TIFF Multi-Asset Fund

A series portfolio of TIFF Investment Program

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about TIFF Multi-Asset Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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’s costs for the last six months?

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
TIFF Multi-Asset Fund	$70	1.37%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$1,471,983,330
Number of Portfolio Holdings	1,574

Table Summary
Portfolio Turnover	86%

What did the Fund invest in?

(As of June 30, 2026)

Country Allocation (% of net assets)

Table Summary
Value	Value
United States	70.0%
Japan	4.9%
Canada	4.8%
Taiwan	1.2%
South Korea	1.0%
United Kingdom	0.7%
South Africa	0.7%
Cayman Islands	0.5%
Germany	0.5%
Other Countries	4.7%

Top 10 Holdings (% of net assets)

Table Summary
Value	Value
U.S. Treasury Bill	4.7%
State Street Navigator Securities Lending Government Money Market Portfolio	3.7%
Helikon Long Short Equity Fund ICAV	3.4%
Voloridge Trading Aggressive Fund	2.6%
NVIDIA Corp.	2.2%
Kotak Flexicap Feeder Fund LP	2.0%
Apple, Inc.	1.8%
Eversept Global Healthcare Fund LP	1.7%
Amazon.com, Inc.	1.6%
Invesco KBW Bank ETF	1.5%

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.

TIFF Multi-Asset Fund

Semi-Annual Shareholder Report - June 30, 2026

TSR-SAR 063026-TIFIMAA

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

Contents

TIFF Multi-Asset Fund


Financial Highlights	1
Schedule of Investments	2
Statement of Assets and Liabilities	25
Statement of Operations	26
Statements of Changes in Net Assets	27
Statements of Cash Flows	28
Notes to Financial Statements	29
Approval of Money Manager Agreements	45
Index Descriptions	53

About TIFF

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

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

TIP is pleased to provide this Semi-Annual Report for the period ended June 30, 2026.

For Further Information

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 27, 2026

	Number of Shares		Value
Investments — 89.1% of net assets
Common Stocks — 60.4%
U.S. Common Stocks — 41.7%
Advertising & Marketing — 0.0%
AppLovin Corp. ^(a)		383	$	197,333
Magnite, Inc. ^(a)		2,077		39,421
				236,754
Aerospace & Defense — 1.5%
Applied Aerospace & Defense, Inc. ^(a)		27,154		618,568
ATI, Inc. ^(a) ^(b)		3,256		641,758
Axon Enterprise, Inc. ^(a)		18,170		10,186,283
Boeing Company (The) ^(a) ^(b)		4,241		918,049
Curtiss-Wright Corp. ^(b)		120		90,931
FTAI Aviation Ltd. ^(b)		7,322		1,980,821
General Dynamics Corp. ^(b)		774		274,182
General Electric Co. ^(b)		8,473		3,166,614
Honeywell Aerospace Inc. ^(a)		267		58,918
Huntington Ingalls Industries, Inc.		769		215,235
Innovative Solutions and Support, Inc. ^(a)		32,280		581,040
Kratos Defense & Security Solutions, Inc. ^(a)		8,125		405,113
Leonardo DRS, Inc.		471		20,098
Lockheed Martin Corp. ^(b)		381		194,104
RTX Corp. ^(b)		199		37,756
Textron, Inc.		200		18,346
TransDigm Group, Inc.		2,125		2,830,585
				22,238,401
Apparel & Textile Products — 0.0%
VF Corp. ^(b)		14,767		246,314
Asset Management — 0.6%
Ameriprise Financial, Inc.		1,358		622,996
Blue Owl Capital, Inc.		6,844		59,885
Charles Schwab Corp. (The) ^(b)		764		70,494
Compass Diversified Holdings, Inc. ^(a)		42,405		452,037
Franklin Resources, Inc.		18,690		621,816
FTAI Infrastructure, Inc.		246,411		1,143,347
GitLab, Inc. ^(a)		23,510		717,760
Innventure, Inc. ^(a)		130,988		664,109
KKR & Company, Inc. ^(b)		20,501		1,881,583
Ranpak Holdings Corp. ^(a)		122,727		897,134
Stifel Financial Corp.		18,910		1,319,351
				8,450,512
Automotive — 0.5%
Aeva Technologies, Inc. ^(a)		19,002		545,737
Dana, Inc. ^(b)		2,324		63,236
Dorman Products, Inc. ^(a) ^(b)		94		12,826
Ford Motor Company ^(b)		46,159		641,610
Fox Factory Holding Corp. ^(a) ^(b)		17,645		298,995
Garrett Motion, Inc. ^(b)		4,818		174,556
Rivian Automotive, Inc. ^(a)		14,653		254,230
Tesla, Inc. ^(a) ^(b)		12,435		5,230,161

	Number of Shares		Value
XPEL, Inc. ^(a) ^(b)		2,188	$	108,525
				7,329,876
Banking — 1.2%
Bank of America Corp.		31,218		1,778,802
Citigroup, Inc.		5,939		831,222
Citizens Financial Group, Inc.		9,761		683,953
East West Bancorp, Inc.		169		21,816
Firstsun Capital Bancorp ^(a)		2,606		101,061
HomeStreet, Inc.		40,298		640,738
JPMorgan Chase & Co. ^(b)		20,373		6,668,695
Live Oak Bancshares, Inc.		4,664		190,478
PNC Financial Services Group, Inc. (The)		5,782		1,423,644
Prosperity Bancshares, Inc.		2,351		171,694
Texas Capital Bancshares, Inc.		8,377		865,009
US Bancorp ^(b)		1,606		97,002
Webster Financial Corp.		19,855		1,517,319
Wells Fargo & Co.		22,053		1,822,460
Western Alliance Bancorp		3,736		307,099
				17,120,992
Beverages — 0.1%
Boston Beer Company, Inc. (The) ^(a) ^(b)		1,642		290,683
Celsius Holdings, Inc. ^(a) ^(b)		38,502		1,127,339
PepsiCo, Inc. ^(b)		4,725		639,765
Suja Life, Inc. ^(a)		2,731		27,747
				2,085,534
Biotech & Pharma — 3.3%
ACADIA Pharmaceuticals, Inc. ^(a) ^(b)		3,838		97,101
Aclaris Therapeutics, Inc. ^(a)		5,154		27,265
Akebia Therapeutics, Inc. ^(a)		9,097		10,371
Alector, Inc. ^(a)		29,281		58,855
Alnylam Pharmaceuticals, Inc. ^(a) ^(b)		3,240		975,337
Alto Neuroscience, Inc. ^(a)		2,622		69,195
AnaptySBio, Inc. ^(a)		1,494		100,845
Arcutis Biotherapeutics, Inc. ^(a) ^(b)		7,180		188,260
ARDELYX, INC. ^(a)		38,134		194,483
Arrowhead Pharmaceuticals, Inc. ^(a)		24		1,956
ARS Pharmaceuticals, Inc. ^(a)		9,884		79,171
AtaiBeckley, Inc. ^(a)		31,477		165,884
Avalo Therapeutics, Inc. ^(a)		14,956		276,387
Beam Therapeutics Inc. ^(a)		3,387		116,242
Beta Bionics, Inc. ^(a)		27,834		436,159
BioCryst Pharmaceuticals, Inc. ^(a)		37,975		379,750
Biogen, Inc. ^(a) ^(b)		759		163,990
BioMarin Pharmaceutical, Inc. ^(a) ^(b)		18,544		1,061,088
Bristol-Myers Squibb Company ^(b)		42,020		2,421,192
Celldex Therapeutics, Inc. ^(a)		41,215		1,533,610
Cogent Biosciences, Inc. ^(a)		4,474		173,144
Contineum Therapeutics, Inc. ^(a)		2,874		47,105
Corcept Therapeutics, Inc. ^(a)		6,233		541,959
Corvus Pharmaceuticals, Inc. ^(a)		16,209		242,162
CytomX Therapeutics, Inc. ^(a)		74,413		279,049
Design Therapeutics, Inc. ^(a)		4,047		58,560

	Number of Shares		Value
Editas Medicine, Inc. ^(a)		9,793	$	31,729
Eli Lilly & Co. ^(b)		7,388		8,861,389
Enliven Therapeutics, Inc. ^(a)		2,944		149,408
Equillium, Inc. ^(a)		31,335		100,272
Evolus, Inc. ^(a)		3,593		24,935
Evommune, Inc. ^(a)		4,165		55,353
EyePoint, Inc. ^(a)		6,403		91,563
Generate Biomedicines, Inc. ^(a)		9,229		155,693
Geron Corp. ^(a)		374,534		479,404
Gilead Sciences, Inc. ^(b)		2,635		332,906
Grace Therapeutics, Inc. ^(a)		16,239		36,863
ImmunityBio, Inc. ^(a) ^(b)		58,313		510,530
Incyte Corp. ^(a)		2,921		331,125
Indivior Pharmaceuticals, Inc. ^(a)		3,313		135,932
Inovio Pharmaceuticals, Inc. ^(a)		21,590		23,749
Insmed, Inc. ^(a)		12,105		1,290,635
Invivyd, Inc. ^(a)		45,294		39,514
Ionis Pharmaceuticals, Inc. ^(a) ^(b)		22,461		1,780,933
Karyopharm Therapeutics, Inc. ^(a)		5,758		56,256
LB Pharmaceuticals, Inc. ^(a)		3,844		124,757
Legend Biotech Corp. ^(a)		70,368		2,032,228
Lipocine, Inc. ^(a)		6,201		15,875
Liquidia Corp. ^(a)		8,805		702,023
Merck & Company, Inc. ^(b)		2,587		332,430
Mineralys Therapeutics, Inc. ^(a)		55,118		1,487,084
Moderna, Inc. ^(a)		6,103		427,393
Neurocrine Biosciences, Inc. ^(a)		252		42,471
Odyssey Therapeutics, Inc. ^(a)		1,052		19,683
Palisade Bio, Inc. ^(a)		84,945		177,535
Pfizer, Inc. ^(b)		188,917		4,549,121
Pliant Therapeutics, Inc. ^(a)		17,429		19,869
PMV Pharmaceuticals, Inc. ^(a)		41,912		56,162
Protagonist Therapeutics, Inc. ^(a)		1,246		152,735
PTC Therapeutics, Inc. ^(a) ^(b)		2,912		237,532
Regeneron Pharmaceuticals, Inc. ^(b)		3,721		2,320,192
Relay Therapeutics, Inc. ^(a)		12,928		241,883
Relmada Therapeutics, Inc. ^(a)		5,817		40,254
Replimune Group, Inc. ^(a)		13,731		152,002
Revolution Medicines, Inc. ^(a)		3,326		622,893
Rigel Pharmaceuticals, Inc. ^(a)		12,747		498,663
Sarepta Therapeutics, Inc. ^(a)		31,359		563,521
Spruce Biosciences, Inc. ^(a)		832		44,928
Structure Therapeutics, Inc. ^(a) ^(b)		23,797		1,277,185
Surrozen, Inc. ^(a)		1,231		31,944
Syndax Pharmaceuticals, Inc. ^(a)		57,682		1,260,929
Tarsus Pharmaceuticals, Inc. ^(a)		1,092		68,730
Travere Therapeutics, Inc. ^(a) ^(b)		17,163		975,030
Ultragenyx Pharmaceutical, Inc. ^(a)		13,921		464,822
United Therapeutics Corp. ^(a)		5,592		3,029,913
Vaxcyte, Inc. ^(a)		13,331		774,931
VeraDermics, Inc. ^(a) ^(b)		4,699		577,695
Viking Therapeutics, Inc. ^(a)		7,531		293,784
Vir Biotechnology Inc. ^(a)		3,344		34,075
Viridian Therapeutics, Inc. ^(a)		18,364		337,347
Vor BioPharma, Inc. ^(a)		3,205		59,004

	Number of Shares		Value
Whitehawk Therapeutics, Inc. ^(a)		702	$	3,215
Xeris Biopharma Holdings, Inc. ^(a)		34,754		275,252
Xponential Fitness, Inc. ^(a)		94,311		652,632
Zoetis, Inc. ^(b)		1,771		127,264
				49,292,295
Cable & Satellite — 0.3%
Charter Communications, Inc. ^(a)		2,008		285,558
Comcast Corp. ^(b)		25,888		635,550
Liberty Broadband Corp. ^(a)		507		16,863
Space Exploration Technologies Corp. ^(a) ^(b)		23,416		4,000,857
				4,938,828
Chemicals — 0.5%
AdvanSix, Inc.		18,846		374,658
Albemarle Corp.		1,555		209,972
Dow, Inc. ^(b)		28,459		778,638
Ecovyst, Inc. ^(a) ^(b)		6,199		77,178
FMC Corp.		45,708		525,642
Ingevity Corp. ^(a) ^(b)		1,148		85,721
Mosaic Co. (The) ^(b)		37,999		805,199
Olin Corp. ^(b)		69,040		1,368,373
Perimeter Solutions, Inc. ^(a) ^(b)		72,817		2,595,926
Sensient Technologies Corp. ^(b)		4,196		517,325
Solstice Advanced Materials, Inc.		874		77,436
				7,416,068
Commercial Support Services — 0.1%
ADT, Inc.		13,893		90,305
AMN Healthcare Services, Inc. ^(a)		12,766		413,235
Brink’s Company (The)		184		17,386
Enviri Corp. ^(a) ^(b)		298		6,541
FTI Consulting, Inc. ^(a) ^(b)		1,486		221,429
Legalzoom.com, Inc. ^(a) ^(b)		18,057		110,689
Perma-Fix Environmental Services, Inc. ^(a)		1,380		19,720
				879,305
Construction Materials — 0.0%
Tecnoglass, Inc.		10,816		506,297
Consumer Services — 0.1%
AirSculpt Technologies, Inc. ^(a)		61,845		278,303
American Public Education, Inc. ^(a) ^(b)		6,227		334,390
Bright Horizons Family Solutions, Inc. ^(a)		11,913		844,393
Stride, Inc. ^(a) ^(b)		783		67,526
				1,524,612
Containers & Packaging — 0.0%
Crown Holdings, Inc. ^(b)		1,911		213,688
Diversified Industrials — 0.0%
3M Co. ^(b)		4,146		671,279
ITT, Inc.		10		1,978
				673,257
E-Commerce Discretionary — 1.7%
Amazon.com, Inc. ^(a) ^(b)		96,398		22,975,500

	Number of Shares		Value
Chewy, Inc. ^(a) ^(b)		60,607	$	1,190,928
eBay, Inc. ^(b)		1,117		124,825
MercadoLibre, Inc. ^(a)		313		531,283
Wayfair, Inc. ^(a)		691		63,862
				24,886,398
Electric Utilities — 0.4%
AES Corp. (The) ^(b)		37,224		545,704
Alliant Energy Corp.		307		23,421
American Electric Power Company, Inc.		334		45,695
Constellation Energy Corp. ^(b)		257		63,831
Duke Energy Corp. ^(b)		941		119,112
Edison International ^(b)		15,762		1,173,481
FirstEnergy Corp.		1,734		82,434
PG&E Corp.		121,755		2,047,920
PPL Corp.		10,198		370,697
Talen Energy Corp. ^(a) ^(b)		3,146		1,208,882
Xcel Energy, Inc.		224		17,987
				5,699,164
Electrical Equipment — 1.2%
AAON, Inc.		26		3,298
Acuity, Inc.		883		332,591
Advanced Energy Industries, Inc.		5,967		2,224,915
AMETEK, Inc. ^(b)		85		20,565
Amphenol Corp. ^(b)		20,942		3,692,493
Atkore, Inc.		2,420		184,017
Belden, Inc.		3,922		470,287
Evolv Technologies Holdings, Inc. ^(a)		199,614		1,157,761
GE Vernova, Inc. ^(b)		2,488		2,923,052
Hayward Holdings, Inc. ^(a)		20,380		352,778
Honeywell International, Inc.		1,693		378,951
Hubbell, Inc.		2,542		1,329,974
Keysight Technologies, Inc. ^(a)		755		264,303
Littelfuse, Inc.		43		19,579
Modine Manufacturing Company ^(a) ^(b)		637		170,092
Nextpower, Inc. ^(a)		17,903		2,132,963
NuScale Power Corp. ^(a)		35,612		357,188
Otis Worldwide Corp. ^(b)		448		32,077
Vertiv Holdings Company ^(b)		6,424		2,150,884
				18,197,768
Engineering & Construction — 0.5%
AECOM ^(b)		1,645		114,821
Bowman Consulting Group Ltd. ^(a)		10,521		307,213
Comfort Systems USA, Inc. ^(b)		1,470		2,913,466
EMCOR Group, Inc.		704		584,236
Fluor Corp. ^(a) ^(b)		838		43,903
Latham Group, Inc. ^(a) ^(b)		133,683		864,929
Limbach Holdings, Inc. ^(a)		9,791		753,907
Montrose Environmental Group, Inc. ^(a) ^(b)		24,029		485,626
Orion Group Holdings, Inc. ^(a)		21,443		360,671
Primoris Services Corp. ^(b)		10,876		1,078,029

	Number of Shares		Value
Quanta Services, Inc.		215	$	154,809
				7,661,610
Entertainment Content — 0.1%
ROBLOX Corp. ^(a)		28,524		1,551,134
Take-Two Interactive Software, Inc. ^(a)		1,049		262,229
Versant Media Group, Inc.		1		36
Walt Disney Co. (The) ^(b)		2,069		199,141
				2,012,540
Financials — 0.0%
BlackRock, Inc. ^(b)		24		23,077
Food — 0.2%
BellRing Brands, Inc. ^(a)		30,843		399,108
Darling Ingredients, Inc. ^(a) ^(b)		27,705		1,513,247
Lamb Weston Holdings, Inc.		5,450		235,331
Mama’s Creations, Inc. ^(a) ^(b) ^(c)		779		13,905
Seaboard Corp.		34		151,787
Tyson Foods, Inc.		4,869		278,750
				2,592,128
Gas & Water Utilities — 0.1%
Artesian Resources Corp.		2,521		85,689
Atmos Energy Corp.		674		116,110
BKV Corp. ^(a)		18,256		499,484
NiSource, Inc.		371		17,641
York Water Company (The)		1,234		37,822
				756,746
Health Care Facilities & Services — 1.3%
Agilon Health, Inc. ^(a)		967		103,643
Brookdale Senior Living, Inc. ^(a) ^(b)		95,475		1,536,193
Cencora, Inc. ^(b)		557		157,620
Centene Corp. ^(a)		20,988		1,347,220
Chemed Corp.		1,030		479,712
Cigna Group (The) ^(b)		512		141,148
Community Health Systems, Inc. ^(a)		107,017		357,437
Encompass Health Corp.		18,289		1,848,652
Ensign Group, Inc. (The)		11,419		1,830,466
HCA Healthcare, Inc.		2,153		839,433
HealthEquity, Inc. ^(a)		9,581		865,356
Humana, Inc.		737		292,751
Medpace Holdings, Inc. ^(a)		2,011		1,065,005
Molina Healthcare, Inc. ^(a)		8,131		1,859,559
National HealthCare Corp.		469		99,128
NeoGenomics, Inc. ^(a)		29,614		432,068
Oncology Institute, Inc. (The) ^(a)		188,873		1,025,580
Oscar Health, Inc. ^(a) ^(b)		1,784		50,880
Pennant Group, Inc. (The) ^(a)		9,877		364,955
Progyny, Inc. ^(a)		21,203		611,282
Sonida Senior Living, Inc. ^(a) ^(b)		9,649		393,679
Sotera Health Company ^(a) ^(b)		7,687		136,444
Tenet Healthcare Corp. ^(a)		2,926		547,396
UnitedHealth Group, Inc. ^(b)		3,516		1,461,355
Universal Health Services, Inc.		464		68,992
US Physical Therapy, Inc.		12,968		890,642
				18,806,596

	Number of Shares		Value
Home & Office Products — 0.1%
Arhaus, Inc.		161,008	$	1,355,687
Newell Brands, Inc.		95,291		585,087
				1,940,774
Home Construction — 0.1%
Armstrong World Industries, Inc. ^(b)		434		69,622
Mohawk Industries, Inc. ^(a) ^(b)		5,652		685,757
				755,379
Household Products — 0.1%
Church & Dwight Company, Inc.		3,807		368,822
Colgate-Palmolive Co.		307		28,146
Estee Lauder Companies, Inc. (The)		504		39,791
Kenvue, Inc. ^(b)		12,793		244,474
Procter & Gamble Co. (The) ^(b)		5,596		820,597
				1,501,830
Industrial Intermediate Products — 0.1%
Janus International Group, Inc. ^(a)		132,733		736,669
Mayville Engineering Company, Inc. ^(a)		1,481		55,478
Mueller Industries, Inc.		1,371		168,537
Proto Labs, Inc. ^(a)		147		11,982
RBC Bearings, Inc. ^(a)		518		333,623
Valmont Industries, Inc.		294		169,814
Xometry, Inc. ^(a) ^(b)		3,789		365,714
				1,841,817
Industrial Support Services — 0.0%
SiteOne Landscape Supply, Inc. ^(a)		2,666		305,017
WESCO International, Inc. ^(b)		120		41,452
				346,469
Institutional Financial Services — 0.2%
Bank of New York Mellon Corp. (The) ^(b)		2,500		361,525
CME Group, Inc. ^(b)		6,560		1,448,644
Evercore, Inc.		148		50,533
Intercontinental Exchange, Inc.		1,332		163,983
Jefferies Financial Group, Inc.		8,469		423,281
Morgan Stanley ^(b)		1,830		382,543
Northern Trust Corp.		892		155,065
State Street Corp.		176		29,850
Tradeweb Markets, Inc.		166		16,544
				3,031,968
Insurance — 0.8%
American International Group, Inc. ^(b)		1,312		97,783
Berkshire Hathaway, Inc. ^(a) ^(b)		15,952		7,982,221
CNA Financial Corp.		2,245		109,129
Everest Group Ltd.		1,650		589,430
Globe Life, Inc.		154		27,517
Hartford Insurance Group, Inc. (The)		646		85,608
Markel Group, Inc. ^(a)		19		37,107
MetLife, Inc.		1,307		110,585
Progressive Corp. (The)		4,933		1,077,614
Reinsurance Group of America, Inc.		1,858		395,104

	Number of Shares		Value
Selective Insurance Group, Inc.		4,148	$	402,397
Tiptree Financial, Inc. ^(b)		3,436		61,573
Travelers Companies, Inc. (The) ^(b)		1,159		382,609
				11,358,677
Internet Media & Services — 3.4%
Airbnb, Inc. ^(a) ^(b)		21,552		3,084,091
Alphabet, Inc.		22,096		7,807,180
Alphabet, Inc. ^(b)		31,450		11,239,287
Booking Holdings, Inc. ^(b)		5,620		1,001,709
Expedia Group, Inc. ^(b)		75		19,191
Groupon, Inc. ^(a)		40,428		972,698
Lyft, Inc. ^(a)		12,763		186,467
Match Group, Inc.		19,752		751,564
Meta Platforms, Inc. ^(b)		23,000		12,955,671
Netflix, Inc. ^(a) ^(b)		89,190		6,368,166
Snap, Inc. ^(a)		37,344		165,807
Uber Technologies, Inc. ^(a) ^(b)		55,129		3,978,109
VeriSign, Inc.		3,937		990,392
				49,520,332
Leisure Facilities & Services — 0.7%
Chipotle Mexican Grill, Inc. ^(a) ^(b)		16,101		547,434
Dave & Buster’s Entertainment, Inc. ^(a)		39,587		451,292
DraftKings, Inc. ^(a) ^(b)		48,665		1,229,278
Hilton Worldwide Holdings, Inc. ^(b)		1,424		470,575
Las Vegas Sands Corp. ^(b)		19,497		900,566
Marriott International, Inc.		2,861		1,060,258
Norwegian Cruise Line Holdings Ltd. ^(a)		72,210		1,524,353
Papa John’s International, Inc. ^(b)		13,629		501,138
Planet Fitness, Inc. ^(a)		8,644		450,957
Rocket Lab Corp. ^(a)		1,201		122,082
Sweetgreen, Inc. ^(a)		56,693		499,465
Texas Roadhouse, Inc. ^(b)		4,567		882,481
TKO Group Holdings, Inc.		3,335		671,369
Viking Holdings Ltd. ^(a) ^(b)		15,023		1,572,457
Wendy’s Co. (The)		4,924		40,820
Yum! Brands, Inc.		311		49,716
				10,974,241
Leisure Products — 0.0%
Clarus Corp.		16,136		50,828
Malibu Boats, Inc. ^(a) ^(b)		21,113		579,130
				629,958
Machinery — 0.1%
AGCO Corp. ^(b)		612		73,256
Cadre Holdings, Inc.		9,949		283,646
CECO Environmental Corp. ^(a) ^(b)		752		68,236
Crane Company		486		108,412
CSW Industrials, Inc. ^(b)		754		209,838
Energy Recovery, Inc. ^(a)		40,207		362,667
Enerpac Tool Group Corp.		19,095		684,747
JBT Marel Corp. ^(b)		68		9,860
Oshkosh Corp.		2,161		331,670
				2,132,332

	Number of Shares		Value
Medical Equipment & Devices — 0.8%
BioLife Solutions, Inc. ^(a)		441	$	12,454
Boston Scientific Corp. ^(a) ^(b)		24,603		1,050,056
Bruker Corp.		2,140		128,785
Danaher Corp. ^(b)		4,804		915,066
Dexcom, Inc. ^(a)		263		17,713
Glaukos Corp. ^(a)		390		54,506
Haemonetics Corp. ^(a)		10,021		751,575
IDEXX Laboratories, Inc. ^(a)		347		182,675
Illumina, Inc. ^(a)		177		31,122
Inspire Medical Systems, Inc. ^(a)		5,620		250,708
Insulet Corp. ^(a)		2,414		367,532
Intuitive Surgical, Inc. ^(a) ^(b)		1,139		452,958
McKesson Corp. ^(b)		3,729		2,817,633
Merit Medical Systems, Inc. ^(a)		3,604		249,901
Natera, Inc. ^(a)		5,095		1,383,038
Neogen Corp. ^(a)		9,534		85,711
Omnicell, Inc. ^(a)		7,078		293,879
OrthoPediatrics Corp. ^(a)		5,234		100,126
PROCEPT BioRobotics Corp. ^(a)		29,548		667,194
Repligen Corp. ^(a)		898		122,523
Revvity, Inc.		1,727		192,146
SS Innovations International, Inc. ^(a)		2,404		9,977
Stryker Corp.		1,576		496,188
Thermo Fisher Scientific, Inc. ^(b)		194		97,264
Waters Corp. ^(a)		1,272		477,051
				11,207,781
Metals & Mining — 0.6%
Alcoa Corp.		6,830		356,116
Century Aluminum Co. ^(a) ^(b)		2,791		128,414
Coeur Mining, Inc.		14,040		229,133
Core Natural Resources, Inc. ^(b)		1,594		127,552
Freeport-McMoRan, Inc. ^(b)		14,920		938,319
Hallador Energy Co. ^(a)		64,216		1,116,716
International Tower Hill Mines Ltd. ^(a)		383,788		763,738
Ivanhoe Electric, Inc. ^(a)		19,544		187,818
Newmont Corp. ^(b)		9,802		915,507
Northern Dynasty Minerals Ltd. ^(a) ^(d)		290,620		557,990
Ramaco Resources, Inc. ^(a)		131,892		1,744,931
Royal Gold, Inc.		3,107		620,188
Vista Gold Corp. ^(a)		219,661		419,553
				8,105,975
Oil & Gas Producers — 0.9%
Antero Resources Corp. ^(a)		14,153		497,336
Cheniere Energy, Inc.		880		210,329
Chevron Corp. ^(b)		10,689		1,771,809
ConocoPhillips ^(b)		4,760		494,850
EOG Resources, Inc.		7,521		975,699
Expand Energy Corp.		28,792		2,625,542
Exxon Mobil Corp. ^(b)		5,793		792,019
Kinder Morgan, Inc.		606		19,374
Kosmos Energy Ltd. ^(a)		203,682		429,769

	Number of Shares		Value
Occidental Petroleum Corp.		3,640	$	176,795
PBF Energy, Inc.		8,323		378,863
Permian Resources Corp.		4,696		86,453
Phillips 66		3,996		675,524
Range Resources Corp.		85,315		3,172,866
Sable Offshore Corp. ^(a)		155,374		478,552
				12,785,780
Oil & Gas Services & Equipment — 0.3%
Atlas Energy Solutions, Inc.		91,501		1,519,831
Baker Hughes Company		544		30,192
Flotek Industries, Inc. ^(a)		42,437		998,118
Forum Energy Technologies, Inc. ^(a)		265		13,311
Halliburton Company		6,113		207,536
Innovex International, Inc. ^(a) ^(b)		2,139		53,047
Liberty Energy, Inc. ^(b)		1,938		50,756
Matrix Service Co. ^(a)		20,911		286,481
National Energy Services Reunited Corp. ^(a) ^(b)		30,830		922,742
Oceaneering International, Inc. ^(a)		6,312		255,762
Select Water Solutions, Inc. ^(b)		1,020		20,380
Solaris Energy Infrastructure, Inc. ^(b)		4,316		347,265
				4,705,421
Pharmaceuticals — 0.2%
Vera Therapeutics, Inc. ^(a)		64,828		2,781,769
Private Equity — 0.0%
Swiftmerge Acquisition Corp. ^(a) ^(e) ^(j)		1,728		5,011
Ultra Rare Earth, Inc. ^(a)		35,700		142,800
				147,811
Publishing & Broadcasting — 0.2%
Liberty Media Corp.-Liberty Formula One ^(a)		3,113		296,171
New York Times Company (The)		4,063		284,329
News Corp.		3,925		97,458
USA TODAY Company, Inc. ^(a)		202,632		1,732,503
				2,410,461
REITs — 0.4%
AGNC Investment Corp.		866		9,439
CareTrust REIT, Inc.		13,964		563,447
Dynex Capital, Inc.		15,528		203,572
Equinix, Inc. ^(b)		617		643,155
Equity LifeStyle Properties, Inc.		929		59,874
Federal Realty Investment Trust		305		37,649
Gaming and Leisure Properties, Inc.		104		4,631
Lamar Advertising Company		110		17,158
LTC Properties, Inc.		10,931		420,297
National Health Investors, Inc.		1,484		113,170
Omega Healthcare Investors, Inc.		17,275		823,672
Prologis, Inc. ^(b)		2,221		300,879
Rayonier, Inc.		44,512		947,215
Regency Centers Corp.		863		68,816
VICI Properties, Inc.		5,778		153,406
Welltower, Inc.		4,162		944,649

	Number of Shares		Value
Weyerhaeuser Company		51,473	$	1,232,264
				6,543,293
Renewable Energy — 0.4%
Array Technologies, Inc. ^(a)		44,007		326,092
Comstock, Inc. ^(a)		348,939		1,451,586
EnerSys		995		232,651
Fervo Energy Company ^(a)		134		3,917
First Solar, Inc. ^(a)		6,520		1,538,460
FuelCell Energy, Inc. ^(a)		17,041		613,646
Shoals Technologies Group, Inc. ^(a)		58,658		580,714
Solv Energy, Inc. ^(a) ^(b)		15,662		533,291
				5,280,357
Retail - Consumer Staples — 0.2%
Costco Wholesale Corp.		492		460,251
Dollar General Corp.		4,820		554,830
Five Below, Inc. ^(a) ^(b)		6,424		1,154,971
Walgreens Boots Alliance, Inc. ^(a)		67,537		35,795
Walmart, Inc.		11,773		1,333,410
				3,539,257
Retail - Discretionary — 1.7%
Abercrombie & Fitch Co. ^(a)		5,061		455,541
American Eagle Outfitters, Inc.		2,984		51,325
ATRenew, Inc.		56,080		217,030
Burlington Stores, Inc. ^(a) ^(b)		1,361		431,165
CarMax, Inc. ^(a)		10,519		556,350
Cloudflare, Inc. ^(a) ^(b)		54,893		13,464,154
Gap, Inc. (The)		17,617		329,086
MarineMax, Inc. ^(a)		6,667		244,146
QXO, Inc. ^(a)		1,806		31,208
Ross Stores, Inc. ^(b)		22,374		4,762,305
TJX Companies, Inc. (The) ^(b)		26,296		3,983,844
				24,526,154
Semiconductors — 6.4%
ACM Research, Inc. ^(a)		3,833		486,369
Advanced Micro Devices, Inc. ^(a) ^(b)		11,120		6,459,719
Amkor Technology, Inc.		2,422		208,849
Analog Devices, Inc. ^(b)		10,095		4,009,431
Applied Materials, Inc. ^(b)		5,150		3,723,450
Astera Labs, Inc. ^(a)		16,090		7,771,792
Broadcom, Inc. ^(b)		25,306		9,559,342
Cirrus Logic, Inc. ^(a)		117		17,378
Coherent Corp. ^(a) ^(b)		2,934		1,157,375
Cree, Inc. ^(a)		30,931		437,674
Intel Corp. ^(a) ^(b)		18,523		2,586,366
Kulicke & Soffa Industries, Inc.		206		27,555
Lam Research Corp. ^(b)		4,089		1,771,886
Lattice Semiconductor Corp. ^(a)		240		36,710
Microchip Technology, Inc. ^(b)		19,182		1,749,398
Micron Technology, Inc. ^(b)		8,092		9,340,515
MKS, Inc.		968		430,566
NVIDIA Corp. ^(b)		161,684		32,351,351
ON Semiconductor Corp. ^(a) ^(b)		10,747		1,016,021
Onto Innovation, Inc. ^(a)		51		19,301

	Number of Shares		Value
QUALCOMM, Inc. ^(b)		2,029	$	374,939
Rambus, Inc. ^(a)		1,603		212,782
Sandisk Corp. ^(a) ^(b)		472		1,073,201
Semtech Corp. ^(a)		30		4,856
SiTime Corp. ^(a)		402		299,715
Teradyne, Inc. ^(b)		4,928		2,384,364
Texas Instruments, Inc. ^(b)		23,102		6,886,013
				94,396,918
Software — 3.9%
ACV Auctions, Inc. ^(a) ^(b)		69,076		496,656
Adobe, Inc. ^(a) ^(b)		3,688		756,114
Akamai Technologies, Inc. ^(a) ^(b)		9,399		1,111,056
Atlassian Corp. ^(a) ^(b)		18,033		1,402,787
AvePoint, Inc. ^(a)		4,567		51,196
Bill.Com Holdings, Inc. ^(a)		7,458		269,681
Concentrix Corp. ^(d)		39,688		889,210
CoreWeave, Inc. ^(a)		2,119		210,925
Crowdstrike Holdings, Inc. ^(a)		6,511		4,968,805
Datadog, Inc. ^(a)		33,363		8,686,390
DigitalOcean Holdings, Inc. ^(a)		11,952		1,876,823
Docusign, Inc. ^(a)		8,465		376,015
DoubleVerify Holdings, Inc. ^(a)		9,361		101,473
Duolingo, Inc. ^(a)		4,392		505,168
Fortinet, Inc. ^(a) ^(b)		6,117		939,694
HubSpot, Inc. ^(a)		2,565		468,138
Intuit, Inc.		1,706		445,266
Manhattan Associates, Inc. ^(a)		4,539		632,056
Microsoft Corp. ^(b)		43,911		16,379,680
MongoDB, Inc. ^(a)		1,514		508,553
nCino, Inc. ^(a)		23,226		379,745
Nutanix, Inc. ^(a)		18,989		967,679
Oracle Corp. ^(b)		3,378		495,046
Palantir Technologies, Inc. ^(a) ^(b)		48,397		5,646,477
Paylocity Holding Corp. ^(a)		1,240		129,617
Rimini Street, Inc. ^(a)		55,112		723,069
Rubrik, Inc. ^(a)		10,124		812,755
SentinelOne, Inc. ^(a)		17,621		299,028
ServiceNow, Inc. ^(a) ^(b)		9,502		943,359
Snowflake, Inc. ^(a) ^(b)		5,235		1,332,308
Synopsys, Inc. ^(a) ^(b)		3,009		1,342,225
Teradata Corp. ^(a)		3,490		120,929
Unity Software, Inc. ^(a)		6,402		182,969
Veeva Systems, Inc. ^(a)		3,995		708,993
Weave Communications, Inc. ^(a)		225,114		1,348,433
Zoom Communications, Inc. ^(a) ^(b)		14,182		1,224,048
ZoomInfo Technologies, Inc. ^(a)		105,606		309,426
				58,041,792
Specialty Finance — 0.3%
American Express Company ^(b)		528		178,596
Capital One Financial Corp. ^(b)		10,178		2,041,910
Federal National Mortgage Association ^(a)		21,012		136,788
Fidelity National Financial, Inc.		19,800		933,768
MGIC Investment Corp.		2,865		80,793

	Number of Shares		Value
Navient Corp.		86,168	$	733,290
OneMain Holdings, Inc.		6,669		406,609
Upstart Holdings, Inc. ^(a)		121		4,287
				4,516,041
Specialty Retail — 0.1%
Lululemon Athletica, Inc. ^(a) ^(b)		5,693		650,027
Ulta Beauty, Inc. ^(a) ^(b)		244		110,039
				760,066
Steel — 0.1%
Carpenter Technology Corp.		2,567		1,583,428
Nucor Corp. ^(b)		526		117,167
Ryerson Holding Corp.		394		9,696
				1,710,291
Technology Hardware — 3.2%
Apple, Inc. ^(a)		92,357		706,531
Apple, Inc. ^(b)		91,520		26,482,228
Arista Networks, Inc. ^(a) ^(b)		796		135,224
BK Technologies Corp. ^(a)		8,632		742,179
Ciena Corp. ^(a) ^(b)		1,897		930,592
Cisco Systems, Inc. ^(b)		13,892		1,631,754
Dell Technologies, Inc. ^(b)		219		94,490
Enovix Corp. ^(a)		311,203		1,889,002
Extreme Networks, Inc. ^(a)		11,243		363,936
Hewlett Packard Enterprise Company ^(b)		12,122		546,823
HP, Inc.		5,664		124,268
Jabil, Inc.		238		91,744
Lightpath Technologies, Inc. ^(a)		64,952		1,061,965
Lumentum Holdings, Inc. ^(a) ^(b)		4,263		3,657,911
Motorola Solutions, Inc.		44		18,273
NCR Voyix Corp. ^(a)		294,131		2,403,050
NETGEAR, Inc. ^(a)		18,149		423,779
Powerfleet, Inc. ^(a)		590,669		2,262,262
Super Micro Computer, Inc. ^(a)		6,047		177,359
TD SYNNEX Corp.		721		192,752
Teledyne Technologies, Inc. ^(a)		369		246,086
TTM Technologies, Inc. ^(a)		2,569		480,454
Vicor Corp. ^(a)		1,036		393,452
Vistance Networks, Inc. ^(b)		38,700		494,586
Western Digital Corp. ^(b)		2,801		1,789,055
				47,339,755
Technology Services — 1.7%
Amentum Holdings, Inc. ^(a) ^(b)		61,236		1,265,748
Automatic Data Processing, Inc.		1,672		374,444
Booz Allen Hamilton Holding Corp. ^(b)		2,315		140,451
CDW Corp		604		84,947
Chime Financial, Inc. ^(a)		10,479		214,610
Corpay, Inc. ^(a)		61		20,329
CoStar Group, Inc. ^(a) ^(b)		4,717		133,585
EPAM Systems, Inc. ^(a)		3,287		260,823
Equifax, Inc.		2,152		341,565
ExlService Holdings, Inc. ^(a)		16,581		428,785

	Number of Shares		Value
FactSet Research Systems, Inc.		578	$	132,986
Fidelity National Information Services, Inc.		3,527		137,130
Gartner, Inc. ^(a)		4,216		546,478
Global Payments, Inc.		2,275		165,074
Green Dot Corp. ^(a)		65,802		888,985
Grid Dynamics Holdings, Inc. ^(a)		109,890		624,175
International Business Machines Corp. ^(b)		4,760		1,338,560
KBR, Inc. ^(b)		6,697		231,247
Kyndryl Holdings, Inc. ^(a)		17,440		197,246
MarketAxess Holdings, Inc.		4,722		535,900
Mastercard, Inc. ^(b)		11,754		6,036,855
Moody’s Corp. ^(b)		54		24,458
MSCI, Inc.		1,384		775,095
Real Brokerage, Inc. (The) ^(a)		434,676		791,110
Rimini Street, Inc. ^(a)		40,111		170,873
S&P Global, Inc. ^(b)		41		16,698
Terawulf, Inc. ^(a) ^(b)		2,319		57,279
Visa, Inc. ^(b)		23,960		8,220,437
WEX, Inc. ^(a)		7,895		1,113,906
				25,269,779
Telecommunications — 0.3%
Cogent Communications Holdings, Inc. ^(b)		76,885		1,067,164
EchoStar Corp. ^(a)		21,699		2,202,449
Iridium Communications, Inc.		10,186		558,702
T-Mobile US, Inc. ^(b)		2,940		493,126
				4,321,441
Tobacco & Cannabis — 0.1%
Altria Group, Inc. ^(b)		561		40,364
Philip Morris International, Inc. ^(b)		7,153		1,294,049
Turning Point Brands, Inc. ^(b)		5,226		443,217
				1,777,630
Transportation & Logistics — 0.3%
CryoPort, Inc. ^(a)		15,830		248,531
CSX Corporation		911		43,300
Delta Air Lines, Inc. ^(b)		7,760		726,802
Dorian, LPG Ltd. ^(b)		396		13,773
FedEx Corp. ^(b)		5,262		1,647,690
JB Hunt Transport Services, Inc. ^(b)		3,833		1,109,385
Kirby Corporation ^(a)		203		27,602
Knight-Swift Transportation Holdings, Inc.		383		29,824
Landstar System, Inc.		1,191		246,311
Norfolk Southern Corp. ^(b)		88		27,684
Suncrete, Inc. ^(a) ^(b)		10,619		239,246
Union Pacific Corp. ^(b)		1,940		527,680
				4,887,828
Transportation Equipment — 0.0%
Cummins, Inc. ^(b)		705		502,813
Hyliion Holdings Corp. ^(a)		12,483		65,036

	Number of Shares		Value
Westinghouse Air Brake Technologies Corp. ^(b)		82	$	22,107
				589,956
Wholesale - Discretionary — 0.0%
Copart, Inc. ^(a)		607		17,111
Total U.S. Common Stocks (Cost $535,064,001)				613,485,204

Foreign Common Stocks — 18.7%
Argentina — 0.1%
Central Puerto S.A. ^(a)		4,038		60,005
Cresud SACIF Y.A. ^(d)		95,808		1,074,008
Grupo Financiero Galicia S.A.		59		2,952
IRSA Inversiones y Representaciones S.A.		9,676		149,397
				1,286,362
Australia — 0.4%
BHP Group Ltd. ^(d) ^(f)		13,867		578,790
Champion Iron Ltd. ^(d) ^(f)		517,041		1,410,650
Deterra Royalties Ltd. ^(d) ^(f)		196,918		639,152
Meteoric Resources NL ^(a) ^(f)		3,289,342		340,126
Paladin Energy Ltd. ^(a) ^(d) ^(f)		283,536		1,846,273
Paladin Energy Ltd. ^(a)		191,962		1,276,363
Treasury Wine Estates Ltd. ^(d) ^(f)		73,935		244,160
				6,335,514
Bermuda — 0.1%
Axis Capital Holdings Ltd.		1,684		180,929
Carnival Corp Ltd. ^(b)		12,422		354,897
Genpact Ltd.		16,183		445,033
Golar LNG Ltd.		22,996		1,146,121
Gulf Keystone Petroleum Limited ^(f)		5,860		13,646
				2,140,626
Brazil — 0.2%
Axia Energia ^(f)		49,502		521,361
BrasilAgro - Company Brasileira de Propriedades ^(f)		141,900		500,002
SLC Agricola S.A. ^(f)		376,537		939,464
Vale S.A. ^(f)		99,591		1,503,424
				3,464,251
Canada — 4.5%
A2Z Cust2Mate Solutions Corp. ^(a)		153,804		895,139
Aecon Group, Inc.		22,600		725,367
Agnico Eagle Mines Ltd.		4,500		699,186
Americas Gold & Silver Corp. ^(a)		295,447		1,397,812
Apotex Health Corp. ^(a)		25,300		575,839
Appia Rare Earths & Uranium Corp. ^(a)		978,500		144,100
Arbutus Biopharma Corp. ^(a)		18,174		87,235
Aris Mining Corp. ^(a)		11,078		165,203
ATS Corp. ^(a)		29,300		844,551
Badger Infrastructure Solutions Ltd.		13,300		872,319
Birchcliff Energy Ltd.		53,115		231,822
Bitcoin Treasury Corp. ^(a)		73,700		145,503

	Number of Shares		Value
Boyd Group Income Fund		7,900	$	748,028
Bravo Mining Corp. ^(a)		156,500		322,214
CAE, Inc. ^(a)		19,100		478,224
Cameco Corp.		4,185		426,284
Cameco Corp.		9,800		998,899
Canada Goose Holdings, Inc. ^(a) ^(b)		33,689		320,382
Cenovus Energy, Inc.		35,341		876,890
Coelacanth Energy, Inc. ^(a)		704,400		397,335
Culico Metals, Inc. ^(a)		150,950		45,234
Cybin, Inc. ^(a)		1,804		11,924
Definium Therapeutics, Inc. ^(a)		8,069		379,566
Denison Mines Corp. ^(a)		137,670		421,270
Dollarama, Inc.		8,300		1,098,005
Enerflex Ltd.		56,300		1,382,640
enGene Therapeutics, Inc. ^(a)		10,639		18,405
Equinox Gold Corp. ^(b)		149,329		1,451,478
Extendicare, Inc.		48,700		1,204,237
Faraday Copper Corp. ^(a)		248,100		1,047,854
Fennec Pharmaceuticals Inc ^(a)		17,646		189,695
G Mining Ventures Corp. ^(a)		34,900		1,021,962
Gabriel Resources Ltd. ^(a)		193,400		23,864
GFL Environmental, Inc. ^(b)		919		33,810
Gildan Activewear, Inc.		12,500		644,456
Gildan Activewear, Inc. ^(b)		8,285		427,506
Global Atomic Corp. ^(a)		138,100		60,372
Gold Royalty Corp. ^(a)		51,719		142,744
Groupe Dynamite, Inc.		37,900		1,430,753
Heliostar Metals Ltd. ^(a)		471,100		591,262
Highlander Silver Corp. ^(a)		312,700		1,468,417
i-80 Gold Corp. ^(a)		1,083,800		1,560,672
IAMGOLD Corp. ^(a)		29,900		474,563
Ivanhoe Mines Ltd. ^(a) ^(d)		216,199		1,693,616
Killam Apartment Real Estate		39,500		516,640
Kraken Robotics, Inc. ^(a)		134,800		605,448
Lumina Metals Corp. ^(a)		66,975		483,098
Lundin Mining Corp.		21,025		512,338
LunR Royalties Corp. ^(a)		70,600		940,836
MDA Space Ltd. ^(a)		52,700		2,177,486
Metalla Royalty & Streaming Ltd. ^(a)		6,500		49,465
Mx2 Mining, Inc. ^(a)		198,300		69,910
Neo Performance Materials, Inc.		121,289		3,179,640
Nevgold Corporation ^(a)		199,200		290,741
NFI Group Inc. ^(a)		65,100		1,093,378
Northern Dynasty Minerals Ltd. ^(a)		752,336		1,437,568
Novagold Resources, Inc. ^(a)		263,549		1,573,388
Novanta, Inc. ^(a)		1,204		195,337
Nutrien Ltd.		26,097		1,642,806
Power Metallic Mines, Inc. ^(a)		439,694		350,329
Premium Brands Holdings Corp.		15,600		925,056
Santacruz Silver Mining Ltd. ^(a)		9,263		60,117
Seabridge Gold, Inc. ^(a) ^(d)		46,316		1,192,174
Seabridge Gold, Inc. ^(a)		101,511		2,619,640
Shopify, Inc. ^(a)		75,337		8,601,978
Silverco Mining Ltd. ^(a)		161,000		841,185
Solaris Resources, Inc. ^(a)		109,900		924,454

	Number of Shares		Value
Somerset Energy Partners Corp. ^(a) ^(e) ^(j)		130,200	$	22,951
Sprott Physical Uranium Trust ^(a)		151,491		2,786,815
Tamarack Valley Energy Ltd.		128,800		1,123,396
Teck Resources Ltd.		7,294		433,701
Trillion Energy International, Inc. ^(a)		71,127		8,606
Trulieve Cannabis Corp. ^(a) ^(b)		39,800		391,234
Uranium Royalty Corp. ^(a)		590,481		1,641,537
Valeura Energy, Inc. ^(a)		123,900		908,556
Valor Gold Corp. ^(a)		40,710		105,846
Valor Gold Corp. ^(a)		51,877		135,339
Verdera Energy Corp. ^(a)		401,071		120,187
Victoria Gold Corp. ^(a)		39,004		1,170
Western Copper & Gold Corp. ^(a)		249,816		560,137
Xenon Pharmaceuticals, Inc. ^(a)		3,561		214,942
				66,914,066
Cayman Islands — 0.5%
Alibaba Group Holding Ltd.		1,312		125,926
Consolidated Water Co., Ltd.		1,234		36,403
DiDi Global, Inc. ^(a)		193,822		649,304
Fabrinet ^(a)		2,454		1,379,344
Herbalife Ltd. ^(a)		11,255		148,003
JD.com, Inc. ^(b)		5,473		139,452
Kingsoft Cloud Holdings Ltd. ^(a) ^(b)		4,230		38,282
Melco Resorts & Entertainment Ltd. ^(a) ^(b)		400		2,108
NU Holdings Ltd. ^(a)		311,934		4,167,438
Silicon Motion Technology Corp.		702		233,998
Sinda Ltd. ^(a)		32,900		394,800
Wuxi Biologics Cayman, Inc. ^(a) ^(c) ^(f)		55,000		243,724
				7,558,782
Chile — 0.2%
Empresa Nacional de Telecomunicaciones S.A. ^(f)		365,372		1,426,669
Empresas CMPC S.A. ^(f)		711,634		791,935
Empresas Copec S.A. ^(f)		41,197		256,977
				2,475,581
China — 0.2%
Ascletis Pharma, Inc. ^(a) ^(c) ^(d) ^(f)		13,000		17,562
Baidu, Inc. ^(a) ^(f)		21,850		311,143
CGN Power Co. Ltd. ^(c) ^(d) ^(f)		2,178,000		744,870
Changgang Dunxin Enterprise Co. Ltd. ^(a) ^(j)		4,640,000		—
China Reinsurance Group Corp. ^(c) ^(f)		5,581,000		791,984
Guangshen Railway Co. Ltd. ^(f)		2,468,000		645,767
Shanghai MicroPort MedBot Group Co. Ltd. ^(a) ^(c) ^(f)		30,500		89,916
Sinopharm Group Company Ltd. ^(f)		193,200		392,534
WuXi AppTec Company Ltd. ^(c) ^(f)		17,200		338,200
				3,331,976
Colombia — 0.0%
Grupo Cibest S.A.		99		7,864

	Number of Shares		Value
Cyprus — 0.1%
Astarta Holding plc ^(a) ^(f)		26,594	$	335,726
MHP S.E. ^(a) ^(f) ^(g)		162,285		1,429,213
				1,764,939
Denmark — 0.1%
Ascendis Pharma A/S ^(a)		726		193,639
Orsted A/S ^(a) ^(c) ^(f)		47,713		1,072,758
				1,266,397
Finland — 0.1%
Nanoform Finland plc ^(a) ^(f)		261,974		233,016
Stora Enso OYJ ^(f)		78,643		839,148
				1,072,164
France — 0.4%
Abivax S.A. ^(a) ^(b)		18,395		2,451,318
Carrefour S.A. ^(f)		66,904		1,242,793
Eramet ^(a) ^(d) ^(f)		23,931		1,229,642
Legrand S.A. ^(f)		368		62,115
L’Oreal S.A. ^(f)		1,212		531,738
Teleperformance S.E. ^(f)		9,933		522,026
				6,039,632
Germany — 0.4%
BioNTech SE ^(a) ^(b)		27,232		2,533,938
Jumia Technologies A.G. ^(a)		61,988		437,015
K+S A.G. ^(f)		203,189		3,066,863
SMA Solar Technology A.G. ^(a)		1,549		111,414
				6,149,230
Guernsey — 0.1%
Genius Sports Ltd. ^(a) ^(b)		179,747		1,089,267
Hong Kong — 0.3%
Bank of East Asia Ltd. (The) ^(f)		117,800		188,591
CECEP COSTIN New Materials Group Ltd. ^(a) ^(j)		1,736,000		—
China Communications Services Corp. Ltd. ^(f)		3,192,000		1,597,842
China Gas Holdings Ltd. ^(f)		508,200		335,954
Hi Sun Technology China Ltd. ^(a) ^(f)		3,960,000		220,278
Hua Han Health Industry Holdings Ltd. ^(a) ^(j)		6,984,000		—
Luks Group Vietnam Holdings Co. Ltd. ^(f)		1,682,000		171,859
Meituan ^(a) ^(c) ^(f)		138,200		1,218,876
PAX Global Technology Ltd. ^(f)		668,000		286,327
SJM Holdings Ltd. ^(a) ^(d) ^(f)		3,256,000		607,575
				4,627,302
Indonesia — 0.4%
First Pacific Company Ltd. ^(f)		1,175,000		721,235
Golden Agri-Resources Ltd ^(f)		15,063,500		3,144,895
Indah Kiat Pulp & Paper Corp. ^(f)		890,800		352,327
Indofood Sukses Makmur Tbk PT ^(f)		1,862,300		695,337
Media Nusantara Citra Tbk. PT ^(a) ^(f)		20,013,600		224,567
United Tractors Tbk PT ^(f)		315,500		406,496
				5,544,857

	Number of Shares		Value
Ireland — 0.3%
Accenture plc ^(b)		3,101	$	385,888
Aon plc		259		85,908
GH Research plc ^(a)		9,007		242,108
Jazz Pharmaceuticals plc ^(a) ^(b)		630		151,811
Medtronic plc ^(b)		11,427		893,934
nVent Electric plc ^(b)		3,406		577,692
Seagate Technology Holdings plc ^(b)		2,296		2,215,640
STERIS plc		82		17,267
TE Connectivity plc		246		49,596
Weatherford International plc ^(b)		1,033		84,190
				4,704,034
Israel — 0.1%
Cellebrite DI Ltd. ^(a)		13,215		192,939
Cognyte Software Ltd. ^(a)		5,520		48,466
Fiverr International Ltd. ^(a)		20,787		214,522
Nice Ltd. ^(a) ^(d)		7,386		671,018
Perion Network Ltd. ^(a)		15,575		151,233
SimilarWeb Ltd. ^(a)		69,497		426,017
TAT Technologies Ltd. ^(a)		2,866		138,227
				1,842,422
Italy — 0.0%
Stevanato Group SpA ^(b)		10,735		193,981
Japan — 4.9%
Asahi Intecc Company Ltd. ^(f)		78,400		1,839,789
Central Japan Railway Company ^(f)		74,600		1,592,339
Electric Power Development Co. Ltd. ^(f)		18,000		405,276
Food & Life Companies Ltd. ^(f)		77,000		2,305,673
Fukuda Corp. ^(f)		20,400		466,085
Hokuhoku Financial Group, Inc. ^(f)		57,600		2,380,772
Inpex Corp. ^(f)		29,400		592,400
Isetan Mitsukoshi Holdings Ltd. ^(f)		35,300		898,768
Japan Petroleum Exploration Co. ^(f)		63,400		617,486
Japan Post Insurance Co. Ltd. ^(f)		310,000		2,923,045
Japan Steel Works Ltd. (The) ^(f)		24,200		1,154,742
Japan Tobacco, Inc. ^(f)		40,800		1,499,299
JX Advanced Metals Corp. ^(f)		15,000		414,926
Kamigumi Co. Ltd. ^(f)		23,700		744,535
Kandenko Company Ltd. ^(f)		49,100		2,053,024
Kao Corp. ^(f)		42,400		840,312
Kato Sangyo Company Ltd. ^(f)		9,000		329,921
Kioxia Holdings Corp. ^(a) ^(b)		2,851		168,637
Kirin Holdings Company Ltd. ^(f)		62,400		1,069,233
Kokusai Electric Corporation ^(f)		49,000		3,345,641
KYORIN Holdings, Inc. ^(f)		116,000		824,048
Marubeni Corp. ^(f)		29,200		850,298
MEIJI Holdings Company Ltd. ^(f)		99,800		2,321,073
Mitsubishi Heavy Industries Ltd. ^(f)		42,400		965,424
Mitsui OSK Lines Ltd. ^(f)		21,400		685,079
Mochida Pharmaceutical Company Ltd. ^(f)		600		11,737
Nh Foods Ltd. ^(f)		60,000		2,195,405
Nippon Holdings Company Ltd. ^(f)		161,000		1,047,908

	Number of Shares		Value
Niterra Company Ltd. ^(f)		20,800	$	1,383,638
Osaka Soda Company Ltd. ^(f)		2,961		34,669
Rohm Company Ltd. ^(f)		113,500		3,801,540
Ryohin Keikaku Company Ltd. ^(f)		154,600		3,377,531
Sankyu, Inc. ^(f)		12,900		687,956
Shimadzu Corp. ^(f)		67,100		1,712,440
Shinsei Bank, Ltd. ^(f)		89,800		768,517
Shizuoka Financial Group, Inc. ^(f)		165,300		3,082,506
Socionext, Inc. ^(f)		57,200		911,737
Sony Group Corp. ^(f)		90,800		1,827,265
Sumco Corp. ^(f)		83,100		2,106,009
Sumitomo Chemical Company Ltd. ^(f)		323,800		1,029,941
Suzuken Company Ltd. ^(f)		13,000		394,154
TDK Corp. ^(f)		121,600		2,716,077
THK Company Ltd. ^(f)		49,700		2,273,438
Tokyo Metro Company Ltd. ^(d) ^(f)		76,100		664,527
TOPPAN Holdings, Inc. ^(f)		42,000		1,332,048
Toray Industries, Inc. ^(f)		248,000		1,721,520
Toyota Motor Corp. ^(f)		27,700		464,536
Toyota Tsusho Corp. ^(f)		52,700		1,961,609
West Japan Railway Co. ^(d) ^(f)		99,900		1,675,414
Yamato Holdings Company Ltd. ^(f)		87,600		991,101
Yokogawa Electric Corp. ^(f)		41,300		1,450,838
Yokohama Rubber Company Ltd. ^(f)		28,800		1,303,058
				72,214,944
Jersey — 0.1%
Glencore plc ^(f)		204,323		1,393,626
Man Group plc ^(f)		81,758		317,053
				1,710,679
Kazakhstan — 0.1%
Halyk Savings Bank of Kazakhstan JSC ^(f) ^(g)		18,449		552,669
NAC Kazatomprom JSC ^(c) ^(f)		8,697		598,157
				1,150,826
Lebanon — 0.0%
Solidere ^(a) ^(g) ^(j)		32,451		363,857
Luxembourg — 0.0%
Adecoagro S.A.		44,188		421,995
Malaysia — 0.1%
Genting Plantations Berhad ^(f)		577,300		742,929
Oriental Holdings Berhad ^(f)		405,800		672,799
				1,415,728
Mexico — 0.1%
Alpek S.A.B. de C.V. ^(a) ^(d) ^(f)		655,199		478,824
Borr Drilling Ltd. ^(a)		37,381		154,384
Grupo Financiero Inbursa S.A.B. de C.V. ^(f)		179,400		427,585
Nemak S.A.B. de C.V. ^(a) ^(c) ^(f)		2,288,584		426,635
Orbia Advance Corp. S.A.B. de C.V. ^(a) ^(f)		197,995		255,426
				1,742,854

	Number of Shares		Value
Netherlands — 0.4%
ASML Holding N.V. ^(b)		228	$	453,592
Elastic N.V. ^(a)		31,999		1,824,583
InflaRx N.V. ^(a)		23,128		51,807
LuxExperience BV ^(a)		8,860		65,830
LyondellBasell Industries N.V. ^(b)		11,286		594,208
Magnum Ice Cream Co. N.V. (The) ^(a) ^(b) ^(d)		20,690		360,213
Nebius Group N.V. ^(a)		1,834		506,496
Newamsterdam Pharma Co. N.V. ^(a)		5,862		198,663
NXP Semiconductors N.V. ^(b)		4,713		1,324,494
Pharvaris N.V. ^(a)		7,692		265,989
PROQR Therapeutics N.V. ^(a)		22,141		41,182
				5,687,057
Philippines — 0.1%
Ayala Corp. ^(f)		54,020		369,418
GT Capital Holdings, Inc. ^(f)		66,210		524,212
Puregold Price Club, Inc. ^(f)		420,600		278,500
				1,172,130
Russia — 0.0%
Etalon Group plc ^(a) ^(f) ^(g) ^(j)		599,848		—
Etalon Group plc ^(a) ^(f) ^(g) ^(j)		84,223		—
Federal Grid Company of Unified Energy System ^(a) ^(f) ^(j)		1,019,443,892		—
Gazprom PJSC ^(a) ^(f) ^(j)		1,409,587		—
Lenta International Co. PJSC ^(a) ^(f) ^(j)		351,208		—
LSR Group PJSC ^(a) ^(f) ^(j)		96,020		—
Moscow Exchange MICEX-RTS PJSC ^(a) ^(f) ^(j)		798,487		—
Polyus PJSC ^(a) ^(f) ^(g) ^(j)		34,231		—
RusHydro PJSC ^(a) ^(f) ^(j)		354,557,380		—
Sberbank of Russia PJSC ^(a) ^(f) ^(j)		688,194		—
VTB Bank PJSC ^(a) ^(f) ^(j)		530,060		—
				—
Singapore — 0.1%
Flex Ltd. ^(a) ^(b)		4,768		772,750
Hafnia Ltd.		3,363		22,330
Karooooo Ltd.		5,256		259,436
Yoma Strategic Holdings Ltd. ^(a) ^(f)		3,782,300		231,611
				1,286,127
South Africa — 0.7%
Gold Fields Ltd.		1,085		36,445
Impala Platinum Holdings Ltd. ^(d) ^(f)		281,561		2,944,784
Sibanye Stillwater Ltd. ^(f)		648,290		1,373,862
Valterra Platinum Ltd. ^(f)		91,768		6,153,095
				10,508,186
South Korea — 1.0%
Chong Kun Dang Pharmaceutical Corp. ^(f)		20,130		864,354
DL E&C Company, Ltd. ^(f)		18,052		758,559
GS Holdings Corp. ^(f)		19,169		818,624
Hankook Tire Worldwide Company Ltd. ^(f)		43,934		674,887

	Number of Shares		Value
Korea Electric Power Corp.		59,164	$	715,884
Korea Electric Power Corp. ^(f)		40,233		959,768
Korean Air Lines Company Ltd. ^(f)		49,747		893,001
KT Corp.		165,732		2,863,849
LG Corp. ^(f)		24,406		1,538,804
LG Uplus Corp. ^(f)		407,896		3,693,944
LOTTE Chemical Corp. ^(f)		1,831		75,922
LX Holdings Corp. ^(f)		70,151		333,803
LX International Corp. ^(f)		7,800		185,594
Pan Ocean Company Ltd. ^(f)		181,638		559,666
Pyeong Hwa Automotive Co. Ltd. ^(f)		29,774		218,279
SOOP Company Ltd. ^(f)		2,098		66,833
				15,221,771
Spain — 0.0%
Amadeus IT Group S.A. ^(c) ^(f)		6,971		400,349
Sri Lanka — 0.0%
Hemas Holdings plc ^(f)		1,763,891		173,514
Sweden — 0.0%
Greater Than A.B. ^(a) ^(f)		278,882		215,714
Switzerland — 0.2%
Chubb Ltd. ^(b)		3,009		1,025,287
Garmin Ltd. ^(b)		2,320		551,093
Sportradar Group A.G. ^(a)		71,846		1,075,535
				2,651,915
Taiwan — 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd. ^(b)		38,014		18,154,346
Thailand — 0.1%
Bangkok Bank Public Co. Ltd. ^(f)		240,600		1,305,687
Kasikornbank PCL ^(f)		84,100		554,384
				1,860,071
United Kingdom — 0.7%
Amarin Corp. plc ^(a)		2,491		39,707
Bicycle Therapeutics plc ^(a)		3,375		14,310
British American Tobacco plc ^(b)		2,310		142,666
CK Hutchison Holdings Ltd. ^(f)		214,500		1,823,153
Clarivate plc ^(a) ^(b)		4,565		9,860
Close Brothers Group PLC ^(a) ^(f)		83,484		449,091
Ferroglobe plc		466,469		1,483,371
GSK plc		6,788		355,827
LivaNova plc ^(a)		2,319		190,691
Melrose Industries plc ^(f)		61,900		390,334
PureTech Health plc ^(a) ^(f)		17,100		31,180
Royalta Pharma plc ^(b)		23,148		1,297,908
Sage Group plc (The) ^(f)		28,317		306,667
TechnipFMC plc		19,206		1,273,358
Travis Perkins plc ^(f)		165,553		1,214,606
Tronox Holdings plc ^(b)		36,763		231,607
Vodafone Group plc ^(f)		211,372		279,288
Yellow Cake plc ^(a) ^(c) ^(f)		167,481		1,171,330
				10,704,954

	Number of Shares		Value
Virgin Islands (British) — 0.0%
Biohaven Ltd. ^(a)		8,315	$	123,727
Talon Metals Corp. ^(a)		121,600		483,571
				607,298
Total Foreign Common Stocks (Cost $272,049,517)				275,473,562
Total Common Stocks (Cost $807,113,518)				888,958,766

	Number of Contracts		Value
Rights — 0.0%
1911 Gold Corp., Expiring 07/17/28 (Canada)		593,500		315,623
Pan American Silver Corp., Expiring 12/31/49 (Canada)		346,146		190,726
TPG, Inc. (United States) ^(f)		42,398		—
Total Rights (Cost $339,975)				506,349

Warrants — 0.1%
ATEX Resources, Inc., Expiring 12/31/49 (Canada)		1,062,000		635,483
Defi Technologies, Inc., Expiring 12/31/49 (United States)		123,288		15,855
Global Atomic Corp., Expiring 12/31/49 (Canada)		130,700		13,523
Hive Digital Technologies Ltd., Expiring 12/31/49 (Canada)		44,900		39,779
i-80 Gold Corp., Expiring 05/02/28 (Canada)		310,750		120,509
Largo Resources, Expiring 12/31/49 (Canada)		212,400		55,063
Minera Alamos, Inc., Expiring 12/31/49 (Canada) ^(j)		353,220		400,520
Organigram Global, Inc., Expiring 12/31/49 (Canada)		337,500		19,627
U.S. Gold Corp., Expiring 12/31/49 (United States)		18,150		138,967
Total Warrants (Cost $1,937,716)				1,439,326

	Principal Amount		Value
Corporate Bonds — 0.0%
Oil, Gas & Consumable Fuels — 0.0%
Trillion Energy International, Inc., 12.000% (Canada) ^(j) (Cost $337,084) ^(c) ^(e)	$	453,800		63,994
Convertible Bonds — 0.0%
Entertainment Content — 0.0%
Cineplex, Inc., 7.750% 03/01/30 (Canada) (Cost $495,528) ^(c)		650,000		597,394

	Principal Amount		Value
U.S. Treasury Bonds & Notes — 2.7%
U.S. Treasury Note, 2.750%, 08/15/32	$	13,699,000	$	12,594,518
U.S. Treasury Note, 3.875%, 08/15/33		12,374,000		12,048,216
U.S. Treasury Note, 3.375%, 05/15/33		15,891,000		15,026,927
Total U.S. Treasury Bonds & Notes (Cost $39,857,322)				39,669,661

	Number of Shares		Value
Acquired Funds — 16.7%
Exchange-Traded Funds — 3.2%
Energy Select Sector SPDR Fund		32,671		1,735,157
Financial Select Sector SPDR^® Fund		419,542		22,491,647
Invesco KBW Bank ETF ^(d)		243,332		22,625,008
SPDR S&P Biotech ETF		4,114		651,041
				47,502,853
Private Investment Funds ^(h) — 13.5%
Bellus Ventures II LP ^(e) ^(j)		128,215		16,384,210
Blackstone Dividend Trading Strategies Fund ^(e) ^(j)		150,000		16,544,380
Eversept Global Healthcare Fund LP ^(e) ^(j)		135,811		25,345,526
Farallon Capital Institutional Partners LP ^(e) ^(j)		336		261,986
Helikon Long Short Equity Fund ICAV ^(e) ^(j)		53,707		50,239,681
Kotak Flexicap Feeder Fund LP ^(e) ^(j)		3,140,553		29,610,508
Trium Khartes Fund LP ^(e) ^(j)		149,198		15,423,961
Voloridge Fund LP ^(e) ^(j)		40,083		7,424,846
Voloridge Trading Aggressive Fund ^(e) ^(j)		267,805		37,583,879
				198,818,977
Total Acquired Funds (Cost $173,578,786)				246,321,830

Preferred Stocks — 0.2%
Axia Energia ^(f)		24,444		252,475
Draegerwerk A.G. & Co. KGaA ^(f)		9,476		893,405
Petroleo Brasileiro S.A. ^(f)		82,800		605,807
Sartorius A.G. ^(f)		1,933		507,229
Total Preferred Stocks (Cost $1,561,144)				2,258,916

	Number of Contracts		Value
Purchased Option Contracts — 0.0%
Puts — 0.0%
iShares S&P/TSX 60 Index ETF, Notional Amount $9,729,918, Strike Price $51.50, Expiring 07/20/26, (Canada)		1,878	$	41,049
Calls — 0.0%
iShares Silver Trust, Notional Amount $1,604,100, Strike Price $70, Expiring 07/20/26, (United States)		300		2,400
NCR Voyix Corp., Notional Amount $219,773, Strike Price $219,773, Expiring 12/21/26, (United States)		269		39,274
NCR Voyix Corp., Notional Amount $473,043, Strike Price $12.50, Expiring 12/21/26, (United States)		579		52,110
NeoGenomics, Inc., Notional Amount $37,934, Strike Price $10, Expiring 12/21/26, (United States)		26		13,260
Norwegian Cruise Line Holdings Ltd., Notional Amount $329,316, Strike Price $10, Expiring 09/21/26, (United States)		156		34,788
Total Calls (Cost $155,531)				141,832
Total Purchased Option Contracts (Cost $222,335)				182,881

	Principal Amount		Value
Short-Term Investments — 9.0%
Unaffiliated Investment Company — 3.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 3.680% (Cost $54,803,545) ⁽ⁱ⁾ ^(k)	$	54,803,545		54,803,545
U.S. Treasury Bills — 5.2%
U.S. Treasury Bill, 3.620% 08/20/26 ^(k)		69,299,000		68,947,745
U.S. Treasury Bill, 3.710% 08/04/26 ^(k)		8,097,000		8,069,440
Total U.S. Treasury Bills (Cost $77,025,026)				77,017,185
Total Short-Term Investments (Cost $131,828,571)				131,820,730
Total Investments — 89.1% (Cost $1,157,271,979)				1,311,819,847
Liabilities in Excess of Other Assets — 10.9%				160,163,483
Net Assets — 100.0%			$	1,471,983,330

	Number of Shares			Value
Securities Sold Short — (10.2)%
Common Stocks — (10.2)%
U.S. Common Stocks — (9.3)%
Advertising & Marketing — (0.0)%
AppLovin Corp. ^(a)		(428	)	$	(220,518	)
QuinStreet, Inc. ^(a)		(1,377	)		(20,173	)
Stagwell, Inc. ^(a)		(1,801	)		(13,381	)
					(254,072	)
Aerospace & Defense — (0.2)%
AAR Corp. ^(a)		(15	)		(2,144	)
AeroVironment, Inc. ^(a)		(596	)		(98,382	)
Amprius Technologies, Inc. ^(a)		(11,503	)		(159,432	)
Archer Aviation, Inc. ^(a)		(67,019	)		(317,000	)
Astronics Corp. ^(a)		(3,126	)		(254,019	)
Astronics Corp. ^(a)		(1,347	)		(102,387	)
Axon Enterprise, Inc. ^(a)		(981	)		(549,958	)
Ducommun, Inc. ^(a)		(462	)		(85,567	)
Joby Aviation, Inc. ^(a)		(58,802	)		(524,514	)
Karman Holdings, Inc. ^(a)		(7,015	)		(350,189	)
Kratos Defense & Security Solutions, Inc. ^(a)		(1,155	)		(57,588	)
Loar Holdings, Inc. ^(a)		(1,668	)		(134,457	)
Mercury Systems, Inc. ^(a)		(1,767	)		(216,157	)
					(2,851,794	)
Apparel & Textile Products — (0.1)%
Capri Holdings Ltd. ^(a)		(4,824	)		(89,582	)
Crocs, Inc. ^(a)		(3,012	)		(363,368	)
NIKE, Inc.		(8,469	)		(347,652	)
Oxford Industries, Inc.		(8,760	)		(305,461	)
Under Armour, Inc. ^(a)		(83,249	)		(531,961	)
					(1,638,024	)
Asset Management — (0.1)%
Blue Owl Capital, Inc.		(81,448	)		(712,670	)
Fidus Investment Corp.		(6,851	)		(130,649	)
LPL Financial Holdings, Inc.		(777	)		(218,865	)
Phoenix Education Partners, Inc.		(343	)		(11,268	)
Ridgepost Capital, Inc.		(2,463	)		(19,384	)
Robinhood Markets, Inc. ^(a)		(3,508	)		(351,782	)
StepStone Group, Inc.		(12,815	)		(530,028	)
TPG, Inc.		(4,565	)		(185,105	)
Wealthfront Corp. ^(a)		(2,758	)		(24,657	)
					(2,184,408	)
Automotive — (0.4)%
Aurora Innovation, Inc. ^(a)		(243,755	)		(1,662,409	)
Gentherm, Inc. ^(a)		(2,905	)		(99,090	)
Goodyear Tire & Rubber Co. (The) ^(a)		(102,036	)		(673,438	)
Mobileye Global, Inc. ^(a)		(24,191	)		(234,169	)
Phinia, Inc.		(912	)		(75,121	)
QuantumScape Corp. ^(a)		(46,936	)		(354,836	)
Rivian Automotive, Inc. ^(a)		(168,710	)		(2,927,119	)
Strattec Security Corp. ^(a)		(77	)		(6,272	)
Visteon Corp.		(637	)		(63,197	)
					(6,095,651	)

	Number of Shares			Value
Banking — (0.1)%
Bankwell Financial Group, Inc.		(119	)	$	(6,991	)
Coastal Financial Corp ^(a)		(32	)		(2,480	)
First Citizens BancShares, Inc.		(179	)		(372,461	)
First Financial Bankshares, Inc.		(1,647	)		(56,986	)
Flagstar Financial, Inc.		(6,145	)		(91,806	)
HBT Financial, Inc.		(73	)		(2,335	)
Heritage Financial Corp.		(175	)		(5,184	)
Hingham Institution For Savings (The)		(706	)		(216,848	)
Merchants Bancorp		(4,815	)		(240,750	)
Newtek Business Services Corp.		(337	)		(4,991	)
Park National Corp.		(634	)		(116,016	)
Peoples Financial Services Corp.		(32	)		(2,124	)
Triumph Financial, Inc. ^(a)		(339	)		(25,869	)
Washington Trust Bancorp, Inc.		(224	)		(8,172	)
					(1,153,013	)
Beverages — (0.2)%
Coca-Cola Consolidated, Inc.		(8,992	)		(1,716,753	)
Constellation Brands, Inc.		(1,001	)		(139,229	)
Keurig Dr Pepper, Inc.		(5,194	)		(170,000	)
Primo Water Corp.		(2,123	)		(51,886	)
Westrock Coffee Company ^(a)		(29,962	)		(242,992	)
					(2,320,860	)
Biotech & Pharma — (1.0)%
AbSci Corp. ^(a)		(53,652	)		(621,827	)
Akebia Therapeutics, Inc. ^(a)		(131,361	)		(149,752	)
ArriVent Biopharma, Inc. ^(a)		(2,584	)		(89,768	)
Axsome Therapeutics, Inc. ^(a)		(2,787	)		(682,174	)
Bicara Therapeutics, Inc. ^(a)		(2,654	)		(78,797	)
BioCryst Pharmaceuticals, Inc. ^(a)		(38,357	)		(383,570	)
Bridgebio Pharma, Inc. ^(a)		(10,061	)		(749,343	)
Certara, Inc. ^(a)		(14,166	)		(92,787	)
Corcept Therapeutics, Inc. ^(a)		(19,560	)		(1,700,742	)
Cytokinetics, Inc. ^(a)		(6,649	)		(566,428	)
Denali Therapeutics, Inc. ^(a)		(11,456	)		(294,648	)
Dianthus Therapeutics, Inc. ^(a)		(3,929	)		(382,999	)
Disc Medicine, Inc. ^(a)		(602	)		(44,030	)
Elanco Animal Health, Inc. ^(a)		(22,404	)		(551,362	)
Enanta Pharmaceuticals, Inc. ^(a)		(128	)		(1,866	)
Eton Pharmaceuticals, Inc. ^(a)		(554	)		(20,055	)
Exelixis, Inc. ^(a)		(33,462	)		(1,820,667	)
Harmony Biosciences Holdings, Inc. ^(a)		(4,743	)		(172,693	)
Insmed, Inc. ^(a)		(284	)		(30,280	)
Krystal Biotech, Inc. ^(a)		(777	)		(288,788	)
Kymera Therapeutics, Inc. ^(a)		(5,098	)		(584,588	)
LB Pharmaceuticals, Inc. ^(a)		(923	)		(29,956	)
Madrigal Pharmaceuticals, Inc. ^(a)		(530	)		(284,584	)
Mannkind Corp. ^(a)		(13,871	)		(59,090	)
Maravai LifeSciences Holdings, Inc. ^(a)		(732	)		(4,568	)
MBX Biosciences, Inc. ^(a)		(2,889	)		(159,473	)
Mirion Technologies, Inc. ^(a)		(10,071	)		(180,573	)

	Number of Shares			Value
Moderna, Inc. ^(a)		(46,540	)	$	(3,259,196	)
Prestige Consumer Healthcare, Inc. ^(a)		(270	)		(12,763	)
Protagonist Therapeutics, Inc. ^(a)		(994	)		(121,845	)
Scholar Rock Holding Corp. ^(a)		(10,205	)		(561,275	)
Stoke Therapeutics, Inc. ^(a)		(996	)		(32,589	)
Syndax Pharmaceuticals, Inc. ^(a)		(8,359	)		(182,728	)
TG Therapeutics, Inc. ^(a)		(2,237	)		(122,901	)
Trevi Therapeutics, Inc. ^(a)		(6,446	)		(120,218	)
Tyra Biosciences, Inc. ^(a)		(322	)		(10,285	)
Vaxcyte, Inc. ^(a)		(3,992	)		(232,055	)
Viatris, Inc.		(14,370	)		(228,196	)
Xencor, Inc. ^(a)		(4,764	)		(76,700	)
					(14,986,159	)
Cable & Satellite — (0.0)%
Liberty Broadband Corp. ^(a)		(1,920	)		(63,859	)
Chemicals — (0.2)%
Celanese Corp.		(6,293	)		(289,478	)
CF Industries Holdings, Inc.		(2,762	)		(299,014	)
Element Solutions, Inc.		(14,086	)		(672,607	)
Hawkins, Inc.		(603	)		(85,686	)
Koppers Holdings, Inc.		(48	)		(2,155	)
NewMarket Corp.		(1,596	)		(1,262,819	)
Qnity Electonics, Inc.		(1,423	)		(232,390	)
Quaker Chemical Corp.		(246	)		(39,082	)
WD-40 Company		(172	)		(41,906	)
					(2,925,137	)
Commercial Support Services — (0.1)%
Andersen Group, Inc. ^(a)		(9,344	)		(352,456	)
Barrett Business Services, Inc.		(92	)		(3,268	)
BrightView Holdings, Inc. ^(a)		(1,437	)		(20,362	)
CBIZ, Inc. ^(a)		(3,752	)		(120,364	)
First Advantage Corp. ^(a)		(17,230	)		(311,002	)
H&R Block, Inc.		(4,267	)		(162,487	)
Hackett Group, Inc. (The)		(1,289	)		(13,883	)
Healthcare Services Group, Inc. ^(a)		(907	)		(22,276	)
Huron Consulting Group, Inc. ^(a)		(165	)		(14,876	)
Kforce, Inc.		(8,315	)		(390,140	)
ManpowerGroup, Inc.		(472	)		(15,939	)
Robert Half, Inc.		(12,547	)		(385,193	)
Vestis Corp. ^(a)		(557	)		(8,088	)
					(1,820,334	)
Construction Materials — (0.1)%
Aspen Aerogels, Inc. ^(a)		(27,915	)		(176,981	)
Knife River Corp. ^(a)		(166	)		(13,886	)
NWPX Infrastructure, Inc. ^(a)		(3,068	)		(460,016	)
Owens Corning		(4,218	)		(670,493	)
Trex Company, Inc. ^(a)		(9,990	)		(499,900	)
					(1,821,276	)
Consumer Services — (0.1)%
Bright Horizons Family Solutions, Inc. ^(a)		(1,435	)		(101,713	)
Coursera, Inc. ^(a)		(13,960	)		(78,734	)

	Number of Shares			Value
Covista, Inc. ^(a)		(7,943	)	$	(990,175	)
Lincoln Educational Services Corp. ^(a)		(2,686	)		(134,031	)
Strategic Education, Inc.		(3,373	)		(258,439	)
Stride, Inc. ^(a)		(10,366	)		(71,007	)
Universal Technical Institute, Inc. ^(a)		(354	)		(15,141	)
					(1,649,240	)
Containers & Packaging — (0.1)%
International Paper Company		(7,460	)		(284,226	)
Myers Industries, Inc.		(1,044	)		(36,864	)
O-I Glass, Inc. ^(a)		(76,355	)		(735,299	)
Silgan Holdings, Inc.		(2,291	)		(106,279	)
Sonoco Products Company		(2,394	)		(134,902	)
					(1,297,570	)
E-Commerce Discretionary — (0.1)%
Etsy, Inc. ^(a)		(13,999	)		(1,054,545	)
Wayfair, Inc. ^(a)		(171	)		(15,804	)
					(1,070,349	)
Electric Utilities — (0.1)%
Clearway Energy, Inc.		(549	)		(18,765	)
EMP Distribuidora y Comercializadora Norte S.A. ^(a)		(443	)		(11,057	)
OKLO, Inc ^(a)		(9,033	)		(472,697	)
Ormat Technologies, Inc.		(843	)		(91,803	)
Otter Tail Corp.		(3,160	)		(284,337	)
					(878,659	)
Electrical Equipment — (0.3)%
AAON, Inc.		(4,250	)		(539,155	)
Acuity, Inc.		(665	)		(250,479	)
Allient, Inc.		(1,865	)		(191,964	)
Argan, Inc.		(385	)		(307,442	)
Bloom Energy Corp. ^(a)		(328	)		(99,286	)
BWX Technologies, Inc.		(76	)		(14,793	)
Cognex Corp.		(4,669	)		(338,129	)
Hayward Holdings, Inc. ^(a)		(922	)		(15,960	)
LSI Industries, Inc.		(1,307	)		(34,740	)
M-Tron Industries, Inc. ^(a)		(227	)		(22,507	)
Nextpower, Inc. ^(a)		(5,187	)		(617,979	)
NuScale Power Corp. ^(a)		(74,313	)		(745,359	)
OSI Systems, Inc. ^(a)		(1,257	)		(274,906	)
Powell Industries, Inc.		(553	)		(158,357	)
Ralliant Corp.		(1,105	)		(81,361	)
					(3,692,417	)
Engineering & Construction — (0.2)%
Cardinal Infrastructure Group, Inc. ^(a)		(862	)		(81,200	)
Construction Partners, Inc. ^(a)		(1,820	)		(216,161	)
Dycom Industries, Inc. ^(a)		(805	)		(407,000	)
Exponent, Inc.		(2,580	)		(151,601	)
Frontdoor, Inc. ^(a)		(8,152	)		(632,514	)
IES Holdings, Inc. ^(a)		(219	)		(160,891	)
Quanta Services, Inc.		(246	)		(177,130	)
Sterling Infrastructure, Inc. ^(a)		(490	)		(411,286	)

	Number of Shares			Value
Uniti Group, Inc. ^(a)		(1,500	)	$	(17,205	)
					(2,254,988	)
Entertainment Content — (0.1)%
Liberty Live Holdings, Inc. ^(a)		(2,480	)		(261,987	)
Paramount Skydance Corp.		(76,907	)		(758,303	)
ROBLOX Corp. ^(a)		(1,692	)		(92,011	)
Versant Media Group, Inc.		(12,825	)		(461,828	)
					(1,574,129	)
Food — (0.0)%
Hershey Co. (The)		(343	)		(60,179	)
J & J Snack Foods Corp.		(338	)		(24,826	)
Lifeway Foods, Inc. ^(a)		(712	)		(21,246	)
Marzetti Company (The)		(1,585	)		(180,944	)
Simply Good Foods Company (The) ^(a)		(995	)		(13,214	)
Tootsie Roll Industries, Inc.		(10,106	)		(399,692	)
Utz Brands, Inc.		(269	)		(2,071	)
					(702,172	)
Health Care Facilities & Services — (0.2)%
Acadia Healthcare Company, Inc. ^(a)		(28,259	)		(834,488	)
Ardent Health, Inc. ^(a)		(1,675	)		(16,482	)
Charles River Laboratories International, Inc. ^(a)		(3,484	)		(790,136	)
CorVel Corp. ^(a)		(87	)		(5,439	)
GoodRx Holdings, Inc. ^(a)		(5,622	)		(16,191	)
LifeStance Health Group, Inc. ^(a)		(1,347	)		(14,426	)
National HealthCare Corp.		(2,583	)		(545,943	)
Option Care Health, Inc. ^(a)		(7,304	)		(153,165	)
RadNet, Inc. ^(a)		(936	)		(57,723	)
Strata Critical Medical, Inc. ^(a)		(2,353	)		(12,400	)
Surgery Partners, Inc. ^(a)		(2,585	)		(43,428	)
Target Hospitality Corp. ^(a)		(424	)		(8,633	)
Teladoc Health, Inc. ^(a)		(8,129	)		(68,934	)
Tenet Healthcare Corp. ^(a)		(28	)		(5,238	)
					(2,572,626	)
Home & Office Products — (0.1)%
Flexsteel Industries, Inc.		(306	)		(22,791	)
HNI Corp.		(57	)		(2,303	)
Leggett & Platt, Inc.		(5,897	)		(69,054	)
MillerKnoll, Inc.		(2,652	)		(54,260	)
Newell Brands, Inc.		(65,364	)		(401,335	)
Scotts Miracle-Gro Company (The)		(2,536	)		(172,727	)
Somnigroup International, Inc.		(8,773	)		(687,803	)
					(1,410,273	)
Home Construction — (0.1)%
Beazer Homes USA, Inc. ^(a)		(1,125	)		(31,556	)
Century Communities, Inc.		(1,051	)		(75,315	)
Champion Homes, Inc. ^(a)		(753	)		(66,354	)
Fortune Brands Innovations, Inc.		(3,905	)		(214,385	)
Griffon Corp.		(869	)		(84,754	)
Hovanian Enterprises, Inc. ^(a)		(84	)		(11,962	)
Interface, Inc.		(401	)		(14,372	)
KB Home		(11,698	)		(732,177	)

	Number of Shares			Value
LGI Homes, Inc. ^(a)		(398	)	$	(25,345	)
Masterbrand, Inc. ^(a)		(11,632	)		(119,693	)
					(1,375,913	)
Household Products — (0.0)%
Coty, Inc. ^(a)		(35,223	)		(76,082	)
Edgewell Personal Care Company		(9,576	)		(257,211	)
elf Beauty, Inc. ^(a)		(2,588	)		(191,512	)
Energizer Holdings, Inc.		(8,253	)		(176,944	)
					(701,749	)
Industrial Intermediate Products — (0.1)%
Enpro, Inc.		(349	)		(131,549	)
Gibraltar Industries, Inc. ^(a)		(230	)		(10,373	)
Hillman Solutions Corp. ^(a)		(312	)		(2,633	)
Insteel Industries, Inc.		(732	)		(22,106	)
Standex International Corp.		(1,830	)		(654,536	)
					(821,197	)
Industrial Support Services — (0.1)%
Cadiz, Inc. ^(a)		(6,131	)		(25,628	)
Herc Holdings, Inc.		(52	)		(7,454	)
Rush Enterprises, Inc.		(2,331	)		(170,128	)
Titan Machinery, Inc. ^(a)		(3,806	)		(80,383	)
Transcat, Inc. ^(a)		(41	)		(3,804	)
U-Haul Holding Company		(65	)		(3,751	)
WillScot Holdings Corp.		(35,003	)		(1,010,187	)
					(1,301,335	)
Industrials — (0.0)%
Park-Ohio Holdings Corp.		(114	)		(4,384	)
Information Technology — (0.1)%
Eastman Kodak Co. ^(a)		(88,566	)		(819,236	)
Institutional Financial Services — (0.0)%
Coinbase Global, Inc. ^(a)		(1,904	)		(278,346	)
Perella Weinberg Partners		(5,709	)		(91,116	)
					(369,462	)
Insurance — (0.1)%
Amerisafe, Inc.		(75	)		(2,537	)
Baldwin Insurance Group, Inc. (The) ^(a)		(5,916	)		(157,247	)
Bowhead Specialty Holdings, Inc. ^(a)		(156	)		(4,669	)
Goosehead Insurance, Inc. ^(a)		(1,304	)		(63,244	)
Kinsale Capital Group, Inc.		(58	)		(19,129	)
Neptune Insurance Holdings, Inc. ^(a)		(690	)		(21,735	)
Ryan Specialty Holdings, Inc.		(8,891	)		(335,724	)
Skyward Specialty Insurance Group, Inc. ^(a)		(302	)		(17,622	)
Trupanion, Inc. ^(a)		(13,583	)		(336,451	)
TWFG, Inc. ^(a)		(594	)		(14,286	)
United Insurance Holdings Corp.		(214	)		(2,375	)
					(975,019	)
Internet Media & Services — (0.1)%
Bumble, Inc. ^(a)		(2,225	)		(7,120	)
Cars.com, Inc. ^(a)		(286	)		(3,129	)
DoorDash, Inc. ^(a)		(1,385	)		(255,574	)

	Number of Shares			Value
EverQuote, Inc. ^(a)		(1,563	)	$	(37,184	)
Grindr, Inc. ^(a)		(719	)		(10,332	)
HealthStream, Inc.		(424	)		(11,554	)
Lyft, Inc. ^(a)		(44,273	)		(646,829	)
Maplebear, Inc. ^(a)		(5,465	)		(258,768	)
The Lovesac Company ^(a)		(1,538	)		(19,333	)
TripAdvisor, Inc. ^(a)		(4,624	)		(63,395	)
Yelp, Inc. ^(a)		(128	)		(3,139	)
Ziff Davis, Inc. ^(a)		(733	)		(38,387	)
					(1,354,744	)
Leisure Facilities & Services — (0.8)%
AMC Entertainment Holdings, Inc. ^(a)		(194,405	)		(369,370	)
BJ’s Restaurants, Inc. ^(a)		(949	)		(57,638	)
Bloomin’ Brands, Inc.		(12,330	)		(112,696	)
Brinker International, Inc. ^(a)		(723	)		(121,464	)
Cheesecake Factory, Inc. (The)		(420	)		(33,407	)
Choice Hotels International, Inc.		(10,847	)		(1,196,099	)
Dine Brands Global, Inc.		(1,181	)		(42,398	)
Dutch Bros, Inc. ^(a)		(18,746	)		(1,346,150	)
First Watch Restaurant Group, Inc. ^(a)		(61,094	)		(787,502	)
Global Business Travel Group, Inc. ^(a)		(887	)		(8,329	)
Hyatt Hotels Corp.		(1,838	)		(356,278	)
Kura Sushi USA, Inc. ^(a)		(3,725	)		(214,411	)
Life Time Group Holdings, Inc. ^(a)		(419	)		(17,112	)
Lindblad Expeditions Holdings, Inc. ^(a)		(46,762	)		(1,320,559	)
Marcus Corporation (The)		(711	)		(16,680	)
Marriott International, Inc.		(93	)		(34,465	)
MGM Resorts International ^(a)		(6,173	)		(295,131	)
Norwegian Cruise Line Holdings Ltd. ^(a)		(47,834	)		(1,009,776	)
Portillo’s, Inc. ^(a)		(7,598	)		(36,015	)
Pursuit Attractions and Hospitality, Inc. ^(a)		(199	)		(11,138	)
Sweetgreen, Inc. ^(a)		(43,524	)		(383,446	)
United Parks & Resorts, Inc. ^(a)		(917	)		(43,778	)
Vail Resorts, Inc.		(5,936	)		(808,186	)
Wendy’s Co. (The)		(46,547	)		(385,875	)
Wingstop, Inc.		(9,495	)		(1,646,527	)
Wynn Resorts Ltd.		(14,982	)		(1,454,602	)
					(12,109,032	)
Leisure Products — (0.2)%
Johnson Outdoors, Inc.		(302	)		(13,904	)
Mattel, Inc. ^(a)		(11,785	)		(163,576	)
Peloton Interactive, Inc. ^(a)		(8,712	)		(51,488	)
Polaris, Inc.		(14,801	)		(1,012,980	)
Thor Industries, Inc.		(2,769	)		(208,118	)
YETI Holdings, Inc. ^(a)		(18,802	)		(931,827	)
					(2,381,893	)
Machinery — (0.1)%
Alliance Laundry Holdings, Inc. ^(a)		(4,323	)		(114,646	)

	Number of Shares			Value
Cadre Holdings, Inc.		(524	)	$	(14,939	)
Columbus McKinnon Corp		(6,374	)		(96,439	)
Custom Truck One Source, Inc. ^(a)		(799	)		(9,436	)
Federal Signal Corp.		(2,629	)		(337,800	)
Gorman-Rupp Company (The)		(95	)		(8,715	)
Graham Corp. ^(a)		(499	)		(61,771	)
Ingersoll Rand, Inc.		(1,180	)		(96,748	)
Kadant, Inc.		(1,995	)		(626,889	)
L.B. Foster Company ^(a)		(118	)		(5,330	)
Lindsay Corp.		(2,169	)		(268,522	)
Middleby Corp. (The) ^(a)		(496	)		(85,317	)
Navitas Semiconductor Corp. ^(a)		(13,708	)		(245,647	)
Oshkosh Corp.		(15	)		(2,302	)
Symbotic, Inc. ^(a)		(1,081	)		(48,591	)
Terex Corp.		(280	)		(20,269	)
					(2,043,361	)
Medical Equipment & Devices — (0.3)%
AngioDynamics, Inc. ^(a)		(188	)		(2,446	)
Azenta, Inc. ^(a)		(6,343	)		(161,873	)
Baxter International, Inc.		(3,502	)		(74,663	)
Bio-Rad Laboratories, Inc. ^(a)		(385	)		(113,040	)
Bio-Techne Corp.		(9,037	)		(638,464	)
Bruker Corp.		(4,365	)		(262,686	)
Caris Life Sciences, Inc. ^(a)		(1,182	)		(21,063	)
Glaukos Corp. ^(a)		(3,257	)		(455,198	)
ICU Medical, Inc. ^(a)		(70	)		(10,262	)
Kestra Medical Technologies Ltd. ^(a)		(650	)		(16,536	)
Lantheus Holdings, Inc. ^(a)		(6,685	)		(741,634	)
Merit Medical Systems, Inc. ^(a)		(252	)		(17,474	)
OPKO Health, Inc. ^(a)		(15,154	)		(22,731	)
OraSure Technologies, Inc. ^(a)		(2,826	)		(12,604	)
Orthofix Medical, Inc. ^(a)		(233	)		(2,130	)
Repligen Corp. ^(a)		(2,229	)		(304,125	)
Revvity, Inc.		(672	)		(74,767	)
SI-Bone, Inc. ^(a)		(568	)		(9,270	)
Tactile Systems Technology, Inc. ^(a)		(110	)		(3,276	)
Tempus AI, Inc. ^(a)		(1,814	)		(105,085	)
Twist Bioscience Corp. ^(a)		(2,352	)		(241,974	)
UFP Technologies, Inc. ^(a)		(130	)		(34,467	)
Vericel Corp. ^(a)		(4,414	)		(196,379	)
Waters Corp. ^(a)		(1,342	)		(503,304	)
West Pharmaceutical Services, Inc.		(334	)		(119,906	)
					(4,145,357	)
Metals & Mining — (0.1)%
Centrus Energy Corp. ^(a)		(2,140	)		(359,242	)
Coeur Mining, Inc.		(60,100	)		(980,832	)
Dakota Gold Corp. ^(a)		(11,105	)		(47,307	)
Gold.com, Inc.		(1,208	)		(50,265	)
MP Materials Corp. ^(a)		(7,544	)		(422,539	)
					(1,860,185	)
Oil & Gas Producers — (0.1)%
Comstock Resources, Inc. ^(a)		(5,868	)		(87,551	)
Devon Energy Corp.		(16,158	)		(667,649	)

	Number of Shares			Value
SM Energy Company		(2,624	)	$	(68,486	)
Texas Pacific Land Corp.		(200	)		(87,528	)
VAALCO Energy, Inc.		(6,057	)		(30,770	)
					(941,984	)
Oil & Gas Services & Equipment — (0.0)%
Core Laboratories, Inc.		(3,812	)		(44,410	)
ProFrac Holding Corp. ^(a)		(35,584	)		(206,743	)
RPC, Inc.		(4,573	)		(26,661	)
SLB Ltd.		(3,229	)		(150,116	)
					(427,930	)
Publishing & Broadcasting — (0.0)%
Boston Omaha Corp. ^(a)		(1,803	)		(24,593	)
Real Estate Services — (0.0)%
eXp World Holdings, Inc.		(10,661	)		(57,676	)
REITs — (0.0)%
Alexander’s, Inc.		(54	)		(14,880	)
American Healthcare REIT, Inc.		(8,476	)		(442,023	)
Chatham Lodging Trust		(2,633	)		(34,835	)
FrontView REIT, Inc.		(263	)		(5,320	)
JBG SMITH Properties		(243	)		(3,565	)
Pebblebrook Hotel Trust		(2,218	)		(43,051	)
Piedmont Realty Trust, Inc. ^(a)		(2,470	)		(22,601	)
SL Green Realty Corp.		(509	)		(26,351	)
Summit Hotel Properties, Inc.		(7,570	)		(53,066	)
					(645,692	)
Renewable Energy — (0.2)%
Enphase Energy, Inc. ^(a)		(9,396	)		(462,659	)
First Solar, Inc. ^(a)		(1,828	)		(431,335	)
Plug Power, Inc. ^(a)		(143,746	)		(389,552	)
T1 Energy, Inc. ^(a)		(164,945	)		(1,563,678	)
					(2,847,224	)
Retail - Consumer Staples — (0.0)%
Arko Corp.		(1,213	)		(9,740	)
Hims & Hers Health, Inc. ^(a)		(8,314	)		(288,246	)
Natural Grocers by Vitamin Cottage, Inc.		(262	)		(8,127	)
Village Super Market, Inc.		(281	)		(11,853	)
Weis Markets, Inc.		(1,490	)		(116,682	)
					(434,648	)
Retail - Discretionary — (0.6)%
Avis Budget Group, Inc. ^(a)		(3,357	)		(496,265	)
Barnes & Noble Education, Inc.		(1,505	)		(18,903	)
Boot Barn Holdings, Inc. ^(a)		(6,149	)		(1,010,096	)
Builders FirstSource, Inc. ^(a)		(5,129	)		(458,943	)
CarMax, Inc. ^(a)		(2,358	)		(124,715	)
Carvana Company ^(a)		(6,632	)		(436,518	)
Citi Trends, Inc. ^(a)		(4,381	)		(253,397	)
Dick’s Sporting Goods, Inc.		(4,139	)		(938,767	)
Dillard’s, Inc.		(266	)		(140,560	)
EVgo, Inc. ^(a)		(8,221	)		(15,702	)
Freshpet, Inc. ^(a)		(11,844	)		(700,217	)
Lithia Motors, Inc.		(359	)		(104,286	)

	Number of Shares			Value
Lowe’s Companies, Inc.		(1,318	)	$	(290,606	)
Monro, Inc.		(799	)		(13,671	)
National Vision Holdings, Inc. ^(a)		(3,113	)		(59,178	)
Olaplex Holdings, Inc. ^(a)		(3,569	)		(7,316	)
Patrick Industries, Inc.		(26	)		(2,334	)
QXO, Inc. ^(a)		(52,868	)		(913,559	)
RH ^(a)		(8,940	)		(1,472,686	)
Sally Beauty Holdings, Inc. ^(a)		(218	)		(3,083	)
Urban Outfitters, Inc. ^(a)		(4,787	)		(339,207	)
Valvoline, Inc. ^(a)		(4,120	)		(162,905	)
Victoria’s Secret & Company ^(a)		(9,019	)		(752,906	)
Warby Parker, Inc. ^(a)		(2,602	)		(78,945	)
Williams-Sonoma, Inc.		(3,184	)		(742,190	)
					(9,536,955	)
Semiconductors — (0.4)%
Aehr Test Systems ^(a)		(7,037	)		(675,974	)
Astera Labs, Inc. ^(a)		(2,518	)		(1,216,244	)
Atomera, Inc. ^(a)		(54,513	)		(474,808	)
AXT, Inc. ^(a)		(22,318	)		(1,608,681	)
Entegris, Inc.		(1,099	)		(197,666	)
GlobalFoundries, Inc.		(75	)		(6,181	)
IPG Photonics Corp. ^(a)		(235	)		(27,570	)
MaxLinear, Inc. ^(a)		(4,928	)		(630,932	)
Monolithic Power Systems, Inc.		(453	)		(626,209	)
NVE Corp.		(49	)		(5,123	)
Photronics, Inc. ^(a)		(15,153	)		(492,927	)
Synaptics, Inc. ^(a)		(469	)		(58,264	)
Ultra Clean Holdings, Inc. ^(a)		(792	)		(112,931	)
Veeco Instruments, Inc. ^(a)		(1,671	)		(126,662	)
					(6,260,172	)
Software — (1.0)%
Adeia, Inc.		(4,224	)		(139,096	)
Alignment Healthcare, Inc. ^(a)		(2,204	)		(52,477	)
Alkami Technology, Inc. ^(a)		(717	)		(12,992	)
Appfolio, Inc. ^(a)		(4,460	)		(715,161	)
Applied Digital Corp. ^(a)		(22,615	)		(843,540	)
Backblaze, Inc. ^(a)		(647	)		(10,261	)
Bentley Systems, Inc.		(5,183	)		(154,920	)
Blackbaud, Inc. ^(a)		(5,515	)		(163,354	)
C3.ai, Inc. ^(a)		(45,652	)		(414,977	)
Cadence Design Systems, Inc. ^(a)		(1,012	)		(379,824	)
CCC Intelligent Solutions Holdings, Inc. ^(a)		(2,884	)		(14,881	)
Clear Secure, Inc.		(250	)		(13,933	)
Commvault Systems, Inc. ^(a)		(13	)		(1,842	)
CoreWeave, Inc. ^(a)		(4,149	)		(412,991	)
DigitalOcean Holdings, Inc. ^(a)		(564	)		(88,565	)
Dropbox, Inc. ^(a)		(5,142	)		(141,251	)
Duolingo, Inc. ^(a)		(2,669	)		(306,988	)
Fastly, Inc. ^(a)		(25,407	)		(466,473	)
Figma, Inc. ^(a)		(15,407	)		(278,713	)
Guidewire Software, Inc. ^(a)		(1,364	)		(167,840	)
Hinge Health, Inc. ^(a)		(502	)		(41,666	)
I3 Verticals, Inc. ^(a)		(2,353	)		(50,260	)

	Number of Shares			Value
IonQ, Inc. ^(a)		(47,052	)	$	(2,505,990	)
Life360, Inc. ^(a)		(926	)		(51,263	)
McGraw Hill, Inc. ^(a)		(261	)		(2,472	)
Mitek Systems, Inc. ^(a)		(1,332	)		(26,813	)
Okta, Inc. ^(a)		(538	)		(73,410	)
Omada Health, Inc. ^(a)		(2,601	)		(57,092	)
Palo Alto Networks, Inc. ^(a)		(1,553	)		(529,604	)
Pegasystems, Inc.		(1,713	)		(51,339	)
Planet Labs PBC ^(a)		(46,305	)		(1,534,085	)
Qualys, Inc. ^(a)		(3,566	)		(490,289	)
Rapid7, Inc. ^(a)		(1,036	)		(8,392	)
RingCentral, Inc.		(6,394	)		(249,238	)
Rubrik, Inc. ^(a)		(3,045	)		(244,453	)
SailPoint, Inc. ^(a)		(44,183	)		(646,839	)
Samsara, Inc. ^(a)		(25,821	)		(837,375	)
Schrodinger, Inc. ^(a)		(6,421	)		(104,341	)
SPS Commerce, Inc. ^(a)		(81	)		(4,631	)
Teradata Corp. ^(a)		(14,113	)		(489,015	)
Twilio, Inc. ^(a)		(7,115	)		(1,468,038	)
UiPath, Inc. ^(a)		(8,827	)		(95,949	)
Via Transportation, Inc. ^(a)		(15,182	)		(275,401	)
Yext, Inc. ^(a)		(10,265	)		(47,938	)
Zeta Global Holdings Corp. ^(a)		(9,366	)		(184,323	)
					(14,850,295	)
Specialty Finance — (0.1)%
Atlanticus Holdings Corp. ^(a)		(5,161	)		(527,712	)
BitMine Immersion Technologies, Inc.		(28,508	)		(379,441	)
Enova International, Inc. ^(a)		(19	)		(4,574	)
Happen, Inc. ^(a)		(4,984	)		(103,368	)
Investors Title Company		(64	)		(17,516	)
LendingTree, Inc. ^(a)		(156	)		(6,909	)
NerdWallet, Inc. ^(a)		(280	)		(2,590	)
OppFi, Inc. ^(a)		(9,018	)		(89,549	)
SoFi Technologies, Inc. ^(a)		(23,880	)		(428,168	)
Walker & Dunlop, Inc.		(320	)		(17,504	)
Willis Lease Finance Corp.		(179	)		(40,955	)
World Acceptance Corp. ^(a)		(2,625	)		(587,554	)
					(2,205,840	)
Steel — (0.0)%
Cleveland-Cliffs, Inc. ^(a)		(21,393	)		(200,880	)
Worthington Steel, Inc.		(233	)		(7,824	)
					(208,704	)
Technology Hardware — (0.3)%
A10 Networks, Inc.		(108	)		(4,035	)
Arlo Technologies, Inc. ^(a)		(8,593	)		(115,834	)
Corning, Inc.		(1,779	)		(454,410	)
Diebold Nixdorf, Inc. ^(a)		(2,291	)		(194,781	)
Harmonic, Inc. ^(a)		(1,628	)		(26,585	)
InterDigital, Inc.		(465	)		(131,655	)
Kopin Corp. ^(a)		(103,423	)		(463,335	)
NCR Voyix Corp. ^(a)		(2,823	)		(23,064	)
Pitney Bowes, Inc.		(1,252	)		(21,935	)

	Number of Shares			Value
Ribbon Communications, Inc. ^(a)		(2,608	)	$	(6,103	)
Ubiquiti, Inc.		(81	)		(43,256	)
Viasat, Inc. ^(a)		(28,310	)		(2,542,520	)
Vicor Corp. ^(a)		(1,533	)		(582,203	)
Xerox Holdings Corp.		(38,788	)		(121,406	)
Xperi, Inc. ^(a)		(286	)		(2,354	)
					(4,733,476	)
Technology Services — (0.2)%
Affirm Holdings, Inc. ^(a)		(626	)		(51,050	)
Cass Information Systems, Inc.		(254	)		(13,035	)
Chime Financial, Inc. ^(a)		(1,549	)		(31,724	)
DXC Technology Company ^(a)		(16,713	)		(147,910	)
EPAM Systems, Inc. ^(a)		(2,913	)		(231,147	)
FactSet Research Systems, Inc.		(36	)		(8,283	)
Fair Isaac Corp. ^(a)		(418	)		(499,418	)
Flywire Corp. ^(a)		(735	)		(12,914	)
GPGI, Inc.		(36,252	)		(574,594	)
Hut 8 Corp. ^(a)		(7,131	)		(823,238	)
Maximus, Inc.		(75	)		(4,032	)
Morningstar, Inc.		(561	)		(87,527	)
Payoneer Global, Inc. ^(a)		(13,393	)		(95,358	)
Shift4 Payments, Inc. ^(a)		(7,500	)		(364,800	)
					(2,945,030	)
Telecommunications — (0.1)%
AST SpaceMobile, Inc. ^(a)		(11,559	)		(1,027,133	)
EchoStar Corp. ^(a)		(1,816	)		(184,324	)
Gogo, Inc. ^(a)		(52,949	)		(164,142	)
Iridium Communications, Inc.		(8,580	)		(470,613	)
Shenandoah Telecommunications Co.		(19,132	)		(288,511	)
					(2,134,723	)
Transportation & Logistics — (0.2)%
Alaska Air Group, Inc. ^(a)		(7,431	)		(387,898	)
Allegiant Travel Company ^(a)		(187	)		(21,991	)
American Airlines Group, Inc. ^(a)		(5,111	)		(92,356	)
Heartland Express, Inc.		(256	)		(3,896	)
Marten Transport Ltd.		(5,434	)		(94,280	)
Saia, Inc. ^(a)		(3,038	)		(1,279,484	)
XPO, Inc. ^(a)		(3,417	)		(701,476	)
					(2,581,381	)
Transportation Equipment — (0.1)%
Blue Bird Corp. ^(a)		(8,925	)		(704,718	)
Wabash National Corp.		(5,944	)		(80,244	)
					(784,962	)
Wholesale - Consumer Staples — (0.0)%
Chefs’ Warehouse, Inc. (The) ^(a)		(191	)		(18,355	)
Mission Produce, Inc. ^(a)		(327	)		(3,855	)
					(22,210	)
Total U.S. Common Stocks (Proceeds $(124,316,365))					(137,123,372	)

	Number of Shares			Value
Foreign Common Stocks — (0.9)%
Argentina — (0.0)%
Loma Negra Cia Industrial Argentina S.A. ^(a)		(910	)	$	(10,420	)
Transportadora de Gas del Sur S.A. ^(a)		(203	)		(6,035	)
					(16,455	)
Australia — (0.0)%
IperionX Ltd. ^(a)		(12,400	)		(368,652	)
IREN Ltd. ^(a)		(5,327	)		(243,604	)
					(612,256	)
Bahamas — (0.0)%
OneSpaWorld Holdings Ltd.		(23,959	)		(676,602	)
Belgium — (0.0)%
Titan America S.A.		(359	)		(6,699	)
Bermuda — (0.0)%
Helen of Troy Ltd. ^(a)		(3,988	)		(115,931	)
Liberty Global plc ^(a)		(506	)		(5,566	)
Signet Jewelers Ltd.		(735	)		(63,357	)
					(184,854	)
Brazil — (0.0)%
Embraer S.A. SPN - ADR		(64	)		(4,083	)
Telefonica Brasil S.A.		(5,577	)		(73,393	)
					(77,476	)
Canada — (0.4)%
1911 Gold Corp. ^(a)		(392,500	)		(177,120	)
Abaxx Technologies, Inc. ^(a)		(2,299	)		(45,773	)
Almonty Industries, Inc. ^(a)		(17,167	)		(284,286	)
Americas Gold & Silver Corp. ^(a)		(31,640	)		(149,341	)
Aritzia, Inc. ^(a)		(1,500	)		(165,405	)
Aurinia Pharmaceuticals, Inc. ^(a)		(14,205	)		(241,059	)
Calian Group Ltd.		(6,400	)		(381,360	)
Global Atomic Corp. ^(a)		(138,100	)		(60,372	)
Hammond Power Solutions, Inc.		(1,500	)		(367,224	)
i-80 Gold Corp. ^(a)		(13,540	)		(19,498	)
i-80 Gold Corp. ^(a)		(1,083,800	)		(1,574,213	)
Kraken Robotics, Inc. ^(a)		(40,400	)		(180,600	)
Lithium Americas Corp. ^(a)		(23,876	)		(91,923	)
Lundin Mining Corp.		(39,400	)		(960,102	)
Novanta, Inc. ^(a)		(1,600	)		(259,584	)
Perpetua Resources Corp. ^(a)		(3,812	)		(79,137	)
POET Technologies, Inc. ^(a)		(32,993	)		(339,168	)
Saputo, Inc.		(15,300	)		(443,169	)
Shopify, Inc. ^(a)		(111	)		(12,674	)
Sprott, Inc.		(1,456	)		(163,582	)
Victoria Gold Corp. ^(a)		(1,035,421	)		(7,301	)
Zymeworks, Inc. ^(a)		(2,756	)		(72,042	)
					(6,074,933	)
Cayman Islands — (0.2)%
Ambarella, Inc. ^(a)		(1,167	)		(100,129	)
Chagee Holdings Ltd.		(48,640	)		(584,653	)
DiDi Global, Inc. ^(a)		(714	)		(2,392	)

	Number of Shares			Value
Full Truck Alliance Co. Ltd.		(4,114	)	$	(33,406	)
HUYA, Inc.		(4,834	)		(11,118	)
Ichor Holdings Ltd. ^(a)		(718	)		(80,617	)
Manchester United plc ^(a)		(593	)		(13,597	)
MINISO Group Holding Ltd.		(14,682	)		(177,065	)
Opera Ltd.		(6,408	)		(127,071	)
SharkNinja, Inc. ^(a)		(3,704	)		(564,008	)
Tencent Music Entertainment Group		(36,740	)		(306,779	)
VTEX ^(a)		(56,389	)		(225,556	)
					(2,226,391	)
China — (0.0)%
iQIYI, Inc. ^(a)		(28,744	)		(29,894	)
Cyprus — (0.0)%
Frontline plc		(429	)		(14,925	)
Ireland — (0.0)%
Eaton Corp. plc		(626	)		(266,751	)
James Hardie Industries plc ^(a)		(8,084	)		(211,639	)
NIQ Global Intelligence plc ^(a)		(6,843	)		(63,982	)
					(542,372	)
Israel — (0.0)%
Check Point Software Technologies Ltd. ^(a)		(128	)		(16,823	)
Global-E Online Ltd. ^(a)		(965	)		(33,514	)
Kornit Digital Ltd. ^(a)		(530	)		(8,613	)
Nice Ltd. ^(a) ^(b)		(649	)		(58,962	)
Radware Ltd. ^(a)		(781	)		(24,102	)
Riskified Ltd. ^(a)		(5,087	)		(25,638	)
Stratasys Ltd. ^(a)		(1,159	)		(9,921	)
					(177,573	)
Jersey — (0.0)%
Versigent Limited ^(a)		(2,023	)		(84,986	)

	Number of Shares			Value
Liberia — (0.1)%
Royal Caribbean Cruises Ltd.		(5,030	)	$	(1,597,175	)
Marshall Islands — (0.0)%
Euroseas Ltd.		(134	)		(8,894	)
Netherlands — (0.0)%
PicS N.V. ^(a)		(13,924	)		(148,012	)
Puerto Rico — (0.0)%
EVERTEC, Inc.		(5,621	)		(156,151	)
South Korea — (0.0)%
Gravity Company Ltd. ^(a)		(316	)		(21,219	)
Switzerland — (0.0)%
Aebi Schmidt Holding A.G.		(490	)		(6,150	)
BeOne Medicines Ltd. ^(a)		(6	)		(1,710	)
CRISPR Therapeutics A.G. ^(a)		(4,039	)		(220,287	)
Sportradar Group A.G. ^(a)		(4,246	)		(63,563	)
					(291,710	)
United Kingdom — (0.0)%
Immunocore Holdings plc ^(a)		(251	)		(7,969	)
Virgin Islands (British) — (0.0)%
Nomad Foods Ltd.		(16,076	)		(176,032	)
Total Foreign Common Stocks (Proceeds $12,816,119)					(13,132,578	)
Total Common Stocks (Proceeds $137,132,484)					(150,255,950	)
Total Securities Sold Short— (10.2)% (Proceeds $137,132,484)					(150,255,950	)

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:

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, 2026, 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”).

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

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 generally accepted accounting principles in the United States of America (“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.

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 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.

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 of Trustees 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.

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.

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

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Fund’s tax positions taken or to be taken on federal income tax returns for all open tax years (tax years ended December 31, 2021 – December 31, 2025) and has concluded that no provision for federal income tax is required in the Fund’s financial statements.

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.

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

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.

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.

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.

The following is a summary of the inputs used as of June 30, 2026, in valuing the Fund’s assets and liabilities carried at fair value:

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

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.

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

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 the period ended June 30, 2026. 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 the period ended June 30, 2026. 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.

During the period ended June 30, 2026, 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.

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 on 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.

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, a fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular “notional amount” or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-US currency, or a “basket” of securities representing a particular index or portfolio of securities and other instruments. Swaps can also be based on credit and other events.

The 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 statements 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.

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

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

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

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

premium received by the Fund for the sale of the put option. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received. As the writer of a put option, the Fund may be required to pledge cash and/or other liquid assets at least equal to the value of the Fund’s obligation under the written put.

The Fund may write “covered” call options, meaning that the Fund owns the underlying instrument that is subject to the call, or has cash and/or liquid securities with a value at all times sufficient to cover its potential obligations under the option. When the Fund writes a covered call option covered by the underlying instrument that is subject to the call, the underlying instruments that are held by the Fund and are subject to the call option will be earmarked as segregated on the books of the Fund or the Fund’s custodian. The 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 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 on 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.

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 on the 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.

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 on 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 Statement 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 on the Statement of Operations.

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

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

At June 30, 2026, the Fund’s derivative assets and liabilities (by contract type) are as follows:

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, 2026:

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) received by the Fund as of June 30, 2026:

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, 2026. These derivatives are not accounted for as hedging instruments.

The following table lists the fair values of the Fund’s derivative holdings as of June 30, 2026, grouped by contract type and risk exposure category:

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, 2026, grouped by contract type and risk exposure category.

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, 2026, grouped by contract type and risk exposure category.

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:

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, 2026, $293,260 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, 2026. The total management fees waived for the period ended June 30, 2026 were $118,044.

TAS provides certain administrative services to the Fund under a services agreement. For these services, the Fund pays a monthly fee calculated by applying an annual rate of 0.07% to the Fund’s average daily net assets for the month. Fees for such services paid to TAS by the Fund are reflected as administrative fees on the Statement of Operations. As of June 30, 2026, $84,249 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 $91,118 for the period ended June 30, 2026 and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Operations.

TIP’s board, all of whom are considered “disinterested trustees” as defined in the 1940 Act, received compensation for their service as board members. The board members received compensation of $186,171 from MAF for the period ended June 30, 2026 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, 2026, $69,638 remained payable and are included in Chief Compliance Officer’s costs and Trustee’s fees on the Statement of Assets and Liabilities.

TIP’s board has approved money manager agreements with each of the money managers. Certain money managers will receive fees based in whole or in part on performance of the money manager’s portfolio. Other money managers will receive management fees equal to a specified percentage per annum of the assets under management by such money manager with a single rate or on a descending scale. Money managers who provided services to the Fund and their fee terms during the period ended June 30, 2026 were as follows:

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.

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, 2026, $3,934,928 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.

Pursuant to a series of agreements, State Street Bank and Trust Company (“State Street”) earns a fee for providing domestic custody 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 custody fees on the Statement of Operations. As of June 30, 2026, $146,530 remained payable and reflected as custody fees on the Statement of Assets and Liabilities.

Pursuant to a series of agreements, Ultimus Fund Solutions, LLC (“Ultimus”) earns a fee for providing core fund administration, fund accounting, and transfer agent services. Fees paid for non-core services rendered by Ultimus include, but are not limited to, out-of-pocket expenses. Fees for such services paid to Ultimus by the Fund are reflected as fund administration fees on the Statement of Operations. As of June 30, 2026, $124,570 remained payable and reflected as fund administration fees on the Statement of Assets and Liabilities. State Street provided core fund administration, fund accounting, and transfer agent services until March 6, 2026.

Cost of investment securities purchased and proceeds from sales of investment securities, other than short-term investments, during the period ended June 30, 2026 were as follows:

For federal income tax purposes, the cost of investments owned at June 30, 2026, has been estimated since the final tax characteristic cannot be determined until fiscal year end.

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, 2026.

The Fund is subject to foreign tax withholding imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of income taxes paid disaggregated by jurisdiction when material to the Fund’s financial statements. The amount of foreign withholding taxes paid during the period ended June 30, 2026 is not significant and accordingly, a disclosure of income taxes paid for the period is not presented.

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

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

In a reverse repurchase agreement, the Fund sells US Government securities and simultaneously agrees to repurchase them at an agreed-upon price and date. The difference between the amount the Fund receives for the securities and the additional amount it pays on repurchase is deemed to be a payment of interest. Reverse repurchase agreements create leverage, a speculative factor, but will not be considered borrowings for the purposes of limitations on borrowings. When the 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.

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 (the “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, 2026, the Fund had securities on loan with an aggregate market value of $77,797,302; the total market value of collateral held by the fund was $81,540,024. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $25,396,015 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $54,803,545.

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.

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

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

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

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

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

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

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

The Fund may engage in short sales in which it sells a security it does not own. To complete such a transaction, the fund must borrow or otherwise obtain the security to make delivery to the buyer. The Fund is then 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.

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.

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

Annual Approval of Advisory Agreements and Approval of Amended Money Manager Agreement (June 2026)

During an in-person meeting held on June 23, 2026 (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”) unanimously approved the continuation of: (i) the investment advisory agreement (the “Investment Advisory Agreement”) between TIFF Advisory Services, LLC (“TAS” or the “Adviser”) and TIP, on behalf of TIFF Multi-Asset Fund (“Multi-Asset Fund,” “MAF” or the “Fund”), the sole series of TIP; and (ii) each agreement with a money manager (i.e., a sub-adviser) engaged by the Adviser to manage a portion of the Fund’s assets (each, a “Money Manager Agreement” and collectively, the “Money Manager Agreements” and together with the Investment Advisory Agreement, the “Advisory Agreements”). Additionally, with respect to CenterBook Partners LP (“CenterBook”), one of the Fund’s money managers, the Board approved an amended Money Manager Agreement including a modified fee structure (the “CenterBook Amendment”).

The Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits TAS to enter into and materially amend the Money Manager Agreements with Board approval but without shareholder approval. Under this structure, TAS is responsible for monitoring and evaluating the performance of each money manager for its allocated portion or sleeve of the Fund’s portfolio and for recommending the engagement, termination and replacement of each money manager to the Board.

With respect to its consideration of these matters, the Board, which is comprised entirely of Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of TIP (collectively, the “Independent Trustees”), 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; the use of artificial intelligence and emerging technologies, to the extent relevant, and related oversight and controls; 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, the Fund’s distribution agreement and the Fund’s services agreement with TAS; (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’s assets under management, effective fee rates and fees paid to each money manager in 2025, 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, 2025; (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 under the services agreement.

At the June Meeting, the Board met with representatives of TAS to discuss the materials provided in advance of the June Meeting. The Board 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.

The Board considered a number of factors in evaluating TAS and the money managers in connection with its annual contract review process. 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 Chief Compliance Officer, 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 conditions, 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.

With respect to the CenterBook Amendment, the Board also took into account the money manager’s confirmation that the CenterBook Amendment will not result in any changes to the nature, quality or extent of investment advisory services provided to Multi-Asset Fund by the money manager.

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.

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.

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 is responsible for determining such portion of Multi-Asset Fund’s portfolio to be managed directly by TAS, if any. Under this multi-manager 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.

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, 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:

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 Board’s Investment Oversight Committee from TAS regarding risk attribution and asset class allocation, as well as information regarding the tenure and experience of each money manager.

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 fifteen 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, 2026). 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 MAF’s 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 benefited from economies of scale, if any, 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. With respect to the CenterBook Amendment, the Board considered CenterBook’s explanation of the challenges presented by the current fee structure, including that expense absorption is constraining reinvestment in the strategy and resources, the competitive market for money managers generally and the significant performance hurdle resulting from the existing fee structure. Also relevant to the Board’s assessment of the CenterBook Amendment was that TAS, Fund management and MAF’s portfolio managers are supportive of the proposed changes.

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.

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 also voted to approve the CenterBook Amendment.

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.

During the June Meeting, the Board considered proposals presented by TAS to approve new money manager agreements with: (i) Phoenix Asset Management Partners Limited (“Phoenix”); and (ii) Fidelity Diversifying Solutions LLC (“FDS” and the new money manager agreements, the “Phoenix Agreement” and the “FDS Agreement,” respectively, and together, the “New Money Manager Agreements” or each, a “New Money Manager Agreement”). In considering each of the New Money Manager Agreements, the Book 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 received and considered information and materials from TAS and from each of Phoenix and FDS encompassing a wide variety of topics in connection with the proposals, including, among other things:

With respect to the Phoenix Agreement, the Board noted that the proposed management fee for the investment strategy to be implemented by Phoenix on behalf of Multi-Asset Fund consists of a performance fee that aligned Phoenix’s interests with those of Multi-Asset Fund. Similarly, with respect to the FDS Agreement, the Board noted that the proposed management fee for the investment strategy to be implemented by FDS on behalf of Multi-Asset Fund included a performance fee that aligned FDS’ interests with those of Multi-Asset Fund. The Board also noted that, under the FDS Agreement, the proposed asset-based fee, calculated monthly and paid no later than the last day of the month immediately following the end of the month to which the management fee relates, ranges from 0.25% to 0.50% per annum on assets comprising the portfolio and the asset-based fee rate is determined based upon the greater of (i) the net amount of total assets that are managed by FDS or its affiliates for the Fund and other funds advised by TAS or its affiliates, whether through a separate account or an interest in a pooled investment fund (“TIFF Assets”) invested with FDS (the sum of all TIFF Assets contributed to FDS less the sum of all TIFF Assets withdrawn from FDS) and (ii) the current value of the TIFF Assets, each as of the beginning of the relevant month.

Information about brokerage practices for each of Phoenix and FDS was also provided, including allocation methodologies, best execution, commission rates and the handling of trade errors. In addition, the Board considered information with respect to compliance, administration and risk management, including, as to each of Phoenix and FDS, the organization’s risk monitoring, business continuity and disaster recovery planning, cybersecurity resources and risk assessments, and compliance oversight and compliance program; and confirmations regarding the absence of regulatory examinations, government inquiries, litigation or other proceedings affecting Phoenix or FDS, respectively.

In addition, the Board considered the following: (1) a memorandum from the Board’s independent legal counsel regarding 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 each of the Phoenix Agreement and the FDS Agreement; (2) responses submitted by each of Phoenix and FDS to a questionnaire submitted by TAS, on behalf of the Board, requesting information necessary for the Trustees’ evaluation of the Phoenix Agreement and the FDS Agreement, respectively; (3) a detailed report prepared by TAS assessing each of Phoenix and FDS and including information regarding each proposed money manager’s background, investment thesis, portfolio management personnel, philosophy and strategy, risk management, portfolio fit, references and other considerations; (4) certifications regarding each proposed money manager’s compliance program and code of ethics; (5) a summary of compliance findings for each proposed money manager prepared by TIP’s Chief Compliance Officer; and (6) the proposed Phoenix Agreement and the proposed FDS Agreement, including the applicable proposed fee schedules and investment guidelines.

During the June Meeting, the Board met with representatives of TAS to discuss the materials provided in advance of the June Meeting regarding each of the proposed Phoenix Agreement and the FDS Agreement. At the June Meeting, TAS staff (1) reviewed the process undertaken and due diligence performed in assessing each of Phoenix and FDS as a possible money manager for Multi-Asset Fund, and (2) responded to additional questions from the Board regarding, among other things, each proposed money manager’s scope of business and operations, potential advantages and risks associated with each firm, and each firm’s investment strategy.

The Board also considered a number of additional factors in evaluating each New Money Manager Agreement. The Board considered the money management services each of Phoenix and FDS was expected to provide to Multi-Asset Fund; the potential benefits of including each of Phoenix and FDS as a money manager to Multi Asset Fund; operational matters related to the engagement of each of Phoenix and FDS and related risks; and other information deemed relevant.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of the services expected to be provided by each of Phoenix and FDS and determined that the proposed fees under each New Money Manager Agreement were reasonable in light of the nature, extent and quality of services expected to be provided. The Board did not specifically consider the profitability or expected profitability of Phoenix or FDS resulting from its relationship with Multi-Asset Fund because neither Phoenix nor FDS is affiliated with TAS or TIP, except by virtue of serving as money managers to Multi-Asset Fund, and the fees to be paid to each of Phoenix and FDS were negotiated on an arm’s-length basis in a competitive marketplace.

The Board based its evaluation on the material factors presented to it at the June Meeting and discussed above, including: (1) the terms of each New Money Manager Agreement; (2) the reasonableness of each proposed money manager’s fees in light of the nature and quality of the services expected to be provided and any additional benefits expected to be received by each of Phoenix and FDS in connection with providing services to Multi-Asset Fund in the future; (3) the nature, quality, and extent of the services expected to be performed by each of Phoenix and FDS; and (4) the nature and expected effects of adding each of Phoenix and FDS as a money manager to Multi-Asset Fund.

After carefully considering the information summarized above and all factors deemed to be relevant, the Board unanimously voted to approve the FDS Agreement. Prior to a vote being taken, the Board met separately in executive session to discuss the appropriateness of each New Money Manager Agreement 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 consideration of investment advisory contracts.

The Trustees concluded that each New Money Manager Agreement was reasonable, fair, and in the best interests of Multi-Asset Fund and its shareholders, and that the fees provided in each New Money Manager Agreement were fair and reasonable. In the Board’s view, approving each New Money Manager Agreement was desirable and in the best interests of Multi-Asset Fund and its shareholders. In arriving at its decision to approve each New Money Manager Agreement, 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 future long-term considerations. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board.

During an in-person meeting held on March 10, 2026 (the “March Meeting”), the Board considered a proposal presented by TAS to approve a new money manager agreement with Sengu Capital Limited (“Sengu Capital” and the new money manager agreement, the “Sengu Capital Agreement”). In considering the Sengu Capital Agreement, the Book 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 March Meeting, the Board received and considered information and materials from TAS and from Sengu Capital encompassing a wide variety of topics in connection with the proposal, including, among other things: information regarding the asset management industry experience of Sengu Capital’s founder and Chief Investment Officer, Mr. Yoshihiko Ohira and that of the firm’s other personnel; the firm’s investment strategy, philosophy and portfolio construction discipline, as well as its research process and output; anticipated portfolio characteristics, sector and market cap allocations and various related metrics, including illustrative investments and the rationale therefor; proposed investment guidelines for MAF; performance information regarding Sengu Capital’s existing fund, including annualized results, rolling performance data, performance versus benchmarks, performance attribution and upside and downside analysis; comparative information regarding the proposed money management fees and the fees charged or investment terms offered by Sengu Capital to other clients having similar investment objectives or employing strategies similar to those to be employed by Sengu Capital on behalf of Multi-Asset Fund, as well as the rationale for any fee differences; information regarding benefits expected to be derived from the money manager relationship, including with respect to soft dollar arrangements, to the extent applicable; and information regarding the potential for economies of scale in the provision of services to Multi-Asset Fund and the extent to which any potential scale benefits may be shared with shareholders.

The Board noted that the proposed management fee for the investment strategy to be implemented by Sengu Capital on behalf of Multi-Asset Fund included a performance fee that aligned Sengu Capital’s interests with those of Multi-Asset Fund. The Board also noted that the proposed asset-based fee, payable monthly and calculated on all MAF assets, is 0.60% per year

on portfolio assets and considered the possibility that there could be a change in Sengu Capital’s fees if a reduction in assets occurs. Information about Sengu Capital’s brokerage practices was also provided, including allocation methodologies, best execution, commission rates and the handling of trade errors. In addition, the Board considered information with respect to compliance and administration, including Sengu Capital’s compliance oversight, cybersecurity risk assessments, and finance and accounting services; and confirmations regarding the absence of regulatory examinations, government inquiries, litigation or other proceedings affecting Sengu Capital.

In addition, the Board considered the following: (1) a memorandum from the Board’s independent legal counsel regarding 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 Sengu Capital Agreement; (2) responses submitted by Sengu Capital to a questionnaire submitted by TAS, on behalf of the Board, requesting information necessary for the Trustees’ evaluation of the Sengu Capital Agreement; (3) a detailed report prepared by TAS assessing Sengu Capital and including information regarding the proposed money manager’s background, investment thesis, portfolio management personnel, philosophy and strategy, risk management, portfolio fit, references and other considerations; (4) certifications regarding Sengu Capital’s compliance program and Code of Ethics; (5) a summary of compliance findings for Sengu Capital prepared by TIP’s Chief Compliance Officer; and (6) the proposed Sengu Capital Agreement, including the proposed fee schedules and investment guidelines.

During the March Meeting, the Board met with representatives of TAS to discuss the materials provided in advance of the March Meeting regarding the proposed Sengu Capital Agreement. At the March Meeting, TAS staff (1) reviewed the process undertaken and due diligence performed in assessing Sengu Capital as a possible money manager for Multi-Asset Fund, and (2) responded to additional questions from the Board regarding, among other things, Sengu Capital’s scope of business and operations, potential advantages and risks associated with Sengu Capital, and the firm’s investment strategy.

The Board also considered a number of additional factors in evaluating the Sengu Capital Agreement. The Board considered the money management services Sengu Capital was expected to provide to Multi-Asset Fund; the potential benefits of including Sengu Capital as a money manager to Multi Asset Fund; operational matters related to the engagement of Sengu Capital and related risks; and other information deemed relevant.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of the services expected to be provided by Sengu Capital and determined that the proposed fees under the Sengu Capital Agreement were reasonable in light of the nature, extent and quality of services expected to be provided. The Board did not specifically consider the profitability or expected profitability of Sengu Capital resulting from its relationship with Multi-Asset Fund because Sengu Capital is not affiliated with TAS or TIP, except by virtue of serving as a money manager to Multi-Asset Fund, and the fees to be paid to Sengu Capital were negotiated on an arm’s-length basis in a competitive marketplace.

The Board based its evaluation on the material factors presented to it at the March Meeting and discussed above, including: (1) the terms of the Sengu Capital Agreement; (2) the reasonableness of the proposed money manager’s fees in light of the nature and quality of the services expected to be provided and any additional benefits expected to be received by Sengu Capital in connection with providing services to Multi-Asset Fund in the future; (3) the nature, quality, and extent of the services expected to be performed by Sengu Capital; and (4) the nature and expected effects of adding Sengu Capital as a money manager to Multi-Asset Fund.

After carefully considering the information summarized above and all factors deemed to be relevant, the Board unanimously voted to approve the Sengu Capital Agreement. Prior to a vote being taken, the Board met separately in executive session to discuss the appropriateness of the Sengu Capital Agreement and other considerations.

The Trustees concluded that the Sengu Capital Agreement was reasonable, fair, and in the best interests of Multi-Asset Fund and its members, and that the fees provided in the Sengu Capital Agreement were fair and reasonable. In the Board’s view, approving the Sengu Capital Agreement was desirable and in the best interests of Multi-Asset Fund and its shareholders. In arriving at its decision to approve the Sengu Capital Agreement, 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 future long-term considerations. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board.

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^SM 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 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^® 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.

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

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.

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.

(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.

(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

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.

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.

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
For a share outstanding throughout each period
Net asset value, beginning of period	$	15.28		$	14.85		$	14.03		$	12.48		$	16.22		$	16.71

Income (loss) from Investment operations
Net investment income (loss) ^(a)		(0.04	)		(0.05	)		0.08			0.08			0.03			0.01
Net realized and unrealized gain (loss) on investments		0.65			3.20			1.99			1.96			(2.49	)		2.03
Total from investment operations		0.61			3.15			2.07			2.04			(2.46	)		2.04

Less distributions from
Net investment income		—			(0.42	)		(0.66	)		(0.18	)		—			(0.24	)
Net realized gains		—			(2.30	)		(0.59	)		(0.31	)		(1.28	)		(2.29	)
Total distributions		—			(2.72	)		(1.25	)		(0.49	)		(1.28	)		(2.53	)
Net asset value, end of period	$	15.89		$	15.28		$	14.85		$	14.03		$	12.48		$	16.22

Total return ^(b)		3.99	%^(c)		21.44	%		14.84	%		16.51	%		(15.17	%)		12.46	%
Ratios/supplemental data
Net assets, end of period (000s)	$	1,471,983		$	1,468,145		$	1,290,525		$	1,235,201		$	1,247,979		$	1,582,109
Ratio of expenses to average net assets, before waivers ^(d)		1.39	%^(e)		1.66	%		1.12	%		1.24	%		1.14	%		0.92	%
Ratio of expenses to average net assets, after waivers ^(d)		1.37	%^(e)(f)		1.63	%^(f)		1.10	%^(f)		1.23	%^(f)		1.14	%		0.92	%
Ratio of expenses to average net assets, excluding expenses for securities sold short after waivers ^(d)		1.19	%^(e)(f)		1.41	%^(f)		0.88	%^(f)		0.98	%^(f)		0.88	%		0.72	%
Ratio of net investment income (loss) to average net assets ^(d)		(0.14	%)^(e)(f)		(0.33	%)^(f)		0.51	%^(f)		0.59	%^(f)		0.22	%		0.05	%
Portfolio turnover		86	%^(c)		290	%		251	%		199	%		143	%		87	%

	TIFF Investment Program
	2026 Semi-Annual Report	JUNE 30, 2026

Number of Contracts		Expiration Date		Type	Notional Value at June 30, 2026		Unrealized Appreciation/ (Depreciation)
				Long Financial Futures Contracts
	680		09/22/2026	CBOT U.S. Treasury Note 10 Year Futures	$	74,725,625	$	466,233
	207		09/15/2026	CME Australian Dollar Currency Futures		14,305,770		(204,965	)
	319		09/15/2026	CME British Pound Currency Futures		26,427,156		(247,371	)
	196		09/16/2026	CME Canadian Dollar Currency Futures		13,845,440		(206,967	)
	318		09/21/2026	CME E-mini S&P 500 Index Futures		120,017,175		692,766
	453		09/15/2026	CME Euro Foreign Exchange Currency Futures		64,872,431		(755,233	)
	75		09/15/2026	CME Japanese Yen Currency Futures		5,800,313		(89,844	)
	168		09/15/2026	CME Swiss Franc Currency Futures		26,198,550		(335,743	)
	1,563		09/21/2026	Eurex EURO STOXX 50 Index Futures		113,510,375		2,542,589
	131		09/21/2026	ICE U.S. MSCI Emerging Markets EM Index Futures		11,510,315		(161,350	)
	359		09/21/2026	MSCI China Index Futures		10,262,015		(831,033	)
	27		09/18/2026	SFE S&P ASX Share Price Index 200 Futures		4,101,332		(32,671	)
	393		09/22/2026	Ultra U.S. Treasury Note 10 Year Futures		44,200,219		563,672
								1,400,083

Reference Entity	Counterparty		Maturity Date		Notional Amount		Net Unrealized Appreciation (Depreciation)
Contracts for Difference (“CFD”)
Long Total Return Swap Contracts
CALB Group Company Ltd.		Morgan Stanley Capital Services, Inc.		5/31/2028	$	2,849,788	$	1,155
Contemporary Amperex Technology Company Ltd.		Morgan Stanley Capital Services, Inc.		5/31/2028		6,898,554		4,917
Enterprise Products Partners LP		Morgan Stanley Capital Services, Inc.		5/31/2028		166,682		(169	)
Firebird Metals Ltd.		Morgan Stanley Capital Services, Inc.		5/31/2028		239,916		1,140
Invesco STOXX Europe 600 EUR Price Index		Morgan Stanley Capital Services, Inc.		5/31/2028		356		(29	)
JL Mag Rare-Earth Company Ltd.		Morgan Stanley Capital Services, Inc.		5/31/2028		4,017,642		2,735
National Grid plc		Morgan Stanley Capital Services, Inc.		5/31/2028		1,290,507		281
Peninsula Energy Ltd.		Morgan Stanley Capital Services, Inc.		5/31/2028		288,138		1,567
Redeia Corp.		Morgan Stanley Capital Services, Inc.		5/31/2028		48,542		(135	)
REPT BATTERO Energy Company Ltd.		Morgan Stanley Capital Services, Inc.		5/31/2028		2,827,103		871
Savannah Resources plc		Morgan Stanley Capital Services, Inc.		5/31/2028		283,101		(28	)
Schneider Electric SE		Morgan Stanley Capital Services, Inc.		5/31/2028		956,090		6,652
SSE plc		Morgan Stanley Capital Services, Inc.		5/31/2028		1,314,051		373
Yellow Cake plc		Morgan Stanley Capital Services, Inc.		5/31/2028		747,028		482
								19,812
Short Total Return Swap Contracts
SRC SX OPT AUTO ETF		Morgan Stanley Capital Services, Inc.		5/31/2028		2,050		(161	)
STOXX^® Europe 600 Optimised Industrial Goods & Services		Morgan Stanley Capital Services, Inc.		5/31/2028		666		(100	)
								(261	)
							$	19,551

ADR	American Depositary Receipt	LLC	Limited Liability Company
A/S	Anonim Sirketi	LP	Limited Partnership
ASX	Australian Securities Exchange	LTD	Limited Company
CAD	Canadian Dollar	MSCI	Morgan Stanley Capital International
CBOT	Chicago Board of Trade	NV	Naamioze Vennootschap
CME	Chicago Mercantile Exchange	OYJ	Julkinen osakeyhtiö
EAFE	Europe, Australasia, and Far East	PCL	Public Company Limited
ETF	Exchange-Traded Fund	PJSC	Public Joint-Stock Company
EUX	Eurex Exchange	PLC	Public Limited Company
FTSE	Financial Times Stock Exchange	REIT	Real Estate Investment Trust
HKG	Hong Kong	SFE	Sydney Futures Exchange
ICE	Intercontinental Exchange	SPDR	Standard & Poor’s Depositary Receipt
LTD	Limited Company	TSX	Toronto Stock Exchange
IFSC	International Financial Services Centre	USD	US Dollar

	Investment Strategy	Acquisition Date		Cost		Value
U.S. Common Stocks
Swiftmerge Acquisition Corp.			12/15/21	$	5	$	5,011
							5,011
Foreign Common Stocks
Somerset Energy Partners Corp.			4/8/22		31,072		22,951
							22,951
Corporate Bonds
Trillion Energy International, Inc.			4/5/23		337,804		63,994
							63,994
Private Investment Funds
Bellus Ventures II LP	California Carbon Allowance		10/1/21 - 12/2/24		15,701,545		16,384,210
Blackstone Diversified Trading Strategies Fund	Multi-Strategy & Credit Long/Short		7/1/25		15,000,000		16,544,380
Eversept Global Healthcare Fund LP	Long-Short Global Healthcare		2/1/19		13,581,077		25,345,526
Farallon Capital Institutional Partners LP	Multi-Strategy		1/1/13		520,300		261,986
Helikon Long Short Equity Fund ICAV	Long-Short European		1/1/21		5,370,671		50,239,681
Kotak Flexicap Feeder Fund LP	Equity Market Neutral		11/10/25		32,000,000		29,610,508
Trium Khartes Fund LP	Event Driven		12/1/25		15,000,000		15,423,961
Voloridge Fund LP	Directional		1/1/23		5,015,363		7,424,846
Voloridge Trading Aggressive Fund	Directional		12/1/23 - 9/2/25		27,000,000		37,583,879
							198,818,977
Total (13.5% of Net Assets)						$	198,910,933

	June 30, 2026
Assets
Investments in securities, at value (cost: $1,157,271,979) including securities on loan of $77,797,302	$	1,311,819,847
Total investments (cost: $1,157,271,979)	$	1,311,819,847
Cash		302,720,660
Cash denominated in foreign currencies (cost: $6,593,225)		6,654,452
Deposits with brokers for futures contracts		22,947,795
Deposits with broker for swap contracts		6,125,591
Due from broker for futures variation margin		2,881,165
Unrealized appreciation on swap contracts		1,680,074
Deposits with broker for forward currency contracts		240,000
Deposits with broker for options contracts		73,261
Receivables:
Capital stock sold		20,373,000
Investment securities sold		30,171,481
Dividends and tax reclaims		1,805,441
Interest		388,598
Securities lending income		31,366
Prepaid expenses		40,766
Total Assets		1,707,953,497

Liabilities
Cash collateral received for securities on loan		54,803,545
Securities sold short, at value (proceeds: $136,917,784)		150,255,950
Due to broker for futures variation margin		1,004,044
Unrealized depreciation on swap contracts		599,366
Unrealized depreciation on forward currency contracts		57,577
Written options, at value (premiums received $35,644)		45,324
Payables:
Investment securities purchased		24,252,141
Money manager fees		3,934,928
Fund administration fees		124,570
Custody fees		146,530
Investment advisory and administrative fees		348,186
Capital stock redeemed		115,703
Chief Compliance Officer’s costs and Trustees’ fees		59,153
Dividends and interest on securities sold short		43,322
Accrued expenses and other liabilities		179,827
Total Liabilities		235,970,167
Net Assets	$	1,471,983,330
Shares Outstanding (unlimited authorized shares, par value $0.001)		92,614,139
Net Asset Value Per Share	$	15.89

Net Assets Consist of:
Capital stock	$	1,282,035,788
Total distributable earnings (loss)		189,947,542
Net Assets	$	1,471,983,330

	Six Months Ended June 30, 2026
Investment Income
Dividends (net of foreign withholding taxes of $369,183)	$	10,171,274
Interest		127,735
Securities lending		117,208
Total Investment Income		10,416,217

Expenses
Money manager fees		6,703,719
Investment advisory fees		1,441,181
Fund administration fees		504,278
Custody fees		208,163
Administrative fees		417,549
Professional fees		265,859
Chief Compliance Officer’s costs and Trustees’ fees		277,289
Miscellaneous fees and other expenses		240,503
Total Operating Expenses		10,058,541
Dividends and interest on securities sold short		422,989
Broker fees on securities sold short		922,254
Total Expenses		11,403,784
Less: Investment advisory fee waiver		(118,044	)
Total Expenses after Fees Waived		11,285,740
Net Investment Income (Loss)		(869,523	)

Net Realized Gain (Loss) on:
Investments		186,049,755
Securities sold short		(21,750,338	)
Swap contracts		8,067,595
Financial futures contracts		(11,940,216	)
Forward currency contracts		1,441,901
Foreign currency-related transactions		(353,713	)
Written options		715,038
Net realized Gain (loss) from Investments, Derivatives, and Foreign Currencies		162,230,022

Net Change in Unrealized Appreciation (Depreciation) from:
Investments		(90,146,282	)
Securities sold short		(11,398,772	)
Swap contracts		277,433
Financial futures contracts		(1,772,333	)
Forward currency contracts		32,999
Foreign currency-related transactions		(147,283	)
Written options		(100,816	)
Net Change in Unrealized Appreciation on Investments, Derivatives, and Foreign Currencies		(103,255,054	)
Net Realized and Unrealized Gain (Loss) on Investments, Derivatives, and Foreign Currencies		58,974,968
Net Increase in Net Assets Resulting from Operations	$	58,105,445

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Increase (Decrease) in Net Assets From Operations
Net investment income (loss)	$	(869,523	)	$	(4,555,526	)
Net realized gain (loss) from investments, derivatives, and foreign currencies		162,230,022			222,399,818
Net change in unrealized appreciation on investments, derivatives, and foreign currencies		(103,255,054	)		51,250,485
Net Increase (Decrease) in Net Assets Resulting from Operations		58,105,445			269,094,777

Distributions
Distributions to shareholders		—			(224,037,334	)
Decrease in Net Assets Resulting from Distributions		—			(224,037,334	)

Capital Share Transactions
Proceeds from shares sold		99,500,455			70,318,244
Proceeds from distributions reinvested		—			216,225,734
Cost of shares redeemed		(153,767,885	)		(153,981,529	)
Net Increase (Decrease) from Capital Share Transactions		(54,267,430	)		132,562,449

Total Increase (Decrease) in Net Assets		3,838,015			177,619,892

Net Assets
Beginning of period		1,468,145,315			1,290,525,423
End of period	$	1,471,983,330		$	1,468,145,315

Capital Share Transactions (in shares)
Shares sold		5,187,074			4,394,734
Shares reinvested		—			14,302,788
Shares redeemed		(8,684,196	)		(9,470,970	)
Net Increase (Decrease)		(3,497,122	)		9,226,552

	Six Months Ended June 30, 2026
Cash flows provided by (used in) operating activities
Net increase in net assets resulting from operations	$	58,105,445
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments purchased		(1,629,783,913	)
Investments sold		1,939,028,481
Purchases to cover securities sold short		(526,788,783	)
Securities sold short		500,224,839
(Purchase)/Sale of short term investments, net		90,943,661
Amortization (acccretion) of discount of premium, net		(1,843,090	)
Net change in unrealized (appreciation) depreciation on forward currency contracts		(32,999	)
Net change in unrealized (appreciation) depreciation on swap contracts		783,552
(Increase)/decrease in deposits with broker for forward currency contracts		2,090,000
(Increase)/decrease in deposits with broker for options contracts		(43,423	)
(Increase)/decrease in deposit with broker for swap contracts		444,409
(Increase)/decrease in deposit with brokers for future contracts		(2,395,428	)
(Increase)/decrease in advance purchase of investments		141,514
(Increase)/decrease in due from broker for futures variation margin		364,648
(Increase)/decrease in interest receivable		30,845
(Increase)/decrease in receivable for dividends and tax reclaims		(698,208	)
(Increase)/decrease in prepaid expenses		(35,310	)
(Increase)/decrease in securities lending income receivable		(15,909	)
Increase/(decrease) in due to broker for futures variation margin		515,962
Increase/(decrease) in payable for money manager fees		(3,388,908	)
Increase/(decrease) in payable for dividends and interest for securities sold short		(35,254	)
Increase/(decrease) in payable for fund administration		(1,021,183	)
Increase/(decrease) in payable for custody fees		146,530
Increase/(decrease) in payable for Chief Compliance Officer’s costs and Trustee’s fees		(20,923	)
Increase/(decrease) in other accrued expenses and other liabilities		(73,583	)
Increase/(decrease) in payable for investment advisory and administrative fees		(32,083	)
Increase/(decrease) in premiums received on written options, net		(137,123	)
Net realized (gain) loss from investments		(186,049,755	)
Net realized (gain) loss from securities sold short		21,750,338
Net realized (gain) loss from foreign currency-related transactions		353,713
Net change in unrealized (appreciation) depreciation on investments		90,146,282
Net change in unrealized (appreciation) depreciation on securities sold short		11,398,772
Net change in unrealized (appreciation) depreciation on foreign currency-related transactions		147,283
Net change in unrealized (appreciation) depreciation on written options		100,816
Net cash provided by (used in) operating activities		364,321,215

Cash flows provided by (used in) financing activities
Proceeds from shares sold		82,332,455
Payment for shares redeemed		(153,713,588	)
Net cash provided by financing activities		(71,381,133	)
Effect of exchange rate changes on cash		(500,996	)

Net increase (decrease) in cash		292,439,086
Cash at beginning of period		16,936,026
Cash at end of period	$	309,375,112
Non cash financing activities not included herein consist of reinvestment of distributions of:	$	—

Valuation Inputs	Level 1			Level 2			Level 3			Total
Assets
Common Stocks*⁺	$	888,120,502		$	446,445		$	391,819		$	888,958,766
Rights		315,623			190,726			—			506,349
Warrants		120,509			918,297			400,520			1,439,326
Corporate Bonds		—			—			63,994			63,994
Convertible Bonds		—			597,394			—			597,394
U.S. Treasury Bonds & Notes		—			39,669,661			—			39,669,661
Exchange-Traded Funds		47,502,853			—			—			47,502,853
Private Investment Funds		—			—			198,818,977			198,818,977
Preferred Stocks		2,258,916			—			—			2,258,916
Purchased Options		—			182,881			—			182,881
Short-Term Investments		—			131,820,730			—			131,820,730
Total Investments in Securities		938,318,403			173,826,134			199,675,310			1,311,819,847
Financial Futures Contracts - Equity Risk		3,376,629			—			—			3,376,629
Financial Futures Contracts - Interest Rate Risk		1,029,905			—			—			1,029,905
Total Return Swap Contracts (CFD) - Equity Risk		—			19,551			—			19,551
Total Return Swap Contracts - Equity Risk		—			2,259,889			—			2,259,889
Total Other Financial Instruments		4,406,534			2,279,440			—			6,685,974
Total Assets	$	942,724,937		$	176,105,574		$	199,675,310		$	1,318,505,821

Liabilities
Common Stocks Sold Short		(150,248,649	)		—			(7,301	)		(150,255,950	)
Financial Futures Contracts - Foreign Currency Risk		(1,840,123	)		—			—			(1,840,123	)
Financial Futures Contracts - Equity Risk		(3,804,583	)		—			—			(3,804,583	)
Forward Currency Contracts - Foreign Currency Risk		—			(57,577	)		—			(57,577	)
Written Options - Equity Risk		(45,324	)		—			—			(45,324	)
Total Other Financial Instruments		(5,690,030	)		(57,577	)		—			(5,747,607	)
Total Liabilities	$	(155,938,679	)	$	(57,577	)	$	(7,301	)	$	(156,003,557	)

Investments in Securities	Balance as of December 31, 2025			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of June 30, 2026
Common Stocks*	$	437,568		$	—		$	(45,749	)	$	—	$	—		$	—	$	—	$	391,819
Warrants		141,502			(154,454	)		103,830			459,859		(150,217	)		—		—		400,520
Corporate Bonds		66,125			—			8,523			—		(10,654	)		—		—		63,994
Private Investment Funds		181,826,137			(14,669	)		10,032,214			6,996,294		(20,999	)		—		—		198,818,977
Common Stocks Sold Short		(7,544	)		—			243			—		—			—		—		(7,301	)
Total	$	182,463,788		$	(169,123	)	$	10,099,061		$	7,456,153	$	(181,870	)	$	—	$	—	$	199,668,009

As of June 30, 2026	Fair Value		Valuation Methodology		Significant Unobservable Inputs		Range		Weighted Average*
Common Stocks	$	361,567		Discounted last market price		Discount(%)		20% - 100%		85.82%
		22,951		Recent transaction price		Recent transaction price		$0.25		$0.25
Warrants		400,520		Black-Scholes pricing model		Volatility		50%		50%
Corporate Bonds		63,994		Recent transaction price		Recent transaction price		$20.00		$20.00
Private Investment Funds		198,818,977		Adjusted net asset value		Manager estimated returns		0.00% - 7.68%		2.21%
						Market returns+		(0.56%) - 0.87%		0.13%

	Assets		Liabilities
Derivative Financial Instruments:
Purchased Options	$	182,881	$	—
Swap Contracts		2,279,440		—
Forward Contracts		—		(57,577	)
Futures Contracts		4,406,534		(5,644,706	)
Written Options		—		(45,324	)
Total derivative assets and liabilities		6,868,855		(5,747,607	)
Derivatives not subject to a netting provision or similar arrangement		4,589,415		(5,690,030	)
Total assets and liabilities subject to a netting provision or similar arrangement	$	2,279,440	$	(57,577	)

Counterparty	Derivative Assets Subject to a Netting Provision or Similar Arrangement		Derivatives Available for Offset		Collateral Received		Net Amount
Swap Contracts
Goldman Sachs International	$	2,259,889	$	—	$	—	$	2,259,889
Morgan Stanley Capital Services, Inc.		19,551		—		—		19,551
Total	$	2,279,440	$	—	$	—	$	2,279,440

Counterparty	Derivative Liabilities Subject to a Netting Provision or Similar Arrangement			Derivatives Available for Offset		Collateral Received		Net Amount
Forward Currency Contracts
Morgan Stanley Capital Services, Inc	$	(57,577	)	$	—	$	—	$	(57,577	)
Total	$	(57,577	)	$	—	$	—	$	(57,577	)

Derivative Type	Statement of Assets and Liabilities and Location		Foreign Currency Risk			Quarterly Average %^(a)		Equity Risk			Quarterly Average %^(a)		Interest Rate Risk		Quarterly Average %^(a)		Total
Asset Derivatives
Purchased Options		Investments in securities, at value	$	—			—%	$	182,881			0.07%	$	—		—%	$	182,881
Total Return Swap Agreements (CFD)		Unrealized appreciation on swap contracts		—			—%		19,551			0.00%		—		—%		19,551
Total Return Swap Contracts		Unrealized appreciation on swap contracts		—			—%		2,259,889			0.09%		—		—%		2,259,889
Forward Currency Contracts		Unrealized appreciation on forward currency contracts		—			0.69%		—			—%		—		—%		—
Financial Futures Contracts		Due from broker for futures variation margin^(b)		—			—%		3,376,629			0.00%		1,029,905		0.00%		4,406,534
Total Value - Assets			$	—				$	5,838,950				$	1,029,905			$	6,868,855

Liability Derivatives
Written Options		Written options, at value	$	—			—%	$	(45,324	)		-0.01%	$	—		—%	$	(45,324	)
Total Return Swap Agreements (CFD)		Unrealized depreciation on swap contracts		—			—%		—			0.00%		—		—%		—
Forward Currency Contracts		Unrealized depreciation on forward currency contracts		(57,577	)		-0.01%		—			—%		—		—%		(57,577	)
Financial Futures Contracts		Due to broker for futures variation margin^(b)		(1,840,123	)		-0.13%		(3,804,583	)		-0.08%		—		-0.04%		(5,644,706	)
Total Value - Liabilities			$	(1,897,700	)			$	(3,849,907	)			$	—			$	(5,747,607	)

Derivative Type	Statement of Operations Location		Foreign Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss)
Purchased Options		Net realized gain (loss) on investments	$	—		$	(428,427	)	$	—		$	(428,427	)
Swap Contracts		Net realized gain (loss) on swap contracts		—			8,067,595			—			8,067,595
Financial Futures Contracts		Net realized gain (loss) on financial futures contracts		(1,878,839	)		(6,824,474	)		(3,236,903	)		(11,940,216	)
Forward Currency Contracts		Net realized gain (loss) on forward currency contracts		1,441,901			—			—			1,441,901
Written Options		Net realized gain (loss) on written options		—			715,038			—			715,038
Total Realized Gain (Loss)			$	(436,938	)	$	1,529,732		$	(3,236,903	)	$	(2,144,109	)

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	%

		Purchases				Sales
Non-US Government Securities		$	1,120,678,716			$	1,411,914,423

Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)	Tax Cost of Investments
$311,859,300	$(169,370,184)	$142,489,116	$1,707,704,238

TIFF Multi-Asset Fund	June 30, 2026

Approval of Money Manager Agreements (Unaudited)

(Registrant)	TIFF Investment Program


By (Signature and Title)	/s/ Clarence Kane Brenan
	Clarence Kane Brenan, Chief Executive Officer

Date	August 27, 2026

By (Signature and Title)	/s/ Katherine M. Billings
	Katherine M. Billings, Treasurer and Chief Financial Officer

Date	August 27, 2026