<PAGE>
Semi-Annual Report TIFF
Investment
June 30, 2000 (unaudited) Program Investment management
for foundations
<PAGE>
August 28, 2000
Dear TIP Member:
We are pleased to present the TIFF funds Semi-Annual Report for June
2000.
As you know, the TIFF funds comprise a family of multi-manager,
commingled funds open exclusively to 501(c)(3) organizations. TIFF administers
six Funds at present: Multi-Asset, International Equity, Emerging Markets,
U.S. Equity, Bond, and Short-Term. All of the TIFF funds enable member
foundations to delegate to TIFF 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 TIFF
responsibility for the all-important task of asset allocation.
We are very gratified by the favorable reception that TIFF 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 TIFF and would welcome the opportunity to
discuss this exciting initiative with other eligible investors.
For further information about TIFF, please call us at 804-817-8200 or
visit our Website at www.tiff.org.
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................................................. 8
TIFF Emerging Markets Fund
Schedule of Investments................................................. 13
TIFF US Equity Fund
Schedule of Investments................................................. 18
TIFF Bond Fund
Schedule of Investments................................................. 22
TIFF Short-Term Fund
Schedule of Investments................................................. 27
Statement of Assets and Liabilities........................................ 29
Statement of Operations.................................................... 31
Statement of Changes in Net Assets......................................... 33
Financial Highlights....................................................... 36
Notes to Financial Statements.............................................. 42
</TABLE>
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Common Stocks -- 46.5%
US Common Stocks -- 23.1%
Aerospace and Defense -- 0.4%
2,100 Boeing Co. $87,806
17,800 Honeywell International, Inc. 599,638
3,300 Rockwell International Corp. 103,950
2,500 Textron, Inc. 135,781
------------
927,175
------------
Airlines -- 0.1%
2,600 Delta Airlines, Inc. 131,463
------------
Apparel Retailers -- 0.2%
9,600 Intimate Brands, Inc. 189,600
10,200 The Limited, Inc. 220,575
------------
410,175
------------
Automotive -- 0.1%
2,300 Ford Motor Co. 98,900
3,000 General Motors Corp. 174,188
301 Visteon Corp.* 3,651
------------
276,739
------------
Banking -- 0.5%
1,800 J.P. Morgan & Co., Inc. 198,225
3,600 National City Corp. 61,425
4,300 PNC Bank Corp. 201,563
19,500 Wells Fargo Co. 755,625
------------
1,216,838
------------
Beverages, Food, and Tobacco -- 0.7%
1,200 Anheuser-Busch Companies, Inc. 89,625
13,200 Archer-Daniels-Midland Co. 129,525
12,000 Philip Morris Companies, Inc. 318,750
3,000 Quaker Oats Co. 225,375
5,500 Sysco Corp. 231,688
8,600 Wm. Wrigley Jr. Co. 689,613
------------
1,684,576
------------
Chemicals -- 0.3%
20,800 Air Products & Chemicals, Inc. 640,900
------------
Commercial Services -- 0.6%
4,900 Cendant Corp.* 68,600
3,900 Halliburton Co. 184,031
45,800 Quintiles Transnational Corp.* 646,925
37,900 Servicemaster Co. 431,113
------------
1,330,669
------------
Computer Software and Processing -- 1.5%
800 Adobe Systems, Inc. 104,000
2,000 BMC Software, Inc.* 72,969
2,100 Computer Associates International, Inc. 107,494
1,500 Computer Sciences Corp.* 112,031
4,100 Electronic Data Systems Corp. 169,125
2,500 First Data Corp. 124,063
3,400 Ims Health, Inc. 61,200
10,000 Microsoft Corp.* 800,000
23,100 Oracle Corp.* 1,941,844
------------
3,492,726
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Computers and Information -- 2.0%
13,500 Cisco Systems, Inc.* $858,094
5,500 Dell Computer Corp.* 271,219
3,200 EMC Corp.* 246,200
12,100 Hewlett-Packard Co. 1,510,988
12,100 International Business Machines Corp. 1,325,706
2,100 Lexmark International Group, Inc.* 141,225
1,600 Seagate Technology, Inc.* 88,000
2,000 Sun Microsystems, Inc.* 181,875
------------
4,623,307
------------
Cosmetics and Personal Care -- 0.5%
19,800 Colgate-Palmolive Co. 1,185,525
------------
Diversified -- 0.7%
31,800 Tyco International Ltd. 1,506,525
------------
Electric Utilities -- 0.2%
3,500 Entergy Corp. 95,156
4,800 PG&E Corp. 118,200
6,000 TXU Corp. 177,000
------------
390,356
------------
Electrical Equipment -- 0.6%
2,500 American Power Conversion Corp.* 102,031
3,700 Emerson Electric Co. 223,388
17,700 Quanta Services, Inc.* 973,500
9,600 Ucar International, Inc.* 125,400
------------
1,424,319
------------
Electronics -- 1.4%
1,300 Advanced Micro Devices* 100,425
3,432 Agilent Technologies, Inc.* 253,110
800 Altera Corp.* 81,550
2,100 Analog Devices, Inc.* 159,600
1,900 Atmel Corp.* 70,063
14,000 Intel Corp. 1,871,625
2,300 Micron Technology, Inc.* 202,544
2,300 National Semiconductor Corp.* 130,525
2,800 Novellus Systems, Inc.* 158,375
3,150 Vishay Intertechnology, Inc.* 119,503
------------
3,147,320
------------
Entertainment and Leisure -- 0.4%
13,800 Eastman Kodak Co. 821,100
2,000 Walt Disney Co. 77,625
------------
898,725
------------
Financial Services -- 1.3%
58,646 Allied Capital Corp. 996,982
3,300 AXA Financial, Inc. 112,200
1,800 Citigroup, Inc. 108,450
15,100 Federal National Mortgage Association 788,031
2,200 Goldman Sachs Group, Inc. 208,725
2,500 Grant Prideco, Inc.* 62,500
2,500 Lehman Brothers Holdings, Inc. 236,406
2,600 Merrill Lynch & Co. 299,000
3,300 Morgan Stanley Dean Witter & Co. 274,725
------------
3,087,019
------------
Forest Products and Paper -- 0.2%
4,800 Georgia-Pacific Group 126,000
14,200 Smurfit-Stone Container Corp.* 182,825
4,100 Weyerhaeuser Co. 176,300
------------
485,125
------------
</TABLE>
1
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Healthcare Providers -- 0.2%
7,200 HCA - The Healthcare Corp. $218,700
6,900 Tenet Healthcare Corp. 186,300
------------
405,000
------------
Heavy Machinery -- 0.3%
3,100 Applied Materials, Inc.* 280,938
4,200 Dover Corp. 170,363
4,000 Ingersoll-Rand Co. 161,000
13,400 McDermott International, Inc. 118,088
------------
730,389
------------
Insurance -- 1.3%
1,100 Aetna, Inc. 70,606
3,500 Allstate Corp. 77,875
10,300 American International Group, Inc. 1,210,250
11 Berkshire Hathaway Inc.* 589,600
2,500 CIGNA Corp. 233,750
3,900 Hartford Financial Services Group 218,156
3,500 Loews Corp. 210,000
2,100 The St. Paul Cos., Inc. 71,663
2,900 United Health Group, Inc. 248,675
------------
2,930,575
------------
Media -- Broadcasting and Publishing -- 1.0%
3,600 Gannett Co., Inc. 215,325
4,100 McGraw-Hill Companies, Inc. 221,400
5,100 New York Times Co. 201,450
24,140 Viacom, Inc., Class B* 1,646,046
------------
2,284,221
------------
Medical Supplies -- 0.7%
15,700 Baxter International, Inc. 1,103,906
2,900 Johnson & Johnson 295,438
1,900 Teradyne, Inc.* 139,650
------------
1,538,994
------------
Metals and Mining -- 0.8%
7,800 Alcoa, Inc. 226,200
19,200 Cleveland-Cliffs, Inc. 495,600
57,500 Freeport-McMoRan Copper & Gold, Inc., Class A* 524,688
16,300 Stillwater Mining Co.* 454,363
6,200 USX-US Steel Group Inc. 115,088
------------
1,815,939
------------
Oil and Gas -- 4.0%
8,000 Baker Hughes, Inc. 256,000
5,000 Chevron Corp. 424,063
25,000 Cross Timbers Oil Co. 553,125
24,200 Enron Corp. 1,560,900
15,000 EOG Resources, Inc. 502,500
9,700 Evergreen Resources, Inc.* 287,363
21,144 Exxon Capital Corp. 1,659,804
3,000 Kerr-McGee Corp. 176,813
4,500 Nabors Industries, Inc.* 187,031
10,100 Occidental Petroleum Corp. 212,731
11,600 Ocean Energy, Inc.* 164,575
4,600 Phillips Petroleum Co. 233,163
7,600 Pride International, Inc.* 188,100
11,900 R&B Falcon Corp.* 280,394
8,500 Rowan Companies, Inc.* 258,188
19,100 Schlumberger Ltd. 1,425,338
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
5,000 Sunoco, Inc. $147,188
3,000 Transocean Sedco Forex Inc. 160,313
14,000 Union Pacific Resources Group 308,000
7,700 USX-Marathon Group 192,981
4,600 Weatherford International, Inc.* 183,138
------------
9,361,708
------------
Pharmaceuticals -- 1.6%
3,000 Amgen, Inc.* 210,750
12,500 Bristol-Myers Squibb Co. 728,125
800 Forest Laboratories Inc.* 80,800
4,200 Merck & Co., Inc. 321,825
48,000 Pfizer, Inc. 2,304,000
------------
3,645,500
------------
Retailers -- 0.1%
16,900 Kmart Corp.* 115,131
6,000 Sears, Roebuck and Co. 195,750
------------
310,881
------------
Telephone Systems -- 1.2%
7,200 AT&T Corp. 228,207
5,900 Bell Atlantic Corp. 299,794
8,000 BellSouth Corp. 341,000
2,400 SBC Communications, Inc. 103,800
1,400 Sprint Corp. 71,400
9,700 US West, Inc. 831,775
20,100 WorldCom, Inc.* 922,088
------------
2,798,064
------------
Transportation -- 0.2%
30,400 Wisconsin Central Transportation Corp.* 395,200
------------
Total US Common Stocks
(Cost $45,338,208) 53,075,953
------------
Foreign Common Stocks -- 23.4%
Brazil -- 0.1%
6,624 Embratel Partipacoes - ADR 156,492
------------
Canada -- 2.1%
5,800 Alberta Energy Co. Ltd. 234,087
10,000 Alcan Aluminium Ltd. 310,000
12,000 Barrick Gold Corp. 218,250
14,500 Canadian Natural Resources Ltd.* 420,809
9,800 Canadian Occidental Petroleum Ltd. 266,438
8,400 Canadian Pacific Ltd. 219,975
49,300 Gulf Canada Resources Ltd. 237,256
8,900 Imperial Oil Ltd. 216,938
11,000 Imperial Oil Ltd. (foreign shares) 268,429
9,001 Nortel Networks Corp. 624,006
11,800 Nortel Networks Corp. (foreign shares) 805,350
15,771 Petro-Canada 294,362
1,546 Renaissance Energy Ltd. 14,973
18,392 Suncor Energy, Inc. 424,603
9,100 Talisman Energy, Inc.* 301,438
------------
4,856,914
------------
France -- 2.5%
5,407 Alcatel SA 355,748
4,455 Aventis SA 326,178
4,500 AXA 711,092
11,400 BIC 560,082
3,880 Carrefour Supermarche 266,057
</TABLE>
2
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
22,060 Compagnie Generale d'Industrie et de Participations $942,258
9,341 Rhodia SA 157,447
6,020 Suez Lyonnaise Des Eaux-Dumex 1,057,942
3,119 Total Fina SA 479,723
3,100 Total Fina SA - ADR 238,119
3,905 Valeo 209,430
6,059 Vivendi 536,460
------------
5,840,536
------------
Germany -- 0.8%
1,015 Allianz AG 369,385
5,803 Aventis SA 416,815
8,408 Bayerische Motoren Werke AG 254,857
6,898 Dresdner Bank AG 284,728
8,478 Metallgesellschaft AG 113,671
1,640 Siemens AG 248,159
128 United Internet AG 15,814
5,795 VEBA AG 285,263
------------
1,988,692
------------
Greece -- 0.1%
5,006 Hellenic Telecommunications Organization SA 123,058
------------
Hong Kong -- 1.7%
48,000 China Telecom* 423,365
118,000 China Unicom Ltd.* 250,542
141,900 Hutchison Whampoa Ltd. 1,784,058
82,500 Johnson Electric Holdings 780,578
116,000 Li & Fung Ltd. 580,394
------------
3,818,937
------------
Ireland -- 0.5%
26,000 Smartforce plc - ADR* 1,248,000
------------
Italy -- 1.2%
115,836 Banca Nazionale Lavoro-O 406,026
45,051 Eni SpA 260,166
4,222 Gucci Group Shares 400,035
32,000 Luxottica Group SpA - ADR 390,000
37,911 Mediaset SpA 582,370
28,950 Telecom Italia Mobile SpA 297,494
41,380 Unicredito Italiano SpA 199,337
------------
2,535,428
------------
Japan -- 3.8%
9,000 Asatsu-DK, Inc. 369,723
87,000 Fuji Bank Ltd. 662,216
46,000 Fujitsu Ltd. 1,594,296
10,000 Kao Corp. 305,978
1,000 Matsushita Communication Industrial Co. Ltd. 116,914
105,000 Mitsubishi Corp. 950,940
2,000 Murata Mfg. Co. Ltd. 287,468
22 Nippon Telegraph and Telephone Corp. 292,946
10,000 Nomura Securities Co. Ltd. 245,066
27 NTT Mobile Communications Network, Inc. 731,797
7,000 Pioneer Electric Corp. 273,019
1,700 Rohm Co. 497,686
62,000 Sakura Bank Ltd. 429,181
300 SoftBank Corp. 40,797
9,800 Sony Corp. - ADR 924,263
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
3,000 Taisho Pharmaceutical Co. Ltd. $107,659
9,000 Takeda Chem Industries Ltd. 591,557
1,300 Takefuji Corp. 157,267
6,000 Yamanouchi Pharmaceutical 328,076
------------
8,906,849
------------
Mexico -- 0.9%
10,000 Grupo Televisa SA - GDR* 689,375
15,046 Telefonos de Mexico, Class L - ADR 859,503
22,900 Wal-Mart de Mexico - ADR* 537,417
------------
2,086,295
------------
Netherlands -- 2.4%
30,000 Getronics NV 464,006
3,412 ING Groep NV 231,351
5,600 Koninklijke (Royal) Philips Electonics NV 264,938
12,869 Koninklijke Ahold NV 379,969
20,968 KPN NV 940,797
2,155 KPNQwest NV* 85,030
22,400 Royal Dutch Petroleum Co., NY Shares 1,379,000
1,200 STMicroelectronics NV 77,025
1,600 Unilever NV 68,800
7,488 Unilever NV - CVA 344,579
11,316 VNU NV 586,300
28,146 Wolters Kluwer CVA 752,056
------------
5,573,851
------------
Norway -- 0.1%
7,900 Norsk Hydro AS - ADR 332,294
------------
Peru -- 0.1%
10,400 Compania de Minas Buenaventura SA - ADR 180,050
------------
Singapore -- 0.1%
22,000 DBS Group Holdings Ltd. 282,639
------------
South Africa -- 0.2%
33,160 Billiton plc 135,112
17,300 De Beers Consolidated Mines Ltd. - ADR 420,606
------------
555,718
------------
South Korea -- 0.1%
2,300 Korea Telecom Corp. - ADR 111,263
427 Samsung Electronics - GDR (144A)*++ 83,906
3,347 SK Telecom Co. Ltd. - ADR 121,538
------------
316,707
------------
Spain -- 0.3%
12,400 Repsol SA - ADR 245,675
16,824 Telefonica de Espana SA* 362,528
------------
608,203
------------
Sweden -- 1.2%
52,000 Ericsson LM - ADR 1,040,000
89,400 Investor AB, Class B* 1,228,638
8,057 Skandinaviska Enskilda Banken, Class A 96,026
28,408 Telefonaktiebolaget Ericsson LM, Class B 565,374
------------
2,930,038
------------
Switzerland -- 1.0%
8,468 ABB Namen AG 1,016,025
686 Clariant AG - Reg 255,464
8,400 Nestle SA - ADR 843,321
216 Novartis AG 342,988
------------
2,457,798
------------
</TABLE>
3
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<S> <C> <C>
Taiwan -- 0.4%
183,335 Taiwan Semiconductor* $873,309
------------
United Kingdom -- 3.8%
8,047 Astrazeneca plc 374,474
85,797 British Aerospace plc 535,422
18,830 Cable & Wireless 312,444
44,817 Diageo plc 399,244
2,108 Energis 78,228
15,124 Glaxo Wellcome plc 440,756
19,400 Pearson plc 608,049
18,691 Railtrack Group plc 283,565
58,744 Reed International plc 502,734
381,000 Rentokil Initial plc 867,671
66,700 Rio Tinto plc 1,101,232
4,900 Shell Transport & Trading Co. - ADR 244,694
35,000 Standard Chartered plc 436,309
30,174 Telewest Communications plc* 105,472
98,500 Unilever plc 595,547
205,716 Vodafone AirTouch plc 823,429
83,600 WPP Group plc 1,214,491
------------
8,923,761
------------
Total Foreign Common Stocks
(Cost $48,327,480) 54,595,569
------------
Total Common Stocks
(Cost $93,665,688) 107,671,522
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Asset-Backed Securities -- 4.4%
$232,265 AFC Home Equity Loan Trust, Ser. 1999-
1, Class 2A1 6.990% 02/24/29 $232,729
270,000 Americredit Auto Receivables Trust,
Ser. 2000-B, Class A4 6.936% 268,682
400,000 Chase Credit Card Master Trust (FRN),
Ser. 1998-6, Class A 6.911% 09/15/04 401,428
345,000 Chase Credit Card Master Trust (FRN),
Ser. 2000-2, Class B 6.420% 07/15/05 345,749
260,000 Chase Funding Mortage Loan Asset-
Backed (FRN), Ser. 2000-2, Class IIA1 6.932% 05/25/30 259,817
350,000 Citibank Credit Card Master Trust I
(FRN), Ser. 1999-3, Class A 6.220% 03/15/04 349,300
450,000 Contimortage Home Equity Loan Trust,
Ser. 1997-5, Class A6 6.870% 03/15/24 430,713
260,807 Countrywide Home Equity Loan Trust
(FRN), Ser. 1998-A, Class A 6.713% 03/15/24 260,598
379,615 Countrywide Home Equity Loan Trust
(FRN), Ser. 2000-A, Class A2 6.931% 05/15/26 379,182
295,000 Countrywide Home Equity Loan Trust,
Ser. 2000-B, Class A2 0.000% 08/15/26 294,236
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$400,000 Daimler Chrysler Auto Trust, Ser.
2000-A, Class A3 7.090% 12/06/03 $400,068
389,427 Discover Card Master Trust, Ser.
1997-2, Class A 6.792% 04/16/10 381,230
470,000 Discover Card Master Trust, Ser.
1997-4, Class A 6.200% 04/16/03 470,132
249,428 EQCC Home Equity Loan Trust, Ser.
1998-4, Class A1F 6.570% 01/15/29 251,576
250,000 First Chicago Master Trust II (FRN),
Ser. 1998-V, Class A 6.410% 10/15/03 250,425
60,000 First Chicago Master Trust II, Ser.
1999-W, Class A 6.633% 03/15/04 60,054
70,000 First Union Master Credit Card Trust,
Ser. 1996-1, Class A 6.055% 09/15/03 70,060
300,000 Fleet Credit Card Master Trust II
(FRN), Ser. 2000-A, Class A 6.781% 07/15/05 300,390
540,000 Ford Credit Auto Owner Trust, Ser.
2000-A, Class A4 7.090% 11/17/03 539,342
400,000 Household Automotive Trust, Ser.
2000-2, Class A3 7.340% 11/17/04 401,469
394,691 LB Commercial Conduit Mortgage Trust,
Ser. 1998-C4, Class A1A 5.870% 08/15/06 375,706
150,000 MBNA Master Credit Card Trust, Ser.
2000-B, Class A 6.245% 07/15/05 150,138
345,534 Merrill Lynch Home Equity
Loan (FRN), Ser. 1997-1, Class A 5.994% 09/25/27 344,052
350,000 Olympic Auto Receivable Trust, Ser.
1996-D, Class A5 6.250% 02/15/05 347,025
395,000 Olympic Auto Receivable Trust, Ser.
1997-A, Class A5 6.800% 02/15/05 393,238
85,000 Pemex Finance Ltd., Ser. 2000-1,
Class A1 9.030% 02/15/11 87,701
470,000 Providian Master Trust (FRN), Ser.
1997-3, Class A 5.995% 12/15/05 470,306
470,000 Residential Funding Mortgage
Securities I, Ser. 1997-S14, Class
A6 7.250% 10/25/27 455,891
580,000 UCFC Home Equity Loan, Ser. 1997-C,
Class A7 6.845% 01/15/29 563,006
215,000 Union Acceptance Corp., Ser. 1999-D,
Class A2 6.450% 01/08/03 214,544
319,293 Washington Mutual (FRN), Ser. 2000-1,
Class A1 6.435% 07/25/24 318,657
160,000 WFS Financial Owner Trust, Ser. 1999-
C, Class A2 6.920% 01/20/04 159,520
----------
Total Asset-Backed Securities
(Cost $10,223,684) 10,226,964
----------
</TABLE>
4
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
US Treasury Obligations -- 9.2%
$165,000 US Treasury Bond 6.125% 08/15/29 $166,733
1,885,000 US Treasury Bond 6.625% 02/15/27 1,998,690
1,290,000 US Treasury Bond 8.875% 02/15/19 1,656,844
12,004,850 US Treasury Inflationary Index Note 3.875% 01/15/09 11,828,535
1,080,000 US Treasury Note 5.625% 05/15/08 1,041,525
1,105,000 US Treasury Note 5.750% 08/15/03 1,086,008
1,975,000 US Treasury Note 6.500% 02/15/10 2,042,274
105,000 US Treasury Note 6.750% 05/15/05 107,461
1,350,000 US Treasury Note 7.000% 07/15/06 1,398,516
----------
Total US Treasury Obligations
(Cost $20,989,830) 21,326,586
----------
US Government Agency Obligations -- Mortgage-Backed -- 4.5%
370,000 FHLMC 3.000% 07/15/21 313,201
417,906 FHLMC 6.500% 07/01/13 403,464
240,000 FHLMC 7.000% 02/15/20 238,380
350,000 FHLMC 7.500% 04/17/24 346,607
511,493 FNMA 6.500% 09/01/24 485,998
180,000 FNMA 6.550% 10/25/20 175,228
210,000 FNMA 7.000% 06/25/21 208,389
385,000 FNMA 7.500% 07/18/25 383,296
71,712 FNMA 9.500% 05/01/18 74,807
550,000 FNMA (TBA) 6.000% 07/19/14 520,094
210,000 FNMA (TBA) 6.000% 07/01/29 192,019
605,000 FNMA (TBA) 6.500% 07/19/14 583,069
485,000 FNMA (TBA) 6.500% 07/20/15 467,722
3,030,000 FNMA (TBA) 7.000% 07/01/30 2,923,005
880,000 FNMA (TBA) 7.500% 07/01/30 866,800
400,000 FNMA (TBA) 8.000% 07/01/30 401,500
279,551 GNMA 7.500% 04/15/29 277,761
99,756 GNMA 9.000% 02/15/30 103,013
665,000 GNMA (TBA) 7.000% 12/29/49 646,297
360,000 GNMA (TBA) 7.500% 07/22/29 357,300
284,078 GSMSC 2000-1 A 5.232% 03/15/23 284,276
----------
Total US Government Agency
Obligations - Mortgage-Backed
(Cost $10,266,362) 10,252,226
----------
<CAPTION>
Issue
Rate
<C> <S> <C> <C> <C>
Corporate Obligations -- 4.2%
Aerospace and Defense -- 0.1%
235,000 Raytheon Co. 7.900% 03/01/03 236,118
----------
Airlines -- 0.1%
93,181 American Airlines, Ser. 1991-A,
Class A-1 9.710% 01/02/07 95,123
105,000 United Airlines, Inc. 9.560% 10/19/18 105,884
----------
201,007
----------
Automotive -- 0.2%
430,000 Daimler Chrysler NA Holdings 6.630% 09/21/01 426,182
----------
</TABLE>
<TABLE>
<CAPTION>
Principal Issue Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Banking -- 0.9%
$135,000 African Development Bank 8.800% 09/01/19 $151,243
480,000 Bank of America Corp. 6.068% 09/11/01 479,110
95,000 Bank of America Corp. 7.875% 08/01/07 96,151
345,000 Chase Manhattan Corp. 6.123% 01/03/02 345,040
270,000 Continental Bank NA 12.500% 04/01/01 279,952
155,000 Edison Mission 7.330% 09/15/08 150,696
375,000 Fleet National Bank 6.395% 07/31/01 374,822
150,000 FNB Chicago 8.080% 01/05/18 153,467
---------
2,030,481
---------
Chemicals -- 0.1%
210,000 Lilly Del Mar, Inc. 7.717% 08/01/29 208,957
---------
Commercial Services -- 0.1%
115,000 ERAC USA Finance Co. 8.250% 05/01/05 115,767
125,000 Tosco Trust 2000-E (144A)++ 8.580% 03/01/10 125,283
---------
241,050
---------
Communications -- 0.4%
910,927 Jasmine Submarine Telecommunications
(144A)++ 8.483% 05/30/11 834,973
---------
Computers and Information -- 0.0%
100,000 Unova, Inc. 6.875% 03/15/05 88,399
---------
Diversified -- 0.0%
120,000 Edperbrascan Corp. 7.125% 12/16/03 113,901
---------
Education -- 0.0%
105,000 Eaton Corp. 6.950% 11/15/04 102,003
---------
Electric Utilities -- 0.2%
155,000 Great Lakes Power, Inc. 8.300% 03/01/05 153,103
54,964 RGS (AEGCO) Funding Co. 9.810% 12/07/21 61,172
175,000 Sithe/Independence Funding 9.000% 12/30/13 180,786
---------
395,061
---------
Financial Services -- 1.0%
265,000 Aristar, Inc. 7.750% 06/15/01 266,040
350,000 General Motors Acceptance Corp. 6.595% 07/30/01 350,280
348,000 Husky Terra Nova Finance Ltd. 8.450% 02/01/12 344,868
345,000 Kern River Funding Corp. (144A)++ 6.720% 09/30/01 342,357
170,000 Land 'O Lakes Capital Trust 7.450% 03/15/28 128,322
395,000 Natexis Ambs Co., L.L.C. 8.440% 12/29/49 370,314
170,000 Ras Laffan-Lincs, Ser. 1997-11 (144A)++ 7.850% 03/18/14 170,027
315,000 Telecom New Zealand Finance 6.250% 02/10/03 306,994
115,000 Transamerica Finance Corp. 6.125% 11/01/01 113,144
---------
2,392,346
---------
Heavy Machinery -- 0.1%
305,000 Cummins Engine Co., Inc. 5.650% 03/01/66 187,247
---------
Industrial -- 0.1%
235,000 Yosemite Security Trust I 8.250% 11/15/04 233,922
---------
</TABLE>
5
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Insurance -- 0.3%
$160,000 Anthem Insurance 9.000% 04/01/27 $129,152
170,000 Anthem Insurance (144A)++ 9.125% 04/01/10 157,328
275,000 Florida Windstorm Underwriting 6.500% 08/25/02 269,906
85,000 Liberty Mutual Insurance 7.875% 10/15/26 71,385
120,000 URC Holdings Corp. (144A)++ 7.875% 06/30/06 121,503
---------
749,274
---------
Oil and Gas -- 0.3%
200,000 Oneok, Inc. 7.750% 05/31/05 200,476
165,000 Petroleum Geo-Services ASA 6.250% 11/19/03 156,055
270,000 Petroleum Geo-Services ASA 7.125% 03/30/28 226,944
130,000 PG&E Gas Transmission 7.100% 06/01/05 129,444
---------
712,919
---------
Telephone Systems -- 0.1%
205,000 Qwest Communications International 0.000% 10/15/07 172,202
---------
Transportation -- 0.2%
520,000 Windsor Petroleum Transportation
(144A)++ 7.840% 01/15/21 436,800
---------
Total Corporate Obligations
(Cost $9,831,082) 9,762,842
---------
Foreign Obligations -- 0.2%
95,000 New Brunswick (Province) 9.750% 05/15/20 116,019
120,000 Province of Ontario 7.750% 06/04/02 121,234
190,000 State of Qatar 9.750% 06/15/30 185,866
---------
Total Foreign Obligations
(Cost $422,221) 423,119
---------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares
<C> <S> <C>
Commingled Investment Vehicles -- 0.4%
70,700 Atlantis Japan Growth Fund* 844,865
580 Shohkoh Fund 130,909
----------
Total Commingled Investment Vehicles
(Cost $635,710) 975,774
----------
Limited Partnerships -- 21.5%
Daystar Partners L.P. (a)(b) 4,763,757
Farallon Capital Institutional
Partners, LP (a)(b) 12,472,484
Lone Redwood L.P. (a)(b) 7,335,854
The Value Realization Fund, LP (a)(b) 25,236,211
----------
Total Limited Partnerships
(Cost $37,577,931) 49,808,306
----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Preferred Stocks -- 0.7%
Computer Software and Processing -- 0.2%
2,475 SAP AG $459,129
------------
Financial Services -- 0.3%
335 Centaur Funding Corp. (144A)*++ 333,536
410 Pinto Totta International Finance (144A)++ 377,969
------------
711,505
------------
Real Estate -- 0.1%
4,895 Duke Realty Investments 195,953
------------
Retailers -- 0.1%
3,600 SPG Properties, Inc. 137,700
------------
Total Preferred Stocks
(Cost $1,615,588) 1,504,287
------------
<CAPTION>
Expiration
Date
<C> <S> <C>
Warrants -- 0.0%
80,362 Queenstake Resources Ltd.
(Cost $0) (a)09/11/00 0
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date
<C> <S> <C> <C> <C>
Short-Term Investments -- 8.9%
Repurchase Agreement -- 8.2%
$18,910,720 Investors Bank & Trust Company --
Repurchase Agreement issued 6/30/00
(proceeds at maturity $18,920,222)
(Collateralized by $15,810,356 FNMA
ARM, 7.619%, due 9/1/27, with a
market value of $16,307,553;
$3,340,076 SBA, 8.875%, due 10/25/21
with a market value of $3,548,703)
(Cost $18,910,720) 6.030% 07/03/00 $ 18,910,719
------------
US Treasury Security -- 0.7%#
1,725,000 US Treasury Bill
(Cost $1,702,133)+ 5.612% 09/21/00 1,703,265
------------
Total Short-Term Investments
(Cost $20,612,853) 20,613,984
------------
Total Investments -- 100.5%
(Cost $205,840,949) 232,565,610
Liabilities in Excess of Other
Assets -- (0.5%) (1,095,950)
------------
Net Assets -- 100.0% $231,469,660
============
</TABLE>
6
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments (unaudited) June 30, 2000
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 0.9%
Consumer Cyclical 10.6
Consumer Non-Cyclical 4.3
Diversified Investment Vehicles 0.4
Energy 6.7
Financial Services 12.0
Industrial 5.8
Limited Partnerships 21.4
Metals and Mining 2.2
Miscellaneous 0.2
Repurchase Agreements 8.1
Technology 8.1
Transportation 0.6
US Government Obligations 4.4
US Treasury Obligations 9.9
Utilities 4.4
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ Security or a portion thereof is
held with a broker as initial margin
for financial futures contracts. See
Appendix C of Notes to Financial
Statements.
+ See Note 2 to the Financial
Statements.
++ 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, 2000, the
aggregate market value of these
securities was $2,983,682 or 1.29%
of net assets.
# Interest Rate represents the yield
to maturity at the time of purchase.
(a) Security is valued in good faith
under procedures established by the
board of directors.
(b) Restricted Security
ADR American Depositary Receipt
ARM Adjustable Rate Mortgage
FHLMC Federal Home Loan Mortgage
Corporation
FNMA Federal National Mortgage
Association
FRN Floating Rate Note
GDR Global Depositary Receipt
GNMA Government National Mortgage
Association
SBA Small Business Administration
TBA To be announced
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Common Stocks -- 85.7%
Australia -- 3.3%
180,900 Amcor Ltd. $632,080
78,466 Australia and New Zealand Banking Group Ltd. 601,577
43,000 Caltex Australian Ltd. 73,824
442,191 CSR Ltd. 1,227,367
470,956 Foster's Brewing Group Ltd. 1,324,112
51,025 Goldfields Ltd. 41,878
80,895 Iluka Resources Ltd. 231,359
84,991 National Australia Bank Ltd. 1,418,379
238,691 Normandy Mining Ltd. 128,506
90,300 Orica Ltd. 409,344
60,300 Paperlinx Ltd.* 114,347
163,000 Santos Ltd. 496,309
132,000 WMC Ltd. 590,674
------------
7,289,756
------------
Belgium -- 0.3%
2,294 Electrabel SA 568,794
------------
Brazil -- 0.4%
19,732 Embratel Partipacoes - ADR 463,037
3,708 Telecomunicacoes Brasileiras SA - ADR 360,140
2,184 Telesp Celular Participacoes SA - ADR 98,007
------------
921,184
------------
Canada -- 2.6%
24,000 Abitibi-Consolidated, Inc. 222,762
8,000 Air Canada, Class A (Non-Voting)* 95,045
22,448 Air Canada, Inc.* 295,488
5,900 Alcan Aluminium Ltd. 183,205
21 BCE, Inc. 498
10,234 Canadian Pacific Ltd. 265,280
14,108 Hudson's Bay Co. 149,518
65,172 Imperial Oil Ltd. 1,588,567
7,800 Inco Ltd.* 119,522
10,282 National Bank of Canada 153,387
32 Nortel Networks Corp. 2,218
22,300 Nortel Networks Corp. (foreign shares) 1,521,975
37,900 Rogers Communications, Inc., Class B* 1,073,245
24,500 Stelco, Inc., Class A 112,461
------------
5,783,171
------------
China -- 0.0%
300,000 China Southern Airlines Co. Ltd.* 71,587
------------
Denmark -- 0.8%
4,300 Bang & Olufsen Holding AS, Ser. B 146,793
3,600 Coloplast AS, Class B 168,637
14,000 ISS AS* 1,069,059
6,500 Tele Danmark 438,789
------------
1,823,278
------------
Finland -- 0.9%
5,100 Konecranes International 170,949
28,000 Metsa-Serla OY, Class B 207,821
15,800 Outokumpo OY 151,317
8,800 Sampo Insurance Co., Ltd., Class A 358,180
55,294 Stora Enso OY 507,660
15,000 UPM-Kymmeme OY 373,503
24,000 Valmet Corp. OY, Class A 289,608
------------
2,059,038
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
France -- 9.0%
9,350 Air Liquide $1,223,184
55,132 Alcatel SA 3,627,354
8,108 Aventis SA 593,637
7,227 AXA 1,142,014
4,654 Banque Nationale de Paris 449,279
15,500 BIC 761,515
12,496 Carrefour Supermarche 856,867
2,016 Clarins SA 208,325
7,811 Compagnie de Saint-Gobain 1,059,252
36,570 Compagnie Generale d'Industrie et de Participations 1,562,030
11,573 Pechiney SA, A Shares 484,347
5,392 Renault SA 241,157
7,000 Scor SA 305,765
16,460 Societe Generale, Class A 993,116
11,552 STMicroelectronics NV* 848,025
11,410 Suez Lyonnaise Des Eaux-Dumex 2,005,170
9,200 Thomson CSF 363,535
14,630 Total Fina SA 2,250,191
36,900 Usinor SA 451,634
2,345 Vivendi 207,625
------------
19,634,022
------------
Germany -- 4.7%
10,900 Adidas-Salomon AG 603,370
7,120 Allianz AG 2,591,153
6,707 Aventis SA 481,747
26,800 Bayer AG 1,047,187
7,000 Bayerische Motoren Werke AG 212,178
15,600 Buderus AG 246,661
14,000 Deutsche Bank AG 1,148,378
18,780 Fresenius Medical Care - ADR 491,801
22,900 HypoVereinsbank 1,493,524
23,660 RWE AG 797,603
5,430 Siemens AG 821,649
6,300 VEBA AG 310,122
------------
10,245,373
------------
Hong Kong -- 4.0%
149,000 Cafe de Coral Holdings 53,524
113,000 Cathay Pacific Airways Ltd. 209,482
906,000 Guangshen Railway Co. Ltd. 91,824
28,000 Hang Seng Bank Ltd. 265,822
180,922 Hong Kong & China Gas Co. Ltd. 203,095
68,000 Hong Kong Aircraft Engineering Co. Ltd. 130,858
319,120 Hong Kong Electric Holdings Ltd. 1,027,610
144,100 Hutchison Whampoa Ltd. 1,811,718
151,915 Hysan Development Co. Ltd. 159,814
226,391 Jardine Matheson Holdings Ltd. 990,393
123,812 Jardine Strategic Holdings Ltd. 370,198
79,000 Johnson Electric Holdings 747,463
326,000 Li & Fung Ltd. 1,631,108
118,881 Mandarin Oriental International Ltd. 79,056
83,000 Television Broadcasts Ltd. 553,710
264,571 Wharf Holdings Ltd. 473,497
------------
8,799,172
------------
India -- 0.0%
7,200 Shiriram Industries - GDR 2,880
------------
</TABLE>
8
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Indonesia -- 0.2%
190,000 PT Astra International, Inc.* $59,783
929,000 PT Bank Pan Indonesia* 39,860
1,800,000 PT Bank Universal, Class B* 20,595
343,000 PT Citra Marga Nusaphala Persada 19,622
37,000 PT Gudang Garam 59,903
1,508,800 PT Lippo Bank* 21,579
436,000 PT Matahari Putra Prima* 37,414
250,000 PT Mulia Industrindo* 11,442
65,000 PT Semen Gresik 59,125
------------
329,323
------------
Ireland -- 1.3%
14,500 Elan Corp. plc - ADR* 702,344
81,000 Fyffes plc 83,780
70,000 Independent Newspapers plc 254,748
33,500 Smartforce plc - ADR* 1,608,000
158,000 Waterford Wedgewood Units 172,501
------------
2,821,373
------------
Italy -- 2.5%
21,829 Assicurazione Generali 751,557
29,000 Banco Popolare di Milano 206,633
286,819 Eni SpA 1,656,358
9,600 Industrie Natuzzi SpA - ADR 114,000
101,400 Luxottica Group SpA - ADR 1,235,813
75,000 Saipem SpA 446,049
43,612 San Paolo - IMI SpA 775,616
56,000 Unicredito Italiano SpA 269,765
------------
5,455,791
------------
Japan -- 16.3%
10,000 Aisin Seiki Co., Ltd. 136,179
8,000 Alpine Electronics 122,013
25,000 Alps Electronics Co., Ltd. 465,105
38,000 Asatsu-DK, Inc. 1,561,054
55,000 Calsonic Corp. 141,279
6,800 Canon Chemicals, Inc. 79,630
70,000 Canon, Inc. 3,490,437
114,000 Chiyoda Fire & Marine Insurance Co. 387,572
50,000 Citizen Watch Co. 483,521
22,000 Dai Nippon Printing Co. Ltd. 388,309
27,000 Dai-Dan Co. Ltd. 128,766
15,000 Dai-Ichi Kangyo Bank Ltd. 114,033
24,000 Daiichi Pharmaceutical Co. Ltd. 609,689
14,000 Ebara Corp. 189,990
49,000 Eisai Co. Ltd. 1,573,331
109,000 Fuji Bank Ltd. 829,672
128,000 Fuji Electric Co. Ltd.* 560,884
16,000 Fuji Oil 142,790
70,000 Fujitsu Ltd. 2,426,103
7,500 Hirose Electronics Co. Ltd. 1,169,374
18,000 Hitachi Electronics Engineering* 164,888
156,000 Hitachi Ltd. 2,254,037
16,000 Hitachi Medical Corp. 194,919
12,000 Intec, Inc. 260,648
4,000 ISB Corp. 81,216
176,000 Ishikawajima-Harima Heavy Industries* 319,124
154,000 Itochu Corp.* 778,072
300 Ito-Yokado Co. Ltd. 18,075
13,000 Japan Aviation Electronics Industry Ltd.* 89,007
26,000 Japan Radio Co. Ltd. 243,819
13,000 Jeol Ltd. 66,541
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
31,000 Kansai Paint Co. Ltd. $95,146
9,000 Kokuyo Co. Ltd. 147,804
16,000 Lintec 166,966
42,000 Lion Corp. 174,124
48,000 Matsushita Electric Industries Co. 1,246,577
32,000 Matsushita Electric Works Ltd. 397,091
93,000 Mitsubishi Corp. 842,261
13,000 New Japan Radio Co. Ltd. 127,680
4,000 Nippon Broadcasting System, Inc. 246,671
96,000 Nippon Mitsubishi Oil Corp. 440,608
74 Nippon Telegraph and Telephone Corp. 985,362
38,000 Nisshinbo Industries Inc. 200,963
32,000 Noritake Co. Ltd. 178,600
65 NTT Mobile Communications Network, Inc. 1,761,733
9,000 Ono Pharmaceutical Co. Ltd. 386,722
20,000 Ricoh Co. Ltd. 424,025
3,000 Roland Corp. 60,062
8,000 Ryosan Co. 181,320
30,000 Sankyo Seiko 94,343
26,000 Sanwa Bank Ltd. 207,725
80,000 Sekisui Chemical 308,244
22,000 Shimadzu Corp. 122,372
26,000 Shiseido Co. Ltd. 402,682
16,000 Sony Corp. - ADR 1,509,000
10,000 Stanley Electric Co. Ltd. 108,414
30,000 Sumitomo Corp. 337,992
24,000 Sumitomo Electric Industries 412,050
26,000 Sumitomo Forestry Co. Ltd. 173,104
14,000 Sumitomo Trust & Banking Co. Ltd. 99,821
14,000 Sumitomo Wiring Systems Ltd. 111,059
6,000 Tabai Espec Corp. 51,733
6,000 Takeda Chem Industries Ltd. 394,372
11,000 Tokyo Broadcasting System 475,777
240,000 Tokyo Gas Co. 675,418
48,000 Toppan Printing Co. 508,603
66,000 Toyo Ink Mfg. Co. Ltd. 148,966
17,000 Toyo Seikan 317,877
12,000 Tsuzuki Denki Co. Ltd.* 69,695
225 West Japan Railway Co. 913,684
25,000 Yamaha Motor Co. Ltd. 229,011
12,000 Yamatake Corp. 144,943
92,000 Yokohama Bank Ltd. 412,692
------------
35,763,369
------------
Malaysia -- 0.9%
45,000 Carlsberg Brewery Malaysia Berhad 151,583
24,000 Genting Berhad 88,423
197,000 Kumpulan Guthrie Berhad 155,012
27,000 Malayan Banking Berhad 109,424
108,000 Malaysian Airlines System Berhad 90,950
97,000 Perlis Plantations Berhad 112,829
72,000 Resorts World Berhad 197,058
35,000 Rothmans of Pall Mall Berhad 285,534
425,800 Sime Darby Berhad 546,831
180,000 Technology Resources Industries Berhad 191,373
------------
1,929,017
------------
Mexico -- 1.7%
50,000 Grupo Financiero Banamex Accival SA de CV, Class O* 210,537
22,893 Grupo Televisa SA - GDR* 1,578,186
20,216 Telefonos de Mexico, Class L - ADR 1,154,839
</TABLE>
9
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<S> <C> <C> <C> <C>
10,000 Vitro Sociedad Aninima - ADR $31,875
31,600 Wal-Mart de Mexico - ADR* 741,589
------------
3,717,026
------------
Netherlands -- 5.9%
73,130 Elsevier NV 888,764
38,400 Getronics NV 593,927
7,412 Heineken NV 452,528
29,900 IHC Caland NV 1,460,397
34,449 ING Groep NV 2,335,820
17,712 Koninklijke (Royal) Philips Electonics NV 837,961
9,153 Koninklijke Boskalis Westminster NV 149,457
8,918 KPNQwest NV* 351,880
7,990 Nedlloyd NV* 155,260
29,575 Royal Dutch Petroleum Co. 1,843,891
32,100 Royal Dutch Petroleum Co., NY Shares 1,976,156
29,275 United Pan-Europe Communications NV* 767,924
38,600 Wolters Kluwer CVA 1,031,385
------------
12,845,350
------------
New Zealand -- 0.6%
451,700 Carter Holt Harvey Ltd. 392,753
238,185 Telecom Corporation of New Zealand Ltd. 834,005
382,400 Wrightson Ltd. 80,878
------------
1,307,636
------------
Norway -- 0.2%
34,000 Den Norske Bank ASA 141,499
18,000 Rieber & Son ASA, Class B 104,161
12,900 Schibsted Gruppen ASA 239,780
------------
485,440
------------
Portugal -- 0.2%
39,632 Portugal Telecom SA 446,357
------------
Singapore -- 2.4%
783,900 Dairy Farm International Holdings Ltd. 470,340
54,000 DBS Group Holdings Ltd. 693,750
76,000 DelGro Corp Ltd. 219,907
135,000 Development Bank of Singapore Ltd. 1,734,375
17,000 Fraser & Neave Ltd. 60,503
28,000 Great Eastern Holdings Ltd. 94,792
56,000 Overseas Union Enterprise Ltd. 136,111
91,300 Overseas-Chinese Banking Corp. Ltd. 628,744
330,000 Sembcorp Marine 124,132
57,500 Singapore Press Holdings 898,438
60,000 TIBS Holdings Ltd. 42,014
30,000 TIBS Holdings Ltd., Class A* 20,833
135,000 United Industrial Corp. 63,672
------------
5,187,611
------------
South Africa -- 1.4%
3,000 AngloGold Ltd. 122,747
4,209 AngloGold Ltd. - ADR 85,983
16,600 Barlow Ltd. 99,306
6,800 De Beers Consolidated Mines Ltd. - ADR 165,325
209 Edgars Stores Ltd. 2,007
229,000 Firstrand Ltd. 236,442
128,000 Gencor Ltd. 368,685
26,886 Gold Fields Ltd. 105,638
10,907 Gold Fields of South Africa* 13,726
104,356 Iscor Ltd. 178,037
31,436 JD Group Ltd. 208,954
4,545 Kersaf Investments Ltd. 17,858
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
14,031 Northam Platinum Ltd. $16,166
22,000 Pretoria Portland Cement Co. Ltd. 164,431
562,400 Sanlam Ltd. 665,410
54,600 Sasol Ltd. 366,957
24,908 South African Breweries Ltd. 186,166
10,659 South African Breweries Ltd. - ADR* 79,552
10,494 Standard Bank Investment Corp. 41,077
------------
3,124,467
------------
South Korea -- 0.6%
26,205 Korea Telecom Corp. - ADR 1,267,667
------------
Spain -- 2.1%
5,800 Acciona SA 221,631
10,500 Acerinox SA 304,692
72,992 Banco Central Hispanoamer SA 772,444
8,600 Banco Popular Espanol 266,854
13,900 Centros Comerciales Pryca SA 199,547
36,308 Endesa SA 705,527
49,300 Iberdrola SA 637,397
24,543 NH Hoteles SA 283,233
50,398 Telefonica de Espana SA* 1,085,989
11,750 Viscofan Industria Navarra
De Envolturas Celulosicas SA 77,195
------------
4,554,509
------------
Sweden -- 3.4%
3,297 ABB Ltd. 384,299
24,500 Electrolux AB, Class B 381,415
64,000 Ericsson LM - ADR 1,280,000
9,500 Hoganas AB, Class B 152,771
99,400 Investor AB, Class B* 1,366,070
14,500 OM Gruppen AB 651,574
48,000 Securitas AB, B Shares 1,023,723
27,050 Skandia Forsakrings AB 718,824
25,000 Svenska Handelsbanken, Class A 364,964
62,005 Telefonaktiebolaget Ericsson LM, Class B 1,234,018
------------
7,557,658
------------
Switzerland -- 4.2%
13,454 ABB Namen AG 1,614,265
1,830 Charles Voegele Holding AG 360,984
2,167 Credit Suisse Group 432,122
38 Givaudan* 11,594
10,600 Nestle SA - ADR 1,064,191
2,053 Novartis AG 3,259,972
200 Phoenix Mecano AG 114,300
610 Publigroupe SA 457,322
100 Sarna Kunststoff Holding AG 122,903
300 Societe Generale de Surveillance SA, Class B 519,880
1,050 Synthes-Stratec, Inc. 480,059
5,160 Union Bank of Switzerland AG 757,844
------------
9,195,436
------------
Taiwan -- 0.6%
257,128 Taiwan Semiconductor* 1,224,819
------------
Thailand -- 0.3%
15,000 Advanced Information Services plc* 186,687
70,000 Golden Land Property Development plc* 10,355
33,000 Matichon Public Co. Ltd. 54,705
89,000 MBK Properties and Development Public Co. Ltd. 40,857
</TABLE>
10
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
178,000 National Finance & Securities Co. Ltd.* $25,422
120,000 Post Publishing Co. Ltd. 97,934
7,700 The Siam Cement Public Co. Ltd.* 144,535
96,000 The Thai Farmers Bank Ltd.* 80,796
------------
641,291
------------
United Kingdom -- 14.9%
43,000 Airtours plc 226,008
56,882 Arriva plc 153,363
79,288 Associated British Foods plc 547,645
52,400 Associated British Ports Holdings plc 258,747
93,500 BAA plc 729,366
14,600 Barclays plc 365,998
95,213 Bass plc 1,071,548
81,000 Berisford plc 397,322
211,801 BG Group plc 1,366,613
196,070 Blue Circle Industries plc 1,266,651
172,700 Boots Co. plc 1,315,791
32,000 BP Amoco plc 308,345
61,500 British Aerospace plc 383,795
161,189 British Airways plc 919,010
37,100 British Telecommunications plc 491,375
13,100 Close Brothers Group plc 202,989
64,000 Devro International plc 56,226
67,804 Diageo plc 604,019
8,333 Dolphin Interconn (a) 0
22,600 EMI Group plc 214,482
46,700 Esporta plc 77,103
77,300 GKN plc 985,206
85,392 Glaxo Wellcome plc 2,488,565
22,500 Glaxo Wellcome plc - ADR 1,300,781
29,800 Granada Group plc 292,495
175,100 Great Universal Stores plc 1,085,308
68,000 Halifax plc 648,897
52,450 Hanson plc 376,375
62,000 Hilton Group plc 217,874
42,665 Hyder plc 201,629
34,000 Imperial Chemical Industries plc 257,499
285,500 Invensys plc 1,072,813
32,812 Mackie International Group plc (a)* 0
35,000 Man ED&F Group plc 272,760
31,800 Pearson plc 996,698
33,500 Peninsular & Orient Steam 294,814
93,000 PIC International Group plc* 39,443
186,000 Pilkington plc 264,830
112,400 PowerGen plc 961,925
22,702 Provident Financial plc 235,054
111,795 Railtrack Group plc 1,696,065
40,260 Reckitt & Colman plc 451,265
59,000 Reed International plc 504,925
476,000 Rentokil Initial plc 1,084,019
108,200 Rio Tinto plc 1,786,407
278,640 Stagecoach Holdings plc 308,101
285,400 Taylor Woodrow plc 661,412
102,160 Telewest Communications plc* 357,095
37,500 Ti Group plc 203,916
85,000 Unigate plc 373,374
116,500 Unilever plc 704,378
109,500 WPP Group plc 1,590,752
------------
32,671,071
------------
Total Common Stocks
(Cost $155,501,320) 187,723,466
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Preferred Stocks -- 0.5%
Germany -- 0.5%
6,015 SAP AG $1,115,822
------------
Thailand -- 0.0%
39,000 Siam Commercial Bank* 19,893
------------
Total Preferred Stocks
(Cost $1,267,180) 1,135,715
------------
Limited Partnerships -- 3.2%
Everest Capital Frontier Ltd.
(Cost $11,059,623) (a) (b)* 7,150,606
------------
Commingled Investment Vehicles -- 4.7%
Japan -- 0.4%
73,800 Atlantis Japan Growth Fund* 881,910
------------
South Korea -- 0.1%
29,000 The First Korea Smaller Companies Fund* 227,650
------------
United States -- 4.2%
9,114,668 Merrimac Money Market Fund (c) 9,114,668
------------
Total Commingled Investment Vehicles
(Cost $10,181,945) 10,224,228
------------
</TABLE>
<TABLE>
<CAPTION>
Expiration
Date
<C> <S> <C> <C> <C>
Rights
Indonesia
1,180,800 PT Lippo Bank Certificate of Entitlement
(Cost $0) (a) 04/08/02 0
------
Warrants -- 0.0%
15,000 Atlantis Japan Growth Fund (Japan)* 04/30/01 36,000
115,500 PT Bank Pan (Indonesia)* 07/08/02 1,097
1,800,000 PT Bank Universal (Indonesia)* (a) 04/15/02 0
1,800,000 PT Bank Universal (Indonesia)* (a) 04/15/02 0
1,180,800 PT Lippo Bank (Indonesia)* (a) 04/15/02 0
39,000 Siam Commercial Bank (Foreign Shares)
(Thailand)* 04/28/02 4,575
------
Total Warrants
(Cost $275) 41,672
------
</TABLE>
11
<PAGE>
TIFF International Equity Fund / Schedule of Investments (unaudited)
June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short-Term Investments -- 9.7%
Repurchase Agreement -- 6.6%
$14,406,180 Investors Bank & Trust Co. -- Repurchase
Agreement issued 6/30/00 (proceeds at
maturity $14,413,419) (Collateralized
by $15,689,000 FNMA, 6.87%, due 5/1/07,
with a market value of $15,127,203)
(Cost $14,406,180) 6.030% 07/03/00 $14,406,180
------------
US Treasury Securities -- 1.3%
1,600,000 US Treasury Bill+ 5.960% 10/05/00 1,576,019
1,200,000 US Treasury Bill+ 5.960% 11/24/00 1,171,728
------------
Total US Treasury Securities
(Cost $2,745,490) 2,747,747
------------
Time Deposit -- 1.8%
4,024,933 Fleet National Bank
(Cost $4,024,933) (c) 7.260% 10/31/00 4,024,933
------------
Total Short-Term Investments
(Cost $21,176,603) 21,178,860
------------
Total Investments -- 103.8%
(Cost $199,186,946) 227,454,547
Liabilities in excess of other assets --
(3.8%) (8,343,192)
------------
Net Assets -- 100.0% $219,111,355
============
</TABLE>
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 2.4%
Consumer Cyclical 18.1
Consumer Non-Cyclical 7.1
Diversified Investment Vehicles 5.3
Energy 5.0
Financial Services 12.4
Industrial 14.2
Limited Partnerships 3.1
Metals and Mining 3.2
Repurchase Agreements 6.3
Technology 12.1
Transportation 2.7
US Treasury Obligations 1.2
Utilities 6.9
-----
100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts.
+ See Note 2 to the Financial Statements.
# Interest rate represents the yield to maturity at the time of purchase.
(a) Security is valued in good faith under procedures established by the
board of directors.
(b) Restricted Security
(c) Investment from cash collateral received for securities on loan at June
30, 2000.
ADR American Depositary Receipt
FNMA Federal National Mortgage Association
GDR Global Depositary Receipt
</TABLE>
See accompanying Notes to Financial Statements.
12
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Common Stocks -- 46.4%
Argentina -- 0.6%
19,895 CEI Citicorp Holdings SA* $79,594
23,112 Dragados y Construcciones Argentina, Ser. B 32,363
15,247 Inversiones y Representaciones SA 34,545
8,300 Nortel Inversora SA - ADR 157,700
10,232 PC Holdings SA - ADR 187,374
-----------
491,576
-----------
Australia -- 0.2%
12,690 Julius Meinl International 175,006
-----------
Botswana -- 0.1%
117,800 Sechaba Investment Trust 97,627
-----------
Brazil -- 1.5%
5,600 Aracruz Celulose SA - ADR 108,150
5,400,000 Centrais Electricas Brasileiras SA 110,877
19,800 Companhia Paranaense de Energia-Copel - ADR 184,387
208,478 Metalurgica Gerdau SA 3,066
3,900 Petroleo Brasileiro SA 114,663
12,700,000 Tele Celular Sul Participacoes SA 44,753
3,200 Tele Centro Oeste Celular Participacoes SA - ADR 38,400
18,204,000 Tele Centro Sul 184,869
8,900,000 Tele Nordeste Celular 24,102
11,815,166 Tele Norte Leste Participacoes SA* 229,484
1,100 Tele Norte Leste Participacoes SA - ADR 25,988
1,200 Unibanco - GDR 33,707
1,700 Voctorantim Celulose Papel SA - ADR 31,238
-----------
1,133,684
-----------
Chile -- 2.5%
18,700 A.F.P. Provida SA - ADR 397,375
61,230 Antofagasta Holdings plc 329,245
7,100 Chilectra SA - ADR 112,283
10,900 Cia de Telecomunicaciones de Chile SA - ADR 197,563
11,800 Cristalerias de Chile - ADR 194,700
11,820 Enersis SA - ADR* 235,661
4,600 FirstCom Corp.* 69,288
5,700 Laboratorio Chile SA - ADR 109,369
25,100 Maderas y Sinteticos SA - ADR 296,494
-----------
1,941,978
-----------
China -- 0.2%
3,200 China Unicom Ltd. ADR* 67,400
114,000 Yanzhou Coal Mining Co. Ltd. 23,547
146,000 Yizheng Chemical Fibre Co. Ltd. 29,033
-----------
119,980
-----------
Colombia -- 0.2%
9,879 Almacenes Exito SA 15,641
29,786 Bavaria SA 93,776
80,832 Suramericana de Inversiones 58,342
-----------
167,759
-----------
Croatia -- 0.1%
7,000 Pliva D.D. - GDR 75,300
1,800 Pliva D.D. - GDR (144A)++ 18,720
-----------
94,020
-----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Czech Republic -- 1.0%
49,387 Ceska Sporitelna AS* $266,293
6,652 Cesky Telecom AS* 112,665
143,202 Czech Power Co.* 379,330
-----------
758,288
-----------
Egypt -- 0.2%
11,714 Arab International Construction 15,790
8,750 Orascom Construction* 100,446
-----------
116,236
-----------
Estonia -- 0.3%
1,700 Estonian Telecom - GDR 34,085
1,200 Estonian Telecom - GDR (144A)* ++ 24,060
19,040 Hansabank Ltd. 143,957
5,780 Rokiskio Surio - ADR (a) 14,884
-----------
216,986
-----------
Greece -- 1.0%
4,110 Alpha Credit Bank 162,680
5,190 Hellenic Bottling Co. SA 82,791
12,141 Hellenic Telecommunications Organization SA 298,450
4,212 National Bank of Greece SA 166,477
2,040 Titan Cement Co. SA 77,788
-----------
788,186
-----------
Hong Kong -- 1.1%
48,000 ASM Pacific Technology 179,814
12,000 China Unicom Ltd.* 25,479
108,000 Giordano International Ltd. 164,188
82,000 Guangdong Kelon Electric Holdings Co. Ltd. 44,447
10,800 Johnson Electric Holdings 102,185
396,875 Lung Kee (Bermuda) Holdings Ltd. 79,429
416,000 United Pacific Industries Ltd. (a) 35,224
63,000 Varitronix International Ltd. 109,517
11,000 Vtech Holdings Ltd. 41,631
25,000 Yue Yuen Industrial Holdings Ltd. 55,486
-----------
837,400
-----------
Hungary -- 0.9%
3,631 EGIS Rt. 152,417
8,000 Graphisoft NV* 157,063
50,242 Matav Rt. 350,573
-----------
660,053
-----------
India -- 4.2%
14,200 Global Tele-Systems Ltd. 426,191
43,300 Grasim Industries Ltd.* 277,858
30,259 Gujarat Ambuja Cements 132,298
31,280 Gujarat Ambuja Cements - GDR 132,158
5,100 HCL Technologies Ltd. (a) 147,328
33,952 HDFC Bank Ltd. 193,587
42,300 Himachal Futuristic Communications Ltd. 1,346,676
11,900 Hindalco Industries Ltd. 210,691
5,500 Satyam Computer Services 379,204
-----------
3,245,991
-----------
Indonesia -- 0.8%
10,200 Gulf Indonesia Resources Ltd.* 81,600
36,000 PT Hanjaya Mandala Sampoerna 52,311
273,700 PT Indah Kiat Pulp & Paper Corp.* 55,586
</TABLE>
13
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
271,880 PT Indorama Synthetics* $26,441
4,200 PT Indosat - ADR 47,775
2,076,000 PT Lippo Bank* 29,691
276,500 PT Pabrik Kertas Tjiwi Kim 45,872
58,800 PT Petrosea 16,146
160,000 PT Ramayana Lestari 102,517
38,000 PT Semen Gresik 34,565
136,240 PT Telekomunikasi Indonesia 47,933
7,900 PT Telekomunikasi Indonesia - ADR 54,806
-----------
595,243
-----------
Israel -- 1.2%
77,200 Bank Hapoalim Ltd. 224,141
34,400 Bezeq Israel Telecom 191,908
1,420 ECI Telecommunications Ltd. 50,765
777 Elite Industries Ltd.* 43,728
1,000 NICE Systems Ltd.* 77,881
4,300 NICE Systems Ltd. - ADR* 331,906
-----------
920,329
-----------
Malaysia -- 2.5%
107,000 Jaya Tiasa Holdings Berhad (a) 122,208
131,000 Malakoff Berhad (a) 327,509
116,000 Malaysian International Shipping Berhad (a) 192,321
87,000 Malaysian Pacific Industries Berhad (a) 892,918
11,000 Oriental Holdings Berhad (a) 23,158
112,000 Public Bank Berhad (a) 103,161
219,000 Public Bank Berhad (Foreign Market) (a) 219,006
102,000 Selangor Properties Berhad (a) 52,877
-----------
1,933,158
-----------
Mexico -- 4.7%
277,000 Carso Global Telecom* 791,670
9,685 Cemex SA de CV - ADR 226,387
155,000 Controladora Comercial Mexicana SA de CV* 145,037
40,000 Corporacion GEO SA de CV, Ser. B* 65,500
77,952 Corporacion Interamericana de Entretenimiento SA,
Class B* 305,243
26,600 Cydsa SA 19,209
118,000 Embotelladoras Argos Arsab 136,579
7,400 Fomento Economico Mexicano - ADR 318,663
2,700 Grupo Elektra SA - GDR 27,675
156,000 Grupo Financiero Banamex Accival SA de CV, Class O* 656,876
324,845 Grupo Financiero Banorte, Class O* 449,338
4,400 Grupo Iusacell SA de CV - ADR* 68,750
11,000 Grupo Mexico SA, Ser. B* 30,991
1,500 Grupo Televisa SA - GDR* 103,406
60,000 Grupo Televisa SA, Ser. CPO* 206,265
63,000 Grupo Tribasa SA de CV* 6,920
1,500 Grupo Tribasa SA de CV - ADR* 3,375
11,155 Kimberly Clark de Mexico SA de CV 31,768
2,000 TV Azteca SA de CV - ADR 26,375
-----------
3,620,027
-----------
Peru -- 0.4%
148,829 Cementos Norte Pacasmayo SA 60,598
7,077 Compania de Minas Buenaventura SA - ADR 122,521
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
10,642 Compania de Minas Buenaventura SA, Class B $92,734
202,471 Enrique Ferreyros SA* 64,442
-----------
340,295
-----------
Philippine Islands -- 0.8%
283,008 Ayala Land, Inc., Class B 36,048
419,000 Benpres Holdings Corp.* 40,270
14,300 Benpres Holdings Corp. - GDR* 26,813
9,580 Benpres Holdings Corp. - GDR (144A)* ++ 18,394
52,000 Del Monte Pacific Ltd. 13,542
75,210 Equitable Banking Corp. 76,638
145,927 First Philippine Holdings 76,039
11,100 Philippine Long Distance Telephone Co. - ADR 197,025
1,047,000 SM Prime Holdings 126,086
-----------
610,855
-----------
Poland -- 1.7%
2,832 Bank Rozwoju Eksportu SA 86,913
42,378 KGHM Polska Miedz SA* 312,720
20,228 Polski Koncern Naftowy SA (144A)++ 190,184
2,600 SoftBank SA* 132,391
4,600 SoftBank SA - GDR 233,450
49,700 Telekomunikacja Polska - GDR 343,179
-----------
1,298,837
-----------
Romania -- 0.0%
8,981 Turbomechanica SA* 5,597
-----------
Russia -- 1.3%
4,200 Lukoil Oil Co. - ADR 214,704
21,400 RAO Unified Energy Systems - GDR 246,100
43,400 Surgutneftegaz - ADR 502,496
-----------
963,300
-----------
Singapore -- 0.0%
9,000 GP Batteries International Ltd. 9,844
5,000 Natsteel Electronics Ltd. 15,336
-----------
25,180
-----------
Slovenia -- 0.0%
800 SKB Banka - GDR* 6,820
-----------
South Africa -- 2.2%
42,056 Amalgamated Banks of South Africa 159,652
61,600 Billiton plc 250,992
228,538 CorpGro Ltd. 74,266
23,700 Dimension Data Holdings Ltd.* 196,391
8,185 Edgars Stores Ltd. 78,586
13,400 Ixchange Technology Holdings Ltd.* 26,226
229,200 Molope Group Ltd.* 26,407
7,206 Nedcor Ltd. 151,571
87,500 Primedia Ltd., N Shares 65,270
173,600 Profurn Ltd. 102,570
28,742 Sasol Ltd. 193,170
78,300 Softline Ltd. 72,170
27,308 South African Breweries Ltd. 204,104
83,269 Super Group Ltd. 98,767
102,186 Unifer Holdings Ltd. 16,603
-----------
1,716,745
-----------
</TABLE>
14
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
South Korea -- 7.9%
1,916 Dongah Tire Industry Co. $37,808
4,600 Hanaro Telecom, Inc. - ADR* 32,488
8,084 Hyundai Heavy Industries 152,268
7,100 Korea Telecom Corp. - ADR 343,463
8,110 Pantech 62,413
12,990 Pohang Iron and Steel Co. Ltd. - Ordinary Shares 1,102,210
10,323 Samsung Electronics Co. 3,416,618
12,904 Samsung Fire & Marine Insurance 358,798
1,769 SK Telecom Co. Ltd. 579,142
-----------
6,085,208
-----------
Sri Lanka -- 0.0%
22,831 National Development Bank 18,009
-----------
Taiwan -- 4.4%
40,824 Asustek Computer, Inc. 338,317
148,820 Bank Sinopac* 96,138
56,700 Compeq Manufacturing Co. Ltd.* 349,635
18,000 Delta Electronics 85,449
126,230 Far East Textile 157,324
85,160 Hon Hai Precision Industry* 772,414
177,994 Nan Ya Plastics Corp. 360,053
112,644 Phoenixtec Power Co. Ltd. 205,809
18,548 Siliconware Precision Industries Co.* 41,756
5,616 Siliconware Precision Industries Co. - GDR* 63,741
27,000 Synnex Technology International Corp.* 145,351
119,383 Taiwan Semiconductor* 568,676
74,370 Winbond Electronics* 215,952
-----------
3,400,615
-----------
Thailand -- 2.6%
3,050 Advanced Information Services plc* 37,960
13,500 Alucon Manufacturing Co. Ltd. (a) 27,200
55,800 Hana Microelectronics Public Co. Ltd. 438,317
125,866 K.R. Precision Public Co. Ltd.* 70,621
73,200 KCE Electronics Public Co. Ltd.* 212,823
78,820 Land & House Public Co. Ltd.* 41,209
117,900 MDX Co. Ltd. (a) 5,412
73,100 Precious Shipping Ltd.* 27,965
37,400 PTT Exploration & Production Public Co., Ltd. 181,229
152,900 Saha-Union Corp. Ltd. 41,920
128,600 Shinawatra Satellite Public Co. Ltd.* 96,753
208,100 Siam Commercial Bank Public Co. Ltd.* 116,761
36,300 Siam Syntech Construction Public Co. Ltd. (a) 463
232,300 Telecomasia Corp.* 257,716
15,940 Thai Union Frozen Products Co. Ltd. 34,961
22,300 Thai-German Ceramic Industry Co. Ltd.* 1,820
360,000 The Thai Farmers Bank Ltd.* 302,897
323,000 Tisco Finance* 100,912
-----------
1,996,939
-----------
Turkey -- 1.0%
18,487,688 Akbank TAS 143,297
2,033,000 Aksa Akrilik Kimya Sanayii AS 73,864
10,143,000 Aksigorta AS 200,639
2,961,000 Arcelik AS 145,831
293,000 Enka Holding Yatirim AS 65,055
252,390 Migros Turk TAS 46,869
5,643,000 Yapi Ve Kredi Bankasi* 62,874
-----------
738,429
-----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
United Kingdom -- 0.3%
110,800 Old Mutual plc $243,352
-----------
Venezuela -- 0.5%
50,405 Bancaracas Mercados Capital, Class A 24,925
7,000 Cia Anonima Telef De Ven - ADR 190,313
1,113 Electricidad De Caracas - ADR 28,103
29,078 Fondo de Valores - ADR* 95,934
4,667 International Briquettes Holding, Inc. - ADR* 12,834
2,895 Sudamtex de Venezuela - ADR (144A)* ++ (a) 2,171
-----------
354,280
-----------
Total Common Stocks
(Cost $29,842,567) 35,717,988
-----------
Commingled Investment Vehicles -- 27.3%
Argentina -- 0.5%
36,000 Argentina Fund, Inc. 369,000
-----------
Asia -- 1.3%
86,300 Asia Tigers Fund, Inc. 776,700
1,025,000 Edinburgh New Tiger Trust plc* 209,597
-----------
986,297
-----------
Brazil -- 1.1%
152,000 Brazilian Equity Fund* 883,500
-----------
Chile -- 0.7%
250,000 Five Arrows Chile Investment Trust* 517,500
-----------
China -- 1.3%
27,100 Greater China Fund* 235,431
3,300 Jardine Fleming China Region Fund 25,781
85,000 Templeton Dragon Fund 733,125
-----------
994,337
-----------
Czech Republic -- 0.7%
29,756 Zivnobanka - Investicni Fond 548,067
-----------
Europe -- 1.6%
200,000 Advance Developing Markets Trust plc 404,425
270,000 Baring Emerging Europe Trust plc* 569,700
14,000 Morgan Stanley Dean Witter Russia & New Europe Fund* 237,125
-----------
1,211,250
-----------
General Emerging Markets -- 1.2%
450,000 Foreign & Colonial Emerging Markets plc* 490,763
250,000 Templeton Emerging Markets Investment Trust plc 452,517
-----------
943,280
-----------
Greece -- 0.9%
130,600 Greek Progress Fund SA 664,735
-----------
India -- 3.0%
12,000 India Media, Internet and Communications Fund* 47,280
15,000 IS Himalayan Fund NV* 308,250
70,000 Morgan Stanley Dean Witter India Investment Fund* 840,000
15,640 UTI India IT Fund* 1,149,540
-----------
2,345,070
-----------
</TABLE>
15
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Indonesia -- 0.1%
650,000 EFM Java Trust plc* $88,610
-----------
Latin America -- 3.4%
212,500 F&C Latin American Investment Trust* 414,375
67,300 Latin American Equity Fund, Inc.* 874,900
1,150,000 Morgan Grenfell Latin American Trust plc 1,358,686
-----------
2,647,961
-----------
Lebanon -- 0.0%
6,400 Lebanon Holdings (a) 33,600
-----------
Malaysia -- 0.5%
13,100 Genesis Malaysia Maju Offshore Fund* 281,650
5,890 RG Zelfselect - G Maleisie* 95,612
-----------
377,262
-----------
Mexico -- 2.0%
146,470 Mexico Equity & Income Fund 1,537,935
-----------
Poland -- 0.4%
38,860 Flemings Poland Fund Ltd.* 273,963
-----------
Russia -- 0.6%
44,500 Fleming Russia Securities Fund Offshore Fund* 433,875
-----------
South Africa -- 1.4%
920,000 Old Mutual South Africa Trust plc 1,114,819
-----------
South Korea -- 4.1%
550 Korea Asia Fund* 937,750
350 Korea Europe Fund* 927,500
87,000 Korea Fund* 1,223,438
50,102 Schroder Retail Seoul Fund* 30,720
-----------
3,119,408
-----------
Taiwan -- 1.0%
48 Taipei Fund* 448,800
20,000 Taiwan Opportunities Fund* 310,400
-----------
759,200
-----------
Thailand -- 0.3%
1,916,000 Ruam Pattana Fund II* 234,552
-----------
United States -- 1.2%
885,332 Merrimac Money Market Fund (b) 885,332
-----------
Total Commingled Investment Vehicles
(Cost $20,440,278) 20,969,553
-----------
Limited Partnerships -- 20.0%
Everest Capital Frontier Ltd. (a)(c) 2,586,388
Explorador Fund, LP (a)(c) 3,144,438
Investable Emerging Markets Country Fund (a)(c) 9,342,343
New Century Holdings XI LP (a)(c) 239,640
Siam Investment Fund LP (a)(c) 71,675
-----------
Total Limited Partnerships
(Cost $15,550,293) 15,384,484
-----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Preferred Stocks -- 4.5%
Brazil -- 4.3%
4,900,000 Banco Nacional SA* (a) $0
401,912 Celular CRT Participacoes SA, A Shares* 176,199
754,000 Cia Cimento Portland Itau 104,606
2,470,000 Cia Energetica do Brasilia 52,073
1,368,666 Cia Energetica do Brasilia, Class B 23,545
91,200,000 Cia Energetica do Ceara, Class A 240,400
323,912 Cia Riograndense Telecom* 109,648
400,000 Cia Tecidos Norte de Mina 34,073
319,000 Empresa Brasileira de Compressores SA 154,012
189,000 Industrian Klabin de Papel e Celulose SA 158,374
491,878 Itausa - Investimentos 477,684
97,800 Marcopolo SA 151,964
11,289,182 Metalurgica Gerdau SA 244,327
17,890 Petroleo Brasileiro SA 541,068
7,399,000 Tele Centro Sul 107,166
29,700,000 Tele Nordeste Celular 110,427
22,075,800 Tele Norte Leste Participacoes SA* 517,593
80,000 Telecomunicacoes do Parana SA - Telepar 27,969
2,700,000 Votorantim Celulose Papel SA 99,609
-----------
3,330,737
-----------
South Korea -- 0.2%
910 Samsung Electronics Co. 133,451
-----------
Total Preferred Stocks
(Cost $2,954,258) 3,464,188
-----------
</TABLE>
<TABLE>
<CAPTION>
Expiration
Date
<C> <S> <C> <C> <C>
Rights
Indonesia
2,076,000 PT Lippo Bank Certificate of
Entitlement (Cost $0) (a) 04/08/02 0
-----------
Warrants -- 0.2%
75,000 F&C Latin American Investment Trust
(Latin America)* 07/31/00 82,500
10,000 GP Batteries International Ltd.
(Singapore)* 11/15/00 1,000
18,080 PT Indah Kiat Pulp & Paper Corp.
(Indonesia)* (a) 07/11/02 1,655
2,076,000 PT Lippo Bank (Indonesia)* (a) 04/15/02 0
73,000 Siam Commercial Bank (Foreign Shares)
(Thailand)* 05/10/02 8,564
1,225 Thai Farmers Bank (Thailand)* 09/15/02 84
180,300 Tisco Finance Public Co. Ltd.
(Thailand)* 05/31/02 22,532
-----------
Total Warrants
(Cost $49,390) 116,335
-----------
</TABLE>
16
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments (unaudited)June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C> <C> <C> <C> <C>
Short-Term Investments -- 2.5%
Repurchase Agreement -- 2.0%
1,553,773 Investors Bank & Trust Co. --
Repurchase
Agreement issued 6/30/00 (proceeds at
maturity $1,554,554) (Collateralized
by $1,583,690 FNMA, 8.50%, due 8/1/22,
with a market value of $1,631,561)
(Cost $1,553,773) 6.030% 07/03/00 $1,553,773
-----------
Time Deposit -- 0.5%
390,952 Fleet National Bank
(Cost $390,952) (b) 7.260% 10/31/00 390,952
-----------
Total Short-Term Investments
(Cost $1,944,725) 1,944,725
-----------
Total Investments -- 100.9%
(Cost $70,781,511) 77,597,273
Liabilities in excess of other
assets -- (0.9%) (684,156)
-----------
Net Assets -- 100.0% $76,913,117
===========
</TABLE>
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 1.6
Consumer Cyclical 6.3
Consumer Non-Cyclical 0.5
Diversified Investment Vehicles 25.9
Energy 2.6
Financial Services 9.0
Industrial 5.6
Limited Partnerships 19.8
Metals and Mining 3.1
Repurchase Agreements 2.0
Technology 13.2
Transportation 0.3
Utilities 10.1
-----
100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security.
+ See Note 2 to the Financial Statements.
++ 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, 2000, the aggregate market
value of these securities was $253,529 or 3.30% of net assets.
(a) Security is valued in good faith under procedures established by the
board of directors.
(b) Investment from cash collateral received for securities on loan at June
30, 2000.
(c) Restricted Security
ADR American Depositary Receipt
FNMA Federal National Mortgage Association
GDR Global Depositary Receipt
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE>
TIFF US Equity Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Common Stocks -- 91.5%
Advertising -- 0.2%
1,800 DoubleClick, Inc.* $68,625
6,000 Omnicom Group 534,375
------------
603,000
------------
Aerospace and Defense -- 0.9%
61,500 AAR Corp. 738,000
10,800 Boeing Co. 451,575
24,400 Honeywell International, Inc. 821,975
12,000 Rockwell International Corp. 378,000
2,900 Textron, Inc. 157,506
------------
2,547,056
------------
Airlines -- 0.3%
15,200 Delta Airlines, Inc. 768,550
------------
Apparel Retailers -- 0.4%
21,420 Intimate Brands, Inc. 423,045
25,800 The Limited, Inc. 557,925
------------
980,970
------------
Automotive -- 1.3%
13,000 Ford Motor Co. 559,000
48,100 General Motors Corp. 2,792,806
48,600 The Pep Boys 291,600
1,702 Visteon Corp.* 20,638
------------
3,664,044
------------
Banking -- 4.5%
68,400 Bank of America Corp. 2,941,200
19,580 CCB Financial Corp. 724,460
28,500 Chittenden Corp. 696,469
7,100 Comerica, Inc. 318,613
31,395 Downey Financial Corp. 910,455
68,000 FleetBoston Financial Corp. 2,312,000
28,481 Hudson United Bancorp 639,042
50,700 Imperial Bancorp* 792,188
5,600 J.P. Morgan & Co., Inc. 616,700
6,500 National City Corp. 110,906
32,000 People's Bank 588,000
9,400 PNC Bank Corp. 440,625
33,000 Six Rivers National Bank* 441,375
26,000 The South Financial Group 377,000
18,000 Wilmington Trust Corp. 769,500
------------
12,678,533
------------
Beverages, Food, and Tobacco -- 4.8%
4,200 Anheuser-Busch Companies, Inc. 313,688
23,500 Archer-Daniels-Midland Co. 230,594
6,900 Bestfoods 477,825
5,600 Canandaigua Brands, Inc., Class A* 282,450
1,900 Coca-Cola Co. 109,131
10,100 Conagra, Inc. 192,531
800,000 DB Group Ltd. 1,045,280
72,460 EcoScience Corp.* 25,274
22,300 Hain Celestial Group, Inc.* 818,131
119,350 Interstate Bakeries Corp. 1,670,900
7,400 Michael Foods, Inc. 181,300
52,542 Morrison Management Specialists, Inc. 1,481,028
8,100 Pepsico, Inc. 359,944
98,100 Philip Morris Companies, Inc. 2,605,781
7,400 Quaker Oats Co. 555,925
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
133,300 Ralcorp Holdings, Inc.* $1,632,925
22,900 Smithfield Foods, Inc.* 642,631
13,900 Sysco Corp. 585,538
11,000 The Topps Co., Inc.* 126,500
------------
13,337,376
------------
Building Materials -- 0.4%
81,000 Johns Manville Corp. 1,068,188
------------
Chemicals -- 1.3%
12,900 Air Products & Chemicals, Inc. 397,481
43,800 Albemarle Corp. 865,050
54,100 IMC Global, Inc. 703,300
6,700 Pharmacia Corp. 346,306
32,600 Scotts Co., Class A* 1,189,900
------------
3,502,037
------------
Commercial Services -- 1.6%
74,200 Ambassadors International, Inc.* 1,168,650
31,400 Burns International Services* 392,500
4,300 Equifax, Inc. 112,875
115,700 Exponent, Inc.* 968,988
37,950 ITT Educational Services, Inc.* 666,497
4,300 Pegasus Systems, Inc.* 46,763
50,292 Pittston Brink's Group 688,372
15,000 Volt Information Sciences, Inc.* 494,063
------------
4,538,708
------------
Communications -- 0.9%
2,100 Juniper Networks, Inc.* 305,681
16,700 Lucent Technologies, Inc. 989,475
12,600 Motorola, Inc. 366,188
8,211 Nortel Networks Corp. (foreign shares) 560,401
6,900 Qualcomm, Inc.* 414,000
------------
2,635,745
------------
Computer Software and Processing -- 7.6%
1,800 Adobe Systems, Inc. 234,000
27,300 America Online, Inc.* 1,440,075
1,000 Ariba, Inc.* 98,047
5,300 At Home Corp., Ser. A* 109,975
4,200 Automatic Data Processing, Inc. 224,963
5,600 BMC Software, Inc.* 204,313
1,300 BroadVision, Inc.* 66,056
19,800 ClickAction, Inc.* 316,800
1,300 Commerce One, Inc.* 59,008
15,100 Computer Associates International, Inc. 772,931
3,000 Computer Sciences Corp.* 224,063
38,800 Compuware Corp.* 402,550
21,700 Electronic Data Systems Corp. 895,125
4,400 First Data Corp. 218,350
8,600 Galileo International, Inc. 179,525
6,900 Gene Logic, Inc.* 246,244
7,800 Ims Health, Inc. 140,400
700 Infospace, Inc.* 38,675
95,100 Microsoft Corp.* 7,608,000
53,400 Oracle Corp.* 4,488,938
51,100 Policy Management Systems Corp.* 785,663
2,200 RealNetworks, Inc.* 111,238
30,000 Unify Corp.* 256,875
41,500 Unigraphics Solutions, Inc.* 809,250
1,437 VeriSign, Inc.* 253,631
</TABLE>
18
<PAGE>
TIFF US Equity Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
3,800 Veritas Software Corp.* $429,459
6,400 Yahoo!, Inc.* 792,800
------------
21,406,954
------------
Computers and Information -- 8.3%
126,700 Bull Run Corp.* 261,319
119,600 Cisco Systems, Inc.* 7,602,075
3,600 CMGI, Inc.* 164,925
46,100 Dell Computer Corp.* 2,273,306
4,200 eBay, Inc.* 228,113
32,000 EMC Corp.* 2,462,000
23,400 Hewlett-Packard Co. 2,922,075
36,600 International Business Machines Corp. 4,009,988
3,600 Internet Capital Group, Inc.* 133,256
5,000 Lexmark International Group, Inc.* 336,250
1,000 Lycos, Inc.* 54,000
15,000 Navidec, Inc.* 133,125
6,300 Seagate Technology, Inc.* 346,500
24,200 Sun Microsystems, Inc.* 2,200,688
------------
23,127,620
------------
Cosmetics and Personal Care -- 1.3%
9,200 Colgate-Palmolive Co. 550,850
162,700 Playtex Products, Inc.* 1,840,544
22,300 Procter & Gamble Co. 1,276,675
------------
3,668,069
------------
Distribution and Wholesale -- 0.0%
37,400 Valley Media, Inc.* 130,900
------------
Diversified -- 4.7%
155,400 General Electric Co. 8,236,200
66,300 National Service Industries, Inc. 1,292,850
63,400 Tredegar Corp. 1,204,600
5,100 Tyco International Ltd. 241,613
182,700 Walter Industries, Inc. 2,089,631
------------
13,064,894
------------
Electric Utilities -- 1.7%
12,900 Entergy Corp. 350,719
57,300 Minnesota Power, Inc. 992,006
71,800 Oge Energy Corp. 1,328,300
12,500 PG&E Corp. 307,813
16,200 PPL Corp. 355,388
51,600 Sempra Energy 877,200
19,700 TXU Corp. 581,150
------------
4,792,576
------------
Electrical Equipment -- 1.1%
5,800 American Power Conversion Corp.* 236,713
38,000 C&D Technologies, Inc. 2,147,000
10,500 Emerson Electric Co. 633,938
------------
3,017,651
------------
Electronics -- 7.0%
3,100 Advanced Micro Devices* 239,475
6,709 Agilent Technologies, Inc.* 494,789
4,800 Analog Devices, Inc.* 364,800
7,400 Arrow Electronics, Inc.* 229,400
4,500 Atmel Corp.* 165,938
800 Broadcom Corp., Class A* 175,150
62,000 Checkpoint Systems, Inc.* 465,000
45,133 Conductus, Inc.* 891,377
69,600 Intel Corp. 9,304,625
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
7,000 Intersil Holding Corp.* $378,438
8,200 KEMET Corp.* 205,513
7,900 Micron Technology, Inc.* 695,694
5,100 National Semiconductor Corp.* 289,425
8,600 Novellus Systems, Inc.* 486,438
60,000 Rogers Corp.* 2,100,000
71,600 Sensormatic Electronics Corp.* 1,132,175
5,100 STMicroelectronics NV 327,356
19,100 Texas Instruments, Inc. 1,311,931
7,800 Vishay Intertechnology, Inc.* 295,913
------------
19,553,437
------------
Entertainment and Leisure -- 1.4%
9,300 Carnival Corp. 181,350
9,500 Eastman Kodak Co. 565,250
82,300 Walt Disney Co. 3,193,144
------------
3,939,744
------------
Financial Services -- 5.0%
42,700 AXA Financial, Inc. 1,451,800
29,600 Bear Stearns Co., Inc. 1,232,100
83,600 Citigroup, Inc. 5,036,900
4,900 E*TRADE Group, Inc.* 80,850
4,600 Federal Home Loan Mortgage Corp. 186,300
32,900 Federal National Mortgage Association 1,716,969
6,200 Goldman Sachs Group, Inc. 588,225
5,400 Household International, Inc. 224,438
14,700 Lehman Brothers Holdings, Inc. 1,390,069
7,200 Merrill Lynch & Co. 828,000
11,600 Morgan Stanley Dean Witter & Co. 965,700
30,000 San Juan Basin Royalty Trust 300,000
------------
14,001,351
------------
Food Retailers -- 0.2%
2,800 Kroger Co.* 61,775
31,200 Supervalu, Inc. 594,750
------------
656,525
------------
Forest Products and Paper -- 0.5%
74,700 Gartner Group, Inc., Class B* 737,663
27,900 Georgia-Pacific Group 732,375
------------
1,470,038
------------
Healthcare Providers -- 1.0%
20,200 HCA - The Healthcare Corp. 613,575
21,400 Tenet Healthcare Corp. 577,800
25,000 Universal Health Services, Inc., Class B* 1,650,000
------------
2,841,375
------------
Heavy Construction -- 0.2%
100,700 Layne Christensen Co.* 453,150
------------
Heavy Machinery -- 0.9%
16,900 Applied Materials, Inc.* 1,531,563
11,800 Dover Corp. 478,638
10,000 Ingersoll-Rand Co. 402,500
------------
2,412,701
------------
Home Construction, Furnishings,
and Appliances -- 0.0%
3,900 Lennar Corp. 78,975
------------
Household Products -- 0.3%
52,200 Energizer Holdings, Inc.* 952,650
------------
</TABLE>
19
<PAGE>
TIFF US Equity Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Insurance -- 3.5%
4,800 Aetna, Inc. $308,100
5,100 Ambac Financial Group, Inc. 279,544
10,375 American International Group, Inc. 1,219,063
7,100 CIGNA Corp. 663,850
116,000 CNA Surety Corp. 1,384,750
11,700 Hartford Financial Services Group 654,469
36,500 Hilb, Rogal & Hamilton Co. 1,266,094
24,800 Loews Corp. 1,488,000
10,900 MGIC Investment Corp. 495,950
1,000 The Liberty Corp. 42,000
23,300 The PMI Group, Inc. 1,106,750
5,900 The St. Paul Cos., Inc. 201,338
8,100 United Health Group, Inc. 694,575
------------
9,804,483
------------
Media -- Broadcasting and Publishing -- 2.0%
23,700 Gannett Co., Inc. 1,417,556
100,500 Gray Communications Systems, Inc., Class B 979,875
41,000 Insight Communications Co., Inc.* 640,625
9,700 McGraw-Hill Companies, Inc. 523,800
10,900 New York Times Co. 430,550
47,000 Primedia, Inc.* 1,069,250
9,400 Viacom, Inc., Class B* 640,963
------------
5,702,619
------------
Medical Supplies -- 2.8%
13,000 ArthoCare Corp.* 692,250
40,000 Biocompatibles International plc 185,399
5,700 Biosite Diagnostics, Inc.* 274,669
8,300 INAMED Corp.* 303,988
13,500 InnerDyne, Inc.* 99,563
25,900 Johnson & Johnson 2,638,563
19,300 Mallinckrodt, Inc. 838,344
50,800 Owens & Minor, Inc. 873,125
53,500 Protocol Systems, Inc.* 852,656
33,300 Steris Corp.* 295,538
87,500 Strategic Diagnostics, Inc.* 486,719
2,500 Teradyne, Inc.* 183,750
------------
7,724,564
------------
Metals and Mining -- 1.1%
12,300 Alcan Aluminium Ltd. 381,300
34,700 Corner Bay Minerals, Inc.* 70,257
82,900 Pacific Rim Mining Corp.* 254,578
27,700 Stillwater Mining Co.* 772,138
81,900 Valmont Industries, Inc. 1,627,763
------------
3,106,036
------------
Oil and Gas -- 4.5%
5,600 Chevron Corp. 474,950
9,200 Conoco, Inc., Class B 225,975
3,600 Dynegy Inc., Class A 245,925
41,432 Exxon Capital Corp. 3,252,412
19,300 Imperial Oil Ltd. 470,438
8,200 Nabors Industries, Inc.* 340,813
5,700 Noble Drilling Corp.* 234,769
77,600 Occidental Petroleum Corp. 1,634,450
51,800 Pennzoil-Quaker State Co. 624,838
29,800 Phillips Petroleum Co. 1,510,488
146,100 Pioneer Natural Resources Co.* 1,862,775
8,300 Royal Dutch Petroleum Co., NY Shares 510,969
52,000 USX-Marathon Group 1,303,250
------------
12,692,052
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Pharmaceuticals -- 6.6%
21,900 Abbott Laboratories $975,919
15,000 Amgen, Inc.* 1,053,750
47,900 Bristol-Myers Squibb Co. 2,790,175
8,300 Cardinal Health, Inc. 614,200
700 Eli Lilly & Co. 69,913
40,200 Embrex, Inc.* 552,750
2,200 Forest Laboratories Inc.* 222,200
64,200 Merck & Co., Inc. 4,919,325
109,725 Pfizer, Inc. 5,266,800
269,200 PharmChem Laboratories, Inc.* 706,650
17,000 Schering-Plough Corp. 858,500
12,300 Titan Pharmaceuticals, Inc.* 528,900
17,000 Trega Biosciences, Inc.* 54,188
------------
18,613,270
------------
Restaurants -- 0.7%
160,000 Ruby Tuesday, Inc. 2,010,000
------------
Retailers -- 3.3%
5,500 Amazon.com, Inc.* 199,719
75,125 Consolidated Stores Corp.* 901,500
22,600 Federated Department Stores* 762,750
53,900 Geerlings & Wade, Inc.* 163,387
33,200 Home Depot, Inc. 1,657,925
28,100 Kmart Corp.* 191,431
66,500 Sears, Roebuck and Co. 2,169,563
16,000 TJX Companies, Inc. 300,000
13,400 Trans World Entertainment Corp.* 162,475
45,100 Wal-Mart Stores, Inc. 2,598,888
------------
9,107,638
------------
Telephone Systems -- 5.2%
700 Akamai Technologies* 83,114
57,650 AT&T Corp. 1,823,181
41,800 Bell Atlantic Corp. 2,123,963
93,900 BellSouth Corp. 4,002,488
5,600 Exodus Communications, Inc.* 257,950
64,142 SBC Communications, Inc. 2,774,142
5,700 Sprint Corp. 290,700
1,200 Telephone & Data Systems, Inc. 120,300
3,200 US West, Inc. 274,400
60,000 WorldCom, Inc.* 2,752,500
------------
14,502,738
------------
Textiles, Clothing, and Fabrics -- 1.3%
93,440 Albany International Corp.* 1,354,880
5,500 Jones Apparel Group, Inc.* 129,250
186,900 WestPoint Stevens, Inc. 2,079,263
------------
3,563,393
------------
Transportation -- 2.7%
71,900 Canadian Pacific Ltd. 1,882,881
41,800 Circle International Group, Inc. 1,050,225
35,000 CNF Transportation, Inc. 796,250
76,900 Fritz Companies, Inc.* 793,031
34,600 Kirby Corp.* 735,250
5,400 Sabre Holdings Corp. 153,900
89,800 Wabtec Corp. 931,675
34,000 XTRA Corp.* 1,340,875
------------
7,684,087
------------
Total Common Stocks (Cost $231,109,618) 256,403,697
------------
</TABLE>
20
<PAGE>
TIFF US Equity Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Commingled Investment Vehicles -- 0.0%
1,100 S&P 500 Depositary Receipt (Cost $160,733) $159,809
------------
Limited Partnerships -- 0.6%
Gotham Partners
(Cost $1,048,172) (a)(b) 1,616,429
------------
Preferred Stocks -- 0.1%
6,000 ClickAction, Inc. (a) 72,000
20,000 Vicinity Corp. (a) 294,375
------------
Total Preferred Stocks
(Cost $227,500) 366,375
------------
<CAPTION>
Expiration
Date
<C> <S> <C> <C>
Warrants -- 0.2%
600 ClickAction, Inc. 0.000% 0
20,000 Conductus, Inc. (a) 0.000% 341,000
35,000 Pacific Rim Mining Corp. (144A)++ 0.000% 100,800
------------
Total Warrants
(Cost $100,800) 441,800
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value
<C> <S> <C> <C> <C>
Short-Term Investments -- 7.5%
Repurchase Agreement -- 6.9%
$19,499,106 Investors Bank & Trust Company --
Repurchase Agreement issued 6/30/00
(proceeds at maturity $19,508,904)
(Collateralized by $16,000,000
FHLMC, 7.7375%, due 12/15/23, with a
market value of $16,326,464;
$3,919,400 SBA, 8.375%, due 4/25/24
with a market value of $4,147,597)
(Cost $19,499,106) 6.030% 07/03/00 $19,499,106
------------
US Treasury Security -- 0.6%#
1,600,000 US Treasury Bill
(Cost $1,579,409)+
5.612% 09/21/00 1,579,840
------------
Total Short-Term Investments
(Cost $21,078,515) 21,078,946
------------
Total Investments -- 99.9%
(Cost $253,725,338) 280,067,056
Other assets in excess of
liabilities -- 0.1% 253,379
------------
Net Assets -- 100.0% $280,320,435
============
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C> <C>
Short Portfolio -- (0.0%)
Communications -- (0.0%)
600 Videolan Technologies, Inc.* $(1)
------------
Total Short Portfolio
(Proceeds $77,718) $(1)
============
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ Security or a portion thereof is held with a broker as initial margin
for financial futures contracts. See Appendix C of Notes to Financial
Statements.
+ See Note 2 to the Financial Statements.
++ 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, 2000, the
aggregate market value of these securities was $100,800 or 0.04% of net
assets.
# Interest Rate represents the yield to maturity at the time of purchase.
(a) Security is valued in good faith under procedures established by the
board of directors.
(b) Restricted Security
FHLMC Federal Home Loan Mortgage Corporation
SBA Small Business Administration
</TABLE>
See accompanying Notes to Financial Statements
21
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
US Treasury Obligations -- 15.7%
$200,000 US Treasury Bond 5.250% 11/15/28 $177,000
400,000 US Treasury Bond 5.500% 08/15/28 366,875
625,000 US Treasury Bond 6.125% 11/15/27 623,047
1,025,000 US Treasury Bond 6.125% 08/15/29 1,035,891
4,785,000 US Treasury Bond 6.625% 02/15/27 5,073,598
630,000 US Treasury Bond 7.625% 02/15/07 640,237
200,000 US Treasury Bond 8.125% 05/15/21 243,500
2,505,000 US Treasury Bond 8.875% 02/15/19 3,217,359
2,015,000 US Treasury Bond 11.250% 02/15/15 2,965,828
1,265,000 US Treasury Note 5.625% 05/15/08 1,219,934
2,360,000 US Treasury Note 5.750% 08/15/03 2,319,439
1,055,000 US Treasury Note 6.500% 02/15/10 1,090,936
220,000 US Treasury Note 6.750% 05/15/05 225,156
8,260,000 US Treasury Note 7.000% 07/15/06 8,556,893
4,070,000 US Treasury Strip 11.402%# 02/15/20 1,209,926
6,350,000 US Treasury Strip 11.934%# 11/15/21 1,715,446
------------
Total US Treasury Obligations
(Cost $30,092,481) 30,681,065
------------
US Government Agency Obligations -- Mortgage-Backed -- 48.4%
680,000 FHLMC 3.000% 07/15/21 575,613
5,798,710 FHLMC 6.000% 02/01/29 5,315,770
1,875,000 FHLMC 6.300% 03/15/23 1,811,119
1,710,000 FHLMC 7.000% 07/15/05 1,707,264
635,000 FHLMC 7.000% 02/15/20 630,714
896,169 FHLMC 7.500% 05/01/07 891,642
721,586 FHLMC (IO) 7.000% 05/15/08 105,141
793,650 FHLMC (IO), Ser. 2201, Class I 8.000% 09/15/27 174,851
1,740,000 FHLMC, Ser. 1973, Class PQ 8.000% 08/15/26 567,947
741,000 FNMA 5.125% 02/13/04 696,168
725,000 FNMA 6.000% 05/15/08 674,780
3,984,765 FNMA 6.500% 04/01/28 3,760,040
2,917,665 FNMA 6.500% 05/01/28 2,753,120
3,536,809 FNMA 6.500% 06/01/28 3,337,347
475,000 FNMA 6.550% 10/25/20 462,408
1,185,000 FNMA 6.625% 09/15/09 1,144,744
660,000 FNMA 7.000% 06/25/21 654,938
957,074 FNMA 7.000% 03/01/24 926,642
6,550,000 FNMA 7.250% 01/15/10 6,606,740
999,901 FNMA 7.500% 02/01/30 985,456
5,999,401 FNMA 7.500% 03/01/30 5,916,703
5,999,405 FNMA 7.500% 05/01/30 5,912,737
5,299,631 FNMA 7.500% 06/01/30 5,223,071
568,064 FNMA 9.000% 03/01/25 587,708
10,970,000 FNMA (TBA) 6.000% 07/20/15 10,373,506
1,000,000 FNMA (TBA) 6.500% 07/17/30 942,188
14,200,000 FNMA (TBA) 6.500% 08/16/30 13,370,180
2,800,000 FNMA (TBA) 7.500% 07/17/30 2,758,000
473,837 FNMA Strip Ser. 249, Class 2 6.500% 10/25/23 143,644
514,637 FNMA, Ser. 1997-68, Class CI 8.000% 05/18/27 150,612
841,597 FNMA, Ser. 1999-52, Class OP 0.000% 10/25/29 432,896
498,319 GNMA 6.500% 12/15/28 473,020
1,943,538 GNMA 6.500% 03/15/29 1,844,577
303,087 GNMA 6.500% 04/15/29 287,654
1,756,273 GNMA 6.500% 05/15/29 1,666,847
343,984 GNMA 7.000% 07/15/23 335,843
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$763,786 GNMA 7.000% 05/15/24 $745,374
816,613 GNMA 7.000% 06/15/28 794,426
3,607,462 GNMA 7.000% 12/15/28 3,508,781
699,542 GNMA 7.500% 12/15/25 696,163
591,244 GNMA 7.500% 06/15/26 588,095
580,073 GNMA 7.500% 07/15/26 576,983
1,244,184 GNMA 7.500% 08/15/27 1,237,146
222,487 GNMA 9.500% 10/15/24 231,887
222,102 GNMA II 6.125% 12/20/17 223,755
769,048 GNMA II 6.375% 01/20/18 775,699
650,041 GNMA II 6.375% 04/20/24 650,018
348,964 GNMA II 6.625% 08/20/17 350,692
70,141 GNMA II 6.750% 09/20/21 70,497
------------
Total US Government Agency
Obligations-Mortgage-Backed
(Cost $95,609,960) 94,651,146
------------
Corporate Obligations -- 23.2%
Aerospace and Defense -- 0.3%
505,000 Raytheon Co. 7.900% 03/01/03 507,402
------------
Airlines -- 1.3%
160,000 Air 2 US 10.127% 10/01/20 162,584
210,518 American Airlines, Ser. 1991-A,
Class A-1 9.710% 01/02/07 214,905
1,000,000 Continental Airlines
Pass Thru Sink Fund 8.048% 11/01/20 998,200
871,170 Northwest Airlines Corp. 8.304% 09/01/10 845,985
245,000 United Airlines, Inc. 9.560% 10/19/18 247,063
------------
2,468,737
------------
Automotive -- 0.6%
260,000 Chrysler Corp. 7.450% 03/01/27 249,073
615,000 Daimler Chrysler NA 7.750% 06/15/05 621,089
245,000 Ford Motor Credit Co. 7.875% 06/15/10 244,662
------------
1,114,824
------------
Banking -- 2.6%
100,000 African Development Bank 8.800% 09/01/19 112,032
1,250,000 Bank of America Corp. 6.625% 08/01/07 1,175,320
225,000 Bank of America Corp. 7.875% 08/01/07 227,725
380,000 Continental Bank NA 12.500% 04/01/01 394,007
325,000 Edison Mission 7.330% 09/15/08 315,975
1,200,000 First Union Corp. 6.400% 04/01/08 1,084,486
425,000 FNB Chicago 8.080% 01/05/18 434,822
185,000 International Bank Reconstruction
& Development 9.250% 07/15/17 221,782
1,300,000 Westdeutsche Landesbank NY 6.050% 01/15/09 1,160,232
------------
5,126,381
------------
Chemicals -- 0.4%
520,000 Lilly Del Mar, Inc. 7.717% 08/01/29 517,418
250,000 Lyondell Chemical Co. 9.875% 05/01/07 246,875
------------
764,293
------------
Commercial Services -- 0.4%
265,000 ERAC USA Finance Co. 8.250% 05/01/05 266,768
340,000 Tosco Trust 2000-E (144A)++ 8.580% 03/01/10 340,771
250,000 United Rentals 9.000% 04/01/09 221,250
------------
828,789
------------
</TABLE>
22
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Communications -- 0.5%
$906,568 Jasmine Submarine
Telecommunications (144A)++ 8.483% 05/30/11 $830,978
75,000 Williams Communications Group,
Inc. 10.875% 10/01/09 73,313
------------
904,291
------------
Computers and Information -- 0.7%
1,250,000 IBM Corp. 6.500% 01/15/28 1,128,988
225,000 Unova, Inc. 6.875% 03/15/05 198,897
------------
1,327,885
------------
Diversified -- 0.1%
246,000 Edperbrascan Corp. 7.125% 12/16/03 233,497
------------
Education -- 0.1%
215,000 Eaton Corp. 6.950% 11/15/04 208,864
------------
Electric Utilities -- 0.9%
250,000 AES Corp. 8.500% 11/01/07 228,125
145,000 Great Lakes Power, Inc. 8.300% 03/01/05 143,225
1,000,000 NRG Energy South Central 8.962% 03/15/16 1,011,892
104,932 RGS (AEGCO) Funding Co. 9.810% 12/07/21 116,784
355,000 Sithe/Independence Funding 9.000% 12/30/13 366,736
------------
1,866,762
------------
Electronics -- 0.2%
500,000 Tektronix, Inc. 7.500% 08/01/03 501,931
------------
Entertainment and Leisure -- 0.2%
250,000 Park Place Entertainment 7.875% 12/15/05 235,000
200,000 Station Casinos (144A)* 8.875% 12/01/08 190,500
------------
425,500
------------
Financial Services -- 5.2%
545,000 Aristar, Inc. 7.750% 06/15/01 547,138
990,000 Associates Corp. of North America 5.800% 04/20/04 927,806
1,200,000 Bear Stearns Co., Inc. 6.750% 12/15/07 1,096,493
550,000 Goldman Sachs Group, Inc. 7.800% 01/28/10 544,986
714,000 Husky Terra Nova Finance Ltd. 8.450% 02/01/12 707,574
760,000 Kern River Funding Corp. (144A)++ 6.720% 09/30/01 754,178
955,000 Morgan Stanley Dean Witter & Co. 8.100% 06/24/02 968,280
430,000 Natexis Ambs Co., L.L.C. 8.440% 12/29/49 403,126
1,250,000 Pepsi Bottling Holding 5.625% 02/17/09 1,099,096
385,000 Ras Laffan-Lincs, Ser. 1997-11
(144A)++ 7.850% 03/18/14 385,061
1,200,000 Sears Roebuck Acceptance 6.000% 03/20/03 1,150,466
1,000,000 Sprint Capital Corp. 6.900% 05/01/19 887,612
700,000 Telecom New Zealand Finance 6.250% 02/10/03 682,208
------------
10,154,024
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Forest Products and Paper -- 0.3%
$650,000 International Paper Co. (144A)++ 8.125% 07/08/05 $655,734
------------
Healthcare Providers -- 0.2%
400,000 Tenet Healthcare Corp. 8.625% 01/15/07 382,000
------------
Heavy Machinery -- 0.8%
1,000,000 Caterpillar, Inc. 6.625% 07/15/28 845,225
1,035,000 Cummins Engine Co., Inc. 5.650% 03/01/66 635,410
------------
1,480,635
------------
Industrial -- 0.3%
540,000 Yosemite Security Trust I 8.250% 11/15/04 537,523
------------
Insurance -- 1.2%
335,000 Anthem Insurance 9.000% 04/01/27 270,413
425,000 Anthem Insurance (144A)++ 9.125% 04/01/10 393,320
1,190,000 Florida Windstorm Underwriting 6.500% 08/25/02 1,167,959
205,000 Liberty Mutual Insurance 7.875% 10/15/26 172,165
410,000 URC Holdings Corp. (144A)++ 7.875% 06/30/06 415,136
------------
2,418,993
------------
Media -- Broadcasting and Publishing -- 0.2%
250,000 Century Communications 0.000% 03/15/03 184,063
100,000 Chancellor Media Corp. 9.000% 10/01/08 103,000
200,000 Hollinger International
Publishing, Inc. 8.625% 03/15/05 197,750
------------
484,813
------------
Medical Supplies -- 0.1%
250,000 Owens & Minor 10.875% 06/01/06 256,250
------------
Metals and Mining -- 0.1%
250,000 California Steel Industries 8.500% 04/01/09 228,750
------------
Oil and Gas -- 2.8%
1,500,000 El Paso Natural Gas Co. 6.750% 11/15/03 1,469,291
500,000 Global Marine, Inc. 7.125% 09/01/07 474,581
1,000,000 Occidental Petroleum 8.450% 02/15/29 1,029,977
420,000 Oneok, Inc. 7.750% 05/31/05 421,000
645,000 Petroleum Geo-Services ASA 7.125% 03/30/28 533,603
270,000 PG&E Gas Transmission 7.100% 06/01/05 268,844
940,000 Phillips Petroleum Co. 8.500% 05/25/05 972,765
195,000 Trans-Canada Pipeline Ltd. 9.875% 01/01/21 226,804
------------
5,396,865
------------
Real Estate -- 0.4%
350,000 HMH Properties 7.875% 08/01/05 323,750
50,000 Rouse Co. 8.500% 01/15/03 50,588
395,000 Societe Generale Real Estate LLC 7.640% 12/29/49 359,572
------------
733,910
------------
</TABLE>
23
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Retailers -- 0.5%
$1,000,000 Federated Department Stores 7.450% 07/15/17 $914,343
Telephone Systems -- 1.8%
1,565,000 Compania Telecom Chile 7.625% 07/15/06 1,503,384
1,000,000 GTE Florida, Inc. 6.310% 12/15/02 976,544
1,000,000 WorldCom, Inc. 7.750% 04/01/07 999,857
------------
3,479,785
------------
Transportation -- 1.0%
1,000,000 Norfolk Southern Corp. 6.950% 05/01/02 991,908
1,175,000 Windsor Petroleum Transportation
(144A)++ 7.840% 01/15/21 987,000
------------
1,978,908
------------
Total Corporate Obligations
(Cost $46,668,051) 45,381,689
------------
Asset-Backed Securities -- 18.3%
191,390 Advanta Mortgage Loan Trust, Ser.
1997-1, Class B1F 8.150% 05/25/27 186,741
685,246 Americredit Auto Receivables
Trust, Ser. 1997-C, Class A3 6.300% 07/05/03 681,121
862,944 Amresco Mortgage Loan Trust, Ser.
1997-1, Class B1F 7.915% 03/25/27 853,780
1,425,000 Amresco Residential Securities
Mortgage Loan, Ser. 1997-1,
Class A8 7.240% 03/25/27 1,403,554
400,000 California Infrastructure SCE,
Ser. 1997-1, Class A6 6.380% 09/25/08 387,728
1,400,000 Chase Credit Card Master Trust
(FRN), Ser. 2000-2, Class A 6.751% 07/15/05 1,400,728
1,250,000 Chase Credit Card Master Trust,
Ser. 1999-3, Class A 6.660% 01/15/07 1,226,225
1,300,000 Citibank Credit Card Master Trust
(FRN), Ser. 1997-2, Class A 6.550% 02/15/04 1,285,505
1,105,000 Contimortage Home Equity Loan
Trust, Ser. 1997-5, Class A6 6.870% 03/15/24 1,057,640
2,000,000 CS First Boston Mortgage
Securities Corp., Ser. 1998-C1,
Class A1B 6.480% 05/17/08 1,881,784
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$800,000 Daimler Chrysler Auto Trust, Ser.
2000-A, Class A3 7.090% 12/06/03 $800,136
630,000 Discover Card Master Trust I,
Ser. 1994-4, Class A 5.650% 11/16/04 612,990
2,500,000 First Union Lehman Brothers Bank
of America, Ser. 1998-C2, Class
A2 6.560% 11/18/08 2,372,797
1,620,000 Ford Credit Auto Owner Trust,
Ser. 2000-A, Class A4 7.090% 11/17/03 1,618,026
2,000,000 GMAC Commercial Mortgage
Securities, Inc., Ser. 1998-C2,
Class A2 6.420% 08/15/08 1,874,920
1,095,000 Household Automotive Trust, Ser.
2000-2, Class A3 7.340% 11/17/04 1,099,021
1,053,115 LB Commercial Conduit Mortgage
Trust, Ser. 1998-C4, Class A1A 5.870% 08/15/06 1,002,460
1,000,000 MBNA Master Credit Card Trust,
Ser. 1997-F, Class A 6.600% 11/15/04 990,820
1,100,000 MBNA Master Credit Card Trust,
Ser. 2000-A, Class A 7.350% 07/16/07 1,108,525
5,000,000 Nomura Asset Securities Corp.,
Ser. 1998-D, Class A 6.590% 03/17/28 4,757,360
1,609,334 Norwest Asset Securities Corp.,
Ser. 1998-33, Class A3 6.000% 01/25/29 1,280,175
138,261 Olympic Auto Receivable Trust,
Ser. 1996-C, Class A4 6.800% 03/15/02 138,254
1,010,000 Olympic Auto Receivable Trust,
Ser. 1996-D, Class A5 6.250% 02/15/05 1,001,415
281,653 Olympic Auto Receivable Trust,
Ser. 1997-A, Class A4 6.625% 12/15/02 281,431
755,000 Olympic Auto Receivable Trust,
Ser. 1997-A, Class A5 6.800% 02/15/05 751,633
175,000 Pemex Finance Ltd., Ser. 2000-1,
Class A1 9.030% 02/15/11 180,561
</TABLE>
24
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$336,763 Premier Auto Trust, Ser. 1997-2,
Class A4 6.250% 06/06/01 $336,598
1,160,000 Providian Trust, Ser. 1997-4, Class A 6.250% 06/15/07 1,138,911
700,000 Saxon Asset Securities Trust, Ser.
1997-3, Class AF6 6.730% 03/25/27 672,406
876,842 Saxon Asset Securities Trust, Ser.
2000-1, Class BF1A 8.990% 06/25/01 871,011
1,875,000 UCFC Home Equity Loan, IO, Ser. 1997-
C, Class A 8.000% 09/15/00 22,558
370,000 UCFC Home Equity Loan, Ser. 1997-A1,
Class A6 7.435% 11/15/24 368,431
700,000 UCFC Home Equity Loan, Ser. 1997-C,
Class A7 6.845% 01/15/29 679,490
485,000 UCFC Home Equity Loan, Ser. 1997-D,
Class A5 6.755% 11/15/23 470,038
58,755 Union Acceptance Corp., IO, Ser.
1996-D, Class I 3.000% 01/08/04 119
740,462 Union Acceptance Corp., IO, Ser.
1997-B, Class I 1.850% 06/08/27 3,702
450,000 Union Acceptance Corp., Ser. 1999-D,
Class A2 6.450% 01/08/03 449,046
500,000 WFS Financial Owner Trust, Ser. 1999-
C, Class A2 6.920% 01/20/04 498,500
----------
Total Asset-Backed Securities
(Cost $36,818,561) 35,746,140
----------
Foreign Obligations -- 0.8%
190,000 New Brunswick (Province) 9.750% 05/15/20 232,037
265,000 Ontario Hydro 6.100% 01/30/08 246,350
245,000 Province of Ontario 7.750% 06/04/02 247,520
335,000 Quebec Province 7.500% 09/15/29 328,497
510,000 State of Qatar 9.750% 06/15/30 498,902
----------
Total Foreign Obligations
(Cost $1,543,210) 1,553,306
----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares
<C> <S> <C>
Preferred Stocks -- 1.2%
705 Centaur Funding Corp. (144A)++* 701,920
10,325 Duke Realty Investment 413,323
1,110 Pinto Totta International Finance (144A)++ 1,023,281
7,500 SPG Properties, Inc. 286,875
----------
Total Preferred Stocks
(Cost $2,601,786) 2,425,399
----------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C> <C>
Short-Term Investments -- 7.3%
Repurchase Agreements -- 6.4%
$10,707,026 Investors Bank & Trust Co.--
Repurchase Agreement issued
6/30/00 (proceeds at maturity
$10,712,406) (Collateralized by
$11,149,102 FHLMC, 7.4175%, due
10/15/23, with a market value of
$11,243,593) 6.030% 07/03/00 $10,707,026
1,800,000 Morgan Stanley Dean Witter & Co.--
Repurchase Agreement, issued
6/30/00 (proceeds at maturity
$1,802,310) (Collateralized by
$1,827,942 FNMA ARM, 7.291%, due
01/01/25, with a market
value of $1,837,153) 6.600% 07/06/00 1,800,000
------------
Total Repurchase Agreements
(Cost $12,507,026) 12,507,026
------------
US Treasury Securities -- 0.9%#
25,000 US Treasury Bill+ 5.730% 10/05/00 24,625
10,000 US Treasury Bill+ 6.088% 12/14/00 9,729
1,780,000 US Treasury Bill+ 6.679% 07/13/00 1,775,776
------------
Total US Treasury Securities
(Cost $1,810,116) 1,810,130
------------
Total Short-Term Investments
(Cost $14,317,142) 14,317,156
------------
Total Investments -- 114.9%
(Cost $227,651,191) 224,755,901
Liabilities in excess of other assets --
(14.9%) (29,199,607)
------------
Net Assets -- 100.0% $195,556,294
============
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares
<C> <S> <C> <C>
Short
Portfolio --
(2.0%)
Banking --
(2.0%)
4,000,000 GNMA (TBA),
7.000%,
07/24/30 (3,887,500)
------------
Total Short
Portfolio
(Proceeds
$3,908,750) $ (3,887,500)
------------
</TABLE>
25
<PAGE>
TIFF Bond Fund / Schedule of Investments (unaudited) June 30, 2000
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 0.6
Consumer Cyclical 4.1
Consumer Non-Cyclical 0.3
Education 0.1
Energy 2.4
Financial Services 23.5
Industrial 1.4
Metals and Mining 0.1
Miscellaneous 0.6
Repurchase Agreements 5.6
Technology 1.4
Transportation 0.9
US Government Obligations 42.1
US Treasury Obligations 14.4
Utilities 2.5
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ Security or a portion thereof is held with a broker as initial margin
for financial futures contracts. See Appendix C of Notes to Financial
Statements.
+ See Note 2 to the Financial Statements.
++ 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, 2000, the
aggregate market value of these securities was $6,677,879 or 3.41% of
net assets.
# 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
TBA To be announced
</TABLE>
See accompanying Notes to Financial Statements.
26
<PAGE>
TIFF Short-Term Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Asset-Backed Securities -- 68.4%
2,281,793 Amortizing Residential Collateral
Trust (FRN), Ser. 2000-BC1, Class
A1 6.930% 04/25/29 2,294,229
729,085 Banc One Home Equity Trust, Ser.
1999-1, Class A1 6.060% 01/25/12 721,145
183,201 BankBoston Trust, Ser. 1998-1,
Class A1 6.460% 04/25/12 182,342
668,037 BCI Home Equity Loan (FRN), Ser.
1996-1, Class A 6.791% 04/28/26 667,943
2,131,961 BMW Vehicle Owner Trust, Ser. 1999-
A 6.160% 12/25/01 2,125,655
3,000,000 Bombardier Receivables Master Trust
I (FRN), Ser. 1997-1, Class A 6.771% 04/15/04 3,000,780
3,000,000 Capital Auto Receivables Asset
Trust, Ser. 1999-2 6.060% 06/15/02 2,990,625
3,000,000 Capital One Master Trust (FRN),
Ser. 1996-2 6.751% 02/15/05 3,002,813
1,597,226 Countrywide Home Equity Loan Trust
(FRN), Ser. 1998-A, Class A 6.713% 03/15/24 1,595,948
1,666,078 Delta Funding Home Equity Funding,
Ser. 1998-1, Class A2 6.310% 08/25/19 1,657,031
2,000,000 Discover Card Master Trust I (FRN),
Ser. 1994-2, Class A 7.001% 10/16/04 2,007,800
369,464 EQCC Home Equity Loan Trust, Ser.
1997-1 6.840% 09/15/11 369,320
68,183 FNMA, Ser. 1993-163, Class BK 6.150% 11/25/17 67,881
2,201,711 FNMA, Ser. 2044, Class PH 6.000% 08/15/15 2,184,535
3,000,000 Gracechurch Card Funding plc
(FRB) (a) 6.831% 11/15/04 3,000,938
685,209 HFC Revolving Home Equity Loan
Trust (FRN), Ser. 1996-1, Class A 6.851% 07/20/17 684,188
3,000,000 Lakeshore Commercial Loan Master
Trust (FRN), Ser. 1998-AA, Class
A2 (144A) (a) ++ 6.420% 07/25/04 2,996,719
3,000,000 Leaf Master Trust I, Ser. 1999-1,
Class A1 (FRN) (a) 7.020% 11/15/04 3,005,156
3,000,000 MBNA Master Credit Card Trust
(FRN), Ser. 1995-I, Class A 6.821% 03/15/03 3,001,740
2,413,920 Newcourt Equipment Trust
Securities, Ser. 1998-2, Class A3 5.450% 10/15/02 2,391,084
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C> <C>
1,850,636 Premier Auto Trust, Ser. 1997-
1, Class A4 6.350% 04/06/02 1,848,341
2,800,193 Provident Bank Home Equity Loan
Trust, Ser. 1996-2, Class A2 6.850% 01/25/28 2,776,391
279,320 Residential Funding Mortgage
Securities (FRN), Ser.
1998-HS1, Class A 6.831% 06/22/23 278,927
2,731,371 Residential Funding Mortgage
Securities I, Ser. 1997-S11,
Class A2 7.000% 08/25/12 2,718,206
3,000,000 Sears Credit Account Master
Trust, Ser. 1998-1, Class A 5.800% 08/15/05 2,974,110
3,000,000 SLM Student Loan Trust, Ser.
2000-B, Class A1 (FRN) 6.889% 2,995,950
3,158,602 Student Loan Marketing
Association, Ser. 1999-3,
Class A1 6.390% 01/25/07 3,158,065
-----------
Total Asset-Backed Securities (Cost
$54,757,523) 54,697,862
-----------
US Treasury Obligations -- 13.9%
11,200,000 US Treasury Note (Cost
$11,099,715) 4.625% 12/31/00 11,098,506
-----------
Commercial Paper -- 12.1%
Banking -- 7.2%
3,500,000 Svenska Handelsbank Inc. 0.000% 12/11/00 3,381,801
2,500,000 Swedbank 0.000% 03/09/01 2,383,163
-----------
5,764,964
-----------
Communications -- 1.8%#
1,500,000 British Telecommunications plc
0.000% 09/06/00 1,455,485
-----------
Cosmetics and Personal Care -- 3.1%
2,500,000 Gillette Co. 0.000% 07/05/00 2,497,604
-----------
Total Commercial Paper (Cost $9,718,053) 9,718,053
-----------
US Treasury Security -- 0.8%
600,000 US Treasury Bill
(Cost $587,673) + 5.906% 11/02/00 588,105
Time Deposit -- 3.1%
2,500,000 Bayerische Hypotheken und
Weschel Bank AG
(Cost $2,500,237) 7.250% 05/14/01 2,501,565
-----------
Total Short-Term Investments (Cost
$12,805,963) 12,807,723
-----------
Total Investments -- 98.3%
(Cost $78,663,201) 78,604,091
Other assets in excess of liabilities -- 1.7% 1,338,177
-----------
Net Assets -- 100.0% $79,942,268
===========
</TABLE>
27
<PAGE>
TIFF Short-Term Fund / Schedule of Investments (unaudited) June 30, 2000
<TABLE>
<CAPTION>
Summary of Industry
Classifications (as a %
of total market value):
<S> <C>
Consumer Cyclical 5.1%
Consumer Non-Cyclical 3.2
Financial Services 61.3
Industrial 3.0
Technology 1.8
US Government Obligations 25.6
-----
Total 100.0%
=====
</TABLE>
<TABLE>
<C> <S>
+ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C of Notes to Financial
Statements.
+ See Note 2 to the Financial Statements.
++ 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, 2000, the aggregate market
value of these securities was $2,996,719 or 3.75% of net assets.
# Interest Rate represents the yield to maturity at the time of purchase.
(a) Security is valued in good faith under procedures established by the
board of directors.
FNMA Federal National Mortgage Association
FRB Floating Rate Bond
FRN Floating Rate Note
</TABLE>
See accompanying Notes to Financial Statements.
28
<PAGE>
Statement of Assets and Liabilities (unaudited) June 30, 2000
<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 $205,840,949; IEF
$199,186,946; EMF $70,781,511) $232,565,610 $227,454,547 $77,597,273
Cash 3,000,000 253,169 190,479
Foreign currency (Cost: IEF $436,192;
EMF $322,073) -- 513,590 319,442
Receivable for securities sold 3,913,431 7,806,787 1,131,368
Interest receivable 702,339 67,437 16,175
Dividends and tax reclaims receivable 214,366 706,290 126,478
Variation margin on financial futures
contracts receivable 61,324 -- --
------------ ------------ -----------
Total assets 240,457,070 236,801,820 79,381,215
------------ ------------ -----------
Liabilities
Payable for collateral on securities
on loan -- 13,139,601 1,276,284
Payable for securities purchased 8,725,552 4,386,763 937,731
Variation margin on financial futures
contracts payable -- 4,022 --
Net unrealized depreciation on forward
currency contracts 10,990 30,935 1,658
Due to subcustodian 183,672 -- --
Accrued expenses and other liabilities 67,196 129,144 252,425
------------ ------------ -----------
Total liabilities 8,987,410 17,690,465 2,468,098
------------ ------------ -----------
Net Assets $231,469,660 $219,111,355 $76,913,117
============ ============ ===========
Shares Outstanding (authorized
500,000,000 shares, par value $0.001
for each Fund) 16,730,365 16,799,178 9,196,311
============ ============ ===========
Net Asset Value per Share $13.84 $13.04 $8.36
============ ============ ===========
Components of Net Assets
Capital stock $190,709,991 $180,814,580 $87,568,611
Undistributed (distributions in excess
of) net investment income 472,139 103,903 (2,815,713)
Accumulated net realized gain (loss)
on investments 13,678,804 10,001,715 (14,654,304)
Net unrealized appreciation on
investments, financial futures
contracts, forward currency
contracts, and translation of assets
and liabilities denominated in
foreign currencies 26,608,726 28,191,157 6,814,523
------------ ------------ -----------
$231,469,660 $219,111,355 $76,913,117
============ ============ ===========
</TABLE>
See accompanying Notes to Financial Statements.
29
<PAGE>
Statement of Assets and Liabilities (unaudited) June 30, 2000
<TABLE>
<CAPTION>
TIFF US TIFF TIFF Short-
Equity Fund Bond Fund Term Fund
(USEF) (BF) (STF)
<S> <C> <C> <C>
Assets
Investments in securities, at value
(Cost: USEF $253,725,338; BF
$227,651,191; STF $78,663,201) $280,067,056 $224,755,901 $78,604,091
Cash -- 74,091 --
Receivable for capital stock sold -- -- 147,885
Receivable for securities sold 1,870,277 23,608,829 1,930,217
Interest receivable 3,266 2,587,141 355,789
Deposit with broker for short sales -- 3,926,639 --
Dividends and tax reclaims receivable 274,716 17,709 --
Variation margin on financial futures
contracts receivable 143,925 -- --
------------ ------------ -----------
Total assets 282,359,240 254,970,310 81,037,982
------------ ------------ -----------
Liabilities
Payable for securities purchased 2,024,184 55,058,495 1,007,251
Market value of securities sold short
(proceeds: USEF $77,718; BF
$3,908,750) 1 3,887,500 --
Variation margin on financial futures
contracts payable -- 20,620 --
Dividends payable from net investment
income -- 392,779 41,943
Due to subcustodian -- -- 22,675
Accrued expenses and other liabilities 14,620 54,622 23,845
------------ ------------ -----------
Total liabilities 2,038,805 59,414,016 1,095,714
------------ ------------ -----------
Net Assets $280,320,435 $195,556,294 $79,942,268
============ ============ ===========
Shares Outstanding (authorized
500,000,000 shares, par value $0.001
for each Fund) 17,580,819 20,331,964 8,039,887
============ ============ ===========
Net Asset Value per Share $15.94 $9.62 $9.94
============ ============ ===========
Components of Net Assets
Capital stock $219,585,402 $204,578,569 $80,433,669
Undistributed (distributions in excess
of) net investment income 1,534,735 307,054 (13,326)
Accumulated net realized gain (loss)
on investments 33,121,923 (6,000,912) (491,978)
Net unrealized appreciation
(depreciation) on investments, short
sales, financial futures contracts,
forward currency contracts, and
translation of assets and liabilities
denominated in foreign currencies 26,078,375 (3,328,417) 13,903
------------ ------------ -----------
$280,320,435 $195,556,294 $79,942,268
============ ============ ===========
</TABLE>
See accompanying Notes to Financial Statements.
30
<PAGE>
Statement of Operations (unaudited) For the Six Months Ended June 30, 2000
<TABLE>
<CAPTION>
TIFF Multi- TIFF International TIFF Emerging
Asset Fund Equity Fund Markets Fund
(MAF) (IEF) (EMF)
<S> <C> <C> <C>
Investment income
Interest $ 1,843,295 $ 561,426 $ 32,012
Dividends (net of withholding
taxes of: MAF $59,478; IEF
$275,179; EMF $28,121) 1,404,951 2,162,131 550,681
----------- ------------ -----------
Total investment income 3,248,246 2,723,557 582,693
----------- ------------ -----------
Operating expenses
Investment advisory fees 227,036 167,389 60,729
Money manager fees 523,557 783,619 610,379
Custodian and accounting fees 165,773 216,846 163,253
Administration fees 63,848 55,310 22,752
Shareholder recordkeeping fees 15,786 15,234 5,649
Professional fees 42,013 38,810 31,164
Insurance expenses 4,942 5,014 1,729
Registration and filing fees 8,840 21,074 12,618
Miscellaneous fees and expenses 5,048 4,518 --
----------- ------------ -----------
Total operating expenses 1,056,843 1,307,814 908,273
----------- ------------ -----------
Net investment income (loss) 2,191,403 1,415,743 (325,580)
----------- ------------ -----------
Net realized and unrealized gain
(loss) on investments,
financial futures contracts,
forward currency contracts, and
foreign currency-related
transactions
Net realized gain (loss) on:
Investments (net of withholding
taxes of: IEF $244; EMF
$454,386) 3,827,102 10,890,198 4,281,893
Financial futures contracts 520,111 (735,179) --
Forward currency contracts and
foreign currency-related
transactions 61,009 (1,420,535) (35,406)
----------- ------------ -----------
Net realized gain 4,408,222 8,734,484 4,246,487
----------- ------------ -----------
Net change in unrealized
appreciation (depreciation) on:
Investments 1,603,811 (17,589,966) (8,867,836)
Financial futures contracts (1,614,281) (3,051,738) --
Forward currency contracts and
other assets and liabilities
denominated in foreign
currencies (22,761) 463,990 1,464
----------- ------------ -----------
Net change in unrealized
appreciation (depreciation) (33,231) (20,177,714) (8,866,372)
----------- ------------ -----------
Net realized and unrealized gain
(loss) 4,374,991 (11,443,230) (4,619,885)
----------- ------------ -----------
Net increase (decrease) in net
assets resulting from
operations $ 6,566,394 $(10,027,487) $(4,945,465)
=========== ============ ===========
</TABLE>
See accompanying Notes to Financial Statements.
31
<PAGE>
Statement of Operations (unaudited) For the Six Months Ended June 30, 2000
<TABLE>
<CAPTION>
TIFF US TIFF TIFF Short-
Equity Fund Bond Fund Term Fund
(USEF) (BF) (STF)
<S> <C> <C> <C>
Investment income
Interest $ 593,546 $6,892,761 $2,644,563
Dividends (net of withholding taxes of:
USEF $46,554) 1,772,042 175,085 --
------------ ---------- ----------
Total investment income 2,365,588 7,067,846 2,644,563
------------ ---------- ----------
Operating expenses
Investment advisory fees 207,330 94,548 12,872
Money manager fees 630,425 176,157 80,331
Custodian and accounting fees 110,020 103,260 19,878
Administration fees 77,775 53,191 24,138
Shareholder recordkeeping fees 21,712 16,884 14,141
Professional fees 27,505 28,280 18,498
Insurance expenses 5,993 4,002 1,971
Registration and filing fees 16,630 14,698 12,561
Miscellaneous fees and expenses 6,380 3,193 --
------------ ---------- ----------
Total operating expenses before fee
waivers/reimbursements 1,103,770 494,213 184,390
Fee waivers/reimbursements -- -- (34,226)
------------ ---------- ----------
Total operating expenses 1,103,770 494,213 150,164
------------ ---------- ----------
Net investment income 1,261,818 6,573,633 2,494,399
------------ ---------- ----------
Net realized and unrealized gain (loss)
on investments, short sales, financial
futures contracts, forward currency
contracts, and foreign currency-
related transactions
Net realized gain (loss) on:
Investments 16,348,851 (2,662,509) (48,930)
Short sales 282,500 (91,875) --
Financial futures contracts 312,746 168,329 (129,971)
Forward currency contracts and Foreign
currency related transactions (478) -- --
------------ ---------- ----------
Net realized gain (loss) 16,943,619 (2,586,055) (178,901)
------------ ---------- ----------
Net change in unrealized appreciation
(depreciation) on:
Investments (14,485,493) 3,033,082 83,735
Short sales 3,862 21,250 --
Financial futures contracts (748,317) (762,846) 104,225
Forward currency contracts and other
assets and liabilities denominated in
foreign currencies 15 -- --
------------ ---------- ----------
Net change in unrealized appreciation
(depreciation) (15,229,933) 2,291,486 187,960
------------ ---------- ----------
Net realized and unrealized gain (loss) 1,713,686 (294,569) 9,059
------------ ---------- ----------
Net increase in net assets resulting
from operations $ 2,975,504 $6,279,064 $2,503,458
============ ========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
32
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF International
Multi-Asset Fund Equity Fund
-------------------------- --------------------------
Six Months Six Months
Ended Ended
6/30/00 Year Ended 6/30/00 Year Ended
(unaudited) 12/31/99 (unaudited) 12/31/99
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations
Net investment income $ 2,191,403 $ 6,059,036 $ 1,415,743 $ 3,115,767
Net realized gain on
investments, financial
futures contracts,
forward currency
contracts, and foreign
currency-related
transactions 4,408,222 16,417,683 8,734,484 32,754,830
Net change in unrealized
appreciation
(depreciation) on
investments, financial
futures contracts,
forward currency
contracts, and
translation of other
assets and liabilities
denominated in foreign
currencies (33,231) 31,680,568 (20,177,714) 39,588,697
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets resulting
from operations 6,566,394 54,157,287 (10,027,487) 75,459,294
------------ ------------ ------------ ------------
Distributions
From net investment
income -- (7,561,262) -- (852,385)
In excess of net
investment income -- (1,719,264) -- (1,311,840)
From net realized gains -- (1,214,104) -- (25,098,023)
------------ ------------ ------------ ------------
Decrease in net assets
resulting from
distributions -- (10,494,630) -- (27,262,248)
------------ ------------ ------------ ------------
Capital share
transactions, net (see
Appendix D) (13,741,017) (96,865,705) (17,289,905) (61,798,179)
------------ ------------ ------------ ------------
Total decrease in net
assets (7,174,623) (53,203,048) (27,317,392) (13,601,133)
Net assets
Beginning of period 238,644,283 291,847,331 246,428,747 260,029,880
------------ ------------ ------------ ------------
End of period $231,469,660 $238,644,283 $219,111,355 $246,428,747
============ ============ ============ ============
Undistributed
(distributions in
excess of) net
investment income $ 472,139 $ (1,719,264) $ 103,903 $ (1,311,840)
</TABLE>
See accompanying Notes to Financial Statements.
33
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF US
Emerging Markets Fund Equity Fund
------------------------ --------------------------
Six Months Six Months
Ended Ended
6/30/00 Year Ended 6/30/00 Year Ended
(unaudited) 12/31/99 (unaudited) 12/31/99
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations
Net investment income
(loss) $ (325,580) $ 9,862 $ 1,261,818 $ 2,126,405
Net realized gain (loss)
on investments, short
sales, financial
futures contracts,
forward currency
contracts, and foreign
currency-related
transactions 4,246,487 (2,731,958) 16,943,619 44,637,423
Net change in unrealized
appreciation
(depreciation) on
investments, short
sales, financial
futures contracts,
forward currency
contracts, and
translation of other
assets and liabilities
denominated in foreign
currencies (8,866,372) 40,769,288 (15,229,933) 5,568,088
----------- ----------- ------------ ------------
Net increase (decrease)
in net assets resulting
from operations (4,945,465) 38,047,192 2,975,504 52,331,916
----------- ----------- ------------ ------------
Distributions
From net investment
income -- -- (410,491) (7,902,999)
In excess of net
investment income -- (1,802,858) -- --
From net realized gains -- -- -- (36,654,749)
----------- ----------- ------------ ------------
Decrease in net assets
resulting from
distributions -- (1,802,858) (410,491) (44,557,748)
----------- ----------- ------------ ------------
Capital share
transactions, net (see
Appendix D) (537,191) (12,015,970) (3,097,390) (39,508,007)
----------- ----------- ------------ ------------
Total increase
(decrease) in net
assets (5,482,656) 24,228,364 (532,377) (31,733,839)
Net assets
Beginning of period 82,395,773 58,167,409 280,852,812 312,586,651
----------- ----------- ------------ ------------
End of period $76,913,117 $82,395,773 $280,320,435 $280,852,812
=========== =========== ============ ============
Undistributed
(distributions in
excess of) net
investment income $(2,815,713) $(2,490,133) $ 1,534,735 $ 683,408
</TABLE>
See accompanying Notes to Financial Statements.
34
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF
Bond Fund Short-Term Fund
-------------------------- ------------------------
Six Months Six Months
Ended Ended
6/30/00 Year Ended 6/30/00 Year Ended
(unaudited) 12/31/99 (unaudited) 12/31/99
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations
Net investment income $ 6,573,633 $ 11,722,527 $ 2,494,399 $ 3,880,320
Net realized loss on
investments, short
sales and financial
futures contracts (2,586,055) (3,095,878) (178,901) (55,035)
Net change in unrealized
appreciation
(depreciation) on
investments, short
sales, and financial
futures contracts 2,291,486 (9,341,757) 187,960 (167,725)
------------ ------------ ----------- -----------
Net increase (decrease)
in net assets resulting
from operations 6,279,064 (715,108) 2,503,458 3,657,560
------------ ------------ ----------- -----------
Distributions
From net investment
income (6,256,502) (12,016,038) (2,494,330) (3,873,062)
In excess of net
investment income -- (10,077) -- (13,395)
From net realized gains -- (318,730) -- --
------------ ------------ ----------- -----------
Decrease in net assets
resulting from
distributions (6,256,502) (12,344,845) (2,494,330) (3,886,457)
------------ ------------ ----------- -----------
Capital share
transactions, net (see
Appendix D) 11,025,753 (84,037) (9,822,641) 15,077,282
------------ ------------ ----------- -----------
Total increase
(decrease) in net
assets 11,048,315 (13,143,990) (9,813,513) 14,848,385
Net assets
Beginning of period 184,507,979 197,651,969 89,755,781 74,907,396
------------ ------------ ----------- -----------
End of period $195,556,294 $184,507,979 $79,942,268 $89,755,781
============ ============ =========== ===========
Undistributed
(distributions in
excess of) net
investment income $ 307,054 $ (10,077) $ (13,326) $ (13,395)
</TABLE>
See accompanying Notes to Financial Statements.
35
<PAGE>
TIFF Multi-Asset Fund -- Financial Highlights
<TABLE>
<CAPTION>
Period
Six Months from
Ended Year Year Year Year 3/31/95+
6/30/00 Ended Ended Ended Ended to
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 13.41 $ 11.42 $ 11.65 $ 12.08 $ 11.13 $ 10.00
-------- -------- -------- -------- -------- -------
Income from investment
operations
Net investment income 0.12 0.22 0.20 0.44 0.17 0.26
Net realized and
unrealized gain (loss)
on investments* 0.29 2.30 (0.20) 0.01 1.37 1.08
-------- -------- -------- -------- -------- -------
Total from investment
operations 0.41 2.52 0.00 0.45 1.54 1.34
-------- -------- -------- -------- -------- -------
Less distributions from
Net investment income -- (0.41) (0.07) (0.30) (0.18) (0.24)
Amounts in excess of net
investment income -- (0.09) (0.19) (0.15) (0.13) --
Net realized gains -- (0.07) -- (0.63) (0.36) (0.03)
-------- -------- -------- -------- -------- -------
Total distributions -- (0.57) (0.26) (1.08) (0.67) (0.27)
-------- -------- -------- -------- -------- -------
Entry/exit fee per share 0.02 0.04 0.03 0.20 0.08 0.06
-------- -------- -------- -------- -------- -------
Net asset value, end of
period $ 13.84 $ 13.41 $ 11.42 $ 11.65 $ 12.08 $ 11.13
======== ======== ======== ======== ======== =======
Total return (c) 3.13%(b) 22.65% 0.22% 5.51% 14.72% 13.87%(b)
Ratios/supplemental data
Net assets, end of
period (000s) $231,470 $238,644 $291,847 $382,317 $218,244 $92,630
Ratio of expenses to
average net assets 0.93%(a) 0.57% 0.65% 0.72% 1.03% 0.80%(a)
Ratio of net investment
income to average net
assets 1.93%(a) 2.20% 1.85% 3.30% 1.99% 4.00%(a)
Portfolio turnover 90.98%(b) 154.49% 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.
* Including foreign currency-related transactions.
See accompanying Notes to Financial Statements.
36
<PAGE>
TIFF International Equity Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
6/30/00 Ended Ended Ended Ended Ended
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 13.58 $ 11.17 $ 11.77 $ 12.19 $ 10.82 $ 9.98
-------- -------- -------- -------- -------- --------
Income from investment
operations
Net investment income 0.08 0.13 0.19 0.17 0.10 0.15
Net realized and
unrealized gain (loss)
on investments* (0.63) 3.93 0.12 (0.11) 1.59 0.80
-------- -------- -------- -------- -------- --------
Total from investment
operations (0.55) 4.06 0.31 0.06 1.69 0.95
-------- -------- -------- -------- -------- --------
Less distributions from
Net investment income -- (0.05) (0.12) (0.16) (0.09) (0.14)
Amounts in excess of net
investment income -- (0.08) (0.20) (0.09) -- --
Net realized gains -- (1.54) (0.62) (0.28) (0.26) --
-------- -------- -------- -------- -------- --------
Total distributions -- (1.67) (0.94) (0.53) (0.35) (0.14)
-------- -------- -------- -------- -------- --------
Entry/exit fee per share 0.01 0.02 0.03 0.05 0.03 0.03
-------- -------- -------- -------- -------- --------
Net asset value, end of
period $ 13.04 $ 13.58 $ 11.17 $ 11.77 $ 12.19 $ 10.82
======== ======== ======== ======== ======== ========
Total return (c) (3.98%)(b) 37.40% 3.03%(e) 0.91% 15.94% 9.85%
Ratios/supplemental data
Net assets, end of
period (000s) $219,111 $246,429 $260,030 $241,072 $219,458 $155,422
Ratio of expenses to
average net assets 1.17%(a) 1.00% 0.81%(d) 1.21% 1.11% 1.05%
Ratio of expenses to
average net assets
before expense waivers 1.17%(a) 1.00% 0.84%(d) 1.21% 1.11% 1.05%
Ratio of net investment
income to average net
assets 1.27%(a) 1.32% 1.47% 0.72% 0.91% 1.48%
Portfolio turnover 25.40%(b) 28.33% 30.62% 25.55% 32.40% 32.91%
</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 year
used for calculating total return excludes such entry/exit fees.
(d) 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 to average net assets before expense waivers would have been
0.76% and 0.79%, respectively.
(e) Total return would have been lower had certain expenses not been waived or
reimbursed.
* Including foreign currency-related transactions.
See accompanying Notes to Financial Statements.
37
<PAGE>
TIFF Emerging Markets Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
6/30/00 Ended Ended Ended Ended Ended
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 8.90 $ 5.19 $ 8.09 $ 8.63 $ 8.45 $ 9.24
------- ------- -------- ------- ------- --------
Income from investment
operations
Net investment income
(loss) (0.04) (0.09) (0.01) 0.33 0.01 --
Net realized and
unrealized gain (loss)
on investments* (0.50) 3.99 (2.73) (0.40) 0.17 (0.82)
------- ------- -------- ------- ------- --------
Total from investment
operations (0.54) 3.90 (2.74) (0.07) 0.18 (0.82)
------- ------- -------- ------- ------- --------
Less distributions from
Net investment income -- -- -- (0.24) (0.04) (0.00)+
Amounts in excess of net
investment income -- (0.20) (0.17) (0.27) (0.00)+ (0.00)+
Net realized gains -- -- -- -- (0.00)+ --
Amounts in excess of net
realized gains -- -- -- -- -- (0.00)+
------- ------- -------- ------- ------- --------
Total distributions -- (0.20) (0.17) (0.51) 0.04 (0.00)
------- ------- -------- ------- ------- --------
Entry/exit fee per share --+ 0.01 0.01 0.04(f) 0.04(f) 0.03
------- ------- -------- ------- ------- --------
Net asset value, end of
period $ 8.36 $ 8.90 $ 5.19 $ 8.09 $ 8.63 $ 8.45
======= ======= ======== ======= ======= ========
Total return (c) (6.07%)(b) 75.49% (33.38%)(e) (0.40%) 2.51% (8.39%)
Ratios/supplemental data
Net assets, end of
period (000s) $76,913 $82,396 $ 58,167 $83,836 $89,736 $ 59,486
Ratio of expenses to
average net assets 2.24%(a) 1.73% 3.09%(d) 1.56% 1.62% 2.35%
Ratio of expenses to
average net assets
before expense waivers 2.24%(a) 1.73% 3.14%(d) 1.56% 1.62% 2.35%
Ratio of net investment
income (loss) to
average net assets (0.80%)(a) 0.01% (0.55%) 0.95% 0.06% (0.15%)
Portfolio turnover 13.70%(b) 45.94% 47.62% 72.23% 79.96% 104.30%
</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 year
used for calculating total return excludes such entry/exit fees.
(d) 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 to average net assets before expense waivers would have been
2.98% and 3.03%, respectively.
(e) Total return would have been lower had certain expenses not been waived or
reimbursed.
(f) Calculated using the average shares outstanding method.
* Including foreign currency-related transactions.
+ Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
38
<PAGE>
TIFF US Equity Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
6/30/00 Ended Ended Ended Ended Ended
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 15.78 $ 15.62 $ 15.66 $ 13.74 $ 12.36 $ 10.02
-------- -------- -------- -------- -------- --------
Income from investment
operations
Net investment income 0.07 0.09 0.17 0.50 0.20 0.20
Net realized and
unrealized gain on
investments 0.11 2.70 1.58 3.93 2.51 3.36
-------- -------- -------- -------- -------- --------
Total from investment
operations 0.18 2.79 1.75 4.43 2.71 3.56
-------- -------- -------- -------- -------- --------
Less distributions from
Net investment income (0.02) (0.43) (0.07) (0.40) (0.17) (0.22)
Amounts in excess of net
investment income -- -- (0.07) (0.11) (0.10) --
Net realized gains -- (2.21) (1.66) (2.01) (1.07) (1.01)
-------- -------- -------- -------- -------- --------
Total distributions (0.02) (2.64) (1.80) (2.52) (1.34) (1.23)
-------- -------- -------- -------- -------- --------
Entry/exit fee per share --+ 0.01 0.01 0.01 0.01 0.01
-------- -------- -------- -------- -------- --------
Net asset value, end of
period $ 15.94 $ 15.78 $ 15.62 $ 15.66 $ 13.74 $ 12.36
======== ======== ======== ======== ======== ========
Total return (c) 1.16%(b) 18.89% 11.85% 33.01% 21.91% 36.02%
Ratios/supplemental data
Net assets, end of
period (000s) $280,320 $280,853 $312,587 $255,714 $176,797 $109,901
Ratio of expenses to
average net assets 0.80%(a) 0.67% 0.72% 0.70% 0.82% 0.93%
Ratio of net investment
income to average net
assets 0.91%(a) 0.68% 0.99% 1.34% 1.41% 1.67%
Portfolio turnover 48.77%(b) 73.59% 98.30% 108.52% 105.18% 109.89%
</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 shares at the beginning and end of each year
used for calculating total return excludes such entry/exit fees.
+ Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
39
<PAGE>
TIFF Bond Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
6/30/00 Ended Ended Ended Ended Ended
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 9.60 $ 10.29 $ 10.24 $ 10.06 $ 10.33 $ 9.68
-------- -------- -------- -------- -------- -------
Income from investment
operations
Net investment income 0.33 0.61 0.60 0.64 0.67 0.67
Net realized and
unrealized gain (loss)
on investments --+ (0.65) 0.13 0.27 (0.27) 1.01
-------- -------- -------- -------- -------- -------
Total from investment
operations 0.33 (0.04) 0.73 0.91 0.40 1.68
-------- -------- -------- -------- -------- -------
Less distributions from
Net investment income (0.31) (0.63) (0.60) (0.64) (0.67) (0.66)
Amounts in excess of net
investment income -- (0.00)+ (0.02) (0.01) (0.00)+ (0.01)
Net realized gains -- (0.02) (0.06) (0.08) -- (0.36)
-------- -------- -------- -------- -------- -------
Total distributions (0.31) (0.65) (0.68) (0.73) (0.67) (1.03)
-------- -------- -------- -------- -------- -------
Net asset value, end of
period $ 9.62 $ 9.60 $ 10.29 $ 10.24 $ 10.06 $ 10.33
======== ======== ======== ======== ======== =======
Total return 3.55%(b) (0.45%) 7.31% 9.35% 3.75% 18.07%
Ratios/supplemental data
Net assets, end of
period (000s) $195,556 $184,508 $197,652 $173,352 $127,491 $91,072
Ratio of expenses to
average net assets 0.52%(a) 0.48% 0.46% 0.56% 0.58% 0.96%
Ratio of net investment
income to average net
assets 6.96%(a) 6.01% 5.82% 6.41% 6.64% 6.34%
Portfolio turnover 243.53%(b) 474.10% 329.49% 398.16% 332.21% 406.24%
</TABLE>
-------
(a) Annualized.
(b) Not annualized.
+ Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
40
<PAGE>
TIFF Short-Term Fund -- Financial Highlights
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
6/30/00 Ended Ended Ended Ended Ended
(unaudited) 12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 9.94 $ 9.97 $ 9.95 $ 9.99 $ 10.01 $ 10.00
------- ------- ------- ------- ------- -------
Income from investment
operations
Net investment income 0.29 0.52 0.54 0.54 0.54 0.58
Net realized and
unrealized gain (loss)
on investments 0.00+ (0.03) 0.01 (0.02) (0.02) 0.05
------- ------- ------- ------- ------- -------
Total from investment
operations 0.29 0.49 0.55 0.52 0.52 0.63
------- ------- ------- ------- ------- -------
Less distributions from
Net investment income (0.29) (0.52) (0.53) (0.55) (0.54) (0.58)
Amounts in excess of net
investment income -- (0.00)+ -- (0.01) (0.00)+ (0.00)+
Net realized gains -- -- -- -- -- (0.04)
Amounts in excess of net
realized gains -- -- -- -- -- (0.00)+
------- ------- ------- ------- ------- -------
Total distributions (0.29) (0.52) (0.53) (0.56) (0.54) (0.62)
------- ------- ------- ------- ------- -------
Net asset value, end of
period $ 9.94 $ 9.94 $ 9.97 $ 9.95 $ 9.99 $ 10.01
======= ======= ======= ======= ======= =======
Total return (c) 2.95%(b) 4.93% 5.59% 5.30% 5.28% 6.43%
Ratios/supplemental data
Net assets, end of
period (000s) $79,942 $89,756 $74,907 $34,431 $63,470 $96,580
Ratio of expenses to
average net assets 0.35%(a) 0.35% 0.35% 0.47% 0.36% 0.42%
Ratio of expenses to
average net assets
before expense waivers 0.43%(a) 0.45% 0.53% 0.56% 0.47% 0.54%
Ratio of net investment
income to average net
assets 5.87%(a) 5.14% 5.41% 5.53% 5.35% 5.67%
</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
See accompanying Notes to Financial Statements.
41
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
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 US Equity Fund ("US Equity"), TIFF Bond Fund
("Bond"), and TIFF Short-Term Fund ("Short-Term"), collectively referred to as
the "funds."
Investment Objectives
<TABLE>
---------------------------------------------------------------------------------------------------------
<CAPTION>
Fund Investment Objectives
---------------------------------------------------------------------------------------------------------
<S> <C>
Multi-Asset Attain a growing stream of current income and appreciation of principal that at
least offsets inflation.
International Equity Attain a growing stream of current income and appreciation of principal that at
least offsets inflation.
Emerging Markets Attain a growing stream of current income and appreciation of principal that at
least offsets inflation.
US Equity Attain a growing stream of current income and appreciation of principal that at
least offsets inflation.
Bond Attain a high rate of current income subject to restrictions designed to ensure
liquidity and manage exposure to interest rate and credit risk and to provide a
hedge against deflation-induced declines in common stock prices and dividend
streams.
Short-Term Attain a high rate of current income, subject to restrictions designed to control
interest rate risk.
</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 at the date of purchase was greater than 60
days. Options and futures contracts are valued at the last quoted bid price,
except that open futures 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.
Events affecting the values of certain portfolio securities that occur between
the close of trading on the principal market for such securities (foreign
exchanges and over-the-counter markets) and the time at which net asset value
of the funds is determined will not be reflected in the funds' calculation of
the net asset value unless the funds' investment advisor believes that the
particular event would materially affect net asset value, in which case
adjustments would be made.
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,
and the difference between the recorded fair value and the value that would be
received in a sale could be significant. At June 30, 2000, the aggregate
amount of securities fair valued were as follows:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
Fund Amount % of Net Assets
-------------------------------------------------------------------------
<S> <C> <C>
Multi-Asset $49,808,306 21.50%
International Equity 7,150,606 3.20%
Emerging Markets 17,581,753 22.86%
US Equity 1,957,429 0.70%
Short-Term 2,996,719 3.75%
</TABLE>
42
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
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 and
realized gain as and when such income is earned and gains are realized.
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.
Dividends to Members
It is the policy of all funds to declare dividends according to the following
schedule:
<TABLE>
<CAPTION>
----------------------------------------------------------------------
Dividends from Net Capital Gains
Fund Investment Income Distributions
----------------------------------------------------------------------
<S> <C> <C>
Multi-Asset Semi-annually Annually
International Equity Semi-annually Annually
Emerging Markets Annually Annually
US 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 US dollars. Foreign
currency amounts are translated into US 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 US 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
US dollar amount actually received.
43
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
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 US
dollar.
Appendix B of the Notes to Financial Statements details each fund's
outstanding forward currency contracts at June 30, 2000.
Financial Futures Contracts
Certain funds are engaged in trading financial futures contracts. A financial
futures contract is an agreement to purchase (long) or sell (short) an agreed
amount of securities at a set price for delivery at a future date. 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 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, 2000, the funds held assets with a broker as margin for financial
futures contracts as follows:
<TABLE>
<CAPTION>
---------------------------------
Segregated
Fund Assets
---------------------------------
<S> <C>
Multi-Asset $1,703,265
International Equity 2,747,747
US Equity 1,579,840
Bond 1,810,130
Short-Term 588,105
</TABLE>
Appendix C of the Notes to Financial Statements details each fund's open
financial futures contracts at June 30, 2000.
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
significantly above those previously quoted in the market.
Options
When a fund purchases an option, an amount equal to the premium paid by the
fund is included in the fund's Statement of Assets and Liabilities as an
investment and subsequently marked to market to reflect the current market
value of the option purchased. The current market value of a purchased option
is the last sale price on the market on which it is principally traded. If the
purchased option expires, the fund realizes a loss in the amount of the
premium originally paid. If the fund enters into a closing sale transaction,
it realizes a gain or loss, depending on whether the proceeds from the sale
are greater or less than the cost of the option.
If the fund exercises a call option, the cost of the securities acquired by
exercising the call 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.
44
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
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. The funds did not write any
options during the six months ended June 30, 2000.
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 an investment advisory agreement 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 US 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 a money manager agreement 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, 2000. Unless otherwise
indicated, the management fee received by a money manager varies based on the
money manager's investment performance.
With respect to funds' investments in other registered investment companies,
private investment funds, investment partnerships, and other commingled
investment vehicles, the funds bear their ratable share of each such entity's
expenses, and would also be subject to their share of the management and
performance fees, if any, charged by such entity. The funds' share of
management and performance fees charged by such entities is in addition to
fees paid by the respective fund to FAI and the money managers.
Pursuant to an Administration Agreement, Investors Capital Services, Inc.
("Investors Capital," a wholly owned subsidiary of Investors Financial
Services Co.), one employee of which serves as an officer of TIP, earns 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. Investors Bank & Trust Company
("IBT"), which is a wholly owned subsidiary of Investors Financial Services
Co., serves as the funds' custodian and accounting and transfer 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 year. 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. IBT also serves
as the securities lending agent for certain funds involved in securities
lending activity.
During the six months ended June 30, 2000, the Short-Term Fund received fee
waivers of $12,738 and $21,488 from the fund's Investment Advisor and money
manager, respectively.
45
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
4.Investment Transactions
Purchase cost and proceeds from sales of investment securities, other than
short-term investments, for the period from January 1, 2000, to June 30, 2000,
were as follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Fund Purchases Sales
---------------------------------------------------------------------------
<S> <C> <C>
Multi-Asset $217,030,705 $201,933,704
International Equity 78,595,734 51,513,609
Emerging Markets 11,013,847 10,836,020
US Equity 131,275,406 125,178,821
Bond 508,942,635 493,941,133
Short-Term 12,101,813 15,788,350
</TABLE>
For federal income tax purposes, the cost of securities owned at June 30,
2000, 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, 2000 for each fund are as follows:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Net Unrealized
Gross Gross Appreciation/
Fund Appreciation Depreciation (Depreciation)
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Multi-Asset $35,809,588 $ (9,084,927) $26,724,661
International Equity 44,724,659 (16,457,058) 28,267,601
Emerging Markets 17,175,854 (10,360,092) 6,815,762
US Equity 47,544,810 (21,203,092) 26,341,718
Bond 1,916,040 (4,811,330) (2,895,290)
Short-Term 57,929 (117,039) (59,110)
</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 US government
securities agrees, upon entering into a contract, to sell US 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 US government securities purchases US
government securities from a fund and such fund agrees to repurchase the
securities at an agreed upon price and date. The funds did not enter into any
reverse repurchase agreements during the six months ended June 30, 2000.
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, 2000, 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 US 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 of 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
US 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,
2000, 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.
46
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
As of June 30, 2000, 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 Collateral
Fund Securities Received
------------------------------------------------------------------------
<S> <C> <C>
International Equity $12,653,817 $13,139,601
Emerging Markets 1,206,005 1,276,284
</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 funds' portfolio securities to meet their
obligations may be affected by changing business and economic conditions in a
specific industry, state, or region. The Bond Fund has a concentration of its
investments in the financial services industry which may be affected by
changes in such industry.
The International Equity and Emerging Markets Funds invest in securities of
foreign issuers in various countries. Investments in foreign securities may
involve certain risks not typically associated with investments in the United
States, due to, among other factors, the possibility of future political and
economic instability and the level of governmental supervision and regulation
of securities markets in the respective countries where the securities are
issued. 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>
----------------------------------------------------------------------------------
% of
Fund
Fund Number Held
----------------------------------------------------------------------------------
<S> <C> <C>
Multi-Asset 1 20
International Equity 1 38
Emerging Markets 3 56
US Equity 2 23
Bond 1 13
Short-Term 2 48
</TABLE>
From time to time, a fund may have members that hold significant portions of
the respective fund's outstanding shares. Investment activities of such
members could have a material impact on those funds.
47
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
Appendix A
Money Manager Fee as Percent of Assets Managed
for the Six Months Ended June 30, 2000
<TABLE>
<CAPTION>
Effective
Fee Rate
Minimum Maximum (annualized)
<S> <C> <C> <C>
TIFF Multi-Asset Fund
Aronson + Partners............................... 0.10 0.80 0.10
Harding, Loevner Management, LP.................. 0.10 1.50 1.50
Oechsle International Advisors, LLC.............. 0.20 0.60 0.23
Seix Investment Advisors, Inc.................... 0.10 0.80 0.17
Wellington Management Company, LLP............... 0.35* 0.45 0.45
TIFF International Equity Fund
Delaware International Advisers Ltd.............. 0.30* 0.50 0.50
Harding, Loevner Management, LP.................. 0.10 1.50 1.50
Marathon Asset Management, Ltd. ................. 0.15 1.60 0.74
Oechsle International Advisors, LLC.............. 0.20 1.00 0.23
TIFF Emerging Markets Fund
Emerging Markets Management, LLC................. 0.40 3.00 3.00
Lazard Asset Management.......................... 0.50** 0.50** 0.50**
TIFF US Equity Fund
Aronson + Partners............................... 0.10 0.80 0.52
Martingale Asset Management, LP(b)............... 0.05* 0.10 0.09
Palo Alto Investors.............................. 0.10 2.00 2.00
Shapiro Capital Management Company, Inc. ........ 0.50 0.95 0.50
Westport Asset Management, Inc. ................. 0.15 2.00 0.15
TIFF Bond Fund
Atlantic Asset Management, LLC................... 0.10 0.60 0.27
Seix Investment Advisors, Inc.................... 0.10 0.80 0.19
Smith Breeden Associated, Inc.................... 0.10 0.85 0.10
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc............... 0.15* 0.20 0.14(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).
(a) The money manager has agreed to voluntarily waive a portion of its fee, and
the effective rate is after such waiver.
(b) The money manager receives a fee based on assets of the entire fund.
48
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
Appendix B
Open Forward Currency Contracts as of June 30, 2000
<TABLE>
<CAPTION>
Unrealized
US Dollar Foreign Currency Appreciation/
Description Receivable/(Payable) Receivable/(Payable) (Depreciation)
<S> <C> <C> <C>
Multi-Asset Fund
Buy Contracts --
Forwards
Eurodollar 9/20/00 $(1,543,266) $1,532,395 $(10,871)
Sell Contracts --
Spots
Eurodollar 7/3/00 15,890 (16,124) (234)
British Pound 7/3/00 3,613 (3,648) (35)
British Pound 7/5/00 6,002 (6,046) (44)
Japanese Yen 7/3/00 69,182 (69,086) 96
Japanese Yen 7/5/00 10,118 (10,020) 98
--------
(10,990)
========
International Equity
Fund
Buy Contracts --
Spots
Eurodollar 7/3/00 (1,536,192) 1,555,316 $ 19,124
Eurodollar 7/5/00 (1,592,958) 1,603,210 10,252
Swiss Franc 7/3/00 (768,063) 775,857 7,794
Buy Contracts --
Forwards
Eurodollar 9/20/00 (8,975,772) 8,929,472 (46,300)
Sell Contracts --
Spots
Eurodollar 7/3/00 114,895 (116,586) (1,691)
Eurodollar 7/5/00 3,185,915 (3,206,421) (20,506)
Japanese Yen 7/3/00 283,231 (282,786) 445
Japanese Yen 7/5/00 618,541 (612,545) 5,996
Sell Contracts --
Forwards
Eurodollar 7/31/00 872,015 (878,064) (6,049)
--------
(30,935)
========
Emerging Markets Fund
Sell Contracts --
Spots
British Pound 7/03/00 322,248 (323,906) $ (1,658)
--------
$ (1,658)
========
</TABLE>
49
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
Appendix C
Open Financial Futures Contracts as of June 30, 2000
<TABLE>
<CAPTION>
Unrealized
Number of Cost/ Value at Appreciation/
Contracts Type (Proceeds) June 30, 2000 (Depreciation)
<C> <C> <C> <S> <C>
Multi-Asset Fund
Long Futures Contracts
9 September 2000 DAX Index $ 1,566,447 $ 1,497,601 $ (68,846)
23 September 2000 Japanese Yen 2,747,063 2,753,388 6,325
95 September 2000 NIKKEI 300 2,779,083 2,815,280 36,197
33 September 2000 S&P 500 Index 12,217,150 12,111,825 (105,325)
47 September 2000 US Treasury Bond 4,461,859 4,575,156 113,297
---------
(18,352)
---------
Short Futures Contracts
17 July 2000 Hang Seng Index (1,772,474) (1,770,947) 1,527
---------
$ (16,825)
=========
International Equity Fund
Long Futures Contracts
40 September 2000 British Pound 3,787,000 3,796,500 $ 9,500
31 September 2000 DAX Index 5,359,748 5,158,403 (201,345)
38 September 2000 FTSE 100 Index 3,738,125 3,658,982 (79,143)
92 September 2000 Japanese Yen 11,077,826 11,013,551 (64,275)
16 September 2000 MIB30 Index 3,573,365 3,605,850 32,485
371 September 2000 NIKKEI 300 Index 10,800,433 10,994,409 193,976
---------
(108,802)
---------
Short Futures Contracts
27 July 2000 Hang Seng Index (2,814,662) (2,812,680) 1,982
---------
$(106,820)
=========
US Equity Fund
Long Futures Contracts
57 September 2000 S&P 500 Index 21,261,500 20,920,425 $(341,075)
=========
Bond Fund
Long Futures Contracts
46 September 2000 5-year US Treasury Notes 4,534,031 4,554,072 $ 20,041
---------
Short Futures Contracts
110 September 2000 5-year US Treasury Notes (10,701,491) (10,890,172) (188,681)
124 September 2000 10-year US Treasury Notes (11,926,327) (12,212,063) (285,736)
---------
(474,417)
---------
$(454,376)
=========
Short-Term Fund
Long Futures Contracts
69 June 2001 90-day Eurodollar 15,948,787 16,021,800 $ 73,013
=========
</TABLE>
50
<PAGE>
Notes to Financial Statements (unaudited) June 30, 2000
Appendix D
Capital Share Transactions
<TABLE>
<CAPTION>
Six Months Ended June Year Ended December 31,
30, 2000* 1999
Multi-Asset Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 690,336 $ 9,448,737 554,048 $ 6,987,620
Shares Reinvested -- -- 452,446 5,844,919
Exit/Entry Fee -- 222,741 -- 783,879
---------- ------------ ---------- -------------
Subtotal 690,336 9,671,478 1,006,494 13,616,418
Shares Redeemed (1,749,769) (23,412,495) (8,783,412) (110,482,123)
---------- ------------ ---------- -------------
Net Increase (Decrease) (1,059,433) $(13,741,017) (7,776,918) $ (96,865,705)
---------- ------------ ---------- -------------
<CAPTION>
Six Months Ended June Year Ended December 31,
30, 2000* 1999
International Equity Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 261,630 $ 3,482,373 306,438 $ 3,927,615
Shares Reinvested -- -- 2,021,249 26,361,721
Exit/Entry Fee -- 172,659 -- 319,286
---------- ------------ ---------- -------------
Subtotal 261,630 3,655,032 2,327,687 30,608,622
Shares Redeemed (1,608,869) (20,944,937) (7,461,610) (92,406,801)
---------- ------------ ---------- -------------
Net Increase (Decrease) (1,347,239) $(17,289,905) (5,133,923) $ (61,798,179)
---------- ------------ ---------- -------------
<CAPTION>
Six Months Ended June Year Ended December 31,
30, 2000* 1999
Emerging Markets Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 59,809 $ 555,380 27,471 $ 181,100
Shares Reinvested -- -- 158,902 1,347,496
Exit/Entry Fee -- 5,994 -- 134,994
---------- ------------ ---------- -------------
Subtotal 59,809 561,374 186,373 1,663,590
Shares Redeemed (120,654) (1,098,565) (2,145,651) (13,679,560)
---------- ------------ ---------- -------------
Net Increase (Decrease) (60,845) $ (537,191) (1,959,278) $ (12,015,970)
---------- ------------ ---------- -------------
<CAPTION>
Six Months Ended June Year Ended December 31,
30, 2000* 1999
US Equity Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 904,765 $ 14,209,568 826,622 $ 13,382,739
Shares Reinvested 13,987 223,367 2,428,760 37,573,218
Exit/Entry Fee -- 66,359 -- 218,787
---------- ------------ ---------- -------------
Subtotal 918,752 14,499,294 3,255,382 51,174,744
Shares Redeemed (1,131,077) (17,596,684) (5,475,425) (90,682,751)
---------- ------------ ---------- -------------
Net Increase (Decrease) (212,325) $ (3,097,390) (2,220,043) $ (39,508,007)
---------- ------------ ---------- -------------
<CAPTION>
Six Months Ended June Year Ended December 31,
30, 2000* 1999
Bond Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 1,954,404 $ 18,567,563 2,993,343 $ 29,614,783
Shares Reinvested 406,073 3,876,489 787,649 7,789,066
---------- ------------ ---------- -------------
Subtotal 2,360,477 22,444,052 3,780,992 37,403,849
Shares Redeemed (1,243,097) (11,418,299) (3,776,979) (37,487,886)
---------- ------------ ---------- -------------
Net Increase (Decrease) 1,117,380 $ 11,025,753 4,013 $ (84,037)
---------- ------------ ---------- -------------
<CAPTION>
Six Months Ended June Year Ended December 31,
30, 2000* 1999
Short-Term Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 2,810,492 $ 27,925,435 6,177,250 $ 61,521,302
Shares Reinvested 226,281 2,248,460 348,143 3,468,131
---------- ------------ ---------- -------------
Subtotal 3,036,773 30,173,895 6,525,393 64,989,433
Shares Redeemed (4,026,074) (39,996,536) (5,009,837) (49,912,151)
---------- ------------ ---------- -------------
Net Increase (Decrease) (989,301) $ (9,822,641) 1,515,556 $ 15,077,282
---------- ------------ ---------- -------------
</TABLE>
-------
* Unaudited
51
<PAGE>
TIFF Investment Program
ADVISOR
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
200 Clarendon Street
Boston, MA 02116
FUND ADMINISTRATOR
Investors Capital Services, Inc.
600 Fifth Avenue, 26th Floor
New York, NY 10020
FUND DISTRIBUTOR
First Fund Distributors, Inc.
4455 E. Camelback Rd., Suite 261E
Phoenix, AZ 85018
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
Aronson + Partners
Canyon Capital Management, LP
Daystar Partners, LP
Farallon Capital Management, LLC
Harding, Loevner Management, LP
Lone Pine Capital LLC
Oechsle International Advisors, LLC
Seix Investment Advisors, Inc.
Wellington Management Company, LLP
TIFF International Equity Fund
Delaware International Advisers Ltd.
Everest Capital Limited
Harding, Loevner Management, LP
Marathon Asset Management, Ltd.
Oechsle International Advisors, LLC
TIFF Emerging Markets Fund
City of London Investment Co., Ltd.
Emerging Markets Management, LLC
Everest Capital Limited
Explorador Capital Management, LLC
Lazard Asset Management
TIFF US Equity Fund
Aronson + Partners
Martingale Asset Management, LP
Palo Alto Investors
Shapiro Capital Management Company, Inc.
Westport Asset Management, Inc.
TIFF Bond Fund
Atlantic Asset Management, LLC
Seix Investment Advisors, Inc.
Smith Breeden Associates, Inc.
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc.
