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<PAGE> PAGE 13
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074 B000300 1106
074 C000300 744
074 D000300 0
074 E000300 4277
074 F000300 39196
074 G000300 0
074 H000300 0
074 I000300 37666
074 J000300 0
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074 M000300 0
074 N000300 83295
074 O000300 28
074 P000300 0
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074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 871
074 S000300 0
074 T000300 82396
074 U010300 9257
074 U020300 0
074 V010300 8.90
074 V020300 0.00
074 W000300 0.0000
074 X000300 35
074 Y000300 0
075 A000300 0
075 B000300 66642
076 000300 0.00
008 A000401 FOUNDATION ADVISERS
008 B000401 A
008 C000401 801-45618
008 D010401 CHARLOTTESVILLE
008 D020401 VA
008 D030401 22905
008 A000402 ATLANTIC ASSET MANAGEMENT PARTNERS, INC.
008 B000402 S
008 C000402 801-41596
008 D010402 STAMFORD
008 D020402 CT
008 D030402 06902
008 A000403 SEIX INVESTMENT ADVISORS, INC.
008 B000403 S
<PAGE> PAGE 21
008 C000403 801-42070
008 D010403 WOODCLIFF LAKE
008 D020403 NJ
008 D030403 07675
008 D040403 7633
008 A000404 SMITH BREEDEN ASSOCIATES, INC.
008 B000404 S
008 C000404 801-17567
008 D010404 CHAPEL
008 D020404 NC
008 D030404 27514
024 000400 Y
025 A000401 BEAR STEARNS CO., CIN.
025 B000401 13-3299429
025 C000401 D
025 D000401 1119
025 A000402 LEHMAN BROTHERS HOLDINGS, INC.
025 B000402 13-2518466
025 C000402 D
025 D000402 2286
025 A000403 MORGAN STANLEY GROUP, INC.
025 B000403 13-2655998
025 C000403 D
025 D000403 1899
025 A000404 GOLDMAN SACHS & CO.
025 B000404 13-5108880
025 C000404 D
025 D000404 767
025 A000405 SALOMON SMITH BARNEY, INC.
025 B000405 13-3082694
025 C000405 D
025 D000405 344
025 A000406 CREDIT SUISSE FIRST BOSTON (UK)
025 B000406 13-5659485
025 C000406 D
025 D000406 1865
025 A000407 DELETE
025 D000407 0
025 D000408 0
028 A010400 2352
028 A020400 610
028 A030400 0
028 A040400 6983
028 B010400 1923
028 B020400 587
028 B030400 0
028 B040400 2582
028 C010400 383
028 C020400 925
028 C030400 0
028 C040400 994
<PAGE> PAGE 22
028 D010400 579
028 D020400 638
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028 D040400 416
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028 E020400 577
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028 G010400 15564
028 G020400 3950
028 G030400 0
028 G040400 19772
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
041 000400 N
045 000400 Y
046 000400 Y
047 000400 N
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048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
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048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 Y
<PAGE> PAGE 23
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 6.6
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062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 2.7
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 12.8
062 N000400 44.9
062 O000400 1.1
062 P000400 30.6
062 Q000400 14.7
062 R000400 1.3
063 A000400 0
063 B000400 15.4
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 Y
070 F020400 N
070 G010400 Y
<PAGE> PAGE 24
070 G020400 Y
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 972946
071 B000400 957459
071 C000400 202150
071 D000400 474
072 A000400 12
072 B000400 12419
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072 I000400 32
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072 X000400 911
<PAGE> PAGE 25
072 Y000400 0
072 Z000400 11723
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072BB000400 3096
072CC010400 0
072CC020400 9342
072DD010400 12026
072DD020400 0
072EE000400 319
073 A010400 0.6269
073 A020400 0.0000
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073 C000400 0.0000
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074 B000400 12263
074 C000400 5029
074 D000400 192094
074 E000400 2389
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074 O000400 28881
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074 Y000400 0
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008 A000501 FOUNDATION ADVISERS, INC.
008 B000501 A
008 C000501 801-45618
008 D010501 CHARLOTTESVILLE
008 D020501 VA
<PAGE> PAGE 26
008 D030501 22905
008 A000502 FISCHER FRANCIS TREES & WATTS, INC.
008 B000502 S
008 C000502 801-10577
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
024 000500 N
025 A000501 DELETE
025 D000501 0
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025 D000503 0
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025 D000505 0
025 D000506 0
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025 D000508 0
028 A010500 1930
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037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
<PAGE> PAGE 27
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
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048 B010500 0
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048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 100
048 K020500 0.150
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 50000
062 A000500 Y
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062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 9.5
062 H000500 0.0
062 I000500 17.1
<PAGE> PAGE 28
062 J000500 0.3
062 K000500 0.0
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062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 169
063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
<PAGE> PAGE 29
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 0
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072 B000500 4144
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<PAGE> PAGE 30
074 H000500 0
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074 R040500 628
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074 T000500 89756
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008 A000601 FOUNDATION ADVISORS, INC.
008 B000601 A
008 C000601 801-45618
008 D010601 CHARLOTTESVILLE
008 D020601 VA
008 D030601 22905
008 A000602 WELLINGTON MANAGEMENT CO.
008 B000602 S
008 C000602 801-15908
008 D010602 BOSTON
008 D020602 MA
008 D030602 02109
008 A000603 HARDING, LOEVNER MANAGEMENT, L.P.
008 B000603 S
008 C000603 801-36845
008 D010603 SOMERVILLE
008 D020603 NJ
008 D030603 08876
008 A000604 ARONSON + PARTNERS
008 B000604 S
008 C000604 801-22950
008 D010604 PHILADELPHIA
008 D020604 PA
008 D030604 19102
008 A000605 SEIX INVESTMENT ADVISORS, INC.
<PAGE> PAGE 31
008 B000605 S
008 C000605 801-42070
008 D010605 WOODCLIFF LAKE
008 D020605 NJ
008 D030605 07675
008 D040605 7633
024 000600 Y
025 A000601 LEHMAN BROTHERS HOLDINGS, INC.
025 B000601 13-2518466
025 C000601 D
025 D000601 598
025 A000602 GOLDMAN SACHS GROUP, INC.
025 B000602 13-5108880
025 C000602 D
025 D000602 333
025 A000603 MERRILL LYNCH, PIERCE FENNER
025 B000603 13-5674085
025 C000603 D
025 D000603 374
025 A000604 LEHMAN BROTHERS HOLDINGS, INC.
025 B000604 13-2518466
025 C000604 E
025 D000604 254
025 A000605 MERRILL LYNCH, PIERCE FENNER
025 B000605 13-5674085
025 C000605 E
025 D000605 167
025 A000606 MORGAN STANLEY & CO, INC.
025 B000606 13-2655998
025 C000606 D
025 D000606 459
025 A000607 MORGAN STANLEY & CO, INC.
025 B000607 13-2655998
025 C000607 E
025 D000607 443
025 A000608 SALOMON SMITH BARNEY, INC.
025 B000608 13-3082694
025 C000608 D
025 D000608 118
025 A000609 DELETE
025 D000609 0
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028 A010600 595
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<PAGE> PAGE 32
028 A040600 1159
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<PAGE> PAGE 33
048 I010600 0
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056 000600 Y
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069 000600 N
<PAGE> PAGE 34
070 A010600 Y
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<PAGE> PAGE 35
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<PAGE> PAGE 36
074 V010600 13.41
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SIGNATURE WILLIAM E. VASTARDIS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> US Equity
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> DEC-31-1999
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<TOTAL-ASSETS> 281,179,077
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 326,265
<TOTAL-LIABILITIES> 326,265
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 222,682,792
<SHARES-COMMON-STOCK> 17,793,144
<SHARES-COMMON-PRIOR> 20,013,187
<ACCUMULATED-NII-CURRENT> 683,408
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,178,304
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,308,308
<NET-ASSETS> 280,852,812
<DIVIDEND-INCOME> 3,016,306
<INTEREST-INCOME> 1,201,950
<OTHER-INCOME> 0
<EXPENSES-NET> (2,091,851)
<NET-INVESTMENT-INCOME> 2,126,405
<REALIZED-GAINS-CURRENT> 44,637,423
<APPREC-INCREASE-CURRENT> 5,568,088
<NET-CHANGE-FROM-OPS> 52,331,916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,902,999)
<DISTRIBUTIONS-OF-GAINS> (36,654,749)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 826,622
<NUMBER-OF-SHARES-REDEEMED> (5,475,425)
<SHARES-REINVESTED> 2,428,760
<NET-CHANGE-IN-ASSETS> (31,733,839)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14,819,023
<OVERDISTRIB-NII-PRIOR> (1,274,609)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 468,017
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,091,851
<AVERAGE-NET-ASSETS> 312,011,393
<PER-SHARE-NAV-BEGIN> 15.62
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> (2.63)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.79
<EXPENSE-RATIO> 0.67
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> International Equity
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 158,484,631
<INVESTMENTS-AT-VALUE> 204,342,198
<RECEIVABLES> 454,995
<ASSETS-OTHER> 124,927
<OTHER-ITEMS-ASSETS> 48,673,122
<TOTAL-ASSETS> 253,595,242
<PAYABLE-FOR-SECURITIES> 45,556
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,120,939
<TOTAL-LIABILITIES> 7,166,495
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,104,485
<SHARES-COMMON-STOCK> 18,146,417
<SHARES-COMMON-PRIOR> 23,280,346
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,311,840)
<ACCUMULATED-NET-GAINS> 1,267,231
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,368,871
<NET-ASSETS> 246,428,747
<DIVIDEND-INCOME> 4,345,435
<INTEREST-INCOME> 1,126,780
<OTHER-INCOME> 0
<EXPENSES-NET> (2,356,448)
<NET-INVESTMENT-INCOME> 3,115,767
<REALIZED-GAINS-CURRENT> 32,754,830
<APPREC-INCREASE-CURRENT> 39,588,697
<NET-CHANGE-FROM-OPS> 75,459,294
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (852,385)
<DISTRIBUTIONS-OF-GAINS> (25,098,023)
<DISTRIBUTIONS-OTHER> (1,311,840)
<NUMBER-OF-SHARES-SOLD> 306,438
<NUMBER-OF-SHARES-REDEEMED> (7,461,610)
<SHARES-REINVESTED> 2,021,249
<NET-CHANGE-IN-ASSETS> (13,601,133)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,445,634
<OVERDISTRIB-NII-PRIOR> (4,292,479)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 354,559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,356,448
<AVERAGE-NET-ASSETS> 236,372,648
<PER-SHARE-NAV-BEGIN> 11.17
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 3.93
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> (1.67)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.58
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> Emerging Markets
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 66,199,659
<INVESTMENTS-AT-VALUE> 81,883,257
<RECEIVABLES> 81,563
<ASSETS-OTHER> 224,117
<OTHER-ITEMS-ASSETS> 1,105,647
<TOTAL-ASSETS> 83,294,584
<PAYABLE-FOR-SECURITIES> 28,448
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 870,363
<TOTAL-LIABILITIES> 898,811
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,105,802
<SHARES-COMMON-STOCK> 9,257,156
<SHARES-COMMON-PRIOR> 11,216,434
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,490,133)
<ACCUMULATED-NET-GAINS> (18,900,791)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,680,895
<NET-ASSETS> 82,395,773
<DIVIDEND-INCOME> 875,853
<INTEREST-INCOME> 287,844
<OTHER-INCOME> 0
<EXPENSES-NET> (1,153,835)
<NET-INVESTMENT-INCOME> 9,862
<REALIZED-GAINS-CURRENT> (2,731,958)
<APPREC-INCREASE-CURRENT> 40,769,288
<NET-CHANGE-FROM-OPS> 38,047,192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,802,858)
<NUMBER-OF-SHARES-SOLD> 27,471
<NUMBER-OF-SHARES-REDEEMED> (2,145,651)
<SHARES-REINVESTED> 158,902
<NET-CHANGE-IN-ASSETS> 24,228,364
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,736,767)
<OVERDISTRIB-NII-PRIOR> (5,279,347)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,153,835
<AVERAGE-NET-ASSETS> 66,642,016
<PER-SHARE-NAV-BEGIN> 5.19
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 3.99
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> (0.20)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.90
<EXPENSE-RATIO> 1.73
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> Bond
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 205,440,602
<INVESTMENTS-AT-VALUE> 199,512,230
<RECEIVABLES> 2,277,733
<ASSETS-OTHER> 214,059
<OTHER-ITEMS-ASSETS> 12,263,066
<TOTAL-ASSETS> 214,267,088
<PAYABLE-FOR-SECURITIES> 28,880,913
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 878,196
<TOTAL-LIABILITIES> 29,759,109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,552,816
<SHARES-COMMON-STOCK> 19,214,584
<SHARES-COMMON-PRIOR> 19,210,571
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (10,077)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,414,857)
<ACCUM-APPREC-OR-DEPREC> (5,619,903)
<NET-ASSETS> 187,922,836
<DIVIDEND-INCOME> 214,525
<INTEREST-INCOME> 12,419,299
<OTHER-INCOME> 0
<EXPENSES-NET> (911,297)
<NET-INVESTMENT-INCOME> 11,722,527
<REALIZED-GAINS-CURRENT> (3,095,878)
<APPREC-INCREASE-CURRENT> (9,341,757)
<NET-CHANGE-FROM-OPS> (715,108)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,016,038)
<DISTRIBUTIONS-OF-GAINS> (318,730)
<DISTRIBUTIONS-OTHER> (10,077)
<NUMBER-OF-SHARES-SOLD> 2,993,343
<NUMBER-OF-SHARES-REDEEMED> (3,776,979)
<SHARES-REINVESTED> 787,649
<NET-CHANGE-IN-ASSETS> (13,143,990)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 633,309
<OVERDISTRIB-NII-PRIOR> (368,940)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 190,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 911,297
<AVERAGE-NET-ASSETS> 190,672,832
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.65)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 0.48
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 015
<NAME> TIFF Short-Term Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 88,772,345
<INVESTMENTS-AT-VALUE> 88,629,500
<RECEIVABLES> 656,025
<ASSETS-OTHER> 1,098,750
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 90,384,275
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 628,494
<TOTAL-LIABILITIES> 628,494
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90,256,310
<SHARES-COMMON-STOCK> 9,029,188
<SHARES-COMMON-PRIOR> 7,513,632
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13,395)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (313,077)
<ACCUM-APPREC-OR-DEPREC> (174,057)
<NET-ASSETS> 90,082,253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,144,497
<OTHER-INCOME> 0
<EXPENSES-NET> (264,177)
<NET-INVESTMENT-INCOME> 3,880,320
<REALIZED-GAINS-CURRENT> (55,035)
<APPREC-INCREASE-CURRENT> (167,725)
<NET-CHANGE-FROM-OPS> 3,657,560
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,873,062)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (13,395)
<NUMBER-OF-SHARES-SOLD> 6,177,250
<NUMBER-OF-SHARES-REDEEMED> (5,009,837)
<SHARES-REINVESTED> 348,143
<NET-CHANGE-IN-ASSETS> 14,848,385
<ACCUMULATED-NII-PRIOR> 6,137
<ACCUMULATED-GAINS-PRIOR> (284,257)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 264,177
<AVERAGE-NET-ASSETS> 75,478,961
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.94
<EXPENSE-RATIO> 0.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from TIFF
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 016
<NAME> Multi-Asset
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 193,010,574
<INVESTMENTS-AT-VALUE> 218,131,424
<RECEIVABLES> 6,583,974
<ASSETS-OTHER> 275,884
<OTHER-ITEMS-ASSETS> 23,424,735
<TOTAL-ASSETS> 248,416,017
<PAYABLE-FOR-SECURITIES> 9,375,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 395,950
<TOTAL-LIABILITIES> 9,771,734
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,451,008
<SHARES-COMMON-STOCK> 17,789,798
<SHARES-COMMON-PRIOR> 25,566,716
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,719,264)
<ACCUMULATED-NET-GAINS> 9,270,582
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,641,957
<NET-ASSETS> 238,644,283
<DIVIDEND-INCOME> 2,605,577
<INTEREST-INCOME> 5,028,668
<OTHER-INCOME> 0
<EXPENSES-NET> (1,575,209)
<NET-INVESTMENT-INCOME> 6,059,036
<REALIZED-GAINS-CURRENT> 16,417,683
<APPREC-INCREASE-CURRENT> 31,680,568
<NET-CHANGE-FROM-OPS> 54,157,287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,561,262)
<DISTRIBUTIONS-OF-GAINS> (1,214,104)
<DISTRIBUTIONS-OTHER> (1,719,264)
<NUMBER-OF-SHARES-SOLD> 554,048
<NUMBER-OF-SHARES-REDEEMED> (8,783,412)
<SHARES-REINVESTED> 452,446
<NET-CHANGE-IN-ASSETS> (53,203,048)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,488,597)
<OVERDISTRIB-NII-PRIOR> (5,135,002)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 550,618
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,575,209
<AVERAGE-NET-ASSETS> 275,309,018
<PER-SHARE-NAV-BEGIN> 11.42
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 2.30
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> (0.57)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.41
<EXPENSE-RATIO> 0.57
</TABLE>
2
Report of Independent Accountants
To the Board of Directors and Shareholders of
TIFF Investment Program, Inc.
In planning and performing our audits of the financial statements of the 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 of TIFF
Investment Program, Inc. (the "Fund") for the year ended December 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
February 16, 2000
4
TIFF INVESTMENT PROGRAM, INC.
TIFF Multi-Asset Fund
2405 Ivy Road
Charlottesville, Virginia 22903
Information Statement
We are not asking you for a proxy and you are
requested not to send us a proxy.
This Information Statement is being furnished to all persons owning shares
("Members") of TIFF Multi-Asset Fund (the "Fund"), a fund of TIFF Investment
Program, Inc. ("TIP"), to provide such Members with information regarding
Aronson + Partners ("Aronson"). TIP's board of directors has approved a Money
Manager Agreement with Aronson (the "Aronson Agreement") that, as more fully
described herein, contains substantially similar terms and conditions as the
Fund's Agreements with other Money Managers. The Aronson Agreement has been
fully executed on behalf of each of TIP (for the account of the Fund) and
Aronson, and it now governs the relationship between the Fund and Aronson.
TIP was not required to obtain approval of the Fund's Members before entering
into the Aronson Agreement because TIP has obtained an exemptive order (the
"Order") from the Securities and Exchange Commission exempting TIP from certain
provisions of the Investment Company Act of 1940, as amended (the "1940 Act")
and the regulations thereunder that would otherwise mandate such approval. (The
Order permits TIP to enter into new agreements, or amend existing agreements,
with Money Managers without obtaining Member approval, but the exemption does
not apply to the advisory agreement with TIP's investment advisor, Foundation
Advisers, Inc., or any amendments to such agreement.) This Information Statement
is being provided to all Members as required by one of the conditions of the
Order.
The board of directors of TIP expects to mail this Information Statement to
Members on or about November 15, 1999.
FUND INFORMATION
Member Information. As of September 30, 1999, the Fund had outstanding
20,913,295 shares of beneficial interest representing a total net asset value of
$263,450,008 each dollar of beneficial interest being entitled to one vote.
As of September 30, 1999, the following Members owned of record or beneficially
5% or more of the shares of common stock of the Fund:
Name and Address Amount and Nature Percent
of Beneficial Owner of Beneficial Ownership of Fund
William Caspar Graustein Memorial Fund 3,351,780 shares 16.0%
84 Trumbull Street
New Haven, CT 06511
CHF, Inc. 2,598,397 shares 12.4%
315 Chestnut Street
Philadelphia, PA 19106
Monterey Bay Aquarium Foundation 1,323,226 shares 6.3%
886 Cannery Row
Monterey, CA 93940
MJH Foundation 1,071,669 shares 5.1%
459 Locust Avenue
Charlottesville, VA 22902
Greater New Orleans Foundation 1,050,715 shares 5.0%
1055 St. Charles Ave., Suite 100
New Orleans, LA 70130
The Fund will furnish, without charge, a copy of TIP's annual report for the
period ended December 31, 1998, and semi-annual report for the period ended June
30, 1999, to any Member upon request. To request a copy, please write to TIP at
2405 Ivy Road, Charlottesville, VA 22903 or call TIP at (800) 984-0084.
Distributor and Administrator. Investors Capital Services, Inc., the address of
which is 600 Fifth Avenue, New York, New York 10020, serves as the Fund's
administrator. AMT Capital Securities, LLC, the address of which is 399 Park
Avenue, New York, New York 10022, serves as the Fund's distributor.
Investment Advisor and Money Managers. TIP's executive offices are located at
2405 Ivy Road, Charlottesville, Virginia 22903. The Fund's investment advisor is
Foundation Advisers, Inc. ("FAI"), a registered investment advisor with an
address at 2405 Ivy Road, Charlottesville, Virginia 22903. Pursuant to its
investment advisory agreement with TIP (the "Advisory Agreement"), FAI (a)
develops investment programs, selects money managers (the "Money Managers") who
each act as sub-advisors with respect to a portion of the Fund's assets, and
monitors Money Manager investment activities and results; (b) provides or
oversees the provision of all general management, investment advisory, and
portfolio management services to TIP; and (c) provides TIP with office space,
equipment, and personnel.
At a meeting of the Fund's board of directors held on December 7, 1998, the
board unanimously approved the Aronson Agreement which contains terms and
conditions substantially similar to those of the Fund's Agreements with other
Money Managers. The following summary provides information about Aronson, its
investment strategy, and the terms and conditions of the Aronson Agreement.
Please see the section of this Information Statement entitled "Evaluation and
Action by TIP Directors" for information regarding the deliberations of the
board of directors concerning approval of the Aronson Agreement.
Investment Management Services to be Provided by Aronson
Pursuant to the Aronson Agreement, Aronson will provide professional investment
equity management to the Fund and will manage the assets of the Fund TIP
allocates to Aronson. TIP's board of directors has provided Aronson with a set
of investment management guidelines that Aronson must follow in investing the
assets of the Fund.
Terms and Conditions of the Aronson Agreement
The Aronson Agreement was unanimously approved by the board of directors on
December 7, 1998. Members are not being asked to approve the Aronson Agreement.
Money Management Fees. As compensation for the services performed and the
facilities and personnel provided by Aronson pursuant to this Agreement, the
Fund will pay Aronson a fee according to the following schedule:
Fee = 15 + [ 0.250 x (Excess Return - 90)]; subject to Floor of 10 bp
Cap of 80 bp.
For purposes of this performance fee calculation, the term "Excess
Return" shall hereto be defined as the return of the Money Manager that
exceeds the return of the benchmark, which is the S&P 500.
Basic Terms. The Aronson Agreement has an initial term of two years and provides
that it will thereafter continue in effect from year to year only if such
continuation is specifically approved at least annually by (a) either (i) a vote
of a majority of the board of directors of TIP or (ii) a vote of a majority of
the outstanding voting securities of the Fund and (b) a vote of a majority of
the Fund's directors who are not "interested persons" as defined in the 1940 Act
(the "independent directors"). The Aronson Agreement provides that it may be
terminated by the Fund, by its board of directors, or by a vote of a majority of
its outstanding voting securities, or by Aronson, in each case at any time upon
30 days' written notice to the other party. In addition, the Agreement provides
for its automatic termination in the event of assignment.
The Aronson Agreement provides that Aronson is required to manage the securities
held by the Fund subject to the supervision and stated direction of FAI, the
Fund's investment advisor, and ultimately TIP's board of directors, in
accordance with the Fund's investment objective and policies; make investment
decisions for the Fund; and place orders to purchase and sell securities on
behalf of the Fund.
The Aronson Agreement provides that Aronson is not liable to the Fund for any
error of judgment but shall be liable to the Fund for any loss resulting from
willful misfeasance, bad faith, or gross negligence by Aronson in providing
services under the Agreement or from reckless disregard by Aronson of its
obligations and duties under the Agreement.
Background Information Regarding Aronson
The firm focuses on asset-rich companies (stocks with low price-to-book ratios),
selling at relatively low market valuations (stocks with low price-to-earnings
ratios), with proven management talent (reflected in a quantitative measure of
historic management savvy and confidence, dubbed the management factor). A
strict selection algorithm is applied separately to eleven economic sectors that
include the 400 largest cap stocks. Risk-adjusted relative strength and estimate
revision tests and an assessment of individual fundamental characteristics
produce final selection adjustments and determine individual position sizes.
Economic sector weights are held to within close tolerances of their weights in
the S&P 500. Portfolio changes are executed by a number of trading methods,
including electronic crossing and basket trades. The firm measures and monitors
closely its trading costs, including market impact and opportunity costs.
Portfolios contain an average of 60 to 80 stocks, ranging in size from 0.4% to
5.0% of assets. Annual turnover averages 100%.
The principal partners of Aronson and their principal occupations are as
follows:
Name Position
Theodore R. Aronson CFA, CIC, Partner
Kevin M. Johnson Partner
Martha E. Ortiz CFA, CIC, Partner
The business address of each of the officers listed above is 230 South Broad
Street, Twentieth Floor, Philadelphia, PA 19102.
EVALUATION AND ACTION BY TIP DIRECTORS
At a meeting on December 7, 1998, the directors of TIP considered information
with respect to whether the Aronson Agreement is in the best interests of the
Fund and its Members. The directors considered, with respect to Aronson, among
other factors, its long-term track record serving the institutional investment
community, its approach to US equities, and its administrative capabilities and
experience.
Based upon its review, the board of directors concluded that the Aronson
Agreement is reasonable, fair, and in the best interests of the Fund and its
Members, and that the fees provided in such Agreement are fair and reasonable.
In the board's view, retaining Aronson to serve as Money Manager of the Fund,
under the terms of the Aronson Agreement, is desirable and in the best interests
of the Fund and its Members. Accordingly, after consideration of the above
factors, and such other factors and information as it deemed relevant, the board
of directors, including all of the independent directors in attendance at the
meeting, unanimously approved the Aronson Agreement.
