# EDGAR Filing Document

**Accession Number:** 0000916622
**File Stem:** 0001104659-26-020223
**Filing Date:** 2026-2
**Character Count:** 278151
**Document Hash:** 82533df50472bf94409135e990b3aad3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-020223.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001104659-26-020223

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIFF INVESTMENT PROGRAM
- **CENTRAL INDEX KEY:** 0000916622

**ORGANIZATION NAME:**
- **EIN:** 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:** 26682613

**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 |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Company Act file number | Investment Company Act file number | 811-08234 | 811-08234 | 811-08234 |
| TIFF Investment Program | TIFF Investment Program | TIFF Investment Program | TIFF Investment Program | TIFF Investment Program |
| (Exact name of Registrant as specified in charter) | (Exact name of Registrant as specified in charter) | (Exact name of Registrant as specified in charter) | (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 | &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 | &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 | &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) | (Address of chief executive offices) | (Address of chief executive offices) | (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 | 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 | 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) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | 610.684.8000 | 610.684.8000 |
| Date of fiscal year end: | 12/31/2025 | 12/31/2025 |  |  |
| Date of reporting period: | 01/01/2025 – 12/31/2025 | 01/01/2025 – 12/31/2025 |  |  |

---

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

 [TIFF Multi-Asset Fund](#classnameb6249ec2-6145-40a9-8584-ad8da2e27544)<br>

# TIFF Multi-Asset Fund
![Image](tm265427d1_tsrimg001.jpg)

#### A series portfolio of TIFF Investment Program

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about TIFF Multi-Asset Fund (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.tipfunds.org. You can also request this information by contacting us at 800-984-0084. **This report describes certain changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TIFF Multi-Asset Fund | $180 | 1.63% |

---

## How did the Fund perform last year and what affected its performance?
The Fund outperformed the 65/35 Mix (defined below) by 447 basis points, gaining 21.44% compared to 16.97% for the 12 months ended December 31, 2025. The Fund maintained portfolio allocations near its strategic asset allocation targets and aimed to achieve a total return, net of expenses, that exceeds CPI +5% per Annum. Key factors for the Fund's outperformance relative to the 65/35 Mix included its strategic asset allocation, investing in hedge funds rather than traditional bond investments, and strong money manager selection in both hedge funds and equities. Global economic growth of around 3% boosted earnings and stock prices, with the Fund's equities portfolio outperforming the MSCI All Country World Index (25.65% vs.22.34%). The Fund's hedge fund portfolio outperformed the Bloomberg US Aggregate Bond Index (23.53% vs.7.30%). The Fund's Treasury and cash fixed income portfolio underperformed the Bloomberg US Aggregate Bond Index (4.01% vs. 7.30%).

## Fund Performance
Cumulative performance: December 31, 2015 through December 31, 2025; Initial investment minimum of $2,500,000

![Growth of 10K Chart](tm265427d1_tsrimg005.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **TIFF Multi-Asset Fund** | **65/35 Mix (65% MSCI ACWI, 35% Bloomberg US Aggregate Bond Index)** | **Consumer Price Index ("CPI") + 5% Per Annum** | **Bloomberg US Aggregate Bond Index** | **MSCI All Country World Index** |
| **12/31/2015** | $2491259 | $2500000 | $2500000 | $2500000 | $2500000 |
| **12/31/2016** | $2602013 | $2654256 | $2679280 | $2566181 | $2696608 |
| **12/31/2017** | $3076501 | $3090809 | $2872335 | $2657071 | $3343042 |
| **12/31/2018** | $2760657 | $2905443 | $3073326 | $2657370 | $3028314 |
| **12/31/2019** | $3268232 | $3495503 | $3300432 | $2889010 | $3833768 |
| **12/31/2020** | $3872270 | $3981275 | $3512461 | $3105874 | $4456941 |
| **12/31/2021** | $4354773 | $4428094 | $3946507 | $3057988 | $5283140 |
| **12/31/2022** | $3694334 | $3706314 | $4410214 | $2660136 | $4312943 |
| **12/31/2023** | $4304308 | $4307108 | $4785496 | $2807209 | $5270497 |
| **12/31/2024** | $4942989 | $4806632 | $5169284 | $2842305 | $6192238 |
| **12/31/2025** | $5981978 | $5622317 | $5572474 | $3049821 | $7575423 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | ***1 Year*** | ***5 Years*** | ***10 Years*** |
| TIFF Multi-Asset Fund | 21.44% | 9.16% | 9.19% |
| 65/35 Mix (65% MSCI ACWI, 35% Bloomberg US Aggregate Bond Index) | 16.97% | 7.15% | 8.44% |
| Consumer Price Index ("CPI") + 5% Per Annum | 7.80% | 9.67% | 8.35% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.71% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

## Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1468145315 |
| # of Portfolio Holdings | 1434 |
| Portfolio Turnover Rate | 290% |
| Total Advisory Fees Paid | $3026507 |

---

## What did the Fund invest in?
(as of December 31, 2025)

### Country Allocation (% of Net Assets)
![Group By Country Chart](tm265427d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 86.6% |
| Canada | 5.7% |
| Mauritius | 2.0% |
| France | 1.7% |
| South Korea | 1.4% |
| United Kingdom | 1.2% |
| Taiwan | 1.0% |
| South Africa | 0.8% |
| Brazil | 0.7% |
| Others | 5.9% |

---

#### Top Ten Holdings (% of Net Assets)
![Top 10 Chart](tm265427d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| FIXED INC CLEARING CORP.REPO, 1.060%, due 01/02/26 | 9.7% |
| NVIDIA Corp. | 4.0% |
| State Street Financial Select Sector SPDR ETF | 3.9% |
| Apple, Inc. | 3.1% |
| Helikon Long Short Equity Fund ICAV | 2.9% |
| Microsoft Corp. | 2.6% |
| Voloridge Trading Aggressive Fund | 2.3% |
| U.S. Treasury Bills, 3.812%, due 04/02/26 | 2.1% |
| Kotak Flexicap Feeder Fund, D (Mauritius) | 2.0% |
| Vanguard Financials ETF | 1.9% |

---

## How has the Fund changed?
The following is a summary of certain changes to the Fund for the period.

(1) Eversept Partners, LP was added as a new money manager to the Fund effective October 1, 2025

## Additional Information
![QR Code](tm265427d1_tsrimg003.jpg)

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, monthly performance results, holdings, proxy voting record or proxy voting policy, please visit www.tipfunds.org.

Phone: 800-984-0084

Email: info@tiff.org

![Image](tm265427d1_tsrimg001.jpg)

#### TIFF Multi-Asset Fund

#### Annual Shareholder Report - December 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant, as of the end of the period covered by the report, has adopted a code of ethics that applies
to the Registrant's Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002 or any persons performing
similar functions on behalf of the Registrant.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a)
above were granted.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Registrant's Code of Ethics is filed with
this Form N-CSR under Item 19(a)(1).

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

(a)(1) The Registrant's board of trustees has determined that the Registrant has several audit committee financial experts serving on the audit committee

(a)(2) The audit committee financial experts serving on the Registrant's audit committee are Jennifer Deger and Mai-Anh Fox, each of whom are "independent" as defined in Form N-CSR Item 3(a)(2) 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, 2025 and 2024 were $111,300 and $113,300.

&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, 2025 or 2024.

&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 years ended December 31, 2025 and December 31, 2024.

&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, 2025 or 2024.

---

| | |
|:---|:---|
| (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. |
|  | (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, 2025 and 2024 were $180,468 and $403,018.

&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.**

The Schedule of Investments is included as part of the Report to Stockholders filed under Item 7(a) of this Form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

[**TABLE OF CONTENTS**](#toc-0)

---

| | | |
|:---|:---|:---|
| ![[MISSING IMAGE: lg_tifficon-pn.jpg]](lg_tifficon-pn.jpg)  | TIFF Investment Program  | TIFF Investment Program  |
| ![[MISSING IMAGE: lg_tifficon-pn.jpg]](lg_tifficon-pn.jpg)  | **2025 Annual Report** | **DECEMBER 31, 2025**  |

---

 **Contents** 

<br> ---

| | |
|:---|:---|
| TIFF Multi-Asset Fund | TIFF Multi-Asset Fund |
| [Financial Highlights](#tMAFFH) | [2](#tMAFFH) |
| [Schedule of Investments](#tMASOI) | [3](#tMASOI) |
| [Statement of Assets and Liabilities](#tMASAL) | [27](#tMASAL) |
| [Statement of Operations](#tMASO) | [28](#tMASO) |
| [Statements of Changes in Net Assets](#tMASCNA) | [29](#tMASCNA) |
| [Statement of Cash Flows](#tMASCF) | [30](#tMASCF) |
| [Notes to Financial Statements](#tMAFNFS) | [31](#tMAFNFS) |
|  [Report of Independent Registered Public Accounting Firm](#tROIRP)  | [47](#tROIRP) |
| [Additional Information](#tADI) | [48](#tADI) |

---

 **About TIFF** 

<br> TIFF Advisory Services, LLC ("TAS"), an employee-owned Public Benefit Limited Liability Company (LLC), is a leading asset management firm dedicated to delivering comprehensive outsourced CIO (OCIO) and private markets solutions to primarily endowments, foundations, and other charitable organizations. Our primary objective is to enhance investment returns for our members while also optimizing their costs and reducing their administrative burden.

 **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. 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, 2025.

 **For Further Information** 

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

February 25, 2026

Copyright <sup>©</sup> 2024 • All rights reserved • This report is intended for institutional investors only and may not be reproduced or distributed without written permission from TIFF.

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

TIFF Multi-Asset Fund December 31, 2025

 **Financial Highlights** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2025**  | **Year Ended<br>December 31,<br>2024**  | **Year Ended<br>December 31,<br>2023**  | **Year Ended<br>December 31,<br>2022**  | **Year Ended<br>December 31,<br>2021**  |
| For a share outstanding throughout each period | For a share outstanding throughout each period | For a share outstanding throughout each period | For a share outstanding throughout each period | For a share outstanding throughout each period | For a share outstanding throughout each period |
| Net asset value, beginning of year | $14.85 | $14.03 | $12.48 | $16.22 | $16.71 |
| **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** |
| Net investment income (loss) (a) | (0.05) | 0.08 | 0.08 | 0.03 | 0.01 |
|  Net realized and unrealized gain (loss) on investments  | 3.20 | 1.99 | 1.96 | (2.49) | 2.03 |
| Total from investment operations | 3.15 | 2.07 | 2.04 | (2.46) | 2.04 |
| **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** |
| Net investment income | (0.42) | (0.66) | (0.18) |  | (0.24) |
| Net realized gains | (2.30) | (0.59) | (0.31) | (1.28) | (2.29) |
| Total distributions | (2.72) | (1.25) | (0.49) | (1.28) | (2.53) |
| Net asset value, end of year | $15.28 | $14.85 | $14.03 | $12.48 | $16.22 |
| **Total return (b)**  | 21.44% | 14.84% | 16.51% | (15.17)% | 12.46% |
| **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** | **Ratios/supplemental data** |
| Net assets, end of year (000s) | $1468145 | $1290525 | $1235201 | $1247979 | $1582109 |
|  Ratio of expenses to average net assets, <br> before waivers (c)  | 1.66% | 1.12% | 1.24% | 1.14% | 0.92% |
|  Ratio of expenses to average net assets, <br> after waivers (c)  | 1.63%(d) | 1.10%(d) | 1.23%(d) | 1.14% | 0.92% |
|  Ratio of expenses to average net assets, <br> excluding expenses for securities sold <br> short after waivers (c)  | 1.41%(d) | 0.88%(d) | 0.98%(d) | 0.88% | 0.72% |
|  Ratio of net investment income (loss) to <br> average net assets (c)  | (0.33)%(d) | 0.51%(d) | 0.59%(d) | 0.22% | 0.05% |
| Portfolio turnover | 290% | 251% | 199% | 143% | 87% |

---

(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) The expense and net income ratios do not include the fees, expenses, or income associated with investments made in acquired funds; such fees, expenses, and income are reflected in the acquired funds' total return.

(d) Net of fees and expenses waived. An expense waiver was in place effective November 1, 2023. For 2023, the impact of the fee waiver as a ratio to average net assets was 0.01%. For 2024, the impact of the fee waiver as a ratio to average net assets was 0.02%. and for 2025, the impact of the fee waiver as a ratio to average net assets was 0.03%.

See accompanying Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Investments — 110.7% of net assets** | **Investments — 110.7% of net assets** | **Investments — 110.7% of net assets** |
| **Common Stocks — 73.3%** | **Common Stocks — 73.3%** | **Common Stocks — 73.3%** |
| **U.S. Common Stocks — 55.4%** | **U.S. Common Stocks — 55.4%** | **U.S. Common Stocks — 55.4%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| ATI, Inc. (a) | 527 | $60479 |
| Axon Enterprise, Inc. (a) | 20323 | 11542041 |
| Boeing Co. (a) (b) | 385 | 83591 |
| Cadre Holdings, Inc. | 49115 | 2005857 |
| Carpenter Technology Corp. | 1567 | 493354 |
| Curtiss-Wright Corp. | 40 | 22051 |
| General Dynamics Corp. (b) | 4349 | 1464134 |
| General Electric Co. (b) | 35236 | 10853745 |
| Huntington Ingalls Industries, Inc. | 769 | 261514 |
| Leonardo DRS, Inc. | 471 | 16056 |
| Lockheed Martin Corp. (b) | 1953 | 944608 |
| Northrop Grumman Corp. | 137 | 78119 |
| RTX Corp. | 1714 | 314348 |
| TAT Technologies Ltd. (a) | 11890 | 531007 |
| Textron, Inc. | 200 | 17434 |
| TransDigm Group, Inc. | 2500 | 3324625 |
|  |  | 32012963 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| FedEx Corp. (b) | 7317 | 2113589 |
| United Parcel Service, Inc., Class B (b)  | 2964 | 293999 |
|  |  | 2407588 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| BorgWarner, Inc. (b) | 7122 | 320917 |
| Dorman Products, Inc. (a) | 3885 | 478593 |
| Goodyear Tire & Rubber Co. (a) (b) | 169013 | 1480554 |
|  |  | 2280064 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| General Motors Co. | 2164 | 175976 |
| Tesla, Inc. (a) (b) | 13139 | 5908871 |
|  |  | 6084847 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| Bank of America Corp. (b) | 21045 | 1157475 |
| Bridgewater Bancshares, Inc. (a) | 787 | 13796 |
| Business First Bancshares, Inc. | 1069 | 27944 |
| Citigroup, Inc. | 11030 | 1287091 |
| Citizens Financial Group, Inc. | 10401 | 607522 |
| ConnectOne Bancorp, Inc. | 12425 | 325784 |
| Dime Community Bancshares, Inc. | 421 | 12668 |
| East West Bancorp, Inc. | 169 | 18994 |
| First Financial Bancorp | 1272 | 31825 |
| JPMorgan Chase & Co. (b) | 1093 | 352186 |
| Live Oak Bancshares, Inc. | 14944 | 513326 |
| Mechanics Bancorp, Class A | 96977 | 1418774 |
| Pinnacle Financial Partners, Inc. | 11302 | 1078324 |
| PNC Financial Services Group, Inc. | 10580 | 2208363 |
| Prosperity Bancshares, Inc. | 3657 | 252735 |
| Synovus Financial Corp. | 2857 | 142993 |
| Texas Capital Bancshares, Inc. (a) | 8377 | 758454 |
| TFS Financial Corp. | 725 | 9701 |
| Truist Financial Corp. | 15603 | 767824 |
| Unity Bancorp, Inc. | 778 | 40238 |
| Wells Fargo & Co. | 357 | 33272 |
| Western Alliance Bancorp | 273 | 22951 |
|  |  | 11082240 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Celsius Holdings, Inc. (a) | 5074 | 232085 |
| PepsiCo, Inc. (b) | 9028 | 1295699 |
| Primo Brands Corp. | 3698 | 60462 |
|  |  | 1588246 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| Alector, Inc. (a) | 17181 | $26802 |
| Alnylam Pharmaceuticals, Inc. (a) | 4085 | 1624400 |
| AnaptysBio, Inc. (a) | 2403 | 116498 |
| Arcutis Biotherapeutics, Inc. (a) | 4860 | 141134 |
| Ardelyx, Inc. (a) | 35433 | 206574 |
| ARS Pharmaceuticals, Inc. (a) | 52790 | 615004 |
| Assembly Biosciences, Inc. (a) | 3462 | 117743 |
| BioCryst Pharmaceuticals, Inc. (a) | 60309 | 470410 |
| Biogen, Inc. (a) | 1029 | 181094 |
| Biohaven Ltd. (a) | 3111 | 35123 |
| BioMarin Pharmaceutical, Inc. (a) | 16047 | 953673 |
| Catalyst Pharmaceuticals, Inc. (a) | 7356 | 171689 |
| Celldex Therapeutics, Inc. (a) | 29554 | 802687 |
| CG oncology, Inc. (a) | 6197 | 257300 |
| CytomX Therapeutics, Inc. (a) | 50306 | 214304 |
| Editas Medicine, Inc. (a) | 6230 | 12772 |
| Exact Sciences Corp. (a) | 1672 | 169808 |
| Exelixis, Inc. (a) | 21596 | 946553 |
| Geron Corp. (a) | 374534 | 494385 |
| Gilead Sciences, Inc. | 217 | 26635 |
| Incyte Corp. (a) | 6669 | 658697 |
| Invivyd, Inc. (a) | 45294 | 111876 |
| Ionis Pharmaceuticals, Inc. (a) | 27892 | 2206536 |
| Legend Biotech Corp. — ADR (a) | 19781 | 430039 |
| MannKind Corp. (a) | 29115 | 165082 |
| Mirum Pharmaceuticals, Inc. (a) | 3663 | 289340 |
| Moderna, Inc. (a) | 4939 | 145651 |
| Natera, Inc. (a) | 10687 | 2448285 |
| Neurocrine Biosciences, Inc. (a) | 6054 | 858639 |
| Novavax, Inc. (a) | 3887 | 26121 |
| Palisade Bio, Inc. (a) | 90454 | 212567 |
| Passage Bio, Inc. (a) | 2708 | 31954 |
| Protagonist Therapeutics, Inc. (a) | 956 | 83497 |
| PureTech Health PLC (a) | 17100 | 28812 |
| Regeneron Pharmaceuticals, Inc. (b) | 5160 | 3982849 |
| Relay Therapeutics, Inc. (a) | 10081 | 85285 |
| Roivant Sciences Ltd. (a) | 65230 | 1415491 |
| Sarepta Therapeutics, Inc. (a) | 31694 | 682055 |
| Surrozen, Inc. (a) | 1970 | 44522 |
| Sutro Biopharma, Inc. (a) | 3741 | 43283 |
| Syndax Pharmaceuticals, Inc. (a) | 66820 | 1403888 |
| Travere Therapeutics, Inc. (a) | 22750 | 869278 |
| Tyra Biosciences, Inc. (a) | 5858 | 154007 |
| United Therapeutics Corp. (a) | 5541 | 2699852 |
| Vaxcyte, Inc. (a) | 17851 | 823645 |
| Vera Therapeutics, Inc. (a) | 59288 | 3002344 |
| Vericel Corp. (a) | 9742 | 350809 |
| Viridian Therapeutics, Inc. (a) | 45381 | 1412257 |
| Zenas Biopharma, Inc. (a) | 2474 | 89831 |
|  |  | 32341080 |
| **Broadline Retail — 1.9%** | **Broadline Retail — 1.9%** | **Broadline Retail — 1.9%** |
| Amazon.com, Inc. (a) (b) | 116022 | 26780198 |
| Etsy, Inc. (a) | 17092 | 947580 |
|  |  | 27727778 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| AAON, Inc. | 5415 | 412894 |
| Armstrong World Industries, Inc. | 129 | 24652 |
| CSW Industrials, Inc. | 1331 | 390688 |
| Hayward Holdings, Inc. (a) | 119670 | 1848902 |
| Janus International Group, Inc. (a) | 30643 | 200405 |
| Quanex Building Products Corp. | 26215 | 403187 |
| Tecnoglass, Inc. | 15794 | 794754 |
| Trane Technologies PLC | 323 | 125712 |
| Trex Co., Inc. (a) | 1756 | 61600 |
|  |  | 4262794 |

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
| Ameriprise Financial, Inc. | 35 | $17162 |
| Bank of New York Mellon Corp. (b) | 11277 | 1309147 |
| Cboe Global Markets, Inc. | 297 | 74547 |
| Charles Schwab Corp. (b) | 10973 | 1096312 |
| Evercore, Inc., Class A | 1650 | 561413 |
| Franklin Resources, Inc. | 64850 | 1549267 |
| Intercontinental Exchange, Inc. (b) | 480 | 77741 |
| Invesco Ltd. | 8791 | 230940 |
| Janus Henderson Group PLC | 7581 | 360628 |
| KKR & Co., Inc. | 20000 | 2549600 |
| LPL Financial Holdings, Inc. | 12448 | 4446052 |
| MarketAxess Holdings, Inc. | 1591 | 288369 |
| Moody's Corp. | 305 | 155809 |
| Morgan Stanley | 2899 | 514660 |
| MSCI, Inc. | 1384 | 794042 |
| Northern Trust Corp. | 892 | 121838 |
| Raymond James Financial, Inc. | 101 | 16220 |
|  Robinhood Markets, Inc.,<br>Class A (a) (b)  | 1004 | 113552 |
| S&P Global, Inc. (b) | 465 | 243004 |
| State Street Corp. | 176 | 22706 |
| Stifel Financial Corp. | 2473 | 309669 |
| Tradeweb Markets, Inc., Class A | 152 | 16346 |
| Victory Capital Holdings, Inc., Class A  | 1783 | 112489 |
|  |  | 14981513 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| AdvanSix, Inc. | 2723 | 47108 |
| CF Industries Holdings, Inc. | 2454 | 189792 |
| DuPont de Nemours, Inc. (b) | 397 | 15959 |
| Ecolab, Inc. (b) | 62 | 16276 |
| Flotek Industries, Inc. (a) | 31991 | 551205 |
| Huntsman Corp. (b) | 23258 | 232580 |
| Ingevity Corp. (a) | 10540 | 623757 |
| Mosaic Co. (b) | 26649 | 641974 |
| Olin Corp. | 42406 | 883317 |
| Perimeter Solutions, Inc. (a) | 44103 | 1214156 |
| Sherwin-Williams Co. | 4997 | 1619178 |
| Stepan Co. | 2466 | 116790 |
| Tronox Holdings PLC | 155051 | 646563 |
|  |  | 6798655 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| ACV Auctions, Inc., Class A (a) | 95763 | 768019 |
| Brink's Co. | 4583 | 534974 |
| Copart, Inc. (a) | 4142 | 162159 |
| GEO Group, Inc. (a) | 43964 | 708700 |
|  Montrose Environmental Group,<br>Inc. (a)  | 9430 | 234147 |
| Rollins, Inc. | 1752 | 105155 |
| Tetra Tech, Inc. | 2038 | 68354 |
| UniFirst Corp. | 1333 | 257136 |
| Veralto Corp. | 2410 | 240470 |
|  |  | 3079114 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. (a) | 12177 | 1595552 |
| BK Technologies Corp. (a) | 2413 | 179986 |
| Ciena Corp. (a) | 397 | 92846 |
| Cisco Systems, Inc. (b) | 40281 | 3102845 |
| Extreme Networks, Inc. (a) | 47632 | 793073 |
| Lumentum Holdings, Inc. (a) | 2872 | 1058591 |
| Motorola Solutions, Inc. | 1432 | 548914 |
|  |  | 7371807 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
|  Cardinal Infrastructure Group, Inc., Class A (a)  | 6903 | 166915 |
| Comfort Systems USA, Inc. | 1622 | 1513796 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| EMCOR Group, Inc. (b) | 547 | $| 334649 |
| Ferrovial SE | 7481 |  | 483347 |
| Fluor Corp. (a) | 23666 |  | 937884 |
| Granite Construction, Inc. | 178 |  | 20532 |
| Great Lakes Dredge & Dock Corp. (a)  | 31849 |  | 417859 |
| Matrix Service Co. (a) | 79895 |  | 934771 |
| Orion Group Holdings, Inc. (a) | 93507 |  | 929460 |
| Valmont Industries, Inc. | 4013 |  | 1614510 |
|  |  |  | 7353723 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| CRH PLC (b) | 2850 |  | 355680 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| American Express Co. | 1390 |  | 514231 |
| Capital One Financial Corp. (b) | 10033 |  | 2431598 |
| Green Dot Corp., Class A (a) | 143741 |  | 1841322 |
| SLM Corp. | 971 |  | 26275 |
| Synchrony Financial | 2342 |  | 195393 |
|  |  |  | 5008819 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Casey's General Stores, Inc. | 582 |  | 321677 |
| Dollar General Corp. | 3614 |  | 479831 |
| Grocery Outlet Holding Corp. (a) | 60610 |  | 612161 |
| Performance Food Group Co. (a) | 3225 |  | 289992 |
| Sprouts Farmers Market, Inc. (a) | 2919 |  | 232557 |
| Sysco Corp. | 13709 |  | 1010216 |
| Walgreens Boots Alliance, Inc. (a) | 67537 |  | 35795 |
| Walmart, Inc. (b) | 82084 |  | 9144978 |
|  |  |  | 12127207 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Crown Holdings, Inc. (b) | 3269 |  | 336609 |
| Ranpak Holdings Corp. (a) | 101517 |  | 549207 |
| TriMas Corp. (b) | 14000 |  | 496300 |
|  |  |  | 1382116 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| Gold.com, Inc. | 24237 |  | 825270 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| ADT, Inc. | 127603 |  | 1029756 |
| American Public Education, Inc. (a) | 10753 |  | 406463 |
|  Bright Horizons Family Solutions,<br>Inc. (a)  | 1422 |  | 144191 |
| Duolingo, Inc. (a) | 4379 |  | 768515 |
| Graham Holdings Co., Class B | 17 |  | 18676 |
| Matthews International Corp., Class A  | 1352 |  | 35314 |
| Mister Car Wash, Inc. (a) | 397948 |  | 2212591 |
| WW International, Inc. (a) | 2496 |  | 72921 |
|  |  |  | 4688427 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
|  Cogent Communications Holdings, Inc.  | 63249 |  | 1363648 |
| Globalstar, Inc. (a) | 40979 |  | 2501358 |
| Verizon Communications, Inc. | 13646 |  | 555802 |
|  |  |  | 4420808 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| American Electric Power Co., Inc. | 354 |  | 40820 |
| Edison International | 20130 |  | 1208202 |
| PG&E Corp. (b) | 121281 |  | 1948986 |
|  |  |  | 3198008 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Acuity, Inc. | 792 |  | 285152 |
| AMETEK, Inc. (b) | 666 |  | 136736 |
| Bloom Energy Corp., Class A (a) | 5449 |  | 473464 |
| Eaton Corp. PLC | 979 |  | 311821 |
| EnerSys | 995 |  | 146016 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Enovix Corp. (a) | 195386 | $| 1428272 |
| FuelCell Energy, Inc. (a) | 158591 |  | 1159300 |
| GE Vernova, Inc. (b) | 2261 |  | 1477722 |
| Net Power, Inc. (a) | 217659 |  | 496262 |
| Nextpower, Inc., Class A (a) | 15471 |  | 1347679 |
|  Shoals Technologies Group, Inc., Class A (a)  | 118526 |  | 1007471 |
| Vertiv Holdings Co., Class A (b) | 5204 |  | 843100 |
|  |  |  | 9112995 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| Advanced Energy Industries, Inc. | 1605 |  | 336039 |
| Amphenol Corp., Class A (b) | 57566 |  | 7779469 |
| CDW Corp. | 5721 |  | 779200 |
| Crane NXT Co. | 4959 |  | 233420 |
| Evolv Technologies Holdings, Inc. (a) | 106504 |  | 762569 |
| Napco Security Technologies, Inc. | 14035 |  | 585259 |
| nLight, Inc. (a) | 2345 |  | 87961 |
| Novanta, Inc. (a) | 4683 |  | 557230 |
| Ouster, Inc. (a) | 3716 |  | 80414 |
| Powerfleet, Inc. NJ (a) | 402192 |  | 2139661 |
| Red Cat Holdings, Inc. (a) | 133817 |  | 1061169 |
| Rockwell Automation, Inc. | 568 |  | 220992 |
| Rogers Corp. (a) | 2666 |  | 244126 |
| TD SYNNEX Corp. | 1011 |  | 151883 |
| Teledyne Technologies, Inc. (a) | 3019 |  | 1541894 |
| Zebra Technologies Corp., Class A (a)  | 1220 |  | 296240 |
|  |  |  | 16857526 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Bristow Group, Inc. (a) | 9140 |  | 334707 |
| Helix Energy Solutions Group, Inc. (a)  | 124165 |  | 778514 |
| Helmerich & Payne, Inc. | 3425 |  | 98229 |
|  National Energy Services Reunited Corp. (a)  | 16762 |  | 262493 |
| Oceaneering International, Inc. (a) | 57697 |  | 1386459 |
| Select Water Solutions, Inc. | 39227 |  | 412668 |
| SLB Ltd. | 19256 |  | 739045 |
| Solaris Energy Infrastructure, Inc. | 44378 |  | 2040057 |
| Tidewater, Inc. (a) | 311 |  | 15709 |
|  |  |  | 6067881 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
|  Liberty Media Corp.-Liberty Formula One, Class C (a)  | 2112 |  | 208053 |
| Live Nation Entertainment, Inc. (a) | 2425 |  | 345562 |
|  Madison Square Garden Sports<br>Corp. (a)  | 7584 |  | 1961601 |
| Netflix, Inc. (a) | 48537 |  | 4550829 |
| ROBLOX Corp., Class A (a) | 21122 |  | 1711516 |
| Roku, Inc. (a) | 7320 |  | 794147 |
| Spotify Technology SA (a) | 842 |  | 488958 |
| Walt Disney Co. | 8553 |  | 973075 |
| Warner Bros Discovery, Inc. (a) | 557 |  | 16053 |
|  |  |  | 11049794 |
| **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
| Alerus Financial Corp. | 94 |  | 2117 |
|  Berkshire Hathaway, Inc.,<br>Class B (a) (b)  | 15284 |  | 7682503 |
| Chime Financial, Inc., Class A (a) | 67040 |  | 1687397 |
| Compass Diversified Holdings | 157178 |  | 754454 |
| Corebridge Financial, Inc. | 2738 |  | 82605 |
| Corpay, Inc. (a) | 61 |  | 18357 |
|  Crane Harbor Acquisition Corp., Class A (a)  | 37300 |  | 401721 |
|  Fidelity National Information Services, <br> Inc.  | 3527 |  | 234404 |
| Fiserv, Inc. (a) | 1866 |  | 125339 |
| Global Payments, Inc. | 2275 |  | 176085 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Jackson Financial, Inc., Class A | 2200 | $| 234630 |
| Mastercard, Inc., Class A (b) | 29 |  | 16556 |
| MGIC Investment Corp. | 2865 |  | 83715 |
| Paymentus Holdings, Inc., Class A (a)  | 5126 |  | 161930 |
| PayPal Holdings, Inc. | 14194 |  | 828646 |
| Repay Holdings Corp. (a) | 42510 |  | 155162 |
|  Swiftmerge Acquisition<br>Corp. (a) (c) (d) (e)  | 1728 |  | 4970 |
| Toast, Inc., Class A (a) | 38716 |  | 1374805 |
| Visa, Inc., Class A (b) | 56764 |  | 19907702 |
| Voya Financial, Inc. | 2890 |  | 215276 |
| WEX, Inc. (a) | 8191 |  | 1220295 |
|  |  |  | 35368669 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Bunge Global SA | 46 |  | 4098 |
| Darling Ingredients, Inc. (a) | 16355 |  | 588780 |
| Mama's Creations, Inc. (a) | 18202 |  | 245545 |
| Premium Brands Holdings Corp. (b) | 6200 |  | 459438 |
| Tyson Foods, Inc., Class A | 4869 |  | 285421 |
|  |  |  | 1583282 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| JB Hunt Transport Services, Inc. (b) | 3833 |  | 744905 |
|  Knight-Swift Transportation Holdings, <br> Inc.  | 383 |  | 20023 |
| Lyft, Inc., Class A (a) | 43110 |  | 835041 |
| Norfolk Southern Corp. (b) | 56 |  | 16168 |
| Uber Technologies, Inc. (a) (b) | 97628 |  | 7977184 |
|  |  |  | 9593321 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| Abbott Laboratories | 3981 |  | 498780 |
| Align Technology, Inc. (a) | 518 |  | 80886 |
| Beta Bionics, Inc. (a) | 15423 |  | 469939 |
| Bioventus, Inc., Class A (a) | 9105 |  | 67741 |
| Boston Scientific Corp. (a) (b) | 7109 |  | 677843 |
| Glaukos Corp. (a) | 2882 |  | 325407 |
| Haemonetics Corp. (a) | 16186 |  | 1297308 |
| IDEXX Laboratories, Inc. (a) | 7994 |  | 5408181 |
| Insulet Corp. (a) | 1189 |  | 337961 |
| Intuitive Surgical, Inc. (a) (b) | 1365 |  | 773081 |
| LivaNova PLC (a) | 2523 |  | 155240 |
| Masimo Corp. (a) | 3698 |  | 480962 |
| Medtronic PLC (b) | 19491 |  | 1872305 |
| Merit Medical Systems, Inc. (a) | 16526 |  | 1456602 |
| Neogen Corp. (a) | 21831 |  | 152599 |
| OrthoPediatrics Corp. (a) | 1643 |  | 29180 |
| SS Innovations International, Inc. (a) | 1628 |  | 9247 |
| STAAR Surgical Co. (a) | 11380 |  | 262764 |
| Stryker Corp. | 24284 |  | 8535097 |
|  |  |  | 22891123 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| agilon health, Inc. (a) | 688671 |  | 474288 |
| AMN Healthcare Services, Inc. (a) | 10856 |  | 171091 |
| Brookdale Senior Living, Inc. (a) | 32738 |  | 353243 |
| Cardinal Health, Inc. | 2505 |  | 514777 |
| Cencora, Inc. | 2817 |  | 951442 |
| Centene Corp. (a) | 110355 |  | 4541108 |
| Community Health Systems, Inc. (a) | 112237 |  | 350179 |
| CVS Health Corp. (b) | 2910 |  | 230938 |
| Elevance Health, Inc. | 294 |  | 103062 |
| Encompass Health Corp. | 2051 |  | 217693 |
| Enhabit, Inc. (a) | 4731 |  | 43620 |
| Ensign Group, Inc. | 356 |  | 62015 |
| GeneDx Holdings Corp. (a) | 2013 |  | 261811 |
| HCA Healthcare, Inc. | 2568 |  | 1198896 |
| HealthEquity, Inc. (a) | 35633 |  | 3264339 |

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------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Humana, Inc. | 459 | $| 117564 |
| McKesson Corp. (b) | 5434 |  | 4457456 |
| Molina Healthcare, Inc. (a) | 3020 |  | 524091 |
| National HealthCare Corp. | 619 |  | 84859 |
| NeoGenomics, Inc. (a) | 171570 |  | 2017663 |
| Oncology Institute, Inc. (a) | 350997 |  | 1249549 |
| Pennant Group, Inc. (a) | 6328 |  | 178133 |
| Progyny, Inc. (a) | 66229 |  | 1700761 |
| RadNet, Inc. (a) (b) | 6300 |  | 449505 |
| Select Medical Holdings Corp. | 19533 |  | 290065 |
| Talkspace, Inc. (a) | 136404 |  | 495146 |
| Tenet Healthcare Corp. (a) | 5424 |  | 1077857 |
| UnitedHealth Group, Inc. (b) | 2953 |  | 974815 |
| Universal Health Services, Inc., Class B  | 464 |  | 101161 |
|  |  |  | 26457127 |
| **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| Ventas, Inc. (b) | 203 |  | 15708 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| OptimizeRx Corp. (a) | 448 |  | 5493 |
| Phreesia, Inc. (a) | 49588 |  | 839029 |
| Veeva Systems, Inc., Class A (a) | 4141 |  | 924395 |
|  |  |  | 1768917 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Airbnb, Inc., Class A (a) (b) | 13433 |  | 1823127 |
| Aramark | 6929 |  | 255403 |
| Booking Holdings, Inc. (b) | 665 |  | 3561294 |
| Carnival Corp. (a) (b) | 8692 |  | 265454 |
| Chipotle Mexican Grill, Inc. (a) (b) | 20306 |  | 751322 |
|  Dave & Buster's Entertainment,<br>Inc. (a)  | 23010 |  | 372992 |
| Domino's Pizza, Inc. | 121 |  | 50435 |
| DraftKings, Inc., Class A (a) (b) | 50911 |  | 1754393 |
| Expedia Group, Inc. (b) | 2079 |  | 589002 |
| Las Vegas Sands Corp. (b) | 36354 |  | 2366282 |
| Marriott International, Inc., Class A | 20225 |  | 6274604 |
| MGM Resorts International (a) (b) | 5716 |  | 208577 |
| Nathan's Famous, Inc. | 2820 |  | 263867 |
|  Norwegian Cruise Line Holdings<br>Ltd. (a)  | 119224 |  | 2661080 |
| Penn Entertainment, Inc. (a) | 7404 |  | 109209 |
| Sweetgreen, Inc., Class A (a) | 101879 |  | 688702 |
| Texas Roadhouse, Inc. | 6847 |  | 1136602 |
| Viking Holdings Ltd. (a) (b) | 14831 |  | 1059082 |
| Wendy's Co. | 19283 |  | 160627 |
| Xponential Fitness, Inc., Class A (a) | 64136 |  | 527839 |
|  |  |  | 24879893 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| DR Horton, Inc. (b) | 507 |  | 73023 |
| Garmin Ltd. (b) | 3025 |  | 613621 |
| Mohawk Industries, Inc. (a) (b) | 1955 |  | 213682 |
| Newell Brands, Inc. (b) | 139455 |  | 518773 |
| PulteGroup, Inc. | 331 |  | 38813 |
|  |  |  | 1457912 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Church & Dwight Co., Inc. | 51553 |  | 4322719 |
| Procter & Gamble Co. (b) | 39222 |  | 5620905 |
|  |  |  | 9943624 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| 3M Co. (b) | 7458 |  | 1194026 |
| Honeywell International, Inc. | 4228 |  | 824840 |
|  |  |  | 2018866 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| Allstate Corp. | 2218 |  | 461677 |
| Axis Capital Holdings Ltd. | 16049 |  | 1718687 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Chubb Ltd. | 3623 | $| 1130811 |
| CNA Financial Corp. | 2245 |  | 107176 |
| eHealth, Inc. (a) | 1292 |  | 5943 |
| Everest Group Ltd. | 1650 |  | 559928 |
| F&G Annuities & Life, Inc. | 4475 |  | 138054 |
| Fidelity National Financial, Inc. | 74599 |  | 4072359 |
| Globe Life, Inc. | 154 |  | 21538 |
| Hartford Insurance Group, Inc. | 2303 |  | 317353 |
| Kemper Corp. | 8549 |  | 346576 |
| Loews Corp. | 35 |  | 3686 |
| Marsh & McLennan Cos., Inc. | 885 |  | 164185 |
| MetLife, Inc. | 852 |  | 67257 |
|  Neptune Insurance Holdings, Inc., Class A (a)  | 4493 |  | 131016 |
| Progressive Corp. | 7230 |  | 1646416 |
| Reinsurance Group of America, Inc. | 1872 |  | 380877 |
| Selective Insurance Group, Inc. | 14989 |  | 1254130 |
| Tiptree, Inc. | 4234 |  | 77355 |
| Travelers Cos., Inc. | 63 |  | 18274 |
|  |  |  | 12623298 |
| **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** |
| Alphabet, Inc., Class A (b) | 55277 |  | 17301701 |
| Alphabet, Inc., Class C | 48686 |  | 15277667 |
| Match Group, Inc. | 37128 |  | 1198863 |
| Meta Platforms, Inc., Class A | 32861 |  | 21691218 |
| Pinterest, Inc., Class A (a) | 35857 |  | 928338 |
| Snap, Inc., Class A (a) | 29602 |  | 238888 |
| ZoomInfo Technologies, Inc. (a) | 209544 |  | 2131062 |
|  |  |  | 58767737 |
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| Accenture PLC, Class A (b) | 2302 |  | 617627 |
| Akamai Technologies, Inc. (a) | 4308 |  | 375873 |
| ASGN, Inc. (a) | 1200 |  | 57804 |
| Cloudflare, Inc., Class A (a) | 54843 |  | 10812297 |
| Commerce.com, Inc. (a) | 95693 |  | 394255 |
| DigitalOcean Holdings, Inc. (a) | 5116 |  | 246182 |
| Gartner, Inc. (a) | 3739 |  | 943275 |
| GoDaddy, Inc., Class A (a) | 555 |  | 68864 |
| Grid Dynamics Holdings, Inc. (a) | 24959 |  | 225380 |
| Kyndryl Holdings, Inc. (a) | 20171 |  | 535742 |
| MongoDB, Inc. (a) | 1003 |  | 420949 |
| Snowflake, Inc. (a) (b) | 4835 |  | 1060606 |
| VeriSign, Inc. | 3937 |  | 956494 |
| Whitefiber, Inc. (a) | 22486 |  | 355279 |
|  |  |  | 17070627 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Clarus Corp. | 166802 |  | 558787 |
| Hasbro, Inc. (b) | 6214 |  | 509548 |
| Latham Group, Inc. (a) | 152318 |  | 967219 |
|  |  |  | 2035554 |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| 10X Genomics, Inc., Class A (a) | 15102 |  | 246314 |
| Avantor, Inc. (a) | 47522 |  | 544602 |
| Azenta, Inc. (a) | 230 |  | 7650 |
| Bio-Techne Corp. | 5705 |  | 335511 |
| Bruker Corp. | 14503 |  | 683236 |
| Danaher Corp. (b) | 5773 |  | 1321555 |
| Fortrea Holdings, Inc. (a) | 4755 |  | 82024 |
| ICON PLC (a) | 1426 |  | 259846 |
| Illumina, Inc. (a) | 5616 |  | 736594 |
| IQVIA Holdings, Inc. (a) | 1900 |  | 428279 |
|  Maravai LifeSciences Holdings, Inc., Class A (a)  | 15433 |  | 50157 |
| Medpace Holdings, Inc. (a) | 2461 |  | 1382221 |
| Mettler-Toledo International, Inc. (a)  | 3726 |  | 5194752 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Revvity, Inc. | 2077 | $| 200950 |
| Sotera Health Co. (a) | 22254 |  | 392561 |
| Waters Corp. (a) | 24089 |  | 9149725 |
| West Pharmaceutical Services, Inc. | 182 |  | 50075 |
|  |  |  | 21066052 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Chart Industries, Inc. (a) | 1162 |  | 239639 |
| Cummins, Inc. (b) | 620 |  | 316479 |
| Enerpac Tool Group Corp. | 15760 |  | 602662 |
| Flowserve Corp. | 13565 |  | 941140 |
| Mayville Engineering Co., Inc. (a) | 27877 |  | 521857 |
| Mueller Industries, Inc. | 4659 |  | 534853 |
| Otis Worldwide Corp. | 5011 |  | 437711 |
| Parker-Hannifin Corp. | 587 |  | 515950 |
| RBC Bearings, Inc. (a) | 4387 |  | 1967262 |
| Toro Co. | 936 |  | 73682 |
| Velo3D, Inc. (a) | 7917 |  | 108780 |
| Wabash National Corp. | 8862 |  | 76656 |
|  Westinghouse Air Brake Technologies <br> Corp. (b)  | 82 |  | 17503 |
| Xylem, Inc. | 5856 |  | 797470 |
|  |  |  | 7151644 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |
| Kirby Corp. (a) | 3020 |  | 332744 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Charter Communications, Inc.,<br>Class A (a)  | 2586 |  | 539828 |
| Comcast Corp., Class A | 12390 |  | 370337 |
| Liberty Broadband Corp., Class C (a) | 342 |  | 16621 |
| Magnite, Inc. (a) | 3641 |  | 59093 |
| New York Times Co., Class A | 1740 |  | 120791 |
| News Corp., Class A | 3925 |  | 102521 |
| PubMatic, Inc., Class A (a) | 121526 |  | 1077936 |
|  |  |  | 2287127 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Alcoa Corp. (b) | 349 |  | 18546 |
| Cleveland-Cliffs, Inc. (a) | 13289 |  | 176478 |
| Coeur Mining, Inc. (a) (b) | 73994 |  | 1319313 |
| Constellium SE (a) | 3766 |  | 70989 |
| Ferroglobe PLC | 186505 |  | 865383 |
| Freeport-McMoRan, Inc. (b) | 14131 |  | 717714 |
| Ivanhoe Electric, Inc. (a) | 6981 |  | 111556 |
| Newmont Corp.CDI | 7782 |  | 775664 |
| Newmont Corp. (b) | 13400 |  | 1337990 |
| Nucor Corp. | 363 |  | 59209 |
| Royal Gold, Inc. | 3651 |  | 811581 |
| Ryerson Holding Corp. | 332 |  | 8353 |
| Steel Dynamics, Inc. | 21 |  | 3558 |
| Ultra Rare Earth, Inc. (a) (c) | 35700 |  | 142800 |
|  |  |  | 6419134 |
| **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** | **Oil, Gas & Consumable Fuels — 1.0%** |
| Antero Resources Corp. (a) | 13491 |  | 464900 |
| Cheniere Energy, Inc. | 4714 |  | 916354 |
| Chevron Corp. (b) | 5258 |  | 801372 |
| ConocoPhillips | 6446 |  | 603410 |
| Energy Fuels, Inc. (a) | 83338 |  | 1211735 |
| Excelerate Energy, Inc., Class A | 1776 |  | 49817 |
| Expand Energy Corp. | 16058 |  | 1772161 |
| Exxon Mobil Corp. (b) | 6224 |  | 748996 |
| Green Plains, Inc. (a) | 43439 |  | 425702 |
| Kinder Morgan, Inc. | 606 |  | 16659 |
| Marathon Petroleum Corp. | 2134 |  | 347052 |
| Nordic American Tankers Ltd. | 433817 |  | 1492331 |
| Ovintiv, Inc. | 4285 |  | 167929 |
| Par Pacific Holdings, Inc. (a) | 1198 |  | 42098 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| PBF Energy, Inc., Class A | 1807 | $| 49006 |
| Phillips 66 | 4034 |  | 520547 |
| Range Resources Corp. | 100064 |  | 3528257 |
| Ur-Energy, Inc. (a) | 1246267 |  | 1732311 |
| Valero Energy Corp. | 2827 |  | 460207 |
|  |  |  | 15350844 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Alaska Air Group, Inc. (a) | 2195 |  | 110408 |
| Delta Air Lines, Inc. (b) | 1787 |  | 124018 |
| United Airlines Holdings, Inc. (a) (b) | 11644 |  | 1302032 |
|  |  |  | 1536458 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| BellRing Brands, Inc. (a) | 15584 |  | 416560 |
| **Pharmaceuticals — 1.4%** |  |  |  |
| Bristol-Myers Squibb Co. (b) | 30890 |  | 1666207 |
|  Contineum Therapeutics, Inc.,<br>Class A (a)  | 2874 |  | 32850 |
| Edgewise Therapeutics, Inc. (a) | 6772 |  | 168047 |
| Eli Lilly & Co. (b) | 5750 |  | 6179410 |
| Esperion Therapeutics, Inc. (a) | 69405 |  | 256799 |
| Evolus, Inc. (a) | 7427 |  | 49390 |
| GSK PLC — SPADR | 40921 |  | 2006766 |
| Jazz Pharmaceuticals PLC (a) | 2890 |  | 491300 |
| Johnson & Johnson (b) | 7609 |  | 1574683 |
| Liquidia Corp. (a) | 22423 |  | 773369 |
| Merck & Co., Inc. (b) | 16961 |  | 1785315 |
| Perrigo Co. PLC | 37596 |  | 523336 |
| Pfizer, Inc. (b) | 23181 |  | 577207 |
| Pliant Therapeutics, Inc. (a) | 17429 |  | 21263 |
| Rapport Therapeutics, Inc. (a) | 1101 |  | 33404 |
| Royalty Pharma PLC, Class A | 8416 |  | 325194 |
| Structure Therapeutics, Inc. — ADR (a)  | 2694 |  | 187368 |
| Xeris Biopharma Holdings, Inc. (a) | 145871 |  | 1145087 |
| Zoetis, Inc. | 18487 |  | 2326034 |
|  |  |  | 20123029 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| Amentum Holdings, Inc. (a) | 20610 |  | 597690 |
| Automatic Data Processing, Inc. (b) | 26293 |  | 6763348 |
| CACI International, Inc., Class A (a) | 54 |  | 28772 |
| Clarivate PLC (a) | 101198 |  | 338001 |
| Concentrix Corp. | 8116 |  | 337463 |
| Dayforce, Inc. (a) | 2026 |  | 140118 |
| First Advantage Corp. (a) | 30537 |  | 443703 |
| Huron Consulting Group, Inc. (a) | 407 |  | 70374 |
| Insperity, Inc. | 14801 |  | 573095 |
| Leidos Holdings, Inc. (b) | 114 |  | 20566 |
| Paylocity Holding Corp. (a) (b) | 1240 |  | 189100 |
| Robert Half, Inc. (b) | 13880 |  | 376981 |
|  Science Applications International Corp. (b)  | 184 |  | 18521 |
| TransUnion | 9287 |  | 796360 |
| Verra Mobility Corp. (a) | 819 |  | 18354 |
|  |  |  | 10712446 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Anywhere Real Estate, Inc. (a) | 43647 |  | 618042 |
| CBRE Group, Inc., Class A (a) | 1099 |  | 176708 |
| Kennedy-Wilson Holdings, Inc. | 7682 |  | 74285 |
|  |  |  | 869035 |
| **Semiconductors & Semiconductor Equipment — 6.3%** | **Semiconductors & Semiconductor Equipment — 6.3%** | **Semiconductors & Semiconductor Equipment — 6.3%** | **Semiconductors & Semiconductor Equipment — 6.3%** |
| Advanced Micro Devices, Inc. (a) (b) | 20120 |  | 4308899 |
| Ambarella, Inc. (a) | 532 |  | 37687 |
| Analog Devices, Inc. (b) | 668 |  | 181162 |
| Applied Materials, Inc. | 9422 |  | 2421360 |
| Astera Labs, Inc. (a) | 5672 |  | 943594 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Broadcom, Inc. (b) | 10513 | $| 3638549 |
| Enphase Energy, Inc. (a) | 36230 |  | 1161172 |
| First Solar, Inc. (a) | 6638 |  | 1734045 |
| GLOBALFOUNDRIES, Inc. (a) | 481 |  | 16797 |
| Intel Corp. (a) (b) | 17758 |  | 655270 |
| KLA Corp. | 414 |  | 503043 |
| Kopin Corp. (a) | 125692 |  | 294119 |
| Lam Research Corp. (b) | 7406 |  | 1267759 |
| Marvell Technology, Inc. | 17084 |  | 1451798 |
| Microchip Technology, Inc. | 1378 |  | 87806 |
| Micron Technology, Inc. (b) | 8625 |  | 2461661 |
| NVIDIA Corp. (b) | 313640 |  | 58493860 |
| Onto Innovation, Inc. (a) | 329 |  | 51936 |
| PDF Solutions, Inc. (a) | 1208 |  | 34464 |
| QUALCOMM, Inc. (b) | 829 |  | 141800 |
| Sequans Communications SA (a) (c) | 4258 |  |  |
| Teradyne, Inc. | 2924 |  | 565969 |
| Texas Instruments, Inc. | 56834 |  | 9860131 |
| Universal Display Corp. | 14770 |  | 1724841 |
| Wolfspeed, Inc. (a) | 16482 |  | 286952 |
|  |  |  | 92324674 |
| **Software — 6.1%** | **Software — 6.1%** | **Software — 6.1%** | **Software — 6.1%** |
| Adobe, Inc. (a) (b) | 6762 |  | 2366632 |
| Alarm.com Holdings, Inc. (a) | 1505 |  | 76785 |
| Atlassian Corp., Class A (a) | 17655 |  | 2862582 |
| AvePoint, Inc. (a) | 10890 |  | 151262 |
| Bill Holdings, Inc. (a) | 59372 |  | 3238149 |
| Box, Inc., Class A (a) | 9936 |  | 297186 |
| Confluent, Inc., Class A (a) | 62655 |  | 1894687 |
| Crowdstrike Holdings, Inc., Class A (a)  | 7285 |  | 3414917 |
| Datadog, Inc., Class A (a) | 38061 |  | 5175915 |
| Docusign, Inc. (a) | 3025 |  | 206910 |
| Dolby Laboratories, Inc., Class A | 247 |  | 15862 |
| Elastic NV (a) | 26199 |  | 1976452 |
| Fortinet, Inc. (a) | 53243 |  | 4228027 |
| Gitlab, Inc., Class A (a) | 70521 |  | 2646653 |
| Guidewire Software, Inc. (a) | 1003 |  | 201613 |
| HubSpot, Inc. (a) | 2392 |  | 959910 |
| Intuit, Inc. (b) | 5940 |  | 3934775 |
| Manhattan Associates, Inc. (a) | 3509 |  | 608145 |
| Microsoft Corp. (b) | 79504 |  | 38449724 |
| Monday.com Ltd. (a) | 11685 |  | 1724239 |
| N-able, Inc. (a) | 123139 |  | 921080 |
| NCR Voyix Corp. (a) | 395421 |  | 4033294 |
| Netskope, Inc., Class A (a) | 5964 |  | 104609 |
| Nutanix, Inc., Class A (a) | 27735 |  | 1433622 |
| Oracle Corp. (b) | 8588 |  | 1673887 |
| Palantir Technologies, Inc., Class A (a) (b) | 12401 |  | 2204278 |
| Palo Alto Networks, Inc. (a) (b) | 1844 |  | 339665 |
| PAR Technology Corp. (a) | 2996 |  | 108695 |
| Rubrik, Inc., Class A (a) | 578 |  | 44205 |
| Salesforce, Inc. (b) | 2142 |  | 567437 |
| ServiceNow, Inc. (a) (b) | 9490 |  | 1453773 |
| Sprinklr, Inc., Class A (a) | 14361 |  | 111729 |
| Sprout Social, Inc., Class A (a) | 28360 |  | 319617 |
| Unity Software, Inc. (a) | 2848 |  | 125796 |
| Weave Communications, Inc. (a) | 68852 |  | 522587 |
| Workday, Inc., Class A (a) | 1009 |  | 216713 |
| Zoom Communications, Inc. (a) | 14229 |  | 1227820 |
| Zscaler, Inc. (a) | 564 |  | 126855 |
|  |  |  | 89966087 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| Extra Space Storage, Inc. (b) | 6263 |  | 815568 |
| SBA Communications Corp. | 84 |  | 16248 |
| VICI Properties, Inc. | 8008 |  | 225185 |
|  |  |  | 1057001 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** |
| Abercrombie & Fitch Co., Class A (a) | 5363 | $675041 |
| Arhaus, Inc. (a) | 63232 | 708831 |
| AutoZone, Inc. (a) | 179 | 607078 |
| Bath & Body Works, Inc. | 42919 | 861813 |
| Best Buy Co., Inc. (b) | 17868 | 1195905 |
| CarMax, Inc. (a) | 11655 | 450349 |
| Chewy, Inc., Class A (a) | 45671 | 1509426 |
| Five Below, Inc. (a) (b) | 3541 | 666983 |
| Gap, Inc. | 23766 | 608410 |
| Home Depot, Inc. | 10519 | 3619588 |
| MarineMax, Inc. (a) | 60404 | 1463589 |
| Murphy USA, Inc. | 978 | 394643 |
| O'Reilly Automotive, Inc. (a) | 5685 | 518529 |
| RH (a) | 1365 | 244540 |
| Ross Stores, Inc. (b) | 446 | 80342 |
| TJX Cos., Inc. (b) | 34078 | 5234722 |
|  |  | 18839789 |
| **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** | **Technology Hardware, Storage & Peripherals — 3.4%** |
| Apple, Inc. (b) | 166645 | 45304110 |
| Dell Technologies, Inc., Class C (b) | 2747 | 345792 |
| HP, Inc. | 30725 | 684553 |
| Pure Storage, Inc., Class A (a) | 6602 | 442400 |
| Sandisk Corp. (a) | 885 | 210081 |
| Seagate Technology Holdings PLC | 3936 | 1083935 |
| Western Digital Corp. | 6687 | 1151970 |
|  |  | 49222841 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Deckers Outdoor Corp. (a) (b) | 6309 | 654054 |
| NIKE, Inc., Class B | 35198 | 2242465 |
| Ralph Lauren Corp. (b) | 177 | 62589 |
| Tapestry, Inc. (b) | 1955 | 249790 |
| VF Corp. (b) | 8988 | 162503 |
|  |  | 3371401 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. (b) | 5812 | 335120 |
| Philip Morris International, Inc. (b) | 54307 | 8710843 |
|  |  | 9045963 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Air Lease Corp. | 15168 | 974241 |
| Ferguson Enterprises, Inc. (b) | 691 | 153837 |
| Transcat, Inc. (a) | 197 | 11176 |
|  |  | 1139254 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| York Water Co. | 7230 | 230203 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| T-Mobile U.S., Inc. (b) | 1138 | 231059 |
|  Total U.S. Common Stocks <br> (Cost $686,944,946)  |  | 812635946 |
| **Foreign Common Stocks — 17.9%** | **Foreign Common Stocks — 17.9%** | **Foreign Common Stocks — 17.9%** |
| **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |
| Cresud SACIF y A — SPADR (a) | 95757 | 1209414 |
|  IRSA Inversiones y Representaciones <br> SA SPADR (a)  | 1924 | 31823 |
| Telecom Argentina SA — SPADR | 8923 | 103596 |
|  |  | 1344833 |
| **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** |
| Anglogold Ashanti PLC | 784 | 66860 |
| AusQuest Ltd. (a) | 1585146 | 52750 |
| BHP Group Ltd. (f) | 25691 | 775253 |
| Deterra Royalties Ltd. (f) | 197295 | 534904 |
| Glencore PLC (a) | 472176 | 2568513 |
| Meteoric Resources NL (a) | 2572483 | 291943 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Paladin Energy Ltd. (a) | 220989 | $| 1397533 |
| Paladin Energy Ltd. (a) (f) | 330628 |  | 2090734 |
| PLS Group Ltd. (a) | 373634 |  | 1052606 |
| Rio Tinto PLC — SPADR | 3783 |  | 302753 |
| Treasury Wine Estates Ltd. (f) | 18763 |  | 65616 |
|  |  |  | 9199465 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| Arcos Dorados Holdings, Inc., Class A  | 15925 |  | 116890 |
| Axia Energia | 93002 |  | 855315 |
|  BrasilAgro — Co. Brasileira de Propriedades Agricolas  | 139300 |  | 506060 |
| MercadoLibre, Inc. (a) | 298 |  | 600249 |
| NU Holdings Ltd., Class A (a) | 247900 |  | 4149846 |
| SLC Agricola SA | 137900 |  | 403441 |
| Vale SA | 175891 |  | 2299774 |
| Vale SA — SPADR | 18557 |  | 241798 |
|  |  |  | 9173373 |
| **Cameroon, United Republic Of — 0.1%** | **Cameroon, United Republic Of — 0.1%** | **Cameroon, United Republic Of — 0.1%** | **Cameroon, United Republic Of — 0.1%** |
| Golar LNG Ltd. | 24379 |  | 907143 |
| **Canada — 5.3%** | **Canada — 5.3%** | **Canada — 5.3%** | **Canada — 5.3%** |
| Aecon Group, Inc. (b) | 27200 |  | 619880 |
| Air Canada (a) | 33900 |  | 476435 |
| Algoma Steel Group, Inc. | 29972 |  | 122885 |
| Americas Gold & Silver Corp. (a) (b) | 416412 |  | 2135833 |
|  Appia Rare Earths & Uranium<br>Corp. (a) (c)  | 978500 |  | 159923 |
| Asante Gold Corp. (a) (b) | 779500 |  | 937070 |
| Atex Resources, Inc. (a) (c) | 1062000 |  | 2561087 |
| Barrick Mining Corp. | 16742 |  | 729114 |
| Bear Creek Mining Corp. (a) | 424151 |  | 185414 |
| Bitcoin Treasury Corp. (a) | 73700 |  | 273848 |
| BlackBerry Ltd. (a) (b) | 204719 |  | 772609 |
| Brookfield Corp. | 1807 |  | 82923 |
| Cameco Corp. | 5727 |  | 523963 |
| Cameco Corp. — TSX Shares (b) | 12800 |  | 1172055 |
| Canaccord Genuity Group, Inc. (b) | 72400 |  | 583399 |
| Canada Goose Holdings, Inc. (a) | 46067 |  | 596568 |
| Capstone Copper Corp. (a) (b) | 240365 |  | 2413194 |
| Cenovus Energy, Inc. (b) | 130029 |  | 2199756 |
| Champion Iron Ltd. (f) | 104620 |  | 421221 |
| Cineplex, Inc. (a) | 35400 |  | 271841 |
| Culico Metals, Inc. (a) (c) | 122550 |  | 23214 |
| Definity Financial Corp. (b) | 16900 |  | 934915 |
| Denison Mines Corp. (a) | 488359 |  | 1299035 |
| Denison Mines Corp. (Toronto) (a) (c)  | 301300 |  | 799047 |
| Descartes Systems Group, Inc. (a) (b)  | 5300 |  | 464954 |
| Enerflex Ltd. (b) | 67600 |  | 1042159 |
| Engene Holdings, Inc. (a) | 9795 |  | 88449 |
| Equinox Gold Corp. (a) | 23268 |  | 326683 |
| Extendicare, Inc. (b) | 28600 |  | 444873 |
| Foran Mining Corp. (a) | 154919 |  | 568862 |
| Gildan Activewear, Inc. (b) | 8285 |  | 517481 |
| Global Atomic Corp. (a) | 138100 |  | 72443 |
| Heliostar Metals Ltd. (a) | 339700 |  | 626164 |
| Highlander Silver Corp. (a) | 637800 |  | 2467464 |
| Hudbay Minerals, Inc. | 78019 |  | 1548955 |
| i-80 Gold Corp. (a) | 1083800 |  | 1582348 |
| International Tower Hill Mines Ltd. (a)  | 376174 |  | 699684 |
| Kinross Gold Corp. — NYSE Shares | 4567 |  | 128607 |
| Kraken Robotics, Inc. (a) (b) | 73300 |  | 341787 |
| Lithium Argentina AG (a) | 137101 |  | 765024 |
| MDA Space Ltd. (a) (b) | 64900 |  | 1259652 |
| Minera Alamos, Inc. (a) (c) | 3532200 |  | 1363933 |
| Mx2 Mining, Inc. (a) (c) | 198300 |  | 72238 |
| Neo Performance Materials, Inc. | 233456 |  | 2646589 |
| NFI Group, Inc. (a) (b) | 24900 |  | 281555 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| NGEx Minerals Ltd. (a) | 16400 | $| 305883 |
| Northern Dynasty Minerals Ltd. (a) (f)  | 338909 |  | 667651 |
|  Northern Dynasty Minerals Ltd. (Toronto) (a) (f)  | 752336 |  | 1479951 |
| Novagold Resources, Inc. (a) | 263549 |  | 2456277 |
| Nutrien Ltd. | 30850 |  | 1904062 |
| Pan American Silver Corp. | 4086 |  | 211696 |
| Pasofino Gold Ltd. (a) | 61000 |  | 23999 |
| Power Metallic Mines, Inc. (a) | 379823 |  | 345910 |
| Rio2 Ltd. (a) (b) | 352300 |  | 849596 |
| Seabridge Gold, Inc. (Toronto) (a) (f) | 101511 |  | 3009349 |
| Seabridge Gold, Inc. (a) | 75554 |  | 2235643 |
| Shopify, Inc., Class A (a) | 85947 |  | 13834889 |
| Silverco Mining Ltd. (a) | 68300 |  | 472733 |
| Solaris Resources, Inc. (a) (b) | 98700 |  | 791009 |
|  Somerset Energy Partners Corp. (a) (c) (d) (e)  | 130200 |  | 23715 |
| Sprott Physical Uranium Trust | 13065 |  | 350534 |
|  Sprott Physical Uranium Trust (Toronto)  | 237901 |  | 4650383 |
| Tamarack Valley Energy Ltd. (b) | 171900 |  | 999426 |
| Taseko Mines Ltd. (a) | 68518 |  | 387812 |
| Uranium Royalty Corp. (a) | 578900 |  | 2049306 |
| Victoria Gold Corp./Vancouver (a) | 38304 |  | 9576 |
| Vox Royalty Corp. | 51000 |  | 241740 |
| Western Copper & Gold Corp. (a) (f) | 341385 |  | 912814 |
| WSP Global, Inc. (b) | 7200 |  | 1303664 |
| Xenon Pharmaceuticals, Inc. (a) | 5010 |  | 224548 |
| Zedcor, Inc. (a) | 95500 |  | 438345 |
|  |  |  | 77785644 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
|  Empresa Nacional de Telecomunicaciones SA  | 297388 |  | 1549749 |
| Latam Airlines Group SA — SPADR | 1366 |  | 73778 |
| Lundin Mining Corp. | 28558 |  | 613793 |
|  Sociedad Quimica y Minera de Chile SA — SPADR (a)  | 6216 |  | 427661 |
|  |  |  | 2664981 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
|  Alibaba Health Information Technology Ltd. (a)  | 154000 |  | 99927 |
| Angelalign Technology, Inc. (g) | 1400 |  | 10721 |
| Ascletis Pharma, Inc. (a) (g) | 53000 |  | 77566 |
| Baidu, Inc., Class A (a) | 76600 |  | 1255594 |
| CGN Power Co. Ltd., Class H (f) (g) | 2780000 |  | 1045545 |
|  Changgang Dunxin Enterprise Co. Ltd. (a) (c) (d)  | 4640000 |  |  |
|  China Communications Services Corp. <br> Ltd., Class H  | 2364000 |  | 1358333 |
| China Gas Holdings Ltd. | 333200 |  | 328359 |
|  China Reinsurance Group Corp., Class H  | 459000 |  | 99081 |
| Guangshen Railway Co. Ltd., Class H | 2338000 |  | 650621 |
| JD Health International, Inc. (a) (g) | 7350 |  | 52414 |
| Meituan, Class B (a) (g) | 28400 |  | 374757 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H  | 70400 |  | 45409 |
|  Shanghai MicroPort MedBot Group Co. Ltd., Class H (a)  | 74000 |  | 231051 |
| WuXi AppTec Co. Ltd. Class H (g) | 26100 |  | 331000 |
| Wuxi Biologics Cayman, Inc. (a) (g) | 150000 |  | 605959 |
|  |  |  | 6566337 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Aris Mining Corp. (a) (f) | 31120 |  | 504704 |
| **Congo — 0.1%** | **Congo — 0.1%** | **Congo — 0.1%** | **Congo — 0.1%** |
| Ivanhoe Mines Ltd., Class A (a) (f) | 113302 |  | 1288583 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Establishment Labs Holdings, Inc. (a) | 5997 | $437061 |
| **Denmark — 0.6%** | **Denmark — 0.6%** | **Denmark — 0.6%** |
| Ascendis Pharma AS — ADR (a) | 675 | 143937 |
| Coloplast AS, Class B | 40765 | 3499113 |
| Novo Nordisk AS, Class B | 90014 | 4588265 |
| Orsted AS (a) (g) | 43575 | 836193 |
|  |  | 9067508 |
| **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** |
| Nanoform Finland PLC (a) | 261974 | 358406 |
| **France — 1.7%** | **France — 1.7%** | **France — 1.7%** |
| Abivax SA — ADR (a) | 12405 | 1672876 |
| Amundi SA (g) | 9688 | 801238 |
| Carrefour SA | 115708 | 1930060 |
| Eramet SA (f) | 21382 | 1437788 |
| EssilorLuxottica SA | 12370 | 3911073 |
| Euroapi SA (a) (f) | 104950 | 279232 |
| L'Oreal SA | 18690 | 8027976 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 9184 | 6923819 |
| Teleperformance SE | 8707 | 627365 |
|  |  | 25611427 |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Atai Beckley NV (a) | 68252 | 279151 |
| BioNTech SE — ADR (a) | 27712 | 2638182 |
| E.ON SE | 56046 | 1062458 |
| InflaRx NV (a) | 26677 | 26944 |
| K&S AG | 250754 | 3658629 |
| Orion SA | 39223 | 207097 |
|  |  | 7872461 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Bank of East Asia Ltd. | 117800 | 201397 |
|  CECEP COSTIN New Materials Group Ltd. (a) (c) (d)  | 1736000 |  |
| Futu Holdings Ltd. — ADR (a) | 630 | 103452 |
| Hi Sun Technology China Ltd. (a) | 3960000 | 241690 |
|  Hua Han Health Industry Holdings<br>Ltd. (a) (c) (d)  | 6984000 |  |
| Luks Group Vietnam Holdings Co. Ltd.  | 1682000 | 205432 |
| PAX Global Technology Ltd. | 189000 | 122389 |
|  United Laboratories International Holdings Ltd.  | 38000 | 56590 |
|  |  | 930950 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| HDFC Bank Ltd. — ADR | 626 | 22874 |
| ICICI Bank Ltd. — SPADR | 2662 | 79328 |
|  |  | 102202 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| First Pacific Co. Ltd. | 473000 | 361697 |
| First Resources Ltd. | 455400 | 740200 |
| Golden Agri-Resources Ltd. | 14801200 | 3281746 |
| Indah Kiat Pulp & Paper Tbk. PT | 653600 | 333126 |
| Media Nusantara Citra Tbk. PT (a) | 19182100 | 300928 |
| United Tractors Tbk. PT | 132400 | 234206 |
|  |  | 5251903 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AerCap Holdings NV | 2768 | 397928 |
| Amarin Corp. PLC — ADR (a) | 3457 | 48242 |
| GH Research PLC (a) | 32454 | 412166 |
|  |  | 858336 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Global-e Online Ltd. (a) | 19656 | 772677 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| SimilarWeb Ltd. (a) | 121938 | $| 913316 |
|  Teva Pharmaceutical Industries Ltd. — SPADR (a)  | 10064 |  | 314097 |
|  |  |  | 2000090 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Prysmian SpA | 5055 |  | 504044 |
| Stevanato Group SpA | 29254 |  | 588590 |
|  |  |  | 1092634 |
| **Japan — 0.5%** | **Japan — 0.5%** | **Japan — 0.5%** | **Japan — 0.5%** |
| Daiichi Sankyo Co. Ltd. | 11600 |  | 247937 |
| Electric Power Development Co. Ltd.  | 39500 |  | 798225 |
| Fukuda Corp. | 8600 |  | 411767 |
| Inpex Corp. | 47900 |  | 947916 |
| Japan Petroleum Exploration Co. Ltd.  | 94600 |  | 944845 |
| Kaken Pharmaceutical Co. Ltd. | 500 |  | 12816 |
| Kamigumi Co. Ltd. | 23700 |  | 765682 |
| Kato Sangyo Co. Ltd. | 5600 |  | 229541 |
| Kyorin Pharmaceutical Co. Ltd. | 116000 |  | 1138132 |
| Osaka Soda Co. Ltd. | 3100 |  | 42866 |
| Shionogi & Co. Ltd. | 15106 |  | 273980 |
| Suzuken Co. Ltd. | 4000 |  | 156558 |
| Teijin Ltd. | 9800 |  | 84805 |
| West Japan Railway Co. (f) | 56400 |  | 1127818 |
|  |  |  | 7182888 |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |
|  Halyk Savings Bank of Kazakhstan JSC — GDR (h)  | 9027 |  | 270359 |
|  Halyk Savings Bank of Kazakhstan JSC — GDR (h)  | 18848 |  | 563543 |
|  NAC Kazatomprom JSC — GDR, 144A <br>Shares (g)  | 41119 |  | 2294440 |
|  |  |  | 3128342 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Solidere — ADR (a) (c) (d) (h) | 32451 |  | 408883 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| SJM Holdings Ltd. (a) (f) | 1587000 |  | 490064 |
| **Malaysia — 0.1%** |  |  |  |
| Genting Plantations Bhd. | 566400 |  | 711871 |
| Hong Leong Financial Group Bhd. | 15700 |  | 73642 |
| Oriental Holdings Bhd. | 402000 |  | 671564 |
|  |  |  | 1457077 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Alpek SAB de CV (a) (f) | 53884 |  | 27649 |
| Coca-Cola Femsa SAB de CV — SPADR  | 3540 |  | 335274 |
| Nemak SAB de CV (a) (g) | 2074798 |  | 418243 |
| Orbia Advance Corp. SAB de CV (a) (f)  | 538395 |  | 465817 |
| Southern Copper Corp. | 1311 |  | 188089 |
|  |  |  | 1435072 |
| **Myanmar — 0.0%** | **Myanmar — 0.0%** | **Myanmar — 0.0%** | **Myanmar — 0.0%** |
| Yoma Strategic Holdings Ltd. (a) | 3695700 |  | 244389 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| ASML Holding NV | 486 |  | 519952 |
| Magnum Ice Cream Co. NV (a) | 21102 |  | 334933 |
| Newamsterdam Pharma Co. NV (a) | 7418 |  | 260223 |
| Pharvaris NV (a) | 8618 |  | 239150 |
| Wolters Kluwer NV | 19476 |  | 2022123 |
|  |  |  | 3376381 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
|  Banco Latinoamericano de Comercio <br> Exterior SA  | 730 |  | 32558 |
| **Philippines — 0.0%** |  |  |  |
| Puregold Price Club, Inc. | 587400 |  | 379414 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| **Puerto Rico — 0.0%** | | | |
| OFG Bancorp | 11737 | $| 480982 |
| Popular, Inc. | 1318 |  | 164118 |
|  |  |  | 645100 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
|  Etalon Group PLC — <br>GDR (a) (c) (d) (h)  | 599848 |  |  |
|  Etalon Group PLC — GDR — LSE Shares (a) (c) (d) (h)  | 84223 |  |  |
| Federal Grid Co-Rosseti PJSC (a) (c) (d)  | 1019443892 |  |  |
| Gazprom PJSC (a) (c) (d) | 1409587 |  |  |
|  Lenta International Co. PJSC — <br>GDR (a) (c) (d)  | 351208 |  |  |
| LSR Group PJSC (a) (c) (d) | 96020 |  |  |
|  Moscow Exchange MICEX-RTS PJSC (a) (c) (d)  | 798487 |  |  |
| Polyus PJSC — GDR (a) (c) (d) (h) | 34231 |  |  |
| RusHydro PJSC (a) (c) (d) | 354557380 |  |  |
| Sberbank of Russia PJSC (a) (c) (d) | 688194 |  |  |
| VTB Bank PJSC (a) (c) (d) | 530060 |  |  |
| **South Africa — 0.8%** | **South Africa — 0.8%** | **South Africa — 0.8%** | **South Africa — 0.8%** |
| Impala Platinum Holdings Ltd. | 273399 |  | 4305921 |
| Sibanye Stillwater Ltd. (a) | 202000 |  | 727640 |
| Valterra Platinum Ltd. | 71003 |  | 6011011 |
|  |  |  | 11044572 |
| **South Korea — 1.4%** | **South Korea — 1.4%** | **South Korea — 1.4%** | **South Korea — 1.4%** |
|  Chong Kun Dang Pharmaceutical Corp.  | 15487 |  | 889399 |
| DL E&C Co. Ltd. | 63654 |  | 1806871 |
| GS Holdings Corp. | 28081 |  | 1097734 |
| Hankook & Co. Co. Ltd. | 46125 |  | 837075 |
| Hyundai Department Store Co. Ltd. | 11558 |  | 710160 |
| Korea Electric Power Corp. (a) | 32697 |  | 1062734 |
|  Korea Electric Power Corp. — <br>SPADR (f)  | 66802 |  | 1102233 |
| Korean Air Lines Co. Ltd. | 35073 |  | 547391 |
| Korean Reinsurance Co. | 43090 |  | 344640 |
| KT Corp. — SPADR | 141694 |  | 2687935 |
| LG Corp. | 46127 |  | 2571659 |
| LG Uplus Corp. | 453339 |  | 4629977 |
| Lotte Chemical Corp. | 8473 |  | 411195 |
| LX Holdings Corp. | 67023 |  | 372017 |
| LX International Corp. | 9726 |  | 219484 |
| Pan Ocean Co. Ltd. | 297630 |  | 792864 |
| PHA Co. Ltd. | 27869 |  | 227207 |
|  |  |  | 20310575 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Amadeus IT Group SA | 46048 |  | 3377562 |
| **Sri Lanka — 0.0%** |  |  |  |
| Hemas Holdings PLC | 1980919 |  | 220885 |
| **Sweden — 0.4%** |  |  |  |
| Atlas Copco AB, Class A | 258620 |  | 4633374 |
| Greater Than AB (a) | 278882 |  | 660406 |
| Hansa Biopharma AB (a) | 5183 |  | 19344 |
|  |  |  | 5313124 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| Sportradar Group AG, Class A (a) | 129971 |  | 3089411 |
| TE Connectivity PLC | 3501 |  | 796512 |
|  |  |  | 3885923 |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. — SPADR  | 47282 |  | 14368527 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| **Thailand — 0.2%** | | | |
|  Bangkok Bank PCL — Foreign Registered Shares  | 150000 | $| 805493 |
| Kasikornbank PCL | 100500 |  | 620432 |
| Valeura Energy, Inc. (a) | 122000 |  | 727085 |
|  |  |  | 2153010 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Trillion Energy International, Inc. (a) | 903135 |  | 8554 |
| **Ukraine — 0.1%** |  |  |  |
| Astarta Holding PLC | 44444 |  | 554491 |
| MHP SE GDR (a) (h) | 162326 |  | 1168870 |
|  |  |  | 1723361 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| Kyivstar Group Ltd. (a) | 10736 |  | 139353 |
| **United Kingdom — 1.2%** |  |  |  |
| AstraZeneca PLC — SPADR | 6163 |  | 566565 |
| Bicycle Therapeutics PLC — ADR (a) | 3375 |  | 23895 |
|  British American Tobacco PLC — SPADR  | 12004 |  | 679667 |
| CK Hutchison Holdings Ltd. | 320000 |  | 2180163 |
| Close Brothers Group PLC (a) | 86524 |  | 609394 |
| Compass Pathways PLC — ADR (a) | 54047 |  | 372924 |
| Endava PLC — SPADR (a) | 3764 |  | 23789 |
| Gabriel Resources Ltd. (a) | 193400 |  | 11272 |
| Indivior PLC (a) | 11057 |  | 396725 |
| Man Group PLC | 139332 |  | 427585 |
| Schroders PLC | 289673 |  | 1578762 |
| TechnipFMC PLC | 36899 |  | 1644219 |
| Travis Perkins PLC | 36013 |  | 310553 |
| Unilever PLC | 94631 |  | 6187103 |
| Vodafone Group PLC | 870108 |  | 1156126 |
| Yellow Cake PLC (a) (g) | 225483 |  | 1784861 |
|  |  |  | 17953603 |
| **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** |
| First Quantum Minerals Ltd. (a) | 42096 |  | 1128653 |
|  Total Foreign Common Stocks <br> (Cost $226,293,122)  |  |  | 263425911 |
|  Total Common Stocks <br> (Cost $913,238,068)  |  |  | 1076061857 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Contracts**  | **Value**  |
| **Right — 0.0%** | **Right — 0.0%** | **Right — 0.0%** |
|  Pan American Silver Corp., Expiring 02/22/29 (Canada) (a) (c) <br> (Cost $72,153)  | 346146 | 171342 |
| **Warrants — 0.2%** |  |  |
|  Atex Resources, Inc., Expiring 11/06/29 (Canada) (a) (c)  | 1062000 | 1056548 |
|  Awale Resources Ltd., Expiring 05/08/26 (Canada) (a) (c)  | 89000 | 3460 |
|  Defi Technologies, Inc., Expiring 09/26/28 (United States) (a) (c)  | 123288 | 5090 |
|  Encore Energy Corp., Expiring 02/08/26 (Canada) (a) (c)  | 49400 | 5396 |
|  Global Atomic Corp., Expiring 01/31/28 (Canada) (a) (c)  | 130700 | 30445 |
|  Hive Digital Technologies Ltd., <br> Expiring 12/28/26 (Canada) (a) (c)  | 44900 | 29776 |
|  i-80 Gold Corp., Expiring 11/16/27 (Canada) (a)  | 1047300 | 963516 |
|  i-80 Gold Corp., Expiring 05/01/28 (Canada) (a)  | 310750 | 160747 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Contracts**  | **Value**  |
|  Ivanhoe Electric, Inc., Expiring <br> 02/14/26 (United States) (a) (c) (d)  | 15775 | $141502 |
|  Minera Alamos, Inc., Expiring 09/17/28 (Canada) (a) (c)  | 3532200 | 362250 |
|  Organigram Global, Inc., Expiring 04/02/28 (Canada) (a) (c)  | 337500 | 155541 |
|  U.S. Gold Corp., Expiring 11/30/27 (United States) (a) (c)  | 18150 | 215319 |
|  Ur-Energy, Inc., Expiring 02/21/26 (Canada) (a) (c)  | 50000 | 5044 |
|  Total Warrants <br> (Cost $1,990,166)  |  | 3134634 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** | **Corporate Bonds — 0.0%** |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  Trillion Energy International, Inc., 12.000%, (Canada) (c) (d) (e) <br> (Cost $337,084)  | $453800 | 66125 |
| **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
|  Endeavour Silver Corp., 0.250%, 01/15/31 (Canada) (g) (a)  | 643000 | 697655 |
| **Movies & Entertainment — 0.0%** | **Movies & Entertainment — 0.0%** | **Movies & Entertainment — 0.0%** |
|  Cineplex, Inc., 7.750%, 03/01/30 (Canada) (a) (g)  | 650000 | 598097 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  Dye & Durham Ltd., 3.750%, 03/01/26 (Canada) (a) (g)  | 1085000 | 738824 |
|  Total Convertible Bonds <br> (Cost $1,932,241)  |  | 2034576 |
| **U.S. Treasury Bonds/Notes — 2.8%** | **U.S. Treasury Bonds/Notes — 2.8%** | **U.S. Treasury Bonds/Notes — 2.8%** |
|  U.S. Treasury Notes, 2.750%, 08/15/32  | 13699000 | 12788766 |
|  U.S. Treasury Notes, 3.375%, 05/15/33  | 15891000 | 15302536 |
|  U.S. Treasury Notes, 3.875%, 08/15/33  | 12374000 | 12292312 |
|  Total U.S. Treasury Bonds/Notes <br> (Cost $39,718,724)  |  | 40383614 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Acquired Funds — 18.8%** | **Acquired Funds — 18.8%** | **Acquired Funds — 18.8%** |
| **Exchange-Traded Funds (ETFs) — 6.4%** | **Exchange-Traded Funds (ETFs) — 6.4%** | **Exchange-Traded Funds (ETFs) — 6.4%** |
|  State Street Financial Select Sector SPDR ETF  | 1039569 | 56937194 |
| State Street SPDR S&P Biotech ETF | 14319 | 1745916 |
|  State Street Technology Select Sector <br>SPDR ETF  | 47066 | 6776092 |
| Vanguard Financials ETF (f) | 213451 | 28493574 |
|  |  | 93952776 |
| **Private Investment Funds (i) — 12.4%** | **Private Investment Funds (i) — 12.4%** | **Private Investment Funds (i) — 12.4%** |
| Bellus Ventures II LP (a) (c) (d) (e) | 96174 | 15862038 |
|  Blackstone Diversified Trading Strategies Fund (a) (c) (d) (e)  | 15000 | 15783147 |
|  Eversept Global Healthcare Fund LP (a) (c) (d) (e)  |  | 27230290 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
|  Farallon Capital Institutional Partners (a) (c) (d) (e)  |  | $| 469374 |
|  Helikon Long Short Equity Fund ICAV (a) (c) (d) (e)  | 3314 |  | 42200416 |
|  Kotak Flexicap Feeder Fund, Class D (a) (c) (d)  | 2927858 |  | 29559943 |
| Trium Khartes Fund LP (a) (c) (d) (e) | 84649 |  | 10080316 |
| Voloridge Fund LP (a) (c) (d) (e) | 6505378 |  |  |
|  Voloridge Trading Aggressive Fund (a) (c) (d) (e)  |  |  | 34135235 |
|  |  |  | 181826137 |
|  Total Acquired Funds <br> (Cost $196,342,077)  |  |  | 275778913 |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
|  Axia Energia, Class C, 0.00% (Brazil) (a)  | 24444 |  | 219114 |
|  Draegerwerk AG & Co. KGaA, 2.93% (Germany)  | 13111 |  | 1069588 |
|  Petroleo Brasileiro SA — Petrobras, 9.41% (Brazil)  | 267200 |  | 1508172 |
| Sartorius AG, 0.30% (Germany) | 2959 |  | 859617 |
|  Total Preferred Stocks <br> (Cost $2,940,795)  |  |  | 3656491 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Contracts** | **Value**  |
| **Purchased Option Contracts — 0.0%** | **Purchased Option Contracts — 0.0%** | **Purchased Option Contracts — 0.0%** |
| **Calls — 0.0%** | **Calls — 0.0%** | **Calls — 0.0%** |
|  ADT, Inc., Notional Amount $288,000, <br> Strike Price $10 <br> Expiring 02/20/2026 (United <br> States)  | 288 | 1440 |
|  ADT, Inc., Notional Amount $106,000, <br> Strike Price $10 <br> Expiring 05/15/2026 (United <br> States)  | 106 | 1908 |
|  Bill Holdings, Inc., Notional Amount $725,000, Strike Price $50 <br> Expiring 01/16/2026 (United States)  | 145 | 76125 |
|  Confluent, Inc., Notional Amount $613,200, Strike Price $21 <br> Expiring 01/16/2026 (United States)  | 292 | 274480 |
|  Fluor Corp., Notional Amount $850,000, Strike Price $50 <br> Expiring 03/20/2026 (United States)  | 170 | 12750 |
|  Global Payments, Inc., Notional Amount $1,480,000, Strike Price $100<br>Expiring 05/15/2026 (United States)  | 148 | 29600 |
|  iShares S&P/TSX 60 Index ETF, Notional Amount $17,611,200, Strike Price $48 <br> Expiring 01/16/2026 (Canada)  | 3669 | 13366 |
|  Sportradar Group AG, Notional <br> Amount $420,000, Strike Price $25 <br> Expiring 02/20/2026 (United <br> States)  | 168 | 17640 |
|  Total Calls <br> (Cost $258,925)  |  | 427309 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Contracts** | **Value**  |
| **Puts — 0.0%** | **Puts — 0.0%** | **Puts — 0.0%** |
|  Globalstar, Inc., Notional Amount $121,000, Strike Price $55 <br> Expiring 01/16/2026 (United States)  | 22 | $2750 |
|  Globalstar, Inc., Notional Amount $132,000, Strike Price $60 <br> Expiring 01/16/2026 (United States)  | 22 | 7260 |
|  iShares S&P/TSX 60 Index ETF, Notional Amount $22,645,800, Strike Price $46 <br> Expiring 01/16/2026 (Canada)  | 4923 | 25107 |
|  Total Puts <br> (Cost $58,015)  |  | 35117 |
|  Total Purchased Option Contracts<br>(Cost $316,940)  |  | 462426 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Short-Term Investments — 15.3%** | **Short-Term Investments — 15.3%** | **Short-Term Investments — 15.3%** |
| **Repurchase Agreement — 9.7%** | **Repurchase Agreement — 9.7%** | **Repurchase Agreement — 9.7%** |
|  Fixed Income Clearing Corp. issued <br> on 12/31/25 (proceeds at <br> maturity $141,805,431) <br> (collateralized by U.S. Treasury <br> Note, due 04/30/27 — 05/15/27 <br>with a total par value of <br>$142,287,500 and a total market <br>value of 144,633,022), 1.060%, <br>01/02/26<br>(Cost $141,797,081)  | $141797081 | 141797081 |
| **Unaffiliated Investment Company — 3.5%** | **Unaffiliated Investment Company — 3.5%** | **Unaffiliated Investment Company — 3.5%** |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.830%, (j) (k) <br> (Cost $50,668,810)  | 50668810 | 50668810 |
| **U.S Treasury Bill — 2.1%** | **U.S Treasury Bill — 2.1%** | **U.S Treasury Bill — 2.1%** |
|  U.S. Treasury Bills, 3.812%, 04/02/26 (f) (j) <br> (Cost $30,284,858)  | 30570000 | 30298500 |
|  Total Short-Term Investments <br> (Cost $222,750,749)  |  | 222764391 |
|  Total Investments — 110.7%<br>(Cost $1,379,638,997)  |  | 1624514369 |
|  Liabilities in Excess of Other Assets — (10.7)%  |  | (156369054) |
| Net Assets — 100.0% |  | $1468145315 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Securities Sold Short — (9.8)%** | **Securities Sold Short — (9.8)%** | **Securities Sold Short — (9.8)%** |
| **Common Stocks — (9.8)%** | **Common Stocks — (9.8)%** | **Common Stocks — (9.8)%** |
| **U.S. Common Stocks — (8.9)%** | **U.S. Common Stocks — (8.9)%** | **U.S. Common Stocks — (8.9)%** |
| **Aerospace & Defense — (0.2)%** | **Aerospace & Defense — (0.2)%** | **Aerospace & Defense — (0.2)%** |
| AeroVironment, Inc. (a) | (4522) | (1093827) |
| Axon Enterprise, Inc. (a) | (476) | (270335) |
| Cadre Holdings, Inc. | (4046) | (165239) |
| Ducommun, Inc. (a) | (1119) | (106450) |
|  Kratos Defense & Security Solutions, <br> Inc. (a)  | (1967) | (149315) |
| National Presto Industries, Inc. | (65) | (6939) |
| Park Aerospace Corp. | (83) | (1771) |
| Rocket Lab Corp. (a) | (23798) | (1660148) |
|  |  | (3454024) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Air Freight & Logistics — (0.0)%** | **Air Freight & Logistics — (0.0)%** | **Air Freight & Logistics — (0.0)%** |
| GXO Logistics, Inc. (a) | (303) | $(15950) |
| **Automobile Components — (0.0)%** | **Automobile Components — (0.0)%** | **Automobile Components — (0.0)%** |
| Patrick Industries, Inc. | (1279) | (138682) |
| Phinia, Inc. | (1738) | (108955) |
| QuantumScape Corp. (a) | (42450) | (442329) |
|  |  | (689966) |
| **Automobiles — (0.1)%** | **Automobiles — (0.1)%** | **Automobiles — (0.1)%** |
| Harley-Davidson, Inc. | (7071) | (144885) |
| Lucid Group, Inc. (a) | (9174) | (96969) |
| Rivian Automotive, Inc., Class A (a) | (63830) | (1258089) |
| Thor Industries, Inc. | (1064) | (109241) |
|  |  | (1609184) |
| **Banks — (0.2)%** | **Banks — (0.2)%** | **Banks — (0.2)%** |
| Amalgamated Financial Corp. | (2242) | (71811) |
| Bancorp, Inc. (a) | (6005) | (405458) |
| Bank of Hawaii Corp. | (335) | (22904) |
| Cadence Bank | (237) | (10153) |
| Eagle Bancorp, Inc. | (448) | (9596) |
| First Citizens BancShares, Inc., Class A  | (179) | (384166) |
| First Foundation, Inc. (a) | (4706) | (28989) |
| Firstsun Capital Bancorp (a) | (371) | (13963) |
| Flagstar Bank NA | (52300) | (658457) |
| Hingham Institution For Savings | (539) | (153055) |
| Midland States Bancorp, Inc. | (418) | (8849) |
| Park National Corp. | (1866) | (283968) |
| Renasant Corp. | (3101) | (109217) |
| Triumph Financial, Inc. (a) | (6961) | (435967) |
|  |  | (2596553) |
| **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** |
| Celsius Holdings, Inc. (a) | (7478) | (342044) |
| Coca-Cola Consolidated, Inc. | (17) | (2606) |
| Constellation Brands, Inc., Class A | (6458) | (890946) |
| MGP Ingredients, Inc. | (2315) | (56254) |
| Molson Coors Beverage Co., Class B | (1527) | (71280) |
|  |  | (1363130) |
| **Biotechnology — (1.0)%** | **Biotechnology — (1.0)%** | **Biotechnology — (1.0)%** |
| Apellis Pharmaceuticals, Inc. (a) | (10255) | (257606) |
| Arcus Biosciences, Inc. (a) | (13525) | (322301) |
| Caris Life Sciences, Inc. (a) | (5378) | (145098) |
| Cytokinetics, Inc. (a) | (11604) | (737318) |
| Disc Medicine, Inc. (a) | (50) | (3970) |
| Exelixis, Inc. (a) | (48681) | (2133688) |
| Ionis Pharmaceuticals, Inc. (a) | (1816) | (143664) |
| Kura Oncology, Inc. (a) | (9429) | (97967) |
| Madrigal Pharmaceuticals, Inc. (a) | (2785) | (1621817) |
| Moderna, Inc. (a) | (113952) | (3360444) |
| Nuvalent, Inc., Class A (a) | (3489) | (350959) |
| Revolution Medicines, Inc. (a) | (24017) | (1912954) |
| Summit Therapeutics, Inc. (a) | (87893) | (1537249) |
| Twist Bioscience Corp. (a) | (5916) | (187656) |
| Tyra Biosciences, Inc. (a) | (8103) | (213028) |
| Vanda Pharmaceuticals, Inc. (a) | (879) | (7753) |
| Vaxcyte, Inc. (a) | (14222) | (656203) |
| Viking Therapeutics, Inc. (a) | (33140) | (1165865) |
| Zymeworks, Inc. (a) | (3436) | (90470) |
|  |  | (14946010) |
| **Broadline Retail — (0.1)%** | **Broadline Retail — (0.1)%** | **Broadline Retail — (0.1)%** |
| Etsy, Inc. (a) | (1351) | (74899) |
| Kohl's Corp. | (7626) | (155647) |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)  | (2986) | $| (327295) |
| Pattern Group, Inc., Class A (a) | (52377) |  | (604431) |
|  |  |  | (1162272) |
| **Building Products — (0.2)%** | **Building Products — (0.2)%** | **Building Products — (0.2)%** | **Building Products — (0.2)%** |
| AAON, Inc. | (13624) |  | (1038830) |
| Advanced Drainage Systems, Inc. | (5023) |  | (727481) |
| American Woodmark Corp. (a) | (285) |  | (15362) |
| Builders FirstSource, Inc. (a) | (3610) |  | (371433) |
| Griffon Corp. | (603) |  | (44411) |
| Masterbrand, Inc. (a) | (1373) |  | (15158) |
| Modine Manufacturing Co. (a) | (297) |  | (39652) |
|  |  |  | (2252327) |
| **Capital Markets — (0.1)%** | **Capital Markets — (0.1)%** | **Capital Markets — (0.1)%** | **Capital Markets — (0.1)%** |
| Coinbase Global, Inc., Class A (a) | (744) |  | (168248) |
| LPL Financial Holdings, Inc. | (1152) |  | (411460) |
| Perella Weinberg Partners | (4489) |  | (77660) |
| TPG, Inc. | (7886) |  | (503442) |
|  |  |  | (1160810) |
| **Chemicals — (0.2)%** | **Chemicals — (0.2)%** | **Chemicals — (0.2)%** | **Chemicals — (0.2)%** |
| Air Products & Chemicals, Inc. | (1470) |  | (363119) |
| Ashland, Inc. | (846) |  | (49635) |
| Celanese Corp. | (13818) |  | (584225) |
| Huntsman Corp. | (25727) |  | (257270) |
| Olin Corp. | (10410) |  | (216840) |
| Quaker Chemical Corp. | (15) |  | (2060) |
| Westlake Corp. | (10165) |  | (751600) |
|  |  |  | (2224749) |
| **Commercial Services & Supplies — (0.0)%** | **Commercial Services & Supplies — (0.0)%** | **Commercial Services & Supplies — (0.0)%** | **Commercial Services & Supplies — (0.0)%** |
| ABM Industries, Inc. | (2065) |  | (87350) |
| Interface, Inc. | (3284) |  | (91689) |
| UniFirst Corp. | (986) |  | (190199) |
| Vestis Corp. | (17682) |  | (117939) |
|  |  |  | (487177) |
| **Communications Equipment — (0.0)%** | **Communications Equipment — (0.0)%** | **Communications Equipment — (0.0)%** | **Communications Equipment — (0.0)%** |
| Clearfield, Inc. (a) | (74) |  | (2157) |
| Viasat, Inc. (a) | (6290) |  | (216753) |
|  |  |  | (218910) |
| **Construction & Engineering — (0.3)%** | **Construction & Engineering — (0.3)%** | **Construction & Engineering — (0.3)%** | **Construction & Engineering — (0.3)%** |
| Argan, Inc. | (186) |  | (58278) |
| Construction Partners, Inc., Class A (a)  | (5349) |  | (580634) |
| Everus Construction Group, Inc. (a) | (3969) |  | (339588) |
| IES Holdings, Inc. (a) | (1124) |  | (437258) |
| Quanta Services, Inc. | (38) |  | (16038) |
| Sterling Infrastructure, Inc. (a) | (6242) |  | (1911488) |
| WillScot Holdings Corp. | (29411) |  | (553809) |
|  |  |  | (3897093) |
| **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** |
| LendingClub Corp. (a) | (4227) |  | (80060) |
| World Acceptance Corp. (a) | (293) |  | (41134) |
|  |  |  | (121194) |
| **Consumer Staples Distribution & Retail — (0.1)%** | **Consumer Staples Distribution & Retail — (0.1)%** | **Consumer Staples Distribution & Retail — (0.1)%** | **Consumer Staples Distribution & Retail — (0.1)%** |
| Albertsons Cos., Inc., Class A | (927) |  | (15916) |
| Maplebear, Inc. (a) | (13970) |  | (628371) |
| Weis Markets, Inc. | (1403) |  | (89918) |
|  |  |  | (734205) |
| **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** |
| Graphic Packaging Holding Co. | (3815) |  | (57454) |
| International Paper Co. | (24893) |  | (980535) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| O-I Glass, Inc. (a) | (36427) | $| (537663) |
|  |  |  | (1575652) |
| **Distributors — (0.0)%** | **Distributors — (0.0)%** | **Distributors — (0.0)%** | **Distributors — (0.0)%** |
| Pool Corp. | (1212) |  | (277245) |
| **Diversified Consumer Services — (0.3)%** | **Diversified Consumer Services — (0.3)%** | **Diversified Consumer Services — (0.3)%** | **Diversified Consumer Services — (0.3)%** |
| Adtalem Global Education, Inc. (a) | (21743) |  | (2249748) |
| Frontdoor, Inc. (a) | (8241) |  | (475423) |
| Grand Canyon Education, Inc. (a) | (3513) |  | (584247) |
| KinderCare Learning Cos., Inc. (a) | (7661) |  | (33096) |
| McGraw Hill, Inc. (a) | (5178) |  | (85437) |
| Mister Car Wash, Inc. (a) | (2447) |  | (13605) |
| Perdoceo Education Corp. | (13460) |  | (394782) |
|  |  |  | (3836338) |
| **Diversified Telecommunication Services — (0.2)%** | **Diversified Telecommunication Services — (0.2)%** | **Diversified Telecommunication Services — (0.2)%** | **Diversified Telecommunication Services — (0.2)%** |
| Anterix, Inc. (a) | (2806) |  | (61255) |
| AST SpaceMobile, Inc. (a) | (32242) |  | (2341736) |
| Iridium Communications, Inc. | (34983) |  | (608005) |
| Shenandoah Telecommunications Co.  | (1546) |  | (17872) |
|  |  |  | (3028868) |
| **Electric Utilities — (0.0)%** | **Electric Utilities — (0.0)%** | **Electric Utilities — (0.0)%** | **Electric Utilities — (0.0)%** |
| NRG Energy, Inc. | (249) |  | (39651) |
| Otter Tail Corp. | (4992) |  | (403403) |
|  |  |  | (443054) |
| **Electrical Equipment — (0.3)%** | **Electrical Equipment — (0.3)%** | **Electrical Equipment — (0.3)%** | **Electrical Equipment — (0.3)%** |
| Fluence Energy, Inc. (a) | (80401) |  | (1590332) |
| Nextpower, Inc., Class A (a) | (14347) |  | (1249767) |
| Plug Power, Inc. (a) | (114078) |  | (224734) |
| Powell Industries, Inc. | (2278) |  | (726181) |
| Preformed Line Products Co. | (22) |  | (4547) |
|  |  |  | (3795561) |
| **Electronic Equipment, Instruments & Components — (0.1)%** | **Electronic Equipment, Instruments & Components — (0.1)%** | **Electronic Equipment, Instruments & Components — (0.1)%** | **Electronic Equipment, Instruments & Components — (0.1)%** |
| Arlo Technologies, Inc. (a) | (56465) |  | (789945) |
| Badger Meter, Inc. | (466) |  | (81275) |
| Bel Fuse, Inc., Class B | (593) |  | (100591) |
| Climb Global Solutions, Inc. | (229) |  | (23539) |
| Coherent Corp. (a) | (242) |  | (44666) |
| Crane NXT Co. | (8981) |  | (422736) |
| Mirion Technologies, Inc. (a) | (2036) |  | (47683) |
| Novanta, Inc. (a) | (793) |  | (94359) |
| OSI Systems, Inc. (a) | (52) |  | (13263) |
| Vishay Intertechnology, Inc. | (544) |  | (7883) |
| Vishay Precision Group, Inc. (a) | (175) |  | (6737) |
|  |  |  | (1632677) |
| **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** |
| Core Laboratories, Inc. | (5719) |  | (91676) |
| Expro Group Holdings NV (a) | (147) |  | (1962) |
| Flowco Holdings, Inc., Class A | (492) |  | (9220) |
| Liberty Energy, Inc. | (5991) |  | (110594) |
| NOV, Inc. | (406) |  | (6346) |
| Patterson-UTI Energy, Inc. | (37898) |  | (231557) |
| RPC, Inc. | (1476) |  | (8029) |
| TETRA Technologies, Inc. (a) | (40121) |  | (375934) |
| Valaris Ltd. (a) | (4690) |  | (236376) |
|  |  |  | (1071694) |
| **Entertainment — (0.1)%** | **Entertainment — (0.1)%** | **Entertainment — (0.1)%** | **Entertainment — (0.1)%** |
| Roku, Inc. (a) | (1622) |  | (175971) |
| Sphere Entertainment Co. (a) | (873) |  | (83005) |
| Warner Music Group Corp., Class A | (14732) |  | (451830) |
|  |  |  | (710806) |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Financial Services — (0.2)%** | **Financial Services — (0.2)%** | **Financial Services — (0.2)%** |
| Affirm Holdings, Inc. (a) | (3262) | $(242791) |
| Block, Inc. (a) | (3201) | (208353) |
| Chime Financial, Inc., Class A (a) | (19064) | (479841) |
|  Federal National Mortgage Association (a)  | (17086) | (183333) |
|  M3-Brigade Acquisition V Corp., Class A (a)  | (49550) | (526716) |
| NewtekOne, Inc. | (163) | (1850) |
| Paysafe Ltd. (a) | (2705) | (21883) |
| Rocket Cos., Inc., Class A | (24464) | (473623) |
| Shift4 Payments, Inc., Class A (a) | (21894) | (1378665) |
| Western Union Co. | (9373) | (87263) |
|  |  | (3604318) |
| **Food Products — (0.1)%** | **Food Products — (0.1)%** | **Food Products — (0.1)%** |
| Archer-Daniels-Midland Co. | (328) | (18857) |
| Calavo Growers, Inc. | (137) | (2980) |
| Freshpet, Inc. (a) | (3598) | (219226) |
| Hershey Co. | (343) | (62419) |
| Marzetti Co. | (3143) | (516772) |
| Mission Produce, Inc. (a) | (9384) | (108854) |
| Post Holdings, Inc. (a) | (1914) | (189582) |
| Tootsie Roll Industries, Inc. | (1740) | (63736) |
| TreeHouse Foods, Inc. (a) | (2048) | (48312) |
| Utz Brands, Inc. | (5178) | (53748) |
|  |  | (1284486) |
| **Ground Transportation — (0.4)%** | **Ground Transportation — (0.4)%** | **Ground Transportation — (0.4)%** |
| ArcBest Corp. | (895) | (66400) |
| Avis Budget Group, Inc. (a) | (17474) | (2242264) |
| Covenant Logistics Group, Inc. | (93) | (2050) |
| Heartland Express, Inc. | (11744) | (106048) |
|  Knight-Swift Transportation Holdings, <br> Inc.  | (2402) | (125576) |
| Marten Transport Ltd. | (3038) | (34572) |
| Old Dominion Freight Line, Inc. | (39) | (6115) |
| RXO, Inc. (a) | (30259) | (382474) |
| Ryder System, Inc. | (348) | (66604) |
| Saia, Inc. (a) | (5633) | (1839287) |
| Schneider National, Inc., Class B | (5526) | (146605) |
| Werner Enterprises, Inc. | (3863) | (115929) |
| XPO, Inc. (a) | (10131) | (1376904) |
|  |  | (6510828) |
| **Health Care Equipment & Supplies — (0.1)%** | **Health Care Equipment & Supplies — (0.1)%** | **Health Care Equipment & Supplies — (0.1)%** |
| CONMED Corp. | (147) | (5968) |
| Dentsply Sirona, Inc. | (5385) | (61551) |
| Embecta Corp. | (6769) | (80416) |
| Inspire Medical Systems, Inc. (a) | (4117) | (379711) |
| Kestra Medical Technologies Ltd. (a) | (2359) | (62561) |
| Semler Scientific, Inc. (a) | (8277) | (126555) |
| Teleflex, Inc. | (562) | (68586) |
| UFP Technologies, Inc. (a) | (71) | (15764) |
|  |  | (801112) |
| **Health Care Providers & Services — (0.2)%** | **Health Care Providers & Services — (0.2)%** | **Health Care Providers & Services — (0.2)%** |
| AdaptHealth Corp. (a) | (4776) | (47569) |
| DaVita, Inc. (a) | (143) | (16246) |
| Enhabit, Inc. (a) | (754) | (6952) |
| Guardant Health, Inc. (a) | (1754) | (179154) |
| Hims & Hers Health, Inc. (a) | (26006) | (844415) |
| Humana, Inc. | (2016) | (516358) |
| LifeStance Health Group, Inc. (a) | (9856) | (69386) |
| OPKO Health, Inc. (a) | (18318) | (23081) |
| Option Care Health, Inc. (a) | (15597) | (496921) |
| RadNet, Inc. (a) | (5181) | (369664) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Strata Critical Medical, Inc. (a) | (6030) | $| (29004) |
| Surgery Partners, Inc. (a) | (2329) |  | (35983) |
|  |  |  | (2634733) |
| **Health Care REITs — (0.0)%** | **Health Care REITs — (0.0)%** | **Health Care REITs — (0.0)%** | **Health Care REITs — (0.0)%** |
| Medical Properties Trust, Inc. | (44979) |  | (224895) |
| **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** |
| Certara, Inc. (a) | (11495) |  | (101271) |
| GoodRx Holdings, Inc., Class A (a) | (5203) |  | (14100) |
| Schrodinger, Inc. (a) | (2237) |  | (39998) |
| Teladoc Health, Inc. (a) | (10010) |  | (70070) |
|  |  |  | (225439) |
| **Hotel & Resort REITs — (0.0)%** | **Hotel & Resort REITs — (0.0)%** | **Hotel & Resort REITs — (0.0)%** | **Hotel & Resort REITs — (0.0)%** |
| Pebblebrook Hotel Trust | (1851) |  | (20954) |
| RLJ Lodging Trust | (1027) |  | (7651) |
| Summit Hotel Properties, Inc. | (860) |  | (4188) |
|  |  |  | (32793) |
| **Hotels, Restaurants & Leisure — (1.0)%** | **Hotels, Restaurants & Leisure — (1.0)%** | **Hotels, Restaurants & Leisure — (1.0)%** | **Hotels, Restaurants & Leisure — (1.0)%** |
| BJ's Restaurants, Inc. (a) | (62) |  | (2443) |
| Black Rock Coffee Bar, Inc., Class A (a)  | (6639) |  | (147718) |
| Bloomin' Brands, Inc. | (2020) |  | (12463) |
| Brinker International, Inc. (a) | (8800) |  | (1262976) |
| Caesars Entertainment, Inc. (a) | (4762) |  | (111383) |
| Cava Group, Inc. (a) | (83708) |  | (4912823) |
| Cheesecake Factory, Inc. | (24674) |  | (1245544) |
| Choice Hotels International, Inc. | (8918) |  | (849529) |
| Denny's Corp. (a) | (8492) |  | (52820) |
| Dine Brands Global, Inc. | (2084) |  | (66980) |
| DoorDash, Inc., Class A (a) | (1200) |  | (271776) |
| DraftKings, Inc., Class A (a) | (10252) |  | (353284) |
| Dutch Bros, Inc., Class A (a) | (13605) |  | (832898) |
| First Watch Restaurant Group, Inc. (a)  | (22606) |  | (340899) |
| Hyatt Hotels Corp., Class A | (6997) |  | (1121759) |
| Kura Sushi USA, Inc., Class A (a) | (1698) |  | (88856) |
| Lindblad Expeditions Holdings, Inc. (a)  | (155) |  | (2235) |
| Marriott International, Inc., Class A | (2188) |  | (678805) |
| Marriott Vacations Worldwide Corp. | (3363) |  | (194011) |
| Papa John's International, Inc. | (1759) |  | (67704) |
| Shake Shack, Inc., Class A (a) | (1175) |  | (95375) |
| Target Hospitality Corp. (a) | (1242) |  | (9948) |
| United Parks & Resorts, Inc. (a) | (974) |  | (35356) |
| Wingstop, Inc. | (6466) |  | (1542076) |
|  |  |  | (14299661) |
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| Beazer Homes USA, Inc. (a) | (430) |  | (8716) |
| Cavco Industries, Inc. (a) | (455) |  | (268787) |
| Helen of Troy Ltd. (a) | (52665) |  | (1119131) |
| Legacy Housing Corp. (a) | (160) |  | (3123) |
| Leggett & Platt, Inc. | (10625) |  | (116875) |
| Newell Brands, Inc. | (47274) |  | (175859) |
| SharkNinja, Inc. (a) | (3432) |  | (384041) |
| TopBuild Corp. (a) | (420) |  | (175220) |
| Whirlpool Corp. | (8172) |  | (589528) |
|  |  |  | (2841280) |
| **Household Products — (0.0)%** | **Household Products — (0.0)%** | **Household Products — (0.0)%** | **Household Products — (0.0)%** |
| Spectrum Brands Holdings, Inc. | (3537) |  | (208966) |
| **Independent Power & Renewable Electricity Producers — (0.0)%** | **Independent Power & Renewable Electricity Producers — (0.0)%** | **Independent Power & Renewable Electricity Producers — (0.0)%** | **Independent Power & Renewable Electricity Producers — (0.0)%** |
| Clearway Energy, Inc., Class C | (547) |  | (18193) |
| Ormat Technologies, Inc. | (843) |  | (93126) |
| Vistra Corp. | (2975) |  | (479957) |
|  |  |  | (591276) |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Industrial REITs — (0.0)%** | **Industrial REITs — (0.0)%** | **Industrial REITs — (0.0)%** |
| Americold Realty Trust, Inc. | (40738) | $(523891) |
| Lineage, Inc. | (2356) | (82460) |
|  |  | (606351) |
| **Insurance — (0.1)%** | **Insurance — (0.1)%** | **Insurance — (0.1)%** |
| Abacus Global Management, Inc. | (3957) | (33832) |
| Baldwin Insurance Group, Inc. (a) | (6279) | (150884) |
| Goosehead Insurance, Inc., Class A | (9651) | (710796) |
| Kinsale Capital Group, Inc. | (461) | (180306) |
| Lemonade, Inc. (a) | (1942) | (138232) |
| Slide Insurance Holdings, Inc. (a) | (750) | (14610) |
| Trupanion, Inc. (a) | (20588) | (769374) |
|  |  | (1998034) |
| **Interactive Media & Services — (0.0)%** | **Interactive Media & Services — (0.0)%** | **Interactive Media & Services — (0.0)%** |
| Angi, Inc. (a) | (509) | (6581) |
| fuboTV, Inc., Class A (a) | (31652) | (79763) |
| IAC, Inc. (a) | (468) | (18299) |
| Snap, Inc., Class A (a) | (3206) | (25873) |
| Yelp, Inc. (a) | (1483) | (45068) |
| ZoomInfo Technologies, Inc. (a) | (5620) | (57155) |
|  |  | (232739) |
| **IT Services — (0.1)%** | **IT Services — (0.1)%** | **IT Services — (0.1)%** |
| CoreWeave, Inc., Class A (a) | (6920) | (495541) |
| EPAM Systems, Inc. (a) | (42) | (8605) |
| Fastly, Inc., Class A (a) | (6908) | (70324) |
| Globant SA (a) | (6197) | (405098) |
| Twilio, Inc., Class A (a) | (2485) | (353466) |
|  |  | (1333034) |
| **Leisure Products — (0.1)%** | **Leisure Products — (0.1)%** | **Leisure Products — (0.1)%** |
| YETI Holdings, Inc. (a) | (29702) | (1311937) |
| **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** |
| Bio-Rad Laboratories, Inc., Class A (a)  | (385) | (116651) |
| Bio-Techne Corp. | (304) | (17878) |
| Bruker Corp. | (9955) | (468980) |
| Cytek Biosciences, Inc. (a) | (1394) | (7040) |
| Illumina, Inc. (a) | (7862) | (1031180) |
| Mesa Laboratories, Inc. | (470) | (36895) |
| Revvity, Inc. | (474) | (45860) |
| Tempus AI, Inc. (a) | (19026) | (1123485) |
|  |  | (2847969) |
| **Machinery — (0.1)%** | **Machinery — (0.1)%** | **Machinery — (0.1)%** |
| Albany International Corp., Class A | (115) | (5830) |
| Blue Bird Corp. (a) | (6897) | (324159) |
| CECO Environmental Corp. (a) | (3959) | (236946) |
| Columbus McKinnon Corp. | (312) | (5382) |
| Graham Corp. (a) | (1126) | (72323) |
| Ingersoll Rand, Inc. | (1180) | (93480) |
| Kadant, Inc. | (3188) | (908644) |
| Lindsay Corp. | (797) | (93942) |
| Stratasys Ltd. (a) | (5217) | (45284) |
|  |  | (1785990) |
| **Media — (0.4)%** | **Media — (0.4)%** | **Media — (0.4)%** |
| Boston Omaha Corp., Class A (a) | (138) | (1707) |
| DoubleVerify Holdings, Inc. (a) | (335) | (3832) |
| EchoStar Corp., Class A (a) | (8618) | (936777) |
| Ibotta, Inc., Class A (a) | (4559) | (103626) |
| Liberty Broadband Corp., Class C (a) | (40) | (1944) |
| Omnicom Group, Inc. | (6674) | (538926) |
| Paramount Skydance Corp., Class B | (2765) | (37051) |
| Stagwell, Inc. (a) | (1092) | (5340) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Trade Desk, Inc., Class A (a) | (90615) | $| (3439745) |
| USA TODAY Co., Inc. (a) | (14667) |  | (75535) |
|  |  |  | (5144483) |
| **Metals & Mining — (0.1)%** | **Metals & Mining — (0.1)%** | **Metals & Mining — (0.1)%** | **Metals & Mining — (0.1)%** |
| Cleveland-Cliffs, Inc. (a) | (75228) |  | (999028) |
|  Compass Minerals International,<br>Inc. (a)  | (2964) |  | (58213) |
| Dakota Gold Corp. (a) | (16251) |  | (92306) |
| MP Materials Corp. (a) | (6168) |  | (311607) |
|  |  |  | (1461154) |
| **Office REITs — (0.0)%** | **Office REITs — (0.0)%** | **Office REITs — (0.0)%** | **Office REITs — (0.0)%** |
| BXP, Inc. | (3787) |  | (255547) |
| JBG SMITH Properties | (2174) |  | (36980) |
| Peakstone Realty Trust | (1158) |  | (16617) |
| SL Green Realty Corp. | (5246) |  | (240634) |
|  |  |  | (549778) |
| **Oil, Gas & Consumable Fuels — (0.1)%** | **Oil, Gas & Consumable Fuels — (0.1)%** | **Oil, Gas & Consumable Fuels — (0.1)%** | **Oil, Gas & Consumable Fuels — (0.1)%** |
| CNX Resources Corp. (a) | (1581) |  | (58133) |
| Comstock Resources, Inc. (a) | (13883) |  | (321808) |
| Core Natural Resources, Inc. | (390) |  | (34519) |
| Diamondback Energy, Inc. | (2520) |  | (378832) |
| Murphy Oil Corp. | (14272) |  | (446000) |
| Peabody Energy Corp. | (2745) |  | (81526) |
| PrimeEnergy Resources Corp. (a) | (117) |  | (20007) |
| Texas Pacific Land Corp. | (1082) |  | (310772) |
|  |  |  | (1651597) |
| **Passenger Airlines — (0.0)%** | **Passenger Airlines — (0.0)%** | **Passenger Airlines — (0.0)%** | **Passenger Airlines — (0.0)%** |
| Alaska Air Group, Inc. (a) | (6046) |  | (304114) |
| **Personal Care Products — (0.2)%** | **Personal Care Products — (0.2)%** | **Personal Care Products — (0.2)%** | **Personal Care Products — (0.2)%** |
| BellRing Brands, Inc. (a) | (56704) |  | (1515698) |
| Coty, Inc., Class A (a) | (2132) |  | (6566) |
| elf Beauty, Inc. (a) | (15900) |  | (1209036) |
| Honest Co., Inc. (a) | (20922) |  | (53979) |
|  |  |  | (2785279) |
| **Pharmaceuticals — (0.0)%** | **Pharmaceuticals — (0.0)%** | **Pharmaceuticals — (0.0)%** | **Pharmaceuticals — (0.0)%** |
| Belite Bio, Inc. — ADR (a) | (698) |  | (111652) |
| Corcept Therapeutics, Inc. (a) | (842) |  | (29302) |
| Elanco Animal Health, Inc. (a) | (7871) |  | (178121) |
| Eton Pharmaceuticals, Inc. (a) | (286) |  | (4836) |
| Harrow, Inc. (a) | (6927) |  | (339423) |
|  |  |  | (663334) |
| **Professional Services — (0.1)%** | **Professional Services — (0.1)%** | **Professional Services — (0.1)%** | **Professional Services — (0.1)%** |
| Clarivate PLC (a) | (125511) |  | (419207) |
| Fiverr International Ltd. (a) | (2046) |  | (40429) |
| ICF International, Inc. | (28) |  | (2389) |
| Innodata, Inc. (a) | (1449) |  | (73827) |
| Kforce, Inc. | (159) |  | (4916) |
| ManpowerGroup, Inc. | (358) |  | (10643) |
| TIC Solutions, Inc. (a) | (14193) |  | (143491) |
| Willdan Group, Inc. (a) | (7111) |  | (737126) |
|  |  |  | (1432028) |
| **Real Estate Management & Development — (0.0)%** | **Real Estate Management & Development — (0.0)%** | **Real Estate Management & Development — (0.0)%** | **Real Estate Management & Development — (0.0)%** |
| eXp World Holdings, Inc. | (8691) |  | (78654) |
| **Residential REITs — (0.0)%** | **Residential REITs — (0.0)%** | **Residential REITs — (0.0)%** | **Residential REITs — (0.0)%** |
|  Apartment Investment & Management Co., Class A  | (8760) |  | (52034) |
| Independence Realty Trust, Inc. | (1018) |  | (17795) |
|  |  |  | (69829) |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Retail REITs — (0.0)%** | **Retail REITs — (0.0)%** | **Retail REITs — (0.0)%** |
| Macerich Co. | (10597) | $(195621) |
| **Semiconductors & Semiconductor Equipment — (0.2)%** | **Semiconductors & Semiconductor Equipment — (0.2)%** | **Semiconductors & Semiconductor Equipment — (0.2)%** |
| Aehr Test Systems (a) | (3479) | (70241) |
|  Alpha & Omega Semiconductor Ltd. (a)  | (3065) | (60718) |
| Amkor Technology, Inc. | (8498) | (335501) |
| Applied Materials, Inc. | (550) | (141344) |
| Astera Labs, Inc. (a) | (5419) | (901505) |
| Enphase Energy, Inc. (a) | (4975) | (159449) |
| Entegris, Inc. | (2505) | (211046) |
| Impinj, Inc. (a) | (1154) | (200808) |
| Lattice Semiconductor Corp. (a) | (10291) | (757212) |
|  MACOM Technology Solutions Holdings, Inc. (a)  | (123) | (21067) |
| Penguin Solutions, Inc. (a) | (2870) | (56137) |
| Power Integrations, Inc. | (4282) | (152182) |
| Semtech Corp. (a) | (233) | (17170) |
|  |  | (3084380) |
| **Software — (0.4)%** | **Software — (0.4)%** | **Software — (0.4)%** |
| Adeia, Inc. | (349) | (6020) |
| Alkami Technology, Inc. (a) | (1182) | (27269) |
| Amplitude, Inc., Class A (a) | (1095) | (12680) |
| Appfolio, Inc., Class A (a) | (2448) | (569527) |
| Asana, Inc., Class A (a) | (32347) | (443477) |
| Aurora Innovation, Inc. (a) | (108513) | (416690) |
| Bentley Systems, Inc., Class B | (4520) | (172506) |
| Bill Holdings, Inc. (a) | (8517) | (464517) |
| Blend Labs, Inc., Class A (a) | (6870) | (20885) |
| Braze, Inc., Class A (a) | (896) | (30724) |
| Clear Secure, Inc., Class A | (13439) | (471440) |
|  Clearwater Analytics Holdings, Inc., Class A (a)  | (3203) | (77256) |
| eGain Corp. (a) | (590) | (6071) |
| Gen Digital, Inc. | (7288) | (198161) |
| I3 Verticals, Inc., Class A (a) | (2881) | (72572) |
| Intapp, Inc. (a) | (253) | (11593) |
| Klaviyo, Inc., Class A (a) | (570) | (18508) |
| Life360, Inc. (a) | (12389) | (794631) |
| nCino, Inc. (a) | (12764) | (327269) |
| NCR Voyix Corp. (a) | (4093) | (41749) |
| Pagaya Technologies Ltd., Class A (a)  | (4441) | (92817) |
| Pegasystems, Inc. | (1911) | (114125) |
| Q2 Holdings, Inc. (a) | (136) | (9814) |
| Qualys, Inc. (a) | (290) | (38541) |
| SailPoint, Inc. (a) | (4079) | (82518) |
| SentinelOne, Inc., Class A (a) | (3641) | (54615) |
| SPS Commerce, Inc. (a) | (448) | (39930) |
| Strategy, Inc. (a) | (4330) | (657944) |
| Synopsys, Inc. (a) | (1313) | (616742) |
| Telos Corp. (a) | (8733) | (44538) |
| UiPath, Inc., Class A (a) | (7787) | (127629) |
| Via Transportation, Inc., Class A (a) | (1833) | (53175) |
|  |  | (6115933) |
| **Specialized REITs — (0.0)%** | **Specialized REITs — (0.0)%** | **Specialized REITs — (0.0)%** |
| Outfront Media, Inc. | (370) | (8917) |
| **Specialty Retail — (0.4)%** | **Specialty Retail — (0.4)%** | **Specialty Retail — (0.4)%** |
| Asbury Automotive Group, Inc. (a) | (107) | (24881) |
| Boot Barn Holdings, Inc. (a) | (5628) | (993173) |
| Buckle, Inc. | (48) | (2564) |
| Build-A-Bear Workshop, Inc. | (2955) | (181053) |
| Caleres, Inc. | (6505) | (79166) |
| CarMax, Inc. (a) | (3683) | (142311) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Carvana Co. (a) | (4609) | $| (1945090) |
|  Floor & Decor Holdings, Inc.,<br>Class A (a)  | (15615) |  | (950797) |
| GameStop Corp., Class A (a) | (1011) |  | (20301) |
| Lands' End, Inc. (a) | (543) |  | (7884) |
| Monro, Inc. | (20616) |  | (413145) |
| National Vision Holdings, Inc. (a) | (699) |  | (18048) |
| RH (a) | (4993) |  | (894496) |
| Sally Beauty Holdings, Inc. (a) | (1036) |  | (14773) |
| Shoe Carnival, Inc. | (9477) |  | (159972) |
|  |  |  | (5847654) |
| **Technology Hardware, Storage & Peripherals — (0.1)%** | **Technology Hardware, Storage & Peripherals — (0.1)%** | **Technology Hardware, Storage & Peripherals — (0.1)%** | **Technology Hardware, Storage & Peripherals — (0.1)%** |
| Eastman Kodak Co. (a) | (1100) |  | (9306) |
| Super Micro Computer, Inc. (a) | (25825) |  | (755898) |
| Xerox Holdings Corp. | (44755) |  | (106069) |
|  |  |  | (871273) |
| **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** |
| Capri Holdings Ltd. (a) | (857) |  | (20911) |
| Carter's, Inc. | (471) |  | (15275) |
| Crocs, Inc. (a) | (445) |  | (38056) |
| Oxford Industries, Inc. | (5136) |  | (175651) |
| Under Armour, Inc., Class A (a) | (171977) |  | (854726) |
| VF Corp. | (9441) |  | (170693) |
|  |  |  | (1275312) |
| **Trading Companies & Distributors — (0.2)%** | **Trading Companies & Distributors — (0.2)%** | **Trading Companies & Distributors — (0.2)%** | **Trading Companies & Distributors — (0.2)%** |
| BlueLinx Holdings, Inc. (a) | (339) |  | (20825) |
| Core & Main, Inc., Class A (a) | (1212) |  | (62988) |
| FTAI Aviation Ltd. | (524) |  | (103149) |
| Herc Holdings, Inc. | (929) |  | (137845) |
| QXO, Inc. (a) | (71560) |  | (1380392) |
| Rush Enterprises, Inc., Class A | (1348) |  | (72711) |
| Willis Lease Finance Corp. | (33) |  | (4476) |
| Xometry, Inc., Class A (a) | (14012) |  | (833294) |
|  |  |  | (2615680) |
| **Water Utilities — (0.0)%** | **Water Utilities — (0.0)%** | **Water Utilities — (0.0)%** | **Water Utilities — (0.0)%** |
| Cadiz, Inc. (a) | (10325) |  | (57923) |
|  Total U.S. Common Stocks <br> (Proceeds $(130300270))  |  |  | (130894233) |
| **Foreign Common Stocks — (0.9)%** | **Foreign Common Stocks — (0.9)%** | **Foreign Common Stocks — (0.9)%** | **Foreign Common Stocks — (0.9)%** |
| **Belgium — (0.0)%** | **Belgium — (0.0)%** | **Belgium — (0.0)%** | **Belgium — (0.0)%** |
| Galapagos NV — SPADR (a) | (107) |  | (3499) |
| **Brazil — (0.0)%** | **Brazil — (0.0)%** | **Brazil — (0.0)%** | **Brazil — (0.0)%** |
| Adecoagro SA | (1198) |  | (9500) |
| **Canada — (0.6)%** | **Canada — (0.6)%** | **Canada — (0.6)%** | **Canada — (0.6)%** |
| Americas Gold & Silver Corp. (a) | (31640) |  | (161680) |
| Andean Precious Metals Corp. (a) | (89152) |  | (633946) |
| Atex Resources, Inc. (a) | (1062000) |  | (2561087) |
| Ballard Power Systems, Inc. (a) | (52474) |  | (133284) |
| Bausch Health Cos., Inc. (a) | (1131) |  | (7860) |
| Cascades, Inc. | (16600) |  | (150695) |
| Denison Mines Corp. (a) | (255206) |  | (678848) |
| Denison Mines Corp. (Toronto) (a) | (208100) |  | (551881) |
| Diversified Royalty Corp. | (57300) |  | (155299) |
| First Majestic Silver Corp. | (24495) |  | (408087) |
| Global Atomic Corp. (a) | (138100) |  | (72443) |
| Hut 8 Corp. (a) | (18297) |  | (840564) |
| i-80 Gold Corp. (a) | (1083800) |  | (1595043) |
| Minera Alamos, Inc. (a) | (2261700) |  | (873339) |
|  Victoria Gold Corp./Vancouver (a) (c) (d)  | (1035421) |  | (7544) |
| Vox Royalty Corp. | (51000) |  | (245980) |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Xenon Pharmaceuticals, Inc. (a) | (6035) | $| (270489) |
|  |  |  | (9348069) |
| **China — (0.0)%** | **China — (0.0)%** | **China — (0.0)%** | **China — (0.0)%** |
| ATRenew, Inc. — ADR (a) | (5781) |  | (30639) |
| Baidu, Inc. — SPADR (a) | (356) |  | (46515) |
| Chagee Holdings Ltd. — ADR | (192) |  | (2233) |
| DiDi Global, Inc. — ADR (a) | (607) |  | (3205) |
| Full Truck Alliance Co. Ltd. — ADR | (963) |  | (10333) |
| HUYA, Inc. — ADR | (7859) |  | (22634) |
| indie Semiconductor, Inc., Class A (a)  | (5509) |  | (19447) |
| iQIYI, Inc. — ADR (a) | (48744) |  | (93588) |
|  New Oriental Education & Technology <br> Group, Inc. — SPADR  | (58) |  | (3192) |
|  |  |  | (231786) |
| **Colombia — (0.0)%** | **Colombia — (0.0)%** | **Colombia — (0.0)%** | **Colombia — (0.0)%** |
| Geopark Ltd. | (3453) |  | (25587) |
| **Finland — (0.0)%** | **Finland — (0.0)%** | **Finland — (0.0)%** | **Finland — (0.0)%** |
| Amer Sports, Inc. (a) | (193) |  | (7209) |
| **Germany — (0.0)%** | **Germany — (0.0)%** | **Germany — (0.0)%** | **Germany — (0.0)%** |
| Immatics NV (a) | (2628) |  | (27594) |
| **Greece — (0.0)%** | **Greece — (0.0)%** | **Greece — (0.0)%** | **Greece — (0.0)%** |
| Danaos Corp. | (495) |  | (46619) |
| **India — (0.1)%** | **India — (0.1)%** | **India — (0.1)%** | **India — (0.1)%** |
| MakeMyTrip Ltd. (a) | (8267) |  | (678886) |
| **Israel — (0.0)%** | **Israel — (0.0)%** | **Israel — (0.0)%** | **Israel — (0.0)%** |
| Kornit Digital Ltd. (a) | (1849) |  | (26589) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| Oddity Tech Ltd., Class A (a) | (1303) | $(52355) |
| Wix.com Ltd. (a) | (741) | (76982) |
|  |  | (155926) |
| **Mexico — (0.0)%** | **Mexico — (0.0)%** | **Mexico — (0.0)%** |
| Borr Drilling Ltd. (a) | (29668) | (119562) |
| **Norway — (0.1)%** | **Norway — (0.1)%** | **Norway — (0.1)%** |
| Seadrill Ltd. (a) | (2161) | (74770) |
| T1 Energy, Inc. (a) | (110335) | (737038) |
|  |  | (811808) |
| **South Korea — (0.0)%** | **South Korea — (0.0)%** | **South Korea — (0.0)%** |
| Webtoon Entertainment, Inc. (a) | (1472) | (19180) |
| **Switzerland — (0.1)%** | **Switzerland — (0.1)%** | **Switzerland — (0.1)%** |
| On Holding AG, Class A (a) | (25107) | (1166973) |
| Sportradar Group AG, Class A (a) | (6697) | (159188) |
|  |  | (1326161) |
| **Taiwan — (0.0)%** | **Taiwan — (0.0)%** | **Taiwan — (0.0)%** |
| Himax Technologies, Inc. — ADR | (1813) | (14848) |
| **United Kingdom — (0.0)%** | **United Kingdom — (0.0)%** | **United Kingdom — (0.0)%** |
| Manchester United PLC, Class A (a) | (469) | (7467) |
|  Total Foreign Common Stocks <br> (Proceeds $(11702970))  |  | (12833701) |
|  Total Common Stocks <br> (Proceeds $142,003,240)  |  | (143727934) |
|  Total Securities Sold Short — (9.8)%<br>(Proceeds $142,003,240)  |  | $(143727934) |

---

#### Financial Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br>Contracts** | **Expiration<br>Date**  | **Type**  | **Initial Notional<br>Value/ (Proceeds)**  | **Notional Value at<br>December 31, 2025**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
|  |  | **Long Financial Futures Contracts** |  |  |  |
|  |  | ***Interest Rate-Related*** |  |  |  |
| 486 | 03/20/2026 | U.S. Treasury Note 10 Year Futures | $54978534 | $54644625 | $(333909) |
| 393 | 03/20/2026 | Ultra U.S. Treasury Note 10 Year Futures | 45515578 | 45201141 | (314437) |
|  |  |  |  |  | (648346) |
|  |  | ***Foreign Currency-Related*** |  |  |  |
| 121 | 03/16/2026 | Australian Dollar Currency Futures | 8050635 | 8074330 | 23695 |
| 80 | 03/16/2026 | British Pound Currency Futures | 6658584 | 6729000 | 70416 |
| 125 | 03/17/2026 | Canadian Dollar Currency Futures | 9076021 | 9140000 | 63979 |
| 85 | 03/16/2026 | Euro Foreign Exchange Currency Futures | 12425336 | 12516250 | 90914 |
| 12 | 03/16/2026 | Japanese Yen Currency Futures | 962075 | 962775 | 700 |
| 88 | 03/16/2026 | Swiss Franc Currency Futures | 13801054 | 13978250 | 177196 |
|  |  |  |  |  | 426900 |
|  |  | ***Equity-Related*** |  |  |  |
| 359 | 03/20/2026 | Eurex EURO STOXX 50 Index Futures | 24236855 | 24642992 | 406137 |
| 590 | 03/20/2026 | MSCI China Index Futures | 19554382 | 19956750 | 402368 |
| 250 | 03/20/2026 | MSCI Japan Index Futures | 27286080 | 27320000 | 33920 |
| 215 | 03/20/2026 | U.S. MSCI EAFE Index Futures | 30951559 | 31197575 | 246016 |
|  |  |  |  |  | 1088441 |
|  |  | **Short Financial Futures Contracts** |  |  |  |
|  |  | ***Equity-Related*** |  |  |  |
| (30) | 03/20/2026 | EURO STOXX 600 Index Futures | (1029796) | (1048866) | (19070) |
| (2) | 03/20/2026 | FTSE MIB Index Futures | (520291) | (529463) | (9172) |
| (9) | 01/29/2026 | HKG Hang Seng Index Futures | (1500777) | (1482981) | 17796 |
| (8) | 03/19/2026 | Montreal Exchange S&P/TSX 60 Index Futures  | (2160523) | (2170442) | (9919) |
| (85) | 03/20/2026 | NASDAQ-100 Index Futures | (4333615) | (4327648) | 5967 |
| (348) | 03/20/2026 | Russell 2000 Value Index Futures | (44436259) | (43465200) | 971059 |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br>Contracts**  | **Expiration<br>Date**  | **Type**  | **Initial Notional<br>Value/ (Proceeds)**  | **Notional Value at<br>December 31, 2025**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| (164) | 03/20/2026 | S&P 500 Index Futures | $(5649844) | $(5651850) | $(2006) |
| (371) | 03/20/2026 | S&P 500 Index Futures | (127511068) | (127855875) | (344807) |
| (12) | 03/19/2026 | S&P ASX Share Price 200 Index Futures | (1734910) | (1736979) | (2069) |
| (451) | 03/20/2026 | U.S. MSCI Emerging Markets Index Futures | (30886457) | (31827070) | (940613) |
|  |  |  |  |  | (332834) |
|  |  |  |  |  | $534161 |

---

#### Forward Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contract Settlement Date**  | **Counterparty**  | **Contract Amount**  | **Contract Amount**  | **Contract Amount**  | **Contract Amount**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| **Contract Settlement Date**  | **Counterparty**  | **Receive**  | **Receive**  | **Deliver**  | **Deliver**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| 02/23/2026 | Morgan Stanley Capital Services, Inc.  | USD | 42736289 | CAD | 58600000 | $(90576) |

---

#### Total Return Basket Swap Agreements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Maturity<br>Date**  | **Notional<br>Amount**  | **Net Unrealized<br>Appreciation<br>(Depreciation)**  |
| **Contracts for Difference ("CFD")** |  |  |  |  |
| **Long Total Return Swap Contracts** |  |  |  |  |
| CALB Group Co. Ltd. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | $2290521 | $(33804) |
| Engie SA | Morgan Stanley Capital Services, Inc.  | 12/12/2125  | 662650 | 16834 |
| Firebird Metals Ltd. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 190718 | 435 |
| Hyosung Heavy Industries Corp. | Morgan Stanley Capital Services, Inc.  | 8/22/2125  | 364926 | (19932) |
| Iberdrola SA | Morgan Stanley Capital Services, Inc.  | 1/7/2126  | 1240563 | 18688 |
| JL Mag Rare-Earth Co. Ltd. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 3530974 | 11250 |
| KGHM Polska Miedz SA | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 3081717 | 271473 |
| Legrand SA | Morgan Stanley Capital Services, Inc.  | 12/12/2125  | 441128 | (16264) |
| Nexans SA | Morgan Stanley Capital Services, Inc.  | 12/29/2125  | 627852 | 24174 |
| NexGen Energy Ltd. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 1350783 | 21430 |
| Peninsula Energy Ltd. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 426758 | 72004 |
| REPT BATTERO Energy Co. Ltd. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 4997727 | (24624) |
| Savannah Resources PLC | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 200003 | (3554) |
| Yellow Cake PLC | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 1395662 | 230586 |
| Zhuzhou CRRC Times Electric Co. Ltd. | Morgan Stanley Capital Services, Inc.  | 12/9/2125  | 4997291 | (20837) |
|  |  |  |  | 547859 |
| **Short Total Return Swap Contracts** |  |  |  |  |
| Centrus Energy Corp. | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 125811 | 9285 |
| Fortum OYJ | Morgan Stanley Capital Services, Inc.  | 12/29/2125  | 432979 | (11881) |
| Global X Copper Miners ETF | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 511549 | (28312) |
| Global X Uranium ETF | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 1111622 | 107638 |
| iShares MSCI South Korea ETF | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 467617 | (32677) |
| NANO Nuclear Energy, Inc. | Morgan Stanley Capital Services, Inc.  | 1/5/2126  | 601618 | 167518 |
| NuScale Power Corp. | Morgan Stanley Capital Services, Inc.  | 1/7/2126  | 788492 | 255700 |
| Oklo, Inc. | Morgan Stanley Capital Services, Inc.  | 1/7/2126  | 646217 | 187025 |
|  Invesco STOXX Europe 600 Optimised<br>Industrial Goods & Services UCITS ETF  | Morgan Stanley Capital Services, Inc.  | 1/7/2126  | 313494 | (10722) |
|  Invesco STOXX Europe 600<br>Optimised Utilities UCITS ETF  | Morgan Stanley Capital Services, Inc.  | 1/2/2126  | 883079 | (4405) |
| USA Rare Earth, Inc. | Morgan Stanley Capital Services, Inc.  | 1/7/2126  | 492746 | 112660 |
|  |  |  |  | **751829** |
|  |  |  |  | $**1299688** |

---

------

[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

#### Over-the-Counter Swap contracts

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date**  | **Counterparty**  | **Floating Rate**  | **Reference Entity**  | **Currency**  | **Payment<br>Frequency<br>Paid/Received**  | **Notional<br>Amount**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
| **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** | **Total Return Swap Contracts — 0.0%** |
| ***Long Total Return Swap Contracts*** | ***Long Total Return Swap Contracts*** | | | | | | |
| 11/04/2026 | Goldman Sachs International  | 0.300%(l)  | GSCBMI5N Index (1)  | US | Quarterly | $42601470 | $702319 |

---

(1) The following table represents the individual positions in the Bloomberg Commodity Index as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Name**  | **Weight**  | **Notional<br>Amount**  |
| Ping An Bank Co Ltd | 47.60% | 202768 |
| Midea Group Co Ltd | 48.88% | 208232 |
| SK hynix Inc | 62.16% | 264804 |
| Bank of Ningbo Co Ltd | 21.19% | 90255 |
| Samsung Electronics Co Ltd | 59.82% | 254821 |
| CK Infrastructure Holdings Ltd | 52.08% | 221862 |
| Agricultural Bank of China Ltd | 48.14% | 205069 |
| AIA Group Ltd | 45.15% | 192351 |
| People's Insurance Co Group of | 45.97% | 195819 |
| Kunlun Energy Co Ltd | 48.95% | 208527 |
| Industrial & Commercial Bank o | 46.98% | 200160 |
| Postal Savings Bank of China C | 15.61% | 66495 |
| Xiaomi Corp | 47.30% | 201510 |
| Daito Trust Construction Co Lt | 42.58% | 181386 |
| Daiwa House Industry Co Ltd | 47.10% | 200646 |
| Sekisui House Ltd | 47.73% | 203340 |
| CLP Holdings Ltd | 49.62% | 211398 |
| Delta Electronics Inc | 21.34% | 90925 |
| PICC Property & Casualty Co Lt | 44.35% | 188943 |
| Taiwan Semiconductor Manufactu | 53.27% | 226940 |
| Realtek Semiconductor Corp | 30.62% | 130441 |
| China Power International Deve | 45.59% | 194216 |
| MediaTek Inc | 50.85% | 216639 |
| Catcher Technology Co Ltd | 48.72% | 207557 |
| Asahi Group Holdings Ltd | 42.36% | 180459 |
| Kirin Holdings Co Ltd | 46.79% | 199334 |
| Suntory Beverage & Food Ltd | 19.81% | 84414 |
| China Life Insurance Co Ltd | 22.15% | 94345 |
| Guangdong Investment Ltd | 43.90% | 187012 |
| Kioxia Holdings Corp | 20.82% | 88680 |
| President Chain Store Corp | 41.77% | 177943 |
| Japan Tobacco Inc | 47.87% | 203952 |
| Hong Kong & China Gas Co Ltd | 46.62% | 198626 |
| Midea Group Co Ltd | 22.63% | 96407 |
| Hulic Co Ltd | 49.14% | 209362 |
| Contemporary Amperex Technolog | 48.55% | 206841 |
| Bank of Communications Co Ltd | 43.20% | 184019 |
| Far East Horizon Ltd | 13.76% | 58623 |
| Seven & i Holdings Co Ltd | 22.88% | 97452 |
| ASE Technology Holding Co Ltd | 57.47% | 244826 |
| China Gas Holdings Ltd | 9.70% | 41342 |

---

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Name**  | **Weight**  | **Notional<br>Amount**  |
| Beijing Enterprises Holdings L | 45.39% | 193351 |
| Bank of China Ltd | 45.59% | 194215 |
| FUJIFILM Holdings Corp | 48.81% | 207925 |
| AGC Inc | 31.20% | 132917 |
| Fujikura Ltd | 31.37% | 133631 |
| Power Assets Holdings Ltd | 51.69% | 220220 |
| Huaneng Power International In | 47.63% | 202901 |
| Zhejiang Zheneng Electric Powe | 48.44% | 206365 |
| Huadian Power International Co | 47.61% | 202810 |
| Kweichow Moutai Co Ltd | 46.92% | 199880 |
| Shenergy Co Ltd | 45.48% | 193760 |
| GD Power Development Co Ltd | 46.63% | 198663 |
| Inner Mongolia Yili Industrial | 48.28% | 205671 |
| Bank of Shanghai Co Ltd | 50.17% | 213720 |
| Ping An Insurance Group Co of | 56.62% | 241190 |
| People's Insurance Co Group of | 50.99% | 217224 |
| China Pacific Insurance Group | 24.44% | 104104 |
| China CITIC Bank Corp Ltd | 12.62% | 53751 |
| Disco Corp | 10.87% | 46326 |
| Japan Post Holdings Co Ltd | 54.07% | 230337 |
| Hitachi Ltd | 11.93% | 50810 |
| Mitsubishi Electric Corp | 53.46% | 227736 |
| Renesas Electronics Corp | 18.18% | 77440 |
| Panasonic Holdings Corp | 35.33% | 150519 |
| Sony Group Corp | 43.20% | 184037 |
| Yokogawa Electric Corp | 28.63% | 121955 |
| Advantest Corp | 49.80% | 212160 |
| Keyence Corp | 43.40% | 184907 |
| Kyocera Corp | 47.57% | 202639 |
| Tencent Holdings Ltd | 46.53% | 198223 |
| Mitsubishi Heavy Industries Lt | 24.91% | 106131 |
| Japan Post Insurance Co Ltd | 53.56% | 228180 |
| Japan Post Bank Co Ltd | 59.81% | 254807 |
| Isuzu Motors Ltd | 50.20% | 213879 |
| Toyota Motor Corp | 52.78% | 224829 |
| Honda Motor Co Ltd | 45.00% | 191727 |
| Suzuki Motor Corp | 46.74% | 199127 |
| Subaru Corp | 47.63% | 202922 |
| Canon Inc | 49.85% | 212356 |
| Tokyo Electron Ltd | 53.37% | 227376 |
| Aeon Co Ltd | 43.03% | 183303 |
| Mitsubishi UFJ Financial Group | 50.74% | 216141 |
| Sumitomo Mitsui Trust Group In | 51.99% | 221479 |
| Sumitomo Mitsui Financial Grou | 54.73% | 233148 |
| China Resources Power Holdings | 44.85% | 191061 |
| Mizuho Financial Group Inc | 52.42% | 223320 |
| ORIX Corp | 53.64% | 228515 |
| Mitsubishi HC Capital Inc | 51.78% | 220592 |
| Daiwa Securities Group Inc | 52.63% | 224203 |

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Name**  | **Weight**  | **Notional<br>Amount**  |
| Nomura Holdings Inc | 56.20% | 239436 |
| Sompo Holdings Inc | 23.16% | 98677 |
| MS&AD Insurance Group Holdings | 53.05% | 226017 |
| Dai-ichi Life Holdings Inc | 44.31% | 188761 |
| Tokio Marine Holdings Inc | 51.58% | 219750 |
| Mitsui Fudosan Co Ltd | 10.38% | 44230 |
| Mitsubishi Estate Co Ltd | 27.69% | 117951 |
| Nippon Building Fund Inc | 46.39% | 197611 |
| Huaneng Power International In | 44.66% | 190243 |
| Nippon Yusen KK | 49.73% | 211846 |
| Mitsui OSK Lines Ltd | 51.66% | 220060 |
| Kawasaki Kisen Kaisha Ltd | 28.85% | 122916 |
| SG Holdings Co Ltd | 19.47% | 82951 |
| Japan Airlines Co Ltd | 46.27% | 197117 |
| ANA Holdings Inc | 47.77% | 203505 |
| China Construction Bank Corp | 45.42% | 193507 |
| NTT Inc | 50.07% | 213293 |
| KDDI Corp | 39.48% | 168189 |
| SoftBank Corp | 46.19% | 196781 |
| Chubu Electric Power Co Inc | 49.40% | 210437 |
| Kansai Electric Power Co Inc/T | 46.12% | 196473 |
| Osaka Gas Co Ltd | 49.50% | 210864 |
| China CITIC Bank Corp Ltd | 45.29% | 192943 |
| Alibaba Group Holding Ltd | 43.94% | 187179 |
| Apple Inc | 47.68% | 203142 |
| Anheuser-Busch InBev SA/NV | 49.69% | 211698 |
| Koninklijke Ahold Delhaize NV | 48.49% | 206593 |
| Admiral Group PLC | 47.20% | 201068 |
| Aegon Ltd | 47.59% | 202737 |
| Ageas SA/NV | 50.46% | 214957 |
| Air Liquide SA | 24.68% | 105128 |
| Allianz SE | 52.49% | 223633 |
| Acciona SA | 54.17% | 230774 |
| Saudi Arabian Oil Co | 47.13% | 200796 |
| ASM International NV | 36.83% | 156893 |
| ASML Holding NV | 52.80% | 224926 |
| ASR Nederland NV | 52.17% | 222252 |
| Assa Abloy AB | 48.99% | 208689 |
| Aviva PLC | 52.82% | 225028 |
| Broadcom Inc | 43.65% | 185944 |
| AstraZeneca PLC | 25.88% | 110271 |
| Barclays PLC | 43.38% | 184804 |
| BE Semiconductor Industries NV | 44.28% | 188628 |
| Bayerische Motoren Werke AG | 28.86% | 122950 |
| BNP Paribas SA | 50.70% | 216006 |
| CaixaBank SA | 52.35% | 223014 |
| Commonwealth Bank of Australia | 46.28% | 197169 |
| Coca-Cola Europacific Partners | 48.17% | 205199 |
| CapitaLand Integrated Commerci | 23.04% | 98173 |

---

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Name**  | **Weight**  | **Notional<br>Amount**  |
| Covivio SA/France | 48.32% | 205862 |
| AXA SA | 52.75% | 224714 |
| Dubai Electricity & Water Auth | 50.42% | 214776 |
| Vinci SA | 10.82% | 46111 |
| Deutsche Post AG | 52.34% | 222958 |
| Deutsche Telekom AG | 46.73% | 199077 |
| Erste Group Bank AG | 55.75% | 237502 |
| EDP SA | 51.22% | 218203 |
| Endesa SA | 49.47% | 210743 |
| Elia Group SA/NV | 52.64% | 224260 |
| Enel SpA | 49.89% | 212519 |
| Engie SA | 51.05% | 217501 |
| Siemens Energy AG | 49.47% | 210753 |
| E.ON SE | 51.81% | 220733 |
| Essity AB | 50.96% | 217078 |
| Ferrovial SE | 48.71% | 207504 |
| Fortum Oyj | 51.67% | 220111 |
| Generali | 52.59% | 224049 |
| Gecina SA | 46.42% | 197768 |
| Gjensidige Forsikring ASA | 12.31% | 52462 |
| Alphabet Inc | 47.13% | 200762 |
| Heineken NV | 49.49% | 210829 |
| Henkel AG & Co KGaA | 49.25% | 209810 |
| Hims & Hers Health Inc | 42.54% | 181233 |
| Halma PLC | 48.39% | 206157 |
| Hannover Rueck SE | 50.82% | 216507 |
| HSBC Holdings PLC | 55.43% | 236134 |
| Iberdrola SA | 50.50% | 215123 |
| Infineon Technologies AG | 55.46% | 236284 |
| ING Groep NV | 53.58% | 228280 |
| InPost SA | 46.07% | 196256 |
| Investor AB | 51.39% | 218921 |
| IonQ Inc | 46.34% | 197409 |
| Intesa Sanpaolo SpA | 11.05% | 47054 |
| Jeronimo Martins SGPS SA | 37.43% | 159459 |
| Kuwait Finance House KSCP | 49.43% | 210587 |
| Legal & General Group PLC | 53.91% | 229675 |
| Klepierre SA | 50.37% | 214575 |
| Lloyds Banking Group PLC | 12.20% | 51990 |
| Eli Lilly & Co | 47.00% | 200228 |
| Logitech International SA | 44.25% | 188519 |
| Legrand SA | 48.83% | 208022 |
| Mapfre SA | 52.67% | 224376 |
| Mercedes-Benz Group AG | 50.90% | 216831 |
| Cie Generale des Etablissement | 44.92% | 191375 |
| Muenchener Rueckversicherungs- | 51.30% | 218544 |
| Nordea Bank Abp | 52.75% | 224726 |
| Nestle SA | 48.73% | 207577 |
| National Grid PLC | 50.41% | 214741 |

---

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Name**  | **Weight**  | **Notional<br>Amount**  |
| NN Group NV | 53.10% | 226193 |
| NVIDIA Corp | 50.97% | 217127 |
| NXP Semiconductors NV | 55.25% | 235373 |
| Oklo Inc | 40.67% | 173243 |
| Orange SA | 10.67% | 45441 |
| OTP Bank Nyrt | 51.10% | 217677 |
| PDD Holdings Inc | 48.33% | 205897 |
| PGE Polska Grupa Energetyczna | 44.86% | 191123 |
| ORLEN SA | 49.91% | 212610 |
| Plug Power Inc | 49.09% | 209139 |
| Poste Italiane SpA | 51.56% | 219633 |
| Nebras Energy | 45.14% | 192307 |
| Ferrari NV | 37.65% | 160391 |
| Redeia Corp SA | 49.16% | 209432 |
| Rigetti Computing Inc | 41.27% | 175818 |
| Al Rajhi Bank | 37.19% | 158431 |
| Reckitt Benckiser Group PLC | 50.72% | 216096 |
| RWE AG | 51.43% | 219086 |
| Sampo Oyj | 50.45% | 214905 |
| Skandinaviska Enskilda Banken | 53.09% | 226159 |
| Saudi Electricity Co | 38.24% | 162892 |
| Svenska Handelsbanken AB | 52.27% | 222671 |
| Swiss Life Holding AG | 52.40% | 223238 |
| Saudi National Bank/The | 10.02% | 42694 |
| Snam SpA | 49.50% | 210868 |
| SSE PLC | 50.26% | 214119 |
| STMicroelectronics NV | 36.39% | 155043 |
| Severn Trent PLC | 49.28% | 209928 |
| Swedbank AB | 55.19% | 235103 |
| Tesla Inc | 55.88% | 238068 |
| UniCredit SpA | 29.87% | 127259 |
| Unipol Assicurazioni SpA | 52.68% | 224416 |
| Unibail-Rodamco-Westfield | 50.84% | 216566 |
| United Utilities Group PLC | 48.95% | 208547 |
| Verbund AG | 49.05% | 208949 |
| Veolia Environnement SA | 50.58% | 215485 |
| Volkswagen AG | 37.01% | 157657 |
| Zurich Insurance Group AG | 52.30% | 222795 |
|  |  | 42601468 |

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **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; Bill Holdings, Inc., Notional Amount $(942500), Strike Price $65 <br> Expiring 01/16/2026 (United States)  | (145) | $(2175) |
| &nbsp;&nbsp;&nbsp; Fluor Corp., Notional Amount $(678000), Strike Price $60 <br> Expiring 03/20/2026 (United States)  | (113) | (2825) |
| &nbsp;&nbsp;&nbsp; Globalstar, Inc., Notional Amount $(232000), Strike Price $80 <br> Expiring 01/16/2026 (United States)  | (29) | (1305) |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc., Notional Amount $(340000), Strike Price $100 <br> Expiring 03/20/2026 (United States)  | (34) | (10540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Calls <br> (Premiums received $83,665)  |  | $(16845) |
| **Puts — (0.0)%** | **Puts — (0.0)%** | **Puts — (0.0)%** |
| &nbsp;&nbsp;&nbsp; Bill Holdings, Inc., Notional Amount $(97500), Strike Price $32.5 <br> Expiring 01/16/2026 (United States)  | (30) | (1050) |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Notional Amount $(379600), Strike Price $13 <br> Expiring 01/16/2026 (United States)  | (292) | (876) |
| &nbsp;&nbsp;&nbsp; Fluor Corp., Notional Amount $(680000), Strike Price $40 <br> Expiring 03/20/2026 (United States)  | (170) | (59500) |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG, Notional Amount $(224000), Strike Price $20 <br> Expiring 02/20/2026 (United States)  | (112) | (3360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Puts <br> (Premiums received $89,102)  |  | $(64786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Written Options <br> (Premiums received $172,767)  |  | $(81631) |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ASX | Australian Securities Exchange |
| CAD | Canadian Dollar |
| EAFE | Europe, Australasia, and Far East |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| GDR | Global Depositary Receipt |
| LSE | London Stock Exchange |

---

---

| | |
|:---|:---|
| MSCI | Morgan Stanley Capital International |
| NYSE | New York Stock Exchange |
| OTC | Over-the-Counter |
| REIT | Real Estate Investment Trust |
| 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) Security is valued in good faith under TAS's fair valuation procedures for TIP. The aggregate amount of securities fair valued amounts to $189,626,241, which represents 12.9% of the fund's net assets.

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

(e) Restricted Securities. The following restricted securities were held by the fund as of December 31, 2025, 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. 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:

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments | **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment Strategy**  | **Date of Acquisition**  | **Cost**  | **Value**  |
| **U.S. Common Stocks** |  |  |  |  |
| Swiftmerge Acquisition Corp. |  | 12/15/21  | $5 | $4970 |
|  |  |  |  | 4970 |
| **Foreign Common Stocks** |  |  |  |  |
| Somerset Energy Partners Corp. |  | 04/08/22  | 31072 | 23715 |
|  |  |  |  | 23715 |
| **Corporate Bonds** |  |  |  |  |
| Trillion Energy International, Inc. |  | 04/05/23  | 337084 | 66125 |
|  |  |  |  | 66125 |
| **Private Investment Funds** |  |  |  |  |
| Bellus Ventures II LP | California Carbon Allowances | 10/01/21 – 12/02/24  | 15701545 | 15862038 |
|  Blackstone Diversified Trading Strategies Fund  | Multi-Strategy & Credit Long/Short  | 07/01/25  | 15000000 | 15783147 |
| Eversept Global Healthcare Fund LP  | Long-Short Global Healthcare | 02/01/19  | 13581077 | 27230290 |
|  Farallon Capital Institutional Partners LP  | Multi-Strategy | 01/01/13  | 559674 | 469374 |
| Helikon Long Short Equity Fund ICAV  | Long-Short European | 01/01/21  | 5370671 | 42200416 |
| Kotak Flexicap Feeder Fund LP | Equity Market Neutral | 11/10/25 | 30000000 | 29559943 |
| Trium Khartes Fund LP | Event Driven | 12/01/25  | 10000000 | 10080316 |
| Voloridge Fund LP | Directional | 01/01/23  | 5015363 | 6505378 |
| Voloridge Trading Aggressive Fund | Directional | 12/01/23 – 09/02/25  | 27000000 | 34135235 |
|  |  |  |  | 181826137 |
| Total (12.4% of Net Assets) |  |  |  | $181920947 |

---

(f) Security or a portion thereof was held on loan. As of December 31, 2025, the aggregate market value of securities on loan was $58,479,938; the total market value of collateral held by the Fund was $60,324,343. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $9,655,533.

(g) 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, 2025 the aggregate value of these securities was $10,667,513, which represents 0.7% of net assets.

(h) 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.

(i) Portfolio holdings information of the Private Investment Funds is not available as of December 31, 2025. 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 and cannot determine if there are any second tier investments.

(j) Current yield as of December 31, 2025.

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

(l) The fund pays the floating rate.

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Assets and Liabilities** 

<br> ---

| | |
|:---|:---|
| | **December 31, 2025**  |
| **Assets** |  |
| Investments in securities, at value (cost: $1,237,841,916) including securities on loan of $58,479,938 | $1482717288 |
| Repurchase agreements (cost: $141,797,081) | 141797081 |
| &nbsp;&nbsp;&nbsp; Total investments (cost: $1,379,638,997)  | 1624514369 |
| Cash denominated in foreign currencies (cost: $16,994,432) | 17052086 |
| Deposits with brokers for future contracts | 20552367 |
| Deposits with broker for swap contracts | 6570000 |
| Due from broker for futures variation margin | 3245813 |
| Unrealized appreciation on swap contracts | 2071272 |
| Deposits with broker for forward currency contracts | 2330000 |
| Advance purchase of investments | 141514 |
| Deposits with broker for options contracts | 29838 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Capital stock sold  | 3205000 |
| &nbsp;&nbsp;&nbsp; Investment securities sold  | 2750525 |
| &nbsp;&nbsp;&nbsp; Dividends and tax reclaims  | 1107233 |
| &nbsp;&nbsp;&nbsp; Interest  | 419443 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 15457 |
| Prepaid expenses | 5456 |
| **Total Assets** | 1684010373 |
| **Liabilities** |  |
| Cash Overdraft | 116060 |
| Cash collateral received for securities on loan | 50668810 |
| Securities sold short, at value (proceeds: $142,003,240) | 143727934 |
| Due to broker for futures variation margin | 488082 |
| Unrealized depreciation on swap contracts | 207012 |
| Unrealized depreciation on forward currency contracts | 90576 |
| Written options, at value (premium received $172,767) | 81631 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased  | 11053033 |
| &nbsp;&nbsp;&nbsp; Money manager fees  | 7323836 |
| &nbsp;&nbsp;&nbsp; Fund administration and custody fees  | 1145753 |
| &nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 380269 |
| &nbsp;&nbsp;&nbsp; Capital stock redeemed  | 170000 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer's costs and Trustee's fees  | 80076 |
| &nbsp;&nbsp;&nbsp; Dividends and interest on securities sold short  | 78576 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 253410 |
| **Total Liabilities** | 215865058 |
| **Net Assets** | $1468145315 |
| **Shares Outstanding (unlimited authorized shares, par value $0.001)** | 96111260 |
| **Net Asset Value Per Share** | $15.28 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | $1336303219 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)  | 131842096 |
| **Net Assets** | $1468145315 |

---

See accompanying Notes to Financial Statements.

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Operations** 

<br> ---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2025**  |
| **Investment Income** |  |
| Dividends (net of foreign withholding taxes of $597,695) | $12304124 |
| Interest | 5418559 |
| Securities lending | 156139 |
| **Total Investment Income** | 17878822 |
| **Expenses** |  |
| Money manager fees | 12208052 |
| Investment advisory fees | 3362785 |
| Fund administration and custody fees | 1705822 |
| Administrative fees | 962587 |
| Professional fees | 660967 |
| Chief Compliance Officer's costs and Trustee's fees | 545852 |
| Miscellaneous fees and other | 290286 |
| **Total Operating Expenses** | 19736351 |
| Dividends and interest on securities sold short | 1001292 |
| Broker fees on securities sold short | 2032983 |
| **Total Expenses** | 22770626 |
| Less: Investment Advisory fee waiver | (336278) |
| **Total Expenses after Fees Waived** | 22434348 |
| **Net Investment Loss** | (4555526) |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp; Investments  | 221769732 |
| &nbsp;&nbsp;&nbsp; Securities sold short  | (6832126) |
| &nbsp;&nbsp;&nbsp; Swap contracts  | 830031 |
| &nbsp;&nbsp;&nbsp; Financial futures contracts  | 11093072 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts  | (516010) |
| &nbsp;&nbsp;&nbsp; Foreign currency-related transactions  | 235514 |
| &nbsp;&nbsp;&nbsp; Written options  | (4180395) |
| **Net Realized Gain from Investments, Derivatives, and Foreign Currencies** | 222399818 |
| **Net Change in Unrealized Appreciation (Depreciation) from:** |  |
| &nbsp;&nbsp;&nbsp; Investments  | 52566850 |
| &nbsp;&nbsp;&nbsp; Securities sold short  | (3992410) |
| &nbsp;&nbsp;&nbsp; Swap contracts  | 1966161 |
| &nbsp;&nbsp;&nbsp; Financial futures contracts  | 1085563 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts  | (632734) |
| &nbsp;&nbsp;&nbsp; Foreign currency-related transactions  | 93152 |
| &nbsp;&nbsp;&nbsp; Written options  | 163903 |
| **Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies** | 51250485 |
| **Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies** | 273650303 |
| **Net Increase in Net Assets Resulting from Operations** | $269094777 |

---

See accompanying Notes to Financial Statements.

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[**TABLE OF CONTENTS**](#toc-0)

Multi-Asset

TIFF Multi-Asset Fund

 **Statements of Changes in Net Assets** 

<br> ---

| | | |
|:---|:---|:---|
| | **Year Ended<br>December 31, 2025**  | **Year Ended<br>December 31, 2024**  |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income (loss) | $(4555526) | $6460151 |
| Net realized gain from investments, derivatives, and foreign currencies | 222399818 | 105138253 |
|  Net change in unrealized appreciation on investments, derivatives, and foreign currencies  | 51250485 | 62852131 |
| **Net Increase in Net Assets Resulting from Operations** | 269094777 | 174450535 |
| **Distributions** |  |  |
| Distributions to shareholders | (224037334) | (103175824) |
| **Decrease in Net Assets Resulting from Distributions** | (224037334) | (103175824) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 70318244 | 64994935 |
| Proceeds from distributions reinvested | 216225734 | 100398936 |
| Cost of shares redeemed | (153981529) | (181343894) |
| **Net Increase (Decrease) From Capital Share Transactions** | 132562449 | (15950023) |
| **Total Increase in Net Assets** | 177619892 | 55324688 |
| **Net Assets** |  |  |
| Beginning of year | 1290525423 | 1235200735 |
| End of year | $1468145315 | $1290525423 |
| **Capital Share Transactions (in shares)** |  |  |
| Shares sold | 4394734 | 4289019 |
| Shares reinvested | 14302788 | 6762801 |
| Shares redeemed | (9470970) | (12194372) |
| **Net Increase (Decrease)** | 9226552 | (1142552) |

---

See accompanying Notes to Financial Statements.

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Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Cash Flows** 

<br> ---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2025**  |
| **Cash flows provided by (used in) operating activities** |  |
| Net increase (decrease) in net assets from operations | $269094777 |
|  Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased  | (2629495143) |
| &nbsp;&nbsp;&nbsp; Investments sold  | 2747538798 |
| &nbsp;&nbsp;&nbsp; Purchases to cover securities sold short  | (888816727) |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 893691645 |
| &nbsp;&nbsp;&nbsp; (Purchase)/Sale of short term investments, net  | 5876528 |
| &nbsp;&nbsp;&nbsp; Amortization (accretion) of discount and premium, net  | (1436895) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on forward currency contracts  | 632734 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on swap contracts  | (1966161) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposits with broker for forward currency contracts  | (1370000) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposits with broker for options contracts  | 720000 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposit with broker for swap contracts  | (3602000) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposit with brokers for future contracts  | (1516619) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in advance purchase of investments  | (88991) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in due from broker for futures variation margin  | (44613) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in interest receivable  | 85346 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in due to broker for futures variation margin  | (1471800) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in receivable for dividends and tax reclaims  | (185233) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in prepaid expenses  | 90086 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in securities lending income receivable  | (2797) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for money manager fees  | 6410834 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for dividends and interest for securities sold short  | (1710) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for fund administration and custody fees  | 762423 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for Chief Compliance Officer's costs and Trustee's fees  | 55076 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in other accrued expenses and other liabilities  | 88571 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for investment advisory and administrative fees  | 29901 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in premiums received on written options, net  | (1231293) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments  | (221769732) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from securities sold short  | 6832126 |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from foreign currency-related transactions  | (235514) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments  | (52566850) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on securities sold short  | 3992410 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on foreign currency-related transactions  | (93152) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on written options  | (163903) |
| Net cash provided by (used in) operating activities | 129842122 |
| **Cash flows provided by (used in) financing activities** |  |
| Distributions paid to shareholders | (7811600) |
| Proceeds from shares sold | 67173244 |
| Payment for shares redeemed | (174841529) |
| Net cash provided by (used in) financing activities | (115479885) |
| Effect of exchange rate changes on cash | 328666 |
| **Net increase (decrease) in cash** | 14690903 |
| **Cash at beginning of year** | 2245123 |
| **Cash at end of year** | $16936026 |
| Non cash financing activities not included herein consist of reinvestment of distributions of: | $216225734 |

---

See accompanying Notes to Financial Statements.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

&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 shareholders. 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, 2025, 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 TIFF Advisory Services, LLC ("TAS") Valuation Committee.

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 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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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.

Periodically, 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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

*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, 2021 - December 31, 2025), 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.

*Segment Reporting* 

The Fund adopted segment reporting improvements to reportable segment disclosures. The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

*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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

&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, 2025, 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>  | $964477748 | $111146541 | $437568 | $1076061857 |
| &nbsp;&nbsp;&nbsp; Rights  |  | 171342 |  | 171342 |
| &nbsp;&nbsp;&nbsp; Warrants  | 2698602 | 294530 | 141502 | 3134634 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  |  | 66125 | 66125 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds  |  | 2034576 |  | 2034576 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds/Notes  |  | 40383614 |  | 40383614 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds and Mutual Funds  | 93952776 |  |  | 93952776 |
| &nbsp;&nbsp;&nbsp; Private Investment Funds  |  |  | 181826137 | 181826137 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks\*  |  | 3656491 |  | 3656491 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 462426 |  |  | 462426 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  |  | 172095581 |  | 172095581 |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investment Company  | 50668810 |  |  | 50668810 |
| **Total Investments in Securities** | **1112260362** | **329782675** | **182471332** | **1624514369** |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Equity Risk  | 2083263 |  |  | 2083263 |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Foreign Currency Risk  | 426900 |  |  | 426900 |
| &nbsp;&nbsp;&nbsp; Total Return Equity Swap Contracts – Equity Risk  |  | 564572 |  | 564572 |
| &nbsp;&nbsp;&nbsp; Total Return Swap Contracts (CFD) – Equity Risk  |  | 1506700 |  | 1506700 |
| **Total Other Financial Instruments** | **2510163** | **2071272** | **—** | **4581435** |
| **Total Assets** | $**1114770525** | $**331853947** | $**182471332** | $**1629095804** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks Sold Short  | (143720390) |  | (7544) | (143727934) |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Interest Rate Risk  | (648346) |  |  | (648346) |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Equity Risk  | (1327656) |  |  | (1327656) |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts – Foreign Currency Risk  |  | (90576) |  | (90576) |
| &nbsp;&nbsp;&nbsp; Total Return Equity Swap Contracts – Equity Risk  |  | (207012) |  | (207012) |
| &nbsp;&nbsp;&nbsp; Written Options – Equity Risk  | (81631) |  |  | (81631) |
| **Total Other Financial Instruments** | **(2057633)** | **(297588)** | **—** | **(2355221)** |
| **Total Liabilities** | $**(145778023)** | $**(297588)** | $**(7544)** | $**(146083155)** |

---

\*

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

+

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

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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<br>as of<br>December 31,<br>2024**  | **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<br>of Level 3**  | **Balance<br>as of<br>December 31,<br>2025**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held as of<br>12/31/25<br>for the<br>period ended<br>12/31/25**  |
| **Common Stocks\*** | $559875 | $(13144) | $(58283) | $— | $(50880) | $— | $— | $437568 | $(58283) |
| **Warrants** |  |  | 141344 | 158 |  |  |  | 141502 | 141344 |
| **Private Investment Funds** | 164571727 | 31986566 | (2063870) | 57000000 | (69668286) |  |  | 181826137 | 17079043 |
| **Preferred Stocks** | 57942 | (129998) | 72056 |  |  |  |  |  |  |
| **Corporate Bonds** | 315698 |  | (249573) |  |  |  |  | 66125 | (249573) |
| **Convertible Bonds** | 448445 | (319565) | (8880) |  | (120000) |  |  |  |  |
| **Common Stocks Sold Short** |  | (433787) | 782156 |  | (355913) |  |  | (7544) | 782156 |
| &nbsp;&nbsp;&nbsp; **Total**  | $**165953687** | $**31090072** | $**(1385050)** | $**57000158** | $**(70195079)** | $**—** | $**—** | $**182463788** | $**17694687** |

---

\*

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

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

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025**  | **Fair Value**  | **Valuation<br>Methodology**  | **Significant<br>Unobservable Inputs**  | **Range**  | **Weighted<br>Average\***  |
| Common Stocks | $406308 | Discounted last market price  | Discount(%)  | 20% – 100%  | 85.78% |
|  | 23715 | Recent transaction price  | Recent transaction price  | $0.25  | $0.25 |
| Warrants | 141502 | Black-Scholes pricing model  | Volatility  | 55% | 55% |
|  Private Investment Funds  | 181826137 | Adjusted net asset value  | Manager estimated returns  | 0.00% – 3.90%  | 2.43% |
|  |  |  | Market returns\*\*  | (1.03%) – 0.90%  | 0.12% |
| Corporate bonds | 66125 | Recent transaction price  | Recent transaction price  | $20.00  | $20.00 |

---

\*

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, Preferred Stocks, Convertible Bonds and Corporate Bonds.* The chart above reflects the methodology and significant unobservable inputs of securities held at year ended December 31, 2025. The discounts or estimates for lack of marketability and estimate of future claims or comparable share ratio used to determine fair value may include other factors such as liquidity, volatility, or credit risk. An increase (decrease) in the discount or decrease (increase) estimate of future claims or dividends would result in a lower (higher) fair value measurement.

*Private Investment Funds.* The range of manager estimates and market returns reflected in the above chart identify the range of estimates and returns used in valuing the private investment funds at year ended December 31, 2025. 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) | $15862038 | quarterly  | 90 days  |
| Multi-Strategy (b) | 469374 | illiquid  | N/A  |
| Long-Short Global Healthcare (c) | 27230290 | quarterly  | 45 days  |
| Long-Short European (d) | 42200416 | monthly  | 60 days  |
| Directional (e) | 40640613 | monthly  | 30 days  |
| Multi-Strategy & Credit Long/Short (f) | 15783147 | monthly  | 35 days  |
| Event Driven (g) | 10080316 | monthly  | 90 days  |
| Equity Market Neutral (h) | 29559943 | daily  | 7 days  |
| Total | $181826137 |  |  |

---

(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 $469,374 of redemption residuals.

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

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

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

(f) This strategy is primarily comprised of multi-strategy and credit long/short managers investing across macro and quantitative strategies.

(g) This strategy is primarily comprised of investments in event-driven opportunities, including merger arbitrage, restructurings, and other corporate special situations.

(h) This strategy is primarily comprised of market-neutral equity investments that seek to generate returns independent of overall equity market movements.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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

4. Derivative and Other Financial Instruments

During the year ended December 31, 2025, 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. Periodically, securities can be 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 one total return basket swap contract to obtain exposure to a portfolio of long and/or short securities.

Generally, swap agreements are contracts between a fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through a Futures Commission Merchant and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange the returns that would be earned or realized if the notional

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TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-US currency, or a "basket" of securities representing a particular index or portfolio of securities and other instruments. Swaps can also be based on credit and other events.

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

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

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

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

*Options* 

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

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

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

As the writer of a put option, the fund retains the risk of loss should the underlying instrument decline in value. If the value of the underlying instrument declines below the exercise price of the put option and the put option is exercised, the fund, as the writer of the put option, will be required to buy the instrument at the exercise price. The fund will incur a loss to the extent

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TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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, when applicable. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.

*Short Selling* 

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

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TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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, 2025, the fund's derivative assets and liabilities (by contract type) are as follows:

---

| | | |
|:---|:---|:---|
| | **Assets**  | **Liabilities**  |
| Derivative Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $462426 | $— |
| &nbsp;&nbsp;&nbsp; Swap Contracts  | 2071272 | (207012) |
| &nbsp;&nbsp;&nbsp; Forward Contracts  |  | (90576) |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 2510163 | (1976002) |
| &nbsp;&nbsp;&nbsp; Written Options  |  | (81631) |
| Total derivative assets and liabilities | 5043861 | (2355221) |
| Derivatives not subject to a netting provision or similar arrangement | 2972589 | (2057633) |
| Total assets and liabilities subject to a netting provision or similar arrangement | $2071272 | $(297588) |

---

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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**  |
| Swap |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services, Inc  | $1506700 | $(207012) | $— | $1299688 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 564572 |  |  | 564572 |
| Total | $2071272 | $(207012) | $— | $1864260 |

---

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative<br>Liabilities 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; Morgan Stanley Capital Services, Inc  | $(90576) | $— | $— | $(90576) |
| Swap |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services, Inc  | (207012) | 207012 |  |  |
| Total | $(297588) | $207012 | $— | $(90576) |

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TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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, 2025. 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, 2025, grouped by contract type and risk exposure category:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | $— | —% | $44992200 | 5.46% | $— | —% | $44992200 |
| Total Return Swap Contracts | Unrealized appreciation<br>on swap contracts  |  | —% | 564572 | 0.01% |  | —% | 564572 |
|  Total Return Swap Agreements <br>(CFD)  | Unrealized appreciation<br>on swap contracts  |  | —% | 1506700 | 0.05% |  | —% | 1506700 |
| Forward Currency Contracts | Unrealized appreciation on<br>forward currency contracts  |  | 0.02% |  | —% |  | —% |  |
| Financial Futures Contracts | Due from broker for futures<br>variation margin\*\*  | 426900 | 0.02% | 2083263 | 0.18% |  | 0.07% | 2510163 |
| **Total Value – Assets** |  | $**426900** |  | $**49146735** |  | $**—**  |  | $**49573635** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Written Options | Written option, at value  | $— | —% | $(3573600) | -3.31% | $— | —% | $(3573600) |
| Total Return Swap Contracts | Unrealized depreciation on<br>swap contracts  |  | —% |  | —% |  | —% |  |
|  Total Return Swap Agreements <br>(CFD)  | Unrealized depreciation on<br>swap contracts  |  | —% | (207012) | -0.02% |  | —% | (207012) |
| Forward Currency Contracts | Unrealized depreciation on<br>forward currency contracts  | (90576) | 0.00% |  | —% |  | —% | (90576) |
| Financial Futures Contracts | Due to broker for futures<br>variation margin\*\*  |  | 0.06% | (1327656) | -0.24% | (648346) | -0.03% | (1976002) |
| **Total Value – Liabilities** |  | $**(90576)** |  | $**(5108268)** |  | $**(648346)** |  | $**(5847190)** |

---

\*

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, 2024 to and including December 31, 2025, 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, 2025. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The following table lists the realized amounts of gains or losses included in net increase in net assets resulting from operations for the year ended December 31, 2025, grouped by contract type and risk exposure category.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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  | $— | $— | $3684125 | $3684125 |
| Written Options | Net realized gain (loss)<br>on Options written  |  |  | (4180395) | (4180395) |
| Swap Contracts | Net realized gain (loss)<br>on Swaps contracts  |  |  | 830031 | 830031 |
| Forward Currency Contracts | Net realized gain (loss)<br>on Forward<br>currency contracts  |  | (516010) |  | (516010) |
| Financial Futures Contracts | Net realized gain (loss)<br>on Financial<br>futures contracts  | 2996836 | 5304940 | 2791296 | 11093072 |
| **Total Realized Gain (Loss)** |  | $**2996836** | $**4788930** | $**3125057** | $**10910823** |

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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, 2025, grouped by contract type and risk exposure category.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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  | $— | $— | $52584 | $52584 |
| Written Options | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Option written  |  |  | 163903 | 163903 |
| Swap Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Swap contracts  |  |  | 2103908 | 2103908 |
| Forward Currency Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Forward currency contracts  |  | (632734) |  | (632734) |
| Financial Futures Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Financial futures contracts  | 516188 | 2046983 | (1477608) | 1085563 |
|  **Total Change in Appreciation (Depreciation)**  |  | $**516188** | $**1414249** | $**842787** | $**2773224** |

---

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:

---

| | |
|:---|:---|
| **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% |

---

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, 2025, $321,624 remained payable and are included in investment advisory and administrative fees on the Statement of Assets and Liabilities. As part of TAS' ongoing commitment to the non-profit sector, TAS will voluntarily waive 10% of its management fees for the period November 1, 2023 through December 31, 2025. The total management fees waived for the year ended December 31, 2025 were $336,278.

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 0.07% 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, 2025, $88,772 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 $170,852 for the year ended December 31, 2025 and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Operations.

TIP's board, all of whom are considered "disinterested trustees" as defined in the 1940 Act, received compensation for their service as board members. The board members received compensation of $375,000 from MAF for the year ended December 31, 2025 for service as independent Trustees. 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, 2025, $93,108 remained payable and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Assets and Liabilities.

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TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Assets-Based Schedules [a] All paid Monthly**  | | | |
| **Money Manager/Strategy**  | <br> **Minimum**  | <br> **Maximum**  | <br> **Breakpoints**  |
| Fundsmith, LLP | 0.90% |  | NO |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br>Mark (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  |
|  Eversept Partners, LP  | 1.00% |  |  | MSCI World Health Care <br> Index | YES | 20% (c)  |  | Calendar<br>Year  |
|  Greenhouse Funds LLLP  | 0.50% |  |  | Russell 2000 Total <br> Return Index | YES | 20% (c)  |  | 12-month period<br>ending June 30  |
|  Kopernik Global<br>Investors, LLC  | 0.10% |  |  | MSCI All Country World <br> Index (net) | YES | 20% (c)  |  | Calendar Year, <br> 50% deferred  |
|  Lynwood Price <br> Capital <br> Management <br>LP  | 0.25% | 0.75% | YES | S&P 500 Total Return Index | YES | 20% (c)  |  | Calendar<br>Year  |
|  NewGen Asset <br> Management <br> Limited  | 1.50% |  |  |  | YES | 10% (c)  |  | Calendar <br> Year  |
|  Strategy Capital, <br>LLC  | Blended <br> rate <br> between <br>0.48%<br>and<br>0.10% (f)  | 0.75% | YES | S&P 500 Index (net) | YES | 10%-20% (c) (g)  |  | Calendar <br> Year  |
|  Westbeck Capital <br> Management, <br>LLP  | 1.25% | 1.50% | YES |  | YES | 12.5%-15% (c)  |  | Calendar <br> Year  |

---

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

(g) Performance fee rate based on average assets managed by Strategy Capital, LLC, excluding TAS 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, 2025, $7,323,836 remained payable and reflected as Money Manager fees on the Statement of Assets and Liabilities.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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.

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, 2025, $1,145,753 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, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| **Non-US Government Securities** | $3444853939 | $3561675986 |

---

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, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross<br>Unrealized<br>Appreciation**  | **Gross<br>Unrealized<br>Depreciation**  | **Net Unrealized<br>Appreciation/<br>(Depreciation)**  | **Tax Cost of<br>Investments**  |
| $303522519 | $(239716297) | $63806222 | $1425556594 |

---

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, 2025, 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, and partnership basis adjustments against short term capital gains.

At December 31, 2025, 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, constructive sales and straddle deferral.

---

| | | | |
|:---|:---|:---|:---|
|  **Undistributed<br>Ordinary <br>Income**  | **Undistributed<br>Capital Gains**  | **(Accumulated<br>Capital and<br>Other Losses)**  | **Unrealized<br>Appreciation/<br>(Depreciation) (a)**  |
| $10293526 | $49101314 | $– &nbsp;&nbsp; | $72447256 |

---

(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, 2025 and December 31, 2024 are detailed below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025**  | **2025**  | **2025**  | **2025**  | **2024**  | **2024**  | **2024**  | **2024**  |
| **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**  |
| $146111904 | $77925430 | $— | $224037334 | $96791750 | $6384074 | $— | $103175824 |

---

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

&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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | $141797081 | $— | $(141797081) | $— |
| Total | $141797081 | $— | $(141797081) | $— |

---

\*

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, 2025, the fund had securities on loan with an aggregate market value of $58,479,938; the total market value of collateral held by the fund was $60,324,343. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $9,655,533 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $50,668,810.

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. Effective December 1, 2021, the entry and exit fees for MAF were eliminated entirely.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements December 31, 2025

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

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. New Accounting Pronouncements

Foreign Withholding Taxes Paid: The Fund is subject to foreign tax withholding imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Fund's financial statements. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

The amount of foreign withholding taxes paid during the year ended December 31, 2025 is not significant and accordingly, a disclosure of income taxes paid for the year ended December 31, 2025, is not presented.

15. 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

![[MISSING IMAGE: lg_pwc-4c.jpg]](lg_pwc-4c.jpg)

#### 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, 2025, the related statements of operations and cash flows for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, private investment funds, transfer agent 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_pricewaterhousecoo-bw.jpg]](sg_pricewaterhousecoo-bw.jpg)

February 25, 2026

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

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

www.pwc.com

------

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Multi-Asset

TIFF Multi-Asset Fund December 31, 2025

 **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 TIP's website at http://www.tipfunds.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 fund 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, 2025.

Qualified dividend income of $9,999,781 represents distributions paid from investment company taxable income for the year ended December 31, 2025, which may be subject to a maximum tax rate of 23.8%, for those members subject to federal income taxation on fund distributions, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2012. The distributions paid represent the maximum amount that may be considered qualified dividend income.

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies.**

Renumeration Paid to Trustees Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment**

**Company and Affiliated Purchasers.**

Not applicable to this Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) The code of ethics that applies to the Registrant's principal executive officer and principal financial officer is attached hereto as EX-19.a.1.](tm265427d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3) 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.](tm265427d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&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.](tm265427d1_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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | TIFF Investment Program |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Clarence Kane Brenan |
|  | Clarence Kane Brenan, Chief Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | February 25, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Clarence Kane Brenan |
|  | Clarence Kane Brenan, Chief Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | February 25, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By (Signature and Title) | /s/ Katherine M. Billings |
|  | Katherine M. Billings, Treasurer and Chief Financial Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date | February 25, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**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; 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)*

Signature Date

I, <u>,</u> 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)*

Signature Date

I, <u>,</u> 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 25, 2026 | /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 25, 2026 | /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, 2025, 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 25, 2026 | /s/ Clarence Kane Brenan |
|  |  | Clarence Kane Brenan |
|  |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: | February 25, 2026 | /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.