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<PAGE> PAGE 17
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<PAGE> PAGE 20
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008 B000402 S
008 C000402 801-41596
008 D010402 STAMFORD
008 D020402 CT
008 D030402 06902
008 A000403 DELETE
008 A000404 SEIX INVESTMENT ADVISORS, INC.
008 B000404 S
008 C000404 801-42070
008 D010404 WOODCLIFF LAKE
008 D020404 NJ
008 D030404 07675
008 D040404 7633
008 A000405 SMITH BREEDEN ASSOCIATES, INC.
008 B000405 S
008 C000405 801-17567
008 D010405 DALLAS
008 D020405 TX
008 D030405 75201
028 A010400 375
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<PAGE> PAGE 21
047 000400 N
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048 J010400 0
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049 000400 N
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056 000400 Y
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060 A000400 N
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<PAGE> PAGE 22
062 N000400 39.8
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062 Q000400 6.8
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064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 Y
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 Y
070 O010400 Y
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070 P010400 N
070 P020400 N
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070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 339813
<PAGE> PAGE 23
071 B000400 368139
071 C000400 102288
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<PAGE> PAGE 24
074 L000400 1261
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008 A000501 FOUNDATION ADVISERS, INC.
008 B000501 A
008 C000501 801-45618
008 D010501 CHARLOTTESVILLE
008 D020501 VA
008 D030501 22905
008 A000502 FISCHER FRANCIS TREES & WATTS, INC.
008 B000502 S
008 C000502 801-10577
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
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<PAGE> PAGE 25
028 E020500 224
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049 000500 N
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<PAGE> PAGE 26
060 A000500 N
060 B000500 N
061 000500 100000
062 A000500 Y
062 B000500 62.9
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066 A000500 N
067 000500 N
068 A000500 N
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<PAGE> PAGE 27
070 K020500 Y
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<PAGE> PAGE 28
072EE000500 0
073 A010500 0.5400
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008 A000601 WELLINGTON MANAGEMENT CO.
008 B000601 S
008 C000601 801-15908
008 D010601 BOSTON
008 D020601 MA
008 D030601 02109
008 A000602 STANDARD PACIFIC CAPITAL LLC
008 B000602 S
008 C000602 801-49080
008 D010602 SAN FRANCISCO
008 D020602 CA
008 D030602 94108
008 A000603 TRUST COMPANY OF THE WEST
<PAGE> PAGE 29
008 B000603 S
008 C000603 801-29075
008 D010603 LOS ANGELES
008 D020603 CA
008 D030603 90017
008 A000604 BEE & ASSOCIATES, INC.
008 B000604 S
008 C000604 801-34538
008 D010604 DENVER
008 D020604 CO
008 D030604 80202
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<PAGE> PAGE 30
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<PAGE> PAGE 31
066 C000600 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
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<SERIES>
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<NAME> EMERGING MARKETS FUND
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<NAME> BOND FUND
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<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 141235
<INVESTMENTS-AT-VALUE> 141872
<RECEIVABLES> 8472
<ASSETS-OTHER> 71
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 150415
<PAYABLE-FOR-SECURITIES> 20312
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2612
<TOTAL-LIABILITIES> 22924
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127210
<SHARES-COMMON-STOCK> 12678
<SHARES-COMMON-PRIOR> 8813
<ACCUMULATED-NII-CURRENT> 39
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 412
<ACCUM-APPREC-OR-DEPREC> 654
<NET-ASSETS> 127491
<DIVIDEND-INCOME> 132
<INTEREST-INCOME> 7562
<OTHER-INCOME> 0
<EXPENSES-NET> 618
<NET-INVESTMENT-INCOME> 7076
<REALIZED-GAINS-CURRENT> (201)
<APPREC-INCREASE-CURRENT> (2515)
<NET-CHANGE-FROM-OPS> 4360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7123
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4110
<NUMBER-OF-SHARES-REDEEMED> 610
<SHARES-REINVESTED> 365
<NET-CHANGE-IN-ASSETS> 36419
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (155)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 241
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 618
<AVERAGE-NET-ASSETS> 106503
<PER-SHARE-NAV-BEGIN> 10.33
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> (.27)
<PER-SHARE-DIVIDEND> 0.67
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 102270
<INVESTMENTS-AT-VALUE> 102226
<RECEIVABLES> 7073
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109339
<PAYABLE-FOR-SECURITIES> 45792
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77
<TOTAL-LIABILITIES> 45869
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63696
<SHARES-COMMON-STOCK> 6354
<SHARES-COMMON-PRIOR> 9651
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 36
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 151
<ACCUM-APPREC-OR-DEPREC> 39
<NET-ASSETS> 63470
<DIVIDEND-INCOME> 435
<INTEREST-INCOME> 4288
<OTHER-INCOME> 0
<EXPENSES-NET> 301
<NET-INVESTMENT-INCOME> 4422
<REALIZED-GAINS-CURRENT> (142)
<APPREC-INCREASE-CURRENT> (23)
<NET-CHANGE-FROM-OPS> 4257
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4437
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10422
<NUMBER-OF-SHARES-REDEEMED> 14117
<SHARES-REINVESTED> 399
<NET-CHANGE-IN-ASSETS> (33110)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 24
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 190
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 405
<AVERAGE-NET-ASSETS> 82714
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MULTI-ASSET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 201997
<INVESTMENTS-AT-VALUE> 218024
<RECEIVABLES> 28624
<ASSETS-OTHER> 223
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 251223
<PAYABLE-FOR-SECURITIES> 1531
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31448
<TOTAL-LIABILITIES> 32979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204211
<SHARES-COMMON-STOCK> 18073
<SHARES-COMMON-PRIOR> 8324
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2104
<ACCUMULATED-NET-GAINS> 359
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15778
<NET-ASSETS> 218244
<DIVIDEND-INCOME> 2335
<INTEREST-INCOME> 1568
<OTHER-INCOME> 0
<EXPENSES-NET> 1333
<NET-INVESTMENT-INCOME> 2507
<REALIZED-GAINS-CURRENT> 4397
<APPREC-INCREASE-CURRENT> 10923
<NET-CHANGE-FROM-OPS> 17890
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4724
<DISTRIBUTIONS-OF-GAINS> 5473
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12414
<NUMBER-OF-SHARES-REDEEMED> 3407
<SHARES-REINVESTED> 742
<NET-CHANGE-IN-ASSETS> 125614
<ACCUMULATED-NII-PRIOR> 161
<ACCUMULATED-GAINS-PRIOR> 1305
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 850
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1333
<AVERAGE-NET-ASSETS> 129385
<PER-SHARE-NAV-BEGIN> 11.13
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0.36
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.08
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Price Waterhouse LLP
1177 Avenue of the Americas
New York, NY 10036
February 28, 1997
To the Board of Directors of the TIFF Investment Program
In planning and performing our audit of the financial statements of the TIFF
Funds (the "Funds) for the year ended December 31, 1996, we considered their
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
TIFF INVESTMENT PROGRAM, INC.
Form N-SAR for the period ending December 31, 1996
File Number 811-8234
This report is signed on behalf of the Registrant in the City of New York and
the State of New York on the 28th day of February, 1997
TIFF INVESTMENT PROGRAM, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Treasurer
Witness: /s/ Eric P. Nachimovsky
Eric P. Nachimovsky
