingo, Inc. (a)		(6,483	)		(924,410	)
Perdoceo Education Corp. (a)		(5,795	)		(77,827	)
Service Corp. International		(1,493	)		(102,689	)
					(1,104,926	)
Diversified Telecommunication Services — (0.2)%
Cogent Communications Holdings, Inc.		(9,640	)		(614,262	)
Frontier Communications Parent, Inc. (a)		(37,607	)		(856,311	)
Iridium Communications, Inc.		(2,936	)		(181,826	)
Lumen Technologies, Inc.		(132,853	)		(352,060	)
					(2,004,459	)
Electric Utilities — (0.0)%
NextEra Energy, Inc.		(3,647	)		(281,111	)
Otter Tail Corp.		(2,894	)		(209,149	)
					(490,260	)
Electrical Equipment — (0.4)%
Array Technologies, Inc. (a)		(40,266	)		(881,020	)
Atkore, Inc. (a)		(4,468	)		(627,665	)
Bloom Energy Corp., Class A (a)		(38,888	)		(775,038	)
ChargePoint Holdings, Inc. (a)		(1,357	)		(14,208	)
Encore Wire Corp.		(5,689	)		(1,054,342	)
Plug Power, Inc. (a)		(51,320	)		(601,470	)
Sunrun, Inc. (a)		(28,990	)		(584,149	)
TPI Composites, Inc. (a)		(76,439	)		(997,529	)
					(5,535,421	)
Electronic Equipment, Instruments & Components — (0.2)%
Badger Meter, Inc.		(5,827	)		(709,845	)
IPG Photonics Corp. (a)		(6,067	)		(748,122	)

30

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Novanta, Inc. (a)		(3,446	)	$	(548,224	)
					(2,006,191	)
Entertainment — (0.2)%
ROBLOX Corp., Class A (a)		(18,129	)		(815,443	)
Roku, Inc. (a)		(20,203	)		(1,329,761	)
World Wrestling Entertainment, Inc., Class A		(8,978	)		(819,332	)
					(2,964,536	)
Financial Services — (0.3)%
Affirm Holdings, Inc. (a)		(159,713	)		(1,799,965	)
Block, Inc. (a)		(2,075	)		(142,449	)
MoneyGram International, Inc. (a)		(22,136	)		(230,657	)
Shift4 Payments, Inc., Class A (a)		(7,287	)		(552,355	)
Toast, Inc., Class A (a)		(68,760	)		(1,220,490	)
Western Union Co. (The)		(4,640	)		(51,736	)
					(3,997,652	)
Food Products — (0.2)%
Cal-Maine Foods, Inc.		(12,155	)		(740,117	)
Flowers Foods, Inc.		(9,221	)		(252,748	)
Freshpet, Inc. (a)		(13,225	)		(875,363	)
J M Smucker Co. (The)		(17	)		(2,675	)
Lamb Weston Holdings, Inc.		(3,477	)		(363,416	)
McCormick & Co., Inc.		(4,132	)		(343,824	)
					(2,578,143	)
Ground Transportation — (0.2)%
ArcBest Corp.		(4,915	)		(454,245	)
Old Dominion Freight Line, Inc.		(66	)		(22,495	)
Saia, Inc. (a)		(6,539	)		(1,779,131	)
					(2,255,871	)
Health Care Equipment & Supplies — (0.2)%
Atrion Corp.		(251	)		(157,606	)
Dexcom, Inc. (a)		(2,674	)		(310,666	)
ICU Medical, Inc. (a)		(2,247	)		(370,665	)
Insulet Corp. (a)		(2,338	)		(745,728	)
Penumbra, Inc. (a)		(2,667	)		(743,266	)
STERIS plc		(1,758	)		(336,270	)
					(2,664,201	)
Health Care Providers & Services — (0.2)%
agilon health, Inc. (a)		(65,536	)		(1,556,480	)
AMN Healthcare Services, Inc. (a)		(2,594	)		(215,198	)
HealthEquity, Inc. (a)		(1,220	)		(71,626	)

31

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Henry Schein, Inc. (a)		(1,004	)	$	(81,866	)
Progyny, Inc. (a)		(16,725	)		(537,207	)
Quipt Home Medical Corp. (a)		(23,500	)		(165,187	)
R1 RCM, Inc. (a)		(28,361	)		(425,415	)
					(3,052,979	)
Health Care REITs — (0.1)%
Welltower, Inc.		(10,655	)		(763,857	)
Health Care Technology — (0.1)%
Definitive Healthcare Corp. (a)		(26,455	)		(273,280	)
Doximity, Inc., Class A (a)		(20,753	)		(671,982	)
Teladoc Health, Inc. (a)		(29,462	)		(763,066	)
					(1,708,328	)
Hotel & Resort REITs — (0.0)%
Pebblebrook Hotel Trust		(15,396	)		(216,160	)
Hotels, Restaurants & Leisure — (0.2)%
Brinker International, Inc. (a)		(7,018	)		(266,684	)
DoorDash, Inc., Class A (a)		(19,118	)		(1,215,140	)
DraftKings, Inc., Class A (a)		(6,989	)		(135,307	)
Krispy Kreme, Inc.		(1,386	)		(21,552	)
Papa John's International, Inc.		(5,942	)		(445,234	)
Royal Caribbean Cruises, Ltd. (a)		(2,797	)		(182,644	)
Wingstop, Inc.		(355	)		(65,171	)
					(2,331,732	)
Household Durables — (0.1)%
D.R. Horton, Inc.		(4,451	)		(434,818	)
Ethan Allen Interiors, Inc.		(7,505	)		(206,087	)
Helen of Troy, Ltd. (a)		(8,135	)		(774,208	)
Lovesac Co. (The) (a)		(2,649	)		(76,556	)
Tempur Sealy International, Inc.		(1,063	)		(41,978	)
					(1,533,647	)
Household Products — (0.0)%
Clorox Co. (The)		(655	)		(103,647	)
WD-40 Co.		(1,533	)		(272,951	)
					(376,598	)
Insurance — (0.1)%
Kinsale Capital Group, Inc.		(63	)		(18,910	)
Trupanion, Inc. (a)		(20,515	)		(879,888	)
					(898,798	)

32

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Interactive Media & Services — (0.2)%
Pinterest, Inc., Class A (a)		(23,519	)	$	(641,363	)
Shutterstock, Inc.		(3,944	)		(286,334	)
Snap, Inc., Class A (a)		(77,086	)		(864,134	)
ZoomInfo Technologies, Inc. (a)		(11,967	)		(295,705	)
					(2,087,536	)
IT Services — (0.1)%
Akamai Technologies, Inc. (a)		(1,906	)		(149,239	)
Cloudflare, Inc., Class A (a)		(1,926	)		(118,757	)
EPAM Systems, Inc. (a)		(88	)		(26,312	)
Fastly, Inc., Class A (a)		(24,364	)		(432,705	)
International Business Machines Corp.		(109	)		(14,289	)
MongoDB, Inc. (a)		(764	)		(178,104	)
Okta, Inc. (a)		(1,063	)		(91,673	)
Perficient, Inc. (a)		(2,582	)		(186,395	)
Snowflake, Inc., Class A (a)		(1,296	)		(199,960	)
					(1,397,434	)
Leisure Products — (0.1)%
Acushnet Holdings Corp.		(15,204	)		(774,492	)
Hasbro, Inc.		(3,211	)		(172,399	)
Peloton Interactive, Inc., Class A (a)		(38,407	)		(435,535	)
Polaris, Inc.		(166	)		(18,365	)
Topgolf Callaway Brands Corp. (a)		(20,302	)		(438,929	)
					(1,839,720	)
Life Sciences Tools & Services — (0.1)%
10X Genomics, Inc., Class A (a)		(8,539	)		(476,391	)
Azenta, Inc. (a)		(18,106	)		(807,890	)
Illumina, Inc. (a)		(412	)		(95,811	)
PerkinElmer, Inc.		(1,250	)		(166,575	)
Repligen Corp. (a)		(1,779	)		(299,512	)
					(1,846,179	)
Machinery — (0.1)%
Chart Industries, Inc. (a)		(1,855	)		(232,617	)
Energy Recovery, Inc. (a)		(4,758	)		(109,672	)
Kadant, Inc.		(494	)		(103,009	)
Mueller Industries, Inc.		(6,327	)		(464,908	)
Mueller Water Products, Inc., Class A		(5,624	)		(78,399	)
RBC Bearings, Inc. (a)		(370	)		(86,110	)
Snap-on, Inc.		(214	)		(52,834	)
Wabash National Corp.		(17,377	)		(427,300	)
					(1,554,849	)

33

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Media — (0.2)%
Cable One, Inc.		(74	)	$	(51,949	)
Interpublic Group of Cos., Inc. (The)		(5,248	)		(195,436	)
New York Times Co. (The), Class A		(17,091	)		(664,498	)
Omnicom Group, Inc.		(1,648	)		(155,472	)
Paramount Global, Class B		(22,808	)		(508,846	)
Trade Desk, Inc. (The), Class A (a)		(18,876	)		(1,149,737	)
					(2,725,938	)
Metals & Mining — (0.2)%
MP Materials Corp. (a)		(47,528	)		(1,339,814	)
Piedmont Lithium, Inc. (a)		(12,364	)		(742,458	)
United States Steel Corp.		(3,635	)		(94,874	)
					(2,177,146	)
Mortgage Real Estate Investment — (0.0)%
Arbor Realty Trust, Inc.		(3,755	)		(43,144	)
Oil, Gas & Consumable Fuels — (0.0)%
CNX Resources Corp. (a)		(14,010	)		(224,440	)
Passenger Airlines — (0.0)%
American Airlines Group, Inc. (a)		(32,837	)		(484,346	)
United Airlines Holdings, Inc. (a)		(3,720	)		(164,610	)
					(648,956	)
Personal Care Products — (0.1)%
BellRing Brands, Inc. (a)		(17,244	)		(586,296	)
Edgewell Personal Care Co.		(10,948	)		(464,414	)
Olaplex Holdings, Inc. (a)		(179,199	)		(765,180	)
					(1,815,890	)
Pharmaceuticals — (0.0)%
Catalent, Inc. (a)		(1,215	)		(79,838	)
Harmony Biosciences Holdings, Inc. (a)		(4,742	)		(154,826	)
					(234,664	)
Professional Services — (0.2)%
CoStar Group, Inc. (a)		(1,067	)		(73,463	)
CRA International, Inc.		(7,009	)		(755,710	)
Equifax, Inc.		(1,553	)		(315,011	)
FTI Consulting, Inc. (a)		(1,461	)		(288,328	)
Kforce, Inc.		(12,655	)		(800,302	)
					(2,232,814	)

34

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Retail REITs — (0.1)%
Kimco Realty Corp.		(23,361	)	$	(456,240	)
Realty Income Corp.		(5,293	)		(335,153	)
					(791,393	)
Semiconductors & Semiconductor Equipment — (0.1)%
Enphase Energy, Inc. (a)		(168	)		(35,327	)
Entegris, Inc.		(4,754	)		(389,876	)
Lattice Semiconductor Corp. (a)		(784	)		(74,872	)
MKS Instruments, Inc.		(1,955	)		(173,252	)
SiTime Corp. (a)		(1,149	)		(163,422	)
Wolfspeed, Inc. (a)		(7,376	)		(479,071	)
					(1,315,820	)
Software — (0.8)%
Alarm.com Holdings, Inc. (a)		(6,771	)		(340,445	)
Atlassian Corp, Ltd., Class A (a)		(606	)		(103,729	)
Bentley Systems, Inc., Class B		(9,945	)		(427,536	)
Bills Holdings, Inc. (a)		(8,212	)		(666,322	)
Black Knight, Inc. (a)		(1,017	)		(58,539	)
Clear Secure, Inc., Class A		(17,238	)		(451,118	)
Confluent, Inc., Class A (a)		(26,717	)		(643,078	)
Datadog, Inc., Class A (a)		(1,297	)		(94,240	)
DocuSign, Inc. (a)		(9,588	)		(558,980	)
DoubleVerify Holdings, Inc. (a)		(3,172	)		(95,636	)
Envestnet, Inc. (a)		(25,407	)		(1,490,629	)
Informatica, Inc., Class A (a)		(1,078	)		(17,679	)
Jamf Holding Corp. (a)		(629	)		(12,215	)
nCino, Inc. (a)		(24,318	)		(602,600	)
Palantir Technologies, Inc., Class A (a)		(93,695	)		(791,723	)
Palo Alto Networks, Inc. (a)		(272	)		(54,329	)
Paycor HCM, Inc. (a)		(43,601	)		(1,156,299	)
Procore Technologies, Inc. (a)		(952	)		(59,624	)
Samsara, Inc., Class A (a)		(24,476	)		(482,667	)
SentinelOne, Inc., Class A (a)		(28,812	)		(471,364	)
Sprout Social, Inc., Class A (a)		(10,193	)		(620,550	)
UiPath, Inc., Class A (a)		(5,991	)		(105,202	)
Unity Software, Inc. (a)		(5,877	)		(190,650	)
Zoom Video Communications, Inc., Class A (a)		(1,726	)		(127,448	)
Zscaler, Inc. (a)		(7,034	)		(821,782	)
					(10,444,384	)
Specialized REITs — (0.0)%
CubeSmart		(1,966	)		(90,868	)
Iron Mountain, Inc.		(7,913	)		(418,677	)
					(509,545	)

35

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Specialty Retail — (0.6)%
Academy Sports & Outdoors, Inc.		(6,570	)	$	(428,694	)
AutoNation, Inc. (a)		(2,256	)		(303,117	)
CarMax, Inc. (a)		(1,112	)		(71,479	)
Carvana Co. (a)		(64,279	)		(629,291	)
Dick's Sporting Goods, Inc.		(206	)		(29,229	)
Five Below, Inc. (a)		(2,149	)		(442,630	)
Floor & Decor Holdings, Inc., Class A (a)		(9,580	)		(940,948	)
Foot Locker, Inc.		(1,328	)		(52,708	)
Franchise Group, Inc.		(4,601	)		(125,377	)
GameStop Corp., Class A (a)		(116,128	)		(2,673,267	)
Genesco, Inc. (a)		(6,529	)		(240,790	)
Group 1 Automotive, Inc.		(591	)		(133,814	)
Haverty Furniture Cos., Inc.		(8,274	)		(264,023	)
Leslie's, Inc. (a)		(29,136	)		(320,787	)
Murphy USA, Inc.		(725	)		(187,086	)
PetMed Express, Inc.		(11,655	)		(189,277	)
Shoe Carnival, Inc.		(4,059	)		(104,113	)
Sonic Automotive, Inc., Class A		(774	)		(42,059	)
Wayfair, Inc., Class A (a)		(21,286	)		(730,961	)
					(7,909,650	)
Textiles, Apparel & Luxury Goods — (0.1)%
Crocs, Inc. (a)		(574	)		(72,577	)
Hanesbrands, Inc.		(201,897	)		(1,061,978	)
Lululemon Athletica, Inc. (Canada) (a)		(77	)		(28,043	)
Oxford Industries, Inc.		(5,663	)		(597,956	)
					(1,760,554	)
Trading Companies & Distributors — (0.1)%
Boise Cascade Co.		(13	)		(822	)
GATX Corp.		(40	)		(4,401	)
Rush Enterprises, Inc., Class A		(655	)		(35,763	)
Veritiv Corp.		(8,015	)		(1,083,147	)
Watsco, Inc.		(1,185	)		(377,020	)
					(1,501,153	)
Water Utilities — (0.0)%
SJW Group		(2,265	)		(172,433	)
Total US Common Stocks (Proceeds $(93,929,286))					(94,556,193	)
Foreign Common Stocks — (4.3)%
Canada — (0.8)%
Aecon Group, Inc.		(50,700	)		(515,064	)
Altus Group, Ltd.		(8,000	)		(339,711	)

36

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Birchcliff Energy, Ltd.		(76,400	)	$	(433,018	)
BlackBerry, Ltd. (a)		(52,600	)		(241,302	)
BRP, Inc.		(3,400	)		(266,063	)
Canada Goose Holdings, Inc. (a)		(8,000	)		(153,844	)
Canadian Tire Corp., Ltd., Class A		(4,400	)		(574,198	)
CCL Industries, Inc., Class B		(12,900	)		(640,848	)
Chartwell Retirement Residences - REIT		(58,200	)		(368,191	)
Colliers International Group, Inc.		(3,500	)		(369,371	)
Gildan Activewear, Inc.		(8,800	)		(292,357	)
Global Atomic Corp. (a)		(83,100	)		(178,928	)
Home Capital Group, Inc.		(10,300	)		(314,754	)
Hudbay Minerals, Inc.		(38,300	)		(200,923	)
Intact Financial Corp.		(5,800	)		(830,067	)
Ivanhoe Electric, Inc. / US (a)		(11,288	)		(137,149	)
Loblaw Cos, Ltd.		(8,800	)		(801,995	)
Metro, Inc.		(9,700	)		(533,554	)
Sandstorm Gold, Ltd.		(136,900	)		(796,178	)
Shopify, Inc., Class A (a)		(703	)		(33,702	)
Superior Plus Corp.		(70,000	)		(576,989	)
TELUS Corp.		(30,300	)		(601,516	)
TELUS International CDA, Inc. (a)		(39,300	)		(794,142	)
					(9,993,864	)
Denmark — (0.3)%
Ambu A/S, Class B (a)		(47,969	)		(720,323	)
Chemometec A/S (a)		(6,924	)		(396,746	)
FLSmidth & Co. A/S		(12,538	)		(478,729	)
ISS A/S (a)		(77,759	)		(1,585,202	)
Netcompany Group A/S (a) (h)		(26,629	)		(971,367	)
					(4,152,367	)
Finland — (0.5)%
Orion Oyj, Class B		(48,181	)		(2,154,392	)
Stora Enso Oyj, Shares - R		(148,713	)		(1,935,207	)
TietoEVRY Oyj		(87,698	)		(2,752,182	)
					(6,841,781	)
India — (0.0)%
WNS Holdings, Ltd. - ADR (a)		(3,524	)		(328,331	)
Israel — (0.0)%
SolarEdge Technologies, Inc. (a)		(629	)		(191,185	)
Jersey — (0.1)%
Novocure, Ltd. (a)		(13,267	)		(797,877	)
Norway — (0.2)%
BEWi ASA		(46,248	)		(193,483	)

37

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Shares			Value
Mowi ASA		(116,697	)	$	(2,161,108	)
					(2,354,591	)
Singapore — (0.0)%
Kulicke & Soffa Industries, Inc.		(8,546	)		(450,289	)
Sweden — (2.4)%
AAK AB		(163,550	)		(2,961,471	)
Axfood AB		(113,789	)		(2,776,362	)
Bilia AB, Shares - A		(36,142	)		(446,356	)
Billerud AB		(61,412	)		(630,757	)
Boozt AB (a) (h)		(65,662	)		(800,396	)
Clas Ohlson AB, Shares - B		(7,031	)		(52,327	)
Embracer Group AB (a)		(193,553	)		(908,053	)
Evolution AB (h)		(10,678	)		(1,432,742	)
Fastighets AB Balder, Shares - B (a)		(78,930	)		(324,879	)
Hexatronic Group AB		(130,547	)		(1,486,133	)
Holmen AB, Shares B		(15,257	)		(587,890	)
Industrivarden AB Shares - A		(34,588	)		(934,776	)
Instalco AB		(75,100	)		(362,271	)
Investment AB Latour, Shares - B		(123,488	)		(2,516,631	)
L E Lundbergforetagen AB, Shares - B		(6,399	)		(289,931	)
Lifco AB, Shares - B		(29,166	)		(627,941	)
Loomis AB		(43,548	)		(1,490,665	)
Munters Group AB (h)		(43,600	)		(402,745	)
New Wave Group AB, Shares - B		(7,221	)		(123,782	)
Sandvik AB		(68,652	)		(1,458,951	)
Sectra AB, Shares - B (a)		(113,620	)		(1,781,215	)
Skanska AB, Shares - B		(28,602	)		(438,188	)
SkiStar AB		(76,786	)		(923,540	)
Surgical Science Sweden AB (a)		(71,228	)		(1,161,397	)
Svenska Cellulosa AB SCA, Class B		(223,284	)		(2,936,431	)
Svenska Handelsbanken AB, Shares - A		(229,531	)		(1,986,695	)
Sweco AB, Shares - B		(89,831	)		(1,142,357	)
					(30,984,882	)
Switzerland — (0.0)%
On Holding AG, Class A (a)		(20,654	)		(640,893	)
United Kingdom — (0.0)%
Clarivate plc (a)		(13,272	)		(124,624	)
Total Foreign Common Stocks (Proceeds $(60,082,729))					(56,860,684	)
Total Common Stocks (Proceeds $154,012,015)					(151,416,877	)

38

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

		Principal Amount			Value
Corporate Bonds — (0.0)%
Diversified Telecommunication Services — 0.0%
Rogers Communications, Inc., 4.350%, 05/01/49 (Canada) (Proceeds $(580,272))	$	(751,000	)	$	(606,449	)
US Treasury Bond/Note — (0.0)%
U.S. Treasury Bond, 3.000%, 08/15/52 (Proceeds $(815))		(1,000	)		(875	)
Total Securities Sold Short—(11.50)% (Proceeds $154,593,102)				$	(152,024,201	)

Financial Futures Contracts
Number of Contracts			Expiration Date	Type	Initial Notional Value/ (Proceeds)			Notional Value at March 31, 2023			Unrealized Appreciation/ (Depreciation)
				Long Financial Futures Contracts
				Interest Rate-Related
	192		06/30/2023	U.S. Treasury Note 3 Year Futures	$	40,113,519		$	40,683,000		$	569,481
	98		06/21/2023	U.S. Treasury Note 10 Year Futures		10,943,269			11,262,344			319,075
												888,556
				Foreign Currency-Related
	355		06/16/2023	Euro Foreign Exchange Currency Futures		47,665,844			48,384,281			718,437
	198		06/16/2023	British Pound Currency Futures		14,914,988			15,289,312			374,324
	66		06/16/2023	Swiss Franc Currency Futures		8,993,971			9,100,162			106,191
												1,198,952
				Equity-Related
	2,035		06/16/2023	EURO Stoxx 50 Index Futures		89,298,304			94,038,450			4,740,146
	65		06/16/2023	Russell E-mini 1000 Value Index Futures		4,766,352			4,914,650			148,298
	337		06/16/2023	Russell E-mini 2000 Index		30,101,177			30,557,475			456,298
	56		06/16/2023	S&P 500 E-mini Index Futures		11,108,424			11,585,700			477,276
	450		06/15/2023	S&P ASX Share Price Index 200 Futures		54,047,514			54,076,777			29,263
												5,851,281
				Short Financial Futures Contracts
				Equity-Related
	(179	)	06/16/2023	MSCI EAFE Index Futures		(18,131,150	)		(18,763,675	)		(632,525	)
	(1,465	)	06/16/2023	MSCI Emerging Markets Index Futures		(70,422,451	)		(72,920,375	)		(2,497,924	)
	(588	)	06/16/2023	MSCI Japan Index Futures		(39,988,986	)		(42,065,520	)		(2,076,534	)
												(5,206,983	)
											$	2,731,806

39

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

Forward Currency Contracts

		Contract Amount
Contract Settlement Date	Counterparty	Receive		Deliver		Unrealized Appreciation/ (Depreciation)
04/03/2023	Morgan Stanley Capital Services, Inc.	USD	6,038,756	DKK	42,210,000	$	(105,930	)
04/03/2023	Morgan Stanley Capital Services, Inc.	USD	2,253,256	SEK	23,355,000		3,039
05/30/2023	Morgan Stanley Capital Services, Inc.	USD	19,083,182	CAD	26,087,600		(219,225	)
11/21/2023	Barclays Bank plc	USD	16,346,716	CNH	114,324,796		(565,274	)
12/14/2023	Barclays Bank plc	USD	35,000,000	CNH	239,290,345		(444,474	)
01/12/2024	Barclays Bank plc	USD	7,955,131	CNH	52,757,400		128,262
						$	(1,203,602	)

Over-the-Counter Swap contracts
Expiration Date	Counterparty	Floating Rate	Reference Entity	Currency	Payment Frequency Paid/Received	Notional Amount			Unrealized Appreciation (Depreciation)
Long Total Return Equity Swap Contracts
06/23/2023	Goldman Sachs International	0.300%	Bloomberg Ex-Energy (1)	USD	Quarterly	$	50,590,612		$	(1,748,413	)
03/18/2024	Goldman Sachs International	SOFR+45 bps	GSCBRATN Index 1yr (Net Total Return) (2)	USD	Quarterly		21,999,405			1,041,645
Short Total Return Swap Contracts
08/11/2023	Goldman Sachs International	LIBOR plus 4.19%	Hang Seng China Enterprises Index Net Total Return Index	USD	Quarterly		(11,027,418	)		336,810

(1) The following table represents the individual positions in the Bloomberg Ex-Energy Subindex Index as of March 31, 2023:

Futures Contract	Maturity	% of Index			Notional amount
Cash			-0.08	%	$	(40,519	)
CBT Soybean Oil Futures	May-23		-0.12	%		(62,236	)
CBT Soybean Oil Futures	Jul-23		2.81	%		1,422,485
CBT Corn Futures	May-23		-0.24	%		(120,832	)
CBT Corn Futures	Jul-23		5.24	%		2,653,120
NYM WTI Crude Oil Futures	May-23		-0.34	%		(172,364	)

40

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

NYM WTI Crude Oil Futures	Jul-23	7.78	%	3,933,519
ICE BRENT Crude Oil Futures	May-23	6.86	%	3,470,519
NYB Cotton No 2 Futures	May-23	-0.06	%	(32,685	)
NYB Cotton No 2 Futures	Jul-23	1.48	%	748,182
CMX Gold 100 oz Futures	Jun-23	14.76	%	7,465,554
CMX Copper Futures	May-23	-0.23	%	(118,796	)
CMX Copper Futures	Jul-23	5.36	%	2,714,176
NYM NY Harbor ULSD Futures	May-23	-0.08	%	(40,853	)
NYM NY Harbor ULSD Futures	Dec-23	1.78	%	899,545
NYB Coffee 'C' Futures	May-23	-0.13	%	(66,799	)
NYB Coffee 'C' Futures	May-24	2.97	%	1,502,668
CBT KC Hard Red Winter Wheat Futures	May-23	-0.08	%	(40,163	)
CBT KC Hard Red Winter Wheat Futures	Jul-23	1.78	%	899,147
LME Primary Aluminum Futures	May-23	-17.66	%	(8,936,250	)
LME Primary Aluminum Futures	Jul-23	17.69	%	8,951,530
LME Primary Aluminum Futures	Nov-23	4.32	%	2,187,694
CME Live Cattle Futures	Jul-23	-0.15	%	(74,476	)
CME Live Cattle Futures	Nov-23	3.42	%	1,732,579
CME Lean Hogs Futures	Jun-23	-0.09	%	(43,178	)
CME Lean Hogs Futures	Aug-23	2.01	%	1,014,670
LME Lead Futures	May-23	-3.69	%	(1,866,833	)
LME Lead Futures	Jul-23	4.54	%	2,294,590
LME Nickel Futures	May-23	-9.73	%	(4,920,341	)
LME Nickel Futures	Jul-23	9.69	%	4,902,264
LME Nickel Futures	Nov-23	2.35	%	1,188,437
LME Zinc Futures	May-23	-11.61	%	(5,873,584	)
LME Zinc Futures	Jul-23	11.45	%	5,794,250
LME Zinc Futures	Nov-23	2.72	%	1,377,640
NYM Natural Gas Futures	May-23	8.98	%	4,542,314
NYM Natural Gas Futures	May-23	-21.43	%	(10,840,475	)
NYM Natural Gas Futures	Jul-23	26.14	%	13,225,942
ICE Low Sulphur Gas Oil Futures	May-23	-10.08	%	(5,098,778	)
ICE Low Sulphur Gas Oil Futures	Jul-23	12.08	%	6,109,495
CBT Soybean Futures	May-23	-24.10	%	(12,194,626	)
CBT Soybean Futures	Jul-23	28.97	%	14,657,090
NYB Sugar #11 (World)	May-24	2.81	%	1,421,544
NYB Sugar #11 (World)	Jul-23	-12.39	%	(6,269,252	)
CMX Silver Futures	Sep-23	12.03	%	6,087,049
CMX Silver Futures	May-23	-0.20	%	(100,334	)
CMX Silver Futures	Jul-23	4.56	%	2,306,275
CBT Soybean Meal Futures	May-23	-14.22	%	(7,195,900	)
CBT Soybean Meal Futures	Jul-23	17.27	%	8,735,817
CBT Wheat Futures	May-23	-0.11	%	(56,451	)
CBT Wheat Futures	Sep-23	2.63	%	1,332,797

41

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

NYM Gasoline RBOB Futures	May-23	-0.11	%		(56,751	)
NYM Gasoline RBOB Futures	Jul-23	2.46	%		1,242,196
				$	50,590,612

(2) The following table represents the individual positions in the GSCBRATN Index 1yr (Net Total Return) as of March 31, 2023:

Equity	% of Index			Notional amount
LPL Financial Holdings Inc		5.99	%	$	1,318,816.15
First Horizon Corp		5.08	%		1,117,038.93
JPMorgan Chase & Co		4.81	%		1,058,458.03
Morgan Stanley		4.77	%		1,049,570.93
Raymond James Financial Inc		4.76	%		1,046,825.63
MetLife Inc		4.64	%		1,020,687.03
Unum Group		4.61	%		1,013,588.05
State Street Corp		4.34	%		955,731.59
Regions Financial Corp		4.25	%		935,226.39
Equitable Holdings Inc		4.19	%		921,420.00
Bank of New York Mellon Corp/The		4.14	%		910,420.08
Northern Trust Corp		4.04	%		889,851.95
Huntington Bancshares Inc/OH		4.00	%		880,522.00
Interactive Brokers Group Inc		3.98	%		875,917.75
Prudential Financial Inc		3.93	%		863,991.43
M&T Bank Corp		3.72	%		818,042.81
PNC Financial Services Group Inc/The		3.48	%		765,649.91
Bank of America Corp		3.40	%		747,739.32
Charles Schwab Corp/The		3.32	%		730,703.64
Citizens Financial Group Inc		3.17	%		697,937.72
Fifth Third Bancorp		3.12	%		685,449.54
Comerica Inc		2.51	%		551,615.28
Zions Bancorp NA		2.18	%		479,048.70
Stifel Financial Corp		1.93	%		425,647.13
Lincoln National Corp		1.69	%		371,908.08
Synovus Financial Corp		1.52	%		333,391.08
Brighthouse Financial Inc		1.39	%		305,662.59
American Equity Investment Life Holding Co		0.96	%		211,394.04
Silvergate Capital Corp		0.08	%		17,149.42
				$	21,999,405

42

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Number of Contracts			Value
Written Option Contracts — (0.0)%
Calls — (0.0)%
Organigram Holdings, Inc., Notional Amount ($135,000), Strike Price $3 Expiring 09/15/2023 (Canada)		(450	)	$	(1,332	)
Total Calls   (Premiums received $3,603)				$	(1,332	)
Puts — (0.0)%
iShares S&P/TSX 60 Index ETF, Notional Amount ($2,394,900), Strike Price $27 Expiring 07/21/2023 (Canada)		(887	)		(19,033	)
Total Puts (Premiums received $16,345)				$	(19,033	)
Total Written Options   (Premiums received $19,948)				$	(20,365	)

ADR	American Depositary Receipt
ASX	Australian Securities Exchange
CAD	Canadian Dollar
CNH	Yuan Renminbi Offshore
DKK	Danish Krone
EAFE	Europe, Australasia, and Far East
ETF	Exchange-Traded Fund
EUR	Euro
GDR	Global Depositary Receipt
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
LSE	London Stock Exchange
MSCI	Morgan Stanley Capital International
NYSE	New York Stock Exchange
OTC	Over-the-Counter
REIT	Real Estate Investment Trust
SCA	Sociedad en Comandita por Acciónes
SOFR	Secured Overnight Financing Rate
SPADR	Sponsored ADR
TSX	Toronto Stock Exchange
USD	US Dollar
VRN	Variable Rate Note.  Rate disclosed represents the effective rate as of March 31, 2023.
(a)	Non income-producing security.
(b)	Security or a portion thereof is pledged as collateral for securities sold short.
(c)	Security is valued in good faith under TAS’s fair valuation procedures for TIP. The aggregate amount of securities fair valued amounts to $175,941,850, which represents 13.4% of the fund's net assets.
(d)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(e)	Restricted Securities. The following restricted securities were held by the fund as of March 31, 2023, and were valued in accordance with the Valuation of Investments as described in Note 2. Such securities generally may be sold only in a privately negotiated transaction with a limited number of purchasers. The fund will bear any costs incurred in connection with the disposition of such securities. The fund monitors the acquisition of restricted securities and, to the extent that a restricted security is illiquid, will limit the purchase of such a restricted security, together with other illiquid securities held by the fund, to no more than 15% of the fund’s net assets. All of the below securities are illiquid, with the exception of Neo Ivy Capital Fund, LP. The below list does not include securities eligible for resale without registration pursuant to Rule 144A under the Securities Act of 1933 that may also be deemed restricted.

43

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

	Investment Strategy	Date of Acquisition		Cost		Value
US Common Stocks
Artemis Strategic Inv Corp.			09/30/21		46	$	62,867
Swiftmerge Acquisition Corp.			12/15/21		21		57,266
							120,133
Foreign Common Stocks
Heliostar Metals, Ltd.			03/07/23		42,139		75,768
Osisko Green Acquisition Corp.			10/19/21		88,871		89,678
Somerset Energy Partners Corp.			04/08/22		31,072		28,901
Sucro Holdings LLC			04/25/22		104,259		107,986
							302,333
Warrants
Esports Technologies, Inc.			11/18/21		—		6,537
Gryphon Digital Mining, Inc.			07/28/21		—		152
Osisko Green Acquisition Ltd.			10/19/21		15,625		2,185
Royal Helium, Ltd.			12/30/22		—		210,388
Somerset Energy Partners Corp.			04/08/22		—		841
Swiftmerge Acquisition Corp.			12/15/21		9,258		1,131
							221,234
Convertible Bonds
Synaptive Medical, Inc			11/29/21		120,000		120,000
Corporate Bonds
Royal Helium, Ltd.			12/30/22		295,421		398,431
Private Investment Funds
Bellus Ventures II LP	California Carbon Allowances		08/01/21-10/01/21		25,396,384		27,587,169
Eversept Global Healthcare Fund LP	Long-Short Global Healthcare		02/01/19		24,756,730		34,845,575
Farallon Capital Institutional Partners LP	Multi-Strategy		01/01/13		752,082		938,531
Helikon Long Short Equity Fund ICAV	Long-Short European		12/01/20-01/01/21		12,893,489		21,164,216
Honeycomb Partners LP	Long-Short Global		08/01/16-07/01/17		18,470,744		27,793,754
Neo Ivy Capital Fund LP	Relative Value		05/01/19		10,500,000		9,657,363
Northwest Feilong Fund, Ltd.	China Credit		05/01/20		15,000,000		18,319,440
QVT Roviant LP	Multi-Strategy		01/05/16		2,314,867		4,905,378
Voloridge Fund LP	Directional		04/01/20-01/01/2023		23,000,000		25,888,111
							171,099,537
Preferred Stocks
Esports Technology, Inc.			11/18/21		563,000		563,000
Synaptive Medical, Inc., Class B			02/03/20		129,999		185,712
							748,712
Disputed Claims Receipt
AMR Corp.			12/09/13		—		—
Total (13.1% of Net Assets)						$	173,010,380

(f)	Security or a portion thereof was held on loan. As of March 31, 2023, the aggregate market value of securities on loan was $60,051,155; the total market value of collateral held by the Fund was $62,883,737. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $50,491,795.
(g)	Security exempt from registration under Regulation S of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to investors outside the United States.
(h)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are generally determined to be liquid in accordance with TAS’s fair valuation procedures for TIP. At March 31, 2023 the aggregate value of these securities was $1,468,0831, which represents 1.1% of net assets.

44

TIFF MULTI-ASSET FUND / SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2023

(i)	Portfolio holdings information of the Private Investment Funds is not available as of March 31, 2023. These positions are therefore grouped into their own industry classification. For any private investment funds structured as a limited partnership, no share value is included as these investments are not unitized.
(j)	Current yield as of March 31, 2023.
(k)	Represents a security purchased with cash collateral received for securities on loan.

45

TIFF MULTI-ASSET FUND NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED) March 31, 2023

1. Organization

TIFF Investment Program ("TIP") is a no-load, open-end management investment company that seeks to improve the net investment returns of its members. TIP was originally incorporated under Maryland law on December 23, 1993, and was reorganized, effective December 16, 2014, as a Delaware statutory trust. As of March 31, 2023, TIP consisted of one mutual fund, TIFF Multi-Asset Fund ("MAF" or the "fund") which is diversified, as defined in the Investment Company Act of 1940, as amended (the "1940 Act").

Investment Objective

The fund's investment objective is to attain a growing stream of current income and appreciation of principal that at least offset inflation.

2. Summary of Significant Accounting Policies

The fund operates as a diversified investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The preparation of financial statements in conformity with US generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of increases and decreases in net assets from operations during the reported period, and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

Valuation of Investments

Fair value is defined as the price that the fund could reasonably expect to receive upon selling an asset or pay to transfer a liability in a timely transaction to an independent buyer in the principal or most advantageous market for the asset or liability, respectively. A three-tier fair value hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier fair value hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical assets and liabilities

Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the fund’s own assumptions in determining the fair value of assets and liabilities)

The fund has established a pricing hierarchy to determine the order of pricing sources utilized in valuing its portfolio holdings. The pricing hierarchy has been approved by the TIP board of trustees (the "board").

Generally, the following valuation policies are applied to securities for which market quotations are readily available. Securities listed on a securities exchange or traded on the National Association of Securities Dealers Automated Quotations (‘‘NASDAQ’’) for which market quotations are readily available are valued at their last quoted sales price on the principal exchange on which they are traded or at the NASDAQ official closing price, respectively, on the valuation date or, if there is no such reported sale on the valuation date, at the most recently quoted bid price, or asked price in the case of securities sold short. The fund employs an international fair value pricing model using other observable market-based inputs to adjust prices to reflect events affecting the values of certain portfolio securities that occur between the close of trading on the principal market for such securities (foreign exchanges and OTC markets) and the time at which the net asset value of the fund is determined. If the TIFF Advisory Services, Inc. (“TAS”) Valuation Committee believes that a particular event would materially affect net asset value, further adjustment is considered. Securities which use the international pricing model are typically categorized as Level 2 for the fair value hierarchy and securities that do not use the international pricing model are typically categorized as Level 1.

Debt securities are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricing services, which consider such factors as security prices, yields, maturities, and ratings, and are deemed representative of market values at the close of the market. Debt securities valuations are typically categorized as Level 2 for the fair value hierarchy.

Over-the-counter ("OTC") stocks not quoted on NASDAQ and foreign stocks that are traded OTC are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the first session of the New York Stock Exchange and are typically categorized as Level 2 in the valuation hierarchy.

Short-term debt securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates fair value, and short-term debt securities having a remaining maturity of greater than 60 days are valued at their market value. Short-term debt securities, which include repurchase agreements and US Treasury Bills, are typically categorized as Level 2 in the fair value hierarchy.

Exchange-traded option contracts are valued at the last quoted sales price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open written option contracts). Future contracts are valued at the last posted settlement price or, if there were no sales that day for a particular position, at the closing bid price (closing ask price in the case of open short futures contracts). OTC open options contracts are normally valued at prices supplied by independent pricing services if those prices are deemed representative of market values at the close of the actively quoted markets. Exchange-traded contracts are typically categorized as Level 1 in the fair value hierarchy and OTC contracts are typically categorized as Level 2 in the fair value hierarchy.

Forward foreign currency contracts are valued at their respective fair market values and are typically categorized as Level 2 in the fair value hierarchy.

Investments in other open-end funds or trusts are valued at their closing net asset value per share on valuation date, which represents their redeemable value and are typically categorized as Level 1 in the fair value hierarchy.

MAF invests in both total return equity index and total return basket swaps. The total return equity index swaps are valued at the last traded price of the reference entity net of interest and are typically categorized as Level 2 in the fair value hierarchy. The total return basket swaps are valued at the net value of the reference entity provided by the broker and are typically categorized as Level 2 in the fair value hierarchy.

MAF invests in private investment funds that pursue certain alternative investment strategies. Private investment fund interests held by MAF are generally securities for which market quotations are not readily available. Rather, such interests generally can be sold back to the private investment fund only at specified intervals or on specified dates. The board has approved valuation procedures pursuant to which MAF values its interests in private investment funds at ‘‘fair value.’’ MAF determines the fair value of that private investment fund based on the most recent estimated value provided by the management of the private investment fund, as well as any other relevant information reasonably available at the time MAF values its portfolio including, for example, total returns of indices or exchange-traded funds that track markets to which the private investment fund may be exposed. The fair values of the private investment funds are based on available information and do not necessarily represent the amounts that might ultimately be realized, which depend on future circumstances and cannot be reasonably determined until the investment is actually liquidated. Fair value is intended to represent a good faith approximation of the amount that MAF could reasonably expect to receive from the private investment fund if MAF's interest in the private investment fund was sold at the time of valuation, based on information reasonably available at the time valuation is made and that MAF believes is reliable. Private investment fund valuations are categorized as Level 3 in the valuation hierarchy.

3. Investment Valuation and Fair Value Measurements

The following is a summary of the inputs used as of March 31, 2023, in valuing the fund’s assets and liabilities carried at fair value:

TIFF Multi-Asset Fund

Valuation Inputs	Level 1			Level 2			Level 3		Total
Assets
Common Stocks*+	$	569,356,974		$	307,933,632		$	929,154	$	878,219,760
Participation Notes		—			1,936,362			—		1,936,362
Rights		—			202,121			—		202,121
Warrants+		154,672			423,904			3,178		581,754
Corporate Bonds		—			2,381,077			—		2,381,077
Convertible Bonds		—			—			120,000		120,000
US Treasury Bonds/Notes		—			66,621,730			—		66,621,730
Exchange-Traded Funds and Mutual Funds		56,275,508			—			—		56,275,508
Private Investment Funds		—			—			171,099,537		171,099,537
Preferred Stocks*		—			4,625,169			748,712		5,373,881
Disputed Claims Receipt+		—			—			—		—
Purchased Options		1,374,823			—			—		1,374,823
Short-Term Investments		—			214,171,769			—		214,171,769
Unaffiliated Investment Company		12,391,942			—			—		12,391,942
Total Investments in Securities		639,553,919			598,295,764			172,900,581		1,410,750,264
Financial Futures Contracts - Interest Rate Risk		888,556			—			—		888,556
Financial Futures Contracts - Equity Risk		5,851,281			—			—		5,851,281
Financial Futures Contracts - Foreign Currency Risk		1,198,952			—			—		1,198,952
Forward Currency Contracts - Foreign Currency Risk		—			131,301			—		131,301
Total Return Equity Swap Contracts - Equity Risk		—			1,378,455			—		1,378,455
Total Other Financial Instruments		7,938,789			1,509,756			—		9,448,545
Total Assets	$	647,492,708		$	599,805,520		$	172,900,581	$	1,420,198,809
Liabilities
Common Stocks Sold Short*		(107,083,251	)		(44,333,626	)		—		(151,416,877	)
Corporate Bonds		—			(606,449	)		—		(606,449	)
US Treasury Bonds/Notes Sold Short		—			(875	)		—		(875	)
Total Securities Sold Short		(107,083,251	)		(44,940,950	)		—		(152,024,201	)
Financial Futures Contracts - Equity Risk		(5,206,983	)		—			—		(5,206,983	)
Forward Currency Contracts - Foreign Currency Risk		—			(1,334,903	)		—		(1,334,903	)
Total Return Equity Swap Contracts - Equity Risk		—			(1,748,413	)		—		(1,748,413	)
Written Options - Equity Risk		(20,365	)		—			—		(20,365	)
Total Other Financial Instruments		(5,227,348	)		(3,083,316	)		—		(8,310,664	)
Total Liabilities	$	(112,310,599	)	$	(48,024,266	)	$	—	$	(160,334,865	)

* Securities categorized as Level 2 primarily include listed foreign equities whose value has been adjusted with factors to reflect changes to foreign markets after market close.

+ There are securities in this category that have a market value of zero and are categorized as Level 3.

The following is a reconciliation of investments in securities for which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2022		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of March 31,2023		Net Change in Unrealized Appreciation (Depreciation) from Investments still held as of 3/31/23 for the period ended 3/31/2023
Common Stocks*		682,839		—		204,176			42,139		—			—		—			929,154		204,176
Warrants		6,153		—		(2,975	)		—		—			—		—			3,178		(2,975	)
Private Investment Funds		169,464,432		992,799		5,489,959			8,000,000		(12,847,653	)		—		—			171,099,537		5,616,265
Preferred Stocks		748,712		—		—			—		—			—		—			748,712		—
Disputed Claims Receipt*		—		—		—			—		—			—		—			—		—
Corporate Bonds		295,421		—		103,010			—		—			—		(398,431	)		—		—
Convertible Bonds		120,000		—		—			—		—			—		—			120,000		—
Total	$	171,317,557	$	992,799	$	5,794,170		$	8,042,139	$	(12,847,653	)	$	—	$	(398,431	)	$	172,900,581	$	5,817,466

*There are securities categorized as Level 3 that have a market value of zero.

Securities designated as Level 3 in the fair value hierarchy are valued using TAS’s fair valuation procedures for TIP. Management is responsible for the execution of these valuation procedures. Transfers to/from, or additions to, Level 3 require a determination of the valuation methodology, including the use of unobservable inputs, by the TAS Valuation Committee.

The TAS Valuation Committee meets no less than quarterly to review the methodologies and significant unobservable inputs currently in use, and to adjust the pricing models as necessary. Any adjustments to the pricing models are documented in the minutes of the TAS Valuation Committee meetings, which are provided to the board on a quarterly basis.

The following is a summary of the procedures and significant unobservable inputs used in Level 3 investments:

Common Stocks, Warrants, Preferred Stocks, Disputed Claims Receipt and Convertible Bonds. Securities for which market quotations are not readily available or for which available prices are deemed unreliable are valued at their fair value as determined in good faith under TAS’s fair valuation procedures for TIP. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer's financial position, and any other event which could have a significant impact on the value of the security. On a quarterly basis, the TAS Valuation Committee reviews the valuations in light of current information available about the issuer, security, or market trends to adjust the pricing models, if deemed necessary.

Private Investment Funds. Private investment funds are valued at fair value using net asset values received on monthly statements, adjusted for the most recent estimated value or performance provided by the management of the private investment fund. In most cases, values are adjusted further by the total returns of indices or exchange-traded funds that track markets to which the private investment fund is fully or partially exposed, as determined by the TAS Valuation Committee upon review of information provided by the private investment fund. On a quarterly basis, the TAS Valuation Committee compares the valuations as determined by the pricing models at each month-end during the quarter to statements provided by management of the private investment funds in order to recalibrate the market exposures, the indices, or exchange-traded funds used in the pricing models as necessary.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets were as follows:

As of March 31, 2023	Fair Value		Valuation Methodology	Significant Unobservable Inputs	Range	Weighted Average*
Common Stocks	$	716,499	Last market price	Discount(%)	20% - 100%		65.97	%
		136,887	Recent transaction price	Recent transaction price	$0.30 – $15.25		$12.09
		75,768	Last market price plus Black-Scholes pricing model	Discount (%) and Volatility	8.3% / 35%		8.3% / 35	%
Warrants		3,178	Black- Scholes pricing model	Volatility	35%		35	%
Private Investment Funds		171,099,537	Adjusted net asset value	Manager estimated returns	(6.81)% - 4.25%		(0.85	)%
				Manager returns**	(7.63)% - 5.01%		0.68	%
Preferred Stocks		748,712	Recent transaction price	Recent transaction price	$2.50 -$28.00		$21.67
Disputed Claims Receipt		—	Corporate Action Model	Future claim awards	0.00%		0.00	%
Convertible Bonds		120,000	Recent transaction price	Recent transaction price	$100.00		$100.00

* Weighted by market value of investments as a percentage of the total market value of Level 3 investments within each valuation methodology.

** Weighted by estimated exposure to chosen indices, exchange-traded funds, other marketable securities or other proxy.

The following are descriptions of the measurement uncertainty of the Level 3 recurring fair value measurements to changes in the significant unobservable inputs presented in the table above:

Common Stocks, Structured Notes, Rights, Warrants, Preferred Stocks and Disputed Claims Receipt. The chart above reflects the methodology and significant unobservable inputs of securities held at period ended March 31, 2023. The discounts or estimates for lack of marketability and estimate of future claims or comparable share ratio used to determine fair value may include other factors such as liquidity, volatility, or credit risk. An increase (decrease) in the discount or decrease (increase) estimate of future claims or dividends would result in a lower (higher) fair value measurement.

Private Investment Funds. The range of manager estimates and market returns reflected in the above chart identify the range of estimates and returns used in valuing the private investment funds at period ended March 31, 2023. A significant increase (decrease) in the estimates received from the manager of the private investment funds would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the market return weighted by estimated exposures to chosen indices would result in a significantly higher (lower) fair value measurement.

The table below details the fund’s ability to redeem from private investment funds that are classified as Level 3 assets. The private investment funds in this category generally impose a “lockup” or "gating" provision, which may restrict the timing, amount, or frequency of redemptions. All or a portion of the interests in these privately offered funds generally are deemed to be illiquid.

	Fair Value		Redemption Frequency	Redemption Notice Period
California Carbon Allowances (a)	$	27,587,169	quarterly	90 days
Multi-Strategy (b)		5,843,909	illiquid	N/A
Long-Short Global Healthcare (c)		34,845,575	quarterly	45 days
Long-Short European (d)		21,164,216	monthly	60 days
Long-Short Global (e)		27,793,754	quarterly	60 days
Relative Value (f)		9,657,363	daily	7 days
China Credit (g)		18,319,440	monthly	45 days
Directional (h)		25,888,111	monthly	30 days
Total	$	171,099,537

(a) This strategy is primarily comprised of investments in California Carbon Allowances.

(b) This strategy is primarily comprised of capital allocated to various strategies based on risk and return profiles. This strategy includes $5,843,909 of redemption residuals.

(c) This strategy is primarily comprised of long and short positions in global healthcare securities.

(d) This strategy is primarily comprised of long and short positions in small and mid-cap European equities.

(e) This strategy is primarily comprised of long and short positions in global common stocks.

(f) This strategy is primarily comprised of long and short positions in US large-cap common stocks selected using artificial intelligence.

(g) This strategy is primarily comprised of Chinese convertible bonds.

(h) This strategy is primarily comprised of global futures, US equities, ETFS, and ADRs selected using quantitative analysis to predict likely short-term price changes.

4. Derivative and Other Financial Instruments

During the period ended March 31, 2023, the fund invested in derivatives, such as but not limited to futures, currency forwards, purchased and written options, total return basket swaps and total return equity swaps for hedging, liquidity, index exposure, and active management strategies. Derivatives are used for ‘‘hedging’’ when TAS or a money manager seeks to protect the fund’s investments from a decline in value. Derivative strategies are also used when TAS or a money manager seeks to increase liquidity, implement a cash management strategy, invest in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the effective duration of the fund’s portfolio investments and/or for purposes of total return. Depending on the purpose for which the derivative instruments are being used, the successful use of derivative instruments may depend on, among other factors, TAS’s or the money manager’s general understanding of how derivative instruments act in relation to referenced securities or markets as well as on market conditions, all of which are out of the control of TAS or the money manager.

Financial Futures Contracts

The fund may use futures contracts, generally in one of three ways: (1) to gain exposures, both long and short, to the total returns of broad equity indices, globally; (2) to gain exposures, both long and short, to the returns of non-dollar currencies relative to the US dollar; and (3) to manage the duration of the fund's fixed income holdings to targeted levels.

Futures contracts involve varying degrees of risk. Such risks include the imperfect correlation between the price of a derivative and that of the underlying security and the possibility of an illiquid secondary market for these securities. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instrument at a set price for delivery at a future date. At the time a futures contract is purchased or sold, the fund must allocate cash or securities as a deposit payment (‘‘initial margin’’). An outstanding futures contract is valued daily, and the payment in cash of ‘‘variation margin’’ will be required, a process known as ‘‘marking to the market.’’ Each day, the fund will be required to provide (or will be entitled to receive) variation margin in an amount equal to any decline (in the case of a long futures position) or increase (in the case of a short futures position) in the contract’s value since the preceding day. The daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities. When the contracts are closed, a realized gain or loss is recorded as net realized gain (loss) from financial futures contracts in the Statement of Operations, equal to the difference between the opening and closing values of the contracts.

US futures contracts have been designed by exchanges that have been designated as ‘‘contract markets’’ by the Commodity Futures Trading Commission and such contracts must be executed through a futures commission merchant or brokerage firm that is a member of the relevant contract market. Futures contracts may trade on a number of exchange markets, and through their clearing corporations, the exchanges guarantee performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Securities designated as collateral for market value on futures contracts are noted in the Schedule of Investments.

Swap Contracts

The fund may use swaps and generally uses them in the following ways: (1) to gain exposures, both long and short, to the total returns of broad equity indices; (2) to gain exposure, both long and short, to the total returns of individual equities and bonds; and (3) to gain long-term exposures to the total returns of selected investment strategies. While swaps falling into the first and third categories are often held for multiple quarters, if not years, swaps in the second category can at times be held for shorter time periods or adjusted frequently based on the managers' evolving views of the expected risk/reward of the trade.

At the end of the period, the fund maintained three total return swap contracts to gain exposure to the total return of broad indices.

Generally, swap agreements are contracts between a fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through a Futures Commission Merchant and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular ‘‘notional amount’’ or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-US currency, or a ‘‘basket’’ of securities representing a particular index or portfolio of securities and other instruments. Swaps can also be based on credit and other events.

A fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the fund and its counterparty with respect to a particular swap agreement are netted out, with the fund receiving or paying, as the case may be, only the net difference in the two payments. The fund’s obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the fund). If the swap agreement does not provide for that type of netting, the full amount of the fund’s obligations will be accrued on a daily basis.

Cleared swaps are subject to mandatory central clearing. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to bilateral swaps because central clearing interposes the central clearinghouse as the counterparty to each participant’s swap, but it does not eliminate those risks completely and may involve additional costs and risks not involved with uncleared swaps.

Upon entering into a swap agreement, the fund may be required to pledge to the swap counterparty an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the fund to the counterparty if the swap were terminated on the date in question, including any early termination payments. In certain circumstances, the fund may be required to pledge an additional amount, known as an independent amount, which is typically equal to a specified percentage of the notional amount of the trade. In some instances, the independent amount can be a significant percentage of the notional amount. Likewise, the counterparty may be required to pledge cash or other assets to cover its obligations to the fund, net of the independent amount, if any. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the fund, the amount pledged by the counterparty and available to the fund may not be sufficient to cover all the amounts due to the fund and the fund may sustain a loss. Other risks may apply if an independent amount has been posted.

The fund records a net receivable or payable for the amount expected to be received or paid in the period. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation (depreciation) on investments. The swap is valued at fair market value as determined by valuation models developed and approved in accordance with the fund’s valuation procedures. In addition, the fund could be exposed to risk if the counterparties are unable to meet the terms of the contract or if the value of foreign currencies change unfavorably to the US dollar.

Options

The fund generally uses options to hedge a portion (but not all) of the downside risk in its long or short equity positions and also opportunistically to generate total returns. The fund may also engage in writing options, for example, to express a long view on a security. When writing a put option, the risk to the fund is equal to the notional value of the position.

Generally, an option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy a specified security, currency or other instrument (an ‘‘underlying instrument’’) from the writer of the option (in the case of a call option), or to sell a specified security, currency, or other instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option or at the expiration date of the option. Put and call options that the fund purchases may be traded on a national securities exchange or in the OTC market. All option positions entered into on a national securities exchange are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. There can be no assurance that a liquid secondary market will exist for any option purchased.

As the buyer of a call option, the fund has a right to buy the underlying instrument (e.g., a security) at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). The fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire unexercised. As the buyer of a put option, the fund has the right to sell the underlying instrument at the exercise price at any time during the option period (for American style options) or at the expiration date (for European style options). Like a call option, the fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire unexercised. When buying options, the fund’s potential loss is limited to the cost (premium plus transaction costs) of the option.

As the writer of a put option, the fund retains the risk of loss should the underlying instrument decline in value. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, the fund, as the writer of the put option, will be required to buy the instrument at the exercise price. The fund will incur a loss to the extent that the current market value of the underlying instrument is less than the exercise price of the put option net of the premium received by the fund for the sale of the put option. If a put option written by the fund expires unexercised, the fund will realize a gain in the amount of the premium received. As the writer of a put option, the fund may be required to pledge cash and/or other liquid assets at least equal to the value of the fund’s obligation under the written put.

The fund may write ‘‘covered’’ call options, meaning that the fund owns the underlying instrument that is subject to the call, or has cash and/or liquid securities with a value at all times sufficient to cover its potential obligations under the option. When the fund writes a covered call option covered by the underlying instrument that is subject to the call, the underlying instruments that are held by the fund and are subject to the call option will be earmarked as segregated on the books of the fund or the fund’s custodian. A fund will be unable to sell the underlying instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying instruments from segregation, for example, by segregating sufficient cash and/or liquid assets necessary to enable the fund to purchase the underlying instrument in the event the call option is exercised by the buyer.

When the fund writes an option, an amount equal to the premium received by the fund is included in the fund’s Statement of Assets and Liabilities as a liability and subsequently marked to market to reflect the current value of the option written. These contracts may also involve market risk in excess of the amounts stated in the Statement of Assets and Liabilities. In addition, the fund could be exposed to risk if the counter-parties are unable to meet the terms of the contract or if the value of foreign currencies change unfavorably to the US dollar. The current market value of a written option is the last sale price on the market on which it is principally traded. If the written option expires unexercised, the fund realizes a gain in the amount of the premium received. If the fund enters into a closing transaction, it recognizes a gain or loss, depending on whether the cost of the purchase is less than or greater than the premium received.

Forward Currency Contracts

At times, the fund enters into forward currency contracts to manage the foreign currency exchange risk to which it is subject in the normal course of pursuing international investment objectives. The primary objective of such transactions is to protect (hedge) against a decrease in the US dollar equivalent value of its foreign securities or the payments thereon that may result from an adverse change in foreign currency exchange rates in advance of pending transaction settlements.

A forward currency contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, which is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward currency contract fluctuates with changes in forward currency exchange rates. Forward currency contracts are marked-to-market daily, and the change in value is recorded by the fund as an unrealized gain or loss. The fund may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting forward contract. Closing transactions with respect to forward contracts are usually performed with the counterparty to the original forward contract. The gain or loss arising from the difference between the US dollar cost of the original contract and the value of the foreign currency in US dollars upon closing a contract is included in net realized gain (loss) from forward currency contracts on the Statement of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the fund’s Statement of Assets and Liabilities. In addition, the fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the US dollar.

Forward currency contracts held by the fund are fully collateralized by other securities, as disclosed in the accompanying Schedule of Investments. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.

Short Selling

At times, the fund sells securities it does not own in anticipation of a decline in the market price of such securities or in order to hedge portfolio positions. The fund generally will borrow the security sold in order to make delivery to the buyer. Upon entering into a short position, the fund records the proceeds as a deposit with broker for securities sold short in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities or foreign currencies sold under the short sale agreement. The fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited at the fund’s custodian for the benefit of the broker is recorded as Deposits with broker for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the Schedule of Investments. The liability is marked-to-market while it remains open to reflect the current settlement obligation. Until the security or currency is replaced, the fund is required to pay the lender any dividend or interest earned. Such payments are recorded as expenses to the fund. When a closing purchase is entered into by the fund, a gain or loss equal to the difference between the proceeds originally received and the purchase cost is recorded in the Statement of Operations.

In ‘‘short selling,’’ the fund sells borrowed securities or currencies which must at some date be repurchased and returned to the lender. If the market value of securities or currencies sold short increases, the fund may realize losses upon repurchase in amounts which may exceed the liability on the Statement of Assets and Liabilities. Further, in unusual circumstances, the fund may be unable to repurchase securities to close its short position except at prices significantly above those previously quoted in the market.

Derivative Disclosure

The following tables provide quantitative disclosure about fair value amounts of and gains and losses on the fund's derivative instruments grouped by contract type and primary risk exposure category as of March 31, 2023. These derivatives are not accounted for as hedging instruments.

The following table lists the fair values of the fund's derivative holdings as of March 31, 2023, grouped by contract type and risk exposure category:

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	$	1,118,769			0.11	%	$	256,054			0.03	%	$	—		—	%	$	1,374,823
Total Return Equity Index Swap Contracts	Unrealized appreciation on swap contracts		—			—	%		336,810			0.02	%		—		—	%		336,810
Total Return Basket Swap Contracts	Unrealized appreciation on swap contracts		—			—	%		1,041,645			0.04	%		—		—	%		1,041,645
Forward Currency Contracts	Unrealized appreciation on forward currency contracts		131,301			0.05	%		—			—	%		—		—	%		131,301
Financial Futures Contracts	Due from broker for futures variation margin**		1,198,952			0.05	%		5,851,281			0.31	%		888,556		0.04	%		7,938,789
Total Value - Assets		$	2,449,022					$	7,485,790					$	888,556				$	10,823,368
Liability Derivatives
Written Options	Written option, at value	$	—			—	%	$	(20,365	)		0.00	%	$	—		—	%	$	(20,365	)
Total Return Basket Swap Contracts	Unrealized depreciation on swap contracts		—			—	%		(1,748,413	)		0.07	%		—		—	%		(1,748,413	)
Forward Currency Contracts	Unrealized depreciation on forward currency contracts		(1,334,903	)		0.10	%		—			—	%		—		—	%		(1,334,903	)
Financial Futures Contracts	Due to broker for futures variation margin**		—			—	%		(5,206,983	)		0.46	%		—		—	%		(5,206,983	)
Total Value - Liabilities		$	(1,334,903	)				$	(6,975,761	)				$	—				$	(8,310,664	)

* The Quarterly Average % is a representation of the volume of derivative activity. Quarterly Average % was calculated as follows: At each quarter end from and including December 31, 2022 to and including March 31, 2023, the absolute value of the applicable fair value amount was divided by net assets to derive a percentage of net assets for each quarter end. The Quarterly Average % amount represents the average of these two percentages.

** Includes appreciation (depreciation) on the date the contracts are opened through March 31, 2023.  

5. Federal Tax Information

For federal income tax purposes, the cost of investments owned at March 31, 2023, has been estimated since the final tax characteristic cannot be determined until fiscal year end.

Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)			Tax Cost of Investments
$	145,344,022	$	(244,877,780	)	$	(99,533,758	)	$	1,456,501,810

The difference between the tax cost of investments and the cost of investments for GAAP purposes is primarily due to the tax treatment of wash sale losses, mark to market on derivatives, mark to market on passive foreign investment companies, partnerships, and tax adjustments related to holding offsetting positions such as constructive sales.

Dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of March 31, 2023.

6. Repurchase and Reverse Repurchase Agreements

The fund will engage in repurchase and reverse repurchase transactions under the terms of master repurchase agreements with parties approved by TAS or the relevant money manager.

In a repurchase agreement, the fund buys securities from a counterparty (e.g., typically a member bank of the Federal Reserve system or a securities firm that is a primary or reporting dealer in US Government securities) with the agreement that the counterparty will repurchase them at the same price plus interest at a later date. In certain instances, the fund may enter into repurchase agreements with one counterparty, but face another counterparty at settlement. Repurchase agreements may be characterized as loans secured by the underlying securities. Such transactions afford an opportunity for the fund to earn a return on available cash at minimal market risk, although the fund may be subject to various delays and risks of loss if the counterparty becomes subject to a proceeding under the US Bankruptcy Code or is otherwise unable to meet its obligation to repurchase the securities. In transactions that are considered to be collateralized fully, the securities underlying a repurchase agreement will be marked to market every business day so that the value of such securities is at least equal to the repurchase price thereof, including accrued interest.

In a reverse repurchase agreement, the fund sells US Government securities and simultaneously agrees to repurchase them at an agreed-upon price and date. The difference between the amount the fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Reverse repurchase agreements create leverage, a speculative factor, but will not be considered borrowings for the purposes of limitations on borrowings. When a fund enters into a reverse repurchase agreement, it must segregate on its or its custodian's books cash and/or liquid securities in an amount equal to the amount of the fund's obligation (cost) to repurchase the securities, including accrued interest.

The following table presents the fund’s repurchase agreements net of amounts available for offset and net of the related collateral received as of March 31, 2023:

Counterparty	Assets Subject to a Netting Provision or Similar Arrangement		Liabilities Available for Offset		Collateral Received*			Net Amount
Fixed Income Clearing Corp.	$	154,014,185	$	—	$	(154,014,185	)	$	—
Total	$	154,014,185	$	—	$	(154,014,185	)	$	—

* Excess of collateral received from the individual counterparty may not be shown for financial reporting purposes.

7. Concentration of Risks

MAF may engage in transactions with counterparties, including but not limited to repurchase and reverse repurchase agreements, forward contracts, futures and options, and total return, credit default, interest rate, and currency swaps. The fund may be subject to various delays and risks of loss if the counterparty becomes insolvent or is otherwise unable to meet its obligations.

The fund engages multiple external money managers, each of which manages a portion of the fund's assets. A multi-manager fund entails the risk, among others, that the advisor may not be able to (1) identify and retain money managers who achieve superior investment returns relative to similar investments; (2) combine money managers in the fund such that their investment styles are complementary; or (3) allocate cash among the money managers to enhance returns and reduce volatility or risk of loss relative to a fund with a single manager.

The fund invests in private investment funds that entail liquidity risk to the extent they are difficult to sell or convert to cash quickly at favorable prices.

The fund invests in fixed income securities issued by banks and other financial companies, the market values of which may change in response to interest rate fluctuations. Although the fund generally maintains a diversified portfolio, the ability of the issuers of the fund’s portfolio securities to meet their obligations may be affected by changing business and economic conditions in a specific industry, state, or region.

The fund invests in US Government securities. Because of the rising US Government debt burden, it is possible that the US Government may not be able to meet its financial obligations or that securities issued or backed by the US Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

The fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the US, a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The fund invests in small capitalization stocks. These investments may entail different risks than larger capitalizations stocks, including potentially lesser degrees of liquidity.

The fund may engage in short sales in which it sells a security it does not own. To complete such a transaction, the fund must borrow or otherwise obtain the security to make delivery to the buyer. The fund then is obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. The fund’s investment performance will suffer if a security that it has sold short appreciates in value.

8. Subsequent Events

Management has evaluated the possibility of subsequent events and has determined that there are no material events that would require disclosure.