Form 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer: TIFF Investment Program, Inc.
2405 Ivy Road
Charlottesville, VA 22903
2. Name of each series or class of funds for which this notice is filed:
(If the form is being filed for all series and classes of securities of
the issuer, check the box but do not list series of
classes): X
3. Investment Company Act File Number: 811-8234
Securities Act File Number: 33-73408
4a. Last day of fiscal year for which this notice is filed: 12/31/97
4b. Check box if this Form is being filed late (i.e., more than
90 calendar days after the end of the issuer's fiscal
year). (See Instruction A.2)
Note: If the firm is being filed late, interest must be paid on the
registration fee due.
4c. Check box if this is the last time the issuer will be filing this Form.
5. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal
year pursuant to section 24(f): $471,955,564
(ii) Aggregate price of securities redeemed or repurchased during
the fiscal year: $188,927,036
(iii) Aggregate price of securities redeemed or repurchased during
any prior fiscal year ending no earlier than October 11, 1995
that were not previously used to reduce registration fees
payable to the Commission: $0
(iv) Total available redemption credits (add Items 5(ii) and
5(iii): $0
(v) Net Sales- if Item 5(i) is greater than Item 5(iv)
[subtract Item 5(iv) from Item 5(i): $283,028,528
(vi) Redemption credits available for use in future years- if
Item 5(i) is less than 5(iv) [subtract Item 5(iv) from Item
5(i): $0
(vii) Multiplier for determining registration fees (See Instruction
C.9): .000295
(viii) Registration fee due [multiply Item 5(v) by Item 5(vii)]
(enter "0" if no fee is due): $83,493.41
6. Prepaid Shares
If the response to Item 5(i) was determined by deducting an amount of securities
that were registered under the Securities Act of 1933 pursuant to rule 24e-2 as
in effect before October 11, 1997, then report the amount of securities (number
of shares or other units) deducted here: $0
- -If there is a number of shares or other units that were registered pursuant to
rule 24e-2 remaining unsold at the end of the fiscal year for which this form
is filed that are available for use by the issuer in future fiscal years, the
state that number here: $0
7. Interest Due- if this Form is being filed more than 90 days after the
end of the issuer's fiscal year (see Instruction D): $0
8. Total of the amount of the registration fee due plus any interest due
(line 5(viii) plus line 7]: $83,493.41
9. Date the registration fee and any interest payment was sent to the
Commission's lockbox depository: March 26, 1998
Method of Delivery: X Wire Transfer
Mail or other means
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in
the capacities and on the dated indicated.
Date: March 27, 1998
By /s/ William E. Vastardis
William E. Vastardis
Secretary
TIFF INVESTMENT PROGRAM, INC.
Certificate of Treasurer
I, William E. Vastardis, do hereby certify that I am the Treasurer of
TIFF Investment Program, Inc. a Maryland corporation (the "Company"), and, in
connection with the filing on behalf of the Company of a Rule 24f-2 Notice, as
such term is defined in the Investment Company Act of 1940, as amended, I do
hereby further certify that the Company sold the following total of shares which
include shares sold through dividend reinvestment: the Company sold a total of
3,819,370 shares of its TIFF U.S. Equity Fund, 3,335,133 shares of its TIFF
International Equity Fund, 2,188,502 shares of its TIFF Emerging Markets Fund,
6,406,426 shares of its TIFF Bond Fund, 4,674,846 shares of its TIFF Short-Term
Fund, and 18,950,359 of its Multi-Asset Fund, each having a par value of $.001
per share (collectively, the "Shares"), during the fiscal year ended December
31, 1997, for which the Company received payment in full of cash consideration
in excess of par value prior to the issuance of the Shares in accordance with
the resolutions authorizing their sale, and I do hereby further certify that the
Company had a total of 16,328,937 shares of its TIFF U.S. Equity Fund,
20,473,751 shares of its TIFF International Equity Fund, 10,356,656 shares of
its TIFF Emerging Markets Fund, 16,921,548 shares of its TIFF Bond Fund,
3,459,841 shares of its TIFF Short-Term Fund, and 32,824,782 shares of its TIFF
Multi-Asset Fund outstanding on December 31, 1997. I also certify that at no
time during the fiscal year ended December 31, 1996 did the Company have in
excess of 500,000,000 shares of its TIFF U.S. Equity Fund Stock issued and
outstanding, nor did it have in excess of 500,000,000 shares of its TIFF
International Equity Fund Stock issued and outstanding, nor did it have in
excess of 500,000,000 shares of its TIFF Emerging Markets Fund Stock issued and
outstanding, nor did it have in excess of 500,000,000 shares of its TIFF Bond
Fund, nor did it have in excess of 500,000,000 shares of its Short-Term Fund,
and nor did it have in excess of 500,000,000 shares of its TIFF Multi-Asset
Fund.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the Company this 27th day of March, 1998.
- ----------------------------
William E. Vastardis
Treasurer
