SCHEDULE 14C
                                (Rule 14c-101)
                 INFORMATION REQUIRED IN INFORMATION STATEMENT
                           SCHEDULE 14C INFORMATION
       Information Statement Pursuant to Section 14(c) of the Securities
                             Exchange Act of 1934

[ ]  Preliminary information statement           [ ]  Confidential, for  use of
                                                      the Commission only
                                                      (as permitted by
                                                      Rule 14c-5(d)(2))
[X]  Definitive information statement

                         TIFF INVESTMENT PROGRAM, INC.
                (Name of Registrant as Specified in Its Charter)

Payment of Filing Fee (Check the appropriate box):
[X]     No fee required.
[ ]     Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

(1)  Title of each class of securities to which transaction applies:

- -------------------------------------------------------------------------------
(2)  Aggregate number of securities to which transaction applies:

- -------------------------------------------------------------------------------
(3)    Per unit  price or other  underlying  value of  transaction  computed
       pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
       filing fee is calculated and state how it was determined):

- -------------------------------------------------------------------------------
(4)  Proposed maximum aggregate value of transaction:

- -------------------------------------------------------------------------------
(5)  Total fee paid:

- -------------------------------------------------------------------------------
[ ]     Fee paid previously with preliminary materials.

- -------------------------------------------------------------------------------
[ ]     Check box if any part of the fee is offset as provided by Exchange Act
        Rule 0-11(a)(2) and identity the filing for which the offsetting fee
        was paid previously.  Identify the previous filing by registration
        statement number, or the Form or Schedule and the date of its filing.

(1)  Amount Previously Paid:

- -------------------------------------------------------------------------------
(2)  Form, Schedule or Registration Statement No.:

- -------------------------------------------------------------------------------
(3)  Filing Party:

- -------------------------------------------------------------------------------
(4)  Date Filed:


                         TIFF INVESTMENT PROGRAM, INC.

                             TIFF MULTI-ASSET FUND
                         TIFF INTERNATIONAL EQUITY FUND


                     590 Peter Jefferson Parkway, Suite 250
                        Charlottesville, Virginia 22911


                             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 and TIFF  International  Equity Fund (the
"funds"), each a series of the TIFF Investment Program, Inc. ("TIP"), to provide
such members with  information  regarding new money manager  agreements  between
TIP,  on behalf of each  fund,  and  Atlantic  Value  Partners  (No.  3) Limited
("Atlantic")  an entity formed by senior  management  of Delaware  International
Advisers  Ltd.  ("Delaware")  and a private  equity  firm to  acquire  Delaware.
Subsequent  to  the  acquisition,   Delaware's  name  was  changed  to  Mondrian
Investment Partners Ltd. ("Mondrian").

     TIP was not required to obtain the approval of members before entering into
the new money  manager  agreements  because TIP has obtained an exemptive  order
(the "order") from the  Securities  and Exchange  Commission  exempting TIP from
certain  provisions of 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 adviser, TIFF Advisory Services Inc. ("TAS"), or any amendments
to such agreement.  This information  statement is being provided to all members
of the funds 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 24, 2004.


TIFF MAF/IEF Information Statement
Page 2

FUND INFORMATION

TIFF MULTI-ASSET FUND

     As  of  October  1,  2004,  the  TIFF   Multi-Asset  Fund  had  outstanding
43,105,160.565  shares of net asset value of common stock  representing  a total
net  asset  value of  $595,282,267.40,  each  dollar of net  asset  value  being
entitled to one vote.

     As  of  October  1,  2004,  the  following   members  owned  of  record  or
beneficially 5% or more of the shares of common stock of TIFF Multi-Asset Fund:



NAME AND ADDRESS                                AMOUNT AND NATURE                              PERCENT
OF BENEFICIAL OWNER                             OF BENEFICIAL OWNERSHIP                        OF FUND
                                                                                        

Robert College Foundation                       4,099,141.959 shares                            9.5%
276 Fifth Avenue, Suite 905
New York, NY 10001-4509

William Caspar Graustein Memorial Fund          3,353,976.538 shares                            7.8%
One Hamden Center, Suite 2B
2319 Whitney Avenue
Hamden, CT 06518

The Greater New Orleans Foundation              2,639,470.903 shares                            6.2%
1055 Saint Charles Avenue, Suite 100
New Orleans, LA 70130

Shadyside Hospital Foundation                   2,427,820.186 shares                            5.6%
532 South Aiken Avenue, Suite 302
Pittsburgh, PA 15232

University of Texas Law School Foundation       2,208,892.030 shares                            5.1%
727 East Dean Keeton
Austin, TX 78705

Carnegie Hero Fund Commission                   2,203,117.156 shares                            5.1%
425 Sixth Avenue, Suite 1640
Pittsburgh, PA 15219-1823



TIFF INTERNATIONAL EQUITY FUND

     As of October 1, 2004, the TIFF  International  Equity Fund had outstanding
14,102,123.806  shares of net asset value of common stock  representing  a total
net  asset  value of  $165,558,933.48,  each  dollar of net  asset  value  being
entitled to one vote.

     As  of  October  1,  2004,  the  following   members  owned  of  record  or
beneficially  5% or more of the  shares  of common  stock of TIFF  International
Equity Fund:


TIFF MAF/IEF Information Statement
Page 3



NAME AND ADDRESS                                AMOUNT AND NATURE                               PERCENT
OF BENEFICIAL OWNER                             OF BENEFICIAL OWNERSHIP                         OF FUND
                                                                                          
Houston Endowment Inc.                          5,631,565.687 shares                            39.9%
600 Travis, Suite 6400
Houston, TX 77002-3007

The BellSouth Foundation, Inc.                  1,091,001.007 shares                            7.7%
1155 Peachtree Street, Room 14F05
Atlanta, GA 30309-3610




     TIP's annual report containing  audited  financial  statements for the year
ended December 31, 2003 and semi-annual  report containing  unaudited  financial
statements for the period ended June 30, 2004 were  previously  sent to members.
Members may obtain an  additional  copy of either  report,  without  charge,  by
contacting  the funds in  writing at TIFF  Advisory  Services,  Inc.,  590 Peter
Jefferson Parkway,  Suite 250,  Charlottesville,  VA 22911, or by calling,  toll
free, (800) 984-0084.

     TIP's  principal  office is located at 590 Peter Jefferson  Parkway,  Suite
250,  Charlottesville,  VA 22911.  TAS, a registered  investment  adviser  whose
address is 590 Peter Jefferson Parkway,  Suite 250,  Charlottesville,  VA 22911,
serves as TIP's investment advisor. TAS is a taxable organization  operated on a
not-for-profit  basis and was  formed by The  Investment  Fund for  Foundations,
d/b/a  TIFF  Education   Foundation,   to  facilitate  investment  by  501(c)(3)
organizations  in  stocks,   securities,  and  other  assets.  Pursuant  to  its
investment  advisory agreement with TIP, TAS (a) develops  investment  programs,
selects money managers who each act as sub-advisers with respect to a portion of
each of the funds' 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.

     Investors Bank & Trust Company,  200 Clarendon  Street,  Boston,  MA 02116,
serves as the fund's administrator.  EOS Fund Services LLC, 26 West 17th Street,
Suite 601, New York, NY 10011, serves as the fund's operations monitoring agent.
Quasar Distributors, LLC, 615 East Michigan Street, Milwaukee, WI, 53202, serves
as the fund's distributor.

BACKGROUND

     Delaware  entered  into  an  agreement  with  TIP on  behalf  of  the  TIFF
International  Equity  Fund on April 3,  1995 and with TIP on behalf of the TIFF
Multi-Asset Fund on July 12, 2002 (the "old money manager  agreements") in which
Delaware  agreed to act as money manager with respect to a portion of the assets
of each fund.  On September 24, 2004,  Atlantic  acquired  Delaware.  Atlantic's
acquisition of Delaware constitutes a change in control of Delaware, as the term
"control" is defined under Section 2(a) of the  Investment  Company Act of 1940,
as amended (the "1940 Act").  The change in control of the money manager for the
funds caused a deemed assignment, and the automatic termination of the old money
manager   agreements   between  Delaware  and  the  funds.   Subsequent  to  the
acquisition, Delaware's name was changed to Mondrian.

     Pursuant  to the  new  money  manager  agreements,  Mondrian  will  provide
professional  international  equity investment  management to the funds and will
manage those portions of the assets of


TIFF MAF/IEF Information Statement
Page 4

the funds that TAS allocates to Mondrian. TAS has provided  Mondrian with a set
of investment  management  guidelines that Mondrian must follow in investing the
assets of the funds.



     The  purpose  of this  information  statement  is to provide  members  with
information  regarding  Mondrian and the new money manager  agreements  that, as
more fully  described  below,  have been  entered into between TIP, on behalf of
each fund, and Atlantic,  containing  substantially similar terms and conditions
as the old money manager agreements (the "new money manager  agreements").  At a
board  meeting  held  on  June  14,  2004  and  in  anticipation  of  Atlantic's
acquisition  of Delaware,  TIP's board of directors  (the  "board")  unanimously
approved each new money manager agreement. The new money manager agreements have
been executed and now govern the relationship between the funds and Mondrian.

TERMS OF THE NEW MONEY MANAGER AGREEMENTS

     As  discussed  more  fully  below,  the  terms  of the  old  money  manager
agreements and the new money manager  agreements are substantially  identical to
the terms of the old money manager agreements,  except for names of the parties,
the effective dates, and the termination dates.

     BASIC TERMS. The money manager agreements have an initial term of two years
and provide that they 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 each fund, separately,  and (b)
a vote of a majority of each fund's  directors who are not "interested  persons"
as  defined in the 1940 Act (the  "independent  directors").  The money  manager
agreements  provide that they may be terminated by the applicable fund, by TIP's
board  of  directors,  or by a vote  of a  majority  of the  outstanding  voting
securities of the applicable fund, or by Mondrian, in each case at any time upon
30 days' written notice to the other party.  In addition,  the new money manager
agreements provide for their automatic termination in the event of assignment.

     The money  manager  agreements  provide that  Mondrian is not liable to the
funds  for any error of  judgment  but shall be liable to the funds for any loss
resulting from willful  misfeasance,  bad faith, or gross negligence by Mondrian
in providing services under the agreement or from reckless disregard by Mondrian
of its obligations and duties under the agreement.

     MONEY MANAGEMENT  FEES. As compensation for the services  performed and the
facilities and personnel  provided by Mondrian pursuant to the new money manager
agreements,  each  fund  will pay  Mondrian  a fee  according  to the  following
schedules:

TIFF MULTI-ASSET FUND:
0.500% per year on the first $50 million of assets;
0.350% per year on the next $50 million of assets;
0.300% per year on amounts above $100 million.


TIFF MAF/IEF Information Statement
Page 5

TIFF INTERNATIONAL EQUITY FUND:
0.550% per year on the first $50 million of assets;
0.385% per year on the next $50 million of assets;
0.330% per year on amounts above $100 million.

BACKGROUND INFORMATION REGARDING MONDRIAN INVESTMENT PARTNERS

     Mondrian (and its predecessor, Delaware) is a money management organization
headquartered in London,  England,  that has managed assets for an institutional
client base for 14 years. Mondrian's  international equity investment strategies
are substantially  similar to those employed by Delaware on behalf of the funds.
Mondrian is majority  controlled by its senior  management  (formerly the senior
management  of Delaware)  with a  substantial  minority  investment by a private
equity fund affiliated with Hellman & Friedman LLC.

     The  directors  and  officers of  Mondrian  Investment  Partners  and their
principal  occupations are set forth in the table below. The principal  business
address of each director and principal  executive officer,  as it relates to his
or her duties at Mondrian  Investment  Partners,  is Third Floor,  80 Cheapside,
London EC2V 6EE, United Kingdom.


NAME                            POSITION
                             

David G. Tilles                 Managing Director & Chief Investment Officer
Clive Gillmore                  Deputy Managing Director
Christopher Moth                Director & Chief Investment Officer/Global Fixed Income and Currency
Hamish Parker                   Director
John Kirk                       Director/Global Fixed Income and Currency
John Emberson                   Director, Chief Operating Officer
Roger Kitson                    Director
Elizabeth Desmond               Regional Research Director
Nigel May                       Regional Research Director
John Barrett                    Chief Compliance Officer
Len Johnson                     Senior Vice President/Client Services
Warren Shirvell                 Head of Operations




EVALUATION AND ACTION BY TIP DIRECTORS

     At a  meeting  of TIP's  board of  directors  held on June  14,  2004,  the
directors  considered  information with respect to whether the new money manager
agreements  are in the best  interests  of the  funds  and  their  members.  The
directors  received  information   discussing  the  proposed  acquisition.   The
directors  also received  information  concerning the fee  arrangements  and the
ability of the new entity to perform its  responsibilities  with  respect to the
funds.  The  directors  considered  that the scope and quality of services to be
provided under the new money manager  agreements would be at least equivalent in
scope and  quality  to the  services  provided  under  the old money  management
agreements. The directors also considered that the compensation to be paid under
the new money manager  agreements was no greater than the compensation  Delaware
received under the old money manager  agreements.  The directors also considered
that all other material terms of the old money manager  agreements  would remain
unchanged  (including those regarding  compensation) under the new money manager
agreements, except for the party names, effective dates, and termination dates.


TIFF MAF/IEF Information Statement
Page 6

     Based  upon  its  review,  the  board  of  directors,  and  separately  the
independent  directors,  concluded  that the new money  manager  agreements  are
reasonable, fair, and in the best interests of the TIFF Multi-Asset Fund and the
TIFF International  Equity Fund and their members, and that the fees provided in
both such agreements are fair and reasonable.  Accordingly,  after consideration
of all factors as it deemed relevant,  the board of directors,  including all of
the  independent   directors,   unanimously   approved  the  new  money  manager
agreements.