<PAGE>
Semi-Annual Report TIFF
Investment
June 30, 1999 (unaudited) Program Investment management
for foundations
<PAGE>
August 20, 1999
Dear TIP Member:
We are pleased to present the Semi-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 TIFF 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,
/s/ David A. Salem
David A. Salem
President
<PAGE>
Contents
<TABLE>
<S> <C>
TIFF Multi-Asset Fund
Schedule of Investments................................................. 1
TIFF International Equity Fund
Schedule of Investments................................................. 6
TIFF Emerging Markets Fund
Schedule of Investments................................................. 11
TIFF U.S. Equity Fund
Schedule of Investments................................................. 16
TIFF Bond Fund
Schedule of Investments................................................. 20
TIFF Short-Term Fund
Schedule of Investments................................................. 24
Statement of Assets and Liabilities........................................ 26
Statement of Operations.................................................... 28
Statement of Changes in Net Assets......................................... 30
Financial Highlights....................................................... 33
Notes to Financial Statements.............................................. 39
</TABLE>
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Long Term Investments -- 91.6%
Common Stocks -- 45.9%
U.S. Common Stocks -- 16.7%
Aerospace -- 0.6%
25,000 AlliedSignal, Inc. $1,575,000
------------
Agricultural Biotech -- 0.6%
20,000 Air Products & Chemicals, Inc. 805,000
20,000 Monsanto Co. 788,750
------------
1,593,750
------------
Banks -- 0.4%
25,000 Wells Fargo Co. 1,068,750
------------
Circuits -- 0.4%
20,000 Intel Corp. 1,190,000
------------
Computer -- 0.5%
25,000 Aspen Technologies, Inc.* 293,750
16,000 Sun Microsystems, Inc.* 1,102,000
------------
1,395,750
------------
Construction -- 0.6%
22,200 Baker Hughes, Inc. 743,700
25,000 Dover Corp. 875,000
------------
1,618,700
------------
Cosmetics -- 0.6%
18,000 Colgate-Palmolive Co. 1,777,500
------------
Diversified Minerals -- 0.4%
29,800 Cleveland-Cliffs, Inc. 964,775
------------
Energy Resources -- 0.1%
3,400 Evergreen Resources, Inc.* 85,638
32,900 Ocean Energy, Inc.* 316,663
------------
402,301
------------
Financial -- 1.6%
75,646 Allied Capital Corp. 1,815,504
15,000 Federal National Mortgage Association 1,025,625
3,460 Goldman Sachs Group, Inc. 249,985
410,000 United Panam Financial Corp.* 1,332,500
------------
4,423,614
------------
Foods -- 0.3%
10,000 Wrigley (WM.) Jr. Co. 900,000
------------
Health Care -- 0.3%
20,000 Quintiles Transnational Corp.* 840,000
------------
Insurance -- 0.5%
12,000 American International Group 1,404,750
------------
Machines -- 2.3%
25,000 Deere & Co. 990,625
60,000 KLA-Tencor Corp.* 3,892,500
65,000 Thermo Electron Corp.* 1,304,063
------------
6,187,188
------------
Medical Supplies -- 0.6%
25,000 Baxter International, Inc. 1,515,625
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Metals & Mining -- 1.8%
20,500 Aluminum Company of America (Alcoa) $1,268,455
63,100 Freeport-McMoRan* 1,131,856
53,500 Freeport-McMoRan Copper & Gold, Inc. - Class A* 896,125
33,400 Stillwater Mining Co.* 1,091,763
8,900 Vastar Resources, Inc. 466,694
------------
4,854,893
------------
Oil/Gas Exploration -- 1.1%
15,200 BJ Services Co.* 447,450
17,800 Enron Oil & Gas Co. 360,450
27,000 Schlumberger, Ltd. 1,719,563
15,000 USX-Marathon Group, Inc. 488,438
------------
3,015,901
------------
Oil/Gas Services -- 1.9%
9,400 Chevron Corp. 894,763
15,000 Exxon Corp. 1,156,875
8,900 Mobil Corp. 881,100
32,900 Rowan Cos., Inc.* 606,594
10,700 Sunoco, Inc. 323,006
31,500 Ultramar Diamond Shamrock Corp. 687,094
12,300 Unocal Corp. 487,388
------------
5,036,820
------------
Paper/Forest Products -- 1.0%
18,300 Weyerhauser Co. 1,258,125
28,500 Willamette Industries, Inc. 1,312,781
------------
2,570,906
------------
Pharmaceutical -- 0.5%
12,000 Pfizer, Inc. 1,317,000
------------
Railroad -- 0.2%
35,000 Wisconsin Central Transportation Corp.* 660,625
------------
Telecommunications -- 0.2%
5,000 MCI Worldcom, Inc.* 431,250
------------
Textiles, Clothing & Fabrics -- 0.2%
11,300 Weatherford International, Inc. 413,863
------------
Total U.S. Common Stocks (Cost $39,159,992) 45,158,961
------------
Foreign Common Stocks -- 29.1%
Argentina -- 0.2%
48,960 Quilmes Industrial SA 428,400
------------
Brazil -- 0.3%
39,600 Cia Vale Do Rio Doce - ADR 786,214
------------
Canada -- 2.7%
8,900 Alberta Energy Co. Ltd. 284,430
43,800 Barrick Gold Corp. 848,625
35,100 Canadian Natural Resources Ltd.* 687,749
48,900 Canadian Occidental Petroleum Ltd. 788,513
31,000 Euro-Nevada Mining Corp. 368,637
31,100 Imperial Oil Ltd. (Foreign Shares)* 589,733
23,700 PanCanadian Petroleum Ltd. 352,286
</TABLE>
1
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
77,900 Petro-Canada $1,060,402
87,200 Poco Petroleums Ltd.* 701,114
428,569 Queenstake Resources, Ltd.* (c) 49,341
27,400 Suncor Energy, Inc.* 1,119,863
17,800 Talisman Energy, Inc.* 472,813
------------
7,323,506
------------
France -- 2.1%
18,000 BIC 949,978
30,000 Financiere et Industrielle Gaz et Eaux* 1,682,350
275,000 Lectra Systemes* 1,844,343
17,800 Total Fina SA - ADR* 1,146,988
------------
5,623,659
------------
Germany -- 0.3%
2,000 Allianz AG 555,108
10,000 SAP AG 346,250
------------
901,358
------------
Ghana -- 0.1%
59,195 Ashanti Goldfields Co., Ltd. - GDR 410,665
------------
Hong Kong -- 2.9%
4,845,000 Hung Hing Printing Group 1,998,427
200,000 Hutchison Whampoa Ltd. 1,811,010
765,000 Jardine Strategic Holdings Ltd.* 1,989,000
350,000 Johnson Electric Holdings 1,443,652
200,000 Li & Fung Ltd. 479,499
------------
7,721,588
------------
Ireland -- 1.7%
38,000 CBT Group plc - ADR* 627,000
180,000 Saville Systems Ireland - ADR* 2,610,000
7,500 ENI Spa - ADR 450,000
50,000 Luxottica Group Spa - ADR 778,125
------------
4,465,125
------------
Japan -- 0.6%
8,500 Hirose Electronics Co., Ltd. 883,044
125,000 Mitsubishi Corp. 847,808
------------
1,730,852
------------
Mexico -- 0.6%
10,000 Grupo Televisa SA - GDR* 448,125
125,000 Kimberly Clark de Mexico SA de CV 513,662
7,500 Telefonos De Mexico - ADR* 606,094
------------
1,567,881
------------
Netherlands -- 1.8%
30,000 Royal Dutch Petroleum Co. - NY Shares 1,807,500
31,540 Van Melle NV 2,025,800
24,000 Wolters Kluwer CVA 955,860
------------
4,789,160
------------
Norway -- 1.7%
82,050 Kverneland Gruppen ASA 2,273,373
15,000 Norsk Hydro ASA - ADR 573,750
580,000 Norsk Lotteridrift ASA 1,842,908
------------
4,690,031
------------
Peru -- 0.1%
25,300 Minas Buenaventura - ADR 387,406
------------
Portugal -- 0.8%
68,700 Investec Consultadoria International 2,055,655
------------
Singapore -- 0.6%
100,500 Singapore Press Holdings 1,712,900
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
South Africa -- 0.7%
9,900 Anglo American plc* $ 462,640
5,227 Beverage & Consumer Industry Holdings Ltd. 111,218
48,900 De Beers Consolidated Mines - ADR 1,167,488
140,000 LibLife Strategic Investments Ltd.* 233,159
875 South African Breweries 7,598
------------
1,982,103
------------
Spain -- 0.1%
18,700 Repsol SA - ADR 379,844
------------
Sweden -- 2.7%
300,000 Bure Investment AB 1,593,108
120,000 Investor AB - Class B* 1,345,291
167,500 IRO AB 1,867,920
166,000 Nobel Biocare AB (144A) (a) 2,448,667
------------
7,254,986
------------
Switzerland -- 3.9%
4,000 ABB AG Namen* 1,287,664
12,000 Nestle SA - ADR 1,081,057
7,750 Selecta Group 3,093,613
12,000 Stratec Holding AB Private* 3,816,637
1,938 Union Bank of Switzerland AG 578,954
1,000 Zuerich Allied AG 569,148
------------
10,427,073
------------
United Kingdom -- 5.2%
342,800 Billiton plc 1,174,221
28,000 British Steel plc - ADR* 729,750
222,150 JBA Holdings plc 402,804
850,000 McBride plc 1,501,018
70,000 Pearson plc 1,408,308
350,000 Rentokil Initial plc 1,365,816
143,200 Rio Tinto plc 2,401,206
31,100 Shell Transport & Trading Co. plc 1,442,263
720,000 Victrex plc 2,066,108
175,000 WPP Group plc 1,476,185
------------
13,967,679
------------
Total Foreign Common Stocks
(Cost $73,474,412) 78,606,085
------------
Total Common Stocks
(Cost $112,634,404) 123,765,046
------------
</TABLE>
2
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Fixed Income Securities -- 19.5%
Asset-Backed Securities -- 3.8%
$485,000 Advanta Credit Card Master Trust (FRN),
Ser. 1995-F, Class A2 5.468% 08/01/03 $485,417
339,741 AFC Home Equity Loan Trust, Ser. 1999-
1, Class 2A1 5.319% 02/24/29 342,221
430,000 American Express Master Trust (FRN),
Ser. 1996-2, Class A 5.398% 08/15/02 429,871
360,000 AT&T Universal Card Master Trust, Ser.
1996-1, Class A 5.125% 04/17/03 360,130
480,000 AT&T Universal Card Trust (FRN), Ser.
1996-3, Class A 5.600% 09/17/03 480,077
445,000 BA Master Credit Card Trust, Ser. 1997-
A, Class A 5.388% 07/15/04 444,551
300,000 Chase Manhattan Auto Owner Trust 5.850% 05/15/03 297,699
246,393 Countrywide Home Equity Loan (FRN),
Ser. 1997-C, Class A 5.168% 09/15/22 246,049
339,059 Countrywide Home Equity Trust (FRN),
Ser. 1998-A, Class A 5.846% 03/15/24 338,550
350,000 Chase Credit Card Master Trust (FRN),
Ser. 1998-6, Class A 5.309% 09/15/04 351,064
180,000 Chemical Master Credit Card Trust, Ser.
1996-1, Class A 5.550% 09/15/03 179,129
450,000 Chemical Master Credit Card Trust 6.230% 06/15/03 452,642
445,000 Chevron Corp. 7.327% 01/01/24 453,313
300,000 Citibank Credit Card Trust 5.850% 04/10/03 298,923
470,000 Discover Card Master Trust, Ser. 1997-
4, Class A 4.973% 04/16/03 469,690
470,000 Discover Card Master Trust (FRN), Ser.
1996-1, Class A 5.705% 07/16/03 470,310
420,000 Discover Card Trust, Ser. 1997-2, Class
A 6.792% 04/16/10 421,323
321,615 EQCC Home Equity Loan Trust, Ser. 1998-
4, Class A1F 5.984% 01/15/29 320,689
350,000 First Union Master Credit Card Trust,
Ser. 1996-1, Class A 5.826% 09/15/03 350,238
445,000 First USA Credit Card Master Trust,
Ser. 1996-1, Class A 5.063% 11/15/03 444,315
350,000 First USA Credit Card Master Trust,
Ser. 1994-8, Class A 5.640% 06/15/04 349,622
280,000 MBNA Master Credit Card Trust, Ser.
1995-D, Class A 6.050% 11/15/02 281,156
278,473 Merrill Lynch Home Equity Loan (FRN),
Ser. 1997-1, Class A 5.118% 09/25/27 277,673
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$365,000 Peoples Bank Credit Card Master Trust
96-1 A 5.138% 11/15/04 $365,128
480,000 People's Bank Credit Card Trust
(FRN), Ser.
1997-1, Class A 5.807% 10/15/04 479,750
470,000 Providian Master Trust (FRN), Ser.
1997-3, Class A 5.013% 12/15/05 469,836
315,000 Ras Laffan Gas 7.628% 09/15/06 301,902
----------
Total Asset-Backed Securities
(Cost $10,139,269) 10,161,268
----------
Corporate Obligations -- 6.5%
90,000 Associates Corp. NA 5.875% 07/15/02 88,702
98,603 American Airlines, Ser. 1991-A, Class
A-1 9.710% 01/02/07 105,705
850,000 Bacob Bank S.C. 7.250% 09/29/49 783,325
480,000 Bankamerica Corp., (MTN) 5.215% 09/11/01 479,904
165,000 Banc One Corp. 7.250% 08/01/02 168,548
365,000 Bayard Drilling 11.000% 06/30/05 398,071
300,000 Case Credit Corp. 6.150% 03/01/02 295,240
285,000 Chartwell Re Holdings 10.250% 03/01/04 296,514
330,000 CIT Group, Inc. 5.910% 11/10/03 319,343
350,000 Citicorp (MTN) 5.930% 08/10/00 350,350
385,000 Conoco, Inc. 6.950% 04/15/29 359,706
250,000 Countrywide Home Loans Inc. (MTN) 5.620% 10/16/00 247,900
290,000 Cummins Engine Co., Inc. 5.650% 03/01/98 190,247
475,000 Deutsch Bank 7.872% 12/29/49 457,208
390,000 East Coast Power 7.066% 03/31/12 358,528
390,000 Edperbrascan 7.125% 12/16/03 381,240
395,000 Eli Lilly & Co. 7.125% 06/01/25 394,266
375,000 Fleet National Bank 5.016% 07/31/01 374,263
275,000 Florida Windstorm Underwriting (144A)
(a) 6.500% 08/25/02 273,976
505,000 Ford Motor Co. 6.375% 02/01/29 438,766
415,000 General Motors Acceptance Corp. 6.850% 06/17/04 418,256
350,000 General Motors Acceptance Corp. (FRN) 5.216% 07/30/01 351,050
330,000 Goldman Sachs Group LP (144A) (a) 7.800% 07/15/02 341,336
90,000 Greyhound Lines 11.500% 04/15/07 101,921
50,000 GTE Corp. 5.135% 06/12/00 49,945
340,000 Heller Financial, Inc. (MTN) 5.870% 11/01/00 338,220
315,000 ICI Wilmington 6.750% 09/15/02 314,721
130,000 IMC Global, Inc. 7.625% 11/01/05 132,339
957,847 Jasmine Submarine Telecommunications
(144A) (a) 8.483% 05/30/11 902,761
115,000 Jet Equipment Trust (144A) (a) 9.710% 08/15/13 130,686
245,000 Kern River Funding Corp. (144A) (a) 6.720% 09/30/01 244,441
430,000 Laidlaw, Inc. 7.650% 05/15/06 418,497
170,000 Land 'O Lakes Cap Trust I (144A) (a) 7.450% 03/15/28 144,318
295,000 Lehman Brothers Holdings, Inc. 6.625% 02/05/06 282,296
455,000 Lehman Brothers Holdings, Inc. 7.250% 04/15/03 456,584
</TABLE>
3
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$175,000 Lumbermens Mutual Casualty (144A) (a) 8.450% 12/01/97 $169,074
270,000 Lumbermens Mutual Life 8.300% 12/01/37 258,165
30,000 Methanex Corp. 7.400% 08/15/02 28,992
295,000 Methanex Corp. 7.750% 08/15/05 279,572
910,000 Mutual Life Insurance Co. - NY (144A)
(a)(d) 11.250% 08/15/24 1,262,775
80,000 Northwest Airlines Corp. 8.130% 02/01/14 77,570
645,000 Northwest Airlines Corp. 8.304% 09/01/10 652,673
315,000 Occidental Petroleum 8.450% 02/15/29 328,229
125,000 Qwest Communications International,
Inc. 7.500% 11/01/08 121,094
460,000 Ras Laffan-Lincs Ser. 1997-11 (144A)
(a)(e) 7.850% 03/18/14 483,038
250,000 Rohm & Haas Co. 7.850% 07/15/29 252,887
240,000 Salomon Smith Barney Holdings, Inc. 6.750% 02/15/03 240,554
323,185 Saxon 1999-Avi 5.240% 02/25/29 323,489
430,000 Se Banken 144A (a)(f) 6.500% 12/29/49 408,964
180,000 Shopko Stores 6.500% 08/15/03 174,387
315,000 Telecom Newzealand Corp. 6.250% 02/10/03 312,178
235,000 Transamerica Finance Corp. 6.125% 11/01/01 233,094
500,000 Tyco International Group 6.875% 01/15/29 456,695
100,000 Unova, Inc. 6.875% 03/15/05 96,170
----------
Total Corporate Obligations (Cost
$18,034,612) 17,548,773
----------
Mortgage-Backed Securities -- 6.0%
350,000 FHLMC 7.500% 04/17/24 354,765
719,295 FHLMC 8.500% 06/01/12 745,466
990,000 FHLMC Gold (TBA) 6.000% 07/01/13 960,894
230,000 FHLMC Gold (TBA) 6.500% 07/01/29 223,238
475,000 FNMA 4.625% 10/15/01 463,014
760,000 FNMA 5.125% 02/13/04 728,214
685,000 FNMA 5.625% 05/14/04 668,488
385,000 FNMA 7.500% 07/18/25 390,159
40,762 FNMA 7.500% 01/01/29 41,224
78,573 FNMA 7.500% 02/01/29 79,464
98,536 FNMA 9.500% 05/01/18 104,754
1,300,000 FNMA (TBA) 6.000% 07/19/14 1,260,610
210,000 FNMA (TBA) 6.000% 07/01/29 198,387
855,000 FNMA (TBA) 6.500% 07/19/14 845,424
510,000 FNMA (TBA) 6.500% 07/14/29 494,394
1,420,000 FNMA (TBA) 6.500% 07/14/29 1,376,548
3,710,000 FNMA (TBA) 7.000% 08/01/29 3,683,288
800,000 FNMA (TBA) 7.500% 08/01/29 810,720
416,354 GNMA 7.000% 03/15/29 411,428
254,975 GNMA 7.000% 05/15/29 251,959
144,737 GNMA 7.500% 12/15/28 146,352
198,828 GNMA 7.500% 01/15/29 201,047
124,717 GNMA 7.500% 03/15/29 126,109
1,510,173 GNMA 7.500% 04/15/29 1,527,028
154,876 GNMA 7.500% 05/15/29 156,605
----------
Total Mortgage Backed Securities (Cost
$16,159,296) 16,249,579
----------
Muncipal Obligation -- 0.1%
200,000 Pennsylvania Power & Light (Cost
$229,252) 7.700% 10/01/09 219,060
----------
U.S. Treasury Securities -- 3.1%
715,000 U.S. Treasury Bond 4.750% 02/15/04 687,071
140,000 U.S. Treasury Bond 5.250% 02/15/29 125,650
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$ 35,000 U.S. Treasury Bond 7.500% 11/15/16 $ 39,342
50,000 U.S. Treasury Bond 9.250% 02/15/16 64,984
170,000 U.S. Treasury Note 4.250% 11/15/03 160,384
1,365,000 U.S. Treasury Note 4.750% 11/15/08 1,252,815
150,000 U.S. Treasury Note 5.250% 11/15/28 132,750
1,200,000 U.S. Treasury Note 5.375% 05/15/09 1,171,876
180,000 U.S. Treasury Note 5.750% 10/31/00 180,675
1,080,000 U.S. Treasury Note 5.750% 08/15/03 1,080,000
55,000 U.S. Treasury Note 5.875% 02/15/04 55,292
395,000 U.S. Treasury Note 6.250% 02/15/03 401,666
1,205,000 U.S. Treasury Note 6.250% 02/15/07 1,227,594
100,000 U.S. Treasury Note 6.375% 09/30/01 101,656
165,000 U.S. Treasury Note 6.375% 08/15/02 168,145
700,000 U.S. Treasury Note 6.500% 08/15/05 721,657
280,000 U.S. Treasury Note 6.750% 04/30/00 283,325
230,000 U.S. Treasury Note 7.500% 02/15/05 247,681
190,000 U.S. Treasury Note 8.000% 05/15/01 198,194
----------
Total U.S. Treasury
Securities
(Cost $8,456,961) 8,300,757
----------
Total Fixed Income
Securities
(Cost $53,019,390) 52,479,437
----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares
<C> <S> <C> <C> <C>
Investment Companies -- 3.8%
100,000 Atlantis Japan Growth Fund* 1,014,510
111,476 GMO Currency Hedged International Bond Fund** 1,179,418
838,360 GMO International Bond Fund** 8,132,090
-----------
Total Investment Companies (Cost $10,982,580) 10,326,018
-----------
Limited Partnerships -- 21.8%
Daystar Partners L.P.* (b)(c) 12,004,727
Euro-Partners Arbitrage Fund* (b)(c) 9,649,118
Farallon Capital Partners L.P.* (b)(c) 10,997,254
Lone Redwood L.P.* (b)(c) 4,520,370
The Value Realization Fund L.P. (Canyon
Partners)* (b)(c) 21,583,826
-----------
Total Limited Partnerships
(Cost $54,497,677) 58,755,295
-----------
Preferred Stocks -- 0.6%
615 Centaur Funding Corp., 9.080% 661,509
2,065 Duke Realty Investments, 7.990% 93,054
20,185 MEPC International Capital, 9.125% 529,856
410 Pinto Totta International Finance, 7.770% 394,074
-----------
Total Preferred Stocks (Cost $1,726,948) 1,678,493
-----------
<CAPTION>
Expiration
Date
<C> <S> <C> <C> <C>
Warrants -- 0.0%
53,569 Queenstake Resources Ltd.* (b)(c) 09/11/99 0
80,362 Queenstake Resources Ltd.* (b)(c) 09/11/00 0
-----------
Total Warrants (Cost $0) 0
-----------
Total Long Term Investments (Cost $232,860,999) 247,004,289
-----------
</TABLE>
4
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short Term Investments -- 12.3%
Repurchase Agreement -- 10.7%
$28,832,962 Investors Bank & Trust Company --
Repurchase Agreement, issued 06/30/99
(proceeds at maturity $28,836,366)
(Collateralized by $19,880,289 FNMA FRN
99-26, 5.543% due 12/25/27, with a
market value of $19,870,745; $6,287,749
GNMA ARM# 28279, 6.625% due 9/20/23
with a market value of $6,379,278;
$3,915,612 SBA Pool# 504473, 6.625% due
03/25/24 with a market value of
$4,024,610)
(Cost $28,832,962) 4.250% 07/01/1999 $28,832,962
------------
U.S. Treasuries -- 1.6%#
500,000 U.S. Treasury Bill++ 4.270% 07/29/1999 498,390
1,725,000 U.S. Treasury Bill++ 4.420% 09/23/1999 1,706,606
515,000 U.S. Treasury Bill++ 4.460% 08/19/1999 511,888
1,015,000 U.S. Treasury Bill++ 4.510% 10/14/1999 1,001,264
500,000 U.S. Treasury Bill++ 4.390% 07/15/1999 499,304
------------
Total U.S. Treasuries (Cost $4,218,869) 4,217,452
------------
Total Short Term Investments
(Cost $33,051,831) 33,050,414
------------
Total Investments -- 103.9%
(Cost $265,912,830) 280,054,703
Liabilities in Excess of Other Assets --
(3.9%) (10,381,313)
------------
Net Assets -- 100.0% $269,673,390
============
</TABLE>
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Banking 20.5%
Basic Industries 4.6
Consumer Cyclical 10.7
Consumer Non-Cyclical 4.1
Energy 7.3
Financial Services 11.3
Industrial 4.6
Insurance 1.5
Metals & Mining 4.6
Miscellaneous 8.0
Repurchase Agreements 10.3
Technology 2.1
U.S. Government Securities 10.4
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security.
** Deemed to be an investment in an affiliate.
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin
for financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest rate represents the yield to maturity at the time of purchase.
ADR American Depository Receipt
ARM Adjustable Rate Mortgage
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FRN Floating Rate Note
GDR Global Depository Receipt
GNMA Government National Mortgage Association
MTN Medium Term Note
SBA Small Business Administration
TBA Security is subject to delayed delivery.
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from
registration, normally to qualified buyers. At June 30, 1999, the market
value of these securities was $6,810,036, or 2.53% of the portfolio.
(b) Security is valued in good faith under procedures established by the
board of directors.
(c) Restricted Security.
(d) Security is a step-up bond which will pay 11.250% until maturity
starting 08/15/99.
(e) Security is a step-up bond which will pay 7.850% through September 2006
and 8.055% thereafter.
(f) Security is a step-up bond which will pay 6.500% through June 2003 and 6
month U.S.$ LIBOR plus 2.150% thereafter.
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Long Term Investments -- 96.6%
Common Stocks -- 86.5%
Europe -- 51.5%
Belgium -- 0.4%
2,294 Electrabel SA $740,855
------------
Denmark -- 0.2%
4,300 Bang & Olufsen Holding AS - Series B 272,684
1,800 Coloplast AS - Class B 184,833
------------
457,517
------------
Finland -- 0.8%
5,100 Konecranes International 175,283
28,000 Metsa-Serla OY - Class B 238,057
15,800 Outokumpo OY 177,697
15,140 Ponsse OY 328,050
8,800 Sampo Insurance Co., Ltd. - Class A 255,144
11,000 UPM-Kymmeme OY 315,524
17,500 Valmet Corp. OY - Class A 198,622
------------
1,688,377
------------
France -- 6.0%
5,150 Air Liquide 810,350
6,515 Alcatel Alsthom 917,577
15,000 Atos* 1,532,223
3,100 AXA 378,392
4,654 Banque Nationale de Paris 388,001
15,500 BIC (e) 818,037
2,588 Carrefour Supermarche* 380,518
1,728 Clarins SA* 166,260
7,711 Compagnie de Saint-Gobain 1,229,235
4,845 Compagnie Generale des Eaux 392,677
10,023 Elf Aquitaine 1,471,629
21,500 Financiere et Industrielle Gaz et Eaux* 1,205,684
19,480 Michelin - Class B 797,345
11,573 Pechiney SA - A Shares 497,702
5,000 Scor SA 248,148
4,115 Societe Generale - Class A 725,617
3,900 Thomson CSF 135,609
24,400 Usinor SA 363,792
------------
12,458,796
------------
Germany -- 4.5%
4,900 Adidas-Salomon AG 486,623
2,450 Allianz AG 680,008
26,800 Bayer AG 1,117,151
19,400 Bayerische Vereinsbank AG 1,261,065
600 Buderus AG 240,822
25,280 Fresenius Medical Care - ADR 507,180
16,100 Hoechst AG 729,266
800 Holzmann (PH)* 137,848
2,900 Mannesmann AG 432,974
23,660 RWE AG 1,095,872
13,500 SAP AG (e) 467,438
7,300 SGL Carbon AG* 564,911
15,530 Siemens AG 1,198,584
4,300 VEBA AG 252,894
------------
9,172,636
------------
Ireland -- 2.2%
33,500 CBT Group plc - ADR* 552,750
55,000 Independent Newspapers plc 263,883
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
35,772 McInerney Holdings plc $68,283
245,600 Saville Systems plc - ADR* 3,561,200
158,000 Waterford Wedgewood Units 163,024
------------
4,609,140
------------
Italy -- 1.1%
29,000 Banco Popolare di Milano 224,536
69,500 Eni SpA 410,182
5,000 Fila Holding SpA - ADR* (e) 59,063
9,600 Industrie Natuzzi SpA 186,600
73,500 Luxottica Group SpA (e) 1,143,844
65,000 Unicredito Italiano SpA 286,041
------------
2,310,266
------------
Netherlands -- 5.3%
6,052 Benckiser NV - Class B 323,150
39,100 Elsevier NV 453,863
20,840 IHC Caland NV 817,103
34,297 ING Groep NV 1,857,852
9,153 Koninklijke Boskalis Westminster NV 137,883
5,428 Koninklijke (Royal) Philips
Electonics NV* 535,698
7,990 Nedlloyd NV 197,858
24,900 Royal Dutch Petroleum Co. (e) 1,459,295
32,100 Royal Dutch Petroleum Co. - NY Shares 1,934,025
39,500 Van Melle NV 2,537,067
19,600 Wolters Kluwer CVA 780,619
------------
11,034,413
------------
Norway -- 0.8%
430,000 Norsk Lotteridrift ASA 1,366,294
18,000 Reiber & Son ASA - Class B* 132,689
16,400 Schibsted Gruppen ASA 184,469
------------
1,683,452
------------
Spain -- 2.4%
10,500 Acerinox SA 307,141
72,992 Banco Central Hispanoamer SA* 760,663
4,300 Banco Popular Espanol SA 309,463
26,200 Bankinter SA 1,067,810
13,900 Centros Comerciales Pryca SA 232,914
13,800 Corp. Financiera Reunida SA* 176,846
5,800 Groupo Acciona SA 276,661
49,300 Iberdrola SA 751,317
20,882 Telefonica de Espana SA* 1,006,416
11,750 Viscofan Industria Navarra de Envolturas Celulosicas
SA 133,360
------------
5,022,591
------------
Sweden -- 4.6%
30,000 ABB AB - Class B* 440,760
8,000 BT Industries AB 138,305
285,050 Bure Investment AB 1,513,671
22,000 Electrolux AB - Class B 462,119
10,440 Ericsson LM - Class B 335,721
9,500 Hoganas AB - Class B 193,386
99,400 Investor AB - Class B* 1,114,350
135,000 IRO AB 1,505,487
173,300 Nobel Biocare AB (144A) (a) 2,556,349
20,500 OM Gruppen AB 232,240
28,294 Stora Enso OYJ 303,615
24,500 Svenska Handelsbanken - Class A* 294,902
14,000 Volvo AB - B Shares 407,246
------------
9,498,151
------------
</TABLE>
6
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Switzerland -- 7.5%
4,150 ABB Namen AG $1,269,028
1,830 Charles Voegele Holding AG* 276,880
15,900 Nestle SA - ADR 1,432,401
951 Novartis AG 1,389,885
200 Phoenix Mecano AG 94,257
3,750 Publigroupe SA 2,052,215
100 Sarna Kunststoff Holding AG 113,314
9,690 Selecta Group (The) 3,868,014
300 Societe Generale de Surveillance SA - Class B* 310,971
10,950 Stratec Holding AG - Class B* 3,480,653
2,600 The Swatch Group AG 371,620
2,580 Union Bank of Switzerland AG 770,744
------------
15,429,982
------------
United Kingdom -- 15.7%
43,000 Airtours plc 343,058
56,882 Arriva plc 335,425
79,288 Associated British Foods plc 525,181
52,400 Associated British Ports Holdings plc 236,291
14,600 Barclays plc 424,946
67,800 Bass plc 964,262
81,000 Berisford plc 308,107
238,277 BG plc 1,455,804
196,070 Blue Circle Industries plc 1,318,250
82,500 Boots Co. plc 978,094
52,000 British Aerospace plc 337,587
146,789 British Airways plc 1,013,138
24,000 British Petroleum Co. plc 430,250
27,100 British Telecommunications plc 455,316
231,750 Centrica plc 544,446
54,000 Devro International plc 120,050
35,304 Diageo plc 371,155
32,600 EMI Group plc 261,757
46,700 First Leisure Corp. plc 160,518
21,000 Flextech plc* 341,082
98,300 GKN plc 1,693,540
46,500 Glaxo Wellcome plc 1,292,571
16,300 Glaxo Wellcome plc - ADR 922,988
14,900 Granada Group plc 275,923
109,777 Invensys plc 519,689
87,800 Great Universal Stores plc 972,847
52,450 Hanson plc 467,657
103,000 Hays plc 1,072,653
22,165 Hyder plc 261,757
19,000 Imperial Chemical Industries plc 187,644
365,000 JBA Holdings plc 661,820
62,000 Ladbroke Group plc 249,276
35,000 Man E D & F Group plc 200,320
55,900 Pearson plc 1,124,635
93,000 PIC International Group plc* 85,047
22,702 Provident Financial plc 314,961
78,000 Racal Electronic plc 475,328
57,800 Railtrack Group plc 1,168,328
308,900 Rentokil Initial plc 1,205,431
109,700 Rio Tinto plc 1,839,472
141,640 Stagecoach Holdings plc 509,737
305,900 Taylor Woodrow plc 882,632
85,000 Unigate plc 540,099
805,000 Victrex plc 2,310,023
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
45,400 Vodafone Group plc $899,072
166,900 WPP Group plc 1,407,859
------------
32,466,026
------------
Total Europe (Cost $88,565,692) 106,572,202
------------
Pacific -- 24.1%
Australia -- 3.5%
180,900 Amcor Ltd. 1,005,709
106,000 Australia and New Zealand Banking Group Ltd. 779,541
43,000 Caltex Australian Ltd. 93,368
442,191 CSR Ltd. 1,264,595
84,000 Eastern Aluminum Ltd. 60,057
470,956 Foster's Brewing Group Ltd. 1,327,529
80,895 Iluka Resources Ltd. 174,902
61,991 National Australia Bank Ltd. 1,025,951
82,300 Orica Ltd. 449,536
123,386 Renison Goldfields Consolidated Ltd. (c) 42,474
163,000 Santos Ltd. 534,135
101,000 WMC Ltd. 433,934
303 Woolworths Ltd. 1,008
------------
7,192,739
------------
Hong Kong -- 5.4%
67,000 Cable & Wireless HKT Ltd. 174,018
143,000 Cathay Pacific Airways Ltd. 219,345
28,000 Hang Seng Bank Ltd. 313,092
68,000 Hong Kong Aircraft Engineering Co. Ltd. 131,475
312,913 Hong Kong Electric Holdings Ltd. 1,008,343
164,475 Hong Kong & China Gas Co., Ltd. 238,505
871,000 Dairy Farm International Holdings Ltd. 1,045,200
136,391 Jardine Matheson Holdings Ltd. 681,955
123,812 Jardine Strategic Holdings Ltd.* 321,911
3,760,000 Hung Hing Printing Group 1,550,895
131,000 Hutchison Whampoa Ltd. 1,186,212
145,218 Hysan Development Co., Ltd. 219,003
385,000 Johnson Electric Holdings 1,588,018
282,000 Li & Fung Ltd. 676,093
204,068 Mandarin Oriental International Ltd.* 179,580
248,000 National Mutual Asia Ltd. 198,193
83,000 Television Broadcasts Ltd. 389,425
335,000 Wharf Holdings Ltd. 1,044,972
------------
11,166,235
------------
Japan -- 12.2%
23,000 Amano Corp. 189,859
38,000 Asatsu-DK, Inc. 1,005,790
6,800 Canon Chemicals, Inc. 57,370
70,000 Canon, Inc. 2,014,888
114,000 Chiyoda Fire & Marine Insurance Co. 371,514
9,000 CSK Corp. 204,715
57,000 Dai-Ichi Kangyo Bank Ltd. 367,742
14,000 Daiichi Pharmaceutical Co. Ltd 217,469
22,000 Dainippon Pharmaceutical Co., Ltd. 123,739
6,000 Dai Nippon Printing Co., Ltd. 96,030
51,000 Eisai Co. Ltd. 1,006,079
10,060 Fancl Corp. 1,830,604
76,000 Fuji Electric Co. Ltd. 233,846
32,000 Fuji Oil 196,658
51,000 Fujitsu Denso Ltd. 1,027,171
</TABLE>
7
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
14,800 Hirose Electric Co., Ltd. $1,537,535
8,000 Hitachi Electronics Engineering 80,000
175,000 Hitachi Ltd. 1,642,887
14,000 Intec, Inc. 182,961
94,000 Ishikawajima-Harima Heavy Industries 174,160
4,300 Ito-Yokado Co., Ltd. 288,089
22,000 Japan Radio Co., Ltd. 203,623
290 Japan Tobacco, Inc. 321,423
13,000 Jeol Ltd. 66,667
88,000 Koito Manufacturing Co., Ltd. 398,875
47,000 Kurita Water Industries Ltd. 843,590
9,000 Lion Corp. 37,221
58,000 Matsushita Electric Industries Co. 1,127,378
47,000 Mitsubishi Corp. 318,776
68,000 Nippon Mitsubishi Oil Corp.* 286,849
1,040 Nippon Telegraph and Telephone Corp. 1,212,903
25,000 Noritake Co., Ltd. 130,273
1,050 NTT Mobile Communications
Network, Inc. 1,424,318
3,000 Roland Corp. 96,774
20,000 Sankyo Seiko 53,433
26,000 Sanwa Bank Ltd. 256,129
25,000 Shimadzu Corp. 100,290
50,000 Shiseido Co., Ltd. 750,207
2,600 Sony Corp. 280,645
43,000 Stanley Electric Co., Ltd. 152,936
20,000 Sumitomo Forestry Co., Ltd. 162,117
20,000 Sumitomo Warehouse 74,607
81,000 The Furkukawa Electric Co., Ltd. 371,836
35,000 Tokio Marine & Fire Insurance Co. 380,687
19,000 Tokyo Broadcasting System 275,021
9,000 Tokyo Electric Power Co. 190,199
252,000 Tokyo Gas Co. 621,141
20,000 Toppan Printing Co. 223,491
8,700 Torii Pharmaceutical Co., Ltd. 250,422
12,000 Toto Ltd. 92,804
6,000 Toyo Seikan 134,988
274 West Japan Railway Co. 1,051,580
25,000 Yamaha Motor Co., Ltd. (e) 232,424
84,000 Yokohama Bank Ltd. 216,079
------------
25,188,812
------------
New Zealand -- 0.7%
451,700 Carter Holt Harvey Ltd.* 541,250
209,776 Telecom Corpororation of New
Zealand Ltd. 900,908
382,400 Wrightson Ltd. 70,962
------------
1,513,120
------------
Singapore -- 2.3%
182,000 Development Bank of Singapore Ltd. 1,946,753
33,000 Jurong Shipyard Ltd. 161,945
26,000 Overseas Chinese Banking Corp. Ltd. 216,985
76,000 Overseas Union Enterprise Ltd. 241,199
108,500 Singapore Press Holdings 1,849,250
172,000 TIBS Holdings Ltd. 309,327
------------
4,725,459
------------
Total Pacific (Cost $39,965,012) 49,786,365
------------
Emerging Markets -- 7.4%
Argentina -- 0.2%
42,200 Quilmes Industrial SA 369,250
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
China -- 0.1%
753,000 The Guangshen Railway Co., Ltd. $115,501
------------
India -- 0.0% +
7,200 Shiriram Industries - GDR* 4,680
------------
Indonesia -- 0.4%
190,000 PT Astra International, Inc.* 86,739
1,800,000 PT Bank Universal - Class B* 52,174
893,000 PT Citra Marga Nusaphala Persada* 97,065
37,000 PT Gudang Garam 100,275
74,500 PT Hero Supermarket* 26,993
328,000 PT Lippo Bank* 17,826
1,236,000 PT Matahari Putra Prima* 161,217
385,000 PT Panin Bank Indonesia 111,594
65,000 PT Semen Gresik 141,304
------------
795,187
------------
Israel -- 2.0%
33,500 Orbotech Ltd.* 1,746,233
135,500 Tecnomatix Technologies Ltd.* 2,371,250
------------
4,117,483
------------
Malaysia -- 1.1% (c)(f)
85,000 Carsberg AS 210,069
197,000 Kumpulan Guthrie Berhad 113,602
117,000 Malayan Banking Berhad 305,217
108,000 Malaysian Airlines System Berhad 128,513
97,000 Perlis Plantations Berhad 98,554
272,000 Resorts World Berhad 557,071
35,000 Rothmans of Pall Mall Berhad 230,263
425,800 Sime Darby Berhad 485,237
330,000 Technology Resources Industries - Class A 234,096
------------
2,362,622
------------
Mexico -- 1.7%
5,040 Grupo Financiero Banamex Accival SA de CV - Class L* 12,277
122,000 Grupo Financiero Banamex Accival SA de CV - Class O* 310,104
11,500 Grupo Televisa SA - GDR* (e) 515,344
182,000 Kimberly Clark de Mexico SA de CV 747,892
1,065,900 NADRO SA - Class B 923,434
237,500 NADRO SA - Class L 188,652
9,300 Telefonos de Mexico - Class L, ADR* (e) 751,557
19,000 Vitro Sociedad Aninima - ADR 97,375
------------
3,546,635
------------
Philippines -- 0.2%
171,800 San Miquel SA - Class B 375,247
------------
South Africa -- 1.3%
90 Adcock Ingram Ltd. - Class N 268
4,209 Anglogold Ltd. - ADR 90,537
8,500 Beverage and Consumer Industry Holdings Ltd. 180,860
6,800 De Beers Consolidated Mines Ltd. - ADR 162,350
209 Edgars Consolidated Stores Ltd. 1,624
229,000 Firstrand Ltd.* 261,844
128,000 Gencor Ltd. 352,109
31,436 JD Group Ltd. 192,226
</TABLE>
8
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
4,545 Kersaf
Investments
Ltd. $20,336
220,000 LibLife
Strategic
Investments
Ltd.* 366,393
17,000 Pretoria
Portland Cement
Co. Ltd. 115,503
1,043,566 SA Iron & Steel
Industrial
Corp. Ltd. 326,844
289,507 Sanlam Ltd.* 343,020
26,408 South African
Breweries Ltd. 229,311
10,659 South African
Breweries
Ltd. - ADR 92,560
------------
2,735,785
------------
Thailand -- 0.4%
15,000 Advanced
Information
Service plc* 203,528
70,000 Golden Land
Property
Development
plc* 41,316
33,000 Matichon Public
Co., Ltd.* 77,015
89,000 MBK Properties
and Development
Public Co.,
Ltd. 73,060
178,000 National Finance
& Securities
Co., Ltd.* 107,476
120,000 Post Publishing
Co., Ltd. 117,232
4,700 The Siam Cement
Co. Ltd.* 142,849
48,000 The Thai Farmers
Bank, Ltd.* 148,494
------------
910,970
------------
Total Emerging
Markets
(Cost
$13,911,756) 15,333,360
------------
North
America -- 3.5%
Canada -- 2.6%
28,000 Abitibi-
Consolidated,
Inc.* 320,466
51,000 Air Canada,
Inc.* 214,141
5,900 Alcan Aluminum
Ltd.* 186,797
24,000 Canadian
Airlines Corp.* 29,419
15,234 Canadian Pacific
Ltd. 362,775
335,000 Danier Leather,
Inc.* 1,701,544
22,108 Hudson's Bay Co. 247,042
14,000 Imasco Ltd.* 376,405
70,172 Imperial Oil
Ltd. 1,328,883
10,282 National Bank of
Canada 134,389
14,000 Rogers
Communications,
Inc. - Class B* 224,241
20,000 Stelco, Inc. -
Class A* 147,636
------------
5,273,738
------------
United States --
0.9%
27,500 KLA-Tencor
Corp.* 1,784,063
------------
Total North
America
(Cost
$5,958,818) 7,057,801
------------
Total Common
Stocks
(Cost
$148,401,278) 178,749,728
------------
Preferred
Stocks -- 0.1%
Germany -- 0.1%
536 Bayerische
Motoren Werke
AG 200,755
------------
Thailand -- 0.0%
39,000 Siam Commercial
Bank plc 55,563
------------
Total Preferred
Stocks
(Cost $248,343) 256,318
------------
</TABLE>
<TABLE>
<CAPTION>
Expiration
Date
<C> <S> <C> <C>
Warrants -- 0.0%
15,000 Atlantis Japan Growth Fund (Japan)* 04/30/01 29,100
22,656 Hong Kong and China Gas Co. Ltd. (Hong Kong)* 09/30/99 0
</TABLE>
<TABLE>
<CAPTION>
Number Expiration
of Shares Date Value +
<C> <S> <C> <C>
39,000 Siam Commercial Bank plc (Thailand)* 12/31/02 $14,294
2,680 TEGE SA (Switzerland)* 06/20/01 5,953
------------
Total Warrants
(Cost $0) 49,347
------------
Limited Partnerships -- 9.1%
Everest Capital Frontier Ltd. LP (f)(c) 5,171,421
Investing Emerging Markets Country Fund LP
(f)(c) 13,740,305
------------
Total Limited Partnership
(Cost $24,159,623) 18,911,726
------------
Comingled Investment Vehicles -- 0.6%
73,800 Atlantis Japan Growth Fund (Japan)* 748,708
49,000 The First Korea Smaller Companies Fund* (f)(c) 330,120
------------
Total Comingled Investment Vehicles
(Cost $1,149,227) 1,078,828
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount(d) Rate Date
<C> <S> <C> <C> <C>
Convertible Bond -- 0.3%
$450,000 Taiwan Semiconductor Manufacturing
Co. (Cost $585,479) 0.000% 07/03/02 605,273
------------
Total Long Term Investments
(Cost $174,543,950) 199,651,220
------------
Short Term Investments -- 6.2%
Time Deposit -- 2.1%
4,399,050 BankBoston NA (b) (Cost $4,399,050) 5.995% 07/01/99 4,399,050
------------
Repurchase Agreement -- 2.9%
5,943,159 Investors Bank & Trust Company - Repurchase
Agreement, Issued 6/30/99 (proceeds at maturity
$5,943,861) (Collateralized by $5,445,829 FNMA
7.152%, due 08/01/27, market value of $5,718,019;
$509,341 SBA Pool# 501554 6.75%, due 4/25/16,
market value of $522,298)
(Cost $5,943,159) 4.250% 07/01/99 5,943,159
------------
U.S. Treasury Securities -- 1.2%#
100,000 U.S. Treasury Bill ++ 4.450% 10/21/99 98,556
1,000,000 U.S. Treasury Bill ++ 4.670% 11/04/99 983,585
1,315,000 U.S. Treasury Bill ++ 4.500% 10/14/99 1,297,204
135,000 U.S. Treasury Bill ++ 4.820% 11/26/99 132,380
45,000 U.S. Treasury Bill ++ 5.010% 12/09/99 44,038
------------
Total U.S. Treasury Securities
(Cost $2,557,742) 2,555,763
------------
Total Short Term Investments
(Cost $12,899,951) 12,897,972
------------
Total Investments -- 102.8% (Cost $187,443,901) 212,549,192
Liabilities in Excess of Other Assets -- (2.8%) (5,814,986)
------------
Net Assets -- 100.0% $206,734,206
============
</TABLE>
9
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 1999
Summary of Industry Classifications
(as a % of total market value):
<TABLE>
<S> <C>
Banking 6.9%
Basic Industries 6.2
Consumer Cyclical 25.7
Consumer Non-Cyclical 6.3
Diversified Investment Vehicles 6.5
Energy 4.3
Financial Services 8.9
Industrial 14.5
Insurance 0.9
Metals & Mining 2.7
Miscellaneous 5.6
Repurchase Agreements 2.8
Technology 5.4
U.S. Government Obligations 1.2
Utilities 2.1
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to maturity at the time of purchase.
ADR American Depository Receipt
GDR Global Depository Receipt
FNMA Federal National Mortgage Association
SBA Small Business Administration
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from registration,
normally to qualified buyers. At June 30, 1999, the market value of these
securities was $2,556,349, or 1.24% of the portfolio.
(b) Investment from cash collateral received for securities on loan at June
30, 1999.
(c) Security is valued in good faith under procedures established by the
board of directors.
(d) Principal amount in U.S. dollars unless otherwise noted.
(e) Security or portion thereof was on loan at June 30, 1999.
(f) Restricted Security
</TABLE>
See accompanying Notes to Financial Statements
10
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Long Term Investments -- 98.3%
Common Stocks & Commingled Investment Companies -- 73.1%
Asia -- 27.3%
China -- 0.1%
218,000 Beijing Datang Power Generation Co., Ltd. $70,249
-----------
Hong Kong -- 1.3%
284,000 Anhui Expressway Co., Ltd. - Class H 38,803
108,000 Giordano International Ltd. 76,565
154,000 Guangdong Kelon Electric Holding - Class H 179,644
35,300 Johnson Electric Holdings Ltd. 145,603
396,875 Lung Kee (Bermuda) Holdings Ltd. 65,992
1,181,696 Moulin International Holdings Ltd. 126,424
3,500 Peak International Ltd.* (e) 23,735
476,000 Shenzhen Expressway Co., Ltd. 100,623
416,000 United Pacific Industries Ltd. 29,492
63,000 Varitronix International Ltd. 131,147
12,000 Yue Yuen Industrial Holdings Ltd. 27,687
-----------
945,715
-----------
Indonesia -- 2.0%
650,000 EFM Edinburgh Java Trust plc* 133,231
10,200 Gulf Indonesia Resources Ltd.* 117,300
130,500 PT Astra International, Inc.* 30,261
235,000 PT Bakrie & Brothers* 17,880
58,000 PT Hanjaya Mandala Sampoerna* 132,812
257,700 PT Indah Kiat Pulp & Paper Corp.* 119,513
401,880 PT Indorama Synthetics* 87,365
2,500 PT Indosat - ADR 48,750
284,000 PT Pabrik Kertas Tjiwi Kim - Class F* 109,072
136,800 PT Petrosea* 55,017
153,000 PT Ramayana Lestari 108,652
38,000 PT Semen Gresik 82,609
745,740 PT Telekomunikasi Indonesia 432,313
-----------
1,474,775
-----------
Korea -- 11.0%
34,261 Dae Duck Electronics Co.* 372,949
2,916 Dongah Tire Industry Co. 135,786
7,840 Hyundai Heavy Industries* 348,821
550 Korea Asia Fund* 866,250
100 Korea Europe Fund* 273,500
1,900 Korea Telecom Corp. - SP ADR* 76,000
15,220 Pohang Iron and Steel Co., Ltd. - Ordinary Shares 1,801,417
17,797 Samsung Electronics Co. 1,952,673
1,019 Samsung Fire & Marine Insurance 717,482
45,000 Schroder Korea Fund* 500,625
18,720 SK Telecom Co., Ltd - ADR* 318,222
444 South Korea Mobile Telecommunications Corp. Ltd. 594,557
-----------
7,958,282
-----------
Malaysia -- 1.7%(b)(c)
71,000 IJM Corp. Berhad 53,616
128,000 Jaya Tiasa Holdings Berhad 227,002
113,000 Malakoff Berhad 261,167
188,000 Malaysian International Shipping Berhad 298,993
74,000 Malaysian Pacific Industries Berhad 179,497
11,000 Oriental Holdings Berhad 26,179
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
25,250 Perlis Plantations Berhad $25,654
130,000 Public Bank Berhad 85,973
102,000 Selangor Properties Berhad 48,552
28,000 Sime UEP Properties Berhad 31,268
-----------
1,237,901
-----------
Philippines -- 1.1%
235,840 Ayala Land, Inc. - Class B 74,476
375,000 Benpres Holdings* 88,816
14,300 Benpres Holdings Corp. - GDR* 67,925
9,580 Benpres Holdings Corp. - GDR* (144A) (a) 45,321
75,210 Equitable Banking Corp. 195,942
145,927 First Philippine Holdings Corp. 165,128
301,875 Fortune Cement Corp.* 12,711
207,000 Ionics Circuits, Inc.* 77,625
6,225,000 PIPCO Inc.* 63,888
-----------
791,832
-----------
Singapore -- 0.3%
13,600 Creative Technology Ltd. (e) 182,750
9,000 GP Batteries International Ltd. 17,244
-----------
199,994
-----------
Taiwan -- 6.3%
18,000 Asustek Computer, Inc. 202,911
143,000 Bank Sinopac 99,644
38,517 Compal Electronics, Inc. 151,491
50,700 Compeq Manufacturing Co., Ltd* 296,758
89,000 Far East Textile* 132,301
114,400 Hon Hai Precision Industry* 1,034,525
160,355 Nan Ya Plastics Corp.* 265,686
78,000 Phoenixtec Power Co., Ltd 155,807
2,887 Siliconware Precision Industries Co. 38,611
2,729 Siliconware Precision Industries Co. -GDR* 36,505
3,302 Synnex Technology International Corp. - GDR* (e) 74,618
95,154 Taiwan Equity Fund, Inc. 1,290,526
10,000 Taiwan Fund, Inc. 207,500
280,000 Taiwan Securities Investment Trust Co.* 483,416
14,268 Taiwan Semiconductor* 54,571
-----------
4,524,870
-----------
Thailand -- 2.3%
13,500 Alucon Manufacturing Co., Ltd. 28,575
18,000 Bangkok Bank Public Co., Ltd.* 67,408
255,858 First Pacific Land, Ltd.* 76,376
65,500 Hana Microelectronics Public Co., Ltd.* 197,300
61,000 KCE Electronics Public Co., Ltd.* 182,091
94,400 K.R. Precision Public Co., Ltd.* 58,920
117,900 MDX Co., Ltd.* 5,759
73,100 Precious Shipping Ltd.* 31,739
7,300 PTT Exploration & Production Public Co., Ltd.* 55,864
1,916,000 Ruam Pattana Fund II* 358,763
152,900 Saha-Union Corp., Ltd. 68,463
75,600 Shinawatra Satellite Public Co., Ltd. (Foreign
Shares)* 70,266
36,300 Siam Syntech Construction Public Co. Ltd.* 493
18,548 Siliconware Precision Industries Co.* 35,328
63,200 Telecomasia Corp.* 63,886
</TABLE>
11
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
15,940 Thai Union Frozen Products Co., Ltd. $56,233
15,000 Thai-Euro Fund* 168,750
22,300 Thai-German Ceramic Industry Co., Ltd.* 16,037
49,600 The Thai Farmers Bank, Ltd.* 153,444
-----------
1,695,695
-----------
Asian Region -- 1.2%
31,300 Asia Tigers Fund, Inc. 297,350
1,025,000 Edinburgh New Tiger Trust* 238,377
12,200 Southeast Asia Frontier Fund* 91,500
20,000 Templeton Dragon Fund Income 221,250
-----------
848,477
-----------
Total Asia (Cost $15,810,065) 19,747,790
-----------
Latin America -- 20.1%
Argentina -- 1.4%
36,000 Argentina Fund, Inc. 396,000
12,800 Banco Rio de la Plata - ADR 121,600
19,895 CEI Citicorp Holdings SA* 56,709
30,302 Compania Naviera Perez Companc 175,776
23,112 Dragados y Construcciones Argentina -Series B 36,984
1,481 Inversiones y Representaciones - GDR 45,726
26,056 Inversiones y Representaciones SA (144A) (a) 80,263
7,200 Nortel Inversora SA - ADR 125,100
-----------
1,038,158
-----------
Brazil -- 1.5%
30,740,000 Avipal SA - Avicultura e Agropecuaria 36,888
51,000 Brazilian Equity Fund 248,625
25,300 Cia Paranaense Energy - ADR 211,888
4,000,000 Eletropaulo Metropolitana* 178,330
104,239 Gerdau Metalurgica SA 2,356
18,204,000 Tele Centro Sul 96,054
8,900,000 Telemig Celular Participacoes 9,794
8,900,000 Telenordeste Celular Participacoes 7,534
8,900,000 Telenorte Leste Participacoes 80,361
5,310 Vale Do Rio Doce 74,616
6,900 Zaracruz Celulose SA 151,800
-----------
1,098,246
-----------
Chile -- 3.9%
24,900 A.F.P. Provida SA - ADR (e) 547,800
26,100 Chilectra SA - ADR 564,723
11,800 Cristalerias de Chile - ADR (e) 182,163
24,420 Enersis SA - ADR 558,608
250,000 Five Arrows Chile Investment Trust 582,500
5,400 Laboratorio Chile SA - ADR 97,200
25,100 Masisa SA - ADR 263,550
-----------
2,796,544
-----------
Colombia -- 0.7%
60,786 Bavaria 228,079
51,016 Exito 144,080
80,832 Suramericana De Inversio 128,073
-----------
500,232
-----------
Mexico -- 8.1%
72,000 Carso Global Telecom - A-1* 455,243
32,312 Cemex SA de CV 158,959
16,614 Cemex SA de CV - Class B 82,173
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
92,000 Consorcio ARA SA de CV* $369,286
73,000 Corporacion GEO SA de CV - Series B* 309,257
4,517 Corporacion Interamericana de Entretenimiento SA -
Class L* 13,156
21,880 Corporacion Interamericana de Entretenimiento SA* 71,141
26,600 Cydsa SA 38,033
118,000 Embotelladoras Argos - Arsab 136,971
29,300 Empresas Ingenieros Civiles Asociados SA - ADR (e) 197,775
94,000 Empresas Ingenieros Civiles Asociados SA 103,537
16,500 Fomento Economico Mexicano - ADR (e) 657,938
9,900 Grupo Casa Autrey - ADR* 35,888
70,000 Grupo Casa Autrey SA de CV* 27,060
248,000 Grupo Financiero Banamex* 630,375
324,845 Grupo Financiero Banorte Class O Shares* 474,779
64,000 Grupo Posadas SA - L Shares* 44,058
89,428 Grupo Posadas SA - Series A* 61,938
6,100 Grupo Posadas SA - GDR* (144A) (a) 84,453
9,000 Grupo Televisa SA - GDR* 403,313
6,000 Grupo Televisa SA - Series CPO* 134,082
15,000 Grupo Tribasa SA - ADR* 19,688
63,000 Grupo Tribasa SA de CV* 40,034
166,070 Mexico Equity and Income Fund 1,276,663
-----------
5,825,800
-----------
Peru -- 0.6%
62,733 Cementos Norte Pacasmayo SA* 81,862
10,642 Compania de Minas Buenaventura SA 81,407
202,471 Enrique Ferreyros SA* 133,024
7,077 Minas Buenaventura - ADR (e) 108,367
7,031 Sedna Geotech, Inc.* 643
-----------
405,303
-----------
Venezuela -- 0.6%
42,500 Bancaracas Mercados Capital - Class A 19,270
8,000 Cia Anonima Telef De Ven - ADR 218,000
5,741 Electricidad De Caracas* 114,820
28,248 Fondo de Valores - ADR* 82,408
4,667 International Briquettes Holding, Inc. - ADR* 16,335
154 Siderurgica Venazolana Sivensa - ADR (144A) (a) 524
2,895 Sudamtex de Venezuela - ADR* (144A) (a) 2,895
10,920 Venezolana Pulpa y Papel, B Shares -GDR* 1,260
-----------
455,512
-----------
Latin American Region -- 3.3%
400,000 Edinburgh Inca Trust plc* 140,326
212,500 F&C Latin American Investment Trust* 364,438
67,300 Latin American Equity Fund, Inc. 698,238
1,150,000 Morgan Grenfell Latin American Trust plc 1,155,918
-----------
2,358,920
-----------
Total Latin America (Cost $15,211,654) 14,478,715
-----------
</TABLE>
12
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Europe and Middle East -- 13.8%
Croatia -- 0.1%
5,000 Pliva D.D. - GDR* $74,371
1,800 Pliva D.D. - GDR* (144A) (a) 27,090
-----------
101,461
-----------
Czech Republic -- 1.5%
111,950 Ceske Energeticke Zavody AS* 230,304
667 Deza Valasske Mezirici AS 6,785
18,433 SPT Telecom AS* 299,127
29,756 Zivnobanka - Investicni Fond 521,967
-----------
1,058,183
-----------
Egypt -- 0.4%
5,714 Arab International Construction 37,759
1,800 Egypt Pharmaceuticals* 79,228
10,000 Egypt Trust 96,251
500 Heliopolis Housing* 16,726
4,500 Orascom Construction* 60,741
-----------
290,705
-----------
Estonia -- 0.0%
1,200 Estonian Telecom - GDR 23,820
-----------
Greece -- 2.1%
2,030 Alpha Credit Bank 130,901
40,500 Greek Progress Fund SA 861,948
8,851 Hellenic Telecommunications Organization SA 189,779
5,955 Minoan Lines 104,985
2,824 National Bank of Greece SA 184,792
750 Titan Cement Co. SA 69,089
-----------
1,541,494
-----------
Hungary -- 1.6%
5,951 EGIS Rt. 142,499
82,546 Matav Rt. 446,871
6,880 Mol Magyar Olaj - Es Gazipari (Ordinary Shares) 165,883
5,242 OTP Bank Rt. 218,742
11,700 Synergon Information Systems Ltd GDR (144A) (a)* 135,720
-----------
1,109,715
-----------
Israel -- 1.7%
64,000 Bank Hapoalim Ltd. 164,541
34,400 Bezeq Israel Telecom* 138,822
3,720 ECI Telecommunications Ltd. (e) 123,458
1,890 Elite Industries Ltd. 89,022
149,058 Israel Fund (The) plc 160,237
16,600 Koor Industries Ltd. - ADR 388,025
1,000 NICE Systems Ltd.* (e) 27,304
4,300 NICE-Systems Ltd. - ADR* 118,519
-----------
1,209,928
-----------
Lebanon -- 0.0%
6,400 Lebanon Holdings* 35,200
-----------
Lithuania -- 0.0%
5,780 Rokiskio Surio - ADR* 15,028
-----------
Poland -- 1.7%
8,724 Bank Rozwoju Eksportu SA 274,780
38,860 Flemings Poland Funds Ltd.* 312,823
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
17,454 Mostostal Warszawa SA* $105,499
15,347 Orbis SA* 132,295
10,600 Softbank SA - GDR* 389,550
-----------
1,214,947
-----------
Romania -- 0.0%
124,827 Rolast SA* 4,579
-----------
Russia -- 1.1%
25,100 JSC Surgutneftegaz - ADR* (e) 199,169
8,200 Lukoil Oil Co. - ADR* (e) 324,720
New Century Fund XI, LP (b) (c) 106,426
40,200 Surgutneftegaz* 195,975
-----------
826,290
-----------
Slovenia -- 0.0%
800 SKB Banka - GDR (144A) (a) 9,800
-----------
Turkey -- 1.3%
28,986,844 Akbank TAS 426,065
6,926,000 Aksigorta AS 192,932
8,480,000 Haci Omer Sabanci Holding AS 188,976
85,710 Migros Turk TAS 106,678
124,000 Tansas* 32,337
-----------
946,988
-----------
European Region -- 2.3%
200,000 Advance Developing Markets Trust* 362,641
270,000 Baring Emerging Europe Trust* 468,450
800,000 Central European Growth Fund* 589,686
12,690 Julius Meinl International 235,684
81,175 Nelson Gold Corp. Ltd.* 3,298
-----------
1,659,759
-----------
Total Europe and Middle East (Cost $9,585,249) 10,047,897
-----------
India Sub-Continent -- 6.1%
India -- 5.9%
55,350 Bharat Heavy Electricals* 314,387
23,000 Bharat Petroleum Corp. 139,668
16,400 BSES Ltd. 56,478
7,400 BSES Ltd. (144A) (a)* 74,925
6,000 Cipla Ltd. 198,314
21,600 Essel Packaging Ltd.* 139,146
19,640 Gujarat Ambuja Cements - GDR 162,521
7,500 Hindalco Industries Ltd.* 108,837
45,800 Hindustan Petroleum Corp. Ltd.* 262,787
2,000 Housing Development Finance Corp. Ltd.* 102,609
47,500 India Fund Inc.* 1,122,188
15,000 IS Himalayan Fund NV* 193,500
30,500 Mahanagar Telephone Nigam Ltd.* 130,986
9,350 NIIT Ltd.* 438,895
5,200 Pentafour Software 136,874
7,500 Satyam Computer Services* 219,571
15,946 Tata Engineering & Locomotion Co.* 75,588
11,456 Tata Engineering & Locomotive Ltd. - GDR* 65,872
85,662 Tata Iron & Steel Co., Ltd. 276,903
-----------
4,220,049
-----------
</TABLE>
13
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Pakistan -- 0.2%
39,400 Hub Power Co., Ltd.* $10,777
49,999 Pakistan State Oil Co., Ltd. 89,717
210,772 Sui Northern Gas Pipelines* 34,141
-----------
134,635
-----------
Sri Lanka -- 0.0%
4,693 Aitken Spence & Co., Ltd. 6,366
6,300 Development Financial Corp. of Ceylon 8,722
15,221 National Development Bank 18,518
-----------
33,606
-----------
Total India Sub-Continent (Cost $4,491,310) 4,388,290
-----------
Africa -- 4.9%
Botswana -- 0.2%
117,800 Sechaba Investment Trust 134,296
-----------
Ghana -- 0.2%
13,850 Ashanti Goldfields Co., Ltd. - GDR 96,084
-----------
South Africa -- 4.5%
44,200 Amalgamated Banks of South Africa 250,133
2,900 Anglo American plc* 135,521
228,538 CorpGro Ltd. 151,488
186,300 C.G. Sugar Ltd. 205,302
585 Edgars Stores Ltd. 4,547
18,357 Imperial Holdings Ltd.* 182,521
7,471 Liberty International plc* 49,460
12,225 Liberty Life Association of Africa 156,598
141,600 Molope Group Ltd.* 92,687
720,000 Old South Africa Trust 1,163,605
53,500 Protea Furnishers 41,048
37,242 Sasol Ltd. 265,684
25,308 South Africa Breweries 219,760
100,369 Super Group Ltd. 192,106
229,100 Unibank Investment Holdings 111,997
24,000 Wooltru, Ltd. 40,964
-----------
3,263,421
-----------
Zimbabwe -- 0.0%
200,000 Trans Zambezi Industries Ltd. 15,000
-----------
Total Africa (Cost $3,860,952) 3,508,801
-----------
General Emerging Markets -- 0.9%
450,000 Foreign & Colonial Emerging Markets plc* 436,352
100,000 Templeton Emerging Markets Investment Trust plc 208,124
-----------
Total General Emerging Markets (Cost $638,515) 644,476
-----------
Total Common Stocks & Commingled Investment
Companies (Cost $49,597,745) 52,815,969
-----------
Limited Partnerships -- 19.3%
Everest Capital Frontier Ltd. L.P. (b)(c) 1,870,513
Explorador Fund, L.P. (b)(c) 2,933,965
Investable Emerging Markets Country Fund L.P. (b)(c) 9,129,851
-----------
Total Limited Partnerships (Cost $15,122,143) 13,934,329
-----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Preferred Stocks -- 5.1%
Brazil -- 4.2%
7,500,000 Banco do Estada de Sao Paulo SA $318,284
323,912 Celular Crt Participacoes SA 43,871
440,000 Cia Cimento Portland Itau 42,210
3,187,000 Cia Electricidade Bahia 75,538
2,470,000 Cia Energetica Brasilia 41,817
1,368,666 Cia Energetica do Brasilia - Class B 22,399
99,100,000 Cia Energetica do Ceara - Class A 251,664
323,912 Cia Riograndense Telecom 76,774
400,000 Cia Tecidos Norte de Mina 33,409
319,000 Empresa Brasileira de Compressores SA 108,013
289,000 Industrian Klabin de Papel e Celulose SA* 146,783
302,000 Itausa-Investimentos 156,795
514,000 Iven SA* 66,717
97,800 Marcopolo SA 115,903
5,644,591 Metalurgica Gerdau SA 168,828
3,149,000 Patroleo Brasileiro SA 488,699
8,812,000 Tele Centro Sul 97,469
74,300,000 Tele Nordeste Celular 99,794
21,800,000 Telemig Celular Parricipacoes 27,435
25,900,000 Telenorte Leste 460,412
2,720,000 Telesp Celular SA - Class B 138,149
2,700,000 Votorantim Celulose Papel SA 77,709
-----------
3,058,672
-----------
Hungary -- 0.0%
1,040 OTP Bank Rt.* 19,785
-----------
Korea -- 0.3%
4,550 Samsung Electronics Co. 253,542
-----------
Thailand -- 0.6%
24,000 Siam Commercial Bank* 34,193
323,000 Tisco Finance Public Co. Ltd.* 396,628
-----------
430,821
-----------
Total Preferred Stocks (Cost $4,380,648) 3,762,820
-----------
Rights -- 0.1%
Brazil -- 0.0%
136,510 Celular CRT Participacoes* 0
-----------
Greece -- 0.0%
3,970 Minoan Lines* 8,891
-----------
Korea -- 0.1%
102 South Korea Mobile Telecommunications* 52,196
-----------
Peru -- 0.0%
7,031 Sedna Geotech, Inc. (Peru)* 0
-----------
Total Rights (Cost $0) 61,087
-----------
</TABLE>
14
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 1999
<TABLE>
<CAPTION>
Number Expiriation
of Shares Date Value +
<C> <S> <C> <C>
Warrants -- 0.7%
75,000 F & C Latin American Investment Trust
(Latin America)* 07/31/00 $71,625
10,000 GP Batteries International (Singapore)* 11/15/00 12,200
250,000 Morgan Grenfell Latin American (Latin
America)* 06/30/10 82,777
58,506 Moulin International Holdings Ltd. (Hong
Kong)* 10/16/99 83
18,080 PT Indah Kiat Pulp & Paper (Indonesia)* 07/11/02 5,503
73,000 Siam Commercial Bank (Thailand)* 05/10/02 26,756
1,225 Thai Farmers Bank (Thailand)* 09/15/02 289
323,000 Tisco Finance (Thailand)* 05/31/02 302,402
-----------
Total Warrants (Cost $153,117) 501,635
-----------
Total Long Term Investments (Cost $69,253,653) 71,075,840
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date
<C> <S> <C> <C> <C>
Short Term Investments -- 4.6%
Repurchase Agreement -- 1.4%
$1,005,743 Investors Bank & Trust Company -- Repurchase
Agreement, issued 6/30/99 (proceeds at maturity
$1,005,862)
(Collateralized by $1,016,830 FNMA ARM 6.95% due
11/01/26, with a market value of $1,056,218)
(Cost $1,005,743) 4.250% 07/01/99 1,005,743
-----------
Time Deposit -- 3.2%
2,295,280 BankBoston NA(d) (Cost $2,343,880) 5.995% 07/01/99 2,343,880
-----------
Total Short Term Investments (Cost $3,349,623) 3,349,623
-----------
Total Investments -- 102.9% (Cost $72,603,276) 74,425,463
Liabilities in excess of other
assets -- (2.9%) (2,108,073)
-----------
Net Assets -- 100.0% $72,317,390
===========
</TABLE>
Summary of Industry Classifications
(as a % of total market value):
<TABLE>
<S> <C>
Banking 5.1%
Basic Industries 3.3
Consumer Cyclical 8.4
Consumer Non-Cyclical 1.0
Diversified Investment Vehicles 37.5
Energy 2.6
Financial Services 8.8
Industrial 14.4
Insurance 2.2
Metals & Mining 4.5
Miscellaneous 1.6
Repurchase Agreements 1.4
Technology 3.6
Utilities 5.6
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ See Note 2 to the Financial Statements.
ADR American Depository Receipt
GDR Global Depository Receipt
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933. Security may be resold in transactions exempt from registration,
normally to qualified buyers. At June 30, 1999, the market value of these
securities was $460,991 or 0.64% of the portfolio.
(b) Security is valued in good faith under procedures established by the board
of directors.
(c) Restricted Security
(d) Investment from cash collateral received for securities on loan at June
30, 1999.
(e) Security or portion thereof was on loan at June 30, 1999.
</TABLE>
See accompanying Notes to Financial Statements.
15
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Long Term Investments -- 95.2%
Common Stocks -- 92.4%
Aerospace -- 0.7%
61,500 AAR Corp. $1,395,258
9,300 Emerson
Electric, Inc. 584,738
4,200 United
Technologies
Corp.* 301,088
-------------
2,281,084
-------------
Agriculture/Food -- 0.1%
45,161 Buenos Aires
Embotelladora
S.A. - ADR
(Argentina)* 0
750,000 Eastern Equities
Corp. Ltd. 234,614
15,000 Eskimo Pie Corp. 129,375
-------------
363,989
-------------
Airlines -- 0.2%
7,100 Delta Airlines,
Inc. 409,138
6,200 KLM Royal Dutch
Airlines 177,088
-------------
586,226
-------------
Banks -- 7.5%
68,700 BankAmerica
Corp. 5,036,569
25,200 Bank One Corp. 1,500,975
9,662 BB&T Corp. 354,475
19,580 CCB Financial
Corp. 1,035,293
62,000 Chase Manhattan
Corp. 5,370,750
53,500 Chittenden Corp. 1,671,875
112,300 Citigroup, Inc. 5,334,250
7,100 Comerica, Inc. 422,006
42,727 Hudson United
Bancorp 1,308,513
4,300 J.P. Morgan &
Co., Inc. 604,150
12,834 Mercantile
Bancorporation 733,142
9,400 PNC Bank Corp. 541,675
33,000 Six Rivers
National Bank -
Eureka* 445,500
2,100 Wachovia Corp. 179,681
-------------
24,538,854
-------------
Chemicals -- 3.0%
110,900 Albemarle Corp. 2,564,563
4,200 Cytec
Industries,
Inc.* 133,875
2,600 Dow Chemical Co. 329,875
74,160 Ecoscience
Corp.* 106,605
20,400 FMC Corp.* 1,393,575
90,400 McWhorter
Technologies,
Inc.* 1,305,150
3,800 Monsanto Co. 149,863
49,800 Scotts Co. -
Class A* 2,371,725
47,600 Tredegar Corp. 1,035,300
27,200 W.R. Grace &
Co.* 499,800
-------------
9,890,331
-------------
Circuits -- 0.2%
6,500 Motorola, Inc. 615,875
-------------
Computer Software -- 5.2%
41,500 BroadVision,
Inc.* 3,060,625
10,400 Computer
Associates
International,
Inc. 572,000
125,900 Conductus, Inc.* 243,931
163,700 Metrowerks,
Inc.* 597,259
129,200 Microsoft Corp.* 11,652,225
24,100 Oracle Corp.* 894,713
-------------
17,020,753
-------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Computers -- 4.8%
7,200 3Com Corp.* $192,150
103,000 Bull Run Corp.* 431,313
57,500 Cisco Systems,
Inc.* 3,708,750
13,800 Dell Computer
Corp.* 510,600
14,600 EMC Corp.* 803,000
6,500 Gateway, Inc.* 383,500
12,100 Hewlett-Packard
Co. 1,216,050
16,200 Ingram Micro,
Inc. - Class A* 417,150
50,800 International
Business
Machines Corp. 6,565,900
6,200 Lexmark
International
Group, Inc.* 409,588
41,300 Seagate
Technology,
Inc.* 1,058,313
-------------
15,696,314
-------------
Construction -- 1.7%
8,300 Caterpillar,
Inc. 498,000
166,700 Johns Manville
Corp. 2,167,100
100,700 Layne, Inc.* 641,963
176,800 Walter
Industries,
Inc.* 2,287,350
-------------
5,594,413
-------------
Data Processing -- 0.1%
5,000 Automatic Data
Processing,
Inc. 220,000
-------------
Electrical Utilities -- 1.1%
6,900 FPL Group, Inc. 376,913
22,100 PECO Energy Co. 925,438
29,700 Public Service
Enterprise
Group, Inc. 1,213,988
22,100 Reliant Energy,
Inc. 610,513
8,000 Texas Utilities
Co. 330,000
-------------
3,456,852
-------------
Electronic Equipment -- 2.4%
62,000 Checkpoint
Systems, Inc.* 554,125
2,500 Honeywell, Inc. 289,688
83,500 Lucent
Technologies,
Inc. 5,631,032
30,000 Rogers Corp.* 885,000
7,500 Solectron Corp.* 500,156
-------------
7,860,001
-------------
Electronics -- 1.2%
14,400 PG & E Corp. 468,000
71,600 Sensormatic
Electronics
Corp.* 997,925
676,000 Strategic
Diagnostic,
Inc.* 2,535,000
-------------
4,000,925
-------------
Financial -- 0.7%
103,000 San Juan Basin
Royalty Trust 836,875
34,000 Xtra Corp.* 1,561,875
-------------
2,398,750
-------------
Financial Services -- 5.4%
8,800 Countrywide
Credit
Industries,
Inc. 376,200
18,000 Equitable
Companies, Inc. 1,206,000
8,300 Federal Home
Loan Mortgage
Corp. 481,400
20,100 Federal National
Mortgage
Association 1,374,338
71,300 General Electric
Co. 8,056,900
37,400 Household
International,
Inc. 1,771,825
8,200 Lehman Brothers
Holdings, Inc. 510,450
33,500 Morgan Stanley
Dean Witter &
Co. 3,433,750
12,900 Paychex, Inc. 411,188
-------------
17,622,051
-------------
</TABLE>
16
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Food & Beverages -- 4.5%
4,200 Anheuser-Busch
Companies, Inc. $297,938
15,900 Canandaigua Wine
Co., Inc. -
Class A* 833,756
11,800 Coca-Cola Co. 737,500
3,600 General Mills,
Inc. 289,350
2,900 Heinz (H.J.) Co. 145,363
76,900 IBP, Inc. 1,826,375
9,200 Keebler Foods
Co.* 279,450
13,900 Michael Foods,
Inc. 326,650
168,400 Pepsi-Cola
Puerto Rico
Bottling Co. -
Class B* 926,200
52,300 Philip Morris
Co., Inc. 2,101,806
7,000 Pilgrim's Pride
Corp.* 210,000
123,300 Ralcorp
Holdings, Inc.* 1,980,506
57,900 Safeway, Inc.* 2,866,050
34,400 Smithfield
Foods, Inc.* 1,150,250
16,400 Sysco Corp. 488,925
18,800 Tyson Foods,
Inc. - Class A 423,000
-------------
14,883,119
-------------
Health Care -- 1.7%
290,500 Embrex, Inc.* 2,451,094
7,800 IMS Health,
Inc.* 243,750
267,100 Pharmchem
Laboratories* 751,219
53,500 Protocol
Systems, Inc.* 464,781
16,700 Tenet Healthcare
Corp.* 309,994
30,000 Universal Health
Services,
Inc. - Class B* 1,432,500
-------------
5,653,338
-------------
Home Products -- 1.7%
8,600 Fortune Brands,
Inc. 355,825
14,900 Libbey, Inc. 432,100
52,400 Procter & Gamble
Co. 4,676,700
-------------
5,464,625
-------------
Hotels/Restaurants -- 0.9%
47,766 Morrison Health
Care, Inc. 1,194,150
80,000 Ruby Tuesday,
Inc. 1,520,000
17,500 Ryan's Family
Steak House,
Inc.* 203,438
-------------
2,917,588
-------------
Industrial Parts -- 0.8%
7,200 Ingersoll-Rand
Co. 465,300
23,400 Tyco
International
Ltd. 2,217,150
-------------
2,682,450
-------------
Industrial Services -- 0.3%
30,900 Pittston Brink's
Group 826,575
-------------
Information Services -- 2.0%
48,200 Ambassadors
International,
Inc.* 716,975
17,600 America Online,
Inc.* 1,944,800
38,200 Galileo
International,
Inc. 2,041,313
33,500 PAREXEL
International
Corp.* 445,969
22,200 SunGard Data
Systems, Inc.* 765,900
4,100 Yahoo!, Inc.* 706,225
-------------
6,621,182
-------------
Insurance -- 4.0%
5,100 Aetna, Inc. 456,131
101,100 Allstate Corp. 3,626,963
8,300 Ambac Financial
Group, Inc. 474,138
13,400 American
International
Group 1,568,638
5,200 Cigna Corp. 462,800
169,700 CNA Surety Corp. 2,598,531
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
68,600 Conseco, Inc. $2,088,013
8,400 Hartford
Financial
Services Group 489,825
4,800 Lincoln National
Corp.* 251,100
7,500 Loews Corp. 593,438
8,800 Travelers
Property
Casualty 344,300
------------
12,953,877
------------
Leisure -- 1.5%
21,900 Carnival Corp. 1,062,150
2,800 Eastman Kodak
Co. 189,700
30,000 Pegasus Systems,
Inc.* 1,123,125
71,800 Polaroid Corp. 1,983,475
41,000 Rawlings
Sporting Goods
Co.* 404,875
------------
4,763,325
------------
Media -- 0.3%
12,900 Time Warner,
Inc. 948,150
------------
Medical Products &
Supplies -- 1.1%
9,000 Dentsply
International,
Inc. 252,000
129,900 General Surgical
Innovations,
Inc.* 560,194
5,800 Guidant Corp. 298,338
84,000 InnerDyne, Inc.* 168,000
47,500 Perclose, Inc.* 2,282,969
------------
3,561,501
------------
Medical Providers -- 0.1%
7,800 Columbia/HCA
Healthcare
Corp. 177,938
3,600 United
Healthcare
Corp. 225,450
------------
403,388
------------
Mining & Metals -- 0.6%
2,900 Stillwater
Mining Co.* 94,794
100,200 Valmont
Industries,
Inc. 1,706,536
37,100 Zimbabwe
Platinum* 8,350
------------
1,809,680
------------
Motor Vehicles -- 1.4%
6,010 Delphi
Automotive
Systems Corp. 111,561
73,300 Ford Motor Co. 4,136,869
5,400 General Motors
Corp. 356,400
------------
4,604,830
------------
Multimedia -- 1.6%
49,400 CBS Corp.* 2,145,813
100,500 Gray
Communications
Systems,
Inc. - Class B 1,419,563
8,800 McGraw-Hill
Companies, Inc. 474,650
4,000 Tribune Co. 348,500
15,600 Viacom, Inc. -
Class B* 686,400
------------
5,074,926
------------
Oil & Gas -- 2.6%
12,500 Coastal Corp. 500,000
60,500 Exxon Corp. 4,666,063
23,600 Imperial Oil
Ltd. 446,925
8,000 Phillips
Petroleum Co. 402,500
155,500 Pioneer Natural
Resources Co. 1,710,500
3,500 Texaco, Inc. 218,750
16,400 USX-Marathon
Group, Inc. 534,025
------------
8,478,763
------------
</TABLE>
17
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Paper & Forest Products --
3.0%
107,299 Albany
International
Corp. - Class
A* $2,226,454
79,600 Caraustar
Industries,
Inc. 1,965,125
10,200 Georgia-Pacific
Group 483,225
26,000 Kimberly-Clark
Corp. 1,482,000
148,100 Playtex
Products, Inc.* 2,304,806
50,900 United
Stationers,
Inc.* 1,119,800
3,100 Weyerhaeuser Co. 213,125
------------
9,794,535
------------
Pharmaceuticals -- 6.3%
30,700 Amgen, Inc.* 1,868,863
47,600 Bergen Brunswig
Corp. 821,100
9,000 Biogen, Inc.* 578,813
89,900 Bristol-Myers
Squibb Co. 6,332,331
5,800 Cardinal Health,
Inc. 371,925
2,900 Eli Lilly & Co. 207,713
22,100 Johnson &
Johnson 2,165,800
50,800 Owens & Minor,
Inc. 558,800
21,200 Merck & Co.,
Inc. 1,568,800
13,000 Pfizer, Inc. 1,426,750
61,400 Schering-Plough
Corp. 3,254,200
21,300 Warner-Lambert
Co. 1,477,688
------------
20,632,783
------------
Producer Goods -- 1.1%
50,000 C&D
Technologies,
Inc. 1,531,250
12,500 Hussmann
International,
Inc. 207,031
79,400 Scotsman
Industries,
Inc. 1,712,063
------------
3,450,344
------------
Publishing -- 1.3%
23,800 Gannett Co.,
Inc. 1,698,726
148,800 Primedia, Inc.* 2,520,300
------------
4,219,026
------------
Railroads -- 2.0%
94,600 Canadian Pacific
Ltd. 2,252,663
88,000 Westinghouse Air
Brake Co. 2,282,500
112,900 Wisconsin
Central
Transportation
Corp.* 2,130,988
------------
6,666,151
------------
Retail (Other) -- 4.8%
10,800 Best Buy Co.,
Inc.* 729,000
75,125 Consolidated
Stores Corp.* 2,028,375
5,800 Dayton Hudson
Corp. 377,000
800,000 DB Group Ltd.* 954,360
5,600 Federated
Department
Stores, Inc.* 296,450
14,250 GAP Stores* 717,844
119,400 Geerlings &
Wade, Inc.* 955,200
21,600 Home Depot, Inc. 1,391,850
10,710 Intimate Brands,
Inc. 507,386
30,100 K Mart Corp.* 494,769
3,500 Loews Cos., Inc. 198,406
12,300 May Department
Stores 502,763
27,100 Sears, Roebuck
and Co. 1,207,644
3,800 The Limited,
Inc. 172,425
16,000 TJX Companies,
Inc. 533,000
47,700 Trans World
Entertainment
Corp.* 536,625
72,100 Wal-Mart Stores,
Inc. 3,478,825
12,600 Zale Corp.* 504,000
------------
15,585,922
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Semiconductor -- 2.2%
8,500 Applied Materials,
Inc.* $627,938
109,900 Intel Corp. 6,539,050
-------------
7,166,988
-------------
Services -- 0.9%
4,300 Equifax, Inc. 153,456
115,700 Exponent, Inc.* 809,900
36,500 Hilb, Rogal &
Hamilton Co. 816,688
37,950 ITT Educational
Services, Inc.* 989,072
15,000 Volt Information
Sciences, Inc.* 343,125
-------------
3,112,241
-------------
Steel -- 0.2%
30,844 Allegheny
Teledyne, Inc. 697,846
-------------
Telecommunications -- 6.7%
5,200 Ameritech Corp. 382,200
91,550 AT & T Corp. 5,109,634
3,600 BCE, Inc. 177,525
38,400 Bell Atlantic
Corp. 2,510,400
108,000 BellSouth Corp. 5,062,500
11,500 CenturyTel, Inc. 457,125
27,000 MCI Worldcom,
Inc.* 2,328,750
81,900 SBC
Communications,
Inc. 4,750,200
12,200 Sprint Corp. 644,313
9,100 U.S. West, Inc. 534,625
-------------
21,957,272
-------------
Thrifts -- 1.8%
26,000 Carolina First
Corp. 633,750
55,566 Charter One
Financial, Inc. 1,545,429
31,395 Downey Financial
Corp. 688,728
11,000 First Washington
Bancorp, Inc. 220,688
42,000 Peoples Bank of
Bridgeport,
Connecticut 1,278,375
41,500 Riverview Bancorp,
Inc. 466,875
100,000 Seacoast Financial
Services Corp.* 1,137,500
-------------
5,971,345
-------------
Transportation -- 2.7%
35,250 Air Express
International
Corp. 894,469
60,000 Airborne Freight
Corp. 1,661,250
41,800 Circle
International
Group, Inc. 914,375
40,000 CNF
Transportation,
Inc. 1,535,000
76,900 Fritz Companies,
Inc.* 826,675
117,000 Kirby Corp.* 2,478,938
40,000 Pittston Bax
Group, Inc. 380,000
-------------
8,690,707
-------------
Total Common
Stocks (Cost
$250,494,024) 301,738,895
-------------
Limited Partnership -- 2.7%
Gotham Partners
(b)(c) (Cost
$5,925,000) 8,736,200
-------------
Preferred Stocks -- 0.1%
100,000 Conductus, Inc.
Series B (b) 270,000
36,875 Norian Corp.
(144A) (a)(b)(c) 103,250
-------------
Total Preferred
Stocks (Cost
$476,500) 373,250
-------------
Warrants -- 0.0%
20,000 Conductus, Inc.
Warrants* (Cost
$0) 0
-------------
Total Long Term
Investments
(Cost
$256,895,524) 310,848,345
-------------
</TABLE>
18
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short Term Investments -- 4.7%
Repurchase Agreement -- 4.1%
$13,329,742 Investors Bank & Trust Company -
Repurchase Agreement, issued
06/30/99 (proceeds at maturity
$13,331,316) (Collateralized by
$8,630,480 FHLMC FHR 5.20% due
12/15/08, with a market value of
$8,608,703, and $5,275,994 GNMA ARM
#008061 6.125% due 10/20/22, with a
market value of $5,387,760)
(Cost $13,329,742) 4.250% 07/01/99 $13,329,742
------------
U.S. Treasury -- 0.6%#
2,020,000 U.S. Treasury Bill
(Cost $1,998,931)++ 4.600% 09/23/99 1,998,461
------------
------------
Total Short Term Investments
(Cost $15,328,673) 15,328,203
------------
Total Investments -- 99.9%
(Cost $272,224,197) 326,176,548
Other Assets in Excess of
Liabilities -- 0.1% 405,423
------------
Net Assets -- 100.0% $326,581,971
============
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Short
Portfolio --
(0.0%)
Electronics --
(0.0%)
600 VideoLan
Technologies,
Inc.
(Proceeds
$77,718)* $(6)
---
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin
for financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to maturity at the time of purchase.
ADR American Depository Receipt
ARM Adjustable Rate Mortagage
FHLMC Federal Home Loan Mortgage Corporation
FHR Freddie Mac
GNMA Government National Mortgage Association
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from
registration, normally to qualified buyers. At June 30, 1999, the
aggregate value of these securities was $103,250, or 0.03% of the
portfolio.
(b) Security is valued in good faith under procedures established by the
board of directors.
(c) Restricted Security.
</TABLE>
See accompanying Notes to Financial Statements
19
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Long Term Investments -- 112.5%
Notes & Bonds -- 110.6%
U.S. Treasury Securities -- 13.4%
$915,000 U.S. Treasury Bond 4.750% 02/15/04 $879,258
700,000 U.S. Treasury Bond 5.250% 02/15/29 628,250
400,000 U.S. Treasury Bond 5.500% 08/15/28 365,250
625,000 U.S. Treasury Bond 6.125% 11/15/27 619,141
35,000 U.S. Treasury Bond 7.500% 11/15/16 39,342
2,610,000 U.S. Treasury Bond 8.000% 11/15/21 3,140,156
200,000 U.S. Treasury Bond 8.125% 05/15/21 242,875
265,000 U.S. Treasury Bond 9.250% 02/15/16 344,417
75,000 U.S. Treasury Note 4.250% 11/15/03 70,758
2,160,000 U.S. Treasury Note 4.750% 11/15/08 1,982,476
1,435,000 U.S. Treasury Note 5.250% 11/15/28 1,269,975
3,360,000 U.S. Treasury Note 5.375% 05/15/09 3,281,252
570,000 U.S. Treasury Note 5.500% 12/31/00 570,178
250,000 U.S. Treasury Note 5.625% 11/30/99 250,664
1,200,000 U.S. Treasury Note 5.625% 11/30/00 1,202,626
190,000 U.S. Treasury Note 5.750% 10/31/00 190,713
90,000 U.S. Treasury Note 5.750% 08/15/03 90,000
55,000 U.S. Treasury Note 5.875% 02/15/04 55,292
95,000 U.S. Treasury Note++ 5.875% 07/31/99 95,119
955,000 U.S. Treasury Note 6.250% 02/15/03 971,116
250,000 U.S. Treasury Note++ 6.375% 07/15/99 250,235
810,000 U.S. Treasury Note 6.375% 09/30/01 823,416
365,000 U.S. Treasury Note 6.375% 08/15/02 371,958
1,040,000 U.S. Treasury Note 6.500% 08/15/05 1,072,176
725,000 U.S. Treasury Note 6.750% 04/30/00 733,609
2,785,000 U.S. Treasury Note 7.000% 07/15/06 2,950,359
260,000 U.S. Treasury Note 7.125% 02/29/00 263,250
6,350,000 U.S. Treasury Strip 5.630%# 11/15/21 1,571,555
4,070,000 U.S. Treasury Strip 5.670%# 02/15/20 1,112,205
------------
Total U.S. Treasury Securities
(Cost $25,606,506) 25,437,621
------------
Agency Mortgage-Backed Securities -- 47.7%
6,195,807 FHLMC 6.000% 04/01/14 6,003,852
5,971,586 FHLMC 6.000% 02/01/29 5,635,290
1,875,000 FHLMC 6.300% 03/15/23 1,852,013
1,165,910 FHLMC (IO) 7.000% 05/15/08 160,875
2,685,689 FHLMC 7.500% 12/01/27 2,722,423
1,253,051 FHLMC 8.500% 06/01/12 1,298,642
770,000 FNMA 4.625% 10/15/01 750,570
4,116,000 FNMA 5.125% 02/13/04 3,943,852
725,000 FNMA 6.000% 05/15/08 701,083
650,000 FNMA 6.420% 12/01/07 639,402
4,277,489 FNMA 6.500% 04/01/28 4,142,551
1,233,016 FNMA 6.500% 05/01/28 1,194,119
1,927,744 FNMA 6.500% 05/01/28 1,866,931
877,350 FNMA 6.500% 06/01/28 849,673
2,915,693 FNMA 6.500% 06/01/28 2,823,714
884,893 FNMA 6.980% 06/01/07 900,601
600,854 FNMA 7.000% 03/01/24 596,880
480,065 FNMA 7.000% 03/01/24 476,889
1,650,000 FNMA 7.160% 01/25/22 1,678,925
577,192 FNMA 9.000% 03/01/25 611,394
5,070,000 FNMA (TBA) 6.000% 07/14/29 4,905,225
9,900,000 FNMA (TBA) 6.500% 07/14/29 9,581,344
420,451 GNMA 6.875% 01/20/18 427,245
350,843 GNMA 7.000% 07/15/23 348,273
631,512 GNMA 7.000% 05/15/24 626,885
3,872,543 GNMA 7.000% 12/15/28 3,837,516
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$428,949 GNMA 7.000% 08/20/17 $437,343
263,799 GNMA 7.000% 12/20/17 268,247
83,683 GNMA 7.000% 09/20/21 85,154
295,921 GNMA 7.000% 05/15/24 293,753
959,016 GNMA 7.000% 06/15/28 950,342
606,335 GNMA 7.500% 08/15/27 614,023
694,288 GNMA 7.500% 06/15/26 703,090
696,196 GNMA 7.500% 07/15/26 705,023
792,553 GNMA 7.500% 12/15/25 802,725
756,916 GNMA 7.500% 08/15/27 766,512
303,136 GNMA 9.500% 10/15/24 328,404
15,000,000 GNMA (TBA) 6.500% 07/22/29 14,473,828
787,642 GNMA (ARM) 6.875% 04/20/24 799,979
5,000,000 GNMA (TBA) 7.000% 07/22/29 4,949,023
1,760,096 GNMA II 4.500% 05/20/28 1,752,527
1,988,645 GNMA II 4.500% 06/20/28 1,980,096
1,626,096 GNMA II 5.500% 05/20/28 1,642,281
410,863 GNMA II 5.500% 06/20/28 414,952
------------
Total Agency Mortgage-Backed Securities (Cost
$91,489,436) 90,543,469
------------
U.S. Government Agency Obligation -- 0.0%+++
80,000 Tennessee Valley Authority
(Cost $84,506) 6.375% 06/15/05 79,930
------------
Corporate Obligations -- 34.0%
250,000 Aes Corp. 8.375% 08/15/07 235,000
815,000 Aflac, Inc. 6.500% 04/15/09 769,952
222,767 American Airlines, Ser. 1991-A,
Class A-1 9.710% 01/02/07 238,812
100,000 AMFM, Inc. 9.000% 10/01/08 101,750
700,000 Artesia Bank S.C. 144A (a) 7.250% 09/29/49 645,091
50,000 Associated Estates Realty 8.375% 04/15/00 49,710
210,000 Associates Corp. NA 5.875% 07/15/02 206,972
1,250,000 Associates Corp. NA 6.000% 04/15/03 1,224,985
500,000 AT&T Corp. 6.000% 03/15/09 469,293
370,000 Banc One Corp. 7.250% 08/01/02 377,956
1,250,000 Bankamerica Corp. 6.625% 08/01/07 1,221,280
810,000 Bayard Drilling 11.000% 06/30/05 883,390
1,200,000 Bear Stearns Co., Inc. 6.750% 12/15/07 1,153,700
250,000 Beaver Valley Funding Corp. II 9.000% 06/01/17 271,419
650,000 Cable & Wireless Communications 6.750% 12/01/08 621,645
250,000 California Steel Industries 8.500% 04/01/09 243,438
660,000 Case Credit Corp., Ser. MTN 6.150% 03/01/02 649,527
250,000 Century Communications 9.900% 03/15/03 174,688
635,000 Chartwell Re Holdings 10.250% 03/01/04 660,654
930,000 Chevron Corp.
(144A) (a) 7.327% 01/01/24 947,372
770,000 CIT Group 6.500% 06/14/02 771,765
1,565,000 Compania Telecom Chile 7.625% 07/15/06 1,467,957
820,000 Conoco, Inc. 6.950% 04/15/29 765,906
670,000 Countrywide Home Loans, Inc. 5.620% 10/16/00 664,373
</TABLE>
20
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$335,000 Credit Suisse-London Branch 7.900% 05/01/07 $326,145
675,000 Cummins Engine Co., Inc. 5.650% 03/01/98 442,816
1,100,000 Deutsch Bank 7.872% 12/29/49 1,058,798
120,000 Dresdner Funding Trust I (144A)
(a) 8.151% 06/30/31 114,845
929,000 Duquesne Light Co. 8.700% 06/01/16 1,009,749
860,000 East Coast Power 7.066% 03/31/12 790,600
865,000 Edperbrascan Corp. 7.125% 12/16/03 845,570
1,500,000 El Paso Natural Gas Co. 6.750% 11/15/03 1,492,905
840,000 Eli Lilly & Co. 7.125% 06/01/25 838,440
1,050,000 Equity Residential Property 7.100% 06/23/04 1,049,524
250,000 Federal-Mogul Co. 7.500% 01/15/09 230,406
1,050,000 Federal National Mortgage
Association 5.625% 05/14/04 1,024,690
1,000,000 Federated Department Stores 7.450% 07/15/17 1,002,400
1,200,000 First Union Corp. 6.400% 04/01/08 1,142,520
250,000 Flores & Rucks 9.750% 10/01/06 258,750
1,190,000 Florida Windstorm Underwriting 6.500% 08/25/02 1,185,571
1,395,000 Ford Motor Co. 6.375% 02/01/29 1,212,036
1,000,000 Ford Motor Credit Corp. 6.500% 02/28/02 1,003,510
300,000 Foreningsparbwnkwn AB (144A) (a) 7.500% 09/29/49 287,540
470,000 Fremont General Corp. 7.875% 03/17/09 457,168
170,000 General Motors Acceptance Corp. 4.960% 04/20/00 169,758
910,000 General Motors Acceptance Corp. 6.850% 06/17/04 917,139
500,000 Global Marine, Inc. 7.125% 09/01/07 487,446
760,000 Goldman Sachs Group LP (144A) (a) 7.800% 07/15/02 786,108
205,000 Greyhound Lines 11.500% 04/15/07 232,155
250,000 GTE Corp. FRN 5.135% 06/12/00 249,725
1,000,000 GTE Florida, Inc. 6.310% 12/15/02 995,001
675,000 Heller Financial, Inc. 5.870% 11/01/00 671,466
350,000 HMH Properties 7.875% 08/01/05 330,750
200,000 Hollinger International
Publishing, Inc. 8.625% 03/15/05 202,500
1,250,000 IBM Corp. 6.500% 01/15/28 1,154,723
695,000 ICI Wilmington 6.750% 09/15/02 694,385
953,264 Jasmine Submarine
Telecommunications (144A) (a) 8.483% 05/30/11 898,442
165,000 Jet Equipment Trust (144A) (a) 9.710% 08/15/13 187,506
595,000 Kern River Funding Corp. (144A)
(a) 6.720% 09/30/01 593,643
990,000 Laidlaw, Inc. 7.650% 05/15/06 963,516
660,000 Lehman Brothers Holdings, Inc. 6.625% 02/05/06 631,578
980,000 Lehman Brothers Holdings, Inc. 7.250% 04/15/03 983,411
800,000 Lockheed Martin Corp. 6.850% 05/15/01 803,596
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$400,000 Lumbermens Mutual Casualty (144A)
(a) 8.450% 12/01/97 $386,454
560,000 Lumbermens Mutual Life 8.300% 12/01/37 535,453
250,000 Lyondell Chemical Co. Senior
Notes (144A) (a) 9.875% 05/01/07 255,625
55,000 Methanex Corp. 7.400% 08/15/02 53,152
650,000 Methanex Corp. 7.750% 08/15/05 616,005
955,000 Morgan Stanley Group, Inc. 8.100% 06/24/02 996,681
1,725,000 Mutual Life Insurance Co. (144A)
(a)(c) 11.250% 08/15/24 2,393,722
1,000,000 Norfolk Southern Corp. 6.950% 05/01/02 1,008,980
600,000 Northwest Airlines Corp. 8.130% 02/01/14 581,777
900,000 Northwest Airlines Corp. 8.304% 09/01/10 910,706
1,690,000 Occidental Petroleum 8.450% 02/15/29 1,760,975
250,000 Owens & Minor 10.875% 06/01/06 265,000
250,000 Park Place Entertainment 7.875% 12/15/05 238,125
440,000 Pennsylvania Power & Light 7.700% 10/01/09 481,932
1,250,000 Pepsi Bottling Holding 5.625% 02/17/09 1,135,744
705,000 Ras Laffan Liquid Natural Gas
(144A) (a) 7.628% 09/15/06 675,685
1,105,000 Ras Laffan-Lincs Ser. 1997-11
(144A) (a)(b) 7.850% 03/18/14 1,160,342
600,000 Rollins Truck Leasing 7.000% 03/15/01 603,266
50,000 Rouse Co. 8.500% 01/15/03 51,958
675,000 Salomon Smith Barney Holdings
Inc. 6.750% 02/15/03 676,559
1,200,000 Sears Roebuck Acceptance 6.000% 03/20/03 1,181,244
415,000 Shopko Stores 6.500% 08/15/03 402,059
1,000,000 Sprint Capital Corp. 6.900% 05/01/19 930,618
200,000 Station Casinos (144A) (a) 8.875% 12/01/08 194,000
1,000,000 Sumitomo Bank International
Finance NV 8.500% 06/15/09 1,006,547
500,000 Tektronix, Inc. 7.500% 08/01/03 511,383
700,000 Telecom New Zealand Finance 6.250% 02/10/03 693,729
400,000 Tenet Healthcare Corp. 8.625% 01/15/07 394,000
530,000 Transamerica Finance Corp. 6.125% 11/01/01 525,701
1,050,000 Tyco International Group 6.875% 01/15/29 959,060
250,000 United Rentals 9.000% 04/01/09 245,000
225,000 Unova, Inc. 6.875% 03/15/05 216,383
------------
Total Corporate Obligations (Cost $65,793,205) 64,591,331
------------
Asset & Mortgage-Backed Securities -- 15.5%
575,000 Advanta Mortgage Loan Trust, Ser.
1997, Class A5 7.250% 06/25/27 581,181
</TABLE>
21
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$550,000 Advanta Mortgage Loan Trust, Ser.
1997-1, Class B1F 8.150% 05/25/27 $545,402
1,000,000 Americredit Auto Receivables
Trust, Ser. 1997-C, Class A3 6.300% 07/05/03 1,005,950
1,050,000 Amresco Mortgage Loan Trust, Ser.
1997-1, Class B1F 7.915% 03/25/27 1,061,309
1,425,000 Amresco Residential Securities
Mortgage Loan, Ser. 1997-1,
Class A8 7.240% 03/25/27 1,443,126
400,000 California Infrastructure SCE,
Ser. 1997-1, Class A6 6.380% 09/25/08 396,884
660,000 Chase Manhattan Auto Owner Trust 5.850% 05/15/03 654,938
279,493 Chase Manhattan Auto Owner Trust,
Ser. 1997-A, Class A3 6.250% 11/15/00 280,026
1,015,000 Chemical Master Credit Card Trust
1, Ser. 1995-2, Class A 6.230% 06/15/03 1,020,958
1,300,000 Citibank Credit Card Master
Trust, (FRN), Ser. 1997-2, Class
A 6.550% 02/15/04 1,308,437
685,000 Citibank Credit Card Trust 5.850% 04/10/03 682,541
2,000,000 CS First Boston Mortgage
Securities Corp., Ser. 1998-C1,
Class A1B 6.480% 05/17/08 1,927,120
2,000,000 First Union Lehman Brothers Bank
of America, Ser. 1998-C2, Class
A2 6.560% 11/18/08 1,954,318
2,000,000 GMAC Commercial Mortgage
Securities, Inc., Ser. 1998-C2,
Class A2 6.420% 08/15/08 1,933,779
650,000 MBNA Master Credit Card Trust,
Ser. 1995-D, Class A 6.050% 11/15/02 652,685
1,000,000 MBNA Master Credit Card Trust,
Ser. 1997-F, Class A 6.600% 11/15/04 1,009,640
5,000,000 Nomura Asset Security Corp.
Series 98-D, Class A 6.590% 03/17/28 4,869,368
575,000 Olympic Auto Receivable Trust,
Ser. 1997-A, Class A4 6.625% 12/15/02 579,951
563,052 Olympic Auto Receivable Trust,
Ser. 1996-C, Class A4 6.800% 03/15/02 566,785
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$ 1,300,000 Premier Auto Trust, Ser. 1997-2,
Class A4 6.250% 06/06/01 $ 1,306,058
1,160,000 Providian Trust, Ser. 1997-4,
Class A 6.250% 06/15/07 1,159,026
305,691 Residential Asset Securities
Corp., Ser. 1997-KS1, Class AI2 7.073% 04/25/28 306,229
1,562,000 Saxon Asset Securities Trust,
Ser. 1997-1, Class AF5 7.325% 01/25/12 1,584,899
700,000 Saxon Asset Securities Trust,
Ser. 1997-3, Class AF6 6.730% 02/25/27 691,684
420,000 Chemical Master Credit Card Trust
1, Ser. 1996-1, Class A 5.550% 09/15/03 417,967
1,875,000 UCFC Home Equity Loan IO, Ser.
1997-C, Class A 8.000% 09/15/00 167,578
1,125,000 UCFC Home Equity Loan, Ser. 1996-
B1, Class A5 7.650% 06/15/20 1,147,196
3,049,358 Union Acceptance Corp. IO, Ser.
1996-C, Class I 2.750% 10/08/03 33,352
1,921,787 Union Acceptance Corp. IO, Ser.
1997-B, Class I 1.850% 06/08/27 21,020
371,261 Union Acceptance Corp. IO, Ser.
1996-D, Class I 3.000% 01/08/04 4,757
------------
Total Asset and Mortgage-Backed Securities
(Cost $30,060,579) 29,314,164
------------
Total Notes & Bonds
(Cost $213,034,232) 209,966,515
------------
<CAPTION>
Shares
<C> <S> <C> <C> <C>
Preferred Stocks -- 1.9%
805 Centaur Funding Corp. 9.080%
(144A) (a) 865,878
9,445 Duke Realty Investments 7.990% 425,615
44,340 MEPC International Capital, Ser.
A 9.125% 1,163,925
1,110 Pinto Totta International Finance
7.770% (144A) (a) 1,066,883
------------
Total Preferred Stocks (Cost
$3,624,094) 3,522,301
------------
Total Long Term Investments
(Cost $216,658,326) 213,488,816
------------
</TABLE>
22
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short Term Investments -- 6.0%
Repurchase Agreements -- 5.9%
$4,565,339 Investors Bank & Trust Company --
Repurchase Agreement, issued 6/30/99
(proceeds at maturity $4,565,878)
(Collateralized by $4,790,000 FNMA
6.570% due 6/20/02, with a market
value of $4,803,204)
(Cost $4,565,339) 4.250% 07/01/99 $4,565,339
6,700,000 Morgan Stanley - Dean Witter
Repurchase Agreement, issued 6/30/99
(proceeds at maturity $6,707,623)
(Collateralized by $6,750,801 FNMA
Pool #422875 6.941% due 03/01/23,
with a market value of $6,836,765)
(Cost $6,700,000) 5.120% 07/06/99 6,700,000
------------
Total Repurchase Agreements
(Cost $11,265,339) 11,265,339
------------
U.S. Treasury Securities -- 0.1%#
25,000 U.S. Treasury Bill++ 4.650% 10/14/99 24,662
15,000 U.S. Treasury Bill++ 4.890% 12/17/99 14,669
------------
Total U.S. Treasury Securities
(Cost $39,342) 39,331
------------
Total Short Term Investments
(Cost $11,304,681) 11,304,670
------------
Total Investments -- 118.5%
(Cost $227,963,007) 224,793,486
Liabilities in Excess of Other
Assets -- (18.5%) (35,022,284)
------------
Net Assets -- 100.0% $189,771,202
============
</TABLE>
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Banking 7.8%
Basic Industries 1.3
Consumer Cyclical 2.0
Energy 2.5
Financial Services 16.9
Industrial 4.8
Insurance 1.5
Miscellaneous 4.1
Repurchase Agreements 5.0
U.S. Government Securities(d) 52.0
Utilities 2.1
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin
for financial futures contracts. See Appendix C in Notes to Financial
Statements
+++ Rounds to less than 0.1%
# Interest Rate represents the yield to maturity at the time of purchase.
ARM Adjustable Rate Mortgage
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FRN Floating Rate Note
GNMA Government National Mortgage Association
IO Interest Only Security. Interest rate is based on the notional amount of
the underlying mortgage pools.
TBA Security is subject to delayed delivery.
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from
registration, normally to qualified buyers. At June 30, 1999, the market
value of these securities was $11,459,136 or 6.04% of net assets.
(b) Security is a step up bond which will pay 7.85% through September 2006,
and 8.05% thereafter.
(c) Security is a step up bond which will pay 11.25% until maturity starting
8/15/99.
(d) Includes U.S. Treasury and Agency Mortgage-Backed Securities.
</TABLE>
See accompanying Notes to Financial Statements
23
<PAGE>
TIFF Short-Term Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Asset & Mortgage-Backed Securities -- 57.8%
$ 37,348 Advanta Business Corp., Ser. 1998-
1, Class A1 5.770% 12/15/06 $ 37,353
1,341,934 Advanta Mortgage Loan Trust Ser.
1997-1, Class A2 7.100% 04/25/20 1,343,592
456,773 Advanta Mortgage Loan Trust (FRN),
Ser. 1997-4, Class A8 5.263% 02/25/24 456,645
1,739,433 Banc One Home Equity Trust, Ser.
1999-1, Class A1 6.060% 04/25/05 1,736,824
3,000,000 BankBoston Commercial Loan Master,
LLC, (FRN) Ser. 1998-1, Class A1
(144A) (a) 5.563% 11/16/03 3,007,656
1,377,013 BankBoston Trust, Ser. 1998-1,
Class A1 6.460% 04/25/12 1,374,001
699,171 BCI Home Equity Loan, Ser. 1996-1,
Class A 5.836% 04/28/26 698,716
3,000,000 Bombardier Receivables Master Trust
I (FRN), Ser. 1997-1, Class A 5.110% 04/15/04 2,999,700
2,000,000 Capital One Master Trust, Ser.
1999-1, Class C 6.720% 05/15/05 1,999,375
2,984,128 Case Equipment Loan Trust, Ser.
1998-C, Class A2 5.490% 08/15/02 2,982,695
565,876 Chase Manhattan Auto Owner Trust,
Ser. 1996-C, Class A3 5.950% 11/15/00 566,753
2,075,279 Countrywide Home Equity Loan Trust,
Ser. 1998-A, Class A 5.180% 03/15/24 2,072,166
1,017,554 Deutsche Financial Capital
Securities, Ser. 1998-I, Class A1 6.050% 04/15/28 1,016,781
1,000,000 Discover Card Master Trust I (FRN),
Ser. 1994-2, Class A 5.340% 10/16/04 1,004,670
3,000,000 Discover Card Trust, Ser. 1993-B,
Class A 6.750% 02/16/02 3,012,660
1,465,386 EQCC Home Equity Loan Trust, Ser.
1998-2, Class A1F 6.235% 04/15/08 1,465,342
1,843,249 Equicredit Home Equity Loan Trust,
Ser. 1997-1, Class A3 6.840% 09/15/11 1,855,958
916,667 First Chicago Master Trust II
(FRN), Ser. 1996-R, Class A 5.058% 07/15/01 916,392
3,000,000 FNMA, Ser. 2044, Class PH 6.000% 08/15/15 3,009,561
511,469 FNMA, Ser. 1993-163, Class BK 6.150% 11/25/17 510,806
1,084,110 Ford Credit Auto Owner Trust, Ser.
1998-B, Class A2 5.800% 10/15/00 1,085,801
243,252 GE Capital Mortgage Services, Inc.,
Ser. 1998-HE, Class A1 6.530% 01/25/11 242,377
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$1,828,551 Green Tree Home Improvement Loan
Trust, Ser. 1998-D, Class HEA1 5.980% 08/15/29 $ 1,831,294
1,032,611 HCF Revolving Home Equity Loan
Trust (FRN), Ser. 1996-1, Class A 5.224% 07/20/17 1,029,926
3,000,000 Lakeshore Commercial Loan Master
Trust (FRN), Ser. 1998-AA, Class
A2 (144A) (a) 5.310% 07/25/04 2,997,188
1,500,000 MBNA Master Credit Card Trust
(FRN), Ser. 1994-2, Class A 5.770% 06/15/01 1,500,705
1,500,000 People's Bank Credit Card Master
Trust (FRN), Ser. 1996-1, Class A 5.138% 11/15/04 1,500,525
2,634,091 Premier Auto Trust, Ser. 1998-4,
Class A2 5.560% 04/08/01 2,635,671
26,498 Premier Auto Trust, Ser. 1996-4,
Class A3 6.200% 11/06/00 26,502
3,000,000 Premier Auto Trust, Ser. 1997-1,
Class A4 6.350% 04/06/02 3,019,560
424,662 Residential Funding Mortgage
Securities (FRN), Ser. 1998-HS1,
Class A 5.240% 06/22/23 422,539
-----------
Total Asset & Mortgage-Backed Securities (Cost
$48,373,574) 48,359,734
-----------
Bank Obligations -- 19.1%
2,000,000 Bayerische Landesbank Yankee CD 4.980% 11/19/99 1,999,485
3,000,000 Commerzbank Yankee CD 5.120% 04/25/00 2,985,716
3,500,000 CIBC Yankee CD 5.220% 09/02/99 3,500,000
3,500,000 Dresdner Bank CD 5.750% 06/18/00 3,500,000
2,000,000 Landeshess Bank CD 5.250% 09/07/99 2,000,000
2,000,000 Rabobank Yankee CD 5.520% 06/07/00 1,999,279
-----------
Total Bank Obligations
(Cost $15,984,308) 15,984,480
-----------
Commercial Paper -- 9.7%#
2,000,000 Moriarty CP 4.910% 07/07/99 1,992,089
2,250,000 Province of Quebec CP 4.810% 10/14/99 2,218,434
2,000,000 Repsol International Finance CP 4.870% 07/15/99 1,950,218
2,000,000 Zeneca, Inc. CP 4.820% 07/21/99 1,975,632
-----------
Total Commercial Paper
(Cost $8,136,547) 8,136,373
-----------
Time Deposits -- 8.3%
3,500,000 Bank of Montreal (Euro Time Deposit) 5.750% 07/06/99 3,500,000
3,466,000 Investors Bank & Trust Co. 4.000% 07/06/99 3,466,000
-----------
Total Time Deposits
(Cost $6,966,000) 6,966,000
-----------
</TABLE>
24
<PAGE>
TIFF Short-Term Fund / Schedule of Investments (unaudited) June 30, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
U.S. Treasury Bills -- 3.6%#
$2,500,000 U.S. Treasury Bill 4.600% 09/23/99 $ 2,471,250
550,000 U.S. Treasury Bill++ 4.700% 11/26/99 539,328
-----------
Total Treasury Bills
(Cost $3,010,872) 3,010,578
-----------
Total Investments -- 98.5%
(Cost $82,471,301) 82,457,165
Other assets in excess
of liabilities -- 1.5% 1,201,746
-----------
Net Assets -- 100.0% $83,658,911
===========
</TABLE>
<TABLE>
<C> <S>
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C in Notes to Financial
Statements
# Interest Rate represents the yield to maturity at the time of purchase.
FNMA Federal National Mortgage Association
FRN Floating Rate Note
CD Certificate of Deposit
CP Commercial Paper
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from registration,
normally to qualified buyers. At June 30, 1999, the market value of these
securities was $6,004,844 or 7.18% of net assets.
</TABLE>
See accompanying Notes to Financial Statements
25
<PAGE>
Statement of Assets and Liabilities (unaudited) June 30, 1999
<TABLE>
<CAPTION>
TIFF TIFF TIFF
Multi- International Emerging
Asset Fund Equity Fund Markets Fund
(MAF) (IEF) (EMF)
<S> <C> <C> <C>
Assets
Investments in securities, at value
(Cost: MAF $265,912,830; IEF
$187,443,901; EMF $72,603,276) $280,054,703 $212,549,192 $ 74,425,463
Foreign currency (Cost: EMF
$563,377) -- -- 562,899
Receivable for securities sold 6,256,655 2,405,836 177,856
Interest receivable 515,657 148,083 23,571
Dividends receivable 320,425 691,918 210,249
Variation margin on financial
futures contracts receivable 864,367 163,986 --
------------ ------------ ------------
Total assets 288,011,807 215,959,015 75,400,038
------------ ------------ ------------
Liabilities
Payable for collateral on
securities on loan -- 4,399,050 2,343,880
Payable for securities purchased 17,055,611 606,079 702,812
Payable for capital stock
repurchased 1,000,000 -- --
Net unrealized depreciation on
forward currency contracts 10,043 1,545,299 250
Due to custodian 187,536 2,599,229 9,900
Accrued expenses and other
liabilities 85,227 75,152 25,806
------------ ------------ ------------
Total liabilities 18,338,417 9,224,809 3,082,648
------------ ------------ ------------
Net Assets $269,673,390 $206,734,206 $ 72,317,390
============ ============ ============
Shares Outstanding (authorized
500,000,000 shares, par value
$0.001 for each Fund) 21,465,263 16,216,930 9,926,517
============ ============ ============
Net Asset Value Per Share $ 12.56 $ 12.75 $ 7.29
============ ============ ============
Components of Net Assets:
Capital stock $256,735,909 $167,126,103 $ 97,857,196
Distribution in excess of net
investment income (2,287,222) (2,119,924) (5,226,020)
Accumulated net realized gain
(loss) on investments (738,095) 18,083,441 (22,128,646)
Net unrealized appreciation on
investments, short sales,
financial futures and option
contracts, foreign currency
contracts, and translation of
other assets and liabilities
denominated in foreign currencies 15,962,798 23,644,586 1,814,860
------------ ------------ ------------
$269,673,390 $206,734,206 $ 72,317,390
============ ============ ============
</TABLE>
See accompanying Notes to Financial Statements.
26
<PAGE>
Statement of Assets and Liabilities (unaudited) June 30, 1999
<TABLE>
<CAPTION>
TIFF U.S.
Equity TIFF Bond TIFF Short-
Fund Fund Term Fund
(USEF) (BF) (STF)
<S> <C> <C> <C>
Assets
Investments in securities, at value
(Cost: USEF $272,224,197; BF
$227,963,007; STF $82,471,301) $326,176,548 $224,793,486 $82,457,165
Cash -- -- 6,288,475
Receivable for securities sold 13,653,587 5,972,395 --
Interest receivable 5,009 2,164,488 559,505
Dividends receivable 311,867 32,192 --
Variation margin on financial futures
contracts receivable 268,833 -- 11,050
------------ ------------ -----------
Total assets 340,415,844 232,962,561 89,316,195
------------ ------------ -----------
Liabilities
Payable for securities purchased 13,810,010 42,487,804 5,600,875
Payable for capital stock repurchased -- 67,862 --
Market value of securities sold short
(proceeds: USEF $77,718) 6 -- --
Variation margin on financial futures
contracts payable -- 202,511 --
Dividends payable from net investment
income -- 390,852 41,272
Due to custodian 783 8,351 --
Accrued expenses and other
liabilities 23,074 33,979 15,137
------------ ------------ -----------
Total liabilities 13,833,873 43,191,359 5,657,284
------------ ------------ -----------
Net Assets $326,581,971 $189,771,202 $83,658,911
============ ============ ===========
Shares Outstanding (authorized
500,000,000 shares, par value
$0.001, for each Fund) 18,805,720 19,227,056 8,392,319
============ ============ ===========
Net Asset Value Per Share $ 17.37 $ 9.87 $ 9.97
============ ============ ===========
Components of Net Assets
Capital stock $243,290,026 $194,075,732 $83,952,919
Distribution in excess of net
investment income (735,880) (369,842) --
Accumulated net realized gain (loss)
on investments 29,457,409 (585,738) (257,219)
Net unrealized appreciation
(depreciation) on investments, short
sales financial futures and option
contracts, foreign currency
contracts, and translation of other
assets and liabilities denominated
in foreign currencies 54,570,416 (3,348,950) (36,789)
------------ ------------ -----------
$326,581,971 $189,771,202 $83,658,911
============ ============ ===========
</TABLE>
See accompanying Notes to Financial Statements.
27
<PAGE>
Statement of Operations (unaudited) For the Six Months Ended June 30, 1999
<TABLE>
<CAPTION>
TIFF Multi- TIFF International TIFF Emerging
Asset Fund Equity Fund Markets Fund
(MAF) (IEF) (EMF)
<S> <C> <C> <C>
Investment income
Interest $ 2,412,919 $ 283,563 $ 37,656
Dividends (net of foreign
withholding taxes of: MAF
$134,802; IEF $386,314; EMF $0) 1,452,629 2,914,760 569,343
----------- ----------- -----------
Total investment income 3,865,548 3,198,323 606,999
----------- ----------- -----------
Operating expenses
Investment advisory fees 282,388 190,486 44,084
Money manager fees 161,152 328,909 99,118
Custodian and accounting fees 167,214 240,478 166,815
Administration fees 77,685 69,868 15,903
Shareholder recordkeeping fees 14,072 14,064 5,471
Professional fees 42,286 37,419 28,722
Insurance expense 10,536 7,372 1,903
Registration and filing fees 12,066 10,415 7,223
Amortization of organizational
costs 1,339 1,184 518
Miscellaneous fees and expenses 28,634 10,234 8,524
----------- ----------- -----------
Operating expenses 797,372 910,429 378,281
Foreign Tax Expense 220,396 115,339 175,391
----------- ----------- -----------
Total Expenses 1,017,768 1,025,768 553,672
----------- ----------- -----------
Net investment income 2,847,780 2,172,555 53,327
----------- ----------- -----------
Net realized and unrealized gain
(loss) on investments,
financial futures and option
contracts, forward currency
contracts, short sales and
foreign currency related
transactions
Net realized gain (loss) on:
Investments (884,086) 17,075,393 (5,362,704)
Financial futures and options
contracts 3,626,541 (357,701) --
Forward currency contracts and
foreign currency related
transactions 8,047 (79,885) (29,175)
----------- ----------- -----------
Net realized gain (loss) 2,750,502 16,637,807 (5,391,879)
----------- ----------- -----------
Net change in unrealized
appreciation (depreciation) on:
Investments 20,831,273 14,765,002 26,908,053
Financial futures and options
contracts 124,313 (382,722) --
Forward currency contracts and
foreign currency related
transactions 45,823 482,132 (4,800)
----------- ----------- -----------
Net change in unrealized
appreciation (depreciation) 21,001,409 14,864,412 26,903,253
----------- ----------- -----------
Net realized and unrealized gain 23,751,911 31,502,219 21,511,374
----------- ----------- -----------
Net increase in net assets
resulting from operations $26,599,691 $33,674,774 $21,564,701
=========== =========== ===========
</TABLE>
See accompanying Notes to Financial Statements.
28
<PAGE>
Statement of Operations (unaudited) For the Six Months Ended June 30, 1999
<TABLE>
<CAPTION>
TIFF U.S.
Equity TIFF TIFF Short-
Fund Bond Fund Term Fund
(USEF) (BF) (STF)
<S> <C> <C> <C>
Investment income
Interest $ 724,370 $ 6,401,134 $1,948,165
Dividends (net of foreign withholding
taxes of: USEF $14,768 ; BF $3,715 ;
STF-$0) 1,533,226 106,458 --
----------- ----------- ----------
Total investment income 2,257,596 6,507,592 1,948,165
----------- ----------- ----------
Operating expenses
Investment advisory fees 238,663 98,858 10,751
Money manager fees 430,110 95,546 71,671
Custodian and accounting fees 114,575 109,417 21,054
Administration fees 87,541 54,392 19,717
Shareholder recordkeeping fees 20,342 15,895 13,186
Professional fees 27,485 28,420 16,964
Insurance expense 10,532 7,415 2,759
Registration and filing fees 10,817 8,563 8,069
Amortization of organizational costs 1,583 848 211
Miscellaneous fees and expenses 15,883 6,122 7,625
----------- ----------- ----------
Total operating expenses before fee
waivers/reimbursements 957,531 425,476 172,007
Fee waivers/reimbursements -- -- (46,583)
----------- ----------- ----------
Total net operating expenses 957,531 425,476 125,424
----------- ----------- ----------
Net investment income 1,300,065 6,082,116 1,822,741
----------- ----------- ----------
Net realized and unrealized gain (loss)
on investments, financial futures and
option contracts, forward currency
contracts, short sales and foreign
currency related transactions
Net realized gain (loss) on:
Investments 13,052,836 (1,933,660) 17,648
Short sales 21,873 -- --
Financial futures and options contracts 1,564,095 714,612 9,390
Forward currency contracts and foreign
currency related transactions (418) -- --
----------- ----------- ----------
Net realized gain (loss) 14,638,386 (1,219,048) 27,038
----------- ----------- ----------
Net change in unrealized appreciation
(depreciation) on:
Investments 18,372,368 (6,686,281) 409
Financial futures and options contracts 457,828 (384,524) (30,867)
----------- ----------- ----------
Net change in unrealized appreciation
(depreciation) 18,830,196 (7,070,805) (30,458)
----------- ----------- ----------
Net realized and unrealized gain (loss) 33,468,582 (8,289,853) (3,420)
----------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations $34,768,647 $(2,207,737) $1,819,321
=========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
29
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF International
Multi- Asset Fund EquityFund
-------------------------- --------------------------
Six Months Six Months
Ended Year Ended Year
6/30/99 Ended 6/30/99 Ended
(unaudited) 12/31/98 (unaudited) 12/31/98
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations:
Net investment income $ 2,847,780 $ 6,494,620 $ 2,172,555 $ 3,809,278
Net realized gain (loss)
on investments,
financial futures and
options contracts,
short sales, forward
currency contracts and
foreign currency-
related transactions 2,750,502 (6,071,182) 16,637,807 15,260,298
Net change in unrealized
appreciation
(depreciation) on
investments, financial
futures and options
contracts, short sales,
forward currency
contracts and on
translation of other
assets and liabilities
denominated in foreign
currencies 21,001,409 467,315 14,864,412 (14,008,063)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets resulting
from operations 26,599,691 890,753 33,674,774 5,061,513
------------ ------------ ------------ ------------
Distributions:
From net investment
income -- (2,001,230) -- (2,692,547)
In excess of net
investment income -- (5,135,002) -- (4,292,479)
From net realized gains -- -- -- (13,748,528)
------------ ------------ ------------ ------------
Decrease in net assets
resulting from
distributions -- (7,136,232) -- (20,733,554)
------------ ------------ ------------ ------------
Capital share
transactions, net (see
Appendix D) (48,773,632) (84,224,588) (86,970,448) 34,630,023
------------ ------------ ------------ ------------
Total increase
(decrease) in net
assets (22,173,941) (90,470,067) (53,295,674) 18,957,982
Net assets
Beginning of period 291,847,331 382,317,398 260,029,880 241,071,898
------------ ------------ ------------ ------------
End of period $269,673,390 $291,847,331 $206,734,206 $260,029,880
============ ============ ============ ============
Distributions in excess
of net investment
income $ (2,287,222) $ (5,135,002) $ (2,119,924) $ (4,292,479)
</TABLE>
See accompanying Notes to Financial Statements.
30
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF U.S.
Emerging Markets Fund Equity Fund
------------------------- --------------------------
Six Months Six Months
Ended Year Ended Year
6/30/99 Ended 6/30/99 Ended
(unaudited) 12/31/98 (unaudited) 12/31/98
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations:
Net investment income
(loss) $ 53,327 $ (382,269) $ 1,300,065 $ 2,894,615
Net realized gain (loss)
on investments,
financial futures and
options contracts short
sales, forward currency
contracts and foreign
currency-related
transactions (5,391,879) (12,097,803) 14,638,386 39,463,251
Net change in unrealized
appreciation
(depreciation) on
investments, financial
futures and options
contracts, short sales,
forward currency
contracts and on
translation of other
assets and liabilities
denominated in foreign
currencies 26,903,253 (16,652,920) 18,830,196 (10,953,068)
----------- ------------ ------------ ------------
Net increase (decrease)
in net assets resulting
from operations 21,564,701 (29,132,992) 34,768,647 31,404,798
----------- ------------ ------------ ------------
Distributions:
From net investment
income -- -- (761,336) (1,307,917)
In excess of net
investment income -- (1,837,831) -- (1,274,609)
From net realized gains -- -- -- (31,677,567)
----------- ------------ ------------ ------------
Decrease in net assets
resulting from
distributions -- (1,837,831) (761,336) (34,260,093)
----------- ------------ ------------ ------------
Capital share
transactions, net (see
Appendix D) (7,414,720) 5,302,196 (20,011,991) 59,727,995
----------- ------------ ------------ ------------
Total increase
(decrease) in net
assets 14,149,981 (25,668,627) 13,995,320 56,872,700
Net assets
Beginning of period 58,167,409 83,836,036 312,586,651 255,713,951
----------- ------------ ------------ ------------
End of period $72,317,390 $ 58,167,409 $326,581,971 $312,586,651
=========== ============ ============ ============
Distributions in excess
of net investment
income $(5,226,020) $ (5,279,347) $ (735,880) $ (1,274,609)
</TABLE>
See accompanying Notes to Financial Statements.
31
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF
Bond Fund Short-Term Fund
-------------------------- ------------------------
Six Months Six Months
Ended Year Ended Year
6/30/99 Ended 6/30/99 Ended
(unaudited) 12/31/98 (unaudited) 12/31/98
<S> <C> <C> <C> <C>
Increase (decrease) in net
assets from operations:
Net investment income $ 6,082,116 $ 11,076,214 $ 1,822,741 $ 3,253,252
Net realized gain (loss) on
investments, financial
futures and options
contracts, short sales,
forward currency contracts
and foreign currency-
related transactions (1,219,048) 1,993,956 27,038 7,713
Net change in unrealized
appreciation (depreciation)
on investments, financial
futures and options
contracts, short sales,
forward currency contracts
and on translation of other
assets and liabilities
denominated in foreign
currencies (7,070,805) 450,790 (30,458) 7,419
------------ ------------ ----------- -----------
Net increase in net assets
resulting from operations (2,207,737) 13,520,960 1,819,321 3,268,384
------------ ------------ ----------- -----------
Distributions:
From net investment income (6,082,116) (10,988,853) (1,828,878) (3,219,795)
In excess of net investment
income (901) (368,940) -- --
From net realized gains -- (1,252,461) -- --
------------ ------------ ----------- -----------
Decrease in net assets
resulting from
distributions (6,083,017) (12,610,254) (1,828,878) (3,219,795)
------------ ------------ ----------- -----------
Capital share transactions,
net (see Appendix D) 409,987 23,389,207 8,761,072 40,427,522
------------ ------------ ----------- -----------
Total increase (decrease) in
net assets (7,880,767) 24,299,913 8,751,515 40,476,111
Net assets
Beginning of period 197,651,969 173,352,056 74,907,396 34,431,285
------------ ------------ ----------- -----------
End of period $189,771,202 $197,651,969 $83,658,911 $74,907,396
============ ============ =========== ===========
Undistributed/(distributions
in excess of) net
investment income $ (369,842) $ (368,940) $ -- $ 6,137
</TABLE>
See accompanying Notes to Financial Statements.
32
<PAGE>
TIFF Multi-Asset Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Period from
6/30/99 Ended Ended Ended 3/31/95 *
(unaudited) 12/31/98 12/31/97 12/31/96 to 12/31/95
<S> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 11.42 $ 11.65 $ 12.08 $ 11.13 $ 10.00
-------- -------- -------- -------- -------
Income from investment
operations:
Net investment income 0.09 0.20 0.44 0.17 0.26
Net realized and
unrealized gain (loss)
on investments,
financial futures and
options contracts,
short sales, forward
currency contracts and
foreign currency-
related transactions 1.05 (0.17) 0.21 1.45 1.14
-------- -------- -------- -------- -------
Total from investment
operations 1.14 0.03 0.65 1.62 1.40
-------- -------- -------- -------- -------
Less distributions from:
Net investment income -- (0.07) (0.30) (0.18) (0.24)
Amounts in excess of net
investment income -- (0.19) (0.15) (0.13) --
Net realized gains -- -- (0.63) (0.36) (0.03)
-------- -------- -------- -------- -------
Total distributions -- (0.26) (1.08) (0.67) (0.27)
-------- -------- -------- -------- -------
Net asset value, end of
period $ 12.56 $ 11.42 $ 11.65 $ 12.08 $ 11.13
======== ======== ======== ======== =======
Total return (c) 9.98%(b) 0.22% 5.51% 14.72% 13.87%(b)
Ratios/supplemental data
Net assets, end of
period (000s) $269,673 $291,847 $382,317 $218,244 $92,630
Ratio of expenses to
average net assets 0.56%(a) 0.65% 0.72% 1.03% 0.80%(a)
Ratio of net investment
income to average net
assets 2.02%(a) 1.85% 3.30% 1.99% 4.00%(a)
Portfolio turnover 69.00%(b) 196.06% 181.51% 100.66% 97.35%(b)
</TABLE>
- -------
(a) Annualized.
(b) Not annualized.
(c) Total return includes the effects of entry/exit fees received by the Fund;
however, net asset value per share at the beginning and end of each period
used for calculating total return excludes such entry/exit fees.
* Commencement of operations.
See accompanying Notes to Financial Statements.
33
<PAGE>
TIFF International Equity Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Period from
6/30/99 Ended Ended Ended Ended 5/31/94 *
(unaudited) 12/31/98 12/31/97 12/31/96 12/31/95 to 12/31/94
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 11.17 $ 11.77 $ 12.19 $ 10.82 $ 9.98 $ 10.00
-------- -------- -------- -------- -------- -------
Income from investment
operations:
Net investment income 0.05 0.19 0.17 0.10 0.15 0.05
Net realized and
unrealized gain (loss)
on investments,
financial futures and
options contracts,
forward currency
contracts and foreign
currency-related
transactions 1.53 0.15 (0.06) 1.62 0.83 0.06
-------- -------- -------- -------- -------- -------
Total from investment
operations 1.58 0.34 0.11 1.72 0.98 0.11
-------- -------- -------- -------- -------- -------
Less distributions from:
Net investment income -- (0.12) (0.16) (0.09) (0.14) (0.04)
Amounts in excess of net
investment income -- (0.20) (0.09) -- -- (0.01)
Net realized gains -- (0.62) (0.28) (0.26) -- --
Amounts in excess of net
realized gains -- -- -- -- -- (0.08)
-------- -------- -------- -------- -------- -------
Total distributions -- (0.94) (0.53) (0.35) (0.14) (0.13)
-------- -------- -------- -------- -------- -------
Net asset value, end of
period $ 12.75 $ 11.17 $ 11.77 $ 12.19 $ 10.82 $ 9.98
======== ======== ======== ======== ======== =======
Total return (d) 14.15%(b) 3.03%(c) 0.91% 15.94% 9.85% 0.98%(b)(c)
Ratios/supplemental data
Net assets, end of
period (000s) $206,734 $260,030 $241,072 $219,458 $155,422 $89,309
Ratio of expenses to
average net assets 0.72%(a) 0.81%(e) 1.21% 1.11% 1.05% 1.08%(a)
Ratio of expenses
(before expense
waivers) to average net
assets 0.72%(a) 0.84%(e) 1.21% 1.11% 1.05% 1.27%(a)
Ratio of net investment
income to average net
assets 1.71%(a) 1.47% 0.72% 0.91% 1.48% 0.95%(a)
Portfolio turnover 13.49%(b) 30.62% 25.55% 32.40% 32.91% 14.71%(b)
</TABLE>
- -------
(a) Annualized.
(b) Not annualized.
(c) Total return would have been lower had certain expenses not been waived or
reimbursed.
(d) Total return includes the effects of entry/exit fees received by the Fund;
however, net asset value per share at the beginning and end of each period
used for calculating total return excludes such entry/exit fees.
(e) Expenses include tax expense for the year ended December 31, 1998. Without
the tax expense, the ratio of expenses to average net assets and the ratio
of expenses (before expense waivers) to average net assets would have been
0.76% and 0.79%, respectively.
* Commencement of operations.
See accompanying Notes to Financial Statements.
34
<PAGE>
TIFF Emerging Markets Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Period from
6/30/99 Ended Ended Ended Ended 5/31/94 *
(unaudited) 12/31/98 12/31/97 12/31/96 12/31/95 to 12/31/94
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 5.19 $ 8.09 $ 8.63 $ 8.45 $ 9.24 $ 10.00
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income
(loss) (0.06) (0.01) 0.33 0.01 -- 0.01
Net realized and
unrealized gain (loss)
on investments, forward
currency contracts and
foreign currency-
related transactions 2.16 (2.72) (0.36) 0.21 (0.79) (0.71)
------- ------- ------- ------- ------- -------
Total from investment
operations 2.10 (2.73) (0.03) 0.22 (0.79) (0.70)
------- ------- ------- ------- ------- -------
Less distributions from:
Net investment income -- -- (0.24) (0.04) (0.00)# (0.01)
Amounts in excess of net
investment income -- (0.17) (0.27) (0.00)# (0.00)# --
Net realized gains -- -- -- (0.00)# -- --
Amounts in excess of net
realized gains -- -- -- -- (0.00)# (0.05)
------- ------- ------- ------- ------- -------
Total distributions -- (0.17) (0.51) (0.04) (0.00) (0.06)
------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 7.29 $ 5.19 $ 8.09 $ 8.63 $ 8.45 $ 9.24
------- ------- ------- ------- ------- -------
Total return (d) 40.46%(b) (33.38%)(c) (0.40%) 2.51% (8.39%) (6.97%)(b)(c)
Ratios/supplemental data
Net assets, end of
period (000s) $72,317 $58,167 $83,836 $89,736 $59,486 $50,032
Ratio of expenses to
average net assets 1.23%(a) 3.09%(e) 1.56% 1.62% 2.35% 1.83%(a)
Ratio of expenses
(before expense
waivers) to average net
assets 1.23%(a) 3.14%(e) 1.56% 1.62% 2.35% 2.25%(a)
Ratio of net investment
income (loss) to
average net assets 0.17%(a) (0.55%) 0.95% 0.06% (0.15%) 0.40%(a)
Portfolio turnover 27.67%(b) 47.62% 72.23% 79.96% 104.30% 26.37%(b)
</TABLE>
- -------
(a) Annualized.
(b) Not annualized.
(c) Total return would have been lower had certain expenses not been waived or
reimbursed.
(d) Total return includes the effects of entry/exit fees received by the Fund;
however, net asset value per share at the beginning and end of each period
used for calculating total return excludes such entry/exit fees.
(e) Expenses include tax expense for the year ended December 31, 1998. Without
the tax expense, the ratio of expenses to average net assets and the ratio
of expenses (before expense waivers) to average net assets would have been
2.98% and 3.03%, respectively.
# Rounds to less than $0.01.
* Commencement of operations.
See accompanying Notes to Financial Statements.
35
<PAGE>
TIFF U.S. Equity Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Period from
6/30/99 Ended Ended Ended Ended 5/31/94 *
(unaudited) 12/31/98 12/31/97 12/31/96 12/31/95 to 12/31/94
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 15.62 $ 15.66 $ 13.74 $ 12.36 $ 10.02 $ 10.00
-------- -------- -------- -------- -------- -------
Income from investment
operations:
Net investment income 0.06 0.17 0.50 0.20 0.20 0.15
Net realized and
unrealized gain on
investments, financial
futures and options
contracts, short sales,
and foreign currency-
related transactions 1.73 1.59 3.94 2.52 3.37 0.19
-------- -------- -------- -------- -------- -------
Total from investment
operations 1.79 1.76 4.44 2.72 3.57 0.34
-------- -------- -------- -------- -------- -------
Less distributions from:
Net investment income (0.04) (0.07) (0.40) (0.17) (0.22) (0.15)
Amounts in excess of net
investment income -- (0.07) (0.11) (0.10) -- (0.00)#
Net realized gains -- (1.66) (2.01) (1.07) (1.01) (0.01)
Amounts in excess of net
realized gains -- -- -- -- -- (0.16)
-------- -------- -------- -------- -------- -------
Total distributions (0.04) (1.80) (2.52) (1.34) (1.23) (0.32)
-------- -------- -------- -------- -------- -------
Net asset value, end of
period $ 17.37 $ 15.62 $ 15.66 $ 13.74 $ 12.36 $ 10.02
======== ======== ======== ======== ======== =======
Total return (d) 11.46%(b) 11.85% 33.01% 21.91% 36.02% 3.49%(b)(c)
Ratios/supplemental data
Net assets, end of
period (000s) $326,582 $312,587 $255,714 $176,797 $109,901 $58,173
Ratio of expenses to
average net assets 0.60%(a) 0.72% 0.70% 0.82% 0.93% 0.85%(a)
Ratio of expenses
(before expense
waivers) to average net
assets 0.60%(a) 0.72% 0.70% 0.82% 0.93% 1.06%(a)
Ratio of net investment
income to average net
assets 0.82%(a) 0.99% 1.34% 1.41% 1.67% 2.52%(a)
Portfolio turnover 38.93%(b) 98.30% 108.52% 105.18% 109.89% 44.59%(b)
</TABLE>
- -------
(a) Annualized.
(b) Not annualized.
(c) Total return would have been lower had certain expenses not been waived or
reimbursed.
(d) Total return includes the effects of entry/exit fees received by the Fund;
however, net asset value per share at the beginning and end of each period
used for calculating total return excludes such entry/exit fees.
# Rounds to less than $0.01.
* Commencement of operations.
See accompanying Notes to Financial Statements.
36
<PAGE>
TIFF Bond Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Period from
6/30/99 Ended Ended Ended Ended 5/31/94 *
(unaudited) 12/31/98 12/31/97 12/31/96 12/31/95 to 12/31/94
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 10.29 $ 10.24 $ 10.06 $ 10.33 $ 9.68 $ 10.00
-------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income 0.31 0.60 0.64 0.67 0.67 0.36
Net realized and
unrealized gain (loss)
on investments,
financial futures and
options contracts,
forward currency
contracts and foreign
currency-related
transactions (0.42) 0.13 0.27 (0.27) 1.01 (0.32)
-------- -------- -------- -------- -------- --------
Total from investment
operations (0.11) 0.73 0.91 0.40 1.68 0.04
-------- -------- -------- -------- -------- --------
Less distributions from:
Net investment income (0.31) (0.60) (0.64) (0.67) (0.66) (0.36)
Amounts in excess of net
investment income (0.00)# (0.02) (0.01) (0.00)# (0.01)# (0.00)#
Net realized gains -- (0.06) (0.08) -- (0.36) --
-------- -------- -------- -------- -------- --------
Total distributions (0.31) (0.68) (0.73) (0.67) (1.03) (0.36)
-------- -------- -------- -------- -------- --------
Net asset value, end of
period $ 9.87 $ 10.29 $ 10.24 $ 10.06 $ 10.33 $ 9.68
======== ======== ======== ======== ======== ========
Total return (d) (1.11%)(b) 7.31% 9.35% 3.75% 18.07% 0.46%(b)(c)
Ratios/supplemental data
Net assets, end of
period (000s) $189,771 $197,652 $173,352 $127,491 $ 91,072 $ 79,671
Ratio of expenses to
average net assets 0.43% (a) 0.46% 0.56% 0.58% 0.96% 0.62%(a)
Ratio of expenses
(before expense
waivers) to average net
assets 0.43% (a) 0.46% 0.56% 0.58% 0.96% 0.94%(a)
Ratio of net investment
income to average net
assets 6.15% (a) 5.82% 6.41% 6.64% 6.34% 6.37%(a)
Portfolio turnover 252.96% (b) 329.49% 398.16% 332.21% 406.24% 162.06%(b)
</TABLE>
- -------
(a) Annualized.
(b) Not annualized.
(c) Total return would have been lower had certain expenses not been waived or
reimbursed.
(d) Total return includes the effects of entry/exit fees received by the Fund;
however, net asset value per share at the beginning and end of each period
used for calculating total return excludes such entry/exit fees.
# Rounds to less than $0.01.
* Commencement of operations.
See accompanying Notes to Financial Statements.
37
<PAGE>
TIFF Short-Term Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Period from
6/30/99 Ended Ended Ended Ended 5/31/94*
(unaudited) 12/31/98 12/31/97 12/31/96 12/31/95 to 12/31/94
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 9.97 $ 9.95 $ 9.99 $ 10.01 $ 10.00 $ 10.00
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income 0.25 0.54 0.54 0.54 0.58 0.28
Net realized and
unrealized gain (loss)
on investments,
financial futures and
options contracts -- 0.01 (0.02) (0.02) 0.05 0.02
------- ------- ------- ------- ------- -------
Total from investment
operations 0.25 0.55 0.52 0.52 0.63 0.30
------- ------- ------- ------- ------- -------
Less distributions from:
Net investment income (0.25) (0.53) (0.55) (0.54) (0.58) (0.28)
Amounts in excess of net
investment income -- -- (0.01) (0.00)# (0.00)# (0.00)#
Net realized gains -- -- -- -- (0.04) (0.01)
Amounts in excess of net
realized gains -- -- -- -- (0.00)# (0.01)
------- ------- ------- ------- ------- -------
Total distributions (0.25) (0.53) (0.56) (0.54) (0.62) (0.30)
------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 9.97 $ 9.97 $ 9.95 $ 9.99 $ 10.01 $ 10.00
======= ======= ======= ======= ======= =======
Total return (c) 2.55%(b) 5.59% 5.30% 5.28% 6.43% 3.10%(b)
Ratios/supplemental data
Net assets, end of
period (000s) $83,659 $74,907 $34,431 $63,470 $96,580 $34,283
Ratio of expenses to
average net assets 0.35%(a) 0.35% 0.47% 0.36% 0.42% 0.40%(a)
Ratio of expenses
(before expense
waivers) to average net
assets 0.48%(a) 0.53% 0.56% 0.47% 0.54% 1.72%(a)
Ratio of net investment
income to average net
assets 5.09%(a) 5.41% 5.53% 5.35% 5.67% 4.98%(a)
</TABLE>
- -------
(a) Annualized.
(b) Not annualized.
(c) Total return would have been lower had certain expenses not been waived or
reimbursed.
# Rounds to less than $0.01.
* Commencement of operations.
See accompanying Notes to Financial Statements.
38
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
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").
Investment Objectives
<TABLE>
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
Fund Investment Objective
- ---------------------------------------------------------------------------------------------------------
<S> <C>
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.
</TABLE>
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 and disclosures in the financial statements.
Actual results could differ from those estimates.
Valuation of Investments
Securities listed on a securities exchange for which market quotations are
readily available are valued at their last quoted sales price on the principal
exchange on which they are traded on valuation date or, if there is no such
reported sale on the valuation date, at the most recently quoted bid price.
Unlisted securities or securities for which over-the-counter market quotations
are readily 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. Short-term debt securities having a
remaining maturity of 60 days or less are valued at amortized cost, which
approximates fair value, or by amortizing their value on the 61st day prior to
maturity if their term to maturity from the date of purchase was greater than
60 days. Options and future contracts are valued at the last quoted bid price,
except that open future sales contracts are valued using the closing
settlement price or, in the absence of such price, the most recently quoted
asked price. Forward foreign currency exchange contracts are valued at the
current cost of covering or offsetting the contracts.
Certain Funds invest in limited partnerships formed for the purpose of earning
returns from alternative investment strategies. Investments in limited
partnerships held by the Funds are presented, under procedures established by
TIP's Board of Directors, at estimated values, which generally represent the
respective Fund's proportionate share of the net assets of the investee
partnerships as reported by them. These values are not necessarily indicative
of the value the Funds would receive in a current sale. The Fund's
proportionate share of the change in values of the investee partnerships is
recorded as change in unrealized appreciation (depreciation) on investments in
its statement of operations. Investments in other open-ended funds or trusts
are valued at their closing net asset value per share on valuation date which
is their redeemable 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, 1999, the aggregate amount of securities fair valued were as
follows:
<TABLE>
--------------------------------------------------------------------
<CAPTION>
Fund Amount % of Net Assets
--------------------------------------------------------------------
<S> <C> <C>
Multi-Asset $58,755,295 21.79%
International Equity 21,646,942 10.47
Emerging Markets 15,278,656 21.13
U.S. Equity 9,109,450 2.79
</TABLE>
39
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
Investment Transactions and Investment Income
Securities transactions are recorded on the trade date (the date on which the
buy or sell order is executed). Interest income and expenses are recorded on
an accrual basis. The Funds accrete discount or amortize 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 that are
recorded as soon after the ex-dividend date as the Funds, using reasonable
diligence, become aware of such dividends. The Funds use the specific
identification method for determining realized gain or loss on sales of
securities and foreign currency transactions.
Income Taxes
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 and foreign currency 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, as a reduction from the related income, as
and when such income is earned.
Expenses
Expenses directly attributable to a Fund are charged to that Fund's
operations; expenses that are applicable to all Funds are allocated among them
based on their relative average daily net assets. The costs incurred by TIP in
connection with the organization and initial registration of shares have been
amortized on a straight-line basis over a sixty-month period.
Dividends to Members
It is the policy of all Funds to declare dividends according to the following
schedule:
<TABLE>
---------------------------------------------------------------
<CAPTION>
Dividends from Net
Fund Investment Income Capital Gains Distributions
---------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
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. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
These "book/tax" differences are considered either temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal tax-basis
treatment; temporary differences do not require reclassification. Dividends
and distributions that exceed net investment income or net realized capital
gains for financial reporting purposes, but not for tax purposes, are reported
as dividends in excess of net investment income or distributions in excess of
net realized gain on investments. To the extent they exceed net investment
income or net realized gains for tax purposes, they are reported as
distributions of capital stock.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars on the following basis:
(i) the foreign currency value of investments and other assets and liabilities
denominated in foreign currency are translated at the closing rate of
exchange on the valuation date; and
(ii) purchases and sales of investments, income and expenses are translated at
the rate of exchange prevailing on the respective dates of such
transactions.
The resulting net foreign currency gain or loss is included in the Statement
of Operations.
The Fund does not generally isolate that portion of the results of operations
arising as a result of changes in the foreign currency exchange rates from the
fluctuations arising from changes in the market prices of securities.
Accordingly, such foreign currency gain (loss) is included in net realized and
unrealized gain (loss) on investments. However, the Fund does isolate the
effect of fluctuations in foreign exchange rates when determining the gain or
loss upon the sale or maturity of foreign currency denominated debt
obligations pursuant to U.S. federal income tax regulations; such amount is
categorized as foreign currency gain or loss for both financial reporting and
income tax reporting purposes.
Net realized gains and losses from 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.
40
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
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 Funds as an unrealized gain or loss. When a forward
currency contract is extinguished through delivery, the Funds record a
realized gain or loss on foreign currency related transactions equal to the
difference between the value of the contract at the contract value 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 Funds 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 of the Notes to Financial Statements details each Fund's
outstanding forward currency contracts at June 30, 1999.
Financial Futures Contracts
Certain 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 to or received from the broker in the
amount of 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 included 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, 1999, the Funds held assets with a broker as initial margin for
financial futures as follows:
<TABLE>
------------------------------------------------------------
<CAPTION>
Segregated
Fund Assets
------------------------------------------------------------
<S> <C>
Multi-Asset $4,217,452
International Equity 2,555,763
U.S. Equity 1,998,461
Bond 384,685
Short-Term 539,328
</TABLE>
Appendix C of the Notes to Financial Statements details each Fund's open
futures contracts at June 30, 1999.
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.
41
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
If the Fund exercises a call option, the cost of the securities acquired by
exercising the call option is increased by the premium paid to buy the call
option. 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 related 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.
Net Asset Value
The net asset value per share is calculated on a daily basis by dividing the
assets of each Fund, less its liabilities, by the number of outstanding shares
of the Fund.
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 rates to such Fund's average daily
net assets for the month:
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Multi- International Emerging U.S. Short-
Assets Asset Equity Markets Equity Bond Term
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
On the first $500 million 0.20% 0.15% 0.15% 0.15% 0.10% 0.03%
On the next $500 million 0.18% 0.13% 0.13% 0.13% 0.08% 0.03%
On the next $500 million 0.15% 0.11% 0.11% 0.11% 0.06% 0.02%
On the next $500 million 0.13% 0.09% 0.09% 0.09% 0.05% 0.02%
On the next $500 million 0.11% 0.07% 0.07% 0.07% 0.04% 0.01%
On the remainder (> $2.5
billion) 0.09% 0.05% 0.05% 0.05% 0.03% 0.01%
</TABLE>
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 the assets under management with a
single rate or on a descending scale.
Appendix A of the Notes to Financial Statements identifies Money Managers who
provide services to the Funds and the minimum, maximum and effective fee rates
applicable during the six months ended June 30, 1999. Unless otherwise
indicated, the management fee received by a Money Manager varies based on the
Money Manager's investment performance.
Pursuant to an Administration Agreement, Investors Capital Services, Inc.
("Investors Capital") 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 first $300 million of the average daily net
assets of TIP, 0.05% of the next $2.7 billion, 0.04% of the next $2.0 billion,
and 0.03% of the average daily net assets over $5.0 billion. In addition, TIP
has agreed to pay Investors Capital an incentive fee not to exceed 0.02% of
average daily net assets for reducing the expense ratio of one or more Funds
of TIP below certain levels specified for each Fund. On May 29, 1998,
Investors Capital became a wholly owned subsidiary of Investors Financial
Services Co., Inc. Investors Bank and Trust Company ("IBT"), which is also a
wholly owned subsidiary of Investors Financial Services Co., serves as the
Funds' custodian and accounting and tranfer agent. Fees paid for services
rendered by IBT are based upon assets of the Funds and on transactions entered
into by the Funds during the six months. Fees for such services paid to IBT by
the Funds are reflected as custodian and accounting fees and shareholder
recordkeeping fees in the statement of operations.
During the six months ended June 30, 1999, the Short-Term Fund received fee
waivers and reimbursements of $10,751 and $35,832 from the Fund's Advisor and
Money Manager, respectively.
42
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
4. Investment Transactions
Purchase cost and proceeds from sales of investment securities, other than
short-term investments, for the period from January 1, 1999 to June 30, 1999
were as follows:
<TABLE>
---------------------------------------------------------------------
<CAPTION>
Fund Purchases Sales
---------------------------------------------------------------------
<S> <C> <C>
Multi-Asset $166,849,796 $186,869,696
International Equity 32,436,745 111,867,467
Emerging Markets 16,735,382 22,434,083
U.S. Equity 113,067,273 120,447,097
Bond 533,828,142 514,462,652
Short-Term 31,415,944 34,314,997
</TABLE>
For federal income tax purposes, the cost of securities owned at June 30, 1999
was substantially the same as for financial reporting purposes. Accordingly,
the aggregate gross unrealized appreciation and depreciation and the net
unrealized appreciation/(depreciation) on securities owned and securities sold
short at June 30, 1999 for each Fund are as follows:
<TABLE>
----------------------------------------------------------------------------
<CAPTION>
Net Unrealized
Appreciation/
Fund Gross Appreciation Gross Depreciation (Depreciation)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Multi-Asset $30,712,054 ($16,570,182) $14,141,872
International Equity 43,636,894 (18,531,603) 25,105,291
Emerging Markets 14,084,995 (12,262,808) 1,822,187
U.S. Equity 66,117,949 (12,087,886) 54,030,063
Bond 1,319,203 (4,488,724) (3,169,521)
Short -Term 26,000 (40,136) (14,136)
</TABLE>
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 approved by the Fund's board of directors on the basis of such party's
creditworthiness. Securities pledged as collateral for repurchase agreements
are held by the custodian bank until maturity of the repurchase agreements.
The Funds may also invest in tri-party repurchase agreements for which
securities held as collateral are maintained in a segregated account by the
broker's custodian bank until maturity of the repurchase agreement. Provisions
of the repurchase agreements and the procedures adopted by the Funds require
that the market value of the collateral, including accrued interest thereon,
is sufficient in the event of default by the counterparty. If the counterparty
defaults and the value of the collateral declines or if the counterparty
enters an insolvency proceeding, realization of the collateral may be delayed
or limited.
6. Capital Share Transactions
As of June 30, 1999, each Fund has 500,000,000 shares of $0.001 par value
capital stock authorized. The Funds may charge entry or exit fees on
subscriptions or redemptions, respectively. While there are no sales
commissions (loads) or 12b-1 fees, the U.S. Equity Fund assesses entry and
exit fees of 0.25% of capital invested or redeemed; the Multi-Asset and
International Equity Funds assess entry and exit fees of 0.75%; and the
Emerging Markets Fund assesses entry and exit fees of 1.00%. These fees, which
are paid to the Funds directly, not to FAI or other vendors supplying services
to the Funds, are designed to allocate transactions costs associated with
purchases and redemptions of Fund's shares. These fees are deducted from the
amount invested or redeemed; they cannot be paid separately. Entry and exit
fees may be waived at FAI's discretion when the purchase or redemption will
not result in significant transaction costs for the affected Fund (e.g., for
transactions involving in-kind purchases and redemptions). 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 Financial Statements.
7. Securities Lending
The Funds may lend portfolio securities to qualified borrowers. The terms of
the lending agreements require that loans are secured at all times by cash or
U.S. government securities in an amount greater than 102% of the market value
of the securities loaned (105% in case of foreign securities), plus accrued
interest and dividends, determined on a daily basis and adjusted accordingly.
The Funds will regain record ownership of loaned securities to exercise
certain beneficial rights; however, the Funds may bear the risk of delay in
recovery of, or even loss of rights in, the securities loaned should the
borrower fail financially. The Funds' custodian acts as the lending agent. If
cash collateral is received, the lending agent invests the amounts received in
short-term securities and cash equivalents on behalf of the Fund. At June 30,
1999, the Funds with securities on loan received cash as collateral which was
subsequently invested in cash equivalents. Any income earned on such
investments in excess of agency fees and of a predetermined rebate to the
borrowers is earned by the Funds and is recorded by the Funds as interest
income.
43
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
As of June 30, 1999, the value of the securities loaned and the amount of cash
collateral received with respect to such loans were as follows:
<TABLE>
----------------------------------------------------------------
<CAPTION>
Value of Loaned Cash
Fund Securities Collateral Received
----------------------------------------------------------------
<S> <C> <C>
International Equity $3,990,317 $4,399,050
Emerging Markets $2,241,083 $2,343,880
</TABLE>
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 in their records securities
as segregated with a value at least equal to the amount of the purchase
commitment.
The Bond Fund enters into "TBA" (to be announced) purchase commitments to
purchase mortgage-backed 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 of Investments" 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.
The Bond Fund 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 of Investments" 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. Concentration of Risks
The Bond, Short-Term and Multi-Asset Funds invest in fixed income securities
issued by banks and other financial companies the market values of which may
change in response to interest rate changes. Although, the Bond, Short-Term
and Multi-Asset Funds generally maintain diversified portfolios, the ability
of the issuers of the respective Fund's portfolio securities to meet their
obligations may be affected by changing business and economic conditions in a
specific industry, state or region.
The International Equity and Emerging Markets Funds invest in securities of
foreign issuers in various countries. These investments may involve certain
considerations and risks not typically associated with investments in the
United States, as a result of, among other factors, the possibility of future
political and economic developments and the level of governmental supervision
and regulation of securities markets in the respective countries. While the
Funds' investment in emerging markets debt is limited, the yields of these
obligations reflect perceived credit risk.
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.
<TABLE>
----------------------------------------------------------------------
<CAPTION>
Fund Number % of Fund Held
----------------------------------------------------------------------
<S> <C> <C>
Multi-Asset 2 27
International Equity Fund 1 34
Emerging Markets Fund 3 51
U.S. Equity Fund 2 23
Bond Fund 1 14
Short-Term Fund 2 50
</TABLE>
44
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
Appendix A
Money Manager Fee as Percent of Assets Managed
for the six months ended June 30, 1999
<TABLE>
<CAPTION>
Effective
Minimum Maximum Fee Rate@
<S> <C> <C> <C>
TIFF Multi-Asset Fund
Bee & Associates, Inc.............................. 0.15 2.00 0.15
Harding, Loevner Management, L.P. ................. 0.10 1.50 0.10
Seix Investment Advisors, Inc...................... 0.10 0.80 0.10
Wellington Management Company LLP.................. 0.35* 0.45 0.45
TIFF International Equity Fund
Bee & Associates, Inc.............................. 0.15 2.00 0.69
Delaware International Advisers, Ltd............... 0.30* 0.50 0.50
Harding, Loevner Management, L.P. ................. 0.10 1.50 0.14
Marathon Asset Management, Ltd..................... 0.15 1.60 0.17
TIFF Emerging Markets Fund
Emerging Markets Management........................ 0.40 3.00 0.46
Lazard Freres Asset Management..................... 0.50** 0.50** 0.50**
TIFF U.S. Equity Fund
Aronson + Partners................................. 0.10 0.80 0.12
Martingale Asset Management, L.P. ................. 0.05* 0.10 0.09
Palo Alto Investors................................ 0.10 2.00 2.00
Shapiro Capital Management......................... 0.50 0.95 0.50
Westport Asset Management, Inc..................... 0.15 2.00 0.15
TIFF Bond Fund
Atlantic Asset Management Partners, L.L.C.......... 0.10 0.60 0.10
Seix Investment Advisors, Inc...................... 0.10 0.80 0.10
Smith Breeden Associates, Inc. .................... 0.10 0.85 0.10
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc................. 0.15* 0.20 0.10(a)
</TABLE>
- -------
* 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).
@ Annualized.
(a) The Money Manager has agreed to voluntarily waive a portion of its Money
Manager Fee.
45
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
Appendix B
Open Forward Currency Contracts
<TABLE>
<CAPTION>
U.S. Dollar Foreign Currency Unrealized Appreciation/
Contracts Description Receivable/(Payable) Receivable/(Payable) (Depreciation)
<C> <S> <C> <C> <C>
Multi-Asset Fund
Buy Contracts -- Spots
2,981,723 Swedish Krona 7/2/99 $ (352,866) $ 351,867 $ (999)
Buy Contracts --
Forwards
91,457 Eurodollar 7/30/99 (94,475) 94,579 104
Sell Contracts -- Spots
70,677 Eurodollar 7/1/99 73,023 (72,930) 93
3,939 Eurodollar 7/2/99 4,057 (4,064) (7)
10,802,465 Japanese Yen 7/1/99 89,240 (89,364) (124)
68,637 Japanese Yen 7/2/99 567 (568) (1)
Sell Contracts --
Forwards
47,309,875 Swedish Krona 9/15/99 5,601,230 (5,610,339) (9,109)
-----------
Net unrealized
depreciation $ (10,043)
===========
International Equity
Fund
Buy Contracts -- Spots
63,814,138 Japanese Yen 7/1/99 (528,569) 527,826 $ (743)
3,074,145 Swedish Krona 7/2/99 (363,804) 362,774 (1,030)
Buy Contracts --
Forwards
2,142,283 British Pound 7/30/99 (3,385,364) 3,378,402 (6,962)
553,200,000 Japanese Yen 8/11/99 (5,031,035) 4,604,429 (426,606)
918,527 Eurodollar 9/15/99 (952,513) 953,398 885
Sell Contracts -- Spots
11,836,255 Japanese Yen 7/1/99 97,765.00 (97,915.00) (150)
3,549 Swiss Franc 7/1/99 2,290 (2,286) 4
4,896 Eurodollar 7/1/99 5,068 (5,052) 16
Sell Contracts --
Forwards
2,142,283 British Pound 7/30/99 3,466,000 (3,378,402) 87,598
553,000,000 Japanese Yen 8/05/99 4,000,000 (4,598,615) (598,615)
553,200,000 Japanese Yen 8/11/99 4,000,000 (4,604,429) (604,429)
44,114,500 Swedish Krona 9/15/99 5,236,143 (5,231,410) 4,733
-----------
Net unrealized
depreciation $(1,545,299)
===========
Emerging Markets Fund
Buy Contracts -- Spots
9,832,679 Greek Drachma 7/1/99 (31,293) 31,234 $ (59)
11,713,517,400 Turkish Lira 7/1/99 (27,790) 27,770 (20)
Sell Contracts -- Spots
1,649,894 Czech Koruna 7/1/99 46,623 (46,794) (171)
-----------
Net unrealized
depreciation $ (250)
===========
</TABLE>
46
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
Appendix C
Open Futures Contracts as of June 30, 1999
<TABLE>
<CAPTION>
Unrealized
Number of Cost/ Value at Appreciation
Contracts Type (Proceeds) June 30, 1999 (Depreciation)
<C> <S> <C> <C> <C>
Multi-Asset Fund
Long Futures Contracts
91 September 1999 S&P 500
Index $29,073,574 $30,392,986 $1,319,412
109 September 1999 NIKKEI 225
Index 7,612,870 8,037,477 424,607
8 September 1999 DAX Index 1,114,500 1,135,446 20,946
8 September 1999 5 year
U.S. Treasury Notes 867,625 872,000 4,375
3 July 1999 CAC 40 Index 138,313 140,899 2,586
14 September 1999 German
Marks 945,000 930,650 (14,350)
74 September 1999 Japanese
Yen 7,745,025 7,721,900 (23,125)
----------
1,734,451
----------
Short Futures Contracts
33 July 1999 Hang Seng Index (2,956,274) (2,881,678) 74,596
623 July 1999 OMX Index (6,168,614) (6,136,826) 31,788
----------
106,384
----------
Total $1,840,835
==========
International Equity Fund
Long Futures Contracts
162 September 1999 NIKKEI 225
Index 11,480,678 11,869,513 $ 388,835
6 September 1999 DAX Index 835,785 851,752 15,967
5 September 1999 MIB30
Index 925,807 922,143 (3,664)
10 September 1999 German
Marks 675,000 664,750 (10,250)
110 September 1999 Japanese
Yen 11,510,475 11,478,500 (31,975)
36 September 1999 CME
British Pound 3,595,625 3,553,200 (42,425)
34 September 1999 FTSE 100
Index 3,518,549 3,450,041 (68,508)
----------
247,980
----------
Short Futures Contracts
570 July 1999 OMX Index (5,642,649) (5,614,770) 27,879
16 September 1999 S&P 500
Index (5,279,800) (5,526,800) (247,000)
----------
(219,121)
----------
Total $ 28,859
==========
U.S. Equity Fund
Long Futures Contracts
54 September 1999 S&P 500
Index 17,964,162 18,652,950 $ 688,788
Short Futures Contracts
10 September 1999 S&P 500
Index (3,385,584) (3,538,909) (153,325)
----------
Total $ 535,463
==========
</TABLE>
47
<PAGE>
Notes to Financial Statements (unaudited) June 30, 1999
Appendix C - Continued
Open Futures Contracts as of June 30, 1999
<TABLE>
<CAPTION>
Unrealized
Number of Cost/ Value at Appreciation
Contracts Type (Proceeds) June 30, 1999 (Depreciation)
<C> <S> <C> <C> <C>
Bond Fund
Long Futures Contracts
4 September 1999 90 Day
Eurodollar $ 942,000 $ 945,950 $ 3,950
7 September 1999 5 year
U.S. Treasury Notes 761,031 763,000 1,969
4 December 1999 90 Day
Eurodollar 940,900 941,750 850
2 March 2000 90 Day
Eurodollar 470,800 471,050 250
21 September 1999 10 year
U.S. Treasury Notes 2,360,690 2,334,938 (25,752)
---------
(18,733)
---------
Short Futures Contracts
6 September 1999 10 year
U.S. Treasury Notes (675,375) (667,125) 8,250
65 September 1999 U.S.
Treasury Bond (7,525,819) (7,533,906) (8,087)
214 September 1999 5 year
U.S. Treasury Notes (23,165,484) (23,326,000) (160,516)
---------
(160,353)
---------
Total $(179,086)
=========
Short-Term Fund
Long Futures Contracts
52 September 1999 90 Day
Eurodollar 12,319,550 12,297,350 $ (22,200)
=========
</TABLE>
48
<PAGE>
Notes to Financial Statements June 30, 1999
Appendix D
Capital Share Transactions
<TABLE>
<CAPTION>
Six Months Ended June 30, 1999* Year Ended December 31, 1998
Multi-Asset Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 229,378 $ 2,775,539 2,160,693 $ 25,393,671
Shares Reinvested -- -- 382,928 4,486,666
Exit/Entrance Fee -- 368,976 -- 858,436
-------------- ---------------- ------------- ---------------
Subtotal 229,378 3,144,515 2,543,621 30,738,773
Shares Redeemed (4,330,832) (51,918,147) (9,792,392) (114,963,361)
-------------- ---------------- ------------- ---------------
Net (Decrease) (4,101,454) $ (48,773,632) (7,248,771) $ (84,224,588)
-------------- ---------------- ------------- ---------------
<CAPTION>
Six Months Ended June 30, 1999* Year Ended December 31, 1998
International Equity Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 133,430 $ 1,572,963 2,884,321 $ 35,637,540
Shares Reinvested -- -- 1,758,908 19,730,254
Exit/Entrance Fees -- 284,150 -- 272,956
-------------- ---------------- ------------- ---------------
Subtotal 133,430 1,857,113 4,643,229 55,640,750
Shares Redeemed (7,196,846) (88,827,561) (1,836,634) (21,010,727)
-------------- ---------------- ------------- ---------------
Net
Increase/(Decrease) (7,063,416) $ (86,970,448) 2,806,595 $ 34,630,023
-------------- ---------------- ------------- ---------------
<CAPTION>
Six Months Ended June 30, 1999* Year Ended December 31, 1998
Emerging Markets Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 27,471 $ 181,100 979,610 $ 6,383,487
Shares Reinvested -- -- 333,525 1,450,837
Exit/Entrance Fees -- 74,906 -- 75,507
-------------- ---------------- ------------- ---------------
Subtotal 27,471 256,006 1,313,135 7,909,831
Shares Redeemed (1,317,388) (7,670,726) (453,357) (2,607,635)
-------------- ---------------- ------------- ---------------
Net
Increase/(Decrease) (1,289,917) $ (7,414,720) 859,778 $ 5,302,196
-------------- ---------------- ------------- ---------------
<CAPTION>
Six Months Ended
June 30, 1999* Year Ended December 31, 1998
U.S. Equity Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 532,705 $ 8,538,495 4,546,946 $ 75,358,489
Shares Reinvested 24,164 402,096 1,842,791 28,102,991
Exit/Entrance Fees -- 71,527 -- 261,668
-------------- ---------------- ------------- ---------------
Subtotal 556,869 9,012,118 6,389,737 103,723,148
Shares Redeemed (1,764,336) (29,024,109) (2,705,487) (43,995,153)
-------------- ---------------- ------------- ---------------
Net
Increase/(Decrease) (1,207,467) $ (20,011,991) 3,684,250 $ 59,727,995
-------------- ---------------- ------------- ---------------
<CAPTION>
Six Months Ended June 30, 1999* Year Ended December 31, 1998
Bond Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 1,387,879 $ 14,051,230 5,003,060 $ 51,347,987
Shares Reinvested 380,854 3,839,043 821,415 8,450,101
-------------- ---------------- ------------- ---------------
Subtotal 1,768,733 17,890,273 5,824,475 59,798,088
Shares Redeemed (1,752,247) (17,480,286) (3,535,452) (36,408,881)
-------------- ---------------- ------------- ---------------
Net Increase 16,486 $ 409,987 2,289,023 $ 23,389,207
-------------- ---------------- ------------- ---------------
<CAPTION>
Six Months Ended June 30, 1999* Year Ended December 31, 1998
Short-Term Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 2,858,700 $ 28,515,277 8,764,788 $ 87,526,259
Shares Reinvested 165,758 1,653,430 281,506 2,807,748
-------------- ---------------- ------------- ---------------
Subtotal 3,024,458 30,168,707 9,046,294 90,334,007
Shares Redeemed (2,145,771) (21,407,636) (4,992,503) (49,906,485)
-------------- ---------------- ------------- ---------------
Net Increase 878,687 $ 8,761,071 4,053,791 $ 40,427,522
-------------- ---------------- ------------- ---------------
</TABLE>
- -------
* unaudited
49
<PAGE>
TIFF Investment Program
ADVISER
Foundation Advisers, Inc.
2405 Ivy Road
Charlottesville, VA 22903
phone(804) 817-8200
fax(804) 817-8231
CUSTODIAN
ACCOUNTING AGENT
TRANSFER AGENT
DIVIDEND DISBURSING AGENT
Investors Bank & Trust Company
Box 1537
Boston, MA 02205
FUND ADMINISTRATOR
Investors Capital Services, Inc.
600 Fifth Avenue, 26th Floor
New York, NY 10020
FUND DISTRIBUTOR
AMT Capital Securities, LLC
399 Park Avenue, 37th Floor
New York, NY 10022
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, DC 20005
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
MONEY MANAGERS
TIFF Multi-Asset Fund
Bee & Associates, Inc.
Canyon Capital Management, LP
Daystar Partners
Farallon Capital Management, LLC
Harding, Loevner Management, LP
Lone Pine Capital, LLC
Seix Investment Advisors, Inc.
Wellington Management Company LLP
Wyser-Pratt Management Company, Inc.
TIFF International Equity Fund
Bee & Associates, Inc.
City of London
Delaware International Advisers, Ltd.
Everest Capital Frontier Ltd., LP
Harding, Loevner Management, LP
Marathon Asset Management, Ltd.
TIFF Emerging Markets Fund
City of London Investment Management Co. Ltd.
Emerging Markets Management
Everest Capital Ltd.
Explorador Capital Management, LLC
Lazard Freres Asset Management
TIFF U.S. Equity Fund
Aronson + Partners Gotham Partners, LP
Martingale Asset Management, LP
Palo Alto Investors
Shapiro Capital Management
Westport Asset Management, Inc.
TIFF Bond Fund
Atlantic Asset Management Partners, Inc.
Seix Investment Advisors, Inc.
Smith Breeden Associates, Inc.
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc.
