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008 D030402 06902
008 A000403 FISCHER FRANCIS TREES & WATTS, INC.
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008 A000404 SEIX INVESTMENT ADVISORS, INC.
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008 D010404 WOODCLIFF LAKE
008 D020404 NJ
008 D030404 07675
008 D040404 7633
008 A000405 SMITH BREEDEN ASSOCIATES, INC.
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008 D010405 DALLAS
008 D020405 TX
008 D030405 75201
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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008 A000501 FOUNDATION ADVISERS, INC.
008 B000501 A
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008 D010501 CHARLOTTESVILLE
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008 D030501 22905
008 A000502 FISCHER FRANCIS TREES & WATTS, INC.
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<PAGE> PAGE 25
028 B030500 0
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<PAGE> PAGE 26
051 000500 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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008 A000601 FOUNDATION ADVISERS, INC.
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<PAGE> PAGE 29
008 C000601 801-45618
008 D010601 CHARLOTTESVILLE
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EMERGING MARKETS FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> INTERNATIONAL EQUITY FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MULTI-ASSET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> MAR-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 100800
<INVESTMENTS-AT-VALUE> 105483
<RECEIVABLES> 6004
<ASSETS-OTHER> 5670
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 117157
<PAYABLE-FOR-SECURITIES> 1797
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22730
<TOTAL-LIABILITIES> 24527
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86309
<SHARES-COMMON-STOCK> 8324
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 161
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4855
<NET-ASSETS> 92630
<DIVIDEND-INCOME> 1400
<INTEREST-INCOME> 986
<OTHER-INCOME> 0
<EXPENSES-NET> 400
<NET-INVESTMENT-INCOME> 1986
<REALIZED-GAINS-CURRENT> 1573
<APPREC-INCREASE-CURRENT> 4855
<NET-CHANGE-FROM-OPS> 8414
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1825
<DISTRIBUTIONS-OF-GAINS> 268
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8226
<NUMBER-OF-SHARES-REDEEMED> 58
<SHARES-REINVESTED> 156
<NET-CHANGE-IN-ASSETS> 92630
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 209
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 400
<AVERAGE-NET-ASSETS> 66378
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 153196
<INVESTMENTS-AT-VALUE> 153176
<RECEIVABLES> 975
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154171
<PAYABLE-FOR-SECURITIES> 57496
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95
<TOTAL-LIABILITIES> 57591
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96629
<SHARES-COMMON-STOCK> 9651
<SHARES-COMMON-PRIOR> 3429
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 24
<ACCUMULATED-NET-GAINS> (8)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17)
<NET-ASSETS> 96580
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5191
<OTHER-INCOME> 0
<EXPENSES-NET> 357
<NET-INVESTMENT-INCOME> 4834
<REALIZED-GAINS-CURRENT> 404
<APPREC-INCREASE-CURRENT> (7)
<NET-CHANGE-FROM-OPS> 5231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4880
<DISTRIBUTIONS-OF-GAINS> 401
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9713
<NUMBER-OF-SHARES-REDEEMED> 3982
<SHARES-REINVESTED> 491
<NET-CHANGE-IN-ASSETS> 62297
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> (474)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 190
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 464
<AVERAGE-NET-ASSETS> 85282
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> .58
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S. EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 102738
<INVESTMENTS-AT-VALUE> 116116
<RECEIVABLES> 1160
<ASSETS-OTHER> 1409
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118685
<PAYABLE-FOR-SECURITIES> 794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7990
<TOTAL-LIABILITIES> 8784
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94862
<SHARES-COMMON-STOCK> 8891
<SHARES-COMMON-PRIOR> 5808
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (163)
<ACCUMULATED-NET-GAINS> 1305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13897
<NET-ASSETS> 109901
<DIVIDEND-INCOME> 718
<INTEREST-INCOME> 1448
<OTHER-INCOME> 0
<EXPENSES-NET> 775
<NET-INVESTMENT-INCOME> 1391
<REALIZED-GAINS-CURRENT> 10560
<APPREC-INCREASE-CURRENT> 12902
<NET-CHANGE-FROM-OPS> 24853
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1568
<DISTRIBUTIONS-OF-GAINS> 8398
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3321
<NUMBER-OF-SHARES-REDEEMED> 918
<SHARES-REINVESTED> 680
<NET-CHANGE-IN-ASSETS> 51728
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 851
<GROSS-ADVISORY-FEES> 379
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 775
<AVERAGE-NET-ASSETS> 83229
<PER-SHARE-NAV-BEGIN> 10.02
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 3.37
<PER-SHARE-DIVIDEND> .22
<PER-SHARE-DISTRIBUTIONS> 1.01
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 12.36
<EXPENSE-RATIO> .93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 29, 1996
To the Board of Directors of the TIFF
Investment Program - TIFF Bond Fund
In planning and performing our audit of the financial statements of the TIFF
Bond Fund (the "Fund") for the year ended December 31, 1995, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
February 29, 1996
To the Board of Directors of the TIFF Investment Program - TIFF
Emerging Markets Fund
In planning and performing our audit of the financial statements
of the TIFF Emerging Markets Fund (the "Fund") for the year
ended December 31, 1995, we considered its internal control
structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
February 29, 1996
To the Board of Directors of the TIFF Investment Program - TIFF
International Equity Fund
In planning and performing our audit of the financial statements of
the TIFF International Equity Fund (the "Fund") for the year ended
December 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
February 29, 1996
To the Board of Directors of the TIFF Investment Program - TIFF
Multi-Asset Fund
In planning and performing our audit of the financial statements of
the TIFF Multi-Asset Fund (the "Fund") for the year ended
December 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
February 29, 1996
To the Board of Directors of the TIFF Investment Program - TIFF
Short-Term Fund
In planning and performing our audit of the financial statements of
the TIFF Short-Term Fund (the "Fund") for the year ended
December 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
February 29, 1996
To the Board of Directors of the TIFF Investment Program - TIFF
U.S. Equity Fund
In planning and performing our audit of the financial statements of
the TIFF U.S. Equity Fund (the "Fund") for the year ended
December 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
TIFF INVESTMENT PROGRAM, INC.
Form N-SAR for the period ending December 31, 1995
File Number 811-8234
This report is signed on behalf of the Registrant in the City of
New York and the State of New York on the 29th day of February, 1996
TIFF INVESTMENT PROGRAM, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Treasurer
Witness: /s/ Eric P. Nachimovsky
Eric P. Nachimovsky
