SEMI-ANNUAL REPORT
June 30, 1997 (Unaudited) TIFF Investment Program
Investment Management
for foundations
August 29, 1997
Dear TIP Member:
We are pleased to present the Annual Report to Members of
the TIFF Investment Program, Inc. (TIP).
As you know, TIP is a family of multi-manager, commingled
funds open exclusively to 501(c)(3) organizations. TIP
administers six Funds at present: Multi-Asset, International
Equity, Emerging Markets, U.S. Equity, Bond, and Short-Term. All
of TIP's Funds enable member foundations to delegate to TIP
responsibility for the time-intensive tasks of selecting money
managers and other vendors. The Multi-Asset Fund goes beyond this
by providing Members with an opportunity to also delegate to TIP
responsibility for the all-important task of asset allocation.
We are very gratified by the favorable reception that TIP
has received from the not-for-profit community. We are engaged in
active discussions with numerous organizations throughout the
United States that have expressed interest in learning more about
TIP, and would welcome the opportunity to discuss this exciting
initiative with other eligible investors.
For further information about the TIFF Investment Program,
please call us at 800-984-0084.
Sincerely,
David A. Salem
President
TIFF MULTI-ASSET FUND
PERFORMANCE GRAPH 1
SCHEDULE OF INVESTMENTS 2
TIFF INTERNATIONAL EQUITY FUND
PERFORMANCE GRAPH 7
SCHEDULE OF INVESTMENTS 8
TIFF EMERGING MARKETS FUND
PERFORMANCE GRAPH 12
SCHEDULE OF INVESTMENTS 13
TIFF U.S. EQUITY FUND
PERFORMANCE GRAPH 17
SCHEDULE OF INVESTMENTS 18
TIFF BOND FUND
PERFORMANCE GRAPH 22
SCHEDULE OF INVESTMENTS 23
TIFF SHORT-TERM FUND
PERFORMANCE GRAPH 25
SCHEDULE OF INVESTMENTS 26
STATEMENTS OF ASSETS AND LIABILITIES 27
STATEMENTS OF OPERATIONS 33
STATEMENTS OF CHANGES IN NET ASSETS 35
FINANCIAL HIGHLIGHTS 38
NOTES TO FINANCIAL STATEMENTS 44
Graph:
TIFF Multi-Asset Fund/Schedule of Investments
June 30, 1997 (Unaudited)
Long - Term Investments [91.0%] Shares Value +
Common Stock [42.8%]
U.S. Common Stock [12.5%]
Aerospace [0.0%] +++
GenCorp, Inc. 8,345 $192,978
Automobile Parts & Equipment [0.2%]
Wabash National Corp. 23,620 658,408
Chemicals [0.2%]
NL Industries, Inc. 7,924 114,898
The Carbide/Graphite Group, Inc. * 18,910 439,658
Total 554,556
Communications [0.7%]
BISYS Group, Inc. * 5,062 211,339
Cable Design Technologies * 4,172 122,813
DSP Group, Inc. * 18,460 276,610
Glenayre Technologies, Inc. * 34,218 560,320
Mercury Interactive Corp. * 29,611 440,464
Open Text Corp. * 58,863 551,841
Read-Rite Corp. * 8,560 178,690
Trident Microsystems, Inc. * 8,866 99,743
Total 2,441,819
Computer Software [0.1%]
HMT Technology Corp. * 18,484 239,137
Computers [0.2%]
Advanced Digital Information Corp. * 2,323 37,458
BancTec, Inc. * 15,439 400,449
Vanstar Corp. * 21,664 306,004
Total 743,911
Construction [0.7%]
Baker Hughes, Inc. 20,000 773,750
Camco International, Inc. 9,500 520,125
J. Ray McDermott, SA * 40,000 1,080,000
Willbros Group, Inc. * 8,944 141,986
Total 2,515,861
Electronics [0.5%]
Altera Corp. * 5,075 256,288
Catalina Lighting, Inc. * 157,650 610,894
Elexsys International, Inc. * 3,931 65,844
ESS Technology, Inc. * 4,172 56,061
Etec Systems, Inc. * 5,478 234,869
Kemet Corp. * 5,886 146,414
MicroAge, Inc. * 8,268 151,925
Total 1,522,295
Financial [0.2%]
ACE Cash Express, Inc. * 39,870 498,375
The Money Store, Inc. 3,129 89,763
Total 588,138
Foods [0.4%]
Apple South, Inc. 42,141 642,650
Canandaigua Wine Co., Inc. - Class A * 18,817 639,778
Showbiz Pizza Time * 2,086 55,018
Total 1,337,447
Furniture [0.2%]
Cost Plus, Inc. * 20,285 532,481
Insurance [0.2%]
Conseco, Inc. 6,605 244,385
Integon Corp. 15,442 386,050
Total 630,435
Leisure [0.1%]
YES! Entertainment Corp. * 50,032 205,597
Machines [0.2%]
Asyst Technologies, Inc. * 2,491 $ 109,604
UCAR International, Inc. * 11,700 535,275
Total 644,879
Manufacturing [1.4%]
Applied Power, Inc. - Class A 3,613 186,521
Coleman Co, Inc. * 4,259 73,468
General Signal Corp. 11,600 506,050
Integrated Process Equipment Corp. * 14,171 358,703
KLA-Tencor Corp. * 70,000 3,412,500
North Face (The), Inc. * 4,172 76,139
Total 4,613,381
Medical Supplies [0.0%] +++
Gulf South Medical Supply, Inc. * 3,129 61,016
Metals [2.4%]
Aluminum Company of America (Alcoa) 23,741 1,789,478
AptarGroup, Inc. 5,381 243,490
Century Aluminum Co. 7,200 105,300
EASCO, Inc. 56,000 546,000
General Cable Corp. * 11,275 288,922
Oregon Metallurgical Corp. * 7,307 205,509
Phelps Dodge Corp. 29,400 2,504,513
RMI Titanium Co. * 32,799 893,773
Santa Fe Energy Resources, Inc. * 80,000 1,175,000
Titanium Metals Corp. * 13,500 426,938
Total 8,178,922
Mining [0.7%]
Amax Gold, Inc. * 83,980 514,378
Freeport-McMoRan Copper & Gold, Inc. -
Class A 20,200 590,850
Newmont Mining Corp. 35,150 1,370,850
Total 2,476,078
Office Supplies [0.1%]
OfficeMax, Inc. * 20,241 292,229
Oil Services [1.4%]
Amerada Hess Corp. 1,900 105,569
Anadarko Petroleum Corp. 20,000 1,200,000
Cliffs Drilling Co. * 2,425 88,513
Nabors Industries, Inc. * 40,000 1,000,000
Pride Petroleum Services, Inc. * 20,000 480,000
Reading & Bates Corp. * 20,000 535,000
Tuboscope Vetco International Corp. * 30,000 596,250
Union Texas Petroleum Holdings, Inc. 40,000 837,500
Total 4,842,831
Oil/Gas Exploration [0.7%]
Barrett Resources Corp. * 20,000 598,750
Newfield Exploration Co. * 9,457 189,140
Pogo Producing Co. 25,000 967,188
Vastar Resources, Inc. 20,000 701,250
Total 2,456,328
Publishing [0.1%]
Central Newspapers, Inc. - Class A 511 36,600
Westvaco Corp. 10,000 314,375
Total 350,975
Real Estate [0.1%]
Kilroy Realty Corp. 8,658 218,615
Total
Retail [0.2%]
Buffets, Inc. * 0 4
Cash America International, Inc. 21,801 228,911
Consolidated Stores Corp. * 3,260 113,285
Finish Line (The), Inc. * 15,802 231,104
Total 573,303
Services [0.2%] Shares Value +
Computer Learning Centers, Inc. * 10,722 $ 450,324
Morningstar Group, Inc. * 4,199 123,346
Total 573,670
Steel [0.3%]
AK Steel Holding Corp. 5,178 228,479
Lukens, Inc. 30,000 564,375
Oregon Steel Mills, Inc. 12,060 240,446
Total 1,033,301
Telecommunications [0.2%]
LCC International, Inc. - Class A * 9,328 146,916
Transaction Network Services, Inc. * 6,254 88,338
USCI, Inc. * 122,000 488,000
Total 723,254
Textiles [0.2%]
Authentic Fitness Corp. 48,851 616,744
Transportation [0.6%]
CNF Transportation, Inc. 4,763 153,607
Jefferson Smurfit Corp. * 9,118 145,888
Landstar System, Inc. * 3,563 100,209
M.S. Carriers, Inc. * 4,876 122,510
Pittston Burlington Group, Inc. 7,495 210,797
Roadway Express, Inc. 13,638 318,788
USFreightways Corp. 39,581 1,024,158
Werner Enterprises, Inc. 1 10
Total 2,075,967
Total U.S. Common Stock
(Cost $35,554,328) 41,894,552
Foreign Common Stock [30.3%]
Australia [0.1%]
Pasminco Ltd. * 247,858 499,920
Austria [0.8%]
Boehler - Uddeholm AG 7,205 558,750
Radex-Heraklith AG 11,298 478,159
VA Technologie AG * 521 95,348
Vogel & Noot Waermetechnik AG 40,560 886,413
Wolford AG (Austria) 8,502 825,033
Total 2,843,703
Brazil [0.2%]
Telecommunicacoes Sao Paulo (Brazil) 1,600,000 523,177
Canada [3.6%]
Agnico-Eagle Mines Ltd. 42,430 408,389
Alberta Energy Co. Ltd. 40,000 1,005,000
Alcan Aluminium Ltd. 30,000 1,040,625
Anderson Exploration Ltd. * 37,052 478,089
Barrick Gold Corp. 30,000 660,000
Cambior, Inc. 41,500 469,469
Canadian Occidental Petroleum Ltd. 50,000 1,125,000
Chauvco Resources Ltd. - Class A * 70,000 1,002,127
Elan Energy, Inc. * 64,000 461,594
Euro-Nevada Mining Corp. 13,200 406,651
Franco-Nevada Mining Ltd. * 6,000 301,183
Imperial Oil Ltd. 16,000 820,552
Livent, Inc. * 19,246 238,169
Memotec Communications, Inc. * 70,000 263,851
National Bank of Canada 15,534 194,807
PanCanadian Petroleum Ltd. 50,000 1,051,060
Placer Dome, Inc. 35,200 576,400
Queenstake Resources 375,000 557,267
Talisman Energy, Inc. * 17,000 523,102
TVX Gold, Inc. * 96,650 513,453
Upper Canada Brewing Co. Ltd. * 695 1,799
Westmin Resources Ltd. * 34,960 167,259
Total 12,265,846
Denmark [0.8%]
InWear Group AS * 55,000 $ 2,710,871
Finland [0.6%]
Benefon OY 43,450 754,122
Rautaruukki OY 51,322 539,398
Sampo Insurance Co. Ltd. - Class A 5,306 516,735
Unitas Bank Ltd. - Class A 57,767 189,382
Total 1,999,637
France [1.9%]
American Depositary Receipt 30,000 1,518,750
AXA Co. 1,154 71,794
Equipements et Composants pour
l'Industrie Automobile 13,550 2,066,519
Moulinex * 1,857 50,890
Rhone-Poulenc - Class A * 23,394 955,670
Total SA 1,411 87,662
Total SA - Series B 984 99,489
Usinor Sacilor 59,401 1,071,746
Vallourec SA 8,923 545,404
Total 6,467,923
Germany [1.6%]
Bayer AG 3,280 126,141
Commerzbank AG 3,797 107,633
H.I.S. Sportswear AG * 23,300 561,542
Rinol Ag 130,000 3,722,385
Sto AG - O.S. Vorzugs 1,925 805,259
VEBA AG 1,353 76,085
Volkswagen AG 160 122,752
Total 5,521,797
Hong Kong [2.4%]
Hung Hing Printing Group 4,839,704 2,686,364
Innovative International Holdings Ltd. 1,020,000 533,252
Joyce Boutique Holdings 6,482,000 1,012,446
Sinocan Holdings Ltd. 8,100,000 3,999,393
Total 8,231,457
India [0.9%]
PT Davomas Abadi 2,560,500 3,161,111
Indonesia [0.1%]
PT Lippo Life Insurance 159,000 188,117
Ireland [0.1%]
Bank of Ireland 17,780 195,758
Bank of Ireland - Ord. Shares * 21,613 237,204
Total 432,962
Israel [0.2%]
Bank Leumi Le-Israel 96,111 145,686
Orbotech Ltd. * 16,525 526,734
Total 672,420
Italy [1.0%]
Industria Macchine Automatic SpA 70,000 284,264
Instrumentation Laboratory SpA - ADR * 225,000 618,750
Safilo SpA 60,000 1,394,861
Stet - Societa Finanziaria Telefonica
SpA 31,675 184,414
Telecom Italia Mobile SpA 292,169 939,250
Total 3,421,538
Japan [0.2%]
Cleanup Corp. 8,000 69,811
Fujisawa Pharmaceutical 14,000 144,305
Gun Ei Chemical Industry Ltd. 15,000 42,060
Gunze Ltd. 24,000 109,434
Kyokuto Kaihatsu Kogyo 5,000 62,020
Nichiei Construction Co. 12,000 77,149
S.T. Chemical Co. 10,000 66,300
Seino Transportation Co. Ltd. 3,000 32,495
Tasaki Shinju Co. 12,000 88,994
Tochigi Fuji Industrial 15,000 71,934
Total 764,500
Mexico [0.1%]
Tubos de Acero de Mexico SA - ADR * 23,472 $ 432,765
Netherlands [0.8%]
ING Groep NV 3,006 138,684
New Holland NV * 16,315 446,623
Van Melle NV 25,500 2,001,937
Total 2,587,245
Norway [1.0%]
Kverneland Gruppen AS 39,600 1,076,234
NetCom ASA * 40,500 431,428
Norsk Hydro AS - ADR 35,000 1,896,563
Total 3,404,224
Peru [0.2%]
CPT Telefonica del Peru SA - ADR 23,326 610,850
Singapore [1.0%]
Electronic Resources Ltd. 2,100,000 3,305,814
Spain [1.8%]
Azkoyen SA 24,252 3,012,978
Banco Pastor SA 6,216 468,416
Corporacion Bancaria de Espana SA 17,924 1,003,890
Repsol SA - ADR 30,000 1,273,125
Telefonica de Espana (Ordinary Shares) 4,220 122,045
Total 5,880,453
Sweden [1.9%]
ABB AB - Series A 93 140,919
Investment AB Bure 215,000 2,714,646
IRO AB 100,000 1,223,776
Nobelpharma AB 135,000 1,905,594
Spectra-Physics AB - Class A 29,698 534,579
Total 6,519,515
Switzerland [2.7%]
Jelmoli Holding AG 282 175,948
Logitech International SA-Registered
Shares* 8,050 1,341,207
Nestle SA 506 668,190
Novartis AG 112 181,541
Saurer AG * 718 476,041
Selecta Group-reg 20,050 3,051,834
Societe Generale D'Affichage * 490 178,060
Stratec Holding AG * 1,950 2,968,118
Zurich Versicherungs - Reg Shrs 198 78,874
Total 9,119,813
Thailand [0.4%]
Siam City Bank Public Co. Ltd. 907,500 506,212
Thai Theparos Food Products 420,000 681,542
Total 1,187,754
United Kingdom [2.8%]
Abbey National plc 9,118 124,443
British Steel plc - ADR 15,000 378,750
Eidos plc * 21,687 268,914
Eidos plc-Sponsored ADR * 3,562 43,635
Imperial Chemical Industries plc * 53,242 740,387
Imperial Chemical Industries plc - ADR 5,421 308,319
JBA Holdings plc 175,000 2,563,176
Johnson Matthey plc 55,798 537,718
Kingfisher plc 8,968 101,798
National Westminster Bank plc 229 3,078
Pearson plc 4,621 53,492
Persimmon plc 9,328 35,243
Powerscreen International plc 90,000 980,415
Premier Oil plc * 615,866 474,032
SmithKline Beecham plc 50 920
Victrex plc 806,095 2,294,246
Wickes plc * 33,288 94,188
Williams Holdings plc 96,170 517,011
Total 9,519,765
Total Foreign Common Stock
(Cost $83,778,614) $92,273,177
Total Common Stock(Cost - $129,012,118) 134,167,729
Fixed Income Securities [19.0%]
Corporate Obligations [3.3%]
Face Amount Value +
Abbey National plc, 6.690% due 10/17/05
(United Kingdom) $ 200,000 195,630
Algeria Tranche A Loan, 6.909% due
9/4/06 450,000 393,750
Anheuser Busch Cos., 6.900% due 10/1/02 100,000 99,839
Apasco SA de CV, 9.250% due 4/20/98
(Mexico) 260,000 153,684
Argentina Note, 8.000% due 12/13/98 350,000 352,450
Arisco Prod Alimenticios (144A),
10.750%
due 5/22/05 (Brazil) 250,000 255,625
B.P. America, Inc., 9.375% due 11/1/00 200,000 216,774
BHP Finance USA Ltd., 7.250% due 3/1/16 200,000 193,970
Brazil Copel, 0.000% due 3/4/98
(Brazil) 150,000 142,529
Brazil Globopar, 0.000% due 12/23/97 200,000 191,625
Brazil Note, 0.000% due 1/30/98
(Brazil) 200,000 191,602
Caterpillar, Inc., 8.000% due 2/15/23 200,000 209,454
Ce Casecnan Water Energy FRN (144A),
8.813% due 11/15/02
(Phillipines) 90,000 92,925
Comdisco, Inc., 6.500% due 4/30/99 200,000 200,539
Electronic Resources Ltd. expiring
7/17/07 314,083 314,237
Electronic Resources Ltd. expiring
7/8/97 1,050,000 697,894
Enron Corp., 7.000% due 8/15/23 100,000 91,266
FHA Retirement Ctr, 7.500% due 3/31/31 998,643 989,905
First Boston Russian, 0.000% due
4/16/98 1,000,000 906,675
Florida Power & Light, 5.500% due
7/1/99 200,000 196,765
Ford Motor Credit Corp., 8.200% due
2/15/02 100,000 105,217
General Motors, 8.100% due 6/15/24 150,000 153,849
GTE Corp., 7.830% due 5/1/23 150,000 149,507
Guatemala Note 0.000% due 11/11/97 460,000 446,795
Hartford Life, 7.650% due 6/15/27 100,000 98,849
Hydro-Quebec, 9.400% due 2/1/21 200,000 237,438
International Lease Finance, 5.750% due
12/15/99 150,000 147,690
Lehman Brothers, Inc., 7.125% due
7/15/02 200,000 200,225
Lockheed Martin, 7.250% due 5/15/06 125,000 126,436
Mellon Bank NA, 7.000% due 3/15/06 500,000 494,428
Merrill Lynch & Co., Inc., 6.000% due
1/15/01 150,000 146,829
Mexico Cetes, 0.000% due 4/3/98 100,000 107,986
Mexico Groupo IRSA SA de CV (MTN),\
8.375% due 7/15/98 (Mexico) 100,000 99,458
Morocco Loan, 6.438% due 1/1/09
(Morocco) 100,000 91,500
NationsBank Corp., 7.500% due 9/15/06 125,000 127,916
News America Holdings, 8.500% due
2/15/05 200,000 213,217
Nicaragua, 0.000% due 5/1/98
(Nicaragua) 233,166 213,289
PacifiCorp, 6.310% due 7/28/03 200,000 194,021
Residential Funding Mtg., Ser. 1997-S6,
Class
A1, 7.000% due 5/25/12 800,000 804,272
Southwest Air, 9.250% due 2/15/98 150,000 152,863
Telecom de Sao Paulo expiring 6/12/98
(Brazil) 3,573 0
Ukraine Note, 0.000% due 12/2/97
(Russia) 300,000 287,801
Union Electric Co., 6.750% due 5/1/08 200,000 196,330
Willamette Industries, Inc., 7.850% due
7/1/26 100,000 102,874
Total Corporate Obligations
(Cost $9,905,056) 10,985,925
Government Obligations [1.0%]
El Salvador, 9.400% due 11/17/97
(El Salvador) 874,500 100,000
Mexico (FRN), 7.031% due 6/27/02
(Mexico) 500,000 497,850
Philippines Central Bank (FRN), 5.000%
due
6/1/08 (Philippines) 150,000 140,344
Republic of Argentina (FRN), 8.513% due
8/15/99 (Argentina) 1,000,000 1,033,150
Republic of Brazil (FRN), 6.875% due
4/15/06 (Brazil) 350,000 323,094
Republic of Kazakstan 9.250% due
12/20/99 (Russia) $ 150,000 $ 150,750
Republic of Venezuela Ser. A (FRN),
6.750%
due 3/31/07 (Venezuela) 1,000,000 928,750
Total Government Obligations
(Cost $3,084,426) 3,173,938
Mortgage Backed Securities [5.5%]
Federal Home Loan Mortgage Corp.
Ser. 41, Class K, 8.000% due 4/25/24 944,942 967,200
Ser. 1439, Class T, 9.875% due
11/15/22 633,250 512,659
Ser. 1946, Class SC, 10.000% due
3/15/27 349,007 313,909
(TBA), 8.000% due 6/1/26 294,321 301,532
Gold, 8.000% due 1/1/17 607,414 625,940
Gold, 8.000% due 12/1/16 614,476 633,217
7.000% due 3/1/26 419,244 412,444
7.121% due 12/1/25 1,050,218 1,080,432
7.500% due 1/1/12 1,194,172 1,212,429
7.500% due 5/1/11 599,728 608,897
7.500% due 6/1/11 369,484 375,133
8.000% due 8/1/26 741,389 759,552
Federal National Mortgage Assn.
Ser. 1995-20, Class C, 7.500% due
11/25/25 553,021 554,245
Ser. 1993-194, Class E, 5.700% due
6/25/08 981,755 916,753
Ser. 1996-68, Class SA, 11.930% due
12/17/26 322,513 308,772
Ser. X-130A, Class T, 6.500% due
12/25/22 904,425 830,399
6.431% due 1/1/26 422,830 430,572
6.500% due 2/1/09 858,656 846,617
6.653% due 2/1/27 942,617 945,778
7.000% due 12/18/25 1,000,000 998,370
7.000% due 4/1/09 813,259 816,064
7.400% due 7/1/04 1,650,000 1,716,375
8.050% due 7/14/04 500,000 500,403
Government National Mortgage Assn.
8.000% due 10/15/26 488,108 499,720
8.000% due 8/15/26 573,487 587,130
Total Mortgage-Backed Securities
(Cost $17,588,104) 17,754,541
U.S. Treasuries [9.6%]
U.S. Treasury Bonds
12.000% due 8/15/13 3,880,000 5,463,525
7.250% due 5/15/16 1,563,000 1,629,915
8.000% due 11/15/21 100,000 113,094
U.S. Treasury Notes
5.000% due 2/15/99 4,375,000 4,306,641
5.875% due 1/31/99 400,000 399,125
5.875% due 11/15/05 2,765,000 2,645,759
5.875% due 2/28/99 2,980,000 2,973,480
6.000% due 11/30/97 75,000 75,117
6.000% due 8/15/99 1,000,000 997,500
6.375% due 4/30/99 3,155,000 3,171,759
6.375% due 5/15/99 1,200,000 1,206,000
7.250% due 8/15/04 930,000 969,525
7.500% due 10/31/99 1,250,000 1,285,546
7.500% due 11/15/24 2,055,000 2,216,188
7.875% due 11/15/04 4,570,000 4,929,888
Total U.S. Treasury Securities
(Cost $32,311,969) 32,383,062
Total Fixed Income (Cost - $62,889,553) 64,297,465
Shares
Investment Companies [21.4%
Euro-Partners Arbitrage Fund (PFIC) 5,933 10,551,265
GMO Currency Hedged Int'l Bond Fund 148,659 1,861,211
GMO Currency Hedged International Core
III 128,992 1,764,610
GMO Emerging Country Debt III 47,198 724,483
GMO Emerging Markets Stock Fund 627,209 8,504,956
GMO Global Bond Fund 1,071 11,149
GMO Global Hedged Equity Fund 259,803 2,743,515
GMO International Bond Fund 851,303 9,355,823
GMO International Core III 736,926 19,359,052
GMO International Small Companies 94,351 1,370,924
GMO Japan Fund 431,876 3,610,485
GMO REIT Fund 110,152 1,449,605
GMO Small Cap Growth III 74,051 824,925
GMO Small Cap Value Fund III 86,564 1,516,600
GMO U.S. Core Fund 22,088 494,981
GMO Value Fund III 41,375 672,763
Innkeepers USA Trust 1,665 24,975
S & P 500 Depositary Receipt 1,330 117,456
Shares Value +
TCW Galileo LT Mortgage Securities Fund 571,428 5,765,706
Vega Offshore Fund 11,545 1,468,162
Total Investment Companies
(Cost $67,003,877) 72,192,645
Limited Partnerships [6.7%] Units
Concentric Capital LP 9,845 10,530,439
Farallon Capital Partners LP 7,672 10,577,584
Flextronics International, Ltd. 21,640 584,280
Pomboy Capital LP 6,489 4,402,811
Value Realization Fund, The LP 1,150,573 14,430,491
Total Limited Partnerships
(Cost $39,236,066) 40,525,605
Total Long-Term Investments
(Cost $285,085,765) 311,183,443
Short-Term Investments [14.4%]
Face Amount
U.S. Treasury [0.3%] ++
U.S. Treasury Bill, 5.200% due 12/5/97 # $ 1,115,000 1,090,164
Other Short-Term Investments [14.1%]
First Union National Bank of North
Carolina
(Time Deposit) 6.125% due 7/1/97 (a) 8,000,000 8,000,000
First National Bank of Boston (Time Deposit)
6.350% due 7/1/97 (a) 14,183,268 14,183,268
Investors Bank & Trust Company
Repurchase
Agreement, 5.510% due 7/1/97;
Issued
6/30/97; Proceeds $25,390,151.
(Collateralized by 136,000 FHLMC
ARM, 5.510% due 2/15/22 with a
market value of $134,459; $8,630,000
FHLMC FRN, 6.010% due 12/15/08 with a
market value of 8,493,914; $8,259,021
FHLMC FRN, 6.950% due 3/15/24 with a
market value of $8,351,596; $9,500,000
FNMA FRN, 6.380% due 12/25/21 with a
market value of $9,676,351.)
25,386,266 25,386,266
Total Other Short-Term Investments
(Cost $47,569,534) 47,569,534
Total Short-Term Investments
(Cost $48,659,910) 48,659,698
Total Investments [106.5%]
(Cost $337,100,028) (b) 359,843,141
Other assets and liabilities, net [(6.5%)] (22,050,660)
Net Assets - 100% $337,792,481
Short Portfolio [(0.9%)] Shares
Common Stock [(0.9%)]
Financial
Sirrom Capital Corp. 12,400 427,800
Healthcare
Medtronic, Inc. 2,709 $ 219,429
Insurance
Aetna, Inc. 4,070 416,666
Manufacturing
U.S. Filter Corp. * 10,000 272,500
Oil Services
Cliffs Drilling Co. * 5,146 187,829
Real Estate
Stewart Enterprises, Inc. - Class A 11,600 487,200
Austria
Wolford AG (Austria) 2,303 223,483
Canada
Upper Canada Brewing Co. Ltd. * 695 1,799
Sweden
WM - Data AB 17,915 315,519
Switzlerland
ESEC Holding AG 118 387,535
Total Short Portfolio
(Proceeds - $2,934,698) $2,939,760
* Non-income producing security
+ See Note 2 to the Financial Statements.
++ Portion of assets currently held in a
segregated account
as collateral for financial futures
contracts.
+++ Rounds to less than 0.0%.
# Interest rate represents
the yield to maturity at the time of
purchase.
ADR American Depositary Receipt.
FRN Floating Rate Note. Rate shown is coupon at June 30, 1997.
MTN Medium Term Note
TBA Security is subject to delayed delivery. See notes to the
Financial statements.
(a) Collateral received for securities on loan at June 30, 1997
and reinvested as cash equivalents
(b) Investment cost as determined for Federal income tax purposes
is substantially the same.
See Notes to the Financial Statements
Graph:
TIFF International Equity Fund/Schedule of Investments
June 30, 1997 (Unaudited)
Long-Term Investments [104.4%] Shares Value +
Common Stock [97.3%]
Europe [50.5%]
Belgium [0.3%]
Electrabel SA 3,000 $ 643,394
Denmark [0.4%]
Bang & Olufsen Holding AS - Series B 7,615 470,600
Coloplast - Class B 3,750 250,399
DSV, De Sammensluttede Vognmano AS 150 93,377
Falck A/S 3,750 197,833
Total 1,012,209
Finland [2.4%]
Benefon OY 55,000 954,585
KCI Konecranes International * 6,700 292,007
Nokia AB 4,400 332,620
Nokian Renkaat OY 4,600 124,192
Outokumpo OY 18,800 373,426
OY Hartwall AB 52,600 3,043,101
UPM-Kymmeme OY * 18,000 423,489
Valmet Corp. OY - Class A 28,500 494,099
Total 6,037,518
France [5.7%]
ADA 3,000 237,447
Alcatel Alsthom 5,540 694,032
Arkopharma * 1,422 79,608
AXA Co. 3,301 205,364
Banque National de Paris 7,188 296,329
Boiron SA 725 88,604
But SA 1,000 60,596
Canal Plus 2,100 408,919
Cardif SA 500 55,745
Carrefour Supermarche 498 361,781
Cipe France SA 1,990 257,430
Clarins 1,492 198,595
Compagnie de Saint-Gobain 5,765 840,954
Compagnie Generale des Eaux 2,600 333,243
Dassault Systemes SA * 3,593 255,027
Dollfus-Mieg & Cie 1,500 25,583
Elf Aquitaine 7,427 801,484
Financiere et Industrielle Gaz et Eaux 2,744 1,134,820
Grand Optical Photoservice 1,565 237,614
Group Axime (Ex Segin) * 12,750 1,508,298
Lectra Systemes 70,000 296,681
M6 Metropole Television 1,000 95,319
Michelin (CGDE) - Class B 30,395 1,825,769
NRJ SA 2,000 272,340
Pechiney SA - A Shares * 20,573 810,664
Primagaz Cie 2,410 213,311
Schneider SA 10,000 532,426
Scor SA 7,000 281,906
Societe Television Francaise 1 2,700 241,277
Sodexho SA 342 175,162
Ste. Guilbert SA 2,040 288,899
Union du Credit-Bail Immobilier 1,375 128,723
Union Financiere de France Banque SA 1,600 190,094
Usinor Sacilor * 39,400 710,877
Total 14,144,919
Germany [6.1%]
Adidas AG 4,000 442,991
Bayer AG 57,300 2,203,619
Bayerische Mototen Werke (BMW) AG 500 283,755
Buderus AG 800 440,695
Daimler-Benz AG * 16,600 1,347,851
Deutsche Bank AG 29,700 1,736,633
Fresenius Medical Care AG - ADR 16,680 485,805
Hoechst AG 7,000 297,160
Kiekert AG * 3,800 170,081
Mannesmann AG 600 267,516
Marschollek, Lautenschlaeger Und Partner
AG 1,610 386,171
Metro AG 4,000 438,400
Pfeiffer Vacuum Technology AG - ADR * 105,600 3,075,600
Rhoen-Klinikum AG 1,620 213,806
Rhoen-Klinikum AG - Vorzugsakt 720 92,133
Rinol Ag 3,000 85,901
RWE AG 15,600 671,372
SGL Carbon AG * 2,000 274,058
Siemens AG 12,200 724,915
SKW Trostberg AG 8,000 270,385
Sto AG - O.S. Vorzugs (Germany) 2,800 1,171,286
VEBA AG 5,000 281,173
Total 15,361,305
Ireland [0.4%]
Independent Newspapers plc * 50,000 295,191
Irish Continental Group plc 20,270 230,135
Ryanair Holdings plc 25,564 136,220
Unidare plc 50,000 155,165
Waterford Wedgewood Units 170,000 222,604
Total 1,039,315
Italy [1.3%]
Banca Fideuram SpA 60,000 194,437
Banca Popolare Commercio e Industria 14,000 169,176
Brembo SpA * 10,000 107,750
Bulgari SpA * 58,800 334,869
Credito Italiano SpA 255,000 465,886
Ente Nazionale Idrocarburi SpA (ENI) 39,000 220,364
Fila Holding SpA - ADR 5,835 195,109
Gabetti Holding SpA 2,000 940
Gewiss SpA 9,000 153,957
Gucci Group NV - NY Regular Shares 800 51,500
HPI SpA 186,964 89,755
Industrie Natuzzi SpA - ADR 23,600 604,750
La Giovanni Crespi SpA 41,410 103,732
Olivetti Group * 684,250 194,178
Seat S.p.A. - RNC 110,300 0
Stet D Risp Non-Convertible 110,300 381,763
Total 3,268,164
Netherlands [5.2%]
Aalberts Industries NV 17,765 511,686
Draka Holding NV 7,286 296,774
Elsevier NV 33,000 551,794
Gamma Holding NV 800 43,026
Hagemeyer NV 2,018 104,315
IHC Caland NV 22,955 1,255,644
ING Groep NV 44,825 2,068,015
Internatio-Muller NV 10,578 333,798
Koninklijke Boskalis Westminster NV 7,606 149,282
Koninklijke Nedlloyd Groep NV 15,600 450,918
N.V. GTI Holding 6,000 131,525
Philips Electronics NV 8,400 602,080
Polygram NV 9,400 493,577
Royal Dutch Petroleum Co. (Ordinary
Shares) 16,400 853,609
Royal Dutch Petroleum Co. (NY Shares) 53,600 2,914,500
Van Melle NV * 6,500 510,298
Wegener NV 20,715 480,492
Wolters Kluwer NV 10,900 1,328,049
Total 13,079,380
Norway [1.3%]
A/S Veidekke 5,000 176,177
Dolphin Interconn 8,333 83,330
Fokus Bank AS - Class A 14,800 125,318
Nera AS 8,925 52,413
Norman Data Defense * 5,000 34,826
Norsk Hydro AS - ADR 20,900 1,132,519
Olav Thon Eiendomsselskap AS 12,200 342,397
Schibsted Gruppen AS 24,700 489,129
Sensonor AS * 47,800 257,860
System Etikettering AS 10,000 129,742
Tomra Systems AS - Ordinary Shares 11,603 237,695
UNI Storebrand AS * 36,000 214,853
Total 3,276,257
Spain [3.5%]
Acerinox SA 3,700 693,530
Azkoyen SA 21,250 2,640,020
Banco Central Hispano SA 9,200 336,646
Banco de Santander SA 13,200 406,843
Banco Intercontinental Espanol (Bankinter) 11,000 1,941,616
Centros Comerciales Pryca SA 15,900 344,338
Compania Espanola de Petroleos SA 4,000 135,777
Ente Nazionale Idrocarburi SPA 10,500 59,325
Hidroelectrica del Cantabrico SA - Class C 2,500 101,494
Iberdrola SA 47,400 598,534
Prosegur, CIA de Seguridad SA 30,000 366,599
Tabacalera SA 5,900 316,830
Telefonica de Espana (Ordinary Shares) 18,400 532,138
Viscofan Industria Navarra de Envolturas
Celulosicas SA 17,500 409,284
Total 8,882,974
Sweden [4.8%]
ABB AB - Class B 30,000 419,580
Allgon AB - Class B 5,646 89,567
Assa Abloy AB - Class B 9,482 194,011
Autoliv, Inc. - ADR 5,000 192,631
Avesta - Sheffield * 21,000 243,396
Biora 12,313 114,807
BT Industries AB * 20,000 401,450
Dahl International AB 7,937 156,232
Diligentia AB 9,990 121,608
Elekta Instrument AB 9,375 188,180
Hennes & Mauritz AB * 9,500 334,628
Hoganas B - Class B 9,000 300,117
Investment AB Bure 162,525 2,052,083
Investor AB - Class B 47,000 2,480,251
IRO AB * 105,000 1,284,965
Kinnevik AB 9,900 276,282
Munksjo AB 30,000 308,858
Nobelpharma AB 102,250 1,443,311
OM Gruppen AB 12,500 388,500
Securitas AB - Class B 3,650 103,043
Skandinaviska Enskilda Banken 12,900 139,491
SSAB Svenskt Stal AB - Class A 14,800 302,823
Telefonaktiebolaget LM Ericsson AB -
Class B 10,720 422,720
Total 11,958,536
Switzerland [6.4%]
BBC Brown Boveri AG 7,650 2,255,399
Hero AG 500 65,478
Keramik Holding AG Laufen 150 89,990
Kuoni Reisen AG 54 185,122
Logitech International SA - Registered Shrs * 11,000 1,832,705
Nestle SA - ADR 28,600 1,889,204
Novartis AG * 1,227 1,988,842
Phoenix Mecano AG 300 156,325
Sarna Kunststoff Holding AG 150 149,126
Selecta Group-reg 12,400 1,887,419
SGS Societe Generale de Surveillance
Holding SA - Class B 720 1,540,213
SGS Societe Generale de Surveillance
Holding SA - Class R 1,250 492,801
SMH AG (Societe Suisse pour la
Microelectronique et l'Horlogerie) 4,200 569,455
Stratec Holding AG 1,825 2,777,854
Zehnder Holding AG - Class B 250 119,986
Total 15,999,918
United Kingdom [12.6%]
Airtours plc 40,000 771,616
Associated British Foods plc 80,000 690,393
Associated British Ports Holdings plc 92,400 392,935
Barclays plc 18,600 369,017
Bass plc 56,000 683,203
Bemrose Corp. plc 24,000 153,191
Berisford plc 225,000 531,776
BG plc 92,000 338,406
Biocompatibiles International plc 9,500 205,791
Blue Circle Industries plc 98,000 698,116
Boots Co. plc 63,600 744,696
British Aerospace plc 17,000 378,160
British Airways plc 81,000 922,818
Capita Group plc 76,800 301,030
Centrica 92,000 112,164
Cowie Group plc 64,882 385,523
Devro International plc 60,000 339,538
Domestic & General Group plc 3,000 106,106
Expro International Group plc 25,000 190,366
F.I. Group plc * 25,000 215,540
First Leisure Corp. plc 64,700 333,290
GKN plc 43,000 740,383
Goode Durrant plc 50,000 341,202
Granada Group plc 31,900 419,445
Grand Metropolitan plc - Ordinary Shares 66,000 638,780
Great Universal Stores plc 47,000 475,619
Halma plc 60,000 163,278
Hanson plc 104,450 518,932
Hyder plc 30,165 407,929
Imperial Tobacco Group plc * 11,560 74,364
Invesco plc * 180,480 1,052,870
IONA Technologies plc 5,800 114,550
Jarvis Porter Group plc 45,217 135,467
JBA Holdings plc 165,000 2,416,709
Ladbroke Group plc 115,000 449,804
LucasVariety plc 100,000 346,195
Mackie International Group plc 9,375 17,710
Mentmore Abbey plc * 57,500 45,937
Nan E D & F Group plc 80,000 263,641
Oxford Molecular Group plc * 22,857 107,662
Pace Micro Technology plc 100,000 115,676
Provident Financial plc 52,000 482,077
Psion plc 22,500 146,238
Racal Electronic plc 80,000 322,228
Railtrack Group plc 99,000 1,030,671
Rentokil Initial 482,000 1,692,728
RTZ Corp. * 132,400 2,306,136
Select Appointments Holdings plc 34,130 266,420
Serco Group plc 40,000 468,695
Seton Healthcare Group plc 48,000 347,527
Stagecoach Holdings plc 43,333 457,263
T & N plc 100,000 239,674
Taylor Woodrow plc 338,900 998,395
THORN EMI plc 17,000 304,876
Thorn plc * 192,000 549,651
Toad plc * 171,111 113,919
Trinity Holdings plc 65,800 275,437
Unigate plc 85,000 684,027
Vendome Luxury Group Units plc 37,100 273,858
Victrex plc * 500,000 1,423,062
Vodafone Group plc 81,700 397,746
Williams Holdings plc 103,333 555,519
WPP Group plc 119,100 488,637
Total 31,534,612
General Europe [0.1%]
Central European Media Enterprises Ltd. * 10,300 267,800
Total Europe
(Cost $92,764,611) 126,506,301
Pacific [24.0%]
Australia [3.7%]
Amcor Ltd. 95,500 630,132
Australia and New Zealand Banking Group
Ltd. 201,869 1,498,478
Australian National Industries Ltd. 252,080 306,196
Boral Ltd. 182,959 572,052
CSR Ltd. 165,191 635,403
Eastern Aluminum Ltd. 116,000 114,809
Foster's Brewing Group Ltd. 266,056 490,288
Gio Australian Holdings Ltd. 291,017 894,639
National Australia Bank Ltd. * 69,181 984,010
Pasminco Ltd. * 320,000 645,428
QNI Ltd. * 178,000 318,980
Renison Goldfields Consolidated Ltd. 121,805 442,948
Santos Ltd. 225,000 939,687
Wesfarmers Ltd. 73,539 690,347
Woolworths Ltd. 40,000 130,465
Total 9,293,860
Hong Kong [3.5%]
Cathay Pacific Airways Ltd. 115,000 238,260
Hong Kong & China Gas Co., Ltd. * 453,120 906,614
Hong Kong Electric Holdings Ltd. 240,000 966,592
HSBC Holdings plc 22,000 661,693
Hutchison Whampoa Ltd. 230,000 1,989,208
Jardine Strategic Holdings Ltd. 230,812 872,469
Johnson Electric Holdings Ltd. 375,000 1,118,204
Joyce Boutique Holdings 3,770,000 588,850
Mandarin Oriental International Ltd. 315,501 410,151
National Mutual Asia Ltd. 158,000 175,401
Television Broadcasts Ltd. 177,000 795,115
Total 8,722,558
Japan [13.8%]
Amano Corp. 23,000 261,181
Brother Industries Ltd. 111,000 478,983
Canon, Inc. 80,000 2,180,293
Chiyoda Fire & Marine Insurance Co. 63,000 310,928
CSK Corp. 6,000 228,804
Daishinku 26,000 204,403
Eisai Co. Ltd 29,400 557,285
Fijitsu Denso 6,420 197,400
Fuji Oil 44,000 302,481
Fujikura Ltd. 34,000 317,785
Furkukawa Electric 126,000 802,358
Futaba Corp. 10,000 449,860
Gakken * 66,000 347,642
Heiwa 16,000 314,465
Hirose Electric 19,000 1,304,507
Hitachi Ltd. 157,000 1,755,417
Honda Motor Co. Ltd. 35,000 1,054,769
Intec 20,000 267,296
Ishikawajima-Harima Heavy Industries 194,000 762,579
Kao Corp. 54,000 750,000
Kawasho * 74,000 230,119
Kirin Beverage Corp. 20,000 349,406
Koito Manufacturing Co., Ltd. 32,000 244,864
Kubota Corp. 85,000 416,536
Kurita Water Industries 50,000 1,332,110
Kyokuto Boeki 28,000 154,088
Matsushita Electric Industries Co. 37,000 746,593
Mitsubishi Corp. 105,000 1,311,583
Mitsubishi Heavy Industries Ltd. 216,000 1,658,491
Mitsui & Co. 132,000 1,268,344
Namco 24,000 926,625
Nichimo (Builder) 50,000 152,865
Nippon Oil Co. Ltd. 52,000 284,801
Nippon Suisan Kaisha Ltd. * 114,000 387,369
Nippondenso Co. Ltd. 62,000 1,483,927
Nomura Securities Co. Ltd. 38,000 524,458
Roland 12,000 295,597
Sankyo Seiko 46,000 218,187
Shiseido Co. Ltd. * 44,000 726,415
Showa Aircraft Industry 11,000 73,987
Showa Shell Sekiyu K.K. 20,000 188,679
Sintokogio 30,000 236,652
Sony Corp. 18,000 1,570,755
Stanley Electric Co., Ltd. 74,000 383,316
Sumitomo Corp. * 44,000 418,938
Sumitomo Electric Industries 26,000 436,059
Sumitomo Metal Industries * 300,000 854,298
Sumitomo Realty & Development 75,000 661,688
Sumitomo Rubber Industries 64,000 431,027
Sumitomo Trust & Banking 76,000 816,562
Toho Co. 20 3,302
Tokyo Broadcasting System 34,000 697,939
Torii Pharmaceutical Co. Ltd. 11,700 274,921
West Japan Railway Co. 205 804,027
Yamaha Motor Co. Ltd. 42,000 418,239
Yasuda Fire & Marine Insurance 72,000 484,277
Yushiro Chemical Industry 20,000 153,739
Total 34,469,216
New Zealand [0.6%]
Carter Holt Harvey Ltd. 127,000 328,355
Telecom Corp. of New Zealand Ltd. 143,000 727,798
Wrightson Ltd. * 527,400 336,420
Total $ 1,392,573
Singapore [2.4%]
Acer Computer International Ltd. * 240,000 441,600
Courts (Singapore) Ltd. 300,000 423,984
Development Bank of Singapore 128,500 1,618,275
Electronic Resources Ltd. 1,300,000 2,046,456
Jardine Matheson Holdings Ltd. 35,191 249,856
Keppel Corp. Ltd. 190,000 844,120
Keppel Corp. Ltd. - Class A 47,500 206,045
Singapore Land Ltd. 39,800 180,998
Total 6,011,333
Total Pacific
(Cost $53,112,023) 59,889,541
North America [16.8%]
Canada [2.6%]
Air Canada, Inc. 70,000 471,910
Avenor, Inc. 16,000 310,837
British Columbia Telecom, Inc. 1 20
Canadian Pacific Ltd. 26,000 739,375
Hudson's Bay Co. 26,428 589,099
Imasco Ltd. 10,000 284,886
Imperial Oil Ltd. 35,500 1,823,812
National Bank of Canada 20,000 250,814
Noranda, Inc. 1 14
Rogers Communications, Inc. - Class B * 46,000 285,103
Stelco, Inc. - Class A 27,000 203,552
Total 4,959,423
United States [14.2%]
KLA-Tencor Corp. 45,000 2,193,750
PixTech, Inc. 25,000 90,625
Seiler Pollution Control Systems * 15,000 34,688
Total 2,319,063
Total North America (Cost $5,295,513) 7,278,485
Emerging Markets [6.0%]
Argentina [0.2%]
Quilmes Industrial SA - ADR * 18,500 215,063
Quilmes Industrial SA 37,000 379,250
Total 594,313
Bermuda [0.3%]
PartnerRe Ltd. 18,000 686,250
China [0.3%]
The Guangshen Railway Co. Ltd. * 1,807,000 793,076
India [0.7%]
PT Davomas Abadi 1,497,000 1,848,148
Shiriram Industries - GDR 6,000 12,750
Total 1,860,898
Indonesia [0.8%]
Indonesian Development Fund, Ltd. 25,400 220,980
PT Bank Danamon 670,000 351,543
PT Bank Internasional Indonesia 458,666 396,378
PT Citra Marga Nusaphala 616,000 234,486
PT Citra Marga Nusaphala Persada 616,000 361,235
PT Gudang Garam - Foreign Shares 120,000 503,704
Total 2,068,325
Korea [0.1%]
Cho Hung Bank Co. Ltd. - GDR * 36,930 267,743
Shinhan Bank - Ordinary Shares * 2,740 34,018
Total 301,761
Malaysia [0.9%]
Carsberg AS 69,000 355,431
Kumpulan Guthrie Berhad 58,000 91,929
Nestle (Malaysia) Berhad 88,000 659,032
Resorts World Berhad 40,000 120,458
Rothmans of Pall Mall Berhad 35,000 343,939
Sime Darby Berhad * 213,800 711,622
Total 2,282,411
Mexico [0.8%]
Grupo Financiero Banamex Accival SA de
CV 168,000 431,094
Grupo Financiero Banamex Accival SA de
CV - Class L 5,040 11,792
Grupo Televisa SA - GDR * 20,700 628,763
Telefonos de Mexico SA - Class L ADR 15,200 725,800
Vitro Sociedad Aninima - ADR 26,000 292,500
Total 2,089,949
Peru [0.4%]
Banco Wiese - Sponsored ADR 170,250 1,106,625
Phillippines [0.1%]
Philippine Long Distance Telephone Co. -
ADR 2,900 186,325
Portugal [0.0%] +++
Somague - Sociedade Gestora de
Participacoes SA 4,250 50,614
South Africa [0.9%]
De Beers Consolidated Mines Ltd. - ADR 8,800 325,050
Free State Consolidated Gold - ADR 26,700 133,500
LibLife Strategic Investments Ltd. 283,089 1,111,377
Plessey Corp. Ltd. 62,000 118,966
SA Iron & Steel Industrial Corp. Ltd. 171,699 113,608
Safmarine and Rennies Holdings Ltd. * 39,500 96,703
South African Breweries Ltd. 2,757 84,674
South African Breweries Ltd. - ADR 6,945 213,225
Vaal Reefs Exploration & Mining Company
Ltd. - ADR 100 481
Total 2,197,583
Thailand [0.5%]
Post Publishing Co., Ltd. 120,000 126,572
Siam City Bank Co. Ltd. - Foreign Shrs. 637,500 394,397
The Siam Cement Co., Ltd. 37,000 672,454
Total 1,193,423
Total Emerging Markets
(Cost $16,322,625) 15,411,552
Total Common Stock
(Cost $200,226,744) 209,085,879
Preferred Stocks [0.5%]
Krones AG Hermann Kronseder
(Germany) 550 224,709
Porsche AG (Germany) * 700 931,887
Total Preferred Stock (Cost $623,950) 1,156,596
Warrants [0.2%] Units
Acer Computer Int'l Ltd. expiring
7/31/01 (Singapore) * 48,000 17,967
Atlantis Japan Growth Fund expiring 4/30/10
(Japan) * 20,000 19,400
Electronic Resources Ltd. expiring 7/8/97
(Singapore) * 650,000 432,030
Jardine Strategic Holdings expiring 5/2/98
(Hong Kong) * 6,812 2,691
Primagaz Cie expiring 6/30/98
(France) * 400 6,979
TEGE SA expiring 6/20/01 (Switzerland) * 2,680 50,072
Total Warrants (Cost $18,720) 529,138
Convertible Bonds [0.7%] Face Amount (a)
Bangkok Bank Public Co., 3.250% due
3/3/04 (Thailand) $ 1,340,000 1,031,800
Far East Levingston Ship CVT., 1.500% due
5/02/01 (Singapore) 500,000 422,500
Face Amount Value +
Guilbert SA CVT, 3.500% due 1/1/04
(France) 25,000 47,234
Sumitomo Wiring Systems CVT, 0.900% due
9/30/08 (Japan) JPY 25,000,000 234,757
Total Convertible Bonds
(Cost $2,051,476) 1,736,291
Commingled Investment Vehicles [5.7%] Units
Atlantis Japan Growth Fund * 100,000 749,250
Canadian General Investments 142,066 1,555,054
Everest Capital Frontier Ltd. LP * 450,114 12,894,133
First Korea Smaller Companies Fund, The * 40,000 466,800
Investable Emerging Markets Fund LP * 897,680 13,088,168
Total Commingled Investments Vehicles
(Cost $24,568,046) 28,753,405
U.S. Treasury Security [0.0%] +++ Face Amount
U.S. Treasury Note, 6.000% due 11/30/97 $ 20,000 20,031
(Cost $20,031)
Total Long-Term Investments
(Cost $194,776,996) 241,281,341
Short-Term Investments [2.8%]
U.S. Treasury Securities [0.1%] ++
U.S. Treasury Bill, 5.200% due 12/5/97 # 100,000 97,773
(Cost $97,789)
Other Short-Term Investments [2.7%]
First Union National Bank of North Carolina
(Time Deposit), 6.125% due 7/1/97 (b) 9,000,000 9,000,000
First National Bank of Boston
(Time Deposit), 6.350% due 7/1/97 (b) 11,289,424 11,289,424
Investors Bank & Trust Company Repurchase
Agreement, 5.510% due 7/1/97; Issued
6/30/97; Proceeds $6,689,820.
(Collateralized by $7,030,220 FHLMC
FRN, 6.750% due 5/15/23 with a market
value of $7,030,220. 6,688,796 6,688,796
Total Other Short-Term Investments
(Cost $26,978,220) 26,978,220
Total Short-Term Investments
(Cost $27,076,010) 27,075,993
Total Investments [107.2%]
(Cost $221,853,006) 268,357,314
Other assets and liabilities, net [(7.2%)] (17,965,836)
Net Assets - 100.0% $ 250,391,498
* Non -income producing security
+ See Note 2 to the Financial Statements.
++ Assets currently held in a segregated
account as collateral for financial futures contracts.
+++ Rounds to less than 0.0%
# Interest rate represents the yield to maturity
at the time of purchase.
ADR American Depositary Receipt
GDR Global Depository Receipt
JPY Japanese Yen
(a) Principal amounts in U.S. dollars
unless otherwise noted.
(b) Collateral received for securities
on loan at June 30, 1997
and reinvested as cash equivalents.
(c) Investment cost as determined for
Federal income tax purposes is
substantially the same.
See Notes to the Financial Statements
Graph:
TIFF Emerging Markets Fund/Schedule of Investments
June 30, 1997 (Unaudited)
Long-Term Investments[97.4%] Shares Value +
Common Stock[91.0%]
Latin America [20.9%]
Argentina [1.3%]
Argentina Fund, Inc. 36,000 $ 531,000
Astra Cia Argentina de Petro 5 10
Banco de Galicia y Buenos Aires SA de
CV - ADR 1,050 27,694
Banco Galicia y Buenos Aires - Class B 4,332 28,596
Compania International Bebidas y
Alimentos 16,580 24,873
Compania Naviera Perez Companc 9 71
Compania Naviera Perez Companc - ADR 2,128 33,967
Dragados y Construcciones Argentina -
Series B 8,472 36,859
Inversiones y Representacion - GDR 874 38,238
IRSA, Inversiones y Representaciones
(144A) SA (a) * 9,439 41,349
Siderar SAIC * 6,420 26,390
Telefonica de Argentina ADR 2,700 93,488
YPF-Sociedad Anonima ADR 3,800 116,850
Total 999,385
Brazil [3.9%]
Aracruz Celulose SA - Spon. ADR 9,150 186,431
Avipal SA - Avicultura e Agropecuaria 36,040,000 145,715
Bompreco Supermercado (144A) - GDR (a) 1,100 29,223
Bompreco Supermercado - ADR 5,300 128,790
Brazil Fund, Inc. 40,100 1,233,075
Brazil Realty SA (144A) - GDR (a) * 4,400 109,126
Cemig Cia Energy SA - ADR 1,043 52,511
Cemig SA Energy - ADR 2,279 114,738
Cia Electricidade do Estado da Bahia 1,600,000 147,292
Cia Riograndense Telecom (Brazil) 44,000 66,491
Makro Atacadista SA * 20,000 23,223
Makro Atacadista SA - GDS * 4,100 51,250
Telecomunicacoes Brasileiras SA -
Telebras 1,600,000 216,851
Telecomunicacoes Brasileiras SA
Restricted - ADR 20 5,360
Telecomunicacoes Brasileiras Telebras
SA - ADR 5,750 872,563
Uniao De Banco Brasileiro 101,196 0
Unibanco SA - GDR 3,800 141,075
Total 3,523,715
Chile [2.0%]
A.F.P. Provida SA - Sponsored ADR 9,400 205,625
Banco Santander Chile - Sponsored ADR 4,100 60,475
Chilectra SA - ADR * 17,500 503,662
Chilgener SA - ADR 9,200 257,600
Enersis SA - ADR 2,300 81,794
Madeco SA - ADR 14,100 345,450
Maderas y Sinteticos Sociedad Anonima
SA - ADR 10,200 169,575
Santa Isabel SA - ADR 2,800 89,600
Vina Concha y Toro SA - Sponsored ADR 3,000 92,813
Total 1,806,594
Colombia [1.4%]
Banco Industrial Colombiano 41,500 138,394
Bavaria 31,865 228,902
Carulla y Compania SA - ADR 3,582 16,481
Cemento Argos SA (144A) (a) * 24,200 194,266
Cementos Paz del Rio - ADR * 6,000 90,742
Compania Colombiana de Tabaco SA 32,442 113,129
Computec SA 38,063 8,381
Exito 38,230 136,786
Pisos Asfalto y Vinilos Colo 11,000 8,578
Suramericana de Seguros SA 12,787 330,820
Total 1,266,478
Mexico [6.2%]
Acer Computec Latino America (144A) -
ADR (a) * 14,300 240,383
Acer Computec Latino America, SA de CV 6,000 21,019
Cemex SA de CV 137,380 587,533
Consorcio ARA SA de CV 31,000 108,987
Controladora Comercial Mexicana SA de CV 79,100 73,628
Corporacion Industrial Sanluis SA de CV 25,000 184,590
Corporacion Interamericana de
Entretenimiento SA 18,000 76,415
Cydsa SA 57,600 156,493
Desc SA de CV - Series C * 801 5,642
Desc SA de CV - Sponsored ADR * 1,111 32,358
Desc Sociedad de Fomento Industrial SA
de CV * 15,000 109,056
E.C.E. SA 54,000 74,717
Empaques Ponderosa SA 299,000 244,465
Empresas ICA Sociedad Controladora SA
de CV - ADR * 9,300 149,381
Fomento Economico Mexicano SA de CV 26,000 154,690
Grupo Corvi (144A) SA (a) 119,000 68,855
Grupo Financiero Banamex Accival SA de
CV 51,000 130,868
Grupo Financiero Banorte - Series B * 350,845 366,291
Grupo Industrial Durango SA - Class A 12,000 89,811
Grupo Posadas SA - GDR * 6,100 73,618
Grupo Posadas SA - Series A * 70,428 42,517
Grupo Televisa SA - GDR * 9,200 279,450
Grupo Televisa SA - Series CPO * 6,000 90,868
Grupo Tribasa SA - ADR 16,700 89,763
Grupo Tribasa SA de CV 45,000 119,151
Ingenieros Civiles Asociados * 13,000 206,855
Mexico Fund 67,000 1,298,125
Sistema Argos SA - Series B 90,000 125,887
Vitro S.A. 62,000 228,893
Total 5,430,310
Peru [0.4%]
Banco de Credito del Peru - Series C * 3,508 76,729
Banco Wiese - Sponsored ADR 2,000 12,750
Cementos Norte Pacasmayo SA * 25,221 39,021
Compania de Minas Buenaventura * 3,155 29,407
Compania de Minas Buenaventura SA 8,023 67,090
CPT Telefonica del Peru SA * 26,812 70,518
CPT Telefonica del Peru SA - ADR 300 7,856
Enrique Ferreyros SA 14,801 17,034
Luz Del Sur S.A. - Class B 27,850 32,579
Minsur SA - Trabajo 10,197 38,632
Total 391,617
Venezuela [1.2%]
Ceramicas Carabobo - ADR 59,865 64,547
Compania Anonima Nacional Telefonos de
Venezuela - ADR * 3,000 129,375
Electricidad de Caracas * 246,399 395,837
Fondo De Valores Inmobiliarios 1,236,000 128,564
Siderurgica Venazolana Sivensa (144A)
Class B - ADR (a) * 927 4,726
Siderurgica Venezolana Sivensa - Class A 144,771 75,144
Venepal - GDR * 10,400 26,219
Venezolana Pulpa y Papel - Class B 521,377 131,821
Venprecar - GDS * 14,000 76,090
Total 1,032,323
Latin American Region [4.5%]
Latin America Investment Trust Fund * 500,000 1,245,000
Latin American Equity Fund 47,300 851,400
Morgan Grenfell Latin American Trust plc 1,250,000 1,924,463
Total 4,020,863
Total Latin America
(Cost $14,462,764) 18,471,284
Asia [28.1%]
China [3.7%]
China Fund, Inc. 35,000 616,875
Greater China Fund, Inc. 102,500 2,184,531
Huaneng Power International, Inc. - ADR 9,000 229,500
Qingling Motors Co. Ltd. (144A) (a) * 420,000 216,864
Qingling Motors Ltd. CVT (144A), 3.500%
due 1/22/02 (China) (a) 35,000 34,300
Total 3,282,070
Hong Kong [2.3%]
Anhui Expressway Co. Ltd. - Class H 536,000 103,093
Champion Technology Holdings * 182,067 23,502
First Tractor Co. - Class H 44,000 28,967
Giordano International Ltd. 296,000 202,509
Guangdong Kelon Electric Holding -
Class H 233,000 222,569
GZI Transportation Ltd. 186,000 74,431
Henderson China Holdings Ltd. * 13,872 23,368
Innovative International Holdings Ltd. 146,000 76,328
Kantone Holding Ltd. 87,726 9,173
Lung Kee (Bermuda) Holdings Ltd. 317,500 120,905
Moulin International Hldgs, Ltd. 200,596 146,301
New World Infrastructure Ltd. * 88,800 251,035
Road King Infrastructure Ltd. 153,000 129,363
Sinocan Holdings Ltd. 616,000 304,151
Vanda Systems & Communication Holdings
Ltd. 168,000 78,071
Varitronix International Ltd. 163,000 276,688
Total 2,070,456
Indonesia [3.3%]
Hindustan Petroleum Corp. Ltd. 13,700 173,859
Indah Kiat Pulp & Paper 101,700 17,787
Indonesian Capital Fund, Inc. * 91,100 1,275,400
PT Astra Graphia 65,250 84,583
PT Astra International, Inc. 28,000 115,226
PT Bakrie & Brothers - Foreign Registered
Shares 235,000 103,961
PT Bank Internasional Indonesia 134,295 116,058
PT Charoen Pokphand Indonesia 102,500 46,399
PT Dharmala Sakti Sejahtera 224,000 147,490
PT Hanjaya Mandala Sampoerna 15,000 57,253
PT Indah Kiat Pulp & Paper Corp. -
Class F 113,000 66,265
PT Indorama Synthetics 164,380 148,821
PT Mulia Industrindo 145,220 76,196
PT Pakuwon Jati 241,500 126,713
PT Petrosea 36,000 48,519
PT Putra Surya Multidana 69,500 110,828
PT Steady Safe - Foreign Shares * 80,531 94,450
PT Telekomunikasi Indonesia 88,500 144,769
Total 2,954,577
Korea [6.1%]
Han Wah Corp. * 13,550 157,523
Hyundai Engineering & Construction Co. 1 26
Hyundai Motor Co. Ltd. * 5,750 172,630
Hyundai Motor Co. Ltd. - GDR * 4,200 47,880
Kookmin Bank * 22,929 328,666
Kookmin Bank (144A) - GDR (a) * 2,973 64,663
Korea Electric Power Corp. 7,770 232,398
Korea Housing Bank * 11,440 191,097
Korea Mobile Telecommunications Corp. * 446 230,047
LG Information & Communication Ltd. 1,500 186,230
Namhae Chemical Corp. 1,860 83,133
New Korea Trust * 116,000 1,334,000
Pohang Iron & Steel Company Ltd. - ADR 8,740 279,680
Pusan Steel Pipe Corp. * 7,157 185,791
Samsung Electron Devices Co. Ltd. * 3,516 182,943
Samsung Electronics (144A) - GDR (a) 1,697 45,819
Samsung Electronics Co. * 14,100 1,121,953
Samsung Fire & Marine Insurance * 510 176,140
Shinhan Bank - Ordinary Shares * 23,259 288,769
SK Telecom Co. Ltd. - ADR 13,596 136,810
Total 5,446,198
Malaysia [1.3%]
IJM Corp. Berhad - Class A 22,000 46,202
IJM Corp. Berhad 31,000 65,103
Malakoff Berhad 28,000 122,043
Pelangi Berhad 66,000 67,472
Perlis Plantations Berhad 25,250 74,038
Perusahaan Otomobil Nasional Berhad 9,000 42,081
Public Bank Berhad 84,000 119,824
Public Bank Berhad - Foreign Market 36,000 56,203
Public Finance Berhad 64,000 98,395
Road Builder (M) Holdings Berhad 26,000 122,598
Sime UEP Properties Berhad * 28,000 60,467
Telekom Malaysia Berhad 27,000 126,243
United Engineers (Malaysia) Ltd. 16,000 115,386
Total 1,116,056
New Guinea [0.0%] #
Niugini Mining Ltd. 10 21
Philippines [1.9%]
Belle Corporation 342,100 99,969
Benpres Holdings Corp. - GDR * 6,700 45,707
Crown Equities, Inc. * 834,060 45,581
Equitable Banking Corp. 24,000 86,983
Filinvest Land, Inc. 316,700 79,325
First Philippine Fund, Inc. 61,100 840,125
First Philippine Holdings Corp. 40,635 56,288
Fortune Cement Corp. * 241,500 58,657
JG Summit Holding Inc. - Class B 277,500 56,869
Metropolitan Bank & Trust Co. 4,011 85,243
Philippine Long Distance Telephone Co.
- - ADR 2,050 131,713
PICOP Resources, Inc. 179,000 25,814
Solid Group, Inc. 513,000 83,715
Total 1,695,988
Singapore [0.4%]
Datacraft Asia Ltd. 30,000 95,400
GP Batteries International Ltd. 9,000 26,824
Roly International Holdings 225,000 105,750
San Teh Ltd. 50,240 31,987
Venture Manufacturing (Singapore) Ltd. * 40,500 132,044
Total 392,004
Taiwan [2.7%]
Acer, Inc. - GDR * 14,640 260,226
China Steel Corp. - ADR 315 6,663
China Steel Corp. - GDR 415 8,767
Delta Electronics Class S 179,000 242,545
GVC Corp. - GDR 1 12
ROC Taiwan Fund 112,900 1,319,519
Siliconware Precision - GDR * 8,064 137,088
Siliconware Precision Industries Co. -
GDR 17,158 291,686
Synnex Technology International Corp. -
GDR 6,200 141,980
Total 2,408,485
Thailand [2.3%]
Advanced Info Service plc 17,600 132,089
Alucon Public Co. Ltd. 13,500 54,767
Bangkok Bank 43,100 212,138
Bangkok Bank Co. Ltd. 12,000 86,653
Bank of Asia, The 117,800 84,826
First Pacific Land, Ltd. * 255,858 14,531
Hana Microelectronics Public Co., Ltd. 48,400 237,582
K.R. Precision Public Co. Ltd. 23,600 174,714
MDX Co. Ltd. 117,900 28,698
Precious Shipping Ltd. 73,100 210,552
PTT Exploration & Production Public Co.
Ltd. 2,800 42,710
Raimon Land Co. Ltd. 76,000 12,024
Saha-Union Corp. Ltd. 61,000 40,213
Shinawatra Satellite Public Co., Ltd. 131,400 166,582
Siam Syntech Construction Public Co.
Ltd. 36,300 23,930
TelecomAsia Corp. * 72,100 91,405
Thai Farmers Bank 50,300 161,815
Thai Telephone & Communication Public
Co. Ltd. 32,000 13,955
Thai Telephone & Telecom - For 33,000 16,400
Thai-German Ceramic Industry Co., Ltd. 22,300 9,499
The Siam Cement Co., Ltd. 5,500 99,959
The Thai Farmers Bank, Ltd. 9,800 43,732
United Microelectronics 62,700 79,867
Total 2,038,642
Asian Region [4.1%]
Asia Tigers Fund, Inc., The 152,800 1,728,550
Edinburgh New Tiger Trust 1,025,000 392,382
Govett Asian Smaller Companies Fund 240,000 916,728
Ruam Pattana Fund II 1,916,000 606,280
Total 3,643,940
Total Asia
(Cost $26,726,546) $25,048,436
Indian Sub-Continent [6.1%]
India [2.9%]
Arvind Mills Ltd. - GDR * 70,100 368,025
Bharat Heavy Electricals Ltd. 10,000 105,870
Bharat Petroleum Corp. Ltd. 4,000 50,314
BSES, Ltd. (144A) - GDR (a) * 7,600 196,080
BSES, Ltd. (144A) - Sponsored GDR (a) * 500 13,250
Cipla Ltd. 4,000 83,047
East India Hotels Ltd. - GDR * 1,200 19,335
Gujarat Ambuja Cements - GDR * 27,840 323,640
Hindalco Industries Ltd. - Sponsored
GDR * 6,220 219,877
Indian Hotels Co., Ltd. - GDR (Reg S) 7,700 182,875
Industrial Credit & Investment Corp. of
India
GDR * 1,900 26,600
Industrial Credit & Investment Corp. of
India Ltd. (144A) - GDR (a) * 14,200 205,971
Larsen & Toubro Ltd. (144A) - GDR (a) * 2,600 35,441
Larsen & Toubro Ltd. - GDR * 8,020 132,330
Tata Engineering & Locomotion - GDR 22,756 349,305
Videsh Sanchar Nigam Ltd. - GDR 13,500 280,125
Total 2,592,085
Pakistan [0.5%]
Bank of Punjab Ltd. * 1,170 654
Engro Chemicals Pakistan Ltd. * 24,995 88,430
Hub Power Co. Ltd. * 67,500 68,302
Hub Power Co. Ltd. - Sponsored GDR * 1,700 41,650
Nishat Textile Mills * 49,450 24,468
Pakistan State Oil Co. Ltd. * 19,122 154,226
Pakistan Telecommunications - GDR * 200 15,737
Pakistan Telecommunications Corp. * 100 7,855
Total 401,323
Sir Lanka [0.1%]
Aitken Spence Hotels Ltd. * 3,520 11,143
Development Financial Corp. of Ceylon 5,400 26,335
National Development Bank * 10,021 44,584
Total 82,061
General Indian Sub-Continent [2.6%]
India Fund, The - Class B 1,225,000 2,314,140
Total Indian Sub-Continent
(Cost $4,816,673) 5,389,610
Europe and Middle East [13.5%]
Czech Republic [0.7%]
CKD Praha Holding AS * 1,200 32,697
Czeske Energeticke Zavody - GDR * 1,980 67,340
Deza Valasske Mezirici AS * 1,695 116,508
Zivnobanka - Investicni Fond * 27,436 359,372
Zivnobanka - Podilovy Fond * 4,330 47,888
Total 623,805
Egypt [0.2%]
Egypt Pharmaceuticals * 1,800 111,396
Heliopolis Housing * 500 59,176
Total 170,572
Greece [0.4%]
Alfa Beta Vassilopoulos SA 2,190 24,328
Alpha Credit Bank 300 20,405
Attica Enterprises SA 6,265 60,354
GEKAT (General Construction) SA 9,700 116,587
Hellenic Bottling Co., SA 710 26,260
Nirefs SA 2,910 27,928
Sarantis SA 6,910 83,305
Total 359,166
Hungary [0.5%]
Borsodchem - GDR * 800 31,500
Shares Value
+
EGIS Rt. 230 14,684
Fotex Rt. 8,910 9,949
Julius Meinl International AG 12,690 393,232
OTP Rt. 194 5,182
Total 454,546
Israel [0.1%]
ECI Telecommunications Ltd. 2,620 77,945
Tadiran Ltd. - Sponsored ADR 1,400 39,900
Total 117,845
Poland [0.3%]
Agros Holding SA - Series C 2,218 59,079
Exbud SA * 4,717 47,529
Fabryka Kotlow Rafako SA * 12,139 53,951
Pierwszy Polsko-Amerykanski Bank SA * 2,915 13,488
Polifarb-Cieszyn SA 9,305 47,304
Vistula SA 12,222 36,461
Total 257,813
Portugal [1.5%]
Banco Commercial Portugues 6,784 128,249
Banco Espirito Santo e Comercial de
Lisboa 4,760 107,989
Cimentos de Portugal SA 1,270 29,628
Colep-Companhia Portuguesa de
Embalagens 2,900 46,593
Electricidade de Potugal SA - ADR 1,000 36,000
Engil - Sgps * 7,283 89,054
Investec Consultadoria International * 1,275 43,501
Mundicenter-Sociedade Imobiliaria, SA 5,874 66,815
Portugal Fund, Inc. 37,000 647,500
Sociedade Financeira de Turismo, SA * 3,600 58,352
Sonae Investimentos Sociedade Gestora
de Participacoes Sociais SA 1,190 49,805
Total 1,303,486
Russia [5.5%]
Fleming Russia Securities Fund 150,000 3,581,250
Gazprom (144A) - ADR (a) * 16,700 287,240
Lukoil Oil Co. - ADR * 2,900 227,469
Mosenergo - RDC (144A) - ADR (a) * 5,400 226,800
Mosenergo - Sponsored ADR * 1,700 72,275
New Century Fund XI 350 350,000
San Francisco/Moscow Teleport * 8,150 163,000
Total 4,908,034
Slovakia [0.2%]
Inzinierske Stavby Kosice 426 4,738
Vychodoslovenske Zeleziarne * 6,912 134,937
Total 139,675
Slovenia [0.0%] #
SKB Banka (144A) - GDR (a) 800 27,600
Turkey [0.9%]
Akbank T.A.S. 1,829,104 233,211
Alarko Holding AS 553,120 109,241
Brisa Bridgestone Sabanci Lastik San.
Ve Tic AS 69,000 34,500
Enka Holding Yatirim AS 238,000 90,440
Kartonsan Karton Sanayi AS 300,000 32,250
Otosan Otomobil Sanayii SA 89,000 70,310
Turk Dis Ticaret Bankasi (Disbank) 2,646,656 54,256
Turkiye Garanti Bankasi AS 1,646,666 92,213
Usas Ucak Servisi AS 16,000 56,000
Total 772,422
United Kingdom [0.1%]
Lonrho plc 42,396 89,969
Sabanci (144A) (a) 5,000 45,000
Total 134,969
European Region [3.1%]
Baring Emerging Europe Trust * 1,270,000 2,076,450
Central European Growth Fund 650,000 719,437
Total 2,795,887
Total Europe and Middle East
(Cost $7,903,187) 12,065,819
Africa [2.7%]
Botswana [0.1%]
Sechaba Investment Trust * 39,000 46,537
Ghana [0.0%]
Ashanti Goldfields Co. Ltd. - GDR 42 491
South Africa [2.8%]
AGA Holdings Ltd. 11,300 108,414
Anglo American Corp. of South Africa
Ltd. 2,600 156,694
Anglovaal Ltd. 4,800 128,099
Barlow Ltd. 9,620 104,708
Bonnita Holdings Ltd. 24,499 11,347
C.G. Sugar Ltd. 27,900 63,996
Corpgro 970,000 66,321
De Beers Centenary AG 6,260 231,264
Gencor Ltd. 52,990 244,264
Gencor Ltd. - ADR 6,800 31,609
Old South Africa Trust 250,000 443,125
Sasol Ltd. 26,742 350,937
South African Breweries Ltd. 3,451 105,988
Super Group Ltd. 69,900 140,293
Total 2,187,061
Zimbabwe [0.2%]
Trans Zambezi Industries Ltd. - GDR * 200,000 170,000
Total Africa
(Cost $2,025,139) 2,404,088
North America[0.0%] #
Canada [0.0%] #
Nelson Gold Corp. Ltd. * 81,175 44,133
(Cost $123,643)
General Emerging Markets [19.6%]
Everest Capital Frontier Ltd. LP * 102,379 2,932,788
G.T. Global Developing Markets Fund 153,500 2,158,594
Investable Emerging Markets Country
Fund LP * 687,285 10,020,622
TCW/DW Emerging Markets Opportunities
Trust 153,500 2,283,313
Total General Emerging Markets
(Cost $14,059,202) 17,395,316
Total Common Stock
(Cost $70,152,786) 80,818,685
Preferred Stock [4.3%]
Banco Nacional SA (Brazil) * 4,900,000 0
CESP-Compania Energetica de Sao Paulo
(Brazil) * 100,000 6,735
Cia Energetica Brasilia (Brazil) 1,250,000 209,000
Cia Energetica do Ceara - Coelce Series
A (Brazil) 26,200,000 126,442
Cia Riograndense Telecom (Brazil) 72,079 109,140
Cia Tecidos Norte de Mina (Brazil) 410,000 159,963
Companhia Cimento Portland Itau
(Brazil) 520,000 178,732
Cosigua-Siderur Guanabara (Brazil) 14,203,103 254,236
Dixie Toga SA (Brazil) 60,839 32,779
Industries Bebidas Antarctica da
Paraiba (Brazil) * 389,000 37,581
Iven SA (Brazil) 514,000 353,324
Marcopolo SA (Brazil) * 438,000 80,553
Metalurgica Gerdau SA (Brazil) 1,847,591 89,247
Patroleo Brasileiro SA - Petrobras
(Brazil) 2,596,000 711,561
Sadia Concordia SA Industria e Comercio
(Brazil) 126,000 134,603
Uniao de Bancos Brasileir (Brazil) 2,010,000 72,762
Unified Energy Systems - Ser A (Russia) 2,829,000 1,023,815
Unified Energy Systems - Ser. B
(Russia) 1,162,790 259,884
Total Preferred Stock
(Cost $3,032,978) 3,840,356
Rights [0.1%]
Chilgener expiring 7/2/98 (Chile) * 3,035 54,196
Nirefs SA expiring 11/10/97 (Greece) * 270 0
Total Rights (Cost $0) 54,196
Warrants [0.0%]
Bank Int'l Indonesia expiring 12/31/99
(Indonesia) * 24,915 9,740
GP Batteries International expiring
11/15/00 (Singapore) * 10,000 15,500
GZI Transport Ltd. expiring 1/29/99
(Hong Kong) * 7,600 786
Hicom Holdings Berhad expiring 12/18/00
(Malaysia) * 17,000 13,338
Singamas Containers expiring
7/1/97 (Hong Kong) * 36,800 76
Thai Farmers Bank expiring 9/15/02
(Thailand) * 1,225 388
Total Warrants (Cost $29,791) 39,828
Convertible Bonds [2.0%] Face Amount(b)
Bangkok Bank Public Co., 3.250% due
3/3/04 (Thailand) $ 40,000 30,800
Compal Electronics (144A) CVT, 1.000%
due 11/21/03 (Taiwan) (a) 190,000 323,000
Delta Electronic, Inc. (144A) CVT,
0.500%
due 3/6/04 (Taiwan) (a) 140,000 185,500
Metropolitan Bank CVT, 2.750% due
9/10/00
(Europe) 23,000 28,980
Nan Ya Plastics Corp., 1.750% due
7/19/01
(Taiwan) 332,000 469,780
New World Infrastructure Ltd. (144A),
5.000% due 7/15/01 (Hong Kong) (a) 51,000 58,905
Philippine Long Distance CVT., 5.750%
due 12/31/49 (Philippines) 1,000 34,000
U-Ming Marine Transport, 1.500% due
2/7/01 (Taiwan) 344,000 283,800
Yageo Corp. CVT, 1.250% due 7/24/03
(Taiwan) 215,000 392,375
Total Convertible Bonds
(Cost $1,515,260) 1,807,140
Total Long-Term Investments
(Cost $74,730,816) 86,560,204
Short-Term Investments [6.9%]
First National Bank of Boston
(Time Deposit), 6.350% due 7/1/97 (c) 2,676,886 2,676,886
Investors Bank & Trust Company
Repurchase
Agreement, 5.510% due 7/1/97;
Issued 6/30/97; Proceeds $3,450,009.
(Collateralized by $3,735,027 FNMA
FRN, 5.822% due 1/25/08 with a
market value of $3,622,977. 3,449,481 3,449,481
Total Short-Term Investments
(Cost $6,126,367) 6,126,367
Total Investments [104.3%]
(Cost $80,912,119) (d) 92,686,571
Other assets and liabilities, net
[(4.3%)] (3,769,057)
Net Assets - 100% $88,917,514
* Non -income producing security
# Rounds to less than 0.0%
+ See Note 2 to the Financial Statements.
ADR American Depository Receipt
GDR Global Depository Receipt
GDS Global Depository Share
(a) Security exempt from registration under
Rule 144A of the Securities Act of 1933.
These securities may be resold in
transactions exempt from registration,
normally to qualified buyers. At June
30, 1997, these securities
were valued at $2,654,361 or 3.0% of
net assets.
(b) Face amount shown in U.S.
dollars unless otherwise noted.
(c) Collateral received for
securities on loan at June 30, 1997
and reinvested as cash equivalents.
(d) Investment cost as determined for Federal
income tax purposes is substantially the same.
See Notes to the Financial Statements
Graph:
TIFF U.S. Equity Fund/Schedule of Investments
June 30, 1997 (Unaudited)
Long-Term Investments [87.4%] Shares Value +
Common Stock [84.3%]
Aerospace [1.2%]
AAR Corp. 41,000 $ 1,324,813
Northrop Grumman Corp. 5,700 500,531
Precision Castparts Corp. 2,800 166,950
Rohr Industries, Inc. 4,300 94,331
Thiokol Corp. 4,700 329,000
Total 2,415,625
Agriculture [1.8%]
Archer-Daniels-Midland Co. 17,100 401,850
Eastern Equities Corp. Ltd. (New
Zealand) 555,000 395,454
Embrex, Inc. * 150,000 1,050,000
Eskimo Pie Corp. 15,000 181,875
IBP, Inc. 34,700 806,775
RJR Nabisco Holdings Corp. 11,500 379,500
Strategic Diagnostic, Inc. * 418,400 679,900
Total 3,895,354
Airlines [0.2%]
Delta Air Lines, Inc. 2,700 221,400
Midwest Express Holdings, Inc. * 1,650 45,169
UAL Corp. * 3,000 214,688
Total 481,256
Banks [7.8%]
H.F. Ahmanson & Co. 5,000 215,000
AmSouth Bancorporation 12,150 459,422
Banc One Corp. 10,500 508,594
Bank United Corp. - Class A 4,800 182,400
BankAmerica Corp. 51,000 3,292,688
BankBoston Corp. 4,700 338,694
Bankers Trust New York Corp. 1,700 147,900
Chase Manhattan Corp. 36,100 3,503,956
Comerica, Inc. 7,900 537,200
First Chicago NBD Corp. 17,900 1,082,950
First Colorado Bancorp, Inc. 1,500 28,688
First Savings Bank of Washington
Bancorp,Inc. 10,000 222,500
First Union Corp. (NC) 19,218 1,777,665
HUBCO, Inc. 40,275 1,167,975
National City Corp. 6,600 346,500
NationsBank Corp. 25,000 1,612,500
Peoples Bank of Bridgeport, CT 42,000 1,086,750
Republic New York Corp. 1,600 172,000
Signet Banking Corp. 7,400 266,400
UnionBanCal Corp. 1,300 93,438
Total 17,043,218
Beverages [2.6%]
Anheuser-Busch Companies, Inc. 4,410 184,944
Canandaigua Wine Co., Inc. - Class A * 3,500 119,000
Coca-Cola Co. 80,100 5,406,750
Total 5,710,694
Business Machines [0.2%]
International Business Machines Corp. 5,000 450,938
Chemicals [2.6%]
Cambrex Corp. 1,000 39,625
ChemFirst, Inc. 2,100 56,963
Church & Dwight Co., Inc. 2,500 66,875
Dow Chemical Co. 16,200 1,411,426
EcoScience Corp. * 440,300 550,375
Fuller (H. B.) Co. 2,000 110,000
Lubrizol Corp. 8,500 356,469
Lyondell Petrochemical Co. 7,200 157,050
Rogers Corp. * 30,000 1,057,500
Scotts Co. (The) - Class A * 900 26,100
Tredegar Industries, Inc. 1,000 55,500
Union Carbide Corp. 36,800 1,731,900
Wellman, Inc. 5,100 88,613
Total 5,708,394
Commercial Services [0.0%]
Roadway Express, Inc. 3,300 77,138
Computer Software [3.9%]
Applied Magnetics Corp. * 6,200 140,275
Affiliated Computer Services, Inc. -
Class A * 4,000 112,000
Avid Technology, Inc. * 6,200 163,525
Caribiner International, Inc. * 7,000 228,375
Citrix Systems, Inc. * 6,900 302,738
Computer Associates International, Inc. 10,800 601,425
HBO & Co. 2,900 199,738
MetaCreations Corp. * 32,768 360,448
Metrowerks, Inc. (Canada) * 130,300 897,272
Micrografx, Inc. * 60,400 437,900
Microsoft Corp. * 27,800 3,513,226
NETCOM On-Line Communication Services,
Inc. * 5,500 81,125
Quantum Corp. * 11,400 231,563
SMART Modular Technologies, Inc. * 2,300 77,625
Software Publishing Corp. 54,882 113,195
Stratus Computer, Inc. * 3,100 155,000
Sykes Enterprises, Inc. * 4,900 127,400
Systems & Computer Technology Corp. * 1,900 50,825
Tech Data Corp. * 2,400 75,450
Vantive Corp. * 2,800 79,100
Wall Data, Inc. * 3,400 89,675
Western Digital Corp. * 8,600 271,975
Total 8,309,853
Computers [1.2%]
Compaq Computer Corp. * 11,200 1,111,600
CompUSA, Inc. * 3,100 66,650
Computer Task Group, Inc. 4,900 182,525
Seagate Technology, Inc. * 35,500 1,249,156
Total 2,609,931
Construction [0.4%]
Centex Corp. 5,400 219,375
Lone Star Industries, Inc. 2,400 108,750
Medusa Corp. 2,700 103,613
Pulte Corp. 4,500 155,531
Southdown, Inc. 4,400 191,950
Standard-Pacific Corp. 4,900 50,225
USG Corp. * 1,700 62,050
Total 891,494
Containers [0.6%]
Owens-Illinois, Inc. * 29,400 911,400
Premark International, Inc. 13,000 347,750
Wyman-Gordon Co. * 5,600 151,200
Total 1,410,350
Cosmetics [0.8%]
Johnson & Johnson 3,700 238,188
NBTY, Inc. * 3,100 86,800
Procter & Gamble Co. 10,700 1,511,375
Total 1,836,363
Diversified [0.3%]
ACX Technologies, Inc. * 2,500 56,250
Fortune Brands, Inc. 500 18,656
The Walt Disney Co. 5,600 449,400
Total 524,306
Electrical Utilities [1.9%]
Baltimore Gas and Electric Co. 11,100 296,231
Consolidated Edison Company of New
York, Inc. 10,600 312,038
Dominion Resources, Inc. - Virginia 7,700 282,013
Entergy Corp. 36,400 996,450
Long Island Lighting Co. 9,300 213,900
MDU Resources Group, Inc. 150 3,600
Nevada Power Co. 4,500 95,625
Pinnacle West Capital Corp. 10,500 315,656
Public Service Enterprise Group, Inc. 61,100 1,527,500
TNP Enterprises, Inc. 1,300 30,144
Utilicorp United, Inc. 4,700 136,888
Total $ 4,210,044
Electronics [4.3%]
Arrow Electronics, Inc. * 14,400 765,000
Billing Information Concepts * 2,700 94,163
Checkpoint Systems, Inc. * 62,000 995,875
Dallas Semiconductor Corp. 4,900 192,325
Fusion Systems Corp. * 1,900 75,169
GPU, Inc. 11,300 405,388
HADCO Corp. * 1,000 65,500
II-VI, Inc. * 1,100 23,100
Innovex, Inc. 9,200 267,950
Intel Corp. 17,400 2,467,537
Jabil Circuit, Inc. * 5,600 469,700
Johnson Controls, Inc. 4,000 164,250
Micro Linear Corp. 7,200 75,600
Oak Technology, Inc. * 4,900 47,775
Philips Electronics NV - ADR
(Netherlands) 23,200 1,667,500
Sensormatic Electronics Corp. 71,600 921,850
Silicon Valley Group, Inc. * 10,900 287,488
Technitrol, Inc. 3,400 93,075
Unitrode Corp. 5,300 266,988
Veeco Intruments, Inc. * 2,200 85,250
Watkins-Johnson Company 4,300 132,225
Zytec Corp. * 1,300 24,375
Total 9,588,081
Financial [3.3%]
Bear Stearns Companies, Inc. 51,074 1,746,093
Cityscape Financial Corp. * 5,200 103,675
FIRSTPLUS Financial Group, Inc. * 13,000 442,000
Imperial Credit Industries, Inc. * 5,300 108,981
J.P. Morgan & Company, Inc. 14,600 1,523,875
North American Mortgage Co. 4,000 94,750
Salomon, Inc. 13,600 756,500
San Juan Basin Royalty Trust 125,600 1,020,500
Southern Pacific Funding Corp. * 10,100 167,913
St. Paul Companies, Inc. 5,800 442,250
The Money Store, Inc. 700 20,081
Travelers Group, Inc. 13,400 845,038
Total 7,271,655
Foods [0.9%]
Dean Foods Corp. 3,700 149,850
Earthgrains Co. 11,600 170,463
Foodmaker, Inc. * 10,100 165,388
Interstate Bakeries Corp. 5,900 349,944
Quaker Oats Co. 4,100 183,988
Smithfield Foods, Inc. * 15,300 940,950
Suiza Foods Corp. 3,300 135,300
Total 2,095,881
Health Care [2.5%]
Columbia/HCA Healthcare Corp. 30,100 1,183,306
Health Management Associates, Inc. -
Class A * 5,875 167,438
MedCath, Inc. * 3,100 46,113
Morrison Health Care, Inc. * 47,766 761,271
Pediatrix Medical Group, Inc. * 2,300 105,369
Pharmchem Laboratories * 237,200 1,008,100
PhyCor, Inc. * 4,200 144,375
Protocol Systems, Inc. * 53,500 428,000
RehabCare Group, Inc. 1,800 66,600
ReSound Corp. * 21,000 118,125
Universal Health Services, Inc. - Class B 37,100 1,428,350
Total 5,457,046
Hotels/Restaurants [0.9%]
Promus Hotel Corp. * 9,000 348,750
Ruby Tuesday, Inc. 40,000 897,500
Ryan's Family Steak House, Inc. * 80,600 690,138
Signature Resorts, Inc. * 4,000 138,250
Total 2,074,638
Housewares [0.4%]
Gillette Co. 2,900 274,775
Lancaster Colony Corp. 11,800 570,825
Total 845,600
Insurance (Life) [0.9%]
Aegon NV - ADR (Netherlands) 0 29
Equitable Companies, Inc. 30,000 997,500
Lincoln National Corp. 6,400 412,000
Providian Financial Corp. * 5,300 170,263
Torchmark Corp. 7,100 505,875
Total 2,085,666
Insurance (Other) [2.9%]
Allmerica Financial Corp. 10,000 398,750
Allied Group, Inc. 1,400 53,200
Allstate Corp. 9,900 722,700
Cigna Corp. 10,200 1,810,500
Delphi Financial Group, Inc. * 2,346 90,321
Everest Reinsurance Holdings, Inc. 13,500 534,938
Fremont General Corp. 3,700 148,925
Loews Corp. 12,000 1,201,500
Mercury General Corp. 1,500 109,125
Ohio Casualty Corp. 2,900 127,600
Orion Capital Corp. 1,100 81,125
Reliance Group Holdings, Inc. 11,300 134,188
Safeco Corp. 2,000 93,375
United Wisconsin Services, Inc. 1,200 40,425
Wellpoint Health Networks, Inc. * 20,700 949,613
Total 6,496,284
Leisure [0.1%]
Brunswick Corp. 400 12,500
Callaway Golf Co. 5,900 209,450
Seattle Filmworks, Inc. * 2,550 30,600
Total 252,550
Machines [1.6%]
Aviall, Inc. * 3,500 49,000
Caterpillar, Inc. 23,600 2,534,050
Cincinnati Milacron, Inc. 8,000 207,500
Cooper Industries, Inc. 3,800 189,050
Manitowoc Co., Inc. 2,600 121,550
Novellus Systems, Inc. * 3,500 302,750
Robbins & Myers, Inc. 1,600 52,000
Total 3,455,900
Manufacturing [0.2%]
AptarGroup, Inc. 2,500 113,125
Blyth Industries, Inc. * 6,750 227,813
Total 340,938
Metals [0.5%]
Cleveland-Cliffs, Inc. 2,500 101,875
Oregon Metallurgical Corp. * 24,300 683,438
RMI Titanium Co. * 3,200 87,200
Timken Co. 8,600 305,838
Total 1,178,350
Mining [0.7%]
Old Republic International Corp. 10,100 306,156
Shell Transport & Trading Co. plc
(New Shares) (United Kingdom) 10,500 1,320,375
Total 1,626,531
Motor Vehicles [1.6%]
Ford Motor Co. 38,900 1,468,475
General Motors Corp. 34,300 1,910,081
Polaris Industries, Inc. 5,100 166,069
Total 3,544,625
Oil Services [0.8%]
National-Oilwell, Inc. * 5,200 299,000
Seacor Smit, Inc. 3,600 188,325
Smith International, Inc. * 2,300 139,725
Tidewater, Inc. 26,800 1,179,200
Total 1,806,250
Oil/Gas (Domestic) [1.8%]
Bellwether Exploration Co. * 3,000 30,094
Consolidated Natural Gas Co. 5,800 312,113
EVI, Inc. * 3,400 142,800
Helmerich & Payne, Inc. 6,900 397,613
National Fuel Gas Co. 3,600 150,975
Phillips Petroleum Co. 54,600 2,388,750
St. Mary Land & Exploration Co. 1,700 59,713
Unocal Corp. 12,500 485,156
Total 3,967,212
Oil/Gas (International) [4.1%]
Amoco Corp. 7,700 843,294
Chevron Corp. 11,500 850,281
Cliffs Drilling Co. * 3,200 116,800
Exxon Corp. 77,800 4,784,700
Falcon Drilling Co., Inc. * 4,600 265,075
Mobil Corp. 12,600 880,425
Texaco, Inc. 6,200 674,250
Transocean Offshore, Inc. 3,000 217,875
USX-Marathon Group 9,300 268,538
Vintage Petroleum, Inc. 7,700 236,775
Total 9,138,013
Paper/Forest Products [0.8%]
Buckeye Cellulose Corp. * 2,300 77,625
Consolidated Papers, Inc. 2,500 135,000
Deltic Timber Corp. 1,400 41,038
First Brands Corp. 12,800 293,600
Kimberly-Clark Corp. 18,600 925,350
Mail-Well, Inc. * 7,350 209,475
Schweitzer-Mauduit International, Inc. 3,300 123,750
Total 1,805,838
Pharmaceutical [6.8%]
Abbott Laboratories 21,500 1,435,125
American Home Products Corp. 21,100 1,614,150
Amgen, Inc. * 3,500 203,438
Bristol-Myers Squibb Co. 34,700 2,810,700
Dura Pharmaceuticals, Inc. * 1,900 75,763
Eli Lilly & Co. 4,600 502,838
Genentech, Inc. (Special Common) * 2,700 159,131
Merck & Company, Inc. 47,500 4,916,250
Owens & Minor, Inc. Holding Company 50,800 758,825
Parexel International Corp. * 2,700 85,725
Pfizer, Inc. 3,100 370,450
Schering-Plough Corp. 42,400 2,029,900
Total 14,962,294
Producer Goods [2.4%]
Applied Materials, Inc. * 6,500 460,281
Case Corp. 6,900 475,238
Cummins Engine Company, Inc. 6,400 451,600
General Electric Co. 43,000 2,811,125
Griffon Corp. * 2,600 35,588
Halter Marine Group, Inc. 0 10
National Service Industries 2,700 131,456
Volt Information Sciences, Inc. * 15,000 757,500
Vulcan Materials Co. 2,900 227,650
Total 5,350,447
Publishing [0.8%]
American Greetings Corp. - Class A 11,100 412,088
Central Newspapers, Inc. - Class A 4,600 329,475
Gannett Company, Inc. 3,000 296,250
Merrill Corp. 1,200 43,650
Pulitzer Publishing Co. 1,066 56,498
Steck-Vaughn Publishing Corp. * 37,000 499,500
Washington Post Company - Class B 500 199,000
Total 1,836,461
Railroad [1.2%]
CSX Corp. 39,900 2,214,450
Norfolk Southern Corp. 3,800 382,850
Total 2,597,300
Retail (Foods) [0.2%]
Safeway, Inc. * 8,600 396,675
Retail (Other) [3.9%]
Abercrombie & Fitch Co. * 4,800 88,800
Borders Group, Inc. * 9,100 219,538
CHS Electronics, Inc. * 2,700 71,550
Consolidated Stores Corp. * 28,125 977,344
Cooper Cameron Corp. * 3,800 177,650
Dayton Hudson Corp. 25,400 1,350,963
Dollar Tree Stores, Inc. * 4,100 206,538
Duckwall-ALCO Stores, Inc. * 37,190 478,821
Ethan Allen Interiors, Inc. 2,000 114,000
Geerlings & Wade, Inc. * 97,000 424,375
Genesco, Inc. * 4,900 69,519
Goody's Family Clothing, Inc. * 2,500 68,438
Jones Apparel Group, Inc. * 4,400 210,100
Kellwood Co. 3,900 108,225
K-Mart Corp. 31,200 382,200
Lands' End, Inc. * 2,400 71,100
Mac Frugals Bargains Close-Outs, Inc. * 50,000 1,362,500
MicroAge, Inc. * 5,700 104,738
Patterson Dental Co. * 1,100 37,744
Payless ShoeSource, Inc. * 7,800 426,563
Pier 1 Imports, Inc. 3,000 79,500
Ross Stores, Inc. 4,700 153,631
Samsonite Corp. * 6,200 273,575
Sybron International Corp. * 6,200 247,225
TJX Companies, Inc. 15,000 395,625
Tiffany & Co. 2,400 110,850
Waban, Inc. * 9,500 305,781
Total 8,516,890
Services [2.4%]
Abacus Direct Corp. * 3,300 107,250
AccuStaff, Inc. * 5,600 132,650
Browning-Ferris Industries, Inc. 11,600 385,700
Comdisco, Inc. 46,350 1,205,100
DB Group Ltd. (New Zealand) 430,000 647,792
Failure Group, Inc. * 159,700 998,125
Hilb, Rogal & Hamilton Co. 36,500 620,500
ITT Educational Services, Inc. * 37,950 941,634
Norrell Corp. 2,100 69,300
On Assignment, Inc. * 1,200 46,800
Personnel Group of America, Inc. * 2,400 69,150
Learning Tree International, Inc. 2,300 102,063
Total 5,326,063
Steel [0.7%]
Bethlehem Steel Corp. * 4,800 50,100
Inland Steel Industries, Inc. 15,300 399,713
LTV Corp. * 27,000 384,750
Maverick Tube Corp. * 2,000 75,000
National Steel Corp. - Class B * 13,100 220,244
USX-US Steel Group, Inc. 12,700 445,294
Total 1,575,100
Technology [0.1%]
Summit Technology, Inc. 8,800 58,300
Cymer, Inc. 2,800 136,500
Zygo Corp. 1,200 36,900
Total 231,700
Telecommunications [2.7%]
Ameritech Corp. 16,700 1,134,557
C&d Technology Inc 25,000 937,500
Cellstar Corp. 3,500 107,188
Citizens Utilities Co. - Class A * 1 6
SBC Communications, Inc. 43,700 2,703,937
U.S. West, Inc. 16,400 618,075
VTEL Corp. (a)* 104,428 626,568
Total 6,127,830
Telephone [2.4%]
AT & T Corp. 41,000 1,437,563
Bell Atlantic Corp. 9,900 751,163
BellSouth Corp. 8,100 375,638
Century Telephone Enterprises, Inc. 6,400 215,600
GTE Corp. 40,000 1,755,000
NYNEX Corp. 7,200 414,900
Sprint Corp. 6,100 321,013
Total 5,270,875
Textiles [0.3%]
St. John Knits, Inc. 4,700 253,800
VF Corp. 3,700 313,575
Total 567,375
Thrifts [1.6%]
ALBANK Financial Corp. 720 28,440
American Federal Bank, FSB 22,000 709,500
Astoria Financial Corp. 2,800 133,000
Charter One Financial, Inc. 25,200 1,357,650
Roosevelt Financial Group, Inc. 30,000 660,000
TR Financial Corp. 4,400 110,825
Washington Mutual, Inc. 6,700 400,325
Total 3,399,740
Tobacco [0.7%]
Consolidated Cigar Holdings, Inc. * 10,100 280,275
Philip Morris Companies, Inc. 24,500 1,087,188
Universal Corp. 4,400 139,700
Total 1,507,163
Transportation [3.8%]
Airborne Freight Corp. 33,300 1,394,438
Circle International Group, Inc. 41,800 1,102,475
CNF Transportation, Inc. 42,800 1,380,300
Fritz Companies, Inc. * 76,900 744,968
Hvide Marine, Inc. 4,700 103,988
Pittston Services Group 30,900 927,000
Pittston Burlington Group, Inc. * 40,000 1,125,000
Trico Marine Services, Inc. 10,700 233,394
Xtra Corp. 30,000 1,318,125
Total 8,329,687
Trucks [0.5%]
Air Express International Corp. 23,500 934,125
Consolidated Freightways Corp. * 9,400 153,925
Total 1,088,050
Total Common Stock
(Cost $147,771,641) 185,689,663
Preferred Stock [0.1%]
Norian Corp. (144A) (b) (d) *
(Cost $206,500) 295,000 206,500
Limited Partnership [3.0%]
Gotham Partners *
(Cost $5,925,000) 5,932 6,519,840
Total Long-Term Investments
(Cost $153,903,141) 192,416,003
Short-Term Investments [20.7%]
Face Amount
U.S. Treasury Securities [0.4%] ++
U.S. Treasury Bill, 4.800% due 9/19/96 #
(Cost $840,820) $ 850,000 840,505
Other Short-Term Investments [20.3%]
First National Bank of Boston
(Time Deposit), 6.350% due
7/1/97(c) 9,308,963 9,308,964
Harris Trust & Savings Bank
(Time Deposit), 6.000% due
7/1/97(c) 7,156,041 7,156,041
Investors Bank & Trust Company
Repurchase
Agreement, 5.510% due 7/1/97;
Proceeds
$27,121,378; Issued 6/30/97.
(Collateralized by $408,000 FHLMC
ARM, 6.160% due 2/15/22 with a
market value of $403,376; $16,000,000
FHLMC FRN 6,800 due 12/15/23
with a market value of
$16,303,235; $11,710,000
FHLMC FRN, 6.700% with
a market value of $11,766,916.)
27,117,227 27,117,227
Total Other Short-Term Investments
(Cost $43,582,232) 43,582,232
Total Short-Term Investments
(Cost $45,654,751) $44,422,737
Total Investments [107.4%] (e)
(Cost $198,122,361) 236,838,739
Other assets and liabilities, net
[(7.3%)] (16,216,320)
Net Assets - 100.0% $220,622,419
Short Portfolio [(0.6%)] Shares Value +
Common Stock [(0.6%)]
Computer Software
Broadway & Seymour, Inc. * 40,700 513,838
Cambridge Technology Partners, Inc. * 7,000 224,000
Total 737,838
Electronics
Itron, Inc. * 12,700 328,613
Services
Registry (The), Inc. * 5,900 271,400
Telecommunications
VideoLan Technologies, Inc. * 20,000 14,374
Total Short Portfolio
(Proceeds - $2,050,991) $1,352,224
* Non -income producing security
# Interest rate represents
the yield to maturity at the time of
purchase.
+ See Note 2 to the Financial Statements.
++ Assets currently held in a segregated account as
collateral for futures contracts
ADR American Depository Receipt
(a) This security or a portion
of this security is held in a
segregated account as collateral
for the short portfolio.
(b) Security exempt from
registration under Rule 144A of the
Securities
Act of 1933. These securities may be
resold in transactions exempt
from registration, normally to
qualified buyers. At June 30, 1997,
these securities were valued at
$000,000 or 0.0% of net assets.
(c) Collateral received for
securities on loan at June 30, 1997
reinvested in cash equivalents.
(d) Security is fair valued. See Note 2.
(e) Investment cost as determined for
Federal income tax purposes is
substantially the same.
See Notes to the Financial Statements
Graph:
TIFF Bond Fund/Schedule of Investments
June 30, 1997 (Unaudited)
Long-Term Investments [107.5%] Face Amount Value +
Bonds [107.2%]
Asset-Backed Securities [9.3%]
Access Financial Mtg. Loan Trust, Ser.
1997-1, Class A4, 7.275% due 3/18/27 $ 1,900,000 $ 1,883,945
Advanta Mortgage Loan Trust, Ser.
1997-1,Class B1F, 8.150% due 5/25/27 550,000 569,766
Amresco Mortgage Loan Trust, Ser. 1997-1,
Class B1F, 7.915% due 3/25/27 1,050,000 1,053,281
Amresco Residential Sec. Mtg., Ser.
1997-1,Class A8, 7.240% due 3/25/27 1,575,000 1,574,496
Amresco Mortgage Loan Trust, Ser. 1996-1,
Class A5, 7.050% due 4/25/27 650,000 638,677
Citibank Cr. Card Master Trust, Ser.
1997-2,Class A, 6.550% due 2/15/04 1,300,000 1,294,215
Ford Credit Auto Owner Trust, Ser.
1996-A,Class A3, 6.500% due 11/15/99 900,000 905,814
GMAC Grantor Trust, Series 1993-A,
ClassA, 4.150% due 3/16/98 4,215 4,213
GMAC Grantor Trust, Series 1994-A,
ClassA, 6.300% due 6/15/99 86,140 86,338
MBNA Master Credit Card Trust, Ser.
1997-F, Class A, 6.600% due 11/15/04 1,000,000 999,610
Merrill Lynch Mortgage Investors, Ser.
1995-C2, Class A1, 7.436% due 6/15/21 171,509 173,663
Olympic Auto Receivable Trust, Ser.
1996-C,Class A4, 6.800% due 3/15/02 700,000 707,154
Olympic Auto Receivable Trust, Ser.
1997-A,Class A4, 6.625% due 12/15/02 575,000 578,536
Premier Auto Trust, Ser. 1996-3, Class
A3, 6.500% due 3/6/00 1,150,000 1,157,533
Residential Asset Sec. Corp., Ser.
1997-KS1, Class AI2, 7.070% due 4/25/28 850,000 852,125
UCFC Home Equity Loan, Ser. 1996-B1,
Class A5, 7.650% due 6/15/20 775,000 794,251
Union Acceptance Corp. IO, Ser. 1997-B,
Class I, 8.500% due 6/8/27 5,760,000 140,286
Union Acceptance Corp. IO Strip, Ser.
1996-C, Class I, 2.750% due 10/8/03 14,245,924 404,495
Union Acceptance Corp. IO, Ser. 1996-D,
Class I, 3.000% due 1/8/04 1,428,415 48,655
Union Acceptance Corp., Ser. 1996-A,
Class I, IO due 5/7/99 5,059,928 124,917
Union Pacific Resources, 7.000% due
10/15/06 800,000 799,454
Total Asset-Backed Securities
(Cost $14,148,396) 13,991,969
Corporate Obligations [27.1%]
Aetna Services, Inc., 7.125% due
8/15/06 500,000 498,538
Anthem Insurance (144A), 9.000% due
4/1/27 (a) 860,000 884,306
BNCE Global Bond, 7.250% due 2/2/04
(Mexico) 655,000 610,788
California Petroleum Transport, 8.520%
due 4/1/15 855,000 935,486
Chrysler Corp., 7.450% due 2/1/2097 725,000 705,507
Cigna Corp., 7.875% due 5/15/27 805,000 814,644
Coastal Corp., 9.625% due 5/15/12 790,000 958,174
Cogentrix Energy Inc., 8.100% due
3/15/04 1,415,000 1,440,054
Compania Telecom Chile, 7.625% due
7/15/06 (Chile) 1,565,000 1,599,184
Conseco Finance Trust II, 8.700% due
11/15/26 1,220,000 1,248,674
Corp. Andina de Fomento, 7.375% due
7/21/00 (Latin America) 305,000 310,494
Corp. Andina de Fomento, 7.250% due
3/1/07 (Latin America) 1,200,000 1,200,653
Credit Suisse (144A), 7.900% due
4/29/49 (a) 830,000 853,241
Discover Credit Card, 9.000% due
10/1/01 445,000 480,020
DQU II Funding, 8.700% due 6/1/16 935,000 1,013,664
El Paso Natural Gas Co., 6.750% due
11/15/03 700,000 691,716
Empresa Nacional de Electridad, 8.125%
due 2/1/97 (Chile) 780,000 798,084
Grace & Co., (W.R.), 8.000% due 8/15/04 1,100,000 1,152,690
Hero Asia BVI Co. Ltd. (144A), 9.110%
due 10/15/01 (China) (a) 891,264 927,677
Humpuss Funding Corp. (144A), 7.720%
due 12/15/09 (a) 996,559 991,452
Jasmine Submarine Telecom (144A),
8.483%due 5/30/11 (a) 1,040,000 1,054,104
Lehman Brothers Holdings, 8.500% due
5/1/07 795,000 855,480
Leucadia National Corp., 7.875% due
10/15/06 700,000 707,483
Lockheed Martin, 6.850% due 5/15/01 800,000 801,925
MFS Communications Corp., 8.875%
due 1/15/06 1,310,000 1,034,900
Morgan Stanley Group, Inc., 8.100% due
6/24/02 955,000 1,003,456
Mutual Life Insurance Co. - NY (144A),
0.000% due 8/15/24 (a) 1,145,000 1,252,627
Nabisco Inc., 7.550% due 6/15/15 850,000 838,092
New Plan Realty, 7.680% due 11/2/26 920,000 906,257
Norfolk Southern Corp., 6.950% due 5/1/02 600,000 605,938
Occidental Petroleum Corp., 9.250% due
8/1/19 500,000 596,104
Oleoducto Central SA (144A), 9.350% due
9/1/05 (Columbia) (a) 240,000 253,435
Petrozuata Finance, Inc. (144A), 8.220%
due 4/1/17 (Venezuela) (a) 835,000 848,781
Petrozuata Finance, Inc. (144A), 8.370%
due 10/1/22 (Venezuela) (a) 200,000 203,208
Revlon Worldwide, Inc., 0.000% due
3/15/98 850,000 805,375
Rodamco NV, 7.300% due 5/15/05
(Netherlands) 600,000 605,709
Rollins Truck, 7.000% due 3/15/01 600,000 604,284
Salomon, Inc., 6.750% due 2/15/03 745,000 730,074
Sithe/ Independence Fndg, Ser. A,
9.000% due 12/30/13 1,135,000 1,242,467
Tarkett International, 9.000% due
3/1/02 795,000 829,656
Taubman Realty Group, 7.500% due
6/15/02 620,000 628,239
Tektronix, Inc., 7.500% due 8/1/03 500,000 507,154
Tenneco Inc., 7.625% due 6/15/17 900,000 895,810
U.S. West Capital Funding, Inc., 6.850%
due 1/15/02 1,200,000 1,199,099
United Air Lines, 9.560% due 10/19/18 1,035,000 1,179,455
USF&G Capital, Inc. (144A), 8.500% due
12/15/45 (a) 840,000 856,748
YPF Sociedad Anonima, 7.500% due
10/26/02 (Argentina) 1,045,099 1,060,940
Total Corporate Obligations
(Cost $40,490,794) 41,021,297
Mortgage-Backed Securities [40.3%]
Federal Home Loan Bank - Global Bond,
6.120% due 1/24/01 1,100,000 1,085,021
Federal Home Loan Mortgage Corp.
Gold (TBA), 7.500% due 11/18/97 4,000,000 4,056,250
Gold (TBA), 7.500% due 12/11/97 4,500,000 4,502,813
Gold, 8.000% due 6/1/27 (b) 4,975,000 5,095,797
PO, Ser. 1689, Class NA due 3/15/24 86,757 80,749
7.500% due 4/1/24 (b) 1,100,910 1,109,655
7.500% due 8/1/24 (b) 1,386,428 1,397,441
7.500% due 12/1/24 (b) 373,316 376,281
7.000% due 1/1/11 (b) 783,584 783,621
Ser. 1576, Class PH, 6.000% due
1/15/08 1,900,000 1,822,005
Ser. 1577, Class PH, 6.300% due
3/15/23 1,875,000 1,807,894
Federal National Mortgage Assn.
(TBA), 7.500% due 10/14/97 8,250,000 8,237,109
(TBA), 8.000% due 10/14/97 2,100,000 2,146,594
PO, Ser. 1992-153, Class B, due
9/25/97 2,789 5,832
6.080% due 9/3/03 (b) 200,000 192,604
6.150% due 12/14/01 (b) 800,000 785,581
6.500% due 1/1/24 (b) 433,857 418,028
7.000% due 3/1/24 (b) 1,533,298 1,511,053
9.000% due 3/1/25 (b) 1,218,591 1,292,070
Governent National Mortgage Assn.
(TBA), 5.500% due 10/24/97 3,000,000 2,968,125
(TBA), 5.500% due 11/25/97 2,000,000 1,978,125
(ARM), 7.125% due 4/20/24 780,588 803,440
6.000% due 1/20/27 (b) 989,779 997,669
6.000% due 2/20/27 (b) 3,930,828 3,962,141
6.500% due 1/20/08 305,217 315,316
6.875% due 12/20/17 399,461 411,985
7.000% due 5/15/24 (b) 1,259,895 1,245,344
7.000% due 7/15/23 501,084 495,845
7.125% due 8/20/17 (b) 123,465 127,561
7.125% due 9/20/21 139,471 143,773
7.750% due 10/15/26 996,693 1,010,886
7.750% due 11/15/26 995,304 1,009,477
7.750% due 2/15/27 (b) 2,003,454 2,031,983
7.750% due 3/15/27 2,999,374 3,042,086
7.750% due 4/15/27 3,022,752 3,065,796
9.500% due 10/15/24 621,237 674,665
Total Mortgage-Backed Securities
(Cost $60,499,211) 60,990,616
U.S. Government Agency Obligations [2.0%]
Federal National Mortgage Assn.
(MTN), 5.200% due 7/10/98 1,000,000 993,464
(MTN), 5.720% due 3/8/01 600,000 585,924
(MTN), 5.800% due 2/22/06 725,000 681,364
(MTN), 5.650% due 3/5/01 725,000 706,416
Total U.S. Government Agency
Obligations
(Cost $2,968,293) 2,967,168
U.S. Treasury Securities [28.5%]
U.S. Treasury Note
4.750% due 10/31/98 8,370,000 8,239,219
5.000% due 1/31/99 585,000 576,225
5.500% due 11/15/98 4,200,000 4,173,750
5.625% due 1/31/98 200,000 199,937
5.625% due 8/31/97 450,000 450,000
5.875% due 11/30/11 2,060,000 2,020,730
6.250% due 2/28/02 4,000,000 3,977,500
6.250% due 2/15/03 560,000 555,625
6.375% due 7/15/99 250,000 251,406
6.500% due 5/31/02 1,150,000 1,154,313
6.625% due 5/15/07 1,570,000 1,582,756
6.625% due 6/30/01 4,075,000 4,115,750
6.750% due 4/30/00 2,880,000 2,917,800
7.000% due 7/15/06 460,000 473,225
7.125% due 10/15/98 200,000 202,937
7.125% due 2/29/00 250,000 255,469
7.500% due 10/31/99 1,430,000 1,470,665
7.875% due 1/15/98 100,000 101,188
7.875% due 11/15/99 700,000 725,813
8.875% due 2/15/99 100,000 104,344
U.S. Treasury Bond
6.500% due 11/15/26 1,640,000 1,571,838
7.750% due 1/31/00 1,715,000 1,777,169
8.000% due 11/15/21 1,945,000 2,199,672
8.125% due 5/15/21 510,000 583,472
U.S. Treasury Strip #
5.148% due 11/15/21 6,350,000 1,178,808
5.200%due 11/15/01 1,700,000 1,355,833
5.222% due 2/15/20 4,070,000 848,835
Total U.S. Treasury Securities
(Cost $42,932,598) 43,064,278
Total Bonds
(Cost $161,039,293) 162,035,328
Preferred Stock [0.3%] Shares
Indosuez Holdings S.C.A. (144A) 10.375%
Series (a) 17,312 482,122
(Cost $476,080)
Total Long-Term Investments
(Cost $161,515,373) 162,517,450
Short-Term Investments [11.3%]
Contracts
Long Options [0.0%] +++
U.S.T. Note (10 Yr.) Call $109 Expiring
9/19/97 5 1,797
(Cost $2,891)
U.S. Treasury Securities [0.0%] +++
U.S. Treasury Bill, 5.200% due 12/5/97 ++ 15,000 14,666
U.S Treasury Bill, 5.470% due 5/28/98 ++ 50,000 47,540
(Cost $62,130) 62,206
Other Short-Term Investments [11.3%]
First National Bank of Boston (Time
Deposit),
6.350% due 7/1/97 c 4,844,118 4,844,118
Repo, 5.550% due 7/3/97 9,500,000 9,500,000
Investors Bank & Trust Company
Repurchase Agreement, 5.510% due 7/1/97;
Issued 6/30/97; Proceeds $1,795,804.
(Collateralized by $1,874,450
FHLMC FRN, 6.900% due 11/15/23. 1,795,530 1,795,530
Total Repurchase Agreements
(Cost $11,295,529) 11,295,530
Total Short-Term Investments
(Cost $16,157,207) 16,203,651
Total Investments [118.8%] 178,721,101
(Cost $177,720,041) (d)
Other assets and liabilities, net
[(17.8%)] (26,989,042)
Net Assets - 100.0% $151,732,059
Short Portfolio [(6.7%)]
Motgage-Backed Securities
GNMA (TBA), 7.750% due 10/21/97 10,000,000 10,129,688
(Proceeds $10,132,157)
+ See Note 2 to the Financial Statements.
++ Assets currently held in a
segregated account as collateral for
financial futures contracts.
+++ Rounds to less than 0.0%
# Interest rate represents
the yield to maturity at the time of
purchase.
(a) Security exempt from
registration under Rule 144A of the
Securities Act of 1933. These
securities may be resold in transactions
exempt from registration, normally
to qualified buyers. At June 30, 1997,
these securities were valued at
$8,607,701 or 5.7% of net assets.
(b) Assets currently held (or a
portion) in a segregated account as
collateral for TBA's.
(c) Collateral received for
securities on loan at June 30, 1997
and reinvested as cash equivalents.
(d) Investment cost as determined
for Federal income tax purposes is
substantially the same.
ARM Adjustable Rate Mortgage
FRN Floating Rate Note - Rate shown
is the coupon rate at June 30, 1996
IO Interest - Only Obligation
MTN Medium - Term Note
PO Principal - Only Obligation
TBA To Be Announced Security -
Security is subject to delayed delivery.
See Notes to the Financial Statements
Graph:
TIFF Short-Term Fund/Schedule of Investments
June 30, 1997 (Unaudited)
Asset-Backed Securities [44.0%] Face Amount Value +
Contimortgage Home Equity Trust, 6.420%
due 4/15/07 1,000,000 $ 999,844
Discover Card Trust, Ser. 1993-A, Class
A, 6.250% due 8/16/00 1,250,000 1,252,863
Premier Auto Trust, Ser. 1994-2, Class
A3, 6.350% due 5/2/00 1,111,395 1,113,651
Premier Auto Trust, Ser. 1995-4, Class
A3, 5.900% due 7/6/99 658,920 660,100
Signet Cr. Card Trust, Ser. 1994-4,
Class A, 6.800% due 12/15/00 1,000,000 1,001,870
Ford Credit Auto Trust, Ser. 1996-B,
Class A3, 6.100% due 3/15/00 1,000,000 1,000,780
Household Affinity Cr Card Trust, Ser.
1994-2, Class A, 7.000% due 12/15/99 1,000,000 1,004,150
MBNA Credit Card Trust, Ser. 1992-2,
Class A, 6.200% due 8/15/99 666,667 666,960
MBNA Master Credit Card Trust, Ser.
1992-1, Class A, 7.250% due 6/15/99 500,000 500,970
Olympic Auto Rec Trust Ser. 1996-D, class A2
5.750% due 4/15/00 928,583 929,967
Case Equipment Loan Trust, Ser. 1997-A,
Class A1, 5.597% due 3/15/98 672,223 672,250
First Chicago Master Trust II, Ser.
1992-E,
Class A, 6.250% due 8/15/99 666,667 667,053
Money Store Home Equity Trust (The),
Ser. 1996-C, Class A1, 6.700% due 9/15/08 804,579 807,097
Standard Master Trust 1991, 8.875% due 9/7/99 1,000,000 1,028,990
Norwest Auto Trust, Ser. 1996-A, Class
A1, 5.465% due 12/5/97 230,201 230,214
Nationsbank Auto Owner Trust, Ser.
1996-A, Class A2, 6.125% due 7/15/99 721,277 723,311
Carco Ser. 1994-3, 8.125% due 10/15/99 1,250,000 1,261,328
Greentree Financial Corp., Ser. 1996-7,
Class A1, 6.000% due 10/15/27 728,359 729,342
People's Bank Credit Card Trust, Ser.
1994-1, Class A, 5.100% due 8/15/01 358,333 358,272
Total Asset-Backed Securities
(Cost - $15,597,710) 15,609,013
Bank Obligations [20.5%]
Federal Home Loan Bank DN, 6.000%
due 7/1/97 410,000 409,932
First Union TD, 6.000% due 7/1/97 1,200,000 1,200,000
Republic National Bank New York TD,
6.250% due 7/1/97 700,000 700,000
Societe Generale TD, 6.000% due 7/1/97 1,200,000 1,200,000
West Deutsche Bank TD, 6.125% due 7/1/97 1,200,000 1,200,000
Bank of Boston (Nassau) TD, 5.750%
due 7/1/97 1,324,000 1,324,000
Bank of Montreal BA, 5.750% due 7/1/97 1,200,000 1,200,000
Total Bank Obligations
(Cost - $7,233,932) 7,233,932
Corporate Obligations [33.8%]
FHLMC (FRN), 5.467% due 6/22/98 12,000,000 11,990,600
Total Corporate Obligations
(Cost - $11,990,878)
U.S. Treasury Obligations [1.4%] ++
U.S. Treasury Bill, 4.870% due 7/24/97 # 500,000 498,421
Total Investments [99.9%] (a) 35,331,967
(Cost $35,320,903)
Other assets and liabilities, net
[0.1%] 23,050
Net Assets - 100.0% $35,355,017
+ See Note 2 to the Financial Statements.
++ Portion of assets currently held in a
segregated account as collateral
for financial futures contracts.
# Interest rate represents the
yield to maturity at the time of
purchase.
BA Bankers Acceptance
CD Certificate of Deposit
CP Commercial Paper
DN Discount Note
FRN Floating Rate Note. Rate shown
is the coupon rate at June 30, 1997
TD Time Deposit
(a)Investment cost as determined
for Federal income tax purposes is
substantially the same.
See Notes to the Financial Statements
TIFF Multi-Asset Fund/Statement of Assets and Liabilites
June 30, 1997 (Unaudited)
Assets
Investments in securities, at value (Cost - $337,100,028) $ 359,843,141
Cash 27,347
Foreign currency 533,786
Receivable for securities sold 1,957,693
Interest receivable 883,324
Dividends receivable 210,952
Variation margin receivable 3,802,458
Receivable for forward currency contracts 37,526,766
Deposit with broker for short sales 2,569,001
Deferred organizational costs 6,299
Other assets 176,250
Total assets 407,537,017
Liabilities
Payable for securities purchased 8,091,475
Payable for fund shares repurchased 118,862
Payable for forward currency contracts 37,365,025
Payable for collateral on securities on loan 21,167,518
Market value of securities sold short (Proceeds - $2,934,698) 2,939,760
Accrued expenses and other liabilities 61,896
Total liabilities 69,744,536
Net Assets $ 337,792,481
Shares Outstanding (par value $.001) 26,113,966
Net asset value, maximum offering price,
and redemption price per share $ 12.94
Components of Net Assets as of June 30,
1997 were as follows:
Capital stock at par value ($.001) $ 26,114
Capital stock in excess of par value 304,215,404
Undistributed net investment income 536,587
Accumulated net realized gain on
investments, short sales, financial
futures and written options contracts,
and foreign-currency related
transactions 10,405,497
Net unrealized appreciation on investments,
short sales, financial
futures contracts, and foreign currency-
related transactions 22,608,879
$ 337,792,481
See Notes to Financial Statements
Tiff International Equity Fund/Statement of Assets and Liabilities
June 30, 1997 (Unaudited)
Assets
Investments in securities, at value (Cost - $221,853,006) $ 268,357,334
Cash 30,932
Foreign currency 671,272
Receivable for securities sold 657,067
Interest receivable 21,111
Dividends receivable 613,643
Variation margin receivable 139,467
Receivable for forward currency contracts 11,354,803
Deferred organizational costs 11,163
Other assets 1,006,337
Total assets 282,863,129
Liabilities
Payable for securities purchased 792,748
Payable for forward currency contracts 11,424,958
Payable for collateral on securities on loan 20,253,924
Total liabilities 32,471,630
Net Assets $ 250,391,498
Shares Outstanding (par value $.001) 18,550,307
Net asset value, maximum offering price,
and redemption price per share $ 13.50
Components of Net Assets as of June 30, 1997
were as follows:
Capital stock at par value ($.001) $ 18,550
Capital stock in excess of par value 195,746,807
Undistributed net investment income 1,540,681
Accumulated net realized gain on investments,
financial futures contracts,
and foreign-currency related transactions 6,758,193
Net unrealized appreciation on investments,
financial futures contracts, and foreign
currency related transactions 46,327,267
$ 250,391,498
See Notes to Financial Statements
TIFF Emerging Markets Fund/Statement of Assets and Liabilities
June 30, 1997 (Unaudited)
Assets
Investments in securities, at value (Cost - $80,912,119) $ 92,686,571
Cash 16,265
Foreign currency 1,272,319
Receivable for securities sold 645,964
Interest receivable 15,680
Dividends receivable 73,917
Receivable for forward currency contracts 2,398,289
Deferred organizational costs 4,090
Total assets 97,113,095
Liabilities
Payable for securities purchased 2,812,347
Payable for forward currency contracts 2,412,262
Payable for collateral on securities on loan 2,682,744
Accrued expenses and other liabilities 288,228
Total liabilities 8,195,581
Net Assets $ 88,917,514
Shares Outstanding (par value $.001) 8,344,040
Net asset value, maximum offering price,
and redemption price per share $ 10.66
Components of Net Assets as of June 30, 1997
were as follows:
Capital stock at par value ($.001) $ 8,344
Capital stock in excess of par value 82,112,063
Temporary overdistribution of net investment
income (355,509)
Accumulated net realized loss on investments and
foreign currency-related transactions (4,302,887)
Net unrealized appreciation on investments and
foreign currency-related transactions 11,455,503
$ 88,917,514
See Notes to Financial Statements
TIFF U.S. Equity Fund/Statement of Assets and Liabilities
June 30, 1997 (Unaudited)
Assets
Investments in securities, at value (Cost - $198,122,361) $ 236,838,739
Cash 4,428
Receivable for securities sold 2,050,229
Interest receivable 7,172
Dividends receivable 253,903
Deposit with broker for short sales 1,235,616
Deferred organization costs 8,052
Total assets 240,398,139
Liabilities
Payable for securities purchased 546,668
Payable for collateral on securities on loan 17,696,704
Market value of securities sold short (Proceeds - $2,050,991) 1,352,224
Distributions payable from capital gains 10,191
Payable for short sales repurchased 44,769
Accrued custody fees 4,443
Accrued expenses and other liabilities 120,721
Total liabilities 19,775,720
Net Assets $ 220,622,419
Shares Outstanding (par value $.001) 13,834,732
Net asset value, maximum offering price, and
redemption price per share $ 15.95
Components of Net Assets as of June 30, 1997
were as follows:
Capital stock at par value ($.001) $ 13,835
Capital stock in excess of par value 163,507,402
Temporary overdistribution of net investment income (423,189)
Accumulated net realized gain on investments,
financial futures contracts, and short sales 18,122,801
Net unrealized appreciation on investments,
financial futures contracts, and short sales 39,401,570
$ 220,622,419
See Notes to Financial Statements
TIFF Bond Fund/Statement of Assets and Liabilities
June 30, 1997 (Unaudited)
Assets
Investments in securities, at value (Cost - $177,720,041) $ 178,721,101
Cash 53,979
Receivable for securities sold 20,438,520
Interest receivable 1,739,524
Dividends receivable 11,226
Deposit with broker for short sales 10,175,213
Variation margin receivable 6,812
Deferred organizational costs 6,706
Other assets 24,363
Total assets 211,177,444
Liabilities
Payable for securities purchased 43,172,410
Payable for collateral on securities on loan 5,787,672
Dividends payable from net investment income 339,652
Market value of securities sold short (Proceeds - $10,132,157) 10,129,688
Accrued expenses and other liabilities 15,963
Total liabilities 59,445,385
Net Assets $ 151,732,059
Shares Outstanding (par value $.001) 15,082,006
Net asset value, maximum offering price, and
redemption price per share $ 10.06
Components of Net Assets as of June 30, 1997
were as follows:
Capital stock at par value ($.001) $ 15,082
Capital stock in excess of par value 151,386,027
Undistributed net investment income 41,258
Accumulated net realized loss on investments
and financial futures contracts (722,947)
Net unrealized appreciation on investments and
financial futures contracts 1,012,639
$ 151,732,059
See Notes to Financial Statements
TIFF Short-Term Fund/Statement of Assets and Liabilities
June 30, 1997 (Unaudited)
Assets
Investments in securities, at value (Cost - $35,320,903) $ 35,331,967
Cash 113
Interest receivable 180,735
Deferred organizational costs 7,874
Other assets 26,698
Total assets 35,547,387
Liabilities
Payable for securities purchased 150,000
Dividends payable from net investment income 38,925
Accrued expenses and other liabilities 3,445
Total liabilities 192,370
Net Assets $ 35,355,017
Shares Outstanding (par value $.001) 3,547,194
Net asset value, maximum offering price, and
redemption price per share $ 9.97
Components of Net Assets as of June 30, 1997
were as follows:
Capital stock at par value ($.001) $ 3,547
Capital stock in excess of par value 35,686,213
Temporary overdistribution of net investment income (37,224)
Accumulated net realized loss on investments and
financial futures and options contracts (307,988)
Net unrealized appreciation on investments and financial
futures and options contracts 10,469
$ 35,355,017
See Notes to Financial Statements
Statement of Operations
Six Months Ended June 30, 1997 (Unaudited)
Tiff Multi- Tiff Int'l Tiff Emerging
Asset Fund Equity Fund Markets Fund
Investment income
Interest $ 2,262,945 $ 438,081 $ 142,564
Dividends (net of
withholding taxes
of $135,961 for
Multi-Asset, $365,966
for Int'l Equity Fund,
and $18,015 for Emerging
Markets) 1,316,340 2,553,673 728,782
Total investment income 3,579,285 2,991,754 871,346
Operating expenses
Investment advisory fees 263,949 169,065 63,349
Money Manager fees 324,632 857,982 160,240
Custodian fees 169,557 205,364 198,103
Administration fees 73,932 63,141 23,664
Shareholder recordkeeping fees 8,291 9,578 4,748
Audit fees 39,222 39,018 26,350
Legal fees 9,175 2,669 1,248
Insurance expense 28,121 13,801 4,643
Amortization of organizational
costs 1,351 1,212 950
Registration filing fees 17,083 9,797 6,364
Miscellaneous fees and expenses 3,869 3,305 1,775
Total operating expenses 939,181 1,374,932 491,434
Investment income, net 2,640,104 1,616,822 379,912
Net realized and unrealized
gain (loss) on
investments, financial futures
and written options contracts,
short sales and foreign
currency-related transactions
Net realized gain on
investments 7,385,473 4,666,569 3,399,010
Net realized loss on
short sales (29,718) - -
Net realized gain (loss)
on financial futures contracts
and options co 1,673,214 (906,739) -
Net realized gain from foreign
currency-related transactions 1,017,485 1,135,391 (104,077)
Net unrealized appreciation on
investments 6,716,298 17,149,556 15,001,568
Net unrealized depreciation
on short sales (157,583) - -
Net unrealized appreciation
on financial futures
and options contracts 76,936 926,064 -
Net unrealized appreciation
(depreciation) on translation
of assets and liabilities in
foreign currencies 195,051 (565,754) (230,930)
Net realized and unrealized
gain on investments, financial
futures and written options
contracts, short sales, and
foreign currency-related
transactions 16,877,156 22,405,087 18,065,571
Net increase in net assets
resulting from operations $ 19,517,260 $ 24,021,909 $ 18,445,483
See Notes to Financial Statements
TIFF U.S. TIFF TIFF
Equity Fund Bond Fund Short-Term Fund
Investment income
Interest $ 658,469 $ 5,246,794 $ 1,078,003
Dividends (net of
withholding taxes of
$4,230 for
U.S. Equity) 1,401,317 39,789 290,294
Total investment income 2,059,786 5,286,583 1,368,297
Operating expenses
Investment advisory fees 143,139 70,445 5,958
Money Manager fees 327,305 155,788 19,860
Custodian fees 82,041 88,517 26,520
Administration fees 53,452 39,464 11,136
Shareholder recordkeeping
fees 10,215 8,259 6,320
Audit fees 35,079 30,607 16,759
Legal fees 1,940 1,507 908
Insurance expense 12,161 2,882 1,527
Amortization of
organizational costs 1,158 987 583
Registration filing fees 8,096 8,304 4,123
Miscellaneous fees
and expenses 2,374 1,806 743
Total operating expenses 676,960 408,566 94,437
Waiver of investment
advisory, money manager,
and administration fees - - (16,022)
Total expenses 2,059,786 408,566 78,415
Investment income, net 1,382,827 4,878,017 1,289,882
Net realized and unrealized
gain (loss) on investments,
financial futures and
written options contracts,
short sales and foreign
currency-related transactions
Net realized gain (loss)
on investments 10,918,051 (271,637) (158,517)
Net realized gain on
short sales 8,907 - -
Net realized gain (loss)
on financial futures and
options contracts 2,313,273 (39,090) 1,313
Net realized loss from
foreign currency-related
transactions (4,834) - -
Net unrealized appreciation
on investments 16,258,048 365,991 55,662
Net unrealized appreciation
on short sales (300,341) - -
Net unrealized depreciation
on financial futures and
options contracts (123,358) (7,091) (5,775)
Net unrealized appreciation
on translation of assets
and liabilities in foreign
currencies 111 - -
Net realized and unrealized
gain (loss) on investments,
financial futures and written
options contracts, short
sales, and foreign currency-
related transactions 29,069,857 48,173 (107,317)
Net increase in net assets
resulting from operations $30,452,684 $ 4,926,190 $ 1,182,565
See Notes to Financial Statements
Statement of Changes in Net Assets
TIFF Multi- TIFF Multi- TIFF Int'l. TIFF Int'l
Asset Fund Asset Fund Equity Fund Equity Fund
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
6/30/97 12/31/96 6/30/97 12/31/96
Increase in net
assets from
operations:
Investment income,
net $ 2,640,104 $ 2,569,690 $1,616,822 $ 1,777,477
Net realized gain
from investments,
financial
futures and
written options
contracts, short
sales, and foreign
currency-related
transactions 10,046,454 4,396,581 4,895,220 6,903,615
Net unrealized
appreciation on
investments,
financial futures
contracts, short sales
and on translation
of assets and
liabilities in
foreign currencies 6,830,702 10,923,335 17,509,867 19,095,824
Net increase in net
assets resulting from
operations 19,517,260 17,889,606 24,021,909 27,776,916
Distributions from:
Investment income, net - 2,730,948 - 1,558,276
Amounts in excess of
investment income, net - 1,993,303 - -
Net realized gain on
investments, financial
futures and written
options contracts,
short sales and
foreign currency-
related transactions - 5,472,828 - 4,556,393
Total distributions - 10,197,079 - 6,114,669
Capital share
transactions, net: 100,031,020 117,921,971 6,911,483 42,374,081
Total increase in
net assets 119,548,280 125,614,498 30,933,392 64,036,328
Net assets
Beginning of
period 218,244,201 92,629,703 219,458,106 155,421,778
End of period $337,792,481 $ 218,244,201 $ 250,391,498 $ 219,458,106
(Over)/
undistributed
net investment
income $ 536,587 $ (2,103,517) $ 1,540,681 $ -
See Notes to the Financial Statements
TIFF Emerging TIFF Emerging TIFF U.S. TIFF U.S.
Markets Fund Markets Fund Equity Fund Equity Fund
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
6/30/97 12/31/96 6/30/97 12/31/96
Increase (decrease)
in net assets from
operations:
Investment income,
net $ 379,912 $ 48,533 $ 1,382,827 $ 1,997,005
Net realized gain
from investments,
financial futures
contracts, short
sales, and foreign
currency-related
transactions 3,294,933 284,282 13,235,397 16,177,725
Net unrealized
appreciation
(depreciation) on
investments,
financial futures
contracts,
short sales,
and on translation
of assets and
liabilities in
foreign currencies 14,770,638 (639,272) 15,834,460 9,670,501
Net increase
(decrease) in net
assets resulting
from operations 18,445,483 (306,457) 30,452,684 27,845,231
Distributions from:
Investment income,
net - 454,285 682,413 1,833,750
Amounts in excess
of investment income,
net - - - 1,124,568
Net realized gain
on investments,
financial futures
contracts, short sales, and
foreign currency-related
transactions - - - 12,595,655
Total distributions - 454,285 682,413 15,553,973
Capital share
transactions, net: (19,263,770) 31,010,927 14,055,637 54,604,503
Total increase
(decrease) in net
assets (818,287) 30,250,185 43,825,908 66,895,761
Net assets
Beginning of period 89,735,801 59,485,616 176,796,511 109,900,750
End of period $ 88,917,514 $ 89,735,801 $ 220,622,419 $176,796,511
Overdistributed
net investment
income $ (355,509) $ - $ (423,189) $ -
See Notes to the Financial Statements
TIFF Bond TIFF Bond TIFF Short- Tiff Short-
Fund Fund Term Fund Term Fund
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
6/30/97 12/31/96 6/30/97 12/3196
Increase in net
assets from
operations
Investment income,
net $ 4,878,017 $7,076,481 $ 1,289,882 $ 4,421,745
Net realized (loss)
from investments,
financial futures
and written options
contracts, and foreign
currency-related
transactions (310,727) (201,395) (157,204) (142,379)
Net unrealized
appreciation
(depreciation) on
investments,
financial futures
contracts, and on
translation of assets
and liabilities
in foreign currencies 358,900 (2,515,487) 49,887 (22,187)
Net increase in net
assets resulting from
operations 4,926,190 4,359,599 1,182,565 4,257,179
Distributions from:
Investment income,
net 4,875,515 7,123,192 1,290,741 4,397,643
Amounts in excess
of investment
income, net - - - 39,033
Total distributions 4,875,515 7,123,192 1,290,741 4,436,676
Capital share
transactions, net 24,190,276 39,183,045 (28,007,057) (32,930,172)
Total increase
(decrease) in net
assets 24,240,952 36,419,452 (28,115,233) (33,109,669)
Net assets
Beginning of
period 127,491,108 91,071,656 63,470,250 96,579,919
End of period $ 151,732,060 $127,491,108 $ 35,355,017 $63,470,250
(Over)/
Undistributed of
net investment
income $ 41,258 $ - $ (37,224) $ -
See Notes to the Financial Statements
TIFF Multi-Asset Fund/Financial Highlights
Six Months Fiscal Year Period
Ended Ended from 3/31/95*
6/30/97 12/31/96 to 12/31/95
Net asset value,
beginning of period $12.06 $11.13 $10.00
Income from
investment operations
Investment income, net 0.10 0.17 0.26
Net realized and
unrealized gain on
investments,
financial futures
and written options
contracts, short
sales, and foreign
currency-related
transactions 0.78 1.45 1.14
Total from investment
operations 0.88 1.62 1.40
Less distributions from:
Investment income, net - (0.18) (0.24)
Amounts in excess of
investment income, net - (0.13) -
Net realized gain on
investments, financial
futures and written
options contracts,
short sales, and
foreign currency-related
transactions - (0.36) (0.03)
Total distributions - (0.67) (0.27)
Net asset value, end of
period $12.94 $12.08 $11.13
Total return 7.21% 14.72% 13.87% (b)
Ratios/supplemental
data
Net assets, end of
period $337,792,481 $218,244,201 $92,629,703
Ratio of expenses
to average net
assets 0.65% 1.03% 0.80% (a)
Ratio of expenses
to average net
assets before
expense waivers 0.65% 1.99% 4.00% (a)
Ratio of net
investment income
to average net
assets 1.83% 1.99% 4.00% (a)
Portfolio turnover 57.77 % 100.66 % 97.35% (b)
Average commission
rate per share (c) $0.01 $0.01 n/a
(a) Annualized
(b) Not annualized
(c) Represents total commissions paid on portfolio securities
divided by the total number of shares purchased or sold
on which commissions were charged. This disclosure is required
by the SEC beginning in 1996.
n/a Not applicable
* Commencement of Operations
See Notes to the Financial Statements
TIFF International Equity Fund/Financial Highlights
Six Months Fiscal Year Fiscal Year Period
Ended Ended Ended from 5/31/95*
6/30/97 12/31/96 12/31/95 12/31/94
For a share
outstanding
throughout
the period
Net asset value,
beginning of period $12.19 $10.82 $9.98 $10.00
Income from
investment
operations
Investment income,
net + 0.09 0.10 0.15 0.05
Net realized and
unrealized gain
on investments,
financial futures,
and foreign currency-
related transactions 1.22 1.62 0.83 0.06
Total from investment
operations 1.31 1.72 0.98 0.11
Less distributions
from:
Investment income,
net - (0.09) (0.14) (0.04)
Amounts in excess of
investment income,
net - - - (0.01)
Net realized gain on
investments, financial
futures contracts, and
foreign currency-related
transactions - (0.26) - -
Amounts in excess of
net gain on investments,
financial futures
contracts, and foreign
currency-related
transactions - - - (0.08)
Total distributions - (0.35) (0.14) (0.13)
Net asset value,
end of period $13.50 $12.19 $10.82 $9.98
Total return 10.58% 15.94% 9.85% 0.98%(b)(c)
Ratios/supplemental
data
Net assets, end
of period $250,391,498 $219,458,107 $155,421,778 $89,308,767
Ratio of
expenses to
average net
assets 1.21% 1.11% 1.05% 1.08% (a)
Ratio of expenses
to average net
assets before
expense waivers 1.21% 1.11% 1.05% 1.27% (a)
Ratio of net
investment
income to
average net
assets 1.42% 0.91% 1.48% 0.95% (a)
Portfolio turnover 10.47% 32.40 % 32.91% 14.71% (b)
+ Net of waivers
which amounted to: n/a n/a n/a $0.01
Average commission
rate per share (d) $0.01 $0.01 n/a n/a
(a) Annualized
(b) Not annualized
(c) Total return would have been lower had certain expenses not been
waived or reimbursed.
(d) Represents total commissions paid on portfolio securities divided
by the total number of shares purchased or sold
on which commissions were charged. This disclosure is required by
the SEC beginning in 1996.
* Commencement of Operations
See Notes to the Financial Statements
TIFF Emerging Markets Fund/Financial Highlights
Six Months Fiscal Year Fiscal Year Period
Ended Ended Ended from 5/31/94*
6/30/97 12/31/96 12/31/95 to 12/31/94
For a share
outstanding
throughout
the period
Net asset value,
beginning of period $8.63 $8.45 $9.24 $10.00
Income from
investment
operations
Investment income,
net + 0.05 0.01 - 0.01
Net realized and
unrealized gain (loss)
on investments and
foreign-currency
related transactions 1.98 0.21 (0.79) (0.71)
Total from investment
operations 2.03 0.22 (0.79) (0.70)
Less distributions
from:
Investment income,
net - (0.04) (0.00) # (0.01)
Amounts in excess
of investment income,
net - (0.00) # (0.00) # -
Net realized gain
on investments and
foreign
currency-related
transactions - (0.00) # - -
Amounts in excess
of net gain on
investments
and foreign
currency-related
transactions - - (0.00) # (0.05)
Total distributions - (0.04) (0.00) # (0.06)
Net asset value,
end of period $10.66 $8.63 $8.45 $9.24
Total return 23.41% 2.51% (8.39%) (6.97%)(b)(c)
Ratios/
supplemental
data
Net assets, end
of period $88,917,514 $89,735,801 $59,485,616 $50,032,217
Ratio of
expenses to
average net
assets 1.13% 1.62% 2.35% 1.83% (a)
Ratio of expenses
to average net
assets before
expense waivers 1.13% 1.62% 2.35% 2.25% (a)
Ratio of net
investment
income to
average net
assets 0.80% 0.06% (0.15%) 0.40% (a)
Portfolio turnover 27.26% 79.96 % 104.30% 26.37% (b)
+ Net of waivers
which amounted to: n/a n/a n/a $0.01
Average commission
rate per share (d) $0.02 $0.01 n/a n/a
(a) Annualized
(b) Not annualized
(c) Total return would have been lower had certain expenses not
been waived or reimbursed
(d) Represents total commissions paid on portfolio securities
divided by the total number of shares purchased or sold
on which commissions were charged. This disclosure is
required by the SEC beginning in 1996.
n/a Not applicable
# Rounds to less than $0.01
* Commencement of Operations
See Notes to the Financial Statements
TIFF U.S. Equity Fund/Financial Highlights
Six Months Fiscal Year Fiscal Year Period
Ended Ended Ended from 5/31/94*
6/30/97 12/31/96 12/31/95 to 12/31/94
For a share
outstanding
throughout
the period
Net asset value,
beginning of
period $13.74 $12.36 $10.02 $10.00
Income from
investment
operations
Investment income,
net + 0.10 0.20 0.20 0.15
Net realized and
unrealized gain
on investments,
financial futures
contracts, short
sales, and foreign
currency-related
transactions 2.16 2.52 3.37 0.19
Total from
investment
operations 2.26 2.72 3.57 0.34
Less distributions
from:
Investment income,
net (0.05) (0.17) (0.22) (0.15)
Amounts in excess
of investment
income, net - (0.10) - (0.00) #
Net realized gain
on investments,
financial futures
contracts, short
sales, and foreign
currency-related
transactions - (1.07) (1.01) (0.01)
Amounts in excess
of net gain on
investments,
financial futures
contracts, short sales,
and foreign currency-
related transactions - - - (0.16)
Total distributions (0.05) (1.34) (1.23) (0.32)
Net asset value,
end of period $15.95 $13.74 $12.36 $10.02
Total return 16.58% 21.91% 36.02% 3.49% (b)(c)
Ratios/
supplemental data
Net assets,
end of period $220,622,419 $176,796,513 $109,900,750 $58,173,066
Ratio of
expenses to
average net assets 0.69% 0.82% 0.93% 0.85% (a)
Ratio of expenses
to average net
assets before
expense waivers 0.69% 0.82% 0.93% 1.06% (a)
Ratio of net
investment
income to
average net
assets 1.41% 1.41% 1.67% 2.52% (a)
Portfolio turnover 50.06% 105.18 % 109.89% 44.59% (b)
+ Net of waivers
which amounted to: n/a n/a n/a $0.01
Average commission rate
per share (d) $0.02 $0.02 n/a n/a
(a) Annualized
(b) Not annualized
(c) Total return would have been lower had certain expenses
not been waived or reimbursed.
(d) Represents total commissions paid on portfolio securities
divided by the total number of shares purchased or sold
on which commissions were charged. This disclosure is
required by the SEC beginning in 1996.
n/a Not applicable
# Rounds to less than $0.01
Commencement of Operations
See Notes to the Financial Statements
TIFF Bond Fund/Financial Highlights
Six Months Fiscal Year Fiscal Year Period
Ended Ended Ended from 5/31/94*
6/30/97 12/31/96 12/31/95 to 12/31/94
For a share
outstanding
throughout
each period
Net asset value,
beginning of
period $10.05 $10.33 $9.68 $10.00
Income from
investment
operations
Investment income,
net + 0.32 0.67 0.67 0.36
Net realized
and unrealized
gain (loss) on
investments,
financial futures
contracts, and
foreign currency-
related
transactions 0.01 (0.27) 1.01 (0.32)
Total from
investment
operations 0.33 0.40 1.68 0.04
Less distributions
from:
Investment income,
net (0.32) (0.67) (0.66) (0.36)
Amounts in excess
of investment income,
net - (0.00) # (0.01) (0.00) #
Net realized gain
on investments,
financial futures
contracts, and
foreign currency-
related transactions - - (0.36) -
Total distributions (0.32) (0.67) (1.03) (0.36)
Net asset value,
end of period $10.06 $10.06 $10.33 $9.68
Total return 3.44% 3.75% 18.07% 0.46%(b)(c)
Ratios/supplemental
data
Net assets, end of
period $151,732,059 $127,491,100 $91,071,656 $79,671,253
Ratio of expenses
to average net
assets 0.56% 0.58% 0.96% 0.62% (a)
Ratio of expenses
to average net
assets before
expense waivers 0.56% 0.58% 0.96% 0.94% (a)
Ratio of net
investment income
to average net
assets 6.66% 6.64% 6.34% 6.37% (a)
Portfolio turnover 170.35% 332.21 % 406.24% 162.06% (b)
+ Net of waivers
which amounted to: n/a n/a n/a $0.02
(a) Annualized
(b) Not annualized
(c) Total return would have been lower had certain expenses not
been waived or reimbursed.
n/a Not applicable
# Rounds to less than $0.01
Commencement of Operations
See Notes to the Financial Statements
TIFF Short Term Fund/Financial Highlights
Six Months Fiscal Year Fiscal Year Period
Ended Ended Ended from 5/31/94*
6/30/97 12/31/96 12/31/95 to 12/31/94
Net asset value,
beginning of
period $9.99 $10.01 $10.00 $10.00
Income from
investment
operations
Investment income,
net + 0.29 0.54 0.58 0.28
Net realized and
unrealized gain
(loss) on
investments
and financial
futures and
written options
contracts (0.03) (0.02) 0.05 0.02
Total from
investment
operations 0.34 0.52 0.63 0.30
Less distributions
from:
Investment income,
net (0.28) (0.54) (0.58) (0.28)
Amounts in excess
of investment
income, net - (0.00) # (0.00) # (0.00) #
Net realized gain
on investments,
and financial
futures and
written options
contracts - - (0.04) (0.01)
Amounts in excess
of net gain on
investments and
financial futures
and written options
contracts - - (0.00) # (0.01)
Total distributions (0.28) (0.54) (0.62) (0.30)
Net asset value,
end of period $9.97 $9.99 $10.01 $10.00
Total return (c) 2.64% 5.28% 6.43% 3.10% (b)
Ratios/supplemental
data
Net assets, end
of period $35,355,017 $63,470,250 $ 96,579,919 $34,283,424
Ratio of
expenses to
average net
assets 0.35% 0.36% 0.42% 0.40% (a)
Ratio of expenses
to average net
assets before
expense waivers 0.42% 0.47% 0.54% 1.72% (a)
Ratio of net
investment income
to average net
assets 5.72% 5.35% 5.67% 4.98% (a)
+ Net of waivers
which amounted to: $0.01 $0.02 $0.01 $0.08
(a) Annualized
(b) Not annualized
(c) Total return would have been lower had certain expenses not
been waived or reimbursed
n/a Not applicable
# Rounds to less than $0.01
Commencement of Operations
See Notes to the Financial Statements
Notes to Financial Statements
June 30, 1997 (Unaudited)
1. Organization
TIFF Investment Program, Inc. ("TIP") was organized as a Maryland
corporation on December 23, 1993 and is registered under the Investment
Company Act of 1940, as amended, as an open-end, management investment
company. TIP currently has six active Funds: TIFF Multi-Asset Fund
("Multi-Asset"), TIFF International Equity Fund ("International
Equity"), TIFF Emerging Markets Fund ("Emerging Markets"), TIFF U.S.
Equity Fund ("U.S. Equity"), TIFF Bond Fund ("Bond"), and TIFF Short-
Term Fund ("Short-Term"). The costs incurred by TIP in connection with
the organization and initial registration of shares are being amortized
on a straight-line basis over a sixty-month period.
Investment Objectives
Fund Investment Objective
Multi-
Asset Provide a growing stream of current income and
appreciation of principal that at least offsets
inflation.
International Equity Provide a growing stream of current income and
appreciation of principal that at least offsets
inflation by investing in common stocks of
companies domiciled in at least ten different
countries.
Emerging Markets Provide appreciation of principal that at least
offsets inflation by investing in common stocks
of companies domiciled in emerging market
countries.
U.S. Equity Provide a growing stream of current income and
appreciation of principal that at least offsets
inflation by investing in common stocks of U.S.
domiciled companies.
Bond Provide: (1) a hedge against deflation; and
(2) a high rate of current income, subject to
restrictions designed to ensure liquidity and
control exposure to interest rate and credit risk.
Short-Term Provide a high rate of current income, subject
to restrictions designed to control share price
volatility.
2. Summary of Significant Accounting Policies
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and at the date
of the financial statements and the reported amounts of revenues and
expenses during the reported period. Actual results could differ from
those estimates.
Securities
Securities transactions are recorded on a trade date basis. Interest
income and expenses are recorded on an accrual basis. The Funds
amortize discount or premium using the yield-to-maturity method on a
daily basis. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities which are recorded as
soon as the Funds are notified. The Funds use the specific
identification method for determining gain or loss on sales of
securities.
Income Tax
There is no provision for Federal income or excise tax since each 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 applicable to RICs and to distribute all of its taxable
income. Net realized losses attributable to security transactions after
October 31 are treated as arising on the first day of a Fund's next
fiscal year if so elected by the Fund. The Funds may be subject to
foreign taxes on income, gains on investments or currency repatriation.
The Funds accrue such taxes as applicable.
Valuation
Securities traded on an exchange are valued at their last sales price on
that exchange. Securities for which over-the-counter market quotations
are available are valued at the latest bid price. Time deposits,
repurchase agreements and reverse repurchase agreements are generally
valued at their cost plus accrued interest. Securities purchased with
sixty days or less remaining to maturity are valued at amortized cost
which approximates fair value.
Securities for which market quotations are not readily available are
valued at their fair value as determined in good faith under
consistently applied procedures established by TIP's Board of Directors.
Such procedures use fundamental valuation methods which include, but are
not limited to, the 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.
Determination of fair value involves subjective judgment, as the actual
market value of a particular security can be established only by
negotiations between the parties in a sales transaction.
At June 30, 1997, 23% of the investments in securities held by Multi-
Asset were valued based on prices provided by the principal market
maker. Such prices may differ from the value that would have been used
had a broader market for the securities existed.
Expenses
Expenses directly attributed to each Fund are charged to that Fund's
operations; expenses which are applicable to all Funds are allocated
among them based on their respective average daily net assets. In the
Short-Term Fund, the adviser waived $6,801, the Fund's Administrator
waived $3,315, and the Fund's Money Manager waived $5,906 in fees during
the 6-month period ended June 30, 1997.
Dividends to Shareholders
It is the policy of all Funds to declare dividends according to the
following schedule:
Fund Dividends from Net
Investment Income Capital Gains Distributions
Multi-Asset Semi-annually Annually
International Equity Semi-annually Annually
Emerging Markets Annually Annually
U.S. Equity Quarterly Annually
Bond Daily Annually
Short-Term Daily Annually
Dividends from net short-term capital gains and net long-term capital
gains of each Fund, if any, are normally declared and paid annually, but
each Fund may make distributions on a more frequent basis to comply with
the distribution requirements of the Internal Revenue Code. To the
extent that a net realized capital gain can be reduced by a capital loss
carryover, such gain will not be distributed.
The classification of income and capital gains distributions is
determined in accordance with income tax regulations. Permanent book
and tax differences relating to shareholder distributions will result in
reclassifications to paid-in capital and may affect net investment
income per share. Undistributed net investment income, accumulated net
investment loss, or distributions in excess of net investment income may
include temporary book and tax differences which will reverse in a
subsequent period.
Currency Translation
Assets and liabilities denominated in foreign currencies and commitments
under forward exchange currency contracts are translated into U.S.
dollars at the mean of the quoted bid and asked prices of such
currencies against the U.S. dollar.
Purchases and sales of portfolio securities are translated at the rates
of exchange prevailing when such securities were acquired or sold.
Income and withholding taxes are translated at exchange rates prevailing
when accrued. Unrealized net currency gains and losses from valuing
foreign currency-denominated assets and liabilities at period-end
exchange rates are reflected as a component of net unrealized
appreciation (depreciation) on translation of assets and liabilities in
foreign currencies.
The accounting records of the Funds are maintained in U.S. dollars. Net
realized gains and losses on 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 U.S. dollar amount actually received.
3. Investment Advisory Agreement and Money Manager Agreements
TIP's Board of Directors has approved investment advisory agreements
with Foundation Advisers, Inc. ("FAI"). Each Fund pays FAI a maximum
monthly fee calculated by applying the following annual basis point
("bp") rates to such Fund's average daily net assets for the month (100
bp equals 1.00%):
Multi- Int'l Emerging U.S. Short-
Assets Asset Equity Markets Equity Bond Term
On the first $500 million 20 bp 15 bp 15 bp 15 bp 10 bp 3 bp
On the next $500 million 18 bp 13 bp 13 bp 13 bp 8 bp 3 bp
On the next $500 million 15 bp 11 bp 11 bp 11 bp 6 bp 2 bp
On the next $500 million 13 bp 9 bp 9 bp 9 bp 5 bp 2 bp
On the next $500 million 11 bp 7 bp 7 bp 7 bp 4 bp 1 bp
On the remainder
(<$2.5 billion) 9 bp 5 bp 5 bp 5 bp 3 bp 1 bp
TIP's Board of Directors has approved Money Manager agreements with each
of the Money Managers. Money Managers will receive annual management
fees equal to a stated percentage of the value of Fund assets under
management that is adjusted upwards or downwards, proportionately, to
reflect actual investment performance over the applicable time period
relative to a chosen benchmark rate of return. Certain Money Managers,
however, will receive management fees equal to a flat percentage per
annum of assets under management with a single rate or on a descending
scale.
Appendix A to the Notes to the Financial Statements identifies Money
Managers who provide services to the Funds and the minimum and maximum
fee rate. Unless otherwise indicated, the management fee received by a
Money Manager varies based on the Money Manager's investment
performance.
Pursuant to its Administration Agreement, AMT Capital Services, two
employees of which serve as officers of TIP, earn a fee for providing
fund administration services to TIP according to the following schedule:
0.07% of the average daily net assets of TIP for the first $300 million,
0.05% for the next $2.7 billion, 0.04% for the next $2.0 billion, and
0.03% for the average daily net assets over $5.0 billion under
management. In addition, TIP has agreed to pay AMT Capital an incentive
fee not to exceed 0.02% for reducing the expense ratio of one or more
Funds of TIP below certain levels specified for each Fund.
4. Investment Transactions
Purchase cost and proceeds from sales of investment securities, other
than short-term investments, for the period from January 1, 1997 to June
30, 1997 were as follows:
Purchase Purchases Sales Sales
Fund U.S. Government Other Securities U.S. Government Other Securities
Multi-
Asset $ 69,471,165 $ 216,745,725 $ 31,102,359 $ 143,464,248
Inter-
national
Equity - 42,825,455 - 24,637,849
Emerging
Markets - 24,708,040 - 41,039,844
U.S. Equity - 89,724,055 - 83,629,097
Bond 135,604,063 63,477,435 139,389,785 63,477,435
Short-Term 157,527,979 49,754,795 27,955,078 46,517,903
Forward Currency Contracts
The Funds may enter into forward currency contracts in connection with
settling planned purchases or sales of securities or to hedge the
currency exposure associated with some or all of the Fund's portfolio
securities. A forward currency contract is an agreement between two
parties to buy or sell a currency at a set price on a future date. 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. When a forward currency contract is
extinguished through delivery, the Fund records a realized gain or loss
on foreign currency related transactions equal to the difference between
the value of the contract at the time it was opened and the value of the
contract at the time it was extinguished. These contracts may involve
market risk in excess of the unrealized gain or loss reflected in the
Fund's Statement of Assets and Liabilities. In addition, the Fund could
be exposed to risk if the counterparties are unable to meet the terms of
the contracts or if the value of the currency changes unfavorably to the
U.S. dollar.
Appendix B to the Notes to the Financial Statements details each Fund's
outstanding forward currency contracts at June 30, 1997.
Financial Futures Contracts
The Funds are engaged in trading financial futures contracts. The Funds
are exposed to market risk as a result of changes in the value of the
underlying financial instruments. Investments in financial futures
require a Fund to "mark to market" on a daily basis, which reflects the
change in the market value of the contract at the close of each day's
trading. Accordingly, variation margin payments are made or received to
reflect daily unrealized gains or losses. When the contracts are
closed, the Fund recognizes a realized gain or loss. These investments
require initial margin deposits which consist of cash or cash
equivalents, equal to approximately 5-10% of the contract amount.
Each Fund may use futures contracts to manage its exposure to the stock
and bond markets and to fluctuations in currency values. Futures
contracts tend to increase or decrease the Funds' exposure to the
underlying instrument or hedge other Fund investments. Futures
contracts involve, to varying degrees, risk of loss in excess of the
variation margin disclosed in the Statement of Assets and Liabilities.
Losses may arise from the changes in the value of the underlying
instrument, if there is an illiquid secondary market for the contracts,
or if counterparties do not perform under the contract terms. Futures
contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded.
At June 30, 1997, the Funds segregated investments with the following
values in connection with their financial futures:
Segregated
Fund Assets
Multi-Asset $ 1,090,164
International Equity 117,804
Emerging Markets -
U.S. Equity 840,505
Bond 62,206
Short-Term 498,421
Appendix C of the Notes to the Financial Statements details each Fund's
open futures contracts at June 30, 1997.
Short Selling
The Funds may sell securities they do not own in anticipation of a
decline in the market price of such securities or in order to hedge
portfolio positions. The Fund will generally 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 in its
Statement of Assets and Liabilities and establishes an offsetting
liability for the securities sold under the short sale agreement. The
cash is retained by
the Fund's broker as collateral for the short position. The liability
is marked to market while it remains open to reflect the current
settlement obligation. Until the security 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
realized.
The Fund, in "short selling," sells borrowed securities which must at
some date be repurchased and returned to the lender. If the market
value of securities 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 above those previously quoted in the market.
Options
When a Fund purchases an option, an amount equal to the premium paid by
the Fund is included in the Fund's Statement of Assets and Liabilities
as an investment and subsequently marked to market to reflect the
current market value of the option purchased. The current market value
of a purchased option is the last sale price on the market on which it
is principally traded. If the purchased option expires, the Fund
realizes a loss in the amount of the premium originally paid. If the
Fund enters into a closing sale transaction, it realizes a gain or loss,
depending on whether the proceeds from the sale are greater or less than
the cost of the option.
If the Fund exercises a call option, the cost of the securities acquired
by exercising the call is increased by the premium paid to buy the call.
If the Fund exercises a put option, it realizes a gain or loss from the
sale of the underlying security and the proceeds from such sale are
decreased by the premium originally paid. The risk associated with
purchasing options is limited to the premium originally paid.
When a Fund writes an option, an amount equal to the premium received by
the Fund is included in the Fund's Statement of Assets and Liabilities
as a liability and subsequently marked to market to reflect the current
value of the option written. 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, 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.
If a written call option is exercised, the proceeds from the security
sold are increased by the premium received. If a put option is
exercised, the cost basis of the security purchased by the Fund is
reduced by the premium received. The Fund as a writer of an option has
no control over whether the underlying securities may be sold (call) or
purchased (put) and as a
result bears the market risk of an unfavorable change in the price of
the security underlying the written option. Written options present
risk of loss in excess of amounts shown on the Statement of Assets and
Liabilities.
Each Fund may use option contracts to manage its exposure to the stock
and bond markets and to fluctuations in interest rates and currency
values. Option contracts tend to increase or decrease the Fund's
exposure to the underlying instrument, or hedge other Fund investments.
5. Repurchase and Reverse Repurchase Agreements
Each Fund may enter into repurchase agreements under which a bank or
securities firm that is a primary or reporting dealer in U.S. Government
securities agrees, upon entering into a contract, to sell U.S.
Government securities to a Fund and repurchase such securities from such
Fund at a mutually agreed upon price and date.
Each Fund is also permitted to enter into reverse repurchase agreements
under which a primary or reporting dealer in U.S. Government securities
purchases U.S. Government securities from a Fund and such Fund agrees to
repurchase the securities at an agreed upon price and date. Each Fund
will engage in repurchase and reverse repurchase transactions with
parties selected on the basis of such party's creditworthiness. The
collateral on repurchase agreements must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at
all times. If the value of the underlying securities falls below the
value of the repurchase price plus accrued interest, the Fund will
require the seller to deposit additional collateral by the next business
day. If the request for additional collateral is not met, or the seller
defaults on its repurchase obligation, such Fund maintains the right to
sell the underlying securities at market value and may claim any
resulting loss against the seller. However, in the event of default or
bankruptcy by the counterparty to the agreement, realization and/or
retention of the collateral may be subject to legal proceedings.
6. Capital Share Transactions
As of June 30, 1997, each Fund has 500,000,000 shares of $0.001 par
value capital stock authorized. The Funds may charge entrance or exit
fees on subscriptions or redemptions in an amount not to exceed 1.00% of
the transaction amount. Such fees are retained by the Funds and
included in proceeds from shares sold or deducted from distributions for
redemptions. Transactions in capital stock are listed in Appendix D to
the Notes to the Financial Statements.
7. Security Lending
The Funds receive securities issued or guaranteed by the U.S. Government
or its agencies or cash as collateral against the loaned securities, in
an amount at least equal to 100% of the current market value of the
loaned securities. At June 30, 1997, all collateral received was cash
and was subsequently invested in cash equivalents.
As of June 30, 1997, the value of the loaned securities outstanding and
the related collateral was as follows:
Value of Loaned
Securities Collateral
Multi-Asset $ 20,748,1914 $ 22,183,268
International Equity 19,018,843 20,289,424
Emerging Markets 2,587,298 2,676,886
U.S. Equity 15,934,349 16,465,004
Bond 4,795,655 4,844,118
Short-Term - -
8. Delayed Delivery Transactions
The Funds may purchase or sell securities on a when-issued or forward
commitment basis. Payment and delivery may take place a month or more
after the date of the transaction. The price of the underlying
securities and the date when the securities will be delivered and paid
for are fixed at the time the transaction is negotiated. The Funds
identify securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
Bond enters into "TBA" (to be announced) purchase commitments to
purchase securities for a fixed unit price at a future date beyond
customary settlement time. Although the unit price has been
established, the principal value has not been finalized. However, the
amount of the commitment will not fluctuate more than 2.0% from the
principal amount. TBA purchase commitments may be considered securities
in themselves, and involve a risk of loss if the value of the security
to be purchased declines prior to the settlement date, which risk is in
addition to the risk of decline in the value of the Fund's other assets.
Unsettled TBA purchase commitments are valued at the current market
value of the underlying securities, generally according to the
procedures described under "Valuation" above. Risks may arise upon
entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts.
Although the Fund will generally enter into TBA purchase commitments
with the intention of acquiring securities for its portfolio, the Fund
may dispose of a commitment prior to settlement if the Fund's Money
Manager deems it appropriate to do so.
Bond enters into TBA sale commitments to hedge its portfolio or to sell
mortgage-backed securities it owns under delayed delivery arrangements.
Proceeds of TBA sale commitments are not received until the contractual
settlement date. During the time a TBA sale commitment is outstanding,
equivalent deliverable securities, or an offsetting TBA purchase
commitment (deliverable on or before the sale commitment date), are held
as "cover" for the transaction.
Unsettled TBA sale commitments are valued at the current market value of
the underlying securities, generally according to the procedures
described under "Valuation" above. The contract is marked to market
daily and the change in market value is recorded by the Fund as an
unrealized gain or loss. If the TBA sale commitment is closed through
the acquisition of an offsetting purchase commitment, the Fund realizes
a gain or loss on the commitment without regard to any unrealized gain
or loss on the underlying security. If the Fund delivers securities
under the commitment, the Fund realizes a gain or loss from the sale of
the securities upon the unit price established at the date the
commitment was entered into.
9. Credit Risk in the Emerging Markets
Emerging Markets' relatively large investment in countries with limited
or developing capital markets may involve greater risks than investments
in more developed markets and the prices of such investments may be
volatile. While the Fund's investment in emerging markets debt is
limited, the yields of these obligations reflect perceived credit risk.
The consequences of political, social, or economic changes in these
markets may have disruptive effects on the market prices of the Fund's
investment and the income they generate, as well as the Fund's ability
to repatriate such amounts.
10. Principal Members
The schedule below shows the number of Members each owning 10% or more
of a Fund and the total percentage of the Fund held by such Members.
Number % of Fund Held
Multi-Asset Fund 1 12
International Equity Fund 2 40
Emerging Markets Fund 2 44
U.S. Equity Fund 2 30
Bond Fund 1 17
Short-Term Fund 2 44
Appendix A
Money Manager Fee as Percent of Assets Managed
Minimum Maximum
TIFF Multi-Asset Fund
Bee & Associates, Inc. 0.15 2.00
Standard Pacific Capital LLC 0.15 2.00
TCW Funds Management, Inc. 0.50* 0.75
Wellington Management Company 0.35* 0.45
TIFF International Equity Fund
Bee & Associates, Inc. 0.15 2.00
Delaware International Advisers, Ltd. 0.30* 0.50
Harding, Loevner Management, L.P. 0.10 1.50
Marathon Asset Management, Ltd. 0.15 1.60
Mercury Asset Management International,
Ltd. 0.50** 0.50
TIFF Emerging Markets Fund
Emerging Markets Management 1.00* 1.25
Lazard Freres Asset Management 0.50** 0.50
TIFF U.S. Equity Fund
Jacobs Levy Equity Management 0.15 1.25
Martingale Asset Management, L.P. 0.05* 0.10
Palo Alto Investors 0.10 2.00
Westport Asset Management, Inc. 0.15 2.00
TIFF Bond Fund
Atlantic Asset Management Partners, Inc. 0.10 0.60
Seix Investment Advisors, Inc. 0.10 0.80
Smith Breeden Associates, Inc. 0.10 0.85
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc. 0.15* 0.20
* Money Manager receives a fee that does not include
performance component.
** Money Manager receives a straight asset-based fee regardless
of the amount of assets managed for TIP (i.e., there are
neither "breakpoints" in the fee agreement nor a performance
component).
Appendix B
Open Forward Currency Contracts as of June 30, 1997
Unrealized
Contract Cost/ Current Appreciation
Amount Proceeds Value (Depreciation)
Multi-Asset Fund
Buy Contracts
8,530,107 Belgian Franc exp.
2/20/97 $ 270,951 $ 269,601 $ (1,350)
15,781 Finnish Markka exp.
1/22/97 3,424 3,435 11
21,270,352 French Franc exp.
1/22/97 4,105,138 4,103,148 (1,990)
98,067 German Mark exp.
2/18/97 63,983 63,884 (99)
73,378 Great British Pound
exp.2/7/97 121,642 125,599 3,957
399,173 Irish Punt exp.
1/2/97 665,192 676,779 11,587
467,721,726 Italian Lira
exp.2/20/97 304,993 307,273 2,280
5,265,430 Norwegian Krone
exp.1/17/97 818,306 826,130 7,824
Sell Contracts
1,224,192 Austrian Schilling
exp.3/14/97 111,452 113,474 (2,022)
13,081,574 Austrian Schilling
exp.3/19/97 1,205,675 1,212,930 (7,255)
13,547,114 Belgian Franc exp.
2/20/97 436,524 428,168 8,356
698,895 Finnish Markka exp.
1/22/97 152,713 152,114 599
21,270,351 French Franc exp.
1/22/97 4,109,987 4,103,148 6,839
13,146,112 French Franc exp.
3/27/97 2,549,524 2,544,839 4,685
98,067 German Mark exp.
2/18/97 64,165 63,884 281
731,546 Great British Pound
exp.1/2/97 1,204,008 1,252,253 (48,245)
4,936,525 Hong Kong Dollar
exp.3/19/97 637,794 638,247 (453)
399,172 Irish Punt exp.
1/2/97 645,192 676,778 (31,586)
412,142 Irish Punt exp.
4/2/97 686,188 697,541 (11,353)
2,363,171,249 Italian Lira exp.
2/20/97 1,539,764 1,552,503 (12,739)
8,949,508 Norwegian Krone exp.
1/17/97 1,386,531 1,404,151 (17,620)
12,594,237 Portuguese Escudo
exp. 1/8/97 80,930 80,725 205
12,713,500 Swedish Krona exp.
1/19/97 1,863,111 1,870,562 (7,451)
4,330,713 Swedish Krona exp.
3/18/97 635,934 637,162 (1,228)
Total $ (96,767)
International Equity Fund
Sell Contracts
5,717,500 French Franc exp.
8/29/97 1,000,000 977,133 $ 22,867
1,902,500 Netherlands Guilder
exp. 8/29/97 1,000,000 974,078 25,922
1,030,560 New Zealand Dollar
exp. 8/29/97 685,000 675,498 9,502
958,750 Swedish Krona exp.
1/2/97 139,201 140,642 (1,441)
14,109,160 Swedish Krona exp.
3/19/97 2,067,640 2,075,908 (8,268)
Total $ (66,340)
Emerging Markets Fund
Buy Contracts
65,258 Polish Zloty exp.
1/2/97 $ 22,814 $ 22,826 $ 12
Sell Contracts
10,936,807 Greek Drachma exp.
7/2/97 44,168 44,376 (208)
876,889 Hong Kong Dollar exp.
7/2/97 113,361 113,374 (17)
25,533,750 Hong Kong Dollar
exp. 7/19/97 3,298,933 3,301,280 (2,347)
Total $ (2,556)
Appendix C
Open Futures Contracts as of June 30, 1997
Aggregate Aggregate Unrealized
Contract Face Value Current Appreciation
Amount When Opened Face Value (Depreciation)
Multi-Asset Fund
Long Futures Contracts
99 Sept. `97 Midcap 400 $ 14,458,950 $ 14,335,200 $ (123,750)
41 Sept. `97 Midcap 400 5,991,125 5,936,800 (54,325)
16 Sept. '97 S&P 500 7,187,200 7,122,000 (65,200)
Short Futures Contracts
6 Sept. '97 S&P 500 (2,695,050) (2,670,750) 24,300
55 Sept. '97 10Yr. UST Notes (5,964,063) (5,933,125) 30,938
30 Sept. `97 5 Yr. UST Notes (6,368,438) (6,353,438) 15,000
Total $ (173,038)
International Equity Fund
Long Futures Contracts
30 Sep `97 Japanese Yen $ 3,309,375 $ 3,309,750 $ 375
Total $ 375
U.S. Equity Fund
Long Futures Contracts
51
Sep `97 S&P 500 $ 22,715,400 $ 22,701,375 $ (14,025)
Bond Fund
Long Futures Contracts
10 Sept. '97 10 Yr. UST
Notes $ 1,079,623 $ 1,078,750 $ (873)
3 Sept. '97 5 Yr. U.S.
Treasury Notes 314,766 317,672 2,906
Short Futures Contracts
3 Mar. '97 Euro Dollars (703,875) (703,538) 337
14 Sept. '97 10 Yr U.S.
Treasury Notes (1,516,824) (1,510,250) 6,574
21 Sept. '97 5Yr U.S.
Treasury Notes (2,219,968) (2,223,703) (3,735)
3 Sept. '97 Euro Dollars (706,425) (705,900) 525
3 Dec. '97 Euro Dollars (707,625) (704,250) 3,375
Total $ 9,110
Short-Term Fund
Long Futures Contracts
14 Sept. '97 Euro Dollars $ 3,293,973 $ 3,294,200 $ 227
14 Dec. '97 Euro Dollars 3,287,323 3,286,500 (823)
Total $ (596)
Appendix D
Capital Share Transactions
Six Months Ended 6/30/97 Year Ended 12/31/96
Multi-Asset Fund Shares Amount Shares Amount
Shares Sold 8,373,031 104,258,304 12,414,168 $ 148,942,630
Shares Reinvested - - 741,729 8,952,996
Exit/Entrance Fee - 693,708 - 854,784
Subtotal 8,373,031 104,952,012 13,155,897 158,750,410
Shares Redeemed (331,696) (4,920,992) (3,407,420) (40,828,439)
Net Increase 8,041,335 100,031,020 9,748,477 $ 117,921,971
Six Months Ended 6/30/97 Year Ended 12/31/96
International
Equity Fund Shares Amount Shares Amount
Shares Sold 1,211,553 $15,164,913 7,045,139 $ 80,119,170
Shares Reinvested - - 485,076 5,862,190
Exit/Entrance Fees - 85,564 - 424,816
Subtotal 1,211,553 15,250,477 7,530,215 86,406,176
Shares Redeemed (662,763) (8,338,995) (3,898,610) (44,032,095)
Net Increase 548,790 $ 6,911,483 3,631,605 $ 42,374,081
Six Months Ended 6/30/97 Year Ended 12/31/96
Emerging Markets
Fund Shares Amount Shares Amount
Shares Sold 131,363 $ 1,296,900 6,273,660 $ 56,965,180
Shares Reinvested - - 31,948 275,715
Exit/Entrance Fees - 220,916 - 331,463
Subtotal 131,363 1,517,816 6,305,608 57,572,358
Shares Redeemed (2,181,977) (20,781,586) (2,946,642) (26,561,431)
Net Increase/
(Decrease) (2,050,614) $ (19,263,770) 3,358,966 $ 31,010,927
Six Months Ended 6/30/97 Year Ended 12/31/96
U.S. Equity Fund Shares Amount Shares Amount
Shares Sold 1,148,706 $ 16,769,720 4,368,046 $ 59,674,611
Shares Reinvested 30,582 429,377 1,019,746 14,143,456
Exit/Entrance Fees - 44,933 - 76,112
Subtotal 1,179,298 17,244,030 5,387,792 73,894,179
Shares Redeemed (215,111) (3,188,394) (1,408,508) (19,289,674)
Net Increase 964,187 $ 14,055,636 3,979,284 $ 54,604,505
Six Months Ended 6/30/97 Year Ended 12/31/96
Bond Fund Shares Amount Shares Amount
Shares Sold 3,736,612 $ 37,506,467 4,110,390 $ 41,685,035
Shares Reinvested 279,851 2,798,669 364,890 3,645,717
Subtotal 4,016,463 40,305,092 4,475,280 45,330,752
Shares Redeemed (1,612,109) (16,114,852) (610,475) (6,147,715)
Net Increase 2,404,354 $ 24,190,240 3,864,805 $ 39,183,037
Six Months Ended 6/30/97 Year Ended 12/31/96
Short-Term Fund Shares Amount Shares Amount
Shares Sold 2,529,050 $ 25,228,457 10,421,535 $104,066,028
Shares Reinvested 95,500 953,108 398,510 3,981,140
Subtotal 2,624,550 26,181,565 10,820,045 108,047,168
Shares Redeemed (5,432,016) (54,188,622) (14,116,543) (140,977,340)
Net Increase/
(Decrease) (2,807,466) $ (28,007,057) (3,296,498) $(32,930,172)
Appendix E
Summary of Transactions with Affiliated Companies
Affiliate Purchase Sales Realized Dividend Value
Cost Cost Gain/(Loss) Income at 6/30/97
Multi-Asset
Grantham,
Mayo,
and Van
Otterloo
and Co. $ 26,758,961 $5,318,384 $ 372,857 $ 1,258,597 $ 26,728,622
TCW Funds
Management,
Inc 1,589,243 14,141,475 634,271 19,243 6,119,325
Total $ 28,348,204 $ 20,459,859 $ 996,267 $ 1,277,840 $ 32,847,947
International Equity
Lazard Freres
Asset Management - - - - 3,043,758
Total $ 7,855 $ 2,464,545 $ 175,484 $ 7,855 $ 3,043,758
Emerging Markets
TCW Funds
Management,
Inc. $ 1,694,200 $ - $ - $ 6,654 $ 1,707,688
U.S. Equity
Grantham, Mayo,
and Van
Otterloo
and Co. $ 2,548,222 $ - $ - $ 48,222 $ 2,807,401
Short-Term
Fischer Francis
Trees & Watts,
Inc. $ 34,637,401 $ 22,211,912 $ (11,912) $ 379,709 $12,380,304
These transactions represent investments in pooled investment vehicles
affiliated with the indicated Money Managers. No sales commission was
incurred by the Funds in connection with these transactions.
Notes to Financial Statements
ADVISER MONEY MANAGERS
Foundation Advisers, Inc.
2405 Ivy Road TIFF Multi-Asset Fund
Charlottesville, VA 22903 Bee & Associates, Inc.
phone(804) 984-0084 Grantham, Mayo, and Van Otterloo and Co.
fax(804) 977-4479 Standard Pacific Capital LLC
TCW Funds Management, Inc.
Wellington Management Company
CUSTODIAN
FUND ACCOUNTING AGENT TIFF International Equity Fund
TRANSFER AGENT Bee & Associates, Inc.
DIVIDEND DISBURSING AGENT Delaware International Advisers, Ltd.
Investors Bank & Trust Company Harding, Loevner Management, L.P.
P.O. Box 1537 Marathon Asset Management, Ltd.
Boston, MA 02205 Mercury Asset Management International,
Ltd.
TIFF Emerging Markets Fund
FUND ADMINISTRATOR Emerging Markets Management
AND DISTRIBUTOR Lazard Freres Asset Management
AMT Capital Services, Inc.
600 Fifth Avenue TIFF U.S. Equity Fund
New York, NY 10020 Jacobs Levy Equity Management
Martingale Asset Management, L.P.
Palo Alto Investors
LEGAL COUNSEL Westport Asset Management, Inc.
Dechert Price & Rhoads
1500 K Street, N.W. TIFF Bond Fund
Washington, DC 20005 Atlantic Asset Management Partners, Inc.
Seix Investment Advisors, Inc.\
Smith Breeden Associates, Inc.
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP TIFF Short-Term Fund
1177 Avenue of the Americas Fischer Francis Trees & Watts, Inc.
New York, NY 10036
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<ARTICLE> 6
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<NAME> EMERGING MARKETS FUND
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<NAME> SHORT-TERM FUND
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<S> <C>
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<ARTICLE> 6
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<NAME> MULTI-ASSET FUND
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<S> <C>
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<GROSS-EXPENSE> 589
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