<PAGE>
Annual Report TIFF
Investment
December 31, 1999 Program Investment management
for foundations
<PAGE>
February 22, 2000
Dear TIFF Member:
We are pleased to present the TIFF Funds Annual Report for 1999.
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 Members 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
Performance Graph....................................................... 1
Schedule of Investments................................................. 2
TIFF International Equity Fund
Performance Graph....................................................... 8
Schedule of Investments................................................. 9
TIFF Emerging Markets Fund
Performance Graph....................................................... 14
Schedule of Investments................................................. 15
TIFF U.S. Equity Fund
Performance Graph....................................................... 20
Schedule of Investments................................................. 21
TIFF Bond Fund
Performance Graph....................................................... 25
Schedule of Investments................................................. 26
TIFF Short-Term Fund
Performance Graph....................................................... 31
Schedule of Investments................................................. 32
Statement of Assets and Liabilities........................................ 34
Statement of Operations.................................................... 36
Statement of Changes in Net Assets......................................... 38
Financial Highlights....................................................... 41
Notes to Financial Statements.............................................. 47
Report of Independent Accountants.......................................... 59
</TABLE>
<PAGE>
TIFF Multi-Asset Fund December 31, 1999
Comparison of Change in Value of $100,000 Investment in TIFF Multi-Asset Fund
and the Multi-Asset Constucted Index**
[LINE GRAPH]
TIFF Multi-Asset Fund Multi-Asset Constructed Index*
*3/31/95 100000 100000
9/29/95 109066 109138
3/29/96 119100 117049
9/30/96 124147 121578
3/31/97 130630 126520
9/30/97 148865 144434
3/31/98 147021 151997
9/30/98 129713 145115
3/31/99 141362 164675
9/30/99 154102 172748
12/31/99 169772 188973
Policy Considerations: The Fund is designed as a core vehicle for that portion
of an endowment committed to marketable securities. Its objective is to produce
a five percent inflation-adjusted return with sufficient consistency to induce
its holders to "stay the course": to adhere to investment policies that comport
better with their goal of preserving purchasing power than do policies that
place more emphasis on avoiding short-term embarrassment. The Fund seeks to
achieve its objective through two means: (1) diversification across multiple
asset classes and (2) active security selection.
Performance Evaluation: The Multi-Asset Fund's 1999 return substantially
exceeded its real return objective (22.7% versus 7.9%) as well as the
Constructed Index return (17.3%). The Fund's equity segments remain modestly
biased in favor of small cap and value stocks, albeit less so than during most
of the Fund's history, due primarily to the redeployment of capital from Bee &
Associates in the third quarter of 1999. The Fund's resource-related stocks
also display a small cap bias because the segment's benchmark is dominated by a
handful of giant resource firms that the segment's manager has elected to
underweight. The Fund's foreign stock segment also tends to display certain
country biases. These are the product of how individual managers choose to
allocate research time as well as managers' idiosyncratic valuation metrics.
TIFF carefully monitors the Fund's country weights and intervenes as needed to
keep them within tolerable bounds. At present, the Fund's duration exposure is
equal to that of its Constructed Index, and the average credit rating of the
securities held by the Fund was AA.
Investment Performance (For Periods Ended December 31, 1999)
<TABLE>
<CAPTION>
Total Return***
----------------------------------------
Cumulative Annualized
Calendar since Inception since Inception
Year (3/31/95) (3/31/95)
-------- --------------- ---------------
<S> <C> <C> <C>
TIFF Multi-Asset Fund 22.7% 69.4% 12.2%
CPI + 5% per annum 7.9% 40.7% 7.4%
Multi-Asset Constructed Index ** 17.3% 89.0% 14.3%
</TABLE>
** 25% Wilshire 5000; 25% MSCI All Country World Free ex US Index; 20% Merrill
Lynch Treasury Bill Index + 5% per annum; 5% MSCI Global Resource-Related
Index; 5% 10-Year US Treasury Inflation Protected Securities; and 20%
Lehman Aggregate Bond Index.
*** Total return includes the effect 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.
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Common Stocks -- 37.9%
U.S. Common Stocks -- 21.7%
Aerospace & Defense -- 0.7%
7,900 Boeing Co. $328,344
19,000 Honeywell International Inc. 1,096,063
2,000 Textron, Inc. 153,375
------------
1,577,782
------------
Airlines -- 0.1%
4,000 Delta Airlines, Inc. 199,250
------------
Apparel Retailers -- 0.2%
3,700 GAP, Inc. 170,200
6,000 Intimate Brands, Inc. 258,750
3,600 The Limited, Inc. 155,925
------------
584,875
------------
Automotive -- 0.2%
7,300 Ford Motor Co. 390,094
1,600 General Motors Corp. 116,300
------------
506,394
------------
Banking -- 0.8%
3,800 Chase Manhattan Corp. 295,213
1,300 J.P. Morgan & Co., Inc. 164,613
3,600 National City Corp. 85,275
5,300 PNC Bank Corp. 235,850
6,100 UnionBanCal Corp. 240,569
20,000 Wells Fargo Co. 808,750
------------
1,830,270
------------
Beverages, Food & Tobacco -- 0.8%
2,300 Anheuser-Busch Companies, Inc. 163,013
13,200 Archer-Daniels-Midland Co. 160,875
2,400 General Mills, Inc. 85,800
8,400 Philip Morris Companies, Inc. 194,775
3,600 Quaker Oats Co. 236,250
6,600 Sysco Corp. 261,113
9,000 Wm. Wrigley Jr. Co. 746,438
------------
1,848,264
------------
Chemicals -- 0.3%
19,000 Air Products & Chemicals, Inc. 637,688
700 Dow Chemical Co. 93,538
------------
731,226
------------
Commercial Services -- 0.5%
8,700 Cendant Corp.* 231,094
48,000 Quintiles Transnational Corp.* 897,000
------------
1,128,094
------------
Communications -- 0.2%
1,900 Lucent Technologies, Inc. 142,144
1,700 Motorola, Inc. 250,325
------------
392,469
------------
Computer Software & Processing -- 1.8%
5,500 3Com Corp.* 258,500
4,900 Computer Associates International, Inc. 342,694
4,200 Compuware Corp.* 156,450
5,200 Electronic Data Systems Corp. 348,075
11,700 Microsoft Corp.* 1,365,975
17,200 Oracle Corp.* 1,927,475
------------
4,399,169
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<S> <C> <C>
Computers & Information -- 2.2%
5,400 Cisco Systems, Inc.* $578,475
3,100 Dell Computer Corp.* 158,100
2,100 EMC Corp.* 229,425
7,600 Hewlett-Packard Co. 865,925
13,100 International Business Machines Corp. 1,414,800
3,400 Lexmark International Group, Inc.* 307,700
5,700 Seagate Technology, Inc.* 265,406
3,000 Solectron Corp.* 285,375
16,000 Sun Microsystems, Inc. 1,239,000
------------
5,344,206
------------
Cosmetics & Personal Care -- 0.6%
21,000 Colgate-Palmolive Co. 1,365,000
------------
Diversified -- 0.3%
20,000 Tyco International Ltd. 777,500
------------
Electric Utilities -- 0.2%
6,900 Entergy Corp. 177,675
8,100 PG&E Corp. 166,050
6,200 Texas Utilities Co. 220,488
------------
564,213
------------
Electrical Equipment -- 0.1%
5,200 Emerson Electric Co. 298,350
------------
Electronics -- 0.9%
1,200 Analog Devices, Inc.* 111,600
18,900 Intel Corp. 1,555,706
1,800 Micron Technology, Inc.* 139,950
4,000 National Semiconductor Corp.* 171,250
900 Texas Instruments, Inc. 87,188
------------
2,065,694
------------
Financial Services -- 1.3%
61,646 Allied Capital Corp. 1,128,892
2,700 Federal Home Loan Mortgage Corp. 127,069
16,300 Federal National Mortgage Association 1,017,731
3,000 Lehman Brothers Holdings, Inc. 254,063
2,000 Merrill Lynch & Co. 167,000
3,100 Morgan Stanley Dean Witter & Co. 442,525
------------
3,137,280
------------
Forest Products & Paper -- 0.6%
5,700 Georgia-Pacific Group 289,275
8,600 Weyerhaeuser Co. 617,588
9,300 Willamette Industries, Inc. 431,869
------------
1,338,732
------------
Health Care Providers -- 0.3%
8,600 Columbia/HCA Healthcare Corp. 252,088
9,400 Tenet Healthcare Corp.* 220,900
4,400 United HealthCare Corp. 233,750
------------
706,738
------------
Heavy Machinery -- 0.7%
1,400 Applied Materials, Inc.* 177,363
26,200 Dover Corp. 1,188,825
4,000 Ingersoll-Rand Co. 220,250
15,400 McDermott International, Inc. 139,563
------------
1,726,001
------------
Household Products -- 0.1%
4,800 Fortune Brands, Inc. 158,700
------------
</TABLE>
2
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Insurance -- 1.0%
4,800 Aetna, Inc. $267,900
3,500 Allstate Corp. 84,000
11,000 American International Group, Inc. 1,189,375
3,200 CIGNA Corp. 257,800
2,700 CNA Financial Corp.* 105,131
3,500 Loews Corp. 212,406
4,900 Travelers Property Casualty Corp. 167,825
------------
2,284,437
------------
Media -- Broadcasting & Publishing -- 1.0%
20,000 CBS Corp.* 1,278,750
3,600 Gannett Co., Inc. 293,625
4,100 McGraw-Hill Co., Inc. 252,663
2,500 New York Times Co. 122,813
3,200 Tribune Co. 176,200
5,300 Viacom, Inc. Class B* 320,319
------------
2,444,370
------------
Medical Supplies -- 0.8%
16,000 Baxter International, Inc. 1,005,000
1,500 Johnson & Johnson 139,688
51,000 Thermo Electron Corp.* 765,000
------------
1,909,688
------------
Metals & Mining -- 1.2%
6,800 AK Steel Holding Corp. 128,350
6,500 Alcoa, Inc. 539,500
20,300 Cleveland-Cliffs, Inc. 631,838
24,200 Freeport-McMoRan Copper & Gold, Inc. Class A* 449,213
23,700 Freeport-McMoRan Copper & Gold, Inc. Class B* 500,663
19,900 Stillwater Mining Co. 634,313
------------
2,883,877
------------
Oil & Gas -- 2.5%
8,200 Baker Hughes, Inc. 172,713
3,800 Chevron Corp. 329,175
24,200 Cross Timbers Oil Co. 219,313
12,100 EOG Resources, Inc. 212,506
11,200 Evergreen Resources, Inc.* 221,200
20,344 Exxon Capital Corp. 1,638,964
5,700 Nabors Industries, Inc.* 176,344
10,100 Occidental Petroleum Corp. 218,413
13,400 Ocean Energy, Inc.* 103,850
5,800 Phillips Petroleum Co. 272,600
11,100 Rowan Companies, Inc.* 240,731
20,000 Schlumberger Ltd. 1,124,979
5,700 Sunoco, Inc. 133,950
3,872 Transocean Sedco Forex Inc. 130,438
9,200 USX-Marathon Group 227,125
2,100 Vastar Resources, Inc. 123,900
7,600 Weatherford International, Inc. 303,525
------------
5,849,726
------------
Pharmaceuticals -- 0.8%
3,000 Amgen, Inc. 180,188
1,200 Biogen, Inc.* 101,400
2,100 Bristol-Myers Squibb Co. 134,794
5,500 Merck & Co., Inc. 368,844
34,600 Pfizer, Inc. 1,122,338
------------
1,907,564
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Retailers -- 0.3%
2,900 Dayton Hudson Corp. $212,969
16,900 Kmart Corp.* 170,056
2,900 May Department Stores Co. 93,525
6,000 Sears, Roebuck and Co. 182,625
------------
659,175
------------
Telephone Systems -- 1.0%
7,600 Bell Atlantic Corp. 467,875
9,100 BellSouth Corp. 425,994
2,700 CenturyTel, Inc. 127,913
9,600 MCI WorldCom, Inc. 509,400
3,800 Sprint Corp. 255,788
800 Telephone & Data Systems, Inc. 100,800
5,300 U.S. West, Inc. 381,600
------------
2,269,370
------------
Textiles, Clothing & Fabrics -- 0.0%
1,800 Nike Inc. Class B 89,213
------------
Transportation -- 0.2%
32,000 Wisconsin Central Transportation Corp.* 430,000
------------
Total U.S. Common Stocks
(Cost $27,616,104) 51,407,627
------------
Foreign Common Stocks -- 16.2%
Argentina -- 0.2%
40,000 Quilmes Industrial SA 360,000
------------
Canada -- 1.7%
6,700 Alberta Energy Co. Ltd. 207,742
5,900 Alcan Aluminum Ltd. 243,006
17,900 Barrick Gold Corp. 316,606
1,100 BCE, Inc. 99,206
5,350 Burlington Resources Canada 177,310
16,700 Canadian Natural Resources Ltd.* 405,613
11,300 Canadian Occidental Petroleum Ltd. 223,175
11,300 Canadian Pacific Ltd. 243,656
9,770 Franco-Nevada Mining Corp. Ltd. 149,109
10,800 Imperial Oil Ltd. 233,550
12,700 Imperial Oil Ltd. (Foreign Shares) 271,761
37,271 Petro-Canada 526,121
13,761 Piedmont Natural Gas Co., Inc. 218,079
1 Queenstake Resources Ltd.* (b) 0
13,146 Suncor Energy, Inc. 548,090
10,400 Talisman Energy, Inc.* 267,800
------------
4,130,824
------------
France -- 1.2%
4,500 AXA 627,533
12,000 BIC 546,280
20,600 Compagnie Generale d'Industrie et de Participations 1,349,176
6,200 Total Fina SA - ADR 429,350
------------
2,952,339
------------
Germany -- 0.3%
12,000 SAP AG - ADR 624,750
------------
Hong Kong -- 1.8%
110,000 Hutchison Whampoa Ltd. 1,599,125
465,000 Jardine Strategic Holdings Ltd. 925,350
115,000 Johnson Electric Holdings 738,261
390,000 Li & Fung Ltd. 978,387
------------
4,241,123
------------
</TABLE>
3
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Ireland -- 0.4%
27,000 CBT Group plc - ADR* $904,500
------------
Italy -- 0.3%
4,300 Eni SpA - ADR 237,038
34,000 Luxottica Group SpA - ADR 597,125
------------
834,163
------------
Japan -- 2.7%
40,000 Fuji Bank, Ltd. 388,688
38,000 Fujitsu Ltd. 1,732,851
6,100 Hirose Electric Co., Ltd. 1,367,560
110,000 Mitsubishi Corp. 849,300
7,000 Sony Corp. - ADR 1,993,250
------------
6,331,649
------------
Mexico -- 0.7%
10,000 Grupo Televisa SA - GDR* 682,500
90,000 Kimberly Clark de Mexico SA de CV 351,823
6,000 Telefonos de Mexico - Class L, ADR 675,000
------------
1,709,323
------------
Netherlands -- 0.9%
22,000 Royal Dutch Petroleum Co. - NY Shares 1,329,625
22,000 Wolters Kluwer CVA 744,818
------------
2,074,443
------------
Peru -- 0.1%
12,100 Compania de Minas Buenaventura
SA - ADR 194,356
------------
South Africa -- 0.2%
19,900 De Beers Consolidated Mines Ltd. - ADR 575,856
------------
Spain -- 0.1%
7,700 Repsol SA - ADR 179,025
------------
Sweden -- 0.9%
13,300 Ericsson LM - ADR 873,644
95,000 Investor AB - Class B 1,341,966
------------
2,215,610
------------
Switzerland -- 0.8%
8,968 ABB Namen AG 1,097,266
9,000 Nestle SA - ADR 820,032
------------
1,917,298
------------
Taiwan -- 0.3%
143,231 Taiwan Semiconductor* 762,255
------------
United Kingdom -- 3.5%
77,598 Billiton plc 459,984
9,000 Corus Group plc - ADR 232,875
55,000 Pearson plc 1,790,045
260,000 Rentokil Initial plc 948,617
72,700 Rio Tinto plc 1,730,845
5,600 Shell Transport & Trading Co. - ADR 275,800
45,000 Standard Chartered plc 697,766
65,000 Unilever plc 478,782
108,000 WPP Group plc 1,758,371
------------
8,373,085
------------
Venezuela -- 0.1%
12,800 Companhia Vale do Rio Doce - ADR 356,842
------------
Total Foreign Common Stocks
(Cost $44,526,641) 38,737,441
------------
Total Common Stocks
(Cost $72,142,745) 90,145,068
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Asset Backed Securities -- 4.0%
$291,544 AFC Home Equity Loan Trust, Ser. 1999-
1, Class 2A1 6.861% 02/24/29 $293,308
360,000 AT&T Universal Card Master
Trust, Ser. 1996-1,
Class A 6.311% 04/17/03 359,982
480,000 AT&T Universal Card Trust, Ser. 1996-3,
Class A 6.240% 09/17/03 480,000
400,000 BA Master Credit Card Trust, Ser. 1996-
A 6.593% 08/15/03 400,492
400,000 Chase Credit Card Master Trust (FRN),
Ser. 1998-6, Class A 6.723% 09/15/04 401,412
225,000 Chase Credit Card Master Trust, Ser.
1993-3, Class B 6.950% 01/15/07 222,761
400,000 Chemical Master Credit Card Trust 6.230% 06/15/03 398,924
450,000 Contimortage Home Equity Loan Trust,
Ser. 1997-5, Class A6 6.870% 03/15/24 435,357
208,794 Countrywide Home Equity Loan (FRN),
Ser. 1997-C, Class A 5.863% 09/15/22 208,913
290,151 Countrywide Home Equity Trust (FRN),
Ser. 1998-A,
Class A 6.653% 03/15/24 290,319
465,000 Criimi Mae Commercial Mortgage Trust,
Ser. 1998-C1, Class A2 7.000% 03/02/11 388,642
470,000 Discover Card Master Trust I, Ser. 96-
1, Class A 6.633% 07/16/03 470,870
470,000 Discover Card Master Trust I, Ser.
1997-1, Class A 5.368% 02/16/05 469,760
420,000 Discover Card Master Trust, Ser. 1997-
2, Class A 6.792% 04/16/10 413,515
470,000 Discover Card Master Trust, Ser. 1997-
4, Class A 6.533% 04/16/03 470,456
280,829 EQCC Home Equity Loan Trust, Ser. 1998-
4, Class A1F 6.903% 01/15/29 280,598
445,000 First Union Master Credit Card Trust,
Ser. 96-1 6.623% 11/15/03 445,218
350,000 First Union Master Credit Card Trust,
Ser. 1996-1, Class A 6.633% 09/15/03 350,651
485,000 Fleet Credit Card Master Trust, Ser.
95-F 6.653% 08/01/03 485,941
332,105 Green Tree Home Improvement Loan Trust,
Series 99-A 6.743% 02/15/29 331,065
376,100 Merrill Lynch Home Equity Loan (FRN),
Ser. 1997-1, Class A 5.770% 09/25/27 374,242
395,000 Olympic Auto Receivables Trust, Ser.
1997-A, Class A5 6.800% 02/15/05 395,091
210,000 Premier Auto Trust Ser. 1997-3 Class A5 6.340% 01/06/02 209,580
470,000 Providian Master Trust (FRN), Ser.
1997-3, Class A 5.538% 12/15/05 470,494
</TABLE>
4
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$215,000 Union Acceptance Corp. Ser. 1999-D
Class A2 6.450% 01/08/03 $214,611
385,000 World Omni Automobile Lease
Securitization, Ser. 1999-A, Class A3
(FRN) 5.726% 03/15/03 386,509
---------
Total Asset Backed Securities
(Cost $9,661,357) 9,648,711
---------
Corporate Obligations -- 8.2%
Aerospace & Defense -- 0.2%
170,000 Litton Industries Inc. 8.000% 10/15/09 169,600
190,000 Lockheed Martin Corp. 8.500% 12/01/29 189,990
5,000 Loral Corp. 8.375% 06/15/24 4,926
---------
364,516
---------
Airlines -- 0.7%
530,000 Air 2 US 10.127% 10/01/20 552,164
97,771 American Airlines, Ser. 1991-A, Class
A-1 9.710% 01/02/07 102,439
100,000 Delta Airlines, Inc. (144A) (a) 8.300% 12/15/29 96,868
220,000 Northwest Airlines Corp. 7.950% 03/01/15 210,145
645,000 Northwest Airlines Corp. 8.304% 09/01/10 635,195
63,528 U.S. Airways, Inc. 6.820% 01/30/14 51,487
---------
1,648,298
---------
Automotive -- 0.2%
430,000 DaimlerChrysler NA Holdings 6.630% 09/21/01 427,976
---------
Banking -- 0.7%
480,000 Bank of America Corp. 6.068% 09/11/01 479,340
350,000 Citicorp 5.944% 08/10/00 349,895
270,000 Continental Bank NA 12.500% 04/01/01 287,877
375,000 Fleet National Bank 6.231% 07/31/01 374,578
150,000 FNB Chicago 8.080% 01/05/18 152,390
125,000 KBC Bank Fund Trust III 9.860% 11/29/49 129,349
---------
1,773,429
---------
Chemicals -- 0.4%
315,000 ICI Wilmington 6.750% 09/15/02 310,502
130,000 IMC Global, Inc. 7.625% 11/01/05 126,689
210,000 Lilly Del Mar, Inc. 7.717% 08/01/29 208,988
240,000 Methanex Corp. 7.750% 08/15/05 198,378
30,000 Methanex Corp. 7.400% 08/15/02 27,243
---------
871,800
---------
Communications -- 0.5%
290,000 Cable & Wireless Communications plc 6.750% 12/01/08 287,166
100,000 Filtronic plc (144A) (a) 10.000% 12/01/05 96,385
934,648 Jasmine Submarine Telecommunications
(144A) (a) 8.483% 05/30/11 854,250
---------
1,237,801
---------
Computers & Information -- 0.0%
100,000 Unova, Inc. 6.875% 03/15/05 94,512
---------
Diversified -- 0.0%
120,000 Edperbrascan Corp. 7.125% 12/16/03 115,887
---------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Electric Utilities -- 0.5%
$175,000 Cilcorp, Inc. 9.375% 10/15/29 $185,321
400,000 Edison International, Inc. 6.875% 09/15/04 391,725
375,000 FPL Group Capital, Inc. 7.375% 06/01/09 368,338
155,000 Great Lakes Power, Inc. 8.300% 03/01/05 151,672
185,000 Southern Energy, Inc. (144A) (a) 7.900% 07/15/09 178,658
---------
1,275,714
---------
Financial Services -- 2.8%
265,000 Aristar, Inc. 7.750% 06/15/01 267,132
325,000 Beneficial Corp. (FRN) 6.281% 12/05/01 325,098
180,000 Citicorp 8.000% 02/01/03 183,777
150,000 Citicorp Lease (144A) (a) 8.040% 12/15/19 148,802
160,000 ERAC USA Finance Co. 7.950% 12/15/09 158,540
270,000 Finova Capital Corp. 7.250% 11/08/04 267,040
360,000 Ford Motor Credit Co. 7.375% 10/28/09 355,386
350,000 General Motors Acceptance Corp. 6.431% 07/30/01 350,070
330,000 Goldman Sachs Group LP (144A) (a) 7.800% 07/15/02 333,131
170,000 Heller Financial, Inc. 5.875% 11/01/00 168,604
375,000 Heller Financial, Inc. 6.450% 08/20/01 373,313
480,000 Husky Terra Nova Finance Ltd. 8.450% 02/01/12 470,851
345,000 Kern River Funding Corp. (144A) (a) 6.720% 09/30/01 340,832
170,000 Land 'O Lakes Capital Trust (144A) (a) 7.450% 03/15/28 138,869
290,000 Lehman Brothers Holdings, Inc. 5.658% 01/18/00 290,051
230,000 Lehman Brothers Holdings, Inc. 7.250% 04/15/03 228,395
80,000 Lehman Brothers Holdings, Inc. 7.875% 11/01/09 79,842
460,000 Morgan Stanley Dean Witter 7.125% 01/15/03 459,266
95,000 Natexis Ambs Co., LLC (144A) (a) 8.440% 12/29/49 89,377
260,000 Noble Affiliates Inc. & Atlantic
Methanol Capital Co. Series A2 (144A)
(a) 8.950% 12/15/04 256,211
135,000 Pemex Finance Ltd. 9.690% 08/15/09 139,608
140,000 PNC Funding Corp. 6.125% 02/15/09 125,706
460,000 Ras Laffan-Lincs,
Ser. 1997-11 (144A) (a) (e) 7.850% 03/18/14 461,536
120,000 Salomon Smith Barney Holdings, Inc. 6.750% 02/15/03 117,992
315,000 Telecom New Zealand Finance (144A) (a) 6.250% 02/10/03 308,325
295,000 Textron Financial Corp. 5.840% 02/19/02 287,007
115,000 Transamerica Finance Corp. 6.125% 11/01/01 112,783
---------
6,837,544
---------
Heavy Machinery -- 0.1%
305,000 Cummins Engine Co., Inc. 5.650% 03/01/98 190,807
---------
Industrial -- 0.1%
260,000 Tenaska Georgia Partners (144A) (a) 9.500% 02/01/30 262,831
---------
</TABLE>
5
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Insurance -- 0.8%
$120,000 Farmers Exchange Capital (144A) (a) 7.050% 07/15/28 $103,455
275,000 Florida Windstorm Underwriting 6.500% 08/25/02 267,555
240,000 Lumbermens Mutual Life (144A) (a) 8.300% 12/01/37 206,448
750,000 MONY Life Insurance Co. 11.250% 08/15/24 988,240
160,000 Royal & Sun Alliance Insurance (144A)
(a) 8.950% 10/15/29 162,127
120,000 URC Holdings Corp. (144A) (a) 7.875% 06/30/06 116,762
----------
1,844,587
----------
Media -- Broadcasting & Publishing -- 0.1%
155,000 United International Holdings (f) 0.000% 02/15/08 99,200
120,000 United Pan-Europe Communications 10.875% 08/01/09 121,297
----------
220,497
----------
Oil & Gas -- 0.6%
445,000 Chevron Corp. (144A) (a) 7.327% 01/01/14 440,946
165,000 Petroleum Geo-Services ASA 6.250% 11/19/03 157,068
140,000 Petroleum Geo-Services ASA 7.125% 03/30/28 122,123
130,000 PG&E Gas Transmission 7.100% 06/01/05 128,688
315,000 Ras Laffan Liquid Natural Gas (144A)
(a) 7.628% 09/15/06 306,384
200,000 Transocean Offshore, Inc. 8.000% 04/15/27 201,739
----------
1,356,948
----------
Telephone Systems -- 0.3%
240,000 Global Crossing Holdings Ltd. (144A)
(a) 9.125% 11/15/06 237,300
200,000 Hermes Europe Railtel BV 10.375% 01/15/09 197,500
205,000 Qwest Communications International (d) 0.000% 10/15/07 166,050
----------
600,850
----------
Transportation -- 0.2%
90,000 Greyhound Lines 11.500% 04/15/07 99,450
400,000 Windsor Petroleum Transportation
(144A) (a) 7.840% 01/15/21 332,000
----------
431,450
----------
Total Corporate Obligations (Cost
$19,659,692) 19,555,447
----------
Municipal Obligations -- 0.4%
155,000 Chicago, Illinois Midway Airport
Revenue 5.625% 01/01/22 144,636
375,000 Farmington, New Mexico Pollution
Control 5.125% 04/01/29 324,197
350,000 Massachusetts State Turnpike
Authority 5.000% 01/01/39 284,206
230,000 Massachusetts State Water Pollution
Abatement 4.750% 02/01/21 189,169
100,000 New York State Mental Health Services
Facilities 4.500% 08/15/28 76,155
----------
Total Municipal Obligations (Cost
$1,040,113) 1,018,363
----------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
U.S. Government Agency Obligations -- Mortgage
Backed -- 6.1%
$327,361 FHLMC 6.500% 04/01/29 $308,844
350,000 FHLMC 7.500% 04/17/24 345,246
1,140,000 FHLMC Gold (TBA) 6.500% 01/24/15 1,106,513
10,000 FNMA 6.250% 07/15/04 9,761
536,759 FNMA 6.500% 09/01/24 511,058
150,000 FNMA 6.500% 02/01/29 141,666
990,441 FNMA 6.500% 04/01/29 933,800
416,007 FNMA 6.500% 06/01/29 392,217
606,390 FNMA 6.500% 07/01/29 571,712
240,000 FNMA 6.625% 09/15/09 232,836
2,875,000 FNMA 7.000% 01/01/29 2,779,766
385,000 FNMA 7.500% 07/18/25 383,794
80,418 FNMA 9.500% 05/01/18 84,455
750,000 FNMA (TBA) 6.000% 01/01/14 711,797
855,000 FNMA (TBA) 6.500% 01/01/14 829,617
210,000 FNMA (TBA) 6.000% 01/19/30 192,216
920,000 FNMA (TBA) 7.500% 01/01/29 909,937
405,838 GNMA 7.000% 03/15/29 392,183
253,767 GNMA 7.000% 05/15/29 245,229
2,580,000 GNMA 7.500% 01/01/29 2,551,780
731,525 GNMA 7.500% 04/15/29 723,905
250,000 GNMA (TBA) 7.000% 01/25/30 241,485
----------
Total U.S. Government Agency
Obligations -- Mortgage Backed
(Cost $14,760,241) 14,599,817
----------
U.S. Treasury Obligations -- 7.9%
1,530,000 U.S. Treasury Bond 5.250% 02/15/29 1,265,598
450,000 U.S. Treasury Bond 9.250% 02/15/16 555,750
11,794,515 U.S. Treasury
Inflationary Index Note 3.875% 01/15/09 11,400,142
120,000 U.S. Treasury Note 5.500% 01/31/03 117,150
305,000 U.S. Treasury Note 5.750% 08/15/03 298,614
405,000 U.S. Treasury Note 5.875% 11/30/01 402,469
945,000 U.S. Treasury Note 5.875% 11/15/04 926,691
1,065,000 U.S. Treasury Note 6.000% 08/15/09 1,031,719
410,000 U.S. Treasury Note 6.500% 05/31/02 412,050
220,000 U.S. Treasury Note 6.500% 08/15/05 220,000
685,000 U.S. Treasury Note 6.625% 07/31/01 689,496
1,530,000 U.S. Treasury Note 7.000% 07/15/06 1,567,294
----------
Total U.S. Treasury Obligations
(Cost $19,109,892) 18,886,973
----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares
<C> <S> <C>
Commingled Investment Vehicles -- 2.7%
75,000 Atlantis Japan Growth Fund 978,990
36,900 S&P 500 Depository Receipt 5,419,688
----------
Total Commingled Investment Vehicles (Cost $5,702,122) 6,398,678
----------
Limited Partnerships -- 22.2%
Daystar Partners L.P.* (b) (c) 12,310,672
Farallon Capital Partners L.P.* (b) (c) 11,750,000
Lone Redwood L.P.* (b) (c) 5,532,133
The Value Realization Fund L.P.* (b) (c) 23,478,967
----------
Total Limited Partnerships (Cost $46,118,549) 53,071,772
----------
</TABLE>
6
<PAGE>
TIFF Multi-Asset Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C> <C>
Preferred Stocks -- 0.4%
Financial Services -- 0.4%
155 Centaur Funding Corp. 9.080% $159,410
20,185 MEPC International Capital, Ser. A, 9.125% 422,623
410 Pinto Totta International Finance 7.770% (144A)
(a) 386,713
------------
968,746
------------
Real Estate -- 0.0%
2,065 Duke Realty Investments 7.990% 90,344
------------
Total Preferred Stocks (Cost $1,203,050) 1,059,090
------------
Expiration
Rights -- 0.1% Date
20,600 Compagnie Generale d'Industrie et de
Participations (Cost $0) 1/03/00 134,918
------------
<CAPTION>
<C> <S> <C> <C> <C>
Warrants -- 0.0%
80,362 Queenstake Resources Ltd. (b)(c) (Cost
$0) 09/11/00 0
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short Term Investments -- 11.3%
Repurchase Agreements -- 9.8%
$23,424,735 Investors Bank & Trust Company --
Repurchase Agreement, issued
12/31/99 (proceeds at maturity
$23,430,708) (Collateralized by
$18,104,356 FNMA 1999-14, 6.500% due
4/25/29, with a market value of
$17,806,298; $6,830,000 FNMA, 6.360%
due 10/23/02 with a market value of
$6,793,619)
(Cost $23,424,735) 3.060% 01/03/00 23,424,735
------------
U.S. Treasuries -- 1.5%#
500,000 U.S. Treasury Bill++ 4.671% 01/13/00 499,297
500,000 U.S. Treasury Bill++ 4.809% 01/27/00 498,434
915,000 U.S. Treasury Bill++ 5.044% 02/17/00 909,292
1,725,000 U.S. Treasury Bill++ 5.005% 03/23/00 1,705,564
------------
Total U.S. Treasuries (Cost $3,612,813) 3,612,587
------------
Total Short Term Investments
(Cost $27,037,548) 27,037,322
------------
Total Investments -- 101.2%
(Cost $216,435,309) 241,556,159
Liabilities in Excess of Other
Assets -- (1.2%) (2,911,876)
------------
Net Assets -- 100.0% $238,644,283
============
</TABLE>
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 1.3%
Consumer Cyclical 9.7
Consumer Non-Cyclical 2.8
Diversified Investment Vehicles 2.6
Energy 5.3
Financial Services 13.3
Industrial 3.6
Limited Partnerships 22.0
Metals & Mining 3.6
Miscellaneous 0.4
Repurchase Agreements 9.7
Technology 7.7
Transportation 0.4
Utilities 2.2
U.S. Government Obligations 15.4
-----
100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security.
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin
for financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to maturity at the time of purchase.
ADR American Depository Receipt
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FRN Floating Rate Note
GDR Global Depository Receipt
GNMA Government National Mortgage Association
TBA Security subject to delayed delivery.
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from
registration, normally to qualified buyers. At December 31, 1999, the
aggregate value of these securities was $5,858,210 or 2.45% of net
assets.
(b) Security is valued in good faith under procedures established by the
board of directors.
(c) Restricted Security.
(d) Security is a step up bond which will not pay interest through 10/15/02,
and will pay 9.47% thereafter.
(e) Coupon rate is 7.85% through September 2006, and will pay 8.05%
thereafter.
(f) Security is a step up bond which will not pay interest through 2/15/03,
and will pay 10.75% thereafter.
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
TIFF International Equity Fund December 31, 1999
Comparison of Change in Value of $100,000 Investment in TIFF International
Equity Fund
and the MSCI All Country World Free ex US Index
[LINE GRAPH]
TIFF International MSCI All Country World Free
Equity Fund ex US Index
*5/31/94 $100,000 $100,000
11/30/94 $100,800 $101,233
5/31/95 $104,828 $104,058
11/30/95 $107,048 $105,617
5/31/96 $122,318 $115,200
11/29/96 $127,933 $118,447
5/30/97 $136,966 $125,119
11/28/97 $130,589 $117,760
5/29/98 $147,417 $133,787
11/30/98 $130,775 $131,709
5/28/99 $144,460 $139,575
11/30/99 $167,518 $162,825
12/31/99 $183,851 $178,354
Policy Considerations: The Fund is designed as a diversified vehicle for that
portion of a Member's assets committed to non-US stocks. Its benchmark (the
MSCI All Country World Free ex US Index) comprises virtually all non-US
markets, thus permitting Members to delegate to the Fund's managers
responsibility for determining how monies earmarked for foreign bourses should
be allocated between developed versus emerging markets. The Fund's emerging
markets exposure is normally about 9% (based on current index weights), but its
actual exposure at any given time could be higher or lower. The Fund is well
diversified across countries and currencies, an unsurprising fact in light of
its use of multiple managers.
Performance Evaluation: The Fund outperformed its benchmark by a substantial
margin during 1999 (37.4% vs. 30.9%). The Fund's managers tend to favor stocks
that have smaller capitalizations and display lower valuation ratios (e.g.,
price/earnings and price/sales) than the average stock in the Index. These
biases helped the Fund's performance during most of 1999. Alas, as 1999 wound
to a close, foreign markets began mimicking Wall Street (where richly valued
tech stocks were the rage), and what had been solid relative gains for smaller
and cheaper stocks since January 1 turned into negative relative gains for both
the quarter and the year. Fortunately, an intra-year reduction in the Fund's
style biases helped limit the Fund's fourth quarter underperformance, enabling
it to outperform the Index for 1999 as a whole.
Investment Performance (For Periods Ended December 31, 1999)
<TABLE>
<CAPTION>
Total Return**
---------------------------------------------------
Annualized Cumulative Annualized
Calendar since since Inception since Inception
Year 12/31/94 (5/31/94) (5/31/94)
-------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
TIFF International Equity
Fund 37.4% 12.7% 83.9% 11.5%
MSCI All Country World
Free ex US Index 30.9% 12.0% 78.4% 10.9%
</TABLE>
- -------
** Total return includes the effects of the 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 excluded such entry/exit fees.
8
<PAGE>
TIFF International Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C>
Common Stocks -- 68.5%
Australia -- 3.0%
180,900 Amcor Ltd. $844,917
97,466 Australia and New Zealand Banking Group Ltd. 707,090
43,000 Caltex Australian Ltd. 68,410
442,191 CSR Ltd. 1,071,159
84,000 Eastern Aluminum Ltd. 71,493
470,956 Foster's Brewing Group Ltd. 1,347,423
51,025 Goldfields Ltd. 36,413
80,895 Iluka Resources Ltd. 213,966
84,991 National Australia Bank Ltd. 1,296,496
183,853 Normandy Mining Ltd. 129,998
82,300 Orica Ltd. 442,370
163,000 Santos Ltd. 442,872
121,000 WMC Ltd. 665,437
------------
7,338,044
------------
Belgium -- 0.3%
2,294 Electrabel SA 751,216
------------
Canada -- 1.4%
24,000 Abitibi-Consolidated, Inc. 279,975
8,000 Air Canada - Class A (Non-Voting)* 55,774
22,448 Air Canada, Inc.* 168,898
5,900 Alcan Aluminum Ltd. 241,913
10,234 Canadian Pacific Ltd. 220,671
14,108 Hudson's Bay Co. 167,500
9,000 Imasco Ltd. 248,188
65,172 Imperial Oil Ltd. 1,409,345
7,800 Inco Ltd.* 181,715
10,282 National Bank of Canada 131,299
14,000 Rogers Communications, Inc. - Class B* 341,133
12,000 Stelco, Inc. - Class A 89,460
------------
3,535,871
------------
China -- 0.0%
79,000 China Southern Airlines Co. Ltd.* 17,278
------------
Denmark -- 0.4%
4,300 Bang & Olufsen Holding AS - Series B 157,262
1,800 Coloplast AS - Class B 171,891
7,500 Tele Danmark 557,730
------------
886,883
------------
Finland -- 1.0%
5,100 Konecranes International 196,198
28,000 Metsa-Serla OY - Class B 325,858
15,800 Outokumpo OY 223,677
11,700 Ponsse OY 271,145
8,800 Sampo Insurance Co., Ltd. - Class A 307,681
28,294 Stora Enso OY 486,277
11,000 UPM-Kymmeme OY 443,344
17,500 Valmet Corp. OY - Class A 227,466
------------
2,481,646
------------
France -- 6.0%
8,500 Air Liquide 1,423,437
6,515 Alcatel Alsthom 1,496,709
12,078 Aventis SA 702,198
3,100 AXA 432,301
4,654 Banque Nationale de Paris 429,546
15,500 BIC 705,612
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C>
2,588 Carrefour Supermarche $477,464
2,016 Clarins SA 224,258
7,311 Compagnie de Saint-Gobain 1,375,337
22,700 Compagnie Generale d'Industrie et de Participations 1,486,714
19,480 Michelin - Class B 765,494
11,573 Pechiney SA - A Shares 827,345
5,000 Scor SA 220,664
4,115 Societe Generale - Class A 957,789
13,500 Thomson CSF 446,029
14,630 Total Fina SA 1,953,207
24,400 Usinor SA 458,518
4,845 Vivendi 437,655
------------
14,820,277
------------
Germany -- 3.9%
4,900 Adidas-Salomon AG 367,824
2,450 Allianz AG 823,285
26,800 Bayer AG 1,269,173
13,936 Bayerische Motoren Werke AG 224,671
15,600 Buderus AG 264,072
650 Celanese AG* 11,822
25,280 Fresenius Medical Care - ADR 717,320
19,400 HypoVereinsbank 1,325,316
2,900 Mannesmann AG 707,134
23,660 RWE AG 927,369
13,500 SAP AG - ADR (d) 702,844
15,530 Siemens AG 1,987,300
4,300 VEBA AG 209,052
------------
9,537,182
------------
Hong Kong -- 3.4%
149,000 Cafe de Coral Holdings 59,903
113,000 Cathay Pacific Airways Ltd. 201,344
906,000 Guangshen Railway Co. Ltd. 101,405
28,000 Hang Seng Bank Ltd. 319,696
68,000 Hong Kong Aircraft Engineering Co. Ltd. 112,852
315,120 Hong Kong Electric Holdings Ltd. 985,131
164,475 Hong Kong & China Gas Co., Ltd. 225,352
131,000 Hutchison Whampoa Ltd. 1,904,413
146,713 Hysan Development Co., Ltd. 185,916
136,391 Jardine Matheson Holdings Ltd. 537,381
123,812 Jardine Strategic Holdings Ltd. 246,386
136,000 Johnson Electric Holdings 873,073
564,000 Li & Fung Ltd. 1,414,898
99,068 Mandarin Oriental International Ltd. 69,348
83,000 Television Broadcasts Ltd. 565,933
264,571 Wharf Holdings Ltd. 614,371
------------
8,417,402
------------
India -- 0.0%
7,200 Shiriram Industries - GDR 6,480
------------
Indonesia -- 0.3%
190,000 PT Astra International, Inc.* 102,151
929,000 PT Bank Pan Indonesia 89,903
1,800,000 PT Bank Universal - Class B* 45,161
343,000 PT Citra Marga Nusaphala Persada 41,799
37,000 PT Gudang Garam 99,728
1,508,800 PT Lippo Bank* 54,079
436,000 PT Matahari Putra Prima* 73,448
</TABLE>
9
<PAGE>
TIFF International Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C>
250,000 PT Mulia Industrindo $20,609
65,000 PT Semen Gresik 103,208
------------
630,086
------------
Ireland -- 0.7%
33,500 CBT Group plc - ADR* 1,122,250
55,000 Independent Newspapers plc 360,771
29,000 Marlborough International plc* 64,285
35,772 McInerney Holdings plc 64,879
158,000 Waterford Wedgewood Units 160,793
------------
1,772,978
------------
Italy -- 1.0%
29,000 Banco Popolare di Milano 225,698
69,500 Eni SpA 381,163
9,600 Industrie Natuzzi SpA ADR 127,200
73,500 Luxottica Group SpA ADR (d) 1,290,844
75,000 Saipem SpA 272,883
56,000 Unicredito Italiano SpA 275,583
------------
2,573,371
------------
Japan -- 15.4%
8,000 Alpine Electronics 125,961
12,000 Alps Electronics Co., Ltd. 183,071
23,000 Amano Corp. 137,293
38,000 Asatsu-DK, Inc. 2,565,809
6,800 Canon Chemicals, Inc. 55,230
70,000 Canon, Inc. 2,781,094
114,000 Chiyoda Fire & Marine Insurance Co. 312,359
5,000 Chudenko Corp. 75,986
36,000 Citizen Watch Co. 228,985
2,600 CSK Corp. 422,351
18,000 Dai Nippon Printing Co. Ltd. 287,112
30,000 Dai-Ichi Kangyo Bank Ltd. 280,360
22,000 Daiichi Pharmaceutical Co. Ltd. 286,114
12,000 Dainippon Pharmaceutical Co. Ltd. 65,760
12,000 Daiwa House Industry Co. Ltd. 89,246
49,000 Eisai Co. Ltd. 942,215
87,000 Fuji Bank, Ltd. 845,396
112,000 Fuji Electric Co. Ltd. 588,551
16,000 Fuji Oil 111,948
70,000 Fujitsu Ltd. 3,192,093
36,000 Furukawa Electric Co. Ltd. 546,042
7,500 Hirose Electronics Co. Ltd. 1,681,427
18,000 Hitachi Electronics Engineering* 120,129
156,000 Hitachi Ltd. 2,503,572
14,000 Intec, Inc. 369,899
2,000 ISB Corp. 68,500
118,000 Ishikawajima-Harima Heavy Industries 136,256
86,000 Itochu Corp. (d) 428,359
300 Itochu Techno-Science Corp.* 187,005
2,300 Ito-Yokado Co., Ltd. 249,829
13,000 Japan Aviation Electronics Industry Ltd.* 49,741
26,000 Japan Radio Co., Ltd. 251,884
13,000 Jeol Ltd. 73,148
76,000 Koito Manufacturing Co., Ltd. 423,173
47,000 Kurita Water Industries Ltd. 746,922
12,000 Lintec 130,345
38,000 Lion Corp. 153,205
48,000 Matsushita Electric Industries Co. 1,329,289
22,000 Matsushita Electric Works, Ltd. 217,438
47,000 Mitsubishi Corp. 362,883
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C>
6,000 New Japan Radio Co. Ltd. $48,733
2,000 Nippon Broadcasting System, Inc. 174,185
82,000 Nippon Mitsubishi Oil Corp. 361,092
920 Nippon Telegraph and Telephone Corp. 1,575,497
38,000 Nisshinbo Industries Inc. 171,798
32,000 Noritake Co. Ltd. 113,044
650 NTT Mobile Communications Network, Inc. 2,499,755
7,000 Ono Pharmaceutical Co., Ltd. 187,690
3,000 Roland Corp. 65,320
4,000 Ryosan Co. 99,423
30,000 Sankyo Seiko 77,796
26,000 Sanwa Bank Ltd. 316,254
34,000 Shimadzu Corp. 117,781
50,000 Shiseido Co. Ltd. 729,034
2,000 Sony Corp. 593,013
8,000 Sony Corp. - ADR (d) 2,278,000
32,000 Stanley Electric Co. Ltd. 155,005
30,000 Sumitomo Corp. 290,929
22,000 Sumitomo Electric Industries 254,252
24,000 Sumitomo Forestry Co. Ltd. 174,968
20,000 Sumitomo Warehouse 54,213
7,000 Sumitomo Wiring Systems Ltd. 71,925
35,000 Tokio Marine & Fire Insurance Co. 409,287
14,000 Tokyo Broadcasting System 474,019
3,000 Tokyo Electric Power Co. 80,438
214,000 Tokyo Gas Co. 521,440
40,000 Toppan Printing Co. 399,256
4,200 Torii Pharmaceutical Co. Ltd. 107,682
12,000 Toto Ltd. 72,571
56,000 Toyo Ink Mfg. Co., Ltd. 109,052
12,000 Toyo Seikan 173,794
6,000 Tsuzuki Denki Co. Ltd.* 38,458
245 West Japan Railway Co. 867,893
25,000 Yamaha Motor Co. Ltd. 173,207
92,000 Yokohama Bank Ltd. 424,034
------------
37,866,818
------------
Luxembourg -- 0.2%
42,200 Quilmes Industrial SA 374,525
------------
Malaysia -- 0.6%
45,000 Carlsberg AS (c) 125,957
197,000 Kumpulan Guthrie Berhad (c) 98,500
27,000 Malayan Banking Berhad (c) 87,201
108,000 Malaysian Airlines System Berhad (c) 84,746
97,000 Perlis Plantations Berhad (c) 106,746
72,000 Resorts World Berhad (c) 187,751
35,000 Rothmans of Pall Mall Berhad (c) 242,823
425,800 Sime Darby Berhad (c) 490,994
180,000 Technology Resources Industries -
Class A (c) 101,196
------------
1,525,914
------------
Mexico -- 1.0%
50,000 Grupo Financiero Banamex Accival SA de CV - Class O* 200,740
11,500 Grupo Televisa SA - GDR* (d) 784,875
182,000 Kimberly Clark de Mexico SA de CV 711,463
6,700 Telefonos de Mexico - Class L, ADR (d) 753,750
10,000 Vitro Sociedad Aninima - ADR 55,000
------------
2,505,828
------------
</TABLE>
10
<PAGE>
TIFF International Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C>
Netherlands -- 4.0%
73,130 Elsevier NV $873,913
29,900 IHC Caland NV 1,092,112
34,449 ING Groep NV 2,080,566
9,153 Koninklijke Boskalis Westminster N.V. 165,084
5,428 Koninklijke (Royal) Philips Electonics NV 738,349
7,990 Nedlloyd NV 223,810
24,900 Royal Dutch Petroleum Co. 1,526,680
32,100 Royal Dutch Petroleum Co. - NY Shares 1,940,044
38,600 Wolters Kluwer CVA 1,306,817
------------
9,947,375
------------
New Zealand -- 0.7%
451,700 Carter Holt Harvey Ltd. 589,469
223,776 Telecom Corporation of New Zealand Ltd. (d) 1,051,300
382,400 Wrightson Ltd.* 85,834
------------
1,726,603
------------
Norway -- 0.2%
34,000 Den Norske Bank ASA 139,755
18,000 Rieber & Son ASA - Class B 107,946
16,400 Schibsted Gruppen ASA 305,297
------------
552,998
------------
Philippines -- 0.1%
171,800 San Miquel SA - Class B 243,597
------------
Singapore -- 2.2%
783,900 Dairy Farm International Holdings Ltd. 705,510
76,000 DelGro Corp Ltd. 235,075
135,517 Development Bank of Singapore Ltd. 2,221,985
17,000 Fraser & Neave Ltd. 62,793
7,000 Great Eastern Life Assurance Co. Ltd. 81,562
33,000 Jurong Shipyard Ltd. 165,495
56,000 Overseas Union Enterprise Ltd. 188,348
27,300 Overseas-Chinese Banking Corp. Ltd. 250,865
57,500 Singapore Press Holdings 1,246,697
60,000 TIBS Holdings Ltd. 69,189
135,000 United Industrial Corp. 76,216
------------
5,303,735
------------
South Africa -- 1.4%
3,000 AngloGold Ltd. 154,439
4,209 AngloGold Ltd. - ADR (d) 108,206
8,300 Barlow Ltd. 59,787
6,800 De Beers Consolidated Mines Ltd. - ADR 196,775
209 Edgars Stores Ltd. 2,671
229,000 Firstrand Ltd. 327,675
128,000 Gencor Ltd. 556,748
104,357 Iscor Ltd. 395,367
31,436 JD Group Ltd. 270,912
4,545 Kersaf Investments Ltd. 18,106
22,000 Pretoria Portland Cement Co. Ltd. 189,593
562,400 Sanlam Ltd. 786,445
24,908 South African Breweries Ltd. 253,535
10,659 South African Breweries Ltd. - ADR* (d) 108,364
------------
3,428,623
------------
Spain -- 2.4%
5,800 Acciona SA 327,268
10,500 Acerinox SA 418,960
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C>
72,992 Banco Central Hispanoamer SA $826,665
4,300 Banco Popular Espanol SA 280,541
26,200 Bankinter SA 1,323,916
13,900 Centros Comerciales Pryca SA 217,227
49,300 Iberdrola SA 683,524
13,800 NH Hoteles SA* 155,457
63,898 Telefonica de Espana SA 1,596,714
11,750 Viscofan Industria Navarra De Envolturas Celulosicas
SA 91,399
------------
5,921,671
------------
Sweden -- 2.1%
3,297 ABB Ltd.* 402,471
8,000 BT Industries AB 161,978
22,000 Electrolux AB - Class B 554,208
16,000 Ericsson LM - ADR 1,051,000
10,440 Ericsson LM - Class B 672,240
9,500 Hoganas AB - Class B 206,886
99,400 Investor AB - Class B 1,404,120
20,500 OM Gruppen AB 446,439
19,500 Svenska Handelsbanken - Class A 245,615
------------
5,144,957
------------
Switzerland -- 3.2%
13,454 ABB Namen AG 1,646,143
1,830 Charles Voegele Holding AG* 328,818
10,600 Nestle SA - ADR 965,816
1,301 Novartis AG 1,911,000
200 Phoenix Mecano AG 100,521
610 Publigroupe SA 603,600
100 Sarna Kunststoff Holding AG 109,945
300 Societe Generale de Surveillance SA - Class B* 382,610
1,050 Synthes-Stratec, Inc.* 480,901
2,600 The Swatch Group AG 606,019
2,580 Union Bank of Switzerland AG 696,991
------------
7,832,364
------------
Taiwan -- 0.4%
200,882 Taiwan Semiconductor* 1,069,066
------------
Thailand -- 0.4%
15,000 Advanced Information Services plc* 252,531
70,000 Golden Land Property Development plc* 36,361
33,000 Matichon Public Co. Ltd. 57,139
89,000 MBK Properties and Development Public Co. Ltd. 62,826
178,000 National Finance & Securities Co. Ltd.* 79,422
120,000 Post Publishing Co. Ltd. 108,684
4,700 The Siam Cement Public Co. Ltd.* 156,750
96,000 The Thai Farmers Bank Ltd.* 161,108
------------
914,821
------------
United Kingdom -- 12.8%
43,000 Airtours plc 261,840
56,882 Arriva plc 221,421
79,288 Associated British Foods plc 431,903
52,400 Associated British Ports Holdings plc 240,368
</TABLE>
11
<PAGE>
TIFF International Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number of
Shares Value
<C> <S> <C> <C> <C>
14,600 Barclays plc $420,169
87,800 Bass plc 1,104,735
81,000 Berisford plc 440,901
211,801 BG Group plc 1,358,141
196,070 Blue Circle Industries plc 1,146,426
111,500 Boots Co. plc 1,091,374
32,000 BP Amoco plc 322,555
52,000 British Aerospace plc 341,841
146,789 British Airways plc 963,193
27,100 British Telecommunications plc 648,590
13,100 Close Brothers Group plc 232,750
54,000 Devro International plc 87,875
35,304 Diageo plc 285,144
8,333 Dolphin Interconn (c) 0
32,600 EMI Group plc 315,933
46,700 First Leisure Corp. plc 168,963
22,000 Flextech plc* 417,885
77,300 GKN plc 1,266,029
46,500 Glaxo Wellcome plc 1,318,875
16,300 Glaxo Wellcome plc ADR 910,763
29,800 Granada Group plc 302,957
132,700 Great Universal Stores plc 779,797
52,450 Hanson plc 439,682
72,000 Hays plc 1,148,414
62,000 Hilton Group plc 201,286
22,165 Hyder plc 103,465
19,000 Imperial Chemical Industries plc 200,705
109,777 Invensys plc 581,583
32,812 Mackie International Group plc*(c) 0
35,000 Man ED&F Group plc 234,042
55,900 Pearson plc 1,819,337
25,000 Peninsular & Orient Steam 416,917
93,000 PIC International Group plc* 62,714
45,000 PowerGen plc 325,203
22,702 Provident Financial plc 252,278
93,300 Railtrack Group plc 1,567,261
35,260 Reckitt & Colman plc 330,887
36,000 Reed International plc 270,384
363,900 Rentokil Initial plc 1,327,699
105,700 Rio Tinto plc 2,516,510
141,640 Stagecoach Holdings plc 363,755
305,900 Taylor Woodrow plc 667,021
85,000 Unigate plc 411,876
116,500 Unilever plc 858,125
53,500 Vodafone AirTouch plc 263,587
137,000 WPP Group plc 2,230,526
-----------
31,673,685
-----------
Total Common Stocks
(Cost $122,555,629) 168,801,294
-----------
Preferred Stock-- 0.0%
Thailand -- 0.0%
39,000 Siam Commercial Bank* (Cost
$27,450) 47,789
-----------
Limited Partnerships -- 9.4%
Everest Capital Frontier Ltd. LP*
(c)(a) 7,370,355
Investable Emerging Markets
Country Fund LP* (c)(a) 15,758,343
-----------
Total Limited Partnerships
(Cost $24,159,623) 23,128,698
-----------
Commingled Investment Vehicles --
0.5%
73,800 Atlantis Japan Growth Fund
(Japan) 963,326
-----------
</TABLE>
<TABLE>
<CAPTION>
Number of
Shares Value +
<C> <S> <C> <C> <C> <C> <C>
29,000 The First Korea Smaller Companies Fund
(Korea)* 356,120
---------
Total Commingled Investment Vehicles
(Cost $1,067,277) 1,319,446
---------
Expiration
Date
Rights -- 0.1%
France -- 0.1%
22,700 Compagnie Generale d'Industrie et de
Participations* (Cost $0) 01/03/00 $148,671
---------
Warrants 0.0%
15,000 Atlantis Japan Growth Fund (Japan)* 04/30/01 $61,500
115,500 PT Bank Pan Indonesia (Indonesia)* 07/08/02 4,057
1,800,000 PT Bank Universal (Indonesia)*(c) 06/08/02 0
1,800,000 PT Bank Universal (Indonesia)*(c) 04/15/02 0
39,000 Siam Commercial Bank (Thailand)* 12/31/02 18,181
2,680 TEGE SA (Switzerland)* 06/20/01 2,947
---------
Total Warrants
(Cost $7,391) 86,685
---------
<CAPTION>
Principal Interest Maturity
Amount Rate Date
<C> <S> <C> <C> <C> <C> <C>
Corporate Obligations -- 0.1%
United Kingdom -- 0.1%
GBP 30,000 BG Transco Holdings plc 4.188% 12/14/22 48,563
GBP 30,000 BG Transco Holdings plc 7.000% 12/16/24 47,070
GBP 30,000 BG Transco Holdings plc (FRN) 7.057% 12/14/09 48,795
---------
Total Corporate Obligations
(Cost $0) 144,428
---------
Short Term Investments -- 24.1%
U.S. Treasury Obligations -- 1.7%#
$ 100,000 U.S. Treasury Bill ++ 4.692% 01/13/00 99,859
100,000 U.S. Treasury Bill ++ 4.756% 01/27/00 99,687
100,000 U.S. Treasury Bill ++ 5.063% 03/16/00 98,962
300,000 U.S. Treasury Bill ++ 5.106% 02/17/00 298,129
1,600,000 U.S. Treasury Bill ++ 5.116% 04/06/00 1,578,150
100,000 U.S. Treasury Bill ++ 5.156% 03/02/00 99,161
100,000 U.S. Treasury Bill ++ 5.279% 04/20/00 98,419
200,000 U.S. Treasury Bill ++ 5.287% 04/27/00 196,627
200,000 U.S. Treasury Bill ++ 5.649% 06/29/00 194,571
1,200,000 U.S. Treasury Bill ++ 5.292% 05/25/00 1,174,212
50,000 U.S. Treasury Bill ++ 5.716% 06/22/00 48,696
150,000 U.S. Treasury Bill ++ 5.607% 06/08/00 146,435
50,000 U.S. Treasury Bill ++ 5.769% 06/15/00 48,765
---------
Total U.S. Treasury Obligations
(Cost $4,183,747) 4,181,673
---------
Time Deposit -- 2.6%
6,483,514 BankBoston NA
(Cost $6,483,514) (b) 01/03/00 6,483,514
---------
</TABLE>
12
<PAGE>
TIFF International Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Repurchase Agreement -- 19.8%
$48,673,122 Investors Bank & Trust Company -
Repurchase Agreement, Issued
12/31/99 (proceeds at maturity
$48,685,534) (Collateralized by
$18,550,000 FNMA 5.450%, due
8/25/22, with a market value of
$18,199,437; $8,447,705, SBA Pool
#504077 8.000%, due 1/25/23, with a
market value of $6,657,342;
$20,000,000 FNMA 5.66%, due
1/5/04, with a market value of
$19,725,222; $6,289,032 FNMA ARM
7.300%, due 7/1/26, with a
market value of $6,524,829)
(Cost $48,673,122) 3.060% 01/03/00 $48,673,122
------------
Total Short Term Investments
(Cost $59,340,383) 59,338,309
------------
Total Investments--102.7%
(Cost $207,157,753) 253,015,320
Liabilities in excess other assets --
(2.7%) (6,586,573)
------------
Net Assets -- 100.0% $246,428,747
============
</TABLE>
Summary of Industry Classifications
(as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 2.5%
Consumer Cyclical 16.3
Consumer Non-Cyclical 4.3
Diversified Investment Vehicles 0.5
Energy 3.5
Financial Services 9.4
Industrial 10.2
Limited Partnerships 9.1
Metals & Mining 3.9
Repurchase Agreements 19.2
Technology 8.8
Transportation 2.3
Utilities 5.8
U.S. Government Obligations 4.2
-----
100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to maturity at the time of purchase.
ADR American Depository Receipt
ARM Adjustable Rate Mortgage
FNMA Federal National Mortgage Association
GBP Great British Pounds
GDR Global Depository Receipt
(a) Restricted Security.
(b) Investment from cash collateral received for securities on loan at
December 31, 1999.
(c) Security is valued in good faith under procedures established by the
board of directors.
(d) Security or portion thereof was on loan at December 31, 1999.
</TABLE>
See accompanying Notes to Financial Statements
13
<PAGE>
TIFF Emerging Markets Fund December 31, 1999
Comparison of Change in Value of $100,000
Investment in TIFF Emerging Markets Fund
and the MSCI Emerging Markets Free Index
[LINE GRAPH]
TIFF Emerging MSCI Emerging
Markets Fund Markets Free Index
*5/31/94 100000 100000
11/30/94 102100 108576
5/31/95 86286 95400
11/30/95 82909 89067
5/31/96 92077 101080
11/29/96 86337 96161
5/30/97 100331 106756
11/28/97 85997 81770
5/29/98 78315 74970
11/30/98 58870 61683
5/28/99 72945 75415
11/30/99 87803 88047
12/31/99 101743 99131
*Commencement of operations.
Policy Considerations: Despite rebounding this year, emerging markets as a
group have fallen 0.9% since the Fund's inception in May 1994. The S&P 500 has
risen 259% over the same period. This performance differential, which remains
large despite emerging markets' recent outperformance, has created selective
opportunities for truly long-term investors in emerging markets. However,
foundations that are not prepared to pursue a disciplined rebalancing strategy
may wish to eschew "pure plays" in favor of diversified funds whose managers
control the allocation to emerging markets (e.g., the TIFF International
Equity Fund).
Performance Evaluation: Investors with the perseverance to stick with
strategies that performed poorly during the market turmoil of late 1998 tended
to be rewarded for their patience in 1999, holders of the TIFF Emerging
Markets Fund being a conspicuously happy example: the Fund (+75.5%)
outperformed the MSCI EMFree Index (+63.7%) by an impressive 11.8% in the year
just ended. The Fund's two lead managers (EMM and Lazard) both added
considerable value during 1999, aided by savvy country selection. Latin
America specialist Explorador also produced sparkling returns (+76.6%),
outperforming both the Fund's benchmark and the MSCI EMF Latin America Index
(+58.9%) during 1999. Everest also contributed to the Fund's outperformance in
1999 (up 81% for the year), returning over 40% during the fourth quarter due
to favorable country selection and an intrepid decision to increase its net
exposure to emerging markets during the year-end run-up to the much-feared Y2K
rollover.
Investment Performance (For Periods Ended December 31, 1999)
<TABLE>
<CAPTION>
Total Return**
---------------------------------------------------
Annualized Cumulative Annualized
Calendar since since Inception since Inception
Year 12/31/94 (5/31/94) (5/31/94)
-------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
TIFF Emerging Markets Fund 75.5% 1.8% 1.7% 0.3%
MSCI Emerging Markets Free
Index 63.7% (0.1%) (0.9%) (0.2%)
</TABLE>
- -------
** Total return includes the effects of the 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.
14
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Common Stocks -- 47.2%
Argentina -- 0.7%
12,800 Banco Rio de la Plata - ADR (e) $156,000
19,895 CEI Citicorp Holdings SA* 72,629
30,302 Compania Naviera Perez Companc 155,174
23,112 Dragados y Construcciones Argentina -Series B 36,523
7,200 Nortel Inversora SA - ADR 139,500
-----------
559,826
-----------
Austria -- 0.2%
12,690 Julius Meinl International 143,208
-----------
Botswana -- 0.2%
117,800 Sechaba Investment Trust 134,545
-----------
Brazil -- 1.0%
30,740,000 Avipal SA Avicultura e Agropecuaria 42,600
32,100 Companhia Paranaense de Energia-Copel - ADR 298,931
104,239 Metalurgica Gerdau SA 3,582
390,000 Petroleo Brasileiro SA 86,468
18,204,000 Tele Centro Sul 195,764
8,900,000 Tele Nordeste Celular Participacoes 18,205
8,900,000 Telenorte Leste Participacoes 160,338
-----------
805,888
-----------
Canada -- 0.0%
81,175 Nelson Gold Corp. Ltd.* 2,521
-----------
Chile -- 2.6%
18,700 A.F.P. Provida SA - ADR 402,050
61,230 Antofagasta Holdings plc 425,264
7,100 Chilectra SA - ADR 144,734
5,400 Cia de Telecomunicaciones de Chile SA - ADR 98,550
11,800 Cristalerias de Chile - ADR 169,625
11,820 Enersis SA - ADR 277,770
4,600 FirstCom Corp.* 169,050
5,700 Laboratorio Chile SA - ADR 103,669
25,100 Maderas y Sinteticos SA - ADR 323,163
-----------
2,113,875
-----------
China -- 0.1%
114,000 Yanzhou Coal Mining Co. Ltd. 31,532
146,000 Yizheng Chemical Fibre Co. Ltd.* 40,853
-----------
72,385
-----------
Colombia -- 0.3%
9,879 Almacenes Exito SA 23,773
29,786 Bavaria SA 130,612
80,832 Suramericana de Inversiones 95,745
-----------
250,130
-----------
Croatia -- 0.1%
1,800 Pliva D.D. - GDR (144A) (a) 23,490
7,000 Pliva D.D. - GDR 93,174
-----------
116,664
-----------
Czech Republic -- 0.6%
98,710 Czech Power Co. 244,086
17,647 SPT Telecom AS 284,995
-----------
529,081
-----------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Egypt -- 0.3%
11,714 Arab International Construction $43,709
1,800 Egypt Pharmaceuticals 87,972
7,000 Orascom Construction* 144,425
-----------
276,106
-----------
Estonia -- 0.2%
2,900 Estonian Telecom - GDR (144A) (a) 59,740
19,040 Hansabank Ltd.* 121,302
5,780 Rokiskio Surio - ADR (b) 16,329
-----------
197,371
-----------
Greece -- 2.2%
1,650 Alpha Credit Bank 129,260
32,650 Greek Progress Fund SA 959,913
5,190 Hellenic Bottling Co. SA 119,312
12,141 Hellenic Telecommunications Organization SA 287,633
1,716 Minoan Lines 47,150
1,949 National Bank of Greece SA 143,698
2,040 Titan Cement Co. SA 121,759
-----------
1,808,725
-----------
Hong Kong -- 0.8%
48,000 ASM Pacific Technology 85,218
108,000 Giordano International Ltd. 111,154
82,000 Guangdong Kelon Electric Holdings Co. Ltd. 62,241
10,800 Johnson Electric Holdings 69,332
396,875 Lung Kee (Bermuda) Holdings Ltd. 68,929
416,000 United Pacific Industries Ltd.* (b) 19,802
63,000 Varitronix International Ltd. 145,079
25,000 Yue Yuen Industrial Holdings Ltd. 59,822
-----------
621,577
-----------
Hungary -- 0.8%
3,631 EGIS Rt. 143,785
56,658 Matav Rt. 397,120
2,002 OTP Bank Rt. 117,291
-----------
658,196
-----------
India -- 4.3%
23,400 EIH Ltd.* 107,611
13,550 Essel Packaging Ltd. 186,940
28,700 Grasim Industries Ltd.* 269,248
31,280 Gujarat Ambuja Cements - GDR 238,510
5,100 HCL Technologies Ltd.*(b) 68,016
42,300 Himachal Futuristic Communications, Ltd. 658,962
10,000 Hindalco Industries Ltd. 185,100
3,950 NIIT Ltd. 301,136
5,200 Pentafour Software 159,742
8,200 Punjab Tractors Ltd. 195,921
7,600 Satyam Computer Services 384,281
19,877 Silverline Industries Ltd. 370,231
85,662 Tata Iron & Steel Co., Ltd. 278,909
12,200 Tata Tea Ltd.* 147,275
-----------
3,551,882
-----------
Indonesia -- 1.0%
10,200 Gulf Indonesia Resources Ltd.* 82,875
235,000 PT Bakrie & Brothers* 10,108
36,000 PT Hanjaya Mandala Sampoerna 91,742
168,700 PT Indah Kiat Pulp & Paper Corp.* 66,513
271,880 PT Indorama Synthetics* 63,341
2,500 PT Indosat - ADR 54,063
</TABLE>
15
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
2,076,000 PT Lippo Bank* $74,409
276,500 PT Pabrik Kertas Tjiwi Kim 90,185
58,800 PT Petrosea 29,084
74,000 PT Ramayana Lestari 62,595
38,000 PT Semen Gresik 60,337
136,240 PT Telekomunikasi Indonesia 77,642
3,000 PT Telekomunikasi Indonesia - ADR 33,000
-----------
795,894
-----------
Israel -- 1.5%
77,200 Bank Hapoalim Ltd. 240,721
34,400 Bezeq Israel Telecom* 171,590
3,720 ECI Telecommunications Ltd. (e) 117,645
1,890 Elite Industries Ltd. 98,373
16,600 Koor Industries Ltd. - ADR 332,000
1,000 NICE Systems Ltd.* 48,676
4,300 NICE Systems Ltd. - ADR* 211,506
-----------
1,220,511
-----------
Malaysia -- 1.9%
37,000 IJM Corp. Berhad (b) 27,263
107,000 Jaya Tiasa Holdings Berhad (b) 177,907
113,000 Malakoff Berhad (b) 270,335
188,000 Malaysian International Shipping Berhad (b) 281,100
79,000 Malaysian Pacific Industries Berhad (b) 463,038
11,000 Oriental Holdings Berhad (b) 21,842
112,000 Public Bank Berhad (b) 88,957
219,000 Public Bank Berhad (Foreign Market) (b) 206,426
102,000 Selangor Properties Berhad (b) 48,807
-----------
1,585,675
-----------
Mexico -- 5.5%
77,000 Carso Global Telecom* 724,036
15,385 Cemex SA de CV - ADR* 428,857
97,000 Consorcio ARA SA de CV 160,898
155,000 Controladora Comercial Mexicana SA de CV 207,977
40,000 Corporacion GEO SA de CV - Ser. B* 150,872
73,435 Corporacion Interamericana de Entretenimiento SA -
Class B* 293,662
4,517 Corporacion Interamericana de Entretenimiento SA -
Class L* 17,658
26,600 Cydsa SA 24,730
118,000 Embotelladoras Argos Arsab 118,436
3,200 Fomento Economico Mexicano - ADR 142,400
9,900 Grupo Casa Autrey SA de CV - ADR* 81,675
70,000 Grupo Casa Autrey SA de CV* 62,124
245,000 Grupo Financiero Banamex Accival SA de CV - Class O* 983,624
324,845 Grupo Financiero Banorte Class O Shares* 490,785
6,100 Grupo Posadas SA - GDR (144A)* (a) 73,354
27,000 Grupo Posadas SA - L Shares* 15,347
41,428 Grupo Posadas SA - Series A* 24,949
3,100 Grupo Televisa SA - GDR* (e) 211,575
6,000 Grupo Televisa SA - Series CPO* 202,853
15,000 Grupo Tribasa SA de CV - ADR* 4,688
63,000 Grupo Tribasa SA de CV* 14,643
6,500 Nuevo Grupo Iusacell SA de CV - ADR* 97,094
-----------
4,532,237
-----------
Pakistan -- 0.3%
3,300 Hub Power Co. Ltd. - GDR* 31,350
39,400 Hub Power Co. Ltd.* 16,239
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
49,999 Pakistan State Oil Co., Ltd. $187,255
31,708 Sui Northern Gas Pipelines 7,345
-----------
242,189
-----------
Peru -- 0.5%
148,829 Cementos Norte Pacasmayo SA 92,090
7,077 Compania de Minas Buenaventura SA - ADR 113,674
10,642 Compania de Minas Buenaventura SA Class B 86,180
202,471 Enrique Ferreyros SA 109,693
-----------
401,637
-----------
Philippines -- 1.0%
235,840 Ayala Land, Inc. - Class B 61,600
9,580 Benpres Holdings Corp. - GDR
(144A)* (a) 29,002
14,300 Benpres Holdings Corp. - GDR* 45,760
375,000 Benpres Holdings Corp.* 56,903
52,000 Del Monte Pacific Ltd.* 25,297
75,210 Equitable Banking Corp. 167,445
145,927 First Philippine Holdings Corp. 127,051
137,000 Ionics Circuits, Inc. 47,711
9,400 Philippine Long Distance Telephone Co. - ADR (e) 243,225
-----------
803,994
-----------
Poland -- 1.5%
7,895 Bank Rozwoju Eksportu SA 250,423
7,005 KGHM Polska Miedz SA 44,099
20,600 Polski Koncern Naftowy SA (144A) (a) 257,500
4,700 Softbank SA 157,046
6,700 Softbank SA - GDR 231,150
42,700 Telekomunikacja Polska - GDR 272,213
-----------
1,212,431
-----------
Romania -- 0.0%
8,981 Turbomechanica SA 10,580
-----------
Russia -- 1.1%
6,500 Lukoil Oil Co. - ADR 338,000
7,300 RAO Unified Energy Systems - GDR 87,600
41,300 Surgutneftegaz - ADR 474,950
-----------
900,550
-----------
Singapore -- 0.0%
9,000 GP Batteries International Ltd. 11,838
-----------
Slovenia -- 0.0%
800 SKB Banka - GDR 9,000
-----------
South Africa -- 3.2%
72,156 Amalgamated Banks of South Africa 323,822
1,800 Anglo American plc 115,902
26,700 Billiton plc 158,272
228,538 CorpGro Ltd. 122,630
20,400 Dimension Data Holdings Ltd.* 128,039
8,185 Edgars Stores Ltd. 104,608
96,200 Illovo Sugar Ltd. 114,971
10,569 Imperial Holdings Ltd. 115,658
23,800 Ixchange Technology Holdings Ltd.* 100,618
229,200 Molope Group Ltd.* 37,268
9,300 Nasionale Pers Beperk 87,707
108,100 Old Mutual plc* 295,079
42,742 Sasol Ltd. 360,701
</TABLE>
16
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
41,400 Softline Ltd.* $66,307
27,308 South African Breweries Ltd. 277,964
97,269 Super Group Ltd. 169,232
229,100 Unibank Investment Holdings 55,878
-----------
2,634,656
-----------
South Korea -- 7.6%
2,916 Dongah Tire Industry Co. 85,810
8,085 Hyundai Heavy Industries 306,297
4,400 Korea Telecom Corp. - SP ADR 328,900
11,850 Pohang Iron and Steel Co. Ltd. -Ordinary Shares 1,383,370
10,323 Samsung Electronics Co. 2,419,311
10,190 Samsung Fire & Marine Insurance 325,003
346 SK Telecom Co. Ltd. 1,240,722
4,378 SK Telecom Co. Ltd. - ADR 167,987
-----------
6,257,400
-----------
Sri Lanka -- 0.1%
4,693 Aitken Spence & Co., Ltd. 8,563
6,300 Development Financial Corp. of Ceylon 10,964
15,221 National Development Bank 24,567
-----------
44,094
-----------
Taiwan -- 3.7%
30,018 Asustek Computer, Inc. 316,633
148,820 Bank Sinopac 87,736
50,700 Compeq Manufacturing Co., Ltd. 276,281
126,230 Far East Textile 301,697
160,160 Hon Hai Precision Industry 1,194,310
177,994 Nan Ya Plastics Corp. 391,383
90,115 Phoenixtec Power Co., Ltd. 173,740
18,548 Siliconware Precision Industries Co. 47,286
5,616 Siliconware Precision Industries Co. - GDR 81,291
3,302 Synnex Technology International Corp. -GDR (e) 86,835
14,268 Taiwan Semiconductor 75,932
-----------
3,033,124
-----------
Thailand -- 2.3%
13,500 Alucon Manufacturing Co. Ltd. (b) 28,410
60,900 Hana Microelectronics Public Co. Ltd. 292,009
61,000 KCE Electronics Public Co. Ltd.* 155,994
125,866 K.R. Precision Public Co. Ltd.* 98,071
78,820 Land & House Public Co. Ltd.* 75,062
117,900 MDX Co. Ltd.* (b) 5,653
255,858 Pacific Assets Public Co. Ltd.* 53,162
73,100 Precious Shipping Ltd.* 19,473
37,400 PTT Exploration & Production Public Co., Ltd.* 231,135
152,900 Saha-Union Corp., Ltd. 50,912
160,400 Shinawatra Satellite Public Co. Ltd. (Foreign
Shares)* 167,706
36,300 Siam Syntech Construction Public Co. Ltd.* (b) 483
160,400 Telecomasia Corp.* 209,366
15,940 Thai Union Frozen Products Co. Ltd. 60,720
22,300 Thai-German Ceramic Industry Co. Ltd.* 7,425
267,900 The Thai Farmers Bank Ltd.* 449,592
-----------
1,905,173
-----------
Turkey -- 1.2%
14,508,844 Akbank TAS 428,226
5,581,000 Aksigorta AS 339,740
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
230,000 Alcatel Teletas Komunikasyon Endustri ve Ticaret AS $50,913
1,617,000 Arcelik AS 105,891
1 Dogan Sirketler Grubu Holdings 0
148,130 Migros Turk TAS 95,638
-----------
1,020,408
-----------
Venezuela -- 0.4%
50,405 Bancaracas Mercados Capital - Class A 27,603
7,000 Cia Anonima Telef De Ven - ADR 172,375
2,141 Electricidad De Caracas - ADR 33,186
29,078 Fondo de Valores - ADR 101,857
4,667 International Briquettes Holding, Inc. - ADR 19,251
2,895 Sudamtex de Venezuela - ADR (144A)* (a) 2,171
-----------
356,443
-----------
Total Common Stocks (Cost $29,022,493) 38,819,814
-----------
Commingled Investment Vehicles -- 24.8%
Argentina -- 0.5%
36,000 Argentina Fund, Inc. 427,500
-----------
Asian Region -- 0.8%
31,300 Asia Tigers Fund, Inc. 320,825
1,025,000 Edinburgh New Tiger Trust plc 285,588
-----------
606,413
-----------
Brazil -- 0.4%
51,000 Brazilian Equity Fund 296,438
-----------
Chile -- 0.8%
250,000 Five Arrows Chile Investment Trust 643,550
-----------
China -- 0.2%
20,000 Templeton Dragon Fund 196,250
-----------
Czech Republic -- 0.6%
29,756 Zivnobanka - Investicni Fond 516,303
-----------
Egypt -- 0.1%
10,000 Egypt Trust 116,500
-----------
European Region -- 2.0%
200,000 Advance Developing Markets Trust plc 418,337
270,000 Baring Emerging Europe Trust plc* 621,000
800,000 Central European Growth Fund plc* 642,850
-----------
1,682,187
-----------
General Emerging Markets -- 1.4%
450,000 Foreign & Colonial Emerging
Markets plc* 559,667
250,000 Templeton Emerging Markets Investment Trust plc 605,700
-----------
1,165,367
-----------
India -- 4.1%
28,000 India Long Term Fund Ltd. 2,023,000
15,000 IS Himalayan Fund NV* 329,250
60,000 Morgan Stanley Dean Witter India Investment Fund* 990,000
-----------
3,342,250
-----------
Indonesia -- 0.1%
650,000 EFM Edinburgh Java Trust plc* 110,237
-----------
</TABLE>
17
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Korea -- 3.2%
550 Korea Asia Fund* $1,072,500
350 Korea Europe Fund 1,207,500
19,000 Korea Fund* 323,000
-----------
2,603,000
-----------
Latin American Region -- 3.6%
400,000 Edinburgh Inca Trust plc* 174,442
212,500 F&C Latin American Investment Trust* 462,188
67,300 Latin American Equity Fund, Inc. 849,663
1,150,000 Morgan Grenfell Latin American
Trust plc 1,462,766
-----------
2,949,059
-----------
Lebanon -- 0.1%
6,400 Lebanon Holdings* (b) 36,800
-----------
Mexico -- 2.0%
184,470 Mexico Equity & Income Fund 1,648,701
-----------
Poland -- 0.3%
38,860 Flemings Poland Fund Ltd.* 281,735
-----------
South Africa -- 1.4%
720,000 Old Mutual South Africa Trust plc 1,174,573
-----------
Taiwan -- 2.5%
48 Taipei Fund 477,600
95,154 Taiwan Equity Fund, Inc.* 1,593,830
-----------
2,071,430
-----------
Thailand -- 0.7%
1,916,000 Ruam Pattana Fund II 326,649
15,000 Thai-Euro Fund* 137,625
11,500 Thai Prime Fund Ltd.* 53,590
-----------
517,864
-----------
Total Commingled Investment Vehicles
(Cost $17,115,159) 20,386,157
-----------
Limited Partnerships -- 20.5%
Everest Capital Frontier Ltd. LP* (b)(c) 2,665,872
Explorador Fund LP* (b)(c) 3,562,284
Investable Emerging Markets Country Fund LP* (b)(c) 10,470,752
New Century Fund XI LP* (b)(c) 127,408
Siam Investment Fund LP* (b)(c) 80,825
-----------
Total Limited Partnerships (Cost $15,550,293) 16,907,141
-----------
Preferred Stocks -- 5.6%
Brazil -- 4.5%
4,900,000 Banco Nacional SA* 0
323,912 Celular CRT Participacoes SA 56,559
754,000 Cia Cimento Portland Itau 105,744
2,470,000 Cia Energetica do Brasilia 57,506
1,368,666 Cia Energetica do Brasilia - Class B 24,270
91,200,000 Cia Energetica do Ceara - Class A 260,355
323,912 Cia Riograndense Telecom* 100,549
400,000 Cia Tecidos Norte de Mina 36,583
2,800,000 Eletropaulo Metropolitana - Eletricidade de Sao
Paulo SA* 181,596
319,000 Empresa Brasileira de Compressores SA 148,537
1,327,140 Gerdau SA 35,312
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C> <C> <C> <C>
289,000 Industrian Klabin de Papel e
Celulose SA $240,299
480,000 Itausa - Investimentos 497,561
97,800 Marcopolo SA 115,473
5,644,591 Metalurgica Gerdau SA 272,217
1,379,000 Petroleo Brasileiro SA 351,630
12,082,000 Tele Centro Sul 220,945
54,300,000 Tele Nordeste Celular 141,469
24,100,000 Telenorte Leste 647,921
1,120,000 Telesp Celular SA - Class B 88,780
2,700,000 Votorantim Celulose Papel SA 124,224
-----------
3,707,530
-----------
Hungary -- 0.0%
1,040 OTP Bank Rt. 19,768
-----------
Russia -- 0.4%
22,100 Surgutneftegaz - ADR 375,700
-----------
South Korea -- 0.2%
910 Samsung Electronics Co. 141,912
-----------
Thailand -- 0.5%
129,100 Siam Commercial Bank* 158,194
323,000 Tisco Finance Public Co. Ltd. 249,521
-----------
407,715
-----------
Total Preferred Stocks
(Cost $3,615,030) 4,652,625
-----------
<CAPTION>
Expiration
Date
<C> <S> <C> <C> <C> <C> <C>
Rights -- 0.0%
South Korea -- 0.0%
2,084 Samsung Fire & Marine
Insurance* 01/24/00 0
-----------
Thailand -- 0.0%
12,200 KCE Electronics Public Co.
Ltd. (Foreign Shares)* 02/04/00 14,949
-----------
Total Rights (Cost $0) 14,949
-----------
Warrants -- 0.4%
75,000 F&C Latin American Investment
Trust (Latin America)* 07/31/00 102,000
10,000 GP Batteries International
(Singapore)* 11/15/00 5,900
250,000 Morgan Grenfell
Latin American
(Latin America)* 06/30/10 118,112
18,080 PT Indah Kiat Pulp & Paper
(Indonesia)* 07/11/02 5,003
73,000 Siam Commercial Bank (Foreign
Shares) (Thailand)* 05/10/02 34,030
1,225 Thai Farmers Bank (Thailand)* 09/15/02 303
180,300 Tisco Finance (Thailand)* 05/31/02 93,656
-----------
Total Warrants
(Cost $153,117) 359,004
-----------
</TABLE>
18
<PAGE>
TIFF Emerging Markets Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short Term Investments -- 2.2%
Repurchase Agreement -- 1.3%
$1,105,647 Investors Bank & Trust Company - Repurchase
Agreement, issued 12/31/99 (proceeds at maturity
$1,105,929) (Collateralized by $1,134,561 FHLMC
ARM 7.124% due 3/1/20, with a market value of
$1,164,702)
(Cost $1,105,647) 3.060% 01/03/00 $1,105,647
-----------
Time Deposit -- 0.9%
743,568 BankBoston NA (Cost $743,567) (d) 4.680% 04/28/00 743,567
-----------
Total Short Term Investments (Cost $1,849,214) 1,849,214
-----------
Total Investments -- 100.7%
(Cost $67,305,306) 82,988,904
-----------
Liabilities in Excess of Other Assets --
(0.7%) (593,131)
-----------
Net Assets -- 100.0% $82,395,773
===========
</TABLE>
Summary of Industry Classifications
(as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 1.6%
Consumer Cyclical 7.8
Consumer Non-Cyclical 0.7
Diversified Investment Vehicles 24.8
Energy 3.5
Financial Services 9.9
Industrial 6.0
Limited Partnerships 20.4
Metals & Mining 3.3
Repurchase Agreements 1.3
Technology 8.8
Transportation 0.5
Utilities 10.6
U.S. Government Obligations 0.8
-----
100.0%
=====
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security.
+ See Note 2 to the Financial Statements.
ADR American Depository Receipt
ARM Adjustable Rate Mortgage
FHLMC Federal Home Loan Mortgage Corporation
GDR Global Depository Receipt
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from
registration, normally to qualified buyers. At December 31, 1999, the
aggregate market value of these securities was $445,257 or 0.54% of net
assets.
(b) Security is valued in good faith under procedures established by the
board of directors.
(c) Restricted Security.
(d) Investment from cash collateral received for securities on loan at
December 31, 1999.
(e) Security or portion thereof was on loan at December 31, 1999.
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE>
TIFF U.S. Equity Fund December 31, 1999
Comparison of Change in Value of $100,000 Investment in TIFF U.S. Equity Fund
and the Wilshire 5000 Index
[LINE GRAPH]
TIFF U.S. Equity Fund Wilshire 5000 Index
*5/31/94 100000 100000
11/30/94 101064 100471
5/31/95 118278 117632
11/30/95 138657 136705
5/31/96 157758 154482
11/29/96 172248 170331
5/30/97 191741 189425
11/28/97 223993 217095
5/29/98 253464 246659
11/30/98 242680 256501
5/28/99 269997 290289
11/30/99 285078 313435
12/31/99 303480 337225
Policy Considerations: The Fund is designed as a diversified vehicle for the
portion of Members' assets committed to US stocks. It employs a combination of
managers that, collectively, provide exposure to all market sectors, including
smaller capitalization stocks that are underrepresented in the cap-weighted S&P
500. This structure reflects the belief that many endowed institutions lack
sufficient assets and analytical resources to construct multi-manager
portfolios that avoid unintended sector and style biases. The Fund's structure
is distinctive because it combines active strategies with a low cost
"completeness" portfolio.
Performance Evaluation: The Fund underperformed its benchmark (the Wilshire
5000 Index) during the fourth quarter of 1999. This slippage caused it to
forfeit the return advantage that the Fund had achieved during the three prior
quarters, and it ended the year behind the Wilshire 5000 Index (19.0% vs.
23.6%). Due to the recent dominance of large cap growth stocks, which dominate
the cap-weighted Wilshire 5000 Index to almost as great an extent as they do
the S&P 500, the Fund remains behind the Wilshire 5000 Index since inception
(annualized deficit of 2.3%) but is nevertheless ahead of the average domestic
equity fund tracked by Lipper (by 1.6% annualized).
Investment Performance (For Periods Ended December 31, 1999)
<TABLE>
<CAPTION>
Total Return**
---------------------------------------------------------------
Calendar Annualized Cumulative since Annualized since
Year since 12/31/94 Inception (5/31/94) Inception (5/31/94)
-------- -------------- ------------------- -------------------
<S> <C> <C> <C> <C>
TIFF U.S. Equity Fund 18.9% 24.0% 203.5% 22.0%
Wilshire 5000 Index 23.6% 27.0% 237.2% 24.3%
</TABLE>
- -------
** Total return includes the effects of the 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.
20
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Common Stocks -- 91.3%
Advertising -- 0.1%
900 DoubleClick
Inc.* $227,756
------------
Aerospace & Defense -- 0.8%
61,500 AAR Corp. 1,103,156
10,600 Boeing Co. 440,563
3,000 General
Dynamics 158,250
4,687 Honeywell
International
Inc. 270,381
4,200 United
Technologies
Corp. 273,000
------------
2,245,350
------------
Airlines -- 0.1%
7,100 Delta
Airlines,
Inc. 353,669
------------
Apparel Retailers -- 0.3%
5,250 GAP, Inc. 241,500
10,710 Intimate
Brands, Inc. 461,869
4,700 The Limited,
Inc. 203,569
------------
906,938
------------
Automotive -- 0.9%
43,500 Ford Motor Co. 2,324,531
2,900 General Motors
Corp. 210,794
------------
2,535,325
------------
Banking -- 5.4%
48,500 Bank of
America Corp. 2,434,094
26,000 Carolina First
Corp. 474,500
19,580 CCB Financial
Corp. 852,954
41,800 Chase
Manhattan
Corp. 3,247,338
28,500 Chittenden
Corp. 844,313
7,100 Comerica, Inc. 331,481
31,395 Downey
Financial
Corp. 633,787
11,000 First
Washington
Bancorp, Inc. 162,250
57,000 FleetBoston
Financial
Corp. 1,984,313
28,480 Hudson United
Bancorp 728,025
1,500 J.P. Morgan &
Co., Inc. 189,938
6,500 National City
Corp. 153,969
32,000 People's Bank 676,000
9,400 PNC Bank Corp. 418,300
100,000 Seacoast
Financial
Services
Corp. 1,018,750
33,000 Six Rivers
National
Bank* 439,313
10,900 UnionBanCal
Corp. 429,869
------------
15,019,194
------------
Beverages, Food &
Tobacco -- 4.0%
4,200 Anheuser-Busch
Companies,
Inc. 297,675
23,500 Archer-
Daniels-
Midland Co. 286,406
10,600 Canandaigua
Brands,
Inc. - Class
A* 540,600
9,700 Coca-Cola Co. 565,025
800,000 DB Group Ltd. 981,360
28,500 Delta & Pine
Land Co. 495,188
72,460 EcoScience
Corp.* 11,325
4,400 General Mills,
Inc. 157,300
76,900 IBP, Inc. 1,384,200
28,000 Interstate
Bakeries
Corp. 507,500
47,766 Morrison
Management
Specialists,
Inc. 1,029,954
168,800 PepsiAmericas,
Inc.* 633,000
62,000 Philip Morris
Companies,
Inc. 1,437,625
6,800 Quaker Oats
Co. 446,250
70,500 Ralcorp
Holdings,
Inc.* 1,405,594
11,900 Suiza Foods
Corp.* 471,538
13,900 Sysco Corp. 549,919
------------
11,200,459
------------
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Building Materials -- 0.7%
141,700 Johns Manville
Corp. $1,983,800
------------
Chemicals -- 1.8%
73,600 Albemarle Corp. 1,412,200
2,600 Dow Chemical Co. 347,425
98,400 McWhorter
Technologies,
Inc.* 1,574,400
33,600 Scotts Co. -
Class A* 1,352,400
33,000 W.R. Grace &
Co.* 457,875
------------
5,144,300
------------
Commercial Services -- 1.4%
74,200 Ambassadors
International,
Inc.* 811,563
16,500 Cendant Corp.* 438,281
4,300 Equifax, Inc. 101,319
115,700 Exponent, Inc.* 766,513
37,950 ITT Educational
Services, Inc.* 585,853
1,000 Pegasus Systems,
Inc.* 60,313
30,900 Pittston Brink's
Group 679,800
15,000 Volt Information
Sciences, Inc.* 358,125
------------
3,801,767
------------
Communications -- 2.4%
300 Juniper
Networks, Inc.* 102,000
46,900 Lucent
Technologies,
Inc. 3,508,706
4,800 Motorola, Inc. 706,800
6,600 Nextel
Communications,
Inc. - Class A* 680,625
9,200 Qualcomm Inc. 1,620,350
------------
6,618,481
------------
Computer Software &
Processing -- 9.5%
15,000 3Com Corp.* 705,000
26,600 America Online,
Inc. 2,006,638
400 Ariba, Inc. 70,950
5,200 At Home Corp. -
Series A* 222,950
6,500 BroadVision,
Inc. 1,105,406
7,900 ClickAction,
Inc.* 232,556
600 Commerce One,
Inc. 117,900
15,400 Computer
Associates
International,
Inc. 1,077,038
7,300 Compuware Corp.* 271,925
6,400 Electronic Data
Systems Corp. 428,400
24,300 Gene Logic Inc.* 643,950
400 Liberate
Technologies,
Inc.* 102,800
104,900 Microsoft Corp. 12,247,047
5,000 National
Information
Consortium,
Inc.* 160,000
8,800 nFront, Inc.* 176,000
26,400 Oracle Corp.* 2,958,450
51,100 Policy
Management
Systems Corp.* 1,306,244
1,100 RealNetworks,
Inc.* 132,344
41,500 Unigraphics
Solutions Inc.* 1,120,500
1,300 VeriSign, Inc.* 248,219
3,100 Yahoo!, Inc. 1,341,331
------------
26,675,648
------------
Computers & Information --
7.0%
126,700 Bull Run Corp.* 744,363
48,300 Cisco Systems,
Inc. 5,174,138
1,700 CMGI Inc.* 470,688
28,000 Dell Computer
Corp. 1,428,000
2,000 eBay, Inc.* 250,375
20,600 EMC Corp. 2,250,550
8,100 Hewlett-Packard
Co. 922,894
</TABLE>
21
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
42,600 International
Business Machines
Corp. $4,600,800
1,700 Internet Capital
Group, Inc.* 289,000
6,200 Lexmark
International
Group, Inc. 561,100
1,000 Lycos, Inc.* 79,563
12,900 Seagate
Technology, Inc.* 600,656
5,100 Solectron Corp. 485,138
20,200 Sun Microsystems,
Inc. 1,564,238
--------------
19,421,503
--------------
Cosmetics & Personal Care -- 2.1%
125,100 Playtex Products,
Inc.* 1,923,413
37,000 Procter & Gamble
Co. 4,053,813
--------------
5,977,226
--------------
Distribution & Wholesale -- 0.0%
16,000 Valley Media,
Inc.* 112,000
--------------
Diversified -- 4.7%
14,000 FMC Corp.* 802,375
44,700 General Electric
Co. 6,917,325
96,300 Tredegar Corp. 1,992,206
38,300 Tyco International
Ltd. 1,488,913
182,700 Walter Industries,
Inc. 1,975,444
--------------
13,176,263
--------------
Electric Utilities -- 0.9%
15,500 DTE Energy Co. 486,313
12,900 Entergy Corp. 332,175
14,400 PG&E Corp. 295,200
29,700 Public Service
Enterprise Group,
Inc. 1,033,931
11,100 Texas Utilities
Co. 394,744
--------------
2,542,363
--------------
Electrical Equipment -- 0.9%
50,000 C&D Technologies,
Inc. 2,125,000
9,300 Emerson Electric
Co. 533,588
--------------
2,658,588
--------------
Electronics -- 4.3%
10,900 Adaptec, Inc.* 543,638
400 Broadcom Corp. -
Class A* 108,950
62,000 Checkpoint
Systems, Inc.* 631,625
150,200 Conductus, Inc.* 1,764,850
62,500 Intel Corp. 5,144,531
3,100 Micron Technology,
Inc.* 241,025
7,000 National
Semiconductor
Corp.* 299,688
30,000 Rogers Corp.* 1,147,500
71,600 Sensormatic
Electronics
Corp.* 1,248,525
9,100 Texas Instruments,
Inc. 881,563
--------------
12,011,895
--------------
Entertainment & Leisure -- 0.6%
33,500 Carnival Corp. 1,601,719
--------------
Financial Services -- 5.0%
2,500 Ameritrade Holding
Corp. - Class A* 54,219
29,800 AXA Financial,
Inc. 1,009,475
26,800 CIT Group, Inc. -
Class A 566,150
74,000 Citigroup, Inc. 4,111,625
4,800 E*TRADE Group,
Inc.* 125,400
5,000 Federal Home Loan
Mortgage Corp. 235,313
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
20,100 Federal National
Mortgage
Association $1,254,994
4,700 Goldman Sachs
Group, Inc. 442,681
18,000 Household
International,
Inc. 670,500
6,800 Lehman Brothers
Holdings, Inc. 575,875
3,700 Merrill Lynch &
Co. 308,950
19,700 Morgan Stanley
Dean Witter &
Co. 2,812,175
7,800 Providian
Financial Corp. 710,288
103,000 San Juan Basin
Royalty Trust 1,068,625
------------
13,946,270
------------
Food Retailers -- 0.4%
16,000 Safeway, Inc.* 569,000
33,600 Supervalu Inc. 672,000
------------
1,241,000
------------
Forest Products & Paper --
1.3%
45,000 Caraustar
Industries,
Inc. 1,080,000
10,200 Georgia-Pacific
Group 517,650
18,100 Kimberly-Clark
Corp. 1,181,025
18,000 United
Stationers,
Inc.* 514,125
5,800 Weyerhaeuser Co. 416,513
------------
3,709,313
------------
Health Care Providers -- 0.8%
7,800 Columbia/HCA
Healthcare
Corp. 228,638
15,500 Magellan Health
Services, Inc.* 97,844
16,700 Tenet Healthcare
Corp.* 392,450
10,500 United
HealthCare
Corp. 557,813
30,000 Universal Health
Services,
Inc. - Class B* 1,080,000
------------
2,356,745
------------
Heavy Construction -- 0.3%
100,700 Layne
Christensen
Co.* 730,075
------------
Heavy Machinery -- 1.3%
7,600 Applied
Materials,
Inc.* 962,825
11,800 Dover Corp. 535,425
118,100 Hussmann
International,
Inc. 1,778,881
7,200 Ingersoll-Rand
Co. 396,450
------------
3,673,581
------------
Household Products -- 0.3%
8,600 Fortune Brands,
Inc. 284,338
32,700 Tupperware Corp. 553,856
------------
838,194
------------
Insurance -- 3.3%
8,600 Aetna, Inc. 479,988
11,200 Allmerica
Financial Corp. 623,000
6,200 Allstate Corp. 148,800
10,100 Ambac Financial
Group, Inc. 527,094
13,475 American
International
Group, Inc. 1,456,984
7,500 CIGNA Corp. 604,219
4,800 CNA Financial
Corp.* 186,900
148,300 CNA Surety Corp. 1,927,900
36,500 Hilb, Rogal &
Hamilton Co. 1,031,125
18,900 Loews Corp. 1,146,994
11,500 MGIC Investment
Corp. 692,156
8,800 Travelers
Property
Casualty Corp. 301,400
------------
9,126,560
------------
</TABLE>
22
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
Media -- Broadcasting &
Publishing -- 4.1%
7,200 Cox
Communications,
Inc. - Class A* $370,800
31,600 Gannett Co.,
Inc. 2,577,375
100,500 Gray
Communications
Systems, Inc. -
Class B 1,356,750
41,000 Insight
Communications
Co., Inc.* 1,214,625
8,800 McGraw-Hill
Companies, Inc. 542,300
4,700 New York Times
Co. 230,888
156,500 Primedia, Inc.* 2,582,250
8,500 Time Warner,
Inc. 615,719
8,000 Tribune Co. 440,500
10,800 Univision
Communications
Inc.* 1,103,625
9,400 Viacom, Inc. -
Class B 568,113
------------
11,602,945
------------
Medical Supplies -- 1.9%
13,000 ArthoCare Corp.* 793,000
65,000 Biocompatibles
International
plc* 320,938
110,900 InnerDyne, Inc.* 388,150
19,600 Johnson &
Johnson 1,825,250
36,875 Norian Corp. (a) 0
50,800 Owens & Minor,
Inc. 454,025
53,500 Protocol
Systems, Inc.* 481,500
180,200 Strategic
Diagnostics,
Inc.* 1,182,563
------------
5,445,426
------------
Metals & Mining -- 0.8%
14,900 Alcan Aluminum
Ltd. 613,694
34,700 Corner Bay
Minerals, Inc.* 66,947
91,900 Valmont
Industries,
Inc. 1,476,144
------------
2,156,785
------------
Oil & Gas -- 3.1%
6,700 Chevron Corp. 580,388
43,732 Exxon Capital
Corp. 3,523,160
19,300 Imperial Oil
Ltd. 417,363
38,300 KeySpan Corp. 888,081
18,000 Occidental
Petroleum Corp. 389,250
10,300 Phillips
Petroleum Co. 484,100
173,100 Pioneer Natural
Resources Co.* 1,547,081
9,900 Royal Dutch
Petroleum Co. 598,331
16,400 USX-Marathon
Group 404,875
------------
8,832,629
------------
Pharmaceuticals -- 5.7%
11,800 Amgen, Inc. 708,738
5,700 Biogen, Inc. 481,650
72,600 Bristol-Myers
Squibb Co. 4,660,013
165,500 Embrex, Inc.* 1,779,125
36,200 Merck & Co.,
Inc. 2,427,663
105,500 Pfizer, Inc. 3,422,157
267,100 PharmChem
Laboratories,
Inc.* 884,769
32,300 Schering-Plough
Corp. 1,362,656
3,800 Warner-Lambert
Co. 311,363
------------
16,038,134
------------
Restaurants -- 0.5%
80,000 Ruby Tuesday,
Inc. 1,455,000
------------
Retailers -- 4.1%
5,300 Amazon.com,
Inc.* 403,463
75,125 Consolidated
Stores Corp.* 1,220,781
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C> <C>
8,800 Dayton Hudson
Corp. $646,250
24,700 Federated
Department
Stores* 1,248,894
53,900 Geerlings &
Wade, Inc.* 373,931
32,400 Home Depot, Inc. 2,221,425
28,100 Kmart Corp.* 282,756
12,300 May Department
Stores Co. 396,675
700 Priceline.com
Inc.* 33,163
5,200 Sears, Roebuck
and Co. 158,275
16,000 TJX Companies,
Inc. 327,000
59,200 Wal-Mart Stores,
Inc. 4,092,200
------------
11,404,813
------------
Telephone Systems -- 5.5%
78,950 AT&T Corp. 4,006,713
3,600 BCE, Inc. 324,675
13,600 Bell Atlantic
Corp. 837,250
95,500 BellSouth Corp. 4,470,594
4,800 CenturyTel, Inc. 227,400
54,600 MCI WorldCom,
Inc. 2,897,213
36,442 SBC
Communications,
Inc. 1,776,548
10,800 Sprint Corp. 726,975
3,200 U.S. West, Inc. 230,400
------------
15,497,768
------------
Textiles, Clothing &
Fabrics -- 0.5%
93,941 Albany
International
Corp. 1,456,085
------------
Transportation -- 4.5%
30,000 Airborne Freight
Corp. 660,000
106,700 Canadian Pacific
Ltd. 2,300,719
41,800 Circle
International
Group, Inc. 930,050
35,000 CNF
Transportation,
Inc. 1,207,500
76,900 Fritz Companies,
Inc.* 807,450
60,100 Kirby Corp.* 1,232,050
40,000 Pittston BAX
Group 425,000
94,400 Westinghouse Air
Brake Co. 1,675,600
141,200 Wisconsin
Central
Transportation
Corp.* 1,897,375
34,000 XTRA Corp.* 1,449,250
------------
12,584,994
------------
Total Common
Stocks
(Cost
$216,854,770) 256,310,561
------------
Limited Partnership -- 0.6%
Gotham Partners*
(a)(b)
(Cost
$1,048,172) 1,675,243
------------
Preferred Stocks -- 0.3%
100,000 Conductus, Inc.
(a)* 881,250
20,000 Vicinity Corp.
(a)* 100,000
------------
Total Preferred
Stocks
(Cost $370,000) 981,250
------------
Commingled Investment
Vehicles -- 0.0%
700 S&P 500
Depository
Receipt
(Cost $99,176)* 102,813
------------
Warrants -- 0.1%
20,000 Conductus, Inc.
Warrants (a)
(Cost
$0)*Expiration
Date 09/10/03 129,000
------------
</TABLE>
23
<PAGE>
TIFF U.S. Equity Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Short Term Investments -- 5.0%
U.S. Treasury Obligation -- 0.3%#
$960,000 U.S. Treasury Bill ++
(Cost $949,571) 5.357% 03/16/00 $950,033
------------
Repurchase Agreement -- 4.7%
13,186,050 Investors Bank & Trust Company -
Repurchase Agreement, issued
12/31/99 (proceeds at maturity
$13,189,412) (Collateralized by
$10,000,000 FHR, 7.00%, due
6/15/11, with a market value of
$9,945,833, and $3,800,129 SBA Pool
#504473, 7.375%, due 3/25/24, with a
market value of $3,899,486)
(Cost $13,186,050) 3.060% 01/03/00 13,186,050
------------
Total Short Term Investments
(Cost $14,135,621) 14,136,083
------------
Total Investments -- 97.3%
(Cost $232,507,739) 273,334,950
Other Assets in Excess of
Liabilities -- 2.7% 7,517,862
------------
Net Assets -- 100.0% $280,852,812
============
</TABLE>
<TABLE>
<CAPTION>
Number
of Shares Value +
<C> <S> <C>
Short Portfolio -- (0.0%)
Computer Software & Processing -- (0.0%)
1,900 Open Market Inc. $(85,737)
--------
Electronics -- (0.0%)
600 VideoLan Technologies, Inc.* (1)
--------
Total Short Portfolio
(Proceeds $159,593) $(85,738)
========
</TABLE>
<TABLE>
<C> <S>
* Non-Income Producing Security
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to maturity at the time of purchase.
FHR Freddie Mac
SBA Small Business Administration
(a) Security is valued in good faith under procedures established by the board
of directors.
(b) Restricted Security.
</TABLE>
See accompanying Notes to Financial Statements
24
<PAGE>
TIFF Bond Fund December 31, 1999
Comparison of Change in Value of $100,000 Investment in TIFF Bond Fund
and the Lehman Aggregate Bond Index
[LINE GRAPH]
TIFF Bond Fund Lehman Aggregate Bond Index
*5/31/94 100000 100000
11/30/94 99905 100081
5/31/95 111181 111487
11/30/95 116908 117737
5/31/96 115422 116376
11/29/96 124107 124885
5/30/97 125845 126055
11/28/97 133502 134316
5/29/98 138583 139817
11/30/98 143965 147018
5/28/99 143501 145892
11/30/99 144785 146951
12/31/99 143945 146242
Policy Considerations: The Fund's chief aim is to help foundations weather
deflationary times without being forced to liquidate their equity holdings at
depressed prices. As a form of deflation "insurance," bonds emphasized by the
Fund (intermediate or longer-term, high quality) tend to perform well when
inflation concerns ease and tend to perform poorly when investors are spooked
by strength in the economy (actual or expected). That said, the Fund's use of
active management techniques produces a bias in favor of non-Treasury issues
that could cause the Fund to underperform a pure Treasury portfolio of
comparable maturity during a severe deflation like the 1930s. Accordingly, the
Fund is best suited for endowed institutions that have allocated perhaps more
to bonds than they need to for strictly deflation-hedging purposes.
Performance Evaluation: In 1999, the US bond market produced one of its worst
years on record. The Lehman Aggregate Bond Index, a very broad-based measure
of bond performance that reflects market-weighted returns on government,
corporate, mortgage-backed, and asset-backed securities, generated a -0.8%
total return for the year, its second-worst performance since its inception in
1975. (1994 was worse, down 2.9%.) Many investors abandoned the perceived
safety of bonds to chase higher returns in the stock market, and the large
bond market inflows that some strategists had forecasted in connection with
Y2K rollover fears never materialized. Some bond sectors managed to finish in
the black (e.g., mortgage-backed securities, representing 34% of the Index,
returned 1.9% on average), but 1999 was generally a dismal year for bond
investors. Happily, good relative performance by its managers made 1999 a
little less dismal for TIFF Bond Fund holders than it would otherwise have
been: the Fund outperformed the Index by 0.3% for 1999. All of the Fund's
managers outperformed their respective benchmarks for the year as so-called
quality spreads narrowed discernibly. The Fund tends to outperform its
benchmark when such spreads narrow. Since inception, the Fund has produced
decent absolute returns (6.7% annualized) but has underperformed its primary
benchmark by 0.3% (annualized), indicating that its managers have added some
incremental value -- annualized expenses have averaged 0.55%.
Investment Performance (For Periods Ended December 31, 1999)
<TABLE>
<CAPTION>
Total Return
---------------------------------------------------
Annualized Cumulative Annualized
Calendar since since Inception since Inception
Year 12/31/94 (5/31/94) (5/31/94)
-------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
TIFF Bond Fund (0.5%) 7.5% 43.9% 6.7%
Lehman Aggregate Bond
Index (0.8%) 7.7% 46.2% 7.0%
</TABLE>
25
<PAGE>
TIFF Bond Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
U.S. Treasury Obligations -- 12.8%
$400,000 U.S. Treasury Bond 5.250% 11/15/28 $329,625
990,000 U.S. Treasury Bond 5.250% 02/15/29 818,916
400,000 U.S. Treasury Bond 5.500% 08/15/28 341,375
625,000 U.S. Treasury Bond 6.125% 11/15/27 581,250
500,000 U.S. Treasury Bond 6.125% 08/15/29 476,719
1,660,000 U.S. Treasury Bond 8.000% 11/15/21 1,883,063
200,000 U.S. Treasury Bond 8.125% 05/15/21 229,313
805,000 U.S. Treasury Bond 9.250% 02/15/16 994,175
650,000 U.S. Treasury Note 5.250% 05/15/04 622,578
570,000 U.S. Treasury Note 5.500% 12/31/00 566,616
900,000 U.S. Treasury Note 5.500% 05/15/09 838,407
1,200,000 U.S. Treasury Note 5.625% 11/30/00 1,195,500
1,175,000 U.S. Treasury Note 5.750% 08/15/03 1,150,399
350,000 U.S. Treasury Note++ 5.875% 06/30/00 350,438
1,035,000 U.S. Treasury Note 5.875% 11/30/01 1,028,531
915,000 U.S. Treasury Note 5.875% 11/15/04 897,272
4,090,000 U.S. Treasury Note 6.000% 08/15/09 3,962,188
890,000 U.S. Treasury Note 6.500% 05/31/02 894,450
860,000 U.S. Treasury Note 6.500% 08/15/05 860,000
1,395,000 U.S. Treasury Note 6.625% 07/31/01 1,404,155
1,365,000 U.S. Treasury Note 7.000% 07/15/06 1,398,272
260,000 U.S. Treasury Note++ 7.125% 02/29/00 260,975
4,070,000 U.S. Treasury Strip# 7.340% 02/15/20 1,041,794
6,350,000 U.S. Treasury Strip# 6.829% 11/15/21 1,462,272
------------
Total U.S. Treasury Obligations
(Cost $24,124,966) 23,588,283
------------
U.S. Government Agency Obligations --
Mortgage Backed -- 44.9%
95,000 FHLMC 5.500% 05/15/02 92,660
6,042,465 FHLMC 6.000% 04/01/14 5,743,490
5,857,064 FHLMC 6.000% 02/01/29 5,371,080
1,875,000 FHLMC 6.300% 03/15/23 1,815,694
850,000 FHLMC 6.750% 09/15/29 804,264
841,648 FHLMC (IO) 7.000% 05/15/08 118,232
2,600,000 FHLMC Gold (TBA) 7.500% 01/19/30 2,574,811
741,000 FNMA 5.130% 02/13/04 695,265
725,000 FNMA 6.000% 05/15/08 677,602
15,000 FNMA 6.250% 07/15/04 14,641
650,000 FNMA 6.420% 12/01/07 616,275
4,107,856 FNMA 6.500% 04/01/28 3,871,921
3,038,263 FNMA 6.500% 05/01/28 2,863,760
3,683,987 FNMA 6.500% 06/01/28 3,472,397
690,000 FNMA 6.630% 09/15/09 669,404
850,168 FNMA 6.980% 06/01/07 837,831
1,004,996 FNMA 7.000% 03/01/24 971,980
1,650,000 FNMA 7.160% 01/25/22 1,609,146
572,712 FNMA 9.000% 03/01/25 596,456
5,070,000 FNMA (TBA) 6.000% 01/24/15 4,811,744
9,900,000 FNMA (TBA) 6.500% 01/19/30 9,330,750
5,000,000 FNMA (TBA) 7.500% 01/19/30 4,945,310
3,605,501 GNMA 6.500% 03/15/29 3,386,918
2,340,398 GNMA 6.500% 04/15/29 2,198,511
2,958,919 GNMA 6.500% 05/15/29 2,779,534
3,976,535 GNMA 6.500% 07/15/29 3,735,457
347,527 GNMA 7.000% 07/15/23 335,834
825,708 GNMA 7.000% 05/15/24 797,927
882,530 GNMA 7.000% 06/15/28 852,836
3,785,161 GNMA 7.000% 12/15/28 3,657,805
724,343 GNMA 7.500% 12/15/25 716,797
632,451 GNMA 7.500% 06/15/26 625,863
618,831 GNMA 7.500% 07/15/26 612,385
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$575,134 GNMA 7.500% 08/15/27 $569,142
700,989 GNMA 7.500% 08/15/27 693,687
251,863 GNMA 9.500% 10/15/24 268,177
5,000,000 GNMA (TBA) 7.000% 01/25/30 4,829,690
241,353 GNMA II 6.130% 12/20/17 243,725
828,402 GNMA II 6.380% 01/20/18 838,927
700,450 GNMA II 6.380% 04/20/24 706,120
421,624 GNMA II 6.630% 08/20/17 426,988
76,052 GNMA II 6.630% 09/20/21 76,946
1,989,803 GNMA II (TBA) 6.000% 01/26/30 1,971,770
------------
Total U.S. Government Agency Obligations --
Mortgage Backed (Cost $85,097,249) 82,829,752
------------
Corporate Obligations -- 30.6%
Aerospace & Defense -- 0.8%
355,000 Litton Industries Inc. 8.000% 10/15/09 354,165
800,000 Lockheed Martin Corp. 6.850% 05/15/01 791,789
390,000 Lockheed Martin Corp. 8.500% 12/01/29 389,979
------------
1,535,933
------------
Airlines 0.9%
220,887 American Airlines, Ser. 1991-A,
Class A-1 9.710% 01/02/07 231,434
205,000 Delta Airlines, Inc. (144A) (a) 8.300% 12/15/29 198,580
430,000 Northwest Airlines Corp. 7.950% 03/01/15 410,737
900,000 Northwest Airlines Corp. 8.304% 09/01/10 886,319
------------
1,727,070
------------
Automotive 0.3%
600,000 Rollins Truck Leasing 7.000% 03/15/01 598,765
------------
Banking 2.4%
1,250,000 Associates Corp. NA 6.000% 04/15/03 1,207,928
1,250,000 BankAmerica Corp. 6.625% 08/01/07 1,182,316
380,000 Continental Bank NA 12.500% 04/01/01 405,160
1,200,000 First Union Corp. 6.400% 04/01/08 1,107,097
250,000 FNB Chicago 8.080% 01/05/18 253,983
345,000 KBC Bank Fund Trust III 9.860% 11/29/49 357,004
------------
4,513,488
------------
Chemicals 0.9%
695,000 ICI Wilmington 6.750% 09/15/02 685,076
520,000 Lilly Del Mar, Inc. 7.717% 08/01/29 517,495
250,000 Lyondell Chemical Co. 9.875% 05/01/07 255,000
55,000 Methanex Corp. 7.400% 08/15/02 49,945
285,000 Methanex Corp. 7.750% 08/15/05 235,574
------------
1,743,090
------------
Commercial Services 0.1%
250,000 United Rentals 9.000% 04/01/09 236,250
------------
Communications 1.3%
1,220,000 Cable & Wireless Communications
plc 6.750% 12/01/08 1,208,077
190,000 Filtronic plc (144A) (a) 10.000% 12/01/05 183,132
</TABLE>
26
<PAGE>
TIFF Bond Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$930,176 Jasmine Submarine
Telecommunications (144A) (a) 8.483% 05/30/11 $850,162
75,000 Williams Communications Group
Inc. 10.875% 10/01/09 78,375
------------
2,319,746
------------
Computers & Information 0.7%
1,250,000 IBM Corp. 6.500% 01/15/28 1,106,551
225,000 Unova, Inc. 6.875% 03/15/05 212,652
------------
1,319,203
------------
Diversified 0.1%
246,000 Edperbrascan Corp. 7.125% 12/16/03 237,569
------------
Electric Utilities 1.3%
250,000 AES Corp. 8.500% 11/01/07 233,750
805,000 Edison International Inc. 6.875% 09/15/04 788,347
810,000 FPL Group Capital Inc. 7.375% 06/01/09 795,610
145,000 Great Lakes Power, Inc. 8.300% 03/01/05 141,887
370,000 Southern Energy, Inc. (144A) (a) 7.900% 07/15/09 357,316
------------
2,316,910
------------
Electronics 0.3%
500,000 Tektronix, Inc. 7.500% 08/01/03 501,579
------------
Entertainment & Leisure 0.5%
405,000 Capitol Records Inc. (144A) (a) 8.375% 08/15/09 401,408
250,000 Park Place Entertainment 7.875% 12/15/05 239,375
200,000 Station Casinos (144A) (a) 8.875% 12/01/08 190,500
------------
831,283
------------
Financial Services 9.4%
545,000 Aristar Inc. 7.750% 06/15/01 549,385
1,200,000 Bear Stearns Co., Inc. 6.750% 12/15/07 1,118,831
375,000 Citicorp 8.000% 02/01/03 382,870
305,000 Citicorp Lease (144A) (a) 8.040% 12/15/19 302,564
914,000 Duquesne Light Co. 8.700% 06/01/16 967,486
325,000 ERAC USA Finance Co. 7.950% 12/15/09 322,034
515,000 Finova Capital Corp. 7.250% 11/08/04 509,355
1,000,000 Ford Motor Credit Co. 6.500% 02/28/02 990,587
690,000 Ford Motor Credit Co. 7.375% 10/28/09 681,156
170,000 General Motors Acceptance Corp. 5.995% 07/20/00 169,922
760,000 Goldman Sachs Group LP (144A) (a) 7.800% 07/15/02 767,212
350,000 Heller Financial, Inc. 5.875% 11/01/00 347,125
985,000 Husky Terra Nova Finance Ltd. 8.450% 02/01/12 966,225
730,000 Kern River Funding Corp. (144A)
(a) 6.720% 09/30/01 721,182
395,000 Lehman Brothers Holdings, Inc. 7.875% 11/01/09 394,219
925,000 Morgan Stanley Dean Witter 7.125% 01/15/03 923,524
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$955,000 Morgan Stanley Group, Inc. 8.100% 06/24/02 $975,445
175,000 Natexis Ambs Co., LLC (144A) (a) 8.440% 12/29/49 164,641
275,000 Pemex Finance Ltd. 9.690% 08/15/09 284,386
1,250,000 Pepsi Bottling Holding (144A) (a) 5.625% 02/17/09 1,103,695
280,000 PNC Funding Corp. 6.125% 02/15/09 251,412
775,000 Ras Laffan-Lincs, Ser. 1997-11
(144A) (a) (d) 7.850% 03/18/14 777,589
350,000 Salomon Smith Barney Holdings,
Inc. 6.750% 02/15/03 344,143
1,200,000 Sears Roebuck Acceptance 6.000% 03/20/03 1,147,358
1,000,000 Sprint Capital Corp. 6.900% 05/01/19 911,926
700,000 Telecom New Zealand Finance
(144A) (a) 6.250% 02/10/03 685,168
595,000 Textron Financial Corp. 5.840% 02/19/02 578,878
------------
17,338,318
------------
Health Care Providers 0.2%
400,000 Tenet Healthcare Corp. 8.625% 01/15/07 386,000
------------
Heavy Machinery 0.3%
800,000 Cummins Engine Co., Inc. 5.650% 03/01/98 500,477
------------
Industrial 0.3%
525,000 Tenaska Georgia Partners (144A)
(a) 9.500% 02/01/30 530,717
------------
Insurance 3.1%
250,000 Farmers Exchange Capital (144A)
(a) 7.050% 07/15/28 215,532
1,190,000 Florida Windstorm Underwriting 6.500% 08/25/02 1,157,786
490,000 Lumbermens Mutual Life (144A) (a) 8.300% 12/01/37 421,498
2,410,000 MONY Life Insurance Co. (144A) (a) 11.250% 08/15/24 3,175,543
310,000 Royal & Sun Alliance Insurance
(144A) (a) 8.950% 10/15/29 314,120
410,000 URC Holdings Corp. (144A) (a) 7.875% 06/30/06 398,937
------------
5,683,416
------------
Media -- Broadcasting & Publishing 0.8%
250,000 Century Communications 9.000% 03/15/03 178,750
100,000 Chancellor Media Corp. 9.000% 10/01/08 104,000
200,000 Hollinger International
Publishing, Inc. 8.625% 03/15/05 197,500
790,000 TCI Communications Inc. 8.650% 09/15/04 833,186
290,000 United International Holdings (c) 0.000% 02/15/08 185,600
------------
1,499,036
------------
Medical Supplies 0.1%
250,000 Owens & Minor 10.875% 06/01/06 257,500
------------
Metals & Mining 0.1%
250,000 California Steel Industries 8.500% 04/01/09 240,000
------------
</TABLE>
27
<PAGE>
TIFF Bond Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Oil & Gas 2.9%
$485,000 Chevron Corp. (144A) (a) 7.327% 01/01/14 $480,582
1,500,000 El Paso Natural Gas Co. 6.750% 11/15/03 1,460,075
500,000 Global Marine, Inc. 7.125% 09/01/07 475,059
1,000,000 Occidental Petroleum 8.450% 02/15/29 1,037,933
330,000 Petroleum Geo-Services ASA 6.250% 11/19/03 314,137
280,000 Petroleum Geo-Services ASA 7.125% 03/30/28 244,246
270,000 PG&E Gas Transmission 7.100% 06/01/05 267,275
705,000 Ras Laffan Liquid Natural Gas
(144A) (a) 7.628% 09/15/06 685,716
380,000 Transocean Offshore, Inc. 8.000% 04/15/27 383,304
------------
5,348,327
------------
Real Estate 0.5%
505,000 Equity Residential Property 7.100% 06/23/04 492,885
350,000 HMH Properties 7.875% 08/01/05 323,750
50,000 Rouse Co. 8.500% 01/15/03 50,579
------------
867,214
------------
Retailers 0.5%
1,000,000 Federated Department Stores 7.450% 07/15/17 954,323
------------
Telephone Systems 1.7%
500,000 AT&T Corp. 6.000% 03/15/09 455,436
1,565,000 Compania Telecom Chile 7.625% 07/15/06 1,481,578
250,000 GTE Corp. (FRN) 6.155% 06/12/00 250,016
1,000,000 GTE Florida, Inc. 6.310% 12/15/02 981,804
------------
3,168,834
------------
Transportation 1.1%
205,000 Greyhound Lines (b) 11.500% 04/15/07 226,525
1,000,000 Norfolk Southern Corp. 6.950% 05/01/02 992,400
860,000 Windsor Petroleum Transportation
(144A) (a) 7.840% 01/15/21 713,800
------------
1,932,725
------------
Total Corporate Obligations (Cost
$58,001,731) 56,587,773
------------
Asset Backed Securities -- 14.6%
575,000 Advanta Mortgage Loan Trust, Ser.
1997, Class A5 7.250% 06/25/27 568,738
550,000 Advanta Mortgage Loan Trust, Ser.
1997-1, Class B1F 8.150% 05/25/27 539,385
961,026 Americredit Auto Receivables
Trust, Series 1997-C, Class A3 6.300% 07/05/03 957,932
1,050,000 Amresco Mortgage Loan Trust, Ser.
1997-1, Class B1F 7.915% 03/25/27 1,045,716
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$1,425,000 Amresco Residential Securities
Mortgage Loan, Ser. 1997-1,
Class A8 7.240% 03/25/27 $1,414,270
400,000 California Infrastructure SCE,
Ser. 1997-1, Class A6 6.380% 09/25/08 388,816
430,000 Chase Credit Card Master Trust,
Ser. 1993-3, Class B 6.950% 01/15/07 425,722
735,000 Chemical Master Credit Card Trust 6.230% 06/15/03 733,023
1,300,000 Citibank Credit Card Master Trust
(FRN), Ser. 1997-2, Class A 6.550% 02/15/04 1,291,069
830,000 Contimortgage Home Equity Loan
Trust, Ser. 1997-5, Class A6 6.870% 03/15/24 802,992
855,000 Criimi Mae Commercial Mortgage
Trust, Ser. 1998-C1, Class A2 7.000% 03/02/11 714,600
2,000,000 CS First Boston Mortgage
Securities Corp., Ser. 1998-C1,
Class A1B 6.480% 05/17/08 1,865,220
2,000,000 First Union Lehman Brothers Bank
of America, Ser. 1998-C2, Class
A2 6.560% 11/18/08 1,891,690
2,000,000 GMAC Commercial Mortgage
Securities, Inc., Ser. 1998-C2,
Class A2 6.420% 08/15/08 1,869,560
1,000,000 MBNA Master Credit Card Trust,
Ser. 1997-F, Class A 6.600% 11/15/04 995,030
5,000,000 Nomura Asset Securities Corp.,
Ser. 1998-D, Class A 6.590% 03/17/28 4,704,200
330,820 Olympic Auto Receivable Trust,
Ser. 1996-C, Class A4 6.800% 03/15/02 331,508
481,973 Olympic Auto Receivable Trust,
Ser. 1997-A, Class A4 6.625% 12/15/02 482,734
755,000 Olympic Auto Receivable Trust,
Ser. 1997-A, Class A5 6.800% 02/15/05 755,174
1,142,854 Premier Auto Trust, Ser. 1997-2,
Class A4 6.250% 06/06/01 1,143,288
</TABLE>
28
<PAGE>
TIFF Bond Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$390,000 Premier Auto Trust Ser. 1997-3
Class A5 6.340% 01/06/02 $389,220
1,160,000 Providian Trust, Ser. 1997-4,
Class A 6.250% 06/15/07 1,142,043
51,612 Residential Asset Securities
Corp., Ser. 1997-KS1, Class AF5 7.070% 04/25/28 51,466
700,000 Saxon Asset Securities Trust,
Ser. 1997-3, Class AF6 6.730% 02/25/27 677,789
1,875,000 UCFC Home Equity Loan, IO, Ser.
1997-C, Class A 8.000% 09/15/00 95,508
1,125,000 UCFC Home Equity Loan, Ser. 1996-
B1, Class A5 7.650% 06/15/20 1,129,072
450,000 Union Acceptance Corp. Ser. 1999-
D Class A2 6.450% 01/08/03 449,186
1,135,798 Union Acceptance Corp., IO, Ser.
1996-C, Class I 2.750% 10/08/03 5,324
186,645 Union Acceptance Corp., IO, Ser.
1996-D, Class I 3.000% 01/08/04 1,633
1,227,703 Union Acceptance Corp., IO, Ser.
1997-B, Class I 1.850% 06/08/27 11,126
------------
Total Asset Backed Securities (Cost
$28,199,599) 26,873,034
------------
Foreign Obligations -- 0.1%
110,000 Quebec Province (Cost $112,369) 7.500% 09/15/29 106,482
------------
Municipal Obligations -- 1.1%
405,000 Chicago, Illinois Midway Airport
Revenue 5.625% 01/01/22 377,920
755,000 Farmington, New Mexico Pollution
Control 5.125% 04/01/29 652,716
635,000 Massachusetts State Turnpike
Authority 5.000% 01/01/39 515,630
500,000 Massachusetts State Water
Pollution Abatement 4.750% 02/01/21 411,236
200,000 New York State Mental Health
Services Facilities 4.500% 08/15/28 152,310
------------
Total Municipal Obligations (Cost
$2,153,666) 2,109,812
------------
<CAPTION>
Shares
<C> <S> <C> <C> <C>
Preferred Stocks -- 1.3%
9,445 Duke Realty Investments 413,219
44,340 MEPC International Capital,
Series A 928,369
</TABLE>
<TABLE>
<CAPTION>
Interest Maturity
Shares Rate Date Value +
<C> <S> <C> <C> <C> <C> <C> <C>
1,110 Pinto Totta
International Finance
(144A) (a) $1,046,954
------------
Total Preferred Stocks
(Cost $2,722,470) 2,388,542
------------
Principal
Amount
Short Term Investments -- 9.4%
Commercial Paper -- 2.7%#
Banking -- 1.1%
$2,000,000 J.P. Morgan 6.350% 01/10/00 1,993,294
------------
Diversified 1.1%
2,000,000 General Electric Capital
Corp. 6.400% 01/18/00 1,990,397
------------
Financial Services 0.5%
1,000,000 Goldman Sachs 6.500% 01/19/00 995,843
------------
Total Commercial Paper
(Cost $4,979,534) 4,979,534
------------
Repurchase Agreement -- 6.6%
12,263,066 Investors Bank & Trust Company -
Repurchase Agreement, issued 12/31/99
(proceeds at maturity $12,266,193)
(Collateralized by $9,600,000 FNMA,
5.625%, due 1/5/04, with a market value
of $9,456,000; $3,299,591 FNMA ARM Pool
#428432, 7.170% due 6/1/27, with a market
value of $3,420,372)
(Cost $12,263,066) 3.060% 01/03/00 12,263,066
------------
U.S. Treasury Securities -- 0.0%#
10,000 U.S. Treasury Bill++ 5.612% 06/29/00 9,729
15,000 U.S. Treasury Bill++ 5.709% 06/15/00 14,630
25,000 U.S. Treasury Bill++ 5.124% 04/06/00 24,659
------------
Total U.S. Treasury Securities
(Cost $49,018) 49,018
------------
Total Short Term Investments
(Cost $17,291,628) 17,291,618
------------
Total Investments -- 114.8%
(Cost $217,703,668) 211,775,296
Liabilities in excess of
other assets -- (14.8%) (27,267,317)
------------
Net Assets -- 100.0% $184,507,979
============
</TABLE>
29
<PAGE>
TIFF Bond Fund / Schedule of Investments December 31, 1999
Summary of Industry Classifications (as a % of total market value):
<TABLE>
<S> <C>
Basic Industries 0.8%
Consumer Cyclical 2.8
Consumer Non-Cyclical 0.3
Energy 2.5
Financial Services 28.5
Industrial 1.7
Metals & Mining 0.1
Miscellaneous 1.0
Repurchase Agreements 5.8
Technology 2.7
Transportation 0.9
Utilities 2.6
U.S. Government Obligations-Mortgaged
Backed 39.1
U.S. Treasury Obligations 11.2
-----
100.0%
=====
</TABLE>
<TABLE>
<C> <S>
+ See Note 2 to the Financial
Statements.
++ Security or a portion thereof is held
with a broker as initial margin for
financial futures contracts. See
Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to
maturity at the time of purchase.
ARM Adjustable Rate Mortagage
FHLMC Federal Home Loan Mortgage
Corporation
FNMA Federal National Mortgage Association
FRN Floating Rate Note
GNMA Government National Mortgage
Association
IO Interest Only Security. Interest rate
is based on the notional amount of
the underlying mortgage pools.
TBA Security is subject to delayed
delivery.
(a) Security exempt from registration
under Rule (144A) of the Securities
Act of 1933. Security may be resold
in transactions exempt from
registration, normally to qualified
buyers. At December 31, 1999, the
aggregate value of these securities
was $14,686,548 or 7.96% of net
assets.
(b) Security is valued in good faith
under procedures established by the
board of directors.
(c) Security is a step up bond which will
not pay interest through 2/15/03, and
will pay 10.75% thereafter.
(d) Coupon rate is 7.85% through
September 2006, and 8.05% thereafter.
</TABLE>
See accompanying Notes to Financial Statements.
30
<PAGE>
TIFF Short-Term Fund December 31, 1999
Comparison of Change in Value of $50,000 Investment in TIFF Short-Term Fund
and the Merrill Lynch 182-Day Treasury Bill Index
[LINE GRAPH]
TIFF Short-Term Fund Merrill Lynch 182-Day
Treasury Bill Index
*5/31/94 50000 50000
11/30/94 51295 51155
5/31/95 53063 52871
11/30/95 54558 54433
5/31/96 55848 55843
11/29/96 57513 57398
5/30/97 58980 58980
11/28/97 60583 60577
5/29/98 62323 62240
11/30/98 63987 63979
5/28/99 65624 65408
11/30/99 67191 66930
12/31/99 67434 67229
Policy Considerations: Many foundations park funds earmarked for near-term
spending in high quality, very short-term instruments. The bias in favor of
high quality paper is unarguably correct, but the bias in favor of very short-
term securities is suspect because the liabilities being funded are often
longer-lived than the cash equivalents earmarked for their payment. Under
normal circumstances, the yield curve or term structure of interest rates is
positively sloped, and a short-term income fund that holds securities whose
average maturity is modestly longer than the typical money market fund has the
potential to produce discernibly higher returns over time. For this reason, the
TIFF Short-Term Fund maintains an average duration longer than the typical
money market fund. To ensure that the Fund's manager does not take undue risks
in seeking to outperform its six-month Treasury bill benchmark, TIFF imposes
numerous restrictions (codified in the Prospectus) including maturity limits
which ensure that the average duration of the Fund's holdings does not exceed
six months. The Fund may own debt securities of all grades, but not more than
5% of its total assets may be invested in securities rated below investment
grade.
Performance Evaluation: Since its inception in May 1994, the Fund has
outperformed the average money market mutual fund tracked by Lipper by 69 basis
points per annum; it has also outperformed its 182-day Treasury bill benchmark
net of fees. Although the Fund does not seek to maintain a stable share price
at all times, the Fund has produced a negative total return in none of the 67
months since its inception. Although the Fund's expense ratio is already very
competitive, increased assets would permit the Fund's fixed costs to be spread
over a larger asset base, and TIFF's directors remain hopeful that an
increasing number of TIFF Members will consider it as a cost-efficient
alternative to other cash management vehicles they may be using.
Investment Performance (For Periods Ended December 31, 1999)
<TABLE>
<CAPTION>
Total Return
-----------------------------------------------------------------
Calendar Annualized since Cumulative since Annualized since
Year 12/31/94 Inception (5/31/94) Inception (5/31/94)
-------- ---------------- ------------------- -------------------
<S> <C> <C> <C> <C>
TIFF Short-Term Fund 4.9% 5.5% 34.9% 5.5%
Merrill Lynch 182-day T-
bill Index 4.6% 5.5% 34.5% 5.4%
</TABLE>
31
<PAGE>
TIFF Short-Term Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
Asset & Mortgage-Backed Securities -- 51.9%
$144,546 Advanta Mortgage Loan Trust (FRN),
Ser. 1997-4, Class A8 5.579% 02/25/24 $144,488
405,746 Advanta Mortgage Loan Trust, Ser.
1997-1, Class A2 7.100% 04/25/20 404,345
3,000,000 AT&T Universal Card Master Trust,
Series 97-1A 6.160% 04/19/04 2,995,260
1,076,972 Banc One Home Equity Trust, Ser.
1999-1, Class A1 6.060% 01/25/12 1,066,525
649,678 BankBoston Trust, Ser. 1998-1,
Class A1 6.460% 04/25/12 646,937
862,224 BCI Home Equity Loan, Ser. 1996-1,
Class A 5.589% 04/28/26 862,025
3,000,000 BMW Vehicle Owner Trust Series 99-A 6.160% 12/25/01 2,996,250
3,000,000 Bombardier Receivables Master Trust
I (FRN), Ser. 1997-1, Class A 5.526% 04/15/04 2,997,960
3,000,000 Capital Auto Receivables Asset
Trust, Series 99-2 6.060% 06/15/02 2,992,969
3,000,000 Capital One Master Trust, Series
96-2 6.563% 02/15/05 2,970,938
1,028,141 Case Equipment Loan Trust, Ser.
1998-C, Class A2 5.490% 08/15/02 1,025,755
5,020 Chase Manhattan Auto Owner Trust,
Ser. 1996-C, Class A3 5.950% 11/15/00 5,020
1,776,885 Countrywide Home Equity Trust
(FRN), Ser. 1998-A, Class A 6.653% 03/15/24 1,777,915
255,255 Deutsche Financial Capital
Securities, Ser. 1998-I, Class A1 6.050% 04/15/28 254,579
1,000,000 Discover Card Master Trust I, Ser.
1994-2, Class A 6.813% 10/16/04 1,004,850
3,000,000 Discover Card Trust, Ser. 1993-B,
Class A 6.750% 02/15/02 2,993,820
936,460 EQCC Home Equity Loan Trust, Series
97-1 6.840% 09/15/11 937,172
534,834 EQCC Home Equity Loan Trust, Series
98-2 6.235% 04/15/08 533,315
416,667 First Chicago Master Trust II
(FRN), Ser. 1996-R,
Class A 6.533% 07/15/01 417,163
219,657 FNMA, Ser. 1993-163, Class BK 6.150% 11/25/17 218,741
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
$2,920,249 FNMA, Ser. 2044, Class PH 6.000% 08/15/15 $2,895,521
3,000,000 Gracechurch Card Funding plc (FRB) 6.340% 11/15/04 3,000,000
559,382 Green Tree Home Improvement Loan
Trust, Ser. 1998-D, Class HEA1 5.980% 08/15/29 558,996
834,443 HFC Revolving Home Equity Loan
Trust (FRN), Ser. 1996-1, Class A 6.661% 07/20/17 832,974
3,000,000 Lakeshore Commercial Loan Master
Trust (FRN), Ser. 1998-AA, Class
A2 (144A) (a) (b) 6.333% 07/25/04 2,991,563
3,000,000 Leaf Master Trust I, Ser. 1999-1,
Class A1 (FRN) 6.421% 11/15/04 3,000,000
1,500,000 People's Bank Credit Card Master
Trust (FRN), Ser. 1996-1, Class A 6.610% 11/15/04 1,502,310
3,000,000 Premier Auto Trust, Ser. 1997-1,
Class A4 6.350% 04/06/02 3,000,210
1,234,595 Premier Auto Trust, Ser. 1998-4,
Class A2 5.560% 04/08/01 1,233,397
321,095 Residential Funding Mortgage
Securities (FRN), Ser. 1998-HS1,
Class A 6.641% 06/22/23 320,643
-----------
Total Asset Backed Securities
(Cost $46,724,456) 46,581,641
-----------
Bank Obligations -- 9.5%
1,000,000 CIBC Yankee CD 5.180% 03/15/00 997,651
1,000,000 CIBC Yankee CD 5.270% 03/03/00 998,156
3,000,000 Commerzbank Yankee CD 5.120% 04/25/00 2,994,506
3,500,000 Dresdner Bank CD 5.560% 01/07/00 3,500,000
-----------
Total Bank Obligations (Cost
$8,490,313) 8,490,313
-----------
Commercial Paper -- 17.1%#
2,000,000 ABN AMRO CP 5.730% 01/26/00 1,992,041
2,500,000 Banque Caisse CP 5.400% 01/20/00 2,492,875
2,500,000 ING America CP 5.850% 02/16/00 2,481,313
3,000,000 Lloyds Bank CP 5.900% 01/24/00 2,988,692
2,500,000 Moriarty CP 6.150% 01/26/00 2,489,323
3,000,000 Transamerica Financial CP 5.710% 05/09/00 2,938,617
-----------
Total Commercial Paper (Cost
$15,382,861) 15,382,861
-----------
Time Deposit -- 0.3%
295,000 Investors Bank & Trust Company
(Cost $295,000) 5.000% 01/03/00 295,000
-----------
</TABLE>
32
<PAGE>
TIFF Short-Term Fund / Schedule of Investments December 31, 1999
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Value +
<C> <S> <C> <C> <C>
U.S. Treasury Bills -- 19.9%#
$17,800,000 U.S. Treasury Bill 5.600% 06/22/00 $17,290,524
600,000 U.S. Treasury Bill++ 5.344% 05/04/00 589,161
-----------
Total U.S. Treasury Bills
(Cost $17,879,715) 17,879,685
-----------
Total Investments -- 98.7%
(Cost $88,772,345) 88,629,500
Other assets in excess of
liabilities -- 1.3% 1,126,281
-----------
Net Assets -- 100.0% $89,755,781
===========
</TABLE>
<TABLE>
<C> <S>
+ See Note 2 to the Financial Statements.
++ Security or a portion thereof is held with a broker as initial margin for
financial futures contracts. See Appendix C in Notes to Financial
Statements.
# Interest Rate represents the yield to maturity at the time of purchase.
FNMA Federal National Mortgage Association
FRB Floating Rate Bond
FRN Floating Rate Note
CD Certificate of Deposit
CP Commercial Paper
(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Security may be resold in transactions exempt from registration,
normally to qualified buyers. At December 31, 1999, the aggregate value
of these securities was $2,991,563 or 3.33% of net assets.
(b) Security is valued in good faith under procedures established by the
board of directors.
</TABLE>
See accompanying Notes to Financial Statements.
33
<PAGE>
Statement of Assets and Liabilities December 31, 1999
<TABLE>
<CAPTION>
TIFF TIFF
TIFF Multi- International Emerging
Asset Fund Equity Fund Markets Fund
(MAF) (IEF) (EMF)
<S> <C> <C> <C>
Assets
Investments in securities, at value
(Cost: MAF $193,010,574; IEF
$158,484,631; EMF $66,199,659) $218,131,424 $204,342,198 $81,883,257
Repurchase agreements, at value 23,424,735 48,673,122 1,105,647
Cash 275,000 -- 14,591
Foreign currency (Cost: MAF $611;
IEF $123,867; EMF $209,160) 884 124,927 209,526
Receivable for securities sold 5,492,833 33,133 --
Interest receivable 858,438 25,639 --
Dividends and tax reclaims
receivable 178,928 305,738 81,563
Variation margin on financial
futures contracts receivable 53,775 90,485 --
------------ ------------ -----------
Total assets 248,416,017 253,595,242 83,294,584
------------ ------------ -----------
Liabilities
Payable for collateral on securities
on loan -- 6,483,514 743,568
Payable for securities purchased 9,375,784 45,556 28,448
Payable for capital stock
repurchased 150,000 -- 63,131
Net unrealized depreciation on
forward currency contracts 69,905 427,268 --
Accrued expenses and other
liabilities 176,045 210,157 63,664
------------ ------------ -----------
Total liabilities 9,771,734 7,166,495 898,811
------------ ------------ -----------
Net Assets $238,644,283 $246,428,747 $82,395,773
============ ============ ===========
Shares Outstanding (authorized
500,000,000 shares, par value
$0.001 for each Fund) 17,789,798 18,146,417 9,257,156
============ ============ ===========
Net Asset Value Per Share $13.41 $13.58 $8.90
============ ============ ===========
Components of Net Assets
Capital stock $204,451,008 $198,104,485 $88,105,802
Distribution in excess of net
investment income (1,719,264) (1,311,840) (2,490,133)
Accumulated net realized gain (loss)
on investments 9,270,582 1,267,231 (18,900,791)
Net unrealized appreciation
(depreciation) on investments,
short sales, financial futures,
forward currency contracts, and
translation of other assets and
liabilities denominated in foreign
currencies 26,641,957 48,368,871 15,680,895
------------ ------------ -----------
$238,644,283 $246,428,747 $82,395,773
============ ============ ===========
</TABLE>
See accompanying Notes to Financial Statements.
34
<PAGE>
Statement of Assets and Liabilities December 31, 1999
<TABLE>
<CAPTION>
TIFF U.S.
Equity TIFF Bond TIFF Short-
Fund Fund Term Fund
(USEF) (BF) (STF)
<S> <C> <C> <C>
Assets
Investments in securities, at value --
(Cost: USEF $219,321,689; BF
$205,440,602; STF $88,772,345) $260,148,900 $199,512,230 $88,629,500
Repurchase agreements, at value 13,186,050 12,263,066 --
Cash -- 214,059 1,098,750
Receivable for capital stock sold -- -- 40,799
Receivable for securities sold 7,468,033 -- --
Interest receivable 1,121 2,232,239 615,226
Deposit with broker for short sales 83,595 -- --
Dividends receivable 259,928 -- --
Variation margin on financial futures
contracts receivable 31,450 45,494 --
------------ ------------ -----------
Total assets 281,179,077 214,267,088 90,384,275
------------ ------------ -----------
Liabilities
Payable for securities purchased -- 28,880,913 --
Payable for capital stock repurchased 12,532 402,500 562,500
Market value of securities sold short
(proceeds: USEF $159,593 ) 85,738 -- --
Variation margin on financial futures
contracts payable -- -- 5,250
Dividends payable from net investment
income -- 390,686 37,984
Accrued expenses and other liabilities 227,995 85,010 22,760
------------ ------------ -----------
Total liabilities 326,265 29,759,109 628,494
------------ ------------ -----------
Net Assets $280,852,812 $184,507,979 $89,755,781
============ ============ ===========
Shares Outstanding (authorized
500,000,000 shares, par value $0.001,
for each Fund) 17,793,144 19,214,584 9,029,188
============ ============ ===========
Net Asset Value Per Share $15.78 $9.60 $9.94
============ ============ ===========
Components of Net Assets
Capital stock $222,682,792 $193,552,816 $90,256,310
Undistributed (distribution in excess
of) net investment income 683,408 (10,077) (13,395)
Accumulated net realized gain (loss)
on investments 16,178,304 (3,414,857) (313,077)
Net unrealized appreciation
(depreciation) on investments, short
sales, financial futures, forward
currency contracts, and translation
of other assets and liabilities
denominated in foreign currencies 41,308,308 (5,619,903) (174,057)
------------ ------------ -----------
$280,852,812 $184,507,979 $89,755,781
============ ============ ===========
</TABLE>
See accompanying Notes to Financial Statements.
35
<PAGE>
Statement of Operations For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
TIFF Multi- TIFF International TIFF Emerging
Asset Fund Equity Fund Markets Fund
(MAF) (IEF) (EMF)
<S> <C> <C> <C>
Investment income
Interest $ 5,028,668 $ 1,126,780 $ 287,844
Dividends (net of foreign
withholding taxes of: MAF
$165,306, IEF $481,431
and EMF $18,281) 2,605,577 4,345,435 875,853
----------- ----------- -----------
Total investment income 7,634,245 5,472,215 1,163,697
----------- ----------- -----------
Operating expenses
Investment advisory fees 550,618 354,559 99,963
Money manager fees 334,797 1,247,596 589,216
Custodian and accounting fees 333,937 455,515 336,102
Administration fees 206,999 142,251 36,790
Shareholder recordkeeping fees 27,666 28,657 11,113
Professional fees 79,328 71,953 60,161
Insurance expense 10,803 10,220 2,632
Registration and filing fees 16,855 19,422 10,176
Miscellaneous fees and expenses 14,206 26,275 7,682
----------- ----------- -----------
Total operating expenses 1,575,209 2,356,448 1,153,835
----------- ----------- -----------
Net investment income 6,059,036 3,115,767 9,862
----------- ----------- -----------
Net realized and unrealized gain
(loss) on investments,
financial futures, forward
currency contracts and foreign
currency related transactions
Net realized gain (loss) on:
Investments (net of foreign
withholding taxes on capital
gains of: MAF $211,806, IEF
$147,313, EMF $303,269) 9,563,616 29,262,879 (2,673,846)
Financial futures contracts 7,513,335 6,237,116 --
Forward currency contracts and
foreign currency related
transactions (659,268) (2,745,165) (58,112)
----------- ----------- -----------
Net realized gain (loss) 16,417,683 32,754,830 (2,731,958)
----------- ----------- -----------
Net change in unrealized
appreciation (depreciation) on:
Investments 31,810,250 35,517,278 40,769,466
Financial futures contracts (119,065) 2,533,334 --
Forward currency contracts and
other assets and liabilities
denominated in foreign
currency (10,617) 1,538,085 (178)
----------- ----------- -----------
Net change in unrealized
appreciation (depreciation) 31,680,568 39,588,697 40,769,288
----------- ----------- -----------
Net realized and unrealized gain
(loss) 48,098,251 72,343,527 38,037,330
----------- ----------- -----------
Net increase (decrease) in net
assets resulting from
operations $54,157,287 $75,459,294 $38,047,192
=========== =========== ===========
</TABLE>
See accompanying Notes to Financial Statements.
36
<PAGE>
Statement of Operations For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
TIFF U.S. TIFF TIFF Short-
Equity Fund Bond Fund Term Fund
(USEF) (BF) (STF)
<S> <C> <C> <C>
Investment income
Interest $ 1,201,950 $12,419,299 $4,144,497
Dividends (net of withholding taxes of:
USEF $22,794, BF $1,186) 3,016,306 214,525 --
----------- ----------- ----------
Total investment income 4,218,256 12,633,824 4,144,497
----------- ----------- ----------
Operating expenses
Investment advisory fees 468,017 190,673 22,644
Money manager fees 1,078,736 256,952 150,958
Custodian and accounting fees 229,515 206,433 42,051
Administration fees 172,190 143,361 41,666
Shareholder recordkeeping fees 41,208 31,880 27,352
Professional fees 56,255 50,472 29,943
Insurance expense 12,910 7,592 2,826
Registration and filing fees 22,084 14,428 19,848
Miscellaneous fees and expenses 10,936 9,506 3,119
----------- ----------- ----------
Total operating expenses before fee
waivers/reimbursements 2,091,851 911,297 340,407
Fee waivers/reimbursements -- -- (76,230)
----------- ----------- ----------
Total net operating expenses 2,091,851 911,297 264,177
----------- ----------- ----------
Net investment income 2,126,405 11,722,527 3,880,320
----------- ----------- ----------
Net realized and unrealized gain (loss)
on investments, short sales, financial
futures, forward currency contracts
and foreign currency related
transactions
Net realized gain (loss) on:
Investments 42,632,493 (3,915,235) 5,604
Short sales 12,671 -- --
Financial futures 1,992,259 819,357 (60,639)
----------- ----------- ----------
Net realized gain (loss) 44,637,423 (3,095,878) (55,035)
----------- ----------- ----------
Net change in unrealized appreciation
(depreciation) on:
Investments 5,247,228 (9,445,132) (128,300)
Short sales (3,857) -- --
Financial futures 324,717 103,375 (39,425)
----------- ----------- ----------
Net change in unrealized appreciation
(depreciation) 5,568,088 (9,341,757) (167,725)
----------- ----------- ----------
Net realized and unrealized gain (loss) 50,205,511 (12,437,635) (222,760)
----------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations $52,331,916 $ (715,108) $3,657,560
=========== =========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
37
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF International
Multi-Asset Fund Equity Fund
-------------------------- --------------------------
Year Year Year Year
Ended Ended Ended Ended
12/31/99 12/31/98 12/31/99 12/31/98
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations
Net investment income $ 6,059,036 $ 6,494,620 $ 3,115,767 $ 3,809,278
Net realized gain (loss)
on investments,
financial futures and
options contracts,
short sales, forward
currency contracts and
foreign currency-
related transactions 16,417,683 (6,071,182) $ 32,754,830 15,260,298
Net change in unrealized
appreciation
(depreciation) on
investments, financial
futures and options
contracts, short sales,
forward currency
contracts and
translation of other
assets and liabilities
denominated in foreign
currencies 31,680,568 467,315 39,588,697 (14,008,063)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets resulting
from operations 54,157,287 890,753 75,459,294 5,061,513
------------ ------------ ------------ ------------
Distributions
From net investment
income (7,561,262) (2,001,230) (852,385) (2,692,547)
In excess of net
investment income (1,719,264) (5,135,002) (1,311,840) (4,292,479)
From net realized gains (1,214,104) -- (25,098,023) (13,748,528)
------------ ------------ ------------ ------------
Decrease in net assets
resulting from
distributions (10,494,630) (7,136,232) (27,262,248) (20,733,554)
------------ ------------ ------------ ------------
Capital share
transactions, net (see
Appendix D) (96,865,705) (84,224,588) (61,798,179) 34,630,023
------------ ------------ ------------ ------------
Total increase
(decrease) in net
assets (53,203,048) (90,470,067) (13,601,133) 18,957,982
Net assets
Beginning of year 291,847,331 382,317,398 260,029,880 241,071,898
------------ ------------ ------------ ------------
End of year $238,644,283 $291,847,331 $246,428,747 $260,029,880
============ ============ ============ ============
Distributions in excess
of net investment
income $ (1,719,264) $ (5,135,002) $ (1,311,840) $ (4,292,479)
</TABLE>
See accompanying Notes to Financial Statements.
38
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF U.S.
Emerging Markets Fund Equity Fund
------------------------ --------------------------
Year Year Year Year
Ended Ended Ended Ended
12/31/99 12/31/98 12/31/99 12/31/98
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets from
operations
Net investment income
(loss) $ 9,862 $ (382,269) $ 2,126,405 $ 2,894,615
Net realized gain (loss)
on investments,
financial futures and
options
contracts, short sales,
forward currency
contracts and foreign
currency-
related transactions (2,731,958) (12,097,803) 44,637,423 39,463,251
Net change in unrealized
appreciation
(depreciation) on
investments, financial
futures and options
contracts, short sales,
forward currency
contracts and
translation of other
assets and liabilities
denominated in foreign
currencies 40,769,288 (16,652,920) 5,568,088 (10,953,068)
----------- ----------- ------------ ------------
Net increase (decrease)
in net assets resulting
from operations 38,047,192 (29,132,992) 52,331,916 31,404,798
----------- ----------- ------------ ------------
Distributions
From net investment
income -- -- (7,902,999) (1,307,917)
In excess of net
investment income (1,802,858) (1,837,831) -- (1,274,609)
From net realized gains -- -- (36,654,749) (31,677,567)
----------- ----------- ------------ ------------
Decrease in net assets
resulting from
distributions (1,802,858) (1,837,831) (44,557,748) (34,260,093)
----------- ----------- ------------ ------------
Capital share
transactions, net (see
Appendix D) (12,015,970) 5,302,196 (39,508,007) 59,727,995
----------- ----------- ------------ ------------
Total increase
(decrease) in net
assets 24,228,364 (25,668,627) (31,733,839) 56,872,700
Net assets
Beginning of year 58,167,409 83,836,036 312,586,651 255,713,951
----------- ----------- ------------ ------------
End of year $82,395,773 $58,167,409 $280,852,812 $312,586,651
=========== =========== ============ ============
Undistributed
(distributions in
excess of) net
investment income $(2,490,133) $(5,279,347) $ 683,408 $ (1,274,609)
</TABLE>
See accompanying Notes to Financial Statements.
39
<PAGE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
TIFF TIFF
Bond Fund Short-Term Fund
-------------------------- ------------------------
Year Year Year Year
Ended Ended Ended Ended
12/31/99 12/31/98 12/31/99 12/31/98
<S> <C> <C> <C> <C>
Increase (decrease) in net
assets from operations
Net investment income $ 11,722,527 $ 11,076,214 $ 3,880,320 $ 3,253,252
Net realized gain (loss) on
investments, financial
futures and options
contracts, short sales,
forward currency contracts
and foreign currency-
related transactions (3,095,878) 1,993,956 (55,035) 7,713
Net change in unrealized
appreciation (depreciation)
on investments, financial
futures and options
contracts, short sales,
forward currency contracts
and translation of other
assets and liabilities
denominated in foreign
currencies (9,341,757) 450,790 (167,725) 7,419
------------ ------------ ----------- -----------
Net increase (decrease) in
net assets resulting from
operations (715,108) 13,520,960 3,657,560 3,268,384
------------ ------------ ----------- -----------
Distributions
From net investment income (12,016,038) (10,988,853) (3,873,062) (3,219,795)
In excess of net investment
income (10,077) (368,940) (13,395) --
From net realized gains (318,730) (1,252,461) -- --
------------ ------------ ----------- -----------
Decrease in net assets
resulting from
distributions (12,344,845) (12,610,254) (3,886,457) (3,219,795)
------------ ------------ ----------- -----------
Capital share transactions,
net (see Appendix D) (84,037) 23,389,207 15,077,282 40,427,522
------------ ------------ ----------- -----------
Total increase (decrease) in
net assets (13,143,990) 24,299,913 14,848,385 40,476,111
Net assets
Beginning of year 197,651,969 173,352,056 74,907,396 34,431,285
------------ ------------ ----------- -----------
End of year $184,507,979 $197,651,969 $89,755,781 $74,907,396
============ ============ =========== ===========
Undistributed/(distributions
in excess of) net
investment income $ (10,077) $ (368,940) $ (13,395) $ 6,137
</TABLE>
See accompanying Notes to Financial Statements.
40
<PAGE>
TIFF Multi-Asset Fund -- Financial Highlights
<TABLE>
<CAPTION>
Year Year Year Year Period
Ended Ended Ended Ended from 3/31/95*
12/31/99 12/31/98 12/31/97 12/31/96 to 12/31/95
<S> <C> <C> <C> <C> <C>
For a share outstanding
throughout each period
Net asset value,
beginning of period $ 11.42 $ 11.65 $ 12.08 $ 11.13 $ 10.00
-------- -------- -------- -------- -------
Income from investment
operations
Net investment income 0.22 0.20 0.44 0.17 0.26
Net realized and
unrealized gain (loss)
on investments** 2.30 (0.20) 0.01 1.37 1.08
-------- -------- -------- -------- -------
Total from investment
operations 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 0.04 0.03 0.20 0.08 0.06
-------- -------- -------- -------- -------
Net asset value, end of
period $ 13.41 $ 11.42 $ 11.65 $ 12.08 $ 11.13
======== ======== ======== ======== =======
Total return (c) 22.65% 0.22% 5.51% 14.72% 13.87%(b)
Ratios/supplemental data
Net assets, end of
period (000s) $238,644 $291,847 $382,317 $218,244 $92,630
Ratio of expenses to
average net assets 0.57% 0.65% 0.72% 1.03% 0.80%(a)
Ratio of net investment
income to average net
assets 2.20% 1.85% 3.30% 1.99% 4.00%(a)
Portfolio turnover 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.
41
<PAGE>
TIFF International Equity Fund -- Financial Highlights
<TABLE>
<CAPTION>
Year Year Year Year Year
Ended Ended Ended Ended Ended
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 year
Net asset value,
beginning of year $ 11.17 $ 11.77 $ 12.19 $ 10.82 $ 9.98
-------- -------- -------- -------- -------- ---
Income from investment
operations
Net investment income 0.13 0.19 0.17 0.10 0.15
Net realized and
unrealized gain (loss)
on investments* 3.93 0.12 (0.11) 1.59 0.80
-------- -------- -------- -------- -------- ---
Total from investment
operations 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 0.02 0.03 0.05 0.03 0.03
-------- -------- -------- -------- --------
Net asset value, end of
year $ 13.58 $ 11.17 $ 11.77 $ 12.19 $ 10.82
======== ======== ======== ======== ======== ===
Total return (b) 37.40% 3.03%(a) 0.91% 15.94% 9.85%
Ratios/supplemental data
Net assets, end of year
(000s) $246,429 $260,030 $241,072 $219,458 $155,422
Ratio of expenses to
average net assets 1.00% 0.81%(c) 1.21% 1.11% 1.05%
Ratio of expenses to
average net assets
before expense waivers 1.00% 0.84%(c) 1.21% 1.11% 1.05%
Ratio of net investment
income to average net
assets 1.32% 1.47% 0.72% 0.91% 1.48%
Portfolio turnover 28.33% 30.62% 25.55% 32.40% 32.91%
</TABLE>
- -------
(a) Total return would have been lower had certain expenses not been waived or
reimbursed.
(b) 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.
(c) 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.
* Including Foreign currency related transactions.
See accompanying Notes to Financial Statements.
42
<PAGE>
TIFF Emerging Markets Fund -- Financial Highlights
<TABLE>
<CAPTION>
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
For a share outstanding
throughout each year
Net asset value,
beginning of year $ 5.19 $ 8.09 $ 8.63 $ 8.45 $ 9.24
------- ------- ------- ------- -------
Income from investment
operations
Net investment income
(loss) (0.09) (0.01) 0.33 0.01 --
Net realized and
unrealized gain (loss)
on investments* 3.99 (2.73) (2.83) 3.17 (0.82)
------- ------- ------- ------- -------
Total from investment
operations 3.90 (2.74) (2.50) 3.18 (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 2.47 (2.96) 0.03
------- ------- ------- ------- -------
Net asset value, end of
year $ 8.90 $ 5.19 $ 8.09 $ 8.63 $ 8.45
======= ======= ======= ======= =======
Total return (b) 75.49% (33.38%)(a) (0.40%) 2.51% (8.39%)
Ratios/supplemental data
Net assets, end of year
(000s) $82,396 $58,167 $83,836 $89,736 $59,486
Ratio of expenses to
average net assets 1.73% 3.09%(c) 1.56% 1.62% 2.35%
Ratio of expenses to
average net assets
before expense waivers 1.73% 3.14%(c) 1.56% 1.62% 2.35%
Ratio of net investment
income (loss) to
average net assets 0.01% (0.55%) 0.95% 0.06% (0.15%)
Portfolio turnover 45.94% 47.62% 72.23% 79.96% 104.30%
</TABLE>
- -------
(a) Total return would have been lower had certain expenses not been waived or
reimbursed.
(b) 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.
(c) 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.
# Rounds to less than $0.01.
* Including foreign currency-related transactions.
See accompanying Notes to Financial Statements.
43
<PAGE>
TIFF U.S. Equity Fund -- Financial Highlights
<TABLE>
<CAPTION>
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
For a share outstanding
throughout each year
Net asset value, beginning
of year $ 15.62 $ 15.66 $ 13.74 $ 12.36 $ 10.02
-------- -------- -------- -------- --------
Income from investment
operations
Net investment income 0.09 0.17 0.50 0.20 0.20
Net realized and unrealized
gain on investments 2.70 1.58 3.93 2.51 3.36
-------- -------- -------- -------- --------
Total from investment
operations 2.79 1.75 4.43 2.71 3.56
-------- -------- -------- -------- --------
Less distributions from
Net investment income (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)
Amounts in excess of net
realized gains -- -- -- -- --
-------- -------- -------- -------- --------
Total distributions (2.64) (1.80) (2.52) (1.34) (1.23)
-------- -------- -------- -------- --------
Exit/entry fee per share 0.01 0.01 0.01 0.01 0.01
-------- -------- -------- -------- --------
Net asset value, end of year $ 15.78 $ 15.62 $ 15.66 $ 13.74 $ 12.36
======== ======== ======== ======== ========
Total return (a) 18.89% 11.85% 33.01% 21.91% 36.02%
Ratios/supplemental data
Net assets, end of period
(000s) $280,853 $312,587 $255,714 $176,797 $109,901
Ratio of expenses to average
net assets 0.67% 0.72% 0.70% 0.82% 0.93%
Ratio of net investment
income to average net
assets 0.68% 0.99% 1.34% 1.41% 1.67%
Portfolio turnover 73.59% 98.30% 108.52% 105.18% 109.89%
</TABLE>
- -------
(a) 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.
See accompanying Notes to Financial Statements.
44
<PAGE>
TIFF Bond Fund -- Financial Highlights
<TABLE>
<CAPTION>
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
For a share outstanding
throughout each year
Net asset value, beginning
of year $ 10.29 $ 10.24 $ 10.06 $ 10.33 $ 9.68
-------- -------- -------- -------- -------
Income from investment
operations
Net investment income 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 (0.04) 0.73 0.91 0.40 1.68
-------- -------- -------- -------- -------
Less distributions from
Net investment income (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 (0.65) (0.68) (0.73) (0.67) (1.03)
-------- -------- -------- -------- -------
Net asset value, end of
year $ 9.60 $ 10.29 $ 10.24 $ 10.06 $ 10.33
======== ======== ======== ======== =======
Total return (0.45%) 7.31% 9.35% 3.75% 18.07%
Ratios/supplemental data
Net assets, end of year
(000s) $184,508 $197,652 $173,352 $127,491 $91,072
Ratio of expenses to
average net assets 0.48% 0.46% 0.56% 0.58% 0.96%
Ratio of net investment
income to average net
assets 6.01% 5.82% 6.41% 6.64% 6.34%
Portfolio turnover 474.10% 329.49% 398.16% 332.21% 406.24%
</TABLE>
- -------
# Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
45
<PAGE>
TIFF Short-Term Fund -- Financial Highlights
<TABLE>
<CAPTION>
Year Year Year Year Year
Ended Ended Ended Ended Ended
12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
<S> <C> <C> <C> <C> <C>
For a share outstanding
throughout each year
Net asset value, beginning
of year $ 9.97 $ 9.95 $ 9.99 $ 10.01 $ 10.00
------- ------- ------- ------- -------
Income from investment
operations
Net investment income 0.52 0.54 0.54 0.54 0.58
Net realized and
unrealized gain (loss) on
investments (0.03) 0.01 (0.02) (0.02) 0.05
------- ------- ------- ------- -------
Total from investment
operations 0.49 0.55 0.52 0.52 0.63
------- ------- ------- ------- -------
Less distributions from
Net investment income (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 (0.52) (0.53) (0.56) (0.54) (0.62)
------- ------- ------- ------- -------
Net asset value, end of
year $ 9.94 $ 9.97 $ 9.95 $ 9.99 $ 10.01
======= ======= ======= ======= =======
Total return (a) 4.93% 5.59% 5.30% 5.28% 6.43%
Ratios/supplemental data
Net assets, end of year
(000s) $89,756 $74,907 $34,431 $63,470 $96,580
Ratio of expenses to
average net assets 0.35% 0.35% 0.47% 0.36% 0.42%
Ratio of expenses to
average net assets before
expense waivers 0.45% 0.53% 0.56% 0.47% 0.54%
Ratio of net investment
income to average net
assets 5.14% 5.41% 5.53% 5.35% 5.67%
</TABLE>
- -------
(a) Total return would have been lower had certain expenses not been waived.
# Rounds to less than $0.01.
See accompanying Notes to Financial Statements.
46
<PAGE>
Notes to Financial Statements December 31, 1999
1. Organization
TIFF Investment Program, Inc. ("TIP") was organized as a Maryland corporation
on December 23, 1993 and is registered under the Investment Company Act of
1940, as amended, as an open-end, management investment company. TIP currently
has six active Funds: TIFF Multi-Asset Fund ("Multi-Asset"), TIFF
International Equity Fund ("International Equity"), TIFF Emerging Markets Fund
("Emerging Markets"), TIFF U.S. Equity Fund ("U.S. Equity"), TIFF Bond Fund
("Bond"), and TIFF Short-Term Fund ("Short-Term"), collectively referred to as
the "Funds."
Investment Objectives
<TABLE>
- -------------------------------------------------------------------------------------------------------
<CAPTION>
Fund Investment Objective
- -------------------------------------------------------------------------------------------------------
<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.
U.S. 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 Provide 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 adviser 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 December 31, 1999, the aggregate
amount of securities fair valued were as follows:
<TABLE>
--------------------------------------------------------------------
<CAPTION>
Fund Amount % of Net Assets
--------------------------------------------------------------------
<S> <C> <C>
Multi-Asset $53,071,772 22.24%
International Equity 24,654,612 10.00%
Emerging Markets 18,668,309 22.66%
U.S. Equity 2,785,943 0.99%
Bond 226,525 0.12%
Short-Term 2,991,563 3.33%
</TABLE>
47
<PAGE>
Notes to Financial Statements December 31, 1999
Investment Transactions and Investment Income
Securities transactions are recorded on the trade date (the date on which the
buy or sell order is executed). Interest income and expenses are recorded on
an accrual basis. The Funds accrete discount or amortize premium using the
yield-to-maturity method on a daily basis. Dividend income is recorded on the
ex-dividend date, except certain dividends from foreign securities that are
recorded as soon after the ex-dividend date as the Funds, using reasonable
diligence, become aware of such dividends. The Funds use the specific
identification method for determining realized gain or loss on sales of
securities and foreign currency transactions.
Income Taxes
There is no provision for federal income or excise tax since each Fund has
elected to be taxed as a regulated investment company ("RIC") and intends to
comply with the requirements of Subchapter M of the Internal Revenue Code
applicable to RICs and to distribute all of its taxable income. Net realized
losses attributable to security transactions and foreign currency transactions
after October 31 are treated as arising on the first day of a Fund's next
fiscal year if so elected by the Fund. The Funds may be subject to foreign
taxes on income, gains on investments or currency repatriation. The Funds
accrue such taxes, as applicable, as a reduction from the related income 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. The costs incurred by TIP in
connection with the organization and initial registration of shares have been
amortized on a straight-line basis over a sixty-month period.
Dividends to Members
It is the policy of all Funds to declare dividends according to the following
schedule:
<TABLE>
---------------------------------------------------------------
<CAPTION>
Dividends from Net
Fund Investment Income Capital Gains Distributions
---------------------------------------------------------------
<S> <C> <C>
Multi-Asset Semi-annually Annually
International Equity Semi-annually Annually
Emerging Markets Annually Annually
U.S. Equity Quarterly Annually
Bond Daily Annually
Short-Term Daily Annually
</TABLE>
Dividends from net short-term capital gains and net long-term capital gains of
each Fund, if any, are normally declared and paid annually, but each Fund may
make distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that a net realized
capital gain can be reduced by a capital loss carryover, such gain will not be
distributed. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
These "book/tax" differences are considered either temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal tax-basis
treatment; temporary differences do not require reclassification. Dividends
and distributions that exceed net investment income or net realized capital
gains for financial reporting purposes, but not for tax purposes, are reported
as dividends in excess of net investment income or distributions in excess of
net realized gain on investments. To the extent they exceed net investment
income or net realized gains for tax purposes, they are reported as
distributions of capital stock.
During the year ended December 31, 1999, the following Funds reclassified
amounts arising from permanent book/tax differences:
<TABLE>
----------------------------------------------------------------------------
<CAPTION>
Undistributed
(Distribution in
Excess of) Net Accumulated Net Realized
Capital Stock Investment Income Gain/(Loss)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Multi-Asset $(4,192,828) $6,637,228 $(2,444,400)
International
Equity 5,806,113 2,029,097 (7,835,210)
Emerging Markets (5,150,144) 4,582,210 567,934
U.S. Equity (1,111,218) 7,734,611 (6,623,393)
Bond (28,893) 662,451 (633,558)
Short-Term (12,820) (13,395) 26,215
</TABLE>
At December 31, 1999, the following Funds had capital loss carryovers which
are available to offset future net realized gains on securities transactions
to the extent provided for in the Internal Revenue Code.
<TABLE>
-------------------------------------------------------------------
<CAPTION>
Capital Loss
Carried Forward Expiration
-------------------------------------------------------------------
<S> <C> <C>
Emerging Markets $19,622,742 12/31/2003 - 2007
Bond 2,951,010 12/31/2007
Short-Term 300,910 12/31/2004 - 2007
</TABLE>
48
<PAGE>
Notes to Financial Statements December 31, 1999
The foreign exchange losses and realized capital losses incurred after October
31, 1999, but before December 31, 1999, are deemed to arise on the first
business day of the following year. Accordingly, International Equity Fund and
Multi-Asset Fund incurred and elected to defer such foreign exchange losses of
approximately $787,379 and $373,667, respectively, and Emerging Markets Fund
and Short-Term Fund incurred and elected to defer net realized capital losses
of approximately $40,542 and $43,378, respectively.
During the year ended December 31, 1999, Multi-Asset Fund utilized $3,479,570
of capital loss carried forward from prior periods.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars on the following basis:
(i) the foreign currency value of investments and other assets and liabilities
denominated in foreign currency are translated at the closing rate of
exchange on the valuation date; and
(ii) purchases and sales of investments, income, and expenses are translated
at the rate of exchange prevailing on the respective dates of such
transactions.
The resulting net foreign currency gain or loss is included in the Statement
of Operations.
The Fund does not generally isolate that portion of the results of operations
arising as a result of changes in the foreign currency exchange rates from the
fluctuations arising from changes in the market prices of securities.
Accordingly, such foreign currency gain (loss) is included in net realized and
unrealized gain (loss) on investments. However, the Fund does isolate the
effect of fluctuations in foreign exchange rates when determining the gain or
loss upon the sale or maturity of foreign currency denominated debt
obligations pursuant to U.S. federal income tax regulations; such amount is
categorized as foreign currency gain or loss for both financial reporting and
income tax reporting purposes.
Net realized gains and losses from foreign currency-related transactions
represent net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions and
the difference between the amount of net investment income accrued and the
U.S. dollar amount actually received.
Forward Currency Contracts
The Funds may enter into forward currency contracts in connection with
settling planned purchases or sales of securities or to hedge the currency
exposure associated with some or all of the Fund's portfolio securities. A
forward currency contract is an agreement between two parties to buy or sell a
currency at a set price on a future date. The market value of a forward
currency contract fluctuates with changes in forward currency exchange rates.
Forward currency contracts are marked to market daily and the change in value
is recorded by the Funds as an unrealized gain or loss. When a forward
currency contract is extinguished through delivery, the Funds record a
realized gain or loss on foreign currency related transactions equal to the
difference between the value of the contract at the contract value and the
value of the contract at the time it was extinguished. These contracts may
involve market risk in excess of the unrealized gain or loss reflected in the
Fund's Statement of Assets and Liabilities. In addition, the Funds could be
exposed to risk if the counterparties are unable to meet the terms of the
contracts or if the value of the currency changes unfavorably to the U.S.
dollar.
Appendix B of the Notes to Financial Statements details each Fund's
outstanding forward currency contracts at December 31, 1999.
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 on 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 the changes in the value of the underlying
instrument, if there is an illiquid secondary market for the contracts, or if
counterparties do not perform under the contract terms. Futures contracts are
valued at the settlement price established each day by the board of trade or
exchange on which they are traded.
At December 31, 1999, the Funds held assets with a broker as margin for
financial futures as follows:
<TABLE>
-------------------------------------------------------------
<CAPTION>
Segregated
Fund Assets
-------------------------------------------------------------
<S> <C>
Multi-Asset $3,612,587
International Equity 4,181,673
U.S. Equity 950,033
Bond 524,925
Short-Term 589,161
</TABLE>
Appendix C of the Notes to Financial Statements details each Fund's open
futures contracts at December 31, 1999.
49
<PAGE>
Notes to Financial Statements December 31, 1999
Short Selling
The Funds may sell securities they do not own in anticipation of a decline in
the market price of such securities or in order to hedge portfolio positions.
The Fund will generally borrow the security sold in order to make delivery to
the buyer. Upon entering into a short position, the Fund records the proceeds
as a deposit with broker in its Statement of Assets and Liabilities and
establishes an offsetting liability for the securities sold under the short
sale agreement. The cash is retained by the Fund's broker as collateral for
the short position. The liability is marked to market while it remains open to
reflect the current settlement obligation. Until the security is replaced, the
Fund is required to pay the lender any dividend or interest earned. Such
payments are recorded as expenses to the Fund. When a closing purchase is
entered into by the Fund, a gain or loss equal to the difference between the
proceeds originally received and the purchase cost is realized.
The Fund, in "short selling," sells borrowed securities which must at some
date be repurchased and returned to the lender. If the market value of
securities sold short increases, the Fund may realize losses upon repurchase
in amounts which may exceed the liability on the Statement of Assets and
Liabilities. Further, in unusual circumstances, the Fund may be unable to
repurchase securities to close its short position except at prices
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.
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 year ended December 31, 1999.
Net Asset Value
The net asset value per share is calculated on a daily basis by dividing the
assets of each Fund, less its liabilities, by the number of outstanding shares
of the Fund.
3. Investment Advisory Agreement and Money Manager Agreements
TIP's board of directors has approved investment advisory agreements with
Foundation Advisers, Inc. ("FAI"). Each Fund pays FAI a maximum monthly fee
calculated by applying the following annual rates to such Fund's average daily
net assets for the month:
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Multi- International Emerging- U.S.- Short-
Assets Asset Equity Markets Equity Bond Term
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
On the first $500 million 0.20% 0.15% 0.15% 0.15% 0.10% 0.03%
On the next $500 million 0.18% 0.13% 0.13% 0.13% 0.08% 0.03%
On the next $500 million 0.15% 0.11% 0.11% 0.11% 0.06% 0.02%
On the next $500 million 0.13% 0.09% 0.09% 0.09% 0.05% 0.02%
On the next $500 million 0.11% 0.07% 0.07% 0.07% 0.04% 0.01%
On the remainder (> $2.5
billion) 0.09% 0.05% 0.05% 0.05% 0.03% 0.01%
</TABLE>
TIP's board of directors has approved Money Manager agreements with each of
the Money Managers. Money Managers will receive annual management fees equal
to a stated percentage of the value of Fund assets under management that is
adjusted upwards or downwards, proportionately, to reflect actual investment
performance over the applicable time period relative to a chosen benchmark
rate of return. Certain Money Managers, however, will receive management fees
equal to a flat percentage per annum of the assets under management with a
single rate or on a descending scale.
50
<PAGE>
Notes to Financial Statements December 31, 1999
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 year ended December 31, 1999. 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 Money Managers.
Pursuant to an Administration Agreement, Investors Capital Services, Inc.
("Investors Capital", a wholly owned subsidiary of Investors Financial
Services Co.), two employees of which serve as officers 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 and 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 year ended December 31, 1999, the Short-Term Fund received fee
waivers of $22,644 and $53,586 from the Fund's Investment Advisor and Money
Manager, respectively.
4. Investment Transactions
Purchase cost and proceeds from sales of investment securities, other than
short-term investments, for the period from January 1, 1999 to December 31,
1999 were as follows:
<TABLE>
---------------------------------------------------------------------
<CAPTION>
Fund Purchases Sales
---------------------------------------------------------------------
<S> <C> <C>
Multi-Asset $361,385,174 $421,184,185
International Equity 60,470,384 171,744,764
Emerging Markets 29,730,924 42,263,415
U.S. Equity 210,075,187 273,531,253
Bond 972,945,832 957,458,892
Short-Term 51,298,796 18,976,279
</TABLE>
For federal income tax purposes, the cost of securities owned at December 31,
1999 was substantially the same as for financial reporting purposes.
Accordingly, the aggregate gross unrealized appreciation and depreciation and
the net unrealized appreciation/(depreciation) on securities owned and
securities sold short at December 31, 1999 for each Fund are as follows:
<TABLE>
--------------------------------------------------------------------------------
<CAPTION>
Net Unrealized
Gross Gross Appreciation/
Fund Appreciation Depreciation (Depreciation)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Multi-Asset $32,782,278 $ (7,661,428) $25,120,850
International Equity 58,783,865 (12,926,298) 45,857,567
Emerging Markets 24,190,925 (8,507,327) 15,683,598
U.S. Equity 56,944,312 (16,043,246) 40,901,066
Bond 424,647 (6,353,019) (5,928,372)
Short-Term 10,945 (153,790) (142,845)
</TABLE>
5. Repurchase and Reverse Repurchase Agreements
Each Fund may enter into repurchase agreements under which a bank or
securities firm that is a primary or reporting dealer in U.S. Government
securities agrees, upon entering into a contract, to sell U.S. Government
securities to a Fund and repurchase such securities from such Fund at a
mutually agreed upon price and date.
Each Fund is also permitted to enter into reverse repurchase agreements under
which a primary or reporting dealer in U.S. Government securities purchases
U.S. Government securities from a Fund and such Fund agrees to repurchase the
securities at an agreed upon price and date. The Funds did not enter into any
reverse repurchase agreements during the year ended December 31, 1999.
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
51
<PAGE>
Notes to Financial Statements December 31, 1999
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 December 31, 1999, each Fund has 500,000,000 shares of $0.001 par value
capital stock authorized. The Funds may charge entry or exit fees on
subscriptions or redemptions, respectively. While there are no sales
commissions (loads) or 12b-1 fees, the U.S. Equity Fund assesses entry and
exit fees of 0.25% of capital invested or redeemed; the Multi-Asset and
International Equity Funds assess entry and exit fees of 0.75%; and the
Emerging Markets Fund assesses entry and exit fees of 1.00%. These fees, which
are paid to the Funds directly, not to FAI or other vendors supplying services
to the Funds, are designed to allocate transactions costs associated with
purchases and redemptions of Fund's shares. These fees are deducted from the
amount invested or redeemed; they cannot be paid separately. Entry and exit
fees may be waived at FAI's discretion when the purchase or redemption will
not result in significant transaction costs for the affected Fund (e.g., for
transactions involving in-kind purchases and redemptions). Such fees are
retained by the Funds and included in proceeds from shares sold or deducted
from distributions for redemptions. Transactions in capital stock are listed
in Appendix D 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
U.S. government securities in an amount greater than 102% of the market value
of the securities loaned (105% in case of foreign securities), plus accrued
interest and dividends, determined on a daily basis and adjusted accordingly.
The Funds will regain record ownership of loaned securities to exercise
certain beneficial rights; however, the Funds may bear the risk of delay in
recovery of, or even loss of rights in, the securities loaned should the
borrower fail financially. The Funds' custodian acts as the lending agent. If
cash collateral is received, the lending agent invests the amounts received in
short-term securities and cash equivalents on behalf of the Fund. At December
31, 1999, the Funds with securities on loan received cash as collateral which
was subsequently invested in cash equivalents. Any income earned on such
investments in excess of agency fees and of a predetermined rebate to the
borrowers is earned by the Funds and is recorded by the Funds as interest
income.
As of December 31, 1999, the value of the securities loaned and the amount of
cash collateral received with respect to such loans were as follows:
<TABLE>
----------------------------------------------------------------
<CAPTION>
Value of Loaned Cash
Fund Securities Collateral Received
----------------------------------------------------------------
<S> <C> <C>
International Equity $6,268,829 $6,483,514
Emerging Markets 713,961 743,568
</TABLE>
8. Delayed Delivery Transactions
The Funds may purchase or sell securities on a when-issued or forward
commitment basis. Payment and delivery may take place a month or more after
the date of the transaction. The price of the underlying securities and the
date when the securities will be delivered and paid for are fixed at the time
the transaction is negotiated. The Funds identify in their records securities
as segregated with a value at least equal to the amount of the purchase
commitment.
The Bond Fund enters into "TBA" (to be announced) purchase commitments to
purchase mortgage-backed securities for a fixed unit price at a future date
beyond customary settlement time. Although the unit price has been
established, the principal value has not been finalized. However, the amount
of the commitment will not fluctuate more than 2.0% from the principal amount.
TBA purchase commitments may be considered securities in themselves, and
involve a risk of loss if the value of the security to be purchased declines
prior to the settlement date, which risk is in addition to the risk of decline
in the value of the Fund's other assets. Unsettled TBA purchase commitments
are valued at the current market value of the underlying securities, generally
according to the procedures described under "Valuation of Investments" above.
Risks may arise upon entering into these contracts from the potential
inability of counterparties to meet the terms of their contracts.
Although the Fund will generally enter into TBA purchase commitments with the
intention of acquiring securities for its portfolio, the Fund may dispose of a
commitment prior to settlement if the Fund's Money Manager deems it
appropriate to do so.
The Bond Fund enters into TBA sale commitments to hedge its portfolio or to
sell mortgage-backed securities it owns under delayed delivery arrangements.
Proceeds of TBA sale commitments are not received until the contractual
settlement date. During the time a TBA sale commitment is outstanding,
equivalent deliverable securities, or an offsetting TBA purchase commitment
(deliverable on or before the sale commitment date), are held as "cover" for
the transaction.
Unsettled TBA sale commitments are valued at the current market value of the
underlying securities, generally according to the procedures described under
"Valuation of Investments" above. The contract is marked to market daily and
the change in market value is recorded by the Fund as an unrealized gain or
loss. If the TBA sale commitment is closed through the acquisition of an
offsetting purchase commitment, the Fund realizes a gain or loss on the
commitment without regard to any unrealized gain or loss on the underlying
security. If the Fund delivers securities under the commitment, the Fund
realizes a gain or loss from the sale of the securities upon the unit price
established at the date the commitment was entered into.
9. Concentration of Risks
The Bond, Short-Term, and Multi-Asset Funds invest in fixed income securities
issued by banks and other financial companies the market values of which may
change in response to interest rate changes. Although, the Bond, Short-Term,
and Multi-Asset Funds generally maintain diversified portfolios, the ability
of the issuers of the respective Fund's portfolio securities to meet their
obligations may be affected by changing business and economic conditions in a
specific industry, state or region. The Bond Fund has a concentration of its
investments in the financial services industry which may be affected by
changes in such industry.
52
<PAGE>
Notes to Financial Statements December 31, 1999
The International Equity and Emerging Markets Funds invest in securities of
foreign issuers in various countries. These investments may involve certain
considerations and risks not typically associated with investments in the
United States, as a result of, among other factors, the possibility of future
political and economic developments and the level of governmental supervision
and regulation of securities markets in the respective countries. While the
Funds' investment in emerging markets debt is limited, the yields of these
obligations reflect perceived credit risk.
10. Principal Members
The schedule below shows the number of Members each owning 10% or more of a
Fund and the total percentage of the Fund held by such Members.
<TABLE>
----------------------------------------------------------------------
<CAPTION>
Fund Number % of Fund Held
----------------------------------------------------------------------
<S> <C> <C>
Multi-Asset Fund 1 19
International Equity Fund 1 35
Emerging Markets Fund 3 56
U.S. Equity Fund 2 24
Bond Fund 1 14
Short-Term Fund 2 54
</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.
11. Redemptions In-Kind
During the year ended December 31, 1999, the International Equity Fund
transferred securities at their market value to a shareholder in order to meet
a redemption of the Fund's shares by the shareholder. The International Equity
Fund recorded a realized gain of $9,762,437 in connection with the transfer.
Such realized gains are not taxable for federal income tax purposes.
Accordingly, the International Equity Fund reclassified $9,762,437 from
accumulated net realized gain (loss) to capital stock which is included in the
amounts reclassified under note 2 above. The net asset value of the
International Equity Fund was not affected by this reclassification.
Federal Income Tax Notice (Unaudited)
The amounts of long-term capital gain distributions paid by the Fund
for the year ended December 31, 1999 were as follows:
<TABLE>
-----------------------------------------------
<CAPTION>
Fund Amount
-----------------------------------------------
<S> <C>
Multi-Asset $ 1,214,104
International Equity 10,439,390
U.S. Equity 36,361,296
Bond 312,647
</TABLE>
53
<PAGE>
Notes to Financial Statements December 31, 1999
Appendix A
Money Manager Fee as Percent of Assets Managed
for the year ended December 31, 1999
<TABLE>
<CAPTION>
Effective
Minimum Maximum Fee Rate
<S> <C> <C> <C>
TIFF Multi-Asset Fund
Aronson + Partners................................. 0.10 0.80 0.40@
Bee & Associates, Inc.+............................ 0.15 2.00 0.27@
Grantham, Mayo, Van Otterloo & Co.+................ 0.30 1.00 0.00(b)
Harding, Loevner Management, LP.................... 0.10 1.50 0.14
Seix Investment Advisors, Inc...................... 0.10 0.80 0.16
Wellington Management Company LLP.................. 0.35* 0.45 0.45
TIFF International Equity Fund
Bee & Associates+.................................. 0.15 2.00 0.85@
Delaware International Advisers, Ltd............... 0.30* 0.50 0.50
Harding, Loevner Management, LP.................... 0.10 1.50 0.60
Marathon Asset Management, Ltd..................... 0.15 1.60 0.74
Mercury Asset Management International Ltd.+....... 0.50 0.50 0.50@**
TIFF Emerging Markets Fund
Emerging Markets Management........................ 0.40 3.00 1.38
Lazard Freres Asset Management..................... 0.50** 0.50** 0.50**
TIFF U.S. Equity Fund
Aronson + Partners................................. 0.10 0.80 0.53
Martingale Asset Management, LP(c)................. 0.05* 0.10 0.15
Palo Alto Investors................................ 0.10 2.00 1.69
Shapiro Capital Management Company, Inc. .......... 0.50 0.95 0.51
Westport Asset Management, Inc..................... 0.15 2.00 0.16
TIFF Bond Fund
Atlantic Asset Management Partners, LLC............ 0.10 0.60 0.14
Seix Investment Advisors, Inc...................... 0.10 0.80 0.16
Smith Breeden Associates, Inc. .................... 0.10 0.85 0.11
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc................. 0.15* 0.20 0.13(a)
</TABLE>
- -------
* Money Manager receives a fee that does not include performance component.
** Money Manager receives a straight asset-based fee regardless of the amount
of assets managed for TIP (i.e., there are neither "breakpoints" in the fee
agreement nor a performance component).
@ Annualized.
(a) The Money Manager has agreed to voluntarily waive a portion of its Money
Manager Fee, and the effective rate is after such waiver.
(b) The Money Manager received no fees directly from the Fund, as the assets
managed represented investments in affiliated funds.
(c) The Money Manager receives a fee based on assets of the entire Fund.
+ The Money Manager was defunded during the year ended December 31, 1999.
54
<PAGE>
Notes to Financial Statements December 31, 1999
Appendix B
Open Forward Currency Contracts as of December 31, 1999
<TABLE>
<CAPTION>
U.S. Dollar Foreign Currency Unrealized Appreciation/
Contracts Description Receivable/(Payable) Receivable/(Payable) (Depreciation)
<C> <S> <C> <C> <C>
Multi-Asset Fund
Buy Contracts --
Forwards
4,767,036 Eurodollar 1/31/00 $ (4,850,459) $ 4,814,749 $ (35,710)
4,430,666 Eurodollar 3/15/00 (4,524,121) 4,489,426 (34,195)
---------
(69,905)
=========
International Equity
Fund
Buy Contracts --
Forwards
7,038,905 Eurodollar 1/31/00 (7,162,086) 7,109,357 $ (52,729)
12,163,451 Eurodollar 3/15/00 (12,431,013) 12,326,138 (104,875)
167,985,000 Japanese Yen 2/7/00 (1,615,085) 1,654,579 39,494
Sell Contracts --
Forwards
335,970,000 Japanese Yen 2/7/00 3,000,000 (3,309,158) (309,158)
---------
$(427,268)
=========
</TABLE>
55
<PAGE>
Notes to Financial Statements December 31, 1999
Appendix C
Open Futures Contracts as of December 31, 1999
<TABLE>
<CAPTION>
Unrealized
Number of Cost/ Value at Appreciation
Contracts Type (Proceeds) December 31, 1999 (Depreciation)
<C> <S> <C> <C> <C>
Multi-Asset Fund
Long Futures
Contracts
6 March 2000 MIB30
Index $ 1,213,349 $ 1,310,955 $ 97,606
19 March 2000 S&P 500
Index 6,775,788 7,049,950 274,162
22 March 2000 U.S.
Treasury Bond 2,043,689 2,000,626 (43,063)
30 March 2000 DAX Index 4,685,706 5,310,290 624,584
40 March 2000 FTSE 100
Index 4,349,398 4,507,688 158,290
42 March 2000 British
Pound 4,264,313 4,249,875 (14,438)
61 January 2000 CAC 40
Index 3,491,123 3,684,733 193,610
71 March 2000 Japanese
Yen 8,774,125 8,779,150 5,025
290 March 2000 NIKKEI
300 8,820,374 9,146,394 326,020
----------
1,621,796
----------
Short Futures
Contracts
65 March 2000 5 year
U.S. Treasury Notes (6,428,047) (6,371,016) 57,031
20 January 2000 Hang
Seng Index (2,101,827) (2,183,198) (81,371)
----------
(24,340)
----------
$1,597,456
==========
International Equity
Fund
Long Futures
Contracts
22 March 2000 MIB30
Index 4,449,701 4,806,834 $ 357,133
57 March 2000 DAX Index 8,902,839 10,089,550 1,186,711
87 March 2000 FTSE 100
Index 9,459,943 9,804,222 344,279
93 March 2000 British
Pound 9,442,407 9,410,438 (31,969)
106 January 2000 CAC 40
Index 6,066,541 6,402,978 336,437
184 March 2000 Japanese
Yen 22,749,500 22,751,600 2,100
754 March 2000 NIKKEI
300 22,912,476 23,780,624 868,148
----------
3,062,839
----------
Short Futures
Contracts
31 January 2000 Hang
Seng Index (3,266,036) (3,383,957) (117,921)
----------
$2,944,918
==========
Long Futures
Contracts
37 March 2000 S&P 500
Index 13,321,608 13,728,850 $ 407,242
==========
U.S. Equity Fund
Long Futures
Contracts
2 March 2000 90 Day
Eurodollar 470,800 469,175 $ (1,625)
5 March 2000 U.S.
Treasury Bond 467,969 454,688 (13,281)
33 March 2000 10 year
U.S. Treasury Notes 3,209,797 3,163,359 (46,438)
46 March 2000 5 year
U.S. Treasury Notes 4,552,594 4,508,719 (43,875)
----------
(105,219)
----------
</TABLE>
Bond Fund
56
<PAGE>
Notes to Financial Statements December 31, 1999
Appendix C - (continued)
Open Futures Contracts as of December 31, 1999
<TABLE>
<CAPTION>
Unrealized
Number of Cost/ Value at Appreciation
Contracts Type (Proceeds) December 31, 1999 (Depreciation)
<C> <S> <C> <C> <C>
Short Futures Contracts
49 March 2000 U.S. Treasury Bond $(4,615,571) $(4,455,938) $159,633
61 March 2000 10 year U.S. Treasury Notes (5,990,578) (5,847,422) 143,156
85 March 2000 5 year U.S. Treasury Notes (8,442,226) (8,331,328) 110,898
--------
413,687
--------
$308,468
========
Short-Term Fund
70 March 2000 90 Day Eurodollar 16,452,336 16,421,125 $(31,211)
========
</TABLE>
57
<PAGE>
Notes to Financial Statements December 31, 1999
Appendix D
Capital Share Transactions
<TABLE>
<CAPTION>
Year Ended December 31, Year Ended December 31,
1999 1998
Multi-Asset Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 554,048 $ 6,987,620 2,160,693 $ 25,393,671
Shares Reinvested 452,446 5,844,919 382,928 4,486,666
Exit/Entrance Fee -- 783,879 -- 858,436
---------- ------------- ----------- -------------
Subtotal 1,006,494 13,616,418 2,543,621 30,738,773
Shares Redeemed (8,783,412) (110,482,123) (9,792,392) (114,963,361)
---------- ------------- ----------- -------------
Net Increase (Decrease) (7,776,918) $ (96,865,705) (7,248,771) $ (84,224,588)
---------- ------------- ----------- -------------
<CAPTION>
Year Ended December 31, Year Ended December 31,
1999 1998
International Equity Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 306,438 $ 3,927,615 2,884,321 $ 35,637,540
Shares Reinvested 2,021,249 26,361,721 1,758,908 19,730,254
Exit/Entrance Fee -- 319,286 -- 272,956
---------- ------------- ----------- -------------
Subtotal 2,327,687 30,608,622 4,643,229 55,640,750
Shares Redeemed (7,461,610) (92,406,801) (1,836,634) (21,010,727)
---------- ------------- ----------- -------------
Net Increase (Decrease) (5,133,923) $ (61,798,179) 2,806,595 $ 34,630,023
---------- ------------- ----------- -------------
<CAPTION>
Year Ended December 31, Year Ended December 31,
1999 1998
Emerging Markets Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 27,471 $ 181,100 979,610 $ 6,383,487
Shares Reinvested 158,902 1,347,496 333,525 1,450,837
Exit/Entrance Fee -- 134,994 -- 75,507
---------- ------------- ----------- -------------
Subtotal 186,373 1,663,590 1,313,135 7,909,831
Shares Redeemed (2,145,651) (13,679,560) (453,357) (2,607,635)
---------- ------------- ----------- -------------
Net Increase (Decrease) (1,959,278) $ (12,015,970) 859,778 $ 5,302,196
---------- ------------- ----------- -------------
<CAPTION>
Year Ended December 31, Year Ended December 31,
1999 1998
U.S. Equity Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 826,622 $ 13,382,739 4,546,946 $ 75,358,489
Shares Reinvested 2,428,760 37,573,218 1,842,791 28,102,991
Exit/Entrance Fee -- 218,787 -- 261,668
---------- ------------- ----------- -------------
Subtotal 3,255,382 51,174,744 6,389,737 103,723,148
Shares Redeemed (5,475,425) (90,682,751) (2,705,487) (43,995,153)
---------- ------------- ----------- -------------
Net Increase (Decrease) (2,220,043) $ (39,508,007) 3,684,250 $ 59,727,995
---------- ------------- ----------- -------------
<CAPTION>
Year Ended December 31, Year Ended December 31,
1999 1998
Bond Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 2,993,343 $ 29,614,783 5,003,060 $ 51,347,987
Shares Reinvested 787,649 7,789,066 821,415 8,450,101
---------- ------------- ----------- -------------
Subtotal 3,780,992 37,403,849 5,824,475 59,798,088
Shares Redeemed (3,776,979) (37,487,886) (3,535,452) (36,408,881)
---------- ------------- ----------- -------------
Net Increase (Decrease) 4,013 $ (84,037) 2,289,023 $ 23,389,207
---------- ------------- ----------- -------------
<CAPTION>
Year Ended December 31, Year Ended December 31,
1999 1998
Short-Term Fund Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Shares Sold 6,177,250 $ 61,521,302 8,764,788 $ 87,526,259
Shares Reinvested 348,143 3,468,131 281,506 2,807,748
---------- ------------- ----------- -------------
Subtotal 6,525,393 64,989,433 9,046,294 90,334,007
Shares Redeemed (5,009,837) (49,912,151) (4,992,503) (49,906,485)
---------- ------------- ----------- -------------
Net Increase (Decrease) 1,515,556 $ 15,077,282 4,053,791 $ 40,427,522
---------- ------------- ----------- -------------
</TABLE>
58
<PAGE>
Report of Independent Accountants
To the Board of Directors and Shareholders of TIFF Investment Program, Inc.
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of TIFF Multi-Asset
Fund, TIFF International Equity Fund, TIFF Emerging Markets Fund, TIFF U.S.
Equity Fund, TIFF Bond Fund and TIFF Short-Term Fund (constituting the TIFF
Investment Program, Inc., hereafter referred to as the "Funds"), at December
31, 1999, and the results of each of their operations, the changes in each of
their net assets and the financial highlights for each of the periods
indicated, in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Funds'
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities owned at December 31,
1999 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
February 16, 2000
59
<PAGE>
TIFF Investment Program
ADVISER
Foundation Advisers, Inc.
2405 Ivy Road
Charlottesville, VA 22903
phone(804) 817-8200
fax(804) 817-8231
CUSTODIAN
ACCOUNTING AGENT
TRANSFER AGENT
DIVIDEND DISBURSING AGENT
Investors Bank & Trust Company
Box 1537
Boston, MA 02205
FUND ADMINISTRATOR
Investors Capital Services, Inc.
600 Fifth Avenue, 26th Floor
New York, NY 10020
FUND DISTRIBUTOR
AMT Capital Securities, LLC
399 Park Avenue, 37th Floor
New York, NY 10022
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W.
Washington, DC 20005
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
MONEY MANAGERS
TIFF Multi-Asset Fund
Aronson + Partners
Canyon Capital Management, LP
Daystar Partners
Farallon Capital Management, LLC
Harding, Loevner Management, LP
Lone Pine Capital LLC
Seix Investment Advisors, Inc.
Wellington Management Company LLP
TIFF International Equity Fund
City of London Investment Management Co., Ltd.
Delaware International Advisers Ltd.
Everest Capital Limited
Harding, Loevner Management, LP
Marathon Asset Management, Ltd.
TIFF Emerging Markets Fund
City of London Investment Management Co., Ltd.
Emerging Markets Management
Everest Capital Limited
Explorador Capital Management, LLC
Lazard Freres Asset Management
TIFF U.S. 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 Partners, LLC
Seix Investment Advisors, Inc.
Smith Breeden Associates, Inc.
TIFF Short-Term Fund
Fischer Francis Trees & Watts, Inc.
