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008 C000402 801-41596
008 D010402 STAMFORD
008 D020402 CT
008 D030402 06902
008 A000403 DELETE
008 A000404 SEIX INVESTMENT ADVISORS, INC.
008 B000404 S
008 C000404 801-42070
008 D010404 WOODCLIFF LAKE
008 D020404 NJ
008 D030404 07675
008 D040404 7633
008 A000405 SMITH BREEDEN ASSOCIATES, INC.
008 B000405 S
008 C000405 801-17567
008 D010405 DALLAS
008 D020405 TX
008 D030405 75201
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<PAGE> PAGE 21
028 G040400 762
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<PAGE> PAGE 22
062 J000400 0.7
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064 A000400 N
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067 000400 N
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070 E020400 Y
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070 F020400 N
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070 G020400 Y
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070 I010400 N
070 I020400 N
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070 J020400 Y
070 K010400 Y
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070 M010400 Y
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<PAGE> PAGE 23
070 Q020400 N
070 R010400 Y
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<PAGE> PAGE 24
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008 A000501 FOUNDATION ADVISERS, INC.
008 B000501 A
008 C000501 801-45618
008 D010501 CHARLOTTESVILLE
008 D020501 VA
008 D030501 22905
008 A000502 FISCHER FRANCIS TREES & WATTS, INC.
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008 C000502 801-10577
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
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<PAGE> PAGE 25
028 D020500 289
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<PAGE> PAGE 26
056 000500 Y
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<PAGE> PAGE 27
070 I020500 N
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<PAGE> PAGE 28
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008 A000601 WELLINGTON MANAGEMENT CO.
008 B000601 S
008 C000601 801-15908
008 D010601 BOSTON
008 D020601 MA
008 D030601 02109
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<PAGE> PAGE 29
008 D010602 SAN FRANCISCO
008 D020602 CA
008 D030602 94108
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008 B000603 S
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008 D020603 CA
008 D030603 90017
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008 B000604 S
008 C000604 801-15908
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008 D020604 MA
008 D030604 02109
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<PAGE> PAGE 30
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<PAGE> PAGE 33
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
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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>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 3
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1,000
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<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
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<ACCUMULATED-NET-GAINS> (7090)
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<NAME> BOND FUND
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 123,954
<INVESTMENTS-AT-VALUE> 123,298
<RECEIVABLES> 7986
<ASSETS-OTHER> (696)
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130,588
<PAYABLE-FOR-SECURITIES> 22,186
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1044
<TOTAL-LIABILITIES> 23,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,671
<SHARES-COMMON-STOCK> 10,837
<SHARES-COMMON-PRIOR> 8813
<ACCUMULATED-NII-CURRENT> 127
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (818)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (622)
<NET-ASSETS> 107,358
<DIVIDEND-INCOME> 71
<INTEREST-INCOME> 3444
<OTHER-INCOME> 0
<EXPENSES-NET> 321
<NET-INVESTMENT-INCOME> 3194
<REALIZED-GAINS-CURRENT> (663)
<APPREC-INCREASE-CURRENT> (3791)
<NET-CHANGE-FROM-OPS> (1260)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3067
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1943
<NUMBER-OF-SHARES-REDEEMED> 75
<SHARES-REINVESTED> 156
<NET-CHANGE-IN-ASSETS> 16,286
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (155)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321
<AVERAGE-NET-ASSETS> 101,870
<PER-SHARE-NAV-BEGIN> 10.33
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.42)
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> .57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 65,202
<INVESTMENTS-AT-VALUE> 64,975
<RECEIVABLES> 514
<ASSETS-OTHER> 89
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,670
<TOTAL-LIABILITIES> 12,670
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,230
<SHARES-COMMON-STOCK> 5301
<SHARES-COMMON-PRIOR> 9651
<ACCUMULATED-NII-CURRENT> 55
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (141)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (236)
<NET-ASSETS> 52,908
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2505
<OTHER-INCOME> 82
<EXPENSES-NET> 155
<NET-INVESTMENT-INCOME> 2432
<REALIZED-GAINS-CURRENT> (133)
<APPREC-INCREASE-CURRENT> (219)
<NET-CHANGE-FROM-OPS> 2080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2353
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1509
<NUMBER-OF-SHARES-REDEEMED> 6080
<SHARES-REINVESTED> 221
<NET-CHANGE-IN-ASSETS> (43,672)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (8)
<OVERDISTRIB-NII-PRIOR> 24
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 199
<AVERAGE-NET-ASSETS> 88,473
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .26
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MULTI-ASSET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 117,603
<INVESTMENTS-AT-VALUE> 125,253
<RECEIVABLES> 1434
<ASSETS-OTHER> 3751
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130,437
<PAYABLE-FOR-SECURITIES> 8659
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4395
<TOTAL-LIABILITIES> 13,054
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,612
<SHARES-COMMON-STOCK> 9795
<SHARES-COMMON-PRIOR> 8324
<ACCUMULATED-NII-CURRENT> 668
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7770
<NET-ASSETS> 117,383
<DIVIDEND-INCOME> 517
<INTEREST-INCOME> 661
<OTHER-INCOME> 0
<EXPENSES-NET> 671
<NET-INVESTMENT-INCOME> 507
<REALIZED-GAINS-CURRENT> 4028
<APPREC-INCREASE-CURRENT> 2915
<NET-CHANGE-FROM-OPS> 7450
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1815
<NUMBER-OF-SHARES-REDEEMED> 344
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,753
<ACCUMULATED-NII-PRIOR> 161
<ACCUMULATED-GAINS-PRIOR> 1305
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 466
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671
<AVERAGE-NET-ASSETS> 106,082
<PER-SHARE-NAV-BEGIN> 11.13
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .80
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Item 77P-Information required to be filed pursuant to exemptive orders
TIFF INVESTMENT PROGRAM, INC.
TIFF Emerging Markets Fund
P.O. Box 5165
Charlottesville, Virginia 22905
Information Statement
We Are Not Asking You For A Proxy And You Are Requested Not To Send Us A Proxy
* * * * * * *
This Information Statement is being furnished to all persons owning
shares ("Members") of TIFF Emerging Markets Fund (the "Fund"), a series
of TIFF Investment Program, Inc. ("TIP"), to provide such shareholders
with information regarding the recent addition of a Money Manager,
Lazard Freres Asset Management ("Lazard") to the group of Money Managers
(the "Money Managers") currently providing investment management
services to the Fund. TIP's Board of Directors has approved a Money
Manager Agreement with Lazard (the "Money Manager Agreement"), the terms
and conditions of which are described herein. The Money Manager
Agreement has been fully executed on behalf of each of TIP (for the
account of the Fund) and Lazard, and it governs the relationship between
the Fund and Lazard.
TIP was not required to obtain approval of the Fund's Members before
entering into the Money Manager Agreement because TIP has obtained an
exemptive order (the "Order") from the Securities and Exchange
Commission exempting TIP from certain provisions of the 1940 Act and the
regulations thereunder that would otherwise mandate such approval. (The
Order permits TIP to enter into new agreements, or amend existing
agreements, with Money Managers without obtaining Member approval, but
the exemption does not apply to the advisory agreement with TIP's
investment advisor, Foundation Advisers, Inc., or any amendments to such
agreement). This Information Statement is being provided to all Members
as required by one of the conditions to the Order.
The Board of Directors of TIP expects to mail this Information Statement
on or about March 11, 1996.
FUND INFORMATION
Member Information. As of February 28, 1996, the Fund had outstanding
7,204,782.969 shares of beneficial interest representing a total net
asset value of $64,770,999 each dollar of beneficial interest being
entitled to one vote.
As of February 28, 1996, the following persons owned of record or
beneficially 5% or more of the shares of common stock of the Fund:
Name and Address Amount and Nature Percent
of Beneficial Owner of Beneficial Ownership of Fund
- ------------------- ------------------------ -------
John D. & Catherine T. 2,011,341.33 27.92%
MacArthur Foundation ($18,081,958.56 net asset value)
140 S. Dearborn Suite 1100
Chicago, IL 60603
Pew Memorial Trust 1,469,013.14 20.39%
One Liberty Place Suite 1200 ($13,206,428.13 net asset value)
1650 Market Street
Philadelphia, PA 19103
The Commonwealth Fund 710,887.97 9.87%
1 E. 75th Street ($6,390,882.85 net asset value)
New York, NY 10021
ACF/CRF Joint Fund 501,343.40 6.96%
3773 Cherry Creek N. Drive ($4,507,077.17 net asset value)
#955
Denver, CO 80209
Carnegie Corp of New York 498,665.81 6.92%
437 Madison Avenue ($4,483,005.63 net asset value)
New York, NY 10022
The Fund will furnish, without charge, a copy of TIP's annual report for
the period ended December 31, 1995 to any Member upon request. To
request a copy, please write to TIP at P.O. Box 5165; Charlottesville,
VA 22905 or call TIP at (800) 984-0084.
Distributor and Administrator. AMT Capital Services, Inc., the address
of which is 600 Fifth Avenue, New York, New York 10020, serves as the
Fund's distributor and administrator.
Investment Adviser and Money Managers. TIP's executive offices are
located at 2405 Ivy Road; Charlottesville, Virginia 22903. The Fund's
investment adviser is Foundation Advisers, Inc. ("FAI"), a registered
investment adviser with an address at P.O. Box 5165, Charlottesville,
Virginia 22905. Pursuant to its investment advisory agreement with TIP
(the "Advisory Agreement"), FAI: (a) develops investment programs,
selects Money Managers who each act as subadvisers with respect to a
portion of the Fund's assets; and monitors Money Manager investment
activities and results; (b) provides or oversees the provision of all
general management, investment advisory and portfolio management
services to TIP; and (c) provides TIP with office space, equipment and
personnel.
The following summary provides information about the terms and
conditions of the Money Manager Agreement and Lazard. Please see the
section of this Information Statement entitled "Evaluation and Action by
TIP Directors" for information regarding the deliberations of the Board
of Directors concerning approval of the Money Manager Agreement.
Terms and Conditions of the Money Manager Agreement
The Money Manager Agreement was approved by the Board of Directors on
May 9, 1995 and became effective January 8, 1996. Lazard has been
acting as Money Manager with respect to a portion of the Fund's assets
since the effective date of the Money Manager Agreement.
Basic Terms. The Money Manager Agreement has an initial term of two
years and provides that it will thereafter continue in effect from year
to year only if such continuation is specifically approved at least
annually by (a) either (i) a vote of a majority of the Board of
Directors of TIP or (ii) a vote of a majority of the outstanding voting
securities of the Fund, and (b) a vote of a majority of the Fund's
directors who are not "interested persons" (as defined in the 1940 Act).
The Money Manager Agreement provides that it may be terminated by the
Fund, by its Board of Directors or by a vote of a majority of its
outstanding voting securities, or by Lazard, in each case at any time
upon 30 days' written notice to the other party. In addition, the
Agreement provides for its automatic termination in the event of
assignment.
The Money Manager Agreement provides that Lazard is required to manage
the securities held by only their portion of the Fund, subject to the
supervision and stated direction of FAI, the Fund's investment adviser,
and ultimately TIP's Board of Directors, in accordance with the Fund's
investment objective and policies, make investment decisions for the
Fund, and place orders to purchase and sell securities on behalf of the
Fund.
The Money Manager Agreement provides that Lazard is not liable to the
Fund for any error of judgment but shall be liable to the Fund for any
loss resulting from willful misfeasance, bad faith or gross negligence
by Lazard in providing services under the Agreement or from reckless
disregard by Lazard of its obligations and duties under the Agreement.
Money Management Fees. The Money Manager Agreement provides that the
Fund will pay Lazard a monthly fee at an annual rate of 0.50% of the
average daily net assets of the account that Lazard manages.
For the nearly two month period from January 8, 1996 through February
29, 1996, the Fund paid Lazard a total of $4,079 for its services
pursuant to the Money Manager Agreement.
Background Information Regarding Lazard
Lazard, whose offices are located at 30 Rockefeller Plaza, New York, NY
10020, is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended. Lazard is a division of Lazard
Freres & Co. LLC ("the Parent"), a limited liability company, originated
in 1848 in a business that become one of the first global investment
banks. Lazard began managing separate international equity portfolio
accounts in 1985 and separate emerging market accounts (investing
through emerging market closed-end funds) in 1989. However, investing
in the emerging markets began as part of Lazard's global investment
strategy in 1984. Lazard has 63 global portfolio manager/analysts and
research analysts.
The managing directors of the Lazard Parent who will have significant
management responsibilities relating to the assets of the Fund are as
follows: Norman Eig, Herbert W. Gullquist, Thomas F. Dunn, Eduardo
Haim, Alexander E. Zagoreos, Michael S. Rome, Robert P. Morganthau, John
R. Reese and John R. Reinsburg. The principal occupation of each of
such persons is acting as general partner of the Lazard Parent. All
such persons have a business address of 30 Rockefeller Plaza, New York,
NY 10020.
The managing directors of the Lazard Parent with the five largest
economic interests in the Lazard Parent are as follows: Michel David-
Weill, Lazard Partners, L.P., Damon Mezzacappa, Steven Rattner and Felix
Rohatyn. The principal occupation or business of each such persons is
acting as general partner of the Lazard Parent. All such persons have a
business address of 30 Rockefeller Plaza, New York, NY 10020.
Lazard acts as investment adviser to The Lazard Funds, Inc., of which
three portfolios have investment objectives similar to that of the Fund.
The names of such portfolios, their approximate net assets as of
December 31, 1995 and the fees charged to such portfolios by Lazard are
set forth below.
Approximate Net Assets Annual Advisory Fee (as %
Name of Portfolio at December 31, 1995 of average daily net assets
- ------------------ ---------------------- ---------------------------
Lazard International
Equity Portfolio $1,227,000,000 0.75%
Lazard Emerging
Markets Portfolio $35,000,000 1.00%
Target International
Equity Portfolio $192,000,000 0.70%
Lazard's investment philosophy in the emerging markets is based on a
value approach. In seeking value, Lazard invests in closed-end funds
that are selling at discounts to their net asset values yet have high
financial returns, while also taking into account macro concerns
including the economic stage of development and geopolitical risk of the
emerging market countries. This approach enables Lazard to add value
through the outperformance of the underlying assets of the closed-end
funds and from a narrowing of the discounts of those funds, and to
reduce risk through the broad diversification of the funds. Lazard's
total assets under management are $30.7 billion, of which nearly $240
million are emerging market assets invested in closed-end funds.
EVALUATION AND ACTION BY TIP DIRECTORS
The Board of Directors determined, in approving the Money Manager
Agreement that the Fund would be able to obtain services of high quality
at costs deemed appropriate, reasonable, and that such Agreement is in
the best interests of the Fund and its Members.
The Directors of TIP considered information with respect to whether the
Money Manager Agreement is in the best interests of the Fund and its
Members. The Directors considered, with respect to Lazard, among other
factors, the quality of the investment advisory operations of Lazard.
Based upon its review, the Board of Directors concluded that the Money
Manager Agreement is reasonable, fair, and in the best interests of the
Fund and its Members, and that the fees provided in such Agreement are
fair and reasonable. In the Board's view, retaining Lazard to serve as
Money Manager of the Fund, under the terms of the Money Manager
Agreement, are desirable and in the best interests of the Fund and its
Members. Accordingly, after consideration of the above factors, and
such other factors and information as it deemed relevant, the Board of
Directors, including all of the Independent Directors in attendance at
the meeting, unanimously approved the Money Manager Agreement.
