<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000916622
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 TIFF INVESTMENT PROGRAM, INC.
001 B000000 811-8234
001 C000000 8009840084
002 A000000 2405 IVY ROAD
002 B000000 CHARLOTTESVILLE
002 C000000 VA
002 D010000 22903
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 TIFF U.S. EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 TIFF INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300 3
007 C020300 TIFF EMERGING MARKETS FUND
007 C030300 N
007 C010400 4
007 C020400 TIFF BOND FUND
007 C030400 N
007 C010500 5
007 C020500 TIFF SHORT-TERM FUND
007 C030500 N
007 C010600 6
007 C020600 TIFF MULTI-ASSET FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 AMT CAPITAL SERVICES, INC.
010 B00AA01 8-47718
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10020
011 A00AA01 AMT CAPITAL SERVICES, INC.
011 B00AA01 8-47718
<PAGE> PAGE 2
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10020
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02205
012 C04AA01 1537
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 AMT CAPITAL SERVICES, INC.
014 B00AA01 8-47718
014 A00AA02 DELETE
014 A00AA03 DELAWARE DISTRIBUTORS, L.P.
014 B00AA03 8-29755
014 A00AA04 LYNCH & MAYER SECURITIES CORP.
014 B00AA04 8-31026
014 A00AA05 LINCOLN NATIONAL LIFE INSURANCE CO.
014 B00AA05 8-13034
014 A00AA06 LNC EQUITY SALES CORP.
014 B00AA06 8-14685
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02205
015 C04AA01 1537
015 E04AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 BEAR STEARNS
020 B000001 13-3299429
020 C000001 62
020 A000002 WARBURG SECURITIES
020 B000002 N/A
020 C000002 39
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 36
020 A000004 MORGAN STANLEY & CO. INC.
020 B000004 13-2655998
020 C000004 26
020 A000005 CREDIT LYONNAIS BANK
020 B000005 N/A
020 C000005 21
020 A000006 UBS SECURITIES INC.
020 B000006 13-3873456
<PAGE> PAGE 3
020 C000006 24
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 22
020 A000008 INSTINET
020 B000008 13-3443395
020 C000008 17
020 A000009 VICKERS BALLAS & CO. PTD. LTD.
020 B000009 13-3743951
020 C000009 22
020 A000010 CREDIT LYONNAISE SEC.
020 B000010 N/A
020 C000010 21
021 000000 312
022 A000001 PRUDENTIAL SECURITIES, INC.
022 B000001 23-2347336
022 C000001 8438682
022 D000001 49872
022 A000002 LEHMAN BROTHERS, INC.
022 B000002 13-2518466
022 C000002 90716
022 D000002 113259
022 A000003 BEAR STERNS & CO., INC.
022 B000003 13-3299429
022 C000003 261746
022 D000003 34227
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004 147208
022 D000004 137301
022 A000005 BANK OF BOSTON
022 B000005 04-2472499
022 C000005 159092
022 D000005 0
022 A000006 SANWA SECURITIES LTD.
022 B000006 13-3046258
022 C000006 283177
022 D000006 220582
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 108794
022 D000007 40213
022 A000008 NOMURA SECURITIES
022 B000008 13-2642206
022 C000008 106558
022 D000008 1735
022 A000009 WESTDEUTSCHE LANDESBANK
022 B000009 N/A
022 C000009 59965
022 D000009 46015
022 A000010 FUJI SECURITIES
<PAGE> PAGE 4
022 B000010 36-2880742
022 C000010 57986
022 D000010 61283
023 C000000 9713924
023 D000000 704487
024 00AA00 N
025 A00AA01 DELETE
025 D00AA01 0
025 A00AA02 DELETE
025 D00AA02 0
025 A00AA03 DELETE
025 D00AA03 0
025 A00AA04 DELETE
025 D00AA04 0
025 A00AA05 DELETE
025 D00AA05 0
025 A00AA06 DELETE
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
<PAGE> PAGE 5
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
077 A000000 Y
077 B000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 2500
081 B00AA00 0
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 FOUNDATION ADVISERS, INC.
008 B000101 A
008 C000101 801-45618
<PAGE> PAGE 6
008 D010101 CHARLOTTESVILLE
008 D020101 VA
008 D030101 22905
008 A000102 JACOBS LEVY EQUITY MANAGEMENT, INC.
008 B000102 S
008 C000102 801-28257
008 D010102 ROSELAND
008 D020102 NJ
008 D030102 07068
008 A000103 MARTINGALE ASSET MANAGEMENT, L.P.
008 B000103 S
008 C000103 801-30067
008 D010103 BOSTON
008 D020103 MA
008 D030103 02116
008 A000104 PALO ALTO INVESTORS
008 B000104 S
008 C000104 801-84316
008 D010104 PALO ALTO
008 D020104 CA
008 D030104 94301
008 A000105 WESTPORT ASSET MANAGEMENT, INC.
008 B000105 S
008 C000105 801-21845
008 D010105 WESTPORT
008 D020105 CT
008 D030105 06880
028 A010100 300
028 A020100 0
028 A030100 0
028 A040100 245
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 12877
028 D020100 429
028 D030100 0
028 D040100 1070
028 E010100 2367
028 E020100 0
028 E030100 0
028 E040100 1681
028 F010100 1226
028 F020100 0
028 F030100 0
028 F040100 192
<PAGE> PAGE 7
028 G010100 16770
028 G020100 429
028 G030100 0
028 G040100 3188
028 H000100 0
045 000100 Y
046 000100 Y
047 000100 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 Y
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 100000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
<PAGE> PAGE 8
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
<PAGE> PAGE 9
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
071 A000100 89739
071 B000100 81157
071 C000100 162115
071 D000100 50
072 A000100 6
072 B000100 659
072 C000100 1401
072 D000100 0
072 E000100 0
072 F000100 470
072 G000100 53
072 H000100 0
072 I000100 10
072 J000100 82
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 35
072 S000100 2
072 T000100 0
072 U000100 1
072 V000100 0
072 W000100 16
072 X000100 677
072 Y000100 0
072 Z000100 1383
072AA000100 13235
072BB000100 0
072CC010100 15835
072CC020100 0
072DD010100 682
072DD020100 0
072EE000100 0
073 A010100 0.0500
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
<PAGE> PAGE 10
074 A000100 4
074 B000100 34273
074 C000100 10149
074 D000100 0
074 E000100 207
074 F000100 185690
074 G000100 0
074 H000100 0
074 I000100 6520
074 J000100 2050
074 K000100 0
074 L000100 261
074 M000100 1244
074 N000100 240398
074 O000100 547
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 1352
074 R030100 0
074 R040100 17877
074 S000100 0
074 T000100 220622
074 U010100 13835
074 U020100 0
074 V010100 15.95
074 V020100 0.00
074 W000100 0.0000
074 X000100 96
074 Y000100 841
075 A000100 0
075 B000100 197295
076 000100 0.00
008 A000201 FOUNDATION ADVISERS, INC.
008 B000201 A
008 C000201 801-45618
008 D010201 CHARLOTTESVILLE
008 D020201 VA
008 D030201 22905
008 A000202 HARDING, LOEVNER MANAGEMENT, L.P.
008 B000202 S
008 C000202 801-36845
008 D010202 SOMERVILLE
008 D020202 NJ
008 D030202 08876
008 A000203 MARATHON ASSET MANAGEMENT, LTD.
008 B000203 S
008 C000203 801-36717
008 D010203 LONDON
008 D050203 UNITED KINGDOM
008 D060203 WC2H8AD
<PAGE> PAGE 11
008 A000204 MERCURY ASSET MANAGEMENT
008 B000204 S
008 C000204 801-10680
008 D010204 NEW YORK
008 D020204 NY
008 D030204 10017
008 A000205 DELAWARE INTERNATIONAL ADVISERS, LTD.
008 B000205 S
008 C000205 801-37702
008 D010205 LONDON
008 D050205 UNITED KINGDOM
008 D060205 EC2A1NQ
008 A000206 BEE & ASSOCIATES, INC.
008 B000206 S
008 C000206 801-34538
008 D010206 DENVER
008 D020206 CO
008 D030206 80202
028 A010200 4646
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 7902
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 995
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 3749
028 E010200 1875
028 E020200 0
028 E030200 0
028 E040200 2499
028 F010200 742
028 F020200 0
028 F030200 0
028 F040200 1096
028 G010200 15165
028 G020200 0
028 G030200 0
028 G040200 8339
028 H000200 0
045 000200 Y
046 000200 Y
047 000200 N
048 000200 0.000
<PAGE> PAGE 12
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 Y
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 100000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
<PAGE> PAGE 13
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 Y
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
<PAGE> PAGE 14
070 R020200 N
071 A000200 43160
071 B000200 24297
071 C000200 232112
071 D000200 10
072 A000200 6
072 B000200 438
072 C000200 2554
072 D000200 0
072 E000200 0
072 F000200 1027
072 G000200 63
072 H000200 0
072 I000200 10
072 J000200 205
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 10
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 39
072 S000200 3
072 T000200 0
072 U000200 1
072 V000200 0
072 W000200 17
072 X000200 1375
072 Y000200 0
072 Z000200 1617
072AA000200 4895
072BB000200 0
072CC010200 17510
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 702
074 B000200 6689
074 C000200 20386
074 D000200 1756
074 E000200 1157
074 F000200 209086
074 G000200 0
074 H000200 0
074 I000200 29283
<PAGE> PAGE 15
074 J000200 657
074 K000200 0
074 L000200 774
074 M000200 12373
074 N000200 282863
074 O000200 793
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 31679
074 S000200 0
074 T000200 250391
074 U010200 18550
074 U020200 0
074 V010200 13.50
074 V020200 0.00
074 W000200 0.0000
074 X000200 88
074 Y000200 118
075 A000200 0
075 B000200 229989
076 000200 0.00
008 A000301 FOUNDATION ADVISERS, INC.
008 B000301 A
008 C000301 801-45618
008 D010301 CHARLOTTESVILLE
008 D020301 VA
008 D030301 22905
008 A000302 EMERGING MARKETS MANAGEMENT
008 B000302 S
008 C000302 801-30740
008 D010302 ARLINGTON
008 D020302 VA
008 D030302 22209
008 A000303 LAZARD FRERES ASSET MANAGEMENT
008 B000303 S
008 C000303 801-6568
008 D010303 NEW YORK
008 D020303 NY
008 D030303 10020
028 A010300 200
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 100
028 B020300 0
028 B030300 0
028 B040300 11
028 C010300 0
<PAGE> PAGE 16
028 C020300 0
028 C030300 0
028 C040300 15227
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 5500
028 E010300 500
028 E020300 0
028 E030300 0
028 E040300 55
028 F010300 497
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 1297
028 G020300 0
028 G030300 0
028 G040300 20793
028 H000300 0
045 000300 Y
046 000300 Y
047 000300 N
048 000300 0.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 Y
052 000300 N
053 A000300 N
<PAGE> PAGE 17
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 100000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
<PAGE> PAGE 18
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 22868
071 B000300 42456
071 C000300 83878
071 D000300 27
072 A000300 6
072 B000300 143
072 C000300 728
072 D000300 0
072 E000300 0
072 F000300 224
072 G000300 24
072 H000300 0
072 I000300 5
072 J000300 198
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 6
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 26
072 S000300 1
072 T000300 0
072 U000300 1
072 V000300 0
<PAGE> PAGE 19
072 W000300 6
072 X000300 491
072 Y000300 0
072 Z000300 380
072AA000300 3295
072BB000300 0
072CC010300 14770
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 1289
074 B000300 3449
074 C000300 2677
074 D000300 1807
074 E000300 3840
074 F000300 80819
074 G000300 0
074 H000300 0
074 I000300 94
074 J000300 646
074 K000300 0
074 L000300 90
074 M000300 2402
074 N000300 97113
074 O000300 2812
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 5383
074 S000300 0
074 T000300 88918
074 U010300 8344
074 U020300 0
074 V010300 10.66
074 V020300 0.00
074 W000300 0.0000
074 X000300 40
074 Y000300 0
075 A000300 0
075 B000300 87382
076 000300 0.00
008 A000401 FOUNDATION ADVISERS, INC.
008 B000401 A
008 C000401 801-45618
<PAGE> PAGE 20
008 D010401 CHARLOTTESVILLE
008 D020401 VA
008 D030401 22905
008 A000402 ATLANTIC ASSET MANAGEMENT PARTNERS, INC.
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 395
028 A020400 405
028 A030400 0
028 A040400 0
028 B010400 0
028 B020400 405
028 B030400 0
028 B040400 0
028 C010400 0
028 C020400 785
028 C030400 0
028 C040400 0
028 D010400 34884
028 D020400 217
028 D030400 0
028 D040400 15226
028 E010400 1408
028 E020400 488
028 E030400 0
028 E040400 202
028 F010400 819
028 F020400 499
028 F030400 0
028 F040400 687
028 G010400 37506
028 G020400 2799
028 G030400 0
028 G040400 16115
<PAGE> PAGE 21
028 H000400 0
045 000400 Y
046 000400 Y
047 000400 N
048 000400 0.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 Y
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 7.4
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 3.3
<PAGE> PAGE 22
062 K000400 0.0
062 L000400 0.0
062 M000400 28.4
062 N000400 42.2
062 O000400 0.0
062 P000400 27.0
062 Q000400 9.2
062 R000400 0.3
063 A000400 0
063 B000400 11.7
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 N
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
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
<PAGE> PAGE 23
070 R010400 Y
070 R020400 Y
071 A000400 229340
071 B000400 221184
071 C000400 129837
071 D000400 170
072 A000400 6
072 B000400 5247
072 C000400 40
072 D000400 0
072 E000400 0
072 F000400 226
072 G000400 39
072 H000400 0
072 I000400 8
072 J000400 89
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 31
072 S000400 2
072 T000400 0
072 U000400 1
072 V000400 0
072 W000400 5
072 X000400 409
072 Y000400 0
072 Z000400 4878
072AA000400 0
072BB000400 311
072CC010400 359
072CC020400 0
072DD010400 4876
072DD020400 0
072EE000400 0
073 A010400 0.3289
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 54
074 B000400 11296
074 C000400 4908
074 D000400 162035
074 E000400 482
074 F000400 0
074 G000400 0
074 H000400 0
<PAGE> PAGE 24
074 I000400 0
074 J000400 20439
074 K000400 0
074 L000400 1758
074 M000400 10205
074 N000400 211177
074 O000400 43172
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 10130
074 R030400 0
074 R040400 6143
074 S000400 0
074 T000400 151732
074 U010400 15082006
074 U020400 0
074 V010400 10.06
074 V020400 0.00
074 W000400 0.0000
074 X000400 64
074 Y000400 62
075 A000400 0
075 B000400 147717
076 000400 0.00
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
028 A010500 858
028 A020500 264
028 A030500 0
028 A040500 506
028 B010500 0
028 B020500 345
028 B030500 0
028 B040500 0
028 C010500 7242
028 C020500 131
028 C030500 0
028 C040500 0
028 D010500 3134
028 D020500 0
<PAGE> PAGE 25
028 D030500 0
028 D040500 47565
028 E010500 7040
028 E020500 110
028 E030500 0
028 E040500 4232
028 F010500 6954
028 F020500 103
028 F030500 0
028 F040500 1886
028 G010500 25228
028 G020500 953
028 G030500 0
028 G040500 54189
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 100
048 A020500 0.200
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 100
048 K020500 0.150
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
<PAGE> PAGE 26
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 100000
062 A000500 Y
062 B000500 1.4
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 20.5
062 K000500 0.0
062 L000500 33.9
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 44.1
062 R000500 0.0
063 A000500 180
063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
<PAGE> PAGE 27
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 27765
071 B000500 139912
071 C000500 69233
071 D000500 269
072 A000500 6
072 B000500 1078
072 C000500 290
072 D000500 0
072 E000500 0
072 F000500 26
072 G000500 11
072 H000500 0
072 I000500 6
072 J000500 27
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 4
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 17
072 S000500 1
072 T000500 0
072 U000500 1
072 V000500 0
072 W000500 1
072 X000500 94
072 Y000500 16
072 Z000500 1290
072AA000500 0
072BB000500 157
072CC010500 50
<PAGE> PAGE 28
072CC020500 0
072DD010500 1291
072DD020500 0
072EE000500 0
073 A010500 0.2805
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 35332
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 181
074 M000500 34
074 N000500 35547
074 O000500 150
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 42
074 S000500 0
074 T000500 35355
074 U010500 3547
074 U020500 0
074 V010500 9.97
074 V020500 0.00
074 W000500 0.0000
074 X000500 48
074 Y000500 498
075 A000500 0
075 B000500 45451
076 000500 0.00
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
<PAGE> PAGE 29
008 D020602 CA
008 D030602 94108
008 A000603 TRUST COMPANY OF THE WEST
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
028 A010600 29458
028 A020600 0
028 A030600 0
028 A040600 9
028 B010600 43863
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 8449
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 731
028 E010600 15376
028 E020600 0
028 E030600 0
028 E040600 1155
028 F010600 7112
028 F020600 0
028 F030600 0
028 F040600 3026
028 G010600 104258
028 G020600 0
028 G030600 0
028 G040600 4921
028 H000600 0
045 000600 Y
046 000600 Y
047 000600 N
048 000600 0.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
<PAGE> PAGE 30
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 Y
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 N
060 B000600 N
061 000600 100000
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
<PAGE> PAGE 31
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 Y
067 000600 Y
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 Y
070 E010600 Y
070 E020600 Y
070 F010600 Y
070 F020600 Y
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 Y
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 Y
071 A000600 272510
071 B000600 163469
071 C000600 282954
<PAGE> PAGE 32
071 D000600 58
072 A000600 6
072 B000600 2263
072 C000600 1316
072 D000600 0
072 E000600 0
072 F000600 589
072 G000600 74
072 H000600 0
072 I000600 8
072 J000600 170
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 17
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 39
072 S000600 9
072 T000600 0
072 U000600 1
072 V000600 0
072 W000600 32
072 X000600 939
072 Y000600 0
072 Z000600 2640
072AA000600 10046
072BB000600 0
072CC010600 6831
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 561
074 B000600 25386
074 C000600 23273
074 D000600 64297
074 E000600 0
074 F000600 134168
074 G000600 0
074 H000600 0
074 I000600 112718
074 J000600 1958
074 K000600 0
074 L000600 4897
074 M000600 40279
<PAGE> PAGE 33
074 N000600 407537
074 O000600 8091
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 2940
074 R030600 0
074 R040600 58714
074 S000600 0
074 T000600 337792
074 U010600 26114
074 U020600 0
074 V010600 12.94
074 V020600 0.00
074 W000600 0.0000
074 X000600 99
074 Y000600 1090
075 A000600 0
075 B000600 290299
076 000600 0.00
SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 177720
<INVESTMENTS-AT-VALUE> 178721
<RECEIVABLES> 22189
<ASSETS-OTHER> 10267
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211177
<PAYABLE-FOR-SECURITIES> 43172
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16273
<TOTAL-LIABILITIES> 59445
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151401
<SHARES-COMMON-STOCK> 15082
<SHARES-COMMON-PRIOR> 8813
<ACCUMULATED-NII-CURRENT> 41
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 723
<ACCUM-APPREC-OR-DEPREC> 1013
<NET-ASSETS> 151732
<DIVIDEND-INCOME> 40
<INTEREST-INCOME> 5247
<OTHER-INCOME> 0
<EXPENSES-NET> 409
<NET-INVESTMENT-INCOME> 4878
<REALIZED-GAINS-CURRENT> (311)
<APPREC-INCREASE-CURRENT> 359
<NET-CHANGE-FROM-OPS> 4926
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4876
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3736
<NUMBER-OF-SHARES-REDEEMED> 1612
<SHARES-REINVESTED> 280
<NET-CHANGE-IN-ASSETS> 24241
<ACCUMULATED-NII-PRIOR> 39
<ACCUMULATED-GAINS-PRIOR> (412)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 226
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 409
<AVERAGE-NET-ASSETS> 147717
<PER-SHARE-NAV-BEGIN> 10.05
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> .56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EMERGING MARKETS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 80912
<INVESTMENTS-AT-VALUE> 92687
<RECEIVABLES> 736
<ASSETS-OTHER> 3690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97113
<PAYABLE-FOR-SECURITIES> 2812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5384
<TOTAL-LIABILITIES> 8196
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82120
<SHARES-COMMON-STOCK> 8344
<SHARES-COMMON-PRIOR> 7036
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 355
<ACCUMULATED-NET-GAINS> (4303)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11456
<NET-ASSETS> 88918
<DIVIDEND-INCOME> 729
<INTEREST-INCOME> 142
<OTHER-INCOME> 0
<EXPENSES-NET> 491
<NET-INVESTMENT-INCOME> 380
<REALIZED-GAINS-CURRENT> 3295
<APPREC-INCREASE-CURRENT> 14771
<NET-CHANGE-FROM-OPS> 18445
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 131
<NUMBER-OF-SHARES-REDEEMED> 2182
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (818)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (7598)
<OVERDISTRIB-NII-PRIOR> 735
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 224
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491
<AVERAGE-NET-ASSETS> 87382
<PER-SHARE-NAV-BEGIN> 8.63
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.98
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.66
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 221853
<INVESTMENTS-AT-VALUE> 268357
<RECEIVABLES> 1431
<ASSETS-OTHER> 13075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282863
<PAYABLE-FOR-SECURITIES> 793
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31679
<TOTAL-LIABILITIES> 32472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195765
<SHARES-COMMON-STOCK> 18550
<SHARES-COMMON-PRIOR> 14370
<ACCUMULATED-NII-CURRENT> 1541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46327
<NET-ASSETS> 250391
<DIVIDEND-INCOME> 2554
<INTEREST-INCOME> 438
<OTHER-INCOME> 0
<EXPENSES-NET> 1375
<NET-INVESTMENT-INCOME> 1617
<REALIZED-GAINS-CURRENT> 4895
<APPREC-INCREASE-CURRENT> 17510
<NET-CHANGE-FROM-OPS> 24022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1212
<NUMBER-OF-SHARES-REDEEMED> 663
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30933
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1863
<OVERDISTRIB-NII-PRIOR> 76
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1375
<AVERAGE-NET-ASSETS> 229989
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.50
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> MULTI-ASSET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 337100
<INVESTMENTS-AT-VALUE> 359843
<RECEIVABLES> 6854
<ASSETS-OTHER> 40840
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 407537
<PAYABLE-FOR-SECURITIES> 8091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61654
<TOTAL-LIABILITIES> 69745
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 304241
<SHARES-COMMON-STOCK> 26114
<SHARES-COMMON-PRIOR> 8324
<ACCUMULATED-NII-CURRENT> 537
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10405
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22609
<NET-ASSETS> 337792
<DIVIDEND-INCOME> 1316
<INTEREST-INCOME> 2263
<OTHER-INCOME> 0
<EXPENSES-NET> 939
<NET-INVESTMENT-INCOME> 2640
<REALIZED-GAINS-CURRENT> 10046
<APPREC-INCREASE-CURRENT> 6831
<NET-CHANGE-FROM-OPS> 19517
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8373
<NUMBER-OF-SHARES-REDEEMED> 332
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 119548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 359
<OVERDISTRIB-NII-PRIOR> 2104
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 589
<AVERAGE-NET-ASSETS> 290299
<PER-SHARE-NAV-BEGIN> 12.06
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .78
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.94
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT-TERM FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 35321
<INVESTMENTS-AT-VALUE> 35332
<RECEIVABLES> 181
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35547
<PAYABLE-FOR-SECURITIES> 150
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42
<TOTAL-LIABILITIES> 192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35690
<SHARES-COMMON-STOCK> 3547
<SHARES-COMMON-PRIOR> 9651
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 37
<ACCUMULATED-NET-GAINS> (308)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10
<NET-ASSETS> 35355
<DIVIDEND-INCOME> 290
<INTEREST-INCOME> 1078
<OTHER-INCOME> 0
<EXPENSES-NET> 78
<NET-INVESTMENT-INCOME> 1290
<REALIZED-GAINS-CURRENT> (157)
<APPREC-INCREASE-CURRENT> 50
<NET-CHANGE-FROM-OPS> 1183
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1291
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2529
<NUMBER-OF-SHARES-REDEEMED> 5432
<SHARES-REINVESTED> 96
<NET-CHANGE-IN-ASSETS> (28115)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (151)
<OVERDISTRIB-NII-PRIOR> 36
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 94
<AVERAGE-NET-ASSETS> 45451
<PER-SHARE-NAV-BEGIN> 9.99
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> .28
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S. EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 198122
<INVESTMENTS-AT-VALUE> 236839
<RECEIVABLES> 2311
<ASSETS-OTHER> 1248
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240398
<PAYABLE-FOR-SECURITIES> 547
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19229
<TOTAL-LIABILITIES> 19776
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163521
<SHARES-COMMON-STOCK> 13835
<SHARES-COMMON-PRIOR> 8891
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 423
<ACCUMULATED-NET-GAINS> 18123
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39401
<NET-ASSETS> 220622
<DIVIDEND-INCOME> 1401
<INTEREST-INCOME> 659
<OTHER-INCOME> 0
<EXPENSES-NET> 677
<NET-INVESTMENT-INCOME> 1383
<REALIZED-GAINS-CURRENT> 13235
<APPREC-INCREASE-CURRENT> 15835
<NET-CHANGE-FROM-OPS> 30453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 682
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1149
<NUMBER-OF-SHARES-REDEEMED> 30
<SHARES-REINVESTED> 215
<NET-CHANGE-IN-ASSETS> 43826
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4887
<OVERDISTRIB-NII-PRIOR> 1124
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 677
<AVERAGE-NET-ASSETS> 197295
<PER-SHARE-NAV-BEGIN> 13.74
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 15.95
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TIFF INVESTMENT PROGRAM, INC.
Form N-SAR for the period
ending June 30, 1997
File Number 811-8234
This report is signed on behalf of the
Registrant in the City of New York and
the State of New York on the 29th day of
August, 1997
TIFF INVESTMENT PROGRAM, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Treasurer
Witness: /s/ Eric P. Nachimovsky
Eric P. Nachimovsky
TIFF INVESTMENT PROGRAM, INC.
TIFF Multi-Asset Fund
2405 Ivy Road
Charlottesville, Virginia 22903
Information Statement
We are not asking you for a proxy and you are requested not to send us
a proxy.
* * * * * * *
This Information Statement is being furnished to all persons owning shares
("Members") of TIFF Multi-Asset Fund (the "Fund"), a series of TIFF Investment
Program, Inc. ("TIP"), to provide such shareholders with information regarding
the recent addition of a Money Manager, Grantham, Mayo, Van Otterloo & Co.
LLC ("GMO") to the Fund. TIP's Board of Directors has approved a Money
Manager Agreement with GMO (the "GMO Agreement") that, as more fully described
herein, contains substantially similar terms and conditions as the Fund's
Agreements with other Money Managers. The GMO Agreement has been fully
executed on behalf of each of TIP (for the account of the Fund) and GMO, and
now it governs the relationship between the Fund and GMO.
TIP was not required to obtain approval of the Fund's Members before entering
into the GMO Agreement because TIP has obtained an exemptive order (the
"Order") from the Securities and Exchange Commission exempting TIP from
certain provisions of the 1940 Act and the regulations
thereunder that would otherwise mandate such approval. (The Order permits
TIP to enter into new agreements, or amend existing agreements, with Money
Managers without obtaining Member approval, but the exemption does not apply
to the advisory agreement with TIP's investment advisor, Foundation Advisers,
Inc., or any amendments to such agreement). This Information Statement is
being provided to all Members as required by one of the conditions to the
Order.
The Board of Directors of TIP expects to mail this Information Statement on or
about March 7, 1997.
FUND INFORMATION
Member Information. As of January 31, 1997, the Fund had outstanding
20,905,974 shares of beneficial interest representing a total net asset value
of $258,160,735, each dollar of beneficial interest being entitled to one vote.
As of January 31, 1997, the following persons owned of record or beneficially
5% or more of the shares of common stock of the Fund:
Name and Address Amount and Nature Percent
of Beneficial Owner of Beneficial Ownership of Fund
Chemical Heritage Foundation 2,890,169.953 13.82%
315 Chestnut Street ($35,693,598 net asset value)
Philadelphia, PA 19106-2702
The Greater New Orleans
Foundation 1,953,325.680 9.34%
215 Canal Street ($24,123,572 net asset value)
New Orleans, LA 70119
William T. Grant
Foundation, Inc. 1,440,858.564 6.89%
515 Madison Avenue ($17,794,603 net asset value)
New York, NY 10022-5403
Rosa Mary Foundation 1,294,197.819 6.19%
6028 Magazine Street ($15,983,343 net asset value)
New Orleans, LA 70118
Benton Foundation 1,235,587.331 5.91%
2634 Eye Street NW ($15,259,503 net asset value)
Washington, DC 20006
The Fund will furnish, without charge, a copy of TIP's annual report for the
period ended December 31, 1996, to any Member upon request. To request a
copy, please write to TIP at 2405 Ivy Road; Charlottesville, VA, 22903 or
call TIP at (804) 984-0084.
Distributor and Administrator. AMT Capital Services, Inc., the address of
which is 600 Fifth Avenue, New York, New York 10020, serves as the Fund's
distributor and administrator.
Investment Adviser and Money Managers. TIP's executive offices are located at
2405 Ivy Road; Charlottesville, Virginia 22903. The Fund's investment
adviser is Foundation Advisers, Inc. ("FAI"), a registered investment adviser
with an address at 2405 Ivy Road, Charlottesville, Virginia 22903.
Pursuant to its investment advisory agreement with TIP (the "Advisory
Agreement"), FAI: (a) develops investment programs, selects money managers
(the "Money Managers") who each act as sub-advisers with respect to a portion
of the Fund's assets; and monitors Money Manager investment
activities and results; (b) provides or oversees the provision of all general
management, investment advisory and portfolio management services to TIP; and
(c) provides TIP with office space, equipment and personnel.
At a meeting of the Fund's Board of Directors held on December 10, 1996, the
Board unanimously approved the GMO Agreement which contains terms and
conditions substantially similar to those of the Fund's Agreements with other
Money Managers. The following summary provides information about GMO, its
investment strategy, and the terms and conditions of the GMO Agreement. Please
see the section of this Information Statement entitled "Evaluation and Action
by TIP Directors" for information regarding the deliberations of the Board of
Directors concerning approval of the GMO Agreement.
Investment Management Services to be Provided by GMO
Pursuant to the GMO Agreement, GMO will be providing to the Fund an asset
allocation service using its own family of mutual funds. The goal of GMO's
asset allocation is to provide an efficient total portfolio in which the total
return depends critically on the investment management decisions GMO
makes both within the underlying funds and across them. Decisions made within
the underlying funds include country, sector, security, and market bets.
Decisions made across the funds include stock vs. bond, domestic vs.
international, etc. TIP's Board of Directors has provided GMO with a set of
guidelines governing the underlying funds that may be utilized by GMO and
policy ranges for the percentage allocations among the GMO mutual funds to be
employed. GMO's investment strategy emphasizes value, found predominantly
in out-of-favor and less well-followed securities.
Terms and Conditions of the GMO Agreement
The GMO Agreement was approved by the Board of Directors on December 10, 1996
and became effective on January 7, 1997. Members are not being asked to
approve the GMO Agreement.
Money Management Fees. Each of the Fund's existing Money Manager Agreements
provides that it pay either an asset-based or performance-based money
management fee in consideration of the investment advisory services being
provided. However, the GMO Agreement specifies that GMO will perform all of
its duties and obligations as set forth therein without compensation since it
will invest the Fund's assets in its own family of mutual funds and receive
investment advisory fees from the funds themselves.
Basic Terms. With the exception of the commencement date and the termination
date, a number of minor wording differences intended to clarify certain
provisions of the GMO Agreement which are associated with the nature of the
investments used by GMO, the addition of clauses inserted (and described
below) to reflect that the Fund's compliance requirements do not apply to
investments made by the GMO mutual funds, the GMO Agreement contains the same
terms and conditions as the Fund's other Money Manager Agreements (other than
the money management fee which is discussed above). The GMO Agreement has an
initial term of two years and provides that it will thereafter continue in
effect from year to year only if such continuation is specifically approved
at least annually by (a) either (i) a vote of a majority of the Board of
Directors of TIP or (ii) a vote of a majority of the outstanding voting
securities of the Fund, and (b) a vote of a majority of the Fund's directors
who are not "interested persons" (as defined in the 1940 Act). The GMO
Agreement provides that it may be terminated by the Fund, by its Board of
Directors or by a vote of a majority of its outstanding voting securities,
or by GMO, in each case at any time upon 30 days' written notice to the other
party. In addition, the Agreement provides for its automatic termination in
the event of assignment.
The GMO Agreement provides that GMO is required to manage the securities held
by the Fund, subject to the supervision and stated direction of FAI, the Fund's
investment adviser, and ultimately TIP's Board of Directors, in accordance with
the Fund's investment objective and policies, make investment decisions for
the Fund, and place orders to purchase and sell securities on behalf of the
Fund. To the extent that assets of the Fund are invested by GMO in mutual
funds for which it serves as the investment adviser, the GMO Agreement
provides that such policies and guidelines will apply to investments by the
Fund into the GMO mutual funds, but do not apply to investments made by the
GMO mutual funds.
The GMO Agreement provides that GMO is not liable to the Fund for any error of
judgment but shall be liable to the Fund for any loss resulting from willful
misfeasance, bad faith or gross negligence by GMO in providing services under
the Agreement or from reckless disregard by GMO of its obligations and duties
under the Agreement.
Background Information Regarding GMO
GMO, whose offices are located at 40 Rowes Wharf, Boston, MA 02110, was founded
in October, 1977. The firm became a Massachusetts limited liability company on
December 16, 1996. Prior to founding GMO, three of the firm's four founding
principals (Jeremy Grantham, Richard Mayo, and Kingsley Durant) were original
founders of Batterymarch Financial Management in 1969. The fourth founding
principal (Eyk Van Otterloo) served previously as Director of Research at
Phoenix Mutual Life Insurance.
GMO is registered as an investment adviser under the Investment Advisers Act
of 1940, as amended, with over $25 billion in assets under management for a
wide range of pension funds, educational endowments, foundations, and
international organizations. The firm employs approximately 155 people,
including 24 principals, worldwide.
Listed alphabetically below are the Members of GMO with the five largest
economic interests in GMO, and the Members that constitute the Governance
Committee of GMO:
NAME POSITION
Forrest Berkley Member/Governance Committee
Christopher Darnell Member/Governance Committee*
Arjun Divecha Member/Governance Committee
Kingsley Durant Member*
Jeremy Grantham Member/Governance Committee*
Jon L. Hagler Member/Governance Committee
Jui Lai Member/Governance Committee
Richard Mayo Member/Governance Committee*
William Nemerever Member/Governance Committee
Eyk Van Otterloo Member/Governance Committee*
Ann Spruill Member/Governance Committee
Paul Woolley Member/Governance Committee
* Members of GMO with the five largest economic interests in GMO. The business
address of each of the Members listed above is c/o Grantham, Mayo, Van Otterloo
& Co. LLC, 40 Rowes Wharf, Boston, MA 02110.
EVALUATION AND ACTION BY TIP DIRECTORS
The Board of Directors determined, in approving the GMO Agreement, that the GMO
Agreement will enable the Fund to obtain services of high quality at costs
deemed appropriate, reasonable, and that such Agreement is in the best
interests of the Fund and its Members.
At a meeting on December 10, 1996, the Directors of TIP considered information
with respect to whether the GMO Agreement is in the best interests of the Fund
and its Members. The Directors considered, with respect to GMO, among other
factors, its long-term track record serving the institutional investment
community, the quantitative and qualitative tools that drive its investment
strategy, its administrative capabilities and experience, and its willingness
to provide asset allocation services without additional fees to the Fund.
Based upon its review, the Board of Directors concluded that the GMO Agreement
is reasonable, fair, and in the best interests of the Fund and its Members, and
that the fees provided in such Agreement are fair and reasonable. In the
Board's view, retaining GMO to serve as Money Manager of the Fund, under the
terms of the GMO Agreement, is desirable and in the best interests of the
Fund and its Members. Accordingly, after consideration of the above factors,
and such other factors and information as it deemed relevant, the Board of
Directors, including all of the Independent Directors in attendance at the
meeting, unanimously approved the GMO Agreement.
