# EDGAR Filing Document

**Accession Number:** 0000916622
**File Stem:** 0001104659-23-027154
**Filing Date:** 2023-3
**Character Count:** 279896
**Document Hash:** 1c57cbcc2a202291536623ea1b652056
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-027154.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001104659-23-027154

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIFF INVESTMENT PROGRAM
- **CENTRAL INDEX KEY:** 0000916622
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08234
- **FILM NUMBER:** 23691683

**BUSINESS ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 300
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610-684-8000

**MAIL ADDRESS:**
- **STREET 1:** 170 N. RADNOR CHESTER ROAD
- **STREET 2:** SUITE 300
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIFF INVESTMENT PROGRAM INC
- **DATE OF NAME CHANGE:** 19931228

## Series and Classes Contracts Data

### TIFF Multi-Asset Fund (Series ID: S000006387)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000017543 | TIFF Multi-Asset Fund |  |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08234</u>

---

| | |
|:---|:---|
| TIFF Investment Program | TIFF Investment Program |
| (Exact name of Registrant as specified in charter) | (Exact name of Registrant as specified in charter) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 N. Radnor Chester Road, Suite 300<br> Radnor, PA | 19087 |
| (Address of chief executive offices) | (Zip code) |
| Clarence Kane Brenan<br> Chief Executive Officer<br> TIFF Investment Program<br> 170 N. Radnor Chester Road, Suite 300<br> Radnor, PA 19087<br>**with a copy to:**<br> Kristin H. Ives, Esq.<br> Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103 | Clarence Kane Brenan<br> Chief Executive Officer<br> TIFF Investment Program<br> 170 N. Radnor Chester Road, Suite 300<br> Radnor, PA 19087<br>**with a copy to:**<br> Kristin H. Ives, Esq.<br> Stradley Ronon Stevens & Young, LLP<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103 |
| (Name and address of agent for service) | (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>610.684.8000</u>

Date of fiscal year end: <u>12/31/2022</u> <br>Date of reporting period: <u>01/01/2022 – 12/31/2022</u>

**Item 1. Reports to Stockholders.**

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| ![[MISSING IMAGE: lg_tiff-pn.jpg]](lg_tiff-pn.jpg)  | TIFF Investment Program  | TIFF Investment Program  |
| ![[MISSING IMAGE: lg_tiff-pn.jpg]](lg_tiff-pn.jpg)  | **2022 Annual Report** | **December 31, 2022**  |

---

 **Contents** 

<br> ---

| | |
|:---|:---|
| TIFF Multi-Asset Fund | TIFF Multi-Asset Fund |
| [Fund Expenses](#tMAFFE) | [7](#tMAFFE) |
| [Financial Highlights](#tMAFFH) | [8](#tMAFFH) |
| [Schedule of Investments](#tMASOI) | [9](#tMASOI) |
| [Statement of Assets and Liabilities](#tMASAL) | [29](#tMASAL) |
| [Statement of Operations](#tMASO) | [30](#tMASO) |
| [Statements of Changes in Net Assets](#tMASCNA) | [31](#tMASCNA) |
| [Statement of Cash Flows](#tMASCF) | [32](#tMASCF) |
| [Notes to Financial Statements](#tMAFNFS) | [33](#tMAFNFS) |
|  [Report of Independent Registered Public Accounting Firm](#tRIRPA)  | [50](#tRIRPA) |
| [Additional Information](#tMAFAI) | [51](#tMAFAI) |
| [Index Descriptions](#tIN) | [52](#tIN) |
| Governance | Governance |
| [Trustees and Principal Officers](#tTPO) | [53](#tTPO) |

---

 **About TIFF** 

<br> Founded in 1991, TIFF seeks to improve the investment returns of endowed nonprofits and charitable organizations by making available to them a series of multi-manager investment strategies, plus resources aimed at enhancing fiduciaries' knowledge of investing.

 **TIFF Mutual Fund** 

<br> TIFF Investment Program (TIP) consists of one mutual fund, TIFF Multi-Asset Fund (MAF), a no-load mutual fund available primarily to foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations meeting specified accreditation requirements. TIFF Advisory Services, Inc. (TAS) serves as the investment advisor to MAF. MAF operates primarily on a multi-manager basis, and TAS has responsibility for the time-intensive task of selecting money managers and other vendors for MAF, as well as the all-important task of asset allocation.

 **Financial Statements** 

<br> TIP is pleased to provide this Annual Report for the year ended December 31, 2022.

 **For Further Information** 

<br> As always, we welcome the opportunity to discuss any aspect of TIFF's services as well as answer any questions about these financial statements. For further information about TIFF, please call us at 610-684-8200 or visit www.tiff.org.

February 28, 2023

Copyright <sup>©</sup> 2023 • All rights reserved • This report is intended for institutional investors only and may not be reproduced or distributed without written permission from TIFF.

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Portfolio Management Review (Unaudited)** 

<br> TIFF Multi-Asset Fund ("MAF" or the "Fund") ended 2022 with an asset allocation of approximately 67% Equity-Oriented Assets, 22% Diversifying Strategies (primarily hedge funds), and 11% shorter-term Fixed Income (including cash). Modest changes to the Fund's manager roster during the year, its slight allocation tilt in favor of Equity-Oriented Assets, a more moderate weighting toward China and a move toward normal weightings to other geographies were all part of MAF's efforts to control portfolio volatility as it seeks to achieve its performance objective of exceeding CPI + 5% per annum over a majority of market cycles, net of expenses.

#### Performance Review
MAF returned -15.17% in calendar year 2022. This result underperformed the Fund's primary benchmark of CPI + 5%, which returned 11.75% in 2022, due to a year of very tough equity and fixed income returns around the world coupled with another year of high inflation. 2022 was the first year since records started where US stocks and bonds both fell by more than 10%. MAF's results lagged the Strategic Asset Allocation (formerly the Constructed Index or CI) which was down 13.48% for the year but beat the Passive 65/35 Index (65% ACWI/35% Bloomberg US Agg Bond Index), which lost 16.30%. MAF's performance resulted in part from positive relative-to-benchmark performance by some of the Fund's managers, and some modest tilts that positioned the portfolio attractively and added value. For complete, annualized performance data please see the table on page 4.

2022 was a very tough year for global equities with the MSCI All Country World Index losing 18.36% including dividends. The impacts of continued COVID eruptions caused economic concerns to ebb and flow throughout the year here at home as well as in different geographies. Throughout, however, global central banks continued to provide liquidity and governments generally enacted expansionary fiscal policies that kept economic growth positive and inflation above targets. Market returns were more variable than in some previous periods. For example, the implementation of a "shared prosperity" effort coupled with central government efforts to reign in debt and influence in the real estate and technology sectors constrained relative returns in Chinese equities. In local currency terms, the S&P 500 trailed most major developed world equity markets with a total return of -18.11% including dividends. In USD terms it also generally lagged while the FTSE (London Stock Exchange) was up in local currency terms, but -6.53% in USD terms due to the strong USD.

Fixed income produced a negative return for the year of -13.01% as measured by the Bloomberg US Agg Bond Index. This was only the second negative return since 2000 and resulted from investors' growing concern that rising inflation might become engrained, rather than transitory as the Fed had previously suggested. Late in the year the Fed acknowledged that inflation may not be transitory and removed the term from their description. As we enter 2023 markets are grappling with this question, which will impact the pricing of all financial assets.

Hedge funds performed better than fixed income, but less well than many had hoped, losing 4.65% as measured by the HFRIFOF Index for the year. Overall, our allocation of 20% or so of the portfolio into hedge funds from fixed income was an important contributor in helping the fund to keep pace relative to its benchmarks.

MAF's roster of equity managers had a challenging year, returning -20.45% vs -18.36% for the ACWI benchmark (NDUEACWF). Our allocations to Chinese equity managers underperformed primarily because of regional weakness, though alpha generation was about flat in total. Most other managers lagged their benchmarks, with those focused on growth typically having the most difficulty. On the positive side, our value-oriented managers outperformed ACWI as value stocks outperformed growth stocks by over 20% during the year. Overall, equities cost the portfolio 1.63% versus the benchmark. This is below what we expect from this segment of the portfolio. We do continue to see opportunities in equities and are currently pursuing individual situations that we believe could make this section of the portfolio stronger next year. Given our assumption that global economies will likely bottom sometime in 2023 we expect equities and our equity managers to provide positive returns, though equity market returns could be more volatile and "normal" corrections along the way are possible.

In 2022, MAF's Diversifying Strategies segment returned -6.05% vs -4.65% for the HFRIFOF Index. Positive contributions from a diverse group of managers including healthcare, European long/short equities and market strategies were offset by weaker performance elsewhere in the portfolio. Coupled with small contributions from portfolio construction the overall contribution to the portfolio amounted to -0.32% compared to the hedge fund benchmarks, but a much more meaningful outperformance of ~7.0% vs the Bloomberg US Agg Bond Index. Overall, we are pleased with the roster of managers in the portfolio and in particular with the diversified nature of return streams they provide.

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Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Portfolio Management Review (Unaudited) (continued)** 

<br> MAF's Fixed Income segment produced a relatively modest negative return of -2.69% vs our specific low duration benchmark return of -4.80% and -13.01% for the Barclays US Agg. This modest positive relative performance coupled with a modest underweight to fixed income vs our benchmarks resulted in a net positive contribution to portfolio performance of 0.11%. The outperformance was because of our shorter duration which resulted in relatively muted price declines vs both our Strategic Asset Allocation and our benchmark. For most of the year we maintained a duration of approximately 1.7 years compared to 2.8 and ~6.4 for our comparison indices. In the fourth quarter we did extend portfolio duration modestly as the 10-year treasury yield broke above 4%. While we acknowledge the more attractive nominal yield today than a year ago, we continue to believe that relative value in fixed income is unattractive and unlikely to provide much help in meeting our long-term goals.

We made use of derivatives, as needed, for MAF in 2022, primarily using passive index futures to balance geographic exposures, maintain overall equity exposure, and manage liquidity. MAF invested in currency forwards and futures to keep fund-level exposure to given currencies (e.g., the Chinese yuan) within desired limits. In aggregate, this use of futures and forwards performed within expectations providing an overall positive impact on the Fund's return. In addition to the use of forwards and futures, we and certain of MAF's underlying separate account managers use derivatives (primarily total return swaps, currency forwards, and options) in executing MAF's investment strategies. During 2022 such use had a positive impact on the Fund's return of 0.49% from currency hedging and another 0.36% from other portfolio hedges.

In sum, MAF had a poor 2022 in terms of absolute returns, but given the difficult market environment, we are pleased to see it outperform the passive benchmark. The change in market dynamics from 2021 to 2022 was dramatic but overall, the Fund navigated the year better than the passive benchmark, though lagged its strategic asset allocation benchmark. After a poor relative Q1, we are also pleased that the Fund outperformed its benchmark in each of the last three quarters to pull ahead. As 2023 begins we expect some of the difficult cross currents of the past year to linger, though as the year progresses the investment backdrop could become more favorable. If inflation can be tamed without causing a recession (a difficult ask in our opinion) it could be a good year for most asset categories. If we do experience a recession, it could create additional volatility but ultimately set the stage for a clearer period afterwards. The large rise in yields and decline in equity valuations could be good starting points for forward returns. If a potential recession proved deeper than expected, it could lead to worse equity returns than expected. We will continue to endeavor to protect capital until the outlook becomes clearer. Geographically, we have modest underweights to the US and Europe, balanced with modest overweights to Australia and China. For now, the Russian invasion of Ukraine is still expected to keep upward pressure on energy prices, though the mild winter thus far has proven a mitigant to these fears. Hopefully a resolution can be forged that will stop the human suffering before it gets even worse. The disappointment of Xi Jinping inserting many of his most loyal colleagues in top positions of power has given way to more positive news from China about lifting the zero Covid ban. This has boosted the Chinese markets meaningfully from their October lows thru year end. If the re-opening continues as expected it could further benefit our Chinese investments in 2023. Also, a cessation of the Russia/Ukraine war would likely give a surprise boost to global markets. The dramatic outperformance of value vs growth stocks (20%+) is not expected to repeat, though we will continue to try and keep our equity holdings balanced to this factor. As always, we will remain focused on the Fund's manager roster and make upgrades when opportunities arise. As mentioned, we are pursuing potential opportunities with managers where we believe MAF can be improved but remain pleased overall with our manager roster and will only make changes expected to help performance. We do not currently anticipate major changes in MAF's overall positioning.

#### Conclusion
We look forward to 2023 with optimism. We are hopeful that the world can finally put COVID behind us and become more peaceful this year. If so, then, as the year progresses the investment backdrop could improve. We are confident that our manager roster is robust, and our team is fully engaged and well prepared to meet the upcoming market environment.

As always, we value the trust you have placed in us, and we sincerely appreciate the opportunity to help your organization achieve its financial goals. We wish you and the world a healthier and happier 2023.

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Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 ***Performance data quoted represent past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Total return assumes reinvestment of dividends. Performance data for the most recent month-end and additional performance information may be obtained by visiting TIFF's website at www.tiff.org. MAF segment or category returns reflect the deduction of management fees earned by relevant managers but not the deduction of other fees and expenses of the fund. While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details. One cannot invest directly in an index, and unmanaged indices do not incur fees and expenses. Manager exposures and the performance described above may be achieved via separate accounts, via funds offered by such managers, or via swap. <br> The fund may use leverage; invests in illiquid securities, non-US securities, small capitalization stocks, derivatives, and below investment grade bonds; and engages in shortselling. Non-US securities may entail political, economic, and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers. Small capitalization stocks may entail different risks than larger capitalization stocks, including potentially lesser degrees of liquidity. The fund or certain of its money managers invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. Not more than 20% of the fund's assets may be invested in debt obligations rated below investment grade (i.e., having a rating lower than BBB by Standard & Poor's or Baa by Moody's) or unrated but deemed to be of similar quality. Bonds rated below investment grade are commonly referred to as "junk bonds." As a multi-manager fund, the fund may experience higher transaction costs than a fund managed by a single manager and the fund may not be able to combine money managers such that their styles are complementary.***

<br>  **Fund Performance (Unaudited)Total return for the periods ended 12/31/22** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Calendar<br>Year 2022**  | **3-Year<br>Annualized**  | **5-Year<br>Annualized**  | **10-Year<br>Annualized**  | **Annualized<br>Since<br>Inception**  | **Cumulative<br>Since<br>Inception**  |
| Multi-Asset Fund | (15.17)% | 4.17% | 3.73% | 5.31% | 7.17% | 583.77% |
| 65/35 Mix | (16.30)% | 1.97% | 3.70% | 5.72% | 6.36% | 454.29% |
| CPI + 5% per annum | 11.75% | 10.13% | 8.95% | 7.71% | 7.56% | 657.10% |
| MAF Constructed Index | (13.59)% | 3.43% | 4.41% | 5.29% | 6.76% | 515.55% |
| MSCI ACW Index | (18.36)% | 4.00% | 5.22% | 7.97% | 6.86% | 531.05% |
| Bloomberg US Aggregate Bond Index | (13.01)% | (2.71)% | 0.02% | 1.06% | 4.50% | 239.47% |

---

See Index Descriptions starting on page [52](#tIN) for details and descriptions of MAF Indices.

Total return assumes dividend reinvestment. MAF's annualized expense ratio for calendar year 2021 was 1.51% (a regulatory mandate requires the use in this report of the same expense ratio as that appearing in the latest fund prospectus). The expense ratio reflects fund expenses for the year ended December 31, 2021, which are expected to vary over time. The expense ratio is expressed as a percentage of average net assets. The expense ratio may differ for 2022.

Commencement of operations was March 31, 1995. Prior to December 1, 2021, MAF received entry fees on purchases and exit fees on redemptions; thus, fund performance for periods prior to December 1, 2021, reflects those fees' impact.

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Performance of a $2,500,000 Investment Ten year period ended 12/31/22** <br> ![[MISSING IMAGE: lc_maf-pn.jpg]](lc_maf-pn.jpg)

See Index Descriptions starting on pages [52](#tIN) for details and descriptions of MAF Indices.

Past performance is not a guarantee of future results.

The fund's performance assumes the reinvestment of all dividends and distributions, but does not reflect the deduction of taxes that a member subject to tax would pay on fund distributions or the redemption of fund shares.

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Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Summary Schedule of Investments (Unaudited)** 

<br> ---

| | |
|:---|:---|
| US Common Stocks | 35.4% |
| Foreign Common Stocks | 32.1% |
| Private Investment Funds | 13.6% |
| Repurchase Agreement | 6.6% |
| Exchange-Traded Funds (ETFs) | 6.5% |
| US Treasury Bonds/Notes | 5.2% |
| US Treasury Bills | 5.1% |
| Unaffiliated Investment Company | 0.9% |
| Preferred Stocks | 0.3% |
| Participation Notes | 0.2% |
| Purchased Option Contracts | 0.2% |
| Corporate Bonds | 0.2% |
| Warrants | 0.0% |
| Rights | 0.0% |
| Convertible Bonds | 0.0% |
| Disputed Claims Receipt | 0.0% |
| Total Investments | 106.3% |
| Securities Sold Short | (11.5)% |
| Other Assets in Excess of Other Liabilities | 5.2% |
| Net Assets | 100.0% |

---

Fund holdings and sector weightings are subject to change and should not be considered a recommendation to buy or sell any security. Please refer to the Schedule of Investments for complete holdings information. **Current and future holdings are subject to risk. Diversification does not ensure a profit or protect against loss in declining markets.**

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Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Fund Expenses** 

<br> As a shareholder of a fund, you incur ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

*Actual Expenses* 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes* 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as entry fees or exit fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Including Expenses for<br>Securities Sold Short\***  | **Including Expenses for<br>Securities Sold Short\***  | **Including Expenses for<br>Securities Sold Short\***  | **Excluding Expenses for<br>Securities Sold Short\***  | **Excluding Expenses for<br>Securities Sold Short\***  | **Excluding Expenses for<br>Securities Sold Short\***  |
| | **Beginning<br>Account Value<br>7/1/22**  | **Ending<br>Account Value<br>12/31/22**  | **Expenses Paid<br>During the<br>Period\*\*<br>7/1/22 – 12/31/22**  | **Beginning<br>Account Value<br>7/1/22**  | **Ending<br>Account Value<br>12/31/22**  | **Expenses Paid<br>During the<br>Period\*\*<br>7/1/22 – 12/31/22**  |
| 1) Actual | $1000.00 | $1023.40 | $6.17 | $1000.00 | $1023.40 | $4.95 |
| 2) Hypothetical | $1000.00 | $1019.11 | $6.16 | $1000.00 | $1020.32 | $4.94 |

---

\*

Expenses on Securities Sold Short include dividends and interest on securities sold short and broker fees on securities sold short.

\*\*

Expenses are equal to the fund's annualized expense ratio of 1.21% (calculated over a six-month period, which may differ from the fund's actual expense ratio for the full year), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Excluding expenses for securities sold short, expenses incurred by the fund were 0.97%. **The expense ratios do not include the fees and expenses associated with investments made in acquired funds; such fees and expenses are reflected in the acquired funds' total return.**

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Financial Highlights** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  | **Year Ended<br>December 31,<br>2020**  | **Year Ended<br>December 31,<br>2019**  | **Year Ended<br>December 31,<br>2018**  |
| For a share outstanding throughout each period |  |  |  |  |  |
| Net asset value, beginning of year | $16.22 | $16.71 | $14.22 | $12.02 | $14.53 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.03 | 0.01 | (0.14) | 0.12 | 0.12 |
|  Net realized and unrealized gain (loss) on investments  | (2.49) | 2.03 | 2.75 | 2.05 | (1.63) |
| Total from investment operations | (2.46) | 2.04 | 2.61 | 2.17 | (1.51) |
| **Less distributions from** |  |  |  |  |  |
| Net investment income |  | (0.24) |  |  | (0.25) |
| Net realized gains | (1.28) | (2.29) | (0.15) |  | (0.67) |
| Return of capital |  |  |  |  | (0.10) |
| Total distributions | (1.28) | (2.53) | (0.15) |  | (1.02) |
| Entry/exit fee per share (a) |  |  | 0.03 | 0.03 | 0.02 |
| Net asset value, end of year | $12.48 | $16.22 | $16.71 | $14.22 | $12.02 |
| **Total return (b)** | (15.17)% | 12.46% | 18.57%(c) | 18.39% | (10.27)% |
| **Ratios/supplemental data** |  |  |  |  |  |
| Net assets, end of year (000s) | $1247979 | $1582109 | $1563172 | $1912954 | $2498944 |
| Ratio of expenses to average net assets (d) | 1.14% | 0.92% | 2.22%(e) | 1.00% | 0.78% |
|  Ratio of expenses to average net assets, excluding <br> expenses for securities sold short (d)  | 0.88% | 0.72% | 1.92%(e) | 0.78% | 0.72% |
|  Ratio of net investment income (loss) to average net assets  | 0.22% | 0.05% | (0.97)% | 0.92% | 0.85% |
| Portfolio turnover | 143% | 87% | 146% | 114% | 66% |

---

(a) Calculation based on average shares outstanding.

(b) Total return assumes dividend reinvestment and includes the effects of entry and exit fees received by the fund prior to December 1, 2021; however, it does not reflect the deduction of such fees from a member's purchase or redemption transaction. Therefore, a member's total return for the period, assuming a purchase at the beginning of the period and a redemption at the end of the period, would be lower by the amount of entry and exit fees paid by the member.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) The expense ratio does not include the fees and expenses associated with investments made in acquired funds; such fees and expenses are reflected in the acquired funds' total return.

(e) Certain money managers have generated exceedingly strong positive performance relative to their respective benchmarks. The expense ratio for the year ended December 31, 2020 includes performance fees earned by those money managers representing 1.11% of the expense ratio.

See accompanying Notes to Financial Statements.

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Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Investments — 106.2% of net assets** | **Investments — 106.2% of net assets** | **Investments — 106.2% of net assets** |
| **Common Stocks — 67.5%** | **Common Stocks — 67.5%** | **Common Stocks — 67.5%** |
| **US Common Stocks — 35.4%** | **US Common Stocks — 35.4%** | **US Common Stocks — 35.4%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| AeroVironment, Inc. (a) | 6223 | $533062 |
| Axon Enterprise, Inc. (a) (b) | 523 | 86782 |
| General Dynamics Corp. (b) | 3748 | 929916 |
| Howmet Aerospace, Inc. (b) | 3086 | 121619 |
| Huntington Ingalls Industries, Inc. | 2063 | 475893 |
| Lockheed Martin Corp. (b) | 2156 | 1048873 |
| Raytheon Technologies Corp. (b) | 8113 | 818764 |
|  Spirit AeroSystems Holdings, Inc., Class A (b)  | 173 | 5121 |
| Textron, Inc. (b) | 6659 | 471457 |
| TransDigm Group, Inc. (b) | 2402 | 1512420 |
|  |  | 6003907 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| FedEx Corp. (b) | 2087 | 361468 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Alaska Air Group, Inc. (a) | 11703 | 502527 |
| Delta Air Lines, Inc. (a) | 10392 | 341481 |
| SkyWest, Inc. (a) | 65403 | 1079803 |
| Southwest Airlines Co. (a) | 9889 | 332963 |
| United Airlines Holdings, Inc. (a) | 1939 | 73100 |
|  |  | 2329874 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| Adient plc (a) (b) | 14141 | 490551 |
| Dorman Products, Inc. (a) | 4997 | 404107 |
| Goodyear Tire & Rubber Co. (The) (a)  | 64737 | 657081 |
| Lear Corp. (b) | 2382 | 295416 |
|  |  | 1847155 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Ford Motor Co. | 30205 | 351284 |
| General Motors Co. | 34344 | 1155332 |
| Tesla, Inc. (a) (b) | 9794 | 1206425 |
| Thor Industries, Inc. (b) | 6270 | 473323 |
|  |  | 3186364 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| Associated Banc-Corp. | 19959 | 460853 |
| Bancorp, Inc. (The) (a) | 12725 | 361135 |
| Bank of America Corp. (b) | 7552 | 250122 |
| Cathay General Bancorp | 7159 | 292016 |
| Citigroup, Inc. (b) | 53753 | 2431248 |
| Comerica, Inc. | 2436 | 162847 |
| First Horizon Corp. | 1630 | 39935 |
| First Republic Bank | 5557 | 677343 |
| FNB Corp./PA | 12137 | 158388 |
| Fulton Financial Corp. | 18989 | 319585 |
| Hancock Whitney Corp. | 5370 | 259854 |
| JPMorgan Chase & Co. (b) | 6322 | 847780 |
| PacWest Bancorp | 17453 | 400546 |
| Prosperity Bancshares, Inc. | 416 | 30235 |
| Texas Capital Bancshares, Inc. (a) | 1537 | 92696 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| UMB Financial Corp. | 4604 | $| 384526 |
| Umpqua Holdings Corp. | 19716 |  | 351931 |
| US Bancorp | 3245 |  | 141514 |
| Washington Federal, Inc. | 11745 |  | 394045 |
| Wells Fargo & Co. (b) | 49448 |  | 2041708 |
| Wintrust Financial Corp. | 2357 |  | 199214 |
| Zions Bancorp NA | 5067 |  | 249094 |
|  |  |  | 10546615 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
|  Boston Beer Co., Inc. (The),<br>Class A (a) (b)  | 1482 |  | 488349 |
| Brown-Forman Corp., Class B | 66090 |  | 4340791 |
| Coca-Cola Consolidated, Inc. | 1214 |  | 622005 |
| PepsiCo, Inc. | 25857 |  | 4671326 |
|  |  |  | 10122471 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Amgen, Inc. (b) | 2436 |  | 639791 |
| Biogen, Inc. (a) | 869 |  | 240644 |
| BioMarin Pharmaceutical, Inc. (a) | 2217 |  | 229437 |
| Exelixis, Inc. (a) | 17045 |  | 273402 |
| Gilead Sciences, Inc. (b) | 12577 |  | 1079735 |
| Halozyme Therapeutics, Inc. (a) | 3106 |  | 176731 |
| Horizon Therapeutics plc (a) | 747 |  | 85009 |
| Incyte Corp. (a) | 7866 |  | 631797 |
| IVERIC bio, Inc. (a) | 23412 |  | 501251 |
| Moderna, Inc. (a) | 2566 |  | 460905 |
| PTC Therapeutics, Inc. (a) | 1131 |  | 43170 |
|  Regeneron Pharmaceuticals,<br>Inc. (a) (b)  | 318 |  | 229434 |
|  |  |  | 4591306 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Advanced Drainage Systems, Inc. (b) | 2863 |  | 234680 |
| Armstrong World Industries, Inc. (b) | 4548 |  | 311947 |
| AZEK Co., Inc. (The) (a) | 6764 |  | 137445 |
| Builders FirstSource, Inc. (a) | 13234 |  | 858622 |
| Masco Corp. (b) | 8363 |  | 390301 |
| Owens Corning | 9982 |  | 851465 |
| Zurn Elkay Water Solutions Corp. | 9042 |  | 191238 |
|  |  |  | 2975698 |
| **Capital Markets — 0.7%** | **Capital Markets — 0.7%** | **Capital Markets — 0.7%** | **Capital Markets — 0.7%** |
| Affiliated Managers Group, Inc. | 2015 |  | 319236 |
| Ameriprise Financial, Inc. | 1473 |  | 458648 |
| Bank of New York Mellon Corp. (The)  | 8124 |  | 369805 |
| BlackRock, Inc. (b) | 1724 |  | 1221678 |
| Blackstone, Inc. (b) | 27199 |  | 2017894 |
| Charles Schwab Corp. (The) (b) | 8306 |  | 691558 |
| Evercore, Inc., Class A | 1393 |  | 151948 |
|  Focus Financial Partners, Inc.,<br>Class A (a)  | 221 |  | 8237 |
| Goldman Sachs Group, Inc. (The) (b) | 1911 |  | 656199 |
| Hamilton Lane, Inc., Class A | 1170 |  | 74740 |
|  Interactive Brokers Group, Inc., Class A  | 4503 |  | 325792 |
| Intercontinental Exchange, Inc. | 5627 |  | 577274 |

---

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Invesco, Ltd. | 11876 | $| 213649 |
| Jefferies Financial Group, Inc. | 6099 |  | 209074 |
| Moelis & Co., Class A | 6987 |  | 268091 |
| S&P Global, Inc. (b) | 1948 |  | 652463 |
| State Street Corp. | 1651 |  | 128068 |
| Stifel Financial Corp. | 1228 |  | 71678 |
| Virtu Financial, Inc., Class A | 23611 |  | 481901 |
|  |  |  | 8897933 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| Axalta Coating Systems, Ltd. (a) | 7765 |  | 197774 |
| Celanese Corp. (b) | 4736 |  | 484209 |
| CF Industries Holdings, Inc. | 11486 |  | 978607 |
| Chemours Co. (The) | 19121 |  | 585485 |
| Dow, Inc. (b) | 8030 |  | 404632 |
| Eastman Chemical Co. | 3833 |  | 312159 |
| Ecolab, Inc. (b) | 2703 |  | 393449 |
| Element Solutions, Inc. | 11136 |  | 202564 |
| Huntsman Corp. | 22692 |  | 623576 |
| Ingevity Corp. (a) | 6011 |  | 423415 |
|  LyondellBasell Industries NV,<br>Class A (b)  | 12695 |  | 1054066 |
| Mosaic Co. (The) | 27700 |  | 1215199 |
| Olin Corp. | 781 |  | 41346 |
| Perimeter Solutions SA (a) | 11515 |  | 105247 |
| Stepan Co. | 1887 |  | 200890 |
| Westlake Corp. | 480 |  | 49219 |
|  |  |  | 7271837 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Brink's Co. (The) | 7380 |  | 396380 |
| Clean Harbors, Inc. (a) (b) | 1853 |  | 211464 |
| Driven Brands Holdings, Inc. (a) (b) | 6500 |  | 177515 |
| GEO Group, Inc. (The) (a) | 83552 |  | 914894 |
| IAA, Inc. (a) | 447 |  | 17880 |
| Tetra Tech, Inc. (b) | 2113 |  | 306787 |
| Waste Management, Inc. (b) | 4538 |  | 711921 |
|  |  |  | 2736841 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Ciena Corp. (a) | 7641 |  | 389538 |
| Cisco Systems, Inc. (b) | 44837 |  | 2136035 |
| CommScope Holding Co., Inc. (a) | 28709 |  | 211011 |
| Harmonic, Inc. (a) | 147509 |  | 1932368 |
| Juniper Networks, Inc. | 12718 |  | 406467 |
| Lumentum Holdings, Inc. (a) | 18114 |  | 945007 |
| Viavi Solutions, Inc. (a) | 46990 |  | 493865 |
|  |  |  | 6514291 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Dycom Industries, Inc. (a) | 15031 |  | 1406902 |
| EMCOR Group, Inc. | 3125 |  | 462844 |
| Great Lakes Dredge & Dock Corp. (a)  | 167 |  | 994 |
| MDU Resources Group, Inc. (b) | 8453 |  | 256464 |
|  WillScot Mobile Mini Holdings<br>Corp. (a)  | 4197 |  | 189578 |
|  |  |  | 2316782 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Eagle Materials, Inc. | 1312 | $174299 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| Ally Financial, Inc. | 43503 | 1063648 |
| Bread Financial Holdings, Inc. | 16443 | 619243 |
| Capital One Financial Corp. | 2519 | 234166 |
| Discover Financial Services | 3013 | 294762 |
| Navient Corp. | 65844 | 1083134 |
| Synchrony Financial | 1904 | 62566 |
|  |  | 3357519 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Metal Packaging SA | 115963 | 557782 |
| Berry Global Group, Inc. | 4957 | 299552 |
| International Paper Co. | 5778 | 200092 |
| Sealed Air Corp. | 1007 | 50229 |
| Westrock Co. | 25145 | 884098 |
|  |  | 1991753 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
|  Bright Horizons Family Solutions,<br>Inc. (a)  | 3198 | 201794 |
| Grand Canyon Education, Inc. (a) | 1069 | 112950 |
| H&R Block, Inc. | 6219 | 227056 |
|  |  | 541800 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| Apollo Global Management, Inc. | 12395 | 790677 |
|  Artemis Strategic Inv<br>Corp. (a) (c) (d) (e)  | 7600 | 62077 |
|  Berkshire Hathaway, Inc.,<br>Class B (a) (b)  | 10695 | 3303685 |
|  Northern Genesis Acquisition<br>Corp. III, Class A (a)  | 48000 | 481920 |
|  Swiftmerge Acquisition<br>Corp. (a) (c) (d) (e)  | 6943 | 56266 |
|  |  | 4694625 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Anterix, Inc. (a) | 958 | 30819 |
| AT&T, Inc. (b) | 116407 | 2143053 |
|  Liberty Latin America, Ltd.,<br>Class C (a)  | 25092 | 190699 |
| Lumen Technologies, Inc. | 178540 | 931979 |
|  Verizon Communications,<br>Inc. (b)  | 10786 | 424968 |
|  |  | 3721518 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| NRG Energy, Inc. (b) | 19274 | 613299 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| EnerSys | 4006 | 295803 |
| Generac Holdings, Inc. (a) | 2816 | 283459 |
| Regal Rexnord Corp. (b) | 6197 | 743516 |
| Vertiv Holdings Co. | 49994 | 682918 |
| Vicor Corp. (a) | 8078 | 434192 |
|  |  | 2439888 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Arrow Electronics, Inc. (a) | 11021 | $1152466 |
| Belden, Inc. | 2735 | 196647 |
| Cognex Corp. | 2722 | 128233 |
| Flex, Ltd. (a) | 21276 | 456583 |
| IPG Photonics Corp. (a) | 1649 | 156111 |
| Keysight Technologies, Inc. (a) | 1780 | 304505 |
| Richardson Electronics, Ltd. | 316 | 6740 |
| ScanSource, Inc. (a) | 5663 | 165473 |
| TD SYNNEX Corp. | 2838 | 268787 |
| Vishay Intertechnology, Inc. | 37440 | 807581 |
| Vontier Corp. | 46165 | 892369 |
|  |  | 4535495 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co. | 15559 | 459457 |
| ChampionX Corp. | 8030 | 232790 |
| Halliburton Co. | 29192 | 1148705 |
| Helix Energy Solutions Group, Inc. (a)  | 17380 | 128264 |
| Schlumberger, Ltd. (b) | 6806 | 363849 |
| Select Energy Services, Inc., Class A | 60477 | 558807 |
|  Solaris Oilfield Infrastructure, Inc., Class A  | 14707 | 146041 |
|  |  | 3037913 |
| **Entertainment — 0.5%** |  |  |
| Activision Blizzard, Inc. (b) | 13164 | 1007704 |
| Netflix, Inc. (a) (b) | 9398 | 2771282 |
|  Take-Two Interactive Software,<br>Inc. (a)  | 13516 | 1407421 |
| Walt Disney Co. (The) (a) (b) | 3703 | 321717 |
| Warner Bros Discovery, Inc. (a) | 58117 | 550949 |
| Warner Music Group Corp., Class A | 5775 | 202241 |
|  |  | 6261314 |
| **Equity Real Estate — 0.7%** | **Equity Real Estate — 0.7%** | **Equity Real Estate — 0.7%** |
| Alexander & Baldwin, Inc. (a) | 6943 | 130042 |
| American Tower Corp. (b) | 9808 | 2077923 |
| Douglas Emmett, Inc. | 58020 | 909754 |
| EPR Properties (b) | 9110 | 343629 |
| Equinix, Inc. | 619 | 405464 |
| Essex Property Trust, Inc. (b) | 659 | 139655 |
| Franklin Street Properties Corp. | 69192 | 188894 |
| Gaming and Leisure Properties, Inc. | 6622 | 344940 |
| Highwoods Properties, Inc. | 22700 | 635146 |
| Hudson Pacific Properties, Inc. | 48582 | 472703 |
| JBG SMITH Properties (b) | 3510 | 66620 |
| Kilroy Realty Corp. (b) | 20531 | 793934 |
| Lamar Advertising Co., Class A (b) | 279 | 26338 |
| Medical Properties Trust, Inc. (b) | 32003 | 356513 |
| National Storage Affiliates Trust (b) | 3379 | 122050 |
| Orion Office REIT, Inc. | 11693 | 99858 |
| Park Hotels & Resorts, Inc. (b) | 18929 | 223173 |
| Prologis, Inc. (b) | 5301 | 597582 |
| Sabra Health Care REIT, Inc. (b) | 10166 | 126363 |
| SBA Communications Corp. (b) | 940 | 263491 |
| Uniti Group, Inc. | 22147 | 122473 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| VICI Properties, Inc. | 15013 | $| 486421 |
| Vornado Realty Trust (b) | 2899 |  | 60328 |
|  |  |  | 8993294 |
| **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** |
| Albertsons Cos., Inc., Class A | 561 |  | 11635 |
| Andersons, Inc. (The) (b) | 485 |  | 16970 |
|  BJ's Wholesale Club Holdings,<br>Inc. (a) (b)  | 4315 |  | 285481 |
| Kroger Co. (The) (b) | 22669 |  | 1010584 |
| Performance Food Group Co. (a) (b) | 9053 |  | 528605 |
| US Foods Holding Corp. (a) | 1320 |  | 44906 |
|  |  |  | 1898181 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Darling Ingredients, Inc. (a) (b) | 9095 |  | 569256 |
| Ingredion, Inc. | 753 |  | 73741 |
| Kraft Heinz Co. (The) (b) | 24070 |  | 979890 |
| McCormick & Co., Inc. | 58387 |  | 4839698 |
| Pilgrim's Pride Corp. (a) | 9071 |  | 215255 |
| Seaboard Corp. | 7 |  | 26426 |
| Tyson Foods, Inc., Class A (b) | 22258 |  | 1385561 |
|  |  |  | 8089827 |
| **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |
| Abbott Laboratories (b) | 9249 |  | 1015448 |
| Align Technology, Inc. (a) (b) | 2713 |  | 572172 |
| AtriCure, Inc. (a) | 3429 |  | 152179 |
| DENTSPLY SIRONA, Inc. | 742 |  | 23625 |
| Envista Holdings Corp. (a) | 8114 |  | 273198 |
| IDEXX Laboratories, Inc. (a) | 7751 |  | 3162098 |
| Masimo Corp. (a) | 1114 |  | 164816 |
| Paragon 28, Inc. (a) | 2018 |  | 38564 |
| QuidelOrtho Corp. (a) | 3234 |  | 277057 |
| Stryker Corp. | 18404 |  | 4499594 |
|  |  |  | 10178751 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| AdaptHealth Corp. (a) | 3341 |  | 64214 |
| Cardinal Health, Inc. (b) | 8618 |  | 662466 |
| Centene Corp. (a) (b) | 6261 |  | 513465 |
| Cigna Corp. (b) | 6422 |  | 2127865 |
| CVS Health Corp. (b) | 33285 |  | 3101829 |
| Elevance Health, Inc. (b) | 2366 |  | 1213687 |
| Enhabit, Inc. (a) | 57835 |  | 761108 |
| HCA Healthcare, Inc. (b) | 5399 |  | 1295544 |
| HealthEquity, Inc. (a) | 1442 |  | 88885 |
| Humana, Inc. (b) | 226 |  | 115755 |
|  Laboratory Corp. of America<br>Holdings (b)  | 1210 |  | 284931 |
| Molina Healthcare, Inc. (a) (b) | 915 |  | 302151 |
| Oak Street Health, Inc. (a) | 54123 |  | 1164186 |
| Option Care Health, Inc. (a) | 4164 |  | 125295 |
| Progyny, Inc. (a) | 13379 |  | 416756 |
| Quest Diagnostics, Inc. (b) | 713 |  | 111542 |
| R1 RCM, Inc. (a) | 95732 |  | 1048265 |
| Tenet Healthcare Corp. (a) | 18125 |  | 884319 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| UnitedHealth Group, Inc. (b) | 2044 | $| 1083688 |
|  Universal Health Services, Inc.,<br>Class B (b)  | 2326 |  | 327710 |
| US Physical Therapy, Inc. | 5195 |  | 420951 |
|  |  |  | 16114612 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Aramark (b) | 6290 |  | 260028 |
| Booking Holdings, Inc. (a) (b) | 5538 |  | 11160621 |
| Caesars Entertainment, Inc. (a) (b) | 12480 |  | 519168 |
| Chipotle Mexican Grill, Inc. (a) (b) | 692 |  | 960143 |
| Expedia Group, Inc. (a) (b) | 21243 |  | 1860887 |
|  Marriott Vacations Worldwide<br>Corp. (b)  | 376 |  | 50606 |
| Planet Fitness, Inc., Class A (a) (b) | 3235 |  | 254918 |
| Starbucks Corp. (b) | 5427 |  | 538358 |
| Texas Roadhouse, Inc. | 283 |  | 25739 |
| Travel + Leisure Co. | 19692 |  | 716789 |
| Vail Resorts, Inc. (b) | 1706 |  | 406625 |
|  |  |  | 16753882 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| GoPro, Inc., Class A (a) | 86940 |  | 432961 |
| KB Home | 9048 |  | 288179 |
| Lennar Corp., Class A (b) | 4022 |  | 363991 |
| NVR, Inc. (a) (b) | 56 |  | 258304 |
| PulteGroup, Inc. (b) | 8092 |  | 368429 |
| Sonos, Inc. (a) (b) | 72958 |  | 1232990 |
| Taylor Morrison Home Corp. (a) | 20820 |  | 631887 |
| Tempur Sealy International, Inc. (b) | 4408 |  | 151327 |
| Toll Brothers, Inc. | 19431 |  | 969996 |
| Whirlpool Corp. (b) | 3181 |  | 449984 |
|  |  |  | 5148048 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Church & Dwight Co., Inc. | 58096 |  | 4683118 |
| Colgate-Palmolive Co. (b) | 5830 |  | 459346 |
|  |  |  | 5142464 |
| **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) | 19748 |  | 567952 |
| Altus Power, Inc. (a) | 69744 |  | 454731 |
|  |  |  | 1022683 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| 3M Co. (b) | 5102 |  | 611832 |
| General Electric Co. (b) | 9435 |  | 790559 |
| Honeywell International, Inc. (b) | 3741 |  | 801696 |
|  |  |  | 2204087 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| American International Group, Inc. | 33817 |  | 2138587 |
| Assurant, Inc. (b) | 2608 |  | 326156 |
| Brown & Brown, Inc. (b) | 3065 |  | 174613 |
| CNO Financial Group, Inc. | 33775 |  | 771759 |
| Fidelity National Financial, Inc. | 11620 |  | 437144 |
| First American Financial Corp. | 6759 |  | 353766 |
|  Hartford Financial Services Group, Inc. (The)  | 2343 |  | 177670 |
| Lincoln National Corp. (b) | 12097 |  | 371620 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Old Republic International Corp. | 15871 | $| 383284 |
| ProAssurance Corp. (b) | 12727 |  | 222341 |
| Reinsurance Group of America, Inc. | 974 |  | 138396 |
| Travelers Companies, Inc. (The) | 1310 |  | 245612 |
| Unum Group | 19957 |  | 818836 |
|  |  |  | 6559784 |
| **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** |
| Alphabet, Inc., Class A (a) (b) | 189349 |  | 16706262 |
| Alphabet, Inc., Class C (a) (b) | 17600 |  | 1561648 |
| IAC, Inc. (a) | 33074 |  | 1468486 |
| Match Group, Inc. (a) | 3329 |  | 138120 |
| Meta Platforms, Inc., Class A (a) (b) | 74223 |  | 8931996 |
| Pinterest, Inc., Class A (a) | 608 |  | 14762 |
| TripAdvisor, Inc. (a) | 6235 |  | 112105 |
| Ziff Davis, Inc. (a) | 2788 |  | 220531 |
|  |  |  | 29153910 |
| **Internet & Direct Marketing Retail — 1.6%** | **Internet & Direct Marketing Retail — 1.6%** | **Internet & Direct Marketing Retail — 1.6%** | **Internet & Direct Marketing Retail — 1.6%** |
| Amazon.com, Inc. (a) (b) | 235974 |  | 19821816 |
| eBay, Inc. (b) | 10854 |  | 450115 |
| Vivid Seats, Inc., Class A (a) (b) | 12888 |  | 94083 |
|  |  |  | 20366014 |
| **IT Services — 4.0%** | **IT Services — 4.0%** | **IT Services — 4.0%** | **IT Services — 4.0%** |
| Amdocs, Ltd. | 6217 |  | 565125 |
| Automatic Data Processing, Inc. | 26311 |  | 6284646 |
| Block, Inc. (a) (b) | 3718 |  | 233639 |
| Broadridge Financial Solutions, Inc. | 3440 |  | 461407 |
| Cloudflare, Inc., Class A (a) | 110614 |  | 5000859 |
|  Cognizant Technology Solutions Corp., Class A (b)  | 7178 |  | 410510 |
| DXC Technology Co. (a) | 33159 |  | 878714 |
|  Fidelity National Information Services, <br> Inc. (b)  | 16033 |  | 1087839 |
| Fiserv, Inc. (a) (b) | 97570 |  | 9861400 |
| FleetCor Technologies, Inc. (a) | 3109 |  | 571061 |
| Gartner, Inc. (a) (b) | 474 |  | 159330 |
| Global Payments, Inc. (b) | 7029 |  | 698120 |
| GoDaddy, Inc., Class A (a) (b) | 4183 |  | 312972 |
| Jack Henry & Associates, Inc. | 2159 |  | 379034 |
| Kyndryl Holdings, Inc. (a) | 50893 |  | 565930 |
| Mastercard, Inc., Class A (b) | 29580 |  | 10285853 |
| MongoDB, Inc. (a) | 1007 |  | 198218 |
| PayPal Holdings, Inc. (a) (b) | 3989 |  | 284097 |
| Repay Holdings Corp. (a) | 72546 |  | 583995 |
| Sabre Corp. (a) (f) | 69289 |  | 428206 |
| SS&C Technologies Holdings, Inc. (b) | 32324 |  | 1682787 |
| VeriSign, Inc. (a) (b) | 295 |  | 60605 |
| Verra Mobility Corp. (a) | 139623 |  | 1930986 |
| Visa, Inc., Class A (b) | 29156 |  | 6057451 |
| Western Union Co. (The) | 40230 |  | 553967 |
| WEX, Inc. (a) | 1195 |  | 195562 |
|  |  |  | 49732313 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Brunswick Corp. (b) | 1004 |  | 72368 |
| Malibu Boats, Inc., Class A (a) | 7650 |  | 407745 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Mattel, Inc. (a) (b) | 10870 | $| 193921 |
| Polaris, Inc. (b) | 4354 |  | 439754 |
| Topgolf Callaway Brands Corp. (a) (b)  | 2102 |  | 41515 |
|  |  |  | 1155303 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Avantor, Inc. (a) | 3729 |  | 78645 |
| Bio-Rad Laboratories, Inc., Class A (a)  | 1191 |  | 500804 |
| Illumina, Inc. (a) | 1272 |  | 257198 |
|  Maravai LifeSciences Holdings, Inc., Class A (a)  | 10518 |  | 150513 |
| Mettler-Toledo International, Inc. (a)  | 2881 |  | 4164341 |
| Sotera Health Co. (a) | 31704 |  | 264094 |
| Syneos Health, Inc. (a) | 36784 |  | 1349237 |
| Thermo Fisher Scientific, Inc. (b) | 16465 |  | 9067111 |
| Waters Corp. (a) | 17312 |  | 5930745 |
|  |  |  | 21762688 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| AGCO Corp. (b) | 874 |  | 121215 |
| Allison Transmission Holdings, Inc. | 36290 |  | 1509664 |
| Crane Holdings Co. (b) | 4880 |  | 490196 |
| Donaldson Co., Inc. | 200 |  | 11774 |
| Enerpac Tool Group Corp. | 14262 |  | 362968 |
| Franklin Electric Co., Inc. (b) | 4409 |  | 351618 |
| Gates Industrial Corp. plc (a) | 41050 |  | 468380 |
| Hyster-Yale Materials Handling, Inc. | 8031 |  | 203265 |
| Kennametal, Inc. | 16510 |  | 397230 |
| Lindsay Corp. | 454 |  | 73934 |
| Otis Worldwide Corp. | 25075 |  | 1963623 |
| PACCAR, Inc. (b) | 171 |  | 16924 |
| Stanley Black & Decker, Inc. | 366 |  | 27494 |
| Terex Corp. | 8557 |  | 365555 |
| Timken Co. (The) (b) | 3342 |  | 236179 |
| Xylem, Inc. (b) | 2035 |  | 225010 |
|  |  |  | 6825029 |
| **Marine — 0.0%** | **Marine — 0.0%** | **Marine — 0.0%** | **Marine — 0.0%** |
| Kirby Corp. (a) (b) | 7429 |  | 478056 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Altice USA, Inc., Class A (a) | 227118 |  | 1044743 |
|  Charter Communications, Inc.,<br>Class A (a) (b)  | 877 |  | 297391 |
| Comcast Corp., Class A (b) | 30458 |  | 1065116 |
|  |  |  | 2407250 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Cleveland-Cliffs, Inc. (a) | 33658 |  | 542230 |
| Haynes International, Inc. | 2443 |  | 111621 |
| Nucor Corp. | 670 |  | 88313 |
| Perpetua Resources Corp. (a) | 128781 |  | 376040 |
| Reliance Steel & Aluminum Co. | 4086 |  | 827170 |
| Royal Gold, Inc. | 13726 |  | 1547195 |
| Steel Dynamics, Inc. | 4502 |  | 439845 |
| United States Steel Corp. | 44034 |  | 1103052 |
|  |  |  | 5035466 |
| **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** |
| Dynex Capital, Inc. | 33007 |  | 419849 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| Macy's, Inc. (b) | 45868 | $947174 |
| **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
| Antero Resources Corp. (a) (b) | 18204 | 564142 |
| APA Corp. | 26842 | 1252985 |
| Cheniere Energy, Inc. (b) | 1657 | 248484 |
| Chesapeake Energy Corp. | 5612 | 529604 |
| Chevron Corp. (b) | 514 | 92258 |
| Coterra Energy, Inc. | 13671 | 335896 |
| CVR Energy, Inc. | 6158 | 192992 |
| EOG Resources, Inc. (b) | 5250 | 679980 |
| EQT Corp. | 14665 | 496117 |
| Exxon Mobil Corp. (b) | 21929 | 2418769 |
| Marathon Oil Corp. | 23172 | 627266 |
| Marathon Petroleum Corp. | 8218 | 956493 |
| Matador Resources Co. | 1602 | 91698 |
| Occidental Petroleum Corp. | 7151 | 450442 |
| Ovintiv, Inc. | 12778 | 647972 |
| PDC Energy, Inc. | 11028 | 700057 |
| Phillips 66 | 5123 | 533202 |
| Pioneer Natural Resources Co. (b) | 1576 | 359943 |
| Range Resources Corp. | 100497 | 2514435 |
| Southwestern Energy Co. (a) | 445910 | 2608574 |
| Texas Pacific Land Corp. | 84 | 196915 |
| Valero Energy Corp. | 5849 | 742004 |
|  |  | 17240228 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Louisiana-Pacific Corp. | 198 | 11722 |
| **Personal Products — 0.4%** | **Personal Products — 0.4%** | **Personal Products — 0.4%** |
|  Estee Lauder Companies, Inc. (The), Class A  | 18764 | 4655536 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| Bristol-Myers Squibb Co. (b) | 4507 | 324279 |
| Elanco Animal Health, Inc. (a) | 18367 | 224445 |
| Eli Lilly & Co. (b) | 2849 | 1042278 |
| Johnson & Johnson (b) | 7207 | 1273116 |
| Merck & Co., Inc. (b) | 6402 | 710302 |
| Pfizer, Inc. (b) | 57619 | 2952397 |
| Viatris, Inc. | 74406 | 828139 |
|  |  | 7354956 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Dun & Bradstreet Holdings, Inc. (b) | 55793 | 684022 |
| Huron Consulting Group, Inc. (a) | 4822 | 350077 |
| KBR, Inc. (b) | 3908 | 206343 |
| ManpowerGroup, Inc. (b) | 8005 | 666096 |
| TransUnion (b) | 5571 | 316154 |
|  |  | 2222692 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Howard Hughes Corp. (The) (a) | 1544 | 117992 |
| St. Joe Co. (The) | 17577 | 679351 |
| Zillow Group, Inc., Class C (a) | 4103 | 132158 |
|  |  | 929501 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
| Avis Budget Group, Inc. (a) | 461 | $75572 |
|  Knight-Swift Transportation Holdings, <br> Inc.  | 2886 | 151255 |
| Landstar System, Inc. (b) | 1204 | 196132 |
| Ryder System, Inc. | 172 | 14374 |
| Schneider National, Inc., Class B | 13635 | 319059 |
| Uber Technologies, Inc. (a) (b) | 23409 | 578905 |
| XPO, Inc. (a) | 2446 | 81427 |
|  |  | 1416724 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| Advanced Micro Devices, Inc. (a) (b) | 1957 | 126755 |
| Ambarella, Inc. (a) | 6879 | 565660 |
| Applied Materials, Inc. (b) | 4408 | 429251 |
| Broadcom, Inc. (b) | 2961 | 1655584 |
| Impinj, Inc. (a) | 2089 | 228077 |
| Intel Corp. (b) | 53680 | 1418762 |
| Lam Research Corp. | 1545 | 649364 |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 932 | 58697 |
| Marvell Technology, Inc. | 16481 | 610456 |
| Microchip Technology, Inc. | 6215 | 436604 |
| Micron Technology, Inc. | 697 | 34836 |
| NVIDIA Corp. (b) | 792 | 115743 |
| ON Semiconductor Corp. (a) | 1484 | 92557 |
| Onto Innovation, Inc. (a) | 530 | 36088 |
| PDF Solutions, Inc. (a) | 4791 | 136639 |
| Qorvo, Inc. (a) | 8758 | 793825 |
| QUALCOMM, Inc. (b) | 7880 | 866327 |
| Semtech Corp. (a) | 39308 | 1127747 |
| Synaptics, Inc. (a) | 6079 | 578478 |
| Universal Display Corp. | 1402 | 151472 |
|  |  | 10112922 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| ACI Worldwide, Inc. (a) | 27899 | 641677 |
| Adobe, Inc. (a) (b) | 19404 | 6530028 |
| Aspen Technology, Inc. (a) | 1221 | 250793 |
| Autodesk, Inc. (a) (b) | 622 | 116233 |
| Bentley Systems, Inc., Class B | 4084 | 150945 |
| Box, Inc., Class A (a) | 12243 | 381125 |
| Cadence Design Systems, Inc. (a) (b) | 1856 | 298148 |
|  Clearwater Analytics Holdings, Inc., Class A (a)  | 5037 | 94444 |
| CommVault Systems, Inc. (a) | 1328 | 83451 |
| Crowdstrike Holdings, Inc., Class A (a)  | 33612 | 3539007 |
| Datadog, Inc., Class A (a) | 89080 | 6547380 |
| DocuSign, Inc. (a) | 14665 | 812734 |
| Dropbox, Inc., Class A (a) | 8660 | 193811 |
| Fair Isaac Corp. (a) | 876 | 524356 |
| Freshworks, Inc., Class A (a) | 79314 | 1166709 |
| Gen Digital, Inc. | 24561 | 526342 |
| Intuit, Inc. (b) | 471 | 183323 |
| Microsoft Corp. (b) | 52193 | 12516925 |
| N-Able, Inc. (a) | 51252 | 526871 |
| NCR Corp. (a) | 27293 | 638929 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| New Relic, Inc. (a) | 25182 | $| 1421524 |
| Olo, Inc., Class A (a) | 97272 |  | 607950 |
| Oracle Corp. (b) | 12209 |  | 997964 |
| Paycom Software, Inc. (a) | 428 |  | 132813 |
| Paylocity Holding Corp. (a) | 2291 |  | 445050 |
| Pegasystems, Inc. | 22984 |  | 786972 |
|  PowerSchool Holdings, Inc.,<br>Class A (a)  | 3363 |  | 77618 |
| RingCentral, Inc., Class A (a) | 15907 |  | 563108 |
| Salesforce, Inc. (a) (b) | 13139 |  | 1742100 |
| ServiceNow, Inc. (a) (b) | 2635 |  | 1023091 |
| Smartsheet, Inc., Class A (a) | 633 |  | 24915 |
| Sumo Logic, Inc. (a) | 16115 |  | 130531 |
| Teradata Corp. (a) | 19052 |  | 641290 |
| Varonis Systems, Inc. (a) | 9114 |  | 218189 |
| VMware, Inc., Class A (a) (b) | 730 |  | 89615 |
| Workday, Inc., Class A (a) (b) | 5263 |  | 880658 |
|  Zoom Video Communications, Inc., Class A (a)  | 2631 |  | 178224 |
| Zscaler, Inc. (a) | 828 |  | 92653 |
|  |  |  | 45777496 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| AutoNation, Inc. (a) | 9994 |  | 1072356 |
| Bath & Body Works, Inc. (b) | 9585 |  | 403912 |
| Best Buy Co., Inc. (b) | 2708 |  | 217209 |
| Burlington Stores, Inc. (a) (b) | 2449 |  | 496559 |
| Destination XL Group, Inc. (a) | 57911 |  | 390899 |
| Lithia Motors, Inc. (b) | 1509 |  | 308953 |
| Lowe's Cos., Inc. (b) | 1797 |  | 358034 |
| National Vision Holdings, Inc. (a) (b) | 3689 |  | 142986 |
| RH (a) (b) | 47 |  | 12558 |
| Williams-Sonoma, Inc. (b) | 8439 |  | 969810 |
|  |  |  | 4373276 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| Apple, Inc. (b) | 62498 |  | 8120365 |
| Dell Technologies, Inc., Class C | 10225 |  | 411249 |
| Western Digital Corp. (a) | 24740 |  | 780547 |
| Xerox Holdings Corp. | 12401 |  | 181055 |
|  |  |  | 9493216 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Hanesbrands, Inc. (b) | 20510 |  | 130443 |
| NIKE, Inc., Class B | 35364 |  | 4137942 |
| PVH Corp. (b) | 10990 |  | 775784 |
| Skechers USA, Inc., Class A (a) (b) | 5664 |  | 237605 |
|  |  |  | 5281774 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Altria Group, Inc. (b) | 2104 |  | 96174 |
| Philip Morris International, Inc. | 56418 |  | 5710066 |
|  |  |  | 5806240 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Air Lease Corp. | 20932 |  | 804207 |
| Core & Main, Inc.Class A (a) | 16019 |  | 309327 |
| GMS, Inc. (a) | 5589 |  | 278332 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| MSC Industrial Direct Co., Inc., Class A  | 226 | $| 18464 |
| United Rentals, Inc. (a) (b) | 1359 |  | 483016 |
| Univar Solutions, Inc. (a) | 16822 |  | 534940 |
|  |  |  | 2428286 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Works Co., Inc. (b) | 2238 |  | 341116 |
| Essential Utilities, Inc. | 5473 |  | 261226 |
| York Water Co. (The) | 2174 |  | 97787 |
|  |  |  | 700129 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile US, Inc. (a) (b) | 10620 |  | 1486800 |
|  Total US Common Stocks <br> (Cost $457,361,238)  |  |  | 440752128 |
| **Foreign Common Stocks — 32.1%** | **Foreign Common Stocks — 32.1%** | **Foreign Common Stocks — 32.1%** | **Foreign Common Stocks — 32.1%** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| Newcrest Mining, Ltd. | 360559 |  | 5026923 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Axis Capital Holdings, Ltd. | 5951 |  | 322366 |
| RenaissanceRe Holdings, Ltd. | 541 |  | 99668 |
|  |  |  | 422034 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Centrais Eletricas Brasileiras SA | 239100 |  | 1907422 |
| XP, Inc., Class A (a) | 27892 |  | 427863 |
|  |  |  | 2335285 |
| **Canada — 4.5%** | **Canada — 4.5%** | **Canada — 4.5%** | **Canada — 4.5%** |
| ABC Technologies Holdings, Inc. | 170500 |  | 685022 |
| Agnico Eagle Mines, Ltd. | 13100 |  | 680736 |
| Algoma Steel Group, Inc. | 38275 |  | 242663 |
| ARC Resources, Ltd. | 12800 |  | 172526 |
| Arena Minerals, Inc. (a) | 827900 |  | 342411 |
| Aris Mining Corp. | 211140 |  | 522392 |
| Artemis Gold, Inc. (a) | 300161 |  | 973196 |
| Bear Creek Mining Corp. (a) (f) | 319151 |  | 177961 |
|  Brookfield Asset Management, Ltd., Class A (a)  | 1 |  | 21 |
| Brookfield Corp., Class A | 24238 |  | 762527 |
| Cameco Corp. | 81168 |  | 1840078 |
| Canadian Pacific Railway, Ltd. (b) | 12695 |  | 946920 |
| Cargojet, Inc. | 7500 |  | 644479 |
| CES Energy Solutions Corp. | 150000 |  | 305761 |
| Dollarama, Inc. | 12100 |  | 707680 |
| Dundee Corp., Class A (a) | 405126 |  | 424874 |
| Enerplus Corp. | 31000 |  | 547193 |
| Equinox Gold Corp. (a) (f) | 499223 |  | 1633351 |
| Equinox Gold Corp. (a) | 39327 |  | 128993 |
| FG Acquisition Corp., Class A (a) | 32300 |  | 319770 |
| First Quantum Minerals, Ltd. | 14700 |  | 307137 |
| Fission Uranium Corp. (a) (f) | 1263500 |  | 746529 |
| GFL Environmental, Inc. (b) | 8595 |  | 251232 |
| goeasy, Ltd. | 11500 |  | 904117 |
| IAMGOLD Corp. (a) | 635923 |  | 1640681 |
|  International Tower Hill Mines,<br>Ltd. (a)  | 376174 |  | 159949 |
| Ivanhoe Electric, Inc. (a) | 18205 |  | 221191 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| Ivanhoe Mines, Ltd., Class A (a) (f) | 118369 | $935412 |
| K92 Mining, Inc. (a) | 127100 | 719983 |
| Labrador Iron Ore Royalty Corp. | 1200 | 29761 |
|  Lithium Americas Corp. – NYSE<br>Shares (a)  | 47433 | 898855 |
| Lithium Americas Corp. (a) | 13100 | 248358 |
| Lundin Gold, Inc. | 77400 | 756279 |
| Lycos Energy, Inc. (a) | 676738 | 304882 |
| Maple Leaf Foods, Inc. | 39000 | 704247 |
| MEG Energy Corp. (a) | 44970 | 626059 |
| New Gold, Inc. (a) | 54269 | 53184 |
| NexGen Energy, Ltd. (a) (f) | 300061 | 1327449 |
| Northern Dynasty Minerals, Ltd. (a) (f)  | 752336 | 166692 |
|  Northern Dynasty Minerals, Ltd. – NYSE Shares (a) (f)  | 338909 | 74831 |
| Novagold Resources, Inc. (a) | 164203 | 981934 |
| Open Text Corp. | 30200 | 894848 |
| Osisko Gold Royalties, Ltd. | 16042 | 193627 |
|  Osisko Green Acquisition Ltd. – Founders<br>shares (a) (c) (d) (e)  | 15000 | 86411 |
|  Osisko Green Acquisition, Ltd.,<br>Class A (a)  | 61900 | 445735 |
| Pan American Silver Corp. (f) | 83327 | 1360064 |
| Parkit Enterprise, Inc. (a) | 423700 | 391156 |
| Pasofino Gold, Ltd. (a) | 61000 | 18021 |
| Pet Valu Holdings, Ltd. | 29600 | 855427 |
| Quebecor, Inc., Class B | 34600 | 771728 |
| Ritchie Bros Auctioneers, Inc. | 10900 | 629608 |
| Rogers Communications, Inc., Class B  | 15500 | 725432 |
| Sabina Gold & Silver Corp. (a) | 662736 | 650989 |
| Sandstorm Gold, Ltd. | 7688 | 40439 |
| Seabridge Gold, Inc. (a) | 101511 | 1274510 |
| Seabridge Gold, Inc. – NYSE Shares (a)  | 45036 | 566553 |
| Shaw Communications, Inc., Class B | 75700 | 2180987 |
| Shopify, Inc., Class A (a) | 9900 | 343722 |
| Shopify, Inc., Class A (a) | 233198 | 8094303 |
| Solaris Resources, Inc. (a) | 87000 | 413796 |
|  Solaris Resources, Inc. – Reg S<br>shares (a) (e) (g)  | 16600 | 78954 |
|  Somerset Energy Partners<br>Corp. (a) (c) (d) (e)  | 130200 | 28848 |
| Spin Master Corp. (h) | 28100 | 691501 |
| Sprott Physical Uranium Trust (a) | 231205 | 2703084 |
| Sprott, Inc. (f) | 15232 | 506683 |
| Sprott, Inc. | 11561 | 385328 |
| SSR Mining, Inc. | 65000 | 1018550 |
| Sucro Holdings LLC (a) (c) (d) (e) | 8700 | 97987 |
| Summit Industrial Income REIT | 51600 | 864700 |
| Teck Resources, Ltd., Class B | 22100 | 835197 |
| Tourmaline Oil Corp. | 7600 | 383480 |
| TransAlta Corp. | 89300 | 798688 |
| Trillion Energy International, Inc. (a) | 206900 | 67235 |
| Western Copper & Gold Corp. (a) (f) | 113792 | 202540 |
| Wheaton Precious Metals Corp. | 73998 | 2891842 |
| WSP Global, Inc. | 7149 | 829421 |
|  |  | 56438710 |

---

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **China — 9.2%** | **China — 9.2%** | **China — 9.2%** |
|  Advanced Micro-Fabrication Equipment, Inc. China, Class A (a)  | 34155 | $481425 |
| Agora, Inc. – ADR (a) | 1700 | 6647 |
| Alibaba Group Holding, Ltd. (a) | 440200 | 4860321 |
| ANTA Sports Products Ltd. | 118000 | 1547054 |
| Baidu, Inc. – SPADR (a) (b) | 1970 | 225329 |
|  Beijing Kingsoft Office Software, Inc., <br> Class A  | 2800 | 106274 |
|  Beijing New Building Materials plc, Class A  | 713951 | 2653775 |
| Bilibili, Inc., Class Z (a) (f) | 297940 | 7093571 |
| Bilibili, Inc. – SPADR (a) | 122900 | 2911501 |
| CGN Power Co., Ltd., Class H (h) | 9330000 | 2215737 |
|  China Communications Services Corp., Ltd., Class H  | 2326000 | 844484 |
|  China Merchants Bank Co., Ltd., Class A  | 714000 | 3828453 |
|  China Pacific Insurance Group Co., Ltd., Class A  | 714044 | 2519325 |
|  China Pacific Insurance Group Co., Ltd., Class H  | 825200 | 1822239 |
| Didi Global, Inc. – ADR (a) | 113100 | 359658 |
|  Dongguan Yiheda Automation Co., Ltd., Class A  | 88045 | 832892 |
| Eve Energy Co., Ltd., Class A | 190199 | 2406268 |
|  Guangshen Railway Co., Ltd.,<br>Class H (a)  | 3456000 | 637631 |
|  Haidilao International Holding,<br>Ltd. (a) (h)  | 187300 | 537708 |
| Haier Smart Home Co., Ltd., Class A | 875000 | 3080615 |
|  Hangzhou SF Intra-City Industrial Co., <br> Ltd., Class H (a) (h)  | 133000 | 127806 |
|  Huayu Automotive Systems Co., Ltd., <br> Class A  | 635069 | 1583580 |
|  Inner Mongolia Yili Industrial Group Co., Ltd., Class A  | 1246500 | 5542704 |
| JD Health International, Inc. (a) (h) | 245819 | 2248073 |
| JD Logistics, Inc. (a) (h) | 258000 | 499902 |
| JD.com, Inc. – ADR (b) | 8328 | 467451 |
|  Jiangsu Eastern Shenghong Co., Ltd., Class A  | 793586 | 1484247 |
|  Jiangsu Hengrui Pharmaceuticals Co., <br> Ltd., Class A  | 119648 | 663340 |
| Jingjin Equipment, Inc., Class A | 174600 | 737683 |
| KE Holdings, Inc. – ADR (a) | 617000 | 8613320 |
| Kuaishou Technology (a) (h) | 51900 | 465395 |
| Kweichow Moutai Co., Ltd., Class A | 15100 | 3736576 |
|  Luxshare Precision Industry Co., Ltd., <br> Class A  | 833000 | 3807282 |
| Meituan, Class B (a) (h) | 191834 | 4241715 |
| Midea Group Co., Ltd., Class A | 580483 | 4311846 |
|  Milkyway Chemical Supply Chain Service Co., Ltd., Class A  | 119000 | 1993896 |
| Minth Group, Ltd. | 102000 | 274888 |
| Ninestar Corp., Class A | 150000 | 1114573 |
| Pinduoduo, Inc. – ADR (a) | 14200 | 1158010 |
| Sany Heavy Industry Co., Ltd., Class A  | 400000 | 909395 |
| Satellite Chemical Co., Ltd., Class A | 1590508 | 3541993 |
| SG Micro Corp.,Class A | 63994 | 1589085 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
|  Shandong Hualu Hengsheng Chemical <br> Co., Ltd., Class A  | 398000 | $| 1896676 |
|  Shanghai Electric Group Co., Ltd., Class H (a)  | 2464000 |  | 553535 |
| Shenzhen Dynanonic Co., Ltd., Class A  | 16000 |  | 528685 |
|  Shenzhen Inovance Technology Co., Ltd., Class A  | 206969 |  | 2069972 |
|  Shenzhou International Group Holdings, Ltd.  | 135800 |  | 1528135 |
|  Sinoma Science & Technology Co., Ltd., Class A  | 158776 |  | 488784 |
|  Sinopec Engineering Group Co., Ltd.,Class H  | 628000 |  | 276004 |
| Sinopharm Group Co., Ltd., Class H | 142000 |  | 360115 |
|  Suzhou Maxwell Technologies Co., Ltd., Class A  | 16264 |  | 963790 |
|  TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A  | 237974 |  | 1283366 |
| Tencent Holdings, Ltd. | 24700 |  | 1049804 |
| Vipshop Holdings, Ltd. – ADR (a) | 22100 |  | 301444 |
|  Wanhua Chemical Group Co., Ltd., Class A  | 428800 |  | 5711901 |
| Wuxi Biologics Cayman, Inc. (a) (h) | 145500 |  | 1117013 |
| Xianhe Co., Ltd., Class A | 213876 |  | 937765 |
|  Yunnan Energy New Material Co., Ltd., Class A  | 206933 |  | 3909643 |
|  Zhejiang Jiemei Electronic & Technology Co., Ltd., Class A  | 174559 |  | 708225 |
|  Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A  | 158923 |  | 1453666 |
|  Zhejiang Shuanghuan Driveline Co., Ltd., Class A  | 341954 |  | 1252259 |
| ZTO Express Cayman, Inc. (f) | 25253 |  | 685687 |
|  |  |  | 115160136 |
| **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** |
| Ascendis Pharma A/S – ADR (a) | 1906 |  | 232780 |
| Coloplast A/S, Class B | 27390 |  | 3209249 |
| H Lundbeck A/S | 1497213 |  | 5609539 |
| Novo Nordisk A/S, Class B | 83944 |  | 11366014 |
|  |  |  | 20417582 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| Nanoform Finland plc (a) | 502524 |  | 1773528 |
| Nordea Bank Abp | 262616 |  | 2815976 |
| Sampo Oyj, Shares – A | 43401 |  | 2269365 |
|  |  |  | 6858869 |
| **France — 1.0%** |  |  |  |
| Carrefour SA | 34734 |  | 581172 |
| Constellium SE (a) | 32573 |  | 385339 |
| L'Oreal SA | 16479 |  | 5911723 |
|  LVMH Moet Hennessy Louis<br>Vuitton SE  | 7160 |  | 5201346 |
|  |  |  | 12079580 |
| **Germany — 0.0%** | **Germany — 0.0%** | **Germany — 0.0%** | **Germany — 0.0%** |
| BASF SE | 5366 |  | 266391 |
| **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
|  CECEP COSTIN New Materials Group, <br> Ltd. (a) (d) (e)  | 1736000 |  |  |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
|  Changgang Dunxin Enterprise Co., Ltd. (a) (d) (e)  | 4640000 | $|  |
| CK Hutchison Holdings, Ltd. | 287000 |  | 1722957 |
| First Pacific Co., Ltd. | 1796000 |  | 536182 |
| Hi Sun Technology China, Ltd. (a) (f) | 2871000 |  | 312008 |
| Hong Kong Exchanges & Clearing, Ltd.  | 14597 |  | 630811 |
|  Hua Han Health Industry Holdings, Ltd. (a) (d) (e)  | 6984000 |  |  |
|  Luks Group Vietnam Holdings Co., Ltd.  | 1682000 |  | 234864 |
| Shangri-La Asia, Ltd. (a) | 470145 |  | 385237 |
| Sino Biopharmaceutical, Ltd. | 4511916 |  | 2642184 |
|  Super Hi International Holding,<br>Ltd. (a) (f)  | 18729 |  | 23851 |
| Swire Pacific, Ltd., Class A | 140500 |  | 1232248 |
|  United Laboratories International Holdings, Ltd. (The)  | 84000 |  | 52438 |
| WH Group, Ltd. (h) | 1287500 |  | 749037 |
|  |  |  | 8521817 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Accenture plc, Class A (b) | 2624 |  | 700188 |
| AerCap Holdings NV (a) | 14381 |  | 838700 |
| Medtronic plc (b) | 12670 |  | 984712 |
|  |  |  | 2523600 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
|  Check Point Software Technologies, Ltd. (a)  | 4013 |  | 506280 |
| CyberArk Software, Ltd. (a) | 2464 |  | 319458 |
| Global-e Online, Ltd. (a) | 1895 |  | 39113 |
| JFrog, Ltd. (a) | 11472 |  | 244698 |
| Nice Ltd. – SPADR (a) | 1937 |  | 372485 |
| Playtika Holding Corp. (a) | 100707 |  | 857016 |
|  |  |  | 2339050 |
| **Japan — 6.8%** | **Japan — 6.8%** | **Japan — 6.8%** | **Japan — 6.8%** |
| Amano Corp. | 213400 |  | 3918018 |
| Azbil Corp. | 41300 |  | 1045817 |
| BML, Inc. | 120000 |  | 3036633 |
| Bunka Shutter Co., Ltd. (f) | 195600 |  | 1638133 |
| DTS Corp. | 35900 |  | 806951 |
| Ezaki Glico Co., Ltd. (f) | 140200 |  | 3855972 |
| Fukuda Corp. | 11200 |  | 378413 |
| Fukuda Denshi Co., Ltd. (f) | 12200 |  | 423818 |
| Fukushima Galilei Co., Ltd. | 26100 |  | 829248 |
| H.U. Group Holdings, Inc. | 137200 |  | 2991631 |
| Hakuhodo DY Holdings, Inc. | 338800 |  | 3431533 |
| Hitachi, Ltd. | 98000 |  | 4931835 |
| Hogy Medical Co., Ltd. (f) | 143600 |  | 3702199 |
| Icom, Inc. | 16500 |  | 350488 |
| Inpex Corp. | 50400 |  | 537797 |
| Japan Petroleum Exploration Co., Ltd.  | 21500 |  | 631332 |
| Kamigumi Co., Ltd. | 40400 |  | 821799 |
| Kato Sangyo Co., Ltd. | 23400 |  | 625640 |
| KYORIN Holdings, Inc. | 74300 |  | 967059 |
| Medipal Holdings Corp. | 24900 |  | 328125 |
| Mitsubishi Corp. | 33700 |  | 1090253 |
| Mitsubishi Estate Co., Ltd. (f) | 237200 |  | 3069533 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Mitsui & Co., Ltd. | 39000 | $| 1134014 |
| Mitsui Fudosan Co., Ltd. | 170600 |  | 3116681 |
| Morinaga & Co., Ltd. | 140500 |  | 4198750 |
| Nintendo Co., Ltd. | 42000 |  | 1758775 |
| Nippon Densetsu Kogyo Co., Ltd. | 9400 |  | 111141 |
| Nohmi Bosai, Ltd. | 43600 |  | 521781 |
| Noritz Corp. (f) | 75000 |  | 817703 |
| OKUMA Corp. | 94200 |  | 3330509 |
| Raito Kogyo Co., Ltd. | 57600 |  | 827033 |
| Ryosan Co., Ltd. | 9600 |  | 205937 |
| Secom Co., Ltd. | 65800 |  | 3753587 |
| Sekisui Jushi Corp. | 2300 |  | 32670 |
| Seven Bank, Ltd. (a) (f) | 1668100 |  | 3329799 |
| Shibuya Corp. (f) | 29300 |  | 507911 |
| Sinko Industries, Ltd. | 67700 |  | 743709 |
| SK Kaken Co., Ltd. | 8000 |  | 2529717 |
|  Sumitomo Warehouse Co., Ltd.<br>(The) (f)  | 291700 |  | 4318456 |
| Suzuken Co., Ltd. | 51700 |  | 1400414 |
| Tachi-S Co., Ltd. | 21700 |  | 182152 |
| Takeuchi Manufacturing Co., Ltd. | 172300 |  | 3781826 |
| TKC Corp. | 18200 |  | 495046 |
| Toei Co., Ltd. | 33800 |  | 4544287 |
| Toho Holdings Co., Ltd. | 42000 |  | 701200 |
| TV Asahi Holdings Corp. | 257700 |  | 2611456 |
| West Japan Railway Co. | 17300 |  | 755091 |
|  |  |  | 85121872 |
| **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
|  Halyk Savings Bank of Kazakhstan JSC – GDR (g)  | 100459 |  | 1118212 |
| NAC Kazatomprom JSC – GDR (g) | 30434 |  | 855510 |
|  NAC Kazatomprom JSC – GDR, 144A Shares (h)  | 73742 |  | 2075100 |
|  |  |  | 4048822 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Solidere – ADR (a) (d) (e) (g) | 38451 |  | 351250 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| Genting Plantations Bhd | 800 |  | 1162 |
| Oriental Holdings BHD | 198500 |  | 305977 |
|  |  |  | 307139 |
| **Malta — 0.5%** | **Malta — 0.5%** | **Malta — 0.5%** | **Malta — 0.5%** |
| Kambi Group plc (a) | 348477 |  | 6330319 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
|  Controladora Vuela Cia de Aviacion SAB de CV – ADR (a)  | 15379 |  | 128568 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| Argenx SE – ADR (a) | 491 |  | 186006 |
| NXP Semiconductors NV | 2004 |  | 316692 |
|  |  |  | 502698 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| Popular, Inc. | 8095 |  | 536860 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Etalon Group plc – GDR (a) (d) (e) (g)  | 599848 |  |  |

---

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
|  Etalon Group plc – GDR – LSE<br>Shares (a) (d) (e) (g)  | 84223 | $|  |
|  Federal Grid Co. Unified Energy System PJSC (a) (d) (e)  | 1019443892 |  |  |
| Gazprom PJSC (d) (e) | 1409587 |  |  |
|  Lenta International Co. PJSC – <br>GDR (a) (d) (e)  | 351208 |  |  |
| LSR Group PJSC (a) (d) (e) | 96020 |  |  |
|  Moscow Exchange MICEX-RTS<br>PJSC (a) (d) (e)  | 798487 |  |  |
| Polyus PJSC – GDR (a) (d) (e) (g) | 34231 |  |  |
| RusHydro PJSC (d) (e) | 354557380 |  |  |
| Sberbank of Russia PJSC (a) (d) (e) | 688194 |  |  |
| VTB Bank PJSC (a) (d) (e) | 2650300990 |  |  |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| First Resources, Ltd. | 1008300 |  | 1115265 |
| Golden Agri-Resources, Ltd. | 12521700 |  | 2334745 |
| Yoma Strategic Holdings, Ltd. (a) (f) | 3695700 |  | 323088 |
|  |  |  | 3773098 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Gold Fields, Ltd. | 111594 |  | 1154968 |
|  Harmony Gold Mining Co., Ltd. – SPADR (f)  | 379207 |  | 1289304 |
| Impala Platinum Holdings, Ltd. | 110037 |  | 1375769 |
|  |  |  | 3820041 |
| **South Korea — 1.2%** | **South Korea — 1.2%** | **South Korea — 1.2%** | **South Korea — 1.2%** |
| DL E&C Co., Ltd. (a) | 13338 |  | 358786 |
| GS Holdings Corp. (a) | 7549 |  | 262630 |
| Hana Financial Group, Inc. | 28553 |  | 955406 |
| Hankook & Company (a) | 75241 |  | 833972 |
|  Hyundai Department Store Co.,<br>Ltd. (a)  | 23227 |  | 1088463 |
| Korea Electric Power Corp. (a) | 77039 |  | 1333656 |
|  Korea Electric Power Corp. – <br>SPADR (a) (f)  | 106105 |  | 916747 |
| Korean Reinsurance Co. (a) | 87480 |  | 472202 |
| KT Corp. (a) | 7023 |  | 188231 |
| KT Corp. – SPADR (a) (f) | 291935 |  | 3941123 |
| LG Corp. (a) | 25823 |  | 1603738 |
| LG Uplus Corp. | 264369 |  | 2318325 |
| Lotte Chemical Corp. (a) | 4239 |  | 594172 |
| LX Holdings Corp. (a) | 2467 |  | 16544 |
| Magnachip Semiconductor Corp. (a) | 8767 |  | 82322 |
| PHA Co. Ltd. (a) | 23013 |  | 128669 |
|  |  |  | 15094986 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Amadeus IT Group SA (a) | 45988 |  | 2371603 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Hemas Holdings plc | 1337560 |  | 205667 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| Alleima AB (a) | 1 |  | 4 |
| Atlas Copco AB, Shares – B | 220942 |  | 2360622 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Boule Diagnostics AB | 180978 | $| 261476 |
| Elanders AB, Shares – B | 57450 |  | 827118 |
| Electrolux Professional AB, Class B | 229112 |  | 960217 |
| Fortnox AB | 412866 |  | 1879778 |
| Greater Than AB (a) | 235318 |  | 1867246 |
| Hexagon AB, Shares – B | 42143 |  | 442997 |
| Infant Bacterial Therapeutics AB (a) | 51471 |  | 246129 |
| Investor AB, Shares – B | 263812 |  | 4784831 |
| Karnov Group AB (a) | 109596 |  | 615648 |
| Nibe Industrier AB, Shares – B | 77241 |  | 722282 |
| Nolato AB, Shares – B | 190342 |  | 1001021 |
|  Skandinaviska Enskilda Banken AB, Class A  | 492494 |  | 5667744 |
| SKF AB, Class B | 38044 |  | 582195 |
| Spotify Technology SA (a) | 10090 |  | 796605 |
| Viaplay Group AB (a) | 227474 |  | 4334582 |
|  |  |  | 27350495 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Chubb, Ltd. (b) | 1830 |  | 403698 |
| Credit Suisse Group AG – SPADR | 250581 |  | 761766 |
|  |  |  | 1165464 |
| **Taiwan — 0.1%** | **Taiwan — 0.1%** | **Taiwan — 0.1%** | **Taiwan — 0.1%** |
|  Taiwan Semiconductor Manufacturing Co., Ltd. – <br>SPADR (b)  | 10811 |  | 805311 |
| **Thailand — 0.0%** |  |  |  |
| Kasikornbank PCL | 62900 |  | 147007 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| Astarta Holding plc (a) | 45135 |  | 210010 |
| Kernel Holding SA (a) | 135910 |  | 543047 |
| MHP SE – GDR – OTC Shares (a) (g) | 236097 |  | 884740 |
|  |  |  | 1637797 |
| **United Kingdom — 1.2%** | **United Kingdom — 1.2%** | **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |
| Atlassian Corp., Class A (a) | 40160 |  | 5167789 |
| Clarivate plc (a) | 173911 |  | 1450418 |
| Diageo plc | 88637 |  | 3914147 |
| Gabriel Resources, Ltd. (a) | 1962000 |  | 434712 |
| Janus Henderson Group plc | 7795 |  | 183338 |
| Liberty Global plc,Class C (a) | 28213 |  | 548178 |
| Linde plc (b) | 4026 |  | 1313201 |
| nVent Electric plc | 6063 |  | 233243 |
| Stolt-Nielsen, Ltd. | 10151 |  | 279287 |
| Yellow Cake plc (a) (h) | 253896 |  | 1145330 |
|  |  |  | 14669643 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |
| Dlocal, Ltd./Uruguay (a) | 8938 |  | 139165 |
|  Total Foreign Common Stocks <br> (Cost $451,190,408)  |  |  | 400897782 |
|  Total Common Stocks <br> (Cost $908,551,646)  |  |  | 841649910 |

---

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[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Participation Notes — 0.2%** | **Participation Notes — 0.2%** | **Participation Notes — 0.2%** |
|  UBS AG, Beijing Kingsoft Office Software, Inc., Equity Linked Notes, Expiring 10/26/23<br>(China) (a) (e)  | $17400 | $662014 |
|  UBS AG, Nanjing Bestway Intelligent <br> Control Technology Co., Ltd., <br> Equity Linked Notes, Expiring <br> 12/06/23 (China) (a) (e)  | 63453 | 681839 |
|  UBS AG, TKD Science and <br> Technology Co., Ltd., Equity <br> Linked Notes, Expiring 01/17/23 <br> (China) (a) (e)  | 366912 | 1070382 |
|  Total Participation Notes <br> (Cost $3,613,175)  |  | 2414235 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Contracts**  | **Value**  |
| **Rights — 0.0%** | **Rights — 0.0%** | **Rights — 0.0%** |
|  Lotte Chemical Corp., Expiring 01/20/23 (South Korea) (a) (e)  | 848 | &nbsp;&nbsp;&nbsp;&nbsp;23807 |
|  Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (e)  | 367492 | 209838 |
|  Total Rights <br> (Cost $77,784)  |  | 233645 |
| **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
|  Alpha Lithium Corp., Expiring 12/10/23 (Canada) (a) (e)  | 32800 | 3500 |
|  American Lithium Corp., Expiring 11/03/23 (Canada) (a) (e)  | 27900 | 9769 |
|  American Pacific Mining Corp., <br> Expiring 12/13/23 (Canada) (a) (e)  | 30550 | 175 |
|  Aretto Wellness, Inc., Expiring 03/05/24 (Canada) (a)  | 5197 | 58 |
|  Ascot Resources, Ltd., Expiring 03/08/24 (Canada) (a) (e)  | 63350 | 3485 |
|  Bigg Digital Assets, Inc., Expiring 04/16/23 (Canada) (a) (e)  | 34150 | 6 |
|  Cardiol Therapeutics, Inc., Expiring 11/05/24 (Canada) (a) (e)  | 7900 | 625 |
|  Critical Elements Lithium Corp., <br> Expiring 12/03/23 (Canada) (a) (e)  | 26350 | 5790 |
|  Cypress Development Corp., Expiring <br> 03/22/24 (Canada) (a) (e)  | 63100 | 3334 |
|  Cypress Development Corp., Expiring <br> 02/04/24 (Canada) (a) (e)  | 37100 | 538 |
|  Denilson Mines Corp., Expiring 03/22/23 (Canada) (a) (e)  | 30700 | 144 |
|  Entourage Health Corp., Expiring 03/12/23 (Canada) (a)  | 150400 | 555 |
|  Esports Technology, Inc., Expiring <br> 11/30/26 (United States) (a) (c) (e)  | 30162 | 6558 |
|  FG Acquisition Corp., Expiring 04/05/30 (Canada) (a)  | 16150 | 20188 |
|  Givex Corp., Expiring 11/25/23 (Canada) (a) (e)  | 30000 | 1413 |
|  Gold Mountain Mining Corp., Expiring <br> 06/24/23 (Canada) (a) (e)  | 13950 |  |
|  Gryphon Digital Mining, Inc., Expiring <br> 06/30/24 (United <br> States) (a) (c) (d) (e)  | 10298 | 308 |
|  Hive Blockchain Technologies, Ltd., Expiring 05/30/24 (Canada) (a)  | 20100 | 1484 |
|  Nevada Copper Corp., Expiring 05/29/23 (Canada) (a)  | 73900 | 273 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Contracts**  | **Value**  |
|  Northern Genesis Acquisition <br> Corp. III, Expiring 12/31/27 (United <br> States) (a)  | 12000 | $1007 |
|  Numinus Wellness, Inc., Expiring 03/19/23 (Canada) (a)  | 30550 | 226 |
|  Organigram Holdings, Inc., Expiring 11/12/23 (Canada) (a) (e)  | 45000 | 1776 |
|  Osisko Green Acquisition, Ltd., Expiring 09/08/29 (Canada) (a)  | 30000 | 5207 |
|  Osisko Green Acquisition, Ltd., Expiring 09/07/26<br>(Canada) (a) (c) (d) (e)  | 33552 | 4659 |
|  Rambler Metals & Mining plc, Expiring 01/13/26 (United Kingdom) (a) (e)  | 9834 |  |
|  Revive Therapeutics, Ltd., Expiring 02/12/24 (Canada) (a) (e)  | 85700 | 1204 |
|  Royal Helium, Ltd., Expiring 01/10/26 <br> (Canada) (a) (e)  | 1538400 | 158973 |
|  Royal Helium, Ltd., Expiring 06/08/23 <br> (Canada) (a)  | 291500 | 10764 |
|  Saturn Oil & Gas, Inc., Expiring 06/04/23 (Canada) (a)  | 404100 | 4477 |
|  Somerset Energy Partners Corp., Expiring 04/08/24<br>(Canada) (a) (c) (d) (e)  | 130200 | 1186 |
|  Sucro Holdings LLC, Expiring 01/28/23 <br> (Canada) (a) (c) (d) (e)  | 8700 |  |
|  Sun Summit Minerals Corp., Expiring <br> 07/29/23 (Canada) (a) (e)  | 30550 | 18 |
|  Swiftmerge Acquisition Corp., Expiring 12/15/26 (United<br>States) (a) (c) (e)  | 9258 | 680 |
|  The Valens Co., Inc., Expiring 01/29/24 (Canada) (a) (e)  | 43100 | 471 |
|  The Valens Co., Inc., Expiring 06/01/24 (Canada) (a) (e)  | 37950 | 421 |
|  The Very Good Food Co., Expiring 01/02/23 (Canada) (a) (e)  | 4500 |  |
|  Trillion Energy International, Inc., Expiring 06/29/25 (Canada) (a)  | 805000 | 142688 |
|  Village Farms International, Inc., Expiring 09/10/25<br>(United States) (a) (e)  | 75000 | 13050 |
|  Total Warrants <br> (Cost $232,387)  |  | 405010 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Corporate Bonds — 0.2%** | **Corporate Bonds — 0.2%** | **Corporate Bonds — 0.2%** |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
|  Rogers Communications, Inc., 4.550%, 03/15/52 (Canada) (h)  | $1527000 | 1184616 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  Royal Helium, Ltd., 14.000%, 12/31/25 (Canada) (d) (e)  | 400000 | 295421 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
|  Resolute Forest Products, Inc., 4.875%, 03/01/26 (Canada) (h)  | 448000 | 441113 |
|  Total Corporate Bonds <br> (Cost $1,904,822)  |  | 1921150 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Convertible Bonds — 0.0%** | **Convertible Bonds — 0.0%** | **Convertible Bonds — 0.0%** |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Synaptive Medical, Inc., 10.000%, 10/31/24(c) (d) (e) <br> (Cost $120,000)  | $120000 | $120000 |
| **US Treasury Bonds/Notes — 5.2%** | **US Treasury Bonds/Notes — 5.2%** | **US Treasury Bonds/Notes — 5.2%** |
| US Treasury Note, 2.750%, 07/31/27  | 2450000 | 2321662 |
| US Treasury Note, 0.125%, 12/15/23  | 500000 | 478965 |
| US Treasury Note, 0.250%, 03/15/24  | 1875000 | 1778247 |
| US Treasury Note, 2.500%, 05/15/24  | 1721000 | 1671051 |
| US Treasury Note, 0.250%, 06/15/24  | 2000000 | 1877813 |
| US Treasury Note, 2.000%, 06/30/24  | 3473000 | 3341406 |
| US Treasury Note, 0.375%, 09/15/24  | 4994000 | 4657100 |
|  US Treasury Note, 1.500%,<br>09/30/24 (f)  | 4264000 | 4051133 |
|  US Treasury Note, 4.500%,<br>11/30/24 (f)  | 6817000 | 6820728 |
| US Treasury Note, 1.500%, 02/15/25  | 1435000 | 1351647 |
|  US Treasury Note, 2.125%,<br>05/15/25 (f)  | 2070000 | 1968521 |
| US Treasury Note, 0.250%, 05/31/25  | 1746000 | 1586336 |
|  US Treasury Note, 2.250%,<br>11/15/25 (f)  | 1907000 | 1806659 |
| US Treasury Note, 0.375%, 11/30/25  | 2022900 | 1811207 |
| US Treasury Note, 0.375%, 01/31/26  | 1523000 | 1356362 |
| US Treasury Note, 0.500%, 02/28/26  | 1648000 | 1470196 |
| US Treasury Note, 0.875%, 06/30/26  | 2015000 | 1803976 |
| US Treasury Note, 1.125%, 10/31/26  | 2487000 | 2227419 |
| US Treasury Note, 1.250%, 12/31/26  | 2509000 | 2249965 |
| US Treasury Note, 1.500%, 01/31/27  | 2489000 | 2250309 |
| US Treasury Note, 1.125%, 02/28/27  | 2301000 | 2048789 |
| US Treasury Note, 0.500%, 08/31/27  | 2400000 | 2046188 |
| US Treasury Note, 4.125%, 09/30/27  | 892000 | 896774 |
| US Treasury Note, 2.750%, 08/15/32  | 14699000 | 13433508 |
|  Total US Treasury Bonds/Notes <br> (Cost $67,027,299)  |  | 65305961 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Acquired Funds — 20.1%** | **Acquired Funds — 20.1%** | **Acquired Funds — 20.1%** |
| **Exchange-Traded Funds (ETFs) — 6.5%** | **Exchange-Traded Funds (ETFs) — 6.5%** | **Exchange-Traded Funds (ETFs) — 6.5%** |
| Energy Select Sector SPDR Fund | 111582 | 9760077 |
| Financial Select Sector SPDR Fund | 1314373 | 44951557 |
| Technology Select Sector SPDR Fund | 71149 | 8853782 |
| Vanguard Financials ETF | 213451 | 17658801 |
|  |  | 81224217 |
| **Private Investment Funds (i) — 13.6%** | **Private Investment Funds (i) — 13.6%** | **Private Investment Funds (i) — 13.6%** |
| Bellus Ventures II LP (a) (c) (d) (e) | 185236 | 29777284 |
| Canyon Partners LLC (a) (c) (d) (e) |  | 9433719 |
|  Eversept Global Healthcare Fund <br> LP (a) (c) (d) (e)  |  | 35128992 |
|  Farallon Capital Institutional Partners <br> LP (a) (c) (d) (e)  |  | 944596 |
|  Helikon Long Short Equity Fund <br> ICAV (a) (c) (d) (e)  | 7919 | 16909954 |
| Honeycomb Partners LP (a) (c) (d) (e)  |  | 25776571 |
| Neo Ivy Capital Fund LP (a) (c) (d) (e) |  | 9629364 |
|  Northwest Feilong Fund,<br>Ltd. (a) (c) (d) (e)  | 7235 | 17593910 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| QVT Roviant LP (a) (c) (d) (e) | 2324 | $| 5526099 |
| Voloridge Fund LP (a) (c) (d) (e) |  |  | 18743943 |
|  |  |  | 169464432 |
|  Total Acquired Funds <br> (Cost $212,157,214)  |  |  | 250688649 |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
|  Draegerwerk AG & Co. KGAA, 0.45% (Germany)  | 14750 |  | 657648 |
|  Esports Technology, Inc., 14.00% (United States) (c) (d) (e)  | 563000 |  | 563000 |
|  Hyundai Motor Co., Ltd., 1.35%<br>(South Korea)  | 25675 |  | 1507136 |
|  Hyundai Motor Co., Ltd., 6.82%<br>(South Korea)  | 7811 |  | 458767 |
| Sabre Corp., 6.50% (United States) (a)  | 3300 |  | 277761 |
|  Synaptive Medical, Inc., Class B,<br>0.00% (Canada) (c) (d) (e)  | 74285 |  | 185712 |
|  Total Preferred Stocks <br> (Cost $3,950,449)  |  |  | 3650024 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Contracts**  | **Value**  |
| **Purchased Option Contracts — 0.2%** | **Purchased Option Contracts — 0.2%** | **Purchased Option Contracts — 0.2%** |
| **Calls — 0.0%** | **Calls — 0.0%** | **Calls — 0.0%** |
|  iShares S&P/TSX 60 Index ETF, Notional Amount $3,159,800, Strike Price $30.5 Expiring<br>01/20/2023 (Canada)  | 1036 | 7651 |
|  iShares Silver Trust, Notional Amount <br> $2,290,200, Strike Price $22 <br> Expiring 01/20/2023 (United <br> States)  | 1041 | 69747 |
|  Total Calls <br> (Cost $98,167)  |  | 77398 |
| **Puts — 0.2%** | **Puts — 0.2%** | **Puts — 0.2%** |
|  Axfood AB, Notional Amount $19,734,000, Strike Price $260 Expiring 03/17/2023 (Sweden)  | 759 | 30550 |
|  Billerud AB, Notional Amount $9,039,750, Strike Price $127.5 Expiring 02/17/2023 (Sweden)  | 709 | 41447 |
|  Call EUR vs. Put JPY, Notional Amount <br> $100,640,000, Strike Price $136 <br> Expiring 09/05/2024 (Germany)  | 74000000 | 506489 |
|  Call EUR vs. Put JPY, Notional Amount <br> $100,640,000, Strike Price $136 <br> Expiring 09/06/2024 (Germany)  | 74000000 | 507107 |
|  Call EUR vs. Put JPY, Notional Amount <br> $148,240,000, Strike Price $136 <br> Expiring 08/29/2023 (Germany)  | 109000000 | 364482 |
|  Call EUR vs. Put JPY, Notional Amount <br> $148,240,000, Strike Price $136 <br> Expiring 08/30/2023 (Germany)  | 109000000 | 362160 |
|  Industrivarden AB, Notional Amount <br> $32,177,000, Strike Price $230 <br> Expiring 03/17/2023 (Sweden)  | 1399 | 42903 |
|  Skanska AB, Notional Amount $22,847,000, Strike Price $155 Expiring 01/20/2023 (Sweden)  | 1474 | 7769 |
|  Stora Enso Oyj, Notional Amount $19,796,000, Strike Price $140 Expiring 03/17/2023 (Sweden)  | 1414 | 97565 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Contracts**  | **Value**  |
|  Svenska Cellulosa AB SCA, Notional <br> Amount $36,387,000, Strike Price <br> $130 Expiring 02/17/2023 <br> (Sweden)  | 2799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 |
|  Total Puts <br> (Cost $2,366,151)  |  | 2074472 |
|  Total Purchased Option Contracts <br> (Cost $2,464,318)  |  | 2151870 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Units**  | **Value**  |
| **Disputed Claims Receipt — 0.0%** | **Disputed Claims Receipt — 0.0%** | **Disputed Claims Receipt — 0.0%** |
|  AMR Corp. <br> (Cost $0) (c) (d) (e)  | 260322 |  |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Short-Term Investments — 12.6%** | **Short-Term Investments — 12.6%** | **Short-Term Investments — 12.6%** |
| **Repurchase Agreement — 6.6%** | **Repurchase Agreement — 6.6%** | **Repurchase Agreement — 6.6%** |
|  Fixed Income Clearing Corp. issued on <br> 12/30/22 (proceeds at maturity <br> $82,684,608) (collateralized by US <br> Treasury Note, due 01/31/23 with <br> a total par value of $2,029,300 and <br> a total market value of $2,000,025; <br> US Treasury Inflation Indexed <br> Notes, due 07/15/23 with a total <br> par value of $64,973,700 and a <br> total market value of <br>$81,914,477), 1.280%, 1/3/23<br>(Cost $82,672,850)  | $82672850 | 82672850 |
| **Unaffiliated Investment Company — 0.9%** | **Unaffiliated Investment Company — 0.9%** | **Unaffiliated Investment Company — 0.9%** |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.340%, (j) (k) <br> (Cost $11,193,812)  | 11193812 | 11193812 |
| **US Treasury Bills — 5.1%** | **US Treasury Bills — 5.1%** | **US Treasury Bills — 5.1%** |
|  US Treasury Bills, 4.081%,<br>02/21/23 (j)  | 4446400 | 4421245 |
|  US Treasury Bills, 3.147%,<br>03/23/23 (j)  | 56650000 | 56122732 |
|  US Treasury Bills, 3.176%,<br>07/13/23 (j)  | 3267300 | 3189649 |
|  Total US Treasury Bills <br> (Cost $63,806,573)  |  | 63733626 |
|  Total Short-Term Investments <br> (Cost $157,673,235)  |  | 157600288 |
|  Total Investments – 106.3%<br>(Cost $1,357,772,329)  |  | 1326140742 |
|  Other Assets in Excess of Liabilities – (6.3)%  |  | (78162154) |
| Net Assets – 100.0% |  | $1247978588 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Securities Sold Short — (11.5)%** | **Securities Sold Short — (11.5)%** | **Securities Sold Short — (11.5)%** |
| **Common Stocks — (11.4)%** | **Common Stocks — (11.4)%** | **Common Stocks — (11.4)%** |
| **US Common Stocks — (7.1)%** | **US Common Stocks — (7.1)%** | **US Common Stocks — (7.1)%** |
| **Aerospace & Defense — (0.1)%** | **Aerospace & Defense — (0.1)%** | **Aerospace & Defense — (0.1)%** |
| AAR Corp. (a) | (5550) | (249195) |
| Axon Enterprise, Inc. (a) | (2564) | (425444) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| HEICO Corp. | (461) | $| (70828) |
|  |  |  | (745467) |
| **Airlines — (0.1)%** | **Airlines — (0.1)%** | **Airlines — (0.1)%** | **Airlines — (0.1)%** |
| American Airlines Group, Inc. (a) | (78933) |  | (1004028) |
| United Airlines Holdings, Inc. (a) | (5530) |  | (208481) |
|  |  |  | (1212509) |
| **Auto Components — (0.0)%** | **Auto Components — (0.0)%** | **Auto Components — (0.0)%** | **Auto Components — (0.0)%** |
| Fox Factory Holding Corp. (a) | (3540) |  | (322954) |
| **Automobiles — (0.0)%** | **Automobiles — (0.0)%** | **Automobiles — (0.0)%** | **Automobiles — (0.0)%** |
| Harley-Davidson, Inc. | (8812) |  | (366579) |
| **Banks — (0.1)%** | **Banks — (0.1)%** | **Banks — (0.1)%** | **Banks — (0.1)%** |
| Berkshire Hills Bancorp, Inc. | (8673) |  | (259323) |
| Commerce Bancshares, Inc. | (2120) |  | (144305) |
| First Financial Bankshares, Inc. | (13396) |  | (460822) |
| SVB Financial Group (a) | (2187) |  | (503316) |
|  |  |  | (1367766) |
| **Beverages — (0.0)%** | **Beverages — (0.0)%** | **Beverages — (0.0)%** | **Beverages — (0.0)%** |
| Celsius Holdings, Inc. (a) | (2641) |  | (274770) |
| MGP Ingredients, Inc. | (3203) |  | (340735) |
|  |  |  | (615505) |
| **Biotechnology — (0.2)%** | **Biotechnology — (0.2)%** | **Biotechnology — (0.2)%** | **Biotechnology — (0.2)%** |
| Alnylam Pharmaceuticals, Inc. (a) | (1719) |  | (408520) |
| Mirati Therapeutics, Inc. (a) | (6702) |  | (303668) |
| Moderna, Inc. (a) | (1917) |  | (344332) |
| Natera, Inc. (a) | (2226) |  | (89418) |
| Twist Bioscience Corp. (a) | (47808) |  | (1138308) |
|  |  |  | (2284246) |
| **Building Products — (0.1)%** | **Building Products — (0.1)%** | **Building Products — (0.1)%** | **Building Products — (0.1)%** |
| Advanced Drainage Systems, Inc. | (380) |  | (31149) |
| AZEK Co., Inc. (The) (a) | (19816) |  | (402661) |
| Builders FirstSource, Inc. (a) | (2859) |  | (185492) |
|  |  |  | (619302) |
| **Capital Markets — (0.0)%** | **Capital Markets — (0.0)%** | **Capital Markets — (0.0)%** | **Capital Markets — (0.0)%** |
| T. Rowe Price Group, Inc. | (1910) |  | (208305) |
| **Chemicals — (0.0)%** | **Chemicals — (0.0)%** | **Chemicals — (0.0)%** | **Chemicals — (0.0)%** |
| Scotts Miracle-Gro Co. (The) | (7065) |  | (343288) |
| **Commercial Services & Supplies — (0.1)%** | **Commercial Services & Supplies — (0.1)%** | **Commercial Services & Supplies — (0.1)%** | **Commercial Services & Supplies — (0.1)%** |
| Aris Water Solution, Inc., Class A | (48385) |  | (697228) |
| HNI Corp. | (19603) |  | (557313) |
|  |  |  | (1254541) |
| **Communications Equipment — (0.0)%** | **Communications Equipment — (0.0)%** | **Communications Equipment — (0.0)%** | **Communications Equipment — (0.0)%** |
| Calix, Inc. (a) | (2663) |  | (182229) |
| Viasat, Inc. (a) | (1138) |  | (36018) |
|  |  |  | (218247) |
| **Construction & Engineering — (0.0)%** | **Construction & Engineering — (0.0)%** | **Construction & Engineering — (0.0)%** | **Construction & Engineering — (0.0)%** |
| Ameresco, Inc., Class A (a) | (7366) |  | (420893) |
| **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** |
| FirstCash Holdings, Inc. | (754) |  | (65530) |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** |
| Ball Corp. | (1963) | $(100388) |
| **Distributors — (0.0)%** | **Distributors — (0.0)%** | **Distributors — (0.0)%** |
| Pool Corp. | (797) | (240957) |
| **Diversified Consumer Services — (0.2)%** | **Diversified Consumer Services — (0.2)%** | **Diversified Consumer Services — (0.2)%** |
| H&R Block, Inc. | (24827) | (906434) |
| Mister Car Wash, Inc. (a) | (17082) | (157667) |
| Perdoceo Education Corp. (a) | (22634) | (314612) |
| Service Corp. International | (7063) | (488336) |
|  |  | (1867049) |
| **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** |
|  Cogent Communications Holdings, Inc.  | (20849) | (1190061) |
|  Frontier Communications Parent,<br>Inc. (a)  | (13951) | (355471) |
|  |  | (1545532) |
| **Electric Utilities — (0.1)%** | **Electric Utilities — (0.1)%** | **Electric Utilities — (0.1)%** |
| NextEra Energy, Inc. | (10120) | (846032) |
| Otter Tail Corp. | (1661) | (97517) |
|  |  | (943549) |
| **Electrical Equipment — (0.4)%** | **Electrical Equipment — (0.4)%** | **Electrical Equipment — (0.4)%** |
| Array Technologies, Inc. (a) | (40878) | (790172) |
| Bloom Energy Corp., Class A (a) | (26722) | (510925) |
| ChargePoint Holdings, Inc. (a) | (1452) | (13837) |
| Encore Wire Corp. | (9230) | (1269679) |
| Plug Power, Inc. (a) | (60560) | (749127) |
| Sunrun, Inc. (a) | (31001) | (744644) |
| TPI Composites, Inc. (a) | (146298) | (1483462) |
|  |  | (5561846) |
| **Electronic Equipment, Instruments & Components — (0.1)%** | **Electronic Equipment, Instruments & Components — (0.1)%** | **Electronic Equipment, Instruments & Components — (0.1)%** |
| Badger Meter, Inc. | (2740) | (298742) |
| Novanta, Inc. (a) | (3227) | (438453) |
|  |  | (737195) |
| **Entertainment — (0.1)%** | **Entertainment — (0.1)%** | **Entertainment — (0.1)%** |
| ROBLOX Corp., Class A (a) | (20619) | (586817) |
| Roku, Inc. (a) | (22770) | (926739) |
|  World Wrestling Entertainment, Inc., <br> Class A  | (3508) | (240368) |
|  |  | (1753924) |
| **Equity Real Estate — (0.3)%** |  |  |
| American Tower Corp. | (63) | (13347) |
| CubeSmart | (10382) | (417876) |
| Iron Mountain, Inc. | (21071) | (1050389) |
| Kimco Realty Corp. | (23361) | (494786) |
| Medical Properties Trust, Inc. | (58972) | (656948) |
| Park Hotels & Resorts, Inc. | (9145) | (107820) |
| Pebblebrook Hotel Trust | (5364) | (71824) |
| Realty Income Corp. | (5293) | (335735) |
| Welltower, Inc. | (10655) | (698435) |
|  |  | (3847160) |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Food & Staples Retailing — (0.2)%** | **Food & Staples Retailing — (0.2)%** | **Food & Staples Retailing — (0.2)%** |
| Grocery Outlet Holding Corp. (a) | (53066) | $(1548997) |
| Weis Markets, Inc. | (4488) | (369317) |
|  |  | (1918314) |
| **Food Products — (0.2)%** | **Food Products — (0.2)%** | **Food Products — (0.2)%** |
| Flowers Foods, Inc. | (9272) | (266477) |
| Freshpet, Inc. (a) | (12783) | (674559) |
| Hostess Brands, Inc. (a) | (8624) | (193523) |
| JM Smucker Co. (The) | (663) | (105059) |
| Lamb Weston Holdings, Inc. | (6992) | (624805) |
| McCormick & Co., Inc. | (6489) | (537873) |
| Tootsie Roll Industries, Inc. | (1249) | (53170) |
|  |  | (2455466) |
| **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** |
| Atrion Corp. | (175) | (97904) |
| ICU Medical, Inc. (a) | (7162) | (1127872) |
| Inari Medical, Inc. (a) | (4526) | (287672) |
| Insulet Corp. (a) | (2338) | (688284) |
| Penumbra, Inc. (a) | (1808) | (402208) |
| ResMed, Inc. | (94) | (19564) |
| STERIS plc | (1758) | (324685) |
|  |  | (2948189) |
| **Health Care Providers & Services — (0.3)%** | **Health Care Providers & Services — (0.3)%** | **Health Care Providers & Services — (0.3)%** |
| agilon health, Inc. (a) | (53025) | (855824) |
| AMN Healthcare Services, Inc. (a) | (9446) | (971238) |
| HealthEquity, Inc. (a) | (5022) | (309556) |
| Henry Schein, Inc. (a) | (7250) | (579057) |
| Oak Street Health, Inc. (a) | (30787) | (662228) |
| R1 RCM, Inc. (a) | (23614) | (258573) |
|  |  | (3636476) |
| **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** |
| Definitive Healthcare Corp. (a) | (17676) | (194259) |
| Doximity, Inc., Class A (a) | (3492) | (117192) |
| Teladoc Health, Inc. (a) | (9317) | (220347) |
|  |  | (531798) |
| **Hotels, Restaurants & Leisure — (0.3)%** | **Hotels, Restaurants & Leisure — (0.3)%** | **Hotels, Restaurants & Leisure — (0.3)%** |
| Airbnb, Inc., Class A (a) | (752) | (64296) |
| DraftKings, Inc., Class A (a) | (44928) | (511730) |
| EBET, Inc. (a) | (9100) | (5735) |
| Krispy Kreme, Inc. | (89427) | (922886) |
| Las Vegas Sands Corp. (a) | (9698) | (466183) |
|  Norwegian Cruise Line Holdings,<br>Ltd. (a)  | (4321) | (52889) |
| Papa John's International, Inc. | (5999) | (493778) |
| Six Flags Entertainment Corp. (a) | (40782) | (948181) |
| Wingstop, Inc. | (5042) | (693880) |
|  |  | (4159558) |
| **Household Durables — (0.0)%** | **Household Durables — (0.0)%** | **Household Durables — (0.0)%** |
| D.R. Horton, Inc. | (4937) | (440084) |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Household Products — (0.0)%** | **Household Products — (0.0)%** | **Household Products — (0.0)%** |
| Clorox Co. (The) | (408) | $(57255) |
| **Insurance — (0.1)%** | **Insurance — (0.1)%** | **Insurance — (0.1)%** |
| Kinsale Capital Group, Inc. | (63) | (16476) |
| Ryan Specialty Holdings, Inc. (a) | (8601) | (357027) |
| Trupanion, Inc. (a) | (9440) | (448683) |
|  |  | (822186) |
| **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** |
| IAC, Inc. (a) | (6673) | (296281) |
| Pinterest, Inc.,Class A (a) | (14344) | (348273) |
| ZoomInfo Technologies, Inc. (a) | (29775) | (896525) |
|  |  | (1541079) |
| **Internet & Direct Marketing Retail — (0.2)%** | **Internet & Direct Marketing Retail — (0.2)%** | **Internet & Direct Marketing Retail — (0.2)%** |
| DoorDash, Inc., Class A (a) | (12609) | (615571) |
| Etsy, Inc. (a) | (9327) | (1117188) |
| PetMed Express, Inc. | (18111) | (320565) |
|  |  | (2053324) |
| **IT Services — (0.4)%** | **IT Services — (0.4)%** | **IT Services — (0.4)%** |
| Affirm Holdings, Inc. (a) | (49500) | (478665) |
| Akamai Technologies, Inc. (a) | (4298) | (362321) |
| EPAM Systems, Inc. (a) | (88) | (28841) |
| Fastly, Inc., Class A (a) | (119364) | (977591) |
| MongoDB, Inc. (a) | (5163) | (1016285) |
| Okta, Inc. (a) | (1875) | (128119) |
| Perficient, Inc. (a) | (12714) | (887819) |
| Shift4 Payments, Inc., Class A (a) | (8694) | (486256) |
| Toast, Inc., Class A (a) | (2045) | (36871) |
|  |  | (4402768) |
| **Leisure Products — (0.1)%** | **Leisure Products — (0.1)%** | **Leisure Products — (0.1)%** |
| Acushnet Holdings Corp. | (11543) | (490116) |
| Peloton Interactive, Inc., Class A (a) | (1438) | (11418) |
| Polaris, Inc. | (2359) | (238259) |
| Topgolf Callaway Brands Corp. (a) | (19751) | (390082) |
|  |  | (1129875) |
| **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** |
| 10X Genomics, Inc., Class A (a) | (9036) | (329272) |
| Azenta, Inc. (a) | (10013) | (582957) |
| Illumina, Inc. (a) | (2864) | (579101) |
| PerkinElmer, Inc. | (1661) | (232905) |
| Repligen Corp. (a) | (1628) | (275637) |
|  |  | (1999872) |
| **Machinery — (0.1)%** | **Machinery — (0.1)%** | **Machinery — (0.1)%** |
| Chart Industries, Inc. (a) | (5785) | (666606) |
| Kadant, Inc. | (915) | (162531) |
| RBC Bearings, Inc. (a) | (1415) | (296230) |
| Snap-on, Inc. | (892) | (203813) |
|  |  | (1329180) |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Media — (0.2)%** | **Media — (0.2)%** | **Media — (0.2)%** |
| Cable One, Inc. | (150) | $(106779) |
| New York Times Co. (The), Class A | (28362) | (920631) |
| Paramount Global, Class B | (15081) | (254567) |
| TechTarget, Inc. (a) | (29291) | (1290562) |
| Trade Desk, Inc. (The), Class A (a) | (10421) | (467173) |
|  |  | (3039712) |
| **Metals & Mining — (0.2)%** | **Metals & Mining — (0.2)%** | **Metals & Mining — (0.2)%** |
| MP Materials Corp. (a) | (61723) | (1498635) |
| United States Steel Corp. | (21685) | (543209) |
|  |  | (2041844) |
| **Multiline Retail — (0.2)%** | **Multiline Retail — (0.2)%** | **Multiline Retail — (0.2)%** |
| Franchise Group, Inc. | (21155) | (503912) |
| Kohl's Corp. | (47570) | (1201143) |
|  Ollie's Bargain Outlet Holdings,<br>Inc. (a)  | (8425) | (394627) |
|  |  | (2099682) |
| **Oil, Gas & Consumable Fuels — (0.1)%** | **Oil, Gas & Consumable Fuels — (0.1)%** | **Oil, Gas & Consumable Fuels — (0.1)%** |
| CNX Resources Corp. (a) | (15232) | (256507) |
| Enviva, Inc. | (9782) | (518153) |
| New Fortress Energy, Inc. | (4575) | (194071) |
| Williams Cos., Inc. (The) | (5613) | (184668) |
|  |  | (1153399) |
| **Personal Products — (0.1)%** | **Personal Products — (0.1)%** | **Personal Products — (0.1)%** |
| BellRing Brands, Inc. (a) | (32342) | (829249) |
| **Pharmaceuticals — (0.0)%** | **Pharmaceuticals — (0.0)%** | **Pharmaceuticals — (0.0)%** |
| Catalent, Inc. (a) | (1215) | (54687) |
| **Professional Services — (0.1)%** | **Professional Services — (0.1)%** | **Professional Services — (0.1)%** |
| CRA International, Inc. | (2107) | (257960) |
| Equifax, Inc. | (1009) | (196109) |
| FTI Consulting, Inc. (a) | (1461) | (232007) |
| Kforce, Inc. | (11768) | (645239) |
|  |  | (1331315) |
| **Road & Rail — (0.2)%** | **Road & Rail — (0.2)%** | **Road & Rail — (0.2)%** |
| ArcBest Corp. | (4294) | (300752) |
| Old Dominion Freight Line, Inc. | (66) | (18729) |
| Saia, Inc. (a) | (7519) | (1576584) |
|  |  | (1896065) |
| **Semiconductors & Semiconductor Equipment — (0.2)%** | **Semiconductors & Semiconductor Equipment — (0.2)%** | **Semiconductors & Semiconductor Equipment — (0.2)%** |
| Entegris, Inc. | (4754) | (311815) |
| First Solar, Inc. (a) | (3009) | (450718) |
| MKS Instruments, Inc. | (6875) | (582519) |
| Monolithic Power Systems, Inc. | (155) | (54809) |
| NVIDIA Corp. | (3284) | (479924) |
| SiTime Corp. (a) | (3753) | (381380) |
| Wolfspeed, Inc. (a) | (3544) | (244678) |
|  |  | (2505843) |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Software — (0.8)%** | **Software — (0.8)%** | **Software — (0.8)%** |
| Alarm.com Holdings, Inc. (a) | (13167) | $(651503) |
| Bentley Systems, Inc., Class B | (9945) | (367567) |
| Bill.com Holdings, Inc. (a) | (3539) | (385609) |
| Black Knight, Inc. (a) | (1017) | (62800) |
| Ceridian HCM Holding, Inc. (a) | (3850) | (246977) |
| Clear Secure, Inc.,Class A | (36503) | (1001277) |
| Confluent, Inc., Class A (a) | (19693) | (437972) |
| Datadog, Inc., Class A (a) | (2680) | (196980) |
| DoubleVerify Holdings, Inc. (a) | (3104) | (68164) |
| Envestnet, Inc. (a) | (7999) | (493538) |
| Five9, Inc. (a) | (4839) | (328375) |
| Informatica, Inc., Class A (a) | (1078) | (17561) |
| Jamf Holding Corp. (a) | (14283) | (304228) |
| nCino, Inc. (a) | (24318) | (642968) |
| Palantir Technologies, Inc., Class A (a)  | (127526) | (818717) |
| Palo Alto Networks, Inc. (a) | (1992) | (277964) |
| Paycor HCM, Inc. (a) | (63853) | (1562483) |
| Procore Technologies, Inc. (a) | (902) | (42556) |
| SentinelOne, Inc., Class A (a) | (17228) | (251356) |
| Sprout Social, Inc., Class A (a) | (9962) | (562455) |
| UiPath, Inc., Class A (a) | (20920) | (265893) |
| Unity Software, Inc. (a) | (17940) | (512905) |
|  |  | (9499848) |
| **Specialty Retail — (0.4)%** | **Specialty Retail — (0.4)%** | **Specialty Retail — (0.4)%** |
| Academy Sports & Outdoors, Inc. | (17129) | (899958) |
| AutoNation, Inc. (a) | (1262) | (135413) |
| Best Buy Co., Inc. | (2993) | (240068) |
| Burlington Stores, Inc. (a) | (2845) | (576852) |
| Dick's Sporting Goods, Inc. | (971) | (116801) |
| Five Below, Inc. (a) | (285) | (50408) |
|  Floor & Decor Holdings, Inc.,<br>Class A (a)  | (7113) | (495278) |
| Foot Locker, Inc. | (3101) | (117187) |
| GameStop Corp., Class A (a) | (17709) | (326908) |
| Group 1 Automotive, Inc. | (487) | (87840) |
| Haverty Furniture Companies, Inc. | (11880) | (355212) |
| Leslie's, Inc. (a) | (114270) | (1395237) |
| Murphy USA, Inc. | (696) | (194560) |
| Sonic Automotive, Inc., Class A | (2043) | (100659) |
| Tractor Supply Co. | (109) | (24522) |
|  |  | (5116903) |
| **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** |
| Crocs, Inc. (a) | (2468) | (267605) |
| Hanesbrands, Inc. | (44352) | (282079) |
| Lululemon Athletica, Inc. (a) | (140) | (44853) |
| Oxford Industries, Inc. | (5842) | (544358) |
|  |  | (1138895) |
| **Trading Companies & Distributors — (0.1)%** | **Trading Companies & Distributors — (0.1)%** | **Trading Companies & Distributors — (0.1)%** |
| GATX Corp. | (3505) | (372722) |
| Rush Enterprises, Inc., Class A | (215) | (11240) |
| Veritiv Corp. | (9821) | (1195314) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Watsco, Inc. | (266) | $| (66340) |
|  |  |  | (1645616) |
|  Total US Common Stocks <br> (Proceeds $(95191972))  |  |  | (88421214) |
| **Foreign Common Stocks — (4.3)%** | **Foreign Common Stocks — (4.3)%** | **Foreign Common Stocks — (4.3)%** | **Foreign Common Stocks — (4.3)%** |
| **Canada — (0.6)%** | **Canada — (0.6)%** | **Canada — (0.6)%** | **Canada — (0.6)%** |
| Aecon Group, Inc. | (64000) |  | (430606) |
| BRP, Inc. | (7700) |  | (587054) |
| Canada Goose Holdings, Inc. (a) | (29206) |  | (520159) |
| Cogeco Communications, Inc. | (11100) |  | (629519) |
| Colliers International Group, Inc. | (4200) |  | (385817) |
|  Converge Technology Solutions<br>Corp. (a)  | (104100) |  | (352894) |
| Copper Mountain Mining Corp. (a) | (112200) |  | (141700) |
| Crescent Point Energy Corp. | (51400) |  | (366709) |
| Equinox Gold Corp. (a) | (229400) |  | (750548) |
| GFL Environmental, Inc. | (14200) |  | (414673) |
| Home Capital Group, Inc. | (17100) |  | (537753) |
| i-80 Gold Corp. (a) | (164500) |  | (459239) |
| Loblaw Cos, Ltd. | (4000) |  | (353678) |
| Lundin Mining Corp. | (66200) |  | (406294) |
| Magnet Forensics, Inc. (a) | (10900) |  | (299066) |
| Resolute Forest Products, Inc. (a) | (28900) |  | (623951) |
| Tamarack Valley Energy, Ltd. | (69900) |  | (230247) |
| TELUS International CDA, Inc. (a) | (16806) |  | (332591) |
|  |  |  | (7822498) |
| **China — (0.0)%** | **China — (0.0)%** | **China — (0.0)%** | **China — (0.0)%** |
|  Alibaba Group Holding,<br>Ltd. – SPADR (a)  | (2075) |  | (182787) |
| **Denmark — (0.4)%** | **Denmark — (0.4)%** | **Denmark — (0.4)%** | **Denmark — (0.4)%** |
| Ambu A/S, Class B (a) | (30890) |  | (391934) |
| Chemometec A/S (a) | (4247) |  | (423653) |
| FLSmidth & Co. A/S | (46900) |  | (1705339) |
| ISS A/S (a) | (65967) |  | (1394673) |
| Netcompany Group A/S (a) (h) | (31281) |  | (1320485) |
|  |  |  | (5236084) |
| **Finland — (0.6)%** | **Finland — (0.6)%** | **Finland — (0.6)%** | **Finland — (0.6)%** |
| Orion Oyj, Class B | (58880) |  | (3227401) |
| Stora Enso Oyj, Shares – R | (148713) |  | (2100952) |
| TietoEVRY Oyj | (85508) |  | (2434029) |
|  |  |  | (7762382) |
| **Israel — (0.1)%** | **Israel — (0.1)%** | **Israel — (0.1)%** | **Israel — (0.1)%** |
| SolarEdge Technologies, Inc. (a) | (1530) |  | (433403) |
| **Jersey — (0.1)%** | **Jersey — (0.1)%** | **Jersey — (0.1)%** | **Jersey — (0.1)%** |
| Novocure, Ltd. (a) | (7768) |  | (569783) |
| **Norway — (0.2)%** | **Norway — (0.2)%** | **Norway — (0.2)%** | **Norway — (0.2)%** |
| BEWi ASA | (58282) |  | (273082) |
| Mowi ASA | (120644) |  | (2059808) |
| Orkla ASA | (56182) |  | (405911) |
|  |  |  | (2738801) |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Singapore — (0.0)%** | **Singapore — (0.0)%** | **Singapore — (0.0)%** |
| Kulicke & Soffa Industries, Inc. | (4383) | $(193991) |
| **Sweden — (2.3)%** | **Sweden — (2.3)%** | **Sweden — (2.3)%** |
| AAK AB | (163550) | (2794050) |
| Axfood AB | (63794) | (1750140) |
| Bilia AB, Class A | (21070) | (231473) |
| Boozt AB (a) (h) | (50004) | (575958) |
| Clas Ohlson AB, Shares – B | (7031) | (48464) |
| Embracer Group AB (a) | (178697) | (807782) |
| Evolution AB (h) | (8503) | (830435) |
| Fastighets AB Balder, Shares – B (a) | (84350) | (394725) |
| Hexatronic Group AB | (77069) | (1050183) |
| Holmen AB, Shares B | (15257) | (606978) |
| Husqvarna AB, Shares – B | (64122) | (451797) |
| Industrivarden AB Shares – A | (34588) | (843085) |
| Instalco AB | (75100) | (286293) |
| Investment AB Latour, Shares – B | (106295) | (2017920) |
| L E Lundbergforetagen AB, Shares – B  | (6399) | (272772) |
| Lifco AB, Shares – B | (24566) | (408910) |
| Loomis AB | (60600) | (1660002) |
| Munters Group AB (h) | (55963) | (553523) |
| Sandvik AB | (49660) | (896623) |
| Sectra AB, Class B (a) | (93111) | (1324750) |
| Skanska AB, Shares – B | (49885) | (791840) |
| SkiStar AB | (45300) | (482939) |
| Surgical Science Sweden AB (a) | (84810) | (1347131) |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| Svenska Cellulosa AB SCA,Class B | (241028) | $(3047638) |
|  Svenska Handelsbanken AB, Shares – A  | (252859) | (2544340) |
| Sweco AB, Shares – B | (84715) | (808658) |
| Telia Co. AB | (590707) | (1511802) |
|  |  | (28340211) |
| **United Kingdom — (0.0)%** | **United Kingdom — (0.0)%** | **United Kingdom — (0.0)%** |
| Clarivate plc (a) | (13272) | (110688) |
| **Uruguay — (0.0)%** | **Uruguay — (0.0)%** | **Uruguay — (0.0)%** |
| MercadoLibre, Inc. (a) | (15) | (12695) |
|  Total Foreign Common Stocks <br> (Proceeds $(58371030))  |  | (53403323) |
|  Total Common Stocks <br> (Proceeds $(153563002))  |  | (141824537) |
| **Corporate Bonds — (0.1)%** | **Corporate Bonds — (0.1)%** | **Corporate Bonds — (0.1)%** |
| **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** |
|  Rogers Communications, Inc., 4.350%, 05/01/49 (Canada) <br> (Proceeds $(1080383))  | (1429000) | (1100793) |
|  Total Diversified Telecommunication <br> Services (Proceeds $(1080383))  |  | (1100793) |
| **US Treasury Bond/Note — (0.0)%** | **US Treasury Bond/Note — (0.0)%** | **US Treasury Bond/Note — (0.0)%** |
|  US Treasury Bond, 3.000%, 08/15/52 <br> (Proceeds $(193014))  | (231000) | (192091) |
|  Total Securities Sold Short – (11.5)%<br>(Proceeds $(154836399))  |  | $(143117421) |

---

#### Financial Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br>Contracts** | **Expiration<br>Date**  | **Type**  | **Initial Notional<br>Value/ (Proceeds)**  | **Notional<br>Value at<br>December 31,<br>2022**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
|  |  | **Long Financial Futures Contracts** |  |  |  |
|  |  | ***Interest Rate-Related*** |  |  |  |
| 71 | 03/22/2023 | U.S. Treasury Note 10 Year Futures  | $8034069 | $7973078 | $(60991) |
| 46 | 03/31/2023 | U.S. Treasury Note 3 Year Futures  | 9627371 | 9639516 | 12145 |
|  |  |  |  |  | (48846) |
|  |  | ***Equity-Related*** |  |  |  |
| 2035 | 03/17/2023 | EURO Stoxx 50 | 86286381 | 82451104 | (3835277) |
| 65 | 03/17/2023 | Russell E-mini 1000 Index | 4991713 | 4887025 | (104688) |
| 410 | 03/17/2023 | Russell E-mini 2000 Index | 37534024 | 36303450 | (1230574) |
| 7 | 03/17/2023 | S&P 500 E-Mini Index | 1419186 | 1351350 | (67836) |
| 450 | 03/16/2023 | S&P ASX Share Price Index 200 | 54709068 | 53555672 | (1153396) |
|  |  |  |  |  | (6391771) |
|  |  |  |  |  | (6440617) |
|  |  | **Short Financial Futures Contracts**  |  |  |  |
|  |  | ***Foreign Currency-Related*** |  |  |  |
| (140) | 03/13/2023 | CME Japanese Yen Currency | (12986978) | (13487250) | (500272) |
| (467) | 03/13/2023 | Australian Dollar Currency | (31865739) | (31889095) | (23356) |
|  |  |  |  |  | (523628) |
|  |  | ***Equity-Related*** |  |  |  |
| (162) | 03/17/2023 | MSCI EAFE Index | (16115376) | (15790140) | 325236 |
| (1506) | 03/17/2023 | MSCI Emerging Markets Index | (73337276) | (72242820) | 1094456 |
| (588) | 03/17/2023 | MSCI Japan Index | (39726601) | (38931480) | 795121 |
|  |  |  |  |  | 2214813 |
|  |  |  |  |  | $(4749432) |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

#### Forward Currency Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contract Settlement Date**  | **Counterparty**  | **Contract Amount**  | **Contract Amount**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| **Contract Settlement Date**  | **Counterparty**  | **Receive**  | **Deliver**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| 01/03/2023 | Morgan Stanley Capital Services, Inc  | USD4,500,227 | DKK32,100,000 | $(120606) |
| 01/03/2023 | Morgan Stanley Capital Services, Inc  | USD6,388,594 | SEK67,000,000 | (32198) |
| 01/18/2023 | Barclays Bank plc  | USD8,128,716 | CNH52,757,400 | 496973 |
| 01/23/2023 | Morgan Stanley Capital Services, Inc  | USD 20,952,494 | CAD28,140,000 | 157027 |
| 02/08/2023 | Goldman Sachs International  | USD6,000,000 | CNH38,938,200 | 358774 |
| 11/21/2023 | Barclays Bank plc  | USD 16,346,716 | CNH 114,324,796 | (547492) |
| 12/14/2023 | Barclays Bank plc  | USD 35,000,000 | CNH 239,290,345 | (402955) |
|  |  |  |  | $(90477) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Contracts**  | **Value**  |
| **Written Option Contracts — (0.0)%** | **Written Option Contracts — (0.0)%** | **Written Option Contracts — (0.0)%** |
| **Calls — (0.0)%** | **Calls — (0.0)%** | **Calls — (0.0)%** |
| &nbsp;&nbsp;&nbsp; Dollarama, Inc., Notional Amount $(969000), Strike Price $85<br>Expiring 01/20/2023 (Canada)  | (114) | $(3199) |
| &nbsp;&nbsp;&nbsp; iShares Silver Trust, Notional Amount $(2498400), Strike Price $24<br>Expiring 01/20/2023 (United States)  | (1041) | (13533) |
| &nbsp;&nbsp;&nbsp; Organigram Holdings, Inc., Notional Amount $(135000), Strike Price $3<br>Expiring 09/15/2023 (Canada)  | (450) | (3656) |
| &nbsp;&nbsp;&nbsp; Total Written Options <br> (Premiums received $33,497)  |  | $(20388) |

---

#### Over-the-Counter Swap contracts

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Expiration<br>Date**  | **Counterparty**  | **Floating Rate**  | **Reference Entity**  | **Currency**  | **Payment<br>Frequency<br>Paid/Received**  | **Notional<br>Amount**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** | **Long Total Return Swap Contracts** |
| 06/23/2023 | Goldman Sachs<br>International  | 0.300%  | Bloomberg Ex-Energy <br> Subindex Index (1)  | USD  | Quarterly  | $50428499 | $(34427) |
| **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** | **Short Total Return Swap Contracts** |
| 08/11/2023 | Goldman Sachs<br>International  | LIBOR plus 4.19% (l)  | Hang Seng China <br> Enterprises Index Net <br> Total Return Index  | USD  | Quarterly  | (9068035) | (1288173) |

---

(1) The following table represents the individual positions in the Bloomberg Ex-Energy Subindex Index as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Futures Contract**  | **% of Index**  | **Notional Amount**  |
| CBT Bean Oil Futures | 4.83% | $2435696 |
| CBT Corn Futures | 8.13% | 4099837 |
| NYC Cotton Futures | 1.48% | 746342 |
| COMEX Gold Futures | 21.62% | 10902641 |
| COMEX Copper Futures | 6.62% | 3338367 |
| LME Aluminum Futures | 5.00% | 2521425 |
| LME Nickel Futures | 5.57% | 2808867 |
| LME Zinc Futures | 3.61% | 1820469 |
| CSC Coffee Futures | 2.75% | 1386784 |
| KCBT Kansas Wheat Futures | 2.66% | 1341398 |
| CME Live Cattle Futures | 5.76% | 2904682 |
| CME Lean Hogs Futures | 3.22% | 1623798 |
| CBT Soybeans Futures | 8.27% | 4170437 |
| CSC Sugar Futures | 4.03% | 2029747 |
| COMEX Silver Futures | 7.25% | 3653545 |
| CBT Soy Meal Futures | 4.93% | 2483604 |
| CBT Wheat Futures | 4.29% | 2160860 |
|  |  | $50428499 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ASX | Australian Securities Exchange |
| CAD | Canadian Dollar |
| CME | Chicago Mercantile Exchange |
| CNH | Yuan Renminbi Offshore |
| DKK | Danish Krone |
| EAFE | Europe, Australasia, and Far East |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| GDR | Global Depositary Receipt |
| JPY | Japanese Yen |

---

---

| | |
|:---|:---|
| LSE | London Stock Exchange |
| MSCI | Morgan Stanley Capital International |
| NYSE | New York Stock Exchange |
| OTC | Over-the-Counter |
| REIT | Real Estate Investment Trust |
| SCA | Sociedad en Comandita por Acciónes |
| SEK | Swedish Krona |
| SPADR | Sponsored ADR |
| TSX | Toronto Stock Exchange |
| USD | US Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Non income-producing security.

(b) Security or a portion thereof is pledged as collateral for securities sold short.

(c) Restricted Securities. The following restricted securities were held by the fund as of December 31, 2022, 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 and Canyon Value Realization Fund, LP. TIP's valuation committee has deemed 10% of Canyon Value Realization Fund, LP to be illiquid in accordance with TAS's fair valuation procedures for TIP. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments**  | **Investment Strategy**  | **Date of Acquisition**  | **Cost**  | **Value**  |
| **US Common Stocks** | **US Common Stocks** | **US Common Stocks** | **US Common Stocks** |  |
| Artemis Strategic Inv Corp. |  | 09/30/21  | $46 | $62077 |
| Swiftmerge Acquisition Corp. |  | 12/15/21  | 21 | 56266 |
|  |  |  |  | 118343 |
| **Foreign Common Stocks** | **Foreign Common Stocks** | **Foreign Common Stocks** | **Foreign Common Stocks** |  |
| Osisko Green Acquisition Ltd. |  | 10/19/21  | 88871 | 86411 |
| Somerset Energy Partners Corp. |  | 04/08/22  | 31072 | 28848 |
| Sucro Holdings LLC |  | 04/25/22  | 104259 | 97987 |
|  |  |  |  | 213246 |
| **Warrants** | **Warrants** | **Warrants** | **Warrants** |  |
| Esports Technology, Inc. |  | 11/18/21  |  | 6558 |
| Gryphon Digital Mining, Inc. |  | 07/28/21  |  | 308 |
| Osisko Green Acquisition Corp. |  | 10/19/21  | 15625 | 4659 |
| Royal Helium, Ltd. |  | 12/30/22  |  | 158973 |
| Somerset Energy Partners Corp. |  | 04/08/22  |  | 1186 |
| Sucro Holdings LLC |  | 04/25/22  |  |  |
| Swiftmerge Acquisition Corp. |  | 12/15/21  | 9258 | 680 |
|  |  |  |  | 172364 |
| **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** | **Convertible Bonds** |  |
| Synaptive Medical, Inc. |  | 11/29/21  | 120000 | 120000 |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |  |
| Royal Helium, Ltd. |  | 12/30/22  | 292633 | 295421 |
| **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** | **Private Investment Funds** |  |
| Bellus Ventures II, LP | California Carbon Allowances  | 08/01/21 – 10/01/21  | 27900000 | 29777284 |
| Canyon Value Realization Fund, LP | Multi-Strategy | 04/03/06  | 9307414 | 9433719 |
| Eversept Global Healthcare Fund, LP | Long-Short Global Healthcare  | 02/01/19  | 24756730 | 35128992 |
| Farallon Capital Institutional Partners, LP | Multi-Strategy | 01/01/13  | 795906 | 944596 |
| Helikon Long Short Equity Fund ICAV | Long-Short European | 12/01/20 – 01/01/21  | 12893489 | 16909954 |
| Honeycomb Partners, LP | Long-Short Global | 08/01/16 – 07/01/17  | 18470744 | 25776571 |
| Neo Ivy Capital Fund, LP | Relative Value | 05/01/19  | 10500000 | 9629364 |
| Northwest Feilong Fund, Ltd. | China Credit | 05/01/20  | 15000000 | 17593910 |

---

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund / Schedule of Investments December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments**  | **Investment Strategy**  | **Date of Acquisition**  | **Cost**  | **Value**  |
| QVT Roiv Hldgs Onshore, Ltd. | Multi-Strategy | 01/05/16  | $2314867 | $5526099 |
| Voloridge Fund, LP | Directional | 04/01/20  | 15000000 | 18743943 |
|  |  |  |  | 169464432 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |  |
| Esports Technology, Inc. |  | 11/18/21  | 563000 | 563000 |
| Synaptive Medical, Inc. |  | 02/03/20  | 129999 | 185712 |
|  |  |  |  | 748712 |
| **Disputed Claims Receipt** | **Disputed Claims Receipt** | **Disputed Claims Receipt** | **Disputed Claims Receipt** |  |
| AMR Corp. |  | 12/09/13  |  |  |
| Total (13.7% of Net Assets) |  |  |  | $171132518 |

---

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Security is valued in good faith under TAS's fair valuation procedures for TIP. The aggregate amount of securities fair valued amounts to $174,256,322, which represents 14.0% of the fund's net assets.

(f) Security or a portion thereof was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $48,288,054; the total market value of collateral held by the Fund was $50,352,884. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $39,159,072.

(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 December 31, 2022 the aggregate value of these securities was $21,020,447, which represents 1.7% of net assets.

(i) Portfolio holdings information of the Private Investment Funds is not available as of December 31, 2022. 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 December 31, 2022.

(k) Represents a security purchased with cash collateral received for securities on loan.

(l) The fund pays the floating rate.

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Assets and Liabilities** 

<br> ---

| | |
|:---|:---|
| | **December 31, 2022**  |
| **Assets** |  |
| Investments in securities, at value (cost: $1,275,099,479) including securities on loan of $48,288,054 | $1243467892 |
| Repurchase agreements (cost: $82,672,850) | 82672850 |
| &nbsp;&nbsp;&nbsp; Total investments (cost: $1,357,772,329)  | 1326140742 |
| Cash | 544458 |
| Cash denominated in foreign currencies (cost: $19,275,446) | 19682342 |
| &nbsp;&nbsp;&nbsp; Total Cash  | 20226800 |
| Deposits with brokers for future contracts | 18512661 |
| Deposits with brokers for securities sold short | 18045954 |
| Advance purchase of investments | 11482129 |
| Due from broker for futures variation margin | 2016531 |
| Deposits with broker for forward currency contracts | 2810000 |
| Unrealized appreciation on forward currency contracts | 1012774 |
| Deposits with broker for options contracts | 795271 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold  | 33861977 |
| &nbsp;&nbsp;&nbsp; Dividends and tax reclaims  | 1026627 |
| &nbsp;&nbsp;&nbsp; Interest  | 542946 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 12475 |
| Prepaid expenses | 109456 |
| **Total Assets** | 1436596343 |
| **Liabilities** |  |
| Cash collateral received for securities on loan | 11193812 |
| Securities sold short, at value (proceeds: $154,836,399) | 143117421 |
| Due to broker for futures variation margin | 1977944 |
| Unrealized depreciation on swap contracts | 1322600 |
| Unrealized depreciation on forward currency contracts | 1103251 |
| Foreign currencies sold short, at value (proceeds $470) | 468 |
| Written options, at value (premium received $33,497) | 20388 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Capital stock redeemed  | 19898679 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased  | 7858997 |
| &nbsp;&nbsp;&nbsp; Money manager fees  | 894318 |
| &nbsp;&nbsp;&nbsp; Fund administration and custody fees  | 441469 |
| &nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 311856 |
| &nbsp;&nbsp;&nbsp; Dividends and interest on securities sold short  | 110143 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer's costs and Trustee's fees  | 10687 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 355722 |
| **Total Liabilities** | 188617755 |
| **Net Assets** | $1247978588 |
| **Shares Outstanding (unlimited authorized shares, par value $0.001)** | 100036073 |
| **Net Asset Value Per Share** | $12.48 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | $1379160730 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)  | (131182142) |
| **Net Assets** | $1247978588 |

---

See accompanying Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Operations** 

<br> ---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2022**  |
| **Investment Income** |  |
| Dividends (net of foreign withholding taxes of $866,591) | $15207643 |
| Interest | 3050644 |
| Securities lending | 131933 |
| **Total Investment Income** | 18390220 |
| **Expenses** |  |
| Money manager fees | 5646365 |
| Investment advisory fees | 3314459 |
| Fund administration and custody fees | 1465380 |
| Professional fees | 609533 |
| Administrative fees | 270822 |
| Chief Compliance Officer's costs and Trustee's fees | 244000 |
| Miscellaneous fees and other | 376072 |
| **Total Operating Expenses** | 11926631 |
| Dividends and interest on securities sold short | 2302174 |
| Broker fees on securities sold short | 1229493 |
| **Total Expenses** | 15458298 |
| **Net Investment Income** | 2931922 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp; Investments  | 36434811 |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 34690883 |
| &nbsp;&nbsp;&nbsp; Swap contracts  | 9279559 |
| &nbsp;&nbsp;&nbsp; Financial futures contracts  | 11015460 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts  | 6102983 |
| &nbsp;&nbsp;&nbsp; Foreign currency-related transactions  | (1530940) |
| &nbsp;&nbsp;&nbsp; Written options  | 149737 |
| **Net Realized Gain from Investments, Derivatives, and Foreign Currencies** | 96142493 |
| **Net Change in Unrealized Appreciation (Depreciation) from:** |  |
| &nbsp;&nbsp;&nbsp; Investments  | (337538517) |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 9055805 |
| &nbsp;&nbsp;&nbsp; Swap contracts  | (1117199) |
| &nbsp;&nbsp;&nbsp; Financial futures contracts  | (10522472) |
| &nbsp;&nbsp;&nbsp; Forward currency contracts  | 660290 |
| &nbsp;&nbsp;&nbsp; Foreign currency-related transactions  | 200943 |
| &nbsp;&nbsp;&nbsp; Written options  | (6673) |
| **Net Change in Unrealized Depreciation on Investments, Derivatives, and Foreign Currencies** | (339267823) |
| **Net Realized and Unrealized Loss on Investments, Derivatives, and Foreign Currencies** | (243125330) |
| **Net Decrease in Net Assets Resulting from Operations** | $(240193408) |

---

See accompanying Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund

 **Statements of Changes in Net Assets** 

<br> ---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31, 2022**  | **Year Ended<br>December 31, 2021**  |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income | $2931922 | $795188 |
| Net realized gain from investments, derivatives, and foreign currencies | 96142493 | 175299883 |
|  Net change in unrealized appreciation (depreciation) on investments, derivatives, and foreign currencies  | (339267823) | 14832764 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | (240193408) | 190927835 |
| **Distributions** |  |  |
| Distributions to shareholders | (118887263) | (226420791) |
| **Decrease in Net Assets Resulting from Distributions** | (118887263) | (226420791) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 73578816 | 84464379 |
| Proceeds from distributions reinvested | 113018088 | 212643327 |
| Entry/exit fees |  | 344453 |
| Cost of shares redeemed | (161646790) | (243022416) |
| **Net Increase From Capital Share Transactions** | 24950114 | 54429743 |
| **Total Increase (Decrease) in Net Assets** | (334130557) | 18936787 |
| **Net Assets** |  |  |
| Beginning of year | 1582109145 | 1563172358 |
| End of year | $1247978588 | $1582109145 |
| **Capital Share Transactions (in shares)** |  |  |
| Shares sold | 5171238 | 4668957 |
| Shares reinvested | 9114236 | 13312826 |
| Shares redeemed | (11798634) | (13961879) |
| **Net Increase** | 2486840 | 4019904 |

---

See accompanying Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Cash Flows** 

<br> ---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2022**  |
| **Cash flows provided by (used in) operating activities** |  |
| Net increase (decrease) in net assets from operations | $(240193408) |
|  Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash <br> provided by (used in) operating activities:  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased  | (1667251198) |
| &nbsp;&nbsp;&nbsp; Investments sold  | 1556216078 |
| &nbsp;&nbsp;&nbsp; Purchases to cover securities sold short  | (415563546) |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 505330586 |
| &nbsp;&nbsp;&nbsp; (Purchase)/Sale of short term investments, net  | 96554042 |
| &nbsp;&nbsp;&nbsp; Amortization (accretion) of discount and premium, net  | (1670553) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on forward currency contracts  | (660290) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on swap contracts  | 1117199 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposit with broker for securities sold short  | (4900038) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposits with broker for forward currency contracts  | (430000) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposits with broker for options contracts  | 2670323 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposit with brokers for future contracts  | 2521609 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in advance purchase of investments  | (11482129) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in due from broker for futures variation margin  | (1443016) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in interest receivable  | (343279) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in due to broker for futures variation margin  | 1579328 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in receivable for dividends and tax reclaims  | 13526 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in prepaid expenses  | (8199) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in securities lending income receivable  | (7390) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for foreign currencies sold short  | 468 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for money manager fees  | 400936 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for dividends and interest for securities sold short  | 64073 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for fund administration and custody fees  | (345172) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for Chief Compliance Officer's costs and Trustee's fees  | 687 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in other accrued expenses and other liabilities  | 112602 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for investment advisory and administrative fees  | (74845) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in premiums received on written options, net  | (110922) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments  | (36434811) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from securities sold short  | (34690883) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from foreign currency-related transactions  | 1530940 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments  | 337538517 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on securities sold short  | (9055805) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on foreign currency-related transactions  | (200943) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on written options  | 6673 |
| Net cash provided by (used in) operating activities | 80791160 |
| **Cash flows provided by (used in) financing activities** |  |
| Distributions paid to shareholders | (5869175) |
| Proceeds from shares sold | 73578816 |
| Payment for shares redeemed | (141748111) |
| Net cash provided by (used in) financing activities | (74038470) |
| Effect of exchange rate changes on cash | (1329997) |
| **Net increase (decrease) in cash** | 5422693 |
| **Cash at beginning of period** | 14804107 |
| **Cash at end of period** | $20226800 |
| Non cash financing activities not included herein consist of reinvestment of distributions of: | $113018088 |

---

See accompanying Notes to Financial Statements.

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|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 December 31, 2022, 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.

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|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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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.

*Investment Transactions and Investment Income* 

Securities transactions are recorded on the trade date (the date on which the buy or sell order is executed) for financial reporting purposes. Interest income and expenses are recorded on an accrual basis. The fund accretes discounts or amortizes premiums using the yield-to-maturity method on a daily basis, except for mortgage-backed securities that record paydowns. The fund recognizes paydown gains and losses for such securities and reflects them in investment income. Inflation (deflation) adjustments on inflation-protected securities are included in interest income. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the fund, using reasonable diligence, becomes aware of such dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. The fund uses the specific identification method for determining realized gain or loss on sales of securities and foreign currency transactions.

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|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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*Income Taxes* 

There is no provision for federal income or excise tax since the fund has elected to be taxed as a regulated investment company ("RIC") and intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to RICs and to distribute substantially all of its taxable income. The fund may be subject to foreign taxes on income, gains on investments, or currency repatriation. The fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned and gains are recognized.

The fund evaluates tax positions taken or expected to be taken in the course of preparing the fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the fund's tax positions taken or to be taken on federal income tax returns for all open tax years (tax years ended December 31, 2019 - December 31, 2022), and has concluded that no provision for federal income tax is required in the fund's financial statements.

*Expenses* 

Expenses directly attributable to MAF are charged to the fund's operations.

*Dividends to Members* 

It is the fund's policy to declare dividends from net investment income quarterly and distributions from capital gains at least annually.

Dividends from net short-term capital gains and net long-term capital gains of the fund, if any, are normally declared and paid in December, but the fund may make distributions on a more frequent basis in accordance with the distribution requirements of the Code. To the extent that a net realized capital gain could be reduced by a capital loss carryover, such gain will not be distributed. Dividends and distributions are recorded on the ex-dividend date.

*Foreign Currency Translation* 

The books and records of the fund are maintained in US dollars. Foreign currency amounts are translated into US dollars on the following basis:

(i) the foreign currency value of investments and other assets and liabilities denominated in foreign currency are translated into US dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date;

(ii) purchases and sales of investments, income, and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.

The resulting net realized and unrealized foreign currency gain or loss is included in the Statement of Operations.

The fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the fund does isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon the sale or maturity of foreign-currency denominated debt obligations pursuant to US federal income tax regulations; such an amount is categorized as foreign currency gain or loss for income tax reporting purposes.

Net realized gains and losses from foreign currency-related transactions represent net gains and losses from sales and maturities of forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of net investment income accrued and the US dollar amount actually received.

*Net Asset Value* 

The net asset value per share is calculated on a daily basis by dividing the assets of the fund, less its liabilities, by the number of outstanding shares of the fund.

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. Investment Valuation and Fair Value Measurements

The following is a summary of the inputs used as of December 31, 2022, 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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks\*<sup>+</sup>  | $626937343 | $214029728 | $682839 | $841649910 |
| &nbsp;&nbsp;&nbsp; Participation Notes  |  | 2414235 |  | 2414235 |
| &nbsp;&nbsp;&nbsp; Rights  | 23807 | 209838 |  | 233645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants<sup>+</sup>  | 186927 | 211930 | 6153 | 405010 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 1625729 | 295421 | 1921150 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds  |  |  | 120000 | 120000 |
| &nbsp;&nbsp;&nbsp; US Treasury Bonds/Notes  |  | 65305961 |  | 65305961 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds and Mutual Funds  | 81224217 |  |  | 81224217 |
| &nbsp;&nbsp;&nbsp; Private Investment Funds  |  |  | 169464432 | 169464432 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks\*  |  | 2901312 | 748712 | 3650024 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 2151870 |  |  | 2151870 |
| &nbsp;&nbsp;&nbsp; Disputed Claims Receipt<sup>+</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  |  | 146406476 |  | 146406476 |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investment Company  | 11193812 |  |  | 11193812 |
| **Total Investments in Securities** | **721717976** | **433105209** | **171317557** | **1326140742** |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Interest Rate Risk  | 12145 |  |  | 12145 |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Equity Risk  | 2214813 |  |  | 2214813 |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts – Foreign Currency Risk  |  | 1012774 |  | 1012774 |
| **Total Other Financial Instruments** | **2226958** | **1012774** | **—** | **3239732** |
| **Total Assets** | $**723944934** | $**434117983** | $**171317557** | $**1329380474** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks Sold Short\*  | (111902780) | (29921757) |  | (141824537) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | (1100793) |  | (1100793) |
| &nbsp;&nbsp;&nbsp; US Treasury Bonds/Notes  |  | (192091) |  | (192091) |
| **Total Investments in Securities** | **(111902780)** | **(31214641)** | **—** | **(143117421)** |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Interest Rate Risk  | (60991) |  |  | (60991) |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Equity Risk  | (6391771) |  |  | (6391771) |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Foreign Currency Risk  | (523628) |  |  | (523628) |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts – Foreign Currency Risk  |  | (1103251) |  | (1103251) |
| &nbsp;&nbsp;&nbsp; Total Return Equity Swap Contracts – Equity Risk  |  | (1322600) |  | (1322600) |
| &nbsp;&nbsp;&nbsp; Written Options – Equity Risk  | (20388) |  |  | (20388) |
| **Total Other Financial Instruments** | **(6996778)** | **(2425851)** | **—** | **(9422629)** |
| **Total Liabilities** | $**(118899558)** | $**(33640492)** | $**—** | $**(152540050)** |

---

\*

Securities categorized as Level 2 primarily include listed foreign equities whose values have been adjusted to reflect events affecting the values that occur between the close of trading on the principal market and the time at which the net asset value of the fund is determined.

+

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

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|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

---

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<br>December 31,<br>2021**  | **Realized<br>Gain<br>(Loss)**  | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)**  | **Purchases**  | **Sales**  | **Transfers<br>in to<br>Level 3**  | **Transfers<br>out of<br>Level 3**  | **Balance<br>as of<br>December 30,<br>2022**  | **Net Change<br>in Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held as<br>of 12/31/22<br>for the<br>period ended<br>12/31/22**  |
| **Common Stocks\*** | $460133 | $463923 | $(22394410) | $6753241 | $(1368892) | $16768844 | $— | $682839 | $162215 |
| **Warrants** | 528711 | (16302) | 54748 |  | (191973) |  | (369031) | 6153 | (39106) |
| **Private Investment Funds** | 249481992 | 20701458 | (39683920) |  | (61035098) |  |  | 169464432 | (39683920) |
| **Preferred Stocks** | 748712 |  |  |  |  |  |  | 748712 |  |
| **Disputed Claims Receipt\*** |  |  |  |  |  |  |  |  |  |
| **Corporate Bonds** |  |  |  | 295421 |  |  |  | 295421 |  |
| **Convertible Bonds** | 290301 | 8874 | (72601) |  | (106574) |  |  | 120000 | (72601) |
| &nbsp;&nbsp;&nbsp; **Total**  | $**251509849** | $**21157953** | $**(62096183)** | $**7048662** | $**(62702537)** | $**16768844** | $**(369031)** | $**171317557** | $**(39633412)** |

---

\*

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.

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

*Common Stocks, Rights, Warrants, Preferred Stocks and Disputed Claims Receipt.* 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.

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|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2022**  | **Fair Value**  | **Valuation<br>Methodology**  | **Significant<br>Unobservable Inputs**  | **Range**  | **Weighted<br>Average\***  |
| Common Stocks | $556003 | Last market price  | Discount(%)  | 20% – 100%  | 20% |
|  | 126835 | Recent transaction price  | Recent transaction price  | $0.30 – $15.25  | $11.85 |
| Corporate Bonds | 295421 | Recent transaction price  | Recent transaction price  | $100.00  | $100.00 |
| Warrants | 6153 | Black- Scholes pricing<br>model  | Volatility  | 35%  | 35% |
| Private Investment Funds | 169464432 | Adjusted net asset value  | Manager estimated<br>returns  | (3.60)% – 7.16%  | 1.25% |
|  |  |  | Market returns\*\*  | (5.13)% – 148.14%  | 5.08% |
| Preferred Stocks | 748713 | 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 | 120000 | 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, Rights, Warrants, Convertible Bonds, Preferred Stocks and Disputed Claims Receipt.* The chart above reflects the methodology and significant unobservable inputs of securities held at year ended December 31, 2022. The discounts or estimates for lack of marketability and estimate of future claims or 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 or comparable share ratio 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 year ended December 31, 2022. 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<br>Notice Period**  |
| California Carbon Allowances (a) | $29777284 | quarterly  | 90 days  |
| Multi-Strategy (b) | 15904414 | daily (59)%  | 2 days  |
| Long-Short Global Healthcare (c) | 35128992 | quarterly  | 45 days  |
| Long-Short European (d) | 16909954 | monthly  | 60 days  |
| Long-Short Global (e) | 25776571 | quarterly  | 60 days  |
| Relative Value (f) | 9629364 | daily  | 7 days  |
| China Credit (g) | 17593910 | monthly  | 45 days  |
| Directional (h) | 18743943 | monthly  | 30 days  |
| Total | $169464432 |  |  |

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(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 $6,470,695 of redemption residuals.

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 year ended December 31, 2022, 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 year, the fund maintained two 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

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|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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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

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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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

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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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 fund is a party to agreements which include netting provisions or other similar arrangements. While the terms and conditions of these agreements may vary, all transactions under each such agreements constitute a single contractual relationship, and each party's obligation to make any payments, deliveries, or other transfers in respect of any transaction under such agreement may be applied against the other party's obligations under such agreement and netted. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from the defaulting party to the other. The fund is required to disclose positions held at year-end that were entered into pursuant to agreements that allow the fund to net the counterparty's obligations against those of the fund in the event of a default by the counterparty.

At December 31, 2022, the fund's derivative assets and liabilities (by contract type) are as follows:

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| | | |
|:---|:---|:---|
| | **Assets**  | **Liabilities**  |
| Derivative Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $2151870 | $— |
| &nbsp;&nbsp;&nbsp; Swap Contracts  |  | (1322600) |
| &nbsp;&nbsp;&nbsp; Forward Contracts  | 1012774 | (1103251) |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 2226958 | (6976390) |
| &nbsp;&nbsp;&nbsp; Written Options  |  | (20388) |
| Total derivative assets and liablities | 5391602 | (9422629) |
| Derivatives not subject to a netting provision or similar arrangement | 4378828 | (6996778) |
| Total assets and liabilities subject to a netting provision or similar arrangement | $1012774 | $(2425851) |

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The following table presents the fund's derivative assets net of amounts available for offset under a netting provision or similar arrangement and net of the related collateral (excluding any independent amounts) received by the fund as of December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative<br>Assets Subject<br>to a Netting<br>Provision<br>or Similar<br>Arrangement**  | **Derivatives<br>Available<br>for Offset**  | **Collateral<br>Received**  | **Net Amount**  |
| Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Bank plc  | $496973 | $(496973) | $— | $— |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 358774 |  | (358774) |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | 157027 | (152804) | (4223) |  |
| Total | $1012774 | $(649777) | $(362997) | $— |

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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The following table presents the fund's derivative liabilities net of amounts available for offset under a netting provision or similar arrangement and net of the related collateral (excluding any independent amounts) pledged by the fund as of December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative<br>Liabilitites <br>Subject<br>to a Netting<br>Provision<br>or Similar<br>Arrangement**  | **Derivatives<br>Available<br>for Offset**  | **Collateral<br>Pledged**  | **Net Amount**  |
| Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Bank plc  | $(950447) | $496973 | $— | $453474 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | (152804) | 152804 |  |  |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | (1322600) |  | 1322600 |  |
| Total | $(2425851) | $649777 | $1322600 | $453474 |

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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 December 31, 2022. These derivatives are not accounted for as hedging instruments.

The following table lists the fair values of the fund's derivative holdings as of December 31, 2022, grouped by contract type and risk exposure category:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Type**  | **Statement of Assets<br>and Liability and Location**  | **Foreign<br>Currency Risk**  | **Quarterly<br>Average%\***  | **Equity Risk**  | **Quarterly<br>Average%\***  | **Interest<br>Rate Risk**  | **Quarterly<br>Average%\***  | **Total**  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Purchased Options | Investments in securities,<br>at value  | $1740238 | 0.06% | $411632 | 0.04% | $— | —% | $2151870 |
|  Total Return Equity Index<br>Swap Contracts  | Unrealized appreciation on<br>swap contracts  |  | —% |  | 0.07% |  | —% |  |
| Forward Currency Contracts | Unrealized appreciation on<br>forward currency contracts  | 1012774 | 0.13% |  | —% |  | —% | 1012774 |
| Financial Futures Contracts | Due from broker for<br>futures variation margin\*\*  |  | 0.05% | 2214813 | 0.46% | 12145 | 0.00% | 2226958 |
| **Total Value — Assets** |  | $**2753012** |  | $**2626445** |  | $**12145** |  | $**5391602** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Written Options | Investments in securities,<br>at value  | $— | —% | $(20388) | 0.01% | $— | —% | $(20388) |
|  Total Return Basket<br>Swap Contracts  | Unrealized depreciation<br>on swap contracts  |  | —% | (34427) | 0.01% |  | —% | (34427) |
|  Total Return Equity<br>Swap Contracts  | Unrealized depreciation on<br>swap contracts  |  | —% | (1288173) | 0.11% |  | —% | (1288173) |
|  Forward Currency<br>Contracts  | Unrealized depreciation on<br>forward currency contracts  | (1103251) | 0.05% |  | —% |  | —% | (1103251) |
| Financial Futures Contracts | Due to broker for futures<br>variation margin\*\*  | (523628) | 0.01% | (6391771) | 0.58% | (60991) | 0.00% | (6976390) |
| **Total Value — Liabilities** |  | $**(1626879)** |  | $**(7734759)** |  | $**(60991)** |  | $**(9422629)** |

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\*

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, 2021 to and including December 31, 2022, 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 five percentages.

\*\*

Includes appreciation (depreciation) on the date the contracts are opened through December 31, 2022. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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The following table lists the amounts of gains or losses included in net increase in net assets resulting from operations for the year ended December 31, 2022, grouped by contract type and risk exposure category.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Type**  | **Statement of Operations<br>Location**  | **Interest<br>Rate Risk**  | **Foreign<br>Currency Risk**  | **Equity Risk**  | **Total**  |
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
| Purchased Options | Net realized gain (loss) <br> on Investments  | $— | $— | $1841939 | $1841939 |
| Written Options | Net realized gain (loss) <br> on Options written  |  |  | 149737 | 149737 |
| Swap Contracts | Net realized gain (loss) <br> on Swaps contracts  |  |  | 9279559 | 9279559 |
| Forward Currency Contracts | Net realized gain (loss) <br> on Forward <br> currency contracts  |  | 6102983 |  | 6102983 |
| Financial Futures Contracts | Net realized gain (loss) <br> on Financial <br> futures contracts  | (617411) | 4755351 | 6877520 | 11015460 |
| **Total Realized Gain (Loss)** |  | $**(617411)** | $**10858334** | $**18148755** | $**28389678** |

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The following table lists the change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the year ended December 31, 2022, grouped by contract type and risk exposure category.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Type**  | **Statement of Operations<br>Location**  | **Interest<br>Rate Risk**  | **Foreign<br>Currency Risk**  | **Equity Risk**  | **Total**  |
| **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** |
| Purchased Options | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Investments  | $— | $(282618) | $199453 | $(83165) |
| Written Options | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Option written  |  |  | (6673) | (6673) |
| Swap Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Swap contracts  |  |  | (1117199) | (1117199) |
| Forward Currency Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Forward currency contracts  |  | 660290 |  | 660290 |
| Financial Futures Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Financial futures contracts  | (48846) | (50750) | (10422876) | (10522472) |
|  **Total Change in Appreciation (Depreciation)**  |  | $**(48846)** | $**326922** | $**(11347295)** | $**(11069219)** |

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5. Investment Advisory Agreement, Money Manager Agreements, and Other Transactions with Affiliates

TIP's board has approved an investment advisory agreement for the fund with TAS. The fund pays TAS a monthly fee calculated by applying the annual rates set forth below to the fund's average daily net assets for the month:

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| | |
|:---|:---|
| **Assets**  | |
| On the first $1 billion | 0.25% |
| On the next $1 billion | 0.23% |
| On the next $1 billion | 0.20% |
| On the remainder (> $3 billion) | 0.18% |

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Fees paid for such services paid to TAS by the fund are reflected as investment advisory fees on the Statement of Operations. As of December 31, 2022, $287,952 remained payable and are included in investment advisory and administrative fees on the Statement of Assets and Liabilities.

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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TAS provides certain administrative services to the fund under a services agreement. For these services, the fund pays a monthly fee calculated by applying an annual rate of 0.02% to the fund's average daily net assets for the month. Fees for such services paid to TAS by the fund are reflected as administrative fees on the Statement of Operations. As of December 31, 2022, $23,904 remained payable and are included in investment advisory and administrative fees on the Statement of Assets and Liabilities.

TIP has designated an employee of TAS as its Chief Compliance Officer. For these services provided to TIP, which include the monitoring of TIP's compliance program pursuant to Rule 38a-1 under the 1940 Act, TIP reimburses TAS. MAF pays a pro rata portion of such costs based on its share of TIP's net assets. The costs for such services paid to TAS by the fund were $204,000 for the year ended December 31, 2022 and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Operations. As of December 31, 2022, $687 remained payable and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Assets and Liabilities.

TIP's board, all of whom are considered "disinterested trustees" as defined in the 1940 Act, serve as volunteers and receive no fees or salary for their service as board members. The independent chair of the board received compensation of $40,000 from MAF for the period ended for service as independent chair. Fees paid for such services are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Operations. As of December 31, 2022, $10,000 remained payable and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Assets and Liabilities.

TIP's board has approved money manager agreements with each of the money managers. Certain money managers will receive fees based in whole or in part on performance of the money manager's portfolio. Other money managers will receive management fees equal to a specified percentage per annum of the assets under management by such money manager with a single rate or on a descending scale. Money managers who provided services to the fund and their fee terms during the year ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Assets-Based Schedules [a] All paid Monthly**  | | | |
| **Money Manager/Strategy**  | <br> **Minimum**  | <br> **Maximum**  | <br> **Breakpoints**  |
| Amundi Pioneer Institutional Asset Management, Inc. – Beta | 0.02% | 0.03% | YES |
| Fundsmith, LLP | 0.90% |  | NO |
| Green Court Capital Management Limited | 0.60% | 0.90% | YES |

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| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  |
| **Asset-Based Portion – All Paid Monthly**  | **Asset-Based Portion – All Paid Monthly**  | **Asset-Based Portion – All Paid Monthly**  | **Asset-Based Portion – All Paid Monthly**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  |
| **Money Manager/<br>Strategy** | **Minimum (a)**  | **Maximum (a)**  | **Breakpoints**  | **Benchmark/ Hurdle (b)**  | **High Water Mark<br>(or equivalent) (b)**  | **Performance<br>Fee**  | **Performance<br>Fee Cap (b)**  | **Performance<br>Measurement<br>Period**  |
|  AQR Capital<br>Management – US  | 0.20% |  |  | Russell 1000 Total <br> Return Index (net) | YES  | 14% (c)  |  | Calendar <br> Year  |
|  Centerbook<br>Partners, LP  | Blended <br> rate <br> between <br>1.15%<br>and<br>0.25% (d)  | 1.15% | YES | MSCI All Country World <br> Index | YES  | 10%-20% (c) (e)  |  | Calendar Year, <br> 50% deferred  |
| Keel Capital AB | 1.30% |  |  |  | YES  | 20% (c)  |  | Calendar <br> Year  |
|  Kopernik Global<br>Investors, LLC  | 0.10% |  |  | MSCI All Country World <br> Index (net) | YES  | 20% (c)  |  | Calendar Year, <br> 50% deferred  |
|  Mission Value<br>Partners, LLC  | 0.50% | 0.75% | YES | 36 month blended <br> hurdle of avg monthly <br> change in Consumer <br> Price Index x 12 + <br> spread of 4% <br> for months prior to <br> April 1, 2019 and a flat <br> 4.5%-5.5% thereafter | YES  | 10% (f)  | 1.00%  | Rolling <br> 36 months  |
|  NewGen Asset<br>Management<br>Limited  | 1.50% |  |  |  | YES  | 10% (c)  |  | Calendar <br> Year  |
| Strategy Capital, LLC  | Blended <br> rate <br> between <br>0.48%<br>and<br>0.10% (g)  | 0.75% | YES | S&P 500 Index (net) | YES  | 10%-20% (c) (h)  |  | Calendar <br> Year  |
|  TB Alternative<br>Assets Ltd  | 0.75% |  |  | Blend: 50% MSCI China <br> Index and 50% CSI 300 <br> Index | YES  | 15% (c)  |  | Calendar <br> Year  |

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(a) Fee schedules are based on assets under management, irrespective of performance. The fee rate is applied to average net assets.

(b) The performance-based portion of the fee schedule is generally based on a specified percentage of the amount by which the return generated by the money manager's portfolio exceeds the return of the portfolio's benchmark or a specified percentage of the net appreciation of the manager's portfolio over a hurdle, in certain cases subject to a high water mark, a performance fee cap, or the recovery of prior years' losses, if any. Total returns are generally computed over rolling time periods of varying lengths and are in most cases determined gross of fund expenses and fees, except custodian transaction charges and, in certain cases, the asset-based fee and/or performance-based fee applicable to the money manager's account.

(c) Performance-based fees earned on excess return (portfolio over benchmark or high water mark) expressed as a percentage of ending net assets for the performance period.

(d) Asset based fee minimum rate is a blended rate between 1.15% and 0.25% based on manager assets as well as management contract year.

(e) Performance-based fee earned on excess return and less the asset-based fee incurred during the performance period.

(f) Performance-based fees earned on excess return (portfolio over benchmark) expressed as a percentage of average net assets.

(g) Asset based fee minimum rate is a blended rate between 0.48% and 0.10% based on manager assets.

(h) Performance fee rate based on average assets managed by Strategy Capital, LLC, excluding TIFF advised assets and assets of Strategy Capital, LLC and its affiliates.

Fees for such services paid to the individual money managers are reflected as money manager fees on the Statement of Operations. As of December 31, 2022, $894,318 remained payable and reflected as Money Manager fees on the Statement of Assets and Liabilities.

With respect to MAF's investments in other registered investment companies, private investment funds, exchange-traded funds, and other acquired funds, MAF bears its ratable share of each such entity's expenses, including its share of the management and performance fees, if any, charged by such entity through that entity's NAV. MAF's share of management and performance fees charged by such entities is in addition to fees paid by MAF to TAS and the money managers.

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. Fund Administration and Custody Agreement

Pursuant to a series of agreements, State Street Bank and Trust Company ("State Street") earns a fee for providing core fund administration, fund accounting, domestic custody, and transfer agent services. Fees paid for non-core services rendered by State Street include, but are not limited to, foreign custody and transactional fees, which are based upon assets of the fund and/or on transactions entered into by the fund during the period, and out-of-pocket expenses. Fees for such services paid to State Street by the fund are reflected as fund administration and custody fees on the Statement of Operations. As of December 31, 2022, $441,469 remained payable and reflected as fund administration and custody fees on the Statement of Assets and Liabilities.

7. Investment Transactions

Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| **Non-US Government Securities** | $1545745046 | $1581575174 |
| **US Government Securities** | 58347732 | 110496657 |

---

8. Federal Tax Information

The cost of investments, the aggregate gross unrealized appreciation/(depreciation), and the net unrealized appreciation/ (depreciation) on investments at December 31, 2022, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross Unrealized<br>Appreciation**  | **Gross Unrealized<br>Depreciation**  | **Net Unrealized<br>Appreciation/<br>(Depreciation)**  | **Tax Cost of<br>Investments**  |
| $133565297 | $(277472912) | $(143907615) | $1330864303 |

---

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.

During the year ended December 31, 2022, the fund made reclassifications between components that make up net assets primarily due to capital gains from foreign currency, swap income, passive foreign investment companies, dividend redesignations, and net operating loss reclass against short term capital gains.

At December 31, 2022, the components of distributable earnings/(accumulated losses) on a tax basis detailed below differ from the amounts reflected in the fund's Statement of Assets and Liabilities by temporary book/tax differences, largely arising from wash sales, partnership income, passive foreign investment companies, financial futures transactions, constructive sales, and straddle deferral.

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income**  | **Undistributed<br>Capital Gains**  | **(Accumulated<br>Capital and<br>Other Losses)**  | **Unrealized<br>Appreciation/<br>(Depreciation) (a)**  |
| —  | 24727400 |  | $(155909542) |

---

(a) Includes unrealized appreciation on investments, short sales, derivatives, and foreign currency-denominated assets and liabilities, if any.

The amount and character of tax basis distributions paid during the years ended December 31, 2022 and December 31, 2021 are detailed below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2022**  | **2022**  | **2022**  | **2022**  | **2021**  | **2021**  | **2021**  | **2021**  |
| **Ordinary<br>Income**  | **Long-Term<br>Capital gain**  | **Return<br>of Capital**  | **Total**  | **Ordinary<br>Income**  | **Long-Term<br>Capital Gain**  | **Return of <br>Capital**  | **Total**  |
| $5413077 | $113474186 |  | $118887263 | $75949531 | $150471260 | $— | $226420791 |

---

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. 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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Assets Subject<br>to a Netting<br>Provision or<br>Similar<br>Arrangement**  | **Liabilities<br>Available for<br>Offset**  | **Collateral<br>Received\***  | **Net Amount**  |
| Fixed Income Clearing Corp. | $82672850 | $— | $(82672850) | $— |
| Total | $82672850 | $— | $(82672850) | $— |

---

\*

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

Please see Note 4, Derivatives and Other Financial Instruments, for further discussion of netting provisions and similar arrangements.

10. Securities Lending

In order to earn additional income, the fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission ("SEC"). If the fund engages in securities lending, the portfolio will lend through its custodian, currently State Street Bank and Trust Company ("State Street"), acting as securities lending agent on behalf of the fund. Under the current arrangement, State Street will manage the portfolio's collateral in accordance with the securities lending agency agreement between the fund and State Street and indemnify the fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities) at least equal at all times to the market value of the securities loaned. The fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The fund may also record a realized gain or loss on securities deemed sold due to a borrower's inability to return securities on loan. The fund bears the risk of any loss on investment of cash collateral. The fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of December 31, 2022, the fund had securities on loan with an aggregate market value of $48,288,054; the total market value of collateral held by the fund was $50,352,884. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $39,159,072 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $11,193,812.

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Notes to Financial Statements | **December 31, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. Capital Share Transactions

While there are no sales commissions (loads) or 12b-1 fees, MAF previously assessed entry and exit fees on capital invested or redeemed. These fees, which were paid to the fund directly, not to TAS or other vendors supplying services to the fund, were designed, in part, to protect non-transacting members from bearing the transaction costs, including market impact, that could arise from a transacting member's purchases, exchanges, and redemptions of MAF shares. These fees were originally designed to encourage investment only by members with a long-term investment horizon. Further, they were designed to discourage market timing or other inappropriate short-term trading by members. Based upon observed member purchase and redemption activity over many years, TAS and the TIP Board members determined that the entry and exit fees for MAF are no longer necessary to encourage investment only by members with a long-term investment horizon or to discourage market timing or other inappropriate short-term trading by members. Effective December 1, 2021, the entry and exit fees for MAF were eliminated entirely.

12. 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.

13. Indemnifications

In the normal course of business, the fund enters into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is dependent on future claims that may be made against the fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

14. Subsequent Events

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

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of TIFF Investment Program and Shareholders of TIFF Multi-Asset Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of TIFF Multi-Asset Fund (constituting TIFF Investment Program, referred to hereafter as the "Fund") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations and its cash flows for the year then ended**,** the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![[MISSING IMAGE: sg_pwcmeg-bw.jpg]](sg_pwcmeg-bw.jpg)

Philadelphia, Pennsylvania

February 28, 2023

We have served as the auditor of one or more investment companies in TIFF Investment Program since 2016.

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Multi-Asset

TIFF Multi-Asset Fund December 31, 2022

 **Additional Information (Unaudited)** 

<br> #### Proxy Voting Policy and Voting Record
A description of the policies and procedures that TIP uses to determine how to vote proxies relating to portfolio securities is available on TIFF's website at http://www.tiff.org and without charge, upon request, by calling 800-984-0084. This information is also available on the website of the US Securities and Exchange Commission ("SEC") at http://www.sec.gov. Information regarding how the funds voted proxies relating to portfolio securities during the most recent 12-month year ended June 30 is also available on the websites noted above and without charge, upon request, by calling 800-984-0084.

#### Quarterly Reporting
TIP files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. TIP's Form N-PORT report is available on the website of the SEC at http://www.sec.gov.

#### Tax Information Notice
For federal income tax purposes, the following information is furnished with respect to the distributions of MAF, if any, paid during the taxable year ended December 31, 2022.

Qualified dividend income of $5,413,077 represents distributions paid from investment company taxable income for the year ended December 31, 2022, which may be subject to a maximum tax rate of 20%, for those members subject to federal income taxation on fund distributions, as provided for by the American Taxpayer Relief Act of 2012. The distributions paid represent the maximum amount that may be considered qualified dividend income.

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Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund | **December 31, 2022** |

---

 **Index Descriptions** 

<br> *Bloomberg Barclays US Aggregate Bond Index*. The Bloomberg Barclays US Aggregate Bond Index covers the US dollar-denominated, investment grade, fixed-rate, taxable bond market. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS sectors. This index is a component of the US Universal index in its entirety.

*Consumer Price Index* is based on the Consumer Price Index-All Urban Consumers (CPI- U), a widely recognized measure of US inflation that represents changes in the prices paid by consumers for a representative basket of goods and services.

*CSI 300 Index tracks 300 stocks traded in the Shanghai and Shenzhen stock exchanges.* 

*MSCI All Country World IndexSM* is a free-float adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Unlike certain other broad-based indices, the number of stocks included in the MSCI All Country World Index is not fixed and may vary to enable the index to continue to reflect the primary home markets of the constituent countries. MSCI All Country World Index returns include reinvested dividends, gross of foreign withholding taxes through December 31, 2000 and net of foreign withholding tax thereafter.

*MSCI China Index* tracks large and mid-cap segments of the China equity universe across China H shares, B shares, P chips, and foreign listings and is comprised of 150 constituents.

*MSCI EAFE Index tracks developed markets in Europe, Australia, and the Far East.* 

*MSCI Emerging Markets Small Cap Index* tracks small-capitalization companies whose market capitalization represents approximately the bottom 14% of the market capitalization of companies in the global emerging markets.

*MSCI USA Index* is designed to measure the performance of the large and mid-cap segments of the US market. With 630 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

*Russell 1000 Index tracks the largest 1,000 US companies.* 

*Russell 2000 Index* (Russell 2000 Total Return Index) is a market capitalization weighted index that measures the performance of the small-cap segment of the US equity universe. The index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

*S&P 500 Index* (S&P 500 Total Return Index) includes 500 companies in leading industries of the US economy, capturing 75% coverage of US equities. The S&P 500 Index is maintained by the S&P Index Committee, based on published guidelines governing additions to and removal from the index. Criteria for index additions include US companies, market capitalization in excess of $4 billion, public float, financial viability, adequate liquidity and reasonable price, sector representation, and company type. Criteria for index removals include violating or no longer meeting one or more criteria for index inclusion.

*S&P Midcap 400 index* is designed to measure the performance of 400 mid-sized companies in the US, reflecting this market segment's distinctive risk and return characteristics. Mid-cap exposure generally captures a phase in the typical corporate life cycle in which firms have successfully navigated the challenges specific to small companies, such as raising initial capital and managing early growth. At the same time, mid-caps tend to be quite dynamic and not so large that continued growth is unattainable. As a result, the mid-cap segment may offer aspects of the markets not covered by the large and small-cap worlds.

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Governance

Trustees and Principal Officers (Unaudited)

The board of TIP comprises current or former senior officers of leading endowments and foundations. Among the responsibilities of the board are approving the selection of the investment advisor and money managers for TIP; monitoring fund operations, performance, and costs; reviewing contracts; nominating and selecting new trustees; and electing TIP officers.

Each trustee serves the fund until his or her termination, or until the trustee's retirement, resignation, or death, or otherwise as specified in TIP's Agreement and Declaration of Trust. The table on these two pages shows information for each trustee and executive officer of the fund. The mailing address of the trustees and officers is 170 N. Radnor Chester Road, Suite 300, Radnor, PA, 19087.

The Statement of Additional Information has additional information regarding the board. A copy is available upon request without charge by calling 800-984-0084. This information is also available on the website of the SEC at http://www.sec.gov.

#### Independent Trustees

---

| | |
|:---|:---|
| **William F. McCalpin** | **William F. McCalpin** |
| Born 1957 <br> Trustee since February 2008 <br> Board Chair since 2008 <br> 1 fund overseen | Principal Occupation(s) During the Past Five Years: <br> Chief Executive Officer, muun chi LLC, an organic food business (2022 - present); independent consultant (2019 – present); Chair of the Board of Trustees of The Janus Henderson Funds (2008 – 2022); Trustee of The Janus Henderson Funds (2002 – present) (oversees 50 portfolios). Formerly, Chief Operating Officer, muun chi LLC (2020 - 2022); Managing Partner, Impact Investments, Athena Capital Advisors, LLC, an independent, registered advisor (2016 – 2019); Managing Director, Holos Consulting LLC, a consultant to foundations and non-profit organizations (2009 – 2016); and Executive Vice President and Chief Operating Officer of the Rockefeller Brothers Fund (a private family foundation, 1998 – 2006).<br> Other Directorships: Formerly, Director of F.B. Heron Foundation (2006 – 2022); formerly, Director of Mutual Fund Directors Forum (2016 – 2021).  |
| **Mark L. Baumgartner** | **Mark L. Baumgartner** |
| Born 1969 <br> Trustee since September 2016 <br> 1 fund overseen | Principal Occupation(s) During the Past Five Years: <br> Chief Investment Officer, Carnegie Corporation of New York, a private grant-making foundation (2020 – present). Previously, Chief Investment Officer, Institute for Advanced Study, a private, independent academic institution (2014 – 2020).<br> Other Directorships: YMCA Retirement Fund; Scientific Technologies Ltd.  |
| **Mai-Anh Fox** | **Mai-Anh Fox** |
| Born 1970 <br> Trustee since September 2020 <br> 1 fund overseen | Principal Occupation(s) During the Past Five Years: <br> Chief Financial Officer, The Ford Foundation, an independent, non-profit grant-making organization (2010 – present).<br> Other Directorships: Proteus Fund, Inc.; 92Y Women in Power Fellowship Program (Mentor).  |
| **Jennifer E. Deger** | **Jennifer E. Deger** |
| Born 1967 <br> Trustee since January 2022 <br> 1 fund overseen | Principal Occupation(s) During the Past Five Years: <br> Director of Finance and Global Controller, Bill & Melinda Gates Foundation, a private grant-making foundation (2006 – present).<br> Other Directorships: Foundation Finance Officers Group.  |

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Governance

Trustees and Principal Officers (Unaudited)

#### Principal Officers

---

| | |
|:---|:---|
| **Clarence Kane Brenan** | **Clarence Kane Brenan** |
| Born 1968 <br>CEO<br>since July 2020 | Principal Occupation(s) During the Past Five Years: <br> CEO, TIFF Advisory Services, Inc. (July 2020 – present) ; President, TIFF<br> Investment Program (July 2020 – March 2021). Partner, Global Head, and Co- CIO of the Global Portfolio Solutions (GPS) group, among other positions, Goldman Sachs (1998 – 2020).  |
| **Jay L. Willoughby** | **Jay L. Willoughby** |
| Born 1958 <br> Chief Investment Officer <br> since October 2015 | Principal Occupation(s) During the Past Five Years: <br> Chief Investment Officer, TIFF Advisory Services, Inc. (2015 – present).  |
| **Katherine M. Billings** | **Katherine M. Billings** |
| Born 1980 <br> CFO and Treasurer <br> since July 2017 | Principal Occupation(s) During the Past Five Years: <br> Vice President and Treasurer, TIFF Advisory Services, Inc. (2017 – present).  |
| **Lisa L.B. Matson** | **Lisa L.B. Matson** |
| Born 1970 <br> Vice President <br> since December 2020 | Principal Occupation(s) During the Past Five Years: <br> General Counsel, Vice President and Secretary, TIFF Advisory Services, Inc. (2020 – present) ; Vice President, TIFF Investment Program (December 2020 – present). General Counsel, Chief Legal Officer, and Senior Partner, Penn Capital Management Company, Inc. (2014 – 2020).  |
| **Zane T. Hamid** | **Zane T. Hamid** |
| Born 1981 <br> Vice President <br> since December 2017 | Principal Occupation(s) During the Past Five Years: <br> Vice President and Head of Fund Operations (2017 – present).  |
| **Christian A. Szautner** | **Christian A. Szautner** |
| Born 1972 <br> CCO since July 2008; <br> Vice President, Secretary, and <br> Chief Legal Officer <br> since July 2017 | Principal Occupation(s) During the Past Five Years: <br> Vice President, Chief Compliance Officer, Anti-Money Laundering Officer; Assistant Secretary (2017 – present); General Counsel — Regulatory (2017 – 2021), TIFF Advisory Services, Inc.  |
| **Robert J. Zion** | **Robert J. Zion** |
| Born 1961 <br> President since March 2021; <br> Assistant Treasurer <br> since July 2017 | Principal Occupation(s) During the Past Five Years: <br> Vice President and Chief Operating Officer, TIFF Advisory Services, Inc. <br> (March 2017 – present); President and Assistant Treasurer, TIFF Investment Program (March 2021 – present); Vice President, TIFF Investment Program (March 2017 – March 2021). |

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TIFF Investment Program

#### MONEY MANAGERS AND ACQUIRED FUND ("AF") MANAGERS
***TIFF Multi-Asset Fund***

Amundi Pioneer Asset Management US, Inc.

AQR Capital Management, LLC

Canyon Capital Advisors LLC (AF)

Centerbook Partners, LP

Eversept Partners, LP (AF)

Farallon Capital Management, LLC (AF)\*\*

Fundsmith, LLP

Green Court Capital Management Limited

Helikon Investments Limited (AF)

Honeycomb Asset Management LP (AF)

Keel Capital AB

Kopernik Global Investors, LLC

Mission Value Partners, LLC

Neo Ivy Capital Management, LLC (AF)

NewGen Asset Management Limited

Northwest Investment Management (Hong Kong) Limited (AF)

QVT Financial LP (AF)\*\*

Radcliffe Capital Management, LP (AF)\*

Strategy Capital, LLC

TB Alternative Assets Ltd. ("Trustbridge")

TIFF Advisory Services, Inc.

Voloridge Investment Management, LLC (AF)

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| | |
|:---|:---|
| ![[MISSING IMAGE: lg_tiff-pn.jpg]](lg_tiff-pn.jpg)  | **ADVISOR** |
|  | TIFF Advisory Services, Inc.  |
| 170 N. Radnor Chester Road <br> Suite 300 <br> Radnor, PA 19087 <br> *phone* 610-684-8200<br>*fax* 610-684-8210 <br> **CUSTODIAN<br>ACCOUNTING AGENT<br>TRANSFER AGENT<br>DIVIDEND DISBURSING AGENT<br>FUND ADMINISTRATOR<br>State Street Bank and Trust Company<br>One Iron Street<br>Boston, MA 02210** <br> **FUND DISTRIBUTOR** <br> Foreside Fund Services, LLC <br> 3 Canal Plaza <br> Suite 100 <br> Portland, ME 04101 <br> **FUND COUNSEL** <br> Stradley Ronon Stevens & Young, LLP <br> 2600 One Commerce Square <br> Philadelphia, PA 19103 <br> **INDEPENDENT REGISTERED PUBLIC** <br> **ACCOUNTING FIRM** <br> PricewaterhouseCoopers LLP <br> 2001 Market Street <br> Suite 1800 <br> Philadelphia, PA 19103  | 170 N. Radnor Chester Road <br> Suite 300 <br> Radnor, PA 19087 <br> *phone* 610-684-8200<br>*fax* 610-684-8210 <br> **CUSTODIAN<br>ACCOUNTING AGENT<br>TRANSFER AGENT<br>DIVIDEND DISBURSING AGENT<br>FUND ADMINISTRATOR<br>State Street Bank and Trust Company<br>One Iron Street<br>Boston, MA 02210** <br> **FUND DISTRIBUTOR** <br> Foreside Fund Services, LLC <br> 3 Canal Plaza <br> Suite 100 <br> Portland, ME 04101 <br> **FUND COUNSEL** <br> Stradley Ronon Stevens & Young, LLP <br> 2600 One Commerce Square <br> Philadelphia, PA 19103 <br> **INDEPENDENT REGISTERED PUBLIC** <br> **ACCOUNTING FIRM** <br> PricewaterhouseCoopers LLP <br> 2001 Market Street <br> Suite 1800 <br> Philadelphia, PA 19103  |

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\*

Manager is no longer managing assets for the fund at December 31, 2022.

\*\*

Represents a residual investment with an acquired fund manager that was previously fully redeemed.

**Investors should consider the investment objectives, risks and charges and expenses of a fund carefully before investing. The prospectus contains this and other information about the funds. A prospectus may be obtained by contacting TIFF at 800-984-0084 or by visiting https://www.tipfunds.org/files/prospectus_and_disclosures/Prospectus.pdf. Please read the prospectus carefully before investing. The SEC does not approve or disapprove of the securities mentioned in this report. Mutual fund investing involves risk. Principal loss is possible.**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

The Registrant has adopted a Code of Ethics that applies to the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2022, there were no amendments or waivers granted from any provision of the Code of Ethics. A copy of the Registrant's Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that the Registrant has several audit committee financial experts serving on its audit committee. The audit committee financial experts serving on the Registrant's audit committee are Jennifer Deger and Mai-Anh Fox, each of whom is "independent" as defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>AUDIT FEES:</u>** The aggregate fees billed for professional services rendered by the
Registrant's independent auditors, PricewaterhouseCoopers LLP, for the audit of the Registrant's annual financial statements
for the fiscal years ended December 31, 2022 and 2021 were $160,970 and $153,400.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>AUDIT-RELATED FEES:</u>** Audit-Related Fees are for assurance and related services by the Registrant's
independent accountant that are reasonably related to the performance of the audit or review of the Registrant's financial statements,
but are not reported as audit fees. No such fees were billed by PricewaterhouseCoopers LLP to the Registrant for the fiscal years
ended December 31, 2022 or 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>TAX FEES:</u>** No such fees were billed by PricewaterhouseCoopers LLP to the Registrant
for the fiscal year ended December 31, 2022. The aggregate fees billed to the Registrant for professional services rendered by PricewaterhouseCoopers
LLP, for the fiscal year December 31, 2021 was $81,238. These fees were for tax compliance, tax advice, and tax planning, including excise
tax distribution and tax return review services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>ALL OTHER FEES:</u>** No such fees were billed to the Registrant for the fiscal years ended
December 31, 2022 or 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1)  **<u>AUDIT COMMITTEE PRE-APPROVAL POLICY</u>:** The Registrant's audit committee has delegated the authority to pre-approve
the provision of audit and non-audit services to the chair of the audit committee; provided, however, that such pre-approval of audit
or non-audit services is subject to ratification by the full audit committee at their next regularly scheduled audit committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In addition to amounts reported in (a) through (d) above, the aggregate
non-audit fees billed by PricewaterhouseCoopers LLP for services rendered to the Registrant, and to the Registrant's Investment
Adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant
for the fiscal years ended December 31, 2022 and 2021 were $152,444 and $221,763.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee of the Board of Trustees has considered the provision of non-audit
services rendered to or paid for by the Registrant's Investment Adviser to be compatible with maintaining the principal accounting
firm's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

Included in Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

During the reporting period, there were no material changes to the procedures by which members may recommend nominees to the Registrant's Board of Trustees.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) (the "1940 Act") were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) as of the Evaluation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

[(a)(1) Code of Ethics as described in Item 2 is attached.](tm236574d1_ex99-codeeth.htm)

[(a)(2) Certification of Chief Executive Officer and Chief Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.](tm236574d1_ex99-cert.htm)

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906.CERT.](tm236574d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | TIFF Investment Program |
| By (Signature and Title) | /s/ Clarence Kane Brenan |
|  | Clarence Kane Brenan, Chief Executive Officer |
| Date | February 28, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Clarence Kane Brenan |
|  | Clarence Kane Brenan, Chief Executive Officer |
| Date | February 28, 2023 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Katherine M. Billings |
|  | Katherine M. Billings, Treasurer and Chief Financial Officer |
| Date | February 28, 2023 |

---

## Ex-99.Code

EX-99.CODE ETH

**TIFF INVESTMENT PROGRAM**

**Code of Ethics for Senior Officers**

**Pursuant to Section 406 of the Sarbanes Oxley Act**

**Introduction**

This Code of Ethics applies to the Principal Executive Officer, the Principal Financial Officer and any person performing similar functions, all as identified in Schedule A ("Covered Officers"), of the TIFF Investment Program (the "Fund"). This Code is adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

This Code covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide Covered Officers. In this regard, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Fund's policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to high standards of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place the interests of the Fund and its shareholders before the Covered Officer's own personal interests.

All activities of the Covered Officers should be guided by and adhere to these fiduciary standards. Covered Officers should not hesitate to use available resources whenever it is desirable to seek clarification. Covered Officers are encouraged to consult with the Fund's Chief Compliance Officer ("CCO"), the Fund's Audit Committee, or other appropriate resources when in doubt about the best course of action in a particular situation.

**Conflicts of Interest**

Covered Officers should handle ethically actual and apparent conflicts of interest. A "conflict of interest" occurs when an individual's personal interests actually or potentially conflict or interfere with the interests of the Fund or its shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his duties as a Fund officer objectively and effectively. Service to the Fund should never be subordinated to either a direct or indirect personal gain or advantage.

Certain conflicts of interests arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions with the Fund (such as the purchase or sale of securities or other property) because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's Investment Adviser ("Adviser") are designed to prevent, or to identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and such conflicts fall outside of the parameters of this Code.

Actual or apparent conflicts may arise from, or as a result of, the contractual relationship between the Fund and the Adviser (or other service provider, *e.g.*, administrator) of which the Covered Officers are also officers or employees. It is recognized by the Fund's Board of Directors (the "Board") that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser, and is consistent with the Board's understanding of the performance by the Covered Officers of their duties as officers of the Fund. Nonetheless, each Covered Officer recognizes that, as an Officer of the Fund, he or she has a duty to act in the best interests of the Fund and its shareholders.

If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser (or other service provider) are likely to compromise materially his or her objectivity or ability to perform the duties of his role as an officer of the Fund, he or she should consult with the CCO. A Covered Officer should also consider whether to present the matter to the Board or an appropriate committee thereof.

In addition, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoid conflicts of interest wherever possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships to influence investment decisions or financial
reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Fund and its shareholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Fund to take action, or fail to take action, for the personal benefit of the Covered Officer
rather than the benefit the Fund.

There are some conflict of interest situations that should always be discussed with the CCO if material <sup>1</sup>. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gift whose aggregate value is in excess of $100 or the receipt of any entertainment
from any company with which the Fund has current or prospective business dealings unless, in the case of entertainment, such entertainment
is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Fund's
service providers, other than its investment adviser or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

The CCO will determine if such conflicts need approval by the Audit Committee of the Board.

**Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Covered Officers should familiarize themselves with the disclosure requirements generally applicable
to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Covered Officers should not knowingly misrepresent, or cause others to misrepresent, facts about the
Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and to governmental regulators
and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Covered Officers should, to the extent appropriate within their areas of responsibility, consult with
other officers and employees of the Fund, the Adviser and other Fund service providers with the goal of promoting full, fair, accurate,
timely and understandable disclosure in the reports and documents the Fund file with, or submit to, the SEC and in other public communications
made by the Fund; and

<sup>1</sup> Any activity or relationship that would present a conflict for the Covered Officers would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of the Covered Officers to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**Reporting and Accountability**

The Covered Officers must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board that the Covered Officer has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of
the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually affiliations or other relationships related to conflicts of interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Directorship in a publicly held corporation, including any registered investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employment as an investment banker or broker-dealer or being an affiliated person of any investment banker
or broker-dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Holding a position as an officer, director or employee of any bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is
itself a violation of this Code.

The Fund will follow these procedures in investigating any potential violations of and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any potential violations reported to him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the CCO believes that no violation has occurred, the CCO is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the CCO believes is a violation will be reported to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Audit Committee concurs that a violation has occurred, it will consider appropriate action, which
may include review of, and appropriate modifications to, applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Adviser, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and Adviser codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others and are not part of this Code.

**Amendments**

Any material amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Audit Committee, the Board, the CCO and outside counsel to the Funds.

**Internal Use**

This Code is intended solely for the internal use by the Fund.

*November 23, 2003*

*As Amended February 6, 2009, December 28, 2015, July 14, 2017 and July 1, 2020*

**Schedule A**

"Covered Officers" covered by this ***Code of Ethics for Senior Officers***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Kane Brenan, President and Chief Executive Officer

Katherine M. Billings, Treasurer and Principal Financial Officer

*Current as of: July 1, 2020*

**INITIAL ACKNOWLEDGMENT**

*Please return this completed form to the Chief Compliance Officer within one week from the date of your receipt of a request to review these documents. Thank you!*

Covered Officer Name and Title:   <br> *(please print)*

    <br> Signature Date

I, , acknowledge that I have received and read a copy of the Code of Ethics for Senior Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Compliance Officer, as defined in the Code.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**ANNUAL ACKNOWLEDGMENT**

*Please return this completed form to the Chief Compliance Officer within one week from the date of your receipt of a request to complete and return it. Thank you!*

Covered Officer Name and Title:   <br> *(please print)*

    <br> Signature Date

I, , acknowledge that I have received and read a copy of the Code of Ethics for Senior Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

## Ex-99.Cert

EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Clarence Kane Brenan, certify that:

1. I have reviewed this report on Form N-CSR of TIFF Investment Program;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 28, 2023 | /s/ Clarence Kane Brenan |
|  |  | Clarence Kane Brenan, Chief Executive Officer |

---

EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Katherine M. Billings, certify that:

1. I have reviewed this report on Form N-CSR of TIFF Investment Program;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 28, 2023 | /s/ Katherine M. Billings |
|  |  | Katherine M. Billings, Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

EX-99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the TIFF Investment Program (the "Fund") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: | February 28, 2023 | /s/ Clarence Kane Brenan |
|  |  | Clarence Kane Brenan |
|  |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: | February 28, 2023 | /s/ Katherine M. Billings |
|  |  | Katherine M. Billings |
|  |  | Treasurer and Chief Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.