C000017543 Fees and Costs — TIFF Multi-Asset Fund
Data updated: 2026-08-31
The net expense ratio is 2.29%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.9M in broker commissions, 0.1384% of average net assets, and portfolio turnover was 290%.
C000017543 Fees and Expenses
Annual operating expenses and sales charges of C000017543. Prospectus, as of July 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.05% |
| 12b-1 fee | — |
| Other expenses | 0.53% |
| Gross expense ratio | — |
| Fee waiver | −0.03% |
| Net expense ratio | 2.29% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000017543 Costs Over Time
On $10,000 invested in C000017543, assuming 5% a year before costs, total costs come to $1,476 over 5 years, cutting the return by 2.55% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 2.29%) | $240 | $739 | $1,263 |
| Trading costs (broker commissions) | $15 | $45 | $76 |
| Lost growth on money paid in costs | $0 | $39 | $137 |
| Total costs | $255 | $823 | $1,476 |
| Value after costs | $10,245 | $10,753 | $11,287 |
| Impact on return, per year | 2.55% | 2.55% | 2.55% |
C000017543 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1384%
- Total broker commissions: $1.9M
- Bought from dealers (principal trades, not a cost): $29.0B
- Portfolio turnover (prospectus): 290%
- Securities on loan, average value: $29.6M
- Net income from securities lending: $156K (0.011% of average net assets)
C000017543 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $332K | 21.57% |
| Morgan Stanley & Co. LLC | $235K | 15.28% |
| BMO Capital Markets Corp. | $214K | 13.88% |
| Goldman Sachs & Co. LLC | $197K | 12.82% |
| J.P. Morgan Securities LLC | $191K | 12.40% |
| CIBC World Markets Corp. | $123K | 8.02% |
| National Bank of Canada Financial Inc. | $71K | 4.59% |
| Fidelity Brokerage Services LLC | $67K | 4.38% |
| Scotia Capital (USA) Inc. | $59K | 3.83% |
| TD Securities (USA) LLC | $50K | 3.25% |
C000017543 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $28.9B | 99.62% |
| Goldman Sachs & Co. LLC | $50.4M | 0.17% |
| Federal Reserve Bank of Boston | $26.5M | 0.09% |
| Jefferies LLC | $12.5M | 0.04% |
| BMO Capital Markets Corp. | $5.2M | 0.02% |
| RBC Capital Markets, LLC | $4.1M | 0.01% |
| CIBC World Markets Corp. | $3.7M | 0.01% |
| National Bank of Canada Financial Inc. | $3.4M | 0.01% |
| Canaccord Genuity LLC | $2.8M | 0.01% |
| RF Capital Group Inc. | $2.5M | 0.01% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.