# EDGAR Filing Document

**Accession Number:** 0000916622
**File Stem:** 0001104659-25-083150
**Filing Date:** 2025-8
**Character Count:** 259594
**Document Hash:** 94292e3542f0ecec80f54107faf1dfd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-083150.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001104659-25-083150

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08234
- **FILM NUMBER:** 251258740

**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 – 06/30/2025 | 01/01/2025 – 06/30/2025 |  |  |

---

**Item 1. Reports to Stockholders.**

**TABLE OF CONTENTS**

 [TIFF Multi-Asset Fund](#classname47fffd9f-8e14-48a6-bd07-e0d488f34b48)<br>

# TIFF Multi-Asset Fund
![Image](tm2523517d2_tsrimg002.jpg)

#### A series portfolio of TIFF Investment Program

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about TIFF Multi-Asset Fund (the Fund) for the period of January 1, 2025 to June 30, 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.

## **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 | $61 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

#### Key Fund Statistics (as of June 30, 2025)
* Total Net Assets$1,413,154,405

* # of Portfolio Holdings1,420

* Portfolio Turnover Rate136%

## What did the Fund invest in?
(as of June 30, 2025)

### Country Allocation (% of Net Assets)
![Group By Country Chart](tm2523517d2_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 87.5% |
| Canada | 5.9% |
| South Korea | 1.7% |
| France | 1.4% |
| United Kingdom | 1.2% |
| South Africa | 0.8% |
| Taiwan | 0.7% |
| Denmark | 0.7% |
| Germany | 0.5% |
| Others | 5.1% |

---

### Top Ten Holdings (% of Net Assets)
![Group By Industry Chart](tm2523517d2_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| FIXED INC CLEARING CORP.REPO, 1.360%, due 07/01/25 | 8.1% |
| Financial Select Sector SPDR Fund | 4.2% |
| NVIDIA Corp. | 3.8% |
| Helikon Long Short Equity Fund ICAV | 2.4% |
| Microsoft Corp. | 2.3% |
| Voloridge Trading Aggressive Fund | 2.3% |
| Apple, Inc. | 2.2% |
| Meta Platforms, Inc., A | 2.2% |
| Amazon.com, Inc. | 2.1% |
| Vanguard Financials ETF | 1.9% |

---

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

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

![QR Code](tm2523517d2_tsrimg003.jpg)

![Image](tm2523517d2_tsrimg002.jpg)

#### TIFF Multi-Asset Fund

#### Semi-Annual Shareholder Report - June 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

**Item 6. Investments.**

Included in Item 1.

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

&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 Semi-Annual Report** | **JUNE 30, 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) | [23](#tMASAL) |
| [Statement of Operations](#tMASO) | [24](#tMASO) |
| [Statements of Changes in Net Assets](#tMASCNA) | [25](#tMASCNA) |
| [Statement of Cash Flows](#tMASCF) | [26](#tMASCF) |
| [Notes to Financial Statements](#tMAFNFS) | [27](#tMAFNFS) |
| [Approval of Money Manager Agreements](#tAMMAS) | [43](#tAMMAS) |
| [Index Descriptions](#tIN) | [47](#tIN) |

---

 **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 Semi-Annual Report for the period ended June 30, 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.

August 25, 2025

Copyright <sup>©</sup> 2025 • 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 June 30, 2025

 **Financial Highlights** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months<br>Ended<br>June 30, 2025<br>(Unaudited)**  | **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**  | **Year Ended<br>December 31,<br>2020**  |
| 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 | For a share outstanding throughout each period |
|  Net asset value, beginning of period  | $14.85 | $14.03 | $12.48 | $16.22 | $16.71 | $14.22 |
| **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** | **Income (loss) from investment operations** |
|  Net investment income (loss) (a)  | 0.02 | 0.08 | 0.08 | 0.03 | 0.01 | (0.14) |
|  Net realized and unrealized gain (loss) on investments  | 1.48 | 1.99 | 1.96 | (2.49) | 2.03 | 2.75 |
|  Total from investment operations  | 1.50 | 2.07 | 2.04 | (2.46) | 2.04 | 2.61 |
| **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** | **Less distributions from** |
| Net investment income |  | (0.66) | (0.18) |  | (0.24) |  |
| Net realized gains |  | (0.59) | (0.31) | (1.28) | (2.29) | (0.15) |
| Total distributions |  | (1.25) | (0.49) | (1.28) | (2.53) | (0.15) |
| Entry/exit fee per share (a) |  |  |  |  |  | 0.03 |
| Net asset value, end of period  | $16.35 | $14.85 | $14.03 | $12.48 | $16.22 | $16.71 |
| **Total return (b)**  | 10.10%(c) | 14.84% | 16.51% | (15.17)% | 12.46% | 18.57%(d) |
| **Ratios/supplemental data** |  |  |  |  |  |  |
|  Net assets, end of period (000s)  | $1413154 | $1290525 | $1235201 | $1247979 | $1582109 | $1563172 |
|  Ratio of expenses to average net assets, before waivers (e)  | 1.19%(f) | 1.12% | 1.24% | 1.14% | 0.92% | 2.22%(g) |
|  Ratio of expenses to average <br> net assets, after waivers (e)  | 1.17%(f)(h) | 1.10%(h) | 1.23%(h) | 1.14% | 0.92% | 2.22%(g) |
|  Ratio of expenses to average <br> net assets, excluding <br> expenses for securities sold <br> short (e)  | 0.99%(f)(h) | 0.88%(h) | 0.98%(h) | 0.88% | 0.72% | 1.92%(g) |
|  Ratio of net investment income <br> (loss) to average net assets  | 0.23%(f)(h) | 0.51%(h) | 0.59%(h) | 0.22% | 0.05% | (0.97)% |
| Portfolio turnover | 136% | 251% | 199% | 143% | 87% | 146% |

---

(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) Not annualized.

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

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

(f) Annualized.

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

(h) 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 and for the six months ended June 30, 2025, the impact of the fee waiver as a ratio to average net assets was 0.02%.

See accompanying Notes to Financial Statements.

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Investments — 106.0% of net assets** | **Investments — 106.0% of net assets** | **Investments — 106.0% of net assets** |
| **Common Stocks — 74.5%** | **Common Stocks — 74.5%** | **Common Stocks — 74.5%** |
| **U.S. Common Stocks — 56.3%** | **U.S. Common Stocks — 56.3%** | **U.S. Common Stocks — 56.3%** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| Axon Enterprise, Inc. (a) | 28638 | $23710546 |
| Cadre Holdings, Inc. | 71009 | 2261637 |
| Curtiss-Wright Corp. | 40 | 19542 |
| General Dynamics Corp. (b) | 774 | 225745 |
| General Electric Co. (b) | 24890 | 6406437 |
| Howmet Aerospace, Inc. | 5599 | 1042142 |
| Lockheed Martin Corp. (b) | 228 | 105596 |
| MDA Space Ltd. (a) (b) | 66100 | 1704256 |
| Northrop Grumman Corp. | 92 | 45998 |
| TAT Technologies Ltd. (a) | 18619 | 568624 |
| Textron, Inc. | 200 | 16058 |
| TransDigm Group, Inc. | 2000 | 3041280 |
|  |  | 39147861 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| FedEx Corp. (b) | 68 | 15457 |
| United Parcel Service, Inc., Class B (b)  | 151 | 15242 |
|  |  | 30699 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| BorgWarner, Inc. (b) | 3905 | 130739 |
| Goodyear Tire & Rubber Co. (a) (b) | 111116 | 1152273 |
| Modine Manufacturing Co. (a) | 383 | 37726 |
|  |  | 1320738 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| General Motors Co. (b) | 30529 | 1502332 |
| Tesla, Inc. (a) (b) | 18609 | 5911335 |
|  |  | 7413667 |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| Associated Banc-Corp. | 654 | 15951 |
| Axos Financial, Inc. (a) | 3261 | 247966 |
| Banc of California, Inc. | 1949 | 27383 |
| Bank of America Corp. (b) | 23943 | 1132983 |
| Bank OZK | 1418 | 66731 |
| Capital Bancorp, Inc. | 272 | 9134 |
| Citigroup, Inc. | 15402 | 1311018 |
| Citizens Financial Group, Inc. | 19769 | 884663 |
| ConnectOne Bancorp, Inc. | 4079 | 94470 |
| Customers Bancorp, Inc. (a) | 1745 | 102501 |
| Dime Community Bancshares, Inc. | 1261 | 33971 |
| East West Bancorp, Inc. | 169 | 17066 |
| Esquire Financial Holdings, Inc. | 903 | 85478 |
| Huntington Bancshares, Inc. | 7209 | 120823 |
| JPMorgan Chase & Co. (b) | 11248 | 3260908 |
| Live Oak Bancshares, Inc. | 49785 | 1483593 |
| Northeast Bank | 1648 | 146656 |
| Old Second Bancorp, Inc. | 945 | 16764 |
| Pinnacle Financial Partners, Inc. | 138 | 15237 |
| PNC Financial Services Group, Inc. | 9151 | 1705929 |
| Prosperity Bancshares, Inc. | 3176 | 223082 |
| Synovus Financial Corp. | 10174 | 526504 |
| Texas Capital Bancshares, Inc. (a) | 8377 | 665134 |
| Truist Financial Corp. | 7880 | 338761 |
| U.S. Bancorp | 154 | 6969 |
| UMB Financial Corp. | 925 | 97273 |
| Valley National Bancorp | 1669 | 14904 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Webster Financial Corp. | 448 | $| 24461 |
| Zions Bancorp NA | 1538 |  | 79884 |
|  |  |  | 12756197 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Boston Beer Co., Inc., Class A (a) | 216 |  | 41215 |
| Celsius Holdings, Inc. (a) | 3494 |  | 162087 |
| Coca-Cola Co. | 4644 |  | 328563 |
| Coca-Cola Consolidated, Inc. | 130 |  | 14514 |
| Monster Beverage Corp. (a) | 237 |  | 14846 |
| PepsiCo, Inc. (b) | 113 |  | 14920 |
| Primo Brands Corp. (b) | 34900 |  | 1033738 |
|  |  |  | 1609883 |
| **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
| AbbVie, Inc. (b) | 80 |  | 14850 |
| ADMA Biologics, Inc. (a) | 3691 |  | 67213 |
| Agios Pharmaceuticals, Inc. (a) | 28813 |  | 958320 |
| Alkermes PLC (a) | 1436 |  | 41084 |
| Alnylam Pharmaceuticals, Inc. (a) (b)  | 56 |  | 18261 |
| Apellis Pharmaceuticals, Inc. (a) | 21040 |  | 364202 |
| Biogen, Inc. (a) | 5748 |  | 721891 |
| BioMarin Pharmaceutical, Inc. (a) | 15084 |  | 829167 |
| CG oncology, Inc. (a) | 26746 |  | 695396 |
| Exact Sciences Corp. (a) | 4070 |  | 216280 |
| Exelixis, Inc. (a) | 26608 |  | 1172748 |
| Gilead Sciences, Inc. (b) | 3663 |  | 406117 |
| GRAIL, Inc. (a) | 5044 |  | 259362 |
| Humacyte, Inc. (a) | 410832 |  | 858639 |
| Incyte Corp. (a) | 27473 |  | 1870911 |
| Natera, Inc. (a) | 11419 |  | 1929126 |
| Neurocrine Biosciences, Inc. (a) | 5088 |  | 639511 |
| Regeneron Pharmaceuticals, Inc. (b) | 5546 |  | 2911650 |
| Roivant Sciences Ltd. (a) | 556521 |  | 6271992 |
| United Therapeutics Corp. (a) | 833 |  | 239363 |
| Vericel Corp. (a) | 9102 |  | 387290 |
|  |  |  | 20873373 |
| **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** |
| Amazon.com, Inc. (a) (b) | 132633 |  | 29098354 |
| Etsy, Inc. (a) | 20530 |  | 1029785 |
|  |  |  | 30128139 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| AAON, Inc. | 17920 |  | 1321600 |
| Armstrong World Industries, Inc. | 1560 |  | 253406 |
| Hayward Holdings, Inc. (a) | 134660 |  | 1858308 |
| Johnson Controls International PLC | 4752 |  | 501906 |
| Masco Corp. | 4007 |  | 257891 |
| Tecnoglass, Inc. | 5412 |  | 418672 |
| Trane Technologies PLC (b) | 405 |  | 177151 |
|  |  |  | 4788934 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Ameriprise Financial, Inc. | 210 |  | 112083 |
| Bank of New York Mellon Corp. | 8124 |  | 740178 |
| Blackstone, Inc. | 4183 |  | 625693 |
| Charles Schwab Corp. (b) | 20108 |  | 1834654 |
| CME Group, Inc. (b) | 4157 |  | 1145752 |
| Evercore, Inc., Class A | 1650 |  | 445533 |
| Federated Hermes, Inc. | 1782 |  | 78978 |
| Franklin Resources, Inc. | 66589 |  | 1588148 |
| Intercontinental Exchange, Inc. (b) | 20503 |  | 3761685 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Invesco Ltd. | 37323 | $| 588584 |
| Janus Henderson Group PLC | 419 |  | 16274 |
| KKR & Co., Inc. | 24000 |  | 3192720 |
| LPL Financial Holdings, Inc. | 9043 |  | 3390854 |
| MarketAxess Holdings, Inc. | 134 |  | 29928 |
| Moody's Corp. | 817 |  | 409799 |
| MSCI, Inc. | 2246 |  | 1295358 |
| Nasdaq, Inc. | 15000 |  | 1341300 |
| Northern Trust Corp. | 892 |  | 113097 |
| Raymond James Financial, Inc. | 101 |  | 15490 |
| Robinhood Markets, Inc., Class A (a) | 34036 |  | 3186791 |
| S&P Global, Inc. (b) | 3529 |  | 1860806 |
| State Street Corp. | 1145 |  | 121759 |
| Stifel Financial Corp. | 177 |  | 18369 |
| Tradeweb Markets, Inc., Class A | 102 |  | 14933 |
| Victory Capital Holdings, Inc., Class A  | 3565 |  | 226983 |
| Virtu Financial, Inc., Class A | 395 |  | 17692 |
|  |  |  | 26173441 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| AdvanSix, Inc. | 16959 |  | 402776 |
| Ashland, Inc. | 2912 |  | 146415 |
| ASP Isotopes, Inc. (a) | 58836 |  | 433033 |
| CF Industries Holdings, Inc. (b) | 186 |  | 17112 |
| DuPont de Nemours, Inc. (b) | 215 |  | 14747 |
| Ecolab, Inc. (b) | 57 |  | 15358 |
| FMC Corp. (b) | 10699 |  | 446683 |
| Huntsman Corp. | 1311 |  | 13661 |
| Ingevity Corp. (a) | 16555 |  | 713355 |
| Linde PLC | 1065 |  | 499677 |
| LSB Industries, Inc. (a) | 29984 |  | 233875 |
|  LyondellBasell Industries NV, Class A (b)  | 1735 |  | 100387 |
| Perimeter Solutions, Inc. (a) | 48632 |  | 676958 |
| Sherwin-Williams Co. | 7220 |  | 2479059 |
| Stepan Co. | 12981 |  | 708503 |
|  |  |  | 6901599 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| ACV Auctions, Inc., Class A (a) | 2093 |  | 33948 |
| Brink's Co. | 2304 |  | 205724 |
| Cintas Corp. (b) | 71 |  | 15824 |
| Copart, Inc. (a) | 10318 |  | 506304 |
| CoreCivic, Inc. (a) | 36178 |  | 762271 |
| GEO Group, Inc. (a) | 81361 |  | 1948596 |
| GFL Environmental, Inc. | 536 |  | 27047 |
| OPENLANE, Inc. (a) | 37615 |  | 919687 |
| Republic Services, Inc. | 2018 |  | 497659 |
| Rollins, Inc. | 941 |  | 53091 |
| Tetra Tech, Inc. | 26742 |  | 961642 |
| Veralto Corp. | 3729 |  | 376443 |
| Vestis Corp. | 13377 |  | 76650 |
|  |  |  | 6384886 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Arista Networks, Inc. (a) (b) | 28506 |  | 2916449 |
| Cisco Systems, Inc. (b) | 26807 |  | 1859870 |
| Extreme Networks, Inc. (a) | 25520 |  | 458084 |
| F5, Inc. (a) | 53 |  | 15599 |
| Juniper Networks, Inc. | 847 |  | 33821 |
| Motorola Solutions, Inc. | 1225 |  | 515063 |
|  |  |  | 5798886 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| Comfort Systems USA, Inc. | 1908 | $1023083 |
| EMCOR Group, Inc. | 427 | 228398 |
| Fluor Corp. (a) | 31776 | 1629156 |
| Great Lakes Dredge & Dock Corp. (a)  | 27748 | 338248 |
| Limbach Holdings, Inc. (a) | 29 | 4063 |
| MasTec, Inc. (a) | 1512 | 257690 |
| Matrix Service Co. (a) | 25723 | 347518 |
| Orion Group Holdings, Inc. (a) | 58175 | 527647 |
| Valmont Industries, Inc. | 5290 | 1727555 |
|  |  | 6083358 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| CRH PLC (b) | 7116 | 653249 |
| Vulcan Materials Co. | 222 | 57902 |
|  |  | 711151 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| American Express Co. (b) | 318 | 101436 |
| Capital One Financial Corp. (b) | 849 | 180633 |
| FirstCash Holdings, Inc. | 368 | 49732 |
| Oportun Financial Corp. (a) | 55327 | 396141 |
| SLM Corp. | 1256 | 41184 |
| Synchrony Financial | 2342 | 156305 |
|  |  | 925431 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| BJ's Wholesale Club Holdings, Inc. (a)  | 2121 | 228707 |
| Casey's General Stores, Inc. | 30 | 15308 |
| Chefs' Warehouse, Inc. (a) | 23389 | 1492452 |
| Costco Wholesale Corp. (b) | 755 | 747405 |
| Dollar Tree, Inc. (a) | 179 | 17728 |
| Grocery Outlet Holding Corp. (a) | 27540 | 342047 |
| Performance Food Group Co. (a) | 1129 | 98754 |
| Sprouts Farmers Market, Inc. (a) | 2919 | 480584 |
| U.S. Foods Holding Corp. (a) | 1547 | 119135 |
| Walmart, Inc. | 16712 | 1634099 |
|  |  | 5176219 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| Amcor PLC (b) | 1611 | 14805 |
| Crown Holdings, Inc. (b) | 3269 | 336642 |
|  |  | 351447 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| A-Mark Precious Metals, Inc. | 18788 | 416718 |
| Pool Corp. | 476 | 138744 |
|  |  | 555462 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| ADT, Inc. | 3464 | 29340 |
| American Public Education, Inc. (a) | 12276 | 373927 |
|  Bright Horizons Family Solutions, Inc. (a)  | 1622 | 200463 |
| Duolingo, Inc. (a) | 236 | 96765 |
| European Wax Center, Inc., Class A (a)  | 102095 | 574795 |
| Graham Holdings Co., Class B | 16 | 15139 |
| Matthews International Corp., Class A  | 17129 | 409554 |
| Mister Car Wash, Inc. (a) | 403467 | 2424836 |
|  |  | 4124819 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc. (b) | 22880 | 662147 |
|  Frontier Communications Parent, Inc. (a)  | 640 | 23296 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Globalstar, Inc. (a) | 52052 | $| 1225825 |
|  |  |  | 1911268 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| Edison International | 5549 |  | 286329 |
| NRG Energy, Inc. | 5878 |  | 943889 |
| PG&E Corp. (b) | 48931 |  | 682098 |
|  |  |  | 1912316 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
| Acuity, Inc. | 948 |  | 282826 |
| AMETEK, Inc. | 942 |  | 170464 |
| EnerSys | 995 |  | 85341 |
| Enovix Corp. (a) | 141625 |  | 1464402 |
| Fluence Energy, Inc. (a) | 103910 |  | 697236 |
| GE Vernova, Inc. (b) | 3627 |  | 1919227 |
| Generac Holdings, Inc. (a) | 122 |  | 17472 |
| Net Power, Inc. (a) | 32763 |  | 80925 |
| NEXTracker, Inc., Class A (a) | 20745 |  | 1127906 |
| Regal Rexnord Corp. | 1787 |  | 259044 |
|  Shoals Technologies Group, Inc., Class A (a)  | 54593 |  | 232020 |
| Vertiv Holdings Co., Class A | 6662 |  | 855467 |
|  |  |  | 7192330 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Advanced Energy Industries, Inc. | 1622 |  | 214915 |
| Amphenol Corp., Class A (b) | 9185 |  | 907019 |
| Arrow Electronics, Inc. (a) | 5345 |  | 681113 |
| Bel Fuse, Inc., Class B | 2067 |  | 201925 |
| Belden, Inc. | 1464 |  | 169531 |
| Corning, Inc. | 5007 |  | 263318 |
| Evolv Technologies Holdings, Inc. (a) | 294260 |  | 1836182 |
| IPG Photonics Corp. (a) | 250 |  | 17162 |
| Keysight Technologies, Inc. (a) | 4839 |  | 792919 |
| Napco Security Technologies, Inc. | 32485 |  | 964480 |
| PAR Technology Corp. (a) | 1722 |  | 119455 |
| Powerfleet, Inc. NJ (a) | 539509 |  | 2325284 |
| Rogers Corp. (a) | 506 |  | 34651 |
| Teledyne Technologies, Inc. (a) | 3421 |  | 1752613 |
| Trimble, Inc. (a) | 1546 |  | 117465 |
| Zebra Technologies Corp., Class A (a)  | 58 |  | 17885 |
|  |  |  | 10415917 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| Atlas Energy Solutions, Inc. | 110708 |  | 1480166 |
| Baker Hughes Co. | 4353 |  | 166894 |
| Bristow Group, Inc. (a) | 4206 |  | 138672 |
| ChampionX Corp. | 608 |  | 15103 |
| Halliburton Co. | 21151 |  | 431057 |
| Helix Energy Solutions Group, Inc. (a)  | 143498 |  | 895427 |
| Innovex International, Inc. (a) | 17466 |  | 272819 |
|  National Energy Services Reunited Corp. (a)  | 101912 |  | 613510 |
| NOV, Inc. | 1216 |  | 15115 |
| Oceaneering International, Inc. (a) | 65187 |  | 1350675 |
| Select Water Solutions, Inc. | 127508 |  | 1101669 |
| Solaris Energy Infrastructure, Inc. | 4930 |  | 139470 |
| Tidewater, Inc. (a) | 20220 |  | 932749 |
| Weatherford International PLC | 1198 |  | 60271 |
|  |  |  | 7613597 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Electronic Arts, Inc. | 115 | $18365 |
|  Liberty Media Corp.-Liberty Formula One, Class C (a)  | 2824 | 295108 |
| Live Nation Entertainment, Inc. (a) | 5623 | 850647 |
|  Madison Square Garden Sports Corp. (a)  | 11414 | 2384955 |
| Netflix, Inc. (a) (b) | 3546 | 4748555 |
| Playtika Holding Corp. | 71152 | 336549 |
| ROBLOX Corp., Class A (a) | 23758 | 2499342 |
| Roku, Inc. (a) | 6029 | 529889 |
| TKO Group Holdings, Inc. | 98 | 17831 |
| Vivid Seats, Inc., Class A (a) | 123951 | 209477 |
| Walt Disney Co. (b) | 156 | 19346 |
|  |  | 11910064 |
| **Financial Services — 2.5%** | **Financial Services — 2.5%** | **Financial Services — 2.5%** |
|  Berkshire Hathaway, Inc., Class B (a) (b)  | 20738 | 10073898 |
| Chime Financial, Inc., Class A (a) | 30147 | 1040373 |
| Corebridge Financial, Inc. | 2738 | 97199 |
| Corpay, Inc. (a) | 2071 | 687199 |
| Equitable Holdings, Inc. | 282 | 15820 |
| Euronet Worldwide, Inc. (a) | 142 | 14396 |
|  Fidelity National Information Services, Inc.  | 10084 | 820938 |
| Global Payments, Inc. | 2491 | 199380 |
| Jackson Financial, Inc., Class A | 403 | 35782 |
| Mastercard, Inc., Class A (b) | 28 | 15734 |
| MGIC Investment Corp. | 554 | 15423 |
| Paymentus Holdings, Inc., Class A (a)  | 2362 | 77356 |
| PayPal Holdings, Inc. (a) | 16077 | 1194843 |
| Repay Holdings Corp. (a) | 73669 | 355085 |
| Shift4 Payments, Inc., Class A (a) | 12752 | 1263851 |
|  Swiftmerge Acquisition Corp. (a) (c) (d) (e)  | 1728 | 12442 |
| Visa, Inc., Class A (b) | 54138 | 19221697 |
| Xtao.U.S. (a) (c) | 13200 | 66000 |
|  |  | 35207416 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Darling Ingredients, Inc. (a) | 17871 | 678026 |
| Freshpet, Inc. (a) | 424 | 28815 |
| Kellanova | 25371 | 2017755 |
| Mama's Creations, Inc. (a) | 30326 | 251706 |
| Pilgrim's Pride Corp. | 1496 | 67290 |
| Tyson Foods, Inc., Class A | 4869 | 272372 |
|  |  | 3315964 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| JB Hunt Transport Services, Inc. (b) | 108 | 15509 |
|  Knight-Swift Transportation Holdings, <br> Inc. (b)  | 357 | 15790 |
| Lyft, Inc., Class A (a) (b) | 165954 | 2615435 |
| Saia, Inc. (a) | 3954 | 1083357 |
| Uber Technologies, Inc. (a) (b) | 46761 | 4362801 |
| Union Pacific Corp. | 952 | 219036 |
|  |  | 8311928 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Align Technology, Inc. (a) | 963 | 182325 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Boston Scientific Corp. (a) | 7021 | $| 754125 |
| Ceribell, Inc. (a) | 9931 |  | 186008 |
| Dentsply Sirona, Inc. | 14293 |  | 226973 |
| Dexcom, Inc. (a) | 770 |  | 67213 |
| IDEXX Laboratories, Inc. (a) | 7485 |  | 4014505 |
| Insulet Corp. (a) | 1594 |  | 500803 |
| Intuitive Surgical, Inc. (a) | 1319 |  | 716758 |
| LivaNova PLC (a) | 9121 |  | 410627 |
| Medtronic PLC | 2345 |  | 204414 |
| Merit Medical Systems, Inc. (a) | 14814 |  | 1384813 |
| Neogen Corp. (a) | 129137 |  | 617275 |
| Penumbra, Inc. (a) | 8 |  | 2053 |
| QuidelOrtho Corp. (a) | 12428 |  | 358175 |
| ResMed, Inc. | 61 |  | 15738 |
| SANUWAVE Health, Inc. (a) | 1123 |  | 36902 |
| Stryker Corp. | 22181 |  | 8775469 |
| Treace Medical Concepts, Inc. (a) | 79137 |  | 465325 |
|  |  |  | 18919501 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| agilon health, Inc. (a) | 245876 |  | 565515 |
| AirSculpt Technologies, Inc. (a) | 29742 |  | 143654 |
| Amedisys, Inc. (a) | 638 |  | 62773 |
| AMN Healthcare Services, Inc. (a) | 84329 |  | 1743080 |
| Cardinal Health, Inc. | 2933 |  | 492744 |
| Cencora, Inc. | 8708 |  | 2611094 |
| Centene Corp. (a) | 37193 |  | 2018836 |
| Chemed Corp. | 26 |  | 12660 |
| Cigna Group | 1226 |  | 405291 |
| CVS Health Corp. | 10991 |  | 758159 |
| HCA Healthcare, Inc. (b) | 47 |  | 18006 |
| HealthEquity, Inc. (a) | 25626 |  | 2684580 |
| Hims & Hers Health, Inc. (a) | 3107 |  | 154884 |
| Humana, Inc. | 4946 |  | 1209198 |
| McKesson Corp. | 6254 |  | 4582806 |
| Molina Healthcare, Inc. (a) | 4329 |  | 1289609 |
| NeoGenomics, Inc. (a) | 197686 |  | 1445085 |
| Oncology Institute, Inc. (a) | 56345 |  | 115507 |
| Progyny, Inc. (a) | 13180 |  | 289960 |
| Sonida Senior Living, Inc. (a) | 2129 |  | 53118 |
| Talkspace, Inc. (a) | 339856 |  | 944800 |
| Tenet Healthcare Corp. (a) | 5280 |  | 929280 |
| U.S. Physical Therapy, Inc. | 5453 |  | 426425 |
| UnitedHealth Group, Inc. (b) | 3347 |  | 1044163 |
| Universal Health Services, Inc., Class B  | 464 |  | 84054 |
|  |  |  | 24085281 |
| **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| Ventas, Inc. (b) | 1622 |  | 102430 |
| Welltower, Inc. (b) | 99 |  | 15219 |
|  |  |  | 117649 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Phreesia, Inc. (a) | 86251 |  | 2454704 |
| Veeva Systems, Inc., Class A (a) | 1831 |  | 527291 |
|  |  |  | 2981995 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Airbnb, Inc., Class A (a) (b) | 11580 |  | 1532497 |
| Booking Holdings, Inc. (b) | 1451 |  | 8400187 |
| Carnival Corp. (a) (b) | 2638 |  | 74181 |
| Chipotle Mexican Grill, Inc. (a) (b) | 6619 |  | 371657 |
| Churchill Downs, Inc. | 8499 |  | 858399 |
| DoorDash, Inc., Class A (a) (b) | 12115 |  | 2986469 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| DraftKings, Inc., Class A (a) (b) | 40513 | $| 1737603 |
| Dutch Bros, Inc., Class A (a) (b) | 5329 |  | 364344 |
| Expedia Group, Inc. (b) | 10511 |  | 1772995 |
| Hilton Worldwide Holdings, Inc. (b) | 5021 |  | 1337293 |
| Las Vegas Sands Corp. (b) | 421 |  | 18318 |
| Marriott International, Inc., Class A | 19088 |  | 5215032 |
| McDonald's Corp. | 15983 |  | 4669753 |
| MGM Resorts International (a) | 2530 |  | 87007 |
|  Norwegian Cruise Line Holdings Ltd. (a)  | 127065 |  | 2576878 |
| Potbelly Corp. (a) | 30614 |  | 375022 |
| Sweetgreen, Inc., Class A (a) | 57955 |  | 862370 |
| Texas Roadhouse, Inc. (b) | 5967 |  | 1118275 |
| Wendy's Co. | 69966 |  | 799012 |
| Wingstop, Inc. | 2041 |  | 687286 |
|  |  |  | 35844578 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Champion Homes, Inc. (a) | 11548 |  | 723020 |
| DR Horton, Inc. (b) | 125 |  | 16115 |
| Garmin Ltd. (b) | 4074 |  | 850325 |
| Mohawk Industries, Inc. (a) | 5596 |  | 586685 |
| Newell Brands, Inc. | 13934 |  | 75244 |
| Toll Brothers, Inc. (b) | 7462 |  | 851638 |
|  |  |  | 3103027 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Church & Dwight Co., Inc. | 48680 |  | 4678635 |
| Procter & Gamble Co. | 28789 |  | 4586663 |
| Spectrum Brands Holdings, Inc. (b) | 251 |  | 13303 |
|  |  |  | 9278601 |
| **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%** |
| Vistra Corp. (b) | 732 |  | 141869 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| 3M Co. (b) | 5102 |  | 776728 |
| Honeywell International, Inc. | 7052 |  | 1642270 |
|  |  |  | 2418998 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| First Industrial Realty Trust, Inc. (b) | 298 |  | 14343 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Allstate Corp. | 79 |  | 15903 |
| American International Group, Inc. | 8714 |  | 745831 |
| Axis Capital Holdings Ltd. | 16049 |  | 1666207 |
| Brown & Brown, Inc. | 2800 |  | 310436 |
| Chubb Ltd. (b) | 57 |  | 16514 |
| Cincinnati Financial Corp. | 550 |  | 81906 |
| CNA Financial Corp. | 2245 |  | 104460 |
| Everest Group Ltd. | 1650 |  | 560753 |
| Fidelity National Financial, Inc. | 50513 |  | 2831759 |
| Globe Life, Inc. | 3346 |  | 415874 |
| Hartford Insurance Group, Inc. | 2343 |  | 297256 |
| Kemper Corp. | 4263 |  | 275134 |
| MetLife, Inc. | 852 |  | 68518 |
| Old Republic International Corp. | 412 |  | 15837 |
| Primerica, Inc. | 55 |  | 15052 |
| Progressive Corp. (b) | 6822 |  | 1820519 |
| Reinsurance Group of America, Inc. | 1872 |  | 371330 |
| Selective Insurance Group, Inc. | 6096 |  | 528218 |
| Travelers Cos., Inc. | 855 |  | 228747 |
| W.R. Berkley Corp. | 225 |  | 16531 |
|  |  |  | 10386785 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** | **Interactive Media & Services — 3.7%** |
| Alphabet, Inc., Class A | 80870 | $14251720 |
| Alphabet, Inc., Class C | 12868 | 2282655 |
| Meta Platforms, Inc., Class A | 41647 | 30739234 |
| Nextdoor Holdings, Inc. (a) | 115533 | 191785 |
| Pinterest, Inc., Class A (a) | 39426 | 1413816 |
| Snap, Inc., Class A (a) | 1813 | 15755 |
| TripAdvisor, Inc. (a) | 3238 | 42256 |
| ZoomInfo Technologies, Inc. (a) | 282773 | 2861663 |
|  |  | 51798884 |
| **IT Services — 1.6%** | **IT Services — 1.6%** | **IT Services — 1.6%** |
| BigCommerce Holdings, Inc. (a) | 176303 | 881515 |
| Cloudflare, Inc., Class A (a) | 75375 | 14760686 |
| Couchbase, Inc. (a) | 3049 | 74335 |
| EPAM Systems, Inc. (a) | 123 | 21749 |
| GoDaddy, Inc., Class A (a) | 82 | 14765 |
| Grid Dynamics Holdings, Inc. (a) | 41715 | 481808 |
| MongoDB, Inc. (a) | 4529 | 951045 |
| Okta, Inc. (a) | 25863 | 2585524 |
| Snowflake, Inc., Class A (a) | 11053 | 2473330 |
| VeriSign, Inc. | 3249 | 938311 |
|  |  | 23183068 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Clarus Corp. | 166802 | 578803 |
| Hasbro, Inc. (b) | 317 | 23401 |
| Latham Group, Inc. (a) | 145670 | 929374 |
| Mattel, Inc. (a) | 869 | 17137 |
|  |  | 1548715 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| Agilent Technologies, Inc. (b) | 131 | 15459 |
| Alpha Teknova, Inc. (a) | 34374 | 168776 |
| Bruker Corp. | 11817 | 486860 |
| Danaher Corp. (b) | 78 | 15408 |
| Fortrea Holdings, Inc. (a) | 11121 | 54938 |
| Illumina, Inc. (a) | 10804 | 1030810 |
| IQVIA Holdings, Inc. (a) (b) | 9901 | 1560299 |
|  Maravai LifeSciences Holdings, Inc., Class A (a)  | 201080 | 484603 |
| Medpace Holdings, Inc. (a) | 2036 | 639019 |
| Mettler-Toledo International, Inc. (a)  | 3518 | 4132665 |
| Thermo Fisher Scientific, Inc. (b) | 37 | 15002 |
| Waters Corp. (a) | 21057 | 7349735 |
|  |  | 15953574 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Allison Transmission Holdings, Inc. | 2405 | 228451 |
| Chart Industries, Inc. (a) | 215 | 35400 |
| Cummins, Inc. | 620 | 203050 |
| Enerpac Tool Group Corp. | 3428 | 139040 |
| Flowserve Corp. | 8403 | 439897 |
| Mayville Engineering Co., Inc. (a) | 12022 | 191871 |
| Mueller Industries, Inc. | 1038 | 82490 |
| Mueller Water Products, Inc., Class A  | 258 | 6202 |
| Oshkosh Corp. | 160 | 18166 |
| Otis Worldwide Corp. | 3904 | 386574 |
| PACCAR, Inc. | 156 | 14829 |
| Pentair PLC | 1938 | 198955 |
| RBC Bearings, Inc. (a) | 5887 | 2265318 |
| Toro Co. | 936 | 66157 |
| Wabash National Corp. | 57133 | 607324 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
|  Westinghouse Air Brake Technologies <br> Corp.  | 104 | $| 21772 |
| Xylem, Inc. | 3467 |  | 448491 |
|  |  |  | 5353987 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Comcast Corp., Class A | 20287 |  | 724043 |
| DoubleVerify Holdings, Inc. (a) | 11077 |  | 165823 |
| Integral Ad Science Holding Corp. (a)  | 242028 |  | 2011253 |
| Liberty Broadband Corp., Class C (a) | 167 |  | 16429 |
| Magnite, Inc. (a) | 4381 |  | 105670 |
| New York Times Co., Class A | 1586 |  | 88784 |
| News Corp., Class A | 3925 |  | 116651 |
| PubMatic, Inc., Class A (a) | 27356 |  | 340308 |
| Thryv Holdings, Inc. (a) | 115770 |  | 1407763 |
| WideOpenWest, Inc. (a) | 31929 |  | 129632 |
|  |  |  | 5106356 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| Carpenter Technology Corp. (b) | 75 |  | 20728 |
| Coeur Mining, Inc. (a) (b) | 59000 |  | 522738 |
| Constellium SE (a) | 10257 |  | 136418 |
| Ferroglobe PLC | 360543 |  | 1323193 |
| Freeport-McMoRan, Inc. (b) | 3871 |  | 167808 |
| Ivanhoe Electric, Inc. (a) (f) | 101215 |  | 918020 |
| Newmont Corp.CDI | 43261 |  | 2522655 |
| Newmont Corp. (b) | 5039 |  | 293572 |
| Perpetua Resources Corp. (a) (b) | 66900 |  | 812166 |
| Ramaco Resources, Inc., Class A | 36246 |  | 476272 |
| Royal Gold, Inc. (b) | 4240 |  | 754042 |
|  |  |  | 7947612 |
| **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** | **Mortgage Real Estate Investment — 0.0%** |
| Dynex Capital, Inc. | 23958 |  | 292767 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| Antero Resources Corp. (a) | 6005 |  | 241881 |
| Cheniere Energy, Inc. | 2005 |  | 488258 |
| Chord Energy Corp. | 161 |  | 15593 |
| CNX Resources Corp. (a) | 508 |  | 17110 |
| ConocoPhillips (b) | 9781 |  | 877747 |
| Devon Energy Corp. | 8194 |  | 260651 |
| Diamondback Energy, Inc. | 109 |  | 14977 |
| Energy Fuels, Inc. (a) | 288371 |  | 1658133 |
| EOG Resources, Inc. | 135 |  | 16147 |
| EQT Corp. | 1159 |  | 67593 |
| Excelerate Energy, Inc., Class A | 2863 |  | 83943 |
| Expand Energy Corp. | 12094 |  | 1414272 |
| Exxon Mobil Corp. (b) | 6888 |  | 742526 |
| Green Plains, Inc. (a) | 130325 |  | 785860 |
| Hallador Energy Co. (a) | 97552 |  | 1544248 |
| Hess Corp. | 714 |  | 98918 |
| HF Sinclair Corp. | 406 |  | 16679 |
| Kinder Morgan, Inc. | 557 |  | 16376 |
| Marathon Petroleum Corp. | 1922 |  | 319263 |
| Matador Resources Co. | 4988 |  | 238027 |
| Nordic American Tankers Ltd. | 63665 |  | 167439 |
| Ovintiv, Inc. | 11537 |  | 438983 |
| PBF Energy, Inc., Class A | 24847 |  | 538435 |
| Range Resources Corp. | 65009 |  | 2643916 |
| Targa Resources Corp. | 614 |  | 106885 |
| Ur-Energy, Inc. (a) | 1074368 |  | 1128086 |

---

------

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

Multi-Asset

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| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Valero Energy Corp. | 6569 | $| 883005 |
| Williams Cos., Inc. (b) | 264 |  | 16582 |
|  |  |  | 14841533 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Louisiana-Pacific Corp. | 7016 |  | 603306 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. (b) | 13134 |  | 645930 |
| United Airlines Holdings, Inc. (a) (b) | 4878 |  | 388435 |
|  |  |  | 1034365 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| BellRing Brands, Inc. (a) (b) | 10964 |  | 635145 |
| Coty, Inc., Class A (a) (b) | 2954 |  | 13736 |
| Upexi, Inc. (a) (c) | 76700 |  | 228566 |
|  |  |  | 877447 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Bristol-Myers Squibb Co. (b) | 7789 |  | 360553 |
| Eli Lilly & Co. (b) | 7190 |  | 5604821 |
|  Harmony Biosciences Holdings, Inc. (a)  | 93 |  | 2939 |
| Johnson & Johnson (b) | 29540 |  | 4512235 |
| Ligand Pharmaceuticals, Inc. (a) | 1315 |  | 149489 |
| Liquidia Corp. (a) | 100156 |  | 1247944 |
| Merck & Co., Inc. (b) | 11304 |  | 894824 |
| Perrigo Co. PLC | 33973 |  | 907758 |
| Pfizer, Inc. (b) | 646 |  | 15659 |
| Royalty Pharma PLC, Class A | 18557 |  | 668609 |
| Xeris Biopharma Holdings, Inc. (a) | 220541 |  | 1029926 |
| Zoetis, Inc. (b) | 18446 |  | 2876654 |
|  |  |  | 18271411 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
| Amentum Holdings, Inc. (a) | 14702 |  | 347114 |
| Automatic Data Processing, Inc. (b) | 35619 |  | 10984899 |
| Booz Allen Hamilton Holding Corp. | 6163 |  | 641753 |
| Broadridge Financial Solutions, Inc. | 269 |  | 65375 |
| Clarivate PLC (a) | 115809 |  | 497979 |
| Concentrix Corp. | 9518 |  | 503074 |
| Equifax, Inc. | 6364 |  | 1650631 |
| Exponent, Inc. | 394 |  | 29436 |
| First Advantage Corp. (a) | 10340 |  | 171747 |
| Huron Consulting Group, Inc. (a) | 5990 |  | 823865 |
| Leidos Holdings, Inc. | 114 |  | 17985 |
| ManpowerGroup, Inc. | 3357 |  | 135623 |
| Maximus, Inc. | 220 |  | 15444 |
| NV5 Global, Inc. (a) | 3523 |  | 81346 |
| Parsons Corp. (a) | 246 |  | 17655 |
| Paylocity Holding Corp. (a) | 638 |  | 115599 |
| Robert Half, Inc. | 13880 |  | 569774 |
|  Science Applications International Corp.  | 144 |  | 16216 |
| SS&C Technologies Holdings, Inc. | 9316 |  | 771365 |
| TransUnion | 7796 |  | 686048 |
| Verra Mobility Corp. (a) | 5566 |  | 141321 |
|  |  |  | 18284249 |
| **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) | 110359 |  | 399500 |
| Tejon Ranch Co. (a) | 14115 |  | 239390 |
| Zillow Group, Inc., Class C (a) | 5854 |  | 410073 |
|  |  |  | 1048963 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| Advanced Micro Devices, Inc. (a) (b) | 4471 | $637067 |
| Analog Devices, Inc. (b) | 927 | 220645 |
| Applied Materials, Inc. (b) | 4582 | 838827 |
| Astera Labs, Inc. (a) | 13345 | 1206655 |
| Broadcom, Inc. (b) | 30876 | 8510969 |
| Cirrus Logic, Inc. (a) | 1810 | 188702 |
| Enphase Energy, Inc. (a) | 708 | 28072 |
| First Solar, Inc. (a) | 6877 | 1138419 |
| GLOBALFOUNDRIES, Inc. (a) | 397 | 15165 |
| Intel Corp. (b) | 38307 | 858077 |
| KLA Corp. (b) | 1037 | 928882 |
| Lam Research Corp. (b) | 824 | 80208 |
| Marvell Technology, Inc. | 12717 | 984296 |
| Monolithic Power Systems, Inc. | 544 | 397871 |
| NVIDIA Corp. (b) | 341819 | 54003984 |
| Onto Innovation, Inc. (a) | 1236 | 124749 |
| PDF Solutions, Inc. (a) | 22227 | 475213 |
| QUALCOMM, Inc. (b) | 7205 | 1147468 |
| Silicon Laboratories, Inc. (a) | 654 | 96373 |
| Synaptics, Inc. (a) | 406 | 26317 |
| Teradyne, Inc. | 6889 | 619459 |
| Texas Instruments, Inc. | 24310 | 5047242 |
| Universal Display Corp. | 16504 | 2549208 |
|  |  | 80123868 |
| **Software — 7.3%** | **Software — 7.3%** | **Software — 7.3%** |
| Adobe, Inc. (a) (b) | 5593 | 2163820 |
| Amplitude, Inc., Class A (a) | 33124 | 410738 |
| ANSYS, Inc. (a) | 336 | 118010 |
| Asana, Inc., Class A (a) | 3726 | 50301 |
| Atlassian Corp., Class A (a) | 9154 | 1859086 |
| Autodesk, Inc. (a) | 1368 | 423492 |
| AvePoint, Inc. (a) | 5486 | 105935 |
| Bill Holdings, Inc. (a) | 76728 | 3549437 |
| Bit Digital, Inc. (a) (b) | 61600 | 134904 |
| Blackbaud, Inc. (a) | 19038 | 1222430 |
| Box, Inc., Class A (a) | 7247 | 247630 |
| Commvault Systems, Inc. (a) | 3148 | 548791 |
| Confluent, Inc., Class A (a) | 82313 | 2052063 |
| Core Scientific, Inc. (a) | 28724 | 490319 |
| Datadog, Inc., Class A (a) | 54347 | 7300433 |
| Dolby Laboratories, Inc., Class A | 198 | 14703 |
| Elastic NV (a) | 6408 | 540387 |
| Fair Isaac Corp. (a) | 65 | 118817 |
| Fortinet, Inc. (a) (b) | 73495 | 7769891 |
| Gen Digital, Inc. | 2273 | 66826 |
| Gitlab, Inc., Class A (a) | 33664 | 1518583 |
| Guidewire Software, Inc. (a) | 3588 | 844795 |
| HubSpot, Inc. (a) | 1231 | 685212 |
| Intapp, Inc. (a) | 265 | 13679 |
| Intuit, Inc. (b) | 5425 | 4272893 |
| Manhattan Associates, Inc. (a) | 3828 | 755915 |
| Meridianlink, Inc. (a) | 44879 | 728386 |
| Microsoft Corp. (b) | 66323 | 32989723 |
| Monday.com Ltd. (a) | 16639 | 5232633 |
| N-able, Inc. (a) | 98818 | 800426 |
| NCR Voyix Corp. (a) | 451640 | 5297737 |
| Nutanix, Inc., Class A (a) | 13833 | 1057395 |
| Oracle Corp. (b) | 2159 | 472022 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
|  Palantir Technologies, Inc., Class A (a) (b)  | 9799 | $| 1335800 |
| Palo Alto Networks, Inc. (a) (b) | 6560 |  | 1342438 |
| Pegasystems, Inc. | 12496 |  | 676408 |
| Qualys, Inc. (a) | 518 |  | 74007 |
| Rapid7, Inc. (a) | 33073 |  | 764979 |
| Salesforce, Inc. (b) | 26810 |  | 7310819 |
| SentinelOne, Inc., Class A (a) | 841 |  | 15373 |
| ServiceNow, Inc. (a) (b) | 1804 |  | 1854656 |
| Sprinklr, Inc., Class A (a) | 51751 |  | 437813 |
| Sprout Social, Inc., Class A (a) | 14342 |  | 299891 |
| Tyler Technologies, Inc. (a) | 38 |  | 22528 |
| UiPath, Inc., Class A (a) | 17044 |  | 218163 |
| Weave Communications, Inc. (a) | 93425 |  | 777296 |
| Workday, Inc., Class A (a) | 5626 |  | 1350240 |
| Xperi, Inc. (a) | 85889 |  | 679382 |
| Zoom Communications, Inc. (a) | 10781 |  | 840702 |
| Zscaler, Inc. (a) | 3900 |  | 1224366 |
|  |  |  | 103082273 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Equinix, Inc. | 3703 |  | 2945626 |
| Extra Space Storage, Inc. (b) | 7630 |  | 1124967 |
| Public Storage | 1338 |  | 392596 |
| SBA Communications Corp. (b) | 73 |  | 17143 |
|  |  |  | 4480332 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| Abercrombie & Fitch Co., Class A (a) | 9292 |  | 769842 |
| Arhaus, Inc. (a) | 41842 |  | 362770 |
| Bath & Body Works, Inc. | 11834 |  | 354547 |
| Best Buy Co., Inc. (b) | 1269 |  | 85188 |
| Boot Barn Holdings, Inc. (a) | 2257 |  | 343064 |
| CarMax, Inc. (a) | 6891 |  | 463144 |
| Chewy, Inc., Class A (a) (b) | 34103 |  | 1453470 |
| Gap, Inc. | 11664 |  | 254392 |
| MarineMax, Inc. (a) | 13014 |  | 327172 |
| Murphy USA, Inc. | 1171 |  | 476363 |
| O'Reilly Automotive, Inc. (a) (b) | 165 |  | 14871 |
| ODP Corp. (a) | 1328 |  | 24077 |
| Ross Stores, Inc. (b) | 3718 |  | 474342 |
| Sally Beauty Holdings, Inc. (a) | 23306 |  | 215814 |
| TJX Cos., Inc. (b) | 4166 |  | 514459 |
| Ulta Beauty, Inc. (a) (b) | 268 |  | 125376 |
|  |  |  | 6258891 |
| **Technology Hardware, Storage & Peripherals — 2.4%** | **Technology Hardware, Storage & Peripherals — 2.4%** | **Technology Hardware, Storage & Peripherals — 2.4%** | **Technology Hardware, Storage & Peripherals — 2.4%** |
| Apple, Inc. (b) | 153350 |  | 31462819 |
| Dell Technologies, Inc., Class C (b) | 3834 |  | 470048 |
| Hewlett Packard Enterprise Co. | 27284 |  | 557958 |
| HP, Inc. | 593 |  | 14505 |
| NetApp, Inc. | 765 |  | 81511 |
| Pure Storage, Inc., Class A (a) | 313 |  | 18022 |
| Seagate Technology Holdings PLC | 1324 |  | 191093 |
| Western Digital Corp. | 5437 |  | 347914 |
|  |  |  | 33143870 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Lululemon Athletica, Inc. (a) (b) | 604 |  | 143498 |
| NIKE, Inc., Class B | 25971 |  | 1844980 |
| Oxford Industries, Inc. | 5526 |  | 222421 |
| Ralph Lauren Corp. (b) | 4062 |  | 1114125 |
| Skechers USA, Inc., Class A (a) | 239 |  | 15081 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Tapestry, Inc. (b) | 12776 | $| 1121861 |
|  |  |  | 4461966 |
| **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** |
| Altria Group, Inc. (b) | 9503 |  | 557161 |
| Philip Morris International, Inc. | 89259 |  | 16256741 |
|  |  |  | 16813902 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Air Lease Corp. | 7561 |  | 442243 |
| Ferguson Enterprises, Inc. | 85 |  | 18509 |
| Titan Machinery, Inc. (a) | 28888 |  | 572271 |
| United Rentals, Inc. | 143 |  | 107736 |
| Watsco, Inc. | 164 |  | 72426 |
| WW Grainger, Inc. | 486 |  | 505556 |
|  |  |  | 1718741 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American States Water Co. | 2084 |  | 159759 |
| Consolidated Water Co. Ltd. | 2820 |  | 84656 |
| H2O America | 4415 |  | 229448 |
| Middlesex Water Co. | 2447 |  | 132579 |
| York Water Co. | 9345 |  | 295302 |
|  |  |  | 901744 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile U.S., Inc. | 1138 |  | 271140 |
| Telephone & Data Systems, Inc. | 45173 |  | 1607255 |
|  |  |  | 1878395 |
|  Total U.S. Common Stocks <br> (Cost $643,971,652)  |  |  | 795349836 |
| **Foreign Common Stocks — 18.2%** | **Foreign Common Stocks — 18.2%** | **Foreign Common Stocks — 18.2%** | **Foreign Common Stocks — 18.2%** |
| **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |
| Cresud SACIF y A — SPADR (a) (f) | 63219 |  | 680236 |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| Deterra Royalties Ltd. (f) | 155894 |  | 386029 |
| Glencore PLC (a) | 202033 |  | 786692 |
| Meteoric Resources NL (a) | 2254989 |  | 178166 |
| Paladin Energy Ltd. (a) (f) | 576732 |  | 3063777 |
| Paladin Energy Ltd. (a) (f) | 295037 |  | 1557787 |
| Rio Tinto PLC — SPADR | 2600 |  | 151658 |
|  |  |  | 6124109 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Ambev SA — ADR | 11169 |  | 26917 |
|  BrasilAgro — Co. Brasileira de Propriedades Agricolas  | 111300 |  | 405614 |
| Centrais Eletricas Brasileiras SA | 218802 |  | 1619741 |
| MercadoLibre, Inc. (a) | 193 |  | 504431 |
| Sigma Lithium Corp. (a) | 108745 |  | 489352 |
| Vale SA | 136905 |  | 1326692 |
| Vale SA — SPADR | 194 |  | 1884 |
| Wheaton Precious Metals Corp. | 828 |  | 74354 |
|  |  |  | 4448985 |
| **Burkina Faso — 0.1%** | **Burkina Faso — 0.1%** | **Burkina Faso — 0.1%** | **Burkina Faso — 0.1%** |
| IAMGOLD Corp. (a) | 106900 |  | 787374 |
| **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. | 25655 |  | 1056729 |
| **Canada — 5.8%** | **Canada — 5.8%** | **Canada — 5.8%** | **Canada — 5.8%** |
| 5N Plus, Inc. (a) | 23000 |  | 150997 |
| Ag Growth International, Inc. (b) | 14000 |  | 428199 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| Algoma Steel Group, Inc. (b) | 149300 | $1031697 |
| Algoma Steel Group, Inc. (b) | 28602 | 197068 |
| Americas Gold & Silver Corp. (a) (b) | 3564779 | 2879572 |
| Aritzia, Inc. (a) (b) | 17300 | 896284 |
| AtkinsRealis Group, Inc. (b) | 10100 | 708391 |
| Barrick Mining Corp. | 98914 | 2059389 |
| Bear Creek Mining Corp. (a) | 424151 | 65410 |
| Bird Construction, Inc. (b) | 12400 | 262160 |
| Bitcoin Treasury Corp. (a) | 73700 | 529309 |
| BlackBerry Ltd. (a) (b) | 266519 | 1225195 |
|  Brookfield Asset Management Ltd., Class A  | 52 | 2875 |
| Brookfield Corp. | 2351 | 145409 |
| Cameco Corp. | 21138 | 1569074 |
| Cameco Corp. — TSX Shares (b) | 17300 | 1284780 |
| Canaccord Genuity Group, Inc. (b) | 115700 | 880229 |
| Capstone Copper Corp. (a) (b) | 313276 | 1923251 |
| Celestica, Inc. (a) (b) | 10200 | 1593649 |
| Cineplex, Inc. (a) (b) | 125100 | 1065658 |
| Culico Metals, Inc. (a) (c) | 58650 | 7753 |
| Definity Financial Corp. (b) | 29600 | 1725245 |
| Denison Mines Corp. (a) | 997790 | 1815978 |
| Denison Mines Corp. (a) | 615400 | 1125277 |
| Dominion Lending Centres, Inc. | 37000 | 240734 |
| Dye & Durham Ltd. | 132800 | 936207 |
| Enerflex Ltd. (b) | 94200 | 743639 |
| Equinox Gold Corp. (a) (f) | 405194 | 2338773 |
| Equinox Gold Corp. (a) | 317482 | 1825521 |
| Foran Mining Corp. (a) | 386496 | 865660 |
| G Mining Ventures Corp. (a) (b) | 86300 | 1126796 |
| Global Atomic Corp. (a) | 138100 | 62876 |
| Hammond Power Solutions, Inc. (b) | 11800 | 1086891 |
| Highlander Silver Corp. (a) (c) | 1046600 | 1944482 |
| Hudbay Minerals, Inc. | 56176 | 596103 |
| i-80 Gold Corp. (a) (b) | 56600 | 34914 |
| i-80 Gold Corp. (a) | 1975400 | 1182079 |
| International Tower Hill Mines Ltd. (a)  | 376174 | 321817 |
|  InterRent Real Estate Investment Trust — REIT (b)  | 125200 | 1243036 |
| Keyera Corp. (a) (b) | 23400 | 749728 |
| Kraken Robotics, Inc. (a) (b) | 414400 | 934245 |
| Laramide Resources Ltd. (a) | 176287 | 82852 |
| Lithium Argentina AG (a) | 283347 | 589362 |
| Magna International, Inc. | 2440 | 94208 |
| Mattr Corp. (a) | 29100 | 257076 |
| MEG Energy Corp. (f) | 74041 | 1398990 |
| Mx2 Mining, Inc. (a) (c) | 198300 | 72811 |
| Neo Performance Materials, Inc. | 153236 | 1637293 |
| NexGen Energy Ltd. (a) (f) | 132678 | 920785 |
| NexGen Energy Ltd. (a) (b) | 133600 | 928112 |
| Northern Dynasty Minerals Ltd. (a) (f)  | 752336 | 1016558 |
| Northern Dynasty Minerals Ltd. (a) (f)  | 338909 | 454138 |
| Novagold Resources, Inc. (a) | 592901 | 2424965 |
| Nutrien Ltd. (f) | 11537 | 671915 |
| NuVista Energy Ltd. (a) (b) | 80100 | 881144 |
| OR Royalties, Inc. | 94 | 2417 |
| Pasofino Gold Ltd. (a) | 61000 | 23294 |
| Pet Valu Holdings Ltd. (b) | 30600 | 742220 |
| Prime Mining Corp. (a) | 148300 | 233055 |
| Propel Holdings, Inc. (b) | 36800 | 1022590 |
| RB Global, Inc. (b) | 6200 | 658677 |
| Royal Helium Ltd. (a) | 1586000 | 5823 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Sandstorm Gold Ltd. | 37008 | $| 347875 |
| Sandstorm Gold Ltd. (b) | 134300 |  | 1263362 |
| Seabridge Gold, Inc. (a) | 149986 |  | 2177797 |
| Seabridge Gold, Inc. (a) (f) | 101511 |  | 1473745 |
| Shopify, Inc., Class A (a) | 117429 |  | 13545435 |
| Solaris Resources, Inc. (a) (b) | 217400 |  | 996200 |
|  Somerset Energy Partners Corp. (a) (c) (d) (e)  | 130200 |  | 33464 |
| Sprott Physical Uranium Trust | 196328 |  | 3676419 |
| Tamarack Valley Energy Ltd. (b) | 147500 |  | 523169 |
| Taseko Mines Ltd. (a) | 81329 |  | 256186 |
| Teck Resources Ltd., Class B | 20600 |  | 831828 |
| Thomson Reuters Corp. | 631 |  | 126913 |
| Uranium Royalty Corp. (a) | 17023 |  | 42557 |
|  Victoria Gold Corp./Vancouver (a) (c) (d)  | 225800 |  | 1658 |
| Western Copper & Gold Corp. (a) | 341385 |  | 418662 |
| WSP Global, Inc. (b) | 9200 |  | 1876618 |
|  |  |  | 81516523 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
|  Empresa Nacional de Telecomunicaciones SA  | 416203 |  | 1340517 |
| Lundin Mining Corp. (f) | 118898 |  | 1250317 |
|  Sociedad Quimica y Minera de Chile SA — SPADR (a) (f)  | 38805 |  | 1368652 |
|  |  |  | 3959486 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Baidu, Inc., Class A (a) | 230350 |  | 2455262 |
| CGN Power Co. Ltd., Class H (g) | 4124000 |  | 1402903 |
|  Changgang Dunxin Enterprise Co. Ltd. (a) (c) (d)  | 4640000 |  |  |
|  China Communications Services Corp. <br> Ltd., Class H  | 1610000 |  | 871845 |
| China Gas Holdings Ltd. | 333200 |  | 311483 |
|  China Reinsurance Group Corp., Class H  | 459000 |  | 71537 |
|  Guangshen Railway Co. Ltd., Class H (f)  | 2690000 |  | 640915 |
| JD.com, Inc. — ADR | 2112 |  | 68936 |
| Kanzhun Ltd. — ADR (a) | 320 |  | 5798 |
| Qifu Technology, Inc. — ADR | 403 |  | 17474 |
|  |  |  | 5846153 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Aris Mining Corp. (a) | 197984 |  | 1333221 |
| **Congo — 0.1%** | **Congo — 0.1%** | **Congo — 0.1%** | **Congo — 0.1%** |
| Ivanhoe Mines Ltd., Class A (a) (f) | 194143 |  | 1458478 |
| **Costa Rica — 0.2%** | **Costa Rica — 0.2%** | **Costa Rica — 0.2%** | **Costa Rica — 0.2%** |
| Establishment Labs Holdings, Inc. (a) | 48958 |  | 2090996 |
| **Denmark — 0.7%** | **Denmark — 0.7%** | **Denmark — 0.7%** | **Denmark — 0.7%** |
| Coloplast AS, Class B | 38496 |  | 3663754 |
| Novo Nordisk AS, Class B | 85133 |  | 5940409 |
|  |  |  | 9604163 |
| **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** |
| Nanoform Finland PLC (a) | 261974 |  | 333479 |
| **France — 1.4%** | **France — 1.4%** | **France — 1.4%** | **France — 1.4%** |
| Carrefour SA | 144027 |  | 2030415 |
| Eramet SA (f) | 13485 |  | 730959 |
| EssilorLuxottica SA | 11680 |  | 3208621 |
| Euroapi SA (a) (f) | 187813 |  | 639210 |
| L'Oreal SA | 20030 |  | 8576473 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Legrand SA | 1584 | $| 211581 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 8679 |  | 4551715 |
|  Sequans Communications SA — ADR (a)  | 97700 |  | 143619 |
|  |  |  | 20092593 |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| BASF SE | 7130 |  | 351685 |
| BioNTech SE — ADR (a) | 27362 |  | 2913232 |
| K&S AG | 152116 |  | 2788218 |
| Orion SA | 39704 |  | 416495 |
|  |  |  | 6469630 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Bank of East Asia Ltd. | 117800 |  | 181888 |
|  CECEP COSTIN New Materials Group Ltd. (a) (c) (d)  | 1736000 |  |  |
| Futu Holdings Ltd. — ADR | 1612 |  | 199227 |
| Hi Sun Technology China Ltd. (a) (f) | 4506000 |  | 321809 |
|  Hua Han Health Industry Holdings Ltd. (a) (c) (d)  | 6984000 |  |  |
| K Wah International Holdings Ltd. (f)  | 212000 |  | 52741 |
| Luks Group Vietnam Holdings Co. Ltd.  | 1682000 |  | 192842 |
| PAX Global Technology Ltd. | 323000 |  | 249512 |
|  |  |  | 1198019 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| ICICI Bank Ltd. — SPADR | 2870 |  | 96547 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| First Pacific Co. Ltd. | 688000 |  | 487417 |
| First Resources Ltd. | 876500 |  | 1014047 |
| Golden Agri-Resources Ltd. | 16143100 |  | 3174941 |
| Indah Kiat Pulp & Paper Tbk. PT | 591200 |  | 210210 |
| Media Nusantara Citra Tbk. PT (a) | 15287300 |  | 230392 |
| United Tractors Tbk. PT | 242700 |  | 321567 |
|  |  |  | 5438574 |
| **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** |
| AerCap Holdings NV | 280 |  | 32760 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Global-e Online Ltd. (a) | 42959 |  | 1440845 |
| Nice Ltd. — SPADR (a) | 109 |  | 17995 |
| SimilarWeb Ltd. (a) | 199483 |  | 1563946 |
|  |  |  | 3022786 |
| **Italy — 0.2%** | **Italy — 0.2%** | **Italy — 0.2%** | **Italy — 0.2%** |
| Prysmian SpA | 25016 |  | 1764115 |
| Stevanato Group SpA | 12594 |  | 307672 |
|  |  |  | 2071787 |
| **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** |
| Electric Power Development Co. Ltd.  | 37000 |  | 630481 |
| Fukuda Corp. | 8600 |  | 297962 |
| Inpex Corp. (f) | 47900 |  | 672101 |
| Japan Petroleum Exploration Co. Ltd.  | 94100 |  | 661813 |
| Kamigumi Co. Ltd. | 23700 |  | 658178 |
| Kato Sangyo Co. Ltd. | 12300 |  | 468952 |
| Kyorin Pharmaceutical Co. Ltd. | 116000 |  | 1218203 |
| Suzuken Co. Ltd. | 8200 |  | 296509 |
| West Japan Railway Co. (f) | 43300 |  | 992765 |
|  |  |  | 5896964 |
| **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
|  Halyk Savings Bank of Kazakhstan JSC — GDR (h)  | 27487 |  | 675406 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| NAC Kazatomprom JSC — GDR (a) (h)  | 14052 | $| 607046 |
| NAC Kazatomprom JSC — GDR (a) (h)  | 1353 |  | 58504 |
|  NAC Kazatomprom JSC — GDR, 144A <br>Shares (a) (g)  | 70308 |  | 3037306 |
|  |  |  | 4378262 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |
| Solidere — ADR (a) (c) (d) (h) | 38451 |  | 576765 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| SJM Holdings Ltd. (a) | 1960000 |  | 631876 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Genting Plantations Bhd. | 473800 |  | 564827 |
| Hong Leong Financial Group Bhd. | 1900 |  | 7496 |
| Oriental Holdings Bhd. | 342000 |  | 554821 |
|  |  |  | 1127144 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| BBB Foods, Inc., Class A (a) | 11862 |  | 329289 |
| Coca-Cola Femsa SAB de CV — SPADR  | 1100 |  | 106403 |
|  Grupo Aeroportuario del Pacifico SAB <br> de CV — ADR  | 325 |  | 74627 |
|  Grupo Aeroportuario del Sureste SAB <br> de CV — ADR  | 215 |  | 68557 |
| Nemak SAB de CV (a) (g) | 1791588 |  | 309347 |
| Orbia Advance Corp. SAB de CV | 334825 |  | 234107 |
| Southern Copper Corp. | 2411 |  | 243921 |
|  |  |  | 1366251 |
| **Myanmar — 0.0%** | **Myanmar — 0.0%** | **Myanmar — 0.0%** | **Myanmar — 0.0%** |
| Yoma Strategic Holdings Ltd. (a) | 3695700 |  | 250279 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| Argenx SE — ADR (a) | 1691 |  | 932113 |
| ASML Holding NV | 624 |  | 500067 |
| Merus NV (a) | 486 |  | 25564 |
|  |  |  | 1457744 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Puregold Price Club, Inc. | 910700 |  | 582029 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| KGHM Polska Miedz SA (a) | 7364 |  | 264014 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| OFG Bancorp | 1791 |  | 76655 |
| Popular, Inc. | 5044 |  | 555899 |
|  |  |  | 632554 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
|  Etalon Group PLC — GDR (a) (c) (d) (h)  | 599848 |  |  |
|  Etalon Group PLC — GDR — LSE Shares (a) (c) (d) (h)  | 84223 |  |  |
|  Federal Grid Co-Rosseti<br>PJSC (a) (c) (d)  | 1019443892 |  |  |
| Gazprom PJSC (c) (d) | 1409587 |  |  |
|  Lenta International Co. PJSC — 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 (c) (d) | 688194 |  |  |
| VTB Bank PJSC (a) (c) (d) | 530060 |  |  |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  |
| **South Africa — 0.8%** | **South Africa — 0.8%** | **South Africa — 0.8%** |
| Impala Platinum Holdings Ltd. (a) | 581703 | $5226416 |
| Sibanye Stillwater Ltd. (a) (f) | 335940 | 615386 |
| Valterra Platinum Ltd. | 118766 | 5306102 |
|  |  | 11147904 |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
|  Chong Kun Dang Pharmaceutical Corp.  | 11235 | 690068 |
| DL E&C Co. Ltd. | 56075 | 2153141 |
| GS Holdings Corp. | 38284 | 1323211 |
| Hankook & Co. Co. Ltd. | 59306 | 844072 |
| Hankook Tire & Technology Co. Ltd. | 11422 | 335906 |
| Hyundai Department Store Co. Ltd. | 27855 | 1560502 |
| Korea Electric Power Corp. | 58132 | 1682102 |
| Korea Electric Power Corp. — SPADR  | 66802 | 951261 |
| Korean Air Lines Co. Ltd. | 20635 | 350283 |
| Korean Reinsurance Co. | 107586 | 816875 |
| KT Corp. — SPADR | 140592 | 2921502 |
| LG Corp. | 43719 | 2579726 |
| LG Uplus Corp. | 547065 | 5797261 |
| Lotte Chemical Corp. | 18782 | 818179 |
| LX Holdings Corp. | 57257 | 406597 |
| LX International Corp. | 7972 | 183985 |
| Pan Ocean Co. Ltd. | 290335 | 799113 |
| PHA Co. Ltd. | 27869 | 224768 |
|  |  | 24438552 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Amadeus IT Group SA (f) | 43400 | 3671565 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Hemas Holdings PLC | 3950020 | 402964 |
| **Sweden — 0.3%** | **Sweden — 0.3%** | **Sweden — 0.3%** |
| Atlas Copco AB, Class A (f) | 251200 | 4069308 |
| Greater Than AB (a) | 278882 | 551437 |
|  |  | 4620745 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
| Sportradar Group AG, Class A (a) | 209095 | 5871387 |
| TE Connectivity PLC | 101 | 17036 |
|  |  | 5888423 |
| **Taiwan — 0.7%** | **Taiwan — 0.7%** | **Taiwan — 0.7%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. — SPADR  | 46117 | 10445039 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Fabrinet (a) | 97 | 28584 |
| Kasikornbank PCL | 118000 | 553371 |
| Siam Cement PCL | 62700 | 324505 |
| Valeura Energy, Inc. (a) | 181800 | 957229 |
|  |  | 1863689 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Trillion Energy International, Inc. (a) | 903135 | 18902 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| Astarta Holding PLC (a) | 44444 | 737901 |
| MHP SE GDR (a) (h) | 214853 | 1114076 |
|  |  | 1851977 |
| **United Kingdom — 1.2%** | **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |
| Ashmore Group PLC (f) | 185054 | 397614 |
|  British American Tobacco PLC — SPADR  | 17152 | 811804 |
| CK Hutchison Holdings Ltd. | 465000 | 2870540 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number<br>of Shares**  | **Value**  | **Value**  |
| Close Brothers Group PLC (a) | 103120 | $| 524679 |
| Flutter Entertainment PLC (a) (b) | 1518 |  | 433784 |
| Gabriel Resources Ltd. (a) | 193400 |  | 17753 |
| Jupiter Fund Management PLC | 179144 |  | 245956 |
| Schroders PLC | 289981 |  | 1438866 |
| TechnipFMC PLC | 32316 |  | 1112963 |
| Unilever PLC | 98832 |  | 6019773 |
| Vodafone Group PLC | 1537013 |  | 1641394 |
| Yellow Cake PLC (a) (f) (g) | 228735 |  | 1655532 |
|  |  |  | 17170658 |
| **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** |
| First Quantum Minerals Ltd. (a) | 52096 |  | 925428 |
|  Total Foreign Common Stocks <br> (Cost $233,900,108)  |  |  | 257272356 |
|  Total Common Stocks <br> (Cost $877,871,760)  |  |  | 1052622192 |

---

---

| | | |
|:---|:---|:---|
| | **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 | 84806 |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
|  Awale Resources Ltd., Expiring 05/08/26 (Canada) (a) (c)  | 89000 | 7331 |
|  EBET, Inc., Expiring 08/02/28 (United States) (a) (c)  | 266 |  |
|  Encore Energy Corp., Expiring 02/08/26 (Canada) (a) (c)  | 49400 | 31574 |
|  Esports Technologies, Inc., Expiring <br> 11/30/26 (United States) (a) (c) (e)  | 1005 | 1 |
|  Global Atomic Corp., Expiring 01/31/28 (Canada) (a) (c)  | 130700 | 30785 |
|  Gold Royalty Corp., Expiring 06/14/27 <br> (Canada) (a) (c)  | 61500 | 21525 |
|  Heliostar Metals Ltd., Expiring 03/09/26 (Canada) (a) (c)  | 131700 | 93881 |
|  Hive Digital Technologies Ltd., <br> Expiring 12/28/26 (Canada) (a) (c)  | 44900 | 12439 |
|  i-80 Gold Corp., Expiring 11/16/27 (Canada) (a)  | 1046300 | 188334 |
|  i-80 Gold Corp., Expiring 05/01/28 (Canada) (a)  | 310750 | 31948 |
|  Ivanhoe Electric, Inc., Expiring <br> 02/14/26 (United States) (a) (c) (d)  | 15775 | 44170 |
|  Organigram Global, Inc., Expiring 04/02/28 (Canada) (a) (c)  | 337500 | 85937 |
|  Royal Helium Ltd., Expiring 06/30/25 <br> (Canada) (a) (c) (e)  | 1159587 |  |
|  Royal Helium Ltd., Expiring 01/10/26 <br> (Canada) (a) (c) (e)  | 1538400 |  |
|  Trillion Energy International, Inc., Expiring 06/29/25 (Turkey) (a)  | 1561485 | 5733 |
|  U.S. Gold Corp., Expiring 11/30/27 (United States) (a) (c)  | 18150 | 125092 |
|  Ur-Energy, Inc., Expiring 02/21/26 (Canada) (a) (c)  | 50000 | 10215 |
|  Village Farms International, Inc., Expiring 09/10/25 (United States) (a) (c)  | 75000 |  |
|  Total Warrants <br> (Cost $325,462)  |  | 688965 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **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%, 07/31/25<br>(Canada) (c) (d) (e)<br>(Cost $337,084)  | $453800 | $316585 |
| **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Galaxy Digital Holdings LP, 2.500%, 12/01/29(a) (g)  | 303000 | 371176 |
| **Movies & Entertainment — 0.0%** | **Movies & Entertainment — 0.0%** | **Movies & Entertainment — 0.0%** |
|  Cineplex, Inc., 7.750%, 03/01/30 (Canada) (a) (g)  | 650000 | 631742 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
|  Royal Helium Ltd., 14.000%, 12/31/25 <br> (Canada) (a) (c) (e)  | 312000 |  |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  Dye & Durham Ltd., 3.750%, 03/01/26 (Canada) (a) (g)  | 1085000 | 768826 |
|  Total Convertible Bonds <br> (Cost $1,759,674)  |  | 1771744 |
| **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 | 12637863 |
|  U.S. Treasury Notes, 3.375%, 05/15/33  | 15891000 | 15148592 |
|  U.S. Treasury Notes, 3.875%, 08/15/33  | 12374000 | 12186940 |
|  Total U.S. Treasury Bonds/Notes <br> (Cost $39,581,359)  |  | 39973395 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Acquired Funds — 17.7%** | **Acquired Funds — 17.7%** | **Acquired Funds — 17.7%** |
| **Exchange-Traded Funds (ETFs) — 7.9%** | **Exchange-Traded Funds (ETFs) — 7.9%** | **Exchange-Traded Funds (ETFs) — 7.9%** |
| Financial Select Sector SPDR Fund | 1122025 | 58760449 |
| Global X Silver Miners ETF | 6284 | 302512 |
| SPDR S&P Biotech ETF | 17045 | 1413542 |
| Technology Select Sector SPDR Fund | 96003 | 24310840 |
| Vanguard Financials ETF (f) | 213451 | 27172312 |
|  |  | 111959655 |
| **Private Investment Funds (i) — 9.8%** | **Private Investment Funds (i) — 9.8%** | **Private Investment Funds (i) — 9.8%** |
| Bellus Ventures II LP (a) (c) (d) (e) | 96174 | 14254159 |
|  Eversept Global Healthcare Fund LP (a) (c) (d) (e)  |  | 20741695 |
|  Farallon Capital Institutional Partners (a) (c) (d) (e)  |  | 565485 |
|  Helikon Long Short Equity Fund ICAV (a) (c) (d) (e)  | 3993 | 33240152 |
| Honeycomb Partners LP (a) (c) (d) (e)  |  | 20501766 |
|  Northwest Feilong Fund Ltd. (a) (c) (d) (e)  | 3890 | 11216804 |
| Voloridge Fund LP (a) (c) (d) (e) |  | 6333742 |
|  Voloridge Trading Aggressive Fund (a) (c) (d) (e)  |  | 31803262 |
|  |  | 138657065 |
|  Total Acquired Funds <br> (Cost $171,064,991)  |  | 250616720 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
|  Draegerwerk AG & Co. KGaA, 3.04% (Germany)  | 14742 | $1167478 |
|  Petroleo Brasileiro SA — Petrobras, 10.92% (Brazil)  | 198200 | 1144745 |
|  Synaptive Medical, Inc., Class B, 0.00% (Canada) (a) (c) (d) (e)  | 89142 |  |
|  Total Preferred Stocks <br> (Cost $1,902,879)  |  | 2312223 |

---

---

| | | |
|:---|:---|:---|
| | **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%** |
|  Global Payments, Inc., Notional Amount $870,000, Strike Price $100 Expiring 01/16/2026 (United States)  | 87 | 17052 |
|  NCR Voyix Corp., Notional Amount $139,000, Strike Price $10 <br> Expiring 10/17/2025 (United States)  | 139 | 13900 |
|  ZoomInfo Technologies, Inc., <br> Notional Amount $38,750, Strike <br> Price $12.5 Expiring 12/19/2025 <br> (United States)  | 31 | 1395 |
|  Total Calls <br> (Cost $46,017)  |  | 32347 |
| **Puts — 0.0%** | **Puts — 0.0%** | **Puts — 0.0%** |
|  iShares S&P/TSX 60 Index ETF, Notional Amount $25,817,200, Strike Price $39.5 <br> Expiring 07/18/2025 (Canada)  | 6536 | 23999 |
|  iShares S&P/TSX 60 Index ETF, Notional Amount $7,457,500, Strike Price $39.25 <br> Expiring 07/18/2025 (Canada)  | 1900 | 18138 |
|  Upexi, Inc., Notional Amount $362,000, Strike Price $10 <br> Expiring 07/18/2025 (United States)  | 362 | 257020 |
|  Upexi, Inc., Notional Amount $98,250, Strike Price $7.5 <br> Expiring 07/18/2025 (United States)  | 131 | 58950 |
|  Total Puts<br>(Cost $378,282)  |  | 358107 |
|  Total Purchased Option Contracts <br> (Cost $424,299)  |  | 390454 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Short-Term Investments — 10.6%** | **Short-Term Investments — 10.6%** | **Short-Term Investments — 10.6%** |
| **Repurchase Agreement — 8.1%** | **Repurchase Agreement — 8.1%** | **Repurchase Agreement — 8.1%** |
|  Fixed Income Clearing Corp. issued on <br> 06/30/25 (proceeds at maturity <br> $113,633,444) (collateralized by <br> U.S. Treasury Note, due <br>09/15/27 — 06/30/28 with a total <br>par value of $115,798,500 and a <br>total market value of <br>115,901,734), 1.360%, 07/01/25<br>(Cost $113,629,151)  | $113629151 | 113629151 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount**  | **Value**  |
| **Unaffiliated Investment Company — 0.6%** | **Unaffiliated Investment Company — 0.6%** | **Unaffiliated Investment Company — 0.6%** |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%, (j) (k) <br> (Cost $8,867,336)  | $8867336 | $8867336 |
| **U.S Treasury Bill — 1.9%** | **U.S Treasury Bill — 1.9%** | **U.S Treasury Bill — 1.9%** |
|  U.S. Treasury Bills, 4.227%,<br>09/25/25(j) (Cost $26,786,062)  | 27050000 | 26778574 |
|  Total Short-Term Investments <br> (Cost $149,282,549)  |  | 149275061 |
|  Total Investments — 106.0%<br>(Cost $1,242,622,210)  |  | 1498052145 |
|  Liabilities in Excess of Other Assets — (6.0)%  |  | (84897740) |
| Net Assets — 100.0% |  | $1413154405 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Securities Sold Short — (10.0)%** | **Securities Sold Short — (10.0)%** | **Securities Sold Short — (10.0)%** |
| **Common Stocks — (10.0)%** | **Common Stocks — (10.0)%** | **Common Stocks — (10.0)%** |
| **U.S. Common Stocks — (9.3)%** | **U.S. Common Stocks — (9.3)%** | **U.S. Common Stocks — (9.3)%** |
| **Aerospace & Defense — (0.4)%** | **Aerospace & Defense — (0.4)%** | **Aerospace & Defense — (0.4)%** |
| AeroVironment, Inc. (a) | (11034) | (3144138) |
| BWX Technologies, Inc. | (14595) | (2102556) |
| Cadre Holdings, Inc. | (393) | (12517) |
| Ducommun, Inc. (a) | (167) | (13799) |
| Huntington Ingalls Industries, Inc. | (1162) | (280577) |
| National Presto Industries, Inc. | (20) | (1959) |
|  |  | (5555546) |
| **Air Freight & Logistics — (0.0)%** | **Air Freight & Logistics — (0.0)%** | **Air Freight & Logistics — (0.0)%** |
| GXO Logistics, Inc. (a) | (383) | (18652) |
| **Automobile Components — (0.2)%** | **Automobile Components — (0.2)%** | **Automobile Components — (0.2)%** |
| Dorman Products, Inc. (a) | (2142) | (262759) |
| Gentherm, Inc. (a) | (81) | (2292) |
| Phinia, Inc. | (1062) | (47248) |
| QuantumScape Corp. (a) | (346672) | (2329636) |
| Visteon Corp. (a) | (60) | (5598) |
|  |  | (2647533) |
| **Automobiles — (0.2)%** | **Automobiles — (0.2)%** | **Automobiles — (0.2)%** |
| Harley-Davidson, Inc. | (4183) | (98719) |
| Lucid Group, Inc. (a) | (294547) | (621494) |
| Rivian Automotive, Inc., Class A (a) | (975) | (13396) |
| Thor Industries, Inc. | (18950) | (1682950) |
| Winnebago Industries, Inc. | (1969) | (57101) |
|  |  | (2473660) |
| **Banks — (0.2)%** | **Banks — (0.2)%** | **Banks — (0.2)%** |
| Amalgamated Financial Corp. | (3157) | (98498) |
| Bancorp, Inc. (a) | (1182) | (67339) |
| Capitol Federal Financial, Inc. | (17505) | (106780) |
| First Citizens BancShares, Inc., Class A  | (367) | (718024) |
| Flagstar Financial, Inc. | (55498) | (588279) |
| Flushing Financial Corp. | (14031) | (166688) |
| Glacier Bancorp, Inc. | (615) | (26494) |
| HarborOne Bancorp, Inc. | (851) | (9940) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Hingham Institution For Savings | (636) | $| (157951) |
| Park National Corp. | (1429) |  | (239015) |
|  |  |  | (2179008) |
| **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** |
| Coca-Cola Consolidated, Inc. | (5682) |  | (634395) |
| MGP Ingredients, Inc. | (1455) |  | (43606) |
| Molson Coors Beverage Co., Class B | (396) |  | (19044) |
| National Beverage Corp. (a) | (5862) |  | (253473) |
|  |  |  | (950518) |
| **Biotechnology — (1.0)%** | **Biotechnology — (1.0)%** | **Biotechnology — (1.0)%** | **Biotechnology — (1.0)%** |
| Akero Therapeutics, Inc. (a) | (3658) |  | (195191) |
| Alnylam Pharmaceuticals, Inc. (a) | (3169) |  | (1033379) |
|  Arcturus Therapeutics Holdings, Inc. (a)  | (2025) |  | (26345) |
| Disc Medicine, Inc. (a) | (2801) |  | (148341) |
| Exelixis, Inc. (a) | (21070) |  | (928660) |
| Insmed, Inc. (a) | (21556) |  | (2169396) |
| Ionis Pharmaceuticals, Inc. (a) | (44898) |  | (1774777) |
| Madrigal Pharmaceuticals, Inc. (a) | (2573) |  | (778693) |
| Moderna, Inc. (a) | (102228) |  | (2820470) |
| MoonLake Immunotherapeutics (a) | (7665) |  | (361788) |
| Myriad Genetics, Inc. (a) | (10547) |  | (56005) |
| Nuvalent, Inc., Class A (a) | (2922) |  | (222949) |
| Protagonist Therapeutics, Inc. (a) | (259) |  | (14315) |
| PTC Therapeutics, Inc. (a) | (11402) |  | (556874) |
| Revolution Medicines, Inc. (a) | (9556) |  | (351565) |
| Roivant Sciences Ltd. (a) | (70203) |  | (791188) |
| SpringWorks Therapeutics, Inc. (a) | (5418) |  | (254592) |
| TG Therapeutics, Inc. (a) | (5052) |  | (181821) |
| Vaxcyte, Inc. (a) | (15259) |  | (496070) |
| Viking Therapeutics, Inc. (a) | (20458) |  | (542137) |
| Zymeworks, Inc. (a) | (6058) |  | (76028) |
|  |  |  | (13780584) |
| **Broadline Retail — (0.1)%** | **Broadline Retail — (0.1)%** | **Broadline Retail — (0.1)%** | **Broadline Retail — (0.1)%** |
| Kohl's Corp. | (28248) |  | (239543) |
|  Ollie's Bargain Outlet Holdings, Inc. (a)  | (11927) |  | (1571740) |
|  |  |  | (1811283) |
| **Building Products — (0.1)%** | **Building Products — (0.1)%** | **Building Products — (0.1)%** | **Building Products — (0.1)%** |
| AAON, Inc. | (3463) |  | (255396) |
| Advanced Drainage Systems, Inc. | (7052) |  | (809993) |
| Trex Co., Inc. (a) | (4111) |  | (223556) |
|  |  |  | (1288945) |
| **Capital Markets — (0.1)%** | **Capital Markets — (0.1)%** | **Capital Markets — (0.1)%** | **Capital Markets — (0.1)%** |
| Coinbase Global, Inc., Class A (a) | (1365) |  | (478419) |
| DigitalBridge Group, Inc. | (3464) |  | (35852) |
| Donnelley Financial Solutions, Inc. (a)  | (389) |  | (23982) |
| Jefferies Financial Group, Inc. | (1324) |  | (72410) |
| Lazard, Inc. | (235) |  | (11275) |
| TPG, Inc. | (9626) |  | (504884) |
| WisdomTree, Inc. | (1235) |  | (14215) |
|  |  |  | (1141037) |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Chemicals — (0.2)%** | **Chemicals — (0.2)%** | **Chemicals — (0.2)%** |
| Air Products & Chemicals, Inc. | (54) | $(15231) |
| Albemarle Corp. | (4537) | (284334) |
| Ashland, Inc. | (989) | (49727) |
| Cabot Corp. | (24) | (1800) |
| Celanese Corp. | (17610) | (974361) |
| Chemours Co. | (53818) | (616216) |
| Eastman Chemical Co. | (3883) | (289905) |
| Ecovyst, Inc. (a) | (2992) | (24624) |
| Westlake Corp. | (3452) | (262111) |
|  |  | (2518309) |
| **Commercial Services & Supplies — (0.0)%** | **Commercial Services & Supplies — (0.0)%** | **Commercial Services & Supplies — (0.0)%** |
|  Casella Waste Systems, Inc., Class A (a)  | (384) | (44306) |
| CECO Environmental Corp. (a) | (1276) | (36124) |
| Enviri Corp. (a) | (3580) | (31074) |
|  Montrose Environmental Group, Inc. (a)  | (2364) | (51748) |
|  |  | (163252) |
| **Communications Equipment — (0.1)%** | **Communications Equipment — (0.1)%** | **Communications Equipment — (0.1)%** |
| Clearfield, Inc. (a) | (264) | (11460) |
| Lumentum Holdings, Inc. (a) | (9947) | (945562) |
|  |  | (957022) |
| **Construction & Engineering — (0.3)%** | **Construction & Engineering — (0.3)%** | **Construction & Engineering — (0.3)%** |
| Centuri Holdings, Inc. (a) | (8421) | (188967) |
|  Construction Partners, Inc., Class A (a)  | (3010) | (319903) |
| Everus Construction Group, Inc. (a) | (5546) | (352337) |
| IES Holdings, Inc. (a) | (4545) | (1346365) |
| Sterling Infrastructure, Inc. (a) | (8179) | (1887141) |
| Valmont Industries, Inc. | (639) | (208678) |
| WillScot Holdings Corp. | (16089) | (440839) |
|  |  | (4744230) |
| **Construction Materials — (0.0)%** | **Construction Materials — (0.0)%** | **Construction Materials — (0.0)%** |
| Knife River Corp. (a) | (163) | (13307) |
| **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** | **Consumer Finance — (0.0)%** |
| Green Dot Corp., Class A (a) | (4160) | (44845) |
| LendingClub Corp. (a) | (5005) | (60210) |
| SoFi Technologies, Inc. (a) | (2527) | (46017) |
|  |  | (151072) |
| **Consumer Staples Distribution & Retail — (0.0)%** | **Consumer Staples Distribution & Retail — (0.0)%** | **Consumer Staples Distribution & Retail — (0.0)%** |
| Albertsons Cos., Inc., Class A | (675) | (14519) |
| Casey's General Stores, Inc. | (35) | (17860) |
| Grocery Outlet Holding Corp. (a) | (4691) | (58262) |
| Ingles Markets, Inc., Class A | (36) | (2282) |
| Maplebear, Inc. (a) | (3675) | (166257) |
| Weis Markets, Inc. | (135) | (9786) |
|  |  | (268966) |
| **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** | **Containers & Packaging — (0.0)%** |
| Myers Industries, Inc. | (1016) | (14722) |
| O-I Glass, Inc. (a) | (1514) | (22317) |
| Sealed Air Corp. | (1277) | (39625) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| TriMas Corp. | (1215) | $| (34761) |
|  |  |  | (111425) |
| **Distributors — (0.1)%** | **Distributors — (0.1)%** | **Distributors — (0.1)%** | **Distributors — (0.1)%** |
| Pool Corp. | (2624) |  | (764844) |
| **Diversified Consumer Services — (0.2)%** | **Diversified Consumer Services — (0.2)%** | **Diversified Consumer Services — (0.2)%** | **Diversified Consumer Services — (0.2)%** |
| Adtalem Global Education, Inc. (a) | (2031) |  | (258404) |
| Duolingo, Inc. (a) | (1433) |  | (587559) |
| Frontdoor, Inc. (a) | (17175) |  | (1012295) |
| H&R Block, Inc. | (18118) |  | (994497) |
| KinderCare Learning Cos., Inc. (a) | (715) |  | (7221) |
|  |  |  | (2859976) |
| **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** | **Diversified Telecommunication Services — (0.1)%** |
| Anterix, Inc. (a) | (1530) |  | (39244) |
| Iridium Communications, Inc. | (30228) |  | (911979) |
| Shenandoah Telecommunications Co.  | (5479) |  | (74843) |
|  |  |  | (1026066) |
| **Electric Utilities — (0.1)%** | **Electric Utilities — (0.1)%** | **Electric Utilities — (0.1)%** | **Electric Utilities — (0.1)%** |
| Constellation Energy Corp. | (1390) |  | (448636) |
| Genie Energy Ltd., Class B | (212) |  | (5699) |
| Otter Tail Corp. | (8375) |  | (645629) |
| Southern Co. | (963) |  | (88432) |
|  |  |  | (1188396) |
| **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** | **Electrical Equipment — (0.1)%** |
| American Superconductor Corp. (a) | (7531) |  | (276313) |
| NEXTracker, Inc., Class A (a) | (52) |  | (2827) |
| Plug Power, Inc. (a) | (114078) |  | (169976) |
| Powell Industries, Inc. | (5288) |  | (1112860) |
| Preformed Line Products Co. | (178) |  | (28446) |
| Sensata Technologies Holding PLC | (4328) |  | (130316) |
|  |  |  | (1720738) |
| **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** |
| Arlo Technologies, Inc. (a) | (44043) |  | (746969) |
| Badger Meter, Inc. | (1161) |  | (284387) |
| Crane NXT Co. | (8562) |  | (461492) |
| ePlus, Inc. (a) | (1573) |  | (113413) |
| Itron, Inc. (a) | (9971) |  | (1312483) |
| Kimball Electronics, Inc. (a) | (335) |  | (6442) |
| Littelfuse, Inc. | (669) |  | (151682) |
| Methode Electronics, Inc. | (12346) |  | (117411) |
| nLight, Inc. (a) | (7993) |  | (157302) |
| TD SYNNEX Corp. | (124) |  | (16827) |
| Vishay Intertechnology, Inc. | (4169) |  | (66204) |
| Vishay Precision Group, Inc. (a) | (1232) |  | (34619) |
|  |  |  | (3469231) |
| **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** |
| Core Laboratories, Inc. | (7164) |  | (82529) |
| Helmerich & Payne, Inc. | (2813) |  | (42645) |
| NOV, Inc. | (7948) |  | (98794) |
| RPC, Inc. | (3405) |  | (16106) |
| Valaris Ltd. (a) | (14387) |  | (605836) |
| Weatherford International PLC | (1417) |  | (71289) |
|  |  |  | (917199) |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Entertainment — (0.0)%** | **Entertainment — (0.0)%** | **Entertainment — (0.0)%** |
| IMAX Corp. (a) | (561) | $(15685) |
| Warner Music Group Corp., Class A | (4140) | (112774) |
|  |  | (128459) |
| **Financial Services — (0.4)%** | **Financial Services — (0.4)%** | **Financial Services — (0.4)%** |
| Block, Inc. (a) | (1975) | (134162) |
| Cannae Holdings, Inc. | (14959) | (311895) |
|  Federal National Mortgage Association (a)  | (19416) | (185229) |
| Flywire Corp. (a) | (10175) | (119048) |
| Marqeta, Inc., Class A (a) | (70653) | (411907) |
| Mr. Cooper Group, Inc. (a) | (1648) | (245898) |
| NCR Atleos Corp. (a) | (1585) | (45220) |
| NewtekOne, Inc. | (248) | (2797) |
| NMI Holdings, Inc. (a) | (435) | (18353) |
| PennyMac Financial Services, Inc. | (103) | (10263) |
| Remitly Global, Inc. (a) | (3098) | (58149) |
| Shift4 Payments, Inc., Class A (a) | (23026) | (2282107) |
| Toast, Inc., Class A (a) | (3172) | (140488) |
| Western Union Co. | (346) | (2913) |
| WEX, Inc. (a) | (8129) | (1194069) |
|  |  | (5162498) |
| **Food Products — (0.1)%** | **Food Products — (0.1)%** | **Food Products — (0.1)%** |
| Archer-Daniels-Midland Co. | (1412) | (74525) |
| Cal-Maine Foods, Inc. | (300) | (29889) |
| Calavo Growers, Inc. | (1775) | (47197) |
| Hershey Co. | (720) | (119484) |
| John B Sanfilippo & Son, Inc. | (32) | (2024) |
| Kraft Heinz Co. | (906) | (23393) |
| Lamb Weston Holdings, Inc. | (263) | (13636) |
| Lancaster Colony Corp. | (1610) | (278160) |
| Mission Produce, Inc. (a) | (13051) | (152958) |
| Seaboard Corp. | (19) | (54363) |
| TreeHouse Foods, Inc. (a) | (1328) | (25790) |
| Utz Brands, Inc. | (4244) | (53262) |
| WK Kellogg Co. | (4895) | (78026) |
|  |  | (952707) |
| **Ground Transportation — (0.1)%** | **Ground Transportation — (0.1)%** | **Ground Transportation — (0.1)%** |
| ArcBest Corp. | (127) | (9780) |
| Avis Budget Group, Inc. (a) | (5585) | (944144) |
| Heartland Express, Inc. | (6267) | (54147) |
| RXO, Inc. (a) | (4923) | (77390) |
| Saia, Inc. (a) | (789) | (216178) |
| Werner Enterprises, Inc. | (1517) | (41505) |
| XPO, Inc. (a) | (2607) | (329238) |
|  |  | (1672382) |
| **Health Care Equipment & Supplies — (0.1)%** | **Health Care Equipment & Supplies — (0.1)%** | **Health Care Equipment & Supplies — (0.1)%** |
| Bausch & Lomb Corp. (a) | (2751) | (35791) |
| Envista Holdings Corp. (a) | (11885) | (232233) |
| Globus Medical, Inc., Class A (a) | (250) | (14755) |
| Hologic, Inc. (a) | (1426) | (92918) |
|  Integra LifeSciences Holdings Corp. (a)  | (1673) | (20528) |
| Lantheus Holdings, Inc. (a) | (3747) | (306729) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Masimo Corp. (a) | (566) | $| (95213) |
| Neogen Corp. (a) | (82782) |  | (395698) |
| STAAR Surgical Co. (a) | (3003) |  | (50390) |
| UFP Technologies, Inc. (a) | (1657) |  | (404573) |
|  |  |  | (1648828) |
| **Health Care Providers & Services — (0.1)%** | **Health Care Providers & Services — (0.1)%** | **Health Care Providers & Services — (0.1)%** | **Health Care Providers & Services — (0.1)%** |
| Castle Biosciences, Inc. (a) | (936) |  | (19113) |
| DaVita, Inc. (a) | (108) |  | (15384) |
| Henry Schein, Inc. (a) | (215) |  | (15706) |
| Nutex Health, Inc. (a) | (7083) |  | (881763) |
| OPKO Health, Inc. (a) | (7999) |  | (10559) |
| Option Care Health, Inc. (a) | (449) |  | (14583) |
| Select Medical Holdings Corp. | (1945) |  | (29525) |
|  |  |  | (986633) |
| **Health Care REITs — (0.0)%** | **Health Care REITs — (0.0)%** | **Health Care REITs — (0.0)%** | **Health Care REITs — (0.0)%** |
| Healthcare Realty Trust, Inc. | (1218) |  | (19317) |
| **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** | **Health Care Technology — (0.0)%** |
| Certara, Inc. (a) | (16476) |  | (192769) |
| **Hotel & Resort REITs — (0.0)%** | **Hotel & Resort REITs — (0.0)%** | **Hotel & Resort REITs — (0.0)%** | **Hotel & Resort REITs — (0.0)%** |
| RLJ Lodging Trust | (1159) |  | (8437) |
| Summit Hotel Properties, Inc. | (16120) |  | (82051) |
|  |  |  | (90488) |
| **Hotels, Restaurants & Leisure — (0.8)%** | **Hotels, Restaurants & Leisure — (0.8)%** | **Hotels, Restaurants & Leisure — (0.8)%** | **Hotels, Restaurants & Leisure — (0.8)%** |
| Biglari Holdings, Inc., Class B (a) | (207) |  | (60487) |
| Brinker International, Inc. (a) | (11761) |  | (2120861) |
| Cava Group, Inc. (a) | (189) |  | (15919) |
| Cheesecake Factory, Inc. | (3733) |  | (233910) |
| Choice Hotels International, Inc. | (7291) |  | (925082) |
| Cracker Barrel Old Country Store, Inc.  | (7097) |  | (433485) |
| Dine Brands Global, Inc. | (6076) |  | (147829) |
| El Pollo Loco Holdings, Inc. (a) | (957) |  | (10537) |
| First Watch Restaurant Group, Inc. (a)  | (4676) |  | (75003) |
| Hilton Grand Vacations, Inc. (a) | (15601) |  | (647910) |
| Hyatt Hotels Corp., Class A | (1641) |  | (229166) |
| Kura Sushi USA, Inc., Class A (a) | (301) |  | (25910) |
| Marriott Vacations Worldwide Corp.  | (1035) |  | (74841) |
|  Norwegian Cruise Line Holdings Ltd. (a)  | (1433) |  | (29061) |
| Penn Entertainment, Inc. (a) | (30237) |  | (540335) |
| Planet Fitness, Inc., Class A (a) | (12421) |  | (1354510) |
| Portillo's, Inc., Class A (a) | (9583) |  | (111834) |
| Royal Caribbean Cruises Ltd. | (6133) |  | (1920488) |
| Shake Shack, Inc., Class A (a) | (1679) |  | (236067) |
| Starbucks Corp. | (18252) |  | (1672431) |
| Target Hospitality Corp. (a) | (7970) |  | (56746) |
| Vail Resorts, Inc. | (242) |  | (38025) |
| Wynn Resorts Ltd. | (10188) |  | (954310) |
|  |  |  | (11914747) |
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| Cricut, Inc., Class A | (1583) |  | (10717) |
| Leggett & Platt, Inc. | (66420) |  | (592466) |
| LGI Homes, Inc. (a) | (235) |  | (12107) |
| Newell Brands, Inc. | (16050) |  | (86670) |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| SharkNinja, Inc. (a) | (14158) | $| (1401501) |
| Somnigroup International, Inc. | (13476) |  | (917042) |
| Whirlpool Corp. | (3343) |  | (339047) |
|  |  |  | (3359550) |
| **Household Products — (0.0)%** | **Household Products — (0.0)%** | **Household Products — (0.0)%** | **Household Products — (0.0)%** |
| Reynolds Consumer Products, Inc. | (1815) |  | (38877) |
| Spectrum Brands Holdings, Inc. | (2539) |  | (134567) |
| WD-40 Co. | (1840) |  | (419686) |
|  |  |  | (593130) |
| **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)%** |
| Ormat Technologies, Inc. | (843) |  | (70610) |
| **Industrial REITs — (0.0)%** | **Industrial REITs — (0.0)%** | **Industrial REITs — (0.0)%** | **Industrial REITs — (0.0)%** |
| Americold Realty Trust, Inc. | (9444) |  | (157054) |
| Lineage, Inc. | (1490) |  | (64845) |
|  |  |  | (221899) |
| **Insurance — (0.2)%** | **Insurance — (0.2)%** | **Insurance — (0.2)%** | **Insurance — (0.2)%** |
| Abacus Global Management, Inc. (a)  | (1371) |  | (7047) |
| Baldwin Insurance Group, Inc. (a) | (231) |  | (9889) |
| Erie Indemnity Co., Class A | (2012) |  | (697741) |
| Goosehead Insurance, Inc., Class A | (8349) |  | (880903) |
| Kinsale Capital Group, Inc. | (832) |  | (402605) |
| Lemonade, Inc. (a) | (4042) |  | (177080) |
| Mercury General Corp. | (10029) |  | (675353) |
|  |  |  | (2850618) |
| **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** | **Interactive Media & Services — (0.1)%** |
| IAC, Inc. (a) | (16410) |  | (612750) |
| Match Group, Inc. | (485) |  | (14982) |
| Reddit, Inc., Class A (a) | (1018) |  | (153280) |
| Ziff Davis, Inc. (a) | (260) |  | (7870) |
|  |  |  | (788882) |
| **IT Services — (0.1)%** | **IT Services — (0.1)%** | **IT Services — (0.1)%** | **IT Services — (0.1)%** |
| DigitalOcean Holdings, Inc. (a) | (22318) |  | (637402) |
| Globant SA (a) | (5605) |  | (509158) |
| Twilio, Inc., Class A (a) | (213) |  | (26489) |
|  |  |  | (1173049) |
| **Leisure Products — (0.0)%** | **Leisure Products — (0.0)%** | **Leisure Products — (0.0)%** | **Leisure Products — (0.0)%** |
| Acushnet Holdings Corp. | (5140) |  | (374295) |
| Brunswick Corp. | (57) |  | (3149) |
| Malibu Boats, Inc., Class A (a) | (478) |  | (14980) |
| Polaris, Inc. | (1471) |  | (59796) |
| YETI Holdings, Inc. (a) | (6517) |  | (205416) |
|  |  |  | (657636) |
| **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** |
| Avantor, Inc. (a) | (7458) |  | (100384) |
| Azenta, Inc. (a) | (8835) |  | (271941) |
| Bio-Techne Corp. | (304) |  | (15641) |
| Bruker Corp. | (1494) |  | (61553) |
|  Charles River Laboratories International, Inc. (a)  | (123) |  | (18663) |
| ICON PLC (a) | (1051) |  | (152868) |
| Illumina, Inc. (a) | (4528) |  | (432016) |
| Repligen Corp. (a) | (2271) |  | (282467) |
| Revvity, Inc. | (7771) |  | (751611) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Sotera Health Co. (a) | (1181) | $| (13133) |
| Tempus AI, Inc. (a) | (3672) |  | (233319) |
|  |  |  | (2333596) |
| **Machinery — (0.4)%** | **Machinery — (0.4)%** | **Machinery — (0.4)%** | **Machinery — (0.4)%** |
| AGCO Corp. | (4661) |  | (480829) |
| Alamo Group, Inc. | (941) |  | (205495) |
| Chart Industries, Inc. (a) | (922) |  | (151807) |
| CNH Industrial NV | (5950) |  | (77112) |
| Deere & Co. | (29) |  | (14746) |
| Esab Corp. | (569) |  | (68593) |
| Federal Signal Corp. | (13065) |  | (1390377) |
| Helios Technologies, Inc. | (1100) |  | (36707) |
| Hillenbrand, Inc. | (1011) |  | (20291) |
| Ingersoll Rand, Inc. | (181) |  | (15055) |
| Kadant, Inc. | (3922) |  | (1245039) |
| Lindsay Corp. | (1095) |  | (157954) |
| REV Group, Inc. | (44061) |  | (2096863) |
| Shyft Group, Inc. | (1018) |  | (12766) |
| Timken Co. | (216) |  | (15671) |
| Titan International, Inc. (a) | (3806) |  | (39088) |
| Worthington Enterprises, Inc. | (3284) |  | (208994) |
|  |  |  | (6237387) |
| **Media — (0.0)%** | **Media — (0.0)%** | **Media — (0.0)%** | **Media — (0.0)%** |
| DoubleVerify Holdings, Inc. (a) | (16289) |  | (243846) |
| Gannett Co., Inc. (a) | (5987) |  | (21434) |
| Ibotta, Inc., Class A (a) | (8727) |  | (319408) |
| National CineMedia, Inc. | (3678) |  | (17820) |
| Paramount Global, Class B | (1259) |  | (16241) |
| Scholastic Corp. | (596) |  | (12504) |
| Trade Desk, Inc., Class A (a) | (493) |  | (35491) |
|  |  |  | (666744) |
| **Metals & Mining — (0.2)%** | **Metals & Mining — (0.2)%** | **Metals & Mining — (0.2)%** | **Metals & Mining — (0.2)%** |
| Coeur Mining, Inc. (a) | (59000) |  | (522740) |
|  Compass Minerals International, Inc. (a)  | (35744) |  | (718097) |
| Contango ORE, Inc. (a) | (18802) |  | (366263) |
| Metallus, Inc. (a) | (371) |  | (5717) |
| MP Materials Corp. (a) | (15934) |  | (530124) |
| Royal Gold, Inc. | (6700) |  | (1191528) |
| Warrior Met Coal, Inc. | (448) |  | (20532) |
|  |  |  | (3355001) |
| **Office REITs — (0.1)%** | **Office REITs — (0.1)%** | **Office REITs — (0.1)%** | **Office REITs — (0.1)%** |
| BXP, Inc. | (5544) |  | (374054) |
| JBG SMITH Properties | (4282) |  | (74079) |
| NET Lease Office Properties (a) | (342) |  | (11132) |
| Vornado Realty Trust | (20081) |  | (767897) |
|  |  |  | (1227162) |
| **Oil, Gas & Consumable Fuels — (0.2)%** | **Oil, Gas & Consumable Fuels — (0.2)%** | **Oil, Gas & Consumable Fuels — (0.2)%** | **Oil, Gas & Consumable Fuels — (0.2)%** |
| APA Corp. | (26773) |  | (489678) |
| Chord Energy Corp. | (270) |  | (26150) |
| Civitas Resources, Inc. | (8655) |  | (238186) |
| CVR Energy, Inc. | (1817) |  | (48786) |
| HF Sinclair Corp. | (278) |  | (11420) |
| Matador Resources Co. | (289) |  | (13791) |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
| Murphy Oil Corp. | (15952) | $| (358920) |
| New Fortress Energy, Inc. | (87089) |  | (289135) |
| NextDecade Corp. (a) | (22692) |  | (202186) |
| Par Pacific Holdings, Inc. (a) | (9758) |  | (258880) |
| REX American Resources Corp. (a) | (299) |  | (14564) |
| SandRidge Energy, Inc. | (2185) |  | (23642) |
| Uranium Energy Corp. (a) | (60703) |  | (412780) |
| VAALCO Energy, Inc. | (1500) |  | (5595) |
|  |  |  | (2393713) |
| **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** |
| American Airlines Group, Inc. (a) | (82621) |  | (927008) |
| Southwest Airlines Co. | (485) |  | (15733) |
|  |  |  | (942741) |
| **Personal Care Products — (0.3)%** | **Personal Care Products — (0.3)%** | **Personal Care Products — (0.3)%** | **Personal Care Products — (0.3)%** |
| Coty, Inc., Class A (a) | (1291) |  | (6003) |
| Edgewell Personal Care Co. | (163) |  | (3816) |
| elf Beauty, Inc. (a) | (27066) |  | (3368093) |
| Estee Lauder Cos., Inc., Class A | (6207) |  | (501526) |
| Herbalife Ltd. (a) | (7423) |  | (63986) |
| Nu Skin Enterprises, Inc.Class A | (5711) |  | (45631) |
|  |  |  | (3989055) |
| **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** |
| Bausch Health Cos., Inc. (a) | (18019) |  | (120007) |
| Elanco Animal Health, Inc. (a) | (10800) |  | (154224) |
| Organon & Co. | (12125) |  | (117370) |
|  Prestige Consumer Healthcare, Inc. (a)  | (6230) |  | (497465) |
| Viatris, Inc. | (9601) |  | (85737) |
|  |  |  | (974803) |
| **Professional Services — (0.1)%** | **Professional Services — (0.1)%** | **Professional Services — (0.1)%** | **Professional Services — (0.1)%** |
| CACI International, Inc., Class A (a) | (296) |  | (141103) |
| Fiverr International Ltd. (a) | (31519) |  | (924452) |
| Paycom Software, Inc. | (114) |  | (26380) |
| Willdan Group, Inc. (a) | (16400) |  | (1025164) |
|  |  |  | (2117099) |
| **Real Estate Management & Development — (0.1)%** | **Real Estate Management & Development — (0.1)%** | **Real Estate Management & Development — (0.1)%** | **Real Estate Management & Development — (0.1)%** |
| eXp World Holdings, Inc. | (44979) |  | (409309) |
| Landbridge Co. LLCClass A | (5162) |  | (348848) |
|  |  |  | (758157) |
| **Residential REITs — (0.0)%** | **Residential REITs — (0.0)%** | **Residential REITs — (0.0)%** | **Residential REITs — (0.0)%** |
|  Apartment Investment & Management Co., Class A  | (1779) |  | (15389) |
| Independence Realty Trust, Inc. | (790) |  | (13975) |
| Sun Communities, Inc. | (121) |  | (15305) |
|  |  |  | (44669) |
| **Semiconductors & Semiconductor Equipment — (0.3)%** | **Semiconductors & Semiconductor Equipment — (0.3)%** | **Semiconductors & Semiconductor Equipment — (0.3)%** | **Semiconductors & Semiconductor Equipment — (0.3)%** |
|  Alpha & Omega Semiconductor Ltd. (a)  | (840) |  | (21554) |
| Entegris, Inc. | (4763) |  | (384136) |
| First Solar, Inc. (a) | (5583) |  | (924210) |
| FormFactor, Inc. (a) | (63) |  | (2168) |
| Impinj, Inc. (a) | (6321) |  | (702074) |
| Lattice Semiconductor Corp. (a) | (9654) |  | (472949) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  | **Value**  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | (122) | $| (17481) |
| Microchip Technology, Inc. | (9754) |  | (686389) |
| Navitas Semiconductor Corp. (a) | (251480) |  | (1647194) |
| Power Integrations, Inc. | (294) |  | (16435) |
| Qorvo, Inc. (a) | (985) |  | (83636) |
|  |  |  | (4958226) |
| **Software — (0.6)%** | **Software — (0.6)%** | **Software — (0.6)%** | **Software — (0.6)%** |
| Agilysys, Inc. (a) | (390) |  | (44710) |
| AppLovin Corp., Class A (a) | (2270) |  | (794682) |
| Bentley Systems, Inc., Class B | (4780) |  | (257977) |
| Bill Holdings, Inc. (a) | (4685) |  | (216728) |
| C3.ai, Inc., Class A (a) | (28330) |  | (696068) |
| Cadence Design Systems, Inc. (a) | (59) |  | (18181) |
| Clear Secure, Inc., Class A | (8254) |  | (229131) |
| Confluent, Inc., Class A (a) | (91086) |  | (2270774) |
| Daily Journal Corp. (a) | (27) |  | (11401) |
| Digimarc Corp. (a) | (226) |  | (2985) |
| Five9, Inc. (a) | (12537) |  | (331980) |
| Freshworks, Inc., Class A (a) | (40972) |  | (610892) |
| Gen Digital, Inc. | (4997) |  | (146912) |
| Gitlab, Inc., Class A (a) | (10175) |  | (458994) |
| I3 Verticals, Inc., Class A (a) | (1537) |  | (42237) |
| Klaviyo, Inc., Class A (a) | (1571) |  | (52754) |
| MicroStrategy, Inc., Class A (a) | (913) |  | (369062) |
| nCino, Inc. (a) | (22370) |  | (625689) |
| NCR Voyix Corp. (a) | (5662) |  | (66415) |
| RingCentral, Inc., Class A (a) | (7842) |  | (222321) |
| UiPath, Inc., Class A (a) | (13073) |  | (167334) |
| Unity Software, Inc. (a) | (21835) |  | (528407) |
| Workiva, Inc. (a) | (5930) |  | (405908) |
|  |  |  | (8571542) |
| **Specialized REITs — (0.0)%** | **Specialized REITs — (0.0)%** | **Specialized REITs — (0.0)%** | **Specialized REITs — (0.0)%** |
| Gladstone Land Corp. | (1355) |  | (13780) |
| National Storage Affiliates Trust | (7012) |  | (224314) |
|  |  |  | (238094) |
| **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** |
| Academy Sports & Outdoors, Inc. | (2866) |  | (128425) |
| Advance Auto Parts, Inc. | (7215) |  | (335425) |
| Build-A-Bear Workshop, Inc. | (136) |  | (7012) |
| Caleres, Inc. | (1200) |  | (14664) |
| Carvana Co. (a) | (902) |  | (303938) |
| EVgo, Inc. (a) | (186712) |  | (681499) |
| Five Below, Inc. (a) | (2369) |  | (310765) |
| Foot Locker, Inc. (a) | (18104) |  | (443548) |
| Monro, Inc. | (7291) |  | (108709) |
| RH (a) | (3988) |  | (753772) |
| Shoe Carnival, Inc. | (1060) |  | (19833) |
| Signet Jewelers Ltd. | (1475) |  | (117336) |
| Tractor Supply Co. | (302) |  | (15937) |
| Wayfair, Inc., Class A (a) | (6736) |  | (344479) |
|  |  |  | (3585342) |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| **Technology Hardware, Storage & Peripherals — (0.0)%** | **Technology Hardware, Storage & Peripherals — (0.0)%** | **Technology Hardware, Storage & Peripherals — (0.0)%** |
| Eastman Kodak Co. (a) | (2017) | $(11396) |
| Super Micro Computer, Inc. (a) | (9702) | (475495) |
| Turtle Beach Corp. (a) | (277) | (3831) |
| Western Digital Corp. | (583) | (37306) |
|  |  | (528028) |
| **Textiles, Apparel & Luxury Goods — (0.2)%** | **Textiles, Apparel & Luxury Goods — (0.2)%** | **Textiles, Apparel & Luxury Goods — (0.2)%** |
| Capri Holdings Ltd. (a) | (7329) | (129723) |
| Deckers Outdoor Corp. (a) | (298) | (30715) |
| NIKE, Inc., Class B | (12318) | (875071) |
| PVH Corp. | (490) | (33614) |
| Under Armour, Inc., Class A (a) | (130730) | (892886) |
| VF Corp. | (33759) | (396668) |
|  |  | (2358677) |
| **Trading Companies & Distributors — (0.1)%** | **Trading Companies & Distributors — (0.1)%** | **Trading Companies & Distributors — (0.1)%** |
| Core & Main, Inc., Class A (a) | (8458) | (510440) |
| Hudson Technologies, Inc. (a) | (1886) | (15314) |
| NPK International, Inc. (a) | (284) | (2417) |
| QXO, Inc. (a) | (29951) | (645145) |
| Rush Enterprises, Inc., Class A | (4926) | (253738) |
| Xometry, Inc., Class A (a) | (1988) | (67175) |
|  |  | (1494229) |
|  Total U.S. Common Stocks <br> (Proceeds $(123535167))  |  | (131979266) |
| **Foreign Common Stocks — (0.7)%** | **Foreign Common Stocks — (0.7)%** | **Foreign Common Stocks — (0.7)%** |
| **Argentina — (0.0)%** | **Argentina — (0.0)%** | **Argentina — (0.0)%** |
| Central Puerto SA — SPADR (a) | (1643) | (19190) |
|  Loma Negra Cia Industrial Argentina SA — SPADR (a)  | (1404) | (15402) |
| Pampa Energia SA — SPADR (a) | (511) | (35453) |
|  |  | (70045) |
| **Bahamas — (0.0)%** | **Bahamas — (0.0)%** | **Bahamas — (0.0)%** |
| OneSpaWorld Holdings Ltd. | (19447) | (396524) |
| **Belgium — (0.0)%** | **Belgium — (0.0)%** | **Belgium — (0.0)%** |
| Galapagos NV — SPADR (a) | (469) | (13128) |
| Liberty Global Ltd., Class C (a) | (42304) | (436154) |
|  |  | (449282) |
| **Brazil — (0.0)%** | **Brazil — (0.0)%** | **Brazil — (0.0)%** |
| Adecoagro SA | (3083) | (28179) |
| VTEX, Class A (a) | (2207) | (14566) |
|  |  | (42745) |
| **Canada — (0.5)%** | **Canada — (0.5)%** | **Canada — (0.5)%** |
| 5N Plus, Inc. (a) | (23000) | (150997) |
| Algonquin Power & Utilities Corp. | (72300) | (413598) |
| Cardinal Energy Ltd. | (123400) | (610770) |
| Definity Financial Corp. | (8800) | (512911) |
| Denison Mines Corp. (a) | (615400) | (1125277) |
| Diversified Royalty Corp. | (9900) | (23119) |
| Equinox Gold Corp. (a) | (117355) | (677371) |
| Global Atomic Corp. (a) | (138100) | (62876) |
| Gold Royalty Corp. (a) | (8805) | (19459) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares**  | **Value**  |
| i-80 Gold Corp. (a) | (1083900) | $(668607) |
| Mattr Corp. (a) | (29100) | (257076) |
| Mattr Corp. (a) | (75000) | (661465) |
| MTY Food Group, Inc. | (12600) | (393244) |
| Parex Resources, Inc. | (52200) | (533212) |
| SSR Mining, Inc. (a) | (254) | (3236) |
| Torex Gold Resources, Inc. (a) | (8800) | (287054) |
| Victoria Gold Corp./Vancouver (a) (d)  | (1261221) | (9262) |
|  |  | (6409534) |
| **China — (0.1)%** | **China — (0.1)%** | **China — (0.1)%** |
| BeOne Medicines Ltd. — ADR (a) | (431) | (104332) |
| Hello Group, Inc. — SPADR | (2756) | (23261) |
| HUYA, Inc. — ADR | (3598) | (12665) |
| iQIYI, Inc. — ADR (a) | (174554) | (308961) |
| RLX Technology, Inc. — ADR | (27378) | (60505) |
|  |  | (509724) |
| **Finland — (0.0)%** | **Finland — (0.0)%** | **Finland — (0.0)%** |
| Amer Sports, Inc. (a) | (902) | (34962) |
| **Germany — (0.0)%** | **Germany — (0.0)%** | **Germany — (0.0)%** |
| Birkenstock Holding PLC (a) | (1168) | (57442) |
| **Greece — (0.0)%** | **Greece — (0.0)%** | **Greece — (0.0)%** |
| Danaos Corp. | (1818) | (156784) |
| **Ireland — (0.0)%** | **Ireland — (0.0)%** | **Ireland — (0.0)%** |
| Cimpress PLC (a) | (77) | (3619) |
| **Israel — (0.1)%** | **Israel — (0.1)%** | **Israel — (0.1)%** |
| Mobileye Global, Inc., Class A (a) | (58814) | (1057476) |
| **Japan — (0.0)%** | **Japan — (0.0)%** | **Japan — (0.0)%** |
| Allegro MicroSystems, Inc. (a) | (7538) | (257724) |
| **Norway — (0.0)%** | **Norway — (0.0)%** | **Norway — (0.0)%** |
| Seadrill Ltd. (a) | (5476) | (143745) |
| **Peru — (0.0)%** | **Peru — (0.0)%** | **Peru — (0.0)%** |
|  Cia de Minas Buenaventura SAA — ADR  | (110) | (1806) |
| **South Africa — (0.0)%** | **South Africa — (0.0)%** | **South Africa — (0.0)%** |
| Sibanye Stillwater Ltd. — ADR (a) | (18142) | (130985) |
| **Taiwan — (0.0)%** | **Taiwan — (0.0)%** | **Taiwan — (0.0)%** |
| Himax Technologies, Inc. — ADR | (2565) | (22906) |
| **Thailand — (0.0)%** | **Thailand — (0.0)%** | **Thailand — (0.0)%** |
| BKV Corp. (a) | (474) | (11433) |
| Fabrinet (a) | (143) | (42139) |
|  |  | (53572) |
| **United Kingdom — (0.0)%** | **United Kingdom — (0.0)%** | **United Kingdom — (0.0)%** |
| Endava PLC — SPADR (a) | (4378) | (67071) |
|  Total Foreign Common Stocks <br> (Proceeds $(10927790))  |  | (9865946) |
|  Total Common Stocks <br> (Proceeds $(134462957))  |  | (141845212) |
|  Total Securities Sold Short — (10.0)%<br>(Proceeds $(134462957))  |  | $(141845212) |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

#### Financial Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br>Contracts** | **Expiration<br>Date**  | **Type**  | **Initial Notional<br>value/(Proceeds)**  | **Notional Value at June 30, 2025**  | **Unrealized<br>Appreciation/<br>(Depreciation)**  |
|  |  | **Long Financial Futures Contracts** |  |  |  |
|  |  | ***Interest Rate-Related*** |  |  |  |
| 573 | 09/19/2025 | U.S. Treasury Note 10 Year Futures | $63109564 | $64247625 | $1138061 |
| 393 | 09/19/2025 | Ultra U.S. Treasury Note 10 Year Futures | 43768570 | 44906391 | 1137821 |
|  |  |  |  |  | 2275882 |
|  |  | ***Foreign Currency-Related*** |  |  |  |
| 91 | 09/15/2025 | Australian Dollar Currency Futures | 5947138 | 5996445 | 49307 |
| 92 | 09/15/2025 | British Pound Currency Futures | 7774959 | 7891875 | 116916 |
| 147 | 09/15/2025 | Euro Foreign Exchange Currency Futures | 21130944 | 21748650 | 617706 |
| 51 | 09/15/2025 | Swiss Franc Currency Futures | 7846563 | 8113144 | 266581 |
|  |  |  |  |  | 1050510 |
|  |  | ***Equity-Related*** |  |  |  |
| 480 | 09/19/2025 | Eurex EURO STOXX 50 Index Futures | 29923137 | 30119727 | 196590 |
| 590 | 09/19/2025 | MSCI China Index Futures | 17614210 | 17791450 | 177240 |
| 347 | 09/19/2025 | MSCI Japan Index Futures | 32835402 | 33697170 | 861768 |
| 379 | 09/19/2025 | U.S. MSCI EAFE Index Futures | 49869375 | 50818215 | 948840 |
| 107 | 09/19/2025 | U.S. MSCI Emerging Markets Index Futures | 6382503 | 6599225 | 216722 |
|  |  |  |  |  | 2401160 |
|  |  | **Short Financial Futures Contracts** |  |  |  |
|  |  | ***Foreign Currency-Related*** |  |  |  |
| (68) | 09/15/2025 | Japanese Yen Currency Futures | (5933141) | (5945325) | (12184) |
|  |  | ***Equity-Related*** |  |  |  |
| (88) | 09/19/2025 | EURO STOXX 600 Index Futures | (2839891) | (2812287) | 27604 |
| (3) | 09/19/2025 | FTSE MIB Index Futures | (704267) | (704155) | 112 |
| (3) | 09/29/2025 | HKG Hang Seng Index Futures | (450805) | (459251) | (8446) |
| (10) | 09/18/2025 | Montreal Exchange S&P/TSX 60 Index Futures  | (2325287) | (2349917) | (24630) |
| (30) | 09/19/2025 | Russell 2000 Value Index Futures | (3206713) | (3287550) | (80837) |
| (590) | 09/19/2025 | S&P 500 Index Futures | (179964268) | (184485625) | (4521357) |
| (12) | 09/18/2025 | S&P ASX Share Price 200 Index Futures | (1688665) | (1685588) | 3077 |
|  |  |  |  |  | (4604477) |
|  |  |  |  |  | $1110891 |

---

#### 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)**  |
| 08/18/2025 | Morgan Stanley Capital Services, Inc.  | USD | 39811265 | CAD | 54000000 | $73910 |

---

#### 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 Position Contracts** |  |  |  | |
| Anglo American PLC | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | $627465 | $2627 |
| Antofagasta PLC | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 188660 | (1102) |
| Boss Energy Ord | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 747829 | 133167 |
| Byd, Ltd. H | Morgan Stanley Capital Services, Inc.  | 10/6/2026  | 309565 | (201536) |
| Calb Ord H | Morgan Stanley Capital Services, Inc.  | 10/6/2026  | 165653 | 10768 |
| Jlmag Ord H | Morgan Stanley Capital Services, Inc.  | 10/6/2026  | 455026 | 21002 |
| Kghm Polska Miedz Ord | Morgan Stanley Capital Services, Inc.  | 2/2/2027  | 413013 | 21077 |
| Legrand Sa | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 639665 | 27590 |
| Lotus Resources Ord | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 136202 | 24 |
| Nexans Sa | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 1053386 | 99957 |

---

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty**  | **Maturity<br>Date**  | **Notional<br>Amount**  | **Net Unrealized<br>Appreciation<br>(Depreciation)**  |
| Rept Battero Ord H | Morgan Stanley Capital Services, Inc.  | 10/6/2026  | $101706 | $2186 |
| Schneider Electric | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 422465 | 9844 |
| Yellow Cake Ord | Morgan Stanley Capital Services, Inc.  | 8/4/2026  | 1693231 | 161520 |
|  |  |  |  | 287124 |
| **Short Position Contracts** |  |  |  |  |
| Byd, Ltd. H | Morgan Stanley Capital Services, Inc.  | 10/6/2026  | 726181 | 3390 |
| Centrus Energy Corp. Class A | Morgan Stanley Capital Services, Inc.  | 8/3/2026  | 333872 | (7209) |
| Ecopro Bm, Ltd. | Morgan Stanley Capital Services, Inc.  | 5/4/2027  | 91230 | (13079) |
| Lg Energy Solution, Ltd. | Morgan Stanley Capital Services, Inc.  | 5/4/2027  | 87636 | (5437) |
| Mp Materials Cl A Ord | Morgan Stanley Capital Services, Inc.  | 8/3/2026  | 498693 | (3318) |
| Nano Nuclear Energy Ord | Morgan Stanley Capital Services, Inc.  | 8/3/2026  | 202603 | 4045 |
| Nuscale Power Corp. Class A | Morgan Stanley Capital Services, Inc.  | 8/3/2026  | 210093 | (6894) |
| Posco Future M, Ltd. | Morgan Stanley Capital Services, Inc.  | 5/4/2027  | 95276 | (10055) |
| Tesla, Inc. | Morgan Stanley Capital Services, Inc.  | 8/3/2026  | 1697543 | 10451 |
| Vestas Wind Systems | Morgan Stanley Capital Services, Inc.  | 4/2/2027  | 613666 | 51524 |
|  |  |  |  | 23418 |
|  |  |  |  | $310542 |

---

---

| | | |
|:---|:---|:---|
| | **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; Chefs' Warehouse, Inc., Notional Amount $(90000), Strike Price $60 <br> Expiring 07/18/2025 (United States)  | (15) | $(6900) |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc., Notional Amount $(391000), Strike Price $115 <br> Expiring 09/19/2025 (United States)  | (34) | (13940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Calls <br> (Premiums received $39,865)  |  | $(20840) |
| **Puts — (0.0)%** | **Puts — (0.0)%** | **Puts — (0.0)%** |
| &nbsp;&nbsp;&nbsp; iShares S&P/TSX 60 Index ETF, Notional Amount $(7220000), Strike Price $38 <br> Expiring 07/18/2025 (Canada)  | (1900) | (5581) |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp., Notional Amount $(151000), Strike Price $10 <br> Expiring 10/17/2025 (United States)  | (151) | (6795) |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Notional Amount $(96000), Strike Price $10 <br> Expiring 12/19/2025 (United States)  | (96) | (14880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Puts <br> (Premiums received $60,479)  |  | $(27256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Written Options <br> (Premiums received $100,344)  |  | $(48096) |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ASX | Australian Securities Exchange |
| CAD | Canadian Dollar |
| CME | Chicago Mercantile Exchange |
| 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 |
| 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 $142,465,345, which represents 10.1% of the fund's net assets.

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

------

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

Multi-Asset

---

| | |
|:---|:---|
| TIFF Multi-Asset Fund / Schedule of Investments (Unaudited) | **June 30, 2025** |

---

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

(e) Restricted Securities. The following restricted securities were held by the fund as of June 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment Strategy**  | **Date of<br>Acquisition**  | **Cost**  | **Value**  |
| **U.S. Common Stocks** |  |  |  |  |
| Swiftmerge Acquisition Corp. |  | 12/15/21  | $5 | $12442 |
|  |  |  |  | 12442 |
| **Foreign Common Stocks** |  |  |  |  |
| Somerset Energy Partners Corp. |  | 04/08/22  | 31072 | 33464 |
|  |  |  |  | 33464 |
| **Warrants** |  |  |  |  |
| Esports Technologies, Inc. |  | 11/18/21  |  | 1 |
| Royal Helium Ltd. |  | 12/30/22  |  |  |
| Royal Helium Ltd. |  | 06/02/23  |  |  |
|  |  |  |  | 1 |
| **Convertible Bonds** |  |  |  |  |
| Royal Helium Ltd. |  | 06/02/23  |  |  |
| Royal Helium Ltd. |  | 12/30/22 – 06/30/23  | 187813 |  |
| **Corporate Bonds** |  |  |  |  |
| Trillion Energy International, Inc. |  | 04/05/23  | 337084 | 316585 |
|  |  |  |  | 316585 |
| **Private Investment Funds** |  |  |  |  |
| Bellus Ventures II LP | California Carbon Allowances  | 10/01/21 – 12/02/24  | 15701545 | 14254159 |
| Eversept Global Healthcare Fund LP | Long-Short Global Healthcare  | 02/01/19  | 13581077 | 20741695 |
| Farallon Capital Institutional Partners LP | Multi-Strategy | 01/01/13  | 580749 | 565485 |
| Helikon Long Short Equity Fund ICAV | Long-Short European | 01/01/21  | 6501673 | 33240152 |
| Honeycomb Partners LP | Long-Short Global | 02/28/17 – 07/01/17  | 10508756 | 20501766 |
| Northwest Feilong Fund, Ltd. | China Credit | 05/01/20 – 03/04/24  | 8753803 | 11216804 |
| Voloridge Fund LP | Directional | 01/01/23  | 5015363 | 6333742 |
| Voloridge Trading Aggressive Fund | Directional | 12/01/23 – 09/01/24  | 25000000 | 31803262 |
|  |  |  |  | 138657065 |
| **Preferred Stocks** |  |  |  |  |
| Synaptive Medical, Inc., Class B |  | 02/03/20 – 12/29/23  | 129999 |  |
| Total (9.8% of Net Assets) |  |  |  | $139019557 |

---

(f) Security or a portion thereof was held on loan. As of June 30, 2025, the aggregate market value of securities on loan was $18,475,454; the total market value of collateral held by the Fund was $19,401,682. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $9,970,492.

(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 June 30, 2025 the aggregate value of these securities was $8,176,832, which represents 0.6% 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 June 30, 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.

(j) Current yield as of June 30, 2025.

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

------

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

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Assets and Liabilities (Unaudited)** 

<br> ---

| | |
|:---|:---|
| | **June 30, 2025**  |
| **Assets** |  |
| Investments in securities, at value (cost: $1,128,993,059) including securities on loan of $18,475,454 | $1384422994 |
| Repurchase agreements (cost: $113,629,151) | 113629151 |
| &nbsp;&nbsp;&nbsp; Total investments (cost: $1,242,622,210)  | 1498052145 |
| Cash | 183244 |
| Cash denominated in foreign currencies (cost: $6,183,733) | 6261682 |
| &nbsp;&nbsp;&nbsp; Total Cash  | 6444926 |
| Deposits with brokers for future contracts | 26006423 |
| Deposits with broker for swap contracts | 6263000 |
| Due from broker for futures variation margin | 3137760 |
| Unrealized appreciation on swap contracts | 559172 |
| Deposits with broker for forward currency contracts | 1620000 |
| Unrealized appreciation on forward currency contracts | 73910 |
| Deposits with broker for options contracts | 29838 |
| Advance purchase of investments | 47159 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold  | 33779097 |
| &nbsp;&nbsp;&nbsp; Capital stock sold  | 6357757 |
| &nbsp;&nbsp;&nbsp; Dividends and tax reclaims  | 1093567 |
| &nbsp;&nbsp;&nbsp; Interest  | 519254 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 13314 |
| Prepaid expenses | 26073 |
| **Total Assets** | 1584023395 |
| **Liabilities** |  |
| Cash collateral received for securities on loan | 8867336 |
| Securities sold short, at value (proceeds: $134,462,957) | 141845212 |
| Due to broker for futures variation margin | 4282616 |
| Unrealized depreciation on swap contracts | 248630 |
| Written options, at value (premium received $100,344) | 48096 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased  | 13207853 |
| &nbsp;&nbsp;&nbsp; Money manager fees  | 1074220 |
| &nbsp;&nbsp;&nbsp; Fund administration and custody fees  | 487392 |
| &nbsp;&nbsp;&nbsp; Investment advisory and administrative fees  | 349085 |
| &nbsp;&nbsp;&nbsp; Capital stock redeemed  | 100000 |
| &nbsp;&nbsp;&nbsp; Dividends and interest on securities sold short  | 68808 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer's costs and Trustee's fees  | 23953 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 265789 |
| **Total Liabilities** | 170868990 |
| **Net Assets** | $1413154405 |
| **Shares Outstanding (unlimited authorized shares, par value $0.001)** | 86447910 |
| **Net Asset Value Per Share** | $16.35 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | $1196714019 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)  | 216440386 |
| **Net Assets** | $1413154405 |

---

See accompanying Notes to Financial Statements.

------

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

Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Operations (Unaudited)** 

<br> ---

| | |
|:---|:---|
| | **Six Months Ended<br>June 30, 2025**  |
| **Investment Income** |  |
| Dividends (net of foreign withholding taxes of $402,239) | $6281982 |
| Interest | 2773446 |
| Securities lending | 80330 |
| **Total Investment Income** | 9135758 |
| **Expenses** |  |
| Money manager fees | 3211681 |
| Investment advisory fees | 1595904 |
| Fund administration and custody fees | 747522 |
| Administrative fees | 455525 |
| Professional fees | 302924 |
| Chief Compliance Officer's costs and Trustee's fees | 143295 |
| Miscellaneous fees and other | 122414 |
| **Total Operating Expenses** | 6579265 |
| Dividends and interest on securities sold short | 490965 |
| Broker fees on securities sold short | 706354 |
| **Total Expenses** | 7776584 |
| Less: Investment Advisory fee waiver | (159590) |
| **Total Expenses after Fees Waived** | 7616994 |
| **Net Investment Income** | 1518764 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp; Investments  | 53186909 |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 8301467 |
| &nbsp;&nbsp;&nbsp; Swap contracts  | (942277) |
| &nbsp;&nbsp;&nbsp; Financial futures contracts  | 16473798 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts  | (1261282) |
| &nbsp;&nbsp;&nbsp; Foreign currency-related transactions  | 386082 |
| &nbsp;&nbsp;&nbsp; Written options  | (4791526) |
| **Net Realized Gain from Investments, Derivatives, and Foreign Currencies** | 71353171 |
| **Net Change in Unrealized Appreciation (Depreciation) from:** |  |
| &nbsp;&nbsp;&nbsp; Investments  | 63121413 |
| &nbsp;&nbsp;&nbsp; Securities sold short  | (9649971) |
| &nbsp;&nbsp;&nbsp; Swap contracts  | 412443 |
| &nbsp;&nbsp;&nbsp; Financial futures contracts  | 1662293 |
| &nbsp;&nbsp;&nbsp; Forward currency contracts  | (468248) |
| &nbsp;&nbsp;&nbsp; Foreign currency-related transactions  | 116439 |
| &nbsp;&nbsp;&nbsp; Written options  | 125015 |
| **Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies** | 55319384 |
| **Net Realized and Unrealized Gain on Investments, Derivatives, and Foreign Currencies** | 126672555 |
| **Net Increase in Net Assets Resulting from Operations** | $128191319 |

---

See accompanying Notes to Financial Statements.

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Multi-Asset

TIFF Multi-Asset Fund

 **Statements of Changes in Net Assets** 

<br> ---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025<br>(Unaudited)**  | **Year Ended<br>December 31, 2024**  |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income | $1518764 | $6460151 |
| Net realized gain from investments, derivatives, and foreign currencies | 71353171 | 105138253 |
|  Net change in unrealized appreciation on investments, derivatives, and foreign currencies  | 55319384 | 62852131 |
| **Net Increase in Net Assets Resulting from Operations** | 128191319 | 174450535 |
| **Distributions** |  |  |
| Distributions to shareholders |  | (103175824) |
| **Decrease in Net Assets Resulting from Distributions** |  | (103175824) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 37717706 | 64994935 |
| Proceeds from distributions reinvested |  | 100398936 |
| Cost of shares redeemed | (43280043) | (181343894) |
| **Net Decrease From Capital Share Transactions** | (5562337) | (15950023) |
| **Total Increase in Net Assets** | 122628982 | 55324688 |
| **Net Assets** |  |  |
| Beginning of period | 1290525423 | 1235200735 |
| End of period | $1413154405 | $1290525423 |
| **Capital Share Transactions (in shares)** |  |  |
| Shares sold | 2469253 | 4289019 |
| Shares reinvested |  | 6762801 |
| Shares redeemed | (2906051) | (12194372) |
| **Net Decrease** | (436798) | (1142552) |

---

See accompanying Notes to Financial Statements.

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Multi-Asset

TIFF Multi-Asset Fund

 **Statement of Cash Flows** 

<br> ---

| | |
|:---|:---|
| | **Period Ended<br>June 30, 2025**  |
| **Cash flows provided by (used in) operating activities** |  |
| Net increase (decrease) in net assets from operations | $128191319 |
|  Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash <br> provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased  | (1163727542) |
| &nbsp;&nbsp;&nbsp; Investments sold  | 1150655181 |
| &nbsp;&nbsp;&nbsp; Purchases to cover securities sold short  | (416083360) |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 428551588 |
| &nbsp;&nbsp;&nbsp; (Purchase)/Sale of short term investments, net  | 34044457 |
| &nbsp;&nbsp;&nbsp; Amortization (accretion) of discount and premium, net  | (730070) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on forward currency contracts  | 468248 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on swap contracts  | (412443) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposits with broker for forward currency contracts  | (660000) |
| &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  | (3295000) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in deposit with brokers for future contracts  | (6970675) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in advance purchase of investments  | 5364 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in due from broker for futures variation margin  | 63440 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in interest receivable  | (14465) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in due to broker for futures variation margin  | 2322734 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in receivable for dividends and tax reclaims  | (171567) |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in prepaid expenses  | 69469 |
| &nbsp;&nbsp;&nbsp; (Increase)/decrease in securities lending income receivable  | (654) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for money manager fees  | 161218 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for dividends and interest for securities sold short  | (11478) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for fund administration and custody fees  | 104062 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for Chief Compliance Officer's costs and Trustee's fees  | (1047) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in other accrued expenses and other liabilities  | 100950 |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in payable for investment advisory and administrative fees  | (1283) |
| &nbsp;&nbsp;&nbsp; Increase/(decrease) in premiums received on written options, net  | (1303716) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments  | (53186909) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from securities sold short  | (8301467) |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss from foreign currency-related transactions  | (386082) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on investments  | (63121413) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on securities sold short  | 9649971 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on foreign currency-related transactions  | (116439) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation on written options  | (125015) |
| Net cash provided by (used in) operating activities | 36487376 |
| **Cash flows provided by (used in) financing activities** |  |
| Proceeds from shares sold | 31419949 |
| Payment for shares redeemed | (64210043) |
| Net cash provided by (used in) financing activities | (32790094) |
| Effect of exchange rate changes on cash | 502521 |
| **Net increase (decrease) in cash** | 4199803 |
| **Cash at beginning of period** | 2245123 |
| **Cash at end of period** | $6444926 |

---

See accompanying Notes to Financial Statements.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 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 June 30, 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 (Unaudited) June 30, 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 (Unaudited) June 30, 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, 2024), 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 (Unaudited) June 30, 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 June 30, 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>  | $935386557 | $116611306 | $624329 | $1052622192 |
| &nbsp;&nbsp;&nbsp; Rights  |  | 84806 |  | 84806 |
| &nbsp;&nbsp;&nbsp; Warrants  | 311952 | 332843 | 44170 | 688965 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  |  | 316585 | 316585 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds  |  | 1771744 |  | 1771744 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds/Notes  |  | 39973395 |  | 39973395 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds and Mutual Funds  | 111959655 |  |  | 111959655 |
| &nbsp;&nbsp;&nbsp; Private Investment Funds  |  |  | 138657065 | 138657065 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks\*<sup>+</sup>  |  | 2312223 |  | 2312223 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 390454 |  |  | 390454 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  |  | 140407725 |  | 140407725 |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investment Company  | 8867336 |  |  | 8867336 |
| **Total Investments in Securities** | **1056915954** | **301494042** | **139642149** | **1498052145** |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Interest Rate Risk  | 2275882 |  |  | 2275882 |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Equity Risk  | 2431953 |  |  | 2431953 |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Foreign Currency Risk  | 1050510 |  |  | 1050510 |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts – Foreign Currency Risk  |  | 73910 |  | 73910 |
| &nbsp;&nbsp;&nbsp; Total Return Swap Contracts (CFD) – Equity Risk  |  | 559172 |  | 559172 |
| **Total Other Financial Instruments** | **5758345** | **633082** | **—** | **6391427** |
| **Total Assets** | $**1062674299** | $**302127124** | $**139642149** | $**1504443572** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks Sold Short\*  | (141835950) |  | (9262) | (141845212) |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Equity Risk  | (4635270) |  |  | (4635270) |
| &nbsp;&nbsp;&nbsp; Financial Futures Contracts – Foreign Currency Risk  | (12184) |  |  | (12184) |
| &nbsp;&nbsp;&nbsp; Total Return Swap Contracts (CFD) – Equity Risk  |  | (248630) |  | (248630) |
| &nbsp;&nbsp;&nbsp; Written Options – Equity Risk  | (48096) |  |  | (48096) |
| **Total Other Financial Instruments** | **(4695550)** | **(248630)** | **—** | (4944180) |
| **Total Liabilities** | $**(146531500)** | $**(248630)** | $**(9262)** | $**(146789392)** |

---

\*

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 (Unaudited) June 30, 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 June 30,<br>2025** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>from<br>Investments<br>still held as of<br>6/30/25<br>for the<br>period ended<br>6/30/25**  |
| **Common Stocks\*** | $559875 | $(342938) | $(944420) | $1351812 | $— | $— | $— | $624329 | $(944420) |
| **Warrants** |  |  | 44012 | 158 |  |  |  | 44170 | 44012 |
| **Private Investment Funds** | 164571727 | 18520933 | (7516576) |  | (36919019) |  |  | 138657065 | (2751369) |
| **Preferred Stocks** | 57942 |  | (57942) |  |  |  |  |  |  |
| **Corporate Bonds** | 315698 |  | 887 |  |  |  |  | 316585 | 887 |
| **Convertible Bonds** | 448445 | (5164) | (8880) |  | (434401) |  |  |  |  |
| **Common Stocks Sold Short** |  | (551742) | 1894292 |  | (1351812) |  |  | (9262) | 1894292 |
| &nbsp;&nbsp;&nbsp; **Total**  | $**165953687** | $**17621089** | $**(6588627)** | $**1351970** | $**(38705232)** | $**—** | $**—** | $**139632887** | $**(1756598)** |

---

\*

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, 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 (Unaudited) June 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of June 30, 2024**  | **Fair Value**  | **Valuation<br>Methodology**  | **Significant<br>Unobservable Inputs**  | **Range**  | **Weighted<br>Average\***  |
| Common Stocks | $581603 | Last market price  | Discount(%)  | 20% – 100%  | 84.72% |
|  | 33464 | Recent transaction price  | Recent transaction price  | $0.26  | $0.26 |
| Warrants | 44170 | Black-Scholes pricing model  | Volatility  | 55%  | 55% |
| Private Investment Funds  | 138657065 | Adjusted net asset value  | Manager estimated returns  | (2.09)% – 5.90%  | 0.32% |
|  |  |  | Market returns\*\*  | 0.00% – 0.49%  | 0.18% |
| Corporate bonds | 316585 | Recent transaction price  | Recent transaction price  | $69.76  | $69.76 |

---

\*

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 period ended June 30, 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 period ended June 30, 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) | $14254159 | quarterly  | 90 days  |
| Multi-Strategy (b) | 565485 | illiquid  | N/A  |
| Long-Short Global Healthcare (c) | 20741695 | quarterly  | 45 days  |
| Long-Short European (d) | 33240152 | monthly  | 60 days  |
| Long-Short Global (e) | 20501766 | quarterly  | 60 days  |
| China Credit (f) | 11216804 | monthly  | 45 days  |
| Directional (g) | 38137004 | monthly  | 30 days  |
| Total | $138657065 |  |  |

---

(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 $565,485 of redemption residuals.

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

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

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

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

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

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 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 period ended June 30, 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 period, 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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 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 period-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 June 30, 2025, the fund's derivative assets and liabilities (by contract type) are as follows:

---

| | | |
|:---|:---|:---|
| | **Assets**  | **Liabilities**  |
| Derivative Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $390454 | $— |
| &nbsp;&nbsp;&nbsp; Swap Contracts  | 559172 | (248630) |
| &nbsp;&nbsp;&nbsp; Forward Contracts  | 73910 |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 5758345 | (4647454) |
| &nbsp;&nbsp;&nbsp; Written Options  |  | (48096) |
| Total derivative assets and liablities | 6781881 | (4944180) |
| Derivatives not subject to a netting provision or similar arrangement | 6148799 | (4695550) |
| Total assets and liabilities subject to a netting provision or similar arrangement | $633082 | $(248630) |

---

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 June 30, 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**  |
| Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services, Inc  | $73910 | $— | $— | $73910 |
| Swap |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services, Inc  | 559172 | (248630) |  | 310542 |
| Total | $633082 | $(248630) | $— | $384452 |

---

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 June 30, 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**  |
| Swap |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services, Inc  | $(248360) | $248630 | $— | $— |
| Total | $(248360) | $248630 | $— | $— |

---

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 June 30, 2025. These derivatives are not accounted for as hedging instruments.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2025

The following table lists the fair values of the fund's derivative holdings as of June 30, 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  | $— | —% | $34782700 | 5.47% | $— | —% | $34782700 |
|  Total Return Basket Swap Contracts  | Unrealized appreciation<br>on swap contracts  |  | —% |  | —% |  | —% |  |
|  Total Return Swap Agreements (CFD)  | Unrealized appreciation <br> on swap contracts  |  | —% | 559172 | 0.03% |  | —% | 559172 |
|  Forward Currency Contracts  | Unrealized appreciation <br> on forward currency contracts  | 73910 | 0.02% |  | —% |  | —% | 73910 |
| Financial Futures Contracts  | Due from broker for futures <br> variation margin\*\*  | 1050510 | 0.03% | 2431953 | 0.22% | 2275882 | 0.09% | 5758345 |
| **Total Value – Assets** |  | $**1124420** |  | $**37773825** |  | $**2275882** |  | $**41174127** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Written Options | Written option, at value  | $— | —% | $(7948000) | -4.69% | $— | —% | $(7948000) |
|  Total Return Basket Swap Contracts  | Unrealized depreciation on <br> swap contracts  |  | —% |  | —% |  | —% |  |
|  Total Return Swap Agreements (CFD)  | Unrealized depreciation on <br> swap contracts  |  | —% | (248630) | 0.02% |  | —% | (248630) |
|  Forward Currency Contracts  | Unrealized depreciation on <br> forward currency contracts  |  | —% |  | —% |  | —% |  |
| Financial Futures Contracts  | Due to broker for futures <br> variation margin\*\*  | (12184) | 0.06% | (4635270) | 0.31% |  | -0.03% | (4647454) |
| **Total Value – Liabilities** |  | $**(12184)** |  | $**(12831900)** |  | $**—**  |  | $**(12844084)** |

---

\*

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 June 30, 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 three percentages.

\*\*

Includes appreciation (depreciation) on the date the contracts are opened through June 30, 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 period ended June 30, 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  | $— | $— | $5223256 | $5223256 |
| Written Options | Net realized gain (loss) <br> on Options written  |  |  | (4791526) | (4791526) |
| Swap Contracts | Net realized gain (loss) <br> on Swaps contracts  |  |  | (942277) | (942277) |
| Forward Currency Contracts | Net realized gain (loss) <br> on Forward <br> currency contracts  |  | (1261282) |  | (1261282) |
| Financial Futures Contracts | Net realized gain (loss) <br> on Financial <br> futures contracts  | (597389) | 5109652 | 11961535 | 16473798 |
| **Total Realized Gain (Loss)** |  | $**(597389)** | $**3848370** | $**11450988** | $**14701969** |

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2025

The following table lists the change in unrealized appreciation (depreciation) included in net increase in net assets resulting from operations for the period ended June 30, 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  | $— | $— | $(126747) | $(126747) |
| Written Options | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Option written  |  |  | 125015 | 125015 |
| Swap Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Swap contracts  |  |  | 412443 | 412443 |
| Forward Currency Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Forward currency contracts  |  | (468248) |  | (468248) |
| Financial Futures Contracts | Net Change in Unrealized <br> Appreciation (Depreciation) <br> on Financial futures contracts  | 3440416 | 2658409 | (4436532) | 1662293 |
|  **Total Change in Appreciation (Depreciation)**  |  | $**3440416** | $**2190161** | $**(4025821)** | $**1604756** |

---

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 June 30, 2025, $268,069 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 period ended June 30, 2025 were $159,590.

TAS provides certain administrative services to the fund under a services agreement. For these services, the fund pays a monthly fee calculated by applying an annual rate of 0.02% to the fund's average daily net assets for the month. Fees for such services paid to TAS by the fund are reflected as administrative fees on the Statement of Operations. As of June 30, 2025, $81,016 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 $84,724 for the period ended June 30, 2025 and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Operations. As of June 30, 2025, $(4,363) remained payable and are included in Chief Compliance Officer's costs and Trustee's fees on the Statement of Assets and Liabilities.

TIP's board, all of whom are considered "disinterested trustees" as defined in the 1940 Act, received compensation for their service as board members. The board members received compensation of $58,571 from MAF for the period ended June 30, 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 June 30, 2025, $28,316 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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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 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 period ended June 30, 2025 were as follows:

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  | **Blended Asset-Based and Performance-Based Fee Schedules [b]**  |
| **Asset-Based Portion – All Paid Monthly**  | **Asset-Based Portion – All Paid Monthly**  | **Asset-Based Portion – All Paid Monthly**  | **Asset-Based Portion – All Paid Monthly**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  | **Performance-Based Portion – All Paid Annually (unless otherwise noted)**  |
| **Money Manager/<br>Strategy** | **Minimum (a)**  | **Maximum (a)**  | **Breakpoints**  | **Benchmark/Hurdle (b)**  | **High Water<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  |
|  Greenhouse Funds LLLP  | 0.50% |  |  | Russell 2000 Total <br> Return Index | YES | 20% (c)  |  | 12-month period <br> ending June 30  |
| Keel Capital AB  | 1.30% |  |  |  | YES | 20% (c)  |  | Calendar <br> Year  |
|  Kopernik Global <br> Investors, LLC  | 0.10% |  |  | MSCI All Country World <br> Index (net) | YES | 20% (c)  |  | Calendar Year, <br> 50% deferred  |
|  Lynwood Price <br> Capital <br> Management <br>LP  | 0.25% | 0.75% | YES | S&P 500 Total Return Index | YES | 20% (c)  |  | Calendar Year  |
|  NewGen Asset <br> Management <br> Limited  | 1.50% |  |  |  | YES | 10% (c)  |  | Calendar <br> Year  |
|  Strategy <br> Capital, 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 <br> Capital <br> Management, <br>LLP  | 1.25% (h)  | 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. Fees are charged based on the greater of the management fee or the performance-based fee, but not both.

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

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TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2025

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

(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.

(h) Asset based fee minimum and maximum rate between 1.25% and 1.50% based on the total TIFF Assets invested being greater or less than $50 million.

Fees for such services paid to the individual money managers are reflected as money manager fees on the Statement of Operations. As of June 30, 2025, $1,074,220 remained payable and reflected as Money Manager fees on the Statement of Assets and Liabilities.

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

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 June 30, 2025, $487,392 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 period ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases**  | **Sales**  |
| **Non-US Government Securities** | $1548499667 | $1565363068 |

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8. Federal Tax Information

For federal income tax purposes, the cost of investments owned at June 30, 2025, has been estimated since the final tax characteristic cannot be determined until fiscal year end.

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| | | | |
|:---|:---|:---|:---|
| **Gross<br>Unrealized<br>Appreciation**  | **Gross<br>Unrealized<br>Depreciation**  | **Net Unrealized<br>Appreciation/<br>(Depreciation)**  | **Tax Cost of<br>Investments**  |
| $315850152 | $(219350896) | $96499256 | $1321620849 |

---

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

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

The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

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

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2025

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 June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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. | $113629151 | $— | $(113629151) | $— |
| Total | $113629151 | $— | $(113629151) | $— |

---

\*

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 June 30, 2025, the fund had securities on loan with an aggregate market value of $18,475,454; the total market value of collateral held by the fund was $19,401,682. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $9,970,492 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $8,867,336.

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.

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.

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Multi-Asset

TIFF Multi-Asset Fund / Notes to Financial Statements (Unaudited) June 30, 2025

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

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

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

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

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

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

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

13. Indemnifications

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

14. Subsequent Events

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

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| TIFF Multi-Asset Fund | **June 30, 2025** |

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 **Approval of Money Manager Agreements (Unaudited)** 

<br> #### Annual Approval of Advisory Agreements
During an in-person meeting held on June 18, 2025 (the "June Meeting"), the Board of Trustees (the "Board," with the members of the Board referred to as the "Trustees") of TIFF Investment Program ("TIP"), all of whom are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of TIP conducted its annual review (the "Annual Review") of the investment advisory agreement between TIFF Multi-Asset Fund ("Multi-Asset Fund" or "MAF") and TIFF Advisory Services, LLC ("TAS") (the "Investment Advisory Agreement"), the investment advisor to Multi-Asset Fund, as well as the money manager agreements between Multi-Asset Fund and its money managers (as sub-advisors) ("Money Manager Agreements"). The Investment Advisory Agreement and the Money Manager Agreements are collectively referred to herein as "Advisory Agreements," and Multi-Asset Fund may be referred to individually as the "Fund." The factors and information that the Trustees considered to be relevant in the exercise of their reasonable business judgment, and the findings relating thereto, are summarized below:

With respect to its consideration of these matters, the Board took into account its duties under the 1940 Act, as well as under the general principles of state law, in reviewing and approving advisory contracts. In advance of the June Meeting, the Board requested, received and considered information and materials from TAS and the money managers encompassing a wide variety of topics in connection with the proposals, including, among other things: information regarding personnel, organizational structure and services; information regarding investment processes and strategies; comparative information regarding Multi-Asset Fund's investment performance, fees and expenses; information regarding the potential for TAS to experience economies of scale in the provision of services to the Fund and the extent to which any potential scale benefits, if any, may be shared with shareholders; information regarding the overall financial condition of TAS and each money manager and each firm's ability to carry out its respective obligations to Multi-Asset Fund; with respect to TAS, profitability data and information about the methodology employed in determining profitability; and TAS's processes for vetting, selecting, monitoring and overseeing the money managers. Information about brokerage practices was also provided, including allocation methodologies, best execution, commission rates and soft dollar arrangements. Also provided to the Board was information about compliance, administration and risk management — such as information regarding risk monitoring; business continuity and disaster recovery planning and cybersecurity resources; vendor oversight; compliance program information, training, resources and related reporting; and, to the extent applicable, confirmations or disclosures regarding regulatory examinations, government inquiries, litigation or other proceedings affecting TAS or the money managers.

In addition, the Board considered the following: (1) a memorandum from the Board's independent legal counsel setting forth the Board's fiduciary duties and responsibilities under the 1940 Act and applicable state law and the factors the Board should consider in its evaluation of the Advisory Agreements and the Distribution Agreement; (2) responses submitted by TAS and each money manager to questionnaires prepared by the Board's independent legal counsel, on behalf of the independent Trustees, requesting information necessary for the Trustees' evaluation of the Advisory Agreements; (3) a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing the performance of Multi-Asset Fund to the performance of its applicable peer groups, and comparing Multi-Asset Fund's advisory fees and total expenses to those of its peer groups; (4) additional information from TAS regarding the fees charged by TAS to Multi-Asset Fund and to certain other private funds managed by TAS; (5) a report detailing Multi-Asset Fund assets under management, effective fee rates and fees paid to each money manager in 2024, and similar information for TAS; (6) a report of the ten brokers receiving the highest aggregate brokerage commissions by manager for the year ended December 31, 2024; (7) certain financial information about TAS; and (8) the direct and indirect benefits that accrue to TAS and its affiliates, and to the money managers, from their relationships with Multi-Asset Fund, which include fees paid to TAS by Multi-Asset Fund for TAS to perform certain administrative and other services for Multi-Asset Fund.

At the June Meeting, the Board met with representatives of TAS to discuss the materials provided in advance of the June Meeting. The Board, which is composed entirely of independent Trustees, also met independently of management, in executive sessions with their independent legal counsel, to review and discuss the materials provided.

In approving the continuation of the Advisory Agreement and each Money Manager Agreement, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of each Agreement. While attention was given to all information furnished, the following discusses the primary factors relevant to the Board's decisions. The Board concluded that Multi-Asset Fund's performance was acceptable and that its advisory fees and total expenses were reasonable in light of the nature, extent and quality of services provided.

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|:---|:---|
| TIFF Multi-Asset Fund | **June 30, 2025** |

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*Nature, Extent, and Quality of Services* 

The Board considered a number of factors in evaluating TAS and the money managers in connection with the Annual Contract Review. The Board noted that it receives information at regular meetings throughout the year related to the services rendered by TAS and the money managers, as well as Multi-Asset Fund's performance, expenses, and compliance information. It also noted that it receives information between regular meetings as the need arises. The Board's evaluation of the services provided by TAS and the money managers took into account the Trustees' knowledge and familiarity gained as Board members, including the scope and quality of TAS's investment management capabilities in selecting money managers, allocating Multi-Asset Fund's assets across money managers and asset classes, managing certain direct investments and asset types in-house (e.g., Treasuries, futures contracts, swaps, and other instruments), and its compliance responsibilities. Relatedly, the Board took into account the comprehensive due diligence and scoring process undertaken by TAS in connection with vetting prospective money managers, including the evaluation of each money manager's compliance program resources and compliance policies and procedures performed by TIP's CCO, as well as the ongoing oversight exercised by TAS over each money manager once onboarded. Consideration was also given to TAS's oversight of compliance with applicable laws and regulations and compliance-related resources devoted by TAS in support of Multi-Asset Fund's obligations pursuant to Rule 38a-1 under the 1940 Act and in monitoring compliance with investment guidelines and policies. The Board also considered TAS's efforts generally to ensure that third-party programs and vendors used to service Multi-Asset Fund, including for purposes of regulatory compliance support, are monitored effectively.

As part of its assessment of the nature, extent and quality of services, the Board considered each money manager's skills and experience in managing the underlying portfolios given the amount of assets and particular universe of asset types available to the manager, its trading acumen, its performance tendencies in various market cycles, and its process for risk monitoring and management. In addition, the Board considered each firm's practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions. Moreover, the Board considered reports from TAS regarding the operations of certain money managers, the performance and investment strategies of certain money managers in light of current market conditions, as well as the role that each money manager plays in Multi-Asset Fund's portfolio.

The Board concluded that, overall, it was satisfied with the nature, extent, and quality of the services provided under the Advisory Agreements by TAS and each of the money managers.

*Profitability* 

The Board considered the profitability of TAS as the investment adviser and its overall financial condition and ability to carry out its obligations to Multi-Asset Fund. The Board did not specifically consider the profitability of each money manager resulting from its relationship with Multi-Asset Fund because none of the money managers are affiliated with TAS or Multi-Asset Fund except by virtue of serving as a money manager, and the fees paid to each money manager by TIP were negotiated on an arm's-length basis in a competitive marketplace.

 *<u>TIFF Multi-Asset Fund Performance, Fees, and Expenses</u>* 

Multi-Asset Fund operates on a "multi-manager" basis, meaning that its assets are divided into multiple segments and those segments are managed by different investment management firms as money managers to Multi-Asset Fund. In addition, TAS manages a portion of Multi-Asset Fund's assets directly and is also responsible for determining such portion of Multi-Asset Fund's portfolio to be managed directly by TAS. Under this structure, TAS is responsible for managing and evaluating the performance of each money manager for its sleeve of the Fund, recommending to the Board the hiring, termination and replacement of each money manager and determining the appropriate manner in which to allocate assets among money managers, including TAS. There is no pre-specified target allocation of assets to any particular money manager. Each money manager manages one or more segments of Multi-Asset Fund pursuant to a money manager agreement between the money manager and TIP, on behalf of Multi-Asset Fund. Multi-Asset Fund also invests a portion of its assets in other investment funds (which are sometimes referred to as "underlying funds" or "acquired funds"), such as exchange-traded funds, open-end mutual funds, and private investment funds, such as hedge funds. As an investor in an acquired fund, Multi-Asset Fund bears its ratable share of expenses, including advisory and administration fees and other fees, of the acquired fund. Such fees and expenses are referred to as "underlying fund expenses" and represent the approximate fees and expenses indirectly incurred by Multi-Asset Fund as a result of its investments in acquired funds.

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| TIFF Multi-Asset Fund | **June 30, 2025** |

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<u>Money Managers Under Consideration and Performance Benchmarks Reviewed</u>:

AQR Capital Management, LLC

*Russell 1000 Index* 

CenterBook Partners LP

*MSCI ACWI 100% Hedged to USD Index* 

Fundsmith Investment Services Limited

*MSCI World Index*

Greenhouse Funds LLLP

*Russell 2000 Index* 

Kopernik Global Investors, LLC

*MSCI All Country World Index* 

Lynwood Price Capital Partners, LP

*S&P 500 Index* 

NewGen Asset Management Limited

*HFRI Equity Market Neutral Index* 

Strategy Capital, LLC

*S&P 500 Index* 

Westbeck Capital Management LLP

*Wilderhill Clean Energy Index* 

The Board reviewed various comparative data provided to it in connection with its consideration of the renewal of the Advisory Agreements, including, among other information, a comparison of Multi-Asset Fund's total return with four self-selected benchmarks and with that of other mutual funds deemed to be in its peer group and peer universe by Broadridge.

In particular, the Board reviewed Multi-Asset Fund's performance against its benchmarks (the four self-selected benchmarks were MAF's Strategic Asset Allocation (the "MAF SAA"), based on the normal allocation to each asset class, the 65/35 Mix (comprised of 65% MSCI All Country World Index and 35% Bloomberg US Aggregate Bond Index), the Consumer Price Index ("CPI") + 5% per annum, and MSCI ACWI Index), and a Broadridge peer universe. The Broadridge peer universe consisted of Multi-Asset Fund and all retail and institutional flexible portfolio funds, regardless of asset size or primary channel of distribution, as classified by Broadridge (the "Broadridge MAF peer universe"). The Board considered TAS's implementation of Multi-Asset Fund's investment strategy across multiple asset classes and money managers. With respect to Multi-Asset Fund's performance against its benchmarks and the Broadridge MAF peer universe, the Board made the following observations:

• **65/35 Mix**: The Fund's annualized total returns exceeded the benchmark for each period reviewed, including the one-year, five-year, ten-year and since-inception periods ended March 31, 2025;

• **CPI +5%**: Although the Fund's annualized total returns underperformed the benchmark for each of the one- and ten-year periods ended March 31, 2025, the Fund outperformed and equaled the benchmark for the five-year and since-inception periods, respectively, ended March 31, 2025;

• **MAF SAA**: The Fund's annualized total returns exceeded the benchmark for the one-year period ended March 31, 2025, and underperformed the benchmark for each other period reviewed.

• **MSCI ACWI Index**: Although the Fund's annualized total returns underperformed the benchmark for each of the five- and ten-year periods ended March 31, 2025, the Fund's annualized total returns exceeded the benchmark for both the one-year and since-inception periods ended March 31, 2025.

• **Broadridge MAF peer universe**: The Fund's returns exceeded the average of the Broadridge MAF peer universe for each of the one-, three-, five-, and ten-year periods ended March 31, 2025.

The Board's assessment of investment performance was also informed by its understanding of TAS's processes for overseeing and analyzing each money manager's performance, including regular reporting received by the IOC from TAS regarding risk attribution and asset class allocation, as well as information regarding the tenure and experience of each money manager.

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| TIFF Multi-Asset Fund | **June 30, 2025** |

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The Board also reviewed the fees and expenses of Multi-Asset Fund against an expense peer group provided by Broadridge. This expense peer group (the "MAF expense peer group") consisted of Multi-Asset Fund and sixteen other institutional flexible portfolio funds as classified by Broadridge. The Board observed that the contractual management fee of Multi-Asset Fund was above the MAF expense peer group average (based on total net assets as of March 31, 2025). In assessing the foregoing, the Trustees considered that MAF makes substantial use of performance-based fee arrangements with the money managers, which can lead to higher advisory fees when money managers perform well. The Board also observed that the actual total expenses of Multi-Asset Fund, both including and excluding the underlying fund expenses, exceeded the median of the MAF expense peer group for the latest fiscal year. The Board noted that, because the acquired funds in which Multi-Asset Fund invests typically use performance-based fee arrangements, the underlying fund expenses will tend to be higher when the acquired funds perform well; and further, that most of the other funds in the MAF expense peer group do not invest in acquired funds to the same degree as MAF, and, therefore, do not incur the same level of underlying fund expenses. The Board took into consideration management's discussion of the acquired funds' contributions to MAF's overall performance and the role such funds play in MAF's portfolio, as well as management's view that these factors offset the higher fees and expenses resulting from such investments.

The Board reviewed and discussed TAS's fee schedule and the fee schedules of the money managers, noting that TAS's fee schedule included breakpoints and that each of the money managers had an asset-based fee arrangement or a fee arrangement which included a combination of both an asset-based fee and a performance-based fee. The Board also assessed the extent to which Multi-Asset Fund enjoyed economies of scale resulting from the fee structures provided by TAS and by each of the money managers, noting that certain money managers' asset-based fee schedules did not include breakpoints, but their fee schedules were consistent generally with the fee schedules such managers had in place with, or offered to, other clients having substantially similar investment mandates. Additionally, the Board noted factors that contribute to the determination of fee rates for specific clients of certain money managers, such as client type, size of account and overall client relationship, account inception date, and client servicing obligations, among other things. Moreover, the Board considered that the fees of the money managers are negotiated at arm's length between TAS and each money manager. Further, with respect to those money managers that received performance-based fees, the Board felt that such fee schedules appropriately aligned the money managers' interests with those of Multi-Asset Fund's investors. As part of its analysis, the Board also considered the fees charged by TAS to MAF and certain other private funds managed by TAS.

Additionally, the Board considered the direct and indirect benefits that accrue to certain money managers as a result of their use of brokerage commissions paid by MAF, with respect to portfolio transactions undertaken by such money managers, to obtain research products and services.

*Results of Review of Advisory Agreements* 

After considering responses from TAS and each money manager to the questionnaires prepared by independent legal counsel on behalf of the independent Trustees and further discussion, the Board voted to approve the continuance of the Investment Advisory Agreement and the Money Manager Agreements for another year with respect to Multi-Asset Fund.

The Board based its evaluation on the material factors presented to it and discussed herein, including: (1) the terms of the agreements; (2) the reasonableness of the advisory and money manager fees in light of the nature and quality of the advisory services provided, and any additional benefits received by TAS or the money managers, as applicable, in connection with providing services to Multi-Asset Fund; (3) the nature, quality, and extent of the services performed by TAS and each of the money managers, as well as the cost to TAS of providing such services; (4) the contribution of each money manager toward the overall performance of Multi-Asset Fund; (5) the fees charged by TAS and each of the money managers; and (6) the overall organization and experience of TAS and each of the money managers.

Prior to a vote being taken to approve the continuance of the Investment Advisory Agreement and the Money Manager Agreements, the Trustees met separately in executive session to discuss the appropriateness of the agreements and other considerations. In their deliberations with respect to these matters, the Trustees were advised by their independent legal counsel. The Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. The Trustees concluded that the terms of the Advisory Agreements were reasonable, fair, and in the best interests of Multi-Asset Fund, and that the fees set forth in the agreements were fair and reasonable. In reaching its conclusion to approve the continuance of the Investment Advisory Agreement and the Money Manager Agreements for another year, the Board did not identify any single factor or group of factors as being determinative. Rather, the Board's approval was based on each Trustee's business judgment after consideration of all of these factors together, with a view toward past and future long-term considerations. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board.

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

Multi-Asset

TIFF Multi-Asset Fund June 30, 2025

 **Index Descriptions** 

<br> *Duration* is a measure of the sensitivity of the price of a bond or other fixed income instrument to a change in interest rates. In general, the higher the duration, the more a bond's price will drop as interest rates rise (and the greater the interest rate risk).

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

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

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

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

*WilderHill<sup>®</sup> Clean Energy Index* tracks the clean energy sector: specifically, businesses that stand to benefit substantially from a societal transition toward use of cleaner energy, zero-CO2 renewables, and conservation. The Index is calculated using a modified equal dollar weighting methodology, with component securities and weights determined by their respective sector and size. Stocks and sector weightings within the ECO Index are based on their significance for clean energy, technological influence and relevance to preventing pollution in the first place.

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**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.**

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract and Money Manager Agreements is included as part of the Financial Statements filed under Item 7(a) of this Form.

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

Not applicable to this Registrant.

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

Not applicable to this Registrant.

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

**Company and Affiliated Purchasers.**

Not applicable to this Registrant.

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

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) Code of Ethics is not applicable to this filing.

(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.](tm2523517d2_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.](tm2523517d2_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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | TIFF Investment Program |
| &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;Date | August 25, 2025 |

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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.

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| | |
|:---|:---|
| &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;Date | August 25, 2025 |

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| | |
|:---|:---|
| &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;Date | August 25, 2025 |

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## 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: | August 25, 2025 | /s/ Clarence Kane Brenan |
|  |  | Clarence Kane Brenan, Chief Executive Officer |

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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.

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| | | |
|:---|:---|:---|
| Date: | August 25, 2025 | /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 June 30, 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: | August 25, 2025 | /s/ Clarence Kane Brenan |
|  |  | Clarence Kane Brenan |
|  |  | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: | August 25, 2025 | /s/ Katherine M. Billings |
|  |  | Katherine M. Billings |
|  |  | Treasurer and Chief Financial Officer |

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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.